The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ESTABLISHED
Volume
18S9
New York 7, N. Y.,
6144
Number
195
Price 50
Thursday; March 22, 1962
Cents
a
Copy
AS WE SEE IT
Editorial
By George W. Mitchell,* Member, Board of Governors
the
required
booster effect.
Government
increased substantially in the past
contributing importantly to the recovery, but
year,
Governor Mitchell
finance
the
foresees
sufficient supply of funds to
a
significantly higher rate of capital formation in
a
The
ahead.
year
investment
finds
that
the
from
corporations'
viewpoint capital outlays are not likely to be limited by a
reduction
seek
in
to
an
or
unwillingness to
Moreover, he notes that long-term lenders
meet considerably
should be able to
funds
of funds
internal flow
financing.
enlarged demand for
Further, Mr. Mitchell calls attention
by corporations.
banks' position
to meet term loans and the Fed's credit
U.
S.
is
economy
now
entering the second
of rebound following the recession of 1960-61.
provide opportunities for adequate employ¬
ment of a growing labor force and adequate utiliza¬
tion of a growing stock of plant
and equipment, economic ex-g1j|||M
pansion must continue. And to
achieve a satisfactory overall
rate of expansion, a significant
rise in business outlays appears
year
To
The outlook for residential
upswings
vestment
the
evidence
PICTURES
ment
of demand
THIS ISSUE—Candid photos
IN
Traders Association
of
the kind of
of
than
reveals
generative up¬
is strong enough
that
taken
Philadelphia
a
the
at
appear
Annual
to
has
sumers
of
have
an
as
HAnover 2-3700
selves
past year.
vV:;U
are
GNP in 1961
(8.9%) than at any time in the post¬
The peak portion (10.7%) was reached
1957. Although psychological factors
important in all economic decisions, they are
period.
war
in
1956
are
and
especially
tion.
of
so
in decisions relating to capital forma¬
Investment is
an
act of faith—a commitment
(Continue on page 22)
funds, and frequently
Invest¬
State,
Municipal
~
tj
T.
Teletype:
NY 1-2759 tJ
Head Office:
FIRST
CITY BANK
NATIONAL
Inquiries Invited
on
Southern
California Securities
SAN
Nikko Kasai Securities Co.
LOS
FRANCISCO
Notes
Bond Dept. Teletype:
NY 1-708
Bond Division
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
TOKYO
New York 15
Affiliate:
1
a
Bonds
W;
Municipal
Offices
Plaza
DIgby 4-7710
30 Broad Street
f H
Members Pacific Coast Exchange
New York 5, N.
Telephone:
Street, Los Angeles 17,
8
Agency
Associate Member American Stock Exchange
Co.,Ltd.
1 Chase Manhattan
VETI313/
Con¬
relatively low since 1957. In fact the dollar
amount of plant and equipment expenditures is
only now regaining the 1957 rate, though GNP is
more
than one-fifth higher than in 1957.
These
expenditures accounted for a smaller portion of
California
Securities
WW
DEPARTMENT
the
over
been
Members New York Stock Exchange
The Nikko
sales
prospects for capital outlays them-"
difficult to assess. These outlays have
Lester, Ryons & Co
So. Hope
retail
of instalment credit by con-;
Housing
Founded
BOND
total
The immediate
Dinner of the
G23
J824
use
A'-
1955-57.
Municipal
JAPANESE
the
Thus there is as yet
independent surge in consumer
the one that sparked the expansion
in today's PICTORIAL SECTION.
SECURITIES
telephone:
But
and Public
Securities
in
been moderate.
of
sign
no
this,
Housing,
State and
increase
large
a
situation.
income
consumer
sistent with
U. S. Government,
Public
of
families.
January, and probably irr
February. Consumer .expenditures for all goods
and services have increased a little less rapidly
AHN
review of the other sectors of our economy
surge
business
overall
it adds to
George W. Mitchell
productive capacity, and it also
increases aggregate demand. Second, as of today a
limited
new
faltered in December; and
investment;
capital
expansive effects
Consumer purchases of automobiles have been
considerably above the depressed levels of a year
ago, and this has been an encouraging factor in the
Mm
follows from the dual effect of
is
in the past year, outlays are no higher
they were three years ago. And because of
the age distribution of the population, it will be
the mid-sixties before demands for housing reflect
1^.-. .JgpM
a
—
some
than
-
and
doxically,
for example 1954-55 and 1958-59
Although there has been
increase
'
Gen-
important?
so
in-
somewhat paradynamic economy
must always be increasing its
stock of plant and equipment
in order to use more fully the
stock
it
already
has.
This
erally,
—
uncertain at present.
outlays such
business
rising
is
construction outlays,
which played an important role in earlier cyclical
necessary.
Why
stimulant to the economy
a
year.
formation of
expansion beyond that typical of post-cyclical upturns.
The
it will be much less of
this
Board member assesses the capital
and
outlook
overall
spending has
of the Federal Reserve System, Washington, D. C.
New York
Correspondent
—
Pershing Ss Co.
ANGELES
1
THE
■
CHASE
MANHATTAN
BANK
;:&vsS«vS
Net
To
T. L.Watson & Co.
ESTABLISHED
New York Stock Exchange
Stock
Maintained
and
Brokers
Canadian Securities
Block
American
Banks
CANADIAN
1832
Members
first
Markets
Active
Dealers,
Inquiries Invited
Commission Orders Executed
-.•••
Canadian
BONDS & STOCKS
On All
Exchanges
CANADIAN DEPARTMENT
Exchange
Teletype NY 1-2270
goathivedt
25
BROAD
STREET
company
NEW YORK
4, N. Y.
DIRECT
wires TO
MONTREAL AND TORONTO
W Food
Dominion Securities
Goodbody & Co.
Grporation
MEMBERS NEW YORK STOCK EXCHANGE
2 BROADWAY
1 NORTH LA SALLE ST,
NEW YORK
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
/
f
Processing^*-
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
:
2
f
or
The Commercial and Financial Chronicle
(1374)
The Security
Banks, Brokers, Dealers only
I Like Best.
0
.
This
Forum
A continuous forum in which,
"41 Bid"
offer
We
than
more
of experience
years
in the investment and
.
Pres^ Berry. pouslas *
Inc., Nashville, Tenn.
Mother's Cookie
-
,
vast
T
Over-
the-Counter structure.
i
Cookie common is a
s
growth
dictates
"HANSEAT1C."
although
stock,
that
its
size
considered
be
it
nancial
1960
,
along
H ANSE ATIC
s
evidenced
CORPORATION
the
and
Established 1920
the
has
been
American Stock Exchange
120 Broadway, New York
for
5
some
BOSTON
Nationwide
SAN
•
Wire
Private
System
times
20
1961
pany
earnings.
James
N.
Every market
observer
IN JAPAN
Write
for
our
Monthly
Stock
Digest, and our other reports
that give you a pretty clear
picture of the
economy
as
a
Japanese
whole.
is
right
York 6, N. Y.
Telephone: BOwling Green
This
Is
not an
orders
for
offer or
any
b-2895
solicitation
j.
for
particular securities
of
$0.73
the
that
mat,
sav
say
will
Profit*
Sales
Si
(OOO's)
n
1960
4,635
*
1959
3,778
3,150
1958—__
1957.
1956
1954
-
5
..
.
company
1,048
5.9
0.17
in
another
to
poorest of the eight
The
drop
large
in
part
„mo
margins
to
shortening
years
sharp
a
costs
was
which
*
<
*
L"
' *1
sugar
•
-gat
,
co£®e
will
nrice-earnines
ratio
is
-
rea-
the
en t
•>
Swingline,
for
the dominant, factor
efficient
more
the
equip-
1
i
r e
1
y
...
.
_
.
.
.
reason
for
for 1962
is
...
S
cream
sandwich
and
This hound publiqatiQu will
sandwich.
a
position of leader-
fie]d> also -created new
broadened already existapplications, thereby signifi-
uses and
i
Kent
going
t
sho^ fej
the
until
the year.
Tropical Gas
have
(Common)
Digitronics
Maust Coal
&
Coke
,,
without
been
the
crease
Such
because
and dealers.
of
e
earnings
was
tax
average
But
would
an
of
5.7%
of
the
yield
last
eight
earnings
of
+
(the-ments
per
projections
should
.
John J. Meyers & Co.
Robert
30 Broad Street, New York
y
through
$10,000.
its
O.
•
Its
WHitehall 3-2850
years);-Inasmuch as
is; expected
a.
I know that
but * they
risky,
more'
in most
in
subsequent
of! noted,
growth
■
the
stock
other
is
to
under
no
-
Market
.
*
:-
creasing
pany.'
A
expand
solicitation of
an
offer
to
to
be construed
buy,
-
rapidly
Over-the-Counter
-
importance to
breakdown
of
the
com-
in
any
offer
security referred
to
to
sell,
over
for 49 Years
in
45
thej different models, ; performing, a
' ' wide. varie|-y of- functions and
".Tot'-
as an
Quotation Services
Swingline's
.
National Quotation Bureau
Incorporated
Established
4{'ranging in size from the miniature
~
circumstances
Y.".
education, system
Ace Fastener
is traded
Over-the-Counter
.
a
our
validity" in thebusiness byproduct indicates that
--
(1 his
as
New York 7, N.
docuemployee.
per
1947;i business enterprise. As previously} 1957y Swingline produces
investment
-
<
are
have
pany
ham,
initial
CO.
papers or
year,
ffrvi Case 1" WeU*managed f0dd cora"; ofaPtotel alvolumrnincludtag
President,
than
types, of;
division, acquired
present
Den
an
share.
50,000
per
S353 000}
or
mately $1
favorable cost situation of this in-
d
Teletype, New York J-809
sales
would
m
B. DANA
$6,-/government. ;A recent study estiafter-1:
S®se
sources
ctilCA. r- turned out
such
margin
profit
year.
un-
call:
paperwork output in business and
over
WiA &ULA1
had
met ease
or
vrjse, largely reflecting the prolific
On
w,uuu'
1960
directly due to the
Sta^edtv
4, N. Y.
20%
quotations.
REctor 2-9570
last year,
gredient.
for banks, brokers,
year
increase would result in
some
an
200 000.
,
.
this
as
sales volume of better than
a
1961
,
shortening
unusually good
an
in
.
sales
~
find'*
to
25 Park Place
school and home markets. In ad-
uhr:reofs rLerbtthat the fa-or $rsyield $372,000, 6%approxipershare- a
ma^pto
1961
somewhat
,
price-squeeze
Corporation
their
profits for
on
Frankly, margins might
...
even
•
effect
but
quarter
they had exerted
dropped
^
•
fourth
came
"hard
to
that
in
unfavorable
•
Write
me^eiievW-: '4iti?n\to' gr®^h "resulting ..from
Shortening costs
those
WILLIAM
remaining;; 10%
of'the line, they, make
not
Organization, Inc.
as
prices
securities
Over-the-Counter
Early sales have?been
normal growth of sales of the rest
down
Moore
well
listed
.
promising,• and coupled with f the
very
all
on
ket.
v Presently,
it - isestimated that
cost-wise.
•
give> you the monthly
cantly expanding the stapler mar-
marshmallow
a
$4)
has become associated .with.'
opti-^ ship ih
ing
(Only $45 per v year)'
(Single, Copy
product line. Thus, the Swingiine
to acquiring
that the company
-
the
the-.■■'^veitfng^hS^ly'-S^S^cf
^
my
Record
...
into
autdmati- svelopment'Swingline, iii addition
:
Bank.&. Quotation
'
-
three main ingredients of cookies,
in:
YOU WILL FIND THEM
reliability of staplers. Easy load¬
ing^ jam-prooi operation and attractive styling were some of th<
,
it^To\
convey
varieties of cookies;
new
.
QUOTATIONS?
in the desk-top stapler field, -was
has recently added to its line ,two
Flour,
i*
equities, it becomes an unusually
attractive issue.
p
*7
Need Hard to Find
nrosoect
the
sonable in relation to comparable
.
mism
the
are
in urease,
Inc
wofifi
the
impressive
as
,
in
hit
shortening
ana
.
.
and
store
Another
.
(and other cookie mak-
company
swinfiline
of
cost
in
rise
ers) in the second quarter.
i.
an
a
cally.
shown.
due
adai-
tion, possesses
Schimmel
past growth record
(uribagg;ed) ;ind #un-: name
mixing vats
the
were
in
and
to buy flour and sugar"
lots
car
load,
all-time
high. But profit margins
.
v
0.16
The company's sales in 1£61 in-
•
management,
Erwin
pi^-.;s rnent; 'Swingline -developed iminstallation of, facil-. poiriant -refinements•, designed to
,v
5.3
13%
vigorous
a
ing into operation will enable the, featuresincorporated
1,108
creased
rp.
.
...
.
0.20
.
with
imbued
of flout, and sugar, These
5.5
'
DIgby 4-2727
y
expanding
markets,
is
iacilities, whicli-are^ just
6
•
v
Refined —Liquid
in
ture is the .
.V - -r-,
• " *•' *
ities for bulk handling and stor¬
age
—
.Exports—-Imports—Futures
iThis has not appre'ei-
.
5
Raw
a
is in
mixture
and
factor' in the .operating
$0.73
SUGAR
operates
tion,
pany's cookies.- Another favorable ^Jleed
.
6."
:
2,296
1,315
1955
5.1%
where-
sa^s reception, of the CpiA- :year^. earlier.. Recognizing
rev
share
Margins
196h.^ $5,228
it
oil
atdy
Earned
post Tax
NEW YORK 5, N< Y.
ofy vege-. organized. 11V 1925; At that time,
derivative of .there had been relatively little
change in, stapling devices from
affected either the. tas+e or, .tjie original models invented 200
tabie
animal fat.
come
CO., Inc.
WALL .STREET
a
strong com¬
petitive . posi¬
.
^uK f^lwer-priced
we
branch offices
our
possible
company
ing from pure ve§etable oil to p
back to 1961 results.
trading markets
.
you
D9
guarantee
desired
but
.
.
would be wrong. Look at the iol-
We maintain
figures for the first quar- .•*
shortening prices will
continue to* fluctuate,
the company
recently strengthened its
position in this respect by switch-
think
..
to
LAMB0RN &
a
circumstance,
while,
years
30%
I
l
but
but
lowing table, then
•
•' r'
You
five
6, N. Y.
NY 1-1557
Birmingham, Ala.
Mobile, Ala.
y.'<.: r:-.
:,U:
Direct wires
this
fc°ILd and lasted weU int° the
sales and earnings m-
annroximatelv
of
rate
could
.
to
fourth.
each of
-
interested" in
investor
is not
shortening cost-squeeze hit-in the
in
-
New Orleans, La. -
growth: situation; ■ confidence thai
earnings1 increments- will - occur in
the future is of major importance.
Obviously,
it
?h°*^rfrln.
the company s growth tiend
from, 1955-60 at an average annual
FIBWrl
the
TO
£°0kieJl*0^d«ninnilp!« S?1? on® in which earnings were
share, or $0.10 less higher^than a year earlier; the
had; seen
Exchange
Exchange
Leading Exchanges
than in record-breaking 1960. You
crease
v)
y
-
Stock
Stock
Swingline* Inc. "A"
equip¬
and
York
American
.
current liabil-
plant
New
.
-Member s^!\ew Y°rk Stocky Exchange\
and Other
came
particularly significant because
jn 1961 the first quarter was the
Which
which
Members
Members
Beane, New York City
be
wrong.
am
•*
ij
per
I
and
Steiner, Rouse & Co.
Williston &
Security Analyst, J. R.
ter of 1962 are
mar-
J.
New
ERWIN SCHIMMEL
Dec.
available, they are
ket considers real growth candi- expected to confirm the writer's
dates are selling at higher price- thesis that 1961 profits were down
earnings
ratios
than
20
to
1. from the previous year's for nonMultiples of 30 and 40 are still recurring reasons and that the
common, even though the market's company
is still a dynamically
appraisal is not as generous as it growing one. Every indication is
was last Spring.
that
sales
and
profits will exIT1 admit that a quick glance at Ceed those of 1961's first
quarter'
the company's 1961 operating reby a healthy margin.
This would
ket
61 Broadway, New
its
owns
When
suits would indicate that the
The Nomura-Securities Co., Ltd.
vs.
ment in fee.
Douglas
knows that stocks which the mar-
Opportunities Unlimited
of
or
of
FRANCISCO
Analyst,
.
strong fi¬
a
As
uary,
neighborhood
CHICAGO
•
PHILADELPHIA
Security
Bought—Sold—Quoted
V.
Erwin
—
HAnover 2-0700
1962. There is no preferred
long-term debt ahead of the
common, even though the
com¬
months in the
Teletype NY 1-40
WOrth 4-2300
,"A"
Williston ;& Beane,
rbYprk-'City; (Page 2) 4
R-
373,320 shares of no par common
since a 2% stock dividend in Jan¬
trading O-T-C
Inc.
Schimmel,
ities of $181,000. Net worth was
$1,104,000
now
represented
by
stock
Associate Member
has
current assets
equivalent,
.
19 Rector St., New York
$639,000 including $337,000 cash
to
by
that
fact
President, Berry,
& -Fitzhugh,
Inc.,
Nashville, Tenn. (Pa^e 2)
,
not available when this
was
written)
was
as
Douglas,.
Swingline,
31,
year-end balance
1961
James
.'...
position.
(the
sheet
this
e
or
c
Cookie
Mother's
Co.—N.
companies,
young
many
Cookie
Douglas
varieties of
18
some
Florida.
to
Unlike
doubts
some
-.J
YORK
NEW
sells
now
nesota
has
market
4s
*.
speculative at
this stage. The
•
Alabama &
Louisiana Securities
cookies to chain and independent
grocers in an area comprising all
^ of 22 stateSi from Massa-:
true
chusetts to Texas and from Min-
t
The market; and I disagree..I think
Mother
Call
'
,
it
Company
WW.*
mI
the
Week's
Participants and
.
has come about entirely through
N. JAMES DOUGLAS
.
broad markets in any seg¬
of
advisory field from ail sections of the country
Mother's
yourself to reach
ment
Thursday, March 22, 1962
Their Selections
41
.
.
.
participate and give thair reasons for favoring a particular security.
helping buyers and sellers
like
each week, a different group of experts
.
'
i range
to heavy-duty and longdevices.. Staples, which ac-
her4m.)^.t '^.~~i^.
-
Continued:
on
page
18
New York 4, N. Y,
46 Front Street
CHICAGO
-
1913
\
SAN
FRANCISCO
Volume
6144 ".
Number
195-
The Commercial and Financial Chronicle
.
.
(1375) • 3
CONTENTS
g
i
B.S.
W
COMP
AND
Articles and News
By William P. O'Connor, Jr.,';' ; Vice-President-Research,
McDonnell & Co., Inc., New York City
r
7' "W '
**7
•*>
'
,
r'
•
777
-
A Central Banker
7~
The
~
investment
universal
stock
but the
"unique" situation which elusively escapes rnostin-.-;:
Here, in simple terms, the research head of
vestors.
McDonnell & Co.
yardsticks or ordinary industrial classifications
7^
'
table on the
growth rates; ;a
which
.
v
7n
7
■
■
"•
7.7:7/
7:
securities,. I
and
call
can
1950's.
It
was
that
ceeded
whole by a
a
securities
the
of
what
the
the
to
had
work
our
When
•
Wm
k'st onnor,
.
Tnan
stocks were
cfrmin
d
Ford
Company,
Motor
Kath«er
rQ(/_
*
uiey.
-
1
l|*
some
H.
'■
/
.7.
■
t
7777'
i
TASSETTE -CORP.
-i
>. 7- .: '.f .•
•7";*7.V 7V
\p.t
V''vy ';7>.?•:
7
7
ELECTRONICS
WALLACE
INVESTMENTS, INC.
Bingham
26
*
'Cy.-. ❖
*
■
'
'
.!'y
;
'
7r
1"
v
\
fl'Vi"
i
'
''' 1
-
^
•
'
yyv
'
*
-
'^t7;
-
'
4
■]
^'777
.
,77
J.F. Reilly& Co.,Inc.
39
'
"
l
7 :C
_
Broadway, New York 5
«
.7•'V'"'' '•
r
>DJLgby 4,4970
.
•"A-.'.7;;7 '.77' .>777 '
;•
Regular Features
As
See
We
It
'
''"':yy'.:-:yy77 '' .''77^
\'
-
(Editorial)
?14
>
.
,
!
r,
'
•
j
j
Versapak
Cover
.
Com. Warrants-Units
Stocks—
Bank and Insurance
7 7.
LVv.7?--'7*"*7 >;■ -*...7v
Dealer-Broker
7 i )Sl"/ '
1 ' V-
'h
'
'• ,/
f
S„t;
^
.»
»
•
.
\
.
V,
.
'
,
1
.
_: ■*
•
•Electronic ^Capital
8
7/7
y.
*
•
Einzig: "Today's Unique Optimism Ahout Sterling's Firmness"
an-
Knape &Vogt
48
7:7;_7
' ;■*
Investment, Recommendations
;l
-
V-r.'N.j .77
-
Futterman
27
—
Coming Events in the Investment Field
7 .:
From Washington Ahead of the
Activity.
Electronic Int'l Cap. Ltd. :
7
10
News—Carlisle Bargeron
Bv
<»
a
'
«
7.'7'7 '
v'- •"
7"'
7 7:7'-,7"
"V
•-77"
♦7;<7 •11
'•
!____
^___
^.
t
V; ;'i«7
28
'*■
Market... and You (The)—Wallace Streete
*
&
.'
v>
Funds
ma
•
Direct Wires to
•
___y;___„«7yy;y 18
Chicago
Observations—-A.
Wilfred
May
4
Our
ftadtag
Governments
20
Cleveland
Philadelphia
St. Louis
Reporter
on
J
Securities
Utility
Public
Securities Now in
N. Y,
Teletype NY 1-1825 & 1-4844
22
1
News About Banks and -Bankers_*_____
7
.
r
Los Angeles
San Francisco
Washington
14
^^_____
Registration
29
comnanies
[„°°tthi0/. unlque gl0Wth comPanies
-s
Mackie,
17 *
HA 2-9000 «-40 Exchange Place,
snotliehtine
growth
nn;ni]P
Clearing House, Inc.
4
preconditions them for out(!,]roes9
Commerce
Singer, Bean
'
Security
Prospective
47
Offerings
.
In every instance, the unique
one
(The)
Security I Like Best
company has conceived
big profit making ' idea,u has
growth
ew^ s
an
\ '
14
\
2
Security^ Salesman's* Cornerl
importa t pa t
brought the idea into effective
supply
of -securitieson w
"execution, and has maintained the
analysts and merchandisers can ^ ^ an'exclUsive property .long
work, is that for the
,5t pa
enough to exploit fully its inherent
they represent the more dynamic
f.| Dotential
'y . • - ^7
such
C-
26
believe it is possiblemost likelythe
to reveal to
companies that are
mu
The reason that the
•'7
-ysr
.
12 7
-
0f factors
IbiSn,
of the electronic items.
.
10
"!:77"v7 7-
-7
'
/
seem^to^
combination
a
tanrijn{?
companies, and of course dozens
is
»•*
1962 Graduates of the Institute of Investment Banking.
companies that fit the pattern, we
and
•
%
companies all stem from the same
Management
of the Mutual Fund
"
17 ;
Exterminators'- Jions ofsPectacular growth situabe' the the future. The common
Orkin
h
'f
y-;.
-
.
SEC Mails Questionnaire to All NASD Members__,_________
written by C: F.
Our
Nielsen
-
7y ,--77'7;'A
are
enthusientnusi
also -been
also been
have
have
Units
through
are
that
^
'
y—Curtis
^
"Yet,'different though they may
'
•
offered within a Pe"
Warrants
<
t&
9
___
Indications of Current Business
whprp tpn«i
1
ri0ffd °£ a,Cnrif ° nfwlnv^nent
arialvsts
analysts
VERSAPAK
7
—Hon. Douglas Dillon
has
reports on
as
"unique
market' we.
issues
new
other
underwrite
& Loan group where tens
°f
4-6551
.
^S/ta^ rS'or
o^iir6which°i^ake this
millions
YORK
NEW
WHitehall
view.
analysts are conmakes no difference
or7firms
STREET,
Time Is Running Out in the World Trade Challenge
'
.
Mutual
of
WALL
99
•
Cobleigh
Outlook—Walter W. Heller____
v-\.\7 7777,;-:7 * '
-'I. .v.
•.•'-77
Jr.
interesUn^6 I^^^en^^eaTs^^he
q1 ! ^
Savmgs
Obsolete Securities Dept.
5*
7
"
.5
_
—Saul B. Klaman
/
Arlington, Jr., and R. Abbott for
^our .November Growth
Stock Re-
as our
cumstances
'•
PETERSON
7(
"Many 7 companies ^may y grow
faster than others for various reasons—more alert management; a
superior product, better merchandising technique, lower production
cost, and so on. However, there
are certain companies such as
IBM and Minnesota Mining that,
are standouts even among other
after-market,, there is no need.to growth stocks. In fact, their rec-..
be involved with the original is- ords are so superlative that their
suance and syndication.
' ; success cannot be explained on;
firm
-
Now Era. Ahead for Savings and Mortgage Markets
on
cerned,7it
Stern__J__i____w_i_-_
-7.-V*7:77'-<r' -••/•i:'
'.vT-:*
public utility, operating
companies which were forced out
of holding companies. It was not
necessary to have anything to do
with the trading or ownership of
the stocks from which these issues arose. From the point of view
of the securities analyst and the
merchandiser of securities in the
which
K
3
.
'77777H7777777v^■ 7:v.77
Economic
■'
the.
y As far
.-
i
-
Responsibilities of the Investment Banking Business
comb
we
from Uniqueness,
when the most
were
Jr
•
Security Analyst Looks at the Paper Industry
The
looking for the unusual situatiori..
The
following
is
reproduced
1950's
we
O'Connor,
\
The Investment Outlook—John W. Harriman.
community
of
described
we
stocks".
re¬
important new
stocks
P.
1
,y
....i±::i■ *.
*
Common
economy ; as
wide margin.
certain
seen
period just be¬
fore the
.i
PKG: Merging With Profit—Ira U.
succeeded in get¬
financial
The
In-
bankers
member
•!.:
•
•
7
Uniqueness
vestment
.
growth which ex¬
earnings
inator of these
doubt-less
j • ••
P.
to be the orig¬
self.
■
■—Walter
were
trying to conduct
form of business they
have most often
necessary
one's
•;
new
some
ting
THE
LAST
,"'777'7-
;
panies
the
in
■
.
1777777777
in an ambitious phase
growth> Because these:, corn-
of
growth
stocks
fast
company
issues
really import-
the
which became
not
,
,
attention to dozens of new
ant
7
____l______Cover
-
BAD
TO
Telephone:
A
new
Marketing
,
analyzing
•
—William
•
issue coming into the market
for the first time, to represent
original public financing for a
Issues in
i 7
'
In looking back over 15 years
,
,
v
.
*
.
double or single "A" rating; cand a
check-list for amateur analysts.
The History of New
>
■7.'7;
M•
; •
classified as triple,
are
77 V*'V77
„
t
*
moving,companies*..
pay for,different.77
current valuation of;growth stocks
growing.companies than moderate ratios oh slow
He offers a-tabular depiction of P/E one can
•
-
to a situation offer-
the point that high P/E ratios are a better bargain on vary
;
.
'•
t
Situations Among Recent Equity Issues
Unique
,
ing an all embracing big profit making idea, effectively executed on
an exclusive basis for a reasonably long time. Mr. O'Connor stresses
•
/'
4
X(
DROP!
I •
against applying conventional
He cautions
future.
of the
4
^Expansion—George W.cMitchelL
•
situation
**
: •-
»
ferreting out the speculative growth
outlines the criteria necessary to
; 7 7
*
'•
*.
Scans Adequacy of Funds for Business
"ordinary" growth
not the
is
objective
ANY
page
Southern Gulf
23
_
members
though
a
-
of
our
number
years, y
it
is
over
a
Mackey
for the
and
Washington
48
You
Continue on page 24
Twice
Published
specialized in
PREFERRED STOCKS
J>\
U.
Reg.
-
S.
DANA
B.
Founded
CLAUDE D.
York
Stock
COMPANY,
2-9570
to
SEIBERT,
DANA
Exchange
J.
Subscription
Subscriptions
Possessions
Treasurer
$65.00
Canada,
Editor
$72.00
;
y
25
BROAD
ST., NEW YORK 4, N. Y.
Albany
Boston
Nashville
Newark
Chicago
March 22,
Thursday,
•
1962
per
year;
per
year;
't
States,
of
in
U.
S.
Pan-American
Dominion
Other
(general news and ad¬
issue)- and every Monday (com¬
statistical issue — market quotation
records, corporation news, bank clearings,
state and city news, etc.K ,
,
plete
Other
Chicago
Office:
3,
111.
135
South
La
Salle
(Telephone STate
St.,
2-0613).
'
Bank
INCORPORATED
rate
foreign
must
Publications
and' Quotation
year.
per
Note—On
the
be
m V. FRANKELI CO.
f
Other
$45.00
of
countries,
year.
■«
vertising
Glens Falls
Worcester.
Rates
United
Members
$68.00
per
*
' Every Thursday
,
*
Schenectady
Febru¬
:
TELETYPE NY 1-5
TELEPHONE HAnover 2-4300
in
and
°
-
matter
ary
25, 1942,
at the post office at New
York, N. Y., under the Act of March 8, 1879.
•:
President
SEIBERT,
"j
second-class
as
Publishers
9576
MORRISSEY,
B. Dana
Company
Reentered
7
Patent Office *
by William
1962
.
Union,
WILLIAM
1868
GEORGE
New
.
Park.Place,-New York 7, N. Y-.
REctor
Spencer Trask & Co.
:
CHRONICLE
FINANCIAL
25
Members
Copyright
Weekly
The COMMERCIAL and
WILLIAM
7
Utilities
6
_
number of
For many years we
have
16
to standardize components
and mass produce, Eastman siidea
usual
more
(The)
capital was
represent a realization of
value built up
.
and Industry
Bond Market—^-Donald
Tax-Exempt
al-.^? 1 po e ta*
/
of the issues do
"Many years ago, Ford s idea
economy;
of Trade
State
account
of
Record
(Foreign
of
the
exchange,
39
—
BROADWAY, NEW YORK 6
Monthly,
Postage
extra).
fluctuations
remittances
WHitehall
3-6633
in
for
subscriptions and
advertisements
made in New,York funds.
......
Teletype
NY
1-4040 &
1-3540
4
'The Commercial
(1376)
OBSERVATIONS...
V:
BY A.
WILFRED MAY
and)Financial Chronicle
unprotected from vilification from
private source. According to a
"momentous" decision just, handed
preme
.
Thursday, March 22, 1962
FROM WASHINGTON
a
down by, Mr.
.
.
Justice Scileppi,. Su¬
Court, Queens County, New
...Ahead of the News:
York, it is not legally slanderous
all and sundry to affirm that
for
is
one
a
CARLISLE BARGERON
bum.
ing January and February, 1962
The case, the official report of
$633.2 million versus $456.3
which has been transmitted to this
THE TTJNDS?
million
in 1961; an increase of
column by one of our legal scouts,
What .will happen to-mutual fund 39%.
And redemptions in 1962
involves this rather unexpected
sales and
redemptions with the have fallen to $183.8 million Trom
imposition from a ballroom at¬
tapering off, or collapse, of the $208.7 million last year—addition¬ tendant on
a, customer^
broker
stock market boom; when, as and ally boosting this year's net sales
while cavorting in the ballroom of
if?—has long been intriguing this to $444.4 million from $243.6 mil¬
Broadway's Roseland Dance Hall:
thriving industry's kibitzers. For lion in 1961, or by a full 80%. :
"Get out of this place, you silly,
1962, with the public's market
stupid senile bum; you are a trou¬
mania seeming to have subsided,
Complication Compounded ' ^
ble-maker and should be confined
-
WHAT NOW WITH
were
savings-to-stock yield ra¬
in for a further
widening, many objective observ¬
ers
are
understandably forecast¬
and the
apparently
tio
ing reduced sales. The investment
outlook currently issued by the
Economics
Department of the
Bankers Trust Co., under the aegis
of Senior
Vice-President Roy
Here in the Funds area, we
of
reminded
vere
are
particularly se¬
complications likely to ensue
from the Government's new divi¬
dend income tax withholding
This will
islation.
the
where
leg¬
in cases
ensue
stockholders choose to
in sales
also (per¬
Reierson, for example, projects a ish the thought!) where, under
reduction of 10% in the sales of the 1956 tax
amendment, an in¬
the Funds' capital shares to $2.7 vestment
company has been per¬
billion versus $3.0 in 1961 (they mitted to retain in its
treasury
were $2.1 in 1960).
With redemp¬ accepted capital gains, by already
tions estimated at $1.1 billion in
highly complicated procedure of
against $1.2 billion in 1961
(and $0.8 billion in 1960), net sales
1962
in 1962 vs.
$1.8 billion in 1961 (and $1.3 bil¬
would
$1.6 billion
be
lion in 1960).
While
such
mild
and
healthy
their
accept
dividends
rather than in cash; but
The
case
was
dismissed
on
the
ground that irrespective of
or falsity of this pictur¬
legal
the truth
personality rating by the
enterprising employee, it did not
esque
apply to the gentleman's business
functioning (cf. Ianueci v.
Von
Hagan, 198 N. Y., S.2d 386). Evi¬
dently the Court assumed that he
was
too absorbed in cha-cha-ing
to attend to his brokerage
business
drumming.
Bidwell, too, lay outside of
paying the tax thereon with the
equivalent credit
(with adjust¬ his Stock Exchange activities.
*
*
*
ments) refundable to the share¬
holder on his application to the
QUICK MENU CHANGE
U. S. Treasury,
In A Hybrid Area
salutary effect of withhold¬
0 Hardly had the ink gone dry
ing—pro bono publico at leastOne
on
"pessimism" is quite logical, it, as
all similar forecasting, nec¬ will be elimination of some of the our last week's article on the new
essarily fails to take into account misleading ballooning of compara¬ National Stock Exchange (the
vegetable market Gone Publicthe imponderables. Among them is tive
past performance results.
Gone Stocks)
when, on Friday,
the stimulation of Fund interest
*
:js
the suspension from trading by
from an upward market "thrust"
the Exchange and the S.E.C. of
WALL STREET
which could ensue from a dollar
one of the octet of original issues.
devaluation. The public may be¬
THE WHIPPING POST
Automatic Procedure Corporation,
come
increasingly alarmed over
,
such
prdSpects if our
officialdom's present alibi¬
monetary
ing
is
persisted
via
in
In
a
Bum
original observations on
accusing the Government's" beating-the-gun
of fragging their
Defense and Aid ffeet, and over-
other
Anyone Can Call You
countries
our
in its James
offensive*
Truman Bidwell
tax
was
announced.
The
Hot Issues,
both
and old.
pointed
out
this
belied such expectations. Continu¬
well as during La Crise Curb
1961-62; and substantiates the pro¬
★OBSERVATIONS, February 22, 1962.
ponents of Frear Bill legislation
"As a
result of the
government's ex¬
ploitation of a defendant's lack of legal extending Exchange-type regula¬
remedy
against public vilification, the tion
uniformly to include the
ing their substantial pickup since
an
last
mate outcome."
new
record
chalked up by the Funds industry
so
far this year has completely
Incidentally,
the
actual
mid-year, sales of shares dur¬
An Independent,
Stock
Exchange folk
accused
in
these
irreparable
are
similarly
circumstances
smear,
suffers
whatever the
ulti¬
He
Ralph W. Davis to
Admit Rice, Others
and
will
M.
he
will
is
seldom
called
an
have
ever
in
by the
They go
treking to Eisenhower. I wouldn't
bet
a
penny
on. Nixon
being
elected
Governor
of
California
this year.
The reason is that he wants
Liberals
the
woo
His effort to
is
because he hasn't
his undoing
chance in the
a
that he should be
And
it
is
should
John Welsh.
as
ridiculous
that
was
munists.
..
...
It
>
of
is
doubtful
Birch
Society
statements
society
what
is
joined the
subscribe to these
but
they
and
their
happening
There
are
at
American
thousands
many
Why does
Mr. Nixon feel it incumbent upon
him to rule these people out of
Do the Democrats
Democratic
for
cans
Action?
just
much
as
No,
they
take them to their breast
and embrace them. Thirty mem¬
bers of the ADA
members
are
the Kennedy Administration.
are
doing far
harm
more
Chief
is
ever
anything against the Ameri¬
say
country than those who
Dick"
the
disgust
to
him.
"Tricky
in
see
them in California.
of
thousands
have
militant outlet for their
a
frustration
life.
if the
who
people
world.
They will never accept
They are profane most of
the time when they speak of him.
Birch
that- Mr. Eisenhower
a-conscious agent of the Com¬
say
the party.
to
change
from
a
fighting
cam¬
paigner to one who is respected
by all men, the Liberals and the
Justice
impeached.
Warren
to the
that
say
should
the Midwest Stock
to make their
are in a position
influence felt.
get the Republicans to insult and
the
denounce any crowd which might
pink
Jerry Voorhees
and
again
against
Helen
Gahagan
Douglas.
Mr. Nixon spent all of his time
in Washington as Vice-President
trying
the
cultivate
to
Liberal
the
Liberals,
the
the Lib¬
newspaperman,
Liberal Congressmen and
in
walks
other
life.
of
He)
sought to have written about him
such
books
as
"The "Changed
Nixon,"
frequently
and
his
would
not
do
paigns
over
said
earlier
he
again.
This
image of
his
and
what
were
to
Democratic
expected
Nixon
to
for
them.
come¬
like
dian, the
man
who had
a
comedian,
career
as
wouldn't
satisfied
be
a
brilliant
but who
the
-
Presi¬
campagin.
He lost his
fighting spirit and ended up the
campaign by telling what a hard
life he had led as
a
young men.
Now he has bawled out the hard
core
the
of
Republican Party in
the
last state
California.
At
sembly
of
manded
that
Republicans he de¬
they not only repu¬
candidates
all
nounce
their
as¬
As
Liberal, Nixon would be a
a
betrayal of millions
Who might vote for him. ■ If the
Liberals insist On portraying him
as "Tricky Dick" that is the way
.
mess
we
a
and
to
came
know
him.
had
He
%
New
for fiscal year
ended
Exchange,
Toronto Traders
Now
this
Annual Dinner
TORONTO, Canada—The Toronto
Bond
Traders
Association
will
hold its 30th annual dinner at the
King Edward
April
Sheraton Hotel on
6th.
,
*
for office re¬
support of that
or¬
Reinholdt, Gardner
To Admit Three
is
exactly the posi¬
tion in which the Democrats like
to
get
Court
all
should
be
impeached
al¬
though there are a lot of South¬
erners who
feel just as strongly
in
the
firm's
municipal
depart¬
ment; Mr. Robinson is manager of
the
Clayton, Mo. office.
are
March
29
Stevens
will
to
admit
Alfred
partnership.
associated
firm
Municipal Bond De¬
in the
with
the
YAMAICHI SECURITIES COMPANY
of NEW YORK,
J. A. Redmond Co.
WASHINGTON, D. C.—With
the
Affiliate of
acquisition of membership in the
New
York
Stock Exchange
by
J.
Woodward
Redmond, J. W.
Redmond, & Co., 634 Fifteenth
DELAWARE
TRUST
BUILDING
WILMINGTON, DELAWARE
Street, N.'W., will'become
ber firm of
ners
ney
are
Mr.
S. Netreba.
YAMAICHI SECURITIES CO., LTD.
TOKYO, JAPAN
a mem¬
the Exchange.
Redmond
INC.
Brokers and Investment Bankers
To Be NYSE Firm
1457
t".
B.
Mr.
and Dividend Investment Plan
REQUEST
•: •• "i-? r-.
Japanese Securities
partment.
AVAILABLE ON
vC'
Hogle & Co., 40 Wall Street,
York City, members of the
York
Stock Exchange,
on
Stevens Ms
December 31,. 1961
,
Society but
ganization.
J. A. Hogle Co.
To Admit to Firm
New
he
unless
could play Hamlet.
dential
.
ANNUAL REPORT
to
famous
vote
is
the
trick
changed Nixon
live up to it
him
cost
be
old
an
better stick to that aicture,
a
efforts
cam¬
It's
partners in R. M. Rice & Co.
J. A.
be
They
ST. LOUIS, Mo.—As of April 1,
Republicans. There Reinholdt & Gardner, 400 Locust
is
not
the
slightest doubt that Street, members of the New York
Midwest
Stock
Exchanges,
John Welsh, the head of the John and
Birchites, covered too much will admit to partnership John P.
Midwest
Stock
Exchanges,
ground when he said that Chief Krause, Spencer H. Robinson and
admit to partnership Robert
Justice Warren of the Supreme George H. Erker. Mr. Krause is
Rice, David Y. Williams and
Walter B. Peterson. Mr. Rice and
Mr.
Williams, both members of
Copies of the
of
They
their description of him as it was
when he ran for Congress against
diate the John Birch
CHICAGO, 111.—On April 2, Ralph
W. Davis & Co., 180 West Adams
Street, members of the New York
MADISON FUND. INC,
if
party leaders to confer.
as
over-the-counter markets.
within
came
becoming President, but it
doubtful
that
Fully Diversified, Closed-End Investment Trust
He
that opportunity again.
But he is not the titular leader.
erals
for
surprising
action—trading in all eight issues
had just begun on March 7 — is
attributed by the Exchange's offi¬
cials to the discovery of the un¬
availability of important timely
financial data concerning the
reason
that,
stressing the basic importance of unfortunately for the cause, irre¬
"those beastly speculators."
spective of the extent of his in¬
And even if the market's per¬ jury, no libel suit may be brought
formance follows the slough-off against the Government. We cited issuer.
prediction, the Funds' popularity the re-confirmation of this prin¬
Surely involvement of Stock
might actually benefit thereby, ciple by a recent Circuit Court of Exchange listing with such behav¬
ior
is directly contradictory
through the reduction of investors' Appeals decision.
to
excitement over the diversionary
Now we learn that New York S.E.C. policy and procedure before
we
inch of
Conservatives alike.
The Government's slandering of
Mr.
with
high
candidate.
is
asylum
to an
the
Richard M. Nixpn is a pathetic
figure today in American political
life. By all the rules of the politi¬
cal game, he should be the titular;
leader of the Republican Party,
having been the last Presidential
Part¬
and Syd¬
Ill
BROADWAY, NEW YORK 6
COrtlandt 7-S900
v
Volume
195
Number
6144
.
(1377)
Financial Chronicle
The Commercial and
.
.
total
paper
several
goes
to'
that
follows
if
to
were
we
this
lose
Street
expert identifies what
a
he
believes
are
the
promising
industry which, as a whole* is said to offer
:
\
....
The security analyst is reminded of the changed methods of;
multiples with caution.
well
as
those
\
undergoing internal changes. '
;
what they
year, earn¬
Do
Now?
the
in
perhaps three ap¬
which ,» might
prove
-profitable, for the analyst to use;
he should endeavor to seek out:
>:
as
a
current
(1) Those segments which have
cyclical
Broadly
speaking,
*
from regarding it as a
"cyclical" industry to regarding it
a
"growth" industry; this at¬
titude is now changing back so
changed
as
that
is now being regarded in
quarters
as
a
"cyclicalgrowth" industry and in some
marketer of paper
broadly integrated
good
ten.
the
past ten years investor
attitude toward the industry has
it
some
quarters as a mature, "cyclical"
industry only. Since 1956, priceearnings multiples increased
*: company that should do relatively
well over the years, particularly
"
;
a
well
as
thorough
"Y.
>
to
both
whole
last
over
ings could show a good improve¬
ment;
these
earnings
may
be
upturn.
sharply while profits were flat or
declining; as a result these pricespecialty
compa¬ earnings multiples are currently
at a relatively1 high level/ I be¬
can find these early,
are
proaches
Firms singled out for attention lie in the con-
tainerboard, specialty and converter-seller segments of the industry' " <
as
What
.
There
examining paper stocks, and is cautioned to treat present over-all
the
of
worthy
is
consideration.
'
but
market
question
-
long-term outlook of generally flat profits except during cyclical
peaks.
aggres¬
very
ternal-tariffs, we might be faced
with permanently lower operat¬ better-sustained than others in the
ing rates. We probably will not industry. Container Corporation is
By Walter P. Stern,* Partner, Burnham & Co., New York City"
Walt
If its
years.
agement can perform
think they can do this
lose
this export market because of ex¬
situations in the paper
the
sive and apparently capable man¬
and pulp production
the export market —
primarily to Western Europe. It
Looks
5
Specialty
Turning
Companies
nies, if one
they might do relatively well. As
particularly good current out¬ an example, in the mid-50's, S. D.
method of looking at paper stocks
Industry Background
look; .:■;>•' Warren was selling at 8-10 times:
over the past ten years.
The first
Perhaps one should start by put¬
; ; (2)
Good Specialty companies; earnings when other companies
step has always been to examine v. and/or
1 /'• '■ ■■:\ Y-■ • •, the industry were selling at 12-14
ting the paper industry in, per¬
the basic industry statistics. The
spective:^ it has operated at about
(3) Companies undergoing in¬ times earnings. Warren is an ex¬
second step is then to isolate seg¬
ternal changes which may show cellently managed specialty com¬
90% of capacity for the last sev¬
ments with a better-than-average
eral years and
an
improvement in earnings ir¬ pany in the high-quality coated
outlook and then relate this to par¬
seems
to be
respective of industry conditions. paper field. However, it is now
ticular companies.
The third step
growing
at
At he current time, the con- selling at about 20 times earnings
is generally to project a particu¬
while its major competitors' are
perhaps 3-4%
tainerboard
segment of the in¬
lar company's earnings and out¬
per year. New
dustry should have the best year- selling at 13-14 times earnings.
look based on conversations with
I
have
capacity is be¬
already
mentioned
to-year -showing
because
of
top executive(s)' in the company.
ing added at
increasing volume and a firming Chesapeake
Corp.
and
Inland
In the 1951-56 period, this prog¬
about 3% per
Container as good specialty com¬
of the price structure. The major
nosticating could be done by ob¬
containerboard producers are the panies. I believe another one that
year
overall,
taining projections of new planned
so that it looks
large
integrated
or
semi-inte¬ deserves mention is P. H. Glatcapacity; from these it was fairly
as
though the
grated companies. All of these felter, a very low-cost producer
easy to estimate future earnings
should
show increases in earn¬ of mainly book paper. It has a
industry will
based on assumptions of certain
continue
to
ings of as much as 15-20% in 1962 very favorable location relative to
profits per ton or per sales dollar.
raw
materials and markets, and
over
1961. (Table I.)
operate
at
One can still follow steps one
about 90% ca¬
is apparently a very efficient op¬
The
problem
investment-wise
and two (above) to isolate prom¬
eration,
selling
at
only
11-12
pacity in the
here is that most of these com¬
ising industry segments and com¬
Walter P. Stern
for esejeable
times earnings. There are several
panies
are
selling
at
rather
panies. However, projections of
other
small
future. .' '
T ;
specialty companies
healthy
multiples
of
estimated
profits is now a
very
tenuous
which should do relatively well,
Longer-run overall profit per¬
1962 earnings; it is highly prob¬
proposition. If one could put his
but like Glatfelter, they generally
formance will probably not vary
lematical whether the multiples
finger on one basic problem of the
have relatively thin markets.
very much from the 1958-61 per¬
will show a further increase so
industry it is probably pricing or
formance which was characterized
A third major area for investi¬
that one is entirely dependent on
costing on new planned capacity
by moderate expansion of volume
higher earnings in order to make gation is those companies under¬
---depending ori how one looks at
and shrinking margins with rela¬
going internal changes. Over the
money in these stocks.
it. Both pricing and costing have
tively flat profits and particularly
There
are
two specially
pro¬ past year Champion, operating in
been predicated on virtually 100%
flat profits per share.,. Oyer the
a
relatively "neutral"
industry
ducers in this containerboard seg¬
shorter-term,, it seems likely 'that -operating rates;-— /wfiiqh might ment—which
probably will do at environment,, has raised its earn¬
have; been a correct assumption
the industry will experience cycli¬
least as well as the broad inte¬ ings by about $Uper share; plainly
cal swings—we,seem to be in one -pre-1956; however, itpow looks
companies — in which by cost-cutting and re-organizing
as though
operating rates in the grated
right now.
However, outside of
its internal operations; Diamond
the
multiple is somewhat less.
cyclical swings, it is going to be ^future will probably , not exceed
National is doing the same type
(Table II.)
90% with some few exceptions.
of
internal
re-organization
and
difficult for most paper companies
Most
of
the
other
segments
As an additional point to look
cost-cutting with apparently good
to show substantially higher prof¬
seem
.to have a rather neutral
at currently,* one should examine
results.
Two
companies
which
its for any sustained periods, r
outlook;
sanitary - tissue
grades
carefully the current discussion on
may be making progress in
this
will probably show another good
From the analyst's point of view,
tariffs and the Common Market.
field are the Brown Company—
year-to-year increase but prices
At
the
which has had so many problems
there has been a change in the
moment, almost 4%-: of
are
a
problem.
The
cultural
that it can hardly help but get
grades—printing and book papers
TABLE I
better—and
Allied Paper Corp.,
—should have only a fair year.
a
lieve
with
that
mentioned
the
exceptions
it is going to
very difficult for most com¬
panies to show anything except
cyclical increases in earnings so
that the long-term outlook is for
above,
be
generally flat profits — although
the cyclical peaks may be pro¬
gressively higher. With this pros¬
pect, the security analyst might
well regard present overall mul¬
tiples with some caution.
*
*A talk by Mr. Stern before the New
Society of Junior Investment Ana¬
lysts, New York City, March 13, 1962.
York
1
G. Hummel With
First Securities
CHICAGO, 111.—George F. Hum¬
mel
has
associated
become
First Securities Company
cago,
134 South
Salle
La
with
of Chi¬
Street,
.
-
PRODUCERS
CONTAINERBOARD
MAJOR
Y.YY-*Y Y.Y YYYYYY/. Y.YY
Estimated
1961 Actual
Y
Recent
Y
Estimated
or
Price/1962
19«8
'
Price
Company
Crown
St.
Paper.
Regis
Union
Bag-Camp PaperPulp & PaperCorporation
2.33
Y 1.61
44
Zellerbach
$1.59*
55
__
Earnings
Earnings
37
38
International
2.18
,
2.70
20.4
Y
16.5
2.50-2.65
Y:
West Va.
45
1.55
2.35-2.50
18.5
46
2.21
2.40-2.50-
18.8
Ex-capital
Y
..
Y
"segment"
of
of
an
ex¬
re-aligning
its
industry
the
has
Exchange,
as
F.
Hummel
formerly
of the
co-manager
Mr. Hummel
trading department.
was
Stock
Midwest
the
in the trading
most
the
it is going
part,
investor to
invest successfully
in
the next
than it has been over
the paper industry over
five
years
BROOKLYN, N. Y.
Opens
—
Robert K.
Bettinger is conducting a securi¬
ties
business
Broad Street,
from
offices
at
New York City.
five years is what I would call the
converter-seller. In the early 50's
TABLE
II
there
PRODUCERS
SPECIALTY
1961 Actual
Recent
Price
Company
Container
Earnings
52
Chesapeake Corporation. 41
<
•
$2.94
2.54
terials.
Estimated
Estimated
or
1962
Price/1 962
Earnings
$3.75-4.00
:Y-
was
Earnings
-
3.10-3.20
It
will be
ma¬
raw
that there
abundance of virtually
appears
now
of
types
placed on
low-cost
of
an
all
premium
a
ownership
pulp
and
We take
for
paper
13.4
converter-selk
pleasure in announcing
the foreseeable future so that the
13.0
r
may
be at a
not
the formation of
disadvantage,
but in fact, may
be able to show better earnings
increases
over
the
coming
years
producer of market pulp,
and board.
than the
paper
seller
the years has been
over
fcrr 'tycr/r Securities
/
converter-
outstanding
The
the
52 Wall Street,
Paper Co. There is, in my
opinion, an interesting way of
playing
the
Scott
research,
management
and -merchandising
ability through their affiliate in
Scott
Canada
—
Westminster
Paper
22
33
throughout the United States and Canqda
—
Underwriters and Distributors of Corporate
apparently sells at 21 or
times earnings as opposed to
or
34 times for Scott. Another
outstanding
Tulip
Lily
flat
for
Private Placements
is
U
.
Y
General Partners
.
NELSON LOUD
&
Dominick
F.
upward progression either this
or next year.-1 believe the
company
may
be able to show
substantial
next
the
several
-
increases
years
.r—t
over
Y*
Members New York, American & Toronto Stock
14-^ALL STREET
Exchanges
NEW YORK
whole.
as
a
is
another
whose
been
Standard
packaging
KENNETH MELIS
JARVIS J. SLADE
DANIEL BREITBART
BRADFORD MILLS
,
much
better-sustained than others in the
*
CRAIG SEVERANCE
JOSEPH T. DINEEN
year
Dominick
Mergers and Consolidations
have
in
rather
Securities
several
the completion of a <"
plant move in 1962, I be¬
their earnings will resume
lieve
•
Financial Consultants
years.-With
major
OF INVESTMENT SECURITIES
whose .earnings
relatively
been
UNDERWRITERS AND DISTRIBUTORS
converter-seller
New York 5, N. Y*
Telephone: HA 5-2800
which
Correspondents inprincipal cities
Packaging .,**
company
earnings performance has
disappointing over the last
de-r
partment of Reynolds & Co.
R, K. Bettinger
Conclusion
For
to be much more difficult for the
sharp change over the past
a
job
doing
of
product mix.
,
toward which investor opinion
had
gain.
TWO
Inland
A
•
to be
seems
cellent
dol¬
Y
Converter-Sellers
-
17.1
Mead
*
holds.
lar
if
particularly
year,
the discount on the Canadian
17.6
2.25-2.40
r
good
tively
Earnings
$2.05-2.15
Newsprint (particularly Canadian
newsprint) should have a rela¬
which
George
members
March 16,196(2
t i
rf
*Note: On
,
f;»
j,
-
r
...
,yv., ■.
,
;vV._*,J\%'■>
'
-
April 2, 1962 (until that date at 65 Broadway, New York 6, N.Y.)
116
6
(1378)
The Commercial and Financial Chronicle
;
TAX-EXEMPT BOND MARKET
By DONALD D. MACKEY
T
;
'
*
.;
mand
the
and
.
.
Thursday, March 22, 1962;
.
sold ..the;
quickly, ? A:
fatuous explanation, in view of*
thq following tabulations we list the bond issues of
Saint Patrick's Day, lies in the In
fact
that,
revenues
from
the^. $1,000,000 or more for which specific sale dates have been set.
first
four
account
Larger Issues Scheduled For Sale
maturities
,
Louisiana
•4
•
•
•
-
;
'
*
w..
i.
-
.
.
.
-
.
•
-
active
bond market has been less
this
.
the week
apprehension and hesitancy ;
dealers during the
week, the tax-exempt bond mar¬
ket'generally, as measured by the
level of hign grade bond offer¬
ings, the bids for- new issues, andby the March 21 quotations for;
toll
road
and' other long-term
some
the part of
on
bond
revenue
than
held
its
has
issues,
last
since
own
more
re¬
porting.
With
.
of the dollar
some
quoted
of Monday's session and for most
of
Tuesday's session, based almost
entirely .upon early week inac¬
tivity and a very light new. issue,
calendar for the weekly period,,
a
after
out
of
street
inventory
has
judge
float.
the'
The term
assumed
fluid' interpretation as the dealer
status has broadened and as banks
week's duration.
have altered their investment and
*
n
dealer
Climbs
Still
Index
Blue List
nicipal
state
However,
of state
total
the
and
mu¬
bond
offerings indicates
a
consistent daily relationship of
volume. The current total is $460,444,240. A week ago the total was
As averaged as we go to press;
The
Commercial1 and
Financial
Chronicle's
policies.
more
a
and
municipal
bond Index
indicates that high
grade 20-year bond offerings are $351,618,740. On March 2, the total
slightly higher than they were a was $535,000,000.
week ago and are indeed at a new
Actually, it becomes more" ap¬
high for the trend. The yields of parent that we are dealing only
11 high grade general obligation in
symbolism in using these fig¬
bond
offerings average
out
at ures in this connection. In them¬
3.073%. A week ago our Index
selves, they are not precisely sig¬
was
3.092%; Tins would
that
the
market's
side
one-quarter of
about
up
indicate
offered
nificant.
is
point is that the
situation continues to
inventory
point
a
The
be
favorable
to^the
market
de¬
in
this category of bonds."
spite the wide variance- in these
The factors underlying" the state .totals.
and
municipal bond market of
Whereas
a
$500,000,000 Blue
course vary daily. The
so-called List figure was formerly a synv
technical factors may vary widely bol of market surfeit and even
in
the
of
course
because
week
a
abilities
the
of
of
partly
large
glut,
commitments which
absorb
do
not
always show
as
such.
AU
though the technical factors pres¬
ties has
ently show less favorably than
they did a week ago, this is not
necessarily
evidence
of
a
de¬
issue
not
weeks
be
long
.
Last
lived,
but
it
,
been
This
in¬
new
necessarily
may.
Recent Awards
account
at
cost*
managed
the
in
and
despite
a
interest
mitted
Coining Business Normal
of
by
3.27123%
the
group
thereafter, and
serve
fund
are
the
issue
bond re¬
designed to retire
a
of
Other
major;
members
group
winning
include
Brothers &
Co.,
W.
of
the
Salomon
Hutzler, Ira Haupt &
Morton & ,sCo. and
H.
at
AprilThis
latter
figure is close to
that
norm
rest of the year,
as
expressed
sented
prevail
may
for
whereas the total
last
week
repre¬
.a.-temporary
lapse from
volume. Such respites frequently
induce extravagant
bidding for
new
General
pendent School District bonds due
1963-1990
the
to
managed
group
by Lehman Brothers at
net in¬
a
terest cost
x)t 3 ^66%/.Other
hers
bond
dicate
of the
municipal
volume
that
for
at
new
1962
least
likely
issue
would
the
MARKET ON
in-
present
issue
the
.of
California
(State)
♦Connecticut
was
sub¬
headed by
Smith
Inc.,
with
brisk -initial- de-
REPRESENTATIVE SERIAL ISSUES
1963-1990
11:00 a.m,
1963-1982
8:00 p.mt
1963-1982
2:00 p.m.
1963-1982;'
Noon
1963-1978
10:00
a.m.
1963-1982
11:00
a.m;
March
Brevard Co., Spec. Tax SD
29
3,000,000
1963-1982
1,332,000
1963-1981
Noonr;
.-
2:00 p.m.
(Thursday)
1, Fla.
1965-1980
Noon
1963-1977
3,000,000
10:30
April 2 (Monday)
-
Cook County,- I11._L
Nashville, Tenn.
Oak Park, 111.
Shelby County, Tenn
25,000,000
•
_•
a.m.
6,500,000
1,000,000
1964-1981
12,500,000
-
1963-1987
8:15 p.m.
11:00
a.m.
April 3 (Tuesday)
1963-1990
9:09 a.m;
7:00
1963-1982
-
r
1964-1985
1964-2001'
10:00
1963-1987
Noon
,
1963-1992
1,500,000
1963-1982
2:00 p.m.
>1968-1982
^8:00 p.m.
Noon
■
April 5 (Thursday)
Dist., Wash._-__^_
1,430,000
1
Brooklyn College Student Services
3:00 p.m.
&
1963-1982
headed
a.m.
2:00 p.m.
1965-1992
25,020,000
Philadelphia, Pa.
St. Louis Park, Minn._____
r.
p.m.:
10:00 a.m.;
Ripley
&
Co.,
Inc.,
Corp., Brooklyn, N. Y.______
1,450,000
1963-2000
Co., First of Michi- i Georgia State Office Bldg. Auth.
gan Corp., W,\E.1, Hutton & Co.;
(Atlanta)
1
7,000,000
R.
S.
Dickson '&
Co., Inc. and Morgan City, La.___^—
1963-1982.;
/ 1,100,000
pick & Mprle-Smith. Reoffered to
April 9 (Monday)
yield 1.70% to 3.50%,'the balance
Carter County, Tenn._
lj'081,000. .1970-1986
at present is about $4,000,000:
Eaton Rapids Sch. Dist., Mich.____
1964-1988
1-375,000
On the same day, the City of^
1963-1981
Huntington, W. Va.____„_.1,800,000
Glendale, California sold $6,900,- ;:
Wertheim
revenue
bonds
by Lehman Brothers at
major members
a
of .this syndicate
include C. J. Devine
Corp.
Santa Maria-Joint Union HSD, Cal.
7:00 p.m.
2:00 p.m.
&
Co., L. F.
Dominick
and
&
1,000,000
8:00 p.m;
1963-1987
April 10 (Tuesday)
the,, syndicate
„to
net interest cost of 2.8682%. Other
Other members of the group were
The
First
Boston
Corp.,, .' the
31/2%
Maturity
1982
3.40%
3.25%
3%%
1981-1982
3.20%
3.10%
Marine
-
3%
1981-1982
3.15%
3.05%
3V4% :-
New
1981-1982
3.10%
2.95%
-
Jersey Highway Auth.,
New
York
Gtd~
State
-
♦Pennsylvania (State)
Delaware (State)
New Housing
Auth;-, (N.Y.,
Los Angeles, Calif
a. 2%%
coupon. The bonds .are
being offered to yield from 1.60%
to 2.90%
for the 1980 maturity.
-
____
(State)
New
I"
Bid
Asked
3%%
1974-1975
2.90%
2.75%
-2.90%
1981-1982
N.Y.j" -31/2%
3.15%
3.00%
1981-1982
3.20%
3.00%
♦Baltimore, Md.
♦Cincinnati, Ohio (U. T.)____HH
Philadelphia, Pa.
New
a.m.
a.m.
Alderwood Water
..included
account
&
met
Rate
Chicago,
11:00
Harriman
.
-
estimates
and
1963-1977
Birmingham Water Works Bd., Ala.
Lansing School District, Mich.______
Mayfield School District. Ohio-___
New
London Ind. SD
North
5,000,000
#345, Minn.
Sacramento, Calif.i
Noon
1963-1992
7:30 p.m.
1963-1987
1,900,000
1963-1982
2,000,000
1.160,000 :
2,500,000
— _____
«1:00 p.m.
2:00 p.m.
Sonoma Co. Flood Control & Water
:vConservation District, Calif
:
2,120,000
April 11 (Wednseday)
i
;
,
Alton, 111
6,465,0008,000,000
4,750,000
-
Day Ion, Ohio
Ventura-Port
£
—-
District, Calif
7:30 p.m.
1965-2002
Noon
1963-1982
April 12 (Thursday)
Brick-Township Sch. Dist^ N. J.__
Evangeline Par., Parish S. Bd., La.
La Crosse,' Wis. —:
•-
...
7:30 p.m.
1967-2001
.
;'
1,895,000
1963-1981
"
2,650,000 ;
1984-1982
1,075,000
1963-1972
;
-
>
8:00 p m. ;
2:00 p.m.
2:00
p.rii.
10:00
a.m.
.'.
issues.
state
a.m..
-
Jones, Inc., John Nu- Dominick, Reoffered to yield from
&. Co., Goldman, Sachs &
1,65% -to 3,10%,: thisvoffering as
Co., White, Weld & Co., Barrow yet has had only fair "success,
with about one-third of the bonds
Leary
&
Co.,
Paine,
Webber,
Jackson
&
Curtis,
Newman, sold. Bond proceeds will be used'
Brown & Co., Inc., Hattier
and to construct a fifth steam turbine
Sanford, and First of Michigan generator, required by the 7% an—.
Corp.
*
•nual; growth in electricity conr
The issue was offered to
;;
yield sumption.
/
•
Wednesday saw • the award of
from 1.75% to 3.35% for the 1984
$2,030,000 Onondaga County, New
maturity with coupons of -'"5%, York
County Improvement Bonds i
3y4% and 3%. The 1985-1987 ma¬
1962, to the Harris Trust and Sav¬
turities were not reoffered. • The ings group on a bid of 100.36 for
the
10:00
a.m.
veen
the
a.m.
1964-1987
—_
the
calendar
through
totals about
$565,000,000.
now,
>-10:30
11:00
•
Paribus
of
a.m.
1963-1988
_
Scharff
&
10:30
1964-1992
the*- issue met
with Birmingham, Ala.
5,000,000;
good .initial
reception. Los Angeles County, County Flood
Washington Public Power Supply '
Control District, Calif
25.000,000
will
use
the*, proceeds kfor
its Moss
1 ,,100,000. ■
Point,, Miss._
Packwodd
L,a k.e
Hydroelectric^: Oregon (State of)
3,342,000
project. The output of the finished,
3,000,000
Spokane-County S. D. #81, Wash.
project will be purchased by It,
April 4 (Wednesday)
public
utility
districts
under
1,250,000
long-term contracts,
I; *\ t V%" Carthage College, Wis
Fairfax County, Va. _:
9,400,000
Also, .on
Tuesday,
Pasadena,"
2,000,000
Texas
awarded
$4,500,000; Inde¬ Lafayette Parish, Par. Sch. Bd., La.
Pierce,.
Fenner
1:00 p.m.
1963-1992
3,700,000
2,500,000
99.425,
fairly
thereabouts. As
or
1965-1986
Orange Co. Sanitary Dist. #7; Cal. ;
Plaquemines Parish, La._________-_
Francis I. duPont & Co. Reoffered
the next month
issue calen¬
__
11:00
-
Rothschild & Co., Reynolds & Co.,
Stone & Webster Securities Corp;,
new
8:00 p.m.
1965-1995-
by maturity."
Blyth & Co. Other members of
the group were the Equitable Se¬
curities
Corp., • ; Merrill
Lynch,
our
1:00 p.m.
1963-1991
4,300,000
-
all
(published competitive issues)
totaled a meagre $325,000,000 for
Last week
dar
1963-1982
Consumers Public Power D., Neb.
at $75,000 and scaling.up¬
1975
ward
due
calendar
7:30 p.m.
*'
000 Electric Works
market
$15,000,000 Louisiana State
and
Building Commission
Building bonds. The* win¬
ning bid of 100.00172 for a net
slightly higher market base.
1:00p.m.
1963-1986
was
Public
new
1964-1998
.
15,
.
was
inventories
heavier
to
First
____
Corp. and White, Weld &
narrowly second with a Quebec Catholic Sch. Commission
bid of 98.381
for 3%%
coupon-;
Quebec, Canada
An annual sinking fund, starting
Valley Stream, N. Y._____
Co.
Bond
inevitably
__
4:00 p.m.
1662-1981
.
.
Thursday, * March
brought
the
An
Boston
major
issue
3.665%.
by
heavier
market
an
does
interest
presently aggres-i
situation regardless
resultant
and1
recent
increased.
circumstance will not
directly to the
of
in
calculably
teriorating market situation. Ac¬
tually, last week's coincidence of
particularly favorable factors led
sive
circumstance
consistently hold due largely
to a changing pattern of demand
for tax exemption. The increase
in appetite for tax exempt securi-;
dealers, particularly dealer banks;
to
this
now
net
T
.
____
volume
set-back*
"k
H
the
to
.___
literally breath-taking
rise of the previous ten days'. This
was not to follow, at least* for this
.
pledged
of this issue. The second
.
intelligently
the
market
brief
average
.__
dealers had presupposed at
least
will
■
issues easier during the latter part
many
irrev?.
were
___
week as compared to
before, and even though
the
quotations
for
the
dollar
quoted term issues have indicated,
past
volume
of
rate
Although the state and municipal
beer, tax
March 22 (Thursday).
payment
bid sub-; Adams & Arapahoe Counties Sch."
in
the. remaining
Dist. No. 28, Colo.__
months. This mitted by a Smith, Barney & Co..
3,033,000
should keep dealers busy enough., group was a
3,155,000"
net; interest cost of Lawrenceburg, Ind. ___.i
3.2981%. The present balance in North East Indep. Si D., Texas_^i.
1,000,000
Big Issues in the Offing
* the account is
$9,545,000.
March 26 (Monday)
Some of the interesting large
On Monday of this week, At¬ Parma
City Sch. Dist., Ohio______
1,200,000
new
issues
recently
announced
lanta, Georgia sold $3,000,000 Air¬ Roselle Park, Sch. Dist., N. J
2,562,000
for sale in the
near
future in¬
port revenue bonds due 1964-1992 Sioux City, Iowa
2,225,000
clude $102,360,000
New Housing to
the
syndicate
managed.byi
i
March 27 (Tuesday)'
Authority
issues: for ; April '17;
Phelps, Fenn & Co. at a net -in¬
$35,000,000
State" of
Michigan:
2,500,000
terest of; 3,4367 % Other fnembers. Crawfordsville,Jnd.
(Highway
Revenue)
bonds
for of the
Detroit, Michigan
15,345,000
group were Drexel & Co.y.
Detroit City Sch. Dist., Mich.___^
April 4;' $25,000,000 Philadelphia,;
10,000,000
Reynolds & Co., and" Lyons-Han?
Grand Rapids, Mich
Pennsylvania bonds for April 4; nahs &
2,650,000
Lee, Inc. Scaled to yield
$26,430,000 Pennsylvania State from
Hicksville Water District,
2.10% to 3.60%, the presentPublic School Building Authority
Hicksville, N. Y
1,000,000
balance is reported about $445,000.
bonds for April 17 and $15,400,Miami. University Bd.. of Trustees,
v
On Tuesday
Washington Pub¬ i
000 Tampa, Florida (Sewer Reve~:
2 200,000
Oxford, Ohio
lic Power Supply System, a state
St.': Louis County,. Parkway Connue) bonds for April 26. These
agency, awarded $10,500,000 Pack-:
are the
usual run of' nam,es. j
■c solidated Sch.
•
Dist., Mo..
2,100,000
wood
Lake
revenue
bonds
due
Troy, N, Y
1,257,000
March 1, 2012 to the group headed
The Inventory Situation*
March 28 (Wednesday)
by
Halsey,
Stuart
&
Co;
The
nl regard to inventories, it be¬
Arlington County, Va:
3,145,000
comes
progressively more diffi¬ winning bid of- 98.431 for the is¬
sue
with a 3%% coupon set the Bernalillo County, N. Mex._-____'_
1,900,000
cult
to
ocably
;
•
-
3%%
1981-1982
3.35%
3.20%
-
31/4%
1981
3.20%
3.05%
-
31/2%
1981
-
and
of
-
York, N.
Y
3.20%
3.05%
1981
3.35%
3.20%
3.25%
3.10%
cover
1980
3.35%
3.25%
to
of
100.35
for
Co.;
&
Chester, 111
a
group
was
the
headed by
Guaranty
Trust
Co.
in terms
of dollars amounts
end
for the entire
.
.
of
•<
-
the
initial
Continued
order
page
pe-
48
1964-2001
•
1.750,000
Paramus, N. J
7:30 p.m.
3,300,000
1963-1986
8:00 p.m.
'
April 17 (Tuesday)
Local
Authorities
Housing
~c
5,000,000
26,430,000
2,040,000
1983-1971
April 18 (Wednesday)
La
<
Noon
102,360,000
New Mexico
Salle
County,
Township High
120, 111.——
School District No.
1,950,000
April 24 (Tuesday)
Cleveland, Ohio
17,975,000
_:
issue. At
on
1.800,000
Hardin-Jefferson Consol. SD, Tex.
1,000,000
Jefferson County, Ky.__.1,200,000
Co. ;Indicative
issues
.
..-
April 16 (Monday)
.
2%% coupon. The
availability.
&
a
$20.30
the
*No apparent
by
Morgan
1981
3 .073%
.
Western
S. Moseley
new
second bid
the
31/2%
=
of
i
—
for
3V4%
-
Co.
State Teachers College of
Emporia, Board of Regents..—-
Kansas
(State of)____
Pennsylvania State PS Bldg. Auth.
continuing aggressive bid- ' Wilson, N. C
the
ding
-
4~. 3%
March 22, 1962 Index
•
Estabrook
-
in.
Trust
York, F.
April 13 (Friday)
April 25 (Wednesday)
Georgia
;
State
School
XAtlanta),.^ra-
Bidg.
Auth.
35,000,000
1963-1982
10:00
J7
a.m.
Volume
195
Number 6144
.•
.•
Chronicle
The Commercial and Financial
.
last
sition,
the
merger-motivated
benefits »achieved
by
sales for fiscal 1962 will reach
$142 million, against $128 million
for 1961.
sin; and the plastics operation of
Capitalization of Packaging
Expandable Plastics Co. at Akron, Corporation is $12.6 million in
Ohio. These acquisitions bring to long term debt, 158,000 shares of
Packaging Corporation not only $25 preferred and 3,958,000 shares
modern plant facilities, but a per- of common now selling at 23. Per
Packaging
Corporation of America, in its large and diverse production of
board
Merging Vis
and
packaging in 52 plants.
fashionable
most
get their big headlines in ad-
First, there are the rumors,
then"the denials, with corresponding flutters in the subject shares;
then, xne official releases, explaining the mahy benefits the merger
shares
which
the
.
and
supermarkets, :
wherein shoppers select their own
merchandise, the individual carton plays a vital role. Attractive together,-4-4~
,
'
4 4-,
and functional cartons for foods,
.A plant improvement program
soaps, cosmetics, and drugs repreinvolving -about $5 million,, desent
the'major segment of the signed not to expand-capacity but
company's carton sales.
'' 4 *' to increase efficiency and lower
.
and
merger
much heralded
the
corporate -blending
advantages of
,;\A
demand.
do
never
Successful Merger
4.4
;
that
on
''w—at
provide
to
hS already'^
'Strir!?*' A
perfected
4
the
date,. American Box Board
Company, vCentral Fibre Products
Company, and the Ohio Boxboard
.
^
fiT
A
CFPTl PV '
Guenther, former board chair¬
man
a
of AF-GL and
director, started
still
his
active
as
busi¬
own
in New York in 1896.
ness
The
late
Russell
advertising
an
York under his
Law
agency
name
previously serving
v
"U ^
in
founded
in
New
1914 after
advertising
as
W-.
national
advertising and ,
v.,
,
..
,
public
relations agency with headquar-
??'fe?? at 5
u
-
If-
u
+ork
'
City, and branch offices in Boston,
Philadelphia, Chicago, San Francisco and Los
Angeles,
cuscu auu.j
Albert
the
Frank
corporate
name
fore
came
when
Ru¬
dolph Guenther-Russell Law, Inc.,
acquired, through 'a merger, the
Albert Frank-Guenther Law,,Inc.,
i
The
to
Of) Vpr,rq ()]A
permits cake mix to be
?ir^'
c?^ops
and an enterprise
July 31, 1959. On
a name
began
used
Mr.
,
shipments, in volume, -of eggs, delivered
a singie unit (withpnnlps
efp
For
apples, etc. "For thp pftft industry out a bag inside)/ Another adthe egg indu«;trv
occomKw
alone, Packaging Corporation sup-m plant
asseinbly
plied enough packaging, in the.
past 12 months, to carry over 8M>
right on/:the customers
billion eggs to market (a record Preralses'
" t*'
'
1
•
difficult to crack!). 4,4
.:VRising Sales
example, however, of the
successful merger,-we'd«like to
cite IPackaging
Corporation
of
that
is
This
costs>' is hoW under way. ;The
Central, Research "and Develop-
nackasine
is in urgent
SSSSS whlcSi
,
As "an
America,
of
self-cushioning, structurally rigid
packaging for eggs-meat trays;
materialize.
:
varietv
newer
rhMedtmol^Pulp
the result of two different mergers
of three
different
organizations.
"
its-own at Vincennes^Indiana. As
Corporation is
one
custom
molder of-expanded polystyrene,
^nd -offers a-line of-both.corrugated and plastic packaging and
containers that can be sold well
stores
7
share net for fiscal 1961 was $.97. manager of The Wall Street
For this year, President Carey has Journal.
Both
the
estimated a net-of $6% '.million,
Guenther
and
Law
equal to $1.65 per share. Dividends agencies were specialists in finan¬
have been - tpaid on /constituent cial advertising and a natural
companies continuously since 1936, merger of the two organizations
and $.20; per share has been de- was brought about in "1919. The
resultant new company was Ru¬
clared so far this year.
\
{, .PKG seems to have fully justi- dolph Guenther-Russell Law, Inc,
fied, and benefitted from, its mer- N{ In 1920 Mr. Law arranged for
gers, and is one of a small group the purchase of the
property on
of equities that may increase net which the agency's main building
earnings by more than 50% this at 131 Cedar Street now stands.
yean Such a rise in earnings is
/ In October
frequently a , cause for market ther-Russell 1929, Rudolph Guen¬
Law, Inc., made a
animation. ^4v4:44 444V\.':/:
public offering of its own stock,
v.t
; 4; :
— v
the first agency ever to do so.
a -result,.Packaging
now- the « number
Ohio, the largest integrated
vice
spawned.;-Thereafter, - the matter
is soon forgotten, and, frequently,
the
Massachusetts, the
and
of the great increase in self-ser-,
provide;y next, the
legal ■ documents that implement
and -certify fthe
marriage;
and finally, broadened trading in
the parent-stock, due to the innumber-Of
<
carton plant in the world. Because
arid
shareholders
-
cartons
man,
forsOoth
creased
paper-
plants, Including the one at Ritt- '
vance.
will
o r c e s
folding boxes, sonnel ttalented and -experienced
Packaging Corporation ranks 'tin plastic production. The company
fourth nationally,- operates^ nine' also established a^ plastic plant of
In
in
corporate America, but most mergers
t e r,
D. P. Carey. He has predicted that
Company,
plastics division of Lakeside Mfg.
Company in Milwaukee, Wiscon-
By Dr. Ira U. Cobleigh, Enterprise Economist
Cataloging
Worcester according to the President, Mr. W.
of
year,
Plastics
Moulded
W
-
(1379)
observed
business^ of
Inc.
"
on
Albert
Albert Frank &
in
as
travel
well
formed
Frank
&
Co.,
Sept. 2, 1932.
and
as
in
a specialist
advertising
financial,
1872
grandfather
Reynolds,
Co.,
resort
of
by
former
had
been
Albert Frank,
the
late
AF-GL
Frank
Presi¬
The paperboard business went its 90th anniversary-Mar. 16th.
dent. 4
:
4/'4'4' ■.'
.444' .4:..
Company, all growing and profit- 4mplded pulp business, PKG has through a tough period in 1960-61, > The agency's offices and direc'"4 The three
able leaders in the paperboard and
employees who took
doubled the capacity of its Grif-" but vnow appears in a resurgent tors marked the anniversary ocpackaging industry, in! their own fith Indiana plant and will have phase, with new sales high indi- casion at a formal dinner which the occasion of the agency's 90th
j-ight, for as long;; as 50 years, a new' plant for'-production of cated for, this year.-Pricing has also honored three retiring em- anniversary to mark their retire¬
joined forces to become Packaging pulp'products oh stream in Berke— firmed and Packaging Corpora- ployees with a combined service ment are Albert Miller, Assistant
Corporation pf America. This is iey California' early'ih 1963.4 4Vtion announced price increases of of 138 years, and saluted the 90th Secretary of the corporation in
now
the. 303rd largest company
packaging'"Corporation has not from
7V2% to 10%, effective birthday of Rudolph Guenther, New York; R. W. ("Jack") Daw¬
in America and is busily at work,
been unmindful of the increasing March 1st, on its corrugated and founder of the Guenther part of son, Vice President and manager
documenting
the
advantages of pse 0f plastics in packaging. Again; solid fibre shipping containers. /;4- the business.
'
4j 4^4, 4 of the Chicago office, and August
the merger—a stronger financial
by merger, PKG has aggressively " The-,over-all picture at Pack- Albert Frank-Guenther Law, Hirschb^upa, Vice President and
Structure, broader diveMfitation, eptered this field through acqui- aging ^ Corporation : is
excellent Inc., as presently constituted,t is manager of the Boston office.
more
efficient^ distribution, im-,
-4
J m /* .: -4""> '4, :4
:
4
.
'••
*
To
take
of
care
this expanding
v v
—
„
proved R and D, and more aggres-
4'
.
vV'?/44:4
plants and benefitting •/. •
4
selling.
In its- 52
,'
from
.
1——
—
,4
sive coast-to-coast advertising and
•
This announcement is neither an
.
offer to sell nor a solicitation of an offer to buy any
of these Shares.
,
service
the
7200
of.
.
em--".
ployees, PKG (NYSE symbol for
common stock) is a completely
integrated^paperboard packaging
-
>
'
.
1
made only by the Prospectus.
The offer is
\\
'
•
-
the
with
company,
timberland
hold¬
673,215 Shares
ings, mills and converting plants, 'X-'.i
V.
turning out a huge volume and
great: diversity of finished pack-,.
aging.
main,
M
■
The.
-
paper! industry
board, the distinction being that
"paperboard" is '.009 of an inch
4;
thicker, while "paper"
is
anything
thinner j than, that
magic decimal. PKG makes no
■'
thick,
or
paper,
but ranks " as
sixth largest producer
board, Its production
America's
of
paper-
;
",
Common,Stock
/
4
v
'
^
'
;;;;
'd
•'
■
sixteen *; mile
serve
'turn
railroad
line
out
pulps,
bleached
f
.
.'
,
"liners":' in
PKG share
(91,000 tons annually)
will
supply
most
of
Copies of the Prospectus may be obtained in any State from only such of the undersigned as may
■4.4~ <,ledally offer these Shares in compliance with the securities laws of such State.
4
•
;.tf
•
:
/
of! the Tennessee River plant pro-
'duction
•
the
;;
^company's \ 22 ■;corrugated
container plants, formerly purchased
from- others.' This
saving
:
should
a
•
share
during this fiscal" year
-(ending June 30, 1962). The Tennearnings
River
now
in
■
daily plant production
the
increased by
of
process
20%.
„
-
*
...
4
"
"
•
5
,
PKG
to
being;
.
•.
•
•
IIARRIMAN RIPLEY & CO.
Incorporated
"■•
••
' Incorporated
EASTMAN DILLON, UNION SECURITIES & CO.
BLYTH & CO., INC.
44.
■
KIDDER, PEABODY & CO.
'
GOLDMANi-SACHS & CO. :
!
4
MORGAN STANLEY & CO.
THE FIRST BOSTON CORPORATION
.
.
$.35
4;;-; ;4v;:/;:.::,,;44
4.;
•Kraft "liner" requirements for the
•contribute
\.
corru¬
(for fluted sheets
corrugated r.
shipping containers); and; box-board
for
folding cartons. The
is
.
Price $44'/2 a Share
.
medium
'between'
essee
v
Kraft
(for food
packaging); semi chemical
•
value)
it. The paperboard machines
and blended paperboard
gated
to
par
_
»•;;
chines; plus its'52% interest in V;,
.the $41. million Tennessee River
;
Pulp and Paper Company project,
including an ultra modern 500 ton-ra-day Kraft liner board mill and ' /,
a
(without
4'f4 - 4 ?-Of the 67shares of Common Sioclc being offered,. 225,000 shares are being
4/"4.4;;• sold by the Company and -448,210 shares are being sold by Selling Stockholders
**•' 4 .V"
r,4 4/V^'LV'-- •'*. as,set forth in the Prospectus. : 4/
..."
/ 4,4
-
...,
from
comes
\
'4;=4
eight strategically located mills,
operating fifteen paperboard ma-
"
4;-4
has two y..
divisions—paper. and>paperftv
.
•
•
WHITE, WELD & CO.
Incorporated
GLORE, FORGAN&CO.
LAZARD ERERES & CO.
'
,
'
'"4
.
LEHMAN BROTHERS
j
MERRILL LYNCH, PIERCE, FENNER & SMITH
SMITH, BARNEY & CO.
"
Cartons
and
Containers
..
Packaging Corporation ranks as
the 10th largest producer of cor-
4
.
•
4
4
■
' •
.
.
Incorporated
Incorporated
STONE &
DEAN WITTER &
in this division,account for around
ping containers are enjoving ah*
increasing customer and industrial r
merchandising demand.
•
'
*
.4
WILLIAM It. STA ATS & CO.
>.
'45% of the total. Corrugated ship¬
•
'
WEBSTER SECURITIES CORPORATION
"
.
rugated container board and. sales
.'
>
•
-
March 21, 1062.
V
CO.
/
8
The Commercial and Financial Chronicle
(1380)
"■>
American
DEALER-BROKER
pany
120
INVESTMENT LITERATURE
Biltrite
Report
—
Hampstead
available
Leaf Tobacco
Rubber
reports
are
Financial
Wesco
Corporation
Diego
Bulletin—
—
PARTIES
INTERESTED
SEND
TO
MENTIONED
FIRMS
THE
THAT
UNDERSTOOD
IS
First
cantile
is
review
a
of
Harvey
FOLLOWING
THE
Hubbell, Inc.
A.
Courts
Public Relations
Industry—Review with
Aerospace
New
Broadway,
is
available
Also
report
—
American
Dept.,
N.
—M.
York
Company, 44 Wall Street; New
5, N. Y. Also available are
randa
Y.
data
on
er"—Merrill
son,
Ryder
—
Hanseatic
Review —New
Corporation,
120
Broadway, New York 5, N. Y.
Canadian
Labour Force and Em-
ployment
Trends—Review—Bank
Scotia, Toronto, Canada.
of Nova
Oil
Canadian
Lynch, Pierce, Fenner
&
Smith
Incorporated,
70
Pine Street, New York 5, N. Y.
Also
available
Stocks-
Gas
&
Pabst
Oil
Beck-
Company;
Brewing
Mobil
Socony
Inc.;
Gerber
Compainy;
United Fruit Com¬
Products Co.;
and Dictaphone Corp.
pany,
Motor Carrier
with
Fast
to
reference
M
o
t
Lines;
o r
Study—Draper Dobie & Company Roadway Express; Lee Way Motor
Ltd., 25 Adelaide Street, West,
Freight, and Garret Freightlines
Toronto, Ont., Canada.
—Paine, Webber, Jackson & Cur¬
Stocks
Cement
Bulletin—*
—
Mackay & Company, 524 Wash¬
ington Street, Reading, Pa.
Counterfeiting
An article
Is
My
Business—
by Chauncey P. Foote,
N. Y.
Gas;
Great
stocks
Steel,
Sch lumber ger, Ltd., Miles Labora¬
tories,
Vornado,
American Corp.
Japanese Market
maichi
York
Review
—
Co.
Ya-
—
of
New
Broadway,
Ill
New
York
6, N. Y.* Also available are
data on Ajinomoto Co., Inc.; Kirin
Brewery
Co.,
Products
Co.
Ltd.; Meiji Milk
and Morinaga Con*
fectionery Co.
Japanese
*
Yamaichi
Gabriel
on
Review
—
Securities
Co.
of
—
New
American
Standard
Co.
and
Union
Insurance
Brands,
and
memorandum
a
—
showing
compari¬
son
up-to-date
an
between
the
used
Averages
in
and
listed
the
industrial
Dow-Jones
the
counter industrial
Folder
over-the-
35
stocks
used
in
National
Quotation Bureau
Averages, both as to yield and
market performance over a 23year period — National Quotation
Inc.,
Bureau,
46
New York 4, N.
Railroads—A
hind
Y.;
Stree^
look
be¬
results—Goodbody
Broadway, New York
2
Also available is
Petroleum
Pubco
a
&
4,
bulletin
Corp.
a n
d
York,
Inc., Ill Broadway, New memoranda on Dow Chemical Co.
6, N. Y. Also available are and Illinois Central Railroad.
reports
on
Matsushita. Electric Railroad Prospects — Review—
Co.,
Okamura
Manu¬
facturing Co., Ricoh Company and
National
Cash
Register
Co.
(Japan) Ltd.
Japanese Market—Survey—Nikko
Securities
Co., Ltd., 1 Chase Man¬
hattan Plaza, New York 5, N. Y.
Also available is
a
report
Ku-
on
bota Iron & Machinery Works.
L. F. Rothschild & Co., 120 Broad¬
way,
New York 5, N. Y.
Speculative Common Sense—Bul¬
letin—Draper Dobie & Company
Ltd., 25 Adelaide Street, West,
Toronto, Ont., Canada.
*
—
report
N. Y.
pany
Massachusetts
Life
Fund
Living
Manual—Brochure—Massa¬
chusetts
Life
50 State
Street, Boston 9, Mass.
Fund
Distributors,
-v.';'
*
—
Corporation, Ltd.—
Equitable Brokers Lim¬
ited, 60 Yonge Street, Toronto 1,
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
Trust
*
Algoma Steel
Report
Japanese Shipbuilding Industry
Electronic
Corp.
—
Jackson
Shell
Ont., Canada. Also available is
on
Dominion Textile Com¬
Ltd.
Allegheny Ludlum Steel Corp.
1961
a
annual
report
—
—
Allegheny
Ludlum Steel Corp., Oliver Build¬
ing, Pittsburgh 22, Pa.
Northern
Paper
Adams
—
available
States
is
Wall
Walston
&
Inc.
Chemical
Newport
Analysis
Co.,
120
Co., Inc., 74 Wall St.,
Pershing
&
Co.,
Boone
Corp.,
120
Chicago
Broadway,
John
—
H.
Co.,
Wall
Street,
Corporation—Anal¬
Calif.
analysis
an
Ohio
The
of
Also
M
Store
D
&
A.
;*
C:
Toll
Hat
Corporation—•
*
■
-*
-
'
•*
-
Breweries
Limited
Com¬
and
Seventeenth
Street,
2, Colo.
analysis—
Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.
.
Christiana Securities Co.
•—
Bulle¬
—Sincere
Salle
La
Steel
diversification
product
of- the
lines
program."
Universal
Foods
rated >in'*• 1882
•
company's*
acquisition
\
*
,,,
its
and
incorpo¬
was
and.
adopted its
present corporate title on Jan. 17,
1962. It is engaged in the production-' of.
yeast,
and
other* food
products, and is believed to be
either
the second
yeast
or
producer
States.
in-
third largest
the
United
.
Under its long, range pro¬
/
Co.—Memorandum
&
Company, 208 So.
Street, Chicago 4, 111.
Analysis — The
Milwaukee
Company, 207
East
Michigan
Street,
Milwaukee 2,
available
Medusa
—
of expansion and- diversifi¬
gram
field, the
com-,
broadened its product line in
1961 through two acquisitions. As
a
result
these acquisitions, the
of
company now
produces dehydated
chili peppers and
stitutional
and
soup
food
paprika and in¬
such as
products
bases.
gravy
Wis.
chants
is
Fast
a
bulletin
Motor
Consolidated
Mer¬
on
Lines.
Mining
Company of Canada
Smelting
&
Review—
—
Portland
Cement—Bulle¬
tin—Newburger & Company, 1401
Walnut Street, Philadelphia 2, Pa.
Linotype—Analysis
1500 Wal¬
Street, Philadelphia 2, Pa.
available is an analysis of
nut
Company Limited,
Hastings Street, Van¬
West
1, B. C., Canada.
Union Bag Camp Paper Corp.
Broadway, New York 4, N. Y.
Airmotive
Guerin
Union
Also
Ennis
Report
—
&
Tower,
available
Business
Ep-
—
Turner,
Inc.,
Dallas
are
1,
reports
Forms,
Great
&
&
Broad
Co.
Co.,
Incorporated,
are
&
Life
Peoples
Bradstreet, Ihc.
Fox
&
of
Memo¬
Co.,
Company
Washington, D. C.— Study—
Suplee, Yeatman, Mosley Co. In¬
corporated, 1500
Walnut Street,
Philadelphia 2, Pa.
Electronics Die Co., Inc.
William
Lockheed
—
Insurance
of
—Report—G. K. Shields & Co., 15
Corp.
F.
Co., 640 South Spring
Street, Los Angeles 14, Calif.
—
N. Y.
surveys
and
Co.—William R.
&
Staats
20
Survey
—
Street, New York 5,
available
Massey-Ferguson
Dun
Rubber
Mohawk
Peterson
Company
Inc.,
Broadway, New York 5, N. Y.
Street, New York 5, N. Y.
Plastics Corp.
of America—Memo¬
randum—
Piper, Jaffray & Hopwood, 115 South Seventh Street,
Minnneapolis 2, Minn.
R.
C. Can Co.
Capital Corporation—
First California Com¬
mill
Spring
Incorporated,
647
South
Street, Los Angeles 14,
Calif.
Elgeet
..
Optical
Analysis—Troster,
74
Trinity Place,
N.Y.
;
.
Company
Singer
New
Hardy
Inc.—
&
Co.,
York
*
6,
New
&
Co.,
25
Broad
company
of 136-05 35th
Flushing, N. „ Y„ was or¬
ganized on Sept. 27, 1961 to ac¬
quire all of the assets subject to
liabilities of Bay Electronics Dis¬
tributors of Long
Island, which
operated
as
distributor
a
of
an
extensive line of electronics parts
and
equipment. The
has
completed
also
company
prototypes
schools, colleges
organization
for
i-
poses.
and
is
■'
and
industrial
teaching
pur¬
'
'
V
.I";
Associates
With Calif. Investors
Street,
5? N. Y.
randum—McDonnell
120
The
Ave.,
Incorporated—Report—
York
Sanders
shares
playback equipment designed Tor
use
by elementary schools, high
Inc.—Analysis—Gude, WinCo., 1 Wall Street, New
5, N. Y.
Rayonier
offering of 80,000 common
of Edu-tronics, Inc., at $4
per share. The offering marks the
initial
public sale of the com¬
pany's common shares.
joint
Corporation, 322
Nashville 3, Tenn.
—
&
York
Packer, Wilbur & Co., Inc.; Earle
Securities Co., Inc.; Joel Zuch &
Co.; and Bernard L. Madoff, New
York
City, have announced the
ready to engage in the production
of
mobile
audio
recording and
Analysis
Securities
table
Union Street,
Analysis
pany,!
Common Offered
Equi¬
—
Ranco
—
Edu-tronics, Inc.
Mergenthaler
—Butcher & Sherrerd,
Also
378
v
and
Manpower, Inc.
Electronics
Teletype NY 1-376; 377;
Indus¬
Motors, and Chrysler.;
tin—Laird, Bissell & Meeds, 120
Broadway, New York 5, N. Y. Also
120
'
The net proceeds to be received
Report.— L. C.
General
S. II. Kress
Checker Motors—Chart
randum—P.
;
com¬
pany
Denver
Aircraft
HAnover 2-2400
common
company will be used at
later date in connection with the
eral
Boettcher
—
828
pany,
Blair
Trinity Place, New York 6, N. Y.
of
by the
a
cation in the food
Deere
74
share.
per
outstanding upon
the offering.
of
Cyanamid,
on
Security Dealers Association
$20
shares
tries, United States Rubber, Gen¬
Texas.
Troster, Singer & Co.
476,969
stock to be
?—
Southwest. Mo'-ton Foods, Inc. and
Members New York
at
Central Investment Corporation—
Zale Jewelry
:
made
Analysis
Fidelity
,
Foods
,
the
Corp.—Analysis—
Analysis — Royal Securities Corr
poration Limited, 244 St. James Keystone Steel & Wire Company
St., West, Montreal, Que., Canada. —Analysis—Hornblower & Weeks,
1
Chase • Manhattan Plaza, New
Also available is an analysis of
York 5,'N. Y., Also available are
Molson Breweries Limited.
data on National Acme, American
pler,
& Distribution
being
pletion
-—
Universal
of
(formerly Red Star Yeast
Co.), Milwaukee, Wis.,
of
currently
out¬
standing stock. The shares offered
comprise approximately 22% of
Company,
Kentucky
Building, Louisville 2,
Home Life
New
stockholders
Highway—Report—
Company
Incorpo¬
Co.
Whitaker";
Inc.,
total, 47,248 shares rep¬
resent new financing by the com¬
pany and 56,948, a sale by certain
Kentucky Central Life & Accident
Insurance
Co.,
Of the
Allyn & Co., 122 South La
Street, Chicago 3, 111.
Salle
Dallas 1, Texas.
Dallas
Transmission, Production
is
Plaza,
Company—Bulletin
Illinois
&
& Products
Company,
Johns Manville
Report—Parker, Ford & Company
Incorporated,
Vaughn
Building,
50
(b) Natural Gas Companies
1961
Ionics—Report—Stearns & Co., 80
Pine Street, New York 5, N. Y.
available
,
Byer-Rolnick
Canadian
—
Chicago 4, 111.
ysis—Mitchum, Jones & Templeton, 650 South Spring Street, Los
14,
Warco
Illinois
shares
Corp.,
51 North
High Street, Columbus 15, Ohio.
New
Copycat—Bulletin—Purcell & Co.,
-
&
rated, 231 South La Salle Street,
Borg-Warner
Angeles
Corp.
3200
Prudential
1, 111.
Huber
Nationwide Publica¬
Inc., 54
5, N. Y.
York
couver
'
Kaplan
Barney
City, as manager of an un¬
derwriting group announced that
a
public offering of 104,196 com¬
Corp.
mon
—The
tions Inc.—Report—G. K. Scott &
banks, brokers and financial institutions
.
Common Offered
annual report—Household Finance
New York 5, N. Y.
Proprietary Co., and
industry.
on
Broadway, New York 5,
Household Finance
New York 5, N. Y.
Hill
Smith,
—
Analysis—
—
Electric—Review-
Universal Foods
New York.
Mills,
Co., Inc., 1 Wall Street,
York
Also
(a) Operating Utilities
Broken
the Coal
California Savings & Loan Stocks.
Street, New York 5,
Beaunit
F.
Freight Co.—Report—A. M.
Ileyden
Mills—Analysis—Bache &
;
Carl M. Loeb; Rhoades &
Co., 42
Wall Street, New York 5, N. Y.
Also
available
is
a
review
of
Memo¬
—
S.
Westinghouse
Grace
memorandum
a
821
Firrr^ Trading Markets in—
R.
Corp.—Analysis
&
C. M. Oliver &
For
re¬
Peck, 120
Broadway, New York 5, N. Y. Also
Homes.
Co., 36
is
Co.—Annual
&
Chemicals"—W.
randum
N.Y.
C.
Grace
in
Great
reports
on
Emerson
Radio
&
Phonograph Corp., Libbey-Owens-
Beaunit
Universal
New York 5, N. Y. Also available
is a report on Miehle Goss Dexter.
port—Peter P. McDermott & Co.,
42 Broadway, New York 4, N. Y.
& Lomb—Report—Colby
Company, Inc., 85 State Street,
Boston, Mass. Also available are
United
Ltd.—Report
Inc., 660 Madison Ave.,
Grand Rapids Varnish Corp.—Re¬
&
and
R.
memorandum
a
—J. A. Hogle & Co., 40 Wall St.,
New York 5, N. Y.
"
'u
'
y
.
Heights 72, N. Y.
Glass Co.
and
:.
& Co., Public Relations Depart¬
ment, 7 Hanover Square, • New
York 5, N. Y.
Discus¬
Bausch
Ford
Tower
memo¬
■
is
Corp.
Kidder &
ress
sion—Butler, Herrick & Marshall,
76-11
Thirty - seventh
Avenue,
Fixtures Inc.
.
statistical
1961
N. Y,
in
Front
York
Industrial
Avnet
<
available
Lynch
on
port including "A Decade of Prog¬
&
Co., 45 Wall St.,
5, N. Y.
York
&
U.
W.
New
Also
New York 21, N. Y.
Stores—Memoran¬
Dept.
dum— Cowen
are
Ludlum
Company, 66
Street, New York 4, N. Y.
Beaver
—Globus
on
Commercial Solvents.
Arlan's
available
Allegheny
on
Smith Corp.—Memorandum
H.
Blair
&
William Gluckin Co.,
In¬
memorandum
a
Bethlehem Steel—Memorandum—
Over-the-Counter Index
Co.,
Market
on
Marine Capital Corp.
the
Securities
Inc.,
Universal
and
data
are
Southern; State Loan
& Finance Corp.; Brooklyn
articles
Trends,
available
Also
Kansas City
Company;
Price
and
Ron-
and ACF
System
Electric—F. P. Ristine
Also
Permanente Cement.
tis, 25 Broad Street, New York 4,
Jr.; of American Bank Note Com¬
pany in the March issue of "The
Exchange"—Exchange
Magazine,
11 Wall Street, New York 5, N. Y.
—20
cents per
copy,
$1.50 per
year.
Also in the same issue are
on
dustries
*
Industry—Analysis
particular
Merchants
of
Stewart
ABC Vending Co.;
Instruments
man
discussions
are
Cement Co.;
Permanente
Finance Companies,
Y.
O.
—D.
Co., 67 Broad Street, New York 4,
York
Co.,
Monorail
Warner Corp.;
Market
Bond
&
General
-
.
Systems—Discussion in
current issue of "Investor's Read¬
5, N. Y„
York
Ave., St. Louis 5, Mo.
N.
N ew
Plaza,
land
on
York 4, N.
a
bulletin
Manhattan
&
Analysis —
Co., 11 Marietta Street,
W., Atlanta 1, Ga.
Amphenol Borg—Data—Shields &
Stocks—Quarterly Review
A. Sehapiro & Co., Inc., 1
Chase
Memorandum—
—
Corporation
30 Broad
Street, New York 4, N. Y.
Cessna Aircraft.
Bank
Paper Industry
Orvis Brothers
Bank
,
annual
Investment Company., 8251 Mary¬
particular reference to Boeing Co.,
Bendix Corp. and National Avia¬
tion
Corp.—Purcell
&
Co.,
50
.
Company, Mer¬
Building, Dallas 1,
Texas.
Fram
Illinois —1961
BE PLEASED
LITERATURE:
—
Southwest
American Investment Company of
WILL
Co.
Shop Rite Foods—Memorandum—
Turnpike Bonds.
IT
Electric
&
1831, San Diego 12, Calif.
available
Massachusetts
and
Box
Gas
Report — Secretary, San
Gas & Electric Co., P. O.
Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y. Also
Co., General Tire &
Co.
Diego
Annual
Ferro
on
Universal
Corp.,
San
Report—
—
Investing
Corp.,
70
Pine Street, New York 5, N. Y.
Broadway, New York 5, N. Y.
Also
AND RECOMMENDATIONS
Executive House, Inc.
Com¬
Rubber
Reynolds & Co.,
—
Thursday, March 22, 1962
...
SHERMAN
Inc.—Memo¬
&
Co.,
Inc.,
Broadway, New York 5, N. Y.
bara
the
J.
14306
OAKS, Calif.
—
Bar¬
Wilson has been added
staff
of
California
to
Investors,
Ventura Boulevard.
T
Volume
6144
Number
195
.
.
Commercial and Financial Chronicle
The
mands
By Dr. John W. Harriman,*
flation. Thus, even though they stocks in general are at a price
may be relatively less attractive, level which is both
historically
common stocks remain the pre- and relatively high. Nevertheless,
eminent vehicle for long-term in- the economy is in an expansion
vestment. People in general are movement which can continue for
ings and cash flows of corpora- equity-minded.
Funds seeking a substantial time without recestions have been increasing. Next, equity investment are high rela- sion, a real depression of the secthrough the Federal Reserve pol- tive to the available supply of ondary postwar type is most imicy and actions, the banking sys- suitable stocks. Nevertheless, this probable,
there are
underlying
tern has been kept strong. Banks
does not underwrite any given forces of long-term growth which
have had
funds for both loans level of stock prices.
mean
dynamism not stagnation
Economist, Tri-Continental Corp.,
Administration, New York University
1
and
prudent investment managers are advised to
and the stock market's
stop worrying about the economy's course
level and to concentrate,
instead, on individual equities. Dr. Harriman
and
on
the
investments,
including,
of
bonds. And finally, bonds
have apparently been strengthand
moderately for a sub¬
time, fed by underlying long-term growth forces, which
promises higher stock earnings in general and much higher earnings
on
particular issues. He finds bonds attractive for income —not
capital gains; says earnings will be the force to push higher P/E
ratios; and is not displeased that the glamor has been deflated from
misjudged super-growth stocks.
^
A
expects the economy's expansion to continue
;
stantial
v
by business,
money,
City; Professor of Finance, Graduate School of Business
Serious investors
9
for mortgage
part of government.
On
the
supply side,
however, savings of individuals
have been growing, while earn-
The Investment Outlook
New York
(1381)
have
deposits
-
.
tive
scribed
with
common
stock
has
"the
state
that
and
the
can
in
market, a
best de-
been
of
end
fantasy
Tax-
have
been
k
somewhat
higher
earnings
expected on stocks in
general and much higher earnings on particular issues.
be
So
what's
The
stocks?
ahead
for
answer
common
would
seem
in the present to be that for common stocks in
and the future is giving way to general prices over a period of
a
skeptical reserve
concerning time will work higher.
These
present
conditions
and
future gains will be due to increases in
bland
stocks.
municipals
exempt
as
to
change
a
the
and the beginning of reality." The
competi-
become
been
of
change Which
extent bonds and savings
an
has
character
vestor
To
correct
seems
there
by some diminution in inpreference for equities. >
ened
'
it
course,
confidence
affecting especially appealing to higher
ments, in other words of bonds business, bonds and stocks. We've bracket individuals arid to tax- prospects.
As evidence, we can earnings rather than further exand stocks, is no easy assignment,
got to realize that the economy paying institutions. Some people point to the reduction in the pansion of price-earnings ratios.
In fact, it is probably an imposand the security markets are in have become so enamored of glamor quotient of new and not- The major price increase, howsible
less
task,
invest-
of
amount
ESP,
to
or,
salute the 17th
of
conditions.
new
s
extraordi¬
nary
adjusting
of
process
are
the
to
;
are
truly glamorous,
Behavior of bond prices and bond
at
yields has been confounding the
experts.
This is because bond
prices have ben strong in the face
of
substantial expansion in the
rechaun
home
in
closet.
Diffi-
course,
much
are
economy.
greater
for
est
John W. Harriman
than
In
bonds.
comparison
rates
with
investment
the
simple, straight-forward task.
he really
has to do is to
analyze a few thousand figures,
a
than they
i0Wer)
thoughtfully provided at frequent
intervals by various government
agencies, and formulate his conelusions without qualification or
reiative
equivocation.
The security market forecaster
other
the
must first
projection
hand,
economic
and here he
usually finds not one
several views so that he is
but
perforce compelled to become a
quasi-economist in order to select
the
reasonable
most
that
bull
a
so-hot issues, to the deflation
haif
only
rates
the
when
lies
last Sepexpansion was
were
Causes of the
interest
demand and supply
in long-term
in
in prospect.
what's
So
old.
as
ease
beginning of a prolonged rise in
bond prices. Bonds, as is wellknown, have made the great transition from the high price, lowyields position of the thirties and
forties. The long bear market in
bonds ended in 1959, but a turn
to a bull market is not necessarily
declined.
prices for
high-grade
COrporates and municipal obligafions
are
higher
(and
yields
tember
accept
rapidly
prices accordingly
AH
the
1958-1959, interand bond
of
rose
Today
oracle the economic forecaster has
on
In the previous cyclical
that
upturn,
common
stocks
for
a
of
culties,
convinced
so
of
ever,
will be in individual stock
market has begun, that they have
■
.
stocks which
March, has
-
captive lep¬
a
bonds,
super-growth stocks which have issues where conditions in indusi •
•p'-rS
>•••• .'V
been seriously considering buying ceased to grow and to the ac- tries and companies justify higher
| Bonds' Attractiveness for Income long Treasuries on the customary ceptance of limits to the price- appraisals. Serious investors and
!;
Now
we're
ready
to
discuss slim margin.
As of today, this earnings multiplies for equities of prudent investment managers are
bonds which are the less interest- looks like a treacherous operation, the "defensive plus some growth" advised to
stop worrying about
ing investment medium and then B is doubtful if this marks the type.
the course of the economy and the
I
en¬
with
dowed
an
and
affected
have
the
un¬
is
one
of
future
the
foretell
To
ahead
for
bonds?
Probably, a period of uneven
stability followed by a moderate
downward movement in prices
when, as and if the economy
gathers substantial momentum,
Bonds are attractive for income
not for capital gains.
level of the stock market. Instead
High P/E Ratio
The problem of price-earnings they should concentrate on inratios and yields merits attention, dividual stocks, using all their
When the great postwar bull mar- analytical tools to be certain that
ket started in 1949, the price- price represents value. This apearnings ratios
of
the famous proach would bring investment
Dow - Jones Industrial Average back to first principles as enunciwas 7.6 times and the yield 7%. ated by such distinguished writers
At the late 1961 high of the same as Benjamin Graham.
It would
average, the earnings ratio was 22 also present investors with ex-
times and the yield approximately amples to prove Emerson's saying
3%. These are tremendous that "this time like all times is a
changes, changes which are rnuch^ good one, if we but know what
greater than the growth of the'to do with it"
economy
and the increase in —
Dr
Harriman before the
earnings. Common stocks '(the Harmonie Club, New York City, March
average) roe 332% from 1949 to n, 1962.
Gross National Production
generally strong
the piece de resistance, common stocks!
Stocks and
bonds are both investment media
just as bananas and oranges are
(GNP) slightly over 100% and
corporate earnings after taxes
only some 15%. Cash flow, however, because of increased depreciation increased about 86%, pro-
treasury positions there has been
little incentive for corporate bor-
with the two
species of fruit there is a big dif-
viding, at least a partial offset to
pallid earnings performance.
ference. Stocks £,x >-> vv , bonds
grow, wuhuj
Certainly, common stocks have
„
long, long way since 1949. summer outing June 15 at
It can be accepted that common Sleepy Hollow Country Club,
conditions
increases
the
On
for
and
con- ♦
financing have been mod-
sumer
erate. With inflationary pressures
and with
absent
rowing
Qn
a
there
on
a
short-term
JHW «< — l-wx ill
long-term
have
been
More Realistic Stock Market
side
demand
business
basis,
mujw.
basis, however,
increasing de-
Next,
both
for
fruit,
but as
don't,
<-xvxx „,
stocks have tax advantages, and
stocks tend to protect against in-
]>|.
i
__
\
T
\T
>t
.
HIV. ASSI1.
1
1
jj
^
I Q JflOlCl UUtlHff
.'
investment
v
Association
.
,
come a
'
economic
model.
Second,
he
must
study
the
peculiar economic and business
,
mand
and
the
supply
for bonds
This advertisement is not
de¬
and
determine
which
factors
in the case of
distinguish be¬
Third, mainly
stocks, he must
stocks
tween
dividual
a
as
whole
and
sentially irrational reasons.
said that
the
1962
Continental Mortgage Investors
most
Shares of Beneficial Interest
Expansion
investigate
we
(Without Par Value)
Rate
the
fu¬
Price
let's look at a few general
points. For both bonds and stocks
ture,
$15 Per Share
must make that reasonable as¬
sumption referred to above about
the economy and about business.
The assumption is that the expan¬
sion now underway will continue
throughout
but at
1962
and
into
than the superboom
We
of the
suggested by,
notice
fact that the postwar period
all
the peculiar forces which
created that period have changed
have an economy/;
functioning in a new and
we now-
which is
Someone
coining
"the
years between" but that begs the.
question since it doesn't say be¬
unnamed
yet
could
become
name.
So
tween what.
that
wars!
it
to whom
may
be obtained from
the underwriters
may
any
of the underwriters, including the undersigned, only
legally offer these securities under applicable securities laws.
Paine, Webber, Jackson 8b Curtis
Hemphill, Noyes CBi, Qo.
Bache 8b Co.
Hornblower & Weeks
Shields 8b
Company
take judicial
can
is over;
that
persons
1963,
others, Fortune Magazine.
among
Copies ol the Prospectus
by
moderate rate, lower, for
a
example, than the rate projected
by
the
government economists
and
substantially less optimistic
a
or
It has
of the
some
Moderate
Before
as
approval of the issue
the Attorney General of the State of New York.
1,700,000 Shares
investment
decisions
have come, not from the security
analyst's
desk,
but
from
the
psychoanalyst's couch.
so
or
March 22,
profitable
we
of Law
fourth, again primarily ap¬
plicable to stocks, he has to be a
sort of psychologist since prices
can
move
up
and down for es¬
Sees
prospectus filed with the Depart¬
New Issue
corporate factors.
And
been
a
in¬
equities as they are in¬
by
specific
industrial
fluenced
.
offering. No offering is made except by
of New York. Such filing does not constitute
sale thereof by the Department
stocks.
and
an
ment of Law of the State
W. E. Hutton 8b Co.
^
era.
famous by
far, the best is
Let's hope and pray
doesn't
A. C.
Reynolds 85 Co., Inc.
mean
between
The environmental changes
G. H. Walker 8b Co.
F. S.
Allyn 8b Go.
Moseley 8b Co.
Blair 8b Co.
Hayden, Miller 8b Co.
Francis I. duPont 8b Co.
L. F. Rothschild 8b Co.
Goodbody 8b Co.
Incorporated
Incorporated
McDonnell 8b Co.
Incorporated
of
annnai
Tucker, Anthony 8b R. L. Day
the
10
The Commercial and Financial Chronicle
(1382)
1
reaord
the
swing,
and>their
consumer.- debt
of
stocks
.
v.
of. major
•
-buyingv-is rather spotty- to date.-.durable goods. In 1961 they added
The
'Retail
,,
pla-'a record of over $20 billion to
teau from March to September, iheir liquid
^financial assets-and
1961, then climbed steeply in Oc- only $1V2 billion to the total of
tober
and
November, and
have their consumer debt.
\ 1 ; *
*
By Walter W.
Heller,* Chairman of the Council of
-
.
■
since
A-were
■•U.
:
,
■
'iw
last
ups-wirigs*°the
two
A i£'«?tho ability
thcit enhance; the nhlu fv
'
their ^
4
purchases:
up
H
.
of
a
designed
to
desirable
a
."U"
•
V*
1
ci
Dusi-
"
international
°ur
.
^nsitioft
trade
- the
?TS,
fa
^
half
order
of
distance
full
to
reduction
in
The current
rests on a solid foundafavorable to grow-
ductive facilities
more
Business firms have
?
thrust
in
Tfel
to
When
^pend; (2)
permissive
those which serve
factors, helping
as
modernization
to
outlays
buy
into- the
is
demand
and
made
are
buoyant,
jng
pro-
upward
the
trie
path
ot
nrivate
private
touched
touched
ott. the
(J)
Household
,
that
to private outlays,
supply
the
at
thrust
replacement
readily. If
vigorous
vigorous
factors
(1)
conservative
relation
in
to
Although manufacturing and
sales
in
January
their February,
A
'
■
1956
' ^r
r„rnnr.
?PnrJS 0±
figure
was
i
•,
-
Vnn^;:
^ »'
»
Capital outlays will get an importanf stimulus if the Congress enacts thef Administration proposal
10 7
t,1io-
-
oco
^n^Buswess
Ior an 8% tax credit on machinery
were
8%
capital
^
h
e
^o^
$8
billion from
the
L
'
is not
'
„
-
This
would
raise
by
Boston.
Housing
is
' r
;
Administration-
insured and Veterans Administra¬
tion-guaranteed
first
mortgages
dwellings. It has qualified as
on
lender
approved
by the VA.
In
by
the
FHA
VA;:
-
,
addition, the trust will
ac¬
quire first mortgage construction
and development loans for which
permanent FHA or VA financing
is
anticipated* and» conventional
construction
loans
(for which no
financing is- con-^
templated) financing Construction
of
shopping centers, - apartment
FHA
or
houses
VA
office
and
industrial
and
v > VAA
!. Proceeds from the current -of¬
fering will be used for acquisition,
of
these types of
The
{
J
trust's
quarterly
pay
holders
of
its
at least 90%
-
mortgages.
'
.
/
policy 'will
be
dividends
cash
•>
to
to-
shares^aggregating
of its real estate in¬
taxable ' income
vestment^ trust
rate''Of -profit
pi <jjlj. u
JO-ye^r >life and a
~" V -VV.v/Vy-.
t
to invest in
proposes
wr
ea^l^g^
trust). 3 i
*h^ ^riclude
.o, lV,
-
v:/
....
.
. .
.
-
.
.
prnmit
Anti-Re cession Program-
—
-
-
(3)
ers
8'ram would
consumer Funds—Consum-
are
well-stocked
with
Perity and continued growth of
assets and relatively li°ht in their
ojfer to sell, or a solicitation oj an offer to buy any of these securities.
The offering is made only by the Prospectus.
■ v.'.
itf- '
,
.
in
the
■
future,
thus
bol-
Jsteririg current business plans for
A;expansion.
^v''i A;
•
!
help provide assur-
of , more sustained pros-
nrance
liquid
an
,
'r
*
(6)
Trade Program—For
longer pull, the trade
of-
program
If ers. prospects
for expanding export markets and encouragement
./ ~;to domestic investment by Ameriv
can. firms. Its
prompt enactment
•
March 21,1962
a.
70,000 Shares*
^
would
Incorporated
Essex, Conn., pro-;
dueer of magriesium powders ancl
of spherical aluminum
powders;
the primary market for which is.
iri the manufacture of solid fuel
for
rockets
The
of
the
ceeds
and
missiles.
company
shares
to
is
selling
will
and
redeem
$5
60,000
use
pro¬
cumulative
preferred stock, to repay debt in¬
curred
for
new
facilities,
to.
construct additional facilities for
production of spherical aluminum
capital. The other 10,000 shares
are being sold by Percy W. Hud¬
business
of
to
facilities " for
productive
export
'
" V
"items;-.
vA> ATbese
forces
.
,
j up export markets and to increase
"
.
-.
-
jpbwder and -to expefid ^working
and. outlays
?
Common Stock
-
open
,V1
Valley Metallurgical Processing Company,
help to stimulate the plans
.
of stock in the
the
.
'
r'
j
_
;;
AA
;
.■*'
A1,;'.
Metallurgical- Presi¬
J •'#4
Valley
son,
dent.
~
potent
are
economic
promoting-;continued
ex-
ipansion in the economy. They add
,
:
..
The trust
head "office
Anti Rerp«s<sirtn
demand
(Without Par Value)
State. 'St.,
Federal
the. Internal,
Its
.
up-
J
Code.
-
.
'
50
real estate invest¬
a
under
first
.
announcement
Revenue
at
as
.trust
net return).
v'JfsV
to the fourth quarters while
nave seen a continual rise in total
spending during the
qualify-
against recession. They consist of:
capi- (a) Presidential stand-by authortal outlays rose less than half ;.,as->ity- for prompt, temporary income
McDonnell & Co.; Inc., New York
much. In a period of rising-factiv- tax . reductions;
(b) Presidential
jty, funds do not long remain idle stand-by. authority for capital im- City, has announced an offering
of 70,000 common shares of Valley:
jn corporate treasuries.
In good provements expenditures, and (c)
part, they wilheome back into the
permanent strengthening of the Metallurgical Processing Co., Inc.r
at $15 per share.
!
spending stream through the pur- unemployment compensation syschase of new investment goods. '• <, tem.. The enactment of this pro- J; This is the first public offering
perhaps
spending is.the path and prospect
consumer
1 he impiovement
v:■
*
flow :and
-
consumer
e
above
outlays.
would ^ add more than
$1% billion per year "to corporate
priced at
are
(5)
The President has proposed three
ment outlays. At annual; rates," important measures to strengthen
corporate cash flow increased by 'the-defenses 4 of
economy
the pgnnnmv
is
1961 levels, stocks
This
equipment
measure
oae^thM Wltf
u"c~uiiiu the
upswing of 1961 has not yet been
fu]ly reflected in plant and equip-
ennifal
su.mers can be expected to commlt a larger share of- their msales. C017ies
T®
nousehoia
durables,
trade autos» and .pew homes. While we
inventories
business
+ue
snares
• - .
, . • .
. :
.
buildings.
Investment Stimu 1 ants—
"
with-a
.
Inventory Positions—T h
of
workers.
'easH
...
r
in I960
economv
indusA—f&n,a..typiealrnew^niadliinC *ama^
incomes— I
determinant of
con-
prospects for displaced
su^asseV^
theiiP^brevidtfs
,
key
that
^
igevthe
increase nego-j
and-■
we
see
conservative
m.—
inventory for household - .incomes. As .dnpositions, fuller use of industrial :c°mes rise during an expansion,
capacity, and improved household "an« as employment opportunities
incomes as three winning tricks: £nd job security strengthen, con-
level
turn of the
p"pl^dn °
thA
f^J"1ll™"JrtJs• T^®-
use.even
/9.
Thrust Factors
looking
in
wage
<«> Cowrate
expansion of 1955-57.
economy.
In
the
off
nolicv
f IC7 poilcy/TliaT, con
j
on
of
nath
nnwirH
ofrem-
.
•
more
1962 expansion carries
I
-u
increases
wage
majo^ collective bargainsettlements was 7 cents* in
confrast
the mar- trial production up another 3 to
ket; and (3) the measures of gov-- 0% .•*. by summer, operating rates
ernment policy which support the will
approach the levels which
actual expenditures
rocont
tiated in
year
is put to good and profitable
incentives
a
marked recent tributed to the premature down-
proportion
in 1961.
(jjan ,j,0urly
in-
incen-
which supply
the
and
offer
The
• ; *'
:'
..Continental, organized in 1961
under Massachusetts
laws, intends
and
will
jointly
'
distinct contrast with the restric-"
economy in uyou.
or more
under maior col-;Trainln8' Act—iCongressional
lprtive
bargaining
agreements—
enactment of the Manpower Def
n9c/
.® iq^q +n I4m \n iqco velopment and Training Act rep-
ing demand. These factors fall in Jive to add to plant and equipthree classes: (1) those forces in ment when their existing capital
the private economy
??
the
rccoivinff
Boston.
a
and
an
$15. ." •*1
State,
L
attractive. cents
more
•
m
underwriting -group
by.« Hemphill,
Noy.es & Co., New York City,.and
Paine, Webber, Jackson & Curtis,
uouslys upward
price
strengthened hy remarkpri
made by
thfe-cne, the trend will be contin-
i
,
The
excess
.
five' budgetary
nlnWM
utilization
productive facilities.
..
hppn
decjlne
still
go
.
behavior. For example,
wage
the
we
dustnal capacity in the past
should make expansion of
Walter W. Heller
tion of factors
the
means
achieve
to
our
sizeable
upswing
also
at local,
increase
thprp
means
means
to
to
offering of .1,700.,000..Con¬
.managed
to
sJaxed
nv.mnoion
m
Public
tinental Mortgage Investors Shares
cf
beneficial' interest * is
being
ment
stab'llty
cent
by manufac-
preferred
facturers—it
have
This
inis
moved-halfway
rate
94%
an
Mtge. Investors
tion, real income, and investment.
.^finance
Prices
The-prospect for continued
rates
have' in¬
,ccu»winter's iccca.
reces¬
last
todav
toaay.
v
.
Shares Offered'
yeleommu the opportunity to help
an expansion1 of-produce
,
i
ih
ress
:
are
mSI-wimer s
last
vviinei b
86%
oo /o
have
we
continuation
recovery
from
-irom
Iiorn
about
aoout
to
to
slow
well into 1963.
.
hi
o-f
■:
a
sion low of about 78% of capacity
uiva1ent
gain in 1962
and anticipate
v
pace:-
.
are
ndJS
^nniv ifStB and" Federal levels - throughout
Fn the mst vlf? and wholesale 1982- While the rate of increase in
industrial oriels
bl- Federal joutlayS will- be smaller
Fw the^hjFelrf year
" W the. next fiscal year than in
low the. level ot fvear ago.
from prospects of
operating
'
q
of the
i®+-
„
at
(2) Industrial Capacity—Indus¬
trial
■ea
creased
start this year,
foresee
iPvAtv*
aVi+
sionary factor.
In
spite of
With
rising sales, inventory accumula¬
is expected to be an expan¬
8V2
the
policies
„
fac-
(2) Government Pure h ases-
tion
of
9V2%.
f«i ■» v-\ vs
am
nation's
e
output
a
support- expansion at'
%>
^©x
Prices and Wages
^
these
stocks.'
added
nf
further support
in
value
the
e
government
r
firms and households to step
ness
$3 billion of added stocks. With
rvi*Aol^ia/nfc«
first full
1959—yielded
increases
hilhnn
4!„ir--sa
;—
year of recov¬
ery—1955 and
we
*
•
r
v
».
.
to
o
Permissive Factors*'"
v i.i:A VJi'.nJ'j'v,
•
,T
ac
mess
t h
supporting Factors
,
.
itfS 4
°arSe aSo:'' (1) V™**' PoMcy-With
-J'^Smr^v^b^'n^i^i^Ta&r^ P^ces.stable and continuing prog--
^ansionand «taprovementTn^falsi"-' .^n i r:r> xu v
safes levels, more^ormal HlVGn*"
inven^)HIlSiOn
w*TM*nT7am UTT r i ri ni r v i
PanSIOaet?vni?y'ZrfnVg 1962: In the tory-sales ratio, would .call or
»
new' higher;
a
«
.
.
■;
■
At
higher
3%
onlv
been^on
We
are
'hopeful
that
r*
Spring will see the - American, con-'- ■'.[ Reinforcing ''the favorable
'''■'v': sumer again •scaling 'new'-'heights;' tors-in the private»economy
plateau.
unanticipated slow start, President's economist
forecasts a 8'/2 to V/2% GNP gain in 196Vand its continuation well
into 1963. The factors responsible for favorable outlook are divided
intc those providing "thrust," "iiermissiveness," and —governmental
policies of —support. Dr. Keller points out that last year's improved
earnings have not yet been fully translated into capital spending
and, for that matter, that but one-half of the $8 billion cash flow
(annual rate) increase went into capital outlays. He expects they
will re-enter the spending stream with rising activity and passage
of the proposed tax-investment credit legislation.
-v
Continental
a:
,
Despite this year's
,
on
.
Washington, D.C.
Economic Advisers,
remained
sales
Thursday, March 22, 1962
up
to
a
'months
.
favorable outlook for the
But economics
ahead.
is
Aifp't
an exact science: Policy must
always be alert to the possibility
♦The Underwriter has
agreed to offer 10,000 of. these shares at,the public offering price
to certain
officers, directors and employees of the company, to relatives of such persons ' "*
and to persons known to the
company who have indicated an interest in its affairs.
A Pf'^tinbxpected., shifts in the patftern, rstrength, or duration of eco-
e'»
•
nomic advance. As President Kenhis Economic Report:
1962 with optimism
\-i
hut' not complacency.
If private
demand shows unexpected
-.strength, public policy must and
? will act to avert the dangers of
rising
prices.
If
demand
falls
-short
of
current
expectations,
more expansionary pdlicies will be
pursued. In 1962, vigilance and
g
*
•
'neay said in
V'^We face
v
Price $15.00 per
Share
•
Copies of the Prospectus may be obtainedfrom the undersigned onlv
in States in which the undersigned is
qualified to act as a dealer in
securities and in which the Prospectus may legally be. distributed.
•
-
flexibility must be the guardians
of 'economic optimism."
T
An
offering r'of • .100,000 common,
of Spiral Metal Co., Inc.,
per share is being made
by Flomenhaft, Seidler & Co., 63
Wall St., New York City.-Net pro-,
shares
at
$2.50
ceeds
will
pany
for
be
used
the
by the
construction
com¬
of
a
refinery, debt repayment, working
capital and
poses.
:
*,
other
corporate
pur¬
"
^
""
•
The company of E. William St.,
Woodbridge, N. J,, is
dealer
and
in
a broker and
gold and silver bullion
dther
non-ferrous
metals.
It
also does processing arid smelting
of non-ferrous metals.
.*An
address, by Dr. Heller before ">the
Harmoriie Club, New York City, March
17,
>
•
ELL
INCORPORATED
1962.
New
/
*
Allyn Office
OAKBROOK, 111.—A. C. Allyn &
Co, has opened a sales office <at
1.10
Oakbrook
Center
,the management
Mall under
of Virgil E. Otton.
Suburbanite Investors
NORTHPORT, N.Vy.—The
EAST
Suburbanite
has
been
176
Cedrus
Investors
formed
with
Avenue
to
Company
offices
at
engage
in
securities business. Partners are
Robert J. Bisom and Julius Bisom.
a
Volume
6144';.
Number
195
The Commercial and Financial
.
Chronicle
confined
that
this
-
(1383)
himself
Today's Undue Optimism
About Sterling's Firmness iH'I
to
remarking
has
argument
been dealt with before.
already
If he; and
Ministerial
his
colleagues
r,eday,
indeed
times a day, that the con¬
cession to. surtax payers is -paid
By Paul Einzig
-
:v y
~
:
.
.
.
y
■
v.. for
not
groups
every
by-, the lower income
but by recipients of- un-
Until the
government defeat at
Orpingtoii it
that
was
effect
the
credit
to
the
recent
misgivings
as
to the British Government's reaction
significantly upsetting
by-election defeat,-and as to
the
disastrous
next General Election—barring no change for
!
to
held
be
October,
than
later
no
1964. The writer surmises the i
government will now be inclined to take a
.much,
it
j
As.
would not
be
is,, Socialist-
propaganda
Liberal
i.
;1
the better—which has
it
.J too
l
despite its present strength. Dr. Einzig tears • i
election result contains a foreboding portent for the
the future of sterling
,
earned incomes,
v
against;
the
Budget.
ever,
It
After
this
-
defeat,
the
now
cl
,
regardless
opinion.
of its
forced by a. feeling of unfairness
r; which: is
quite vunjustified., > ■
Budget,
Bank
now
in
*
is
a-:
which,
York
circumstances
.
after their own interests. There
reductio.n'
is
a
widespread feeling y that
in spite of the government's dis- while the government; and
emastrous
defeat at the Orpington ployers are forced to yield again
Bv-Election sterling has remained and again in face of trade union
remark a hlv
firm
The influx
of pressure for the benefit of manual
foreign
funds
continues
As
I labor, the less favorably placed
nointed out before the confidence office workers have to bear the
in sterling is not attributable to full burden of the official policy
its inherent strength but to the which has been unable to check
unfavorable
prospects
of
most the rise in the cost of living. ,.
logical effect of the Liberal success at Orpington will, cause a
landslide which .will sweep the
Conservatives out of office; or.
at any rate there may be a deadlock with no clear majority for
either of the three
prospects of such a
are in themselves
mitigate the wave
towards sterling.
t°heerrema^abgleS-
,
Parties. The
vesting
be
Wi" Disin"ation P°'icieS G°?
Swiss
in
suddenly
policy of wage re-francs also helped to strengthen straint. The way that policy has
sterling. The adverse trade bal- been explained to the public has
ance
of
Britain
was
lower in been unbelievably feeble and :.inFebruary, but his was
entirely competent, and utterly uncondue to a sharp fall in imports and
vincing.
For
instance,
all
the
not to any much-needed recovery lower
income
groups
are
still
in exports which in fact continues strongly
resentful
about
last
to decline.
7. \7,:' 7
year's concession of surtax .re-»
its
against
of unearned incomes, which have
the government's deOrpington • calls
for a
'
:
•
W'*"'"
itir'.j
*
Lower Middle
;
V-
•
The
Conservative
'■
v
.
Nelson Loud
'into
government really imagines
that, having explained this fact in:
highly
technical terms
of the
occasion of the Budget statement
The
:
;
_
a
majority in
a
are
Co.,
in special
and investment of its
Incorporated, 120 South La
Salle Street, members of the New
York
Midwest
and
changes.
Stock
The
Ex¬
the
signed
firm
principally
Cooley Co. to
-
of
The
in
April
1,
of
Kenneth
Laud, will
T.- Dineen, F.
Joseph
Melis,
J.
firm,
new
Nelson
to
Craig
Slade,
Severance,
Mills,
Bradford
Breitbart.
Daniel
and
they have been
in the above
of the
partners
Jarvis
The
firm will occupy offices at 52
Street
be
as
of April
65
at
re¬
Eber-
F.
business.
addition
consist
Conn.—On
HARTFORD.
active
have
of
partners
as
have
who
partners
new
stadt & Co. where
fields
capital
own
situations.
seven
formed
'.y
\
quite capable of looking
This is not
an
■
-
■
-
2, 1962 and will
until
Broadway
71''" *-;'7
time.
new
Wall
such
:-\;V
*•'
offering of these shares for sale. or an offer to buy, or a solicitation of an offer to
any-of such shares. The offering is made only by the Prospectus.
Bill
a
year
ernment's intention to resist ,in-
Exchequer,
-'7...7". j,V
Mr."
Selwyn
Lloyd,
of
the
unused
amount
credits.
of
;the
••
A
*
7
7'-'!
;V.v 7.
L
•
*,•.-<
' v .7
/ Y
.
" '
J
•
.
Long Island Lighting Company
Common Stock
,
,
.
•' ' '
.
v
ago,
pensioners, the Chancellor of the
buy
421,472 Shares-
gjve rise to doubts about the gov-
huge and)the debate on the Finance money. But the same result could
a^
traditionally
than it does the industrial workers
who
7
'
financial con¬
sultant services, institutional sales
flation. It is true, the official -explanationis that the Bank; rate
had to; be reduced in order to
discourage -the
influx .of -hot
t
.
there is no need have been achieved by means of
Conservative district is the grow- for further explanation. In fact, appropriate official Forward Exing discontent with the govern- when
on
a
recent i occasion, a/ change operations. Alternatively,
ment's-policy ofvpay
restraint. Socialist repeated in the House\the gold reserve could have been
Beyond doubt that policy affdcts of Commons'for the thousandth-drastically reduced by much more
the lower middle class popula- time the familiar accusation that substantial
repayments
of
the
tion of a suburban district,5 such
surtax-payers, ere given, a con- International
Monetary
Fund
as
Orpington, to a higher degree cession at the expense of old age credits, and by the cancellation
Liberal
111.—Efective
March
Judy will become a
vice president of A. G. Becker &
jn face Q£ tlie sharp expansion of
crecjit was in itself sufficient to
■
huge
majority " has -bewhy
reason
converted
come
Class
Dissatisfaction
main
ings,
private
1 acements,
mergers
and
acquisitions,
p
reduction of the Bank rate
to bear the additional burden of
the £100 million taken _otf the
taxation on higher; earned -in-~
comes.
'
:
•
of the
7*7
reconsideration
prospects.-:
;
'
>
;
and
syndicating of
public
offer¬
for the ;unfavor-
thorough
•
under¬
writing
CHICAGO,
29, Paul R.
of other exchanges
be no justification
In any case,
at
including
the
There.. is,, however, worse to Cooley & Company, 100 Pearl
come. The chances are that con- Street, members of the New York
fronted with its evident loss of Stock Exchange, will admit John
popularity, the government will J.
Colloty and Lawrence C. Savibe tempted to modify its disinter to partnership. Mr. Colloty is
flationary policy, in the hope that
it might < yet return to office resident manager of the firm's
under the influence of a wave of Waterbury office.
inflationary prosperity. Whether
duction for the" benefit'of highej^^t^is WtU M lac^be done we shall
earned incomes. Not one out ofpspqn^knaw, The,.government is
there seems to
ten of; those- concerned Realizes bound to disclose its hand on the
for the
degree of optimism imthat this concession was made not .occasion, of Mr, .^Lloyd s Budget
plied by the firmness of sterling, at his expense but at the expense statement on April 9.
Even allowing
able prospects
bank-
bus i-
ness,
Admit Partners
y
a
ing
development
sufficient. to
of optimism
Co.
general in¬
7:i"~likely, however, that the psychoEng—In spite of the
of the Bank rate and
com¬
oper¬
will conduct
pressure.
G.
Of
had
New York
ac¬
it would
New
Securities
further
will
of
ations.
public
be
standstill
Judy to Be V.-P.
......
feat
Co.
in¬
new
menced
popular favor* He > ■):• -defeat " at Orpington is that a unduly optimistic to assume that
y;7 Conservative victory at the next the firmness of
refers to (1) the lower middle class dissatisfaction with the gov-y
sterling will con¬
r
General Election now seems uttinue much longer.
ernment's inability to stop wage-inflation;
(2) the government's '
;-y-y terly unlikely. Needless to; say
failure to explain clearly to all that last year's surtax reduction
Jyyy since the General Election:can
was not at the expense of lower income groups but at the expense
be deferred until
October 1964,
of unearned incomes; and (3) the unfavorable trend of othaf cur-,,
-r'r the possibility;of a change in
such as the Swiss franc — which makes sterling lookjy y'y favor^of the Conservatives canrencies
A.
Becker
^
undeservedly good.
y.-:A '* .V;
not be ruled out. It seems more
developed
Securities
partner,
the
firm
problems of inflation in order to curry
wards the
LONDON
that
banking
may
case
centuate the inflationary
In the
managing
announced
on
that
reductions
rate
vestment
strength
right thing
effect
best
The
Loud,
has
gov¬
dhe
of character to do the
New Inv. Firm
Nelson
how¬
the
whether
wilL have
ernment
ekpected
y-r ;;-- The result of the government's
less rigorous stance to¬
,
unlikely.
appears
is' doubtful
..payrrestraint is powerfully reiny
expan-
sion, encouraged by lower Bank
rate, would be offset by a tough
"
Observer voices
N.'Y. Sees. Co.
widely assumed"
of
11
1
'
($10 Par Value)
.
,
;
\ -i
•'
-
;• ■
Rights, evidenced by Subscription Warrants, to subscribe for these shares at
$50 per share have been issued by the Company to holders of its Common Stock
of record March 16, 1962, which rights expire April 2, 1962, as more fully set
•: :
'
' ;
forth in the Prospectus.
i
>
.
-
.
.
The several Underwriters have
any
agreed, subject to certain conditions, to purchase
unsubscribed shares and, during and after the subscription period, may offer
shares of Common
Stock
as set
forth in the Prospectus.
;
March 22, 1962
Copies of the Prospectus may be obtained front any of the several under¬
only in stales in which such underwriters are Qualified to act as
which the Prospectus may legally be distributed.
writers
dealers in securities and in
:
-
'
104,196 Shares
;
Universal Foods Corporation
Blyth & Co., Inc.
v
-The First Boston Corporation
■(Formerly Red Star Yeast and Products Company)
W. C. Langley & Co.
Smith, Barney & Co.
Incorporated
Common Stock
7777
'
Securities & Co.
Goldman, Sachs & Co.
(SI Par Value)
..
Harriman Ripley & Co.
.
Price
Glore, Forgan & Co.
Eastman Dillon, Union
Lehman Brothers
Kidder, Peabody & Co.
$20 per Share
Hemphill, Noyes& Co.
Incorporated
i
Incorporated
7
.
v
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
This announcement constitutes neither
an
offer
to
sell
nar a
solicitation of
an
offer to buy these securities.
State from
The offering is made only by the Prospectus, copies of which may be obtained in any
such of the undersigned as may lawfully offer these securities in such State.
Stone & Webster Securities
White, Weld & Co.
A. C. Allyn & Co.
W. E. Flutton & Co.
Incorporated
Dean Witter & Co.
F. S. Moseley
Smith, Barney & Co.
Corporation
R. W.
Paine, Webber, Jackson & Curtis
& Co.
Salomon Brothers & Hutzler
Pressprich & Co.
i
Incorporated
Hornblower & Weeks
,.
>
••
if
Paine, Webber, Jackson & Curtis
G. H. Walker & Co.
Dean Witter & Co.
Tucker, Anthony & R. L. Day
Shields & Company
*
*
,r.
March 19. 1962.
:
;
:
II. Ilentz & Co.
Rand & Co,
12
The Commercial and Financial Chronicle
(1384)
above
New
3% ;• about
banks
went
4%
rate
half
1-year
on
.
*
By Dr. Saul B. Klaman,* Director
In -retrospect—and' not in the
spirit of criticism—the Fed might
of Research, Nationat
York City / )
Dr. Klaman examines
the ramified competitive
effects resulting from
with
the
new
trends
saving
mortgage
and
i n-
rates.
terest
That
have
in
saving
Saul
occurred
B.
Klaman
saving and
and
have
activity
banks
level
ever
market
joined by
others, pursuing, with an almost
evangelical fervor, what to them
in
dramatic
developments
action
Reserve
on
felt
almost
have raised interest rates to what¬
ating efficiency, has arrived with
equally — if not more — compel¬
ling force to the nation's savings
and mortgage lending institutions.
Those
institutions long engaged
of
Consider¬
"compelled" to reach for the new
rates announced by the Fed.
If,
on
the other hand, the new ceil¬
ing selected were clearly beyond
reach, commercial banks
could
appear
praising future
considerable
accompanying
publicity
commercial
magic
ap¬
cause
be barely
banks, yet
Regulation Q, and the general
knowledge that the industry itself
had
sought
such
action, many
unprecedented force and ; inten¬
to have taken on
The American businessman
and mystery magic sity.
faces the .battle
of his life on
to some financial institutions in
world and domestic fronts.
And
the
seeming
in
this
battle,
the only sound
answers
pro¬
weapon that can bring ultimate
vided to their
victory is increased productivity
problems of
—i.e.,
a
new
appreciation for
growth
and
minimizing costs and maximizing
earnings; mys¬
efficiency of operations.
tery to many
This
new
age
of competition,
observers in¬
and the need for increased oper¬
tent on
markets
to1
reaching.
Federal
mortgage
been
necessary
their objective of be¬
competitive.
A lower
than
the
one
actually
more
ceiling
adopted,
of
course,
embraced
by
been
banks with lesser strain and with
less
revolutionary
effect
on
Those commercial
large volume of sav¬
ings accounts would probably
have
preferred
the increase to
have applied only to certificates
of deposit.
ing
In
a
characterized
world
by
nificant
Such
a
force
world
in
economic
petition
It is
new
affairs.
face
on
economic
world
Competition has returned
no
that
a
it may, the surprise
Federal Reserve action accelerated
Be
as
already vigorously competitive
for saving, and placed it in
the unaccustomed glare of nation¬
wide publicity.
Interest rates on
savings are the highest in years,,
an
race
differentialsi between:...competing
institutions narrower than,vever,
and the saver—the forgotten man
unforeseen
.
by
:
secret, for example, that
Impact
on
Mortgage Markets
caught
Reserve
off
guard
Even before the., dust settled on
clouded—at least to
analyst.
1
Will
erate
A
me.
num¬
increased
flow
be
both
of
savings? If a
saving does occur
traditional
this
other financial
saving, step
if
interest
rates
regular savings accounts
complex,
rates
did
and
that
indeed
if
rise
in
these
all
I would
be
mortgage
1962—as
March 21,1962
100,000 Shares
COMMON STOCK
(Par Value 10*5 Per Share)
Offering Price: $2.50 Per Share
be
considered
the
about
funds
for
for
demand
in
reflected
as
Instead
us.
shift
investments
to¬
yielding obligations
generate great¬
diverse movements between capi¬
market
sectors
temporarily
develop. Already after-tax yields
on municipal bonds have
dropped
sharply
this
winter
under
the
buying
pressure
of commercial
banks, while yields on other bonds
shown little
have
change.
mortgage
housing and construction
kets?
economic
outlook
and
the
likely
market
capital
generated
by business, govern¬
ments; and consumers? The mort¬
gage market, after all, does not
operate in a vacuum and
will
clearly be influenced by devel¬
opments in other capital market
sectors.
k
I think
*
have, at least, raised
many of the right questions—and
perhaps just setting these forth
will
be
we
of
analysts.
For
to
use
some
the right
even
ques¬
problem are
to determine. No matter
difficult
how
it
determine
to
is
right questions, however, the
are
Doubts
still
harder
Mortgage
cial
to
Rates
come
Will
Soon Advance
the
attention
of
banks and other
commer¬
investors
is
drawn
increasingly to relatively
high-yielding mortgages. In other
words,
heavy v buying
pressure
could force mortgage yields down
initially while other yields remain
unchanged or rise.
It may be
ironical, therefore, that just when
-many institutions have belatedly
acknowledged the investment ad¬
vantages of mortgages, these ad¬
vantages
may
diminish to
the
point where some investors will
elsewhere
look
increased
for
Such subsequent action
again to rising mortgage yields relative to other capi¬
earnings.
market
tions bearing on this
if
well
mar¬
And what about the overall
demands!nom;- the
Changes in the mortgage-bond
yield relationship may occur as
the outlook
could
•
tal
lead
investments.
market
built-in
of
Because
rigidities and lags
rates,
mortgage
however,
are
likely to be
movements
in
these
nar-
roWj
rather than of the roller
coaster variety,
and carry over
into 1963 rather than be limited
this
to
all
In
year.
this,
of
of
it goes without saying that
because
of
the
peculiarly local
course,
the
At
me
conclusions
overall
tive
let
on
outset
state
my
prospec¬
develop¬
ments
and, then try to justify
them. First of all, I disagree with
the view that mortgage interest
mortgage
market
be
soon
I
around
on
the way up.
firmness
at
present
haps
look
even
for
levels, and per¬
some
easing
until
If upward pressures on
generated they will not
develop until late in the year. All
things considered, I am suggest¬
rate
are
that
ing
the supply
of mortgage
These
conclusions
based
are
the
following
total
of
flow
funds
ings accounts will rise
of
the
into
as
a
(1)
sav¬
result
generally higher level
of
rates,
and
because
of
diminished opportunities for in¬
interest
dividuals in the stock market; (2)
some shift of saving will occur in
of
commercial
institutions
share
of
banks,
will
assets
but
place a
in
they
of
of
course
mortgage markets, the
mortgage yields will
in different
vary
Whether
general mort¬
yields remain firm, rise, or
decline during the year, one po¬
tentially dangerous development
must be guarded against.
This is
the tendency for financial man¬
under great pressure
to
generate higher earning power,
reach"
for
mortgage loans.
agers,
"to
This
some
loans
may
which under
more
nor¬
means
made
be
that
mal conditions would be
and that the
rejected,
of other loans
terms
be excessively liberalized in
The sac¬
the altar
return for higher yields.
rifice of asset quality at
of
in
earnings
higher
the
short
however, is a mirage for the
long run result will inevitably be
portfolio
deterioration
and
re¬
duced earnings.
run,
fc.
;
•
.
«•
...
-
i
,
.
■
;
,
'.
.
y... ■';
Long Run Impact on
Financial
Institutions
mort¬
otherwise would;
(3) the
generally
increased
interest
in
mortgages on the part of most
types of lenders will result in a
larger flow of mortgage funds in
1962 than in 1961; (4) the demand
for mortgage funds will increase
only moderately, reflecting the
small rise in housing activity and
the shifting structure of housing
markets; (5) the higher costs of
funds incurred by mortgage lend¬
ers and the institutional rigidities
areas.
not
or
gage
may
considerations:
the
nature
on
gages, and commercial banks will
invest more in mortgages
than
INCORPORATED
for
store
earning power. This will cause
some
yield spreads to narrow as
What
far.
so
larger
Flomenhafl, Seidler S Co.
advances
er
revealed, for only the supply
of the mortgage market has
been
thrift
Copies of the Offering Circular may be obtained from the Undersigned
legally offer these securities in this state.
in
side
favor
and from such dealers as may
rate
under pressure to
questions—
funds will be ample to finance all
foreseeable demands. -/
Spiral Metal Company, Inc.
is
institutions
wary
spring.
NEW ISSUE
interest
wards higher
of such an
omnipotent individual—the course
of mortgage yields will still not
Rather
offer to sell nor a solicitation of an offer to buy any of these securities.
The offer is made only by the Offering Circular.
an
1959
confident of the
is
one
to
answers
and
answers
raised
Reserve
capital market yield relationships
change in coming months as
attract
by.
deposits
Federal
tal
Even
were
more
the
will
their net in¬
up
elements
Federal Gov¬
during the business expansion of
will
institutions?
may
these
all, nothing like the sharp
general
vestment in mortgages?
large
savings
All in
from
lenders in
further, will thrift insti¬
even
of
be running a close-
tively more
than in
preceding
periods of business upturn.
a
net reduction in mort¬
from
from. increased
■.
will permit credit to expand rela¬
Or will commercial
banks
shift
enough
funds
into
mortgages to offset any reduction
the
far
all
that
means
shift
banks,
met
are
budget and will, as
part of its policy for economic
growth, exert downward pressures
on long-term interest rates.
This
flows?
Or,
to
will
away
mortgage
mean a
and
basic
commercial
of
the
were
Added
funds
increase
an
in
favor
met
are
ernment
savings accounts in 1962? Or
the new competitive align¬
ment result only in a shift of sav¬
ing between institutions? Or will
in
businesses
is the fact that the
will
there
by
saving flows.
■
that the whole structure of inter¬
involved
mands
into
shift
funds
in large part from internal sources
and increased consumer credit de¬
'
'f. 'FCC,
\
'w to-balanced
higher interest rates gen¬
an
officials
by
for
ber of perplexing questions pres¬
themselves to the serious
rates will
This announcement is not
alone
And in the
ent
not easy
issues
on
retrospect,; let
current
the saving battleground, the more
vocal observers were forecasting
est
rates,
including
mortgage
rates, would be forced upward.
number of banks that moved to This view rested principally on
the higher interest rates permit¬ the single premise that financial
faced
with
rising
ted.
A recent Federal Reserve institutions,
survey showed that some 40% of costs, would place a higher price
all commercial banks holding 70% tag on loanable funds. More con¬
sidered views recognized that the
of all commercial bank time and
Federal
existed for several
of the postwar period. Since
then, the rebirth and exception¬
ally productive vigor of econ¬
omies
in
Western
Europe and
Japan, the establishment of the
Common
Market, and the out¬
pouring of U. S. goods, have put
a
was
most observers.....
life.
years
that
difficult enough to
determine in advance.
markets.
banks with
are
the positive commercial bank at¬
titude
toward
saving, and un¬
leashed a new intensity of com¬
shortages,
shattered
economies,
and
large backlogs of unfilled
demands, competition is not a sig¬
well be re¬
duced; (6) general- pressures on
other 'capital market sectors will
not be great as increased demands
sav¬
■
Environment
in
evaluate
could have
tutions, though; they
commercial less
new
market
opportunities. of recent
decades, has ascended
Competition for saving was, of the economic throne.
How long
course, vigorous even before the he will
occupy his exalted chair
amendment of Regulation Q, per¬
they signal the beginning of a new
cannot be foretold but it seems
mitting commercial banks to pay
era ahead or merely a temporary
unlikely that he will soon again
interest rates of 3Vz% and 4% on
be
phenomenon is not as clear.
relegated
to
the
economic
time and savings deposits. But the
cellar.
The New Competitive.
amendment dramatically revealed
mortgage markets, amidst unusual
crosscurrents of change, in recent
months is undeniable.
Whether
and commissions may
-
,
factors and is
gage
considered
achieve
almost ing
an
to
as
in the
the
to
life
economic
enough
ing
broad-based thrift industry as a
commercial banking system. Competition
for savings is seen intensifying and not abating and financial man¬
agers are cautioned against "reaching" for mortgage loans of dubi¬
ous
quality to generate higher earning power. Commercial banks
are not viewed as likely to provide an active source of funds for
mortgages though they are expected to expand their mortgage origi¬
nating, servicing and interim financing. Moreover, they are expected
to acquire mortgage companies and to attempt the method of direct
competition for mortgage financing.
to
high
so
strain
savings banks become a
saving and mortgage
low
was
within reach of many
worthy counterpart to the
The nation's
ceiling
rate
1
The fact is that mortgage yield
behavior
reflects
a... complex'
of
setting of new forces at
under
Regulation Q by
either
work, the future course of mort¬
more or less than they did. > The
gage yields has seldom been more
maximum rate actually selected
savings. He doubts mortgage
rates will soon go up and does not foresee upward pressures on the
rates, if they do transpire, until the end of the year. The economist
predicts mortgage companies and savings banks face greater com¬
petition and suggests how profitable arrangements with commercial
banks entering the mortgage business can be made.
Dr. Klaman
proposes
the "interest
raised
lifting of Regulation Q ceiling on
the
been better advised to have'
have
of Mutual Savings Banks, New
main—reason.
the
.
•
Association
to
costs
Oblique Criticism of the Fed
:
Thursday, March 22, 1962
.
still hold
many
of
money.
V/.'1; ■j;'it.'.:.. V:i
.
-rhigher money in mortgage markets, will* offer
mortgage lenders, would resistance to
any:--tendency- for
not be the only—nor indeed even /mortgage
rates to fall, .but, fees
these
of
maximum
the
to
.
Dramatic
changes
now
taking
place in the nation's savings and
mortgage markets, not only have
important short run
considera¬
tions, but long run implications
as
well. Those institutions that
foresee
changes most clearly will,
of course, fare
best in adapting to
assuming in all of this
complexion on sav¬
markets is not a temporary
them. I
am
that the
ing
new
phenomenon,
in
a
for
new
in
we
era.
are indeed
Competition
will
intensify,
not
the years ahead., and
saving
abate,
that
kind of
Volume
pressure-
Number
195
The strong
J
/,
..,/
,■
con¬
interest of
in
.
^
quote
commer¬
will
permit
increased
earnings
through more flexible as^et man¬
agement and reduced needs for
other
capital market instru¬
ments? Savings and loan associa¬
tions, of course, have always had
attending
recent
(1385)
mortgage loans than on
on
MBA conferences
Permit me to
briefly from a few of my
been
■
will
earnings
on
tinue;
Chronicle
The Commercial and Financial
6144
types
years.
of
banks in savings,
Federal Reserve action.
of
Short
unforeseen
developments,
this
position is not likely to change
soon. It means that,
as an indus¬
try, commercial banking will over
the years hold a larger ratio of
time and savings; deposits, to de¬
mand
deposits than ever before
with
a
ever
cost burden.
In
-
supervisory
how
meet
to
costs,
new
banks
have
have
accounts
serviced
directly
being
cial
banks
will
much
increase
become
less
first
time.
certain, that
industry, commercial
the
entered
mortgage
permanently
But
vestors
Only
banks have
market as
funds
whether
—
time
demand
or
likely
opportunities
term
when
gage
can
be
are
yield
dated
effectively
the
in
the
demands
be
weeding
a
efficient
less
Smaller
competitive
new
must not
companies
servicers.
may
be hard
high, commercial banks are
not
likely to prove an active
source
for
long term mortgage
pressed to keep up with the
efficiencies of operation inher¬
funds.
The trend toward increased size
are
:
.
Certainly,
if
traditional
the
in
ent
large
through
scale
-
growth
harrows, many commercial
banks may have second thoughts
and
branch
on
broad geographic scale
gages
whether
about
mortgages
in¬
are
a
become
-more
common,
companies
increased
earnings. One long¬
time question, which may become
increasingly -important from
both
the
standpoint
of the
<
matching
of
liabilities—that
is
a
econ¬
whether
the
sav¬
In
;
been-true up
industry
a
case,-
any
become
as
to now for
whole.
it
active
an
is
not
to
easy
mortgage lend¬
-
rapidly.
Establishing a newdepartment, selecting mortgages,
making contact with appropriate
sources
of supply—these are dif¬
ficult tasks in a complex, highly
er
differentiated
market.:
Herein
To
league.
true mortgage
;
Many
are,
has
one
no
the
of
underwriting?
or
earnings abate. Nor would it
desirable
in
for
this to happen.
spect to management and
society it is the force of
competition that stimu¬
our
lates productive imagination, peak
efficiency, and strong, useful in¬
stitutions.
Out of this
whose funda¬
competitive struggle
new saving
mortgage arrangements and
are
and
American
to
sure
emerge
types of institutions. The ul¬
beneficiary in all of this
new
Money and
on
credit
future
if
it
of
needs
the
granted
were
will
American
the
be
which
really
viduals
who
in
it.;
*An
■;
■
ommended,
regulatory
built
„
address
by Dr. Klaman before the
Philadelphia Mortgage Bankers Associa¬
tion, Philadelphia, Pa.
cultivate
when liquidity
the
as
economy
a
financial
,
for
locked
,
needs are great
or
industry
now
grown to over $80 billion—
as savings and
loans have—to be
a
a
Blyth & Co.
whole,
respected col¬
Roger Murray, we
quote
Br.
are
into
capital
market—as
loans
a
one
sector
the
of
and
savings
are.
j. M. Dain Co.
Appoints Walton
MINNEAPOLIS, Minn.—On April
John
1
To further improve
nation's
the
Commission
able
and expand
thrift
the
system,
recommended
that
charters be made avail¬
"Federal
for
mutual
savings
L.
Walton
munities, and perhaps encourage
greater C conventional
mortgage
lending
activity in
all areas."
servicers, new markets for loans
be opened up.
These oppor¬
ture
tunities
&
be
carefully
ex¬
sight applied in their implemen¬
tation.
;■>.
.
Whether commercial
/V
be¬
banks
significantly active as long
term mortgage lenders, I have no
doubt that they will step up ac¬
come
in
tivities
the
of
areas
mortgage
origination and servicing,
in
as
construction
financing.
proven
as
of
*
high
well
interim
activities
These
records
and
have
—r-
its
offer to sell
members
Midwest
of
the
Stock
nor a
to
the
enter
mort¬
banking business is to ac¬
quire
existing
mortgage
'com¬
gage
panies. Current evidence suggests
that
this
route
be
well traveled.
of
direct
gage
New
Competitive pressures
companies, though
may
yet
with
Smith
N. J.—Sidney
engaging in a securities
is
business from offices at 3564 Route
27
under
lantic
the
firm
considerable
I
continue
solicitation of an offer to buy any
of these securities.
To
of
range
measures
more
also
have
traffic.
Let
main
necessary
80,000 SHARES OF COMMON STOCK
(Par Value, $.10
Three
Areas
per
share)
and
areas
me
WARRANTS
40,000 COMMON STOCK PURCHASE
Related
to
Mortgage
Financing
(1) Mortgage policies. Although,
industry, savings banking
Price $4.50 Per
as-an
has
increased
ings
its
mortgage
one-fourth
to
from
Unit
hold¬
over
should
Copies of the Prospectus
may
be obtained from the undersigned only in such
legally be offered.
States where the securities may
Currently, about one in six
savings banks has less than half
of - its
assets
in
mortgages and
gages.
two
come
surprise to those who have
market
Consisting of:
the
to
just allude to three
directly
related
to
mortgage financing.
paper.
three-fifths
to
fully
this competition would take
time than is justified in this
meet
plications for the mortgage bank¬
alert
outline
many
individual savings banks
have ample room yet to increase
their percentage of assets in mort¬
with mort¬
foresee,
this
U. S. Controls, Inc.
mort¬
seem
ready underway with obvious im¬
But
40,000 Units
two-thirds of assets since the war,
then,
is
an
intensification of developments al¬
er."
March 19, 1962
great,
to
will
trends
and
as
no
been
have
name
Securities Co.
offer is made only by the Prospectus.
mild
compared
facing savings insti¬
those
tutions.
on
such
light
out
-
low
of
-
five
have
less-
:
Darius Incorporated
than
in: mortgages.
Can
ratios be justified
in
'of- the
generally
higher
yields which have been available
■
.•
•-
*
■
\i-~
"4
~s
r-v.j
\
.J
.>
and
Forms Atlantic Sees.
NEW ISSUE
'
York
Exchanges.
en¬
The other route
competition
companies
What
will
competitive
gage
how." One way commercial banks
chosen
new
Dain
FRANKLIN PARK,
income,
but thev take considerable "know-'
have
The
ability to survive and
in the
grow
;
become
Co., Inc., 110 South Sixth Street,
vironment.
to
need
plored and imagination and fore¬
will
secretary-treasurer of J. M.
banks
(because it) would stimulate com¬
petition and enterprise among fi¬
nancial institutions, improve, the
banking 'facilities in some com¬
mortgage company answers these
questions will determine its fu¬
can
the
Names V.-P.
This announcement is neither an
owner¬
commercial
with
out
economy
indi¬
live, work and save
-v..:
means
,
banks, of mutual benefit to both.
Fort
mortgage .originators
and
worked
be
For
vigorous
questions
must be asked of course, with re¬
ship succession, diversification of
activities, attraction of new types
of
investors, servicing arrange¬
ments, etc. How successfully each
investors, participating
arrangements
might
well
be
mortgage
a
mistake
basic
other
to
seri¬
power
prophesy, but it would be
timate
economy
may
,
business
How" perinattent 'theSe? * * changes
greater flexibility in investing."
The Commission specifically rec¬
since
questions need to be faced
in I,meeting intensified
competition.
Are you willing facilities, through mortgage ware¬
housing, commercial bank lines of
to expand your "on the shelf"
mortgage inventory to meet in- credit, or a central reserve insti¬
tution seems essential in our new
creasing demands for immedi¬
ate deliveries by investors faced competitive era. Commercial
with uncertain sayings inflows? banks and savings and loan as¬
sociations, of course, already have
If so, do you plan to finance an
enlarged inventory by building access to strong reserve credit in ¬
up
your
capital position, in- stitutions, as do savings banks in
Creasing your warehousing line, most other parts of the world.
or
both? Can you reduce your
Whether
borrowing
facilities
dependence on "investor advance are actually used, their assured
commitments
and
approach availability in times of emergency
to,
the
mortgage loan has become the
darling of the capital
market.
strong commer¬
The Commission
willingness to
borrow." Access to external credit
closely
a
Credit, in its comprehensive re¬
port this year, stated that the "fi¬
nancial system
would be better
able to adapt to the new unfore¬
quest for higher earnings, and
ing.
com¬
number of hard
a
the
long-tenn
short-term financing of
well
hold
the
potential for increased
•
mortgage^ portfolios
"must
more
lie
opportunities, as well ;as chal¬
lenges, for other financial insti¬
tutions
knowledgeable
about
mortgage matters.
For long term
'■
large-
basic
up
ings deposits should be invested
only in mortgages and other long
term obligations; This, of course,
has not
t
and
panies alike,
against
assets
>«n rt;small
For
omy and of the individual bank,
is whether there should be more
of
ity."Vr.
•
most
institution
as;
exciting possibil-
an
savings have become a
prized commodity and the
current attitudes towards borrow¬
the
nation-wide operation for some
for
of
business.
(2) Borrowing and liquidity. In
will
with
deed the best answer to their need
long
Indi¬
months.
viduals'
up,-savings banks must, reexamine
greatest
earnings.
to continue,:
mortgage banking
likely
is
is
types
seen
markets, typically
years, has quick¬
the
recent
therefore, that "the
authorities
be
au¬
thorized to permit greater flex¬
ibility to savings banks and sav¬
ings
and
loan
associations
to
Blyth & Co., Inc., 14 Wall Street,
acquire a wider range of suitable
New York
City, has announced
long - term
debt
instruments."
the election of James G. Wilson
Surely, it makes little financial
as a vice president of the firm.
sense,
either for the individual
programs
internal
yield advantage in favor of mort¬
talking
of financial
individual, and
cial banking system
past. In the changing housing and
urban
environment
these
new
enterprise.
and
merger
for
time
in
mental task must still remain the
opportunities must be sought in
home improvement loans, urban
renewal, housing for the elderly
and
other
new
programs.
Thd
of
out
for
It would
today.
range
counterpart for
static. Mortgage
become
have
a
financing
for the economy's capital forma¬
tion.
As
such,
this new thrift
industry
would
be
a
worthy
will
over
ened
lending and invest¬
for financial man¬
than either the savings agers to assume that competition
mutual savings bank, will, ease
and
the
pressure
on
full
all
position, servicing arrangements,
warehousing,
commitments,
and
geographic distribution of loans
accommo¬
and there will almost
economy
certainly
busi-.
and
loan
ahead.
one
and
or
services
Apart from new techniques and
innovations, current policies con¬
cerning mortgage portfolio com¬
prosper
years
from
—
where
tight,
consumer
survive and
competitive
present number of mort¬
originators is larger than
greatest, be they
long term.
And
is
money
and
the
loan
mortgage
slow
ous
industries
of
rather
but
would
provide
mortgage companies,
probably be to
their distinct advantage.
The
are
or
com¬
mortgage
bank
obtained
deposits
placed
be
to
short
in
commercial
balance,
new
era.
flexible
powers
and
investors need not be at the
com¬
expense
those
ments will
the saving market.
On
of
panies that can meet the chal¬
lenges implicit in these state¬
they have entered
as
and
management
succession
mercial banks.
an
as
usually
the part of in¬
on
about
ownership
I
mortgage
Nor is there
concern
any
loans
less
about
are
capitalized
servicers.
their
and
mortgage in¬
mortgage
the
for
ing
types of institutions as well that
need specialized services in their
attempt to build mortgage port¬
folios. New arrangements between
seasoned mortgage
lenders and
they
as
strongly
commer¬
some
emer¬
Such an in¬
have
wider
and
mortgage
more
mortgage business
sition
I 0
ready-made answer.
will
be entering the
con¬
loans
doubt that
to
little to visualize the
dustry
banks that may
those commercial
for the first time. There are other
a
others
as
for;
if mortgage
acted—^as
vestors
be
to
or
a
and
new
cerned about their financial po¬
—
but
tion
gence
of
a
new,
broad-based
thrift industry iri this new 'saving
some
no
of
them
audit
to
has
thrift industry. One
exercise his imagina¬
new
the
Federal
need
in
(3) A
t',:ihalve; *'ajfeady ' Suggested
possibility • of working - out
profitable arrangements with
and
have
holdings
commercial
many
talked
provide
ness
no
tility
reduced vola¬
mortgage acquisitions.
by
ings:"
super¬
-
and
strengthened
constantly current mortgage poli¬
cies can result in higher net earn¬
investors
bodies,
feel, little Cor
-
'
these
am
close
state: and
by
vision
their
of
because
:
consequently higher-than-
considering
-
'
offers
strengthened
a
,
approaching
maximum
limits on mortgage holdings,, the
ability and willingness to inno¬
vate, to seek out new techniques,
and
to
review
vigorously
and
capital .position, and their own
portfolio
activities,
they
are
able to acquire and hold mort¬
gages and thus maintain a ready
inventory for sale.
Moreover,
for
united thrift industry with broad
flexible
liquidity. High-yielding and
financial
powers.
mortgages, for example, may be This is essential, I believe, in the
acquired on a more steady basis,, new competitive environment.
even
though cash flows are sub¬
ject
to
seasonal
andx cyclical
Concluding Comments
swings.
Moreover,
investor-cor¬
The pace of change in savings
respondent relationships will be
banks
abilities. Because of their strong
chartering
vehicle
infernal
dramatized talks at those various conferences:
by their reaction to the Regula¬
If, indeed, commercial banks tljae bulk of their assets in mort¬
tion Q amendment, reflects their
do
become
increasingly inter--5' gages and the high dividend rates
which they have been paying on
acknowledgment that demand de-,
ested in the business of origi¬
savings shares reflect this fact.
posits are not a source of growth
nating and servicing mortgages,
and
But
are
even
for- those
savings
strongly influenced hy
they will test your, competitive
cial
Federal
13
*
....
;
x
of
At¬
14
The Commercial and
(1336)
•
PUBLIC UTILITY
The
both
system's
in
.
Thursday, March 22, 1962
.
.
growth;—
rapid
Time Is
through acquisitions, and in¬
crease
Financial Chronicle
subscribers
illus¬
is
—
Running Out in
trated by the
SECURITIES
Central Telephone
Both
stock.
revenues
same
phones, including nearly 64,000
telephones in the Southern Ne¬
division (formerly Southern
Nevada
Telephone) acquired by
has acquired a number
of them; a
proved unprofitable
have been disposed of, but the
majority were retained, helping
annual
last year, The Nevada
property has shown rapid growth
with an average annual gain" of
15% in the number of phones In
in
million
$7
to
1950
merger
from
revenues
the past five
five
over
most
subsidiaries
in
located
are
Minnesota, Iowa, Wisconsin, Illi¬
nois, North Carolina, Nevada and
Virginia; an important affiliate,
Southeastern Telephone, operates
in' northern Florida.
Important
include
phone and
The
acquisitions
recent
Nevada
Southern
Tele¬
by
a
Florida.
excellent
States
made
of
system revenues are from local
service and miscellaneous sources
one-third
toll
from
service
System
and
independent
companies./ The company has a
#6table record of efficiehcy, with
system'phones
of
now
converted, to
automatic dialing,
placing the system at or near the
top of the larger independents in
the extent
by
Telephone is controlled
Western Power & Gas (for-
which
Central
.Electric
39%
owns
&
of the
various
changes
in system
subsidiaries, but in the
Central
rreHv
the
of
of conversion.
the
8%
the
of
common
1961
gain in system telephones
nearly
Gas)
year
about
or
Bell
was
that
double
System.
Approximate
Revenues
Operating;
(Million)
Ratios
$36
79%
Years
1961
—
1960
25
80
Price
Earnings
Per
Share*
% Earned
on
Net Plant
Range
37-24
vertibles,
f V2s
some
1972
of
tible
4V2S
of
24-21
6.5
Dillon
Secretary
/
details
the
imperativeness
/J
22
80
1958
20
82
1957
18
81
1956__.
16
81
1.57
:
1.39
.
,
11
of
outlook
continued
for
The
1.54
.
17-13
1955
14
Z> 83
1.33
gains
in
into
new
law—and if
we
exploit
vast
era
than
the
.
t h
of
earnings
f t
e
;
foster
and
Common
Douglas Dillon
That
Market.
to be realized from the conversion
current expansion with long
tance
dialing
bring
may-
wave
and opt,
While
.
has created
major chal¬
a
'States/"v.-
lenge for the /United
dis¬
of
are
subsidiary companies, such as the
merger
of Lexington Telephone
■
challenge is simply this:
going to compete with the
;// The
some
wef
1954
12
84
1.15
12-11
1953
11
Based
on
reported
average
by
84
.
shares
Standard
&
in
rz ■
1.12
15MJ0-G1;
Poor's)
in
earlier
11-
years
apparently
were
9 the
favorable
factor.
At
recent
the
-
share
compete /or
to
step
aside will have far-reaching con-;
over-counter
basis).
2.5%,
lieu
While
the / tion,
the
of
more
cash
year-end
on
of the
shares.
mine
decision
the
paid in each
last two years.
whether
.
/
future
the
free
;
;
deter¬
well
may
will
cooperative
r
be
a
world
of
alliance
close-knit,
of thriving
nations, or a loose coalition of
trading blocs, each with its own
economic
This
announcement
is neither
securities*
an
offer to sell
nor
a
solicitation for
an
offer
to
buy these
interests,
^potential
J^TE
charted
March 22, 1962
political
gress to
Trade
60,000 Shares
has
clearlv
we
should
direction
replace the old Reciprocal
Act—which
has
been
ex¬
bold
approach to world trade
new
will give the President the power
he needs
t,o
bargain effectively
with
Class A Stock
the
well
Common
with
as
groups;of
10£ Per Share)
other
nations
profitable
Market
—
-
—
nations
as
or
for mutuallv
reduction
of
trade
Stresses Its Practicality
PRICE:-$5.00 Per Share
In
the
ahead, the new
will be widely discussed
and
be obtained from the under'
may
be legally offered.
hotly debated. I hope that the
debate will not polarize around
theoretical
protection
For
and
of
EDWARD LEWIS CO.,
82
Beaver Street
.
•
»
,
*
v
,
-
-
our/economy
now
is
expanding
rapidly, while the European boom
is showing some tentative signs of
stabilizing.
Our
principal domestic economic
problem is how to
own expansion at a
to
the
meet
maintain our
adequate
need for
pace
increasing
production and jobs.
The task is a
staggering one.
We
must
grow
fast enough to
'
create
additional
an
million
115
during the pres¬
ent decade to provide for the ex¬
pected increase in our labor force.
jobs
new
year
a
addition, more than a million
jobs are needed merely to reduce
unemployment from its present
unacceptable level of more than
5V2%, to
a more tolerable level of
Finally, employment oppor¬
4%.
>
New York
is
a
practical
It
It
is
an
-is
not
-
answer
risks—and
we
on
without
opportunities
if
proposal,
important one, deserving
most thoughtful considera¬
lenge to compete
5, New York
of absolute
absolutely free trade.
an
tion.
INC.
extremes
or
this
our
advancing technology.
additional 'jobs
The
the
and
our
in
equilibrium
balance
of
need,
we
seek
we
in
payments, depend
good part upon
a
trade policy
that will increase exports
through
effective tariff reduction^ It is im¬
we
far
face
fail to act.
to
even
terms.
But
outweigh
greater
'
exports
over-
im¬
ports— because increased export
sales help to raise output, broaden
industrial
our
base,
and
create
jobs. Exports also give us
foreign exchange we need to
more
the
finance
grams
—as
our
vital
overseas
pro¬
of defense and foreign aid
as private investment—
well
without loss of dollars
gold.
or
chal¬
a
risks.
merchandise
of
•:
months
program
signed only in Stales where the securities
spring. But this has changed, and
perative that we expand our com¬
mercial trade surplus—the excess
barriers.-
may
balance
our
continue .at
tended 11 times in 28 years, and is
tunities must be
kept open for
now
at the end of its usefulness.
the rpillions of workers who will
—With a vital new program: the
be affected in the years ahead by
Trade Expansion Act of 1962. This
PAPEKOTE, INC.
Copies of the Offering Circular
// .,//'
outlook
In
Kennedy
the
take. He has called upon the Con•
(Par Value
each a
of
the
and
rival
others.
The offer is made only by the Offering Circular,
President
NEW
third.
a
long-range
hopeful,
developing/
or
stake in world trade.
a
Our
divi¬
stock
a
developed
with
yields only about
payout is low and in
dend of 1% has been
(as
the
we
decision, to
.
88 cent dividend
6.2
deficit by
are at
on equal terms—
going to step aside be¬ currents. The combination of boom
with Virginia Telephone & Tele¬ cause we are afraid to compete?
' abroad and recession at home—
graph in late 1961, could also aid ? /• In making our decision, we must which
simultaneously expanded
earnings. If the management re¬ .bear in mind that the Common our exports and reduced our de¬
mains as successful in obtaining
Market will profoundly influence mand for imports—was in large
new
acquisitions as- it has been trade among all free nations. We part responsible for our favorable
in the past, this should also be should also bear in mind that our balance of payments position last
are
average
figures
our
have
of payments is
improvement may > not
last year's pace. We
present in a time of cross¬
for
Common Market
or
...
1
*
We
already taken
action along a broad front, and, as
a
result of our efforts our gold
outflqw last year wqs cut in half,
European expansion, has been
fabulously: successful — and its
success,
eventually eliminate
deficits.
of
.
our
duce and
a
brilliant
experiment, which rode the
to
more
$13.5
duced
political
co- operation between them within
-
of pay¬
have totaled
billion, and have re¬
gold reserves by almost
$6 billion. If we are to end this
steady drain of gold, we must re¬
about
barriers
economic
balance
in the last four years
1
remove
and
increasing
Our balance of payments deficits
Eur op e a n
•
of
ments, and our need for
rapid economic growth.
six
trade
continue
major economic
two
our
international
cur
Soon
nations agreed
0
energetically
export potential
States will
exports becomes clear in the
light of
•
t
United
then
problems: the persistent deficit in
Com¬
r,
our
trading nation in the world.
our
methods. While the full economies
fresh economies. Consolidation
'•/./'
take advantage of
opportunities. If it becomes
The .importance
Euro-
e
munity.
a
est
10
with
Coal and
Steel
direct
dialing mayr< be/rqalized.
witiii# the coming yeax/or so,/the
-'
to grow and prosper as the great¬
formation
pean
about
communications
,
designed to
—the
opened
less
conver¬
in
trade
that
around
search
is
those
world
share assuming that the rate
on
plant can be main¬
6.7
;
-
Trade
The President's Trade Program
.
new
return
5.9
16-11
*
investments.; V
against domestic
program, is to bring the United
States into step with the dynamic
favorab'3
seems
overriding aim of President
sweeping new
trade
price around 35V2 the stock ./is sequences—not only for the United
selling at about
19
times 'this ■States and the Common Market
year's estimated earnings (on an countries, but for every free na-
6.3
18-14
>
'•
.
why the "time for decision is running out."
warns
7.5
20-15
1.53
.
vZ
Arguments opposing the trade program are answered, and Mr. Dillon
years ago
t^e. present level,
seems, likely. The smaller
independents benefit by the huge
expenditures of the Bell System
and
General
Telephone for re¬
•
6.6
of passing the
Kennedy's
estimated.
it is
cents,
The
which discriminates
favoritism
:.
conver¬
earnings
tax
1-j
issues would reduce
share
common
/;
6.7
24-16
•'
^
-
1959
1
V / / Expansion Act of 1962 in the light of our critical imbalance of pay-
$668,000 debenture
and $57,000
1969. Full
of these
sion
6.8%
1.56
"
r'
<
Washington, D. C.
Capitalization
of the
Central
Telephone System consists of aprproximately 56% debt. (including
bank loans), 10% preferred stock,
7%
minority interest, and 34%
common
stock ; equity. , Central
Telephone has made a practice of
using convertible debentures or
convertible preferred stocks the
same
as
other leading telephone
companies.'At the present tune it
has outstanding two issues of. con¬
a
$1.71
•
-
1961; rate increases dufr
Z
ments and domestic growth rate problems, and need to demonstrate
years
1954-59 "accounted
-V;t-to the Free World we will actively participate in the new trade era.
for a gain of $1,760,000 in system
vtr He avers the 28-year-old Reciprocal Trade Act has outlived its use-revenues. Reflecting the earnings
V
r
-'fulness and that we must give our negotiators real power to bargain > /
gains and'.also increases in the
effectively with" the Common Market and other nations and groups. In
price-earnings ratio, the price of
/■ V
urging passage, also, of the proposed tax program He declares it
the /' stock / in
the /. over-counter
market increased from seven1 in /-//.does not mean foreign investments are looked upon with disfavor \
1950 to 37 at last year's, high,
'jy/ /// : // so>long as they are based on economic considerations rather than *
which
20%. In the decade 1950-60,- 34
principal municipalities in eight
States, accounting for 79% of the
system's phones, showed an aver¬
age gain in populatioh of -49%
compared with an increase of 19%
for the United States/ Historical
comparisons for '/the number of
phones are not available because
1)
•-
in
of Illinois also
showing in 1961 with
fine
*
By Hon. Douglas Dillon,* Secretary of the Treasury,
/'
the
tained
Telephone
a
6.8%
ing
Middle
of
Bell
98%
areas/
growth
•1
•
*
'
per
gain in the balance for common
a
through interconnections with the
over
,.
.
The system also has some other
in
and
only
narrow
phone, has about 44,130 telephones
two-thirds
Florida
to
second
was
any
margin in its. per¬
centage
increase
in
population
during 1950-60*— its gain was
75.8%
compared
to
76.5%
for
sidiaries, Middle States Telephone,
Virginia- Telephone & Telegraph
and LaCrosse Telephone, provide
service through 144 exchanges to
approximatey 348,530 telephones;
the affiliate, Southeastern Tele¬
About
growth ; of
rapid
vada
Lexington Telephone.
and its three sub¬
company
service.
years—probably the
tele¬
phone
company
of
comparable
setup. It's true that the gain was
partly due to the growing popu¬
larity of Las Vegas and its gam¬
bling attractions, but manufacturing and mining enterprise in the
area
have
also
been
growing
rapidly. In fact the state of Ne¬
times that amount currently. Sys¬
tem
.
vada
few that have
to raise the
the
McGraw
The W orld Trade Challen ge
:/
steadily, the operating ratio de¬
clining from 85% to 79%. Earn¬
ings increased from 80 cents in
1950 to $1.71 last year and an es¬
timated $1.85 in 1962. The percent
earned on net plant has shown an
irregular gain from 4.9 in 1950 to
have
(Max
,
Telephone
Central
and
companies
officers
top
President) while other posts are
also largely
held by the same
officials.
■"
1
*
The
system
now
has
about
400,000
company - owned
tele¬
(many
of
them family-owned)
dropped from around 5,000
3,000,
Efficiency
Chairman and Judson Large as
as
have
to
ELY
Company
Central
Telephone, with annual
of $36 million, is one of
the
leading
telephone
holding
company
systems, after the two
giants, the Bell System and Gen¬
eral Telephone & Electronics.
In
recent years the number of small
independent operating companies
OWEN
BY
accompanying table.
has improved rather
its
the
risks
Proposed
Another
domestic
ports is
Tax
proposal
growth
our
Program
to
tax program.
to do this by
promote
and expand ex¬
encouraging
It seeks
a
higher
•
Volume
195
Number 61,44
,
The Commercial and Financial Chrofiicle
.
.
(1387)
level
ofdomestic
equipment
win
and
investment
in
tariffs
about 40% and is movitig :
ahead ofv schedule. -We can't keep
machinery
that
tcr increased productive
lead
pace
neW investment \
if
a
is needed if American
a
maintain
competitive
world markets
pand
sales
prices
must
it
as
Present Authority
Xhis
nouncement March 7
Kennedy
abroad.
en.?16
SwSX Pr°^ mori
S2£ '^WhJ,Ch t e.Wr/nd' tries
^ work after six
of
the_ most careful
sideration—is d
e s i
investment
SI,000. spent
two.
Jw equipment
on
with" the" investment^credit
give American manufacturers tax
treatment comparable to their for-
eign competitors.' The result;will
"invpetmpnt
mnrp
in
npw
to
Such damage
however
occur
limitGd
of
evidence to
tion of
nn—
to-date eauinihent which will in-
ident
au-
jemenrs,
*greements>
are
only
proposed
necessary,
for-retraining
workers
for
new
-
ir»V-»a
jobs.
.
A. ..similar
-!
inside
program
developed as the
aitnougn
although -excellent;
insirl^
nrnffram
A.-similar
-
member^counr
start of really effective
®
.-.The
competitive position,
way in which our
our
second
gain"
Ie:?
bar.-
mUS.
negotiators real
0
to
power
^fndusSFes
usuOur-,-nigh wage industries .usu
Without it they arev'help^ ally ;do much better in export mar-
negotiations ahead.
' finally, negotiations .take,--.time
the'fact
Lnv
mestie investment is by removing.
long-standing
our
;fax
preference
laws
abroad." The
—t,e last round took. 17 months—
in and there is always a delay
for
that
»»
»
dnf.hTe
n,,®T®etitors
tne. agreements beromel.eaecttvelfg^^^^^Xff^nS
major'11 we are V to make" significant .to.toreian.markets than any
investment
bill' takes, "a
crrooo
nonnnf
TXfo
ailu
:Pro|ress we^nnot affofd^Tos^ '^"selllfar
—,
ill
or
y^ar
more
^n„n)ripg
our-
gPu
Europe
our
If
tax
no,
we
•
_
—...
......
nnur
1
their op-
on
to
are
our
usei
trouble
with
not
that
mean
disfavor
foreign
on
ment—provided
fit
is
look
we
invest¬
based
on
economic
considerations,
rather
tax .'favoritism
which dis¬
than
.
criminates
home.
against
at
investment
We propose,, of course, to
intact the present tax ad¬
leave
that
frorln
^1
.
urill
^i'tta
Ui'
-
and
customer
Market has
for
home
Such
serious
manufacturers
our
in
both at
ho™e and^abroad?
-
raw
materials.
We mn<Hf.
must,
our
Ual products in steel production
""
^
'f-
■
of
the
tive
Common
*
An
American
Radios
^
-
ciate how much scope there is for
.
prices.
Transistor
One has only to look at the new
market in compact cars to appre¬
*3
'
J
.
Small
-
trade surplus, excluding
niJ1
41**11004
AeW trade proposal will give him.% V
authority to ? bargain for; whole *
attributable
duxuuwuie
many more than the small fraction
ot all workers who might be
adversely affected by a rise in im-
constructive
M_
a
to import
Furthermore, recent
response
—
.......—^
competition.
factory shipments of U.
-small
coal
transis to
doubled,
S.-made
radios
r
—
have
began to take addomestic market
created by Japanese imports. At
as we
vantage
of
„
a
__
t.
'^Plications, for trade is a means
to stay in touch with other nations
on a from mutual
basis of mutual interest arising
advantage.
trade
is
program
device
to
not
deal with
with
the
—
Common
stimulate
both
that of
and
our
own
allies
in
of the common defense of
freedom. If freedom is to
survive,
the free nations must be united as
closely
our
possible
as
in
pursuit
is
Trade Programmeans
of achieving
major
a
ever
closer
cooperation
taken down, and the result
torrent
of
trade between the
a
This
With
our
it,
we
goal of
a
a step closer to
free world of thriv¬
are
ing, prosperous and strong nations.
Let us reject economic insularity
as we r6jegted political insularity.
decide now, while there is
that- we will not let this
opportunity pass. " Let us seize it
Let u£
first the imports far outnumbered T
domestic production, but our own time,
manufacturers
but
quickly
improved
boldly, in the best tradition of
;
an
offer to sell
securities. The
nor a
solicitation of
change and
challenge and who willingly face
up to competition.
*An
address
World
by
Mr.
Affairs
Dillon
an
offer to buy
any
of these
offer is made only by the Prospectus.
March 20, 1962
•:
Insurance
:i
In addition to
policies,
we
measures
/;V\adequate authority—could defeatthis purpose.
l-;
Program
tax and trade
our
employing
are
other
One
new.
a
Since it came into being almost
five years ago, the Common Mar-
It is
to. expand exports.-
deserves particular mention.
ket has
of insurance
program
against both commercial and
po¬
litical risks in export trade which
.
was recently
begun by. the'Export.Import. Bank in cooperation with
,57 : private
insurance companies,
This
the
first
comparable
their
;
offers
program
for
iers
to
that
:
Recent
and
promotion
to
-show
to
Japanese
/■
export
should begin
measures
results
sometime
their full
this
impact
not be felt for two years or
Such
more.
cannot suc¬
measures
ceed, however, if American prod¬
ucts
must
surmount
President
barrier
a
high tariffs abroad.
This
Kennedy
is
of
why
has
asked
.Congress to give him the author¬
ity to negotiate
effective tariff
reductions and allow
goods to
our
enter foreign markets
petitive basis.
on
a
com¬
But
negotiating
and
the
is
two-way
a
President
must
have the power to lower our tar¬
iffs as well.
At present he has
authority
one
the
only
item
at
for
time—bargaining
down
brick
by ; brick.
wall
This
slow
with
the
has
negotiate
to
a
orocess
Common
already
will
not
work
Market, which
reduced
States.
its
With
at
-1-
rate
of
the
internal
125,000 Shares*
roughly,
the,
United"
proposed-
addi-
Best Plastics Corporation
tion
of the United-Kingdom and
other full and associate members,
it would have a population sub-
larger
than
an
economy
which
rival ours. .- Equally
COMMON
with
ours,
(Par Value 10£
important,-it
a
—
highways
are
asowe
new-stores
constantly
are
opening their dcoFS. These are all
signs—so common in • America—
of
high-income, high-consump¬
a
tion
ec on om y.
familiar
known
U.
in
though
are
S.
Thousands
products
are
and even
shop-windows
well-stocked they
deal
more.-
can
For
*The Managing Underwriter has reserved approximately 15,000 shares at the public offering
price to
persons
who
may
include business associates and employees of the
company,
their
relatives and certain other persons. The number of shares available for. offering to the gen¬
eral public will be reduced to the extent that such persons purchase the shares so allotted.
of
un¬
Euro p e,
Europe's
Price $3.00 Per Share
jammed
with shiny new cars, luxury shops
are
crowded with eager customs
ers,
Per Share)
singte:
do. Tre profit potential for us in
the - Common Market is clear.
European
STOCK
would "also
would have :—in time
great
-
street,
Product
the
external tariff barrier, - just
r-•••7 *:■"
proposed
year—although
may
insurance
available
European
and
competitors.
\ ?•
~
twice
export-, stantially
our
time
grown—in terms of Gross
National
hold
Copies of the Prospectus
may
be obtained from
such States where the securities may
any
of the undersigned only in
be legally offered.
a
American
manufacturers the development of
this
new
Eurbpe
could
be
S. B. Cantor Co.
a
bonanza..
One of the most
ments
in
program
frequent argu¬
opposition to the trade
is
that
lowering
tariff barriers would open us to a
of low-wage foreign com¬
flood
petition
domestic
that
would
industries*
damage
H. P. Black & Co.
Metropolitan Investing & Trading Co.
our
our
'■
Industrial Securities Corporation
-
before
Council,
in
purpose
a
people who welcome
NEW ISSUE
serves a vital, must act promptly to demonstrate
adding to the poten- to Europe that we intend to take
tial economic strength of the free- an active part in-the; new vtrade
world; '
f
:
era.
Prolonged inaction—or in-
because it also
is neither
announcement
eco¬
strength. Without it, our
immediate outlook is uncertain.
.
Market countries.
For example,
vantage for investment in under¬ West German trade with the other
Common
Market
developed nations. This is appro¬ five
countries
priate because such investment rose last year about twice as fast
not only involves a greater risk,, as her totalforeign trade. -• We
and
nomic
Texas, March 8, 1962.
is
barriers
'»
The President's
in Japan,
tho«e
as
of
common purpose.
Dallas
let loose
are
Western
share
creased efficiency, made the difference, despite the lower wages
European trade barriers
being
will
growth
Europe—thereby expanding their
capacity to assume an increasing
JaPan every year. Part of the explanation is that the American
is miner
Produces coal about 14
ternal
a
Common
Market
our
production methods and increased
production when they saw the
market potential. The resulting
drop in unit cost, thanks to in¬
steadily picking
The
merely
the
Market> but an avenue of cooperation
«on for all free nations. Trade
for
miner, for instance, is paid eight
up momentum.
But the potential times as much as a Japanese
for
progress,
prosperity
and miner, but we still sell tens of milgrowth, dammed up behind in— lions of dollars wnrth of coal to
been
to
iv
political, as well t
nas P°llllcai, as well as economic
!ooked- Many of our important
lnd«stries are dependent upon im-
Last
us.
is
has
period
of those
■ The beneficial effect of imports
on our economy is often over¬
v
This does
during
competing against foreign produc-
resources
American capital is taxed in.simr
ilar fashion wherever it may be.
and
inflation would create
abroad than
to
manufacturing
malleus
ore—es
-essen-
of, our presept im~
effectively ; in
a
groups of products at once.^-Only PGrts do not compete with domesworld of freer trade it must be a in that way can effective tariff
goods, either because they are
world in which decisions to invest reduction be negotiated with thh products we do not produce in this
at home or abroad are not based
Common Market.
■
/
■
country jor at.least do not produce
on tax incentives, but on
genuine
>
•'
fr
n
^
in any significant^quantity.
Time For Decision Is Running Out
economic
factors.
=.?^Arta: firtallyV'iils*hot unit wage
Although >ve
cannot change foreign tax laws,
The
tiftt^'fOr.'tfecisioiris'"futiniii^''^t^biit'ovei-allfttnit' cost that is
we can, if we
wish, see to it that out. So far^ our role as a supplier important in determining competierations.t
uvciaccts
ports for
SttiStotaied
in, countries
little
pose
• othpr
of every eight farm
workers produces for
export, and
nearly 8% of the employment in
_
4/n
step in this direction by effectlvely ending the benefits of so- time. It is important, to provide a
and it -is
caled "tax haven" operations—use i — trade program
new
operations—use
of U. s.-rcontrolled
'
J
sidiaries
or
the'
a
is
of
competitive position against® fordlf£icult to seU goods in
ejgn producerSj both in domestic tur°Pe*
0vei,SGa^ markets
The President's Trade Program
a
OVClSeas marKetS.
FrQm
195^%r instacc(c is not an isolated, one-shot pro-
SSel-tor lnstance. in?P°rt 90%-of
manganese or chrome
"
,
2
^ a
wage
our
offers
program
importance of our own p0rts. Failure to enact the trade
^
C°n.l Pr°Srara would seriously affect
^ -,a.
Pri.ces are these export workers, by making
t
*
f1 °ur, faJ»e^ and businessmen markets-^than our low-wage m
tax program,seeks to increase do,
the
thl
a
J'°f!
.Here;a^ some^cte
^ Wage-price inflation at
tc! Se/ze <of fmv wae?eombetition^' must be avoided at a11 costs-
we aie ever
trade
«
.
2??^'.
The
challenge — not a threat. This
particularly true in the matter
jobs. One out
G,!!h™
tries moved toward complete free oursha^.e 0f world exports
act4on to take advantage of the ' trade among themselves:,.;/ ; •commodities fell sharply
of this expanding
a
unit
J? .111 ltse^ make foreign manu- exports. In all, more than three
facd;uTers mo^e competitive than miHi0n workers owe their jobs—
-arlf -Yr
considerable directly or indirectly—to exports,
ers
improve
.Japanese
overall
While th® fac* that foreign
a
provide, wherever
also^provW^w^ereve^Mcessary1
■
^nhnueh
.
Kennedy, has
un-
also
his
our
wa§os are lower than ours does
to our
To assist the
adjustment of industries and
localities h to
whatever
harmful
competition might develop,"Pres-
acMeHVed ^reemeht stabilize
agreements
predic-
any
than
when Wage Differences Count
economic damage
economy as a whole.
extraordinarily complex, and
S
support
faster
would
£
by President
conclusion
Market and 25 other counat Geneva" Largely because
,V
The completion of the
depreciation program — which we
hp
the
'
.
mishit
^g
be
^ js no exaggeration to-say that
equipment.
will
of
they used up all the available
'' .' .thority given to the President
proposed invest- der our
present legislation. '.
is our
tdSttrhShiSSUre
to
were
e^d to proin
y3*4.'■'
The first
con-
g;n
at home
domestic industry.
an_
of the difficulties imposed-by our
current law, those negotiations
w
monvhs
Used: Up*.
clear in the
counterpart, so
cost is smaller.
of course, can. rule out
the possibility of some damage to
one,
relatively small
proportion of our overall economy. While some individual comtariff negotiations with the Com- panies might suffer, there is no
in
to ex-
^
mote
made
was
times
No
■:
^
business;is
to modernize and thus continue to
Answers Opposing Argument
under the present authority:
15
the
Dallas,
16
Steel Production
Electric
The State of
Retail
increased
Trade
Price
Index
Failures
Commodity Price Index
rose
more
its
latest summary of
business
Reserve
national
observed
Board
fol¬
as
lows:
"Production
reached
of
materials
"Industrial production rose one
point in February to return to its
December
durable materials increased."
level
1957 average.
of
115%
of
the
"Output of
almost
covered
high,
goods
consumer
December
the
to
re¬
production of television
as
sets, apparel, and foods and other
staples increased while auto as¬
semblies declined nearly 5%
fur¬
ther, to 109% of the 1957 average.
little
indicate
schedules
March
change in auto assemblies.
"In
business
equipment indus¬
tries, output of industrial machin¬
ery
ing
recovered in February follow¬
commercial
new
in
decrease
a
equipment
Output
high.
and
January
rose
to
"The value of
put in place
lowing
vision
in
NOTICE
downward
re¬
the
January level of
building; public con¬
struction, which was revised sub¬
stantially
upward
in
January,
changed little in February. In the
residential
first two months of this year, new
construction averaged slightly be¬
low the record level in the fourth
quarter
1961
of
6%
and
above
a
a
in
nonfarm
had
establishments,
declined
somewhat
moderately in Feb¬
ruary
and,
at
54.7
million,
equalled the
prerecession
peak
reached
FLORIDA... AMERICA'S
VACATION CENTER
in
at
machinery,
and
transportation
equipment. Employment increased
in construction,
recovering most
of
the
decrease
when
uary
the
recorded
weather
in
2.75%
and
2.66%,
stock
"Common
un¬
this
hours
Average
work
of
which
had
weekly
manufacturing,
in
declined
in
Miami, Florida
record
Power &
that
a
ther to
5.6%."
5th, 1962,
and
of
to
Light Company of
April
the close of business
at
entitled
are
the Annual
at
vote
notice of
to
Stockholders
to
Meeting
held
be
the
in
Sky Room, Dupont Plaza Hotel, 300
Biscayne Boulevard Way, Miami, Flor¬
ida, on Monday, May 14th, 1962, at
2:00 o'clock PM.
Distribution
"Retail
mained
sales
January
in
about
at
level.
February
the
Sales
increased
slightly at department stores and
other outlets selling chiefly non¬
durable goods.
Sales at durable
goods
stores
declined
slightly,
however, mainly because of
W. F.
Blaylock,
Secretary.
re¬
December-
a
in dealer deliveries of
crease
de¬
new
autos."
Commodity Prices
GROWING BUSINESS
"T h
AND INDUSTRIAL CENTER
wholesale
e
price index
was
commodity
stable in late Feb¬
and
ruary
earlier.
early
slightly
Prices
materials and
were
and
of
March
below
most
and
a
re¬
year
industrial
industrial
products
unchanged in recent weeks
prices of farm products gen¬
erally changed little."
DIVIDEND
ing stayed at $32-$33 in Pitts¬
burgh, $32-$35 in Chicago, and
$32 in Philadelphia.
Storm damage along the Eastern
seaboard has created heavy- de¬
mand for sheets, structurals, and
reinforcing bars from steel service
1.2%
ago.
bigger producer
(with 26.5%). Next
(25.8%).
The U. S. share of global pro¬
duction has dropped in the last
six years from 39.8% to 26.5%.
output),
which it is possible to ob¬
weekly clearings will be 1.2%
from
tain
above
ing
those
for
last
week
the
year.
correspond¬
Our pre¬
liminary totals stand at $31,386,867,316 against $31,006,895,349 for
the
week in 1961.
same
Our
As automakers
com¬
Week End.
are
(000's omitted)
,
1962
Kansas
Steel
878,224
840,585
+
4.5
U. S.
525,830
512,153
+
2.7
as
DIVIDEND
2.8
as
attitude
now
the
of
cars
rev
up
for
business
that
that
clared
Directors
of
dividend
a
Oividenr
have
de¬
37
PACIFIC
NOTICE
POWER
& LIGHT COMPANY
"
centff
per share on
ferred stock. They
declared
cents
the Pre¬
have also
dividend of 62Vi
a
per
share
on
the Com¬
stock. The dividends
mon
on
Dividend Notice
both Preferred and Common
dates shall be
days of January,
April, July and October, in¬
stead of the first
days of
February, May, August and
Quarterly dividends of $1.25 per share on the 5 % preferred
stock, $1.13 per share on the 4.52% serial preferred stock,
$1.54 per share on the 6.16% serial preferred stock. $1.41
per share on the 5.64% serial preferred stock, $1.75 per
share on the 7.00% serial preferred stock, $1.50 per share
on the 6.00% serial
preferred stock, $1.25 per share on the
5.00 % serial preferred stock, $1.35 per share on the 5.40%
serial preferred stock, and 24 cents per share on tine common
stock of Pacific Power & Light Company have been de¬
clared for payment April 10,
1962, to stockholders of
November.
record at the close of business March 26, 1962.
stock
1962,
are
to
payable April 10,
stockholders
of
record March 26.
The
Directors
1962. '<
have
de¬
termined that hereaftei divi¬
dend payment
the
tenth
"
FRKDKRtOK A. STEVBNS,
March 14.
1962
,
T rmsurei
PORTLAND, OREGON
March 14,1962
'
H. W. Millay, Secretary
is
for
little
levels
for
change
the
next
shipping
and
Indicating the state of mind of
steelmakers, The Iron Age
points out some mills are liquidat¬
ing
their
Here
inventories.
own
is
present
estimate
one
the
of
inventory picture—
In first quarter inventory ad¬
ditions,
auto
plants
and
other
mass production inventories added
steel at
rate
rate
a
of about 30%
over
of
consumption,
general
users added 10%, and the overall
buildup was about 20% over the
chew-up rate.
On
and
basis
the
shipments
of
present orders
for specific
prod¬
ucts, flat-rolled is at 95% of
pacity, plates and bars from
ca¬
75
of capacity, other products
70%. The overall rate is
under
80%.
over
The
relatively low rate of in¬
ventory building has its positive
side.
It
inevitable
the
means
slump in the third quarter, or
time after the
negotiations
will
concluded,
less
be
,
feared.
any
are
than
■:. Y %' -■^
'"
Steel Production Data for the A
Ended
Week
;
March
According to
American
the
17,
1962
data compiled
Iron
and
by
In¬
Steel
production for the -week
ended March 17, 1962, was 2,387,000
tons -(*128.1%),
as " against
2,367,000 tons
(*127.1%) in the
stitute,
March
ended
week
10.
this
year
Production
-
through
March 17 amounted to 26,191,000
tons
the
(*127.8%),
56.7%
br
above
period through March 18, 1961.
Institute
The
index
of
with
concludes
Production
Ingot
by
Districts for week ended March 17,
1962,
as
follows:
:"/•
*Index of Ingot
Production fov
race,
Week Ended
March 17, l!Mtt
about 35.7 mil¬
installed
be
in
are
of
130
Cleveland
—.
134
Cincinnati
new,
170
157
Detroit
Chicago
low
cost
grades will try to take
away
from companies
selling aluminized, gal¬
130
__
St. Louis
131
Southern
108
Western
116
Western
116
Total
*
Index
of
-----
production
based
128.1
on
average
In' today's
original equipment weekly production for I957-1959. k „>'• \fmarket, aluminized steel accounts
/ Electric Output 10.9% Higher J;
for about 60%, of the business;
/"..v,.:.:';; Than in 1961- WeekYy
galvanized steel and cold rolled
Tre amount of electric energy
carbon steel probably 15% each;
andV car^on steel that is ceramic distributed by the electric light
and power industry for the week
coatedU. a f t e r fabrication,; and
stainless, about 5% each. In the ended Saturday, March 17, was
replacement market,
galvanized estimated at 16,142,000,000 kwh.,
and cold rolled account for most
according to the Edison Electric
Institute. Output was 276,000,000
of the tonnage.
kwh. below that of the previous
Steel Orders and Shipments in
week's total of 16,418,000,000 kwh.,
'
Balance
but 1,588,000,000 kwh., or 10.9%
Steel
users
have
eased their above that of the comparable 196 L
ordering,
is at
Iron
a
and
inventory building
week.
somewhat slower rate,
Age
reported
on
The
March 21.
Orders
just about match cur¬
rent shipments. And production is
somewhat
,
a
some
.'■
horsepower
in
month
half.
vanized,- and
uncoated
carbon
steels. And, another new material,
chromium diffused carbon steel, is
UNITED SHOE MACHINERY
The
says that barring
development in steel labor
negotiations, the present outlook
new
a re¬
coming down the stretch.
227th Consecutive Quarter y
The magazine
a
replacements and 7.7 .million
original equipment.
.
stainless
a
-MHMHHMBNHI-
CORPORATION
products has led to the
disappointing rate of
business.
new
and trucks—28 million
Producers
Labor Talks Resume
wait-and-see
these
118
3.8
adopted
has been little stockpiling of bars,
plates,
structurals,
and
tubular
products. Hesitation to stock up
Pittsburgh
Youngstown
1.5
+
have
early agreement
a sharp spurt
To date, there
stakes. Next year,
lion mufflers will
—
1,143,000
buyers
business.
new
122
1,412,800
as
drop
128
$17,593,183
Steel Buyers Adopt Wait-and-See
Attitude
will
Buffalo
1.392,392
City
no
North East Coast-
1,187,000
Boston—...
a
of their own—the muffler sweep¬
%
+
in
reports that steel producers
quietly preparing for a race
$18,094,024
Chicago.—
Philadelphia
buyers. But
quick settlement,
Steel
^
1961
a
Red Eastern Europe
newal
Mar. 17—
was
than the U. S.
came
con¬
by
shipments
there is
somewhat
increase
an
year
NOTICE
United
defined.
Steel's steelmaking scrap price
composite held at $32.67 a gross
ton last week. No. 1 heavy melt-
clearings this, week. will
New York—
mained
by
If
ingot tons that Steel estimates
industry poured last week.
,
displayed by
sharply.
to 80%
parative summary for some of the
principal money centers follows:
FLORIDA... AMERICA'S
is
compared with centers in that area. In the South¬
Preliminary figures west, distributors are locked in a
compiled by the Chronicle, based .competitive battle with brokers
on
telegraphic advices from the and speculators offering imports.
World
steel, output
last • year
chief cities of the country, indi¬
3%
above the
1960 level,
cate
that
for
the
week 'ended rose
Steel said. Western Europe, with
Saturday,
March
17,
clearings
103 million tons (29.7% of world
from all cities of the United States
show
the holders of the Common Stock of
Florida
Clearings Higher
Bank
and
NOTICE IS HEREBY GIVEN
clearly
demand
of
course
the
Than in 1961 Week
December
January, advanced in Feb¬
The
seasonally
adjusted
unemployment rate declined fur¬
the
.
Bank
is
and
Output this week is expected to
be about the same as the 2,360,000
what."
ruary.
COMPANY
most
are
more
severe, and also rose in
services, and State and local
government.
FLORIDA POWER & LIGHT
in
Rates
1%.
by
until
usually
trade
four
much as
as
higher than war¬
incoming orders and
existing
inventories,
but
mills
prefer to maintain current levels
ranted
February.
in
by
of
districts
have
The volume of trading
period was down some¬
analysts—
of
fractions
closing
prices
defied
Steelmaking
operations
have
relatively steady for three
changes measured in
March 14.
on
that
pattern
weeks with
shown little net change since mid-
Jan¬
was
2.84%
tween
concentrated in metals,
were
continued
quarter in
held
as
government issues declined
on
balance, and yields on corpo¬
rate bonds changed little.
The 3month
bill
rate fluctuated
be¬
the
•
negotiations
inventories
local
spring of 1960.
manufacturing industries
Among
gains
rose
/
million tons.
longand
intermediate - tefm
Treasury bonds and on State and
in
■
harmony without evi¬
progress — inventories
probably increase moder¬
ately during April, May and June.
But Steel says it is more likely
we'll have an all-or-nothing situa¬
tion. If there is a quick settlement,
there will
not
be any buildup.
If there is a blowup preceded by
bitter exchanges, users will boost
Between mid-February and
mid-March, however,
yields on
employ¬
and
apparent
ruary.
adjusted
levels
current
would
result of the Treasury's advance
a
labor
dence
refunding operations in late Feb¬
Emp loyrnent
"Seasonally
ment
increased
at
.
If
the amount of pri¬
long - term U. S.
issues
there
orders
on
a
security financing by cor¬
Government
negotiations,
going to hold in¬
are
for most of the second
were
March, and
vately held
if
hesitation
somewhat
Member bank
porations and State and local gov¬
ernments
was
in
large volume
between mid-February and mid-
earlier when construction
activity was near its cyclical low."
January,
GREATEST ALL-YEAR
"New
tinued
tion.
Security Markets
(
some
labor
the
users
ventories
de¬
ne¬
■%
However^ this pattern of order¬
ing can not continue indefinitely.
buy only for immediate consump¬
declined somewhat."
curities
in steel labor
there will have to be
in
turn
supplied through
currency inflow. Federal Reserve
holdings of U. S. Government se¬
year
which
MEETING
sizable
a
further, fol¬
resume
talks, buyers
react by canceling a lot
to
not
most
reductions in float and gold stock.
Reserves
bargainers
Until there is evidence of
absorbed principally through
were
When
orders.
of
borrowings from the Federal Re¬
serve were unchanged.
Reserves
declined
vate construction fell
banks
earlier-than-scheduled
for
agreed
and excess
member
clined in February.
construction
new
slightly in
February to a seasonably adjusted
annual rate of $58.7 billion. Pri¬
of farm ma¬
chinery and freight and passenger
of
turn of events
gotiations.
negotiators will contribute to
did
rose.
reserves
Thursday, March 22, 1962
The lack of urgency
asked
deposits
Government
"Required
Construction
were
final
terials.
also
reserves
Increases in output
widespread, with gains in
products,
both
consumer
goods and equipment, and in ma¬
S.
U.
ly.
•.
ordering at about the
are
deliveries.
adjusted
average
supply declined slightly.
Time
deposits
at
commercial
banks continued to expand rapid¬
high in Feb¬
ruary.
Output of iron and steel,
construction materials, and non¬
back at the
Steel magazine
rate they were six weeks
In the week following the
breakdown of talks, a few buyers
money
record
a
.
ago.
seasonally
equipment remained close to the
Federal reduced January level.
the
conditions,
,
same
The
ernment securities declined.
.
are
March 19,
on
They
than
usually, reflecting mainly a sharp
increase in security loans late in
the month, and so did bank hold¬
ings of State, municipal, and other
securities. Holdings of U. Si Gov¬
Production
Business
said
contraiseasonally in Feb¬
Loans
ruary.
Auto
credit
bank
commercial
"Total
Food
TRADE and INDUSTRY
labor negotiators
bargaining table,
Bank Credit and Reserves
Output
Carloadings
.
In
Financial Chronicle
The Commercial and
(1388)
over
80%
of estimated
capacity, the national metalworking weekly points out.
This rate is not likely to change
quickly unless there is
a
sudden
One
Million
Termed
Car
Inventory
Realistic Considering
Sales
Outlook
Auto output in the U. S. for the
week ended March 17
will rise
90.0%
same
production
over
period
a
year
for the
when
ago,
Continued.on page. 27
Volume
6144
Number
195
THE MARKET
,
STREETE
the
nor
efforts
earnings
this
doldrums
week
profit
$3.36.
still in the
was
from $2.95 a share to
•: So
despite the seasonal
slump peculiar to the second half
of its fiscal years, results this year
should match well against those
of fiscal.1961;:,
although the
industrial
average
was
able
to
hold around the best level that it
has
showed
the
of
since
the
beginning
-Trading .was slow
year..
,
Over the1 longer
times than not.
more
rose
guessing game centered not
way the
market - will
move
when it snaps out of' the
doldrums, but on just what- it
Leaf's
would
holds for
The
creased 86% in the last five years.
which
on
to
take* in
the
start
veloping
of
rally.
way
spring
"
there. were
the
: who
some
the
conviction
de¬
a
non-inflationary settlement of the
steel
negotiations
wage
could
the spark for a market
The
that
concern
when
the
duction
overall
index
.
calmed
when
the
worked
weather is
past, there is renewed
activity in the construction field,
well
as
able
pickup in
a
So the
for
consumer
continued
And
seri¬
any
than
upheaval in the face
of good business would be highly
unusual.
ket's
Optimism
eventual
the
over
upturn
mar¬
fairly
was
scrambled
but
that
one
was.
somewhat
mixed but
instances
increases
doubts
were
there
posted to cast
hampered
prosperity."
couple
reading.
stocks
involved
a
ex¬
of
than
bananas
,
out
comes
three
it
>
as
a
billion
pounds
handles
a
year
$64 million maxi¬
mum
,
W. W.
does
[The views expressed in this article
do
not
cide
necessarily at
those
with
They
author
of
those
Impressive
Coast and
over-the-counter
Verner
Midwest
underwriting
Other
new
officers
Exchanges and
business with private
trading
capital.
Vice-Presidents
Robert
should
be
re¬
even¬
Announcement has been made
the
formation
Questionnaire
of
CMNY
of
Capital
Company,
Inc.,
with
principal
offices at 20 Broad Street, New
York City.
Licensed as a Small
Business
markets"
in
Milton
Investment
is being mailed to all members of
the National Association of Se¬
&
curities
Inc.,
specialists in foreign
securities.
1958,
a
the
fact
that
trucks
comprise 45% of sales against
the
new
American
is
deeply
committed in foreign countries for
both its trucks and farm equip¬
Harvester
and
sales
a
Not Overpriced
erratic
rules
Corporation
of
Act
amended.
*
Marks
firm.
are:
a
Other
Co.
director of
officers and
Edwin
Vice-President
S.
Marks,
and
Gareiss,
Herbert
&
Treas¬
Secretary; and Harry A. Gottlieb,
corporation legal counsel.
abroad
third
of
last
the
year
com¬
The issue's yield is above
With Amott, Baker
Dealers
all
and
by
dealers
not
fully
registered
with Amott,
porated,
ture
York
and
representatives
of
American
the
Stock
since
Y:
v\
the
contains
size
and
Joins
AF-GL
sales
1952 and
73%
some
last year.
between
But after
business
each
of
wide
were
random
for
the
The
three-week
a
case
of
securities
selected
for
85
other
each
on
study
on
in
no
way
or
the
of
questions
in
Albert
porting $2.87
a
share
profit was down to 65
in
United
1955,
in
of
cents
Law,
Inc.
has
been
by Gilbert E. Busch,
and
Director
Gorman
editorial
previously
staff
of
a
share last
Despite
less
the
than
13-times
the
cents
1961
three-
is
profit-earnings ratio, with a
31/2% yield on the cash payment
year
which
stock
has
been
larded
with
bound
in
candidate
its
for
a
of
re¬
are
had
owners
is
Tobacco
New
ing most of that time
news
as
& Co., 65
Broadway, New
City, member of the New
York
Stock
15
admitted
implies
any
se¬
search.
New
the
or
12% with its equity
income
of
panies added in.
affiliated
com¬
fiscal
year
a
program
over
Forms Scott & Co.
WEST CO VINA,
Calif.—Robert S.
Friedman is engaging in a securi¬
ties
business
from
offices
prac¬
firm
name
buying their
output.
any
of these securities.
March 22, 1962
80,000 Shares
EDU-TRONICS, INC
Common Stock
($.10 Par Value)
Price $4 per
,
'
.
.
shipping
Share
,
>
Meanwhile, United Fruit is di¬
Copies of the Prospectus may be obtained from such of th$
undersigned as may legally offer these securities in this State.
Packer, Wilbur & Co. Inc.
Earle Securities Co. Inc.
at
806
of Scott & Company,
of
to local
boxes.
And for the first
~-half=3of. the- .current
plantations
and
March
partnership.
NEW ISSUE
being met in a variety
The large landholdings
inspired political envy
shipping bananas on stems. This
has cut shipping damage, enables
better
quality control and pre¬
mium prices.
By the end of this
yeari half of the bananas are ex¬
pected to arrive in the markets in
6V2% increase in parent company
in
this
is being tested,
mainly boxing the fruit instead of
cigaret
profit trouble. For the fiscal year
ending in mid-1961, it reported a
earnings,
for
on
South Montezuma Way under the
them.
concern
Exchange,
Joseph A. Patrick to
improvement
conceded
finan¬
York
offer to sell nor a solicitation of offers to buy,
offering is made only by the Prospectus,
from 25
$1.03 in
a
Baird Co. to Admit
Baird
banana
serves
and
to
on
reporter.
plants, less subject
to wind damage and disease, have
been
developed after much re¬
a
companies
with which it is grouped. Univer¬
sal
Leaf
has
had
no
apparent
of leaf tobacco
domestic
1960
have been met with
unique item in the tobacco lineup
since
it
is
the world's
largest
dealer
moved
problems that slashed this
turning
the
in
additional
ways.
that
profit picture.
Leaf
share
generally
ently,
Good Profit Picture
Universal
an
The
proud name from the blue chip
category were many and, appar¬
So the issue, at least sta¬
tistically, is not overpriced and
a
a
and
The
3%
payments for the last three
be
This announcement is neither
it
year.
years.
could
earnings
ported
profit slip again,
the issue lately has been available
at
pet
until
favor, seems to be mak¬
ing definite improvement in its
profit picture with a new man¬
agement at the helm.
The re¬
;
year.
long-time
a
was
Chicago
Daily News for two years, spend¬
4%.
investors
of
the
fell from
1958. Improvement set in the fol¬
lowing year but the profit has
been
declining, again, down to
$1.33
Fruit,
conservative
public
Frank-
a
trading activities
broker-dealers
Other
Mr.
the
sampling basis and their
question about the particular
Y
office
transac¬
in
and
a
public relations.
industry¬
specific securities, for a
single day in the case of 115 se¬
of
Chicago
cial
over-the-counter
in
as
questions
of
group
seeks information about
tions
Gorman
New Management Doing Well
re¬
9,
Agency
earnings record is Rayonier which
lifted
broker-,
April
relations account executive in the
na¬
1949.
Another
curities
Ex¬
changes, 150 Broadway, New York
City.
of
selection
New
•
broker-dealer firm and the growth
of
its
over-the-counter activity
list
Baker & Co., Incor¬
members
questionnaire
securities.
as
all
than
other
Vice-President
The
questions about the
curities
associated
later
1962.
of Edward S.
period
Joseph A. Leila, Oscar Kaufman,
Victor
Sangimino
and
William
now
of
A
Second
Vice-President; Helen Shenkman,
are
companies
officers
CHICAGO, 111.—The appointment
,
Woolman
of
or
broker-dealers registered with the
Commission. The purpose of the
questionnaire and attached forms
Executive Vice-
Carl
of
in
and
36%
around
contributed
potential
the
Inc. is President and
urer;
is
growth
with
Robert S. Boas,
First
ment
as
President
still
company,
out
with
stocks
Cohen, Director of the
directors, and
SEC
Secial
Study of Securities balances in
margin accounts.
Markets, has announced that a ;
Replies to the questionnaire are
questionnaire, designated OTC-3, to be submitted
new
Co.
in
which
partners
broker-dealers are
H.
Corporation,
company
has been
wholly-capitalized by Carl Marks
the
directors
Harvester
P
tices
announced
course
J
with respect to
entering list¬
ings in the "sheets" of the Nation¬
al
Quotation
Bureau,
"making
S. E. C. Mails
Corp. Formed
Guenther
its market price
Diehl
CMNY Capital
actions in that market.
in
D
and Rex R. Reno.
ket and specific data as to trans¬
normal
Kraft
a general stock and
bond business along
issues and private placement of
are
Guerin, Jr., Verner H. Kraft
only.]
nesses
in some time, the
rebound, backed up
a
H.
Stock
The firm also deals in
the
of
Robert D. Diehl
the Pacific
national
a
with
"Chronicle."
as
of
wires to New York.
time coin¬
any
the
presented
are
Cruttenden, Jr.
member
company.
Capital Company, Inc.
will provide funds for new busi¬
pany's total earnings as well as
offering an area where aboveaverage growth can be expected.
an
a
CMNY
eighth of its sales. ; /
Like many another
well.
An issue that has had
better
from
farm
equipment and tractors. Construc¬
tion
equipment accounts for an
lethargy and, perhaps,
with the right timing, the market
as
of
Investment
only
their
of
to
year
overlooks
good
a
what United Fruit realizes oh the
regarded as the world's leading
producer of farm equipment. That
The reports could shake
of the
many
in
proportions
weeks will make
of
divi¬
proportion of its
International
earnings statements that will start
flood
more
tually.
moderate, sales improvement — to
indicate
that
the
first
quarter
reach
estimate
regulations of the Small Business
profit
now
Co., Inc. is
two per pound added to
through E is to obtain general
information about the growth and
size of the over-the-counter mar¬
flected
There were enough significant
improvements in profit being re¬
ported — in some cases on only
to
researcher's
penny or
accordance
the
"profitless
by
of
case
by high economic activity in the
nation, generally is good and in
some
&
of
to
years:
One
est
that the business upturn was seri¬
ously
still
for
Earnings
prospect of
good
change
name
Street, Cruttenden
like International Har¬
vester, where 1961 was the poor¬
the widely-held theory
on
sign
a
in this
In cases,
were
where
be
omens
earnings.
Foreign
Earnings reports that were
coming along were, on the .whole,
sufficient
quality issue at less
Incidentally,
would
normal
panded
YYY.'Y
name.
shares
share.
favorable
more
strength became
happened in
covery
move
of early February
which failed to generate any sub¬
sequent reaction worthy of the
also
the
after
progress, particularly if the
dend payout is stepped up
the
expand
general.
the re¬
was
when
a.
a
price
seem
as
a
the
sel¬
4-for-l basis which
a
caution but the
well
Were
significant as any other
tendency of volume to
This
$10
peak
indicators
three
market
the present shares sold for $10 in
1958
before tripling to
post an
all-time peak.
In most cases a
general.
Technical
which
stock
a
increased
split on
provide
will
market
ous
as
$1.30
be
are
for
recovery
business generally.
to
favor¬
omens were
Cruttenden, Jr., President
announced
company's
profit showing in the next two to
augur
line
the following year,
in 1960 a!nd $2.06 in 1961.
In all those years the dividend
payout came to 70 cents which,
being so well covered, is expected
February and inevita¬
bly, when the worst of the winter
as
/
.
stockyards,
features
1958,
$1.89
higher in
buying.
tag.
wonder-worker, has had no profit
troubles,
recession
or
no.
Its
earnings came to 95 cents in fiscal
unchanged
index
18-
W.
^Cruttenden, Inc., has
the-five
United
dom
pro¬
pretty much
was
than
for
&
Cruttenden & Co., Inc. effective March 15.
Located at 618 S. Spring
price-earnings
"reasonable"
shown
was
held
during January
be
upturn.
business
better
well
ANGELES, Calif.—Walter
Wheeler
older
potential for additional rev¬
ratio
that enues, although admittedly such a
leading prime figure is highly theoretical and
cigaret producers,. Universal Leaf certainly " not
indicated <: as ' an
is available at only 13-times the actuality
anytime soon.
But
it
results shown by the parent com¬ does indicate, that
important steps
pany
and
its
affiliates
which can be taken in this direction to
would
give its market price a improve the fortunes of this oldtimes'
'And
that
against' the
As
news
were
pull, Universal
share results have in¬
per
its
in
17
New Name Is Cruttenden & Co.
LOS
line,
any
sharp changes in
immediately,
but
do
promises
The stock market
(1389)
versifying in the frozen food fieldin the relatively new freeze-dry
area which could develop into an
important process.
Neither this,
AND YOU
...
WALLACE
BY
The Commercial and Financial Chronicle
.
,
Joel, Zuch & Co.
Bernard L. Madoff
Commercial and Financial Chronicle
The
18
THE SECURITY I
Continued from page
count for about
2
37% of the com¬
pany's sales, are produced
both
for use
Swingline machines and
manufactured
by
others.
on
those
Since
.
.
Thursday, March 22, 1962
.
(1390)
for staples is
the
number of
demand
the
determined
by
stapling machines in use, it can
logically be expected that the
„Tap
nf
mire fl7dthfn
rapid than
more
This change
ctanlp<?
should
be
that of machines •
in product mix should
1,050,000 shares of stock, 545,161
designated as class UA" shares
which are listed on the New York
LIKE BEST...
ship of the Swingline manage¬ Stock Exchange and owned by
ment,
headed
by
its dynamic the public, and 504,839 class "B"
Chairman
and ; President
Jack 'owned by management and con¬
Linsky, was the acquisition of a vertible into the "A" share for
controlling
interest
Wilson
in
is a major procommercial stationery
office record keeping mate-
The latter
Jones.
and
Branches
New
•
Officers,
etc.
Revised• Capitalizations
•
The directors of the First National
National
the
recent Jan. 16.
Since ^uuius ?
in summation, pwiugiiue is the
omte acquiring ;
m summation, Swingline ia
The
City Bank, New York, announced
having
rials, with ari unimpressive
operating record.
operating reuuiu.
New
•
dividend, basis, the
payment of 25 cents
been made on
recent
share
a
Consolidations
class '"A" stock; is on
annual
$1
a
most
of
ducer
The
share.
Greenwood,
a
-
ppo i ntm e n t
of Amory
r *r Jr. as a member of the
control in November, 1959, Swing-/security I like best not on^ be- £oughton
line's management has attempted cause of its established record of^rusi Ad1
of/Trust Advisory Board.,/;
capital stock of The
common
Bank
of
Greenwood,
Ind^, was increased
$100,000 to $200,000 by the
from
sale of hew stock effective Mar. 6.
Vf.
*.•
-;
—V- i
f
;/*/"*,'.
V /X'/■/v
further widen the company's al¬
stituting cost reduction measures, panied by widening profit mar-^Ernest W. Redeke, Comptroller of Kenneth V. Zwiener/President,
ready ' excellent
profit margins
eliminating
low-marginal busi¬ gins, ; but also because there/is the First National City Bank of 1 Harris 'Trust and Savings Bank!
(last year Swingline's operating
evidence supporting the .New York, died March 19 at the Chicago, 111. announced that the
ness, and expanding product lines ample
profit margin was 27%) in past into more profitable areas. A sig¬
age of 55.
Bank's
board
of
directors
on
to
revitalize this company by in¬
above-average
g r ow
bccom-;
t h
*
-
'-
due
to
the
fact
that
staples
produced completely on
are
tained
/recovery/ ap¬
automatic pears in prospect for Wilson Jones
?
this year.
Swingline is currently
machinery.
Now that strong consumer
earnings
nificant
ac-
might accrue from a-consolidation
of the two companies and if its
is expanding its sales base
findings' are' favorable,' a merger
through the development of allied
will ..be- consummated.
products which have application
In reflection of this wellin Swingline's markets. A pencil
planned aggressive growth pro¬
sharpener, about which manage¬
gram,
Swingline has more than
after taxes on
its
equity last year. Additional evi¬
of the aggressive leader-
dence
Capitalization
consists
bined X
Bank's international
Wood, Walker Branch
Conn.
HAVEN,
NEW
opened
Walker & Co. has
office
the
at
Ruocco and Harry
Justin
P.
E. Ruocco. Both
...
.
formerly, co-managers of the
Haven
office
of "John
of Lewis & Co.
./•//-
1955."
/
j
,
,
/
-
.
increased its common capital Stock
from . $800,000 to $1,000,000 and
from $1,000,000 to $1,200,000 by
the sale of new stock. ./
*
H.
/of The
Bank
Savings
Dime
.
b
of
e e n
First
St. Louis, Mo.,
National Bank in
/Brooklyn, N. Y. on March 16 ob-
has
Vice-President
elected
of
Spivy
W.;
Gustay TV Andren, Vice-President William
.
Mr.
servej the 30th Anniversary of his
Spivy, who joined First Na¬
tional Bank in 1953, will be as¬
employment by the Bank.
Mr. Andren's banking and mort-r signed
to the bank's operating
He was named Assist¬
gage career covers 42 years. He division.
joined The Dime of Brooklyn as ant Cashier in 1956 and Assistant
real estate appraiser on March Vice-President in 1958././" /;;
•
1932." - X
./."/-;//■;./■'■
Four
later,
years
he
ap-. Daniel
was
L.
pointed Chief Appraiser. On June. Gentry
mrnmm
|6, 1939 he
ant
v.v.-.sy.v.w.y.*,' /,
••X<vWX«W..v.v
Brenner
and
O.
Reed
elected directors 6f
were
designated Assist- the Mercantile Bank & Trust Co.,
and June KariSas City, Mo. /•*'<.-->/
X
:
promoted to Chief
;'\y\ivy;v= .-/v
was
Mortgage
21, 1946,:
§iitgis
to
;/J-,-.-.
College Plaza* under
37
management/ of
were
been with the Bank since
He has
branch
a
division, had
been;an Assistant Vice-President,
Wood,
—
surplus
t/ appointment of Richard W.. Hast- By', a stock dividend V effective
Zings as."a. Vice-President.- Mr. .March 6 The First National Bank
•/Hastings /is associated with/the cf Des Plaines, Des Plaines, 111.
Co.;//::///:/://.//
H. Lewis &
capital, '• and
$60,000,000. .//,
March 16 announced the ;>y
on
formerly local manager for John
long-term debt at the fiscal year New
end.
$5,000,000 /from- 'undivided
profits to surplus. 1 The" transfer
raises the Harris Bank surplus
account to $32,700,000, and with
$27,300,000 in capital brings com¬
.
very
of 19%
of
.
York
14 authorized the transfer
March
.
enthusiastic, was doubled its sales and recorded a
recently added to the company's three-fold profits increase during
growing product line.
the last five years. For the current
Although an appraisal of man¬ fiscal
year, sales are expected to
agement must be largely subjec¬ increase 10% to $13.6 -million and
tive, one test of a well-run enter¬ profits should rise similarly to an
prise is its ability to earn on estimated $2.20 a share. The com¬
invested capital.
In this respect,
pany's financial position is strong,
Swingline qualifies impressively, as exemplified by a healthy 2.6:1
having achieved the high rate of current ratio and only $33,771 in
return
in
career
Vice-Fresident in 1955 and Comp¬
Wood, Walker & Co. has opened a troller in 1958.
-'/./
'
'
branch office in the Broadmoor
*
*
*
>■
Hotel under the management of ;■/; X//:y
-Ben B. Griffith. Mr. Griffith.wasSThe ^ving Trust Company, New
pany
is
his
/banking in 1921. when he started
as a messenger for the First
Na/tional City Bank.. He was made a
meht has been achieved, the com -
ment
Mr. Redeke began
in the future:
was
Officer,
.
/ Mortgage Officer.,
National
Traders
Ten *. months later
(April X 18,
City, Kansas
^1947)' Mr/Andren was named an * its common
H Assistant. Vice-President
in
the*
'X.
X mortgagedepartment,;
on*
Vice-'
and
•
Bank
of
Kansas
City, Mo. increased
stock /from
capital
$1,500,000 to $1,575,000 by
dividend
and
from
a stock
.$1,575,000 to
1952,- was made a
$1,850,000 by sale of new stock ef¬
which post he has held;
fective Mar.; 6 ". X /;:■■/X./
> Nov:.21,
-
The X Union
/Richard
W.f- Baker, Jr.: has/been
elected
Director of the Brooklyn
a
■■
'
i
-
■
X
<t
'
'■» -'41
0--* -
X
\
.
--
-
..
^
Whiteif;Bank>;
I:i;un.s, ;N:'Y. promoted Gerard'T.leer-ih-chargev of * the •
-Meehari, 'officer-
-.STEEL eoi
asai
Vice-President;
title
the
-
Afleghe
of
Bank
•
capital stock of $100,000 was con¬
verted, into a State bank under :
Savings Bank, Brooklyn, N. Y../
The County Trust Company,
National
Providence* Providence, Ky., with
VhX'p:P5d7mntVille'--:°,fk'e'-'t0
as
Providence
The
State
Ky„ effective
0f y,e close of business Feb. 28.
-••: •;
Providenee.
/
•
*lV
/
^
v.
^
.
.._r^
of Governors of the
-Syste^^qn;MarcK-
The
4-XV:: FOdei^d; Reserve^
/
X
V;
r'Jk
5" approved, the application of the
Commerce Union Bank, Nashville,/
,^
an?
P
^Tlartfcrd, Conn has m- Tenn., to merge with Broadway
i common
capital yStockv National Bank of Nashville, Nash-:
T^
viRe, Tenn., under the charter and
;tp $13,6O0,QpO by sale of new stock, title of Commerce Union Bank.
i.l.'I;;., *X,'.>.%• X.:;•/ />•
X ** iy,*:X /.XX
^indber; Trust; Company,;
common capital stock of the;
.
ber, Pa., received permission. Houston National
JMarch
pernors
Financial Highlights
■
.
•.
.
..
;
1960
1961
v
■;
X
Net
$240,677,104
....
///;;< $3.oo
'Bank, Central City, Pa.,r
8,750,209
-.,$2.25
.'.
Earnings.
-•
;'s
Earnings
per
Share of Common Stock. ./....
lir- Windber Bank & Trust Company.
,
REPORT
Dividends per
Common Share
X
v,
$2.00
X;7y,$2.00 *$':
A
i
/ 76,854,133
♦At special
sale
to
110,486,906
17,064,000
Eastori
National
„
,
w
IN
./.
BRIEF
Stock Outstanding at
3,883,470
3,890,775 '
Number of Shareowners at December 31
X £ Write for your free copy of the 1961
Annual Report to
.
4
-■
.
Ludlum
STEEL
A
.
.
CORPORATION
Bank
of
Mary-;By; the/gaieXof X new/stock/The
'
major producer of stainless steels, electrical and magnetic
ature-resistant
steels, high-temper¬
carbide materials.
metals, tool and die steels, valve steels and Carmet
Bank/ of / Port
National
Easton National Bank had
of
on
the
date
same
were
$579,023,179/including deposits of
$528,425,692. -.. " •'
; /
converted into
the
title
The
National
Bank
a
State bank under
State
Normangee
Normangee, Texas,
the close
PITTSBURGH 22, PA.
upon
Maeftn
total;
Z •
*National
Bank
of
$20,075,595, including The ' First
Normangee,
Texas,
deposits of $18,728,920 on Dec. 31. Normangee,
Maryland
National's
total
re¬ with capital stock of $50,000 was
,X
sources
<
OLIVER BUILDING
/;
Bank, Baltimore, Md. Arthur,. Port Arthur/ Texas, iriwas approved, subject- to
the ap-: crease(i its common capital stock
proval of the Comptroller of the from $900,000 to $1,100,000 effecCurrency, Washington, D. C.
•
4 tive March 7. .X/'
y
: .
resources
.
Allegheny
;
National
"
19,833
19,500
/
•
the First National^ Bank of Fort
me'etingsr. worth - Texas
•'XVX
"
b
?'
December 31 (Common Shares)
of
merger/of-'
land, rEaston, Md., into Maryland: Fjrst
-
Capital Expenditures
the
by
Director, and Jack W. Ferrill has
been elected a VicerPresident Of
r
Shareowners' Investment (Net Worth)
$2,500,000
....
..,
stockholders
;hbid;/March/19,/the
'69,747,688
114,608,531
,6,479,000
Working Capital at December 31
$2,314,-,
62o
Systeni to assume liability to pay, new stock effective. March 7. y
Xllili^.f deposits, made ,m Central; City ;;;
.
•; %jjTT{■«^ -•
$240,266,997 X'I, lill t! National
11,690,393
Bank, Houston,
Texas was increased from
/
'
Sales and Revenues.
of/
Board
frorm the
8
of the Federal Reserve
effective
Bank,
as
of business March 3,
of
>
of Bethesda-:
Chevy "Chase Bethesda, Md. has- The,
First
National
Bank
of
changed its title to the State Na¬ Artesia, Artesia, New Mexico, in¬
tional Bank of Bethesda.
(
; creased its common capital stock
.
4»
:
*ff f ff f im.lilWir-11111
zSsm
iiWM
■
='
-
' r
Bank, Cleveland,
elected David R. Forrest, a
Union Cohimerce
He
succeeds; Walter
Sterling, who resigned.
$400,000 by a stock dividend. /
*
*
(
*
A.
The
common
capital stock of the
.
Ntimber 6144..;. The
Volume 195
First National Bank & Trust Com¬
was
$1,000,000* by
-
stock
a
effective March 2,
*
Daniel
'
-
.
Cheli
J.
.
*
Curran
Bluemle
facturers
the motion
dustrial
been
has
Board
of the
man'
Calif. — Reed
Bluemle,r ahd
Donald Schlaifer h a v e j o i n ed
Albert F. Bingham,
Walter & Hurry, 629
ANGELES,
Bingham, Wayne
-
and
Mr.
dividend LOS
,
*
(1391)
management end. of
picture business. -
With Bingham,
Walter & Hurry
of ^Helena; Helena,. Mont.
increased from $850,000 to
pany
Commercial and Financial Chronicle
Chair¬
the
South¬
of
been
and
Commerce
and is
a
LOS
with
Co.,
He
was
RICHMOND, Va. — Cullen Carrington Walker has
been
ap¬
pointed Manager of the Richmond
office of Francis I.
—
Mr.
with
Edward
Walker
duPont &
became
Francis J.
duPont
1957 upon
Fenner &
.
a
i.
\
of
Wash.,
capital stock
$200,000 to $400,000. ' '
'
Enumclaw, Enumclaw,
increased its
:
from
common
;
Names. Directors
INVESTMENT COMPANY
AMERICAN
First Boston Corp.
OF ILLINOIS
:;
Everett G. Judson and George R.
Spear
have
Board
of
Boston
elected
been
Directors
of
the
to
First
The
it has been
Corporation,
■}
Everett G. Judson
announced
i
-
George R. Spear
by George D.
Woods,
•; V: :;V;yV:;.'V
Judson, who is a Vice Presi¬
dent in the underwriting depart¬
ment in First ^Boston's Ne w York
office, joined .the corporation in
August, 1961. He began his career
in 1938, after attending Columbia
College, at which time he joined
Chairman.
■
Mr.
,
New York
Life Insurance
Co.
\'u
;i$y
A copy
made
was
1957.
a
,
Vice
in
1926
; -
•.
President
,
in
1961
ft*
Earnings
per
*
principally through two acquisitions—
the Royal Loan group and the M. A. C,
Corp. offices. In addition, we acquired
$413,301,511
$286,124,929
580
696
Number of Common Shares..
Names T. A. Scott
.7,130,576
•
Number of Offices.
*
$
$304,825,616
■ -*
~
Receivables Outstanding
Among several notable gains during
1961 was the addition of 116 offices,
$ 59,443,929
.
; ;
$443,464,034
..Volume of Business.
>
Share...........
4,800,360
4,908,961.
V,"5
'
$1.30
Charter National Life Insurance; Com¬
which gave us a good start to¬
logical diversification.
Our company recently signed con¬
-
pany,
ward
$1.37
.
-
Dividends per
Share...
1
$1.00
.
......*
•
$1.00
.
tracts which will
J. R. Williston &
Beane, 2 Broad¬
way, New York; City, members
of the New York Stock Exchange,
tion of New York and
receivables outstanding
net income:
In
addition, Mr. Scott will be in
charge of branch office liaison.
millions
:
-
lifelong resident of
Philadelphia, has been in the in¬
vestment
MILLIONS
$
r
;
sent additional
i
for
than
more
i
300
8
111
ment in
Philadelphia) and George
Bailey & Co., distributor of
Sovereign Investors, Inc. (where
A.
he
was
manager
tions).
of
/
dealer
rela¬
y:
We feel confident that
BOSTON,
Mass. — Jennings,
Mandel & Longstreth has opened
second
Boylston
branch in
Street
1956
1951
1959
1960
1951
1961
1956
1959
1960
1961
Boston at 62
under
the
our
substantial
growth in offices and further diversifi¬
cation during 1961 will have a favorable1
effect on our earnings during the coming
Jennings, Mandel Branch
a
diversification and will
place American Investment Company
solidly in the business of commercial
financing.
Net earnings in 1961 of $7,207,996
were exceeded only slightly by the
record year of 1957': New operating
peaks were achieved with gross earnings
of $67,777,165, loan volume of
$443,464,034, and loans outstanding of
$304,825,616.
*
<
v . >
25 years. He has been with Buck¬
ley Brothers, Lewis C. Dick Co.,
Bache & Co. (where he was man¬
ager of the- mutual fund depart¬
Corp. of
Chicago. These two acquisitions repre¬
a
business
Manufacturers
and Commercial Factors
ment.
Scott,
culminate in the
acquisition of two commercial finance
companies,, Sterling Factors Corpora¬
has named Thomas A. Scott direc¬
tor of sales training and develop¬
Mr.
Maryland Ave., St. Louis 5, Missouri.
1960
ycy
7,207,996,
$
V;
v-
$ 67,777,165
Gross Earnings...............
*;/
Williston, Beane
annual
American Investment Company,
From the Annual Report to Stockholders
and
:
our
report is available upon request.
Write to: Public Relations Dept.
8251
.
and, from 1958 to 1961, served as
head of the company's securities
investment operations.
y
Mr. Spear, who is manager of
the corporation's Boston; office,
Boston
'
HIGHLIGHTS
-
First
•'
as
railroad security analyst. He was
elected a Vice President in 1955
joined
of
'
1f
year.
man¬
agement of Russell Novell©.
Gross Co.
Gross
to
Admit
AMERICAN
"
&
of the New York Stock
on
March
9
admitted
Charles. R.
,
Markus & Stone to Admit
became
Robert J.>Hausman
limited partner in
Mar¬
kus & Stone, 120* Broadway, New
York City, members of the New
a
York Stock Exchange.
ILLINOIS
^
8251
/L
;.,
Maryland Avenue, St. Louis 5, Missouri
'
!
.
.
.
...
Exchange,
Jordon to partnership.
On March 15,
INVESTMENT COMPANY
OF
■
Company, 5 Hanover
Square, New York City, members
/.
v/
Making loans to millions of American'families'through our principal subsidiaries
J
'
DOMESTIC
FINANCE
FINANCE CORPORATIpN
PUBLIC
LOAN CORPORATION
CORPORATION ANO GENERAL: PUBLIC
LOAN CORPORATION
PUBLIC
*
CHARTER NATIONAL LIFE INSURANCE
COMPANY
do,
associated
&
Co.
in
leaving Wyatt-Cornick,
Inc., where he was Field Sales
Manager, and following executive
positions with Proctor &. Gamble
Co. and Phillip Morris, Inc.
Shearson,
3324 Wilshire
formerly with
Merrill Lynch, Pierce,
Smith Incorporated.
Mr. Schlaifer has been a manu¬
in the. financial
been
duPont Branch Mgr.
stock
dividend
effective'
March 7 The: First National Bank
By
>
has
Smith
Boulevard.
,
years,
now
Hammill. &
.
■'
ANGELES,* Calif.
is
G.
.
$
in¬
western
(Special to The Financial Chronicle)
elected
#
for
•
Joiijs Shearson, Hammill
Colonel in the
Henry
#
11
states, for the past 11 years.
YMCA, a director of the
Huntington Park Chamber of
,,
f
in
eastern
Vice- South Spring Street, member of" United States Army Reserve. He
J. Ahlf the Pacific Coast Stock
Exchange, v was formerly associated with his
: Vice-President and Trust
Officer,
father in a pioneer hardware store
«of the Hibernia Bank, San Fran- as registered representatives.
Mr. Bingham, for the past eight in Huntington Park.
;
; cisco». Calif.
v ",
I; f- ~ ,i
have
Presidents
representative,
products
19
'
20
The Commercial and. Financial Chronicle.
(1392)
-
the
.
The
Importance
movement
bonds
into
by
is - with
funds which in the past had been
put; to work in common stocks
investors, in
CHIPPENDALE, JR.
many
President (if he
cases
can
the
still be called new) has done,
Business Trend Assumes Added
GOVERNMENTS
BY JOHN T.
Thursday, March:"22, 1962
ties that are just a bit longer in
maturity than are,, the longest
Treasury bills. -I; .3" v-,V*•;>■/
* ;/
Our Reporter on
.
...
not
and is
to
new
doing and plans to do.
Some of his promised conduct
is, however, not of
sort to
a
be
plight-of us all, for we are
likely to find an easy way
replace the railroads in our
economy. / These • enterprises
can continue to
operate only
easily passed by, even if if they can collect enough
a
very large element revenue to meet, essential
the; inflationary
No Where Else But in Bonds
The investment demand for all
forces which were very strong at o f
political propaganda i n operating expenses and other
fixed income bearing obligations
The sizable purchases
of tax- that time. It now is evident that what is said.
Moreover, Con¬ costs. It does us no good to
continues to be very sizable, with
exempt bonds in the 15 to 25 year the inflation .psychology is not
gress is asked to do a number say, as is true, that the
government bonds still the most maturity range, along with larger
gen- i
only very much in the background
attractive of all of these securities commitments in the not too dis¬
of things -- or at least is eral trend of the
times and
but
there
are
strong
opinions
because
of
the
very
favorable tant intermediate term maturities
around that it will not be coming vaguely requested to take ac¬ the
course
of our economic
since
position they have in the picture.
spread is small between
Treasury bonds and other tax¬
able issues so that one must look
The yield
with greater favor on the govern¬
ments under such conditions. In
the supply of Treasury
highest
quality
of
all—will not be increased
addition,
obligations by the
of government
mand
expected de¬
had not yet ma¬
the funds which
loans
for
terialized.
And
had been earmarked for just
such
not
(for loans) have been
put to work in investments. '
them
There is no question but what
under existing debt management the deposit institutions would pre¬
fer to have their funds in loans,
policies.
Despite the very satisfactory ac¬ since the return is better. How¬
tion of the bond market, there is
ever, the surplus monies cannot
a
growing amount of opinion in be kept idle too long and, as a
purposes
the
that
district
financial
bond
funds
which
have
used
been
a
of
middle
term
to
those
government
than
the
bal¬
budget
for
the
fiscal
will
year
be
a
for
call
monetary
which will be very dif¬
measures
the
which
those
from
ferent
to
will be done
situation?
what
such
this
Will
that be have been fol¬
lowing? Will the international as¬
pect of the money market become
of greater importance because of
the need to protect the dollar and
our gold holdings?
Will there be
need for higher near-term rates
powers
given another lease on life to not
also
which
securi-
has been the
than
case
rASANDlICfiO
pA';U;ctk'g
a,
^Ori 14he;
which
is
economy,
many
•
paid in 1961
on
the four
preferred stock outstanding, the
the balance available for
was
common
equivalent
$1.62 per share, based on the 4,500,000 shares
outstanding during the
year.
for
number of shares outstanding,
1960,
on
the
same
amounted to $1.91 per
Common stock earnings
share.
"Cash dividends in the amount of 30 cents per
were
paid in each of the four quarters of 1961, total¬
ing $1.20
dividends
economists are now pre¬
Would
this
not
bring
some
modification
the
in
it seems as though
and capital market
will be very definitely influenced
by the way in which the ,ec<?nomy
moves in the
coming months.
The continued heavy • demand
for
money
tax-free obligations from
not
■■r only
commercial banks but- also
from individuals is bringing into
this market offerings from pen¬
funds
other
a
as
well
funds
from
as
who
investors
need for tax
the
share for the
per
a
Therefore,
the
•
sion
share
do
those
not have
protection. Most of
which
have
been
realized from the sale of the tax-
paid in 1960 totaled
exempt obligations have been re¬
governments and
higher yielding corporate bonds.
invested in short
L. A.
"HIGHLIGHTS—1961"
Operating
revenues
Operating
revenue
Net income
Earnings
stock
per
on
,
$ 87 400 507
$ 73 807 670
$
$
8 623 307
$
$
.
.
deductions
.
.
.
.
share of
.
.
*
.
.
total shares
outstanding
Gross
plant at year-end
1.62
$
1.91
.
$ 25 817 865
$
32 991 132
#
capital expenditures
Total investment in
$336 754 962
$313 178 120
utility
.
«
.
Number of customers
at
9 943
common
-
year-end
Electric Department.
Gas
Department
«
342 446
329 113
...
278 692
266 878
2 899
2 964
Number of regular employees
at
year-end
......
a
copy
& Electric
of
our
Annual Report write: Secretary—San Diego Gas '
Company, P.O. Box 1831, San tiiego lF,
'tafifornia
President also de¬
by any means
recently. The
President will in all prob¬
ability have no easy time
summoning support in Con¬
gress for what he is now ask¬
ing it to do—and may well
find it up-hill work to get
very far with the reforms, socalled, he himself is insti¬
lems of the
tuting.
vestor
more
consumer
by pro¬
viding him with information.
All
most of the troubles of
or
the investor
by
to be solved
were
providing
him
with
in¬
formation about the securities
being offered him or in which
Nothing of the sort
he traded.
proved to be the case. Cer¬
tainly, the professional in¬
is
now
able to choose
of
the
not
of
seldom
Deal and Fair Deal
spectus
fact
that
fer from the
much
so
programs
same
suf¬
infirmities,
if
ever
or a
of
statement
probably
read
a
pro¬
detailed financial
kind and
often could
any
quite
it
of
is
rank
and
foremost, while the President
incorrectly says that all of us
are1 consumers,
he failed to
that
add
all
of
us,
or
us, are also pro¬
ducers. We are sellers as well
What
or
at
in
one
A
very
nearly all of
buyers.
sumer
one
way or another
time or another.
Complex Matter
It is true that the
is
rarely in
a
termine what it costs him to
do to
buyers buy goods on credit—unless
he happens to be a specialist
may very well seriously in¬
in such matters and even then
jure our interests as sellers.
he may well have difficulty.
Indeed such is more or less
regularly the case, or has Anyone familiar with the
as
serve
our
interests
we
as
been in the
past, and the in¬
jury has more often than not
been greater than the benefit.
foolish
laws
states—if
of
virtually all
in
not
all states—
controlling and regulating the
extension
of
the
consumers
will
wage earners working
for the railroads—we are in
not? Now it is
The sad fact is that
Mathey Admits
consumer
position to de¬
some
of
small
loans
to
readily under¬
things that President
Thomas G. Kane has become a
stand the difficulties in the
partner in L. A. Mathey & Co., 120 Kennedy has in mind are all
way of determining what a
Broadway, New York City, mem¬ but certain in the end to hurt
loan of this type costs a bor¬
bers of the American Stock Ex¬ rather than
help these con¬
rower. Similar
change.
problems face
sumers about whose welfare
anyone who would try to as¬
he is so much concerned.
Form Balanced Programs
sess with
any great degree of
JACKSON HEIGHTS, N. Y. —
The Railroads as an Example accuracy the cost to the con¬
Balanced Programs, Ltd. has been
We have a tragic instance sumer of some of the compli¬
formed with offices at 37-60 82nd
of such an outcome before us cated types of retail credit
St., to engage in a securities busi¬
that have grown up in recent
ness.
Officers are Charles Sper- at this moment in the case of
And what does the
the American railroads. Who years.
razza,
President; Ralph Milillo,
credit involve in the ordinary
Vice-President; and Sal N. Fa- can doubt for a moment that
in our endeavor to "protect" charge account cost the con¬
randa, Secretary-Treasurer.
sumer—if he pays precisely
the consumer of railroad
the same price whether he has
Richard Admits
v
transportation — to say noth¬
C, B. Richard & Co., members of ing of the interests of the con¬ such an account'and uses it or
the
For
But the
ceives himself if he
supposes
that he can solve these
prob¬
—
■
$7,272,307, which
already heavy
load of the carriers.
-
payments totaling $1,351,000 for the year. After
to
in
now
been
not
burdens to the
importance that the not make head or tail of it
file begin now to if they did. Meanwhile, the
policies of the monetary authori¬ grapple
with some of the cost of assembling and dis¬
ties? Boom conditions cannot be
problems involved in all this seminating the vast mass of
allowed to generate into a bust,
data now required of corpora¬
and one. of the ;ways in which and discover for themselves
booms have been brought' to an some of the serious defects of tions has addecj quite appre¬
end in the past has been .through, remedies that have in the
past ciably to the cost of doing
the
restricting of credit, along been
which, of course,
adopted and are now be¬ business
with the attendantly higher rates
of 'interests
ing again suggested. First and has to be paid by the con¬
dicting,
"EARNINGS AND DIVIDENDS"
stock amounted to
the
legislation and
as
SAN DIEGO GAS & ELECTRIC COMPANY
these payments,
vendor
caveat
and
the New
about
were
did son
why we. should be par¬
talking about ticularly careful not to add
phase, should come out of it and
then go into a very strong upsurge
WSmMSi&iM
series of cumulative
Roosevelt
was
modest slow down in the recovery
1961 ANNUAL REPORT
''Quarterly dividends
he
only be¬ more intelligently the partic¬
cause the President is
trying ular securities he thinks fit
to launch such a campaign at his own case, but the fact re¬
this time, but also by reason mains that the rank and file
Suppose the Economy Moves
Sharply Higher?
company
of
Franklin
when
Nonetheless,
far?
so
ANNUAL'kkcort
Excerpts from the
could
duplicated
remedy
only the tax sheltered issues but
loans.
tion here and there—of
^
,
has
growth,
has
empt bonds will be used to make
-
ing down in the rate of economic
governments. These purchases
mainly for purchases of tax ex¬
-•,
sizable deficit because of a slow¬
maturities
obligations
there is
and the like,
type of events
If there should not be a small
through which so many peo¬
balance in the Federal budget for
ple had but recently passed
the coming fiscal period which
in those early New Deal days
begins next July 1, but instead a
by the commercial banks of the
aforementioned
considerable
a
pretty much that of a prediction
which is not going to come true.
sharp decline in yields) and
selected
as
future,
the
of
1962/1963
result, it has been invested mainly
in tax-exempt bonds (which have
had
distant
too
ancing
bonds—the
prices are near, if not already at
the lop of the move. It is believed
that the business pattern will con¬
tinue to improve and with this
will come an enlarging demand
for loans. This will mean that
done
was
<
a sort
development have left the
hardly be help¬ railroads in a difficult posi¬
However, it seems to be rather
ful. President Kennedy is ask- - tion. If that is
definite that unless the economy
true, there was
and there is all the more rea¬
goes ahead at boom levels in the ing for much broader action
the
that
mean
this
of
to
to life again for
period of time. —
commercial banks, had been taken
to
much
offset
an
New
have
York
announced
Stock
that
Exchange,
Wisner
Townsend has been admitted
H.
as
a
general partner and that he will
sumer
very considerable degree our¬
selves responsible for the
among
consumer
little
be resident manager of the Provi¬
evident financial
has
dence, R. I. office, 57 Eddy St.
rail
credit
carriers.
plight of the
That plight is
practical
in
commonplace
mep
most
interest
costs
him.
that the
instances
in
what
What
he
Volume
wants
195
6144
Number
know is how much
to
the
monthly payment is, if he
can
swing it and if the goods
he buys are worth the burden
that he is assuming.
.
Similar
problems at least
as
difficult would be faced in the
implementation of the Presi¬
dent's "truth in advertising"
far
The
Commercial and Financial Chronicle
New System
McDonnell
Register
(1393)
the
Company,
built around
an
system,
NCR 315 computer
electronically confirm trans¬
actions made verbally on the floor
of the stock exchange, record the
.
&
Company, Inc., 120
Broadway, New York City, mem¬
bers of
the New York
Ex¬
Stock
change and other principal ex¬
changes, has announced it will
install a new type of electronic
drug distribution are sim¬
ply naive. But we need not
labor the point. "Protecting
a
.
will
in
is
.
McDonnell Installs
ideas. His ideas about reform
the consumer"
.
system
designed
to
by
shares
purchased
or
each client and compute
the dollar value.
In
little
ac¬
more
day by 2,500 clients. In under four
sale of securities.
;
hours,
daily
.
Developed by The National Cash
a
over
will
it
internal
coming virtually impossible under
office
present-day
systems.
pany's general ledger.
The
an
handle
all
other
record-keeping
the company—a task
of
which is be¬
manual
NCR
315
computer
exchanges
and
It
auto¬
for
will
the
for
the
also
stock
their
maturity date and will
pare
reports
the
on
Additionally,
pre¬
activities
of
the
will
system
the firm's payroll and
each
in
eventually will be
firm's
research
Form Estate
PHOENIX, Ariz.
Planning
Estate
—
a
department and
branch
1230
East
cers
Camelback
are
Joseph
Road.
K.
done, the
of
most
Secretary.
more
must
consumer
the
"protecting"
himself.
A. S. E. Names
S.
S.
Whitney Landon
Whitney Landen,
lawyer and
a
retired Vice President and Secre¬
of American Telephone and
Telegraph Co., has been appointed
a
public gov¬
tary
the
of
ernor
American
Stock
E
x-
change by Ed¬
win P
o s n e
r,
Exchange
President
and
Chairman. The
announcement
followed
ap¬
proval by the
E
x
c
h
n
a
g
Board of Gov¬
S.
W.
regular meet¬
ing.
Landon
Mr.
received
.Princeton
j also
School.
New
LL.B.
from
Beta
Landon
degree
from
University in 1917 and
holds
grees
to
B.S.
a
its
at
ernors
He
is
LL.M.
and
New
Jersey
member
a
Kappa. He
de¬
Law
Phi-
of
professor of
was
Jersey Law School from 1925
1935.
His
A-A'VAA
business
career began with
Sprinkler Co.,
Worcester^ Mass. and he later en¬
gaged in legal practice with the
•
Rockwood
.
law
firms of Slayton & Jackson;
Hulbert, Heermance & Landon;
and Swiger,
Scandrett, Chambers
&
Landon.
Western
1926
He
by
employed
was
Electric
.,
from
1923
to
and joined
the legal depart¬
ment of American Telephone and
Telegraph in 1934. He
>
attor-
was
ney in charge of the legal depart¬
ment of the Long Lines Depart¬
ment
from
1937
named
was
dent
and
then
to
Assistant
became
1960
dent and
In
Vice
Mr.
in
by .Frances
Secretary of Labor,
Departments
of
a
was
E.
as
ap¬
Perkins,
member of
survey
of the
Immigration
Naturalization. He is
a
and
member of
the American Arbitration Associa¬
tion
of
from
which
1929 to
he
was
Director
a
1937.
Our Annual Report for 1961
North
in
engage
Officers
President
Salle
Street,
securities
Richard
and
A.
to:
set in 1952—the establishment of W. R. Grace & Co. as
Adams,
George
President; and
Treasurer;
The record chemical sales and earnings of the year are
offices
at
our
Per Share
1960
$534,698,977
Net Income After Taxes
$552,870,918
$ 18,830,028
$ 16,220,381
$
3.68
$
$
928,664
$
928,664
$
of Common Stock
7,779,423
$
7,579,657
1.60
$
1.57
3.16
Cash Dividends Paid:
Preferred
Stock
Common Stock
Per Share
chemical business with increased
928 : East
look for further
growth, particularly in packaging
ma¬
20th
Webster Securities
terials and plastics,
trial
and
agricultural chemicals, and indus¬
specialty products, is
good. Manufacturing
Stock
Net
Dividend
—
at rate
of
$
sales
offices
in
hemispheres
both
Common
'
2%
2%
$136,092,544
on
Working Capital
$133,052,482
Current Ratio
2.3 to 1
Equity
supply
per
2.3 to 1
$297,104,449
Net Fixed Assets
Stockholders'
and
Paid
$275,331,819
Common Share $
Outstanding
50.38
St.
Cor¬
poration, 90 Broad Street, N. Y. C.
* A
Our Latin American businesses
39,500
.
31,306
coun¬
-
I960 per
Employees
40,600
share figures adjusted to reflect 2% stock dividend paid in 1961.
produced increased
For your: copy
operating earnings in 1961, and Grace Line results
were
'Co.'s
■■■
profitable, showing considerable, improvement over 1960.
Our report also comments on our
48.34
4,874,816
27,814
Number of
tries of Western Europe.
$
5,050,261
Number of Common Stockholders
Stone & Webster Officer
requiring additional plant expansion. The out¬
facilities located in the Common Market and other
formerly with Mayo & Co.
&
markets for the products Grace
1961
Operating Revenues
markets outside the United States, with major chemical
Robert L. Meyers, has been elect¬
ed an Assistant Vice-President of
Stone
Sales and
Number of Common Shares
CHESTER, Pa.—Albert Merkin is
conducting a securities business
was
demand
plants
Albert Merkin Opens
from
an
business.
W.
Collias, Vice Joseph J. Powers, Secretary.
He
goal
Highlights of the Year's Operations
Year Ended December 31
—-
La
a
are
a
of
important factor in the United States chemical industry.
the boundaries of
33
years
growth in chemicals, and the accomplishment of
evidence of the growing
Growth Issues,;
Inc., has been formed with offices
at
HISTORIC HIGH
emphasizes ten
manufactures. Successful research continues to extend
Growth Issues Formed
CHICAGO, 111.
increase 16%
year
Presi¬
CHEMICAL PROFITS AND SALES REACH
Landon
the board to make
Earnings for
and
and
Secretary.
1933
pointed
Presi¬
Secretary. He
President
made
was
he
when
Vice
Secretary
Assistant to the
June
1951
Assistant
oil operations and the
continued growth of Grace National Bank.
.A
W
■ys,:-x.
E
j
•¥
W. R. Grace &
a
of W. R.
Grace &
1961 Annual Report, which in-
i§ eludes the section
&
Offi¬
Williams,
President; and Harve M. Goebel,
suppose—and, when all is said..
and
Plan¬
ning Corporation is conducting
difficult and involved process
than the President seems to ;
do
de¬
security analysis.
securities business from offices at
monthly profit, and loss statement
for
by the
process the com¬
as
system
partment
the
company's salesmen.
prepare
well
as
clearing
inform
brokerage firm when bonds reach
the
used
prepare a record of
transaction
every
bookkeeping
The
matically will
house.
hour, the
315 system will be able to handle
all paperwork on securities nor¬
mally purchased and sold in one
curate information about the pur¬
chase and
sold
of
the
provide
public with faster and
number
21
"A
Decade of
Progress
in
the
Relations Department,
Square, New York 4, N.Y.
Chemicals,"
write
to
Public
3 Hanover
Co., Executive Offices: 7 Hanover Square, New York 5, N.Y.
22
>>
talled $5,374,000 last
'
net assets amounted
$79,595,287,
the
the
and
of
stocks
finance
banks,
the
on
course,
since
mend
The
Elmer
1945.
;
'
per¬
growth here will
"a good rate" and
at
trained
Even
investment
stew¬
ards must tread cautiously in this
Huebsch, President of
Securities, Inc., of New..
F.
issues,
con¬
what
of
favor
to
return
steeper rise than
Huebsch points out.
even
haps match the results of the past
few .'years. Admittedly, they are
not on the bargain shelf, owing
to the higher price-earnings ratio,
but Huebsch argues "their future
growth potential probably justi¬
fies current prices."'
" :
consequence
a
have
tinue
com¬
fell from favor
of the whole¬
sale failures of the early 1930's,
but the utilities, which also went
through a bad time, have been
as
companies
He believes
in
panies and insurance firms.,. The
banks, of
insurance
an
bank
Funds
of
interest
scant
was
had
Great
the
between
Age
years
Crash
that
exaggeration to say
there
health
As
he
"This! field
is
still a relatively undiscovered in¬
York, calls "finance service or¬
vestment area. And while there
ganizations,"
is
due
in
large
is
good security analysis work
measure
to sophisticated invest¬
done in these groups, it is quite
ment
m anageme n t,
which
studied
situations
individually sparse."
On finance companies, he has
and
often
found
companies
in
this to say: "The growth in com¬
the group that literally were on
mercial finance companies is more
the bargain counter. For the godramatic than in the sales finance
it-alone
investor,
the
finance
and. small loan companies,
Like
service
organizations are more
banks, insurance companies, util¬
difficult
to
appraise
than
a
ities and cigarette firms, they are
maker
of
motor
cars,
a
steel
defensive-type stocks and, as such
company, or a retailer. And, as
Huebsch tells us, "it is possible they are able to weather dips in
the
business
cycle
extremely
to
find
within this investment
Fairchild
speculations,
attractive
area
divi¬
blue chips and stable, good
dend payers."
Securities
.Fairfield
area.
On
Savings
available
The
Oct.
14,
amounted
assets
its
and
risen
had
for
of
adjusting
distribution
gains
$6.38.
Since almost 60%
of the stocks
Fairfield may be clas¬
service organi¬
owned by
sified
share
per
$195.70,
to
capital
a
value
asset
net
due
finance
as
is interesting to note
appraisal of the field.
He likes them for stability, growth
zations,
it
Huebsch's
"lower
and
price-earnings
ratio
-
other
service companies."
Not that he
expects banks, as a group, to con¬
tinue last year's market strength
to industrial and
compared
in
the months ahead. After all, as
group
the banks
than
44%
between
Few
better
closing
rose
the
1960 and February, 1962.
quarrel with his con¬
will
tention
than
a
much
of
span
a
year
was
little
"not
the. short-term
to
picture
sensational
this
that
in
surge
as
it
to
was
H
is
stocks
ch
that
the
underscores
ice
organizations.
dealing with finance
serv¬
Thus, in deal¬
ing with the bank group, he favors
regional institutions
over the bigcity banks for the long pull. Re¬
gional banks, in his view, are less
subject to cyclical factors.
He
likes such areas as Arizona, Cali¬
fornia and Florida, where "a more
consumer-oriented banking busi¬
is floushing."
investor,
resources
from
The occasional
dependent on his own
of a casual suggestion
vites
more
ards
when
field.
as
keen
haz¬
into
this
often, he latches on
right stock long after a
fund
The
counselor
massive
service
nance
little to
the
normal
ventures
has
discov¬
the situation.
ered
this
he
Quite
the
to
re¬
the
than
in¬
friend,
well-meaning
a
old
organizations owes
public following. It
a
story of
was
being at¬
money
tracted
to
by money, both shrewdly
managed.
^ :U;.:.:•: /.
higher
price - earnings
ratio, he reasons. Moreover, bar¬
gains are harder to find. "They
The Funds Report
better
Record February sales of $12,569,-
juncture.
They
vulnerable
more
now
are
price-wise
due
their
still,
however,
value
than
dustry
they
other
any
group
are
represent
large
securities
of
reasonably
000
in¬
in
by
32.7%
the
like month
he contends.
factor
Stocks of
life, and accident and
ume
in
in
the
Organization,
relation to their expected growth,"
•
by
reported
were
Morton
and
priced
why fixed
reason
one
is
ment
volatile,
invest¬
swinging
more
Jan. 31 net
assets amounted to $123,413,264, or
widely through the business cycle
$8.54 per share. This compares with
assets of $91,285,274 and $7.91 a
GNP, and
of the quarter on
ends
'V,
July 31.
than
During the latest quarter it made
new
acquisition, including. Full-
V
United Aircraft, George W.
Curtiss-Wright. At the
time it eliminated American
man,
Heime and
same
Motors, Denver & Rio Grande
Western, Illinois Central, Minne-?
sota & Ontario Paper, New Eng¬
land Electric System and Northern
Pacific Railway. /
.
,
value
asset
Shares
March
at
puts
14 at
have
been
any,
plans
increase
large
a
in
capital outlays this year. But such
predictions usually. fall short in
periods of rapid economic expan¬
sion, and
;
American
Selected
net
..
whole
*
.
there
Ye.t
if
of
components
widely than &NP
more
peacetime
booms
without a high rate of fixed in¬
vestment; neither have there been
periods of high investment with¬
out prosperity.
U;
Surveys of businesmen have not
yet. indicated that business as a
few,
U' A
rv.
other
most
itself.
Fiscal year
share at Jan. 31, 1961.
observers believe
many
•
that capital expenditures this year
will be significantly larger than
'
suggested by earlier surveys.
One
$124,047,938, or $10.22 per share,
against
$113,658,443,
equal
to
$9.96 a share, a year earlier.
the
reason
for this view is that
growth in output in
duced-excess
capacity
1961
re¬
somewhat
and raised profits sharply. In these
Record
February- sales
were
circumstances,
re¬
further
the
prospect
for
gains in sales and output
the Temple ton, Damcan
induce
stepped-up
business
rolh group of mutual funds. Wil¬
investment in productive capacity.
liam G. Damroth, President, said
In
addition, the investment tax
sales of shares and plans for the
by
ported
for
funds
mutual
gain from the
ruary of 1961.
of this
months
$6,900,000 for a
the like period
credit now: under consideration in
the month
the
8%
$3,079,000 in Feb¬
For the first two
year sales totaled
17% increase from
of 1961.
Congress is designed to
vide incentive for
to the
beginning of 1962. Similar¬
ly, announcement has been made
of
revisions
in
the
number
of
vyears over which equipment may
be depreciated for tax purposes.
||^Whether
influences
Units Offered
Darius
pro¬
higher rate of
a
capital formation. It is planned to
make this tax credit retroactive
U.S.
larger
stock and warrants of U.
not these
or
have
outlays
led
will
the
SEC
various
to
plans for
be
revealed
shortly, when the latest
Inc., New York? City, has
public sale of common
the initial
by
Depart¬
survey
Commerce
and
ment is released.
S. Con¬
a
the
new
mutual
of
the
was
vol¬
funds, which to¬
'
The
18
share within
mon
lowing
the
of
price
$2.25
per
Net
that
aggregate
for
fact
this
on
corporations
in
the
building a potential
by generating a
are
investment
cash flow of internal funds larger
and warrants are
separately trans¬
immediately.
'
ferable
is
score
months fol¬
offering, at a
share. Shares
initial
outstanding
than
their
capital
proceeds from the financing
used for expanding sales
This
outlays.
annual flow consists of
about $25
billion of depreciation
allowances,
growing by more than
representation; research and de¬ $1 billion
per year. Besides this
velopment; advertising and work-;
steadily-rising flow, there is a
ing capital.
"
■
more
volatile
flow
of
retained
The
company
of 410
Fourth earnings, (undistributed • profits).
will
be
-
Brooklyn,
Ave.,
N.
manufactures
which
develops
Y.,
automatic
that' also
con¬
ment.
systems, and is about to en¬
gage in research, development and
manufacture of induction
electric
control
chemical
as
nuclear
process
as
'
&
opening
in
Co.
of
a
mid-town
has
announced
the
new branch office
New York City de¬
voted
first
the
to
post¬
a
record rate
of about $52 bil¬
lion
at the
of
end
Business Shares
r-™'
—
The
anced
A
Balanced Investment Fund
Company
invests
between
selected
for
selected
bonds
in
and
a
portfolio
preferred
-*■?• ■'
-.Together,
<
1961
at
faster.
allow¬
depreciation
retained earnings were
and
accruing
even
corporations
to
a
rate
billion per year.
of
At the
late
$35
in
than
more
same
time
corporate outlavs for capital goods
came to only $31
billipn.
In pe¬
primarily to the sale of
funds.
" "'''/ 'U riods of high level activity, capi¬
offices, located at 770 Lex¬ tal outlays have usually exceeded
ington Ave., will be "hub"
of* internal funds by several billion
Bache's
four, ? suburban-located dollars.' /'.
/Needless to say, not every cor¬
mutual funds "investment centers."
Manager of 770 is Jay E. Haynes; poration is experiencing an excess
of internal funds over capital out¬
Associate
Managers
are
Joseph
lavs.
But
for
corporations as a
Loeb, Jr. and Stanley H. Sichel.
whole, the excess, plus external
stability, and common stocks
for growth possibilities.
Prospectus
U
bal¬
stocks
•
Securities,
request
Boulevard
ties
Lohd, Ahbktt & Co.
New
York.
——
Atlanta
—-
Chicago
—-
Form Marshe Sees.
BEVERLY HILLS,
Inc.
Calif.—Marshe
formed
has been
with offices at 9640 Santa Monica
upon
Los
Angeles
—-
B.
San
Francisco
the
viewpoint
of
investors in terms of
and
willingness and ability? Two facts
stand
the
to
business.
Hurd,<
engage
in
a
Officers.are
securi¬
Robqrt
President;
Frank E.
Vice-President; and SanSchulhofer, Secretary.
Marks,
ford B.
out:
both
capital
the
and
;
every
-
banks
markets
.
give
evidence
of *. being
receptive
tocorporate demands for'funds;, and •
their ability to be so is enhanced ?
the
by
from
not
fact
that
the
nonbusiness
competition
borrowers
is
)
likely, to be vigorous.
U
capital markets,; in ves-'?
,
In .the
tors have shown
in
interest
of
securities.
far from
a
new
sated?
issues;
corporate
Except for a few 1
spring of 1961, on "
the average, the voluhie of new
issues by corporations has been
relatively light.
Just last month
in
months
the mantet
with
issue
;
the
absorbed
a
large?
impact;
very
perceptible
no
yields.
on
•
-
•
•
Savings institutions of all kinds
experienced large inflows of funds
in
1961
do
so,
have
and all are continuing to
although commercial banks
increased
intake
by
their
share
'
the
of
increasing
their inter-;
est rates on time and savings de¬
posits.' The flow of consumer fi¬
nancial saving through these in- '
stitutions into the capital markets >
not fallen
has
off.
vWith respect to borrowing
than
has
business
for
other
it
investment,
already been noted that with
the vigor of the demand for
hous¬
uncertain, mortgage .borrow¬
ing is unlikely to be absorbing
funds at a sharply increasing rate.
Furthermore,
as
the
Federal
budget moves toward balance, the
Treasury will be reducing its calls'
on the securities markets for new
ing
Thus it appears that lend¬
capital markets should be
meet
considerably
en¬
money.
in
ers
able
to
larged demands for funds by cor-v
porations.
U' ■"?;
V
•
If
substantial increase in cap-'
a
ital
long
spill¬
occur
be
financing
mercial banks.
in
a
needs to
This would
would
doubt
no
of
over
materialize,-'
should
outlays
there
com-'
because long-term funds
being used to satisfy
short-term needs, such as receiv¬
ables and inventory financing. As
part
are
now
long-term uses of funds increased,
greater calls would be made upon
banks to finance these short-term
In
needs.
addition,
,
capital
some
projects would involve bank fi¬
nancing, in the form of term loans..
is
There
banks
these
a
believe
to
reason
in
are
Ever since,
they be forthcoming:
it
clear
became
that:
banks
have
about
been
prepared
in
increase
business. Long-deposit
declined
a
year
a
under
was
recovery
substantial
that
position to meet
funds, should
for
demands
ago
way,
for
loans
a
to
ratios have
in
further
little
the
Bank liquidity, mean¬
risen to auite a high
level as the result of large acqui¬
sitions of short-term securities in.
past year.
while, has
1961—retained* the
past 18 months.
earnings have risen
;•
Bache Mid-Town Office,
low in
war
ances
Bache
a
quarter of $40 billion
baking
:
corporate profits have increased
sharply—from
reactprs.
plants,
and automatic presses.
ovens
invest¬
been ; rising
secularly,
depreciation allowances,
they tend to rise swiftly when
output expands. In the past year
heating
such
for
have
as
equipment, fThe
systems
use
electrical, pneumatic or hydraulic
power for controlling a variety of
machines, equipment and proc¬
esses
used
have ' not
di¬
and
be
can
Although retained earnings
The
.
lenders
,
trol
company's
are
mutual
American
.
about
r
C.
The major
high
Inc.
entitling the purchase of one com¬
bettering
$9,517,000
year ago.
B.
unwillingness to seek
\ .i
;
•
«
an
What
•
As we await this report, it may
through the Coffering,
be useful to look at the other -side
in units, of 80,000 Common; shares
of' the investment picture and to
and 40,000 common stock purchase
evaluate the outlook for the sup¬
warrants.
Each
unit, priced at
ply- of funds to finance business
$4.50, consists of two shares of/
investment outlays.
common
stock and one warrant
trols,
and
growth of the fi¬
or
financing.
.
earnings
essential vat
s
in
up¬
market
b
u e
need for trained investment coun¬
more
due
steadily
and
paid
rates
sel
appraisal
of
the
quality
arid
growth prospects of bank earn¬
ings."
He cautions that selectivity in
bank
competition
to savers, al¬
though some suggest calling a half
here through legislation or put¬
ting on the pressure.
There
is
a
point
made
by
ness
a
days of
to
its gross
$5,320,000 rising
700;
to
about
numbered
is
Fund-reports that at the
Puritan
end
amounted to $3,332,766 for an
over,
funds
■
.
four
shares to the public on
publicity wise, in this field and
1960. At that time the
the latest tax proposal is far bet¬
fund had
gross
assets of only
ter than the initial one.
Huebsch
$887,000
and
43
shareholders.
Net asset value per share was expects them to do well over the
next few years.
There will be a
then $122.63. As
of March 15,
bit of pinch on profit margins
1962.
F a i r f i e 1 d
shareholders
fering
Continued from page 1
of
reputation, on the basis of ex¬
882,021, equal to $24.38 per share,
pectations regarding future sales,
at the end of February, 1961., ■ ?
prices, costs, and technology. That
8jt
'
SiS
ifr /.
1
the
in
is
worst
$25.26 per share.
with assets of $65,-
the
to
public
investing
1950's:
late
stocks,
loan
and
became
general
of¬
began
says:
well."
which
or
This compares
Finance Service
in
month, for a
Corp. reports that
to
Share
at Feb. 28
no
Thursday, March 22, 1962
v
gain of 122.9% from the $2,411,000
of February, 1961.
Niagara
is
.
JOSEPH C. POTTER
BY
It
Financial Chronicle
The Commercial and
(1394)
Finally, mone¬
have been
tary policy operations
adding to bank lending power by
The absence
supplying reserves.
inflationary- *
of
speculative:
or
in the present upswing,
together with the expected move
toward
balance
in
the Federal,
budget, has extended the period
of expansive monetary policy be-;
yond that characteristic of past'
cyclical expansions.
Vv
J:
pressures
.
conclude that the
supply of funds, should be suffi¬
;
All
cient
a
all, I
in
enable the attainment of
to
significantly higher rate of cap¬
ital
formation
Whether
or
in
not
the
the
year
rate
ahead.
attained
financing, has per¬
is sufficient to meet the projected
mitted a build-up of inventories
and the financing of customer re-; goal for the U. S. economy will
ceivables with only a
moderate
depend mainly on those factorst
term
rise in businesss loans at banks.
that
From the
tions, therefore, capital outlays are
not
likely to be limited
duction
in
influence
viewpoint cf corpora¬
the
internal
by
capital goods.
*From
a
flow
re¬
of
talk
the
.
demand
for
\
by Mr. Mitchell before
the Chicago Chapter rf the Rcbert Morris<
Associates, Chicago, 111., March 6, 1962.
a
?
Volume ICS
Number 6144v.
.
The Commercial and Financial Chronicle
(1395)
23
so that he would say yes information I wish to give to you. secretary and
asked her to tell
buy another twenty-five For thavt reason, please telephone, him to telephone me.
She asked
thousand'before the bonds went, me as soon as convenient, and-at my name and my firm and I told
a time when you" will be able to
back to par, or above?
her." She said thank you, and two
Convinced that he was right, give the attention,to this matter hours later the bank president
this salesman sent a short letter that its importance' requires."
telephoned me, as nice as ne could
Needless to say he heard from be, and as pleasant as you would
to his customer and he told "him
tomer,
SECURITY SALESMAN'S
CORNER
and
BY JOHN DUTTON
v
that he had-
from his
edly include people who buy se¬
low,
curities
them.
well
as
If
former
will
.
that the
that the
justification
for salesmanship in
investment business is - basi¬
tne
cally
that
the
end
One of the
means.
justifies
,
ethical
lems which confronts every
the
was
prob¬
securi¬
decisions
the
^
obvious in both the common
cause,
now
just
reached
begging
question:
78
and
to
how
were
important to
-
bought.'-'The
be
to c motivate
-
worried;
emotional,
fearful,
they
consider
I
this
cus¬
this
matter
that
you
I
was ready to
weigh the. facts
that the salesman placed before
him, and act upon them..
The
salesman got the order and today
at
a
the
bonds
situation
a
an
with a other
president of
or
time
in
not
fto
a
ing
position to consider carefully the
me
a
Adler
I
lose
the
called
Securities
Corporation is
securities business
30 East 42nd St.,
New York City. Officers are Louis
Adler,
President;
Oscar
Zinn,
from
a
offices at
Secretary;
certain bank. Hav¬
nothing to
and
Gerald
Treasurer.
his.
:
'
.';
based
upon facts,
rather than emotions, b-it ine ya^
majority of individuals usually al- *
low
their
'their
emotions
cecisions.
have
dominate4,
to
is
This
why
we
buyers
when the markets are in a boiling
uptrend than when it has fallen
into
'
stock
more
many
3it@' ;G0 IF© ■ ft® ® ft A,dd do bo so D IS®[p®[pft
-
languishing and uninteresting decline. ^
;
a
:
reveals
Yet, the problem' is always the
How do you motivate peo¬
physical growth, financial gains,
same.
ple to
buy securities when there
and diversification. A merchandising
attractive values, hold securi¬
are
when
ties
they are in a distinct
upward trend, and sell them when
they
"toppy".
become
claim
that
the
even
I
investor, security analyst,
cientious salesman
the
time,
the
successful
This requires a.sense of
burden of
Organization) Incorporated, which
timing, of
[<hj
an
that it is
in hard
able
do you
But
him.
to
always has
reluctant emotional a
prices are
;; low .and values are high, and sell
when the opposite situation takes
place? The salesman who can ac¬
complish this trick will keep, his
accounts
and u his ; business
will,
grow almost by. itself.
f
• v?CC
to
a
The-Sales Technique ;
«
he
3200 Prudential
1961
month and
AT
AG LANCE
which
was
suggestion,
he
would
offered
"
Customer notes receivable
Occasionally
he
""A;.
$754,599,304
.
AAV.
i,A
;
:
.
?...
.■
YV;:,'
••
A'/'"/
/v.-
{
-
;• "A
■
$694,025,709
4.0%
8.7%
-v.;;
A--"
-/V'■•
■;.
,-■'./
..
Net income before that of
•
Vt1-'
i
C
'
Coast-To
-
;
.
Coast.. i-i>
-Cu'v
$ 26",195,719
$
$
$
23,277,072
12.5%
24,363,565
13.7%
a *
and
doing
would
trade but the account
productive to him
very
1,137
1,182
offices/.
good.
hedge
haw and ultimately end up
not
Number of branch
v
a
the salesman
But when
a
INCREASE
1960
$300,000. in addition,
of real
owned
nothing.
u
Client X nad
by effort. He would
his salesman ; once -a
go over every security
telephone
make
;
1961
than
he
'
Corporation
Plaza
-
was
was
had made
that
■'
Chicago 1, Illinois "
fairly comfprtable.
worrier, and he also
his money more by ac-t
estate, and
cident
'
several- pieces
owned
But lie
.
facet of persuasion
about thirty stocks
bonds, his securities were val¬
ued at about
-
ry
accumulated
and
-
copy/write
Household Finance
disposal. That Js where a.
well timed letter can do the job.
Here is an'example.
.
To obtain your
his
at
'A-;-
.
-f
,The art of salesman-ship is basically the ability to gain agree¬
ment and. if they welfare of the
client is paramount, (as. it should
be), the intelligent security sales¬
man uses every
'
'
..v
*
buy when
v.-
:
!-.
■-
locally-owned retail stores.
dual problem—how
a
prod
investor
''
'
-
salesman
the
goods sold through franchised
"
longer profit¬
no
:»>-•
lOulonV.'
:>
salesman's advice when he dis¬
covers
specializes.^,
.
The investor will not follow
man.
a
of HFC: Coast-To-Coast Stores (Central
and ,'of analysis. ^The
proof is upon the sales¬
judgment,
wholly-owned subsidiary
or con-
right all
good batting average.
a
now a
astute
I am certain that
security salesman
but
must have
be
can
organization is
not
do
most
Net income
including
Coast-To-Coast.
was
or
27,692,914
to
his salesman.
Among his holdings, he owned
block
one
with
to
a
the
convertible
of
Equivalent
bonds
per
share of common stock,
after
value of $25,000. Due
vagaries, of the market
par
preferred dividends.
$2.42
$2.77
place, these bonds declined to a
price of 62 then rallied to about
70. At no time during this abnor¬
fluctuation
mal
in
.
danger
the
was
interest
default. - The
of
bad
psychological climate surrounding
this company and its securities
caused
cline
the
far
appraisal,
bonds
common
below
the"
an
order
for
to
in
to
value
When
the
about 70, the
vain
another
HOUSEHOLD
to
FINANCE
de¬
(Established 1878)
convertible
suit.
bonds recovered
tried
realistic
a
and
followed
salesman
stock
obtain
twenty-five
Li
J
everything
Adler Sees. Formed
conducting
ob¬
with
him.
i
.
have
never
could
see
else for that matter!
.
appointment
to
favor if you
business and you can
a
securities—and almost
case
you
got through, he
come
does you
help them — and everyone needs
help these days—when it comes to
is
..
„
I
one
we
to
me
know your
Don't, hesitate to ask other peo¬
•
told
matters,
the
was
as
in this instance.
tain
telephone,
This
Before
invited
.
atize
ple to telephone you—if
so
wish.
salesmanship!
A, letter at the
right time can highlight and dram¬
once
to
bid.
135
are
when you may be busy, concerned
want
he
and
carefully,
npt something to tell them. Someone
do
you
client
listen
He dramatized the situation by
(The price was, stating that he didn't /want the
great, < and the customer ,to telephone him when
client.
and the "converts". The bonds had
ty salesman is that he must justify;
his overtures to clients by always
placing their welfare first, to the
greatest extent possible, within the
limitations of his forecasting and
analytical capacityr There are
many investors who are able to
make
the
re¬
value
he did not have the time to con-,
customer scared).
Finally the earnings turned up¬ sider the facts that he was going
ward with a resounding ,35% in¬ to present to him.
crease for two succeeding quarters -He
<went -out on a limb and.
over the prior year. Accumulation
wrote: "I am writing to you be¬
those who sell
as
I am .sure
understand
so,
information
garding XYZ debentures and that
he wanted the client to call him.
Use A Letter To Dramatize An Idea
Readers of this column undoubt¬
some
14.0%
M. Hertz,
■
y
1
.
,
24
situation.
growth
Unique Situations Among
Recent Equity Issues
Continued from page
to
was
selection
3
photography for
Woolworth and Sears,
built
Roebuck
their
success
on
in retailing. More
recently, we have witnessed the
phenomenal success of Polaroid,
O. M. Scott, Exerox, A. C. Nielsen,
each of which dominates
cial
of
area
one
profitable idea.
"A
in
company's exclusive interest
idea
an
be
can
extended
over
period of time, because of patent
protection, exclusive contractual
arrangements, its preemption of
markets,
distribution
facilities,
production facilities, or supplies,
superior 'know how', more ad¬
vanced technology, heavy capital
requirements to enter the field,
or various other factors. Although
such barriers to imitation; even¬
a
does not
relative
size
pany
individual
to
is
they can be bought
gain basement
prices. In fact routine evaluations
would generally indicate that they
are
over-priced. This. is the fa¬
miliar story of the
stock that
always looks too high, but con¬
stantly
com¬
The
important
an
con¬
The
an¬
counts
escalator. Just
is
on
growth:
mismanagement
usually severe and
"In
up
past,
more
long
is
concentrating
the
progress.
to
provide
Is
this
Would
Does
LIST
industry growing
in
company
able
really
to
to
It dominates
its
for
market
scarcely tapped;
is
market
huge,
in
to
master
it
How
alert
Is
as
good
new
your
its
of
Do
is
it
is
at
it
it
difficult
of
services
of
OF
GROWTH
February 28,
holders
all
turn
into
po-
STOCKS
1962
Growth Rate
Group
Value
Return
"AAA" Rated
Basis 5. 896
Stock
Price
Ratio
8 Years
-
$2.15
37.2
5.396
2.35
25.9
6.1
2.30
32.5
5.1
2.30
42.5
6.3
5.8
Corning *
5.00
37.6
Dow
2.50
27.2
5.7
6,40
26.4
6.0
4.15
26.3
5.8
2.25
33.7
5.5
3.05
24.6
6.0
3.35
Minn,
7.0
51.2
5.5
3.55
27.4
5.7
1,10
Honeywell
-r
28.0
10.50
30.9
5.4
33.4
5.1
-
1.65
6.0
29.1
5.7
20.00
>
5.9
30.2
2.75
Rohm & Haas .*
40.6
3.90
25.6
6.2
Union Carbide *
5.65
20.7
6.8
Upjohn
1.75
29.1'
5.2
37.80
18.7
6.1
Dow-Jpries' Ind, Ave.
Hos.
30
0.85
36.5
5.7
16
14
31
0
3.40
37.1
7.2
18
20
126
a
Supply
696
0. 85
$45
:
Q. 85
1.10
0.90>
Bell G Howell
33.3
5.1
15
10
40
1.25
25.8
7.2
12
14
93
0. 90
35
1.70
24.1
7.5
10
13
41
0. 85
Financial Fed * * *
0
3.40
40. 0
6.S
19
20
136
0.95
First Charter* * *
0
1.45
32.4
7.1
16
18
47
0. 90
Foxboro
37
1.90
34.7
5.5
15
12
66
1.15
Gen.
71
1.10
23.6
6.0
7
6
26
1.05
25
4.00
30.5
6.7
14
15
122
0. 95
2.30
20.9
7.6
7
10
48
0. 85
43
1.15
33.0
6.4
14
14
38
1.00
0
0.65
50.8
6.1
22
21
33
1. 05
Hooker
54
1.85
22.2
6.3
7
7
41
1.00
78
3.20
28.7
6.4
10
10
92
1.00
0
3.50
36.8
7.2
18
20
129
0. 90
Merck *
economy?
1.20
3.60
Emerson Electric
ANALYSTS
the
17
Litton
as
33
Lilly (Eli)
fast
as
this
kind
business?
of
value
to
or
just
or
some
business
product
cost
grab
of
more
existing
than
degree
vulnerable
to
change¬
cycles?
or
service
could
be
so
good
secured
that
customers
tend
competitively?
53
3.00
29.7
5.5
12
9
89
1.15
6
8
49
0.90
Telephone
Gov't Empl.
Insurance
Harcourt Brace
Hewlett Packard
it
seem
more
better
than, it
•
better
Is?
position
from
Presi¬
Monsanto •
,
those
to
of
move
in
competitors?
on
them?
is
based
on
technical
37
2.70
18. 2
7.2
74
4. 40
21.3
6.2
5
5
94
1.00
Nielsen A. C.
,
than
competition
business
35
1.70
35.3
7.0
15
17
60
0. 90
;
39
indispensable—do
2. 55
33.6
5.7
14
12 :
86
u-45
1.90
28.5
5.9
12
10
54
45
1.60
37.5
4.5
15
9
60
1.35
Owens-Corning
superiority?
Pfizer
Pitney Bowes
Polaroid
,
;
1.10
1.05
they
pretty
much
trouble
to
much
government
save
can
PROFITS
company
return
on
plowback?
probable
growth
get good profits for its kind of business?
investment very good, how is return on
added
rate do they grow at?
is future persistence of recent
growth rate?
has
been
interrupted,
is
this
permanent
or
phenomenon?
market
investment
What
discounting history that
markets
P/E ratio conform
INTERESTED
Farsighted
IN
mature
(b>
Excited
(c)
Venturesome
<a)
Stodgy
Dopes?
is
just
normal
a
cyclical
changing for better or worse?
quality of a stock and its growth?
the
STOCK?
investors?
it
speculating
the best
23
189
1.10
37.1
6.1
16
15
39
1.05
45
2.20
25.9
6.0
10
9
57
1.05
32
3.10
31.6
5.8
14
12
98
1.10
59
2.55
21.2
7.3
6
9
54
0. 85
60
2.65
49.7
4.6
19
13
132
Smith Kline
61
2.05
35.1
5.8
14
12
72
1.10
53
2.25
19.1
7. 3
5
8
43
0. 85
Talcott
48
2.10
25.7
7.2
10
12
54
0. 90
2.45
40.8
5.3
19
15
100
1.20
Texas Inst.
Varia n A
0
*"
-
individuals?
0:
7 -.
■
.
'
7
*
Tt:
1.35
>
1
0.85
50.6
5.8
22
20
43
1.10
32
2.25
26.6
6.5
11
12
60
0.95
22
ssoc.
Publishing* *
Xerox
1,85
79.0
5.7
27
25
146
1.10
'
institutions?
institutions?
investors?
Earned per share is
•;
makes
25
Western
Conservative
<e)
THE
to
and
5.8
Stauffer
policy'
price
63.0
1.05
RCA
for
interference?
immune
to problems from government
increases in spite of market?
foreign matters cause?
force
money
3.00
R icha idson -Merr ell
or
38
Searle
trouble
7
Prentice Hall
Schering
vulnerable
action
get
as
six
five
or
Discount
Beckman Instruments
destiny
perform
lor
products
or
future
Note
the usual
month loss approaches six months,
and off she goes. In no time the
placid
Current Data
rates will accelerate from histori¬ A mer.
cal levels. In brief, it is a unique
reputation for integrity?
able to take over any responsible
company
Union
(f)
oppor¬
52
better?
services
or
How
*•'
buy
11
"
or
its
(a)
VALUATION
Priced
is
IS
the
>
(1) Ordinary Bear Markets
his gear,
Grolier
men
Can
WHO
a
un¬
National Lead
Is
Is
of
an
someone's
matured
396
down?
business
Does
makes
—
profit
7
someone?
—
because
month
7.496
was?
make
developed
Is
If
than
7.6
products have further potential?
potential of new products?
dependable is consumer demand for these products?
How
more
17.3
entrenched
Does
sell
22.1
much
Is
cides to
2.35
Do
Are
are
crab for months. As long
major interest in the stock de¬
$2.60
How
How
no
6296
economic
normal
greater
management's
easy
What
like
for
some¬
us
hurried
51 W&
management?
as
products
it
Is
of
tendency
move
Express
FUNCTIONS
Do
is
the
Cyanamid
respect subject company?
What do customers say about them?
How is it regarded on scientific achievement?
dent
This
with
favorite stock to
pay
to pay
all
mer.
foreseen, with
competitors
Has
year.
guess
mer.
be
can
as
AMATEUR
in
money
new
company's
public relations make
What
a
want
us
I
A
a
FOR
own
than
the
even
men
Does
less.
its
is what
gang.,
What
tunity
growing sectors?
create
other
quality of
prefer
it
of
once
think
the
MANAGEMENT IMAGE
Do
passes
-
factors
the
gen¬
times.
exter¬
an
on.
total
testifies
future
at least twice
last
really want
you
company
company
Is
Most of
bulls
own
course
good possibility that future growth A
business?
Is
a
its
they
Diebold
CHECK
the
it.
orderly growth
through a good buy
has
what
they think others should
what
Market
stock
know
over
BUSINESS
Is
minator is stowing away
Every
who
worth. Its worth of
IBM, LIT, XRX and the, few
hundred shares a day, nothing
Our
analysts
are
happens, but let the supply in¬
urged to issue new reports at such crease
building free of vermin
an
After
(2) Heart Attacks.
(3) Congress, Investigations,
Taxes, Appropriations
(4) Stingy Bulls
; ■;
/a;.
ability of its "AA" Rated
young
and
aggressive manage¬
ment. The outlook is for continued Basis 6.3968 Years
strong growth for as far into the
run,
hope
The
potential
ord
unique.
DuPont
ability
relation to the company's present
size. The company's excellent rec¬
prolonged
ally aiming at unique growth sit¬
we
destiny
service has been
un¬
an
future, as they have in the
continue to far outperform
prosaic issues. By specific¬
uations,
a
termites, for while
special
the
company's
unique
come.
stock prices
reflect earnings growth. Stocks of
unique growth companies should
in the
keep
are
every
true
will
little-known but extremely fast
Minn. Mining
growing service necessity. It is Nat'l Cash
Reg. *
expected to maintain its position
Procter & Gamble
of leadership for many years to
on
an
or
its
retard
can
the
higher every year.
unique growth stocks
accorded
own
be
sharply ac¬
only excep¬
can
tional
recession
or
in
about
whole
Sporadic one-
eradiction
at
"I will describe a company that Johnson & Johnson *
typifies the kind of situation we'll McGraw-Hill '
little extra effort
a
management
its
not
attempts
C. Nielsen and
Discounting. As
spot
can
but not eliminated.
shot
uniqueness. It
Thursday, March 22, 1962
familiar
of
rule,
stock
suc¬
the idea that pests
be
controlled
on
termites
eral
concen¬
Orkin's
a
qualifies
that
company
celerate
and
offices
its
South.
earnings multiples Gen. Electric
than
are
'normal'
for
ordinary Hercules Powder
good growth stocks.
IBM*
tential market.
by
of
the
to sell at higher
then, is the combination
for exceptional growth — a
profitable idea, ability to carry it
out, an exclusive position that can
be
held
for
a
reasonably long
time, and a relatively large po¬
Timing
Use
states,
28
(ex GM)
advantage
Eastman Kodak *
that must be given weight in any
appraisal of the. stock, entitling it Florida P G L
its
"This
these
in
is based
cess
in
operates
most
control
.
a r
exercise considerable control
company
doing say, a $2
million volume, the profit poten¬
tial in the idea could be enormous.
of
with
trated
that A.
E. F. Mac Donald
pest control service, and is second
largest in termite control. The
company
and
con¬
a
world's' largest
plus Avon Products
value that uniqueness commands.
other
"A
the
high priced is that Addressograph
being measured against Alcoa
growth stocks, without A mer. Home
are
being
insignificant in the overall outlook
all
b
goes
ordinary
profitable and exclusive idea, with
a potential market of $10 million,
the profit possibilities would be
However, to
is obvious
J
appear
they
prevention
it dramatizes
cause
is
,
end,
tinuous
Co., Inc.
"Orkin
.
program, such as Orkin provides."
I like the example of Orkin be¬
exterminating
Orkin Exterminating Co., Inc.
k
of reinfestation begins.
it is more effective
process
the
...
Chronicle
mean
reason
often
sideration. If for example, General
Motors were to come up with a
for the company.
increasingly
CTJRRENT
obvious
at
mastery
of the original profit
making concept, it shows dramatic
gains in earning power.
"The size of the potential mar¬
ket
•
..
and economical to maintain
we
"Although unique growth com¬
panies seldom are given the ana¬
lytical attention they deserve, this
down,
break
is Orkin
company
but
a
In
time goes on. The
as
situation.
during the
time that the company enjoys its
tually
community,
become
well known
ana¬
situation, by definition, cannot be
pigeonholed into any ordinary in¬
dustry classification, and cannot
be
appraised
by
conventional
yardsticks of relative value. There¬
fore, it often is considered a difficult-to-analyze freak, to be passed
over, or at best given little atten¬
tion. Even though every blue chip
growth stock of today at one time
was new
and different, a unique
its spe¬
with
activity
usual
more
lytical approach.
One can't ap¬
portion research responsibilities
among
standard industry
cate¬
gories.
The
unique
growth
concepts
new
the
in
looked
financial
expect it to
investment
unusual
of
the
The company's
familiar one in
is not yet a
name
opportunities, that often are over¬
simplify
amateurs,
-
The Commercial and Financial
(1396)
a
big difference who
value—B
and
F
cause
is
price
•
'
*
'
interested
in
instability.
a
stock.
A
and
C
usually
computed
Includes unremitted
* * *
5096 pre-reserve
as the estimated earnings for >12 months ending Sept.
30,-,1962
foreign earnings.
D/E Earnings payout
* * Includes equity in Golden Press
earnings for discount purposes.
r
Volume 195
tential
Number
6144
It matters
not whether
the
can
pay
lead
will
EFFECT
do
know
a
stock
is
cheap
or
the
business
dictable
functions
in
a
pre¬
practical
purposes, this has to mean that it
achieves regular annual growth,
maintains
its
market
try to reduce all stocks to
discounted yield. Two
things are required: (1) accurate
earnings information and (2) a
estimate
a
Statistics'
Common Offered
1926
$1.30
1.40
$1.00
1.00
2.10
0.42
1.00
1.60
2.00
4.00
1.00
2.50
7.00
1965
TO
Current
7 7
for
Read
of
Growth
the
down
City, heads a. nationwide group of
investment firms offering for pub''c s®le®S'2r15 common shares of
Table:
example,
column:
Valuation
Stocks.
0.37
2.50
1.00
20%
COMPARE
Morgan Stanley & Co., New York
Examine,
$0.45
10%
& McLennan, Inc., at $44.50
Discount
Return, and then Golumn:
Growth Rate, Our Valuation. This is the theoretical yield
the investor should expect if he
0.30
0.24
1960
peLs.
8% in 1965. (i.e. 12-1
B) Assume all plowback earnings are valued at
Growth
Market Value
1965
Rate
Div.
Plowback
1965
growth
x earnings)
>
stops cold in 1970 and
then pays out all its
of
Value
Plowback
Dividend
5%
$0.60
$10.00
..
7%
0.60
10.00
10.00
0.60
0.60
10.00
1.90
15%
.
That table
was
„
20.00
14X
mg
relative
values
stocks. I think anyone
22.50
14X
14X
uate
33.75
14X
$!
>
.
14X
new
of
growth
might find
stocks. Obvious-
unique
deliberately loaded to emphasize the greater merit in faster
and 1965 won't sell at 14X
Growth Rate
1965
5%
/•'
14
•••
P/E
the
,
Lnfni«
companies.
truly unique
We
$2.60
$18.75
interested
are
respon¬
7%
16
22.40
2.45
them.
10%
20
32.00
2.30
work
15%
27
54.00
2.15
20%
35
88.00
2.00
As
and
ones
in
the
For discount
8
in
purposes
we
project
If you
P/E
want 100% in 5 years,
or
aggressively in 3
more
follows (disregarding dividend).
as
You might be interested
years.
the
earnings that would de¬
velop in 8 years at several growth
Growth
;
v,
In
5
7%
years you can pay current
Years
9X
5%
^
rates:
on
any new unique issues,
caution, let me say that analysts are like horses when it
7
In
Years
3
7;/7777
♦From
777:7-
8X
p£ior
to thig
offering, the stock
their
before
drinking from the
new
the
26th
by
Mr.
O'Connor
Central
annual
The
stock
was
certain repurchase
wjth
the
States
Conference, Investment
Bankers
Association
of
America,
Chicago,
ill.,
agreements
Proceeds re-
company.
ceived
by the company from the
225,000 shares will be applied to
meet certain obligations under the
repurchase agreement, and any
remaining proceeds will be added
to working capital,
The firm of 231 So. La Salle St.,
Chicago,
address
an
Group
10X
families.
J
■
organized in 1923 as
was
Partnership of
SU?CeS„SOr..3
Marsh
which
McLennan
&
been
Carrying
brokerage and
On
an
agency
had
insurance
business
16X
13X
15%
27X
2IX
founded
3 OX
of the largest insurance brokerage
20%
2.14
15%
3.05
20%
4.30
This makes the
This has been
5.95
25%
44X
March
always
high
crazy.
For
not
example
between 1961 and 1965.
Keeping
growth
in
on
tention
F. Mac-
increase earnings 300%
r
little
a
invite
I
slow
of
at¬
calculation
Best Plastics
fairly heavy dose, but I hope
a
my
point is understood that high
Curr.
is
cities
34
in
the
United
States and Canada,
j£s business
embraces
all types
Disc.
Val.
7.3%
28.5
19%
$ 3.05
proceeds from
Price
Ratio
$ 87
-
1.10
1.20
Avco
of
0.90
mation
3.10
25.1
6.6
17
13
78
1.10
30.0
9.0
17
20
33
on the acquisition of a new plant,
purchase of additional machinery
and
of
equipment; transfer of all fanew location; autoof
equipment; expansion
staff, and Purdelivery vehicle.
The
general
56
1.60
21.2
8.0
11
11
34
1.00
41
0.80
31.4
7.0
17
15
25
1.15
balance
0
0.95
31.6
8.6
20
22
30
0.90
used
for
1.45
18.6
8.4
9
11
27
0.95
other
42
Photocopy
Atlantic Research
sale
the
cilities to the
17%
7
& Fdry.
J_j.
corporate
chase of
a
the
of
proceeds
working
will
be
^Pn Stnf*k nOIHPY*^
VJtUv/xvllWlVlyi Q
*
h£re
company, of 945 39th St.,
Brooklyn, N. Y., manufactures a
complete line of plastic novelties,
party favors, and toys.
For the
2.10
32.0
9.4
17
20
67
0.85
2.60
14.2
8.7
7
10
37
0.90
Carter Products
30
3.35
20.9
7.4
12
11
70
1.05
Cenco
22
1.80
35.0
7.9
20
20
63
1.00
year
50
2.00
16.5
10.0
7
12
33
0.80
of the company were
Cessna
that
Control
0.40
118.0
4.2
35
25
47
SCribed
0
1.90
net
0
1.60
23.8
7.5
16
15
38
1.05
0
0.45
40.0
8.5
23
25
18
0.95
Fairchild Camera
25
2.00
32.0
7.2
18
17
64
1.10
Friden
27
1.50
31.3
5.1
18
10
47
0.60
Harvey Aluminum
21
1.45
17.9
9.5
10
15
26
0
0.70
41.5
8.4
24
25
29
0.95
Interstate
0
1.25
38
1.00
was
0.85
High Voltage Eng.
$579,846 and
$25,648. On completion of curent financing, outstanding
capitalization
of
the
company
will consist of 350,000
profit
Cubic
Vending
•
20
1
20
30.4
8.0
26.17
8.0
15
15
60
8.5
23
25
48
2.30
0
1.20
Loral
0
0.95
29.5
8.2
19
20
28
Microwave
0
31.1
9.9
20
25
28
Midwest Financial **
0
0.70
34.3
9.4
21
25'-;^';:-:
24
4.10
16.6
9.0
8
10
68
1.25
26.4
7.0
17
15
33
1.15
47
0.60
26.7
8.0
15
15
16
1.00
0
1.60
33.1
7.0
20
18
53
1.15
74
1.35
28.1
7.2
14
12
38
1.10
Pocket Books***
0
1.10
19.0
7.9
13
13
21
1.00
Sanders Assoc.
8
1.05
42.8
8.3
23
25
45
0.95
Scott, O. M.
11
0.90
31.1
6.4
19
15
28
56
2.50
15.6
9.5
6
10
39
0.85
0
1.30
30.7
5.8
20
13
40
1.35
0
0;80
30.0"
"5.0
19
'7 10
24
1.60
38
1.05
38.1
7.0
20
18
40
1.15
Perkin-Elmer *
Piper Aircraft
Thiokol
■'
Universal Match
:
"
jan. 1,
p.
,1n[,
Charles
**50%
pre-reserve earnings
unsub-
proceeds will
be used
for
Lighting
estimates
that
expenditures for the
1962, through Dec. 31, 1963,
will
approximate $114,-
1tggS'88» S
facilities, and $9,000,000 for
0ther
expansion
and
improvegas
ments
Headquartered in Mineola.N. Y„
supplies electric and
;
for discount purposes.
♦♦♦Includes, Golden Pressl
Earnings per share estimated for 12 Months ending Sept, 30, 1962.
•«.
u
gas service in Nassau and Suffolk
Counties and the contiguous
Rockaway peninsula
in Queens
£OUnty. population of the territory Sgrved is estimated at 2,160,qqq^ an increase since 1950 of
iv
Kull, Jr. has be n
named Ohio and Michiganregional
representative of Hugh W. Long
and Company, a leading mutual
fund underwriter.
Kull
Mr.
ciated
\
F.
with
Webber,
116%. For the year 1961, the corn-
previously
the
Jackson
firms
&
asso-
was
of
]lad gross revenues of $161,018,000 and net income of $21,953,000,
equal,
after
preferred
dividends, to $2.26 per common
pany
Paine,
Curtis
and
B. C. Morton Co. in Detroit.
share. About 73%
Policare Securities
PHOENIX, Ari?. —Policare Securities Corporation has been formed
with offices at 1807 North Central
of total reven-
derived frora
^
.
WlfL
It-a
Haunt
Cn
vvirn ira nauPl
engage in a securities
Officers are F. Robert
BEVERLY HILLS, Calif.—Leo L.
Policare,
President; Samuel J.
Gelso, Vice-President; and Conrad J. Kleinman, Secretary and
166 North Canon Drive, as registered representative. He was
formerly with Sellgren, Miller &>
Co., Inc., in West wood Village.
to
business.
earnings.
the
portion,
«
Hugh Long Co. Appoints
,Ave.,
♦Includes unremitted foreign
Net
underwriting group
purchase
the company
..
Vendo
o£
Rightg
construction
1.25
Spencer Chem.
Papercraft
.
an
will
isiand
ANGELES, Calif.—Julius B.
Feldhorn has joined Wedbush &
Co.,
157 Santa Barbara Plaza,
as a registered representative.
0.90
0
Av.
Orkin
7
held
construction of utility plant. Long
With Wedbush Co.
0.85
49
*
LOS
0.80
Syndicate Canada
of
agers
0.95
0.90
and
common
20
1962
16>
expire April 2.
Blyth & Co., Inc., First Boston
Corp. and W. C. Langley & Co.,
New York City, are joint man-
period
0.95
43
Kawecki
of
stock,
$38,073 of sundry debt.
1.00
40.0
shares
of-
common
win
67
23
ended Oct. 31, 1961, net sales
its
^ach
f
March
record
The
Lighting Co., is
stock,
rights
to
subscribe
for
421,472 additional common shares
t
er sbare
on the basis of
and
capital
purposes.
island
L
feri*g holders%f
Brunswick
Data
J^jlQJlltlllS OO.
1.
Beauty Counselors
Crowell-Collier
.
100,000 shares will be used by
the company for a down payment
Value
36
the
its
Stock
Our
Return
Net
Group
Growth Rate
P/E T
0%
Allyn and Bacon
North Amer.
in
Canada and
,
D/E
Air Products
Mach.
and
one
the subject the 1960's, who will quarrel with underwriting
syndicate
making of
insurance, reinsurance, general
yield on a stock. One me. That EDP will grow 100% the initial public sale of common
average" adjusting and actuarial
has to begin by believing he can or more in the 1960's is certainly stock
of
Best
Plastics
Corp><
services; its customers dre iprinproject growth reasonably well believed. No one would pay any through The offering of 125,Q00\
fcipally industrial, mercan^ile^ utilto this analytical
into the future.. If I say the steel attention
ap¬ shares, at $3 per share.
Ry and transportation corporations
industry will grow 3% or less in proach if more celebrated analysts
Of the total, 100,000 shares are and financial institutions,
being sold for the company and ;
'
r
25,000 for selling stockholders.
priced as of February 28, 1962
T
T
T *
1 4-*
r*
Disc.
Aerojet-General
Amer.
managers
City,
of an
Next let's look into
Current Data
Amer.
operates
businesses
States
in
fices
are
It
active in many other parts of the
world. The company maintains of¬
S. B. Cantor Co., New York
and associates
1871.
agency
United
ULOCK UII6i6Q
moving companies.
Rated
7.9%-8 Years
and
in
of discount
mind the effect
earnings
to
-
on
1962.
HiJ
our
that E.
analysts believe
can
are
rates
14,
20% growth cheaper at 40X than 7% growth at 16X.
price ratios are better bargain on very fast growing companies than moderate ratios
the
Even
Inv.
com-
/ubs'idiaries.
10%
10%
Basis
employees of the
and itg
*
the
under-
the
$1.48
5%
"A"
gale ^
^
Of
company.
offered,
reserving 35,000 shares
are
$1 Becomes
Growth Rate
Donald
to
issue cup.
11X
•
a
comes
P/E to Double
Rate
shares
writers
to
finding
do
value
analyst
should be able to figure
next three years fairly well.
of the
officers
total
held subject to a voting trust and
promote
We would be pleased to
up
this kind of relative
new
sible officials. The growth rate we
have to calculate. We believe an
r-
company and
448,215 for the account of a group
of stockholders, including certain
o£
thp
Plus 5 Year Dividend
1965 Values
rU
^
™
♦
The scale is more likely to read:
earnings in 1965.
^
>?Ur Syndicate Department £ the company was held solely by
2ES} I we are going tounique officerg J b/ or {or the be£efit
themselves to make
stocl«, but
Under contemporary standards, stocks that grow 15—20 between 1960
growing stocks.
.
public offering
9* the totel, 225,000 shares are
,
this interesting m trying to eval-
27.50
23.75
1.40
20%
,
this system for compar-
use
10.00
1.00
10.00
...
We
P/E
$18.75
17.50
0.80
0.60
1965
8.75
12.50
$0.70
10%
1965 Val.
dividends.
in cash
..
...
.
f
J^!jP+r?0?p+aVy loln£n"
company
earnings
.reVu
ls
holds the stock until 1970 and that
value at 6%.
A) Assume all pay same 1965 dividend of 60£ and all dividends have same
growth
decade. The earnings
should be available from
.
]\/fara*L Py ATpT
r\QTk
IVXclloIlOolVXClJvyilllctll
bullish.
$1.70
15%
annual
of
proven that
be predicted
1960 Dividend
1970
1965
1960
7%
position, its
common
good
not
could
Standard
amined
Earnings Per Share
We
for most of
had
me
future growth
'x
EARNINGS
5%
profit ratios and is doing all the
things needed to keep growing.
a
way
„r
For all
manner.
ON
Growth
enough to run in and
when the drop comes. How
we
the
25
analysis of IBM, which was very
know
just reacting from overpriced area.
The only way you ever can judge
the price of a stock properly is if
GROWTH
OF
or
buy
one
oc¬
attempt to load the
the demand for generic
name
drug prescriptions or an
imaginary competitive threat. We
try to keep up on stocks so that
we
P/E
before
through the tabu¬
lation.
showing what
science education bill with voca¬
tional training of high school drop
outs,
(1397)
The Commercial and Financial Chronicle
...
for different growth rates. I
sellers, wires to research
burn with indignation.
casion is the
.
Treasurer.
Kahn has joined Ira Haupt & Co.,
The Commercial and Financial Chronicle
26
Economic Illiteracy
President, Investment Bankers Association
market?"
My
It
I
enjoy in life;
provided
for
my family,
given me
great satisfac-
was
answer
has
given
me
And there are also
everything
able
:
to
.
M
38m
information and do not share
the
vestment
v
p,
of
clients,
■Tm-
m
to each
one
/
and, yes, even
extended to
No
ments
possible
as
intricate'
irresponsi¬
carelessness,
ishness,
Professional Men
.
work
The
to keep abreast of things
us
political,; economic
both in this country
..
.
investment
the
of
subject-
change. 'It,challenges
banker is imbued with the attri¬ T^e:-Institute' has
all of
highly
business. : Furthermore,;
constant
to
:
y \
many seg¬
this
under conditions
work
we
us-
reasonably
as
of
of
one
of uS to be
well informed about
ation to generation.^.;
,
is'
field
everything about all phases
business, yet it is helpful
the
of
ownership may
be substantially broadened.. Such
brought out in many of us the widespread ownership is essential
human weaknesses of greed, self¬ to the flourishing of our free en¬
base of securities
Additionally, it has
buck."
"fast
Our
*
varied.
and
knows
;
however,
prosperity,
This
banker.
broad
help promote a high standard of
ethics in the securities business,
directly in the fruits of American
the work of the in¬
characterizes
persons
are
our
our
terprise system. Accept this chal¬
lenge and you will be serving
yourself, your company, your in¬
The task is evident.. Chairman dustry and the nation.
There are basically only two
Gary of the S.E.C. made mention
the
well-being
my
There
enterprise through securities; in¬ protect the public, and increase
has vestment. All segments of the. se¬ effectiveness in providing capital
attracted to our industry, as it has curities business have the obliga¬ in a growing economy.- These pur¬
tion to continue with their public poses still prevail, and these ideals
VHK to others, that' certain fringe ele¬ information
programs so that the must be passed along from gener¬
111 ment of society interested in the
wjfm*
jHBKjElMMM
con-
tribute to
responsibili¬
people
many
pleted, was formed 50 years ago
who by members: of the industry who
funds for investment but lack felt such an organization would
have
through
revolution.
technological
still
are
ago
years
nation who are financially
illiterate.
expanding
an
world being transformed
being
in
of
needs
nancial
There
ties.
in this
in meeting the fi¬
and flexibility
Serious
a
Problem
Recently one of my friends asked in the war effort—the Marshall
me the question, "How do you like
Plan—our continued imagination
"wonderful."
careers.
A few
Association, along
beyond the reefs and - it is only with other organized groups in the'
with this chart that it can be securities business, sponsored re¬
cruitment literature captioned "To
reached. V
The IBA, which sponsored this the Young Man Who is Interested
in
Everything."
That certainly
course which you have just com¬
throughout
The island of prosperity lies
ment.
for our clients.
lnc^ Los Angeles, and
of America
President, Bingham, Walter & Hurry,
tion
Thursday, March 22, 1962
.
of invest¬
to chart a proper course
having done a conscientious job
of
By CURTIS H. BINGHAM*
the
:
.
(1398)
• social,
abroad;'
and
and
bolstered
your
profession—arid we may background, piqued your curiosity
appropriately regard/ourselves as and it is now up to you to keep
lege of speak•
■> '
•
;
professional men. It is one of the current." •. " *'
ing before the
earmarks of a professional man
It has been an honor for-me to
In sti tut e's
Curtis H. Bingham
things we can do for our custom¬ that he gives freely of his time stand here and speak before mem¬
of it/in his speech before the IBA
graduating
ers in the way of improving their and energy to the advancement of bers of the Institute's
graduating
class. It is a wonderful industry,
convention held in Florida last
capital position. One is to increase his calling. I strongly urge you to class. I look forward to. meeting
abundant with opportunities not
November.
"Laws are often en¬ their income return, and the Other take' an interest in the affairs of more and more of
you " in
IBA
only for financial gain but service
acted to remedy the abuses of the is to build an estate through capi¬ your chosen life work through activities.; Since this city was the
as well to your clients.
tal growth.
Nowhere has it ever participation in IBA activities—• home of Ben Franklin, I would
But there are problems. A seri¬ fringe elements of society ... in been stated that the market is a
the
me
butes of a
bility.
Start
committee functions.
at the
like to close with one of his quota¬
ethically
the
marginal place to "get rich quick," And yet,
Group level, let it be known that tions which I hope you will incor¬
as
more
and
more
uninformed you seek committee service.
If porate into your particular philos¬
dustry is once again the subject
of a Congressional investigation. creasing regulation, you share with people8 come into the market, we appointed, take your responsibili¬ ophy of life-—"In dealings between
ties seriously and carry through man and man,
truth, sincerity and
Almost 30 years have passed since us the responsibility for maintain¬ have seen a tendency for people
Our in¬
lies before us.
task
ous
case
our
securities
the
operator.
To avoid in¬
government inquiries that re¬ ing and, indeed, for raising stand¬ in
erns
business conduct today;
our
as
responsible
young
objectives
we
have seen our in¬
be proud of our
over
J
■/-
-
are an
important part of this self-
We can improvement
dustry grow and prosper.
The
program.
accomplishments wards will be
up
•
first
.
Jack
M.
Tuhey
Kidder,
& Co., Inc., Savannah.
Allen, Jr.
N.
Peabody
Robert A.
Robert
Salomon
Chicago.
Martin
&
Co.,
Stephan
John
George Fox
Courts & Co., Charleston.
Duane E. Waldenburg
William e.
Ferris
&
R.
Devon
Co.,
-
Washington.
Lewis
Plans Corporation, Boston.
Lundv
V
Richard
D.
Broad
Street
Sales
Corporation, Chicago.
Donald E. Pearson
A. G.
Becker & Co., Inc., Chicago.
Stanley S. Wirt
a.
G. Becker & Co.,
Alfred L, Wo"d
Harold
L.
Stein
&
Co.,
Inc., Chicago.
Chicago.
Xanders
Bros.
&
Piper,
Jaffray
Greenshields, Inc., New York
Hopwood,
&
American
(From
David
left to
1 w
right)
Bullen
First
Califorjna Co., San Francisco.
last
one
Co.,
In
thought.
of
Certificates
received
our
Merit
in
recogni¬
tion of their specialized training for the
investment
I.
Pittsburgh.
♦
Sherrerd,
&
">
.
Co.,
David
Corp.,
Toronto.
Ltd.,
Alio
M.
&
&
Trust
banking business.
third
bow
Cleveland.
1
(From left to right)
Arthur
M.
,
„
,
<
Pivirotto
Hayden, Stone & Co., Inc., Boston.
(From
The
j
&
Sterne,
V
Charlotte.
*•
Corp., Houston.
;
A-V-.'-'V;'L* '
^
Agee
•
.
'
Inc.,
-
-
•
Boston.
'
:,
i:
Leach,
&
A':.
.
Winslow,
Goldnian, Sachs & Co.,
Arthur B. Durkee
Omaha:
■
Birmingham.
Albert Roberts,. III.
.
Securities
Inc., Chicago.
:•••:'•
Simpson
Whiteside
Boston.,
& Co.,
,
Goodbody & Co., St. Petersburg.
Spindler
&
Inc., St.
Co.,
row
sixth
Paul.
Chicago.
•<
John
' "
'v
r'
:
y
left to right)
(From
.,
' v .
Arthurs, Lestracge & Co., Pittsburgh.
A.
Washington »
■
f
;
Alex. Brown & Sons, Washington.
E. Stalford
'
' V'
k
.•
.
fifth
row
J.
Teschemacher
(From left to.right)
Eugene W. Dryden
Thompson
A.
C.
*
,
.
v
New York.
M.
Kidder &
Hornblower
&
.
-.8.
j.
R.
Weeks, Los Angeles. ;
-
r
Bank,
:
York
New
Bibb
Dickson &
William
Co., Inc., Charlotte.
/
Danforth
Leonard
Robert J.
■
.
S.
Moore,
Paramus.
..
Lewis
R.
,
'
Co., Inc.,
Francis Gaskill
■
Manhattan
&
'
•
j
Lynch, Pittsburgh.
•
Caulfield
Equitable Securities Corp., Philadelphia.
,
row
Hubert
W.
S.
Braun,
John T.
-
.
Taylor, Jr.
Geddlngs H. Crawford
•'
v
G. H. Crawford &
Craigie & Co., Richmond.
Richard
Harrington
Ohio Co., Columbus.
"
,*
Chase
•
*
John
The
left to right)
Robert J.
J.
Kenner
Edward Roiiey
,
duPont
Alexander J. Burnett '.
-
Co., Denver.
First Boston Corporation,
fourth
I.
Goldman, Sachs & Co.,
Pierce, Carrison, Wulbernj Inc.,
The
Chace,
Smith
&
H.
Allvn & Co.,
C.
Whitcomb
.
& Co.,
Henry Tiffany
Co.,
Fenner
Pierce,
Donald H. Ennis
Co., San Francisco.
Stiver
Jacksonville.
Winston-Salem.
Greer
vKalman
Los Angeles.
Rundle
W.
P.
Equitable
Shearson, Hammill & Co.,. New York.
Charles
Dougherty & Co., Philadelphia.
Co.,
&
A.
G.
Jr.
Interstate Securities Corp.,
Dugan
Boettcher
Cleveland.
William
Hutzler, New York.
Arthur M. Rose
;
Hagerstown.
W.' Witter
G.
J.
Lynch,
Francis
1
John
Witter
Saunders,
&
Willmore,
Richard L. Bradley
Witter &
Frederick
l ank
•
Davis
Dean
Allen
•
Coghill
Wachovia
Securities
McLaren
Dean
Providence, R.
—
Securities
Constantin G.
R. Gerald
Earl
Thomas
C. Dique
Midland
Union
Meighan, Jr.
&
Merrill
Greensboro.
Bros.
F.
Inc., Detroit.
Mackey
Dillon,
J.
Donald
Fielden
McDonald & Co.,
Don
'
Crist
Kay, Richards & Co.,
J.
Co.,
Republic National Bank, Dallas.
Walker &
James D.
Salomon
Thomas
F.
ROW
of
industry we must be students
Hutzler, Chicago.
Angeles;
John S.
Co.,
v
Coughlin
Coughlin & Co., Inc., Denver.
John J. Pilkington
H.
D.
Los
William
Billings.
Insurance
&
Securities
Butcher
National
Galveston.
G.
>
Hayes, Jr.
A. Webster
Boyce, Baltimore.
Samuel F. Hughes
SECOND
♦Excerpts from a talk by Mr. 'Bingham
the graduating class of the Institute
Investment
Banking on the Campus
of the University of Pennsylvania, Phila¬
delphia, Pa.,, March 11-16, 1962. Seventyfour
members
of
the
third
year
class
to
offi¬
Joseph G. Chisholm
Bros.
Eastman
.v„
James M.
Carl
J. C. Wheat &
Co., Norfolk.
Robert Wick ;
Westheimer
Group
from
to national committee service
Now
It's much
Clayton Lee
United
Baltimore.
W. Baird & Co., Milwaukee.
Ball, Eurge & Kraus, Dayton.
Thomas R. Bennett
James
rise
may
and national officer.
Erickson
Roy E.
Bache & Co.,
Chester N.
Meadows
Gordon
cer,
us
difficult to persuade people
more
felicity of life."
..
row
Varnedoe, Chisholm
bug has been with
you
committee service to Group
of the utmost impor¬
are
tance to the
Av
k
(From left to right)
Carl L.
Thus
compa¬
whirlpool of speculative
a
strengthening of throughout all history.
a
the^e three' decades^-our part pur self-pride and the satisfaction
..-/v
H :j>#
in
That integrity
will prepare you to assume respon¬
atthe
national
level.
IPs very easy to get caught
fever—the
re¬
with any given assignment.
these two
engage- in' sibilities
and
with over-speculation in fringe
men
During this period and under these growing influence in our industry nies.
regulations
business to forget
our
legislation that gov¬ ards of conduct." Gentlemen, you, basic
sulted in the
J. Wallace
John C.
'
Putnam & Co.-,
"
John
Detroit.
E'osworth & Co.,
Robinson
Hartford.
"
'•
:
'
'
.
•
.
*
Pohlhaus
C.
*
/
-
"
■
Co., Inc., Columbia, Si C
•'
"
S
-v
:
'/-•
•.
Legg & Co., Baltimore.
Harold L. Walker
J.
H.
Hilsman
&
Co.,
Inc,, Atlanta.
„
Volume
195
Number 6144
.
The Commercial and Finaneial Chronicle
,
.
1961
levels
(1399)
by the following
per¬
BANK AND INSURANCE
centages: Middle Atlantic —12 to
r.
,
,
Continued from page 16
nearly
sembly
half
the
Latest Week
as-
closed
and
"After
car
stockpiles
1,020,000 units,
Ward's Automotive
slow-moving
failures
were
new
than
more
according
Business Failures Turn Down in
.......
industry's
plants
totaled
—8; New England and West North
■
to
Reports*
•
commercial
ago,
week
fell
—8
.
South Atlantic
North
—3;
to
East
to +3; Mountain 0 to 4-4; Pacific
4-1 to 4-5; and West South Central + 2 to 4-6.
in
the
from
364,
Bradstrppf
Tnr
*
'
•
■
*•
.
CONTINENTAL ASSURANCE COMPANY—
».
>
The statistical agency said that
the current
inventory of new cars
There
last year when 363 occurred in the
also
has
reached
the
1,000,000mark, but that in contrast with a
comparable week, but they remained above the 302 in 1960 and
Continental Assurance
Nationwide: Department Store
®a*es Down 6% from 1961 Week
" Department store sales on a
country-wide basis as taken from
strong sales by the vari-
year ago
auto
ous
makers
demand
that
it
fewer casualties than
were
exceeded 'by
level of 298
14%
in
the
1939.
the Federal Reserve Board's
pre-war
dex
'
constantly replenished.
Failures
with
liabilities
of
With a
spiing sales boom in S100 000 or more climbed sharnlv
promise, this year's over-1,000,000 to 59 from 40 a week earlier and
cars
presently in supply appears -ran above the 51 of this size last
only ample and entirely realistic,
year.
All of the week's downturn
put
rpppnt
recent
wppIt'c
weeks
r>n+_
factory out'Ward's
estimated,
of> cars,
r
would
faptnMr
reach
'
j
occurred
i''
u-
Volving
losses
which
nearly
the
ended
clined
Of
i
ea
lecession.
of
the
1961
y
buslness
.
week
Motors
account
,
„
latest
the
General
>
•
,
output,
expected to
s
for
was
57.8%; Ford Motor
27.2%;
Chrysler
Corp.
6.2%;
American Motors 7.0%; and Studebaker-Packard
Carloadings
1.8%. 4
6.7 %
Show
Over
324
and 312 in
280
previous week
1961
: Canadian
from 33 in
from
Week
4
444-;4 ;/4-!^
relatively
Holding
past
week, the general wholesale price level moved up slightly
last
272.95
to
Friday
then
and
tially
This
Railroads
decrease
a
was
announced,
five-tenths
of
2,597
1%
of
prices
increases
these
the
balanced by dips from last week's
prices in some <$|ht foodstuffs and
commodities including steel scrap
and oats.
•
On Monday, March 19, the Daily
Wholesale Commodity Price Index
stood at 272.60, the same as in the
reported preceding week but slightly be-
preceding week.
;
The loadings represented an increase
of
33,112 cars of 6.7%
above the corresponding week in
1961, but a decrease of 34,560 cars
or
6.2% below the. corresponding
,
week
in
;/4444
1960.
There
13,750
were
cars
,
one or more revenue
low
the_272.94 a month ago. Howhighway trailers or highway con-"ever,"ft remained above the level
tainers (piggyback) in the week of 271.69 on the similar day of
ended March 3, 1962 (which were
1961.
in
that
This
week's
was
over-all
?7
2,681 cars or 24.2% above the corresponding week of 1961 and 3,476
_
.
_
There
58 Class I
road systems
traffic^
in
111
tramc
51
in
t
rr
+
of
March
the
Bradstreet,
American
announced. •'
Truck
behind
In contrast,
wholesale
cor-
tonnage
These findings are based on
partment of Research and
fleets
than
the
carriers
mon
at
of
com-
*
Shipments Were
Lumber
tr
riV
u
Higher Than
inci
•
m
freight
15.li'
1
1961 Week
t nmhnr'ctiinmontc
Lumber shipments in the United
/States in the week ended March
4
_
„
•
,.
•
v^•alter
- r-
-\
; .-c
Mid-West
and
again
this
Amo -J ? decline
registered from total volume
cjmjinr
+hp
lact
vpar
hut
similar week last year but
comparison
re-
the
unfavorable
suits
in
part
from
the
earlier
though it was appreciably damp-!
ened by the weather.
In home
goods, solid gains were racked up
feet.
board
„
.
;
Compared with 1961 levels, out-
put
11.4%,
rose
higher,
15.7%
shipments, were
orders : ad-
and
by 9.6%.
Following are
vanced
of
thousands
*
board
weeks indicated:
in
figures
the
feet
.
.
for
the
•4
Production
Shipments
Orders
;.
.1962
Mar. 3.
some
The
tail
than
200 435
;_243,743
213/733
-210,664
11231,231
199,490
255,849
and
total
trade
Mar. ii,
203*932
cities, 'with
television,
furniture
moving
well. New cars were selling at the
best pace for early March since
1957. .4.
14
v 4.
view
~__r_223.218
in
hardware
,4,
.4
"
Mar. 10.
is
in
dollar
the
volume
week
a
of
re-
under
re-
the
the
of
use
otocr
made
eauioment
from
comparable
290%
its
,
Wp,.r
vmV
ritv
of
a
ic
Pra.P®r'
$456.6
$48.4
$4,270.6
513.9
51.8
587.9
61.2
4.907.1
5,421.7
659.2
67.0
147.6
158.7
-
w—
DreDares
4,fna
vinyl
i
surfaces
The
comoanv
734.4
4 816.6
>;,'44\- ...Range
1961—
-
'72
-
2.29 4
''
•4
stains.
■
'
-
91
2.25
4.22
22.24
0.76
-
90
2.67
4.54
24.42
0.80
-110
1*2.75
t5.00
27.50
1.03
.200
NATIONAL AND GRINDLAYS
BANK LIMITED
Securities Co.
Head
London
Branches
54
jV
Bulletins
on
Request
,
-
„
.
PARLIAMENT
STREET, S.W.I.
13
_
ST. JAMES'S
SQUARE, S.W.I.
-.
■
■
Bankers
Laird, Bissell 8 Meeds
Members
C...
Office:
26, BISHOPSGATE, LONDON, E.C.3.
Motor Lines
Preston
tEstimated.
in life insurance in force.
Christiana
120
of
0.64
.'0.64
131
—
Members New York Stock
management
Cummings.
,
20.34
Merchants Fast
Eastern Inv. Branch
$0.61
109
___
anH
.
Dividend
$16.07 '
$3.76 3.99 44
17,19*4
4.07
and!;other
grease
Value
2.54
*lncludes adjustment for increase
e
compound used to protect
,
-(per share)—
$2.15
458
7.576.3
Book
Earnings
■
r
45
♦Adjusted
56
90
—
—
,
82
___
83.4
Earnings
Price
6.190.2
6,844.4
73.5
»
Reported
Approximate
and markets "PaDrotex "
from
/
170.1
186.5
alto
„ 1««
actons
otto surfaces
•(in millions)-
137.8
I960—
naner
peelab
Force
Funds
$122.1
:
1959—_
coatinrcomn4nd Low^s ?4k "
Tviis ,?,mnounH
when aDDlied to
^'Ser^ft^Lsily
Totjil Life
Insurance in
Capital,,.,
Income;.
r,v;>;
t
Results
Total
Assets
ctar-tincr
new
value of $50 per-
Underwriting
and
Admitted
1958—.
mar-
Growth
Statistics
1957-4-ii -14''
and
0.6%
"4:-4.,.-4
Premium
1956____
coater
test
Company is
yields
stock
liquidating
estimated
year-end
k'" 4";4./4
Year—
proceeds from the sale will
manufacture
a
over
The
price of $195 bid and is selling at a premium of
current
Selected
ketjng and development, adverticin? and working canital
- "
llsmg ana WOiKing capuai.
The company, of 459 West 15th
tha
Over-the-Counter-Market.
the
in
share!
Lewis
.
& Bradstreet, Inc^ Regional estivaried
the
bv.
spot estimates collected bv Dun-office at Depot Square, under the
mates
at
lllC.
wallpaper
private placements. The second largest
in real estate mortgages. Dur¬
attractive
The common stock of the Continental Assurance
>
KqIq
of
as
New investments/including reinvestments, totaled
More than 30% of the new investments were in
miscellaneous bond categories, where there have
1958-—
' ustTd"^for^^the"^' purchase^
satisfactory
ing 1961 Continental's net earnings on investments amounted to
4.39% compared with 4.34% in 1960.
Co., Inc., 82 Bea¬
ver St., New York
City, is offerv
ing 60,000
shares -of Papekote,
Inc. class A stock at $5 per share.
^
as
outlet for the company's funds was
Year—
Edward
not
were
or
available
been
Anil
A
in¬
Accident
in 1960, although
31, 1961, the company's invested assets amounted to
As of Dec.
1961__
^
Net
operations
$774.2 million.
j
KRllGK'OLG.
interest
offset the heavier outlays
than
more
procurement of additional new business.
the
growth continued at an excellent rate.
4nuiactureTs
-r\
investments
on
and health
■ ■
ke
placing the new business on
continued its favorable trend, while the higher rate of
earned
predominantly IBM, courses are
given' to aid the student in
from 1% to 5% lower BARRE, Vt.—Eastern Investment
year earlier, according to. Corporation has opened a branch'
was
ence
ais0
eqUipment, inventories,
was
curred in
"traded
elec
whereby
installation
week, according to reports
regional associations. A year
the figure was 210,664,000
ago,
of
nusmess_iuius. wueieuy uxe
latter are advised on how to set
up,
program and
operate theirGwn data processing systems. Although the company's equipment 1
week and held down over-all re-
Easter in 1961. Buying of apparel
was by no means at a standstill,
from
N^w YoTk
tion
firms
business
to
Bad weather plagued the East
Coast
10, totaled 243,743,000 board feet
compared with 213,733,000 in the
prior
th£
H
^ 01
in
th^ttnit^ri
in
maintains
tail purchases for the period end-
general
throughout the country.
•
an
/-^1
more
truck terminals of
in'
35th
West
45
Citv
schools
( Jqco
^Trans-^Consumer Buying Continues to
The report rehandled
tonnage
400
"fnI
J
million
penalties in¬
the books. Mortality experi¬
gain from insurance operations amounted to $9.1
the industrial
a"d wash^atoh D C in whkh it
a4fi4 r4S4 d^iene4 to teLh
^ orapS p4ram-
the general trend of food prices at
wholesale level. - 4 ' -
the
Net
compared with $8.8 million in 1960 despite the heavy
$158.8 million.
of
York
rnd
offices
prices advanced at
raw
of the most outstanding records
one
company as
from the sale will
romnanv
New
index. Its chief function is to show
for
195760
recorded
steadily and rapidly despite the constant penalties to earn¬
volved in
The
otX
for
weekly survey of 34 metropolitan the
areas conducted by the ATA De- ,4
Economics:
eggs
member of the Continental Casu¬
a
year was the most successful in the history of the
assets, insurance in force and policy holders' surplus
established new highs. The increase in the amount of life insur¬
Aff
i
foodstuffs and meats in general use. It is not a cost-of-living
was
previous week of this year.
port
and
used
The past
woro
wheat, corn, oats,
lard,: sugar, Iambs" and steers, with
the most, noticeable increase in
the latter category.
'
•
The Index represents the sum
total of the price per pound of 31
9.2%
the
volume
the
bellies
insurance,
life
,
accounting procedures.
ance
tromc data processing macnines.
were it also offers consulting services
000*
group
ings arising from rapid growth, which are inherent in life insur¬
ing capital and used primarily for
increased
advertising, expansion
priCed appreciably lower in whole-
in
was
in;
risen
TT1 IT) 1T1P*
be added to the company's work-
_
and
week
of ,1961,
the
Trucking Associations
responding
1.3%
10,
volume
and
of
forms
erations have been consistently
Net proceeds
,
truck, tonnage
ended
ahead
ttams,
comcom
,
Intercity
heiliec
T-rams
well as
insurance. No industrialordinary life business is
non-participating basis.
capital funds have shown comparable expansion. Op¬
profitable. Reported earnings have
and
assets
basis.
£_lp pnQfthic week anH mniipratp
wppk
in
s w^ek> and moderate
i
^ - dips also prevailed in quotations
000/ 44f°r
rye,, cottonseed oil and hogs,
t
1
The company has
of
corresponding day of last year.-
Truck^Tomiase 9.2% lhan in 1961 week
Higher
week
week
week
yean ago
one
®
i
Intercity
;
vpar's
year s
57
cnrrpsnnnHinff
thp
1960
S. rail-
originating 'this type
this
tnis
with
pared
U
Canada.
as
The latter company owns approximately 32% of Con¬
Assurance's
outstanding
shares,
presently
totaling
tinental
is making the initial public sale
of Programming & Systems, Inc.
common stock through the offering of 40,000 shares at $4 a share
on a best efforts "all or none"
9
were
all
writes
also
Continental Assurance is
ing of new schools
&
and
life insurance
alty group.
compiled
Dun
Rico
Puerto
:V4:4.'
4 ." ance in force of $731.9 million was surpassed only by the record
D. M. Stuart & Co., Inc., New
gain established in 1959.
Sales exceeded the I960 total of 14%
York City, has announced that it
compared with the national increase of only 1.6%.
piggyback loadings Inc., dipped to $5.89 on March 20,
weeks of 1962 to-4easing back to the 1962 low which
taled; 109,020 cars for an increase ,was
also hit in two February
of 18,832 cars or 20.9% above the weeks, the 14th and 27th. Remaincorresponding period of 1961, and ing below the comparable year18,877 cars or 20.9* above the ago level, the index this Tuesday
corresponding
period
in 7 1960, was down 2.5% from $6.04 on the
first
,
OlOLK IJlIoJLGU.
Cumulative
the
.
0f existing facilities and the ooen-
by
Columbia,
of
every
extensively for employee welfare plans, and regular group perma¬
nent coverages.
In addition, the company provides for deposit
administration for funding pension plans.
'
qj_
'
for
Continental
Federal Re¬
department store
The Wholesale Food Price Index,
33.8% above the 1960 week,
or
cars
4,
Wholesale Food Price Index
Slips Back to Years Low
of
increase
an
District
practically
growth in the life insurance industry. Over the past decade,
life insurance in force has increased by over 350%, while admitted
.
included
..
i__i
-
PyfjOT3
loaded with
total).
the
form of ordinary
specialized forms of accident and health
life insurance is written.' The company's
written on both the participating
and
x J. wg,i. ctiiiiiiiiig,
0_ Cttq+pyyiq TriP
06 kJj O Ut/illoj 111G.
counter-
were
- 4,,.. :
was
Continental Assurance operates on the agency system and under¬
/
regis-
were
one
Assurance
slightly over 3 million.' Its operations are conducted closely with
Continental Casualty, which is one of the fastest growing and
most successful companies in the casualty insurance field.
*961-
tered for wheat, corn and tin, but
cars
below
higher
time
ending March 10, 1962, a decrease
bf 6% was reported as against
m the comparable period in
during
even
first
five .stock. life
Only
incorporated in Illinois in 1911.
of the few life insurance companies that is licensed in
states,
writes
the
-
.
for the
mark
P'or the week ended March 3, a
decrease of 9%
was
registered
when: compared with the same
week in 1961. For the four weeks
Steady in Latest Week
r
-
American
or
System
•
Wholesale Commodity Price Index
4-4
•.
revenue
to
is
all
week
eased back on March 19 to the
same level as a week ago, reports
Dun & Bradstreet, Inc. Substan-
of
It
sales in New York City for the
and 40 in the similar week of we,ek ended March 1°. ™ere,
i96i44'4444v/v'4 44''',y 44;47yv.::
below the same period in 1961.
the
Increase
47
to
rose
preceding
the
freight in
the week ended March 10, totaled
525,696 cars, the Association of
Loading
...
_.
billion
$7,576
Continental
sponding period in 1961,
According
failures
for
week
-
During 1961, the company's in¬
million by year-end.
insurance companies exceed that total. .
in-
decrease
reached
and
period
March 10, -1962, sales de¬
by 1% below the corre-
serve
nohd"in61hI*,£1
e
71,083
In the four
week.
the similar week of 1961.
double
the
in
to
6%
a
by total life insurance in force.
surance
in force crossed the $7
Pared with the four
the corresponding 1961
wppk
In
wppk neriod
.•
.
135,073, a 1.4% iiicrease.from 133,164 last week, and
dropped
reported
insurance company in the
the week ended March 10, 1962,
compared with the like period in
1961- For the week ended March
sales were down by 2% c0^-
mcasualties
under
$100, 000
among
Company ranks as the fifteenth largest life
United States and Canada as measured
„
be
Thp
The
Insurance Stocks
—
—6 to—2; East South Central—1
a
339
15
This Week
Central
week
industrial
to
March
Dun
-
(
rise
and
back
ended
renorts
...
moderate
a
Central —9 to —5;
27
American
Stock
BROADWAY, NEW
Telephone:
Bell
NY
KENYA.
Government
UGANDA,
in:
ADEN,
ZANZIBAR
'
Exchange
Exchange
YORK 5, N. Y.
BArclay
Teletype
-
...
to the
7-3500
1-1248-49
Specialists in Bank Stock»
Branches
in:
INDIA, PAKISTAN. CEYLON, BURMA,
KENYA, TANGANYIKA, ZANZIBAR.
*/ 4
UGANDA,
ADEN, SOMALI REPUBLIC.
NORTHERN
AND
SOUTHERN
RHODESIA
4
28
(1400)
The Commercial and Financial Chronicle
Indications of Current
The
Business
Activity
Indicated
steel
Equivalent
Steel
Crude
42
capacity)
cent
Week
Mar. 17
81.5
or
Year
Month
'
Ago
81.0
Latest
54.0
ALUMINUM
and
gallons
(net tons)
Mar. 17
2,387,000
2,361,000
2,454,000
1,574,000
(in
INSTITUTE:
condensate
(bbls.
average
each)
Mar.
9
Mar.
9
8,377,000
8,418,000
8,586,000
29,571,000
29,214,000
29,512,000
28,534,000
Mar.
9
3,245,000
3,620,000
3,726,000
output (bbls.)
Mar.
Residual fuel oil output (bbls.)
Mar.
8tocks at refineries, bulk terminals, in transit, in pipe lines—
Finished gasoline (bbl.) at
Mar.
9
13,624,000
14,776,000
14,736,000
9
5,996,000
6,516,000
6,932,000
6,060,000
9
206,714,000
*205,569,000
199.414,000
210,267,000
Kerosene
stills—daily
(bbls.)
output (bbls.)
Distillate
fuel
(bbls.)
average
output
oil
Kerosene
(bbls.)
Distillate
fuel
Residual
at
oil
fuel
oil
7,266,410
7,402,810
7,242,160
7,479,010
(bbls.)
24,966,000
25,803,000
25,985,000
91,674,000
98,614,000
112,010,000
38,107,000
41,082,000
41,293,000
BANK
Revenue
CIVIL
U.
525,696
528,293
542,415
500,184
522,639
475,703
Mar. 15
OUTPUT
OF
S.
214,500,000
248,600,000
191,400,000
Dollar
Based
157,700,000
203,200,000
184,800,000
191,000,000
113,600,000
162,800,000
150,400,000
133,600,000
44,100,000
40,400,000
34,400,000
ELECTRIC
7,685,000
*7,490,000
8,170,000
6,292,000
383,000
368,000
420,000
307,000
!
120
*119
16,142,000
16,418,000
16,266,000
339
/'364
412
East
363
6.196c
6.196c
6.1960
$66.44
$66.44
$66.44
$31.83
$32.50
$36.50
PERMIT
$37.83
West
refinery
at—
Mar. 14
30.600c
30.600c
30.600c
28.650c
28.675c
28.675c
9.500c
9.500c
9.500c
BOND PRICES DAILY
Government Bonds
9.300c
9.300c
BUSINESS
10.800c
12.500c
12.500c
12.500c
12.000c
11.500c
12.000c
12.000c
14
24.000c
24.000c
24.000c
123.250c
121.875c
121.000c
88.29
88.33
87.06
88.65
Retail
Construction
Total
86.11
88.40
89.92
92.93
Wholesale
87.99
91.34
Retail
86.11
85.98
85.59
88.13
Construction
Commercial
YIELD
DAILY
86.51
82.03
/
81.66
87.05
89.92
88.40
87.86
4.01
3.72
4.66
4.67
4.42
4.54
>.
4.70
4.39
4.39
4.53
4.56
4.71
4.74
received
5.07
4.88
4.88
4.90
4.62
4.63
229
4.51
368.6
.Mar. 10
REPORTER
PRICE
350,490
FOR
ACCOUNT
OF
4.57
v".
In
4.39
367.6
352,402
-
of
327,851
349,612
343,811
96 7
sales
sales
3
~
sales
,.
initiated
on
the
111.11
ii
111.72
?
112.02
sales
account
of
sales
1,832,420
2,309,860
2,513,340
2
416,580
1,731,310
2,289,120
2,667,030
of
(NEW)
&
2,000
of
S.
$88,083,000
THE
IN
14,365
month
of
18,343
13,281
February:
A.—
pounds)
112,260
H
*121,864
97,682
151,774
134,812
125,377
130,771
93,029
77,962
pounds——._—
2,000
6,941,000
$111,827,000'
BRADSTREET,
78,303
146,709
•■./'•'-;■•>■
(tons of 2,000 pounds)————
A.
stocks
end
at
pounds)
of
period
-
(tons
—
219,570
454,860
276,490
28,200
17,800
19,100
244,250
312,480
274,830
23
272,450
330,280
293,930
854,153
H
147,799
Customers'
short
96,170
813,250
974,217
23
978,144
3,643,983
of
504,760
563,980
531,850
Feb. 23
2,264,213
2,978,120
3,499,497
All
U.
—
DEPT.
S.
>,.
•
3,542.100
4,031,347
Feb. 23
*$94.88
$89.31
103.53
*103.17
96.29
*84.24
80.47
40.0
*39.7
39.0
40.6
*40.3
39.3
39.2
*39.0
38.5
$2.38
*$2.39
$2.29
HH-'K'
v
goods
—
—
-
2.55
2.56
2.45
2.15
2.16
2.09
115
—
114
102
116
*113
103
17,051,000
—.—
goods
OF
Month
1,362,347
1,702,013
1,,960.278
2,127,397
$71,968,608
$88,687,138
$106,,428,180
1,761,777
,820,771
RESERVE
of
Feb.:
of
••'
—-—1
(BUREAU
OF
—
MINES)—
January:
(barrels)—
from
mills
:
(barrels)
of month
end
-
10,318
8,651
1,394,272
1,753,126
$71,519,824
$87,347,853
23
2,195,717
21,656
$99,897,824
1
457,350
557,690
525,130
457,350
5571690
525,130
389,800
499,380
654,650
MANUFACTURING
of
Inventory
616,030
Tractor
Implement Tires
(Number
Tubes
(Number
23
600,380
692,860
23
13^178,030
16,638.300
,684,700
20,725,110
23
13,778,410
17,331,160
,395,000
21,770,440
710,300
Tread
295,475
963,939
of)—
•
._
•_
Rubber
329,156
293,711
1,119,189
and Bus
Inventory
1,045,330
180,474
313,332
1,107,535
—
!
Truck
8,265,462
23,691,262
331,187
.—
Inventory
Inner
8,189,206
9,251,067
22,806,787
of)—
7.
Motorcycle,
8,160,610
10,173,285
23,059,423
Production
;
-
5,366,757
2,887,602
5,076,360
3,691,033
3,001,620
3,207,766
8,062,019
9,784,084
9,394,015
(Camelback)—
Shipments
(pounds).
40,094,000
*43,320,000
37,189,000
Production
(1947-49=100)1
(pounds)
41,527,000
*43,101,000
38,401,000
(pounds):
16,411,000
*15,342,000
19,226,000
Inventory
Commodity Group—
Truck
All
Mar. 13
100.7
100.7
(a)
—
Mar. 13
98.6
97.8
—Marjl 3
101.9
102;2
,(a.)
(a)
,
•"
(a)
(a)
-'(a)
Mar. 13
96.1
96.4
(a)
—Mar. 13
(a)
100.7
100.7
(a)
(a)
—
St.
Louis
of
exceeds
Monthly
one-half
Bus
Tires
(Number
of)—
Investment
cent
Plan,
JPrime
Western
Zim
1,135,745
Production
'v
;
'
•'*
T
TREASURY
RECT
OF
reported since introduction
and
Shipments
—
freight from East
46
9,841,025
—
—
:—
Shipments
S. DEPT. OF
ninnnn
and" foods!!"
37,939,000
(Number of)—
—
Shipments
11111111 Feb!
—H—H—Feb.
farm
14,174,000
63
January:
,
Passenger,
Feb
foods
16,744,000
17,343,000
36,270,000
ASSOCIATION,
Production
6631880
23
cent)——__—
(per
Passenger & Motorcycle Tires
Shipments
663,880
23
23
used
INC.—Month
2,187,384
$95 ,157,415
RUBBER
8,333
799,115
Capacity
STOCK
commodities
Farm products.
—
23,393,000
13,525,000
39,725,000
46
___
(barrels)—.—_—_
$103,602,064
1,404,590
FEDERAL
—
CEMENT
Stocks at
23
THE
adjusted
Production
tN.umbe5 of where not
orders
centers
*131
f
84.28
SYSTEM—1947-49= 100—Month
Seasonally
Unadjusted
TRANSACTIONS
(SHARES):
_
"than
-
$95.20
—
goods
Shipments
HFeb!
Feb!
_
Meats
:
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
TOTAL
U.
*105
146
OF
L-aL^LL
:
manufacturing
Production
"Feb.
—
*7
earnings—
PORTLAND
Feb. 23
11111111111
"oTsharesHI
~
'V
■
4,469,724
sales
■_
*
.,
goods
ERNORS
Feb. 23
sales-—
141
goods
Nondurable
3,550,749
2,768,973
~~
by dealers—
Number of shares—Total sales
WHOLESALE PRICES, NEW SERIES
..•••
.
'"'•>•' 267
.7
manufacturing
Hourly
918,975
sales
sales
!
February:
goods
Nondurable
4,318,196
Feb. 23
Feb. 23
MEMBERS
ESTIMATE
manufacturing
Durable
1,070,387
Feb. 23
round-lot salesShort sales___
■
?•::•
HOURS—WEEKLY
earnings—
Durable
41,600
922.700
HI Feb.
Total
i
adjusted—
112
831,009
ZHIHII Feb.
ROUND-LOT STOCK SALES ON THE N.
Y.
EXCHANGE AND ROUND-LOT STOCK
>:"'r
;:1"-•:'i':
Hours—
409,810
3,597,570
sales
sales
EARNINGS AND
147,135
666,153
-
765,213
value
Round-lot purchases by dealers—Number
FEDERAL
YORK—1947-49
of
seasonally
All
2,715,590
sales
other
NEW
FED¬
daily)
882,116
99,060
832,850
109,450
Feb. 23
Odd-lot purchases by dealers (customers'
sales)—
Number of orders—customers' total
sales
DISTRICT
OF
100—Month
=
Nondurable
purchases)—t
value
BANK
SECOND
(average
451,410
663,600
Feb. 23
;
Customers'
RESERVE
Durable
COMMISSION
shares
SALES
daily)
480,670
STOCK TRANSACTIONS FOR
ODD-LOT ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES EXCHANGE
(customers'
STORE
(average
All
3,040,170
23
~H
,
14,943,000
3,858,000
February.
Sales
2,309,930
"
sales
.
19,017,000
5,134,000
January:
unadjusted—.—
730,240
2.250,450
~~
I
;
basis at
12,393,000
30,646,000
26,495,000
.
$90,499,000
of
copper
RESERVE
2,955,410
436,730
1,852,390
~~H
Feb.
H-H—Feb.
members—~
H
sales
vered
$23,160,000
10,777,000
28,886,000
liabilities-
LABOR—Month
Feb. 23
transactions for
commodities other
,,.$44,289,000
fabricators—
AVERAGE
Feb. 23
Feb. 23
HI"
purchases
—
S.
2,000
Weekly
Feb. 23
HUH
OF
116
1,449
111.85
377,500
I
ACCOUNT
114
'.1,447
$25,023,000
STATES—DUN
to
Average
448,677
floor—
sales
Other
110
.1 :.
93
470,157
1,353,810
HI—H Feb.
sales
Short
149
9,236,000
service
(tons
ERAL
323,093
•
95
483,209
Feb. 23
purchases
of
262
24.611,000
liabilities
DEPARTMENT
„
.
Feb. 23
transactions initiated off the floor—
Total
purchases
by dealers
693
231
1,353
^
—
Sales
"I
H~I
Other
sales
U.
Refined
370.4
Feb. 23
sales
round-lot
number
140
749
251
liabilities
(tons
Delivered
MEM-
sales
Other
372,414
96
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
registered—
Total
purchases
Feb. 23
Short sales
HI Feb. 23
transactions
151
625
_•„—
INSTITUTE—For
FACTORY
-
Short
>
369.3
"
502,431
.Mar. 16
TRANSACTIONS
Other
„
—
INCORPORATIONS
Crude
INDEX—
AVERAGE=100
Short
4.53
368,844
.Mar. 10
DRUG
_.
liabilities
Refined
4.42
Mar. 10
All
213
BRADSTREET,
ASSOCIATION:
(tons)
Processed
216
&
„
Copper production in U.
4.77
4.60
Mar. 20
(tons)
PAINT AND
COPPER
5.02
.Mar. 10
LABOR
$470,249,377
____
INC.—Month
4.55
5.05
INDEX
NATIONAL PAPERBOARD
Total
4.32
4.70
5.02
.Mar. 20
Total
$473,611,000
February:
4.53
4.21
-
.Mar. 20
Other
77.255,997
$494,987,918
City———-
liabilities
UNITED
.Mar. 20
FOR
$547,505,374
472,787,852
liabilities
BUSINESS
AVERAGES:
.Mar. 20
Round-lot
$946,398,852
17,267,601
22 ,477,856
90.34
3.87
:
.Mar. 20
Dollar
25 ,769,505
125 620,501
28,168,205
85.20
3.86
88.67
Mar. 20
COMMODITY
of
Manufacturing
82.03
83.53
87.18
■
81.42
33.79
■
33.79
:
.Mar. 20
•
19,484,062
113,914,911
$512,255,519
York
New
service
90.34
'
87.45
Aaa
Dollar
19,209,413
_1
number
88.27
Mar. 20
Number
23,176,827
number
86.65
.Mar. 20
BOND
Odd-lot
102 630,143
—
States
number
38.40
Mar. 20
Total
84 576,444
72,976,992
—
—
number
number
Li
90.34
Mar. 20
Other
52 554,086
77,309,908
y
—158,230,793
FAILURES—DUN
Wholesale
-
103.875c
Mar. 20
:
26.000c
Mar. 20
Short
116 201,776
62,371,171
107,425,477
—
—-
INC.—Month
12.000c
14
Mar. 20
Total
$17 675,063
528,345,761 V
58,491,283
78,634,635
AVERAGES:
'Baa
Total
——
$43,827,842
44,263,646
—
Manufacturing
Mar. 20
Total
.
$22,823,445
—
—
outside
Mar. 20
Total
,
——
—
City
Mar. 20
Other
&
.
United
York
Mar. 20
Total
562,771,000
•
;
-.
Commercial
MOODY'S
Other
853,448,000
DUN
—
'
———
Total
11.000c
9.300c
Mar. 14
Total
843,957,000
12,658,000
27.125c
14
Mar.
•
104,330,000
CITIES—Month
^-1
Central
Total
28.600c
Mar.
ROUND-LOT
74,380,000
——
VALUATION
Central
New
Mar. 14
1949
105,650 000
———$2,559,432,000 2,621,459,000 2,048,660,000
INC.—217
Central
Pacific
QUOTATIONS):
Mar. 14
OIL,
278,836,000
$66.44
Mar.
Production
255,169,000
between
—:
„
Mountain
Mar. 14
Orders
209,840,000
_
$388,343,000
copper—
Domestic
MOODY'S
945,645,000
15,632,000
701,722,000
12,831,000
■.
—
shipped
and
—
Atlantic
South
6.196c
■
Atlantic
South
14,554,000
Mar. 12
MOODY'S
915,179,000
:
————
—
England
Middle
Mar. 12
S.
$477,185,000
.—
&
_•__.
countries
January:
New
128
118
Mar. 12
U.
V
$471,975,000
i
credits—
stored
goods
on
of
Mar. 15
J.
$222,700,000
,\7*•••:, '•
■
———-
—
__
BRADSTREET,
IRON AGE COMPOSITE PRICES:
M.
exchange
BUILDING
I
&
18,429
OF
BANK
28:
i
Total
INSTITUTE:
(E.
1,958
19,010
OUT¬
RESERVE
Feb.
of
——
foreign
MINES):
Mar. 17
PRICES
-
57,400,000
Mar. 10
Electrolytic
YORK—As
__1—
warehouse
218,600,000
Mar. 10
METAL
ACCEPTANCES
Domestic
$382,400,000
Mar. 15
BUREAU OF
GOVERNORS
OF
'•--•17,736
$239,500,000 *$294,700,000
-
—
shipments
$433,400,000
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—J947-49 AVERAGE=100
Mar. 10
EDISON
NEW
$417,700,000
Mar. 15
municipal
(U.
1,536
(•-*2,128
undelivered
and
(000's omitted)-
DOLLAR
Imports
$376,300,000
Mar. 15
Federal
COAL
February
Exports
Mar. 15
and
5,386
2,690
.
order
on
Domestic
construction
State
M70
delivered
cars
cars
STANDING—FEDERAL
492,584
518,769
CONSTRUCTION-—ENGINEERING
construction
Public
291,372
INSTITUTE—
month)—--—
BANKERS'
construction
S.
Private
161,427
207,055
cars
DEBITS—BOARD
of
NEWS-RECORD:
Total
167,993
198,424
43,299,000
freight loaded (number of cars)
Mar. 10
freight received from connections (no. of cars)__ Mar. 10
ENGINEERING
170.140
Jan.
THE FEDERAL RESERVE SYSTEM—Month
95,888,000
9
of
(end
CAR
February:
freight
new
freight
Backlog of
24,896,000
9
Mar.
at
9
Mar.
at
of
for
New
3,391.000
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
tons)—Month of.January
(short tons) end of
RAILWAY
Month
Orders
-12,885,000'
Mar.
(bbls.)
Ago
primary aluminum in the U. S,',
aluminum
AMERICAN
8,264,000
9
to
runs
of
Year
Month
MINES):
of
Mar.
Crude
Gasoline
of
short
Stocks
output—daily
OF
(BUREAU
Previous
Month
Ago
84.0
Production
castings
and
PETROLEUM
oil
(per
production and other figures for the
cover
on
to—
ingots
AMERICAN
Previous
Week
INSTITUTE:
STEEL
operations
Thursday, March 22, 1962
;
.
that date, or, in cases of quotations, are as of that date:
month available. Dates shown in first column are either for the
month ended
or
latest week
Latest
AMERICAN IRON AND
following statistical tabulations
week
,
1,327,743
—
3,740,552
-
*
-.K' "
MARKET
AND
Net
sales
Net
purchases
t
•
*' ''
"
'■
•
-
•
of
1,015,757
IN
988,096
3,560,683
3,990,000
DI¬
SECURITIES
February:
_—
——
a
pound.
( a) Not
available.
i.
940,910
1,232,304
>
*
TRANSACTIONS
GUARANTEED
USA.—Month
■
—
$47,143,300
$76,911,700
$21,349,200
Volume
Number 6144
195
.
The Commercial and Financial Chronicle
.
(1401)
* INDICATES
Now
Securities
of
in
Registration
sales.
credit
Office—931
Underwriter—G.
NOTE
——
Because of the
large number of issues
H.
Alberto-Culver
awaiting processing by the SEC, it is becoming
Walker
Co.
Summit
St.,
Co., N. Y.
&
Niles,
Ohio.
expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
Electronics,
N. Y.
—For
Inc.
Feb.
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- >
tal. Office—80 Wall St., N. Y. Underwriter — Bertner
Bros., N. Y.
' :'
•
Accurate
J.
Packaging Corp.
doors.
and
equipment ac¬
For
supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y,
!
and
Admiral
Business
Business
acquisition, debt repayment
Office—5007 Lytle St.,
Underwriter—First Madison Corp., N. Y.
Office—1601
Guilford
American
Nov. 29,
repayment
Broad St.,
•
installation
of
corporate
amendment.
Feb.
and
sale
of
dolls.
•
Proceeds—For
equip¬
gaged in the production of aluminum alloys. Proceeds
selling stockholders. Office—4365 Bradley Road,
Cleveland. Underwriter—Joseph, Mellen & Miller, Inc.,
—For
Cleveland.
Under¬
•
Ainsbrooke Corp. (4/23-27)
Jan. 8, 1962 filed 200,000 capital shares,
of which 100,000
by the company and 100,000 by the
stockholders.
Price—$10.
Business—Manufacture
of
men's and boys' underwear and pajamas. Proceeds—For
are
to
/ amendment.
Underwriters—C
&
amendment.
aluminum
minum
Business
storm
products.
—
The
windows
manufacture and sale of
and
doors,
and
other
alu¬
Proceeds—For
other corporate purposes.
working capital, and
Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This offering has been in¬
definitely postponed.
:
Alan-Randal
Co., Inc.
("Reg. A") 120,000
Oct. 27, 1961
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
Co., San Francisco, Calif. Offering—In
Coast Securities
April.
Alaska
All American Petroleum Corp.
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.,
Feb.
Denver.
Underwriter—None.
Nov.
ment.
(3/26-30)
17, 1961 filed 250,000 common.
Business—A
lumber
Bldg., Portland, Ore.
Price—By amend¬
Proceeds—For
Office—614 Equitable
company.
construction and working capital.
Underwriter—Dempsey-Tegeler &
Co., Inc., St. Louis,
i Albee Homes, Inc.
March 14, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982, also 150,000 outstanding common. Price
—By amendment (max. $30 for common) Business—
Sale of pre-cut, packaged home building materials for
construction of "shell" homes. Proceeds—For expansion
distributor
of
.C.
412 N. 6th
Co., Philadelphia.
writer—Albion
letter
Securities
Co.,
21,
Finance
1961
filed
Co., Inc.
$500,000 of
nance
Inc.,
N.
Y.
business. One additional
subsidiary is
a
Maryland
savings and
loan association and two»are automobile
insurance brokers. Proceeds—For the retirement of de¬
bentures, and capital funds. Office — 1472 Broadway,
Y. Underwriter—Myron A. Lomasney & Co., N. Y.
N.
Note—On March 20, 1962 the SEC issued
suspending
the
a "Stop Order"
statement for failure to comply with
disclosure requirements.
this
Securities Act
American
Laboratories, Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
Feb.
laboratories.
ing
capital.
Proceeds—For
Office—660
S.
debt
repayment and work¬
Bonnie
Brae,
Los
Angeles.
Underwriter—California Investors, Los Angeles.
American
<
Management & Investment Corp.
non-cumulative convert¬
ible preferred. Price—$10. Business—A management in¬
vestment company which plans to acquire firms in the
Dec. 20, 1961 filed 500,000 7%
porate purposes.
Office —
D. C. Underwriter—None.
•
American
Modular
Warner Bldg., Washington,
Manufacturing Corp.
(4/16-20)
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For
working capital.
Park, Fla.
debt repayment, equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
Continued
on
page
Note—This
withdrawn.
was
Alumatron
International, Inc. (3/26-30)
13, 1961 filed 73,000 common. Price—$7. Business
/—Company plans to construct special type homes, and
engage in the general contracting business. Proceeds—
Nov.
For general corporate purposes.
Fla. Underwriter—B. C.
:
;
YOUR PRIME SOURCE FOR
Office—St. Petersburg,
Malloy, Inc., St. Petersburg.
★ Aluminum Specialty Co.
March 15, 1962 filed 1,000,000 of conv. subord. deben¬
tures due May 1, 1980, also 90,000 common
shares, of
all
which 45,000 are to be offered by the
company and 45,000 by stockholders. Price—By amendment
(max. $13
share). Business—Design, manufacture and
marketing of proprietary lines of aluminum housewares.
Proceeds—For plant expansion, redemption of
A, B and
C
preferred, and working capital.
Office—16th and
Wollmer
Sts., Manitowoc, Wis.
Underwriters—Paine,
Webber/Jackson & Curtis, N. Y. and Loewi & Co., Inc.,
per common
BOUGHT
Milwaukee.
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
Amerada
Feb. 28,
Properties Trust
1962 filed 112,000 shares of beneficial interest.
Business—A real estate investment trust.
Price—$10.
Proceeds—For
Alaska Pacific Lumber Co.
and
Price—By
St., Philadelphia.
Collings & Co., Inc. and Harrison
—
Denver
insurance and finance fields. Proceeds—For general cor¬
(3/26-3b)
shares.
• Alson
Mfg. Co.
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¬
Master Corp.
May 26, 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
the present holders thereof.
Price—To be supplied by
Business—Wholesaler
working capital. Office
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
Air
'"/ '
electronic parts manufactured by others. Proceeds—For
offered
be
V
Almo Industrial Electronics Inc.
Nov. 27, 1961 filed 155,000 class A
writer—International Services Corp., Paterson, N. J.
Inc.,
common stock purchase warrants to
public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
Alloys & Chemicals Corp.
Proceeds—Debt payment, new products, sales pro¬
motion and advertising, new office and warehouse and
Underwriters,
be offered for
Dec. 27, 1961 filed 225,000 common.
Price—By amend¬
ment. Business—An aluminum smelter and refiner en¬
tiles.
Office—930 Grant St., Denver.
stock, and 25,000
production of TV jingles. Proceeds—For debt repayment
working capital. Office—9171 Wilshire Blvd., Bev¬
erly Hills, Calif. Underwriter — Ellis Securities, Inc., r
Great Neck, N. Y. Offering—Expected in May.
Agency Tile Industries, Inc. (4/23-27)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
purposes.
6% convertible sub¬
ordinated debentures due 1971; 75,000 shares of common
and
•
and
American
April
Business—A
new
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y. Offering—In late May.
loan
(a subsidiary).
Doll & Toy Corp.
27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture
Office—1068
be named.
company, a broker-dealer-underwriter,
finance company.
Proceeds—For gen¬
Underwriter—Nation-Wide
Price—By
purposes.
Diversified, Inc. (5/7-11)
filed 110,000 common. Price—$7.50. Busi¬
holding company whose three subsidiaries are
a
Underwriter—Allen & Co., N. Y.
Price—$5.
Office—522 W. 29th St., N. Y.
corporate
eral
basis.
Price—$6. Business
common.
of vacant land. Proceeds—Debt
Newark, N. J. Underwriter—To
life insurance
a
Ave., Balti¬
—
working capital.
other
Dec. 21, 1961
ment, advertising, and working capital. Office — 4116
moulds, machinery and equip¬
First Ave., Brooklyn, N. Y. Underwriter
Theodore
ment, research and genbtaT Corporate purposes. Office—
Arrin & Co., Inc., N. Y.
v;
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
:t V Allied Entertainment Corp. of America, Inc.
Lewis & Co., Inc., N. Y.
/>:.
'//PP/PP
; • Jam 23, 1962 ("Reg. A") 125,000 common.
Price — $2.
Aerodyne Controls Corp.
Business—Music publishing; the manufacture and distri¬
Jan. 29, 1962
("Reg. A") 90,000 common. Price—$2.
bution of phonograph
records, and the development and
and
and
American
ness—A
Allied
shares.
Development Corp.
1961 filed 60,000
—Development and sale
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
l-for-10
display
Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
an
small business investment company. Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave.,
Bethesda, Md.
importation and distribution of Italian
mosaic tiles.
Proceeds — For the purchase
marble and
Busi¬
and
a
The
—
boxes,
Proceeds—For general corporate purposes.
Office—1101 W. Cambria
St., Philadelphia. Underwriters
—Milton D. Blauner & Co.,
Inc., M. L. Lee & Co., Inc.,
N. Y., and
Allied Capital Corp. (4/9-13)
Oct. 20, 1961 filed 213,427
common, of which 200,000 will
be offered to the public and
13,427 to stockholders on
28, 1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
—For additional sales personnel, moving expenses and
other corporate purposes. Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y.
Packaging Corp.
boards, etc.
Philadelphia.
Feb.
Aero-Dynamics Corp. (4/2-6)
Aug. 7, 1961 filed 100,000 common
For
—
acquisition.
an
more.
Inc.
Systems,
Beane, N. Y.
Allegheny Pepsi-Cola Bottling Co. (4/30-5/4)
March 5,
1962 filed $1,250,000 of 6J/4% 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—
May.
• Admiral
Automotive Products, Inc.
(4/23-27)
Jan. 11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile
Proceeds
Cardboard &
(4/23-27)
•
Bros, & Co., Inc., N. Y. Offering—Expected in
American
general corporate purposes.
Pittsburgh, Pa.
advertising and other corporate purposes. Office
Third St., Newark, N. J.
Underwriter—Baruch
cessories
R. Williston &
Sons, Bal¬
Jan. 5, 1962 filed
150,000 common. Price—$3.50. Business
—Manufacture and sale of cardboard
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
28, 1962 filed 80,000 common. Price—By amend- ;
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
—651
repayment, equipment, inventories and ad¬
Office—1400 Broadway, N. Y. Underwriter—
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common.
Price—$4.25.
Feb.
ment,
•
debt
vertising.
&
—
Inc.:"'
28, 1962 filed 100,000 common. Price—$5. Business
—Design and manufacture of women's dresses. Proceeds
C.
ISSUE
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¬
dustrial aircraft and missile fasteners.
Proceeds—For
debt repayment, equipment and
other corporate pur¬
poses. Office—Lawson Blvd.,
Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co., N. Y.
Alison Ayres,
E.
REVISED
timore.
Feb.
A.
ITEMS
County, Md. Underwriter—Robert Garrett
(3/26-30)
toiletry preparations, particularly in the hair care field.
Proceeds—For selling stockholders. Office—2525 Armitage Ave., Melrose Park, 111. Underwriter—Shields & Co.,
items reflect the
PREVIOUS
nancial institutions. Proceeds—For
equipment and work¬
ing capital. Office — 7501 Pulaski
Highway, Baltimore
Jan. 12, 1962 filed 68,000 common. Price — By amend¬
ment. Business—Manufacture and sale of cosmetics and
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
ADDITIONS
SINCE
•
29
acquisition of
a shopping center. Office
Blvd., Los Angeles. Underwriter—Real
Estate Underwriters, Inc., (same address).
—6363
'icvnew
SIEGEL
Wilshire
Amerel
July 31,
Established 1942.
Mining Co. Ltd.
1961
filed
400,000
common
shares.
cents. Business—The company is engaged in
Price—50
Members of New York Security
exploration,
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.
American Bank Stationery Co.
March 2, 1962 ("Reg. A") 21,000 common. Price—$14.25.
Business—Design and manufacture of stationery for fi¬
Dealers Association
39 Broadway, New York 6, N. Y.
Dlgby 4-2370
Direct
TWX: N,Y. 1-5237
ire to
HOLTON, HENDERSON & CO., Los Angeles
30
30
(1402)
The Commercial and Financial Chronicle
Continued from page 29
formed "blisters" for packaging. 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.
vacuum
American
Mortgage Investors
Feb. 8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
,
Artlin
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
was
American
24,
Phoenix
Corp. //
315,000 class A
1962 filed
Business—General real estate.
shares.
Price—$10.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
Corp., N. Y.
purposes.
•
American
Pioneer
Life
Insurance
20, 1961 filed 400,000
ness—Writes life
insurance
(4/2-6)
Florida. Proceeds
in
—
■
•
For
expansion and legal reserves. Office—307 S. Orange Ave.,
Orlando, Fla. Underwriters—A. C. Allyn & Co., Chi¬
cago and Goodbody & Co., N, Y.
20,
American
Realty & Petroleum Corp. (4/2-6)
Sept. 28, 1961 filed $2,000,000 of 6 %% conv. subord. de¬
bentures due 1971.
Price—At par.
and also the oil and gas
ment of debt, sales and
Baltimore.
N. Y.
Underwriter—Federman,
/'//:/,; /:/, /;///-
ments and
N. Y.
business.
adyertising, property improve¬
possible acquisitions.
Office—16 W. 61st St.,
Inc.
Bank
Proceeds—For selling stock¬
Underwriter—Dana
Securities
Co.,
Inc.,
Ascot
Textile
Corp.
•
Associated
Development, sale and distribution
of specialty chemi¬
detergents. Proceeds—For sales promotion, new
product development and general corporate purposes.
Appalachian Power Co. (4/17)
1, 1962 filed $25,000,000 of first mortgage
Baby Services, Inc.
(4/30-5/4)
/'•;;///;•/
bonds
capital.
1,
1992.
other
p.m.
EST)
of
bank
Office—Roanoke,
same
diversified
which plans to
address.
open-end
investment
participate in the long-term
sheeting. Proceeds—Expansion and working capital. Of¬
fice—127-09 91st Ave., Richmond
Hill, N. Y. Under¬
writers—Michael G. Kletz & Co.,
Inc., and Rittmaster
Voisin & Co., N. Y..
=
Proceeds—For investment.
progress
Office—9449
W.
are
-
,
Blvd.,
Langley & Co., N. Y. Offer-
,
„
J
-
of
—
derwriters—Preferred Securities,
Inc., Denver
chell & Co.,
Phoenix, Ariz.
and
Offering—Expected
fiers.
Proceeds—For
ing capital.
•
.
$1.
<
Aug. 22,
•
equipment, advertising and work¬
St. Paul.
("Reg. A")
40,000
Under¬
•
common.
some¬
Industries, Inc. (5/7-11)
1961 filed $600,000 of 6%
convertible subordi¬
debentures and 36,000 common
stock purchase
warrants to be offered for
sale in units of one
$1,000
debenture and 60 warrants.
Price
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
Ferry, N. J, Underwriter—Gianis &,
•
trial
machinery
corporate
N. Y,
and
purposes.
Proceeds—For
Merrick Rd.,
Co., Inc., N. Y.
Price—By
stockholders.
amend¬
Business—Design and manufacture of
womJz?J JuniGr sizes- Proceeds—For selling stockhold¬
ers
Office—1400
&
Co., N. Y.<*
Art
general
Seaford,
*
.
.»;<
■>,.->
r.
-v.i* ,.Vm
;
Jan. 26, 1962
ness—Design,
manufacture
and
sale
of
clear
-
plastic
„
1962
—
equipment,
a
sales promotion,* leasehold improve¬
new product, and working capital. Office—108
St., N. Y. Underwriter—Stevens, Hickey & Co.,
V,
Bechtold
■
i'. ;
•/
;
/,
"
'/•/..'
,
Engineering Co.
///
(3/27-28) "
a
selling
stockholder. Price—By amendment. Business—Manufac¬
ture of specially designed
thermosetting plastic fabri¬
.
cating machinery. Proceeds—For debt repayment
other corporate purposes. Office—631 N/E. 45th
St.,
Lauderdale, Fla. Underwriter—Roman
Lauderdale.
Fla.
;
/
.
-
&
and
Fort
Johnson, Fort
;••/*
.
®
Becton, Dickinson & Co. (4/23-27)
Jan. 26, 1962 filed 480,000 common, of which
200,000 are
to be offered by the company and
280,000 by stockhold¬
Business—Manufacture of
ers.
and
products used in the medical profession.- Proceeds—For
expansion and working capital.
Office—East Ruther¬
25,000
by,
Price—By amendment. Business—Sale and
a photocopy machine and
supplies. Pro¬
Babs, Inc.
\
("Reg; A") 70,000 class A.
Price_$2. Busi¬
Laboratories, Inc.
of which 125,-
ceeds—For equipment, expansion, and
working capital
Office—153 W. 36th St., N. Y. Underwriter—None.
At
•
(4/9)
distribution of
Broadway, N. Y. Underwriter—Carreau
Packaging, Inc.
Corp.
Dec. 1, 1961 filed 150,000 class A
shares,
000 are to be offered by
the-company
(4/2-6)
common.
Photo
Color
Nov. 30, 1961 filed 135,000 common, of which
95,000 are
to be offered by the company and
,
automatically operate indus-.
processes.
Office—3601
Marker
For
ments,
•
Business
Underwriter—S. Schramm & Co., Inc;* N. Y.
Automatic
Bebell
Proceeds
("Reg. A") 75,000 common. Price — $4.
Production, of, color photographic prints,
slides, transparencies and photo-animations. Proceeds—
N.-Y.
—
•
29,
Business
W. 24th
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
■=•■>*.
■; ,/\
fund.
Fenway, Boston. Un¬
r-'-v,'".'
40,000 by
Automatic Controls, Inc. (6/20) '
1961 filed 50,000 common. Price—$4.
Dec. 28,
—
&
mutual
(4/23-27)/'
Jan.
—
Mit¬
Bebeil
/,//■;
Business—A
Office—22 The
derwriter—None.:
Office—668 Jenks Ave.,
1961
asset value.
—For investment.
Price—$3.50.
Proceeds
For repayment of
loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria.
Va. Underwriter—First Investment
Planning Co., Washington, D. C. Offering—In early April.
Dec. 29,
Nov. 27, 1961 filed
108,000
(max. $5).
be offered
Baxter
—Net
Z-;-/'";/•///
.
nated
ment
to
Laboratories, Inc. (3/28)
*
/< •
- / •;
•
Jan. 22, 1962 filed $10,000,000 of convertible subordinated
debentures due 1982, and 120,000 common shares. Price
-
writer—Pewters, Donnelly & Jansen, St. Paul. Offering.
*—In late April."• /
/■;
-.v// ' j..;
Atmospheric Controls, Inc.
•
*
Arnav
Richling, Inc.
120,000
_
.
common.
Price—$3.45.
Business—Manufacture and sale of Mist-I-Cone humidi¬
Business — Development of
underground caverns as a
tourist attraction.
Proceeds—For debt repayment. Office
—Suite No. 9—4344 E. Indian
School Rd., Phoenix. Un¬
Aronoff &
filed
holders.
;
working
Culver City.
Jefferson
1962
5,
common, of which 50,000
by the company and 70,000 by stock¬
Price—By amendment (max. $11). Business—
Design, development, and manufacture of/differential
pressure-measuring
devices
and
related
instruments.
Proceeds—For working capital. Off ice—580
Monterey
Pass Rd./ Monterey Park, Calif. Underwriter—E. F. Hutton & Co., N. Y.
'/ •
.
Atmosphere Control, Inc.
Feb. 5, 1962 ("Reg. A")
86,000
Office—1118 Torrey
Arizona-New Mexico
Development Corp. /14"
Jam 3, 1962 ("Reg. A")
300,000 common.
Price
•
March
Underwriter—
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp.
(same address).
time in April.
/^>;/
Canada.
Hardy & Co., N. Y.:-■/•/
company
savings and loan associations, and allied financial busi¬
nesses.
Pines
//:/1. V"/,i/ /..;//■ S-
■
Argus Financial Fund, Inc.
Feb. 12, 1962 filed
800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at
$12.50 per share).
Business—A
/
-
—
at
Corp.
<
(Competitive). Probable bidders:
Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co. Inc.; Kuhn, Loeb & Co.-Eastman
Dillon,
Union Securities & Co.
(jointly). Bids—Apr. 24 (11 a.m.
EST) at 2 Broadway, N. Y. Information
Meeting—Apr.
(3
Barr
working capital. Office—120 North Ave., N. W., Atlanta,
—By amendment. Business—Manufacture of pharmaceu¬
Ga.^ Underwriter
The
Robinson-Humphrey Co., Inc., / tical supplies and
equipment. Proceeds—For debt repayAtlanta, Ga. ,:v
:"////,,/>^ /-/ * >/,; /•■//•///:/' - ment and working capital. Office—6301 Lincoln Ave.,
Atlantic Capital Corp. '-V:
Morton Grove, 111. Underwriters—Lehman Brothers and
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi- ■ Merrill Lynch,
Pierce, Fenner & Smith Inc., N. Y. J.
ness—A small business investment
company. Proceeds—
Bay State Electronics Corp. (4/16-20) «
>
For general corporate
purposes. Office—744 Broad St., / Oct.
27, 1961 filed 160,000 common./Price—By amend¬
Newark, N. J. Underwriter—Paine, Webber, Jackson & >;
ment.'
Business—Development of products and tech¬
Curtis, N. Y. C. Note — This offering was indefinitelyniques for use in the fields of oceanography, meteor¬
postponed.
■
:
'•/'/'//ology, seismology and ionospheric phenomena. Proceeds
• Atlantic Utilities
Corp. (4/2-6)
—For product development and
/"///.■.;/
working capital. Office
Jan. 26, 1962 filed 200,000 common.
Price—$6. Business
—43 Leon St., Boston. Underwriter—S. D. Fuller &
Co.,
—Construction and operation of water-treatment and
New York. ,•..///.'
.-■/•//.;/>,:// /v •
sewage-disposal
plants.
Proceeds—For
construction,
Beacon Investing Corp.
/ •:
plant expansion, and a loan to a subsidiary. Office—
Dec. 20, 1961 filed 300,000 shares of capital stock. Price
17850 N. 29th Court, Opa
Locka, Fla.
First Boston
12,
(■
commercial
—
prepayment
purposes.
and
Lodges, Inc. (3/27-28)
7
Oct. 30, 1961 filed 150,000 common.
Price—$10. Business
—Operation of motels. Proceeds — For expansion and
address.
Proceeds—For
corporate
S.
Atlanta Motor
Appalachian Power Co. (4/24)
Mar. 1, 1962 filed
$20,000,000 of sinking fund debentures
due Apr.
and
U.
by the company and 82,500 by stock¬
Price—By amendment. Business—Design and
ing—Imminent./
(Competitive). Probable bidders:
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
Boston
Underwriters
in
Calif. Underwriter—W. C.
—
Va.
distributed
manufacture of ground systems and
equipment for the
support and servicing of electronic systems, aircraft and
missiles.
Proceeds—Repay debt and increase
due Apr. 1, 1992. Proceeds—For the
prepayment of bank
loans and other corporate
purposes. Office—Roanoke,
Va. Underwriters
loans
of/home,
'/
Allwood-Clifton, N. J. Under¬
Globus, Inc., N. Y.
Mar.
is
holders.;
Ross, Inc. and
same
/;;/^/w;^/:/^v/
Barth Vitamins Corp. /
\
Proceeds— /
Jan. 23, 1962 filed 180,000 class A shares. Price —
For equipment and working
By
capital. Office—149 Madison
amendment. Business—The mail order sale of vitamins
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
and dietary produGts,fProeeeds—For
N. Y.
selling stockhol'd-»
r//%;v:*//'
ers.
Office—270 W. Merrick Rd., Valley
• Astro-Science
Stream, L. I.,
Corp.
N. Y. Underwriter—H. Hentz &
Co., N. Y.
Sept. 27, 1961 filed 232,500 common, of which 150,000
Barton Instrument Corp.
are to be offered
*
•':
Industries, Inc. (4/23-27)
Price—$2. Business—
EST) at
;
.
/
Feb. 27, 1962 filed/150,000 common.
Price—$4. Business
—Manufacture and sale of quilted and laminated
vinyl
Price—$7.50. Business — Operates diaper services,
linens, and publishes /"Baby Talk" magazine
which
cals and
p.m.
/
Business—Merchandising
ers.
Jan. 5, 1962 filed 95,000 common.
—Apr. 12 (3
Associates, Inc.
>
Imminent.
New York.
First
—
Sept. "1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro-
"
supplies
&
/
.
"Adanim"
Barish
Wall St., N. Y.
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
Office—Industrial West,
.
Tel-Aviv, Israel. Underwriter—Adanim
Jan. 17, 1962 filed 160,000
common, of which 60,000 are
to be offered by the
company and 100,000 by stockhold¬
writers—Glass
•
American Israel Investment
Co., Inc.
•
Corp.
Chemical.
'.
Business
A mortgage
lending company.
Proceeds—For general corporate
purposes. Address—108
Achad Haam St.,
80
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts. Proceeds—For
machinery research, sales promo¬
Anscott
,vv
amendment.
~
Co., N. Y. and A. G. Becker & Co., Chicago. Offering—
Libertyville, 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y.
•
;•.;.
.
1962
N./Y.
&
Co., Pitts¬
//,.
Mortgages & Loan Ltd. *
/
: Dec.
29, 1961 filed $556,000 of 6% cumulative preference
Stonehill & Co.,
dividend participating dollar-linked
shares. Price—By
■-;;//;///;•/,/X;/;////;./.
/
•
holders. Office—342 N. Fourth St.,
Anchor Industries
Underwriter—Arthurs, Lestrange
Ashland Oil & Refining Co. //
*
<
?
and institutional
;
furnishings. Proceeds—For 'expansion
Mar. 2, 1962 filed $25,000,000 of s.f. debs, due 1987;; Price
and debt repayment.
Office—818 W; Seventh
St., Los
—By amendment. Proceeds—For debt repayment and >; Angeles. / Underwriter—William R.
Staats & Co., Los
working capital. Office—1409 Winchester Ave., Ashland,
Angeles.;-;///;• ■'//"-// /.•
Ky. Underwriter—Eastman Dillon, Union Securities &
(4/23-27)
common^ Price. — By amend¬
ment. Business—Manufacture of pressure hydraulic hose
and metal tube assemblies.
St.,
(3/27-28)
Price—By " amend¬
and manufacture of chem¬
mechanical
ceeds—For working capital.
23, 1962 filed 100,000 common. Price—By amend¬
Office—224 E. 38th St.,
$7.50); Business—Converter of linings and / N. Y. Underwriter—Gianis & Co., N. Y. Offering—In¬
interfacings used in the manufacture of clothing. Pro- : definitely postponed.
////'-/' ://;/
ceeds—For expansion, debt repayment and
working capi¬
Barker Bros. Corp.
'
\ '
tal. Office—335 W. 35th St., N. Y. Underwriter—RittmasMarch 15,. 1962 filed 200,000 corhmon;
Price-Z-By 'amend¬
ter, Voisin & Co., N. Y. Offering—Expected in May.
/•//// ment.
Busi¬
Proceeds—For
investment. Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Expected in
May.
Coupling Co.,
Jan. 26, 1962 filed 488,000
Co.
common.
ments (max.
ness—A real estate investment company.
Anchor
Instrument
60,000
Business—Development
Feb.
American Southwest Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11.
•
Industrial
1961 filed
*
•
Underwriter—-Troster, Singer & Co., N. Y,
29,
15,
burgh.
burgh.
Publishing Co., Inc. (4/2-6)
("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
/—For general corporate purposes.
Office—14 W, 55th
Jan.
Business—Real estate
Proceeds—For repay¬
(3/30)
filed
ical, electrical and
instruments, precision
products and special purpose tools. Proceeds—For
sell¬
ing stockholders. Office—200 N. Braddock
Ave., Pitts¬
1961
Ascot
•
1962
Bacharach
ment.
•
Corp.- (3/26-30) - *
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 corporate purposes. Office—321 Park
Ave.,
Dec.
Co.
8,
Nov.
Arts & Crafts Materials
Underwriter—
Price—$5.50. Busi¬
common.
Bacardi Corp.
35,000 common. Price—$50. Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
—For a selling
stockholder., Address—San Juan, Puerto
Rico. Underwriter—Eastman
Dillon, Union Securities &
Co., n. y.
;• ;.;, ,
■ ■
....
:
Interamerica Securities
Dec.
•
March
Inc.
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J.
Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
/
//
v
^
Stone & Co., N. Y. Note—This
formerly named American First. Mortgage
Investors. Offering—In May.
Jan.
fice—32550 Pulaski Dr.,
Hayward, Calif. Underwriter—
Coast Securities
Co., San Francisco. Offering—
Expected sometime in May.
Pacific
(3/28)
Sept. 28, 1961 niea i35,uuu class A common shares. Price
—$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For
inventory, repayment
Underwriter—Hayden,
company
Mills,
Thursday, March 22, 1962
Nov. 27, 1961 filed 150.000 common.
Price—$4. Business
—Sale of dairy products^ through
"Dairy Drive-ins."
Proceeds—For debt repayment and
working capital.
Of¬
Price—By amendment.
ford, N. J. Underwriter—New
Broadway, N. Y.
Dado
Airrraft
York
Securities
Inf*
Co.,: 65
■-
Feb. 14, 1962 ("Reg. A")1 259,272 common.
Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and construction.
Proceeds—For
-
debt
repayment
and
general
corporate
The Commercial and Financial
Number 6144
Volume 195
Begley Drug Co.
Feb. o, 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,, Richmond, Ky. Underwriter—J. J. B. Hilliard & Son, Louis*ville, Ky.
V
•
Belgium
Securities Co., Inc., N. Y., R. E. Investors Corp., Levittown, N. Y., and Great Eastern Investment Co., Queen's
Village, N. Y. Offering—Imminent.
• Burros Corp.
Oct. 30, 1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30,000 by stockholders. Price—By amendment. Business—Designs, manufactures, imports and distributes artificial flowers. Proceeds
—For repayment of debt and general corporate purposes.
-
and First Investment Planning Co., Washington, D. C.
Office—111 W. 19th St., N. Y. Underwriter—Rodetsky,
Walker & Co., Inc. N. Y.
• Burton Mount Corp.
Sept, 22, 1961 filed 100,000 common. Price—$6. Business
—importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt; inventory, sales
-promotion and other corporate purposes. Office—2147
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Unburn & Co., N. Y. Offering—Imminent.
__xh6
processing of plastic raw materials into compounds for extruding and moulding into plastic prod-
:
Stanley & Co.; and Smith, Barney & Co., Inc., N. Y.
^ Belco Petroleum Corp.>(5/1)■
•
<I. • ; ucts. Proceeds — For debt repayment, equipment and
\March 19,1962 filed $7,500,000 of convertible subordinate
working capital. Office—35 Pequit St., Camden, Mass.
debentures due *1977', also 300,000 Outstanding common • Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
/shares. Price—By amendment (max. $20 for common).
N. Y. Offering—Expected sometime in May.
,7 Business—Acquisition, exploration and development of
# Blue Haven Pools
^natural^as and^ oil properties.
„
payment
;
ffrqm
;
,
/
.
11
?*'
j
•'
o"
white, Weld & Co. Inc., and poldman, S^chs & Co., N. .*•
;
Bell Color
Lithographers* Inc.
{
cisco. Offering—Imminent.
• C T S Corp. (4/16-20)
Feb. 21, 1962 filed 125,000 common, of which 35,000 are
re?TayJ?en^a?d working-capital. Office ; v
Varick
St., N.
Inc., N. Y.
-
Inc., N. Y.
Office—11933 Vose St., North Hollywood, Calif.
Underwriter—Pacific Coast Securities Co., San Bran-
-
—225
Underwriter—Market Values,
Y.
'/:,t
Bell Electronic
v/V'V
Corp*
'
?
tures due 1977. Price—At par. Business—Prospects for,
produces, and markets oil and gas. Proceeds—
For debt repayment, exploration, and development, ofnee—612 S
Flower St., Los Angeles,
Underwriter—
RregWn, Cummings & Co., N. Y.
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.
-
Business—A
distributor
of electronic ■'Parte and equip-
Bolsa Chica Oil Corp.
(4/9-13)
i
Cable Carriers, Inc.
-
in
'*
Cosmetics, Inc.
March 2, 1962-("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
.cosmetics. Proceeds — For advertising, inventory and
-working capital Office-114 W. 13th St., N.
commercial use based
•
Brach
Y.-JU^dcr- ;Feb>
(E
J)
Greenville, S. C. Note
postponed.
Granite Securities, Inc., JN.
ence
-•
books. ..Proceeds—•For
Broadway, N. Y.
Berkshire Gas Co.
.
working
Office—^c'nanriai
capital.
(4/2-6)
^
:
i
^ ^
to be offered fcf, subscription by stockholders. Price—By amendment ^|nax.
$24.50)., Proceeds-^—For, debt.repayment. Office——2h^Elm
St., Pittsfield, Mass. Underwriter-Smith, Barney^ Co.,
Feb. 20, 1962 filed 26,5j00 common
-
:
N. .Y.
•
.
'
:
!
-.
Inc.
— Company processes black and white and color
Photographic film, and sells photographic supplies and
equipment Proceeds—For sales promotion, equipment
»ess1
^on^Qff^
N. Y. Underwriter-Amber, Burstein & Co., Inc., N.
and repayment of loans. Office—21-20 45th Rd., L. I. C.,
2g
1962 filed 150,000 Common
graphic processing and control
advertisingj expansion and equipment.
Fostei-Ave,, Brooklyn, N. Y.
<
Office^-9821
Underwriter—Ambe^j Bur-
: ton ^vfi| ]vj
y
-
ment. Business—General real estate. Proceeds—Debt
Price—By amend-
Underwriter—A. G. Becker & Co., Inc.,
May.
:
:
-
BridgO Electronics Co., Inc.
■
^*^Beriie of California, Inc. (4/2-6) ;
V(Jv',/
; Ndvv29, 1961 filed 225,000 common, of which 200,000 are
v- - Oct.
27, 1961 : ("Reg.. A") 85,000 common. Price-~$3 v
be offered by the company, and 25,000 by the stockv
7 Business ^ Manufacture, of; handbags and related items;
holders Price—$4, Business—Design and manufacture of •
>}:" ,Proceeds^?For debt repayment and Avorking capital. Of-5 v
electronic equipment and communication systems. Pro- •k
:- ;: ' fice---1621 S. San Pedro Bt.v Los Angeles., Underwriter 7 CeedfcF6r general corporate purposes. Office—201 Lau- 7;
—^Pacific Coast Securities~Co<San Francisco.
• ^ /
•
rel St./ Beverly, N. J. Underwriter—Roth & Co., Inc.,
.
.
^4 ^ > 7 Beryllium
lnternational,
7,r :
-vv-f r^v^^W-PhiladeljphiaV-Off^riiig^Expected. in April.
Feb; 1,:1962 filed 1,000,000 common. Price—$5; Business 7 CBriggs Leasing Corp. (4/2-6)
,•4:'
f;
v
^ Dec; 29, 1961 filed 200,000 class A common, of which 40,-
000 are to be offered by
i
•
distributing of phonograph records. Proceeds—For general corporate purposes. Office—1405 Locust St., Phila-
,
>,
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co^
•
Inc., N. Y. Offering—Expected sometime in April.
Besco'Enterprises,"Inc..' (4/2-9); v: ,;f;•;l1
-:Oet4 27; shares, rPrice—By v amehdhient. > Businessr—A holding company whose sub- ;
sidiaries operate jewelry and photography departments •
BuMnesSr^Lbng-term leasing of automobiles.. Proceeds
—For possible acquisitions and working capital. Office
130 'Guttermill Rd., Great Neck, N. Y. Underwriter—
D. H. Blair & Co.; N. Y.►
in discount' deparfment stores. Proceeds—For debt > re- ; • Brown; Engineering Co;; Inc.
(4/16-20)
•
;
7 - payment and expansion* Office—1328 Washington St.,. Jah.'22, 1962 filed 80,000 common. Price — By amendV.•■:C'>;*OaWarid^ CaMf^>1EJndeIwriteri^f-XI^iner;^/Be^^'•'&;•"'0^IM 7 ment. Biisiness-^Engineermg and custom manufacturing
Calif, and Rittmasteri Volsin & Co., N. Y. - Activities pertaining to the space and missile programs.
•;
c • Bestfarm Foundations;
Inc. (4/23-2T)
r > • - ; > Proceeds—For debt repayment and- working capital. AdFeb. ;23,Vl962 filed
185,000 common, of which 36,500
G.46rawer 917, Huntsville, Ala. Underwriter—
; r
-i,gire. to^be offered by.:the company- and• 148,500' by ^ock*-'7:^oodb0dyr
vP»j 4*''
7v
w holders. Price-r-By - amendment (max. $20). /Business—
' ' /Brunswig -Drug Co. r
<
;
V
Design and' manufacture^ of popular priced foundation - Jan. l5,1962 filed 85,000 common. Price — By amend-.7
* g&rm^nts: :Proceeds^F6r working capital. OfficeTT-38-Ol
; nient. Busincssr—A wholesale drug distributor. Proceeds
>" - 47th Ave.,• L. L C., N. Y. Underwriter»^-Smith, Barney &
—For selling stockholders; Address—Vernon, Calif. Un7
Co., N. Yi V r * v
v
> 4>
>
: ^
;
; 5
"' derwriter—William R. Staats & Co., Los Angeles. Offer:
-
'
-
-
-
'
•;
.
,
.
•
f
writer—Pacific Underwriters, Inc., Scottsdale, Ariz.
Caribbean'Capital-Corp. .
■
Feb. 28, 1962 filed 400,000 common. Price—$3.60. Business—A small business investment company. Proceeds
—For general corporate purposes. Office—23 Dronningens Gade, SL Thomas, Virgin Islands. Underwriter—
Richard J. Buck & Co., N. Y.
,
,:
^
r
•
7
-
'
Big ^"C"'Stores* Inc.- v
"
' .(
Jan. 22, 1962f ("Reg. A")-18,000 common;
-
t. ^
;
Pricer-^At^the-
Ing-rrExpected sometime in April.
• Buckingham Corp.
.
(5/7-11)
3
.
operate super- ^ Feb. 19, 1962 filed 500,000 class A common. Price—By
; markets
?
Proceeds—^For
amendment (max. $25). Business—The importing and
r selling stockholders.
Office—1845 S. E. 3rd Ave., Portsale of Cutty Sark Scotch Whiskey. Proceeds—For debt
land, .Ore. Underwriters-rrJ. Barth & Cp. and FirstCali- : repayment and working capital. Office—620 Fifth Ave.,
; fornia Co., San Francisco;, HilL .Darlington & Grimm,
N. Y. Underwriter—Lehman Brothers, N. Y.
Seattle. Offering—Sometime in April-.
;
.♦
7
*
Budget Finance Plan
'-.
'
-
market.;
Business^Company plans to
in Washington aiid Oregon.
* Carmer
^
*
Campbell-Lurie Plastics, Inc.
Oct. 27, 1961 filed 574^250 common, of which 500,000 are
to be offered by the company and 74,250 by a stockholder. Price—$2.50. Business^—Company is engaged in
the plastic business as a converter of raw materials.
Proceeds-^For debt repajrment and working, capital.
Office—5440 Highway Ave.; Jacksonville, Fla; Under*
writer—Florida Growth Securities, Inc., Jacksonville.
Capital Management Corp.
Dec. 27 1961 ("Reg. Aw) 60,000 common. Price—$5. Business—An investment company which will hold mortgages, land contracts, etc.
Proceeds — For investment,
Office—44 E. Indian School Rd^ Scottsdale, Ariz, Under-
-
u
..
company and 160,000 by a stock-
holder. Price—By amendment. Business—Recording and
—^Company plans to manufacture various-type beryllium ; Feb. 8, 1962 filed $650,000 of 6%% convertible subor""''4'"/ products* Proceeds—For land and buildings, equipment; ? dinate debentures due 1972 and 65,000 common to be
• and- working capital.
Office — 528 Union Trust Bldg., •; offered in 6,50Q units, each consisting of $100 of deben/
7Washington, D. G. Uhderwriter^None. <5^^
7
• :
r >/ tures arid 10 shares. Price—By amendment (max. $150).
;
re-
payment and working capital. Office—324 E. Bixbv Rd.,
Long Beach,.CaliL Underwriter—To be named. Offering
—Expected sometime in May.
7 /
„
...
,
Cameo Lingerie, Inc.
"
V'-^r■'•
1 ;
:
Feb-12,1962 filed 190,000 common, of which 120,000 are
to be offered by the company and 70,000 by stockholders. Price—$5. Business—Manufactuer of - women's and
children's tailored panties. Proceeds—For debt repayment, inventory and .working capital. Office-^Fa jar do,
Puerto Rico. Underwriter—Schweickart & Co., N. Y. ;
• Cameo-Parkway Records, Inc.
>N. Y. Offering—Expected sometime in
v;i
Y.'
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend-
V
^ Breskin Publications Inc.
:
for
{
Inc.
to be offered by the company and 120,000 by the
Price
By amendment. Business
A holdin
Cohipany for a savings and loan association. Proceeds
•—For acauisition of two insurance agencies and expan-
A..'.Underwriter—Hayden, Stone & Co., N. Y.
Bernalen,
Photolabs*
Jan. 29, 1962 filed 93,000 common. Price—$3.^5. Busi-
meiit Business—Publishing ; of trade magazines. Proequipment.. Proceeds— ^eeds^For the selling stockholders. Office—770 Lexing-
..
V
Calev
rnrn
IS, 1961 filed 150,000 common, of which 30,000
are
Price^$2.625.
Businesses-Design, manufacture and installation of #hotq-
-
:
indefinitely
tional works. Proceeds—For general corporate purposes.
Office—339 W. 51st St., N. Y! Underwriter—S*. B. Can*or Co., N. Y. Offering—Expected in April. 'J
J
stockholders
March 7, 1962 ("Reg. A") 70,000 common.
.
/
-•
^
was
.
^
UndCTV^iter—Noire!
This offering
Oct. 27, 1961 filed 137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa-
.
.2465
—
Caldwell Publishing Corp.
(4/9)
& Sons
1962'fii"ed
7
210,000 common.
Price-By amendX.
•
7,f^. 7/7 * - ment/' Business—Manufacture of popular priced candies.
«/•
Benjamin (W. A.), Inc. V
• 7"^
"Proceeds—For selling stockholders.
Office—4656
W.
Nov. 15, 1961 fil6d 75C^,l000"CdmftidttlMPrice—By amendKinbie St., Chicago. Underwriter—Goldman, Sachs &
ment. Business-^Publication of scientific texts and referq0. N. Y.
writer-
on company-owned patents. Pro-
ceeds—For working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
for, develops, produces, and markets oil and gas. Proceeds—For debt repayment, exploration and development7 Office—612 S. Flower St., Los Angeles. Underwriter—Bregman, Cummings & Co., N. Y.
_
is engaged in the research and development of
special material^ handling systems for industrial and
each 65 shares held. Price—At par. Business—Prospects
Bene
,
Business-l^e company which began operations
poirwpatp
a
^U0., N; Y.
'-i-riV
March 23, 1961 filed 196,109 shares of capital stock. Price
70
306Jan.'29, 1962 filed $1,024,700 of 6% convertible subordinated debentures due 1977, to be offered for subscription
rhSWals^A by stockholders at the rate of $100 of debentures for
chum, Jones & Templeton, Los Angeles and Walston &
S
7?
"
"
to be offered by the company and 90,000 by stockholders.
Price—By amendment (max. $28). Business—Manufacture of electronic and electro-mechanical components.
Proceeds—For prepayment of 4% notes and working
capital. Office—1142 W. Beardsley Ave., Elkhart, Irid.
Underwriter—Goldman, Sachs & Co., N. Y.
(4/9-13)
29, 1962 filed $1,000,000 of 6% conv. subord. deben-
/-titdevelops,
Dec.
-
Bo|sa chica Oil Corp.
Jah
/
' ^ 7
general corporate pur-
poses.
/
:"y~-
*
-
Jan. 19, 1962 filed 70,000 common. Price — By amend*
ment. Business—Manufacture of molded plastic products,
principally melamine dinnerwear. Proceeds—For expansion, working capital and debt repayment. Office—118
Santa Barbara, Santa Paula, Calif. Underwriter—Pistell,
Price—$4. Business—Design, construction
installation of swimming pools and equipment. Pro-
ceeds—For debt repayment and
-Feb..5, 1962 filed 130,000 common. Price—$4.50. Business—Engaged in commercial offset-lithography. Pro-
v.
and
C.M. P*~Corp.
v-
1961 t''Reg. A") 75,000 capital shares, of which
, ^ooOare to be offered by-the Company and 35,000 by
and other corporate
purposes; ^et^proceeds.
thebaic; of>*he. common Wh^g^to.. cc^ain stocK- .*< stockholders;
^?^ers4xr /?
.
31
Blane Chemical Corp.
Jan. 29. 1962 filed 120,000 common. Price—$3. Business
(3/28)V
(Kingdom of)
(1403)
Office—-300 Morgan Ave., Brooklyn, N. Y. Underwriter
—A. C, Aliyn & Co., N. Y.
^Blanche (Ernest E.) & Associates, Inc.
March 15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for government and industry. Proceeds—For equipment, sales
promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md.. Underwriters—Jones Kreeger & Co.
purposes.
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
March 14, 1962 filed $30,000,000 of external loan sinking
fund bonds due April 1, 1977. Proceeds—To repay a loan
.from a group of U. S. banks. Underwriters — Morgan
Chronicle
Nov
,
are
28,
Industries, Inc.
1961 filed 135,000
(3/26-30)
of which
common,
105,000
to be offered by the company and 30,000 by a stock-
holder. Price—$3. Business—Conversion of raw plastics
to basic shapes such as rods, tubes and sheets. Proceeds
—For a new plant, repayment of debt, and working
capital. Office—22 N. 26th St., Kenilworth, N. J. Underwriter—Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
e
.
.4
- ; March 16, 1962 filed $3,000,000 of 6% series A subord.
common; Price—By amendcapital income debentures due 2010 (convertible into 6%
ment. Business — Furnishes packaging1 materials and
serial preferred shares) and 50,000 common shares. Price
equipment to producers of frozen confections/ Proceeds •% —By amendment (max. $21 for common). Business—A
—For debt repayment and working capital. Office—1183 H small loan/Company. Proceeds—For debt repayment and
Essex Ave^ Columbus, Or :Underwritersr~Merrill, Turexpansion. Office—6434 Wilshire Blvd., Los Angeles.
ben & Co., Inc., Cleveland and The Ohio Co., Columbus.
Underwriter—Shearson, Hammill & Co., N. Y.
scription by stockholders on the basis of one new share
for each 10 held. Price—$20. Proceeds—For repayment
Big Drum, Inc. -(4/9)
Dec. 29, 1961 filed 100,000
s
.
.
7
Bilnor. Corp.
(4/26)
Jan.
:
.
^
8, 1962 filed 100,000 class A. capital shares. Priced
By amendment ($11 max.); Business—Manufacture of
^wading pools. Proceeds—For the selling stockholders.
Building Ventures, Inc. ;
Oct. 27, 1961 ("Reg. A") 62,500 common. Price — $4.
Business—Real Estate. Proceeds—For working capital.
OffiCe-^309 Main St., IsHp, N. Y. Underwriters—Albion
Carolina Telephone &
Telegraph Co.
(4/13)
Feb. 16,1962 filed 195,039 common to be offered for sub-
^
,
Continued
on page
32
32
(1404)
The Commercial and Financial
Chronicle
Continued from page 31
of bank loans.
N.
Citizens Life Ins. Co. of New York (4/9-13)
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.
Proceeds—For investment in income
producing securi¬
Street, Tarboro,
Underwriter—None.
C.
Carolinas
.
•
Office—122 E. St. James
Capital Corp.
(4/2-6)
Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment company. Proceeds—For
ties.
general corporate purposes. Office—12,00 North Carolina
Becker &
National
Bank
S. Dickson
Bldg., Charlotte,
Co., Charlotte. .
&
N. C. Underwriter—R,
•
City Finance Co., Inc. (3/26-30)
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.
Carrots, 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
Chicago.
Underwriter—Bear, Stearns
Offering—Expected sometime in June
&
Co., N.
July 3, 1961 filed 1,000,000
Business
.
Casavan
and
other corporate
Altman &
Investment Corp.,
• Cedar Lake Public Service Corp.
Coleman
furnish
water
and
to
qualify
as
a
public
utility
Jan.
and
sales
finance
Proceeds—For
company.
pansion. Office—526 North Ave.
Underwriter—To be named.
East,
ex¬
Westfield, N.
J.
Century Brick Corp. of America (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¬
W. 12th St., Erie,
eral corporate purposes. Office—4506
Pa. Underwriter—Sandkuhl &
Co., Inc., N. Y.
Certified
Industries,
Inc.
(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
at
subscription by holders of class A
the rate of
one
unit
and class B shares
for each
50 shares held. Price—
$250 per unit. Business—Production of concrete for con¬
struction purposes. Proceeds—For
expansion, equipment
and
working capital. Office—344 Duffy Ave.,
Hicksville,
N. Y.
Underwriter—Singer, Bean & Mackie, Inc., N. Y.
Champion Parts Rebuilders, Inc.
Feb. 2, 1962 filed 150,000
common, of which 90,000 are
to be offered
by company and 60,000 by stockholders.
Price—By amendment. 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
& McDowell,
Chicago.
Charter Credit Corp.
Feb. 28, 1962 ("Reg.
A")
common.
Price
—
$2.
Business—The construction and
financing of motion pic¬
ture theatres. Proceeds—For
general corporate purposes.
Office—234 W. 44th
St., N. Y. Underwriter—M. R. Zeller
it College Publishing Corp. /
("Reg. A") 155,000 common. Price—$1.
Business—Composition, publication and distribution of
March 16, 1962
study manuals for examination preparation. Proceeds—
equipment, expansion and other corporate purposes.
Office—142 Livingston St.,
Brooklyn, N. Y. Underwriter
—James Co., N. Y.
For
<£* Colonial Chemical Corp,
March 9,
1962
15,000 class B
class A and
Business—Design and manu¬
facture of
women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt
repayment,
equipment and working capital. Office—2025
McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass.
—
•
Chez
Milhet, Inc.
class B share.
Offering—Expected sometime
due 1977
ing
conduct
general insurance agency and
brokerage business. Proceeds—For working capital. Net
proceeds from stock sale will go to certain stockholders.
Office—3223 W. Sixth St., Los Angeles. Underwriters—
&
Jones
Co.,
&
a
Templeton, Los Angeles and
Salt Lake
diver¬
management
investment company. Proceeds—For
Office—501 Bailey
Ave., Fort Worth, Tex.
Distributor—Associates Management,
Inc., Fort Worth!
Cinema Studios Inc.
(4/2-6)
Dec. 14, 1961
("Reg. A") 75,000 capital shares.
Business—Production of motion
pictures.
Price—$1.
Proceeds—For
working capital. Office—309
Ainsley Bldg., Miami Fla
Underwriter—Dalen Investments &
Funds, Inc., Miami,
Cineque Colorfilm
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
JSis^nberg Co., N. Y. r.,,, f,
J.
A.
City.
Commerce
Feb.
ment
Drug Co., Inc. (4/17)
9, 1962 filed 100,000 common. Price—By amend¬
(Max. 22). Business—Manufacture, packaging and
distribution of proprietary drugs. Proceeds—For
selling
stockholdes. Office—505
Court
St., Brooklyn, N. Y.
Underwriter—Shearson, Hammill & Co., N. Y. «
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 Wyck
N. Y. Underwriter—Jay
Expressway,
W. Kaufmann &
Jamaica,
Co., N. Y.
:
Computer Concepts Inc. (4/23-27)
1961 filed 100,000 class A common. Price
Y.
investment.
f. debentures
Business—Originates and services mortgage loans.
derwriter—Huntington Securities Co., Inc., N.
sified
s.
(with attached warrants); also 35,000 outstand¬
Price—By amendment (max. $35 for com¬
Its subsidiaries
Dec. 29,
and
sale
—
$5.
of advanced program¬
ming systems, for solution of business problems
by the
use of digital
computers. Proceeds
For general cor¬
—
14th
St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
Computer Control Co., Inc. (4/16-20)
Jan. 24, 1962 filed
157,500 common, of which
Price—$2 per unit. Business—Manu¬
cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds
For general
—
•
Concors
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.
(4/9-13)
Oct. 19, 1961 filed 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.,
& Co., Inc.,
Philadelphia.
Conductron Corp. (3/26-30)
Dec, 20, 1961 filed 125,000 class A
Stieglitz, N. Y.
•
Consolidated Edison Co. of New
York, Inc
(3/30)
•-:v/.,
Z
5, 1962 filed 947,924 cum. convertible
preference
shares to be offered for
subscription by common stock¬
holders on the basis of one new
share for each 17 held
of record Mar.
29, with rights to expire Apr. 16. Price
—By amendment (max. $110). Proceeds—For
repayment
of bank loans and
construction. Office—4
Irving Place,
N. Y.
Underwriters—Morgan Stanley & Co., and First
Boston Corp., N. Y.
Mar.
•
Construction
Design,
Inc.
(3/29)
Feb. 12, 1962
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Remodeling, modernizing and expanding residen¬
tial and commercial
properties. Proceeds—To make
struction loans to customers.
Office—451 N. La
con¬
Cienega
Blvd., Los Angeles. Underwriter—Thomas
Jay, Winston
& Co.,
Inc., Beverly Hills, Calif.
•
Consultants
and
Designers, Inc. (4/23-27)
29, 1961 filed 180,000 common.
Price—By amend¬
ment ($12 max.). Business—Furnishes
Dec.
technically skilled
personnel to industry and government.
selling stockholders. Office—650 11th
writer—Shearson, Hammill
Proceeds—For
Ave., N. Y. Under¬
Co., N. Y.
&
• Consumers
Mart of
America,
Jan. 8, 1962 filed
72,000 common.
Inc.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and
working capital.
N.
Harlem
Ave., Chicago.
Voisin
Office—4701
Underwriters—Rittmaster,
&
Co., N. Y; and Midland Securities
Kansas City, Mo.
Offering—Expected in May.
Co., Inc.,
Continental
Industrial Electronics Corp.
Nov. 21, 1961 filed 200,000 common.
Price—$2.50.
ness—Development and manufacture
ture
tubes.
Proceeds—For
geles.
Busi¬
television pic¬
of
debt
repayment and other
Office—2724 Leonis
Blvd., Los An¬
Amos Treat &
Co., Inc., N. Y.
corporate purposes.
Underwriter
—
Continental Investment
Corp.
Dec. 29, 1961 filed 2,000,000 common.
Price—By amend¬
($3 max.). Business—A mortgage and real estate
investment company. Proceeds — For
working capital.
ment
Office—Scottsdale
Continental
Jan.
Savings Bldg., Scottsdale, Ariz. Un¬
are
26,
1962
■■
.
Investment &
filed
to be offered by
/r..;
Mortgage Co.
130,000 common, of which 100,000
the company and 30,000 by stock¬
holders; also $600,000 of 6%%
debentures
tures:
at
due
1974.
convertible subordinated
Price—For stock: $5; for deben¬
Business—Company
par.
the stocks of
and
was
formed
to
hold
mortgage company, an insurance agency
real estate development
company. Proceeds—For
a
a
debt repayment and
working capital. Office—44 Forsyth
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet &
Kirkpatrick, Inc.,
Nashville, Tenn. Offering—In late April.
Continental Leasing Corp.
June
19, 1961
("Reg. A")
Proceeds—For purchase of
75,000
new
and
common.
rities, Inc., N. Y.
Continental
Price
—
$4.
automobiles, advertising
promotion, and working capital.
Center, Pittsburgh, Pa. Underwriter
Office—4 Gateway
—
Cambridge Secu¬
Sound Corp.
March
2, 1962 ("Reg. A") 34,000 common.
Price—$5.
Business—Sound processing of commercial film
used
in
motion pictures and TV.
Proceeds—For debt repayment
capital.-- Office—722 N. Seward
and
working
Angeles.
Underwriter—Raymond
Angeles.
.:.y7
St., Los
Co., Los
Zvl/ZZzZ>\ / Z:.;
Control Dynamics, Inc.
(5/2-6)
Oct. 24, 1961 filed 500,000 common.
Price—$1.15. Busi¬
Moore
&
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
(F.
J.),
&
Bayliss,
Inc.,
St.
Paul.
Inc.
125,000 common. Price—$3.75. Busi¬
of high vacuum
systems and elec¬
60,000 common. Price—by amendment
Business—manufacture of photo-copy
distribution of office
copy machines,
photographic laboratory equipment, etc. Proceeds—For
($15
maximum)
the
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth
Kass, N. Y.
Pittsburgh.
Coral
Inc.
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
Price—By
amendment. Business—Research
and 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 &
machines and
—
Products,
A
•
Dec. 28, 1961 filed
Proceeds—For computer systems
development, additional
personnel, and working capital. Office—119 Federal
St.,,
Pittsburgh. Underwriter
Arthurs, Lestrange & Co.,
1961
Wilmington, Del.
Underwriter—Roth
Copymation, Inc.
Feb.
28,
Under¬
Inc.
—
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.
Office—983
Concord
Supply Co.,
purposes.
New York City.
tronic equipment. Proceeds
Concord St.,
Framingham, Mass.
Underwriter—Kidder, Peabody & Co., N. Y.
Nov.
corporate
Office—525-535 E. 137th
St.,
writer—To be named.
Dec. 29, 1961 filed
ness—Manufacture
be offered
payment.
one-half warrant.
Cooke
62,500 are
by the company and 95,000 by stockhold¬
ers. Price—By amendment.
Business—Design and manu¬
facture of digital
equipment.
Proceeds—For debt re¬
to
Thursday, March 22, 1962
derwriter—To be named.
common.
porate purposes. Office—1012
Church Builders, Inc.
Feb. 6, 1961 filed 50,000
shares of common
stock, series
Price—$5.50 per share. Business—A
closed-end
/v
in June.
March 16, 1962 filed $1,000,000 of subord.
corporate
2.
three
Busi¬
it Colwell Co.
For debt repayment and
general
purposes. Office—500 N. W. 22nd
Ave..
Miami, Fla. Un¬
of
unit.
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
hold¬
ing company recently formed to acquire stock of First
Western Bank & Trust Co., Los Angeles. Proceeds—For
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.
Business—Development
catering.
per
Feb.
(3/26-30)
—
offered in units
Price—$20
and
Office—Conway St., Dalton, Ga.
Jan. 15, 1962 ("Reg. A")
$100,000 of 7% convertible sub¬
ordinated debentures due 1967 and
50,000 common shares
to be offered in units
of $100 debentures and
50 shares.
Price—$200 per unit. Business—Home food
Proceeds
common
Underwriter—Norris & Hirshberg,
Inc., Atlanta,
• Columbia
Bancorporation
Mitchum,
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.
to be
common
working capital.
Hogle
Chestnut Hill
45,000 class A
equipment
and
Chemical Coatings Corp.
Dec. 27, 1961 filed
75,000 common. Price—$5 Business—
Manufacture of paints
particularly for use in tropical
and
semi-tropical climates. Proceeds—for equipment
and working
capital. Address—Santurce, Puerto Rico.
Nov.
one
("Reg. A")
ness—Manufacture of latex and foam rubber
compounds
for backing carpets and rugs. Proceeds—For
Co., N. Y.
Underwriter—To be named.
Price—By
common.
—
working cap¬
Rd., River Grove, 111. Under¬
writer—Divine & Fishman, Inc., N. Y.
mon).
100,000
Co.
120,000 class A
ital. Office—1900 N. River
Central
Business—A
& Wire
filed
Distribution of special types of
electric wire and cable, and the manufacture of insulated
wire and cable for electronic and electrical use. Proceeds
—For equipment, possible acquisitions and
sewage
Acceptance Corp. of Delaware
1961 filed 150,000 class A common. Price—$5.
1962
amendment. Business
disposal services in and
around
Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
Nov. 29,
18,
Manchester, N. H.
Cable
.
facture of
V"'
..
company. Proceeds—For debt repayment. Office—
Lowell St., Manchester, N. H. Underwriter—Eastern
36
March 20, 1962 filed 9,964 common. Price—$100. Business
plans
.
nance
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
Company
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¬
land
—
common
manufacture
i
Office—250 Vree-
purposes.
/
shares. Price—$1.50.
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,
Y.
Industries, Inc.
Aug. 21, 1961 filed 350,000 capital shares. Price — $7.
Business—Production of plastics, marble and ceramics
for the packaging and building industries. Proceeds—
For expansion, leasehold
improvements, repayment of
The
—
.
common.
Underwriter—Stein Bros. & Boyce, Baltimore.
Clute (Francis H.)
& Son, Inc. (4/2-6)
two shares of Tastee Freez held. Price—$6. BusinessFranchising and supplying of stores and mobile units
selling a soft ice product and certain selected food prod¬
ucts. Proceeds—For expansion. Office—176 W. Adams
loans
Lane, N. Y. Underwriter—A. G.
Co., N. Y. (mgr.).
Dec.
•
St.,
Office—33 Maiden
.
.
<r
Ridge Properties, Inc.
(4/23-27)
Feb. 5, 1962 filed $5,000,000 of 6^4% s. f.
subord. debens.
due 1977 (with attached
10-year warrants to purchase
1,100,000 class A common). Price—By amendment.
Business-r-Development and sale of land*
Proceeds—For
eon-
Volume
195
6144
Number
.
.
Department, Inc.
1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due
1974 and 54,560 common shares to be
Jan.
—
—
26,
offered in 2,728 units, each consisting of $440
tures
and 20
common
shares.
Price—$550
Y.
Jan.
29,
1962
Yours,
("Reg.
Cryplex
.
Oct.
in
M.
Kahn
N. Y.
N. Y.
Broadway,
&
Co.,
Inc.,
late April.
Industries,
(3/28)
Inc.
filed 80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
development, mov¬
ing expenses and working capital. Office—37 E. 18th St.,
N. Y. Underwriter
Herbert Young & Co., Inc., N. Y.
Manufactures
—
—
debt
repayment, working capital and other corporate
Office—15 Clinton St., Yonkers, N. Y. Under¬
writer
Underhill
—
Sometime
in
Securities
April.
Cosnat Corp.
Offering—
Corp., N. Y.
(4/9-13)
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
known formerly
was
the
as
Cosnat Record Distributing Corp.
•
Country Set,
Metal
—Manufacture
hardware
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
Custom
Products,
Inc.
(4/2-6)
Nov. 20, 1961 filed 100,000 common.
;
.
to
of
metal
Price—$4. Business
and
electronic
components
precise
tolerances. Proceeds—For repay¬
corporate purposes.
Office—626
Brooklyn, N. Y.
Underwriter—B lank,
Lieberman & Co., Inc., N. Y;y.i.
Z;y"
ment of debt and other
Atkins
Ave.,
Cut &
•
Mar.
Dec. 5, 1961 filed 100,000
ness
—For
selling stockholders.
Office
Washington
1136
—
Ave.,
St. Louis. Underwriter—Goodbody
Offering—Expected sometime in May.
Co.,
&
N.
Y.
—71
&
W. 23rd
Clark,
Bacharach Industrial Instrument Co
(Arthurs.
Lestrange
Engineering
Dodge &
Inc.)
Co.,
Howard
Common
60,000
Co.)
March 26
Bros.
Johnson
(Dempsey-Tegeler
Alberto-Culver
(C.
C.
/
shares
(B.
&
Hamilton,
(Godfrey,
i
&
(Sandkuhl &
-
Chez
Milhet,
Securities
Securities
Corp.)
$375,000
Common
$660,000
& Co.)
Baum
Co.)
&
Baxter
.——Units
$200,000
and
Interiors, Inc. (4/9)
("Reg. A") 52,000 class A common. Price—$2.50. Business—Manufacture of draperies, furniture and
bed
for
spreads
expansion
N.
&
and
hotels and institutions. Proceeds—For
other corporate purposes. Office—1191
W. 22nd St., Miami, Fla. Underwriter—Bayes, Rose
Co., Inc., N. Y.
'
\/A/.'.-y
Decorel
Dec.
(4/23-27)
Corp.
;
•
filed 120,000 common, of which 90,000
are to, be
offered by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
29,
1961
Berkshire
Co
Gas
(Pacific
Burnside
B.
$675,000
Inc.)
Smith
&
Laboratories,
Lynch, Pierce,
120,000 shares
Inc.)
Smith,
Barney
Common
Securities
Coast
Leasing
Co.)
$255,000
Capital
(R.
Co.)
$5,000,000
Co.)
&
Capital
Inc
Investments
(Francis H.)
&
Funds, Inc.) $75,000
& Son, Inc
Altman
(Stone,
shares
6,500
Common
Dickson
S.
(Dalen
Clute
&
Corp
Capital
Studios
—Units
...
Blair
H.
(D.
Carolinas
Corp
Co..
&
s
Common
Inc.)
$1,500,000
Class A
(Eastern Investment
Metal Products,
Custom
Electronic
c'
.
1_————Common
Inc
Lieberman
$1,000,000
Corp.)
Co.,
&
Inc.)
Inc.
$400,000
Common
;
Funds,
Inc.)
$3,000,000
Controls, Inc
Common
Bernard & DeBoff, Inc.)
$300,000
Fidelity America Financial Corp
Securities Co.,
(Netherlands
Debentures
Inc
by
shares
Enterprises, Inc
(Seymour,
Common
Merrill
34
page
(Kleiner, Bell & Co. and Rittmaster, Voisin & Co.) 150,000 shares
Econ-O-Pay,
Co.,
&
and
26,500
Co.)
Coastal Acceptance Corp
Common
Brothers
on
Common
stockholders—underwritten
to
&
Florida
Palm-Aire
(Offering
(Lehman Brothers and Merrill Lynch, Pierce,
Fenner & Smith Inc.) $10,000,000
:
Price—
warrant.
one
Feb. 26, 1962
Class A
shares
160,000
.
Inc
Fenner
V-t'
—
share
one
Office—794 Union St., Brooklyn, N. Y.
Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
Cinema
Laboratories, Inc
Class A
Inc.)
Co.,
units of
Common
(Wednesday)
(Lehman
$2,250,000
Inc.——
(Huntington
28
(Mortimer
Baxter
:
Corp..-Debs.
Inc.), $50,000,000
Inc
Fuller
D.
Mills,
Common
Industries, Inc
(Clayton Securities Corp.)
•
Artlin
$300,000
Co., Inc.)
offered in
$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
(Reserve
$405,000
Inc.)
Co.,
Century Brick Corp. of America
Chestnut Hill
March
Common
Taylor
Prigal,
&
(H.) Toy Corp.
27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be
(Blank,
shares
Carmer Industries, Inc
Co.,
&
Plant Equipment Corp
—Common
(Joseph W. Hurley & Co.) $208,980
;
.Common
*
-Z
150,000
Loeb
Co.,
(S.
Steel
$511,000
Co,)
Linder
Davis
Briggs
Power Industrial Products Co
155,000 shares
Corp.—
Stonehill-&
(Federman,
Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.
Besco
.Common
(George K.
Class A
•
Materials
Crafts
&
Price—$5. Business
—Designing, converting, importing and distributing of
decorative fabrics. Proceeds—For debt repayment and
general corporate purposes. Office—2445 N. Miami Ave.,
....Common
shares
220,000
Co.)
Co
(Underhill
Common
Inc.)
Dash, Inc.
Berne of California, Inc
shares
135,000
King Louie Bowling Corp
Z
.
Inc
Malloy,
C.
Camera
.
Common
Co.)
&
International,
:
Arts
68,000
Kine
shares i'V;
Industrial Electronics Inc.-—
Collings & Co/ Inc. and Harrison & Co.)
Alumatron
„
250,000
Co
(Shields
Almo
Inc.)
Co.,
&
(Kuhn,
Common
Co
Lumber
&
Common
Co.—
International Telephone & Telegraph
(Monday)
Pacific
David
(Offering
(Blytli & Co., Inc.) 370,000 shares
Alaska
boots.
Proceeds—For
selling stockholders.
Address—
Rogers, Ark. Underwriter — Eppler, Guerin & Turner,
Inc., Dallas.
shares
Chemicals, Inc
(Sutro
Brothers
by Lehman
$50,748,100
&
Johnson)
&
Fields Plastics &
.Debentures
Inc.__
toy
Continued
(Roman
stockholders—underwritten
to
and
Business—Design, manufacture and
guns, fishing rods and outdoor
rifles,
St., N. Y. Underwriter—Jay W. Kaufmann
(Friday)
Industries,
(Offering-
air
Co., N. Y.
Bechtold
Litton
class A shares. Price—$4. Busi¬
—
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
NEW ISSUE CALENDAR
March 23
of
,
/'-'yV:l';ZK:4/y/vZ/yZ'/Z:Z^
Cybernetic Systems Corp.
ment
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
sale
Decorative
Curl, Inc.
/Dec. 20, 1961 filed 100,000 common. Price—$4. Business
Z—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y. Underwriter—M.
J. Merritt & Co., Inc., N. Y. ,
' <
_
Inc.
Daisy Manufacturing Co. (6/4-8)
135,000 common. Price—By amend¬
March 9, 1962 filed
ment (max. $8.50).
Nov.
•
purposes.
•
33
Oct. 25, 1961 filed 108,000 common.
1961
10,
ness
80,000
of
Bernard
—
Proceeds
and novelties. Proceeds—For product
common.
Price—$3.
cosmetics.
Proceeds—For
A")
Office—1775
repayment.
Offering—Expected
Inc.
Business—Manufacturer
debt
Underwriter
Underwriter—R. F. Dowd
Broadway, N. Y.
& Co. Inc., N. Y.
Cosmetically
r—For
of deben¬
per
unit.
sales finance company.
Business—A consumer
Corporate Funding Corp. (4/10-12)
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
(1405)
Credit
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,
N.
Chronicle
The Commercial and, Financial
.
Common
Inc.)
.Common
Corp
stockholders—underwritten
to
$500,000
by
Hardy
Co.)
&
$620,000
•
City
•
Finance
Co.,
Inc
Common
—
(Stein Brothers & Boyce)
(McDonnell
Delford
&
Co.
Industries,
(I.
R.
District Photo,
&
(Auchincloss,
&
Redpath)
&
House
of
•
& Seigel,
'
ZV..'.
Interstate
(Bear,
Stearns
Co.)
&
Co.,
&
Inc.)
(Crowell,
Medex,
Weedon
&
Inc.
Inc.)
(Francis
Co.)
F.
Co.)
&
'
V
Z"Zv
■
McDonald
>
Co.,
&
Common
Inc.)
ill Northwestern ■,Glass /Co.
y.*
$300,000
•
^
^..l 1—Common
,
J(Oean Witter & "Co. and Pacific Northwest Gas Co.)
";*■ /j/'y'yH,"V:95';QG0 shares
vS-Z'
,
Printing
Z
;
Corp.
of
—Common
yZt (Goldman, Sachs.& Co.) 454,000 sharese
a
Z. ;
(Milton D.
: '
115,000 shares
(Paine,
Webber,
(Capital Securities Corp.)
Sportsmen,
Sterner
Motti,
&
Inc.)
Vending Service,
(Capital
Widmann
(L.
_
Plastics,
(Investment
March 27
Atlanta
J;
Motor
Planning
Group,
Inc.)
Lodges,
Co.,
.
Corp.
■
'. '
.
$7,995,000
r y
''
-
*
"
■
<
and
',
'
■
'
\'
Z
Union Securities &
$1,750,000
Co.)
Morgan
Stanley
&
Co.)
947,924
(A.
Common
C.
Allyn
.—..Common
Co.
&
(Troster.
and
—_.Common
Goodbody & Co.)
Co.)
&
(Carreau & Co.)
-
Macco
.1
125,000
shares
Units
Kimball
C.
y.(
$100,000
Inc.)
.
,
Management Corp.)
Co.
&
Co
Realty
951,799
shares
Mitchum,
and
Jones
Co.,
Jackson
Inc.)
'
Debentures
—
and Mitchum, Jones &
$4,000,000
Co., Inc
Z.-~——Common
Templeton)
.
Miller Brothers Hat
(Eppler,
Guerin
(Ira
&
shares
126,000
Inc.)
Turner,
National
Haupt
&
$6,375,000
Co.)
Equipment & Plastics Corp
Investing
(Cortlandt
Corp.)
Common
$525,000
Common
PneumoDynamics Corp.
(Hemphill,
&
Noyes
Rico
Puerto
Co.
& Co.
Inc.
iM.
and
Estabrook & Co.)
& Co.,
&
150,000 shares
Capital
Inc.)
$650,000
Development Corp.—-Units
and Morris Cohon & Co.)
.Common
$1,200,000
$5,000,000
Common
—
A.
Saunders
&
Co.,
Inc.)
$300,000
Class A
Recco, Inc.
75,000 shares
Common
Southeastern Propane Gas Co
Texas
C.
Allyn & Co.
and Bioren & Co.)
Tennessee Industries,
(S.
$206,000
Curtis)
Land
(Lieberbaum
Raiford's,
(A.
Common
—
&
&
150,000 shares
(Midland Securities Co., Inc.)
Common
—
y -
..Common
Peabody
yTempleton)
■
;
Common
(Kidder, Peabody & Co.
;;*•
units
1,000
Co
Realty
Macco
Co.)
&
Common
(Kidder,
$2,000,000
108,000 shares
Corp..
(Paine, Webber,
Capital
& Longstreth)
Fund, Inc
$2,200,000
L
Publishing Co., Inc
Atlantic Utilities
Common
Co.
Insurance
Richling, Inc.—
Securities
and S.
$425,000
Inc
Inc
(Balogh
Petroleum Corp.i—Debentures
Sineer
Kasdan & Co., Inc.)
Inc.
Co.,
Policy-Matic Affiliates, Inc.-
Corp.
American Realty &
Aronoff &
.
Lincoln
Pref.
First
shares
(Monday)
Pioneer Life
Common
Municipal Investment Trust Fund, Pa. Series._Ints.
(Cambridge Securities, Inc. and Edward Lewis Co., Inc.) $500,000
American
$300,000
$1,500,000
Rides,
Units
17,000 units
Inc
Common
Dillon,
(Dana
Inc.)
'
(Friday)
30
Aero-Dynamics
-
Inc
(Robinson-Humphrey
'
;i
'
March
Ascot
(Tuesday)
-
April 2
Common
Inc
,
Boston
(Godfrey, Hamilton, Taylor & Co.) $486,000
Wiggins
•...
units
68,000
Distributors, Inc
Mandei
Kogel,
,
Units
—..Common
F.), Inc
_
(Eastman
$220,500
Corp.)
_
y..
.
Consolidated Edison Co. of New York, Inc
(Offering to common stockholders—underwritten by
$299,000
Inc....
Consultants
"; '
.....
Inc.)
Co.,
Robinson-Humphrey Co., Inc.)
Johnson Electronics.
(Horizon
' ' '
V
-J'
—Equip. Trust Ctfs.
170.000 shares
Bacardi Corp. —;
—.Common
(Midwest Planned Investments, Inc.)
Uneeda
'*
_i
$300,000
Lighting, Inc.
'■ •"
(Bids 12 noon EST)
'v
$600,000
.—
David
and
Co.
&
200.000 shares
Storz-Wachob-Bender Co.)
and
Pacific Co..
Southern
v
& Co.
,
■
fy y>
Common
Inc..
(William,
Cliff Rahel
Zv.: 'Z
yy/-.-
Units
Industries, Inc
" (j.
1
Common
$420,000
Corp.)
International Airport Hotel Systems, Inc
—
N-1
shares
Units
&
(Globus.
Common
.
Jackson & Curtis and American Securities
Corp.) 100.000 units
Growth
Southern
$300,000
Inc.)
Co.,
.
Z
Ripley Industries, Inc., and
Jomar
Plastics, Inc
&
Corp
(Van Alstyne, Noel & Co.)
General Corp; of America—Common
Z;;.Z■•■■■y';; ''(Merrill.:Turben & Co., Inc;)'-266,000 shares . ;
;
Shaver Food Marts, Jnc,—
..—Class A
:
—Common
■—
Blauner & Co., Inc.)
..Common
...
Common
100,000
Corp
Co
Weld
Interworld Film
Kiddie
Jnc
Winston
jay,
(Andy)
Z
v
.
America.
y\t pyramid Publications, Inc..
''
*.'•
,v;
Design,
(Thomas
,iv
Gard
shares
103,000
shares
130,000
Common
200,000 shares
Co., Inc
Co.)
Securities
Gas
(General Securities
Class A
Curtis)
&
&
Construction
(Paul
Common
i
Rothschild
Jackson.
Box
Blair
H.
Intermountain
shares
100,000
Common
100,000 shares
Ceramic Corp
York
New
Valley
(Bache
Common
Inc.)
Co.,
Green
(White,
Inc.-——Common
Inc
&
Greater
$270,000
Co.)
—Common
$330,000
(Federman, Stonehill & Co.)
General Battery &
$900,000
(Thursday)
Construction
New World Laboratories, Inc....
; •
&
$325,000
Inc
underwriting)
(No
(Jennings,
29
March
shares
152,500
(J.), Inc.
(L.
.
&
Shields
Becker
G.
<Webber.
Common
duPont
I.
K.
....Common
Cantwell)
&
Gateway Chemicals, Inc
(Williamson
& Co.)
and Boenning
$306,000
Inc
Williams
(Seidman
Folz Vending Co.,
$3,000,000
Common
Industries,
(A.
shares
Industries, Inc
Michaels
Grimm)
Co.)
&
Industries,
(D.
Youthcraft Creations, Inc
shares
Common
110,000
(Hardy
$50,000,000
Inc.)
—Common
&
& Co., Inc.
(G.
Capital
108,666
>
(Globus,
Melnor
Co.)
Debentures
Co
Co.,
Darlington
Walker
Voi-Shan
$1,700,000
Layne & Bowler Pump Co..
Read &
Suburban Directory Publishers,
shares
53,829
Register
Common
Corp
(Dempsey-Tegeler & Co., Inc.)
Industries, Inc
(Rodetsky,
Units
Liederman
E.
Shenk
Common
Co
Jaylis Industries, Inc
(D.
;,(Hill,
$600,000
Vending
Dillon,
stockholders—underwritten by
& Co., Inc.) 319,090 shares
to
(Dillon,
Kesselman & Co., Inc.)
and
.Common
Rico Capital Corp
Puerto
..Common
Inc.
Common
Register Co
Cash
'
'
Westmore, Inc
Grumet
(Brand,
n
National
Inc.)
Rose & Co.,
Reuben
and
$300,000
$300,000
Inc.)
City
Read
Common
Co., Inc.
Cash
(Offering
$700,000
Honig's-Parkway, Inc.
(Richard Bruce
National
Common
underwriting)
Co.,
Young &
Industries, Inc
(Hemphill, Noyes & Co.) 185,000 shares
shares
100,000
Inc
(No
Glass-Tite
..Common
Parker
Happy House,
(Herbert
$332,500
Inc
Common
Palm-Aire
Flower
——.Bonds
of)
"}. Cryplex Industries, Inc.
Common
Corp.)
,
.
shares
125,000
Inc
Investors
E.
Stieglitz)
Stanley & Co. and Smith, Barney & Co., Inc.)
$30,000,000
(Morgan
Class A
Halle
and
(Kingdom
Belgium
110,000 shares
Conductron Corp.
Florida
D. Fuller & Co.)
75,000 shares
Inc
Common
175,000 shares
Continued
on
page
34
24
The Commercial and Financial Chronicle
(1406)
...
Thursday; March 22, 1962
.
of
from page 33
(
metal
and
wood
offered for subscription by stockholders in units
framed
Office—60
share and
Continued
sale
—Burnham & Co., N. Y.
one
warrant)
(of one
the basis of 3 units for each
on
pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St.,. Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,
manufacture and utilize all kinds of chemical materials.
Mass.
Proceeds—For
;
111/1:
.
.
„
5% preferred share held, 2 units for each 5% preferred
A stock held and one unit for each 10 class B shares
held.
,'v
,
Delford
Price—$20
Industries, Inc. (3/26-30)
1961 Hied 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
small
ceeds—Plant expansion,
start-up
Devco
(4/9-13)
Airlines, Inc.
'
Feb.
7, 1962 filed 203,687 common. Price—By amend¬
(Max. $45). Business—The transporting of per¬
sons, property and mail by air. Proceeds—For general
Office—Atlanta
purposes.
Airport,
Underwriter—Courts & Co., Atlanta.
Ga.
DeLuxe
man,
6
\
tronic
("Reg. A")
100,000
Price—$2.25.
common.
hermetic
of
seals
for
the
elec¬
missile industry.
equipment
Proceeds—For debt repay¬
working capital. • Office—7235
and
St., North Hollywood,:, Calif.
Underwriter—
Costello, Russotto & Co., Los Angeles; Offering—Immi¬
nent.
-'
,r
i
'
■.
■
,
Corp.
^
Feb. 28, 1962 filed 300*000 common. Price—By amend¬
ment (max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
(5/7-11)
Jan.
15, 1962 filed 200,000 common. Price—By amend¬
ment.
Business—Purchase, manufacture and sale of
repayment,
various
Address—Drawer
building materials. Proceeds—For debt repay¬
working capital.
Office—373* Adams Ave.,
Memphis, Tenn. Underwriter—M. A. Saunders &. Co.,
Inc., Memphis.
and
ment
—To
expansion and general corporate purposes.
A-Kendall, Miami,: Fla. Underwriter
named.
Corp.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase, an additional 140,000 shares to be
tronic
.
Continued from page 33
instruments.
Electronics
Motor Parts
(William,
Inc
David
Common
&
Motti,
Inc.)
Southwest
Common
Co.)
Presidential
shares
(Globus, Inc.) $175,000
Wade,
Precision
Common
120.000
&
Beane)
Publishers
Ball, Burge & Kraus)
&
Co.;
April 4
New
v
300,000 shares
(M.
Sunset
(Bids
received)
>
-
(Thursday)
:
General Telephone & Electronics
Corp
& Curtis)
21
no
Drum,
Debentures
underwriting) $2,675,000
Bolsa
Chica
Chica
213.427
(Offering
Oil
to
and
The
Common
Ohio
Co.)
100,000
Corp.
Co.)
&
by
$1,024,700
Co.)
Financial
Bregman,
Cummings
Common
&
Co.) 210,000 shares
Corp.
Stone
&
G.
Becker
(Roth
4c
&
Co.)
147.000
Common
ahares
Alstyne,
(Bache
.
&
Co..
&
Tennessee
(Stone
.
*
&
Inc.)
Noel &
Co.)
165,000
shares
Common
Music
Co.;
Dowd
203,687
shares
Dialight Corp.
Common
(Burnham
Extrin
&
Co.)
367.000 shares
Foods, Inc
(Hay, Fales & Co. and McLaughlin, Kaufman
Franklin Realty Trust of
(A.
G.
Becker
(Offering
to
(A.
C.
&
&
underwriting)
&
Co.)
$7,500,000
&
(Arnold,
Wilkens
Molecular
(Street
Co., Inc.
&
Co.,
Blauner
and
and
French,
(Stone,
T-- )
•
$300,000
$300,000
*
-
CST)
a.m.
&
Inc.)
PCS
to
;
;
Co.,
a.m.
be
D.
Fuller
Co.)
$750,000
White,
Inc.)..
.Common
...
.
100,000 shares
and
Heritage
"
•
•
,
,
Equity
.
.
Corp/)
,•
.
Common
:
Murphy & Co.) $400,000
Corp.—-
.Common
Harvey & Co.,
&
Inc.)
Co.,
&
Co.,
(Kidder.
'
131,500
Co.,
Alstyne,
Peabody
&
■
Inc.)
$350,000
and
&
&
Co.)
and
$75,000,000
/
-
V:
Polonitza,
(Terrio
All
Sea-Wide
:
Co.
■
150,000
<fc
Co,.
&
'.-(Janov
v
Inc.)
(Godfrey,
—Bonds
Ahalt
&
-
100,000
shares
$800,000
Inc.)
Weinkles
-
;V
$325,000
and
shares
Magnus
Taylor
&
Co.,
Inc..
Plohn
&
Ino.)
(Hodgdon
;■
Co..
&
t
Inc.)
-•••'.
'
<
•
.
•.
-
.
.
~
~
/
———.Units
$444,00Q
"
Western Casualty & Surety Co.—
';
Co.)
$306,000
$742,500
Shopping Center Limited
Partnership /—
Common
&
^'......Common
Co.)
West Falls
$3,900,780
>•
:
;
—_—
underwriting)
"
Common
—
Co,
&
Stores,
(Charles
*,v.
shares
Co., Inc._i——....Common
Hamilton,
Liquor
-
100,000
——_..T..Common
150,000
(Godfrey,
r
"
L"
:
.
v.
Common
O'Connor,
Taylor
T
United Packaging
-'
Common
—
Co.)
Controls, Inc.—
Hamilton,
/• '
$35,000,000
$6,000,000
Common
/•
Common
$300,000
,*../> (Arnold Malkan & Co., Inc.)
.
Tork Time
-
Bonds
^.Capital
—
$300,000
;
Lynch)
&
'
Co.) 200,000 shares
&
Inc.)
Industries, Inc
Leonard
8375,000
shares
Seg Electronics Co., Inc.—
'v.
r
Co.)
^.Common
Electronics, Inc
-
,
Odzer
..Common
Products, Inc.
(Moore,
Weld
Common
Harry
Co. and Dean Witter
&
;
>
Inc..—
Corp.-
Noel
y
-Common
Co,,
Inc.,
Corp.)
,
—
.
Season
.—.Bonds
Equity
Cotton Oil Co.—
Seashore Food
and
shares
Heritage
$480,000
Processing,
&
and
Corp.—
Gilhart
(Garat
Common
EST)
—Common
Inc.)
Inc.
Microwave
Producers
$450,000
Inc
Spears (L. B.), Inc.__
&
Co.)
150,000
Common
„■
Capital
(Offeidng^tb stockholders—underwritten by Kidder,
D.
Fuller
;
■
Corp
&
&
160,000
&
Peabody
Co.)
&
187,500
shares
j
.•
80,000
Components,
Pike,
125,000
.Common
Inc.)
$750,000
157,500
shares
Common
—
&
Co.)
$400,000
Inc._
;
Securities,
Inc.)
$300,000
&
Missouri
Co.,
Inc.)
$625,000
Orlando
Pacific
100,000 shares
Common
and Pacific
$300,000
RR
(Bids
Pal-Play well
&
to
Coast
Securities
be
received)
$5,925,000
;
Common
&
Planning Corp.
Co.)
Inc.—
Mfg.
and
$200,000
Inc.)
;
——Common
Co.,
Inc.)
$562,500
Co
Common
—
&
J.
$400,000
Inc
&
E.
Common
—
Securities,
Aviation,
Co.)
—.——Equip. Trust Ctfs.
Executive
(Tyche
Wham-0
:
Common
Paper Corp
(Professional
Walston
•'
•
Inc.
(Cruttenden
Common
Malkan
Co.,
(White
Common
$25,000,000
_______
&
Roberts
Common
Bonds
EST)
(Shearson, Hammill & Co.)
Airlines
(Raymond Moore
shares
Units
Co.)
a.m.
shares
Inc.
(Arnold
(Bids 11
,
>
Co.)
Inc
Plohn
(Tuesday)
Commerce Drug Co., Inc
Futura
Common
Mackie,
&
1
shares »-f
Industries, Inc
Beane
'
Common
Co.)
—
Sachs
April 17
Appalachian Power Co
shares
$500,000 '
Corp..
Fastpak,
shares
Common
Inc.
Industries,
D.
(Van
Co./_;i_—Debentures
received)
Electronics
(Meadowbrook
Common
&
100,000
Rising's Inc.
Engineering Co., Inc
&
Co.)
150,000 shares
...........Common
Covato
„
shares
Computer Control Co., Inc
Ellner
$360,000
(Monday)
(Charles
$300,000
Irving Wels
Data
$20,000,000
Corp.;
stockholders—no
(Singer,
$500,000
Capital
Co.)
Inc.)
Corp
.V
;;,
\
•
Mosley & Co., Inc.)-$500,000
11:00
(Goldman,
Eldre
&
Co.)
Co.,
Electronics
-
(Goodbody & Co.)
S
Co.,
Corp
&
Ackerman
(A.
Common
:
320,000
Jackson & Curtis
Ltd.) $25,000,000
Co..
(Friday)
(S.
T
&
Saxton
A.
'
.
Orion
Class A
(Equity Securities Co.)
C
&
Optech, Inc.
»■:
Common
Stuart
(Kidder,
..Common
Dielectrics, Inc
&
(G.
800,000 shares
Enterprises, Inc._
(S.
Certified
Co.) 56,225 shares
Corp.
(Seymour
Systems
Atlantic
—Common
Weeks)
American Modular
Manufacturing Corp._.Common
Bay State
r
shares"v
200,000
Common
(Scott,
North
".
shares
American Bolt & Screw Mfg. Corp
Common
Magazines for Industry, Inc
Milli-Switch
$452 008
Kidder, Peabody & Co
Model, Roland
Podesta
Nigeria Chemical
Carolina Telephone & Telegraph Co
Common
Corp
(Lehman Brothers;
&
Co., Inc.)
Securities
(Bids
Int.
^
-Common
Premium
Premier
April 12 (Thursday)
Mississippi Power Co
Common
AMvn
550,000
Transmission
(Bids
Brown
Casualty Co
stockholders—no
Electronics
Co.) $325 000
Inc.) $10,000,000
Industry Capital Corp
Loral
&
Philadelphia___Ben.'
& Co..
Gulf American Fire &
.Common
Inc.)
Inc
(Searight.
April 16
^
"
r: >
;
..—.Common
(Pearson.
(Wednesday)
to
v
$1,540,000
.
—
Ackerman
Capital
Pacific Power & Light Co
(Offering
/
~
Inc.—.^——Capital
Co.,
$420,000
$325,000
Webber,
(Suplee, Yeatman,
Common
Co.)
Bros.
Narrows
Common
Securities
Webster
April 13
$990,000
-
Low;
$211,400
Capital
Fricke
Paine,
Gas
Fair
Co.)
Hamilton,Taylor
Peabody
Airlines, Inc.
&
Inc.)
Inc
April 11
Rhoades' &
(Cruttenden,
(Stone,
$400,000
Interiors, Inc
(Courts
&
Inc.)
Co
F.
Halsey,
,
&
Productions;
inc..
Molecular
Bull
Co.,
/
(Bayes, Rose & Co., Inc.) $130,000
Delta
by
&
Northern Indiana Public Service Co
Common
(Van
Harvey
Moyer,
Fund,
Common
Co.,
Corp
Decorative
Tropik
Inc.)
.ii——Common
(Kidder, Peabody & Co.)
shares'"
Concors Supply Co., Inc
Cosnat
R.
Co.,
Go./ Inc.h. $279,000-
Noel
(Andresen
shares
Corporate Funding Corp
Japan
Alstyne,
Loeb,
(Godfrey,
/*••
•-
Taylor &
Corp._
Securities
Littlefield, Adams & Co.—
___Units
Langley & Co.)
(Norman)
.Common
Co.) ,150.000
Citizens Life Insurance Co. of New York
(A.
"
(Lenchner,
Debentures
_
(Goldman, Sachs
;
$1,000,000
stockholers—underwritten
(Hayden,
and
M.
Common
120,000
"sv
V /
Co.——__^_.Common
Littelfuse, Inc.
J. Barth & Co. and Bear, Stearns &
Co.) 135,000 shares
V';
shares
Debentures
Cummings
(E. J.) & Sons
Brentwood
(Carl
Maul
Corp.—
Co.)
Inc
(R.
Hamilton,
(Midland
Common
(Bids 11
Corp
&
Brach
shares
•
V(Van
300,000 shares
International, Inc
C.
Nikko
Class A
150,000
j
Oil
/v..
~
\
Specialties Co
shares
Corp
underwriting)
(Bregman.
(Godfrey,
B
Lithoid,
*
A
and
Garden State Small Business Investment Co.—Com.
shares
First Lincoln Financial Corp.—
Common
Co.)
Inc
Bolsa
&
Allyn & Co. and Hornblower
Wiatt
j-z^iLClass
Co.,-Inc.; Seymour Blauner Co.
Sprayregen, Haft. & Co.) $600,000
-
Common
(White, Weld & Co.)
(Merrill, Turben & Co., Inc.
•
670,000 shares-
(Monday)
Capital Corp.
Automatic Marker Photo
Big
C.
Scientific
35
page
(Netherlands Securities
/
Hanna-Barbara
(Schwabacher & Co.;
April 9
(No
First
a
Gould Paper
$200,000
'
Price—$4.50. Busi¬
common.
"
Common
:
11 a.m. EST)
Corp
(Offering to stockholders,
&
Brands,
(A.
Vitamin
125,000
loan
on
April 10-(Tuesday)
(Friday)
Government Employees
(Allen
(W.
•
(Woodcock,
Debens.
April 6
Allied
Marts
Discount & Acceptance Corp/'>
filed
small
investment company, Proceeds—For
expansion. Office—707 Northwestern Federal Bldg., Min¬
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.
Common
Inc
'
$50,000,000 /
Light Co.—
(Offering to stockholders—bids
Associates
Co.,
13, 1961
ness—A
$676,500
stockholders—underwritten
Maher
Towers
-v
April 5
&
Diversified
Dec.
Woodhill, Inc.) $700,000
Weedon
By amend¬
—
company. Pro¬
ceeds—For general corporate purposes. Office—420
Lin¬
coln Road, Miami Beach, Fla.
Underwriter — To -be
.named. Offering—Expected in early April.
../.i.Common
to
R.
-
•
Power
-
,
Diversified Collateral Corp.
Common
Co.)
<
Dec. 28, 1961 filed 78,000 common. Price
Business—A mortgage investment
*
&
(3/26-30)
ment.
Common
v
(Offering
Inc.
prints
photographic
film/ and
distributes
wholesale
photographic equipment. Proceeds—For repayment -of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W., Washington, D. C. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C. '
shares
Animations, Inc
John
Debentures
(First Boston Corp. and Lehman Brothers) $90,000,000
(Paine, Webber, Jackson
250,000
Distributing
(Scott,
'
1
Co.)
Technical
Bonds
$8,000,000
Ohio Oil Co
Pacific
House
Tec-Torch
Service Co
be
to
District Photo,
General Leasing
.Class
—
Malkan
H.
(Crowell,
Bonds
Harriman Ripley & Co., Inc.; Lazard
Smith, Barney & Co., Inc.) $10,000,000
Orleans Public
•
Nov. 16, 1961 filed 100,000
common, of which 80,000 are
to be offered by the
company and 20,000 by a stock¬
holder. Price—By amendment. Business—Processes and
125,000 shares
Spartan International Inc
(Wednesday)
"
nylon hosiery. Proceeds—For debt repayment
working capital. Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia.
Offering—May.
Capital
& Co.)
Royaltone Photo Corp
Inc.;
and
women's
'V
Co
Corp
&
Corp.
"and
•
;v-
$300,000 v
(Federman, Stonehill & Co.)
April 3 (Tuesday)
(City of), Norway
Freres
'
Interonics, Inc
(Arnold
Common
Oslo
Co.,
shares
(Roth & Co.. Inc.) 541,000
RF
Common
213,734 shares
(Standard Securities Corp.)
Realty
Mills
Jan. 23, 1962 filed 250,000
common, of which 150,000 are
to be offered by the
company and 100,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
Class A
Inc.h 120,000
Co., Inc..
Co.) 140,000 shares
and
selling stockholders.
(Investment Planning Group)
-—Capital
Scope Publishers, Inc
Loeb &
*
■
compound.
personnel,
working capital. Office—77 Searing
Ave.,'Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
advertising
Capital
(Burnham
(Offering to stockholders—underwritten by McDonald & Co. and
(Kuhn,
'
*
Product Research of Rhode Island, Inc
shares
Western Reserve Life Assurance Co. of
Ohio
World
Co.,
Instrument
•
,
124,900
Wenger ServiceMaster Co
(Laren
&
(Lehman Brothers and J. Barth
Common
Williston
R.
Co., Inc.
" ;
\
* , V*
27, 1962 filed 102,000 common. Price—$3. Business
Feb.
,
Corp.
(J.
1 '.
:<
.
Industries, Inc
(Switzer & Co.. Inc.)
Universal Lighting Products, Inc
Vassar
*
Multronics, Inc.
$600,000
Tyler Pipe & Foundry Co
(First
'
Proceeds—For
(Street
Trygon
>"■'
'
Dialight Corp. (4/9-13)
Dec. 22; 1961 filed 367,000 common.
<Price—By amend¬
ment.
Business—Design and manufacture of precisionengineered indicator lights for aircraft, missile and elec¬
.
Deuterium
be
Underwriter
—Production of graded diamond powder and
Proceeds—For
debt
repayment,
additional
Dextra
Imminent.
Co.
r'''
Radford
—
Sons
and
ment.
.
(John A.)
1962
Inc.
Business—Manufacture
Homes, Inc.
11, 1961 ("Reg. A' ) 60,000 common. Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
Underwriter—Alessandrinl & Co., Inc., N. Y. Offering—
Denie's
Device 'Seals
Feb. 2,
Atlanta,
Dec.
•
working capital. Office—Stark Industrial Park,
County, S. C. Underwriter—Johnson, Cole¬
Manning & Smith, Inc., Charleston, ,S. C.
*
Charleston
Ave., Brooklyn, N. Y.
Dust
Diamond
Inc.
ment and
ment
corporate
Office—360
18, 1962 ("Reg. A") 10,000 common. Price—$12.50.
Business—Design and manufacture of boats, marine
equipment and related products. Proceeds—For equip¬
Levittown, N. Y.
Delta
plant.
Underwriter—None.
equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N. Y.
Underwriter—I. R. E. Investors
Corp.,
'
for a laboratory and
Lexington Ave., New York.
expenses
Jan.
Sept. 28,
Diamond
unit. Business—Company plans to
per
Stewart
Co.,
Inc.)
$850,000
Continued
on
page
35
4
:
Volume
Continued
195
from
Diversified
Number
6144
.
The Commercial and Financial Chronicle
.
.
1115
34
page
Real
Estate
Trust
trust.
Proceeds—For investment.
N. ,Y.
.
Office—500 Fifth Ave.,
Dolphin-Miller Mines Ltd.
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—
The exploration and production of ores. Proceeds—For
ness
,,
Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto. .':;y
*.{♦.
r.'j: 1,* ;!
(
26, 1962 filed
manufacture
and
sale
cleaners.
of * air
working capital. Office—1400
W.
94th
Proceeds—For
St., Minneapolis.
& Curtis, N. Y.
Underwriter—Paine, Webber,' Jackson
,
Price—By
and
Offering—Expected sometime in May.
Don
Sept.
Mills, Inc.
27,
1961
.\.
;'j
■?
j
::
60,000 common. Price—$5,
Business—Financing of shipments of business machines.
Proceeds—General
corporate
purposes.
Office—Red
Rock Bldg., Atlanta, Ga. Underwriter—Stan-Bee & Co.,
Washington, D. C.
V;.'7sy7':.:',.y;;;'
7;J/.\
Donmoor-Isaacson, Inc.
; ;i
Feb. 26, 1962 filed 150,000 common, of which 50,000
offered
by
the
and 100,000 by stock¬
(max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working
capital. Office—
holders^: Price—By
company
amendment
■
Drew Realty Corp..-.;':
V
March 6, 1962 filed 163,000 class A. Price—$10. Business
—General real estate.
Proceeds—For debt repayment.
Kraft
Planned
..
(First
.
Thomasville
Boston
of
foods.
Transcontinental
(White,
and
Line Corp
Stone
Arts
(Finkle
Co.
Blauner
&
and
Inc.
7'(Andresen
Voron Electronics
Bonds
(John
'
Inc.)
equpiment and working capital.
Underwriter — Godfrey,
Hamilton, Taylor & Co., N. Y.
'
debt repayment,
Office—573
Lyon
Dyna-ModElectronics Corp.
22, 1962 ("Reg. A") 143,000 common. Price—$2.
Business—Design, development and
production of
"packaged" electronic circuits and sub-systems. Pro¬
ceeds—For new products and working capital.
Off ice—
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.
Jan.
Dynascan Corp.
1962 filed 190,000 common. Price—By amend¬
Business—Design, manufacture, and sale of elec¬
tronic test equipment, antennas, and microwave devices.
Proceeds—For
selling stockholders.
Office—1801 W.
Jan. 29,
Continued
Mastan
Co.,
"V/tc•
-
(Sulco
■
..Common
Inc.
Inc.)
7
'(Globus, Inc.
■
Western
$540,000
>7;'-77.
April
Philadelphia
•
April 24 (Tuesday)
Appalachian Power Co
Common
Products, Inc
Inc.) $400,000
Agency Tile Industries, Inc.-
k
Common
•'
'
:
,
,,
(Richard
Bruce
Co.,
&
Reuben
Inc.. and
Rose
(Milton D. Blauner & Co., Inc.; M. L. Lee
Hallowell, Sulzberger, Jenks, Kirkland &
Co.)
(Paine, Webber, Jackson & Curtis) .488,000 shares v-;
Anscott
Chemical
(Glass
&
Industries, Inc.-.-
Ross,
Inc.
Globus,
and
.
5
,
' :
;dStevens, Hlckey & Co.)
Becton, Dickinson &
.1
York
(New
.
Inc.)
7
Bestform
Foundations,
(Smith,
■■
Barney
$190,000
7
<■•'
Coral
~
$500,000
(Shearson,
Hammill &
Podesta .&
Co.)
Williston
A.
Co.;
(Brand,
,
180,000
&
J.
R.
$5,000,000
Eeare)
Laboratories,
(Searight,
Lamb
Ahalt
Industries;
Decorel Corp.
(Blair
(Clayton Securities Corp.), 120,000 shares
Duro Pen Co., Inc.—
-.Common
-.'•".•,7...X/Vn.f"' <Godfrey, Hamilton, Taylor & Co.) $500,000 >
Ehrenreich Photo-Optical Industries, Inc._Common
(Standard
—
—
;
(Lee Higginson Corp.)
1
Equity Capital Co
'
..
-
7
' (No
$3,000,000
Warlick
JUnits
(G. Everett Parks & Co., Inc.)
.
Hardlines Distributors, Inc.v—
(McDonnell & Co.) 200;000 shares
—
J
$1,250,000
Unishops,
Inc.)
Turner,
^.7
<
.
Hillside
(Milton
Metal
Products, Inc.
Blauner
D.
.
.
Home
&
Builders
7
Co.,
180,000
and
Inc.
Acceptance
(j."
Kim
W.
L.
M.
Lee
Coro._
Co.)
&
Co.,
&
$800,000
May 29 (Tuesday)
England Electric System
Inc.)
Securities,
•
Co.)
&
Fashions,
Parker
&
&
Co.
Penzell
■
&
t'
Ross,
'"
■
V
Inc.
and
165,000
-
Shoe,
Inc.
(Gross
&
Co.
May 2
&
and
(Baruch
.".(Vlckers,
Corp.
&
Co.,
Franklin
Elmaleh
&
Co.,
May 7
$2,250,000
&
Co.,
..Common
Inc.)
$250,000
...
*
(Giants
$575,000
Buckingham Corp.
Warwick,
Inc.)
400,000
Denie's
(John A.)
shares
Hargrove
A.
Common
(Lehman
Brothers)
90,000
shares
(Tuesday)
(Bids
June 7
to be
received)
Debentures
$50,000,000
(Thursday)
^
June 20
Debentures
$25,000,000
(Bids 11 a.m. EST)
....Common
349,590 shares
(Wednesday)
(S.
Inc.)
November 7
$825,000
Units
Co.,
Inc.)
600
&
(Bids
——.Class A
500,000
Common
Co.,
Co.,
Inc.)
$200,000
Inc.)
200,000
shares
—Common
Inc
(Switzer & Co., Inc.)
(Bids
Common
$800,000
(Wednesday)
Bonds
to be
received)
$23,000,000
Preferred
Georgia Power Co
shares
Sons Co.—
Enterprises,
&
Georgia Power Co
units
—
Brothers)
Schramm
..Common
Inc
Underwriters,
Saunders
shares
135,000
Inc.)
Columbia Gas Systems, Inc
Inc
&
Common
Co.—
Turner,
Automatic Controls, Inc
Diversified,
Industries.
.
(M.
.Common
—
&
Inc.)
(Monday)
(Nation-Wide
Arnav
shares
&
Corp.
Mountain States Tel. & Tel. Co
(Lehman Brothers)
..Common
Inc.)
-
—Common
Bayllss,
&
Guerin
shares
Manufacturing Co
Inc.)
American
630,000
L_
Inc.—
Brothers
MacPherson
150,022
(Thursday)
(Lehman
*.
Capital
Inc.)
(Wednesday)
Inc.—
(Brandtjen
May 3
$2,450,000
Ridgerock of America, Inc.
Roadcraft
Co.,
&
$17,000,000
(Monday)
(Eppler,
Geotechnical
Co.)
._.;.__«___^_j_i______Common
Products,
Weld
to be received)
Daisy Manufacturing
*
Control Dynamics,
—Common
(Blyth & Co., Inc. and Lehman Brothers)
Research
$75,000,000
shares
(Shearson, Hammill & Co.)
7.
.
.
'.—Common
Graber
Samson,
Livestock Financial Corp.____
Morse
(White,
.
Ruffy Togs, Inc..
(Glass
June 4
& Co.)
Co.—.Debs.
June 5
166,666 shares
.Little
Sachs
Wiley (John) & Sons, Inc
$616,000
and
Goldman,
and
(Bids to be received)
:
Common
Taylor
Inc.
(Bids
Common
Corp
Weld & Co.,
Bonds
Alabama Power Co
$7,500,000
shares
Inc.—
Hamilton,
Sachs & Co.)
7 V■■•7', '•..■7..7
7300,000 shares
Southern Bell Telephone & Telegraph
$286,875
65,000
Redpath)
and Goldman,
77.V:
.
__Class A
Auc.hincloss.
(Godfrey,
..
Common
Lestrange
Kay Foods Corp
<
Petroleum
White,
,
Co..
(Arthurs,
Lee
Belco
Common
(Sunshine
Steak
Inc.)
Common
872,876 shares
(Thursday)
May 31
Debentures
Corp..
(White, Weld & Co., Inc.
...Common
"
'
"
'
.
Honora, Ltd.
Jiffy
Belco Petroleum
;
'
275,000 shares
Weeks)
New
shares
(Tuesday)
May 1
■
..Common
——
(Offering to stockholders—bids to be received)
—Common
$1,800,000
.
„
,
Inc.
(Hornblower &
$276,000
....Common
&
Common
and Federman, Stonehill & Co.)
175,000 shares
Common
Inc
Guerin
$651,300
...
(Troster, Singer & Co.
!
'
Common
Sportsways, Inc.
Common
Press,
(Eppler,
7
...Common
$460,000
Common
$600,000
Inc.)
(George K. Baum & Co.)
Debentures
'
v
Common
Co., Inc
$2,200,000
Rice & Co., Inc.)
Bonds
received) $20,000,000
Co.—
(Switzer & Co.,
Mac-Allan
Co., Inc.) 230,000 shares
(Irving J.
to be
Great Eastern Foods Corp
—Debentures
— —
Corp.)
shares
(Monday)
May 28
Corp.
Debentures
underwriting )
Co.)
Securities
(Blair &
Ten-Tex
Fastline Inc
&
200,000
*
shares
114,500
Sperti Products, Inc
150,000 shares
(Bids
Utah Power & Light
$300,000
Morse Electro Products Corp
■
•
.
Inc.)
(Tuesday)
Light Co
May 22
;
.—Common
—
—.Common
—
Warwick,
&
..Common
Co
375,000 shares
(Bids to be received) $10,000,000
Inc.
Inc.———
MacPherson
$300,000
Inc.)
Corp.)
Boston
Utah Power &
$1,200,000
......Common
O'Connor,
&
(Vlckers,
.Common
Polonitza)
&
(First
*
$375,000
Inc.)
Common
shares
Common
Inc.)
Dowd & Co., Inc.)
(R. F.
Joanell
.Debentures
and
Seigel,
&
...
Common
Co.,
&
Security Aluminum Corp
....
$1,250,000
312,500
—
(Garat
Co.
Inc.)
Jaap Penratt Associates, Inc.
^
shares
&
Inc.)
Co.,
Co.,
Services, Inc
Grumet
Enviro-Dyne, Inc,
V,
Allvn
C.
.
Mosley
$25,000,000
EDST)
a.m.
Broadcasting
Scripps-Howard
Mosley
Yeatman,
Associated Baby
Common
Ridge Properties, Inc.---—
(Cruttenden,
(Gianis
(Monday)
(Suplee,. Yeatman,
.
Bonds
—
11:30
May 21 (Monday)
Electromagnetics Corp.
Shearson
Allegheny Pepsi-Cola Bottling.Co..
—_i.—_-Common
(Doft & Co.)
.
'
.
Class A
$2,000,002
(Thursday)
17
Florida Power Co
: ,'y,
Hammill & Co.) $6,359,900
(Suplee,
Consultants and Designers, Inc.-.,—-.*-*—Common
«
May
-
Debentures
stockholders—underwritten by
to
April 30
7
,
shares
185,000
Computer Concepts Inc.—
Class A
shares
100,000
Allegheny Pepsi-Cola Bottling Co.Debentures
7
Common
Co.)
'(Offering
*
shares
Inc._——
&
,7^
7^.,7;'':'7-,7
$300,000
480,000
Co.)
2,
Co.)
&
...Common
Co.____
Securities
Allyn
(Bids
Bebell & Bebell Color Laboratories, Inc.__Common
•
C.
(A.
.
,
V1
$300,000
Co.)
&
,
April 27 (Friday)
Livingston Oil Co._
!
r
$20,000,000
-
Common
Common
Russotto
(Robinson-Humphrey Co., Inc.)
Inc. and
$525,000
Coupling Co., Inc.—;—____.
EST)
a.m.
26 (Thursday)
Bilnor Corp.
& Co.,
'
Anchor
11
J April
>
Inc.)
Co.,
&
;V- 't;
$2,000,000 • :v.';-:.:fr>;7'
American Cardboard & Packaging Corp..-Common
7':/-;■ ' (Bids
-
*
(International Services Corp.) $300,000'.•
'
'•
Ainsbrooke Corp.___
Capital
r,'i
shares
175,000
Co
May 14 (Monday)
Republic-Franklin Life Insurance Co
Debentures
'
.
Lighting
White
(Kidder, Peabody & Co.) 371,750 shares
Corp...Common
Warwick, Inc.)
&
■
100.000 shares'.
Hotel
International
MacPherson
(Vickers,
(Costello,
Brothers & Co.,
(Baruch
/
•=
,
Capital
Corp
(Jennings, Mandel & Longstreth)
Thunderbird
Capital
23(Monday)
Admiral Automotive
550,000 shares
(Pacific Coast Securities Co.)
$150,000,
Corp.)
Co
$6,500,000
& Co.)
Insurance Corp..—Common
Nationwide Bowling
$300,000
Common
First
and
Pioneer
Ben. Int.
& King, Libaire, Stout
(Eisele
National Vended Ski
W^jlcpm? Baby, Inc
$40,000,000 .;v;
Securities,
$5,000,000
Co.)
&
Metropolitan Realty Trust
A
"
Zenith,"Laboratories,
Common
170,000 shares
Notes
Eberstadt
(F.
$190,000
Class
Inc.)
.Common
—
Inc
......Common
Co.)
&
180,000 snares
Co.)
Eberstadt & Co.)
(F.
Class A
Co.,
Inc
page
2,000,000 shares
(To be named)
Co.,
on
..._r_Commoii
Richardson, Inc
&
Lehigh Industries & Investing Corp
$1,947,000-
Co.).
&
Broadway, N. Y.
(Shearson, Hammill &
$1,590,000
Corp
Joshua
(4/23-27)-
Co.r Inc.
Mastan
:
&
Pen
Common
Co.,
Ross,
Duro
Common
Industries,* Inc.—
(Globus,
Inc.
Jan. 5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
7'77.
$440,000
Telephone Co.
D.
Carroll Co., and
—
1961 filed 128,000 common.'Price—$4. Business
—Design and manufacture of aluminum-frame outdoor
and porch furniture. Proceeds — For product develop¬
ment, equipment and working capital. Office—2 Barbour
Ave., Passaic. N. J. Underwriter—Preiss, Cinder & Hoff¬
man Inc., N. Y. Note—This registration was withdrawn.
Harrington
....Common
Co.)
&
Duralite Co.,
repayment;5 Office—850
Volt Technical Corp.—
.:-v
::i : V
Securities Corp.)
Webster
&
Visual
;-7r
Common
" hrrnG
7.
.
(Milton
:
shares»"■
343,551
debt
Insurance
Trans-Alaska
|
Debentures
Industries, Inc
Gas Pipe
Weld & Co.
Proceeds—For
St., Brooklyn, .Underwriters
Paul Eisenberg Co., Inc., N. Y.
ment.
Dulany Industries, Inc.
26, 1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The canning and freezing
'.'7-:!'V-. '->••.
;
$35,000,000
Corp.)
Furniture
Secu¬
.
Feb.
$1,000,000
_
(Horn-blower & Weeks)
-<■■■
,
Inc.)
Co.,
Garey
Star Gas Co
Lone
,'i
&
- /
-^..Common
Homes, Inc._—
(Best
v
■
,
Common
shares
100,000
Underwriter—Drew
(tippler, Guerin & Turner, Inc. and R. J. Edwards, Inc.)
7
7;7 :7!.
:
Co.)
&
Broad St., N. Y.
Corp., (same address).
rities
:77/';:y77.'
> •
i
220,000 shares
Sun City Dairy Products, Inc.—
^
Kollmorgen Corp.
furnaces.
tles & E. W.
Southwestern
'April 18 (Wednesday)
metallurgical
repayment, equipment and general
purposes. Address — Red Lion Rd., and PhilAve., Bethayres, Pa. Underwriters—Janney, Bat¬
Clark, Inc. and Stroud & Co., Philadelphia.
mont
Continued from page 34
(Putnam
debt
capital. Office—79 Wal¬
worth
—For
corporate
.
.
are
;;
$12>».y Business—Design
industrial
of
Office—50
•
to.be
amendment, (max.
manufacture
-Proceeds—For
A")
("Reg.
v.'/'y.y
y-'-V-.
9, 1962 filed 122,700 common, of which-42,500 are
offered by company and 80,200 by stockholders.
be
to
Co.-
.
..
.
Equipment Corp.
—For development and working
•
of formula feeds for livestock and
Manufacture
—
Food
Dunhill
Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
Nov. 29,
poultry, semolina and durum flour for spaghetti making,
swimming pools and inflatable toys, and machinery for
heat sealing and labeling plastic containers. Proceeds—
For debt repayment, equipment
and working capital.
Address—New Richmond, Wis. Underwriter—Kalman &
Co.', Inc., St. Paul, Minn.
"...
: /
Co.," Inc. * ,. v
'T'"
80,000 common, of which 35,500 are
to be offered by the company and 44,500 by stockholders.
v',7 Drever
Price—By amendment " (max. "$25)Business—Design,
March
Donaldson
Feb.
Y. Underwriter—Blair & Co., Inc., N. Y.
Offering—Expected sometime in June.
Feb.
purposes.
35
Third Ave., N.
Doughboy Industries, Inc.
23, 1962 filed $4,000,000 of convertible subordi¬
nated debentures due 1977. Price—By amendment. Busi¬
Oct.
corporate
Co.,
Donnkenny, Inc.
20, 1962 filed 90,000 common. Price—$9. Business—
Design, manufacture and sale of misses' sportswear and
casual dresses. Proceeds—For selling stockholders. Office
—1407 Broadway, N. Y. Underwriter—Brand, Grumet &
Seigel, Inc., N„,Y. Offering—Expected in June.
Underwriter—Bacon, Johnson Realty Management
general
&
Feb.
Co., Inc., (same address).
and
Underwriter—Goodbody
•
8, 1962 filed 1,000,000 shares of beneficial inter¬
Price—$10.
Business—A
real
estate
investment
salaries
Y.
N.
N. Y. Offering—Expected sometime in May.
March
est.
Broadway,
(1407)
November
to be
28
received) $7,000,000
(Wednesday)
Southern Electric Generating
Co
'
/Rids
to
bo
received)
£6.500.000
Bonds
36
36
The Commercial and Financial Chronicle
(1408)
Continued from page
35
'
Office—67 Southfield Ave., Stamford, Conn. Un¬
Seymour, Eernard & DeBoff, Inc., N.' Y.
posse.
r
derwriter
Belle Plaine Ave., Chicago. Underwriter—H. M. Byllesby
&
Co., Chicago. Offering—Expected in April.
Aluminum
Eastern
Feb.
Manufacturing Co.,
A") 100,000 common.
,
Inc.
•
Inc.
ates
(4/30-5/4)
Blvd., Torrance, Calif. Underwriter
Polonitza, Los Angeles.
ment
Price—By amend¬
16, 1962 filed 450,000 common.
(max. $16). Business—A small business investment
Proceeds—For general corporate purposes.
company.
Office—3
Center
Penn
writers—Drexel
Plaza, Philadelphia.
Under¬
Co., Philadelphia and Kidder, Pea-
&
body & Co., N. Y.
Eastern Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and
250,000
shares.
common
tures, $1,000; for stock, $10.. Business—General real es¬
tate. Proceeds—For the acquisition and development of
real
properties, repayment of debt and engineering, etc.
Office—10
E.
40th
St., New York. Underwriter—To be
named.
Economy Food Enterprises Corp.
29, 1961 ("Reg. A") 100,000 common.
Nov.
Price—$3.
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer
Proceeds—For
owners.
gen¬
eral corporate purposes.
Office—180 Babylon Turnpike,
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
St., N. Y. Offering—Imminent.
•
Econ-O-Pay,
Oct.
Inc. (4/2-6)
1961 filed 1,000,000 common.
26,
ness—A
dealer
General
corporate
Educational
Office—164
purposes.
City, N. D.
Valley City, N. D.
Dec/
finance business.
recourse
Valley
Price—$3.
Proceeds
E.
Underwriter—Reserve
Aids
Busi¬
Main
St.,
Inc.,
Funds,
Inc.
of
school
common. Price—$5. Business
supplies, toys and notions. Proceeds—
For
equipment, inventories and working capital. Office
—1125 Okie St., N. E.,
Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C. Offer¬
ing—Sometime
•
in April.
Ehrenreich
Photo-Optical
(4/23-27)
Jan.
26,
1962
to be
are
holders.
distribution
and
Industries, Inc.
filed
of
cameras, lenses, accessories
Proceeds—For debt
and
optical
repayment, expansion,
working capital. Office—111 Fifth Ave., N. Y. Un¬
Higginson Corp., N. Y.
derwriter—Lee
Eisler
Transformer Co., Inc.
28, 1962 ("Reg. A") 75,000 common. Price
$4.
Business—Manufacture of transformers and inductors for
Feb.
—
electrical
equipment.
Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allentown, Pa.
•
to
be
Components, Inc.
(4/16)
5, 1962 filed 100,000 common, of which 75,000 are
offered by the company and 25,000
by a stock¬
and
Price—$4.
Business—Manufacture,
processing of metal parts and products.
For
equipment, construction of
a
assembling
Proceeds—
building, and working
capital.
Office—187 N. Water St., Rochester, N. Y.
derwriter—Charles Plohn & Co., N. Y.
•
Electro-Mec
Instrument
Sept. 15, 1961 filed 168,250
subscription by stockholders
Un¬
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
and
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,
N. Y.
Underwriter—Sterling, Grace & Co., N. Y.
•
Electro-Nite
Jan.
8,
1962
Engineering Co.
("Reg.
A")
100,000
common.
Price
—
$3.
manufacture and sale of disposable
thermocouple lances. Proceeds—For equipment, debt re¬
payment and general corporate purposes. Office—5619
Tulip St., Philadelphia. Underwriter—Harrison
Philadelphia. Offering—Imminent.
&
Co.,
Electromagnetics Corp. (5/21-25)
Nov. 17, 1961 filed
75,000 common. Price—$5. Business
Design and manufacture of precision nuclear
magnetic
New
Price—$1.
J. /
Underwriter—None.
Estate
Investment Trust of
Jersey
1962 filed 67,750
4,
—Real
purposes.
Price—$10. Business
common.
investment
estate
corporate
•
trust.
Proceeds—For
Office—477
Main
St.,
general
Hackensack,
First
Republic Corp.
of America
19, 1961 filed $9,400,000 of 6^/2%
convertible sub¬
ordinated debentures due 1982 and 188,000 class A shares
to
be
in
47,000
offered
for
subscription by class A stockholders
units, each consisting of $200 of debentures
class A shares. One right will be issued for each
class A share held, and 40 rights will be needed to pur¬
chase one unit. Price—Ey amendment. Business—Gen¬
and
''
Fairbanks Wire Co., Inc.
/
Oct. 30, 1961 filed 54,000 common. Price—$3, Business—
Manufactures
specialized machinery
and
equipment.
Proceeds — For debt repayment and general corporate
4
purposes.
eral real estate. Proceeds—For debt repayment and other
corporate purposes. Office—375 Fifth Ave., N. Y. Under¬
•
N. Y.
Office—Walnut St., M D 23, Newburg, N. Y.
Underwriter—First Madison Corp., N. Y.
writers—Morris
Family Record Plan, Inc.
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
W.
&
Olympic
Blvd.,
26,
&
Industries, Inc.
("Reg. A") 63,000
1962
Business—Manufacture
of
blouses.
Proceeds—Debt,
Inc.
Fastline
(4/23-27)
publicly in units of one $500 debenture and 50 common.
per
unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
Price—$575
and
working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks &
Fastpak,
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening
devices
manufactured
and
repayment
Benson
by others. Proceeds—For debt
corporate purposes. Office—8
general
Place, Freeport. N.
Y.
Underwriter
—
Arnold
Fidelity America Financial Corp.
Oct.
1961 filed
3,
finance
corporate
(4/2-6)
Price—$5. Business
100,000 common.
company.
Office—42
purposes.
Underwriter—Netherlands
Securities
Proceeds ■.*— Gen¬
S. 15th St., Phila.
Co., Inc.,, N. Y.
Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000 common. Price—By amend¬
ment/Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62
Richmond St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
Fields
Plastics & Chemicals, Inc.
(3/27)
29, 1961 filed 220,000 common. Price—By amend¬
Nov.
ment.
Business—Manufacture
of
vinyl plastic sheeting.
Proceeds—For selling stockholders. Office—199 Garibal¬
di
Ave., Lodi, N. J. Underwriter—Sutro Bros & Co., N. Y.
• Financial Corp. of Santa Barbara
March 16, 1962 filed 200,000 capital shares, of
150,000 are to be offered by the company and
shares
by
Calif.
Fleetwood Securities
V
■
of stock and
(A. J.) Mfg. Corp.
2,1962 ("Reg. A") 80,000 common. Price—$3. Busi¬
ness—Manufacture
handbags/
sale
of
metal frames for ladies
debt
Products,
ic Flex Electric
March
due
Inc.
1962 filed $95,000 of 6% subord. debentures
and 47,500 common shares, of which 44,650 are
16,
1972
holders.
ing of
one
attached
the company and 2,850 by selling stock¬
securities will
The
be
offered in
units
consist¬
$100 debenture and 50 common shares (with
warrants). Price
manufacture and
Design,
$350 per unit. Business—
sale, for amateur use, of
—
lighting equipment and photographic accessories.
camera
Proceeds
For
product development,,
Office—
St., Long Island City, N. Y. UnderwriterBond, Richman & Co., N. Y.
sales
—
promotion
equipment,
new
and other corporate purposes.
24th
39-08
^Florida
Bancgrowth,
Inc.
March
16, 1962 filed 200,000 common. Price—By amend¬
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
ment
•
Palm-Aire
Florida
Oct.
19,
1961
are
to
on
related
filed
Corp.
463,000
offered
be
(4/2-6)
common,
Office—955
Co., N. Y.
l-for-3
which
of
for subscription
310,000
by the stock¬
sale
activities.
basis,
of
and
153,000 shares will
real
undeveloped
Proceeds—For
debt
property
repayment
be
and
and
general corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y.
•
Flower
ness.
Underwriter—P. W. Brooks
a
and
opment
ment
&
and
Proceeds—For
repayment, equipment
working capital. Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional
& Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &
Co., East Orange, N. J.
Nov. 29,
Price—By amend¬
small business invest¬
$15).
Business—A
Proceeds—For investment.
Investment
Fleres
Feb.
March 9, 1962 filed 200,000 common.
(max.
common.
Electronics
of
sold to the public. Price—$2. Business—Purchase, devel¬
Investment Co.
company.
Corp. of America
Price—$10. Business—
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., Inc., N. Y. Offering—Imminent.
///>/*•//;/
Distributor
50,000
Office:—1035 State St., Santa Barbara,
& Co., Los Angeles.
Main St., Bridgeport, Conn.
(4/16-20)
holders
Underwriter—Dean Witter
First Connecticut Small Business
Corp.
Aug. 8, 1961 filed 50,000
shares
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
working capital.
Co.,
\yhich
stockholders.
Proceeds—For acquisition
&
Co., Inc., Seymour
Co., and Sprayregen, Haft & Co., N. Y.
to be offered by
Malkan & Co., Inc., N. Y.
•
Lieberbaum
and
and
Co., Inc., N. Y,
(4/16-20)
Inc.
Co.
Under writers-^Netherlands Securities
re¬
payment, equipment, inventory and working capttdt Of¬
fice—Gauthier St., Tuskegee, Ala. Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
•
First Scientific
Blauner
Price—$4.75.
common.
&
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
Underwriter—Bache
Angeles.
Los
•
Cohon
Offering—Imminent.
Dec. 6, 1961 filed 200,000 class A stock. Price—$3. Busi¬
Co., N. Y. Offering—Imminent.
ment
•
First Real
confectionary
and
loan association.
Business—Design,
investment.
A
Manhasset, N. Y.
Jan.
purposes.
investment company. Pro¬
Office—1295 Northern Blvd.,
Dec.
•
being offered for
Waltham
of
corporate
Underwriter—-Internation¬
business
small
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. (
ing
&
Corp.
common
Business—A
ceeds—For
tional
eral
holder.
other
Corp., Paterson, N. J.
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Creation and manufacture of flavors for the bak¬
—Commercial
Eldre
Feb.
•;
Distributing Corp.
Oct.
(4/9-13)
Inc.
Los Angeles.
First New York Capital Fund, Inc.1 /'V/-'
27, 1961 filed 2,770,000 capital shares.
;;
v;'
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered
150,000 common, of which 100,000
offered by the company and 50,000 by stocks
Price—By amendment.
Business—Wholesale
instruments.
Foods,
Television
deeds of
under
and other corpo¬
N. J. Underwriter—None.
Feb.
26;? 1961 filed 100,000
—Sale
Extrin
Fashion
Co.,
al Services
Evans, Inc.
Jan. 23, 1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St., Chicago. Underwriter—Allen & Co.,
N. Y. Offering—Expected sometime in April.
Price—For deben¬
National
ment, working capital and
Office—505 Park Ave., N. Y.
working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
trustee
as
Proceeds—For debt repayment
motion
in
ment of debt and
company
29, 1962 filed 200,000 class A capital shares. Price
Business^-Production, distribution and sale of TV
pictures and tapes. Proceeds—For debt repay¬
—$2.
mortgages and the making of construction loans to
builders and property
owners.
Proceeds—For repay¬
March
Business—The
a
real estate and acts
on
First
Jan.
^Eastern Pennsylvania Investment Co.
amendment.
of
purposes.
Office—628 W. Sixth St.,
Underwriter—White, Weld & Co., N. Y.
Equity Capital Co. (4/23-27)
Nov. 29, 1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
Inc., N. Y. Offering—Expected in April.
(4/10)
rate
Garat &
—
Corp.
savings and loan association, oper¬
insurance agency, holds conditional sales con¬
an
tracts
trust.
•
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
the stock
owns
thorne
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
subsidiaries. Proceeds—For investment in a subsidiary
and working capital. Office—-147 Northeast Main St.,
Price—By
ers.
13, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For equip¬
ment and other corporate purposes. Office—24447 Haw¬
Investors, Inc.
'
10,000 common shares and $625,000
con. subord.
debentures due 1972. Price—For
6Vz%
Enviro-Dyne,
Financial
26, 1962 filed 320,000 common, of which 13,250 are
to be offered by the company and 306,750
by stockhold¬
Feb.
1961 filed
27,
First Lincoln
Jan.
curities, Inc. Hempstead, N. Y.
Eastern
of
Offering—Imminent.
(4/16-20)
Pike, Inc.
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
Philadelphia.
Dec.
Office — 380-390 W. Middle Turnpike,* Man¬
chester, Conn. Underwriter—Putnam & Co.> Hartford.
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
Price—$3.
Business—Manufacture and distribution of screens, win¬
dows, doors, etc. Proceeds—For debt repayment, plant
expansion, and working capital. Office—910 Line St.,
Camden, N. J. Underwriter—H. A. Riecke & Co., Inc.,
("Reg.
1962
19,
Ellner &
•
Thursday, March 22, 1962*
purposes.
—
Dec.
k
...
City
Industries,
Inc.
(4/2-6)
1961 filed i00,000 common. Price—$3.25. Busi¬
Design and manufacture of plastic
artificial
—
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman Williams & Cantwell, N. Y.
-
instrumentation.
Proceeds—For
general
corporate
pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
poses.
Electronic
Nov. 29,
Controls,
Inc.
1961 filed 100,000
Price—$3. Business
Design and manufacture of automatic electronic
computer
controlled
drives
check-out, flight control
multi-contact
repayment,
relays
working
and
and
and
systems,
capital
and
helicopter
landing control systems and
switches.
and
Proceeds—For
other
Financial
March 6, 1962
—$5.
Folz
Corp.
("Reg. A") 60,000 class A
Business—A
small
loan
common.
Price
Proceeds—For
company.
corporate
Vending Co., Inc.
(4/2-6)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
Ave., Kansas
Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen, Waeckerle, Adams & Purcell, Inc.,
Kansas City, Mo.
•
ing machines. Proceeds—To
•
Dec.
working capital.
Office
—
751
Minnesota
City, Kan.
(4/2-6)
common/
First
,
First
Oct.
debt
ness
pur-
erty
30,
—
Hartford
Realty Corp.
1961 filed 250,000 common.
Real
estate investment.
acquisitions,
debt
Price—$10.
Proceeds
repayment
and
—
other
Busi¬
For prop¬
corporate
repay loans, purchase ma¬
chines, and increase working capital.. Office—990 Long
Rd.; Oceanside, N. Y. Underwriter—None.
Beach
•
Forest
Electronics
Corp.y
21, 1961 ("Reg. A7') 130,000 common. Price—$2.
Business—Research, design/ manufacture, sale and dis¬
tribution
of
precision
electronic and mechanical
com¬
ponents. Proceeds—For debt repayment, equipment and
Volume
195
Number
The
6144
Commercial and Financial Chronicle
general corporate purposes.
Office —^ 425 Las Vegas
Blvd., ,S.; Las Vegas, Nev. Underwriter—ElmerK.
Aagaard, Salt Lake City. Offering—Expected in May.
•
Fortune Electronics, Inc.
6, 1962 (meg. A") *46,150 capital.
Price—$6.50.
Business—Sale of ^electronic components and equipment.
Proceeds—For debt repayment, inventories and
working capital. Office—2280 Palou Ave.r,San Francisco.
>
^ Four Star Television
March 16, 1962 filed 211,250 capital shares.
amendment
(max. $25).
General
Devices, Inc.
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
ment. Business—Development and manufacture of elec¬
mar¬
Calif.
Proceeds—For selling stock-,
Redford Ave., North Hollywood,
Office—4030
N. Y. and
*■ General
Dempsey-Tegeler & Co., Inc., St. Louis.
Franklin
Mar.
Discount Co.
coa,
General
Ga. Underwriter—None.
Franklin
Manufacturing Co.
(5/3)
.
Realty Trust
Leasing Corp.
(4/16-20)
ment
Walnut St.,
er
&
investment.
Office
—
1616
Philadelphia, Pa. Underwriter—A. G. Beck¬
Co., Inc., Chicago.
Frazier-Walker Aircraft Corp.
Jan.
26, 1962 filed 140,000
Price—By amend¬
Business—Company plans to produce its Gyro jet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype
models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
common.
porate
ment.
N.
Y.
Underwriter—None.
Frouge Corp.
■■
Jan. 26, 1962 filed 700,000
North
Ave., Bridgeport, Conn. Underwriter
—Van Alstyne, Noel & Co., N. Y. Offering—In April.
Futura
Oct.
Airlines
20, 1961
Business
—
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
Corp.
Corp.
by
dress—Leetsdale, Pa, Underwriter—Van Alstyne, Noel
& Co., n. y.
:r.v
eott
•
Garden State Small
Business
1407
land.
•
Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Garland
Knitting Mills
/V/
Mar. 14, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000
shares by
stockholders. Price—By amendment
(max.
$22). Business — Manufacture of sweaters, skirts and
pants for juniors. Proceeds—For working capital and
general corporate purposes. Office—117 Bickford St.,
Boston. Underwriter—Paine, Webber, Jackson & Curtis,
'
'.:V
■
■
V'■£
Gateway Chemicals,
Inc.
(4/2-6)
Nov. 22, 1961 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by a stock¬
holder.
-J
Price—By amendment. Business—Compounding
and packaging of chemical products, primarily deter¬
gents. Proceeds—For working capital. Office—8136 S.
seals.
Proceeds—For
Office—725 Branch Ave.,
Global
•
general
Ave., Manitou Springs, Colo.
Copley & Co., Colorado Springs, Colo.
Global
Nov.
3,
ment.
Steel
1961
Products
filed
68,000
Great Eastern
toilet
Office—3325
Great
Falls,
Wis.
•
-
•—
New York Box Co., Inc
(4/2-6)
29, 1961 filed 100,000 common. Price—By amend¬
($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
purposes. Office—149 Entin Rd., Clifton, N. J. Under¬
Price—By amend¬
prefabricated metal
Proceeds—Debt repayment and
electric motors, powdered
metal products
Pro¬
repayment and working capital. Office
Ave., Dayton. Ohio.Underwriter—Mc¬
Co., Cleveland. Offering—Indefinite.
Gold Leaf Pbarmacal
Co., Inc.
filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
1962
tical and veterinarian products. Proceeds—For advertis¬
ing, research, debt repayment and working capital. Of¬
St., New Rochelle, N, Y. Underwriter—
Droulia & Co., N. Y.
fice—36 Lawton
• Golden Anchor Ranch, Inc.
March 9, 1962
("Reg. A") 200,000 common. Price—$1.
Business—Operation of cattle ranches. Proceeds—For
expansion and working capital. Office — 365 Roseland
Parkway, Harasham, La. Underwriter—None.
Investment Corp.
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For working capi¬
tal
and
other
Office—She¬
Milwaukee Co.,
writer— D. H. Blair &
Co., N. Y.
of
Stanley
Gotham
Underwriter—The
Greater
Greater
Pittsburgh Capital Corp.
Nov. 14, 1961 filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
For
.
investment.
Office—952
corporate purposes.
Office—1707
H
St.,
Union
Trust
Bldg., Pitts¬
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh. Offering—Imminent.
Green Acres Funtown Inc.
Jan. 23, 1962 filed 225,000 common to be offered for sub¬
scription by stockholders of Bowling Corp. of America,
Price—$3. Business—Company will operate an
parent.
Shopping Center,
general corporate
& Ceramic Corp. (4/2-6)
Jan. 11, 1962 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of replacement batteries
and spark plugs; design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
ufacture of voting machines and toll collection devices.
Proceeds—For selling shareholders. Office—Reading, Pa.
Underwriter
Dempsey-Tegeler & Co., Inc., St. Louis.
Spring, Md.
ment
indoor amusement
General Battery
For general corporate purposes.
Rd., Baltimore. Underwriter—
Dec.
—1784
13,
(5/28-6/1)
Milwaukee.
hill &
March
as
repayment and for working capital.
boygan
Corp. / /
and devices for the missile and aircraft industries.
&
known
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
Office — 107
Underwriter-
Inc.
Oct. 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
Donald
was
Lakes
Dobson
Corp.
March 9, 1962 filed 146,000 common. Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
utor of houseware products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital.
Office—134-01 Atlantic Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y.
formerly
Dec.
debt
Globe Industries,
Gemco-Ware
—
Keswick
ceeds—For debt
Ave., Chicago. Underwriter—Federman, StoneCo., N. Y.
Investment Trust
Investment Trust.
Switzer & Co., Inc., Silver
pur¬
Office—10014 Avenue D,
Brooklyn, N. Y. Underwriter — Treibick, Seiden & For¬
syth, N. Y.
'
•;"r'
:
miniature
Estate
Foods Corp.
ceries, etc. Prcoeeds
compartments.
general corporate purposes.
of
Real
Business
foods, gro¬
common.
Business—Manufacture
Continental
W. 59th
Co., N. Y.
Jan. 29, 1962 filed 150,000 common.
Price—$4.
—Retail distributing of food freezers, frozen
_
corporate purposes.
Great
Continental Real Estate
Inc.
Feb. 14, 1962 ("Reg. A") 120,000 common.
Price—$2.50.
Business—Sale of objects of art in discount stores. Pro¬
Manitou
Proceeds—For expansion,
ment. Office—530 St. Paul Place, Baltimore. Underwriter
Discounts,
ceeds—For
Grayson-Robinson
—To be named. Note—This firm
working capital.
Underwriter
v
Co., Cleve¬
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Providence, R. I.
—Hemphill, Noyes & Co., N. Y.
&
Offering—In late April.
St., N. Y. Underwriter — Bear, Stearns &
Offering—Expected sometime in June.
40th St., Cleveland, Ohio. Underwriter—PresCo., Cleveland.
//...V''
'/v..
hermetic
a
diversification, and working capital. Office—550
expansion and working capital. Office—
glass-to-metal
shares
graphic and audio equipment.
chase of equipment, investment in a
subsidiary, research
and development, moving expenses, and
}1'*-
Gaslight Club, Inc.
Feb. 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, 'debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
i
•
of
12
subordi¬
subscription
$100 of deben¬
the basis of
Retail sale of women's and children's
apparel and photo¬
to be offered by the company and 50,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
Price—$3. Business
Proceeds—For
—A small business investment company.
investment. Office—1180 Raymond Blvd.,
each
on
Stores, Inc.
26, 1962 filed $10,000,000 of 5% senior; subord. de¬
bentures due 1985.
Price—By amendment..* Business—
are
/Oct. 27, 1961 filed 330,000 common.
By amend¬
Jan.
Industries, Inc. (3/28)
Sept. 27, 1961 filed 185,000 common, of which 135,000
Investment Co.
for
stockholders
Ave., Cleveland. Underwriter—McDonald
Glass-Tite
(4/16-20)
Boston.
E.
&
—
held. Price—By amendment.
retail drug chain. Proceeds—•
For expansion and working
capital. Office—2400 Superior
Inc.
Proceeds—For
Ltd.
Price
Inc.
Business—Operation of
Mar. 2, 1962 filed 140,000 common. Price—$10. Business
—Company operates a discount department store chain.
and the custom molding of other plastic
products. Proceeds—For general corporate purposes. Ad¬
common
tures
Research, Inc.
housewares,
Co.,
common.
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort
purposes. Pro¬
Gray Drug Stores,
(6/4-8)
Tiger Stores,
Development
Underwriter
Jan. 2, 1962 filed $5,230,000 of 5% convertible
nated debentures due 1982, to be offered for
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
Giant
anesthetic
Expected sometime in April.
Ave., N. Y. Under¬
Dec. 15, 1961 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic toys and
Bahama
Jan. 23, 1962 filed 250,000
—179 N.
(3/29)
common.
dental
ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y. Offering-
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and
150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
("Reg. A") 60,000 common.
Price — $5.
Furnishing of scheduled air transportation
(Andy)
Vv.
Feb.
service. Proceeds—For debt repayment and general cor¬
Gard
Geotechnical
'/Jl (geriatric
V"
(4/17)
Services
V
Design, development and manufacture of instruments
and
systems used in seismology and other scientific
fields. ' Proceeds—For
working capital.
Office—3401
Shiloh
Rd.,
Garland,
Texas.
Underwriter—Lehman
Brothers, N. Y.
.-v.-./
type apartment, industrial and office buildings. Proceeds
—For an acquisition, construction, and
working capital.
Office—141
Office—730 Third
purposes.
Investor's
7, 1962 filed 90,000 common, of which 80,000 are
by company and 10,000 by a selling stock¬
holder.
Price—By amendment (max. $22). Business—
•///v .V..
100,000
of
Blvd., Springfield Gardens, N. Y.
Eisenberg Co. Inc., N. Y.
Grand
March
common.
Price—By amend¬
Business—Construction and operation of various
ment.
("Reg. A")
Merrick
—Paul
to be offered
-V
/':
expire
Price—$2.25.
cartridges
products. Proceeds—Production, advertising
promotion of disposable needles.
Office—129-21
and
writer—Paine, Webber, Jackuon & Curtis, N. Y.
•
of
Graham Chemical Corp.
^ General Telephone & Electronics Corp. (4/5)
March 15, 1962 filed $50,000,000 of
sinking fund deben¬
tures due April
1, 1987. Price—By amendment. Business
—A holding company for telephone service and elec¬
tronic equipment concerns. Proceeds—For
general cor¬
Proceeds—For
the basis of $100 of debentures for each
record Apr. 6 with rights to
on
held
Business—Manufacture
Mortgage Trust
8, 1962 filed 35,000 non-voting shares of beneficial
St., Omaha. Underwriter—General
Corp., (same address).
trust.
(4/6)
and related
3, 1962 filed 800,000 shares of beneficial interest.
Price—$12.50 per share. Business—A real estate invest¬
Jan.
shares
Jan. 22, 1962
interest. Price—$10. Business—A real estate investment
trust. Proceeds—For investment.
Office—1221 Harney
(4/9-13)
re¬
writer—None.
General
,
$10.
April 30.
Price — At par.
Business — Com¬
pany 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¬
Mo.
Feb.
—
debt
Office—370
purposes.
about
Orange
working capital. Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
22, 1961 filed 349,590 common. Price—By amend¬
Business—Design, manufacture and sale of house¬
hold
freezers, refrigerators, automatic
washers and
driers. Proceeds—For a selling stockholder. Office—6522nd Ave., N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y. •
'
f '
ment.
Franklin
7
Jan. 29, 1962 ("Reg. A") 62,000 common. Price—$4.50.
Business—General leasing of equipment. Proceeds—For
Dec.
•
stockholders
&
repayment and expansion. Office—105 N. Sage St., Toc-
Proceeds—For
Jan. 8, 1962 filed $2,675,000 of 4%% conv.
capital deben¬
tures due 1977 to be offered for
subscription by common
*
St., New Haven, Conn. Underwriters—Ingram, Lambert
Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.
nated capital notes due about 1970. Price—At
par. Busi¬
ness—A consumer finance
company. Proceeds—For debt
estate.
corporate
Government Employees Corp.
Offer¬
investment company. Proceeds—
For debt repayment and investment. Office—348
subordi¬
real
general
Lexington Ave., N. Y. Underwriter—Stanley Heller &
Co., N. Y.
Inc.
*
Price—$7.50. Busi¬
common.
and
payment
Investment Co. of Connecticut,
14, 1962 filed 200,000
ness—A small business
Feb. 9,1962 filed $500,000 of 8% subordinated debentures
due serially 1969 to 1973 and
$500,000 of 8%
electromechanical
—Hess, Grant & Remington, Inc., Philadelphia.
ing—Expected sometime in April. ' 1 14
Underwriters—Paine, Webber, Jackson & Curtis,
Inc.
26, 1962 filed 200,000 class A shares. Price
Business—General
components and systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter
keting of television films.
holders.
and
Gould Properties,
Jan.
for
Price—By
Business—Production and
Price—$11. Busi¬
Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
—Van Alstyne, Noel & Co., N. Y. :
ness—Manufacture of paper.
„
Jan.
tronic
W., Washington, D. C. Underwriter—Rouse, Brewer,
Bryant, Inc., Washington, D. C.
e Gould
Paper Co. (4/16-20)
Sept. 28, 1961 filed 140,000 common.
general corporate purposes. Office
Bldg., Cleveland, O. Underwriter—Merrill,
Co., Inc., Cleveland.
"V
.?
Turben &
*
■■
,,
Proceeds—For
37
Becker &
—672 Hanna
Underwriter—Stewart, Eurbanks, Meyerson & Co., San
!
N.
Business—A
firm.
.
Corp. of America (3/29) 1961 filed 266,000 common. Price—By amend¬
holding company for an insurance
7,
ment.
Feb.
Francisco.
General
Dec.
.
(1409)
and recreation
area
in
Green
Acres
Valley
Stream, L. I. Proceeds—For
purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Louis.
•
Green
Valley Construction Corp.
(4/2-6)
Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
ness—General contracting for landscaping and construc¬
tion work. Proceeds—For debt
repayment and other cor¬
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y.
Griesedieck Co.
Sept.
11, 1961 filed 99,288 common being offered for
subscription by stockholders on the basis of one new
share for each three held of record Mar.
12 with rights
to
expire Mar. 26, 1962. Price—$15. Business—A closedend investment company. Proceeds— General corporate
purposes. Office—314 N. B'way, St. Louis. Underwriter
—Edward D. Jones & Co., St. Louis.
,
.;
Continued
on
page
38
38
The Commercial and Financial Chronicle
(1410)
Continued from page 37
'■■
Proceeds—For
■
Gryphon Fund, Inc.
Jan. 11, 1962 filed 1,000,000 shares of capital stock. Price
—Net asset value (for first 30 days, thereafter an addi¬
tional 8Vz%
sales charge). Business—A mutual fund.
Proceeds—For investment. Office — 714 Boston Bldg.,
(4/9-13)
Gulf American Fire & Casualty Co.
Sept. 28, 1961 filed 226,004 common to be offered for
suascription by stockholders on the basis of three new
each 10 held. Price—$2. Business—Writing of
snares for
fire and
tal
and
casualty insurance. Proceeds—To increase capi¬
surplus. Office—25 S. Perry St., Montgomery,
Underwriter—None.
Ala.
A.
7 7 77V.V
Feb. 28, 1962 filed $11,000,000 of 6V2%
conv. subord,
debs, due 1977, to be offered for subscription by stock¬
holders at the rate of $200 of debentures for each 60
Gulf American Land Corp.
in
~
,
shares held. Price—At par. Business—Company
common
is
communities
engaged in the development of planned
general
debt repayment and
Proceeds—For
Florida.
corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street & Co., Inc., N. Y.
Rental
Haltone
Dec.
Corp.
Proceeds—
Business—Rental of furs and fur garments.
For inventory,
provements.
equipment, advertising and leasehold im¬
Office—350
Seventh Ave., N. Y. Under¬
Inc., N. Y. Offering—Immi¬
G. Harris & Co.,
writer— B.
nent.
Hampden Fund, Inc.
24, 1962 filed 500,000 common.
Busi¬
plans
which
trust
investment
to
Proceeds—For investment. Office—
2100 East Ohio Bldg., Cleveland. Underwriter—Fulton,
Reid & Co., Inc., Cleveland.
become
open
end.
(4/16-20)
29, 1961 filed 200,000 capital shares. Price — By
Hanna-Barbara
Dec.
Productions,
Inc.
amendment. Business—Production of television cartoons
and
commercials.
Proceeds
For
—
new
a
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
•
11,
—
working capital. Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities Co., Inc., N. Y.
withdrawn.
was
Happy House, Inc. (3/26-30)
July 28, 1961 filed 700,000 common shares
.Price—$1.
Business—The marketing
of gifts, candies and greeting
through franchised dealers. Proceeds—For equip¬
cards
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
•
Hardlines
Distributors, Inc. (4/23-27) 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
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.
Jan.
26,
1962
Hargrove
Enterprises, Inc. (5/7-11)
8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave, Cheverly, Md. Underwriter — Switzer & Co, Inc., Silver
Springs, Md.
Dec.
Harper Vending, Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
ceeds
For expansion, debt repayment, and working
capital. Office—498 Seventh Ave, N. Y. Underwriter—
—
Greenman Co, N. Y.
•
Harrington & Richardson, Inc.
(5/7-11)
which 40,000 are
by stockholders.
March 7, 1962 filed 180,000 common, of
to be offered by
company and 140,000
Price—By amendment
(max. $30).
ture
rifles to U.
and
sale of- M-14
Business—Manufac¬
S.
Govt.
Proceeds—
Equipment, plant expansion and working capital. Office
Ave, Worcester, Mass. Underwriter—Shearson, Hammill & Co, N. Y.
—320 Park
Hartman
Marine
ness-—A
Proceeds—For equipment,
7';- y7'7'' 7 77. -777.'
April.
-v.,.•*
tures
are
shares
by
be
to
300,000 common, of
offered
stockholders.
by
the
★
Price—$6.
'
and
Electronics
Inc.,
military transmitter-receivers.
corporate
Long
Plohn &
Island
City,
N.
Proceeds—For
Office—30-30
purposes.
Y.
equip¬
Northern
Underwriter—Charles
Co, N. Y. Offering—In early April.
•
•
Harwyn Publishing Corp.
Jan. 29, 1962 filed 300,000 class A
amendment.
pedic
works
Business
for
—
children
common.
Price
Publishes illustrated
By
encyclo¬
,7
are
130,000 by stockhold¬
Price—By amendment. Business—Publishes "Electronic Design/' a trade magazine in the electronic field.
ers.
Carondelet
St, New Orleans, La.
/
-
Proceeds—For
components.
corporate
purposes.-
debt
repayment
Office—89
Commerce
Industry
26,
ness—A
Capital Corp.
filed 500,000
(4/9-13)
1961
common.
Price—$15.
shares. Price—$1,000 per
liquid and semi-solid
specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St,
Madison, Wis. Underwriter—Milwaukee Co, Milwaukee,
Wis. Offering—Sometime in May.
■'-■
/ 7.
7 V V/"
Nov. 13, 1961
preferred and
$500 debenture and 50
Business
—
of
Holiday Mobile Home Resorts, Inc.
Jan.
7/
Systems, Inc.
filed 1,266,000 common to
Chicago.
stockholders
be offered
to
of
Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
common
amendment. Business—Furnishes industrial
handling 'arid control systems. Proceeds
stockholders. Office—10131 National
Underwriter—None.
^imVv7-7
1962 filed 3,500,000 common and 5-year
to purchase 700,000 shares, to be offered in
of 5 shares and one warrant. Price—$50 per unit.
31,
Office—208 S. La Salle
Information
common
Manufacture
Busi¬
small business investment company. Proceeds—
St, Chicago. Underwriter—A. C. Allyn & Co,
information,
—
For
selling
Blvd., Los Angeles.
-
,
Inland
war¬
Underground Facilities, Inc. 7
7, 1961 filed 100,000 common. Price — $10. Busi¬
ness—Mining of limestone and the operation of under¬
ness—Development and operation of mobile home re¬
ground freezer and dry warehousing facilities. Proceeds
sorts. Proceeds — For debt repayment, expansion and J —For debt
repayment,/equipment and other corporate
working capital. Office—4344 E. Indian School Road,
purposes. Office—6500 Inland Dr, Kansas City, Kansas.
units
rants
Phoenix. Underwriter—None.
" :'7r
///,'
Dec.
Busi¬
:
'
Co. /.
Feb. 27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products^ Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital'. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co, Philadelphia. Offer¬
ing—Sometime in May. *7/
Underwriter—Scherck, Richter Co, St. Louis.
Hollingsworth Solderless Terminal
•
Home
Builders
Intermountasn
March
Gas
>7
Co. ..(4/2-6)
/
-
$3,400,000 of subordinated deben¬
68,000 common to be offered in units,
consisting of one $50 subordinated debenture and
6,
1962
filed
tures due 1987 and
each
one
share.
common
Proceeds
Price—By amendment
For debt repayment
—
(max/$70).
and general corporate
/purposes. Office -— 905 Main St., Boise, Idaho. Under¬
writer—White,, Weld .& Co, Inc, N. Y/7 '7 '
7 >
Intermountain Gas Co.
*
7 7 /
/ 7
(4/23-27)
Price—$1. Busi¬
March 6, 1962 filed 63,803 common to be offered for
ness—Company makes home improvement, construction
subscription by common stockholders on a l-for-10 basis.
and subdivision loans and buys, sell and trades in mort¬
Price—By amendment (max. $20)./Proceeds—For debt
gages and real estate.
Proceeds—For working capital.
repayment and construction. Office—905 Main St, Boise,
Office—409 North Nevada St, Colorado Springs, Colo.
Idaho. Underwriter—White, Weld & Co, N. Y.
Underwriter
J. W. Kim & Co, 11 Broadway, N. Y.
International Airport Hotel Systems, Inc.
Offering—Expected in early April.-'- 7'7 7 7 ' V • ' -77
Feb.
Acceptance Corp.
~
9, 1962 refiled 800,000 common.
—
1
7. (4/2-6) ■?777.77777 77777 //7 7:V7V777'
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,
Jan. 4, 1962 filed $1,700,000 of convertible subordinated
debentures due 1977 and 170,000 common shares to be
Dec.
offered
purposes.
Atlanta."
•
(3/26-30)
Inc.
Oct. 27, 1961 filed 150,000 common.
and distribution of cosmetics.
Sale
(3/27)
Johnson
Business
(3/27)
Hudson
Wholesale Groceries, Inc.
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¬
capital.
Office—Lyndhurst, N. J.
Oct.
Underwriter—J.
N. Y. Offering—In April
Inc.
("Reg.
/
J
1962 filed
vending machines, and operation of industrial catering
facilities
in the
New England
area
and Brass Rail
restaurants
in
stockholders.
New
York
Office—251
City,East
Proceeds—For
Grand
Interworld
•"
Film
Distributors, Inc.
(4/2-6)
and domestic feature films. Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co, Inc, and S. Kasdan & Co, Inc, N. Y.
"
•
★ Investment Securities Co. ,
March 16, 1962 filed 250,000 common, of which
125,000
are
to
be offered by the company and 125,000
by a
eral corporate purposes.
.the
Office—101 Park Ave., Hudson,,
selling
Chicago.
Sept. '29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution and co-production of foreign
stockholder. Price—By amendment
1961
Ave,
Underwriter—Bear, Stearns & Co, N. Y.
A") 60,000" common.
Price—$2.
Business—Design, development and manufacture of a
brake control. Proceeds—For debt repayment and gen¬
10,
7f7 7
/
(3/26-30)
y
/
53,829 common. Price—By amend¬
Business—Sale of products through coin-operated
10,
ment.
—
Inc., N. Y.
,7.77"''
Interstate Vending Co.
Jan.
*
By amend¬
ment (max. $55). Business—Operation of a chain of res¬
taurants. Proceeds—For selling stockholders. Office—89
Beale St., Wollaston, Mass. Underwriter—Blyth & Co,
ing
:/
7
Co.'
77 '7, 777V/ '..7";,7
7, 1962 filed $50,000,000 of sinking fund deben¬
tures due April ly 1987. Price—By amendment. Proceeds
—For debt repayment, construction, "and working capi¬
tal. Office—320 Park Ave, N. Y. Underwriter—Kuhn,
Loeb & Co, Inc, N. Y.
'
Proceeds—For sell¬
March 5, 1962 filed 370,000 common. Price
.
V777/7- 7'7
Telephone & Telegraph Corp.
March
'
Price—$4.
"/V77V
International
Securities, Inc., Rego Park, N. Y.
House of Westmore,
one
Co, N. Y. and Robinson-Humphrey Co, Inc.,
/
.
corporate purposes. Office—42 W. 48th St, N. Y. Under¬
writer—Sunshine
of
amendment.
—Bache &
•
Honora, Ltd. (4/23-27)
Nov. 29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase: of cultured pearls, in Japan and
their distribution in the U. S. Proceeds—For general
units
$100 debenture and 10 shares.
Business — Establishment and
operation of hotels located in or near airports. Proceeds
—For debt repayment and working capital. Address—
Miami International Airport, Miami, Fla. Underwriters
etc. Proceeds—For general cor¬
Office — 2717-25 White Plains Rd,
Bronx, N. Y. Underwriters—Richard Bruce & Co, Inc.,
and Reuben Rose & Co, Inc., N. Y.
:■
porate
in
Price—By
household 7 appliances,
Hydra-Loc,
...
consumer
28, 1962 filed $250,000 of 6V2% subordinated sink¬
fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
R. Williston & Beane,
Hayden Publishing Co., Inc.
Business—A
par.
ing
Expected in late April.
•
Price—At
Office—339
general
Dec.
Jan.
Nov. 29, 1961 filed 150,000
common, of which 20,000
to be offered by the
company and
';7
Corp.
Feb.
operates an advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick
St;, N. Y. Un¬
derwriter—Van Alstyne, Noel &
Co, N. Y. Offering-
& Thrift
Rd, Cedar Grove, N. J. Underwriter—Hayden, Stone &
Co, Inc., N. Y. Offering—Expected in June.
—
and
Index", and
For general corporate purposes.
Howard
Blvd.,
electronic
Financial
Proceeds—For equipment,
Industrial
and
7
•
general
and
Finance
1974.
electronic
Business—Manufac¬
Co, Inc., N. Y.
communications
"The
duction and test equipment used to manufacture and test
'
100,000
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.
House Sauce Co.,
Price—By amend¬
common.
abstracts.
Instruments, Inc. :7/> /
7 •
March 9, 1962 filed 120,000
common, of which 30,000 are
to be offered by company and
90,000 by stockholders.
Price—By amendment (max. $10).
Business^—Design,
development and manufacture of electrolytic and ther¬
mal conductivity equipment; general
purpose electronic
and electrical testing
equipment; and automated pro¬
ture of steel office furniture. Proceeds—For debt repay¬
Hoffman
and
Underwriter—None.
/.:/
which 200,000
company
due
pansion.
(4/23-27)
Products, Inc.
filed
1961
15,
shares
indexes
finance firm. Proceeds—For repayment of debt and ex¬
Proceeds—For in¬
Angeles. Under-
company.
VV77' 7*;'/./77'7:' .'.'7 /7"/ 7 ,7/7777'.'
Metal
Hillside
Systems, Inc.
125,000
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
Office—760 S. Hill St, Los
writer—None.
Office
■
77777.77-7v 7:77V r'77777-77
investment
1962 filed
Business-^—Publishes
Industrial
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3.
Business—A
vestment.
.Price—$100. Busi¬
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor,
Inc., N. Y.
7
;-':7 7
16, 1961 filed 2,265,138 common to be offered for
management
common.
Proceeds—Fof investment.
—19
.■
("Reg. A") 100,000 capital snares/Price—
$3. Business—General aviation. Proceeds—For working
capital, equipment, advertising and inventory. OfficeFulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp, Atlanta.
Street Co.
29,
other
•
Jan. 29, 1962
Hill
fund.
/
Broadway, N. Y. Underwriter—None.
ment.
Hill Aircraft & Leasing Corp.
>
mutual
Index & Retrieval
Jan.
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St, Brighton, Mass.v
Underwriter—To be named. Offering—Expected in late
&
ment and
-
—120
research and devel¬
rine
.
★ Incubation Fund, Inc.
March 19, 1962 filed 50,000
ing stockholders. Office—120 E. 16th St, N. Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
mobile
real estate mortgages. Proceeds—For investment. Of¬
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture of
products from test
Corp.
Oct. 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¬
and
Corp.
1961 filed $1,500,000 of 10% registered subordi¬
fice—630 Fifth Ave, N. Y. Underwriter—None.
models.
Y.
nated debentures to be offered in five series due 1966 to
1970. Price—At par ($1,000). Business—Purchase and sale
ui
—
Note—This letter
Dec. 22,
common.
Price—$5.
manufacture of barbecue machines and
salad dressings and
common. Price—$3.
Fabrication of components for missiles, jet
engines, aircraft landing gears and precision machines.
Proceeds
Machinery, research and development and
Aug.
& Co, N.
equipment. Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd, Long Island City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite.
unit.
Industries, Inc.
1961 ("Reg. A") 100,000
Hannett
business
C. Collateral
allied
Dec.
Price—$10.
Jan.
closed-end
Underwriter—McLaughlin, Kaufman
I. F.
•
40,000
A")
("Reg.
1961
31,
Business—The
•
ness—A
'
"
Hickory Industries, Inc.
Aug.
Oct.
Price—$2.
150,000 common.
("Reg. A")
1961
18,
Offering—Imminent.
Y.
Offering:—Imminent.
saxes
Underwriter—None.
Denver.
N.
repayment. Office—850-3rd Ave,
Loeb, Rhoades & Co, N. Y»
debt
if. Underwriter—Carl M.
JNI.
Thursday, March 22; 1962
.
—A
management
insurance
investment
field,
Proceeds
(max. $20). Business
company
—
specializing- in
repayment,
For .debt
Volume
195
Number 6144 ; /
The Commercial and Financial Chronicle
.
working capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey^Tegeler & Co., Inc., St. Louis.
Investors
Feb.
1962
19,
Funding Corp.
filed $6,000,000
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
Joanell
debentures,
of
of
which
'lona
-
»
-
Y
/
•
-
"
-
.
'
:
Dorsa Ave., Livingston, N. J. Underwriter—Searignt, Ahalt & O'Connor, Inc., N. Y.
John's
Bargain Stores Corp.
Feb. 14,1962 filed 160,000 common.
Price—By amend¬
ment (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.
- > . v *
i
e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital. - Office
-^Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co.,
Inc.^ N. Y.
r
c
Offering;—Expected sometime in May;
Inufa
Roaf' Parkorc
-.-
;
y, ; *
•
;
|ni>
24, 1962 filed $1,500,000 of 6V2% subord. s. f. de¬
bentures, series A, due 1977 (-with attached warrants).
Price—$1,000. Business—Meat packing.: Proceeds—For
due .1980-86
and
40,360
Central Park
•
Auchincloss, Parker-& Redpath,
'
Cy
'
Keeko, Inc.
For
debt
Yc/.y
Price—$3. Busi¬
establish service stations and
A") 100,000
repayment
Office—4970
C.
Sudler
drawn"
&
Wash¬
•
and
general
area.
Proceeds—
corporate
purposes.
Jackson
St., Denver. Underwriter—Amos
Co., Denver. Note—This letter was with¬
"■
'
operate concerns
York. Underwriter—To be named.
Jefferson
Stores, Inc.
filed 110,000
(4/23-27)
65,000 common. Price—By amend¬
Business—Processing,
packaging and sale "tof
frozen- meat and meat products. Proceeds—For redemp¬
5.
1962
tion
of
2,910
$50 par preferred shares, expansion, and
A common. Price—$5
Proceeds—F o r repayment
of
Office—41 E. 42nd St., N. Y.
Underwriter—Ndfie.
Lee
Fashions, Inc. (4/23-27)
j
Dec. 27, 1961 filed 166,667 common. Price—By amend¬
ment. Business—Importing of low priced ladies' scarfs
..
•
Proceeds—For debt repayment and
Lehigh Industries & Investment Corp.
work¬
(5/7)
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
800 71st St., Miami Beach, Fla. Underwriter—To
be.
named
(a newly-formed subsidiary).
;
,
Lelghton Mobile Homos, Inc.
Jan. 11, 1962 50,600 class A shares. Price
ness
—
$5. Busi¬
of real
Sale of mobile homes and development
—
owners
df mobile homes. Proceeds—
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 Corp.
.
•
1961 filed 100,000
common.
Price—$3.50.
Busi¬
concrete
utilities,
sanitary structures, fallout Shelters and play sculptures.
March 19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $1750). Business — Operation of a chain of
'V.'*'■?'>
'
.
•
/V
/.' Y.,
/
.
King Louie Bowling Corp. (3/27-28)
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
—Operates a chain of bowling centers. Proceeds-^Repay
debt and for other corporate purposes.
Office—8788
Metcalfe Rd^
Overland Park, Kan. Underwriter—George
K. Baum & Co., Kansas City, Mo.
•
Kogel, Inc. (4/2-6)
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¬
velopment, advertising, and working capital. Office—
26-32 Second St., Long Island City, N. Y. Underwriter—
Globus, Inc.
~
;
(H.)
"■
drugs
cosmetics;
and
also
clothing and dry goods stores. Proceeds
stockholders.
—
industrial
chemicals.
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,
and
ceeds—For debt
sale of women's casual
tical
nam
amendment.
eauipment.
are
60.000 bv stockholders,
Business—Manufacture
Proceeds—For debt repayment.
of
op¬
Office—Herman h. Bishins
Office
King St.. Northampton, Mass., .Underwriter—Put¬
&
Co., Hartford.
Kraft Planned
Dec. 114.1961 filed
Homes,
Inc.
(4/18)
200,000 common.
Price—$5. Business
Proceeds—
—A holding company in "shell homes" field.
Bedford, Mass. Underwriter
Beane, N. Y.
Lincoln Fund,
March
30,
Price—Net
Pro¬
Bldg,, Riverside Ave.,
—
J. R. Williston &
Inc. (4/2-6)
1961 filed 951,799 shares
asset
dresses.
repayment, working capital and expan¬
New
•
by the companv and
Dallas.
—
Peabody & Co., Inc. Offering—Expected in May.
sold
selling
For
• Lewiston-Gorhaan Raceways, Inc.
14, 1962 filed $1,000,000 of 6M>% first mortgage
due 1977 and 200,000 common to be offered in,
units consisting of
$500 bond and 100 shares. Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Maine. Proceeds
For debt repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
sion.
be
—
Ambassador
bonds
manufacture
•
8908
Row,
Underwriter—Kidder, Peabody & Co., N. Y.
Proceeds—For -general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter — Kidder,
to
Office
Lily Lynn, Inc.
Kohnstamm & Co., Inc.
Feb. 21 1962 filed 160,000 common. Price — By amend¬
ment. Business—Manufacture of colors and flavors for
food,
-^!Levine's, Inc.
March
*
Dec.
filed
ment.
debt.
Estate.
Proceeds—For debt repayment, sales promotion and
working capital. »Offiee—145 W. 11th St., Huntington
Station, L. I.. N Y. Underwriter—Blank, Lieberman &
Co., Inc., -N. Y. Offering—In late April.
—347
Jiffy Steak Co.
Feb.
Business—Real
Corp.
405,000 class
ness—Manufactures steel re-inforced
Corp., N. Y.
Price—By
62nd
filed
Securities
St., Miami, Fla. Underwriter — Bregman, Cummings & Co., N. Y. Offering—In late May. .
1962
1, >1961
Dec. 21,
Kollmorgen Corp. (4/18)
Nov. 9, 1961 filed 100,000 common, of which 40,000
25,
Leader-Durst
Dec.
Office—889 Broadway, JN. Y. Un¬
working capital.
capital shares. Price—By
amendment.
Business—Operation of discount appliance
stores.
Proceeds—For expansion.
Office—3700 N. W.
Jan.
and the sale of domestic water system
equipment manufactured by a subsidiary. Proceeds—
selling stockholders. Office—2943 Vail Ave., Los
Angeles.
Underwriter—Crowell, Weeden & Co., Los
Angeles.
:'/-
For
Co., Inc., N. Y.
and
Business—Manufacture and sale of vertical
pumps
Denver.
Jay lis Industries, Inc. (3/26-30) •v
"y :
18/1961 filed $850,000 of 6'%% 'subora. aebentures
due 1971 and 212,500 class A common shades to be of¬
fered in units of one $100 debenture-ana 25 class A
shares.
Price—$200. Business—Manufactures patented
traversing-screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment and general corporate purposes. Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Lieder-
ness—Company plans to acquire
turbine
13, 1962 ("Reg. A") 100,500 common. Price—$2.
Business—Company plans to market a therapeutic clay
for use in manufacturing cosmetics. Proceeds—For debt
repayment and other corporaet /purposes. Office—73417th
St., Denver.
Underwriter—Birkenmayer & Co.,
•
engaged in diversified business activities. Proceeds—For
general corporate purposes. Office—161 E. 42nd St., New
Layne & Bowler Pump Co. (3/26-30)
Dec. 22,
1961 filed 108,666 capital shares.
Price—By
property for lease to
Kine Camera Co.,
King Island Cosmetic Co.
J
Inc.
Co., Inc., Denver.
•
Price—By amendment* Business—The operation of coin
children's amusement -equipment.. Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago.
operated
Feb.
.;;v.
filed -200,000 common. Price—$3.50. Busi¬
&
Dec. 29, 1961 filed 2,000,000 class A common. Price—By
amendment.
Business—A holding company for three
subsidiaries which operate utilities, engage in construc¬
Underwriters—Fulton, Reid & Co., Inc., Cleveland
Walston & Co., Inc., N. Y.
derwriter—Underhill
Oct.
Diversified Industries,
—
and
i
(4/10)
Jayark Films Corp."
:l!'.! •'
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
er.
rrice—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital; Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
1961
& Co.
Offiee—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
Nov. 21,
.
29,
(S. R-)
ing capital.
<
feroad St., N. Y. Proceeds—-For investment in Japanese
securities. Underwriters—Bache & Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo,.Japan. • / Y/ Y:-y;vy;Yy
Dec.
Langsam
Inc. (3/27)
Ll1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
•
Oct.a 19,
common.
Price — $12.50.
Business—A diversified investment company. Office—25
&
Proceeds—For 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.
•
Air Conditioning Corp.
Y; *Y;X\Y*M*-;
28, 1962 '/("Reg. A") 40,000 common. Price$3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave.y Brooklyn, N. Y.
Under¬
y
plumbing fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
and blouses.
and
Jamoco
Jefferson
(4/30-5/4)
Okla.
Feb.
man
Industries, Inc.
16, 1962 filed 430,000 class A common. Price —
By amendment (max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,
nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of ctommon.
»*
Lamb
• Kelley Realty Corp.
and/working capital. Office—29 N. W. 10th St., Miami,
Fla./Underwriter—Clayton Securities Corp., Boston.
-
•
Dec. 28, 1961 filed $2,200,000 of s. f. subord. debentures
due
1977
(with attached warrants).
Price—At par.
March
Kiddie Rides, Inc.
(4/2-6)
Sept; 12; 1961 filed $1,000,000 of 7% convertible subordi¬
San Francisco. Offerings—Sometime in April.1
indoor advertising displays, and toys.
Proceeds — For
building improvements, equipment and working capital.
Office—3200 Snelling Ave.; Minneapolis. -Underwriter
—Hayden, Stone & Co., N. Y. Offering—In June.
common.
retail department stores. Proceeds—For debt repayment
V
Inc.
Price—By amend¬
Business—Manufacture of permanent
For
—
ness—Company plans to
vending machine outlets in the Denver
■
Inc.
Co.",'Ltd., N. Y.
Industries,
(max. $11).
amendment.
Dec. 1, 1961 ("Reg.
Enterprises Inc. ; / -"i>"s^
1962 filed $750,000 convertible subordinated
due 1977* also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
Japan Fund, Inc.
1961 filed 2,000,000
ment
Proceeds—For general corporate purposes. Office—1321
Bannock St.,'Denver. Underwriter—Bosworth, Sullivan
•
13,
(The)
Lakeside
March 8, 1962 ("Reg. A") $300,000 of 6%% convertible
subordinated sinking fund debentures due March 1, 1977.
Price
$1,000 each. Business — A factoring company.
ington, D. C.
debentures
•
•
March 12, 1962 filed 150,000 common.
Underwriter
-if.V.YyYy
writer—Martin-Warren
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y
Kay Foods Corp. (4/23-27)
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd., Baltimore.
Jackson's/Byrons
March
/.
Dec.
shares
Co., Inc., N. Y.
an extensive line of
industrial, hospital and
laboratory instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—
of
Baltimore. Underwriter—Rubin, Rennert & Co., Inc., N.Y.
Offering—Imminent.
W., N. Y. Underwriter—R, F. Dowd
&
Price—By amendment (max. $9). Business—Manu¬
clinical
and equipment. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office — 2050 Rockrose Ave.,
(4/30)
Jan. 30, 1962 filed 100,000 common-., Price—$3, Business
—Industrial designing, the design of teaching machines
and the production of teaching programs,, Proceeds—
.For expansion, new facilities and working capital. Office
—315
Inc.
related aluminum products.
Plastics, Inc.
Ripley Industries, Inc., below.
Electronics, Inc.
24, 1961 filed 108,000 common. Price—$6.50. Busi¬
ness—Wholesaling of electronic parts and components
■
Jaap Penraat Associates,
design and production of
components for the commercial and
Kann-Ellert
V*'
(with
warrants) 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 6 V2% dollar debentures
due 1980. Price—For units, $1,050 each; for debentures,
par.
Business—Company was formed to .construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general / corporate purposes.
O f f i c e—229
South State St., Dover,-Del. Underwriter — American
Israel Basic Economy Corp., New York City.
Business—The
ers.
facture
Oct.
sinking fund de¬
common
Price—By
snares..
Instruments.
Business—Manufacture of gas and electric water heaters,
See
N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
■
'^*y.;Y:vy*
(4/2-6)
capital
Jomar
Avenue of Ameri¬
'Israel Hotels International, Inc.
1962 filed $4,036,000 of 6V2%
125,000
Lab-Line
Feb. 23, 1962 filed 142,860 common, of which
122,168 are
be offered by the company and 20,692 by stockhold¬
to
Underwriter—Jennings, Mandel & Longstreth, Phila.
—
Feb. 28.
filed
general corporate purposes. Of¬
Broadway, Birard, Ohio.
Underwriter—
Garey & Co., Inc., Washington, D. C.
W.
electronic
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
• Ipco Hospital Supply Corp.
' V
March 16, 1962 filed 290,000 common, of which 200,000
will be offered by company and 90,000 by stockholders.
Price—By amendment (max. $12). Business—Distribu¬
tion of "surgical and hospital supplies and equipment.
Proceed-;
For debt repayment, working capital and
other corporate purposes. Office—161
Electronics, Inc.
1961
special
plant construction, and equipment. Of¬
fice—Denison, Iowa. Underwriter—First Nebraska Se¬
curities Corp., Lincoln, Neb.
■;/
y; Y< y -",0' ''
bentures
8,
amendment.
debt repayment,
; *
Johnson
Sept.
Jan.
cas,
By amendment. Business — Development of
training devices for U. S. Armed
weapons
—102
/ /
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares by a
P
—
simulated
Manufacturing Co-
Stockholder.
(4/30)
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
Office—630 Fifth Ave.* N. Y; Underwriter—IFC Securi¬
Corp.,-N. Y.
Price
ers.
and investment in real estate; Proceeds-—For investment.
ties
Laboratories, Inc.
39
For debt repayment and
fice—128
Best &
Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000 by stockhold¬
10% registered sub¬
$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
ordinated
(1411)
of
common
stock.
value
plus a 7% selling commission.
Business—A
non-diversified,
open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
Continued
on
page
40
40
The Commercial and Financial Chronicle
(1412)
Continued from page 39
For investment.
Distributor—Horizon
•
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
Office—300 Main St.,
New Britain, Conn.
Management Corp., N. Y.
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 April.
(4/16-20)
Lithoid, Inc.
543 Madison
Nov. 22,
1961 filed 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. Office—232
Cleveland Ave., Highland Park, N. J.
UnderwriterGodfrey, Hamilton, Taylor & Co., Inc., N. Y.
•
Little
Nov.
Ruffy Togs,
(4/23-27)
Inc.
1961 filed 165,000
29,
Business
ment.
—
clothing. Proceeds
common.
Manufacture and
Price—By amend¬
sale
children's
of
Nov.
Office—112
Glass & Ross, Inc. and Samson, Graber & Co., Inc., N. Y.
•
Co., Inc.
1
1961 ("Reg. A") 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.
MRM
For debt repayment and working
W. 34th St., N. Y. Underwriters-
—
capital.
Lustig Food Industries, Inc.
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
For debt repayment and
working capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
Dec.
Littlefield, Adams & Co.
29,
(4/16-20)
Dec. 28, 1961 filed 150,000 common. Price—By amend¬
ment ($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,
tion of costume
N. J. Underwriter—Andresen &
ries.
Co., N. Y.
•
•
Litton
—
(3/23)
s,
.
Macco
hill
Rd.,
and
Livestock
working
capital.^ Office
—
1650
Underwriter—George
K.
^V;\
Business—Construction and sale
Proceeds—For
of homes.
debt
repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,
purposes.
Underwriters—Kidder, Peabody & Co., N. Y. and
Mitchum, Jones & Templeton, Los Angeles.
Office—336 Foot¬
Hills, Calif. Underwriters—Lehman
Clark, Dodge & Co., Inc., N. Y.
Financial
Corp. (4/23)
Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N .Y.
Madway Main Line Homes, Inc.
March 6, 1962 filed 50,000 common. Price
ment
(max. $10). Business—Production,
,
and
financing of manufactured
the financing of credit sales of
Manchester Ave.,
—
By amend¬
sale,
erection
homes.
Proceeds—For
homes.
Office—315
E.
Wayne, Pa.
Underwriter — Drexel &
Co., Philadelphia. Offering—Sometime in May.
•
Magazines For Industry, Inc. (4/9-13)
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¬
icals.
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
new
Livingston Oil Co.
(4/27)
Feb. 26, 1962 filed $6,359,900 of convertible
debentures to
ers
on
shares
be
offered
for
sinking fund
subscription by stockhold¬
the
basis of $100 debenture for each 34 common
held. Price—By amendment. Business—Explora¬
tion and development of oil and gas properties. Proceeds
debt repayment, expansion and working capital.
—For
Office
Mid-Continent Bldg.,
Shearson, Hammill & Co., N. Y.
—
Tulsa.
Underwriter—
Lockfast Mfg. Co., Inc.
Jan. 11, 1962 ("Reg. A") 85,000 common. Price — $3.50
Business—Manufacture of furniture hardware for sale
to
furniture
manufacturers.
Proceeds—For
debt
repay¬
inventories nad plant expansion. Office—
3006 Boarman Ave., Baltimore. Underwriter—R
& D
Investors Corp., Port Washington, N. Y.
ment,
steel
Lockwood
Grader
Corp.
20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000
per deben¬
Feb.
ture.
Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and
general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb.
•
Long Island Lighting Co.
Feb. 16. 1962 filed 421,472 common
being offered for
subscription by stockholders on the basis of one new
share for each 20
held of record March 16, with rights
April 2. Price—$50. Proceeds—For a new plant.
Office—250 Old Country Rd., Mineola, N. Y. Under¬
writers—Blyth & Co.. Inc., First Boston Corp., and W.
C. Langley & Co., N. Y.
; y/v\/;:/
to expire
Lone Star Gas Co.
(4/18)
bank
loans, and construction. Office—301 South Harwood
St., Dallas. Underwriter—First Boston Corp., N. Y.
Loral
28,
Electronics Corp.
1962 filed 56,225
(4/9-13)
common.
Price
By amend¬
ment. Business—Research, development and
production
of electronic military
products. Proceeds—For selling
stockholders. Office—825 Bronx River
Ave.* N. Y. Un¬
derwriters—Lehman Brothers, Kidder,
Peabody & Co.,
and Model, Roland &
Co., N. Y.
Lowell
Toy Manufacturing
—
27, 1961 filed 120,000 common, of which
be offered by the
company and 20,000 by
holders. Price—$5.
to
100,000 are
the stock¬
Business—Design, manufacture and
sale of toys and games. Proceeds—For
equipment, ad¬
vertising and working capital. Office—1074 Brook
Ave.,
N. Y. Underwriters—H. M. Frumkes & Co. and
Batchker,
Eaton & Co., N. Y.
Lucks, Inc.
28, 1962 filed 282,496 common, of which 142,500
are to be offered
by the company and 139,996 by stock¬
holders. Price—By amendment
(max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
Feb.
expansion
Seagrove, N. C.
and
debt
repayment.
Underwriter—J. C. Wheat &
mond, Va.
games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius Inc.,
Office
N. Y.
Magic Fingers, Inc.
Dec. 29, 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.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Mandrel
Industries, Inc.
Masury-Young Co.
4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures commercial and industrial floor mainte¬
nance
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—Domini ok &
Dominick, N. Y.
—
•
Maradel
Products,
Inc.
March 12, 1962 filed 335,000 common. Price—By amend¬
ment
(max. $20). 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.
Offering—Expected sometime in June.
Marie
Design & Mfg. Corp.
Nov. 14, 1961 ("Reg. A") 55,000 common. Price—$4. Busi¬
ness— Manufacture of waste water filters and
filtering
systems. Proceeds — For debt repayment and working
capital. Office—610 W. 18th St., Hialeah, Fla. Under¬
writer—Terrio & Co., Inc., Washington, D. C. Offering—
Imminent.
/
Marine & Animal
By-Products Corp.
Maul
Jan.
Office—233 Broadway, N. Y. Underwriter—Arnold
& Co., Inc., N. Y. Offering—Expected in late
Address—
Co., Rich¬
April.
June
27,
1961
amendment.
new
facilities
filed
95,000
Proceeds—For
and
other
•
Mastan
For
debt,
of
repayment
Bros.
Inc.
1962
filed
15,
to
be
(4/16-20)
offered
N.
J.
Underwriter
Kidder*
—
McWood Corp.
Feb. 8, 1962 filed
Peabody
$3,100,000 of
6%
&
Co.,
N.
subordinated
Y.
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
—
transports it to
own
buys
storage
crude
oil
from
producers,
areas and sells it to refiners
Proceeds—For debt repayment and
working capital. Of¬
fice—Oil & Gas Building,
Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis.
Offering—May.
•
Medex, Inc. (3/26-30)
Sept. 27, 1961 filed 110,000
ment.
common.
Business—Development
Price—By amend¬
manufacture of a
and
limited line of hospital and
surgical supplies. Proceeds
construction, inventory, research and working cap¬
Office—1488 Grandview
Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.
—For
ital.
Medical
Fund, Inc.
Oct 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
investment
Price—$10.
company
Business
which
plans to
investment in the
become
open-end.
medical
industry and capital growth situations.
Proceeds—For
Office
—677
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
///v./
.
Medical Video Corp.
Nov. 13, 1961 filed 250,000
ness—Manufacture
Proceeds—For
Studio
of
common.
medical
general
Price—$10.
electronic
corporate
purposes.
Busi¬
equipment.
O f f i
c e—-
City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles.
• Melnor
Industries, Inc. (3/26-30)
V *
/
Nov. 15, 1961 filed 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
lawn
and
garden sprinkling equipment.
Proceeds—■
For general corporate
purposes.
—
Underwriter—Francis
Meteor
Oct.
31,
Co., N. Y.
Enterprises, Inc.
1961
Business
Office—Moonachie, N. J.
I. duPont &
—
("Reg. A")
Manufacture
igniters, etc.'
100,000
of
Proceeds—For
eral
corporate purposes.
North Hollywood, Calif.
common.
electric
Price—$3.
barbecue
motors,
debt
repayment and gen¬
Office—5356 Riverton Ave.,
Underwriter—Kolb & Law¬
Inc., Beverley Hills, Calif.
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed
$300,000 of 6% subordinated
•
ibles due
convert¬
1967 and
60,000 common shares to be offered
consisting of $100 of debentures and 20 common
shares. Price—$150 per unit.
Business—Financing of re¬
in units
tail sales. Proceeds—For
working
Western Ave., Chevy Chase, Md.
capital. Office—5422
Underwriter—To
be
named.
•
Metropolitan
Realty Trust
(5/7-11)
Dec. 20> 1961 filed 1,000,000 shares of
beneficial interest.
Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate
purposes. Office—1700
St., N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
K
Michaels
(J.), Inc.
(3/26-30)
Dec. 20, 1961 filed 103,000
common, of which 20,600 are
to be offered 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.
Office—182 Smith St.,
Brooklyn, N. Y. Underwriter—.
L. F. Rothschild &
Co., N. Y.
Micro-Dine Corp.
13, 1962 filed 200,000
common. Price—$3.50. Busi¬
and operation of vending ma¬
Proceeds—For debt
repayment, inventories and
ness—Manufacture, sale
chines.
general corporate purposes. Office—6425
Oxford St., St.
Louis Park, Minn.
Underwriter—Irving J. Rice & Co.
Inc., St. Paul.
Midwest
Medical
Investment
Trust
Dec.
common
shares.
expansion,
corporate
Price—By
acquisition of
Office—
purposes.
153-16 Tenth Ave., Whitestone, N. Y.
Underwriters—
Ross, Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y, C.
Co., Inc. (5/7-11)
9, 1962 filed $5,000,000 of 5V2% senior notes due
,1977 and 170,000 common. Price—By amendment (max.
Notes: 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
writer—New York Securities Co., 65 Broadway, N. Y.
Feb.
—
holders.
•
Polarized Corp.
Marks
Proceeds
100,000 comjnon, of which 60,000
by the company and 40,000 by share¬
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,
are
Feb.
Jan. 26, 1962 filed 90,000 common. Price—$5.
Business
—Distributes fishmeal and animal by-product proteins.
Proceeds—For expansion, machinery, and working cap¬
ital.
products.
equipment, and other corporate purposes. Office—76
Roland St., Boston.
Underwriter—Townsend, Dabney &
Tyson, Boston.
rence,
Feb. 27, 1962 filed 303,900 common, of which 220,000 are
to be offered by the company and 83,900 by stockhold¬
Malkan
Corp.
Dec.
ceeds—For
—Production of educational and recreational devices and
•
March 14, 1962 filed
$35,000,000 of sinking fund deben¬
tures due April 1, 1987. Proceeds — For
repayment of
Feb.
Magellan Sounds Corp.
Feb. 28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant1
and one class B warrant). Price—$4 per unit. Business
Thursday, March 22, 1962
.
Dec.
Calif.
Beverly
Brothers
For
Realty Co.
amendment.
„
filed $50,748,100 of conv. subord. debentures
be offered for subscription by holders of
outstanding common and securities convertible into
common
on
the basis of $100 of debentures for each
10 shares held. Price—By amendment. Business—Manufacture of electronic systems and components, business
machines, commercial electronic equipment, nuclearpowered submarines and other vessels. Proceeds—For
repayment and working capital.
—
accesso¬
(4/2-6)
Dec. 21, 1961 filed $4,000,000 of conv. subord. debentures
due
1977;
also
150,000
common
shares.
Price—By
Jan. 8, 1962
due 1987 to
debt
Proceeds
jewelry, ladies' handbags, and
.
Cruttenden, Podesta & Co., Chicago.
Industries, Inc.
Co., Inc. (5/28-31)
Feb. 23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
Broadway, Kansas City, Mo.
Baum & Co., Kansas City
Inc. (4/16-20)
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
equipment,
and
working capital.
Office—1865 Miner St., Des Plaines,
Littlefuse,
Jan.
26, 1962
111. Underwriter
Mac-Allan
.
.
11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
terests. 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.
Midwest Technical
Feb.
Development Corp.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one
share
for
each
two
$7). Business
company.
Office
shares held.
—
A
Proceeds
-2615
First
Underwriter—None.
Price—By amendment (max.
closed-end management
investment
—
For
general
corporate
purposes
National Bank
Bldg., Minneapolis.
Volume
195
Number 6144
.
.
The Commercial and Financial Chronicle
.
Midwestern Investment Corp.
16, 1961 filed 200,000 common.
Oct.
ness—Company plans to
engage
and factoring business. Proceeds—General
corpo¬
Office—1730 K St., N. W., Washington,
nance
rate
D.
•
Price—$2. Busi¬
in the commercial fix
purposes.
C.
Underwriter—Affiliated
Underwriters, Inc.
Motor
Oct.
30,
Parts
1961
Industries,
filed
Inc.
(4/9-13)*
120,000 class A shares. Price
—
Business—Distribution of automobile
amendment.
Proceeds
(1413)
For
debt
repayment
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,
By
N. Y. Underwriter—Ezra Kureen Co., N. Y.
parts.
and
working capital.
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co., Inc., N. Y. <
—
National
Oct.
Midwestern Mortgage Investors
1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment com¬
Proceeds—For investment and operating expenses.
Welton St., Denver. Underwriter—Boettcher & Co., Denver.
pany.
Office—1630
.,
Mil
Feb.
National
.
,
Corp.
28,
1962 filed 100,000 common. Price—$5. Business
-—Distribution of dry cleaning and laundry
equipment.
promotion, inventory and working
E.
Tremont Ave., Bronx, N. Y.
Frumkes & Co., Abraham & Co.,
and Berman, Sterling & Vine
Co., N. Y.
Proceeds—For
sales
capital.
Office—1101
Underwriters—H. M.
•
Miller
Dec.
18,
Brothers
1961
filed
Hat
Co., Inc. (4/2-6)
126,000 common, of which
100,000
Mountain
Jan.
—Wholesale
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.
•
Milli-Switch
7YYYY/--vY.. .;vi
Corp. (4/9-13)
("Reg. A") 100,000 capital shares. Price—
Dec.
20, 1961
$3. Business—Manufacture of switches and other elec¬
tronic
components.
Proceeds
Office—1400
purposes.
Milo
For
general corporate
Rd., Gladwyne, Pa.
Creek
Mill
Underwriter—Seymour
—
Blauner
Co.,
N.
Y.
/
Components, Inc.
Nov. 17,
1961 ("Reg. A") 150,000 class A shares. Price—
$1.
Business—rManufacturer of precision metal com¬
ponents, assemblies and sub-assemblies. Proceeds—For
Inc.
Price—$3.50. Business
distribution
of
•
blower &
Bowling Corp. (5/7-11)
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
ation
Nov.
24,
1861
—
Production
and
sale
new
Proceeds—For
duction
and
Price — $1.
type butterfly
patent and pro-/
common.
of
purchase of the
development of the valve.
Office
5909
—
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co., Phoenix, Ariz.
it Mississippi Power Co.
of
construction.
Office—2500
14th
St., Gulfport, Miss, Un¬
Probable bidders: Eastman"
derwriters—(Competitive).
Dillon, Union Securities & Co.-Equitable Securities Corp.
(jointly),;:. Halsey, Stuart & Co., Inc; Merrill Lynch,
Pierce, Fenner & Smith Inc. Bids—April 12 (11 a.m.
EST) in Room 1600,- 250 Park Ave;, N. Y. Information
Meeting—April 6 (3:30 p.m. EST) at 54 Liberty St.,
(6th Floor), N. Y. /
•
'
'
.
•
petroleum products. Proceeds—For purchase of tugs and
barges and construction of docking facilities. Office—
2809 N. Main St., Fort
Worth, Tex. Underwriter—Wil¬
liam N. Edwards. &
Co., Fort Worth, Tex.
Sept.
1,
1961
Inc.
related
sion,
Mississippi-Red.Rivet Transport Co,
Jan. 22, 1962 filed 200,000 common. Price —
By amend¬
ment ($2.50 estimated). Business — A motor carrier of
Molecular/Dielectrics,
the public.
Office-—1000
.writer—None.
National
Feb.
21,
due
1987
to -be
Cash
basis of
one
for
new
(4/9-13)
filed
New
shares
will
Proceeds—For
product and
working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
a
new
New
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
•
Molecular
Systems Corp. (4/16-20)
12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying
Dec.
grades. Proceeds
For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman &
Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
—
Moore
(E.
R.)
Co.
Feb. 23, 1962 filed 150,000
common, of which
to be offered by the
company and
60,000 are
90,000 by stockhold¬
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¬
ers.
ment and general corporate
purposes.
Office—932 Dakin
St., Chicago. Underwriter—A. G. Becker & Co., Chicago.
Offering—Expected sometime in May.
•
Y Morse Electro Products Corp. (4/30)
Dec.
1961
29,
filed $1,250,000 of 6%%
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.
—
—
•
Morse
Jan.
26,
Shoe, inc.
1962
(4/23-27)
filed 630,000
common.
Price—By amend¬
Proceeds—For selling
stockholders.
monwealth
Inc. and
Office—1047
Ave., Boston. Underwriters
Lehman Brothers, N. Y.
—
Blyth
Com¬
&
Co.,
it Morton's Shoe Stores, Inc.
March
16, 1962 filed 517,122 common, of which 175,000
are
to be offered by
company and 342,122 by stock¬
holders. Price—By amendment (max.
$18), Business—
Retail sale of popular priced
shoes. Proceeds—For debt
repayment and,working capital. Office—558 Pleasant St.,
New Bedford, Mass. Underwriter—Dean Witter & Co..
N. Y.
-
.
.
.
-
stores.
•
Madison
& Co., and Lehman
early
,
,
Plastics Corp.
poses.
common.
Semiconductor Corp.
March
Stock: By amendment. Business—
Office—223 W. Madison St., Chicago. Underwriter
Byllesby & Co., Chicago.
Minneapolis
Inc.
1962 filed 200,000 class A shares. Price—By
(max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
—
20,
oils,
etc., to food and drug industries.
repayment, working capital and
Office—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y.
flavor,
Proceeds
essences,
—
For
debt
other corporate purposes.
(mgr.).
North America Real Estate Trust
Tele-Systems,
Inc.
82,000 common, of which 65,000 are
to be offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
27,
par;
amendment
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson.Corp., N. Y. C.
National
At
it Norda Essential Oil & Chemical Co.,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
Feb.
Corp.
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
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
Manchester, N. H. Un¬
Corp., Manchester, N. H.
Hopwood,
Electronics
Dec.
May 11, 1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
Piper, Jaffray &
Offering—Imminent.
:
,
Nigeria
l
Price—$12.50.
—To be
and
(3/26-30)
—H. M.
—
Production of reinforced plastic products.
Proceeds—For equipment, inventories and
working cap¬
ital. Office—North Bedford St.,
National
Inc.
June.
Newark
Debentures:
Business
derwriter—Eastern Investment
Laboratories,
Distribution of electronic parts and equipment and elec¬
trical supplies. Proceeds — For general corporate pur¬
~
18,000
Newport, R. I. Underwriter
Corp., N. Y.
Jan. 17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price—
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 Universitv
Ave.,
St. Paul, Minn. Underwriter—None.
Offering—Expect¬
ed in May.
'
("Reg. A")
World
Testing Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common. Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials.
Proceeds—For plant
relocation, equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y. Offering—In
Natrona!
Reinforced
Y"\
New York
Proceeds—For
28, 1962
•,
Electric
Washington, D. C.
Ave.,
and
National
N. Y.
Proceeds—For debt repayment and general cor¬
porate purposes. Office—1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald & Co., Inc.,
Dec.
Feb.
Lexington Ave.,
''j
tions.
debt repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. /
•
ment. Business—Retail sale of
popular-priced foot wear.
Office—260
Underwriters—Goldman, Sachs
pansion
Price—$11.
13, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Manufacture of cosmetics and hair prepara¬
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
shares.
Nov.
Brothers, N. Y. Offering—Imminent.
convertible sub¬
ordinated debentures due March, 1977. Price
Underwriter—
New
Dairy Products Corp.
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
purposes.
Newport
Office—369
tion. Office—159 Thames St.,
& Webster Securities
March
corporate
Realty Corp.
filed 150,000 class A
Stone
March
general
1962
Business—Generation and sale of electricity and electric
appliances. Proceeds—For debt repayment and construc¬
National
N. Y.
Plan
24,
Corp.
1, 1962 ("Reg. A") 9,007 common to be offered
for subscription by stockholders on a 1-for-16
basis, with
rights to expire April 12, 1962. Price—At-the-market.
machines. Proceeds—For expansion and
working capital.
Office—Main & K Sts.,
due
bidders:
March
share for common). Busi¬
Ohio.
Orleans, La.
corporate purposes.
Underwriter—None.
(3/28)
Dayton,
Dillon, Read & Co., Inc., N. Y
Un¬
Business—A real estate management company. Proceeds
—For debt repayment, working capital,
and general
•
•
equipment,
New
Jan.
-
expan¬
Proceeds—For
pur¬
Underwriters — (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.
1
'7
ness—Production, distribution and servicing of business
to he offered
develop¬
Orleans
Probable
to be offered for
150,000 common, of which 135,000
by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of
high-tem¬
perature electronic and electrical insulation materials.
are
Business—Exploration,
Public Service (4/4)
Feb. 20, 1962 filed $8,000,000 of first mortgage bonds due
1992. Proceeds—For construction. Office—317 Barrone
subscription by stockholders on the
share for each 25 shares held. Price—
per
and
aebt
derwriter—Mayo & Co., Philadelphia.
Bldg., Jackson, Miss. Under■i/./'YY'Y.
'
^ Y Y';-Y>''•
By amendment (max. $115
Price—50c.
and young adults. Proceeds—For general
corporate
poses.
Office—152 Whitemarsh Rd., Philadelphia.
1962 filed $50,000,000 sinking fund debentures
to be offered publicly; also
319,090 common
offered
aim
Hope Academy of the Arts, Inc.
150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
Price—$1. Business—Rental of
Register Co.
Proceeds—For constructor
New
St.,
unsubscribed
activities.
(par $10). Price—
Business—Design and manufacture of steam
Jan. 17, 1962 filed
Milner
Y'Y Y.
$400,000 of first mortgage sinking
(with warrants) and 15,000 shares-
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
Ave., Brooklyn, N. Y. UnderwriterPearson, Murphy & Co., Inc., N. Y. ♦
^National Car Rental System Inc.
and
1977
series A convertible preferred
holder.
fice—9805 Fourth
vehicles
filed
due
ment and
(4/16-20)
common
realty acqui¬
Commerce
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and
75,000 by a stock¬
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State. Proceeds—General
corporate, purposes. Of¬
March 19, 1962 filed 2,000,000
subscription by stockholders;
a
11
writer—First Nebraska Securities Corp., Lincoln.
New Campbell Island Mines Ltd.
T. W. Missile
Engineering, Inc.
29, 1961 filed 250,000 common. Price—$8. Business
—Engaged in the aircraft and missile industries. Pro¬
ceeds—For debt
repayment, inventories and research and
development. Office—4820 Alcoa Ave., Los Angeles.
Underwriter—None.
be offered to
—
repayment. Office—235 N. 9th St., Lincoln, Nebr. Under¬
N.
Narrows Premium Corp.
16, 1962 filed $6,000,000 of first mortgage bonds
April 1, 1992. Proceeds—For debt repayment and
due
6%
1961
hot water boilers.
Dec.
(4/12)
March
bonds
At par.
struction, equipment, and working capital. Office—124
S. 18th St., Philadelphia.
Underwriter—Suplee, Yeatman, Mosley Co., Philadelphia.
r-' ■/■-"••N".-
valve.
29,
fund
(4/11)
M. Kirsch Co., Inc., N. Y. and I. R. E. Investors
Corp.,
Levittown, N. Y. Offering—Imminent. ..y
Business
Office
Nebraska Boiler Co., Inc.
Dec.
Jan. 24, 1962 filed 100,000 commQn.
Price—$5. Business
—A
theatrical holding company.
Proceeds—For con¬
Corp.
("Reg. A") 300,000
bowling centers. Proceeds—For
St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia.
Sponsor—Ira Haupt & Co., Ill Broadway,
/V'H:,'
/Y.V'-.vY
-vYY'
repayment
and
working
capital.
Office—9-11
Cleveland St., Valley Stream, N. Y.
Underwriters—T.
Missile Valve
of
sition and working capital.
debt
•
Weeks, N. Y. Offering—Expected sometime in
•
<-•
;
;w
17
Nationwide
—
Inc.
Work-Clothes Rental
Oct.
;,Y'
Enterprises,
National
June.--
—
Fair
sporting centers.
—
By amend¬
(max. $11). Business—Company rents and launders
clothes and uniforms. Proceeds—For
selling stock¬
holders.
Office—Elizabeth, N. J.
Underwriter—Horn-
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business
The
fund will invest in
tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
Music
at
work
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill
Broadway, N. Y. C.
•
vending machines to brokers
ment
Municipal Investment Trust Fund, First Pa.
investment.
of
March 6, 1962 filed 500,000 common. Price
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
(4/2-6)
(5/7-11)
Price—By amend¬
coin-operated insur¬
common.
inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Pacific Coast Securities Co., San Francisco. <
Business—Production of electronic parts and components
and the furnishing of
consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
N. Y. C.
Insurance Corp.
Business—Distribution
ance
Multronics, Inc. (4/9-13)
Jan. 5, 1962 ("Reg. A") 100,000 capital shares.
Price—$3.
Series
Ski
Proceeds—For
common.
radios, television sets and
other electronic products and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Co,. N, Y. and Clayton Securities Corp., Boston.
will be sold by the
company and 26,000 by certain stock¬
holders. Price—By amendment. Business—Manufacture
of men's and
Electronics Co.,
16, 1962 filed 140,000
Vended
30, 1961 filed 550,000
ment.
"
Feb. 26,
41
1962 filed
'
Nov. 13, 1961
price—$10.
filed 2,000,000 shares of beneficial interest.
Business—Real
estate
investment
trust.
Continued
on
page
42
42
The Commercial and Financial Chronicle
(1414)
Continued from page 41
ceeds—For
;
•
the
City's Loan Fund to be advanced from
municipal enterprises for capital
expenditures.
Underwriters—Kuhn, Loeb &- Co. Inc.;
Harriman Ripley & Co., Inc.; Lazard Freres & Co., and
Smith, Barney & Co., Inc., N. Y.
Y
,
■/
- v
•
ital.
Office—475
Fifth
of property and working cap¬
Underwriter—None.
Ave., N. Y.
North Atlantic
Industries, Inc. (4/16-20)
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision electronic instruments. Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton &
March
Co., Inc., N. Y.
•/.
^
,
Indiana Public Service Co.
Northern
,
,
(4/10)
6, 1962 filed $20,000,000 of first mortgage bonds
series L due 1992. Proceeds—For working capital. Office
> Holman
Ave., Hammond, Ind. Underwriters—
—5265
(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.
Wood
Northern
Nov.
Products
filed 78,000
29, 1961
—Manufacture
of
Price—$5. Business
common.
wooden
related
cabinets and
kitchen
appliances. Proceeds — For debt repayment, expansion,
and working capital. Office—201-221 Godwin Ave., Pat-
N.J. Underwriter—United Planning Corp., New¬
ark, N. J.
erson,
Northwestern Glass Co.
Jan.
to
1962 filed 95,000 common, of which
offered by the company and 35,000 by
24,
be
Price—By amendment.
ers.
warehousing
B
u s
distribution
and
i
of
60,000 are
stockhold¬
s—Manufacture,
diversified line of
n e s
a
glass containers. Proceeds—Foi debt repayment, plant
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
Nuveen
Tax-Exempt
Bond
Fund, Series 3
Oct. 17, 1961 filed $15,300,000 of units representing frac¬
interests
tional
in
the
Fund.
Price
—
By amendment.
Business—The Fund will invest in interest
bearing obli¬
states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes.; Pro¬
ceeds—For investment. Office—Chicago, 111. SponsorJohn Nuveen & Co.. 135 So. La Salle St., Chicago.
of
gations
Nuveen
Oct.
Tax-Exempt Bond
1961
17,
fractional
filed
interests
Fund, Series 4
$15,000,000
units
of
representing
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.,
political
and
to
subdivisions
be exempted
For
thereof
from Federal
investment.
which
are
believed
income taxes. Proceeds—
Office—Chicago,
0
Oil Co.
?o
(4/4)
1962 filed $90,000,000 of sinking fund deben¬
tures due 1987. Price—By amendment. Business—Pro¬
duction of oil and gas. Proceeds—For general corporate
purposes. Office—539 S. Main St., Findley, Ohio. Under¬
Brothers, N. Y;
Oklahoma Gas & Electric Co.
;
Feb. 8, 1962 filed 328,912 common,
scription by
share for each 20 held
on
the basis
of one
Mar. 8, with rights to
Price—$38. Proceeds—For con¬
struction. Office—321
N. Harvey St., Oklahoma City.
Underwriter—Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y.
expire
Mar.
of record
27,. 1962.
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.,
Brooklyn, N. Y. Underwriter
—
Gaumont Corp., Ltd.,
Toronto.
•
Operations Research, Inc.
14, 1962 filed 100,000 common. Price—By amend¬
ment (max. $9). Business—Furnishes research and de¬
velopment services in the field of operations research.
Feb.
Proceeds—For debt repayment and working capital. Of¬
fice—8605 Cameron St.. Silver Spring, Md. Underwriter
—Auchincloss, Parker & Redpath,
Offering—Expected in June.
Processing,
March
"n. Y. Offering—Imminent./
parts
ment.
Port
&
Big Wheel
26, 1961 filed 100,000 common.
Price—By amend¬
•
ment
.
Washington,
D.
C.
Development' CorjpYY/,/
working capital. Office — 9412 Wilshire Blvd.. BeverlyHills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was
formerly named Westates Land'
Development Corp. Offering—Expected in May. ;. ;
Realty & Development Corp;
Y Y
March 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
N.
J.
Underwriters—Stone, Ackerman & Co., Inc., and
Heritage
Orion
Equity Corp.,
Electronics
N.
Aug. 28, 1961 filed 100,000
ness—The manufacture
Y.
Corp.
for
y/Y/'/Y Y
28, 1962 filed 100,000
—Company plans to mine
Proceeds
For
—
;
Beryllium Corp.
Feb.
debt
■
// //-■; .'./
Price—$5. Business
beryl ore in Argentina.
common.
for
repayment, equipment, and other
..
common.
Pan-Video/Productions,
Price—$3.50. Busi¬
of precision
the
Inc.
Dec. 15, 1961 filed 100,000 common.
Production
purposes.
R. J.
of films.
Proceeds
—
Price—$3/ Business—
For general corporate
Office—200 W. 57th St., N; Y. Underwriter—
Curylo Co., 2166 Broadway, N. Y.
,*•
\,Y /
For
expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N Y. C.
•
Orlando
Oct.
11,
Paper Corp. (4/17)
("Reg. A") 80,000 common.
1961
Proceeds—For
debt
repayment
and
&
Executive Planning
general
Oslo
Corp., Long Beach,
(City of). Norway (4/3) \
1962 filed $10,000,000 of s. f. external loan
bonds due April
1, 1977. Price—By amendment. Pro¬
9,
1961 filed 135,000
Silver
of
commercial
debt
Spring.
•>../
•
'
•-
,
-
•
^
.
5
/
-
■■
Investment Co.," Inc.
" ~
>•
u.
/.'y
Inc.
which" 75,000 are
to be offered by " the company and-50,000 by a selling
stockholder.
Price—By amendment.
Business—Opera¬
1961 filed 125,000 common, of
Dec; 21,
tion
of
restaurants
six
in
Sacramento. / Proceeds—For
expansion, debt repayment and working capital. Office
'—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco.. /'/ / •/:'r 'v
;?
:
/,*
.
v
?'
7, 1962 filed 150,000 class * A capital shares. Price
—$3.50, Business—Manufacture of a plastic protective
Feb.
coating and ,a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
N.-Y. Under¬
purposes. Office—507 Fifth. Ave.,
writer—Arden Perin & Co., N. Y4 /
porate
/
Plasto-O-Tron,
Inc.
'f-:-'*4'
26, 1962 ("Reg. A")Y84,666 common. Price—$3.
Business—Design and manufacture of. vacuum thermoT
forming machinery for. production of plastic packaging
materials. Proceeds—For inventory;, equipment, expanT
Jan.
capital.
Office—60 Park PL, Newark,
N. Y.
N. J. Underwriter—Armstrong & Co.,
Plymouth Discount Corp.
* \
J
" /T----'
"*'■
28, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
Aug.
payment of notes and working capital. Office — 2211
Church Ave./ Brooklyn; N. Y; Underwriter—M.^Posey
Associates, Ltd., 50 Broadway, N. Y.
•
•
A
*
//
••
Dynamics Corp. (4/2-G)
/.
' y'
Dec. 22, 1961 filed 150,000 common, of which :100,000 are
to be offered by the company and 50.000 by stockholders.
•
Ptteumo
amendment. - Business—Manufacture of pre¬
hydraulic, pneumatic and mechanical equipment
aircraft, ordnance and industrial use. Pro¬
ceeds—For acquisition of a company and working cap¬
ital. Office—3781 E. 77th St., Cleveland: Underwriter—
Price— By
common.
Price—$6.. Business
accounts
receivable.
Pro¬
repayment.' Office—8650 Cameron St.,
Underwriter—D. E. Liederman &
Md.
cision
for
marine,
Hemphill, Noyes & Co., N. Y. and Estabrook & Co.; Bos¬
Co., Inc., N. Y. Offering—Imminent.
corporate
N. Y., and E. J. Roberts &
Co., East Orange, N. J.
March
Oct. 27,
Finance Corp.
—Financing
Office—Oceanside, L. I., N. Y. Underwriters—
Professional
Parker
ceeds—For
Price—$2.50
Business—Manufacturer of miscellaneous paper products.
purposes.
•
•
18,
sion and working
-
corporate purposes. Office—39 Broadway, N. Y. Under¬
writer—To be named.
/
/'.Y'
(4/16-20)
electronic sub-sys¬
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
tems
Corp., N. Y.
Pan American
J-Y.;;y
Co.;
:'
Pierce Proctor Schultte & Taranton
•:
Pan Am
Securities
Optech, Inc. (4/16-20)
1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used
in optical electronics. Proceeds—For
equipment
and
working capital. Office—246 Main St., Chatham.
Mensh Securities
Z.
■'Y-...J
1962 filed 80,000 common. Price—$5,-Business
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
Jan;
.
Dec. 26,
Corp.
'
Plasticon Chemicals, Inc.-/
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.
...••/'
/
YV/v
/Y'-/
•
-
■—Manufacture .of
■''//":■
(4/17)
Nov.
.
•
Pictronics
V
Pioneer Restaurants,
,
shares. Price—$200 per unit. Business—*
Inc.
Washington, D. C.
v'V
20, 1961 filed $465,000 of 10-year 8%-debentures.
Price—$15,000 per debenture.1 Business—The/ company
plans to organize and sell real estate - syndicatesr Proceeds^-For general corporate purposes.; Office—J807 N.
Central Ave$ Phoenix.
Underwriter—None. .■%> ^ v
.;.r
,
units,/each consisting of $100 of debentures
Pal-Playwell
Underwriter—Sidney
C.
D.
Dec.
General real estate. Proceeds—For debt repayment and
•
.
(For the balance) Net asset value plus 8% commission.'
Business—A real estate investment trust. Proceeds--For
investment. 'Office—1613 Eye St., N, W., Washington,-
-
ISept. 28/1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
in
Photo, Inc.*Y/>
14, 1962 filed 154,800 common. Price—By amend¬
(max. $20). Business—Photofinishing and the dis¬
.
(mgr.). Offering—Indefinitely postponed./ / i,
common
70,000.
Perpetual Investment Trust
}
9, 1961 filed 500,000 shares of beneficial interest.'
Price—(For the first 10,000 shares),/$10.80 per share.'
Y
rado-Niles Road,
and 20
which
.
ceeds—For the
offered
-
common,;.of
Nov.
1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. • Price—
$6. Business—The manufacture of steel products. Pro*
Land
80,000
by the company and 10,000 by stock¬
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders.. Office—4747 N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
N. Y. Offering—Expected in late May. / ./>
Y.
*
Power & Light Co.
(4/11)
:;
1962 filed $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 - Securitile&>
Blyth
Co.-White/ Weld 1 & "
Co. (jointly). Bids—Expected April 11 (11 a.m. EST).
Information Meeting—April 2 (3:30 p.m.)
at 2 Rector
St., n. y.
Westates
Inc.
filed
tribution of
27,
Pacific
Club,
Perfect
•
Feb.
Pacific
cisco
1962
28,
—
expire May 1. Price—By amendment (max. $30). Pro¬
ceeds—For debt repayment and construction, Officn—920 S. W. Sixth Ave., Portland, Ore. Underwriters—
(Competitive). Probable bidders: Ladenburg, Thalr*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.
selling stockholder. Office—35124 Alva*
Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran-
Underwriter—Mortimer B. Burnsida
Reading, N. J.
Pennsylvania Real Estate Investment Trust
21,-1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Proceeds
For debt repayment and acquisition and
working capital.- Address — 2220 Philadelphia Saving
Fund BIdg.,. Philadelphia. Underwriters—Stroud & Co.,,
Inc., Philadelphia, and Walston & Co., N. .Y. V'.., r.
;
Power & Light Co.
(4/5)
27,1962 filed 672,299f common to be offered for
subscription by stockholders on the basis of one/now
share for each 20 held of record Mar. 26 with rights to
Corp.
/
,
Feb.
Pacific
Steel
•/
Development, Inc.
Business—Operation of a private din-,
ing and catering club and a motel. Proceeds—-For ex*
pansion and working capital. Office—15th & Locusts
Sts., Philadelphia. Underwriter—To be named./; Y/ '••/
>
Feb.
States
This registration was
holders. Price—$5.
Proceeds—For expansion and
Pacific
—
/. V-v '
•
.
Branch, N. J. Underwriter
Dreyling & Co., Inc.,(;New Brunswick, N. J."
to be offered
are
working capital.
Office—6125 El Cajon Blvd., San Diego. Underwriter—
N. C. Roberts & Co., Inc., San Diego.
'//•••_//</••/•;/.
Feb.
R.
Penthouse
Business—Sale and installation of automobile ac-
ment.
:/ '
.
Underwriter—Hampstead.
Co., Inc., N. Y, Offering—Temporarily postponed.
Feb.
Pacific
Oct.
/
N. Y. C.
Y.
Note
; Pellegrino Aggregate Technico, Inc.
; /
.
,
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Proceeds—For debt repay¬
Office—230 E. 162nd St., N. Y. Underwriters—
& Peck, Cohn & Co. and Ross & Hirsch, N. Y.
Kahn
:
Office—35 Third Ave., Long
appliances.
home
for
•
Patent Research &
—Louis
100,000 common. Price—$3.
distribution of replacement,
and
Corp.,. N.
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-
Inc.
("Reg. A")
1962
13,
market
Feb.
^ P-G Products Manufacturing Co., Inc.
•
being offered for sub¬
stockholders
common
1
June 21,
6,
writers—First Boston Corp. and Lehman
Investing
withdrawn.
Oct. 6, 1961 filed 100,000 common
Sponsor—John
111.
Nuveen & Co., 135 So. La Salle St., Chicago.
March
PCS Data
cessories.
(3/26-30)
Office—521 5th Ave.,
(4/16-20)
of which 25,000 are to
be offered by the company and 75,000 by stockholders.
Price—$3.75. Business—Furnishing of statistical infor¬
mation.
Proceeds—For 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.
Y
s
:
•
plans to
Business—Gompany
unit.
per
considers to be
patentable. Proceeds—For general corporate purposes.
Cos., Inc.
Nov. 28, 1961 filed 200,000 common. Price—$5. Business
^-A finance company. Proceeds-—For expansion and debt
repayment. Office—6701 n. Broad St.; Philadelphia, Un¬
Business—Manufacture
Corp.
—$3.50
Finance
derwriter—Blair & Co., Inc.,
Merchandising Corp.
patented products, or products which it
Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Oxford
Thursday, March 22, 196£
22, 1961 filed 100,000 common (with attached fiveyear warrants to purchase an additional 100,000 shares),
to be sold in units of one share and one warrant. Price
Outlet
•
.
Nov.
time to time to certain
Proceeds—For acquisition
Patent
.
.
ton.
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Busiaess
-
•
•
/.
■
■
.
*.•.
:/*
drugs and pharmaceuticals. Proceeds
For an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
Policy-Matic Affiliates, Inc. (4/2-6)
>
/
Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
Underwriter—Arnold Malkan & Co.,
N.
—Manufacture
of
v
ing—Expected sometime in April.
Inc., N. Y.
Offer¬
.
W.,
Washington. D. C.
Inc., Washington, D. C.
Underwriter—Balogh & Co.,
;
•
;
•
-
»
%
Volume
«
195
Number
6144
.....
The Commercial and Financial Chronicle
Polytronic Research, Inc.
June 7, 1961 filed
193,750 common
000 will be sold for the
company
holders. Price—By amendment.
shares, of which 150,-*
and 43,750 for stock- *
Business—Research and >
development;
engineering
and
production
of
certain,
electronic
devices for aircraft,
missiles, oscilloscopes,;
electronic vending machines and
language teaching ma-v
chines. Proceeds—For
expansion, repayment of debt and '
working capital. Office—7326 Westmore Rd.,
Rockville,,
Md.
Underwriters—Jones, Kreeger & Co., and Balogh &v
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely. '
Power
22, 1961 filed 160,000 class A common, of which.
133,333 are to be offered by the company and 26,667
by i
present stockholders. Price—By amendment. Business—
distribution
of
corrosion, resistant
steel
J. Barth
Feb.
are
28,
to
&
;
-
29,
1962 filed
(4/9-13)
250,000 class B
common.
Price—By
estate projects. Proceeds—For debt
repayment and
purchase of stock in subsidiaries.. Office —.180 S. /
Broadway, White Plains, n. y. Underwriter—Burnham
& Co., n. y.
Prestige Capital Corp.
,/•
Oct. 19, .1961 filed 200,000 common. Price—$5. Business
business
investment company. Proceeds—-For
investment. Office-—485- Fifth ; Ave.. N. Yy Underwriters
Primex Equities Corp.
Business—A
temporarily
was
"
real; estate
investment
firm.
:
'
'
Pro¬
and
Price—By amend-J
sale
of
man's magazine.
a
pocket-size
Proceeds—For
Madison
Ave.,
N.
Underwriter—Milton
Y.
-
D.
200.000
Quality Brake Rebuilders, Inc.
Jan 3,
1962 ("Reg. A") 300,000 common.
Price—$1.
Business—Rebuilding and reconditioning of automotive
brake shoes. Proceeds—For general corporate
purposes.
Office—94 Gazza Blvd., Farmingdale, N. Y, Underwriter
—Meadowbrook Securities, Inc.,
Hempstead, N. Y. Offer¬
ing—Expected in May.
jc Queensway Mines Ltd.
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corporation r.td.,
Toronto.,,,,.
■;;
March
•
RF
Interonics, Inc. (4/9-13)
1961?-filed 40,000 common. Price—$5.. Business
—Manufacture of radio 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.,
Oct. 30,
777/7/
Racing; Inc.
16, 1961 filed 1,250,000 common. Price—Up to $4.
Business—Company plans to build and operate an auto¬
Oct.
poses.
racing center. Proceeds—General corporate pur¬
Office—21 N. 7th St., Stroudsburg; Pa. Under¬
/.
...
,
.<
-///v
Radio Electric Service Co. of New Jersey, Inc.
•
Product Research of Rhode
:
(4/9-13)'
• ••"
July 28, 1961 filed 330.000
Business— The
••
•
common
manufacture
of
•:
•
shares.
vinyl
*"/.'••
*
-
in
working capital;
Office —184 Woonasquatucket Avenue,
Providence, R. I. Underwriter—Investment Plan¬
ning Group, East Orange, N. J. "
North
f
Prom Motor Hotel, Inc.
Feb.
19, 1962. filed 50,000 class A common. Price
By
'amendment (max. $10). Business — Company owns and
operates a motor hotel. Proceeds—For expansion. Office
—6th
—
and
Main
Sts.,
Kansas
City, Mo. Underwriter—
Barret, Fitch, North & Co., Inc., Kansas City.
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.
tenance
of
dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales
promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd.. Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
-Wickett &
•N. Y.
Co., Inc. and Thomas, Williams & Lee, Inc
'
Raiford's, Inc.
1961
Inc.
(4/9-13)
filed
541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac-v
Iquisitipn and other
corporate purposes. Office—1106 Con¬
necticut
Ave., N. W., Washington, D.
Roth & Co., Inc., Philadelphia.
C. Underwriter—
(4/23-27)
common.
Price—$2.50.
—
Sebring,
Co., Inc., N. Y.
O. Underwriter
Baruch.
—
Ripley Industries,-Inc., and Jomar Plastics,
(3/26-30)
—Manufacture
shoes,
metal
Inc.
of
wood
molds
and
plastic
heels
for
women's;
and
dies, bowling pins, bowling >
shoes and related products. Proceeds—For general cor-*
porate purposes. Office—4067 Folsom Ave. St. Louis and
Rio Piedras, Puerto Rico. Underwriters—Paine, Webber,
Jackson & Curtis and American
•
Rising's Inc.
Jan.
18,
Securities Corp., N. Y..
(4/16-20)?
1962 filed
capital
100,000
shares.
Price
—
$3.
Business—Distribution of electrical and electronic parts,
components and equipment. Proceeds—For debt repay¬
ment and working capital; Office—151
Los Angeles. Underwriter—Garat &
N. Vermont Ave.,;
Polonitza, Inc., Los
Angeles.
Rite
Jan.
Electronics, Inc.
1962 filed 62,000
29,
—Sale
Price—$6. Business
receiving tubes, television
electronic components, parts and
and! distribution
common.
of
picture tubes, and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N, Y. Underwriter—Robbins, Clark &
Co.,
Inc., N. Y. Offering—In early June.
•
Roadcraft
Corp.
(4/23-27)
1961 filed 400,000 common/ Price—By amend¬
Business—Design, manufacture and sale of mobile
26,
office
trailers. Proceeds—For general cor¬
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson & Warwick,
Oct.
Proceeds—For
Office—62
debt
repayment
and
working
Monroe
Recco,
19,
Inc.
1961
amendment.
(4/2-6) ,
filed 75,000
class A shares. Price — By
Business—Operates record, card £tnd sta¬
tionery departments in discount stores. Proceeds—For
expansion. Office—1211 Walnut St., Kansas City, Mo.
Underwriter—Midland Securities Co., Inc., Kansas City,
M°.
./■:
,/ ■ " 7/
v; ■ 7.,7/7
/' Red Wing Fiberglass Products, Inc.;
—
was
Rego
&
Electronics
Rochester Capital Leasing Corp.
Price—$3.75.
radios,
parts, air-conditioners, etc. Proceeds—For
inventories, research and development and working
capital. Office—46-25 58th St., Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y.
common.
of
automobile
replacement
furniture, equipment, and sup¬
schools, hotels, hospitals and industrial com¬
panies. Proceeds—For working capital. Office—8 Jay
St., Rochester, N Y. Underwriter—Saunders, Stiver &
Co., Cleveland. Offering—Imminent.
plies-to
Rona
1962 filed
electric
and
electronic
fields.
Proceeds—For
debt
and
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y,
_
,
,
Republic-Franklin Life
Plastic
Corp.
15, 1961 filed 200,000 common. Price—$5. Business
—Manufactures plastic housewares, baby products and
other plastic items. Proceeds—For debt repayment and
other
corporate purposes. Office—1517 Jarrett Place,
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
N. Y.
Offering—Expected sometime in April.
Brothers, Inc.
1962 filed 300,000 common, of which 150,000
are to be offered by the company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Manufacture and sale of girl's dresses and sportswear.
Proceeds—For
debt
repayment.
Office—Fox St. and
Roberts Ave., Philadelphia. Underwriters—Burnham &
Co., and Zuckerman, Smith & Co., N. Y.
....
Insurance
Co;
(5/14-18)
Feb. 15, 1962 filed 266,667 class A common.
Price—$7.50.
Business—A legal reserve life insurance
company. Pro¬
ceeds—For debt
repayment, operating expenses and
in¬
8,
are
Photo
Corp. (4/9-13)
filed 300,000 common, of which 100,000
to be offered by the company and 200,000 by stock¬
Roy a I tone
Nov.
75,000 common, of which 50,000 are
to be offered by the company and
25,000 by Electronic.
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
the
■
Manufacture and sale of
•
Regulators, Inc.
29,
/
1961 filed $625,000 of 6% convertible subordi¬
due 1972 and 100,000 class A to be
offered in 12,500 units each consisting of $50 of deben¬
tures and eight shares. Price—$90 per unit. Business—
debentures
March
Corp.
March 1, 1962 ("Reg. A") 80,000
Business—Wholesale distribution
Jan.
•'
30,
nated
Rosenau
temporarily postponed.
Radio
-
Dec.
July 28, 1961 ("Reg. A") 260,000 common. Price—$1;15.
Proceeds
Debt repayment,
building improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn. Under¬
writer—York & Mavroulis, Minneapolis. Note—This let¬
ter
—
77; //,7
,
,
Oct. 27, 1961 filed 100,000 common shares of Ripley and.
100,000 of Jomar to be offered in units consisting of one'
share of each company. Price—By amendment. Business;
shoes.
•'
Publishers Co.,
Address
poses.
Brothers &
Inc., N. Y.
repayment
.Nov. 28.
pipe
Business—Production of stone facing for buildings. Pro-ceeds—For debt reduction and general corporate
pur-^
and
■
.
of
purposes.
Oct.
Price—$2.05.
the. automotive,
Ridgerock of America, Inc.
29,
1961
filed
100,000
Dec.
porate
Ave., Memphis.
Under¬
writer—M. A. Saunders & Co., Inc., Memphis. 7
plastic
products
marine and household fields.
Proceeds—For repavment of debt, new equipment-and
used
Price—By
working
selling stockholders.
common.
St., Elyria, Ohio. Underwriters—White;
Co., N. Y. and McDonald & Co., Cleveland.
homes
expansion, moving expenses
working capital. Office—513-15 Cooper St., Camden,
Underwriter—D. L. Greenbaum & Co., Phila.
J.
capital.
-7".'
A
Business—Manufacture
machines. Proceeds—For
(4/2-6)
6, 1962 ("Reg. A") 75,000 common.
Price—$4.
Business—Operation of' stores which sell prescription
Price—By amend-
:
•
and
ment.
•
Island, Inc. '
""/:
tools
Dec.
N.
processing cottonseed and selling raw cotton and cotton¬
seed products. Proceeds—For expansion. Office—2907 S.
Maple Ave., Fresno, Calif. Underwriters—Kidder, Peabody & Co., N. Y, and Dean Witter, San Francisco.
*
Ridge Tool Co.
28, 1961 filed 284,586 class
Dec.
and
(4/16-20)
common.
corporate purposes. Office—220
St., N. W., Washington, D. C. Underwriter—HirscheU
Co., Silver Spring, Md. Offering—Expected in May.
ceeds—For debt repayment,
Business—Growing cotton, operating cotton gins,
Price—$7. Business
Proceeds*—For debt
general
Weld &
Feb.
filed
repayment and
Price—$4. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
,
1962
Dec. 21, 1961 filed 142,858 common.
—A real estate investment
company,
Office—400 Clark
Jan. 23, 1962 ("Reg. A") 75,000
common, of which 67,500
will be offered by the company and
7,500 by stockhold¬
Printing Corp. of America (3/26-30)
•
Dec. 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.
V' ■■7
18,
Co.,
7
-
Richmond Corp.
amendment.
ers.
•
Jan.
27, 1961
ceeds—For general corporate purposes. Office—Route 315
& Vine St., Avoca, Pa. Underwriter—M. G. Davis &
&
15
—None.
ment.
Craft
Associates, Inc.
("Reg. A") 100,000 common. Price — $37Business—Design, installing, and constructing packaged/
commercial interiors and exteriors for
buildings. Pro¬
•
(3/26-30)
common.
Business—Publication
writer—None.
property acquisitions and working capital.
Office—66 Hawley St., Binghamton, N. Y. Underwriter
Producers Cotton Oil Co.
Rex
Dec.
K
mobile
ceeds—For
,
facilities, debt repay¬
working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
and
Inc., N. Y.
Inc.
N. Y.
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¬
ment;
ment
"
.
&
Co., N/ Y., and Laird, Bissell & Meeds,
Wilmington, Del.
V
/ : y/;
//''.
V
offering
—
search,
Co.,*
and
radiator enclosures.
Proceeds—For equip¬
aadvertising and working capital; Office — 234
Russell St., Brooklyn, N. Y. Underwriter—M. J. Merritt
& Co., Inc., N. Y.
Business—Acquisition and development of
Gleich
This
—
ness
field. Proceeds—For expansion of
ment,
the
^-D.
Note
Laboratories, Inc.
1962 filed 105,000 common. Price—$3.50; Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
boiler
real
—A small
Francisco.
Resin Research
Feb. 27,
Industries, Inc.
28, 1961 filed 87,500 common. Price—$4. Business
—Design and manufacture of metal-cabinets, boxes,
Design and manufacture of microwave components. Pro¬
ceeds—For debt repayment and
working capital. Office
—33 New Broad
St., Port Chester, N. Y. Underwriter—
Van Alstyne, Noel & Co., N-. Y.'•
://:V''<'/;:/?/
Jan.
(4/23-27)
Un¬
Quaker City
1962 filed 150,000 common, of which 75,000
offered by the company and 75.000
by stock¬
Price—By amendment (max. $12). Business—
amendment.
Office—San Juan, Puerto Rico.
Nov.
(4/16-20)
f' Presidential Realty Corp.
Products, Inc.
debt
repayment and working capital.
Rey, Puerto Rico. Underwriters—Gross
Co., and Elmaleh & Co., Inc., N. Y.
Blauner & Co., Inc., N. Y.
be
holders.
de¬
•
Corp.
Research
&
—444
:*'i
.
•
Dec. 28, 1961 filed 250,000 common. Price—$9. Business
—Manufacture of lithographic blankets used in
printing.
expansion, debt repayment, and working, capital; Office
magnetic tape re-J
Co., San Francisco.
Microwave
subord.
conv.
construction. Proceeds— For general
paperback books and
cording equipment. Proceeds—For debt repayment, con¬
struction and working capital. Office—1011 Commercial
St., San Carlos, Calif.* Underwriters—Lehman Brothers,:
Premier
24, 1961 filed $4,000,000 of 5%
ment.
Un¬
Address—Hato
Pyramid Publications,
Nov. 24, 1961 filed 115,000
(4/9-13)
125,000 capital shares of which 111,000
are to be offered
by the company and 14,000 by stock¬
holders. Price—By amendment/
Business—Development'
•
Office—12 N. Third St.; Columbus, Ohio.
derwriter—Robinson-Humphrey Co., Inc., Atlanta.
"
Precision Instrument Co.
Dec. 28, 1961 filed
instrumentation
.43
Proceeds—For
Development Corp.
bentures due 1971 and 200,000 class A shares to be of¬
fered in 25,000 units, each consisting of $160 of deben¬
tures and eight shares.
Price—$200 per unit.
Business
postponed.
•
N. Y. and
Nov.
San
Automotive Components Co.
100,000 common; Price—By amend-',
ment. Business—Manufacture of carburetor
replacement
parts.
Proceeds — For debt
repayment, retirement of:
;6% pfd., and working capital.. Address—*
Ballwin, Mo;
Underwriter—G. H. Walker & Co;, Inc., N. Y.
;
of
and
Pulp Processes Corp.
M
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Proceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins;
stainless f
1961 filed
manufacture
Land
(4/2-6)
,~
,
_
and
Rico
vestment.
*
derwriters—Lieberbaum & Co., and Morris Cohon &
York.
'
:
Precision
28,
Puerto
New
pipe, tubing, valves, etc. Proceeds—For repayment
of debt,
expansion, and working/capital. Office-r—352,
Harrison St.,
Passaic, N. J. Underwriter—S. D. Fuller
& Co., n". y.
"77,/7 7
/.
Dec.
•
corporate purposes.
Nov.
Warehouse
• Puerto Rico
Capital! Corp. (3/28)
Sept. 13, 1961 filea 300,000 common. Price—$10. Business
—A small' business investment company. Proceeds—For
general corporate purposes. Address—San Juan, Puerto
Rico.. Underwriter—Hill, Darlington & Grimm, N. Y,-
—Real estate and
Industrial:Products Co.„(3/27):
(1415)
29,
holders.
1961
Price
amendment.
Business — Develops
and black and white photographic
equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
and
film.
prints
—
By
color,
Proceeds
—
For
Stonehill & Co., N. Y.
Rubber & Fibre Chemical Corp*
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
a new process for reclaiming unvulProceeds—Purchase of equipment and
—Exploitation of
canized
rubber.
Continued
on
page
44
44
The Commercial and Financial Chronicle
(1416)
Seashore
Continued from page 43
Food
Products, Inc. (4/16-20)
("Reg. A") 75,000 common.
Price
Aug. 29, 1961
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
writer—To
named.
be
food
•
products.
Office—13480
Season-All Industries,
Cairo
Lane,
Opa
—
(4/16-20)
Feb. 26, 1962 filed 100,000 common, of which 50,000 are
to be offered by company and 50,000 by stockholders.
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Price—By amendment
Wash.
16, 1962 filed 129,000 common, of which 43,000 are
to be offered by the company and 86,000 by stockhold¬
ers.
Price—By amendment (max. $13). Business—De¬
sign, development, manufacture and sale of electronic,
electric,
hydraulic
and
pneumatic
control systems.
Proceeds—For repayment of bank loans.
Office—4700
San Pablo Ave., Oakland, Calif.
Underwriter—Schwa-
Co., San Francisco. Offering
—
Expected in
May.
S. M. S. Instruments,
Inc.
28, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
and accessories. Proceeds—For equipment, debt repay¬
Nov.
Office — Idlewild
Y. Underwriter—
ment, and other corporate purposes.
International
Airport,
Jamaica,
N.
To be named.
Saladmaster Corp.
Jan. 3, 1962 filed $700,000 of 6% subord. conv.
tures due 1972 and 126,030 common
(of which
shares
offered
be
deben¬
15,399
the company and 110,631
stockholders). Price—For debentures, at par;
for stock, by amendment. Business—Sale of kitchenware,
tablewear and a food cutting machine. Proceeds—For
debt repayment and general corporate purposes. Office
—131 Howell St., Dallas. Underwriter—Parker, Ford &
Co., Inc., Dallas.
to
are
by
shares by
^ Sa'ro Manufacturing Corp.
March
1962 filed $250,000 of 7% convertible subordi¬
19,
—Manufacture and distribution of metal purse and hand¬
bags frames, for
debt repayment,
certain
manufacturers.
Proceeds—For
equipment, and working capital. Pro¬
ceeds—From the stock sale will go to
selling sharehold¬
Office—413 Thatford Ave., Brooklyn, N.
ers.
writer—I. R. E. Investors Corp.,
Y. Under¬
Levittown, N. Y.
Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price
By amend¬
ment
(max. $8). Business1—A holding company for a
real estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
and
—
—
Straus, Blosser & McDowell,
Chicago
Dempsey-Tegeler & Co., Inc., St. Louis.
Electronics, Inc. (4/16-20)
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
Save-MorDrugs, Inc.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For
general corporate
purposes. Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.
conv.
Schaevitz
March
13,
to
be
Engineering
1962 filed
150,000 common, of which 100,000
by company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring,
indicating,
are
offered
recording,
craft
testing and
controlling devices
air¬
expansion.
used
missile
and
in
systems. Proceeds — For
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y. Offering—June.
Address
—
Schenuit
Rubber
Co.
Feb.
26, 1962 filed 240,000 class A common. Price — By
amendment (max. $17). Business—Manufacture of tires
and
tubes.
Railroad
Proceeds—For
&
Union
Robert Garrett &
Schlitz
selling stockholders. Office—
Aves.,
Baltimore. Underwriter—
Sons, Baltimore.
(Jos.)
poses.
delphia, Pa. Underwriter—Janov & Co., Philadelphia.
&
Security Aluminum Corp. (5/21)
Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
Security Equity Fund, Inc.
14, 1961 filed 400,000 capital
—For
Kan.
"Old
Milwaukee"
beers.
By amend¬
"Schlitz" and
—
Proceeds—For
selling stock¬
St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In May.
Office—235
Schneider
W.
data and
for
28,
A stock and 10% debentures due 1976.
Price—By amend¬
ment.
Business—General real estate. Proceeds—For ac¬
quisition of property. Office—67 W. 44th St., N. Y. Un¬
derwriter—None.
filed
and
common
common
entire
class
A
are
40,000
to
and
be
class
offered
18,136
A
by
common
stockholders.
Price—By amendment
Business—Company develops, prints, and
($35 max.).
finishes "school
pictures."
Proceeds
—
For
plant
?S^pXen^£cquisitions» and working capital.
1610
N,
Mill
St.,
and
Office—
Jackson,, Miss.
Underwriters—Equitabie Securities Corp., Nashville, and Kroeze, McLarty
& Duddleston,
Jackson, Miss.
* Scripps-Howard
Broadcasting Co.
March 20, 1962 filed
375,000 common.
rueut
ates
(max.
(5/21-25)
Price—By amend-
$20). Business—Company owns and
oper¬
TV, radio and FM broadcasting stations. Proceeds
AAstockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston
Corp., N. Y.
of
common,
which
ate,
on
B
the basis of 4
company
share and two-thirds share
Selective
Life
held.
for each
Remaining 94,822
and
'
u'' * *
any
showers,
baseboard
(L. B.), Inc.
(4/16-20)
&
Co., Inc., N. Y,
.*
.
Spencer Gifts 1 nc»
Jan. 29, 1962 filed 135,000 commori, of which 15,000 are
to
Industries, Inc.
1961
filed
150,000
of which
Siconor
Mines
debt
northern Ontario.
common.
exploratory
Sperti Products, Inc.
for
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.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., N. Y
135,000
silver
•
in
Sportsways,
Price—$4.50. Busi¬
Heck
N.
Site-Fab, Inc.
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (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,
common
Inc.
(5/28-31)
Y.
Star Tank
Boat
&
Co., Inc.
Feb. 27,
1962 filed 307,000 common, of which 27,000 are to
the company and 280,000 by stockholders.
Price
By amendment (max. $18). Business — Manu¬
facture of aluminum and fiberglass pleasure boats. Pro¬
ceeds—For working capital. Office—Goshen, Ind. Un¬
be offered by
—
—
derwriter—A.
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
—In
&
subordinated/con¬
50,000
which 50,000 are
by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
equipment and working capital.
Ave., Neptune, N. J. Underwriter—
Blauner & Co., N. Y.
H. Walker
and
Feb. 20, 1962 filed 175,000 common, of
to be offered by company and 125,000
repayment,
—909 Howard
1977
Underwriter—William, David & Motti, Inc., N. Y.
indicators and circuit components. Proceeds—
Office—1933
due
to be
and
and
manufacture of fishing and archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
Signalite Inc.
common.
filed $100,000 of 6%
1961
debentures
offered in units, each consisting of $20. of debentures
10 shares. Price—$60 per unit.. Business—Design
Proceeds—For general corporate pur¬
126,000
29,
vertible
Office—62 Richmond St., West, Toronto, Canada.
Underwriter—None.
as
(3/26-30)
Sportsmen, Inc.
Nov.
poses.
29, 1962 filed
(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 amend¬
search
sale of general merchandise. Proceeds—For
and working capital. Office—1601 Al¬
repayment
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
Potoma & Weill, N. Y.
Ltd.
Business—The
,
offered
Mail order,
(3/28)
common,
be
by the company and 120,000 shares by a
selling stockholder. Price—By amendment. Business—•
working capital. Office—2101 S. High St., Colum¬
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
N Y. and Boenning &
Co., Philadelphia.
debt
prefabricated metal
rceptors,
writer—Arnold Malkan
,
and
For
Turner, Inc., Dallas and R. J. Edwards, Inc.,
Spears
are
use
&
30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
to be offered by the company and 15,000 by
a stockholder. Price—$6. Business—Manufacturer of re¬
built automobile parts. Proceeds—For debt repayment
Jan.
amend¬
Food
Shenk
28,
Price—By
Oct.
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
shares
(4/23-27)
Underwriter—M. H. Woodhill, Inc., N. Y.
Shelley Manufacturing Co.
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture
of automatic
equipment for handling
packaged foods, and various food serving devices. Pro¬
ceeds—For equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
•
Co.
common.
radiators and rope and twine. Proceeds—For a new plant
in Canada. Office—52-55 74th Ave., lVIaspeth, L. I., N. Y.
Marts, Inc. (3/29)
Dec. 19, 1961 filed 170,000 class A common, of which
30,000 will be sold by the company and 140,000 by cer¬
tain stockholders. Price
By amendment. Business—
Operation of seven supermarkets in the Omaha-Council
Bluffs
area.
Proceeds—For expansion.
Office—139 S.
40th St., Omaha, Neb. Underwriters—J. Cliff Rahel &
Co., and Storz-Wachob-Bender Co., Omaha.
Nov.
Insurance
26, 1961 filed 220,000
crete
or
—
Shaver
Pro¬
Building,
Spartan International Inc. (4/9-13)
22, 1961 filed 175,000 common. Price—$4. Business
—Manufacture of metal shower receptors, precast con¬
unsub¬
public,
$6; to stockholders, $5. Business—Company plans to en¬
gage
in the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 JUCentred^J^eV Phoe¬
•
company.
Office—Poinsett Hotel
Dec.
scribed shares will he offered publicly. Price—To
nix. Underwriter-—None.
investment
business
Oklahoma City.
C share of
class
Southwestern
Guerin
405,000
shares for each class A
(3/26-30)
shares. Price—$6.
common
surplus fund certificates and expansion. Office—5620 N.
Western Ave., Oklahoma City. Underwriters—Eppler,
Corp.
500,000
Industries, Inc.
filed 100,000
small
D. C.
Pictures, Inc.
company; the
Will be offered by
filed
Growth
1961
ment. Business—Writes automobile casualty insurance in
Oklahoma and Arkansas. Proceeds—For redemption of
offered for subscription by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
Milton D.
60,000
common, of which 41,864
Financial
1962
plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of
its class
1962
•
Dec.
be
to
28,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. •
program
Selective
are
Towing & Transportation Co., Inc.
ceeds—For investment.
transmission, filters, transceivers
and related electronic 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.
Feb.
Philadelphia.
Business—A
Harrison
ness—Manufacture, sale and development of glow lamps
Corp.
company
7,
June
Business—Design and manufacture of networks
for
School
Price—Net
Seg Electronics Co., Inc. (4/16-20)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
Feb. 28, 1962 filed $5,500,000 of 6x/2% subordinated con¬
vertible debentures due 1977 and
110,000 5-year warrants
to purchase a like amount of class A common.
The
Feb.
700
—
Pont Plaza Center, Miami, Fla.
Allyn & Co., Chicago and Bioren
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.
peka.
Galena
(Walter J.)
Co.,
C.
Nov.- 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Construction and operation of towing boats.
St., Topeka,
Underwriter—Security Management Co., Inc., To-
ment.
March 2, 1962 filed 347,543 common. Price
ment (max. $35). Business—Brewing of
holders.
Office
(4/2-6)
617 du
—
Southeastern
plus 6%. Business—A mutual fund. Proceeds
investment.
Office
Southern
shares.
Propane Gas Co.
Underwriters—A.
•
Sept. 18, 1961 filed 250,000
Brewing Co.
Southeastern
—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
—
Dec.
•
•
Jan.. 30, 1962 filed 75,000 common. Price—By amend¬
ment. Business—Sale of liquefied petroleum gas and re¬
lated products.' Proceeds—For general corporate pur¬
Sea-Wide
nate debentures due
1972, and 16,500 outstanding com¬
mon
shares to be offered in units consisting of $500 of
debentures and 33 shares. Price—$632 per unit. Business
ing—Expected sometime in May.
_
asset value
of
general corporate purposes. Of¬
fice—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y. Offer¬
storm
windows, doors, railings and handrails. Proceeds /
expansion. Office—Route 119,
Indiana, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh.
:/•;
'"
Dec.
v.
energy. Proceceds—For
screen
Feb.
bacher &
combination
aluminum
of
.
Sonic
ufacture of devices using sound or fluids as a source
(max. $30). Business—Manufac¬
—For debt repayment and
Co.
Rucker
distribution
and
ture
Pingree St.,
Anthony & R. L,
working capital; Office—1
Underwriter—Tucker,
Development Corp. of America
Oct. 27, 1961 fiied 56,000 common, of which 30,000 are
to be offered by the company and 26,000 by stockhold¬
ers. Price—$5.
Business—Design, development and man¬
Co., Washington, D, C.
Inc.
Thursday, March 22, 1962
.
.
Locka,
Jan.
Underwriter—Pennaluna & Co., Spokane,
and
Salem, Mass.
Day, N. Y.
Fla. Underwriters—Terrio &
Ruby Silver Mines, Inc.
2, 1962 ("Reg. A") 2,400,000 common. Price—12Vi
cents. Business—Exploration and development of mineral
repayment
$4.
Business—The manufacturing and processing of assorted
.
.
Steel
Oct.
G.
Becker
&
May.
Plant
Co., Inc., Chicago. Offering
/ .•'
*
'"
; •/•••;:
'
Equipment Corp.
(3/27)
("Reg. A") 69,660 common. Price—$3. Pro»
ceeds—For equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
Bldg., Providence, R. I/Underwriters—G.
Co., Providence and Blair & Co., N. Y.
2, 1961
Ski
& Recreation Corp.
29, 1962 filed 120,000 class A common (with war¬
rants). Price—$4.45. Business—Development and opera¬
tion of a ski, and year-round resort. Proceeds—For con¬
Stelber Cycle
Jan.
struction
Lake
/
of the resort. Office—Sheridan Springs
Geneva, Wis. Underwriter^To be named.
Solid State Products, Inc. *
1, 1962 filed 110,000 common.
Feb.
ment.
;
-
Price—By amend¬
Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For
a
new
debentures
offered in
each consisting of one $200 debenture and 50
shares. Price—$500 per. unit. : Business—Manufacture of-j
units,
Rd.,
^
plant, debt
Corp.
Jan. 5, 1962 filed $240,000 of 8% convertible
due 1972 and 60,000 common shares to be
•
bicycles, tricycles and toy automobiles
repayment, moving expenses and
debt
line.
Office—744 Berriman
a
Proceeds—For
new product
St.; .R^opklyh;iN;/Yu -Under?
Securities, Inc.,-Richard Bruce & Co.,
Inc., and Reuben Rose & Co.,'Inc.; N. Y.
.r
writers—Lloyd
Volume
Number
195
6144
.The Commercial and Financial Chronicle
(1417)
•
Sternco
Industries,
Inc.v
Tele-Cine, Inc.
v
.
Feb; 21, .*962 filed 115,000 class A, of which 40,000 are
to be offered by the company and 75,000 by stockhold¬
/Dec. 29,1961
$1; for debentures, at
tion of fish foods and distribution of various types of fish,
and aquarium, supplies for hobbyists.
Proceeds—For, a
of
."i
Inc., Minneapolis,
vt
„
cell used to recapture
metallic silver from
photo-
graphic
solutions. Proceeds—For equipment, leasehold
improvements/and other corporate purposes. Office—
Bush Terminal Bldgs., 882 Third Ave., Brooklyn 32, N. Y,
Underwriter—None. ; '"
7-\'7vV"--'V
it Stratton Realty & Construction Fund, Inc. 7
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate
investment
investment. Office—50 E. 40th
To
•
be
named.
Suburban
Proceeds—For
company.
St., N. Y. Underwriter—
77;:7'77'7V-/;'-7 'vz-i'v■,
(3/28)
Price—$3. Business
28, 1961 filed 90,000 common.
—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.
•
Sun
City Dairy Products, Inc. (4/23-27)
27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
Oct.
other
with
corporate .purposes.
electronic circuits.
Office—3100
White,
Corp.
■
Travis
Weld
&
St.,
Co.,
Houston, Tex. Underwriters-
and
Stone
&
Webster
\
Transdata,
Inc.
and
Proceeds—For expan¬
Ten-Tex
Business—Manufacture of
a
machine
for
production of
image
processing and transmission field.
Proceeds—For debt
repayment and other corporate
purposes. Office—1000
N
Johnson Ave., El
Cajon. Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego.
Corp. (4/30-5/1)
Trans-Pacific Research &
Capital,
31, 1962 ("Reg. A") 120,000 common/Price—$2.30. / Nov. 27, 1961 filed
47,000 common.
Jan.
Securities
Nov. 29, 1961 filed
100,000 common. Price—$5. Business
—Research and development in the data
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson ;
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
-
interstate pipeline system for the
transportation
of natural gas. Proceeds—For
debt repayment.
an
Inc.
Price—By amend¬
ment. Business
Manufacture of high pressure valves
textile products. Proceeds—For debt
and accessories. Proceeds—For
repayment
expansion, working cap¬
working capital. Office—4813 Tennessee Ave., Chat- «■.
ital, and possible acquisitions. Office
Pacific National
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
Bank Bldg.,
Bellevue, Wash. Underwriter—To be named,
Paul.
' / '
.7
\
77
."V ★
Transogram Co., Inc.
• Tennessee Gas Transmission Co. (4/10)
March 15, 1962 filed
156,000 common. Price—By amend¬
March 14, 1962 filed $75,000,000 of debentures due
April
ment (max.
$12). Business—Design, assembly and man¬
1, 1982. Price—By amendment. Business—Operation of a
ufacture of toys,
games, children's playroom furniture,
natural gas pipe line system. Proceeds—For debt
repay¬
and. sports sets. Proceeds—For a
selling stockholder. Of¬
ment and expansion. Address—Tennessee
Bldg., Houston.
fice—200 Fifth
Ave., N. y. Underwriter—Lehman Broth¬
Underwriters—Stone & Webster Securities Corp., White,
ers, N. y.
7
,
Weld & Co., and Halsey, Stuart & Co.
Inc., N. Y.
Transport Industries, Inc.
Texas Electro-Dynamic Capital, Inc.
Feb. 16. 1962 ("Reg. A") 75.000
common. Price
$4.
Oct. 16, 1961 filed 250,000 common. Price—By amend¬
Business—Design and
.
—
tufted
,
.
-
-
and
'
—
.
—
7
Directory Publishers, Inc.
Dec.
other
ates
(4/18)
$40,000,000 of first mortgage pipe¬
Business—Company owns and oper¬
and sale
Corp.
Jan. 29, 1962 filed 125,000 common.
Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
nection
,
it Strand Technology Corp.
March 3, 1962 ("Reg. A") 80,000 common. Price-42.50.
Business—Design, development and distribution of sealless centrifugal pumps. A subsidiary, Strand-Agtronics
Inc., designs, assembles and distributes a silver recovery
,
r
v :u
($100). Business—Production
Proceeds—For equipment, debt
line bonds due 1982.
Tellite
.
west Planned Investments,
-
par
programs.
and
Transcontinental Gas Pipe Line
Corp.
March 13, 1962 filed
common
Office—1017
New Jersey Ave., S. E.,
Washington, D. C. Underwriter
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter — Andresen & Co.; N. Y.
Offering—In June.
\
*
Sterner Lighting, Inc. (3/26-30)
"
Jan. 2, 1962 ("Reg. A") 260,000 common. Price—$1.15.
Business—Manufacture of outdoor 'fluorescent lighting
devices. Proceeds—For working capital, equipment,.'in¬
ventory. Address—Winsted, Minn. Underwriter—Mid-
television
repayment
new
T
100,000
and $100,000
of 6% 5-year subordinated debentures. Price—For
stock,
Price—$6. Business—Manufacture, sale and distribu¬
ers.
\
("Reg. A")
45
southeastern
states. Proceeds—General corporate
Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Finkle & Co., N. Y.
purposes.
ment.
Business—A small business investment company.
Proceeds—General corporate purposes. Office—1947 W.
manufacture
mobile
brake
systems.
of
Proceeds—-For
truck
and
auto¬
inventories,
ad¬
vertising and working capital. Office—Pearl & Elk
Sts.,
Gray Ave., Houston. Underwriters—F. S. Smithers & Co.,
Albion, Pa. Underwriter—A. J. Davis Co., Pittsburgh.
N. Y., and Moroney, Beissner & Co.,
Inc., Houston. 7777/
Tremco Manufacturing Co.
• Texas Tennessee
Industries, Inc. (4/2-6)
Feb. 26, 1962 filed
150,000 class A common. Price
By
Oct. 26, 1961 filed 175,000 common, of which 150,000
amendment (max. $15). Business—Producer of
protective
shares are to be offered by the company and
25,000 by
coatings, sealants, mastics, paints, etc. Proceeds — For
stockholders.
Price—By amendment. Business—Manu¬
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
facture of water coolers, water cans and
land. Underwriter—McDonald &
portable hot
Co., Cleveland. Offer¬
beverage dispensers.
Proceeds—For debt repayment
ing—In May. ■ 7' 7-'7 -v
7 ' -7^'
'• V7'"~
—
and general corporate purposes. Office—6502 Rusk
Houston.
Underwriter
—
S. D. Fuller &
Ave.,
Co., N. Y.
Trenton
Jan.
26,
Foods,
1962
filed
Inc.
100,000
common.
Price—By amend¬
ment.
Feb.
• Thom-Tex Paper Converting Corp.
March 15, 1962 filed 70,000 common.
Price—$4. Business
—Manufacture of writing paper items. Proceeds—For
ment
debt repayment and
pansion and working capital.
Office—4733 Belleview,
Kansas City, Mo. Underwriter —
Scherck, Richter Co.,
St. Louis.
•
Sunset
House
Distributing Corp. (4/9-13)
14, 1962 filed 120,000 common. Price—By amend¬
(max. $20). Business—Mail order sale of general
merchandise and operation of two retail stores. Proceeds
—For selling stockholders. Office—3485 S. La Cienega
Blvd., Los Angeles.
Co., Los Angeles.
Underwriter—Crowell, Weedon &
-
„
•
A
,
:
working capital. Address—Highway
3, Rio Grande, Puerto Rico, Underwriter—Meade & Co.,
•
Thomasville Furniture
Jan.
16, 1962 filed 343,551
Industries, Inc.
common;
(4/18)""""
JP,rice—By amend¬
ment.
Business—Manufacture of household furniture.
Superior Bakers, Inc.
Proceeds—For the selling shareholders.
Feb. 28, 1962 filed 325,000 common, of which >294,000
Office—401 E.
Main St., Thomasville, N. C. Underwriter—Hornblower
are to be offered by the company and
31,000 shares by a
& Weeks, N. Y.
1
stockholder. Price—$3. Business—Manufacture and sale
•
of baked goods. Proceeds—For debt repayment and gen¬
Thompson Manufacturing Co., Inc.
eral corporate purposes. Address—New York & Drexel
Dec. 22, 1961 filed 90,000
common, of which 80,000 shares
Aves., Atlantic City, N. J. Underwriter—Balogh & Co., 7 are to be offered by the company and 10,000 by stock¬
Washington, D. C. *
'
'
»
holders.
Price—$4. Business—Design and manufacture
\
,
of
Symington Wayne Corp.
Feb. 23, 1962 filed $5,005,700 of convertible subordinated
.debentures due 1982, to be offered for subscription ?by
common
special
machinery for
the
industry
paper
and
the
construction of bowling alleys. Proceeds—For expansion ;'
and general corporate purposes. Office—Canal
St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
7 Offering—Expected sometime in May.
(or warrants)
• Thunderbird International
Business—Manufacture of
Hotel Corp.
(5/7-11)
stockholders
(and warrant holders) at the rate
of $100 of debentures for each 38 common
held.
Price—By amendment.
gasoline dispensing pumps, service station equipment,
specialty steel castings for railroads, andmechanics hand
tools. Proceeds—For debt repayment and working capi¬
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,
Jackson
&
Curtis, N, Y.
Offering—Expected sometime
in May.
:>;7/7'■ ';:-/7
Dec.
21, 1961 filed
ment. Business
—
152,000
common.
Price—By amend¬
Production and distribution of school
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex.
Taylor Wine Co., Inc.
Feb. 15, 1962 filed 210,312 common, of which 170,000
are to be
offered publicly by stockholders, and 40,312
shares for subscription by the stockholders for the ac¬
count of the company.
Price—By amendment (max.
$25). Business—Production of various type wines. Pro¬
ceeds—For plant expansion and working capital. Office
>!—Hammondsport, N. Y. " Underwriter—First Boston
Corp., N. Y. Offering—Expected in mid-May. >*•''
Teaching Systems, Inc.
March 8, 1962 ("Reg. A") 50,000
Business—Production
records.
and
sale
of
common.
Price—$2.
musical educational
Proceeds—For
equipment, sales promotion and
Office—1650 Broadway, N. Y. Under¬
writer—Ezra Kureen Co., N. Y.
working capital.
•
2, 1962 filed 175,000 common. Price—By amend¬
ment ($10 max.). Business—Hotel
ownership and man¬
agement. Proceeds — For construction. Office
525 N.7
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y.
—
Tomorrow's
and
manufacture
of
animated
technical training aids and
transparencies and other
displays. Proceeds—For debt
research, and working capital.
Dr., East Port Washington, N. Y.
Underwriters—-Bull & Low; John R. Maher Associates;
/ and R. Topik & Co., Inc., N. Y.
repayment,
Office—11
expansion,
Sintsink
Tec-Torch Co., Inc.
(4/9-13)
-Nov. 28, 1961 filed 100,000 common.
Price—$3.25. Busi¬
ness — Design and manufacture, of inert gas welding
equipment. Proceeds—For debt repayment, expansion
and working capital. Office—153 Union Ave., East Ruth¬
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N. J.
—
Price—$6.
ers.
Business—Design, manufacture and sale
of women's and children's footwear.
Proceeds—For debt
repayment, equipment, leasehold improvements and
working capital. Office—703 Bedford Ave., Brooklyn,
N.
Y.
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. Offering—Expected sometime in May.
Torch
Rubber
Inwood Ave., N. Y.
7
Un¬
formed for the purpose of
to three discount
was
acquiring for investment
department stores. Pro¬
Office—30 E. 42nd St., N. Y.
the fee title
ceeds—For debt repayment.
Underwriter—Adler Securities
Corp., N. Y.
Trygon Electronics Inc. (4/2-6)
Dec. 22, 1961 filed 100,000
common, of which 52,000 are
to be offered by the
company and 48,000
by stockhold¬
Price—$6. Business—Design, manufacture and sale
supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
L. I., N. Y.
Underwriter—William, David & Motti, Inc.,
ers.
of
power
N. Y.
•
/....'V
Tucker
■
•
_
'
v/7;
/ '7;
Steel
Co., Inc.
Feb. 23, 1962 ("Reg. A")
12,500 units, each consisting
of two common shares and one
(par $10) 7% convert¬
ible subordinated
$20
per
unit.
debenture
Business
—
due
Steel
April 1, 1972. Price—
fabricating. Proceeds—
Plant
additions, inventory and debt repayment. Office—
St., Meridian, Miss. Underwriter—McCarley &
Co., Inc., Asheville, N. C. Offering—Imminent.
A
V"
Turbodyne Corp.
March 2, 1962 filed 127,500 common.
Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
Price—By amend¬
Business—Design and manufacture of time con¬
repayment,
expan¬
La
&
Tork Time Controls, Inc. (4/16-20)
Dec. 12, 1961 filed 150,000 common.
trolled switches. Proceeds—For debt
Twentieth Century Capital Corp.
Nov. 24, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Proceeds—For general corporate purposes. Office—134
S.
.
•
ment.
terests.
N. Y.
Co., Inc.
Jan. 26, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Manufacture of waterproof rubber footwear. Pro¬
ceeds—For equipment, moving expenses, expansion and
working capital. Office—1302
derwriter—Carroll Co., N. Y.
Tri-Department Stores Associates
9, 1962 filed $2,436,000 of limited partnership in¬
Price—$6,000 per interest. Business—Company
Feb.
2000
Industries, Inc.
Feb. 16, 1962 filed 300,000
common, of which 100,000 are
to be offered by the company and
200,000 by stockhold¬
Co., Chicago.
21
Salle
St., Chicago. Underwriter—Bacon, Whipple
Brands, Inc.
(4/9-13)
Dec.
are
22, 1961 filed 800,000 common, of which 550,000
to be offered by the company and 250,000 by stock¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
holders.
& Co., and
—For debt
Technical
Animations, Inc. (4/9-15)
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
the rate of $100 of debentures for each 280 shares held.
Price—$100 per unit ($100 of debentures and one war¬
rant to purchase 14 class A shares). Business—Design
.
Jan.
•
Taylor Publishing Co.
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¬
Magnus & Co., N. Y.
Towers Marts
Feb.
1,
1962 filed
amendment.
International, Inc.
(4/9-13)
550,000 capital shares. Price — By
Company builds and operates
Business
of
Price—By amendment. Business—Distribution
imported and American wines and whiskies. Proceeds
repayment, expansion and working capital.
Office—23 W. 52nd St., N. Y. Underwriters—A. C. Allyn
&
Co., and Hornblower & Weeks.
Tyler Pipe & Foundry Co.
—
(4/2-6)
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Jan. 25, 1962 filed 120,000 common. Price—By amend¬
ment. Business—Design, development and manufacture
Langley & Co., N. Y.
of cast iron
Traid
ers.
Corp.
Feb.
12, 1962 filed 150,000 common. Price—By amend¬
(max. $9). Business—Design and sale of special
cameras for scientific
photography. Proceeds—For gen¬
ment
eral
corporate
Office—17136 Ventura Blvd.,
Underwriter—J. A. Hogle & Co., Salt
purposes.
Encino, Calif.
Lake City. Offering—Expected in
mid-May.
•
Trans-Alaska Telephone Co. (4/23)
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.
—
products. Proceeds—For selling stockhold¬
Office—Lindale Rd., Swan, Texas.
Underwriter-
First Southwest Co., Dallas.
•
Uneeda
Dec.
Vending Service, Inc. (3/26)
14, 1961 ("Reg. A") 73,500 common. Price
Business
—
Purchase
of
new
and
used
—
$3.
coin-operated
vending and recreational machines. Proceeds—For gen¬
Office—166 Clymer St., Brooklyn, N. Y. Underwriter—Fabrikant Securities Corp.
eral corporate purposes.
•
Unoshops,
Inc.
(5/28-31)
Feb. 26 ,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-
Confirmed
on
page
46
^
The Commercial and Financial Chronicle.,
46
■
i
;•
'
•)
,1
' i
,». -
t
«
boys' clothing. Proceeds—For
'tailing of men's and
capital. Office—15 Linden Ave., East, Jersey
Underwriter—Hornblower & Weeks, N. Y.
ing
N.
• Welcome
Baby, Inc. (4/23-27)
'
/
Dec. 28, 1961 filed *75,000 common. Price—$2. Business
1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for - —Company* renders direct mail public relations, sales
diesel locomotives; temperature control systems for rail - promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt repayment and gen¬
cars/buses and aircraft; and door control devices for !
rail passenger cars. Proceeds—-For selling stockholders. <■ eral corporate purposes. Office—210-07 48th Ave., Bay'Office—80 E. Jackson
side, N. Y. Underwriters—Globus, Inc., and First'Phila*
Blvd., Chicago. Underwriterdelphia Corp., N. Y.
William Blair & Co., Chicago.
\
•
:
"<•
'
\
'Feb. 2,
i'
.
work¬
City,
J.
United Camera Exchange,
1962
—Operation
pansion and
43rd St., N.
Jan. 29,
Inc.
filed 105,000 common. Price—$3. Business
of retail camera stores. Proceeds—For ex¬
Vassar
Office 25 W.
Davis & Co., Inc.,
general corporate purposes.
Y. Underwriter—M. G.
•
filed 562,500 common, of which 472,100
shares are to be offered for subscription by stockholders
of Waddell & Heed, Inc., parent, on the basis of one
United share for each two Waddell shares held, ^ The
1961
15,
Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th St., Kansas City,
Mo. Underwriters—Waddell & Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. 'Offering—Ex¬
.
known
29, 1961 filed 102,000 common. Price—$3. Business
general packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511 Wayne Ave., Philadelphia. Underwriter—God¬
Inc.
1961 ("Reg. A") 100,000 common. Price—$3.
Business-Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
Sept. 26,
j
Office—480 Lexington Ave., N. Y. Underwriter—Douglas Enterprise^,. 8856 .18th Ave., Brooklyn.
ing capital.
Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in late April.
/
Variable Annuities Fund,
United
•
Univend Corp.
Sept. 29, 1961 ("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
Universal
Co., N. Y. Offering—Imminent.
Inc.
Lighting Products,
Sept. 21, 1961 filed 175,000 common.
—Manufacturer
lighting
of
(4/2-6)
Price—$1.;Business
and
fixtures
display
and
merchandising equipment for use in gasoline service
stations. Proceeds — Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood,
Underwriter—Globus, Inc., N. Y.
-
N. J.
Business—Manufacture of urethane
* equipment,
working
capital,
corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer—Rowles, Winston & Co., Houston.
unit.
per
Proceeds—For
foams.
leasehold expenses and other
Utah
Concrete
Pipe Co.
filed 110,000 common. Price — By amend¬
$10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher & Co., San Francisco. Offering—In May.
U-Tell
Corp.
1961 ("Reg. A")
Operation of
Sept. 18,
Business
—
33,097
common.
Price
—
$5.
discount department store/
a
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer — Continental Securities Corp., Milwaukee, Wis.
Offering—Imminent.
Vacco
Feb. 12,
1962 filed 100,000 common.
Price—$5.
Business
of
valves, and regulators for oil, chemical
acquisition of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
Vahlsing, Inc.
1962 filed 100,000
Jan. 29,
Price—By amend¬
common.
ment.
Business—Grows, packages, and ships fresh frozen
potatoes. Proceeds—For inventory, and working capital.
Office—Easton, Maine. Underwriter—Pistell, Inc., N. Y.
Note—This registration
Val-U
Homes
was
withdrawn.
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.
"
YrV"'
\:;
■
Valle's
Steak
House
Dec. 22, 1961 filed 78,812 common, of which
55,736 are
be offered by the company and 23,076 shares
by
holder.
Price—By
amendment.
Business—The
tion of four restaurants in Maine and Mass.
For
expansion, debt
purposes.
repayment and
a
to
stock¬
opera¬
Proceeds—
general
corporate
Office—646 Forest Ave,, Portland, Maine. Un¬
M. Payson & Co., Portland, and R. W.
derwriters—H.
Pressprich & Co., N. Y.
300,000 common. Price — $1.Y
coin operated vending ma- acquisition and general cor- -
&
v.'.Y;;Y;; ";.YYY
Burr, N.'Y;
' ■';,YvT.
West Falls
Shopping Center Limited Partnership
■.
(4/16-20)
:= t-r'Y' pY;-'
Inc.
Golfit. Proceeds
Arts
—
Proceeds—For
For debt repayment and
K
BalaPhila¬
&
general corporate
purposes.
Office—1411
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western Casualty &
,
Surety Co. (4/16-20) 16, 1962 filed 187,500 capital shares to be offered for
Feb.
Inc.
Industries,
Underwriter—Kidder, Peabody & Co., N. Y;
(4/9-13)
Nov. 6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business
Sale of; vitamin products and proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia.
'
'
*''
;
Vitamin
Specialties Co.
Western
•
Voi-Shan
Feb.
Inc.
Business
to
Corp.
(4/23-27)
Western
v
:
,
(4/23-27)
19, 1962 filed 371,750 capital shares of which 175,000
196,750 by stock¬
$42). Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter
Co., N. Y.
,
.
Western
p/-:
Life
Reserve
—
Kidder, Peabody &
'
!,
5
Assurance
Co.
of
Ohio'
YY:;Y:Y*;,'Y'./Y'/Y:'Y;: YY';: Y
(4/2-6)
Dec.
—
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
$3.
of/industrial and?
servicing
.
Pioneer Co.
to be offered by the company and
holders. Price—By amendment (max.
Business—The manufacture of electronic test equipment,
and
expansion.. Office—9065-Alameda
and
are
v
(4/23-27)
July 28, 1961 filed 100,000 class A shares. Price
installation
'/Yt®
Feb.
Voron Electronics Corp.
sale,
repayment
Houston, Tex.
-
29, 1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
ceeds—For selling stockholders. Office—241 Church St.,
N. Y. Underwriter—Andresen & Co., N. Y.
;
' .
;
the
'Y,YY
\
natural
of
debt
Jan.
/
'
v'/Y-'vY/Y/V
Ave., El Paso. Underwriter—Underwood, Neuhaus & Co.,
—
Volt Technical
/;
amendment (max. $25). Business—Distribu¬
gas and the furnishing of water service
communities in southwestern U. S. Proceeds—For
tion
engineered industrial components. Proceeds-tFor selling
stockholders.'Office—739 E. Walnut St.",-Pasadena-, Calif.
Underwriter—A/ Gs. Becker & CoM Inc., Chicago- - Y
•
Service Co.
Price—By
(3/28)
1962 filed 100,000 common. Price—By amendDesign -and manufacture of specialty
28,
ment.
Industries,
Gas
March 19, 1962 filed 65,000 common, of which 50,000 are
to be offered by company and 15,000. by stockholders.
—
—For expansion. Office—335 Euclid Ave., Cleveland.
Underwriters
McDonald & Co., and Ball, Burge &
music. Proceeds—For tooling, pro¬
Kraus, Cleveland. ;
;
'
.
^
'
duction, engineering, inventory and sales promotion of
Western States Real Investment Trust ~
its products and for working capital.
Office — 1230 E.
Nov. 13, 1961 filed 32,000 shares of beneficial Interest.
Mermaid Lane, Wyndmoor, Pa.
Underwriter — John
Business—A small business' investment
Price—$6.25.
Joshua & Co., Inc., N. Y»
'
'
/'
s
/
company.
Proceeds—For investment. / Office—403
Wade, Wenger ServiceMASTER Co. (4/2-6)
Ursula St., Aurora, Colo.
Underwriter—Westco Corp.,
Dec. 28,
1961 filed 140,000 capital shares. Price—By
Aurora, Colo.
0;
:.
:/ ; r '
',V;
commercial communications equipment and the furnish¬
of background
1
.
,
amendment. Business—Sale of franchises for on-location
•
Underwriter—Laren
—
Co., N. Y.
'Wallace
Investments, Inc.
Feb. 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
engages in the mortgage > loan correspondent business.
Proceeds—For selling stockholders. / Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co.,.N. Y.
vV/
.
r
...
,,
Y • ... . '
Walston
...
Aviation,
Inc.
.
•
..
Co/, Los * Angeles,- /
(4/17)
Wiatt
Nov.
eral
N.
•
filed
(4/9-13)
135,000
Price—By
amendment. Business—Design
dresses. Proceeds—For gen¬
Office—124 E. Olympic Blvd.,
Underwriters—Schwabacher & Co., and J.
Co., San Francisco; and Bear, Stearns & Co.,
corporate purposes.
&
Y..
\
-
V
■
(3/26-30)
27, 1961 filed 162,000 common, of which 102,000 are
Widman
Oct.
(L. F.), Inc.
by stock¬
chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
to
debt
repayment, equipment, and
working capital/ Office—2263 Valdina St., Dallas. Un¬
derwriter—Eppler, Guerin & Turner, Inc., Dallas.
—
are
"
Co.
manufacture of ladies'
Barth
(4/30-5-4)
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
$4.
Los Angeles.
25, 1962 filed 180,000 common. Price—By amend¬
ment.
Business—Printing of legal and financial docu¬
'Proceeds—For
—
common, of which 45,000
to be offered by the company and 90,000 by
1961
stockholders.
and
*
(Norman)
28,
shares
Jan.
ments.
75,000 common. Price
("Reg. A")
lighting fixtures. Proceeds—For debt repayment, equip¬
ment and working
capital.'Office—5221 W. Jefferson
Blvd., .Los Angeles. Underwriter—Costello, RusSotto &
—
Inc.
(5/7-11)
Lighting Co.
26, 1962
Business—Manufacture and distribution of electrical and
60,000 are to
stockholder, i
Price—$6.25. Business—Sells Cessna Airplanes and sup-,
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
Warlick Press,
White
Feb.
Oct. 30, 1961 filed 90,000 common, of which
be offered by the company and 30,000 by a
-•
Wham-O
Mfg. Co. (4/17)
Dec. 26, 1961 filed 100,000 common, of which 72,500 are
to be offered by the company and 27,500 by stockhold¬
ers. Price
$8.50. Business — Design, manufacture and
sale of toys and games, sporting goods and housewares.
Proceeds—For working capital. Office—835 E. :E1 Monte
St., San Gabriel, Calif. Underwriter—Cruttenden & Co.,
Inc./ Los Angelesl':
;-■
J;' /'/■■■.•'."''V/'.
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N. Wayne, Chicago.
•
and missile industries. Proceeds—For
•
Electronics,
..
Valve Co.
—Production
;
-
.
ic West Chemical Products, "Inc.
March 15, 1962 filed 41,000 common. Price—By amend¬
ment (max. $35). Business — Manufacture and sale of
sanitation products and pharmaceuticals. Proceeds—For
selling stockholders, Office—42-16 West St-; Long Island
City, N. Y. Underwriter—E. F. Hutton & Co., and Coffin
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning equipment
Feb. 8, 1962
ment (max.
■
;
,,
Blvd.,
—
Inc.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. .Price—
$5.05
•
1275'W, Redondo Beach
—
(4/23-27) >
subscription by stockholders on the basis.,of .one new
Dec. 26, 1961 filed 95,000 common. Price—$2. Business /
share for each four held. Price—By amendment (max.
—Design, assembly, production and sale of creative arts,
$58), Business—Writing'of automobile, general liability
crafts, hobbies and educational toys. Proceeds—For debt
and
other types of insurance.
Proceeds—To increase
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.y
capital funds.' Office—916 Walnut St., Kansas City, Mo.
Underwriters—Globus, Inc., and Ross, Lyon & Co., N. Y.
ing
Urethane of Texas,
-
as
Visual
N. 'Y.
Electronic Publications,
of
an
t
,
general corporate purposes. Office—1 Balu Ave.,
Cynwyd, Pa. Underwriter—D. L. Greenbaum Co.,
delphia. Offering—In late June.
, -
Nov.
S.
-
businesses/Office
Y/<.'Y Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
Jan. 23, 1962 filed 150,000 common. Price—$5. Business
Development of a shopping center at Falls Church, Va.
—Manufacture, lease and sale of an amusement device
—A
U.
lar
purposes.
Victor
(4/16-20)
frey, Hamilton, Taylor & Co., Inc.,
expansion, investments and possible acquisition of simi¬
Office—1290 Bayshore Blvd., Burlingame, Calif.
Underwriter—Pacific Coast Securities Co.,
San Francisco. Offering—Expected sometime in June. /
Inc.
March 15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. 'Proceeds
—For general corporate purposes. Office—531 Ferry St.,
Newark, N. J. Underwriter—Moran '& Co., Newark, N. J.
United Packaging Co., Inc.
Proceeds—For
chines.
porate
ic United Markets,
•
N. Y.v
Business—Manufacture
1
.
Gardena, Calif, Underwriter—Mitchum, Jones & Templeton, Los Angeles.
•
y
; :
Y'YY/IY Y/Y>
Vendex, Inc.
Jan. 12, 1962 ("Reg. A")
life insurance company.
>
West Bay Financial Corp.
.
of
liston & Beane,
remaining 90,400 shares will be offered to certain per¬
associated with the parent company or its sub¬
sidiaries. Price—By amendment. 'Business—A legal re¬
pected in late June.
*
'
March 7, 1962 ("Reg. A") 60,000 common. Price— $5.
Business—A savings and loan association. Proceeds—For
duction
sons
serve
\
eyebrow pencils, lip liners, etc. Proceeds— •
For
debt repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Wil-
Co.
United Investors Life nsurance
(4/2-6)
Corp.
.
1961 filed 124,900 common, of which 55,000 are
to be offered by the company and 69,900 by stockholders.
Price—By amendment. Business—Design, manufacture
and distribution of aids for hair styling, and the pro¬
Dec. 27,
•N. Y.
Dec.
Thursday, March 22, 1962
.
Vapor Corp.
;
Continued from page 45
:
.
(1418)
be
offered
holders.
by
the
company
and
Price—$3. Business—Operates
60,000
a
Wiggins Plastics, Inc. (3/26-30)
20, 1961 ("Reg. A") 100,000 common.
Price—$3.
compression, transfer and injection
-
Proceeds—For the
Oct
ital.
Business—Custom
purchase of vessels, and working cap¬
Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.). Offering—Ex¬
Office—71
molding of plastic materials. Proceeds—For debt re¬
payment and general' corporate purposes.
Office—180
pected sometime in late May.
•
Kingsland Rd., Clifton. N. J.
Weinkles Liquor Stores,
Inc. (4/16-20)
27, 1961 filed 165,000 common, of which 80,000 are
to be offered by the company and 85,000 by stockhold¬
ers. Price—$4.50. Business—Retail sale of liquor in and
about Miami, Fla. Proceeds—For working capital. Office
—2305
N, W.
12th Ave., Miami, Fla. Underwriter—
Charles Plohn & Co., N. Y. Offering—In April.
Dec.
.
Underwriter—Investment
Planning Group, Inc., East Orange. N. J. <
v"
~
Wiley (John) & Sons, Inc. (5/1)
Feb. 21, 1962 filed 150,022 shares of capital. Price
amendment.
Business—Publication ..of
text
—
books
By
for
college, post-graduate and adult education courses, and
professional books, encyclopedias, handbooks, etc. Pro-
Volume
195
Number
6144
.
.
The Commercial and Financial Chronicle
.
selling stockholders. Office—440 Park Ave.,
ceeds—For
Devoe
Feb.
N. Y. Underwriter—White, Weld & Co., Inc., N. Y.
Winslow
Electronics, Inc.
1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
measuring devices and
ceeds—For
debt
other
and
repayment
corporate
poses. Office—1005 First Ave., Asbury Park,
writer—Amos Treat & Co., Inc., N. Y,<"'
,
pur¬
N. J. Under¬
>
,
it Witco Chemical Co.,
Inc.
•
.
Florida
Power
March 20, 1962 filed 100,000 common. Price—By amend¬
ment (max. $45). Business — Sale of chemicals, deter¬
457,265
additional
Office—101 Fifth
gents, and petroleum derivatives. Proceeds—For selling
■stockholders. Office—122" E: 42nd St., N. Y. Underwriters
on
4—Smith, Barney & Co: and Goldman, Sachs & Co., N. Y.
Pacific RR
(4/17)
21, 1962 it was reported that this company plans to
issue $5,925,000 of equipment trust certificates due an¬
nually Mar. 15, 1963-77. Office—Missouri Pacific Bldg.,
St.
about
shares/on a l-for-20 basis.
St., South, St. Petersburg, Fla. Under¬
(6/5)
March
'■
Detroit. '•/
V
'v'
World Scope Publishers,
Inc.
Business—The publishing of encyclopedias
and other reference books.
Mich.
Road, Dearborn,
Underwriters
—
To
Co.,
South,
:
;
<
Wulpa Parking Systems, Inc. ;
;
Oct. .13, 1961
("Keg. A") 75,000 common.
Price—$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
On Jan.
the
Underwriter—Ehrlich. Irwin & Co., Inc., N. Y.
Offering—Expected sometime in April.
Ave., N. Y.
•
'
able
corporate purposes. Office—91 Main St., Madison,
Underwriter—Andresen & Co., N. Y. *
Youthcraft Creations, Inc.
.
;
Dec. 6,
(3/28)
Oct. 5.
.v-
1961 filed 130,000 class A shares, of which 20,000
of
foundation garments
Proceeds '— To
women.
finance
v.
accounts re¬
Office—21-09
Ave.,. Long Island City, N. Y. Underwriter—
Paine, Webber, Jackson & Curtis, N. Y. ;•' '<
Borden
-
•
•
Laboratories, Inc. (4/18) ///>.
Nov. 22, 1961 filed. 120,000 common. Price—$4.50. Bus!-,
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
•
Zenith
-
that
V-
Would
write
you-telephone
us
us
at
REctor
2-9570
Y.
or
at 25 Park Place, New York 7, N.
:s
Office—500
1958
(5/31).
if the
ajb: EST)-at the
company's office.
be
Corp., N. Y.
May 21,
is
favorable.
Proceeds—For
debt
repay¬
Office—Centerville, Iowa. Under¬
,
named.
The
last
sale
of
March
20, 1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
to
sell
payment, and construction. Office — 161-20 89th Ave.,
Jamaiica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
Co., Inc.
On Mar. 7,
(11:00
Under-
on
ic Jamaica Water Supply Co.
(6/7)
1962 it was reported that this company plans
to sell $25,000,000 of debentures due 1987. Office—120
E. 41st St., N. Y. Underwriters—(Competitive). Probable
bidders: Merrill Lynch; Pierce, Fenner &- Smith Inc.White, Weld & Go., (jointly); Morgan Stanley & Co.;
HalsOy,-Stuart
Co.,. Inc..Bids *— Expected June 7
111.
Decatur,
preferred was
made privately, The last sale of common on April 17,
1957 was handled on a negotiated basis by First Boston
Lines, Inc.
1962 an application was filed with the ICC cov¬
ering 115,000 class A common shares, of which 15,000
would be sold by the company and 100,000 by certain
stockholders; Price—$7.75. Business—A motor freight
carrier serving the principal cities of New York State.
Proceeds—For working capital.
Office—226 Ohio St.,
Buffalo, N. Y. Underwriter—Doolittle & Co., Buffalo.
Inc.
market
writers—To
March 2,
Systems,
St.,
through First Boston Corp. Other biddersStuart & Co. Inc.; White, Weld & Co.-
ment and construction.
Stuart & Co.;,, Inc. Bids—Expected May 31.
Gas
27th
it Iowa Southern Utilities Co.
March 20, .1962 it was reported that this company plans
to sell about $3,000,000 of common or preferred in 1962
Boss-Linco
Columbia
South
Halsey,
Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
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¬
mingham, Ala. Underwriters—(Competitive) Probable
biddersr
Blyth & Co.; Inc.-Kidder, Peabody & Co.
(jointly); Morgan,Stanley & Co.; First, Boston Corp.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
rities Corp.-Drexel & Co. (jointly); Lehman Brothers,
★ Milwaukee Gas Light Co.
•
March 20. 1962 it
sell
was
reported
in¬
$15,000,000 of 30-year first mortgage bonds
Proceeds—For
expansion.
Office—15
So.
5th
San
Diego Gas & Electric Co.
19, 1962 it was reported that this company plans
sell about 500,000 common to stockholders in late
raise
some
$17,500,000.
Office—861
Sixth Ave.r
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
1962 it
Telephone & Telegraph Co.
was
(5/1)
reported that this A. T. & T. sub¬
sidiary plans to sell $75,000,000 of debentures due May 1,
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.
Southern
Electric
Generating Co.
(11/28)
On Jan. 12, 1962 it was reported that this subsidiary o\
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N.
18th St.,
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Nov. 1.
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
Halsey,
Stuart
bidders:
&
Co.
Salomon
Inc.
Brothers
Bids—Mar.
29
&
at
Hutzler;
12
noon
(EST).
,
Merrill
On Jan.
Halsey,
made
were:
Prospective Offerings
Power Co.
was
was
2001.
plans
Feb. 28, 1962 it was reported that this utility expects to
sell $25,000,000 of debt securities in late 1962 or early
1963.
1962 it
Southern Bell
*
company
writers—To be named. The last sale of bonds
,
Alabama
Co.
1992.
Feb. 27,
.;••;
similar to those you'll find hereunder.
Power
19,
1962 to
Lehman
Illinois
(6/12)
San
.
Brothers; Stone & Webster Securities
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. and
White, Weld & Co. (jointly); Salomon Brothers & Hutz¬
ler and Eastman Dillon, Union Securities & Co. (joint¬
ly); and Halsey, Stuart & Co. Inc. Bids—May 21 at 12:00
noon
(EDST) in New York City. Information MeetingsExpected May' 16, 1962 at 11:00 a.m. (EDST) at the
Irving Trust Co., 1 Wall St., New York City.
planning to register?
Department, would like
we can prepare an item
Dillon,
company
to
mont, Tex/Underwriters—(Competitive). Probable bid¬
News
so
Underwriter—Eastman
(Minn.)
•
to sell $17,000,000 of 30-year first mortgage bonds. Pro¬
ceeds—For expansion: Office—285 Liberty Ave., Beau?-
/ ATTENTION UNDERWRITERS!
Nev.
March
Co., Inc.; Harriman Rip¬
* Gulf States Utilities (5/21)
March 19, 1962 it was reported that this
Do you have an issue you're
Corporation
first
Office—270
Georgia Power Co. (11/7)
Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At¬
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled for
ders:
Our
/V
Oct. 5.
Securities, incl,:;N^'Y.^i 'i
to know about it
November.
On
for "juniors" and
increased
ceivable and for other corporate purposes.
\...w
1
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co.; Merrill
Lynch, Pierce,
& Smith Inc., Peabody &
Co., and White, Weld
& Co.
(jointly); First Boston Corp. and Blyth & Co.,
Inc. (jointly). Bids—Expected June
12, 1962.
'
to
manufacture
.
\
St.,
bidders:
Fenner
& Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
(jointly); Equitable Securities Corp.Eastman Dillon, Union Securities
Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
N. J.
14th
that this
due
reported that this subsidiary of
Hqjsey, St^gr)
Las Vegas,
tends to sell
Co.-Shields & Co.
be offered by the company and 110,000 by stock¬
holders^ Price—By amendment Business—Design and
a are
bidders:
Office—931
March
ley
ment,. Business—Development and manufacture of phar¬
maceuticals and medical products. Proceeds—For general
.■
in
bonds
loans
• Northern States Power Co.
Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
1961 filed 125,000 common. Price—By amend¬
28,
was
bank
repay
Underwriters—(Competitive). Probable
England Electric System (5/29)
13, 1962 it was reported that this company plans
to offer stockholders in June the
right to subscribe for an
additional 872,876 common shares on a 1-for-15 basis.
Office—441
Stuart St., Boston, Mass. Underwriters—
(Competitive). Probable bidders: Blyth & Co.-Lehman
Brothers-Bear, Stearns & Co. (jointly); Carl M. Loeb,
Rhoades & Co.-Ladenburg, Thalmann & Co.-Wertheim
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Inc.-Kidder, Peabody & Co.-White, Weld & Co. (joint¬
ly). Bids—May 29. Registration—Scheduled for April 12.
(11/7)
Southern Co. plans to offer $23,000,000 30-year
mortgage
Wynlit Pharmaceuticals, Inc.
Dec.
12, 1962 it
sub¬
New
Inc.
Georgia Power Co.
"
-
-
Feb.
(mgr.)-First Boston Corp.-Goldman, Sachs &
Co.-Kuhn, Loeb & Co. Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc.-White, Weld & Co. (joint¬
ly). Offering—Expected in late April.
' < ,
-
'
.
.
that this A.T.&T.
Union Securities & Co., N. Y.
named:
be
reported
Nevada Northern Gas Co.
Previous offerings of Ford Motor stock by the Founda¬
tion were underwritten by groups headed by Blyth &
debt, working capital and general corporate purposes.
Broadway, Lynbrook, N. Y. UnderwriterStandard Securities Corp., N. Y.- v
t
was
28, 1962 it was reported that this subsidiary of
Southwest Gas Corp., plans to sell
$2,000,000 of common
stock publicly in May. Office—2011 Las
Vegas Blvd.,
'
'Office—290
.
Feb.
plans to issue 2,250,000; shares of the Foundation's holdings of Ford Motor common stock. Office —- American
<
Proceeds—For repayment of
-
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expected June 5.
>
March 14, 1962 it was reported that the Ford Foundation
1961 filed 300,000 common snares. 1 Price—By
July 31,
-amendment.
Denver.
Ford Motor Co.
(4/2-6)
'
21, 1962 it
Proceeds—To
.
■
;
'
&
sidiary plans to seU $50,000,000 of debentures in June.
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Corp. \
V*./••■;~'v .i/"'
Inc., N. Y. Offering—Expected in October, 1962.
Jan.* 26,^1962 filed $4,500,000 of 6.5% convertible sub¬
• Florida
Power Co.
(5/17)
ordinated debentures due 1977 (with attached warrants) * .March
19, 1962 it was reported that this utility plans to
to be offered for subscription by stockholders of class
issue $25,000,000 of 30-year first mortgage bonds in May.;
;A stock on the basis of $500 debentures for each 100
Proceeds—For debt repayment, and construction.. Office
.class A shares held. Price—$500 per unit. Business—
-^101 Fifth St., South, St. Petersburg, Fla. Underwriters
Real " estate. Proceeds—For debt repayment and realty
—(Competitive). Probable bidders; Halsey, Stuart & Co.
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
Inc.; Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fen¬
;—S. El Securities, Inc.,
Y.
ner
& Smith Inc (jointly); Lehman Brothers-Blyth &
Co. (jointly); Eastman Dillon, Union Securities & Co.Wolverine Aluminum Corp.
Harriman Ripley & Co. (jointly); First Boston Corp. Bids
March o, 1962 filed 100,000 common/Price — By amend¬
ment (max. $6.50). Business—Processing and manufac¬
—Expected May 17 (11:30 a.m. EDST) at office of Shear¬
man
& Sterling, 20 Exchange Place, N. Y. Information
turing of aluminum building products. Proceeds—For a
new building and equipment.
Meeting—May 15 (11 a.m. EDST) at Morgan Guaranty
Office—1650 Howard St.,
Trust Co., 54 Liberty St., N. Y.
•Lincoln Park, Mich. Underwriter—F. J. Winckler & Co.,
.-'-•Woif
.
bid¬
it Mountain States Telephone & Telegraph Co.
com¬
underwritten by Kidder, Pea-
was
Underwriters—(Competitive). Probable
Halsey, Stuart & Co. Inc.; Salomon Brothers
Bids—Expected Apr. 17.
Hutzler.
common
May 4,! 1959
Louis.
ders:
plans
writers—To be named. The last rights offering of
mon
Missouri
Feb.
Co.
March 19, 1962 it was reported that this company
to offer stockholders the. right
tefj subscribe for
Inc.
47
Office—626 E. Wisconsin
Ave., Milwaukee. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; Kuhn, Loeb & Co.-Blyth &
Co. (jointly).
Merritt-Chapman & Scott Corp., which now holds 96.9%
of the total outstanding. Business—Manufacture of in¬
dustrial finishes and paints. Office—401 W. Main St.,
Louisville, Ky. Underwriter—To be named.
equipment. Pro¬
test
Raynolds Co.,
28, 1962 it was reported that 400,000 shares of this
firm's stock would be offered publicly, of which 200,000
shares would be sold by the company and 200,000 by
-
Dec. 28,
electronic
&
(1419)
reported thabthis utility plans to
$15,000,000 of 25-year first mortgage bonds in May.
it Statewide Vending Corp.
March 20, 1962 it was reported that the company plans
to file a registration statement covering 88,000 common
shares. Price—$4.25. Business — Servicing of vending
machines.
Proceeds — For working capital.
Office —
Queens Village, N. Y. Underwriter—M. H. Meyerson Co.,
Inc., N. Y.
Utah
Powor
A Light Co.
(5/22)
Jan. 17, 1962 it was reported 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. North Temple St., Salt Lake City.
Underwriters?—(Competitive). Probable bidders on the
bonds: First Boston Corp.-Blyth & Co., Inc. (jointly);
Kidder, Peabody Sc Co.; Halsey, Stuart & Co., Inc.;
Salomon Brothers & Hutzler; White, Weld & Co.-Stona
& Webster Securities Corp. (jointly); Eastman
Dillon,
Union Securities & Co.-Smith, Barney & Co. (jointly);
Lehman Brothers-Bear, Stearns & Co. (jointly). The
last issue of common on Sept. 17, 1957 was underwritten
by Blyth & Co., Inc.-Kidder, Peabody & Co.-Merrill
Lynch, Pierce, Fenner & Smith, Inc. (jointly). Other
bidders were First Boston Corp., and Lehman Brothers.
Bids—Expected May 22.
•
Virginia Electric & Power Co. (6/5)
March
19,
1962 the company announced
publicly 650,000
Va.
common
Underwriters
shares. Office
plans to offer
—
Richmond 9,
(Competitive). Probable bidders:
Lynch, Pierce, Fenner & Smith Inc.; Stone &
Webster Securities C04 Kuhn, Loeb & Co.-Ladenburg,
Thalmann & Co.-Allen & Co. (jointly). Bids—June 5
(11 a.m. EDST) at One Chase Manhattan Plaza (23rd
floor), N. Y. Informatoin Meeting — June 1 (11 a.m.
EDST) at same address.
Merrill
—
The Commercial and
;
48
(1420)
Financial Chronicle
Thursday, March 22, 1962
.
Tax-Exempt
BEHIND-THE-SCENES INTERPRETA TIONS
*•
Continued
CAPITAL
FROM THE NATION'S
'
Bond Market
WASHINGTON AND YOU
riod,
'
in
of
the
four
Presidents and 11 Congresses the
United States thus far has pro¬
in
Latin
D.
of
recommendations
Issues
Within
$61 billion
to 80 countries.
the
assistance program was
Marshall Plan.
War II the
the
called
The
AID Administrator is
new
was
del
is Fowler Hamilton, who
life.
He
Is
native of Kansas City. lie
a
a
veteran of World
is
War II and a
Rhodes Scholar.
'
^
Hill
tol
between
and
now
eign
examples.
born
those
properties
countries is
Louisiana.
r
al
questioner is
Representative Otto E. Passman
who wields a tremendous amount
prospective
of influence
over
foreign
our
ex-
pendituress.
Congressman Pass¬
man is chairman of the House Ap¬
Subcommittee
propriations
o n
The Castro
has
taken
of
in
people
President
Kennedy has sent to
too
20% Cut in Appropriations
He
confidence that
Congress
will ; cut
the
budget
recommendation by
about 20%.
He
is
probably right, because
since 1955 when he became Chair¬
expresses
of
man
the
Appropriation
Sub¬
committee, he has not been re¬
versed a single time by the full
House: Committee, and only twice
Thus
far
Mr.
tion.
ence
President
take
similar
a
made
direct
a
refer¬
recent expropriation by
a
in Brazil of the properties
state
United
the
ternational
States-owned
Telephone
In¬
Tele¬
and
credited single-handedly
graph Co. The Brazilian state has
in the United
small
with re¬
ducing foreign aid appropriations
States Congress by
billion from recommended
appropriations of more than $26
$4.8
billion.
That| is
money
in anybody's league.
To
a
lot of taxpayers'
and that includes many State De¬
partment people, Mr. Passman is
a
worm.
millions
Nevertheless,
of
of
to
many
people, who
"gentleman
Louisiana," they
The
Ad¬
"very
regards
Hamilton
as
is
a
IT&T
majority
great
a
assistance
all
should
be
to
of
Brazil
delayed until the gov¬
ernment
higher-ups of Brazil can
out
a
fair and equitable
work
treatment
to
the
seized company.
a
able, patriotic
There is
better time for
no
government to take
Brazilian
the
with
its
our
firm stand.
a
state
gets
away
aims, it may
encourage other coun¬
very
well
tries
to
plete authority
personnel "he
citizens
who
money
in
board
for
is a
Progress
declaration of principles
by
20
countries. Major
THEY
in—never
take
a
ing market improvement include:
Kentucky
Turnpike
4.80s
and
in the Dominican
Republic. After 31 years of dic¬
tatorship, and months of turmoil,
a
new
government,, committed
of
ray
the
to
hope
To guarantee that the eco¬
growth
in
each
Latin
American nation be at least 21/->%
(1)
is
capita a year.
(This*
colossal
undertaking
as
per
have
Mexico
a
only
Venezuela
and
the "behind the scene"
various countries, and to distrib¬
ute
the
tax
burdens
more
interpretation
from the nation's Capital and may or
may not coincide with the "Chronicle's"
own
views.]
COMING
(3)
Institute
reform
table
to
distribution
same
ity
on
the
of
land
equi¬
and
at
IN INVESTMENT FIELD
(At present 70%
land
in
Latin
arable
is
owned
people and only a
under cultivation.
annual dinner at the
health, housing, and education.
It is apparent that the leaders
of
America, who are a proud
people, are going to have to stress
that those countries are going to
have to do a lot of self-help work.
A good many, of the leaders of
those
countries
already
realize
that
undertaken
and
some
Allen
& Co. and
bringing $29,000,000
and
bonds
term
to
market
this
week, : -divided
as
$10,000,000
serials
(1967-1985) and $19,000;000 long-term bonds. Details have
not
been supplied but there
is
evidence of a favorable reception.
other
negotiated
financings
ready for market.
Glass & Ross
&
Ross, Inc., 60 East 42nd
Street, New York City, has elected
Hi Slutsky a vice president of the
firm.
•
King Edward
Sheraton.
Attention Brokers and Dealers
April 8-10,
Tex.)
1962
(San Antonio,
American Cement
Association
ers
nual
MARKETS
TRADING
of America, an¬
meeting at the St. Anthony
Botany Industries
Hotel.
Electronics
Maxson
April 27, 1962
Official Films
(New York City)
Security; Traders
Association
of
Waste
New York Dinner at the Waldorf-
Astoria.
(Pittsburgh, Pa.)
King
v
York telephone number
New
Our
May 4, 1962
Pittsburgh Securities Traders As¬
plight
sociation Annual
Spring Outing
Cuba
at the Oakmont Country Club.
will discourage any other wouldbe
dictators
in
Latin
America. May 6-9, 1962 (Seattle, Wash.)
of
are
Kentucky Turnpike, Eastern serial
Texas Group of Investment Bank¬
Latin
said that
associates
Glass
5% of the April 6, 1962 (Toronto, Canada)
quarter of it is Toronto Bond Traders Association
by
(4) Raise the standard of living
of the people by improving pub¬
Via
Offering
Elects V.-P.
time increase productiv¬
the land.
America
more
a
in the
be
Negotiation
No
EVENTS
of land
programs
provide
Turn¬
issues.
Kentucky
appear
equitably.
lic
reflect
10 years.)
the past
(2) Reform the tax laws in the
of
to
attained this maximum rate
during
and
coupon
It is
[This column is intended
4%s;
Maryland
continues to
been
national affairs.
nomic
Brazil,
and
high
is
Dominican
controlling
Turnpike
Oklahoma
pike 4yss; New York State Power
Authority 3.20s Florida Turnpike
4%s and others. The big play has
democratic way of life,
currently
goals are:
internal reforms.
apparent
and hard, working
man." However, he maintains that
unless Mr. Fowler is given com¬
Alliance
have
Incipient Trend?
If
Program
Self-IIelp Essential
United States citizens would agree
like the
Congressman
ministrator
the
worth.
are
Perhaps
what
of
never
the
from
idea of
shrinking spending abroad.
heard
properties
which
$400,000
only
fraction
that
people in Washington,
some
offered
Goals of the Alliance for Progress
the
proposed in his bill.
Long
to
money
4.85s;
compensa¬
that
should
as
Mr.
the
at
Delaware
signed
fair
believes
He
stand
ice?—Look
simple
proposes
without
Kennedy
of
is
Passman
Senator
citizens
a
by the House itself.
The
Revenue Serv¬
"Why don't you invest in the Internal
The
to stop
any
foreign
assistance
to / any
country which expropriated prop¬
erty
owned
by
United
States
-
Seeks
Index would
have
higher. If averaged
the Index would
doubtless have been diminished,
reflecting some market gain. Is¬
sues in-demand
today and show¬
of mil¬
Sen. Long's Proposal
the
been
19-20)
likely
of
amendments.
much.
the
today, however,
slump!"
a
entirely
is
15, the
was
sampling. On Monday and
Tuesday
of
this week
(March
internation¬
Because
the
dictatorships
in
recommendation of
$4.8 billion for foreign assistance Latin America have a habit of
starting the next fiscal year on grabbing off valuable properties
July 1. Mr. Passman, who quit developed by United States citi¬
school when he was in the fourth zens, Senator Russell B. Long of
grade to help his family make a Louisiana wants to do something
living and is today a prosperous, about it. He introduced a bill a
well-to-do businessman in private few days ago that may well have
life, says that the $4.8 billion fig¬ some merit in it, with proper
ure
recently, on March
was at 3.63%. This
Index
this country*
in
J
Company Turnpike Bond Index
out at a 3.64% /yield.
More
two
to
of the
some
an
hundreds
over
i
;
averaged
just
Foreign Operations.
Congress
&
government in Cuba
dollars
occurred
mediate antidote.
help
property that
were
owned
by people of the
United States. The Cuban situa¬
tion alone
affects thousands
of
lions
hesitation
same
i;\On March 8, the Smith, Barney
major proportions.
of
shame
is¬
new
week with new issue
again the almost im*
bullishness
happened
Latin
Of
slightly until the
stumbling
this
United
in
name
What
Southeast
pineywoods section
The
to
Power,
tenant farm in the
on a
two and
or
last
investments
the toughest questioning from an
is-'
revenue
day
underlying trend. This
again
Fruit Co. and American and For¬
articulate self-educated man who
was
sive
are
have
term
a
Three
market confirmed the aggres¬
sue
Many of the people of our coun¬
try
other
and
hesitated
sues
amend their ways.
sum¬
in connection with the
tremendous aid program. He faces
mertime,
fluctuations.
quotations for the toll
ago
reacted
country, some of the
going to have to
this
countries
before,
moves
road
con¬
expect
However,
are.
indicated
weeks
seemingly Jias
Yet, if the Latin
countries
American
still
been
frequently develop
dry blows after their initially
as
year,
merits.
some
Uruguay
Este,
al*
have
issues
uncertain
Progress,
motion at the
in
set
last
ference
from
Hamilton, who is articulate,
faces a lot of questioning on Capi¬
Mr.
these
for
Alliance
The
has
as
social development.
which
they
course
$5
before
private Punta
in
lawyer
York
New
a
aid proposal
quoted
been
the
bellwether
of
succeeding market moves and of
billion budget
Congress,
AID
m...v'-- hopes
to
earmark from $500,A new name and a brand new 000,000 to $600,000,000 for technical
organization is all ready to start assistance to help Latin America.
a
broad
program
of assistance,
The Latin America program has
particularly
to
the
underde¬ been designated "Alliance -for
veloped countries. It is known as Progress" and is designed to re¬
the Agency for International De¬ duce illiteracy, combat contagious
velopment.
Right
after
World diseases, and aid in economic and
of foreign
vided
«
;l"'
Higher
Moving
ways
of life.
way
re-*
;
Dollar
nearly 200,000,000 people
America, have a better
C.—Through
WASHINGTON,
$305,000
of
account.
'
Dollar
the
6
page
balance
a
mains
'
from
is
CAnal 6-4592
It is possible that the sad
what has happened
in
LERNER & CO., INC.
countries.
sors
to hire and fire
will go by the
like nine of his predeces¬
in that job."
major part in shaping
plays
our
a
foreign
aid
policies. In the past
the
billions of
for
military assistance to various
dollars
many
have
of
gone
countries.
Latin
America
The
course
of
Major Aid
fair
changing
our
ioast
sharply
the
expenditures.
trying to help many millions,
enterprises
any
they
and
invested
countries
at
equitable
properties thus taken
Meantime,
Kaiser
it
may
Industries
are
on
own
tions
for
Association
of
Savings Banks 42nd annual
-
Investment Securities
Mutual
con¬
10 Post Office Square, Boston
other
hand
there
is
a
ference
at
the
Olympic
Hotel.
Teletype
BS 69
!}JF
CoveVitamin&Pharmaceutical
Common and Warrants
■
be
9, Mass.
Telephone
HUbbard 2-1990
the
over.
that
people,
the right
over
.
National
a
as
very
'
'
*
Common & Warrants
an
well.
*
Versapak Film & Packaging
the
track.
the
going
On
■
worsen¬
the
about half of the
are
ing in Cuba.
gradually
com¬
pay
operations,
employes
are
Argen¬
tinians, with Kaiser supplying the
technical supervision. Reports are
the joint ownership and
opera¬
and
are
to
want
least
price
Conditions
Latin)
of
United States
should
their
ing jeeps and automobiles in Ar¬
gentina. The people in Argentina
One of the primary goals is aimed
at
pany
States
taxpaying
by
have
Latin
the
United
The company is successfully mak¬
Kennedy Administration is
at
owned
get rid of
example,
Recipient
aiming
property,
If
State Department
The
confiscate
gc=] (~!arl Marks & Co. Inc
FOREIGN
20
BROAD
Bought—Sold—Quoted
SECURITIES SPECIALISTS
STREET
TEL: HANOVER 2-0050
•
NEW YORK 5, N. Y.
TELETYPE NY 1-971
*
HILL, THOMPSON & CO., INC.
10 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
,
,
">
Tele. NY 1-0154
Volume
195
Number 6144
THE
.
.
.A Supplement to the Commercial and Financial Chronicle
ASSOCIATION
PHILADELPHIA
MID-WINTER
ANNUAL
BELLEVUE
'.*•
(1)
INVESTMENT
TRADERS
OF
Thursday, March 22, 1962
V
"
'
,■
'•
•
•
STRATFORD
•:
•••
•'
•
:■"v-v'-•"
FIRST
PRESIDENT
DINNER
VICE-PRESIDENT
•
< v',,
HOTEL*
:;.vij
V ''
•
•
MARCH
9,
1962
:v';.;'.'* '-"J.
:•
;vr..
.
■
,
*.'■
•
:
•/
.
.
•.
j.V :
—
:* ■ *' .■
<;
»
'
*j
SECOND
VICE-PRESIDENT
TREASURER
SECRETARY
Officers
John E. Knob
Jack Christian
H. E. Beattie, Jr.
Harry F. Green, Jr.
Drexel A Co.
Janney, Battles A
New York Hanseatic
H. A. Riecke A Co.,
Hecker A Co.
E. W. Clark, Inc.
Corporation
Inc.
W. R.
Radetzky
Edgar A. Christian
Joseph J. Cummings
A. H. Fenstermacher
Robert N. Greene
Stanley W. Jeffries
Samuel M. Kennedy
Suplee, Yeatman,
Mosley Co.,
Incorporated
Brooke, Sheridan,
Bogan A Co., Inc.
M. M. Freeman &
Co., Inc.
Stroud & Company,
Incorporated
Newburger & Co.
Yarna.ll, Biddle & Co.
Thomas J. Love
James B. McFarland
Governors
Michael D. Kinsella
John F. Klingler
Fred R. Knob
Robinson A Co.,
Inc.
Goldman, Sachs A
White, Weld A Co.
Geo. E.
Snyder & Co.
N. H. Parkes, Jr.
Willard F. Rice
Wallace H. Runyan
Gerstlev, Sunstein
Eastman, Dillon
Hemphill, Noyes A
& Co,
Union Securities
Co*
A Co.
Stroud A Company,
Incorporated
Co.
John D. Wallingf ord
Hecker A Co,
James G.
Mundy
Suplee, Yeatman,
Mosley Co.,
Incorporated
Norman T. Wilde
E. Coit Williamson
Janney, Battles A
E, W, Clark, Inc.
Schmidt, Roberts A
Parke
Robert N. Naylor
H. N. Nash A Co.
(2)
Volume 195
Thursday, March 22, 1962
Number 6144
...
A Supplement to the Commercial and Financial Chronicle
Joseph Donadio, Wm. V. Frankel & Co. Incorporated (New York); Joseph Corby, Allen <ft Company
(New York); Casper Rogers, Casper Rogers & Co., Inc. (New York); Bernard Weissman,
Gold, Weissman & Frankel, Inc. (New York)
Julius
Golden,
Ed
Jacobs,
Harry
Stillman
and
Joseph
Graff, all
of
Greene
and
Company (New York)
AI
Elwert,
C. C.
Jack
Collings and Company, Inc.; George Ominski, C. C. Callings and Company,
Murphy, Hornblower & Weeks; Pat McCloskey, Blyth <ft Co., Inc.;
Joseph Keenan, Blyth & Co., Inc.
Inc.;
Joseph Kelly, Greene and Company (New York); Jerry Kohn, Greene and Company
(New York); Lazer Gorm, Hill, Thompson £ Co., Inc. (New York);
Dan Bernstein, Janov & Co.
JENNINGS, MANDEL
& LONGSTRETH
Members New York Stock
and other
Exchange
Principal Exchanges
121 S. BROAD STREET
PHILADELPHIA 7, PA.
NEWARK, N.J.
•
BOSTON, MASS.
•
MIAMI BEACH, FLA.
•
HONOLULU, HAWAII
George Bell, Drexel & Co.; J. Edward Knob, Drexel & Co.; Charles Bodie, Stein
Bros. & Boyce (Baltimore); Steven M. Smith, Arden Perin & Co., Inc.
(Washington, D. C.)
Volume 195
Number 6144
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, March 22, 1962
(3)
Blyth&CoJnc.
Public Utilities
Primary Markets
With
Industrials
Complete
Bank and Insurance
Trading Facilities
Bonds
Ed
Burke, Dominion
Securities
and
Don
Corporation
Reilly, all of
(New York);
J.
F. Reilly
&
Kevin
Reilly,
Co., Inc.
Jack
(New
McFeely,
Bob
Municipals
Preferred Stocks
•
•
Common Stocks
Antolini
York)
New York
San Francisco
•
Boston
Louisville
•
•
Spokane
Fresno
•
:
San Jose
Palo Alto
•
•
Portland
•
Indianapolis
•
Eureka
Oxnard
•
Seattle
Kansas City
•
Sacramento
•
•
Cleveland
•
Minneapolis
•
•
Los Angeles
•
Pittsburgh
•
Detroit
Pasadena
Chicago
•
Philadelphia
•
Oakland
•
•
Tacoma
San Diego
•
Drexel & Co
Established 1838
We Maintain Markets in the
Delaware
First
Following Stocks
County National Bank
Pennsylvania Banking & Trust Co.
Girard Trust Corn
,
'
I ■
•
■'
,
•
»
.
.
Mike
Aneiro,
Bob
Pilla,
Larry
Hamburger,
Arthur
Mackie, Inc.
Ruskin
and
Bernard
Salman,
Singer,
Beane
&
*
Exchange Bank
Philadelphia National Bank
Provident Tradesmens Bank & Trust Co.
Allen
(New York)
Organ Company, Class B
American
Berman
Dredging Company
Leasing Company
Chesapeake Instrument Corporation
Colonial
General
Mortgage Service Company
Battery and Ceramic Corp.
:
Greenfield Real Estate Investment Trust
The Hanover Shoe, Inc.
Mother's Cookie
Company
The Narrow Fabric
National
Company
Rolling Mills Company
Rese
Engineering, Inc.
Rockower Brothers, Inc.
Tasty Baking Company, Class A
Teleflex
United
Incorporated
Exposition Service Co.
Members
New York Stock
American Stock
Exchange
Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
Philadelphia
KIngsley 5-4100
A1
Larash, Paine, Webber, Jackson & Curtis; Jerry O'Rourke, First Pennsylvania Banking
Trust
Company; W. V. McKenzie, Paine, Webber, Jackson & Curtis; Frank J. Morrissey, F. J.
Morrissey
& Co.; A1 Bouchard, W. E. Hutton & Co.; Charles
Weigel, W. E. Hutton & Co,
(New York); Tom Morrissey, F. J. Morrissey
& Co.
Reno
(4)
Volume 195
Thursday, March 22, 1962
Number 6144
...
A Supplement to the Commercial and Financial Chronicle
Securities Markets
suit every
to
need
Robert Lienhard, Troster, Singer
A Co. (New York City); Cliff Remington, Hess, Grant A Remington,
Inc.; Joseph McNamee, Hopper, Soliday A Co.; Herbert Beattie, H. A. Riecke A Co., Inc.;
Walter Filkins, Troster, Singer A Co. (New York City)
of Institutional
Investors
Securities of the United States
The
Government and its Agencies
State, Municipal, Revenue and Housing
FIRST BOSTON
Securities
Bonds, Preferred and Common Stocks
of
Industrial, Public Utility and
Railroad Corporations
CORPORATION
Bank Stocks
15 Broad Sri
•
NEW YORK 5
•
DIcby 4-1515
Casualty, Fire and Life Insurance
Boston
Company Stocks
Bankers' Acceptances
Certificates of
Pittsburgh
Chicaco
San Francisco
Philadelphia
Cleveland
Deposit
Securities of the International Bank for
Reconstruction and
tlnderwritey S)uiriiu(on
Development
SJeaie*
Canadian Securities
SPecmitiU
sjmedtment
External Dollar Securities
Larry Schneider, Charles A. Taggart & Co., Inc.; Albert J. Caplan, Charles A. Taggart & Co., Inc.;
Sam Weinberg, S. Weinberg, Grossman & Co. Inc. (New York); Maurice Hart, New York
Hanseatic Corporation (New York); Austin Umstead, A. E. Mast en A Co. (Pittsburgh)
Investment Securities
-UNLISTED
H. A. RIECKE & CO.
>
Member
INCORPORATED
;
York Stock
New
1620
Exchange
CHESTNUT
other Exchanges
and
STREET
PHILADELPHIA 3, PA.
LOcust 8-2400
Trading Department—LO 3-8120, CA 6-8383
Direct Private
TROSTER,
SINGER
WE'D
&
"LUV"
Wire
to
CO.,
TO
NEW
YORK
HELP
Michael J. Pinto,
Albert Teller A Co., Inc.; Myron Bader, John Schuss A Co. (New York);
Teller, Albert Teller & Co., Inc.; Peter Cardamone, Albert Teller A Co., Inc.
UNDERWRITERS AND
DISTRIBUTORS OF CORPORATE AND MUNICIPAL
SECURITIES
EST. 1014
B
ALISON
E NNLNG
&
Co.
BUILDING
Members
RITTENHOUSE SQUARE
PHILADELPHIA 3,
Bell
System Teletype PH 30
PA.
Telephone LOcust 8-0900
111
Philadelphia-Baltimore Stock Exchange
BROADWAY
NEW YORK
American Stock Exchange
Private
New York
6, N. Y.
Telephone COrtlandt 7-1200
Albert
Volume 195
Hank Serlen,
Dominick
Number 6144
...
A
Supplement to the Commercial and Financial Chronicle
Josephthal A
(New York);
Co. (New York); Dennis Serlen, guest; George R. McAleer, Dominick A
Floyd Justice, Kidder, Peabody A Co.; James McAtee, Butcher A Sherrerd
Jack
Wielar, Gregory A Sons (New York); Willard Rice, Eastman
Dillon, Union Securities A Co.; Bill Denney, Doyle, O'Connor
A
Co., Inc. (New York)
Fred
Thursday, March 22, 1962
Opitz, Cody, Roberts A Co. (New York); Don Williams, Hayden, Stone A Co. Incorporated
York); Aubrey Mason, Mason A Lee, Inc. (Lynchburg, Va.); Rawley Watson, Mason A
Lee, Inc. (Lynchburg, Va.); Hal Holmyard, Hayden, Stone A Co. Incorporated (New York)
(New
William Hammett, Jr., Boenning A Co.; Fred Devoll, Woodcock,
Moyer, Fricke A French, Inc.; Charles Wallingford,
Janney, Battles A E. W. Clark, Inc.
Private Wires
Hartford
Chicago
Houston
Cleveland
Indianapolis
Kansas City, Mo.
Dallas
Pittsburgh
Portland, Ore.
Salt Lake City
San Antonio
Louisville
Rapids
San Francisco
Minneapolis
Detroit
Grand
Los Angeles
Jim
Crompton, Robinson £ Co., Inc.; John Leicht, Stroud A
Company, Incorporated; Bob Henderson, Francis I. du Pont A Co.
to:
Atlanta
Columbus, Ohio
(5)
St. Louis
Philadelphia
Washington, D. C.
!
Volume 195,
Thursday, March 22, 1962
(6)
Number 6144
.
.
.
A Supplement to the Commercial and Financial Chronicle
UNDERWRITERS AND DEALERS
CORPORATE -M UNICIPAL
SECURITIES
UNLISTED TRADING DEPARTMENT
Established 1865
Bioren
■vXr'
'
'
Co.
&
MEMBERS
■
New
York
Stock
-i'v/
^
Exchange
American Stock Exchange
Philadelphia-Baltimore stock Exchange
1424 Walnut Street
.
120 Broadway
Philadelphia 2, Pa.
New York 5, N. Y.
Wallace
PEnnypacker 5-9400
BArclay 7-9300
*
Runyan, Hemphill, Noyes A Co.; Edgar J. Lottus, W. E. Hutton
Newburger A Co.; A1 Tisch, Fitzgerald A Company (New
A
Co.;
York)
'
Joseph
Smith,
CORPORATE TRADING DEPARTMENT
James J. McAfee, Partner
Waller E. Gemenden
Alvin W. Jordan, Jr.
Fred T.
Howard Butcher, IY
Seving, Jr.
MUNICIPAL TRADING DEPARTMENT
James W. Heward, Partner
Henry P. Glendinning, Jr.
William W. Hoeschle
Joseph E. Labrum
Thomas D. Zoidis
Bud
Established 1910
Emery, Drexel A Co.;
Thomas
F. Kenney, Laird,
Harry
utcher
&
Bissell A
Green, Heeher
Meeds;
Tom Suski,
Bache
Co.;
A
Co.
A
Sherrerd
1SOO WALNUT ST., PHILADELPHIA
2, PA.
PEnnypacker 5-2700
•
Members: New York Stock Exchange
American Stock
Teletype, PH-4
New
•
York
BArday 7-464
Philadelphia-Baltimore Stock Exchange
Exchange (Assoc.) • Boston Stock Exchange (Assoc.)
•
'
S '•
'
•
'
:
-
.
.
'/
'
'
-
"
;
V;,'
•
'
"
.
\ '
..
:
.
..
' '
ROBINSON 8c CO., INC.
members
of new
american
&
stock
york
philadelphia-baltimore
ROBINSON
15TH
LOCUST
&
Townsend, Crouter & Bodme
exchange,
(associate)
stock
exchange
BUILDING
& CHESTNUT STREETS
8-1 tOO
MIKE
DeHaven
stock
exchange
Manager,
Philadelphia
2,
pa.
KINSELLA
Trading
Dept
Established 1874
Members
New
York
&
Philadelphia-Baltimore Stock
American
LAND TITLE
Stock
Exchanges and
Exchange
BUILDING, PHILADELPHIA 10
Telephone L0 4-2900
harry c. dackerman & co.
Bell System Teletype—PH 518
MEMBERS
Distributors, Dealers, Underwriters
AMERICAN
Jim
Mundy,
Suplee,
Co.,
New York
30
BROAD
STREET
Dlgby 4-0200
Yeatman,
Incorporated
Mosley
STOCK EXCHANGE
BOSTON STOCK EXCHANGE
PITTSBURGH
6910
V
FL 2-0838
Jenklntown, Pa.
100 YORK ROAD
(ASSOCIATE)
'
MARKET STREET
ATLANTIC STREET
(ASSOCIATE)
(ASSOCIATE)
STOCK EXCHANGE
Upper Darby, Pa.
Stamford, Conn.
21
EXCHANGE
PHILADELPHIA-BALTIMORE STOCK EXCHANGE
Corporate and Municipal Issues
Stock and Bond Brokers
YORK STOCK
NEW
Fireside 8-6468
TUrner 7-7660
Wilkes-Barre, Pa.—Northeastern National Bank Bldg.—VAlley 3-4131
1401
WALNUT
STREET
PHILADELPHIA
2,
PA.
Volume 195
Number 6144
,
.
,
A Supplement to the
Commercial and Financial Chronicle
Thursday, March 22, 1962
(7)
J. W. SPARKS 8c CO.
ESTABLISHED
1900
MEMBERS
EXCHANGE
NEW YORK STOCK
PHILA.-BALTIMORE STOCK EXCHANGE
AMERICAN STOCK EXCHANGE
Brokers in
LISTED and UNLISTED SECURITIES
Dealers in
STATE, MUNICIPAL and REVENUE BONDS
DIRECT WIRE TO
A.
210
Western
KlNGSLEY
6934
7,
YORK
Fund
622
120
bldg.
Broadway
N. Y,
New York 5,
sts.
worth 4-0220
Pa.
6-4040
Market
St.,
upper
Darby,
morristown,
Pa.
2-9414
flanders
jefferson
YEARS
90
combined
of
securities
Still
*
Vic
.
experience
pertinent
and the eastern
Eager to
*
*
.
.
in
n. j.
9-6700
trading
Philadelphia
to
Pennsylvania market.
Serve You
CALL * * *
Jim
Mosley
Ed Christian
Benjamin Gold, Gold, Weissman & Frankel, Inc. (New York); Howard Slater, Gold, Weissman
Frankel, Inc. (New York); Eddie Zinna, Smith, Barney A Co. (New York); Bob Holman,
Smith, Barney A Co. (Philadelphia)
NEW
ft T. TELETYPE-rPH
Savings
& Chestnut
broad
Philadelphia
Joseph Reilley, Jones. Miller A Company; Frank Fogarty, Frank J. Fogarty & Co.; George Leone,
Leone & Pollack (New York); H. N. Nash, H. N. Nash & Co.; Joe Zeller, Bankers Securities
Corporation; C. F. Schneider, Grace Canadian Securities, Inc. (New York);
Tom Fox, Grace Canadian Securities, Inc. (New York)
T.
Joe
Mundy
Heard, Jr.
A
SUPLEE, YEATMAN, MOSLEY CO.
INCORPORATED
1500 Walnut Street
•
Philadelphia 2, Fa.
Telephone: KIngsley 5-1343
New York
Teletype: PH 242
Telephone: CAnal 6-7207
SERVICING
BROKERS AND DEALERS
SINCE 1878
Alberto-Culver Co.
WE HAVE TRADING
INTERESTS
in these unlisted securities
and invite your
inquiries
Lestoil Products, Inc.
Anheuser-Busch, Inc.
Monarch Marking
Babcock
Electronics Corp.
Pacific Intermountain
Beneficial Corp.
Commonwealth
Oil Refining Co.
Control Data Corp.
Dictaphone Corp.
Members New York Stock Exchange
and other
principal Exchanges
Economics
Laboratory, Inc.
Members American
Stock
Direct Private Wires Connecting
Our Trading Departments in:
Exchange
YORK
BOSTON
Teletype NY 1-1110 & NY 1-1111
Telephone HAnover 2-5000
Broadway
WOrth 4-6700
5, N. Y.
125
High Street
HUbbard 2-6600
DIRECT WIRES TO
W.Jackson Blvd.
427-9201
PHILADELPHIA
Elkins, Morris, Stokes & Co.
Burgess & Leith
Wheeler & Cruttenden, Inc.
Philadelphia
Boston
Los Angeles
San Francisco
SAN FRANCISCO
1526 Chestnut St.
Houston Hill Jr. & Co.
CHICAGO
111
425 Montgomery St.
SUtter 1-5451
LOcust 4-0505
=
37
Offices from Coast To Coast
Brewing Co.
Sexton, John & Co.
Shatterproof
Glass Corp.
Products, Inc. "A"
State Street
Electronic Engineering
Co. of California
120
NEW
STREET
Roadway Express, Inc.
Schlitz (Jos.)
Associates, Inc.
NEW YORK
20 BROAD
Finance Co. Com.
Quality Importers, Inc.
Standard Motor
Electronic
Members New York Stock Exchange
Express Co.
Pioneer
Bruning,
(Charles) Co., Inc.
Brush Beryllium Co.
ASIEL & CO.
System
Investment Corp.
Sterilon Corp.
Goodway
Printing Co., Inc.
Gradiaz, Annis
& Co., Inc.
Fiber Glass Co.
United States
Gulf Life
Insurance Co.
Leasing Corp.
Virginia Dare Stores
Hawthorne
Financial Corp.
Kaiser Steel
Swank, Inc.
Thompson, H. I.,
Corp.
Walter, Jim Corp.
Warren Brothers Co.
Kelly Girl Service, Inc. Wesco Financial Corp.
(8)
Ken
Volume 195
Thursday, March 22, 1962
Number 6144
A Supplement to the
...
Robertson, Birely A Company (Washington, D. C.); Gerald Linette, Philadelphia Life Insurance
Co.; Elmer Miller, Donner Corp.; Charles Brennan, Blyth A Co., Inc.
Milton
A1
Commercial and Financial Chronicle
Capper, Russell A Saxe (New York); Jerry Kass, Kenneth Kass (New York);
Sid Jacobs, Sidney Jacobs Co. (New York)
MacCart, Drexel A Co.; Bud Hardy, First Boston Corporation; Robert Naylor, H. N. Nash A Co.;
John Wallingford, Jennings, Mandel A
Longstreth
Charles
A.
Taggart, Charles A. Taggart A Co., Inc.; Harry C. Dackerman, Harry
C. Dakerman A Co.
Primary Markets Maintained In
fv, ' / %
. - V/ , /
unlisted securities
-■
.
•
JfesM*
••
%
•
' , - <•
..
...i
new issues
INQUIRIES
INVITED
ON LARGE
BLOCKS
OF
STOCKS
J. F. Reilly & Co., Inc.
39
BROADWAY
DIgby 4-4970
NEW YORK 6,
N. Y.
Teletype: NY 1-5440
Jack
Weller, Goldman, Sachs A Co.; Lois Weller, Janney, Battles A E.
Inc.; Barry Weller, Boenning A Co.
W.
Clark,
Volume 195
Number 6144
...
A Supplement to
Thursday, March 22, 1962
the Commercial and Financial Chronicle
S.
Norm
(9)
Grey Dayton, Elhins, Morris, Stokes & Co.; E. H. Smith, Stryker A Brown
(New York); Gilbert Lewis, Geo. G. Shriver A Co., Inc. (Baltimore)
Wilde, Janney, Battles A E. W. Clark, Inc.; Andy Jennings, Jennings, Mandel & Longstreth;
John O'Keefe, Hill, Thompson A Co., Inc. (New York);
Elmer'Myers,
Sandkuhl £ Co., Inc. (Newark, N. J.)
Bernard
Eberwein, Alex. Brown A Sons (Baltimore); Sidney A. Siegel. Sidney A.
Siegel A Co., Inc. (New York); Bob Greene, Stroud A Company Incorporated
John
A.
York);
Brady,
Michael
Greene
and Company (New York); George Ketchum, Greene and Company (New
Greene ana Company (New York); Bob Rosenbaum, E. H. Stern & Co.
(New York)
Brillson,
1962
1930
1
Coast-tO'Coast
'
TRADING
MARKETS
II
State,
Municipal and Revenue Bonds * Complete Brokerage Service
in
in
Correspondent Nelwork
Underwriters of Corporate Securities • Underwriters of
and
Stocks
Bonds
Markets
*
in
Comprehensive
300
over
Research
Primary
'
Securities
Unlisted
OVER-THE-COUNTER
SECURITIES
Members
York
New
Stock Exchange
American Stock Exchange
•
Midwest Stock Exchange
&reme<miC<nt\paTUj
G?/*ee/
7#
Telephone WHltehall 3-7600
Members New York Security Dealers Association
Corporate Teletype: NY 1-865
•
Cable Address:
37 Wall Street, New York 5, N. Y.
Telephone
Teletype
HAnover 24850
NY 1-1126 & 1127
ALBUQUERQUE
ANAHEIM
ASHEVILLE
BOSTON
BURLINGTON
CLEVELAND
COLUMBUS
BIRMINGHAM
SYSTEM
DETROIT
EL PASO
FULLERTON
PRIVATE WIRE
GRAND RAPIDS
INDIANAPOLIS
MALONE
CHICAGO—First Securities Company of Chicago
REDLANDS, CAL.
SAN FRANCISCO—Mitchum, Jones &
SAN ANTONIO
Templeton
SARASOTA
private telephone: Philadelphia-WAlnut 2-1514
BALTIMORE
NASHVILLE
FAYETTEVILLE, ARK.
NEW ORLEANS
TULSA
WESTWOOD
PHILADELPHIA
POTSDAM
SALT LAKE CITY
SANTA ANA
UTICA
HOUSTON
LOS ANGELES
ORE."
ST. LOUIS
SAN FRANCISCO
TORONTO
WASHINGTON
CHICAGO
DES MOINES
HERKIMER, N. Y.
PORTLAND,
ROME, N. Y.
SAN DIEGO
SEATTLE
DENVER
KILMARNOCK, VA.
PITTSBURGH
RENO
BEVERLY HILLS
CHARLOTTESVILLE
DALLAS
HARRISBURG
KANSAS CITY
MINNEAPOLIS
PIKESVILLE, MD.
in the following cities:
FARMINGTON, N. M,
JOPLIN
LOS ANGELES—Mitchum, Jones & Templeton
Direct
GREGSONS
We have direct wires to Correspondents
CINCINNATI
Branch Office: Miami Beach, Fla.
Municipal Teletype: NY 1-1691
SANTA FE
VICTORIA, TEX.
WHTTTIER
(10)
Volume 195
Thursday, March 22, 1962
Number 6144
...
A Supplement to
the Commercial and Financial Chronicle
Dealers in
Municipal Bonds
THE PHILADELPHIA
NATIONAL BANK
Richard
Heward, Butcher A Sherrerd; Daisy Larsen, National Association of Securities Dealers; A1
Willis, Granbery, Mar ache & Co.; Hal Murphy, Commercial A Financial Chronicle (New York)
Organized 1803
Underwriters
Primary Markets
Bank and Insurance Stocks
Dealers
Christiana Securities
Distributors
Unlisted Securities
Ronald
Zingolo, New York Hanseatic Corporation; Jerry Santucci, New York Hanseatic Corporation;
Bob Brown, Reynolds A Co.; Don Robertson, Bache A Co.
Corporates & Municipals
Laird, Bissell
&
Meeds
Members New York and American Stock Exchanges
Philadelphia National Bank Building
Philadelphia 7, Pa.
Bell Teletype PH 1386
Telephone LOcust 7-6226
WILMINGTON,
ZURICH,
DEL.
NEW
SWITZERLAND
YORK
NEW HAVEN,
CITY
SALEM,
N.
CONN.
DOVER,
J.
DEL.
f1
Chas.
&
Hoerger, Merrill Lynch, Fierce, Fenner & Smith Incorporated; Carl Necker, Schaffer, Necker
Co.; Joseph McNamee, Hopper, Soliday & Co.; Jim Musson, Newburger, Loeb & Co. (New York)
active TRADING MARKETS
In All
Pennsylvania Authority Issues
and General
Obligation State,
County and Municipal Bonds
Primary Markets in
Pennsylvania Tax-Free
Preferred and Common Stocks
Kidder, Peabody 2# Co.
FOUNDED
Members New York Stock Exchange
NEW YORK
.
BOSTON
.
CHICAGO
•
1865
and other Principal Exchanges
LOS ANGELES
.
SAN FRANCISCO
Fidelity-Philadelphia Trust Bldg., Phila. 9, Pa.
Teletype; PH 249
Alro°n*,«,
Baltimore
Telephone: KIngsley 5-1600
Harrisburg
Reading
Scranton
Wilkes-Barre
Windsor4-9405 Plaza2-4870 Ccdar8-4791 Franklin4-3153 Diamond3-1261 Valley5-5681
Joseph Girard, Janov A Co.; Thomas Krug, Bioren
A Co.
Pete
Brodersen, A. M. Kidder & Co., Inc. (New
York); Arnold Wechsler, Ogden, Wechsler A
Krumholz, Inc. (New York)
Volume 195
Number 6144
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, March 22, 1962
EST.
MARKETS
(11)
1916
MAINTAINED
Dealers in over-the-counter securities
We
are
especially interested in
special
|
i
situations
for
retail.
HECKER & CO.
Members
New York Stock Exchange
American Stock
\
Exchange (Associate)
Philadelphia-Baltimore Stock Exchange
Walter Fixter, J.
Stroud
&
W. Sparks <fi Co.; John W. York, Western Savings Fund Society; Russell Ergood,
Company Incorporated; Bill Davidson, Insurance Company of North America
Liberty Trust Bldg., Broad and Arch Sts., Philadelphia 7, Pa.
Phila. 'Phone LOcust 4-3500
Teletype PH 767
N.Y.'Phone DIgby 4-6792
Geiistley, Sunstein & Co.
Members New York Stock Exchange
American Stock Exchange
Philadelphia-Baltimore Stock Exchange
211
So.
BROAD
STREET, PHILADELPHIA
Telephone KIngsley 6-2600
TRADING
Newton H.
DEPARTMENT
Parkes, Jr.—William F. Feather
Herbert Vernick
Direct Wire to New York
John
Wagner, Eastman Dillon, Union Securities & Co.; Walter Wiedler, Blyth &
Nowlan, C. C. Collings & Company, Inc.; Frank Dick, Lewis C. Dick
Co.,
Inc.;
*
City
Larry
Co.
Rambo, Close & Kerner
Incorporated
1518
LOCUST ST., PHILADELPHIA 2, PA.
Phila. Telephone
New York
PEnnypacker 5-2800
<y
..
v
REctor
:v
Telephone
Teletype
PH
2-2820
63
1*
Corporate and Municipal Securities
EDMUND J. DAVIS
CHARLES G. PRIGGEMEIER
Vice President
in Charge of
Corporate Department
Assistant Manager
Corporate Department
RUSSELL
M. DOTTS
Vice President in Charge of Municipal Bond
Established
Dick
Owens, Woodcock, Moyer, Fricke & French, Inc.; Ernie Kaltenhauser, Woodcock, Moyer, Fricke
& French, Inc.; Howard Lynch, Paul & Lynch; Rick Sanders, Butcher & Sherrerd
Department
1896
Penington, Colket & Co.
Members
New
York Stock
Exchange
American Stock
Exchange
Philadelphia-Baltimore Stock Exchange
PRIVATE WIRES TO
COMPLETE
Glore, Forgan & Co.
Incoming
Chicago
Gunn, Carey & Roulston, Inc.
New
Cleveland
Schneider, Bernet & Hickman, Inc.
Dallas
Bosworth, Sullivan & Company, Inc.
Denver
G. A.Saxton&Co., Inc.
Teletype NY 1-1605-1606-1607
TRADING FACILITIES
deliveries
York
UNDERWRITERS
City
or
accepted
in
Philadelphia
AND DISTRIBUTORS
MUNICIPAL AND
OF
CORPORATE BONDS
Underwood, Neuhaus & Co.
Houston
Crowell, Weedon & Co.
Los Angeles
Hess, Grant & Remington, Inc.
52 Wall St., New York 5, N. Y.
WHitehall
4-4970
Philadelphia
Broad Street,
New York
Manhasset
Philadelphia 9, Pa.
Teletype PH 180
Altoona
Reading
Williamsport
BAUMGARTNER, DOWNING & CO., BALTIMORE, MD.
St. Louis
Stewart, Eubanks, Meyerson &
South
PEnnypacker, 5-7700
DIRECT TELEPHONE CONNECTION TO
Reinholdt & Gardner
San Francisco
123
v
Trading Markets-in
Co.
Public
Utility, Natural Gas and Industrial Securities
PRIVATE TELEPHONES
BETWEEN
OFFICES
<■
(12)
For
Volume 195
Thursday, March 22, 1962
Number 6144
...
Supplement to the Commercial and Financial Chronicle
A
Banks, Brokers and Institutional Investors
NEW YORK MARKETS
IN PHILADELPHIA
Try "HANSEATIC"
If it's Over-the-Counter and the market is in New
our
nationwide
touch
with
private
primary
wire
markets
in
500
over
HANSEATIC
NEW YORK
keeps
system
York,
you
OTC
in
issues.
CORPORATION
Established 1920
Wmiam
.
Associate Member American Stock
PHILADELPHIA 7, PA.,
Exchange
McKeever,
Jr.,
Gersien
A
trenhel,
New
York;
Herbert
Htzpatrick,
Dick
A
Merle-Smith
(New York); Newt Parks, Gerstley, SunsteinA Co.; Fred Eisele, Freeman A Company (New York)
PHILADELPHIA NATIONAL BANK BLDG.
Phone: LOcust 7-6773
Teletype: NY 1-40-1-2
Trading Department
William R. Radetzky, Ass't Vice Pres.,
We Maintain
in the
Gerald Santucci & Richard H. Owens
Continuing Markets
Following Stocks
Marmac Ind.
A. J. Parker Co.
Tresco
Polymetric Devices
Metropolitan Securities, Inc.
Duke Hunter, Wellington Hunter Associates
Inc. (New York);
Lewis Tower Building
(Jersey City, N. J.); Harry Gumm, G. A. Saxton A Co.,
Laurence Hunter, Wellington Hunter Associates (Jersey City, N. J.);
Vincent
PHILADELPHIA 2, PA.
Lytle, Shields A Company (New York)
Telephone: KIngsley 5-7461
Trading Markets
\
Philadelphia Bank Stocks
Pennsylvania, New Jersey & Delaware Bank Stocks
Philadelphia Transportation
♦
Co.
Issues
S:
■
F. I. MORRISSEY & CO.
Finance
Building, Philadelphia 2, Pa.
Philadelphia Telephone
New York Telephone
LOcust 3-8500 & 3-3295
-
Brokers
n
Bell
REctor 2-0037
System
Teletype —PH
Dealers
•
•
John J. Meyers, John J. Meyers A Co. (New York); Carl T.
Necker, Goldman, Sachs A Co.; Coit
Williamson, Schmidt, Roberts A Parke, Sidney A. Siegel, Sidney A. Siegel A Co., Inc. (New York)
279
Distributors
JOHN J. MEYERS & CO.
INDUSTRIAL, UTILITY & BANK STOCKS
Brokers and Dealers
W
Markets Maintained in Unlisted Stocks
||i
Trading Department
Peter
Cardamone, Mgr.
Michael Pinto
INDUSTRIAL, PUBLIC UTILITY
Albert Teller &
AND RAILROAD SECURITIES
Co., Inc.
Members Philadelphia-Baltimore Stock
Exchange
Boston
123
South
KIngsley 6-1300
Stock
Broad
Exchange (Assoc.)
30
St., Philadelphia 9, Pa.
New York Phone CAnal 6-3304
Bill McCullen, Hess, Grant A Remingtoi
Inc.;
Wilbur Krisam, John C. Legg
Company (New York)
A
Direct
Trading Wire to New York
Broad
Street, New York 4, New York
WHitehall 3-2850—teletype, New York 1-809
Volume 195
Number 6144
.
.A
.
Supplement to the Commercial and Financial Chronicle
Thursday, March 22, 1962
(13)
Doyle, O'Connor & Co., Inc.
Chicago
Mike Doyle
Bob Doyle
Fred
Ray Wauchop
Casey
Howie Levine
Ed
Ed
Brady
Billings
New York
John
Ohlandt, New
York
Hanseatic
Corporation
(New
York);
Bill
Radetzky,
Corporation (Philadelphia); John O'Keefe, Hill, Thompson & Co., Inc.
John
Hudson, Thayer, Baker A Co., Inc.
New
York
Hanseatic
(New York);
(Philadelphia)
Bill Denney
Doug O'Brien
John Walsh
,vV
V-*
r
-.y'u t't
y. ,•}
•
"r1)
We maintain
an
.
;•
'
active
V-*.-
,
position in
EDGCOMB STEEL CO. (PA.)
ELI LILLY CLASS
Fred
Carter, De Haven <ft Townsend, Crouter A Bodine; Harry Fahrig, Reynolds A Co.; Larry IHoway,
Penington,
Colket
A
Co.;
Don
Girard
Gunther,
Trust
Corn
Exchange
B
NASHUA CORP. COMMON
Bank
PHILADELPHIA LIFE INSURANCE
PHILADELPHIA SUBURBAN WATER
QUAKER CITY LIFE INSURANCE
WILLIAM H. RORER INC.
TASTY BAKING CO. COMMON
•
(
-
•
'
'
i,
,
■
•
'
'
•
•
\
••...•
-
SCHMIDT, ROBERTS & PARKE
123
SOUTH
BROAD
STREET,
Philadelphia Phone: KIngsley 5-0650
Ed
Elliott,
Stroud
A
Company
Knob, White,
Weld
<fi
Incorporated;
Bill
Co.;
Bob
Greene,
Davidson,
Stroud
&
Company
Company
Insurance
of
Incorporated;
North
*
PHILADELPHIA
Utility
"
Railroad
"
Fred
America
Industrial
Securities
New Jersey and General Market Municipal Bonds
Obligations of th»
Bank and Insurance Stocks
%
Mutual Funds Shares
COMMONWEALTH OF PENNSYLVANIA
Trading Department
Janet
Post
Larry
•
Albert
Snyder
US# <3TY;OF PHILADELPHIA BONDS
J. Caplan
PENNSYIVAM^HOOL.AUTHORITKS
turnpike/water AND SEWER ISSUES
^it
m
Charles A. Taggart & Co., Inc.
Member
«Y'\
(Associate)
Pittsburgh Stock Exchange (Associate)
4 ? *,«
M
v
>'
-i
SCHAFFER, NECKER & CO.
Packard
„
from
Locust
Street, Philadelphia 2, Pa.
Russell
Inc.;
Teletype PH 677
.
New York Phone WOrth 4-7333
Bidg.r Philadelphia 2
LOcust 7-3646
Investment Securities
1516
<$■
Philadelphia-Baltimore Stock Exchange
Boston Stock Exchange
KIngsley 6-0900
*>
>•
Dotts,
Stan
Rambo,
Jefferies,
Close
A
Newburger
NEW
Kerner,
A
Co.
from
•
PA.
New York Phone: REctor 2-1695
Dealers and Brokers in
Public
9,
Teletype PH 864
YORK—phone Enterprise 6289
PITTSBURGH-phone Zenith 0821
*
(14)
Volume
Thursday, March 22, 1962
195
Number 6144
...
A Supplement to the
Commercial and Financial Chronicle
YOUR PRIME SOURCE FOR
ISSUES
BOUGHT
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
ddnef d SIEGEL
Alec
Williams, Harriman Ripley & Co. Incorporated; Gene Arnold, Harriman Ripley & Co. Incorporated;
Arthur Horton, Penington, Colhet & Co.
Established 1942,
Members
of New York Security Dealers Association
39
Broadway, New York 6, N. Y.
Dlgby 4-2370
TWX: N.Y. 1-5237
Direct Wire
to
H0LT0N, HENDERSON & CO., Los Angeles
-
;;
Brokers For Banks, Dealers and Institutions
Bob
Boas, Carl Marks & Co. Inc. (New York); Nat Krumholz, Ogden, Wechsler & Krumholz,
(New York); James Durnin, Ogden, Wechsler & Krumholz, Inc. (New York);
Harry Zeeman, Carl Marks & Co. Inc. (New York)
Inc.
Underwriters and Distributors
Rubin, Rennert & Co.
INCORPORATED
Fifty-Six Beaver St., New York 4, N. Y.
Telephone: WHitehall 4-1500
Richmond, Va.
Baltimore, Md.
TRADING DEPARTMENT
BELL TELETYPE
WHitehall 4-1511
NY 1-2228
Bob
Kugel, Stone &
Capen,
G.
H.
Walker
<£
Co., Inc. (New York); Bob Parlanti, G. H. Walker & Co.; Frank
Co.; Gerry McCue, G. H. Walker & Co. (Providence, R. I.)
r
Haas,
,
Wholesale and Retail Dealers
In Unlisted Securities
Active Markets In New Issues
We
can
distribute Blocks of
Electronic, Missile and Nuclear Stocks
Casper Rogers & Co., Inc.
80
Pine
Street,
Telephone: HA 5-5570
New York 5, N. Y.
Teletype: NY 14949
Trading Dept.: BO 9-6244
Jack
Christian, Janney, Battles
Mike
Kinsella,
Robinson
&
&
E.
W.
Co.,
Clark, Inc.;
Inc.;
James
Bob
McDowell, Adams
Porter,
Jennings,
&
Mandel
Peck
&
(New York);
Longsireth
Volume
Number 6144
195
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, March 22, 1962
(15)
WANT FAST CLEARANCES?
If you
need fast, efficient settling and handling
of all
types of securities transactions—locally
or
nationally—get in touch with
us.
We have
a
special, nationally known clearance department
which
has
served
hundreds
security dealers for
liveries
are
more
handled
via collections
of
promptly by
through
brokers
and
than 30 years. Rede¬
our
messenger or
nation-wide network
of correspondents. Cost? Moderate.
Write
us.
Or call LOcust 8-1700.
The
Joseph
Dorsey, Bache & Co. (New York City); Edgar Christian, Suplee, Yeatman, Mosley
Incorporated; Herbert H. Blizzard, Boenning & Co. (Ocean City, N. J.) Bob Woeber,
Arthurs, Lestrange & Co. (Pittsburgh, Pa.)
First
Co.,
Pennsylvania
Banking and Trust Company
Member Federal Deposit Insurance Corporation
Serving more people
more
than
ways
any
Philadelphia
other
bank
Hopper. Solid ay & Co
Established J 872
Members
John
Klinger, Goldman, Sachs & Co.; Ray
Brooke,
Sheridan,
Bogan
<ft
Philadelphia-Baltimore Stock Exchange
Morris, Stroud & Company Incorporated; Joe Cummings,
Co.,
Inc.;
John
Garrett,
Hemphill,
Noyes
&
Co.
Brokers and Dealers in
LISTED
AND
UNLISTED
SECURITIES
Trading Department
Joseph A. McNamee
1420 Walnut
Telephone
Charles
Weil,
Billings,
Sirota,
Cowen
&
Taylor
Co.
&
(New
Co.,
Inc.
York);
(New
Howard
York);
Levine,
Robert
Doyle,
Donovan,
O'Connor
Blyth
&
&
Co.,
Co.,
Inc.
Inc.;
—-
John Gibson, Jr.
Street, Philadelphia 2, Penna.
PEnnypacker 5-4075
Teletype —PH 593
Joseph
(Chicago)
Dealers in
Corporate Stocks and
Bonds
Municipal Bonds
•
TRADING DEPARTMENT
KIngsley 5-3115
Hess, Grrant
/j|Sgs^
&
Remington
Incorporated
Top of Fidelity-Philadelphia Trust
Building
123 South Broad Street,
Philadelphia 9. Pa.
KIngsley 5-7474
HAnover
Members
John D'Arcy, F. L. Putnam <fi Company, Inc. (Boston); George H. Angelos, Chas. W. Scranton &
(New Haven, Conn.); William Maguire, Stroud & Company Incorporated; Tom Greenberg,
C. E. Unterberg, Towbin Co. (New York)
Co.
Teletype PH-829
2-4120
New
York
Philadelphia-Baltimore
American
Stock
(New
York)
Stock
Exchange,
Stock Exchange,
Exchange
(Assoc.)
(16)
Volume 195
Thursday, March 22, 1962
Love, Geo. E. Snyder & Co.; Mike Heaney, Michael J. Heaney
McLaughlin, McLaughlin, Kaufman & Co. (New York); Morton Cayne,
(Cleveland, Ohio); Stanley Roggenburg, Roggenburg & Co.
Tom
Norris
Englander & Co., Inc.
(New York);
Frank
G. Kuch & Co.; Tom Love, Geo. E. Snyder <fi Co.
Rcsenbaum,
Gorman, H.
& Co. (New York); John
J. N. Russell & Co., Inc.
(New York)
Ed
Number 6144
Herb
...
A Supplement to the Commercial
Gesell, Stone, & Webster Securities Corporation (New York); John Cannon, Stone & Webster
Corporation (Philadelphia); Ray Kraemer, Stone & Webster Securities Corporation
(Philadelphia); Fred Voegell, Stone & Webster Securities Corporation (Philadelphia)
Securities
Knob, Drexel
&
Co.;
Mitch Bruck,
Stein
Bros.
&
(Baltimore, Md.); Edward J. Kelly, Carl M. Loeb, Rhoades
(New York) '
Bean <3?
and Financial Chronicle
Boyce
& Co.
John
Fitzgerald, W. C. Pitfield & Co., Inc. (New York); Dave
Freeman, Ryder <£ Co. (Alexandria, Va.); Oscar Ryder,
Ryder
Co. (Alexandria, Va.),/ ;:
...
Direct Wires to
Burton J. Vincent & Co.
Chicago
Saunders, Stiver & Co.
Cleveland
Evans MacCormack & Co.
NEW YOKE
Members New York
Security Dealers Association
Los Angeles
Jennings, Mandel & Longstreth
Philadelphia
Walter C. Gorey Co.
i
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
v
/
@FedFRASER