Full text of Commercial and Financial Chronicle : March 29, 1962, Vol. 195, No. 6146

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ESTABLISHED

Volume

1S39

195

Reg. U. S. Pat. Office

Number

;

AS WE SEE:;

Editorial

changes made by a Congressional Committee in one
anti-recession measures. This proposed law to

stimulate

The Canadian

offering tax inducements was,

investment by

supposed to rank high in the President's mind among
the ways and means of preventing recessions and of
promoting prolonged and steady economic growth. Not
only does the President now acquiesce in drastic changes
in this measure; he sends the Chairman of the Ways and
Means Committee (and by indirection the whole of Con¬

,

came

as a

bit of

a

now

how the President

see

can

President

such

nomical way
men
with a

most

efficient

*•'

•'

"

*

•

•'*

v"'

"

specifically, the President assures us
help bring the present recession
(so far as it still exists) to an end, induce modernization
and expansion^ of our productive) \ (Continued on page 32)
more

•

making it likely that Canada will do

ranging from five to 133 years.

during

the

the

past

1960/61

with

two

to achieve a
been both com¬
Bogged down by

years

economy have
and effective.

mendable

recession,

Canada

faced

was

three

about 0.85%.

a

Copy

of

The Canadian dollar
a

Both

dollar.

to
de¬

of

these

measures

achieved

significant results. Canadian in¬
ternal
borrowing and investment .were
stimulated, and the lower Canadian dollar
delivered rewarding results in the rise of
foreign trade—so much so that in 1961, the
export trade balance was favorable for the
first time in several years. Gold mining, in
particular, benefitted from the dollar deval¬
uation, since the average price paid by the
Royal Canadian Mint increased from $34.70
per ounce in early 1961 to over $36.
In the stimulation of

new and
early-phase
corporations the Industrial Devel¬
opment Bank has played an important part.
This organization makes term loans to small
and medium sized businesses.: During last

business

peared desirable. Further, urgent encour¬
agements and inducements were needed to
persuade Canadian citizens to increase their

rants and tourist establishments

investment-in Canadian

its loan

enterprises and to
substantially enlarge their purchase of goods
made in Canada. To correct unemployment,
expansion of existing businesses and aid in
the launching of new ones seemed requisite.
?

was

4% discount from the

pressed to around
American

major problems: too much im¬
ported capital, serious unemployment and a
currency so strong as to be disadvantageous
in international trade. To disattract
capital
imports, and to cause Canadian industry to
borrow at home, lower interest rates ap¬

Promise and Performance

: Somewhat

sec¬

from the improvement in foreign trade

taken

resurgent

eco¬

that the measure would

Touching upon significant

is

this year.

y

*""■

■

boom,

a

' '

The endeavors of the Canadian Government

results." ::l

v

Cents

United States had narrowed from 12A%
' •

•

Study includes list of Canadian companies
that, have paid cash dividends uninterruptedly for periods

available, will provide American business
incentive- to increase their ; capital
goods expenditures in this country with many beneficial
*

measures

well

strong

"

■

high in GNP when 1961 ended, Dr. Cobleigh praises Cana¬

reconcile

and

*'•;!

•

along sound lines, instead of

progress

dian

as

in the

investment

an

n '

18% increase in petroleum production, and upon the
principal companies helping the economy to reach a new

convinced that much
•good will be done by the measure once it is passed by
Congress and signed by him. "The single most important
provision in the bill," the President writes the Chairman
of the Ways and Means Committee of the House, "would
provide a tax credit for new investment in machinery
,and equipment in the United States. This tax credit, by
increasing the profitability or potential rate of return
on

•

to the

saying about the revised measure with
past. However that may be,

Kennedy lists himself

'

•

tors of the economy

much that he has said in the
•

r

forecast for Canada in 1962.

by the Chief Executive apparently
surprise to most observers, who find it

little difficult to

jwhat he is

50

Economy This Year

By Dr. Ira U. Cobleigh, Enterprise Economist

."•*&,

Steady

tactic

this

'

.

•4?-.

gress) a warm letter saying nothing at all about the
changes that had been made in his favored piece of legis¬
lation, but voicing fulsome praise of it in its revised form
and expressing the opinion that it will do wondrous
things for the country.
Now

Price

IT;|| Orderly Advance—The Pattern

his

of

a

7, N. Y., Thursday; March 29, 1962

quite gracefully accepted rather dras¬

The President has

tic

New York

6146

-

Accordingly, Canada prudently took steps
toward these ends. Between May
of 1961 and the year end, the gap between

directed

bond

interest

Canada

in

rates

and

in

the

year

;its financial resources

to around

to

the

increased

were

added

categories of industries eligible for
The bank

loans.

were

$400 million, and motels, restau¬

now

16 branches and

has

approvals

are running at more
double the rate of the first quarter of
The Small Business Loans Act

was

than
1961.

another

helpful step in expediting the flow of Cana¬
dian funds to Canadian uses, and provided
well over $20 million in credits to small
business in 1961. Partly in response to the
foregoing measures and partly due to busi¬
ness
recovery in the
(Continued on page 22)

State,

Canadian Investment Opportunities Featured Herein

U. S. Government,
Public

and Public

Housing,

State and
•

Municipal

f"* V Securities

Housing

:

JAPANESE

:y,;<

STATE

SECURITIES
telephone:

and

MUNICIPAL

Lester, Ryons
623

>

The Nikko
Securities

Founded

1824

Co., Ltd.

*

Plaza

Teletype:

DIgby 4-7710

30 Broad Street

NY 1-2759 U

Head Office:




•

•

FIRST

NATIONAL

CITY

BANK

TOKYO

FRANCISCO

Bond Dept. Teletype: NY 1-708

Net
To

T. L.WATSON & CO.
ESTABLISHED

1832

Markets

Active

Dealers,

Banks

Inquiries Invited

New

American Stock Exchange

\<

Block

on

Southern

York

Correspondent

—

Pershing St Co.

THE

MANHATTAN

BANK

CANADIAN

Inquiries Invited

CALIFORNIA

:

GOODBODY

&

Dominion Securities

CO.

Corporation

MEMBERS NEW YORK STOCK EXCHANGE
2

k 1

BROADWAY.
NEW YORK

V

California Vintners

•

DIRECT VIRES TO MONTREAL AND TORONTO

T

PERTH AMBOY

DIVERSIFIED

BONDS & STOCKS

*;;■ CANADIAN DEPARTMENT
/ ;
Teletype NY >2270,
'V

/

NEW YORK 4, N. Y.

•

Division

Commission Orders Executed On All
1
Canadian Exchanges

y

BRIDGEPORT

Municipal Bond

Brokers

Canadian Securities

Exchange

STREET

Notes r

Maintained

and

Members

25 BROAD

Bonds and

\;
•'

New York Stock

Exchange
Exchange

California Securities
LOS ANGELES

Agency

in

•

Affiliate: Nikko Kasai Securities Co.
SAN

Co.

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier ,
...

New York 15

Members Pacific Coast

Offices
.

BOND DEPARTMENT

&

Street, Los Angeles 17,

Associate Member American Stock

New York 5, N. Y.
Telephone:

Hope

Members New York Stock Exchange

BONDS

1 Chase Manhattan

NewToikTrust Company

So.

California

HAnover 2-3700

Giemical Bank

Municipal

NORTH- LA SALLE ST.
7 CHICAGO
'

40

MUNICIPAL BOND DEPARTMENT

BAMK OF AMERICA

Exchange Place, New York 5, M. Y.

Teletype NY 1-702-3

WHitehall 4-8161

;

:

N.T.ASA

SAN FRANCISCO

•

LOS ANGELES

The Commercial and Financial Chronicle

which, each week, a different group of experts

do!

can

in the investment

and advisory field from all sections of the

participate and give their reasons for
it's

we

specialize in it—Indus¬

RICHARD M. MAHAR

~

smaller
there are

the

Among

executions

and broadest coverage

companies

/

which

held

have

;

creased

these

of

Established 1920
Associate Member

York 5

•

a

enternrise

managed

growth in sales ana
growtn in saies and

ior

GROSSMAN

rated, as
producers

BONDS
★

The

—

Teletype No.

NY

us

market

1-2762

They are also used

electronic'

the

V

STRADER and COMPANY, Inc.
LYNCHBURG, VIRGINIA
Victor 6-1333

-

TWXLY77

New York

Co.,

City

-

branch offices

our

For the

MUNICIPAL BONDS
of

•

WEST

VIRGINIA

■"

'

J,

•.

VIRGINIA

to

CAROLIN

SOUTH

CAROLIN

call

E5232SO
RICHMOND,

-

4 CO

VIRGINIA

its

inherited

characteristics
which

for

a

allow

far

su¬

capability.

should

as

NEW YORK 5,

a

its

SUGAR

vein

.

com-

in

Raw

.

.,,

,

—■

stock

Liquid

Exports—Imports—Futures

nor
ap¬

.

,

Refined

—

its

industry

,

N. Y.

be

in

other

-panies

.

CO., Inc.

STREE T

AS

not

similar

Daniel C. Maltz

WALL

t ructure

viewed

represents the future prof-,,

99

this

such,
s

LAMB0RN &

growth

perior

DIgby 4-2727 "

/

»'Ws;

/

for

share

the

fiscal

year-

ending a

comparison would evidence fa¬

below./
;/ /.f

/pears

,.,.1

,.,

,

-

y

^he^ most important key^ to be a
basic understanding of its corpo-

the-

of

Shoe

nations

"systems,/ video

tape,,., recording
equipment and stereo sound systerns.' Among the principal cus5

-<

the

of

tomefs

.

_

,

-

Mobile, Ala.

.v

Direct wires to

j

juiy 31, 1962.
A tabulation of vorable results for this company,
G-L's cash earnings thus far, ap- - To understand.MSL, we regard

of

systems

guided missiles. Bobbin cores are
employed / primarily .in • digital
computers.
Specific, -applications

///

Industries

Private wire to Shields &

i,

New Orleans, La. - Birmingham, Ala.

contains

but

the

for" reinvestment

ing
(sole
Electronics

6, N. Y..

NY 1-1557

predecessor,-

'mm

Based on 470,000
shares of common stock outstand-

guided
computer tape and memory drums

,

resemblance

its and growth.

funds

Exchange

,

All Issues

P.

little

in its business.

many

tion controls.

First

Craddock-Terry
R. F. &

operations

own

stock

*V

HAnover 2-0700

capitalization) /G-L
praised by the
Company
should
...
..
and chemical processing controls; achieve
cash/'earnings' :in /thb/fnore usual;standards of eval-ua-.
nuclear power and other automaneighborhood /of
41
cents per= tion, though on both counts, such

Markets

Furniture

compo-

estimated at $85

is

^ /

military and commercial applications. Some of the
new
specific uses for these units
are
elevator controls, petroleum

3-7830

American Furniture

magnetic

holds

long

generation.^ Indeed, this repre- |
sents the amount of, money the, |
company has.^ay^§tbl% ^om
il^^l

'

American

NORTH

-

This has meaning
because the reinvestment of'these

in

Bassett

no

was

Tape-wound cores form
the heart of magnetic amplifiers,
which
in
turn
replace vacuum

Virginia Securities
Call

\

million.

tubes in

Continuous

-

present

nents

WHitehall

There

0

Members

Market

New York City

company's success in the elec-'; i
tronics > industry- depends to
a
large
extent
on "internal .cash

magnetic

and

cores

^

Exchange Place, New York 5
Phone:

,

laminations.

(To Brokers and Dealers)
—

of

.;

e9aalled $1,2a9,486, or approxi- m
mately $2.67 per share.
; |f
An accurate gauge .of a .small j

of the principle
both
tape-wound

one

bobbin

and

Odd Lots

on

the ■>•' Counter

-

ranks along with Allegheny Ludlum Steel's Arnold
Engineering Company, Magnetic
Metals
and
Magnetics, Incorpo-

Members

of

^L

it

over,

Security Dealers Ass'n

Bids

.

of its size m "the

company

rate

fact that the
accomplished

the

entire electronics industry. More-

& CO. INC.
Y.

a

-

enterprise
current liabilities of $416 466
tries, Inc. is a hybrid among listed
records of wnn current lidoiiiues oi ^io,wu, comnanies*
thp
nffsnrin*
whirh
cash earnings
a current ratio of better than companies,
tne onspring winch
casn earnings

pasecl well the best
managea
has
one
of

S. WEINBERG,

of
broadly

This

J.

annual

York' Stdcic Exchange

■Members' New

common stock is traded in

over

was
Members New York Stock Exchange
while maintaining an exceptionand American Stock Exchange
ally -strong financial ;jjositipp. As
Industries, Inc.
of
T' ? i
$o^'0 r^reii
As a cornorate entitv M^L Indus
amounted to $942,557 compared as a corporate^entity, iyk,L inaus-

Richard M. Mahar

N.

wpII

tlie

product^.

whole

dustry is G-L
•;
Electronics Company, Inc.

Westville,

function' is

basic

the

at

$3,000,000,. is
thing

of the

electronics in-

System

Its

provide new

volume

a

ecialized

sp

area

SAN FRANCISCO

Wire

posi¬
of promiin

arm.

and was recently quoted around
What is most remarkable about, $6, per share. //////
V:
;v.. •'/
the completion of the plant 'ex-/;;;//
;
"•"■/' ..//:
pansion
program
and G-L'sy : v; r DANIEL C. MALTZ
V
growth from a standing .start five/;
Director, Research Department
years ago to a concern now doing ...
* 'Bruns, Nordeman & Co.

its

nence

CHICAGO

Private

Nationwide

tion

Teletype NY 1-40

•

to

re-

dislodged
from

BOSTON

ment^

Steiner, Rouse & Co.
19 Rector St., New York

develpp-'. "GrL

the research and

stitute

Bought—Sold—Quoted

Manufac-

-

fusedtobe

American Stock Exchange

&

a
whollyowned ; subsidiary, .4oes
'Ultimately•• should result -in-a well
engineering, design and develop-^ rounded,' strongly entrenched,
ment; and, in the company s
.lo^/electronic concern taking its place
range plan for the-future, Ameri-- alongside; some oi the most sue-'
can Research
is expected to conCeSSfui companies in the Industry,

rap¬

which has

Research

Corporation,

turing

concerns

CORPORATION

PHILADELPHIA

f t

growing

idity

MSL Industries, Inc.—Daniel C.
Maltz, v_ Director
of Research

radomes and computer
panels.
This division is

American

con¬
One

ditions.

HANSEATIC

4-2300

ey

e

up•

com¬

petitive
NEW YORK*

LD 39

Louisiana Securities

expected to provide the. fastest --Dept., Bruns, Nordeman & Co.,
grow|ng segment of the com-v .New York City.'X Page'2) '/ '/
pany>s
business in the future,
/' ■

in¬

and

sion

V

country

favoring a particular security.

ings,

i^ctrncs
a
numb

TSS
n
the 'impact
1960-61 reces-

Call "HANSEATIC."

120 Broadway, New

Alabama &

Participants and

Their Selections

control

Inc.

G-L Electronics Company,

Corporate Bonds. For

accurate

Philadelphia, Pa. /•

ington, Inc.,

Municipal

Government,

40

Thursday, March 29, 1962

acquired. Modular manufactures ; M. Mahar, Vice-President, Hess,
Grant & Remington, Inc., Philafiberglass plastic products includ¬
"•>, delphia,. Pa. (Page 2)
ing electronic instrument hous-

,

Vice-President, Hess, Grant & Rem¬

Utility, Preferred Stocks;

N.

.

G-L Electronics Co., Inc.—Richard

trial, Bank and Insurance,

fast,

.

Over-the-Counter,

If

WOrth

.

This Week's
Forum

A continuous forum in

We

I Like Best...

The Security

Brokers, Dealers only

For Banks,

and

.

(1482)

2

company

are

•

i.

Gen-

1957^_^— $15,940

...

.

.

-

,

$4,257/ $20,197 • goals. These are "to assure

;

sound,

,1958_i./I/;. 83,984' 13,613./<; 97,597.-.long-term Investments;,^ith the
1959A__,_ 89,321 4f456 rl30,T7"f,v;behefit of stable earnings and tea1960_/__/ 70,505-« 66,541 </137,046-/$qnable\ growth prospects/'. It in^
'
196f
.18,911
92,704 ;4l 1,615 eludes a concept of profitability;
.

m

_

.

.

i

i

nn

no

rjn a

c

1

1.. J

„

„

.

a

!i51,199
R2,862, and /acquisitions//to ,, date^- bear
Electric, International BuSi v.l962^iLi.«. 31,663
/sihiple witness to these principals.
M a c h i n e s,-. - Sperry Randj
Westinghouse, Radio Gorporation
months fiscal (ended Jan..31, 1962). Their approach suggests realistic
of America, Western Electric and
;
in addition to the fact that the appraisals and .payments for ac-Hughes Aircraft.
company enjoys strong manage//QUisitions on a conservative basis..
era!

•

ness

As
fo'

■

plant
13,000

K

McLennan,

Inc.

Mary

Chess,

Inc.

Common

•

•J i

;/■

Digstronics

Corporation

<

• Maust Coal & Coke
for

banks, brokers,

and dealers.
V

»

30 Broad Street, New York 4, N. Y.
'

*

*

WHitehall 3-2850

'/Equally .important, these concepts
allow shareholders a /haven for

owns a proprietary formula for; aggressive;._-equity
funds where
1 metallurgical insulation used Trf caP^l/Saihs potentials are sumagnetic
laminations.
A new perior and downside risks are of
furnace is currently being/^in-|'a iWdest .nature, in our opinion,
stalled at the company's Westville
Current prices for this stock applant which will increase anneal- praise shares at less than 14 times
ing capacity by 50%. The anneal- reported 1961 earnings of $2.15-a

70,000

as

space

square

compared

Further than this, G-L Electronics

Viewing the accomplishments of

to
being broadly jty of the company's "talent in Pr°vides a good leverage factor to
vertically integrated,', engineering' and production and earnings increments and the probG-L Electronics is well diversi--the
strong financial position,-it'ably ,,sma11
floating supply of
fied. Last year Modular Moldings; can well be said that management stocks
adds . a measure to ; the
Corporation of Trenton, % J. was is developing a complex which* issue's trading appeal.
*
:
* Transfer
of railway operations
/#n,.

*.

j

"

*

.

'1 nis ts under no circumstances to be
as

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23-Year

Performance

of

35 Industrial Stocks

and

'

"

B.

addition

based

"*

N. Q.

s^.e. ac<IuisHion and that past

Company is vertically integrated,1 G-L
Electronics
in
increasing'-p'°llcies indicate that new entrants
furnishing its own plastic hous- sales from $150,000 in 1957 to an to the MSL structure will likely
ings which are molded by a sub- estimated $2.6 million this year enhance the company's per share
sidiary, Delta Plastics Company and in consideration of the broad farnmgs .growth rate. Moreover,
of Bellmawr, N. \L
base which has evolved, the qual- the relatively light capitalization

Teletype, Hew York 1-809




adequate finances/and a
talented
engineering
staff, r it

pro-

ing process activates the dormant share (tax sheltered) and approximagentic properties of nickel-ircin. ^nately^ nine times minimum exinto a c 0 n d i t i o n where high Pected results of $3.30;a share for
permeability is the principle at- the current year. It is important to
ties as well as the latest automatic
tribute of the final product. It is remember
that the company's
equipment for the production of the ability of G-L to create higher - large tax-credits of some $24 milmagnetic laminations. The com- permeability that sets the com- li°n> equal to almost $30 a share,
pany
makes
its own
tungsten pany apart from its competition extend through 1965 and will shelcarbide
dies
and
has
its
own
and which promises greater ^er earnings until that date. Also,
chemical
applying,
slitting, de- growth for the future in the area that the company is constantly reburring and fabricating facilities, of magnetic laminations.
viewing new situations for pos-

In

.

John J. Meyers & Co.
t

expansion

feet of
with
square feet at the beginning of the program. The $300,000 modern one story, air-condi-/
tioned manufacturing facility at
Westville,
N.
J., has
complete
heat treating and annealing -facili-

occupies

in:

•

year

the company now has ten
product lines compared with two
at the outset of the program and

trading markets

Marsh &

three

gram,

We maintain ,'/

•

its

of

ment,

result of G-L's completion

a

'

a

solicitation

of

an

offer

to

buy,

,w ••
1
'
construed as

any

;
an

-

to s the Chicago, & Northeastern
Railway Co. in late 1960, at a-price

-

offer to sell,

or

security referred to herein.)

-

/ /

:•*'

J2/

*

■

*

;

FOLDER ON REQUEST

|

I.

/.

V |

,* <•

i

f

National Quotation Bureau
«...

Incorporated ;

W front Street

1

,

r

/ Raw York 4, H. Y.

.

Volume

195

Number 6146

,

.

.

The Commercial and Financial Chronicle

.

(1483)

CONTENTS

as

A

B.S.
COM

AND

Articles and News

By Hon. Douglas Dillon,* Secretary of the Treasury

/

Orderly

Why does the Treasury resort to the advanced refunding technique
rather than direct cash offerings or

.

Dillon submits

question
•

and,

Secretary

regular refundings?

also,

makes

quite

of

undesirable effects

clear the

pointed inquiry as to the cost savings resulting from the

-Points out that the goal of keeping longlevel down, and short-term rates competitive with

term interest rate

term

T>

our

in particular,

pblicies. and,

ment,

of advance refunding as a

use

Y

tool in achiev-

Y

.;»• -

•;

.

ing. our- debt.,,
managem ent

objectives.
;; The

.

man-,

:

agement of the
debt is
the

interest at the moment,

the long term.

over

as

sponsibilities. T

objectives, Y

management

of the Federal

~

-—Joseph

%

it

is,
addition,,
-

MELNOR

Haas—18

R.

Y

20.

McMurray_

y

A

we '

.

are

a

Article starting

v."r
~

;

INVESTMENT OPPORTUNITIES

the

on

"Orderly Advance—The Pattern

cover page,

This Year," discusses the investment

of the Canadian Economy

as,

,

op-

EASTERN CAMERA

^

-

in Canadian securities and, by way of docu¬
menting the views presented, includes a tabulation of the Canadian
banks and companies which have paid consecutive cash dividends Y
from 10 to 133 years (Table I, page 23) and from 5 to 10 years
;
(Table II, page 28), along with other data of interest to investors. •

,

Y
-

& PHOTO CORP.

broad dis-/v

holders interested, in short- •
securities, others who want,,issues of intermediate term, and
those whose needs-are for longterm, bonds. This will enable us to 1

J.F.Reilly&Co.,Inc.

Capital Demand to Rise in 1962, According to Bankers Trust

term

Douglas Dillon

mak¬
If the.,',,;

ing.;
Federal debt were small, we

could

VAHLSING, INC.

•

\ portunities inherent

among

-

/

INDUSTRIES, INC.

tribution of the outstanding debt r

an

important arm
of economic,
policy

debt—that-is;

for the

in

.

/

13."

Regulator of Savings and Loan Industry

as

P.

CANADIAN

striving to produce a,.;
balanced maturity Structure

more

Government

YOUTHCRAFT

11

COBURN CREDIT

continually

and

'

4-6551

10

_

N-""*"

Shares—Ira U. Cobleigh_j____---__-_-_..

Then What?—John

The FHLLB

,

seeking to attain these debt-;,

In

C. Johnson-'.
•

\

contribute toward the
achievement of equilibrium in our; :5
balance of payments, .11 We must -.
constantly blend these objectives
so
as to obtain the overall result - that most clearly* reflects the n.ar 1

re¬

YORK

NEW

WHitehall

to

as

way

well

fi¬

major

nancial-

great importance, .is
operations 4rv: such a

STREET,

CREATIONS, INC.

very

-conduct

to

tional

of

one

-

of

now

Y

,

growth of the economy without
inflation.
A
further
objective,

100

5

for Uranium—Jesse

Selections in Space

1962—And

opportunity to dis¬
the Treasury's debt manage¬

I welcome the

Asked

1

WALL

99

Kelly and

to Reason—M. Richard Sussman_—__

The Return

Bid

-

Telephone:

''■•Y""'" ''+

-

"

/

\'-J

.A

shorter-

achieved without unduly increasing
maturities in the debt as in 1959.

those abroad, has been

cuss

INC.

Cover^

L".

Ottens

T.

The Outlook

-"'/Y -/!•

to balance

payment equilibrium.

-

OBSOLETES FUND

»•

Dillori___3*

Douglas

Justin

conducive

(3) help create a money and capital market
growth without inflation; and (4) contribute

,-

Economy

Debt Management Tool

a

as

Corporate Bond Market—Daniel M.

The

Notes that debt manage¬
ment must: (1) assure a satisfactory placement of debt and seek a
balanced debt structure;
(2) minimize the interest cost to the
to economic

Refundings

—Hon.

Williams'
five ad<

refundings in the past two years.

government;

Canadian

the

of

Cobleigh--..-__:.-:;____l

U.

Year—Ira

;• Advance

debt into short terms and, even the shortest mav

our

turity of all, into printing-press money. He answers Senator
vanced

Pattern

Advance—The

This

PAN.Y

Page

thorough answer to this important debt-management

a

concentrating

of

3

Study

Co.'•/fit

*

39

36

Broadway, New York S
j

■

'■

VI',"/'/,*/"*' YS:'"'0^'(&/■':>

..>'...

reach' all
types of -»demarid^f or?: a'Regular: Features
much like the
securities Y arid (to
corporation man¬ government
'avoid the problems produced by- ? As We See It (Editorial)—
ages his company's debt, .without
an excessive concentration of debt v
giving much thought to the im¬
in a particular maturity area.
Y Bank and 'Insurance Stockspact of our operations on the
money markets and the economy.
Advanced Refunding S'A'S
Businessman's Bookshelf
This is
not, however, the case.
The
magnitude of the Federal Y One of the Treasury's principal:.:

DIgby 4-4970

■;■

afford to manage it

of

treasurer

a

.

:

.

debt

such

is

that

instruments in working toward the Y

decisions

the

like

in

goals

i

in
which the Federal
budget is in balance, debt opera¬
tions on a very large scale must
put both to meet the
financial needs - of\ the

carried

government : and V to
turing obligations,-

refund
r..v '

'•

It

itself.

of

a

more

ma¬
-

that

is

From

have

I

do

We

of

taxpayer
debt.

the

the

of
An

interest cost of

important objective

policy with respect
management is to help
conditions in themoney

of

economic

to

debt

create

capital

and
most

markets

conducive

to

which
the

are

1

Market

Electronics Int'l Cap. Ltd.

Singer, Bean

44

—

HA 2-9000

<

i,

A' "•

•

V-

•

-

/a'

Our

Reporter

Public

Direct Wires to

Chicago

4

—

Cleveland

Philadelphia
St. Louis

39

Los Angeles

San Francisco
Washington

30

Securities,—
Registration-

Now in

Teletype NY 1-1825 & 14844

19

May_i_.

inc

40 Exchange Place, N. Y.

-

\

•

Governments

on

Utility

Securities

continually shortening
of the debt—is to

4

V -

and Bankers

Wilfred

Observations—A.

-

'

*'

About Banks

News

14

i

Funds

Mutual

MACKIE,

17

(The)—Wallace Streete

and You

.

'I

,

of Current Business Activity

.

,

...

________

45

maturity

the

give

Objective

Primary

primary objective of debt
management is to assure a satisfactcry-placement of the debt, and
our aim must always be to mini¬
mize the burden on the American

-

&

already men¬
not /; advocate

merely to mention
result—the ultimate

But

money.

that extreme

'

1

King's Dept. Store

Recommendations-/£—8

"

Indications

answer.

The

eventual

63

Offerings—

Security

Prospective

'

The

i

Electronic Capital

9
y i ; ' r' ; ' ' ' "/
'■.'•/ :'/Washington Ahead of the News—Carlisle Bargeron— 14

.

the

64

necessary means

a

lengthening
the debt
structure",
merely for its own sake. If it were
possible to accomplish all of our
objectives with a • Federal debt
entirely Composed of short matu¬
rities,
our
problem,; in«; some
respects, might be easier. In that
same
light, the shortest maturity
of all would be that of. printing

result

i

—

Futterman

37

Einzig:J "Gold Pooling Scheme Will Not Solve Basic Problem"

* ■; /■•/'Y."

bal-

achieving all of the other

tioned.

year

be

has been' ;
I would

emphasize, however, that'

to

toward

All of this means that the man¬

seasonal

,

Investment

Dealer-Broker

anced debt structure is riot an end '

management decisions can have a
significant impact on the liquidity
of the economy, on the effective¬
ness
of monetary policy and on
the balance of payments.

a

refunding;

achievement

the

corporate" and' municipal bonds
and
mortgages.-" Moreover,
debt

agement of the debt, is a contin¬
uous and unrelenting task. Even in

the past fOw years
advance

the

...

in the Investment Field—

Coming Events

r

over

21

-—- - -

, —

Common & Bonds

p

restructuring of the debt

needed

in managing the /debtfcan
have
profound ; effects
on
the
money markets, on the structure
of interest rates and on the mag¬
nitude of the' flow of funds into
made

—Y

.

Del Webb

Cover

————

_

breakdown of the entire payments
mechanism

(The)

Security I Like Best

would be the inevita- '

S—2

—^

1

ble end of that kind of course.-., J
-

One

heavily

fact

of

on

any

life

which

that, unjess he moves in a fairly
regular fashion to put out reason-

Continued

on

page

34

Washington

and

15

Mackey

Market—Donald

Bond

Tax-Ex-empt

long-term debt, he will, within
the space of a few years, find himself with a debt that is predomi-

! 30

(The)

and Industry

■

able amounts of intermediate and

orderly

of Tiade

State

:—

Corner

Salesman's

Security

bears

debt manager- is.

You—

E. F. MacDonald

6

64

—

•

Twice

Published

Copyright 1962 by William

Weekly

B. Dana

'

For many years we
have

specialized in

PREFERRED STOCKS

U.

Reg.

25

Spencer Trask & Co.
Founded

York

1868

Stock

Exchange

S.

DANA

B.

Park Place,

CLAUDE

D.

Patent

Office

COMPANY,

to

/

Reentered
,

N. Y.

,

?'

9576

*

WILLIAM

SEIBERT, President

DANA

.

J.

Treasurer

SEIBERT,

MORRISSEY,

March 29,

Thursday,

Subscription

*

.

,

Subscriptions
Possessions

Union,

*

Editor

Canada,
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I

4

The Commercial and Financial Chronicle

(1484)

Thursday, March 29, 1962

...

.

of the t option technique's
major Assembly last September, "in the
premise that earnings follow man¬ development ,0f this .organization
Ties the* only - alternati ve tor war, 7
^ medium
the' unlisted bank stock agerial effort. We have seen above
flue-., must be further befuddled. .;
has served well; particularly in .how .importantly /earnings
BY A. WILFRED MAY
Other confusing statements
tuation is instead controlled by
the light of its unique defensive
Mr:Stevenson's
such outside factors as the interest have *,included
advantages
stemming
from
its
initial, explanation r that the
fi¬
high backing of liquid assets and rate.'7v'•'
In any event, if we must have
nancing plan was merely a ^stop¬
stable
income.
In
the
interval
ous sellers conscious of their im¬
LIFE IN THE
gap
arrangement "to give: us a
since 1950, their market price has options in the banking industry
plied premise that the current
their institution should aWait theCj breathing spell in which to devise
trebled*
UNLISTED MARKETS
\
1
* ~ ""
earnings slump, and the factors
imposition of full disclosure regu-" a long-term, solution'.'; contrary
The widespread attribution of the causing it, are here in perpetuity?
versions ;of just what the proceeds
\
; •/': ' N,
Liquidity vs. Illiquidity in .lation. V v.;;..
past week's drastic -drop in bank Are
they actually
prepared to
are
for. from Mr. Kennedy
and
Insurance Investment
V
' The Legalized Welsh
stocks (averaging 7%) to a news¬ contend that the past steady in¬
Secretary Rusk, et cetera.
In this bption arda .the Arrival'
The performance record of in¬
paper account of a bearishly in¬ crease in operating learnings, by
The Ad Hominem Routine
terpreted forecast published by a 40% since 1952, and their stocks' surance stocks discloses that here of a new Court ruling on the soleading bank stock analyst has market advance of 200%
since too, the investor (not the in-and- called resetting privilege is highly
But it is the ad hominem argu¬
vital investment implications. This
1950, have become permanently out speculator) has not suffered significant. This device, permitted ments that seem to have unex¬
is so wholly apart from the in¬
ended? In any event, gearing in¬ from the stock's location off the by the Internal Revenue code, per¬
pectedly riled the public as well
correctness
of
the public's im¬ vestment
policy
to
short-term stock exchanges.
From 1941 to mits an ex post facto downward
f

OBSERVATIONS

Investment .Record

Actual

The

»

investment

*As"a truev long-term

•

•

.

<

•

.

.

.

.

•

Senators.

as

pression that the forecast, in the
Bank Stock Quarterly by M. A.
Schapiro & Co. Inc., predicts a
full
year
of reduced
earnings.
(Actually, the analysis merely
estimates that the impact of in¬
creased interest expense on time

as

policy
it is illogical.
is

fluctuations

earnings

impracticable

as

a

advanced
That "Liquidity" Crusade

Likewise

by

exhibiting the specu¬
is
the
growing

agitation for listing bank stocks
is squeezing- on stock
exchanges. In the fore¬
down
earnings by
3^2%—but front of those
pressing for their
merely over the first quarter and
exchange listing is President Ed¬
to be followed by a quarter-toward A. Merkle of the Madison
quarter pick-up throughout the
Fund, which open-end company
balance of the year.)
has substantial holdings of bank
Even if the public's false im¬
stocks.
He argues that their lo¬
pression of a full year of declin¬ cation over-the-counter has re¬
ing earnings because of the sav¬ sulted in
"illiquidity" harmful to
ings interest situation were true,
their
market
reaction

investor's

in

pan¬

dumping is still completely
unjustifiable. Characteristically, it
manifests the foible of regarding
the stock market as a register of
earnings of the moment, here a
single quarter, and a place for
betting
on
short-term earnings
icky

Looking at the longer term con¬
with

look, the

an

course

City

bank

have

with

investment

of the New York

earnings'
the

out¬

sole

since

1952
exception of

1961, shown sizable year-to-year
gains. Are the past week's nerv¬

■

The fire

Comptroller

of

his intention to

of

nishing
tion

the

Currency

of

prescribe the fur¬

listing-type

informa¬

and insurance

by the banks

leged motive for having remained
off the

A large holder

exchanges.

of bank

stocks, this management

reiterates its "firm belief"

in the

theory that "stocks are bought to
be sold.",

M. Best index
Companies has

3,700%, since 1950
and\ since 1952 by
7-77: /

in

good

stock

declines

market-

of

the

within the power

they have risen by 270% since
1950, vs. 250% by the Dow-Jones

remedial action lies with
islation

industrial

rule

■

average.

Comparison of this performance
unlisted
with

sues

fire

and

of

that

casualty

the

New

which

the

tion

with

other

rather

cies.

'

suggests skepticism toward the ar¬
guments advanced by the pro-

listing

the 270%
by the un¬
listed issues since 1950, Stock Ex¬
change listed Continental Insur¬
ance

Against

boys.

advance

registered

hash advanced^ by

38%

should

stocks

be

to

moved

UN
More

evident

disclosure

tent

is

intensified

the

agitation to extend the stock op¬
technique to bank officers
(through their statutes five States
already seek to permit this). Most
surprisingly
Comptroller
Saxon
tion

last

week

joined the

side

of the

devils, disclosing that he is inves¬

tigating regulations to permit na¬
tional banks to give stock options
to

officers

and

stock

purchase

plans to other employees.
banks

have

the

least

For the

excuse

for

thomas s. crow

SAUL BROURxMAN

President

Executive Vice President

morton chatkin

THOxMAS R. NUGENT

plies the location for the market-

Vice President

Secretary

flyers given to the lucky optionees.

adding such remuneration tech¬
nique, whether the exchange or
the over-the-counter market sup¬

The optioners' traditional argu¬
ment that the device is needed to
retain

the managers, or
keep them from being snared

to
115

BROADWAY

CARLTON

HOUSE

or

engage

by

New York 6,

N. Y.

WOrth 4-4646

March 26, 1962




Pittsburgh 19, Pa.

COurt 1-4525

is

more

that

the

it

tions

bond

issue

surmount

the

clear

in the 1960

our

could

public's puzzlement over the
proposal and the organization goes

1961

unabated. In fact, the confusion

dress

before

tional

Press

Washington's
Club

competitors, is obviously in¬
where
no
competitor
is
permitted to offer the option bait.
valid

The banking industry highlights
with unusual
★

American

York

City

clarity the invalidity

Banker's

Bank

Index

Stocks.

of

25

New

the

(The President,
Question 3 at his
on

there

certainly,
Senator

which

"I

21:

is

do

That

I

the

want

that

exaggerated

role;
to

that

the

are

v

of

said

is finished

wish

con¬

Racket.

UN

-

NATO

and

New

we

can

with it.

cope

d'HARNONCOURT

of Modern Art

York

City

7V,.

ATLANTA,

our

Ga.—John

under

Kennedy's

consistent

financing

the UN itself is not in¬

with

approval

of

the

plan. But any of the
public recalling the President's
pronouncement before the General

Robert

Rankin, III, has opened offices in
the Bank of Georgia Building, to
engage
in a securities business
the

firm

of

name

Rankin

&

Company. Mr. Rankin was for¬
merly an officer of McNeel-Rankin Inc. in charge of the syndicate
and municipal departments.
•

.'

'

to show that one's skepti¬

over

I

Forms Own Co.

.

cism

which

game

J. R. Rankin

approving
comment at his press conference
may
have
been
high
strategy
midst the pending bond contro¬
versy,

art

Director
Museum

:

President

a

stay in the Numbers

RENE

that our
properly

manned.

me

However, the more we
type of thinking,

the better

as a

in

T /

know about.this,

are

diplomats abroad;
delegation is not

the

would

an

UN's

peace-making unit:
that the President and Secretary
of State are subcontracting to the
UN
their responsibility
for na¬
tional decision-making; that our
delegation to the organization is
playing an unduly large role in
the
policymaking process, par¬
ticularly in relation to our rep¬
other

Racket

subject seems to

into

the

resentatives

Numbers

lures all kinds of charac¬

and

ters

he

taking
the

:

•

distorting its real intrinsic val¬

ues

subcontracting
responsibility for
decision-making; that it
we

UN

national

we

view

.

,'<■

*

sad one because the preoccu¬
pation with art as an investment

with

agreed set forth the specific
clusions

■

MAILBOX

very

is

thesis

the

arts'.. The

to

matter,
disagree¬

President

*

fascinated by your articles
financial aspects of the

am

on

Con¬

us.")

Jackson's

*

OUR

Dear Mr. May:

this
no

'

*

responding
news

that

,

of the

Na¬

to

March

;

y

year-end.

FROM

following

day.

out

campaign,, is still close

"thrust" from

new

Senator

public like this writer who, while
a
long-time supporter of the in¬
ternational organization and not
a
partisan Republican, publicly
advanced
the
suggestion
of
a
shortened bond maturity at the

not

disclosure

purposes,
New Securities Act of 1933.

a

that

And there must be many

Nation's

The

experienced

•

President.

the

to

provisions, including its
of

Committee;

Jackson, chosen by Mr. Kennedy
as Democratic National Chairman

becoming

United

gestating

ment between

Broker—Dealer—Underwriter.

man

'•

❖ "

*

Fulbright,

Senator

that

size, is the Democratic key Chair¬
of the Senate Foreign Rela¬

or

agen¬

Befuddlement

and

ference

Retrogressing to Options

Investment Securities

courts

Republican, has

a

long time staunch UN sup¬

a

porter;

.V^'.

:
*

on

a mere
split and

Spilling over from the move¬
ment to bring the banks under the

CROW, BROURMAN & CHATKIN, INC.

the

•:

who wants to cut the UN down to

leg¬

(as adjusted for a
stock dividend). '
7yW President Kennedy's approval of
Surely neither bank'ndt insur¬ Senator Jackson's critical UN ad¬

FRANK / STREET & CO., INC.

v

been

'

point

•

than

although

fied,

to

abuses,

new

making by government

York

leading listed
stock in the same industry, name¬
ly Continental Insurance, likewise

exchanges to suit the cashing-in purposes of market playing
optionees,;: or - other
speculative

change of firm name to
i•.
Vv.'" :.' ■...•'

financial

7

is the fact that Mr.

Aiken, spokesman for the Senate
group that wants the plan modi¬

Exchange's

ance

a

powerless

anti-UN

or
/

Overlooked

Exemplifying the situa¬

is¬

proclivities.

announces

is

Court

Republicans

partisan

This follows the statute

overrule.

And critics

isolationists.

option is
of the Board of

Directors.

of

vs.

stock

particularly in view of their de¬
fensive hedging quality. As meas¬
ured by the A. M. Best Index of
Fire
and
Casualty
Companies,

interests

the

serve

of the Soviet Union."

State of New York ruled that the

resetting

said

of this particular plan are dubbed

of Amdur

case

"would

posal

during the option-

In the instant

President

The

that failure to back the bond pro¬

holding period.

have turned
performance

similarly
long-term

the

bf-

price (a con¬
welsh) when'the price of the

tract

Meyer, the Court of Appeals in the

over-the-counter

the

in

revision of the option

insurance

and casualty

companies

Stock

companies, as removing their al¬

changes.
sistent

performance over
both the short- and long-terms.
And he cites indications from the

by

1,350%,

590%.

attitude

lative

and savings deposits

the

the present the A.
of Life Insurance

"j

.

'

i

Weintraub in N. Y. C.
Aron
has

L.

Weintraub

opened

a

New

office at 3 Park Row.

of

Brooklyn

York

City

Volume 195

Number 6146

..»

.

The Commercial and Financial Chronicle

■

t,

■

.

t*Y

.

,

■

.

TV iT

1

VI

r\fW n

1j

s\ T* \Z PT

IflCtl

.

the

on

corporata

bond

market

explains

perceptively

the'

market in terms of kinds of bonds, pricing, investment considerations,

parties structuring the market, and factors affecting the market. The
authors (1) stress the importance of
yield spreads in bond selection

knowledge of yield spread is important but subsidiary to

trading instinct; and (3) point out that the portfolio manager may
find the yield spread important for

Public Utility Issues

long run results but not. for short

Our next, main

trading purposes. Trading is said to still be an art, not a science,

and will not become

mechanistic process

a

"until

we

division of ;the
corporate market is the public
utility "area. Historically they fol¬
low the rails. In. all pt,her respects
they constitute the most important

catch and pro-

the right robots"—not withstanding the success of "a guy with
I.B.M. machine
with two State of California issues in the

grant
an

...

municipal market, last fall."

sector of the

ket

corporate bond

mar¬

glance at almost any
people with. The others .we'll just men¬
savings institution's bond, list will
and, I suppose, that's why market tion in passing. Private enterprise demonstrate. The
securities in this
behavior, while sometimes disap¬ issues can be grouped into three
group fall into three categoriespointing^ sometimes illogical and main divisions—rails, utilities and
power and light bonds, gas pipe
industrials.
line issues, and telephone bonds.
As a group the power and light
:.i.
Railroad Securities
as

a

AH markets, in essence, are

Daniel M. Kelly

frequently

Justin T. Ottens

unpredictable

is

al¬

fascinating.
Our assignment here

ways,

is to, de¬
corporate bond market.
In general, it is like all other free
markets; it mirrors the thoughts
and actions of people. In particu¬
lar, it's.the .Wall Street verision of
a
three-ring circus on a roller
coaster. It has wide variety and
plenty of action. We shall try to
detail the variety and portray the
scribe the

action...:/.r•
We will

five

■*,'

m-

BAA

issues, have

get their call protection
-

attempt to do this under
which are:

this

market.

How such securities arrive
in the marketplace.
(3)1 The
broker-dealer-under¬
writer
structure through which
(2)

•

business is transacted.

(4)

The market impact of the

discount

pricing

from deep

endemic
market disfavor. Hopes rise per¬
ennially for a new deal for the
rails and, since it is pleasant to
be optimistic, some of our chil¬
dren may live to see that day.
As
one
might
imagine,
the
market for this group is rather
limited: Nevertheless, they do of¬
fer, from time to time, opportun¬
ities for institutional investment,
if you can persuade the audience
and

has

become

sort

a

public enterprise issues
in

it.

of

are

traded

For

example, International
bonds, Canadian Govern¬

Bank
ment

and
Provincial
securities,
various obligations guaran¬
teed by Federal instrumentalities.

pnd

But the important groups in this
area
are
the industrials proper^
and the finance companies.

Most

are

times.

Gas

.

larger, companies generally get a
single "A" rating or better, while
those- of the smaller ones usually
get a "BAA" or lower.
;
Debt, overall, is usually low,

5

of

negotiation between borrowers
underwriters or by public
sale at competitive
biddings in
additibn, with the passage of time,
some issues which, initially, were
directly placed may eventually go
public by way of the secondary
market. And, rarely, bonds may
be, sold by means of a "best ef¬
forts" undertaking by a selling
group acting on behalf of an is¬
and

suer.

4

,

Virtually

all industrial issues
negotiated. In the negotiated

are

deal

the

borrower

-

underwriters advise

the

of what they .■ consider

v

ah'apimopfriate price for "tlie~pr6-

spective issue, that is, a. price that
satisfies the interest cost require¬
charge coverage ample, ments of the
borrower, and that
running 10 to 20 times, or more meets the
yield requirements of
on the top-grade companies. Ma¬
the investor. Other features, such
turities of 20 to .25 years are,
as call price provisions,! and sink¬
typical, as is icall protection, of
ing funds are also worked out. if,
five years or longer. Sinking funds
the borrower likes what he hears
are heavy, designed to retire about
the underwriting group signs on
80% of an issue by maturity.. Op¬
the dotted line, and then proceeds
tional sinking funds, in addition
to distribute its merchandise, al¬
to fixed ones, are not unusual.
lowing selling group commissions
The senior issues of large fi¬ to brokers and dealers.
nance
companies fall into the
Practically all public utility and
single "A" credit range and the
railroad issues are auctioned in
junior debt is "BAA" or lower.
sealed bidding. This, as the term
Finance company issues usually
implies, calls for bids for an issue
have maturities in the 15 to 20
by competing groups of under¬
year range, with 5 to 10 year call
writers,
with
the
issue
being
protection complicated by escape
awarded to the group Offering the
clauses should the volume of re¬
lowest interest cost to the borrow¬
and fixed

ceivables decline below

issues
usually
sinking funds de¬
signed tov retire arotfhd'90 % of
ah issue by maturity. Debt may
company

certain

a

point. Publicly marketed
rarely have sinking funds.
industrial

This

of

most

convertible

they
nated

sector

bond

issues

also

has

warrant"

"with

the

and

issues,

Usually

are debentures or subordi¬
debentures and are rated

"BAA"

from

lower.

or

15 to

25

Maturities

years

.

run

and conven¬

tional call features are the" rule.

have substantial

sinking funds, time
protected call periods, and con¬
ventional span long-term maturi¬ rui^S Jtjgh. as IGfyM Capitaliza¬
ties. The older ones are apt to tion, ana fixed charges are usually

The
in

on

the lower. Most of the newer rail

types
of
securities
which make up the trading ma¬
terial

lower with emphasis

Or

ratings,; typically

-

grade group. It is rated, typically,

main topics,

(1)

issues have

top-grade investment
"A" or higher.
mortgage bonds With
rails which, for our purposes, fall
thirty-year maturities and insig¬
into just two categories, a simpli¬
nificant sinking funds, marketfication
which, we hope, won't
wise. The few power and light
offend rail analysts. These cate¬
debenture i s s u e s usually have
gories are—equipment trust cer¬
cash sinking funds geared to re¬
tificates,. and all other railroad
tire 40% to 50% of an issue by
obligations.
•
;;;
,''.;■ ■ ■;
v'
maturity. -A ',VThe
many
securities in this
Ordinarily power and light debt
latter category have varying de¬
has conventional call provisions
grees of intrinsic investment merit
but when the heat's on, marketrunning, credit-wise, all the way
wise, new issues may provide for
from
triple "A" down to Holy
Smoke! But as a whole this group, five-year, non-refunding call pro¬
tection. The capitalization of such
fully reflecting among other things,
companies usually shows about
the benefits of more than three
50% debt on which fixed charges
generations of close Federal regu¬
are
generally earned about four
lation is not regarded as a highFirst in history and last in cur¬
market importance are the

rent

,

It

area.

catch-all sector, and a good many

Most industrial issues are de¬
happens,, everything else being,
equal, Swaps from the Equipments bentures rather than mortgage
into the Agencies are indicated,.
bonds.
The
obligations
of
the

preference to being guided solely by yield; (2) opine that the bond

run

,

plus the original and ac¬
equity/but the credit of the
parent road ; does,: nevertheless,
color the credit picture and in¬
fluence
the
market
quotations.
Equipment trusts even now some¬
times sell in the same yield range'
as the* obligations of the various
Federal Agencies and, when this

Partners, Salomon Brothers and Hutzler, Netv York City

dealer's

Credit-wise they are supposed to
be rated mainly by their equipcrued

By Daniel ,M; Kelly^ and Justin T. Ottens*'

«•.

in

(1485)

/

ment

'

Primer;

•

Yields

on

tional

not suitable for institu¬

are

investment

for

com¬

one

pelling reason—the yields on them
earned 2}/z to 4 times. Maturities
of
about twenty years are the rarely match, the yields afforded
rule. Call protection is good fea¬ by straight bond issues. ^Once in
a
while, however, they do meet
turing non-refunding provisions
this test

of five years or more.

Telephone company bonds are
usually debentures with maturi¬
ties of thirty years or more. Most
have credit ratings of double "A"
or
higher. * Debt ratios are low,
generally only a third of capitali¬
zation. .Fixed charges are usually
covered in the range of 7 to 15
times. Call

ment.

institutional

for

invest¬

This

happens mostly when
the stock into which the bpnd is
convertible sells
conversion

influence
bond.

At

so

far below the

points that it has no
on
the prices of the

such

vertible bond

times

if

the

is otherwise

correctly, or at a loss if they
They sell the securities
to investors directly, or indirectly
by allowing selling group conces¬
haven't.

sions to other brokers and. dealers
as

commission for

a

con¬

of in¬

stitutional investment calibre, and
affords yields comparable to those

distributing

the bonds,
The recent $300

Tel.

can

Convertible Bonds

Generally speaking, convertible
bonds

er. The winning group then sells
its inventory of bonds at a profit,
if they've estimated the market

Tel.

&

of 1994 afford, q
of how theiV

method of

million Ameri¬
4%'s

debenture

timely illustration

competitive bidding

bringing bonds to

ket

functions.

are

always

A,

T.

large

in

&

size

mar¬

issues

T.

so

the

company lets the investing public
know well in advance of the bid¬

ding date that

an

issue is on-the

In this instance there was
almost three months' advance no¬

way.

tice

which

gave

institutional- in¬

vestors ample time to plan a pur¬
chase of the forthcoming issue.
That

is

one

of

the

factors

the

bidding groups consider; cash is
usually accumulated for an A. T.
& T. issue.

protection is apt to be
Due to the large size of the is¬
show.V
available on straight bonds then
of the conventional variety unless
sue
and the comparable
the. corporate borrowers and the
Railroad equipment trust certif¬
capital
market pressures at bidding time banks, and other institutions may
institutional investors.
icates are, however, quite another
Several months ago requirements and manpower needs
make it expedient to offer either buy them.
(5)- Ma r ke t >movements, the matter. As a group they get a
syndicate only1
when "A" rated Sinclair Oil con¬ of the winning
a
non-refunding provision, or an
heart of our discussion.
two groups were expected to bid
' *
:l
high credit rating and have ex¬
verts were selling around 99 they
Once4 upon
a
time all issues cellent market standing. Like mu¬ extraordinarily high call price for met these credit rating and yield on it. One group was managed by.
a term of years. ;;
;;
traded in the
corporate market nicipals they are usually issued in
tests and. institutions did, in fact, Morgan, Stanley & Co, and the
had one thing in common besides serial maturities, and are traded
other by First Boston Corporation
Industrials And Finance Cos.
buy-; them.
........
and Halsey, Stuart & Co. jointly.
price fluctuation: all were the ob¬ in basis rather than dollar prices.
The third great division of the
C orporate issues are generally
ligations of private enterprise and Customarily they have an original
Continued on page 42
corporate market is the industrial brought to market either by means
most still are.
These private en¬ cash equity of 20% and generate
terprise issues are, therefore, the pay-offs heavier than the depreci¬
ones;= we
arer: mainly
concerned ation of the equipment concerned.
ultimate clientele of this market,

to

look

at the

.

-

-

•

.,

..

.

WE TAKE

PLEASURE

IN

ANNOUNCING

;THE ELECTION

FREDERICK

C.

OF

..f

are

FARNSWORTH

pleased to

announce

the opening of additional offices at
>

67 BROAD
AS VICE

PRESIDENT

.
.

STREET, NEW YORK, N.Y.

!

V

...

affording

our

clients

an even

broader

of brokerage services, including
the most modern clearing facilities.
scope

SECOND DISTRICT SECURITIES CO., INC.
mm

Dealers in

United States.Government, Federal
State and

;

MARCH

YORK 5,

NEW

MEMBERS: NEW YORK STOCK EXCHANGE •

AMERICAN STOCK EXCHANGE

PLAZA

YORK
S: ~:>r' i

23, 1962




BRAND, GRUMET & SEIGEL, INC.

Municipal Securities

ONE CHASE MANHATTAN
NEW

mm

Agency,

.

,

,

v .'i

«/•,
..

--

/,

(

r

V,"" '>-,5

*t..

4t

The Commercial and Financial Chronicle

(I486)

6

2.15% for the 1967 maturity up to

TAX-EXEMPT BOND MARKET
By DONALD D.

3.30%

state and munici¬

pal bonds has continued to - be
generally strong during this past
weekly period, although the ap¬

has

business

of

volume

parent

1992.

Thursday; March 29, 1962

.

the

initial

the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
[n

;

operates
system

Wayne County's
and plans to add

March 29

■

.

Brevard Co.,

Detroit

response.

Larger Issues Scheduled For Sale

,

-

the

of

members

reported to be indicating only

fair

a

international
position of our dollar is at least
temporarily suspended in a thin
atmosphere of stability. Currently
our
easy money policy is there¬
efforts,

in

due

bonds-

-

major

syndicate included Blair & Co.,
Inc., J. C. Bradford & Co., and
Paribas Corp. The unsold balance

MACKEY

ative

for

Other

was

The market for

.

.

'

Spec. Tax SD

water

(Thursday)
1965-1980

Noon

25,000,000

1963-1977

10:30

1,600,000

1865-1981

3,000,000

1, Fla.

April 2 (Monday)

about

Cook

111
Northfield Township
; High School District No. 225, 111.
Fdsom Jt. Unif. Sch. Comm., Calif.
Oak Park, Ill.__
Pointe-Claire, Que.._
Shelby County, Tenn

$65,000,000 to the system by . 1965,
financed through revenue bonds.
Detroit also awarded six issues

County,

7:30 p.m.

1964-1987
fore not seriously dislocating the
1,230,000
during
of various purpose general obli¬
1964-1981
international currency and gold
1,000,000
this year. A week ago the new
gation bonds aggregating $10,985,1963-1982
movement situation. Financial
.1,200,000
issue
volume
was
moderately
000. These issues' were
awarded
1963-1987
diplomacy is obviously exerting
12,500,000
heavy and at the same time the
to the winning group managed by
at least a temporarily more sta¬
pricing of new issues „ was per¬
April 3 (Tuesday)
bilizing influence on our financial Halsey,. Stuart 7& Co./ Chemical
sistently strong. Investor interest
Bank New. York Trust Co., and
5,000,000" 1963-1990
Birmingham, Ala.
dislocations.- f X7;7.
was prevalent and the whole tone
Drexel & Co. at annual net in¬
Los Angeles County, County Flood
:
Subsequent important and fun¬
of the market was one close to
1963-1989
terest costs ranging from 2.57914%.
Control

at any time

been less than

_

bullishness.

-

.

X.

•

has been Is to be permanently reduced or
and new issues removed - with its-'threat-to- a
have been bid for at new high further currency deterioration. price levels, the tone of the mar¬
■;•
> / An
Economic Truism j%
ket has not been as compulsively,
strong as; it was during this pre¬ \ With the dollar situation pres¬
vious period.
This hesitancy in ently improved, there would seem
demand has been partly brought little reason to disturb the policies
about by the extremely light vol¬ of monetary ease that have pre¬
strong since then,

of new issues since last

ume

re¬

A great job
done in this respect even

vailed for some time.
has been

otherwise.-

an

on

thus

and

follow

market up¬
attitude has

the

.per vse

-

economic

regenerative

ferings most of which are of the

obligation type.
.
Whereas
pre-salh institutional

general

,

,

been widespread and

interest has

specific as to price level up until
recently, there is now only a gen¬
eral interest in certain names with

'* -/>•

J

In Buildup

;
•

Stage

in

the

trend

of

consequent
-reception,

market

bond

unmistakably

seems

7yX 7 y \ 'y:"y

upward.

Commercial

The

and

Financial

10:00

1964-2001
1863-1984

10:00 a.m.
11:00 a.m.
Noon *-

.

of

general ob¬
ligation bondsy indicates that the
market is up at least a quarter of
a
point since last reporting. The
Index averages at a 3.05% yield
on
March' 28 as against 3.073% a
high grade 20

week

year

2:00p.m.

Wyckoff Township Sch..Dist., N. J.
: 1,420,000
7-x/X'V: xx-"'
/rr,
j
\
viding
a
net interest
cost
Of.'
April 5 (Thursday)
3.6949%, was made by the syndi- Alderwood Water Dist., Wash^-XX. 1,430,000

1963-1983

8:00 p.m.

S.'Smithers

F.

by

interest cost of

set an

that

now

reported by the Com¬

Department's

merce

Business

office

that

Economics

the

of
ex¬

panding economy "is not so large"
as

it

1961.

in

was

In

the

view

important

final

this

of

economic

„

T

,

,

PittsDurgn^ Pa.

parking facilities and to refund
city's
$606,000 - outstanding

.

„——

-

has

continued

easy

bank

to*

reserve

an

condition. Due

largely to the cutting of England's
bank

in

rate

twice

slowing
so-called
seem

Recent Awards

within

,

the

last

30 days, and due to other cooper¬

less

Tuesday; the City of^
Crawfordsville, Indiand,: awarded .-.University,
an
issue
of
$2,500,000: electric
-

Also

ori

Forgun

&

$4,000,000
Supply

Co.

was

Detroit,

System

net

V

was

31/2%
3%%

(State)

Auth., Gtd._ 3%
31/4%

♦Pennsylvania (State)
3%%
Delaware (State)
2.90%>
New Housing Auth., (N.Y., N.Y.)__ 3V2%'
Los Angeles, Calif
3%%
Baltimore, Md.
31/4%
Cincinnati, Ohio (U. T.)
3V2%
Philadelphia, Pa. Tx
3V2%
♦Chicago, 111.
31/4%
New York, N.
3%
_____

________

_______

______

Mich.

Revenue

reoffered

apparent

availability.




to

8:00

1,375,000

1964-1988 ;

8:00 p.m.

1963-1981

2:00 p.m.

1,000,000
2,285,000

1963-1987-

;

^ w'P
of Utah, Bd. of Regents
+

■

the

group

to

maturities.

1984-1986

'7^:

.X'

/.:;•.

"•

Anril

11

syndicate

—-

an

to

Maturity

11:00

1963-1992

Noon.

1963-1987

1963-1982

'1,163,000

1965-1984

3.3650%;

turity

and-4%

Water
Bonds,
annual
This

Asked

3.25%

1981-1982

3.20%

3.10%

1981-1982

3.15%

3.00%

1981-1982

3.10%

2.95%

1974-1975

2.85%

2.70%

3.15%

-

the

3.40%

1981-1982

of

for.

f

3.00%*

1981-1982

3.20%

1981-1982

3.35% "73.20%

3.00%

1981

3.15%

3.00%

1981

3.15%

3.00%

1981

3.30%

3.15%

1981

3.25%

3.10%

1980

3.30%

3.20%

reoffered
3.50%

The

interest

bonds:

arev

1993

for

1994 -and

the

p.m.

2:00

p.m.

2,580,000

•

7:30 p.m.

1963-1982

1962-1991

:

.

Noon

11:00

J

:

a.m.

1964-1992 7

4,750,000

8:00 p.m.

1967-2001

-2.500,000

7:30 p.m.

1964-1982

:

2:00 p.m.

•

2:30 p.m.

1986-2002
1964-1992-

11:00

1964-1990

i'

aaioii

2:00 p.m.

1963-1972,

11;00

a.m.

1964-2001

10:00

a.m.

1961-2001

11:00

a.m.

,

.

,

_

1,000,000

,:

Faramus, N. J

7:30 p.m.

___7_
■,

—1,200,000
3,300,000

Jefferson County, Ky

•

'

'

"■

1963-1986

'

r'7

"7

x

-

■'

•

8"00~p"m.

April 17 (Tuesday)

ma¬

1S95 maturities. Other members of

2:00

.

April 12 (Thursday)

yield ( from

to

for the

'1:00 p.m.

1965-2002

8,000,000;

3%%; and; Hardin-Jefferson Consol.. SD, Tex.

net

a

;

.2,120,000 f"f-1967-1996

v

coupons

7:30 p.m.

-1,900,000

.72,000,000

Teachers College of

to

yield from

Bid

,

2%

a.m.

1963-1982'

Wednesday saw the award of ;
7x?r
^ riaaY/
S4300.000 Consumers' Public-Kansas State
...
•Emporia, Board of Regents.__—7
1,800,000
Power District,
Nebraska, West¬
Michigan State Univ. of Agricul- .>"'*7 •'
ern
System revenue bonds to the
ture & Applied Science.
:____
3,000,000
group headed by the First Boston
:
'
X
Corporation. The winning bid sub¬
April 16 (Monday)
mitted by the group was 98 for
Chester, 111. ______:
1,750,000

5%, 4%, 3%%, 31/2%,

a.m.

",2,460,000
5,000,000

J.

were

a.m.

(Wednsedav)

of the successful ^Evangeline Par., Parish S. Bd., La.)
C. Bradford &• "Griffith, Ind.

major members

9:30

10:00

.,

1963-2000

April li (vyeanseaay;
6.465,000

-

>'"7> '.;.;XP7-'7.v

Otherf:

p.ih.

April 10 (Tuesday)

rpayton/Ghio
-r-ryreoffered n^1^^Jlon ^ree k-Yr
2.00%-for ^Lrtrth ^acramento, Calif.■_7----—.
3.40%'for Centura Port District, Calif..-—

yield from

2.10%

1982

March 28, 1962 Index=3.05%
"No

issue

the 1965 maturity up

being

interest cost of 3.2454%.

issue

Rate

New Jersey Highway
New York State

The- winning

the

/

awarded

manuring 1967-1982, at

(State)

♦Connecticut

7

Glore,

MARKET ON REPRESENTATIVE SERIAL ISSUES

California

2:00 p.m.

w

cost

X

The syndicate headed by

and

maintain

1970-1986 #

1963-1987--"

reportedly sold down to $ 1",4,14,900.

important in their implications to
further market improvement than
do the underlying economic factors
that support the monetary relaxa¬
tion that prevails.

other

political
factors, the Federal Reserve policy

1,081,000
: 2,400,000

1,800,000

rCarter County, Tenn..^...,
parking heVehue bondsX Demand • Ghesskill School District,^N. J._—
Mich.____
fairly good with the account -Sf
f?
x?* P1S

"

,

.

,

...

the

quarter of
and

,

,

.

market.

other words, these
technical considerations

Dollar Temporarily Bolstered
It is

clown the

In

ago.

^

1968-1982
8:00 p.m.
Brooklyn College Student Services
.
X
/.."X V,
Co. and First of Michigan Corp. - Corp., Brooklyn, N. Y.,_____:_-_*; .. 1,450,000
1963-2000 , 3:00 p.m.
This issue was reoffered to yield DeWitt, Pompey, Onondaga," Lafay- ;
; v ;
f- /'■':.xx.
11:00 a.m.
from 2.25%
for 1964 maturities 7 ette, Manlius, CSD No 11, N. Y.
1,480,000 " 1963-1981
7:00 p.m.
upward to 3.80% for 1987 lhaturK. Morgan City, La.__A"_________-X; v 1/100,0(h)" 1963-1982
ities.7 Other 'major; members • in-Washington-: &
Yamhill Counties '%:X
;X/
1963-1977
8:00 p.m.
eluded Goodbody1.. & :Co.; Bacon,Union H.S.D. No. 3JT-8JT, Ore. :
2,315,000
Stevenson & Co. and Rand & Co.;VX VX'/X/•
A
q /Mnndavl
Proceedscof: these bonds, will bex.%
\ * ™ayj
applied to the cost of ■ additional Ca'?egie Institute of Technology, •
1964-2001"; 10:00 a.m.
1,400,000

.

seriously

y

by * John" "Nuveen"- &

headed

.

without

Noon

.

2,650,000
1,440,000
heavier -new
issue
volume
due Co. and
Shearson,-Hammill & Co. Kentucky (State of9,900,000
'next week may conspire to ele¬ The"
underwriting met good 7det- "La Crosse, Wis., -_-__X.-__—___
.1,075,000
vate this total but our feeling is
mand
and
only: a
few bonds Michigan (State of)
x
2,000,000
that
another
$100,000,000 could remain unsold. 7v ; 7x7: ,
;y\ ;
'
77
show

2:00 p.m.

1963-1982

yield Index, which is "the Blue List is about $475,143,740.
offerings The higher market level and the

Chronicle's

averaged 'from' specific

9,400,000 ,1963-1987
1965-1992

2,000,000

&/CO.on St. Louis Park, Minn.;1,500,000

.

offered

as

1,250,000
/6,600,000

1963-1992

generally
favorable,
al¬
though heavier than it has been.

obligations

a.m.

25,020,000

the
scheduled
sales
total -over a net interest cost of"^3.3408%' ?.*■■
$500,000,000. This volume is likely made by the group co-maciaged '
.
.
to increase for the period;
by A.'C. Allyn & Co., Incr and
The
inventory
situation con¬ John Nuveen & Co. v
v '*

nicipal

a.m.

8:00 p,m.

1964-1985

j

The visible total of state and mu¬

^

a.m.

10:00

3,000,000

Fairfax County, Va.

hesitancy
the basic
the state and municipal tinues

investor

11:00

1963-1990

#81, Wash.

ago. As we have pointed out, the
utility revenue ' bonds due 1965'-' Abington, Mass.X____price ideas below the jmarket continues higher and is 1986 to the. syndicate co-managed juiiixjixngliaiii Water Works Bd., Ala.
dealers'
projections
of , current limited to that small extent. More¬ by, F. S. Smithers & Col and In-: Lansing School District, Mich.____
worth which are mainly developed over the potential supply of bonds
dianapolis Bond and Share Corp. Mayfield School District, Ohio_w__
from previous issues and offerings seems great enough to expect a
The winning bid
of ; 100.087. -for New London - Spieer Independent
and frequently imaginings.
'consistently heavier schedule 314s- and 3%s established art an# / School District No. 345, Minn.__7
'.through the Spring and early nual net interest cost of^ 3.3143%. Sonoma Co. Flood Control & Water
But Prices Still Go Higher
■Summer months." Through April :Tne closest bidvwas
100.0017,: forip Conservation District, Calif-

with

a.m.

7:00 p.m.

April 4 (Wednesday)

the buyers'

However, despite the inevitable
overpricing of some new issues

11:00

1963-1982"

1963-1987

Lafayette Parish, Par. Sch. Bd., La.
Philadelphia, Pa.

was

Technically the tax-exempt bond
market has less upside potential
'than it did as recently as a week

a.m.

9:00 a.m.

.4.600,000

Rapids, Michigan, Parking System
Refunding ' revenue
bonds
due
head-

Supply of Tax-Exempts

Potential

11:00

1953-1987
-

2,845,0.00.

-

4'

•.

a.m.

____

Spokane County S. D.

reportedly reduced to

8:15 p.m.
11:00

3,342,000

Carthage College, Wis.__
Georgia State Office Bldg. Auth.__

.

«;•;

X; ■

_7XL7XX_.

Calif.__

•:X;x'V.vxxV;

.

cate

-

a

_

$4,785,000.
i ;• Xx-X ; ' "• XXX;
On
Tuesday," $2,650,000. Grand

terms

potency.
This - has never been
quite suddenly developed and for clearly demonstrated; Nonetheless,
good reason since next week's new from a bond dealer viewpoint, the
issue calendar is replete with, ap¬ market hills and valleys, are in¬
yT ;i X;? :X"'X/';
pealing large general market of¬ teresting.
ward. A wait and see

35,000,000
1,100,000

3.6846%. Second highest bid, pro-

the part

ance,

Santa Clara,

.%%. coupons, were priced to yield
1 Response
was
fair,: with

the account

X

N. Y.____

Oregon (State of),

4.35%.

ed

y I •
•* 7/; - I//7
increasing reluct¬
of institutional X However, the hazy misconcep¬
tion continues to prevail that'lowinvestors particularly, to immedi¬
ately purchase .the new offerings^, money rates or easy money have

encouraged

North Hempstead,

1964-1987 went to-the group

with consequent overcompetitive bidding among dealer though it has not inspirited the
economy and perhaps never will.
groups in order to assure partici¬
pation in the presumed market It has been demonstrated again
that money rates can be pretty
advance.
XX- ; ■" /■ X y X/.
,
much g'rooveo. to fit any reason¬
This circumstance has engen¬
able
preconception, political, or
dered even higher pricing and has
porting,

,

a.m.

8:15 p.m.

25,000,000

Micnigan (State cf)________
Moss Point* MiSs;__x.__XX_l

prices to y, yield from.
1.70% for 1963 maturities out to
3.35%
for i. 1985 maturities,-' Ma*
turit'ies- in
1906 and 1987, with
at V

made

market

the

While

3.07902%.<■ Heqfferings V.were

to

forthcoming from us if the out¬
ward flow of funds, and of gold,

10:00

___

District, Calif.X__,

be

must

eorrecJens-

damental

■

Ebullient

Less

Market

;X

.

a.m.

Cook County,

Cowlitz
;ii

County SD No. 22, Wash.
c?jJ,

oegunao

Caiif.__i_

1,943,000
-1,250,000

1964-1982

11:00

a m.

1963-1982

9:00

a.m.

syndicate were R. W7 Press-'Local Housin§ Authorities-102,360,000
5,000,000 , 1963-1971
prich & Co., Hemphill,- Ncyes<&'New Mexico (State of)__
1963-2001
26,430,000
Co., Reynolds & Co., Domirtick & Pennsylvania State PS Bldg. Au:h.
2,040,000.
Dominick, The Illinois. Co., and "Wilson, N, C.
—---John Douglas & Co., Inc. Groups
!
April 18 (Wednesday)
headed by Hajsey, Stuart & Co.
Camden, N. J.____
3;i00,000
and
Smith, Barney & Co. were La Salle County, Township High

the

'

.

Noon",

7

10:00 a.m,
Noon

;

.

second bidders with

a

net interest

cost of 3.37%.

illustration

An
of

the

present

to

district

of

new

_is the fact that
this

7

..

a

the

.*

strength

issue market

similar issue of

which

was

School District No.

7
7

.

Cleveland, Ohio

brought

at

a

3.8786%.
the

net

October

1960

was

bid of
The District will utilize

proceeds

interest

of

this

cost

issue

to

fi¬

Georgia

—_

1,950,000

April 24 (Tuesday) 7
1—: 17,975,000

Minnetonka Ind. SD No. 276,

Minn.

4,400,000

1963-1982

.198471987

2:00 p.m.

Anril 25 (Wednesday)

,

market; in

won

120, Ill.__

State School

Bldg. Auth.

(Atlanta)
Sacrair.ento-Yolo Port Dist.,

Calif.

=

"

35,000,000
2,850,000

1964-1992

10:00

a.m,

~

nance

additional conventional

steam-electric
and

with

X

April 26 (Thursday)
5,000,000

generating facilities Lehigh County, Pa.
I_l_:
high voltage tie lines Minnetonka Ind. SD #276, Minn.
neighboring utilities of the .Santa Clara County, Calif
Continued on page 64 "Tampa, Fla.
7

sbort

1964-1983

2:00 p.m.

1963-1982

Hill-.-

1,500,000

8.000,000^.
15,400,000

Volume 195-

Number 6146

..

The Commercial' and Financial

.

Interest is

The

Chronicle,

(1487)

exempt, in the, opinion of Bond Counsel, from all present Federal income taxes
under the existing statute and court decisions.

Enabling Act provides that the Bonds, their transfer and the income therefrom (including any profit
made on the sale thereof) are
exempt from taxation within, the Commonwealth of Kentucky.

NEW ISSUE

March 27,

1962

,000,000

The Turnpike Authority

of

Kentucky

(An agency and instrumentality of the Commonwealth of Kentucky)
'

Eastern

;

Kentucky Toll Road Extension Revenue Bonds of 1962
(Payable

Dated

as

'*

-

\

revenues)
Due

bonds, registrable

July 1,

as

shown below:

principal, alone, in the denomination of $1,000, and as registered bonds without
multiple thereof, and interchangeable as provided in the Trust Indenture. Semi(January 1 and July 1) and principal of coupon bonds not registered as to principal payable at Citizens
Union National Bank & Trust' Company, Lexington,
Kentucky, or at Chemical Bank New York Trust Company,
New York, New Vork, or at American National Bank and Trust Company of
Chicago, Chicago, Illinois,
coupon

as

in denominations of $1,000

coupons
f

lease rentals or other

January 1, 1962

Issuable
■

solely from

annual

to

or any

interest

at the option of the holder.- Principal of-registered bonds without coupons and of coupon- bonds
registered as to; principal payable at Citizens Union National Bank & Trust Company, '•/./, /.'•/.//'
,1. ;;
■ Lexington; Kentucky, the Trustee under the. Trust Indenture.

v

'■*

.

-

/

.

These Bonds

•

v..

4N•' *H'.




are
beingjssued for the purpose of providing funds for paying the cost, of constructing the Eastern
Kentucky Toll Road Extension.\The; Bonds are being issued under and pursuant to the provisions of Chapter
173 of the Acts of I960, Regular Session, of the General
Assembly of Kentucky (Sections 175.410 to 175.990,
inclusive, Kentucky Revised-Statutes), and are to be issued under and secured by a Trust Indenture, dated as of
January. 1, 1962 between The ^Turnpike Authority of Kentucky and Citizens Union National Bank & Trust Com¬
pany, Lexington, Kentucky,' as Trustee. ThesBonds will be payable solely from the special fund provided there¬
for from lease rentals or other revenues of the Eastern Kentucky Toll Road Extension. The Bonds shall not be
deemed to constitute a debt of the Commonwealth of Kentucky or of any political subdivision thereof, or a
pledge
of the faith and credit of the Commonwealth or any political subdivision thereof.
<;

JL

<T I (!'•

•

yj-'

AMOUNTS^lNTliREST RATES, MATURITIES AND YIELDS

$10,000,000 Serial Bonds
Y

Interest

Amount

Kate

$275,000

",v7'/:

4%

:

~

v,u

Interest

Yield

Amount

Kate

Maturity

1967

y

3.30%

$550,000

4%

1977

3.85%

1978

3.90

Maturity "'

•

Yield
.

"

300,000

4

350,000

4

375,000

4

1968

3.40 ;

575,000

1969

3.50-.;:

600,000

4

4-*

1970

3.60

625,000

400,000

4';r

1971 r

3.70

m
41/4 ■;

425,000

4

1972

450,000

4

1973

475,000

4-;:,r,

1974,1'

500,000

4"\

1975

'
■

.

7 525,000

4

•

-

i

15)767

~

650,000

V

73.75

675,000

3.75;,

700,000

3.80
*

3.80'

750,000

•1979

3.95

1981

3.95

1982

4.00

,

4.00

.1984

71985

800,000'

:

3.90

1980

1983

41/4
41/4
41/4

.

4.00 ;

4.00

'

*3.85

$19,000,0007 4.30% Term Bonds due July 1, 2000
"V7T;:7'

:■

•

Price _98Vfc%

(Plus accrued interest)

Redemption Provisions of the Bonds: The Bonds may be redeemed prior to their respective maturities on 30
days' published notice in Kentucky, New York, New York, and Chicago, Illinois, either in whole, on any date
not earlier than July 1, 1971,• at the option of the Authority, from any moneys that may be made available for such
purpose, or

1966, from
7

7

in part, in the inverse order of their maturities, on any interest -payment date not earlier than July 1,
moneys in the Sinking Fund at the prices provided in the Trust Indenture.

These Bonds

are

offered when,

as

and if issued and received by

us

and subject to the approval of legality by Mitchell,

Pershing, Shetterly & Mitchell] New York, N. Y., and Grafton, Ferguson & Fleischer, Louisville, Ky., Bond Counsel.

Allen SC

Company
John Nuveen& Co.
(Incorporated)

B.

J. Van Ingen & Co. Inc.
Merrill

Lynch, Pierce, Fenner & Smith
Incorporated

A. C.

Allyn 8l Co.
The

Kentucky Company

7

6

The Commercial and Financial Chronicle ;*.

(1488)

Co,

DEALER-BROKER

120 Broadway, New York

N.Y.

;

American

INVESTMENT LITERATURE

randum

Buhl

AND RECOMMENDATIONS

S.

Moseley

Co,,

&

and

Congress Street, Boston 2, Mass.
Banks—Bulletin

Canadian

particular
ion

reference

Scotia and

Nova

to

Canadian

Oil

Gas

&

Bulletin—Reynolds

able

Inc.,

West,

Co.,

is

American

Van

report

a

Fixed

Market—Survey—E.

Company, 1 Chase Man¬

hattan

Store

Electric

Averages
the

market

Bureau,

Broadway,

—

Put

2

Co.,

Analysis—

State Electric &

St.

Railway

Francisco

Stocks—Review—John

Legg & Company, 322
Street, Baltimore 3, Mdht;

Inc.,

,

Call

&

view

Trans

of

Light

Stock

Offerings—An¬

available
Canada

is

Kidder

Co.

&

Inc., 1 Wall Street,
Also available

of National Periodical

Publications,

Inc.,

Wood

Newspaper

Corp.,

McGowan

Andrea

Textbook

tion Fund.

Glass

de¬

&

Securities

Review

—

Securities

Co;

Inc., Ill Broadway, New
6, N. Y. Also available are
data on Ajinomoto Co., Inc.; Kirin
Co.,
Co.

Ltd.;
and

Inc.,

Prentice

Hall,

—

of

York

Products

&

Dillon, Union Securities & Co., 15
Broad Street, New York
5, N. Y.
YaAlso available is an analysis of
New
Ex-Cell-O Corporation. ; [•' 77v-7*7

York

Brewery

Allyn

Inc. and Random House—Eastman

Co., Ltd., 149 Broad¬
New York 6, N. Y.

maichi-

Winston,

Meiji

Milk

Yield—List of 35 stocks with good

*

*

H!

;

1

•

Securities Co., Ltd., 1 Chase Man¬
hattan Plaza, New York
5, N. Y.
Also available is
bota Iron &

a

report

on

&

'

U.

Borg

Warner

Fershing

Missouri.

Memorandum—

—

&

New York

Co,

120

dum—Birr

Ku-

Machinery Works.

Electric &

of

General

and

New

Tire

York

&

State

Gas Corp.

Japanese Shipbuilding Industry — American Brake Shoe
Company—
Analysis—Nomura Securities Co.,< Analysis — Emanuel, Deetjen &

&

.

,

_

Co,

.

Pembina Pipe Line

Ana-

—

First

—

4

White

.

Boston

•

E.

randum

jjfs Limited, 455 Craig Street,
'
^?n. Fea!' Que > Canada,

First

—

California

Com-

300 Montgomery Street, San

Utilities Associates.

Phillips

Christiana

Securities

Co.

Prlvilf

Petroleum

Bui-

—

™

Trans Prairie Pipelines.
Company

Wall Street, New York 5, N. Y.

Rockwell Manufacturing Company

Circle

—Analysis

Controls

Corp.-r-Memoran-

Rodetsky, Walker & Co,

—

115 Broadway, New York 6, N. Y.

Analysis
Analysis

Greenshields

—

Drexel

Incorpo-

Dickson

&

2, N.

Also

C.

North

v

of

available

Tnf^?c
^ ^

Topik
Madison

&

Avenue,

New

chfetgo

^

4 ni

°

.

^

?^^roof
cnnt^
5°*' 64a Sou^h Spring
Skyline

Emhart Manufacturing

Fairmont Foods

Ji1

Ford

Gas

Electric

&

Co.,

and Weyerhaeuser
^

-■t'

Trailer

,

Taft Broadcasting
—

326

Walnut

Atlantic

Rhoades

&

—

Arrin

Memorandum

:

Ohio.

'■

Cincinnati

Corporation

Carl

—

Co,

42

Tea—

M.

Wall

,7-

Porges, 111
York 6, N. Y.
Trust

&

Savings

Walter

E.

Report

;-r-

ASTRO-SCIENCE CORPORATION

.

&

„&

.

=

•

Nebraska

1000 "O"

Securities

Electronic

request
v

Troster, Singer & Co.
Members New York

74

Security Dealers Association

Trinity Place, New York 6, N. Y.

HAnover 2-2400




Teletype NY 1-376; 377; 378

o

^

o

•

oa

a

T

Co, 621 South Spring Street, Los
Angeles 14, Calif.
Lafayette

Radio

Electronics

Cor-

poration—Analysis—J. R. Williston & Beane, 2 Broadway, New
York

ditional

Professor Corliss D. Ander¬

Chairman; Finance De¬
partment, Northwestern Uni¬

Alstyne,

Dan

Noel

&

Analysis

Co,

40

,

T

Lufkin, President;
Donaldson, Lufkin & Jenrette.
4:45

lited

—Halle

&

Stieglitz,

New York 5

memoranda

and

California

on

Analysis
Wall St..

South Penn Oil

Savings and

Loan

United

Investors

Corp.

Memo-

Ltd.

■*

MUSS.

7;--"'

>

0608.

A.

y

£>■.

j

JJeDl.

_

i

ni

PrOpOSeQ OhailgeS
monwealth

52

Broadway,

New

York

4,

Y.

announced

United

States

Plywood

Corpora-

tion—Report—Schweickart & Co.,
29 Broadway, New York 6, N. Y.
Rubber

States

view—H.

Hentz

&

Street, New York

New

New York

7<

'

TV

m

Co,
N.

U.

5, N. Y.

7 V 7

yr

randum—Paul L. Forchheimer &

Study —Nikko Securities Co,
Ltd, 1 Chase Manhattan Plaza,

—

Hour—Hors

BOSTON, Mass.—The Department
0f Public Utilities of the Com-

—

5,

Co.—Re-

72

Wall

N. Y.

Also

Co,

Transport Lines.

Co.

7

-.

—

52

Also available

N. Y

Matsushita

Ind.

5:45—Social

to

_

Unite^ Fruif Company
Friut Company

available

Electric

f

W.

Howard, Weil, Labouisse,
The cost of the Forum is $7.00
and
Company,
211. for members until April 2; $8.00
Carondelet
Street, New Orleans thereafter.
The nonmember fee
12, La.
.7\7 7 [-['- ^ ••7.[ is $8.00.
[■v;:;,[:'' >
: -7

Wall Street, New York 5, N. Y.

York

versity.

—

United
—

and tra¬

new

growth industries.

son,

W.

S.
E.

is

Steel

a

bulletin

on

Air

Corporation—Study& Co, 14 Wall St*

Hutton

5, N. Y. Also available

of
a

Massachusetts

has

public hearing April

10 at 10 a.m. in connection with its
investigation into the advisability
of adoption of. new rules relating
to

4, N. Y

Massey-Ferguson Ltd.
—Van

Solvents.

between the

as

Service, Inc.—Anal- [d'oeuvres and cocktails,

Companies.

Research

Corp.—Analysis—Hill Richards &
on

Marine

y.

-...

Friedrichs

are

Inc.,

Street, Lincoln 8, Neb.

International
^

Prospectuses

ysis

Company—

Hugoton Gas Trust—Memorandum
—First

INC.

Heller

-Hill,7 Darlington

Grimm, 2 Broadway, New York 4[
N.Y.

YOUTHCRAFT CREATIONS,

Tide

&

Company, 105 South La Salle St,
Chicago 3, 111.

INC.

Commercial

and

Bank—

Dow

Policy"—the investors' choice

Loeb, Texas Eastern Transmission—SurStreet, vey—Shields & Company, 44 Wall:
..Street, New York 5, N.-Y. Alsov

Collins

Treasurer,
Company.

Corporation.

Utah Construction & Mining Co.

Broadway,

E.

3:45 to 4:45—Panel—"Investment

Manufacturers, United Fruit, U. S.
Rubber, John Morrell & Company

&

Edward

Paper Industry—H. T. Mead,
Vice-President,„The Mead

Memorandum

Pacific

&

Chemical

Report-

—

Professor

Indiana University.
Chemical "Industry — R. B.

'

Bennett,

2,

J.:-[v:y," • '-■

.[• y.[v'

Tenney

—

Edwards,

Company—Re^

Street,

&

Memorandum— Julien

MELNOR INDUSTRIES,

tions

available are surveys of Southern
Materials, United Merchants &

New

-Industry—Harry E.

Savings" anrl. T.nah AssnciriJ.
~Sainnn<t and Loan Associa¬

:

Westheimer "and Company,;

Charles A; Taggart &7Co., Inc.,
Co, Inc., 50 1516 Locust Street, Philadelphia
Broad Street, New York 4, N. Y: 2, Pa. Also available is a report- on

Great

-"Thb Invest¬

; Service

& Co, ;14 'Wall Street/'
New York 5, N. Y.
port

Co.—Memoran-

Products

•Theodore

b.o0

traditional growth [industries
:in-[which recent;j. growth has
been "tarnished.''/
V

-

Building, Detroit 26, Mich.

Harris

1

^

Swank—Memorandum—Shearsofiy

—

Trading List:

'

Hammill

Nauman, McFawn & Co,

—

ad-

fm em» r 1
ment Chad,lenge" — a
look
ahead at two ^relativelynew
growth industries'and at two

>

Vw-f

^

, -

v;r1 __

BuUdmg^ Birmingham,
[y [ Sundstrand —["Memorandum'*■

C. Allyn & Co.y 122 South
La Salle
Street,' Chicago 3, 111.
Also
available
are • analyses -^of
Illinois

*;
and

Company-r-Anal--'Sva»nSA ^
^'"-.'Nickelsonj: Executive YicePark Avenue, New.York 22, Nf-Y. 7- -President, A;.C. Nielsen & Co.

tysis—A:

Iowa

'

Hotel,

Company.
r

randum—Putnam & Co, 6 Central-

[ .7 [

Forum

•*"dress, "Challenge in .the 60's,"
H
-Charles H. vPefcy,X Chairman
S^ieet, Los - „ Qf the Board, J Bell'& Howell

South^ir NaturaLGas Co.
196Lj
^P0,r —. I^Parto|JhLPC, -r'.MemdK.^???, 5®rn"
,?as

Row, Hartford 4, Conn:

The

' Michigan and Bdlbo. .
'.12:00 to 1:30—Liincheon

Homes,. Inc.—Analysis

n

Inct, 295;
York 17, •

Jiour.

-the' Sheraton : Blackstone

r

:

Wednesday,

r

Park^,Ford' & ■ CompanyVr

Insurance—Memoran-

111. —On

April 4 the Investment Analysts

New

a

Eagle

Fire

memo-

a

^will/bq.;held in the, ballroom of

Angeles 14, Calif.;

an

is

Melfenlt^ille""^""1 Eas^OMo mdwJst^Foimm^t'a ?t"n g°wlth
H, Ohio® " lunch at 12:00 noon and ending
..soaal.

analysis of. Purolator Prodnets Inc.
/
" I
r

is

available

CHICAGO,
Co.

Company, 7616
Jolla, Calif.

St,

Louis 2, Mo.

Insurance

Memorandum—

Midwest Forum

Richter

Fourth

—

Chicago Analysts

~

Company, Incorporated, Wachovia Bdnk 'Bldg^'".
Charlotte

Scherck,-

320

Also

^

Bul&ng? Qevlland

Enterprises UiC.r^Analysis

S.

St.

Security

treai
treat, yue, Canada.

—R.

Company,

and

—

letin—Laird, Bissell & Meeds, 120
Broadway, New York 5, N. Y.

—

French

randum on Square D.

-JaWe y&--StiegUtz,->52;

'7?

Motor

Hutton

F.

Wis.
^ ia

;

A,

on

&

Zero Manufacturing Co.—Analysis
—Loewi. & Co, Incorporated, 1225
East Mason Street, Milwaukee 2,

dum—Jackson, McFadyen Securi-

Francisco 20, Calif. Also available
is
a
memorandum
on
Eastern

Kline

Girard Avenue,- La

Memoran-

—

Central Maine Power Co.-—Memo-

pany,

Do

Hooker Chemical Corp.

stock

our

77

—

0f. Smith

San-

Grumman Aircraft & Engineering
—Memorandum
Clark, Wein-

Recently added to

axraii

Inter_

Hemphill, Noyes &
Co, 8 Hanover Street, New York
4, N. Y. Also available are reviews

.:

..

155

Corporation, 15 Broad Street, New

Company

New York 5, N. Y.

For banks, brokers and financial institutions

on

Western Massachusetts Companies

Memoran-

Inc.,

York 5, N. Y.

brochure

Garsite

6, N. Y. Also available

Co.

Akn

Harvester.

—Review

Street, San- Francisco 4,
Calif. Also available is a memorandum on Dun & Bradstreet.

lytical

New York

reviews

^

.

Pacific Vegetable Oil

Broadway,

5, N. Y.77;77'

Edison

dum

Rubber

1 '--fia

memprandum

a

Philadelphia 2, Pa.

Co., 50 Broadway, New York 4, > Pabst Brewing Company—Report
a report on
— Dempsey-Tegeler &
Co, Inc.y
S. Rubber. >;
7'777' **'7Locust Street, St. Louis 1,

Aerojet General Corp.—Review—
Fahnestock & Co., 65 Broadway,
are

Atlanta

£

O

N. Y. Also available is

Fruehauf

fectionery Co.
Japanese Market—Survey—Nikko

"

,

yields—Sartorius & Co., 39 Broad¬
[ Beaunit Mills
way, New York 6, N. Y. v ::;
77 Company.,

Morinaga Con¬

Fred

& Co, Inc.," 505 Park'
Avenue, New York 22 N Y.

national

Howell—Bulletin—Purcell

&

Bacon, Inc., Crowell-Collier Pub¬ ■'.N.(Y;
lishing Company, Holt, Rineliart

tail the economy, political climate
and stock market of Japan—Dai-

Japanese Market

to

Memorandum

,

*

Bell

Industry—Analysis with

particular [ reference

way,

Corp.,

Machinery

Fibers,
Corp. and Western Airlines. 7[-"7.7

Corpora¬

—

F."Sessler

of able

Ihdiana General Corp.

:Diana>Stores ,C0iVOFatidh^AnalSelling Services for Profit—Re- ysis—Joseph Walker & Sons, 30
view of service companies—A. M.
Broad
Streqt, New York 5, N. Y.

re¬

a

analysis

•

New York 5, N. Y.

Japan—Booklet discussing in

wa

Street

77

Options—Brochure—

York 4, N. Y;

Company, 132 St. James
West, > Montreal,
Que.,
Also

Bureau

Front

Mountain

—

Valtronic

_

Credit Foncier Franco-Canadien

Securities—Review—Mc-

Canada.

46

1961 Annual Report

,

^ldwin-Lima-HamiltoirCorp.-^,Na«onal[Instrument.LaboratoriesWellington Management—Memo-"
A"®
pis-Laird Bissell & Meeds,
randum-Brooke. Sheridan, Began
120 Broadway, New York 5, N. Y. ;-Memorandum-T hL K rsch Co
Jnc, 54 Wall Street, New York 5, & Co2 p<;ni; Center
*•/
PMioHolnViio

dum

Fetrick &

Street,

Quotation

in

periodNational Quotation

are, surveys

Israeli

used

,

C.
•

over-the-

.

•

Insurance

35

.

w

Secondary

Southern Railway.

and

Dow-Jones

alysis of 45 major offerings made
during 1961—Seidman, Williams
Gas, Pitney, & Cantwell,y 26 Broadway, New

San

Louis,

compari¬

stocks

Warner & Swasey, and Utah Construction and'Mining Company. /

analysis

an

,

—

Irving E. Krinski & Co., 19 Rector
Street, New York 6, N. Y.

Broadway,
New York 4, N. Y. Also available
are reports on U.
S. Steel, Chain
Belt Co., Metro-Goldwyn-Mayer,
Moore
Handley Hardware, New
Bowes,

the

New York 4, N. Y.

Electronics Industry

York

and

the

Folder

industrial

listed

in

Nashville ;3,

of R. C. Can Co.
.
.;
Mountain Fuel Supply Company—:;

.

reports on Consolidated Business
Systems, Inc. and Piatt Corp.

Boston

—

Street,

Associates, 53 West
Boulevard, Chicago 4, 111.

on

both as to yield and
performance over a 23-

McKinnon,
5, N. Y.

Goodbody

bulletin

a

Averages,

Pa,

York

&

the

National

524

&

Securities.

industrial

counter

year

2

Bell

Department

up-to-date

an

used

Utilities—Survey—Thom¬

&

New

stocks

Stocks—Bulle¬

tin—Mackay
&
Company,
Washington Street, Reading,
son

F.

Plaza, New York 5, N. Y.

Department

Arlan's

between

son

Common

Refrigeration,

are .reports on American
Optical,1
Budd Company, Lone Star Cement,

Fuel Supply Company 180, East ,Varian Associates
Memorandum
First South St, Salt Lake City 10,- _0rvis Brothers &
Co, 30 Broad
American
Technical
Machinery utanStreet, New York 4, N. Y
Corp.—Analysis—Preiss, Cinder & Narragamett Capital Corporation Vulcan Materials
to—Analysis—
v
w"W Y. a Broadway, are
^...Courts &;Co, ; 11-Marietta- Street,
York 4, N. v' Also availableNew >Wall Street, New York 5, N. Yr at

Insurance Company,

Income

showing

Mary¬

System,

Over-the-Counter Index

Lines.

Hutton &

Power

Stores, Eli Lilly and

120

North

on

Home

Ilowell,

Broadway, New York 5, N. Y. Also
available

Western

on

Allegheny

Copeland

Industry—

&

data

are

land,

& Co.,

Ltd., 25 Adelaide Street,
Toronto, Ont., Canada.

Oil—Paine, Webber,
Curtis, 25 Broad Street,
York 4, N. Y.
Also avail¬

New

of

Domin¬

Knowles

Bank—Ross,

Skelly

Jackson &

with

Bank

Toronto

.

Service, Continental Oil, Ohio Oil

50

Bulletin

—

Union

jTenn. Also available is

& Co*;,

Research and Develop-

Corporation

Jackson

1

,

to Atlantic Refining, Cities

erence

322

Corp.—Memo-

C. Roney

Analysis—

—

S. M. Rubel &

PLEASED

BE

Oils—Review with particular ref¬

Machines Industry—Re¬

view—F.

American

LITERATURE:.

Wm.

Inc.

Equitable Securities Corporation,

,

Building, Detroit 26, Mich.

ment

Ltd., 61 Broadway, New York 6,

Co., 36 Wall Street, New
N. Y.

Business

WILL

FOLLOWING

N, Y.7,

Bache &
York 5,

MENTIONED

THE

List—Revisions—

Selected

Bache

FIRMS

PARTIES

INTERESTED

SEND

TO

THE

THAT

UNDERSTOOD

IS

IT

Motors

.

—

5, .Moore-Handley

\

:

*

Thursday, March 29, 1962

.

the

requirements for applica¬
registration of brokers

for

tion

and

salesmen of securities within

the

Commonwealth of

setts.
are

Room

and

Massachu¬

Copies of the proposed rules
file
in the Dapartment,

on

167,

are

persons

State- House,

available to
on request.
.

Boston,

interested

Volume

195

Number 6146

...

The Commercial and Financial Chronicle

it

(1489)

; was

taken

for

Britain

could

afford.: to

j

about

take

of

V.

gold stabilization plan cannot possibly withstand chronic pressures.
In

recalling the timely, but largely ignored, warning

Andre

gold

contained

in

Siegfried's "England's Crisis'' before England was forced off
1931, Dr.

in

Crisis" edited

Einzig finds that the

published

recently

"Dollar

.

.
.

by Seymour E. Harris provides a similar warning to us.

LONDON, England—The proposed
arrangement
under
which
the

attention

deserves.

it

It

is true,

would be maintained

in London
by means of

there is now a tendency in Washington to discourage the flow of
investment to foreign countries

intervention

between

instead of encouraging it. But this

important

reversal of the official attitude
would have to go much further

market

official
34.92

in

step

gold

is

35.08

and

an

right

the

that

fact

of

price

will

it

direction.

not

but V other

Central

The

confined

be

to the U. S.and British

authorities,

Banks

and

before

excessive

of

investment

ment officials. It reads like

of

faults

in

in

fashionable

Soviet

the

a

the

con-

style

the

with the difference that its writers

obviously no perverted
enjoyment from the candid con-

fession

of

these

them they

picture

give

of

faults.

a

the

very

basic

of the American

Between

participate in
welcome indication of the

a

Frederick C. Farnsworth has been

appointed vice president in charge

disturbing

of sales of Sec-

weaknesses

Securities

favorite

jokes with
people in London tried to

abroad is brought to a halt. There
is also the unfettered freedom of book he painted Britain's economic

District

ond

economy.

Inc.,

1

Co.,
Chase

Manhattan
-

——

—

Plaza,
York

New

City,

dealers in U.S.

Government,
Federal

1

Agency,

state

and municipal
MM

securities.

Mr.

Farnsworth
M

«\

formerly

was

assistant

f.c.Farnsworth

vice

president

of

Chemical
Bank
in

New

the

York

Bank's

Trust

Company

Government

Bond

Department.

_

1

_

position and prospects with Brand* Gnittiet
gloomy but realistic colors. His
7
warnings were dismissed in Eng- Rt-^nrV) OfflCP
land as an unfriendly gesture by
V11AU
a Frenchman. Yet if those warn- Brand,
Grumet & Seigel, Inc.,
lative increase in the price of gold
Admittedly, after an uninter- ings had been heeded in time the members of the New York and
during the autumn of 1960 and its rupted strength of the dollar from crAsjs °t 1931 might have been American Stock Exchanges, have
psychological effect on the ex- 1914 till 1931, and again from av0ldedannounced the opening of addichanges is still fresh in the minds 1935 till 1959, it must be difficult
The United States have now the tional offices at 67 Broad Street,
it, is

Second Dist. Sees.

derived

residents to transfer
their money abroad, and above
progress
towards
international all, the policy of foreign aid becooperation for the sake of achiev- yond what the United States can
ing stable conditions. The specu- afford today.
1
Treasuries will also

Farnsworth With

Union,

^he worst of it is that such selfcriticism
more
likely to be
keep themselves cheerful during noticed
abroad than at home,
the early 'thirties was that Britain Andre Siegfried's strictures failed
had not yet realized it was broke, to arouse British opinion to the
Germany had already realized it need for drastic remedies but they
and Austria had already forgotton dld ?™us<r speculators all over the
it.
While
it
would
be
unduly world to the realization that steralarmistic
to
apply
the
term
c
? no*
.^rus^ed- ^ is to
"broke" to present-day < United be hoped that history will not
States it would be unwarrented repeat itself in this respect. The
optimism to disregard the very London gold stabilization arrangereal possibility of major difficul- ment
5
,suervf as an°ther
ties. Their
adequate realization excuse to deter the day when rewould be an important step to- kilties revealed in this book will
wards their avoidance. In the late haye. to be fac®. b^ .tbe °fflcial
'twenties
Andre
Siegfried
proPubllc opinion in the
duced England's Crisis, in which united States,
One

which

gold-outflow. Dr. Einzig reminds us that the

our

lead-

Recalls Warning England Ignored

respite it gives by failing to take action against funda¬

causes

difficulties iil its stride,

.

tain the London

mental

any

result was overlending
ing to the panic of 1931.

(

not abuse the

temporary unfavorable

The

By Paul Einzig

newly announced plan of collective responsibility to main¬
price of gold contains an earnest hope that we will

that

forget fession

balance of payments and trust the
inherent strength of sterling to

Not Solve-Basic Problem
Praise for

any

granted

9

American

Weisel, Kleinman

*

New Firm Name

-

of

not

people

significance

appreciate

of

that

of

to realize the need for the United

benefit

arrangement

an

aiming at preventing

the

States to husband their exchange
resources.
Britain went through

ten by thirteen

the

to

of

a recurrence

f

scare,

It is indeed

gratifying that other
Banks no longer feel they

Central

afford

could

this

leave

to

matter

the two

to

countries directly conWhile the Anglo-Ameri-

cerned.

worked

arrangement

can

the

on

same

experience between the

Wars. Throughout the
tury right
nf

19th Cen-

to 1914 the strength

up

ctPriW

<.n

PnmnwPiv

by

a

of

a

similar

whom

are

warning, not

New York City.

a

book writ-

The Dollar in Crisis, published

a

i

i

p

Mav

600

Old

Country

Central

certain

embarking

Banks

May

above suspicion tnat after the re- tains

has opened offices at 1403
Floribunda Avenue to conduct a

business from offices at 2110 West.
End Avenue, under the firm name

turn to the gold standard in 1925

securities business,

of

.

"

.

con-

contributions by prominent
American economists and Govern-

Massey and Company.

from

heavy purchases in
London market regardless of

the

on

their effect

on

arrangement

the price. The new
will. at
any
rate

it clear that

make

there is

col¬

a

This announcement is neither

an

The

offer to sell

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

;

to

be

merits

published before
an

is

realization
terests of

sound.

It

the

of

External Loan

implies the

identity

all countries

of

the

Sinking Fund 5Vi% Bonds Due 1977

in¬

Dated April 1,1962

to prevent

against any one
exchange. From this point of view

currency

-

Kingdom of Belgium

one

opinion about its
demerits. The principle

or

involved

'

$30,000,000

arrangement will operate in prac¬
and many of its details will
express

-

how the

seen

tice

can

.

^

Praised As A Short Run Breather

have

.

n,

.

responsibility for main¬
taining the stability of the London
price of gold.

remains to be

of these Bonds.

any

.

lective

It

Due

April

scares

recent weakness

of the

Interest

payable April 1 and October 1 in New York City

Swiss

franc provided a ^useful reminder
to show that even the strongest
and

soundest

regarded

currency cannot be
immune from adverse

as

pressure.

Gratifying
mitigation of

removal

of

one

or

the possible

dolla,r scares may be,
important that it should not

is

be

the

as

Price 98'/2% and Accrued Interest

]

.

of

sources

it

'

.

allowed

to

create

an

unwar¬

Copies of the Prospectus

ranted

feeling of security. Quite
obviously
the pooling arrange¬
ment cannot
all

on

that from

mean

Central

Banks

and

such

now

Treas¬

be obtained in any State from only
legally offer these Bonds in
compliance with the securities laws of such State.
may

of the undersigned

as may

uries would be prepared to acquire
and hold dollars indefinitely, with
the

sky as the limit of their hold¬
If, as a result of persistent
export surpluses or an influx of
capital,
their
dollar
reserves
ing.

MORGAN STANLEY & CO.
■

'■

...

SMITH, BARNEY & CO.

'

'

Incorporated

should
er

persistently increase, soon¬
later they will want to con¬

or

vert

the

excess

the

if

case,

unilateral,
ment
a

can

gold. In that

trend

no
in the

decline

into

of

is persistently
pooling arrange¬
long run prevent

the

American

gold

whether through direct
withdrawals or through persistent
buying pressure in London in ex¬
reserves,

cess

of

the

resources

of

the

All

that

the new arrangement
welcome respite which
should enable the United States
authorities to adopt policies tack¬

gives is

THE FIRST BOSTON CORPORATION
!/,V"

BLYTH &

:

\/

v

■

■

KVHN, LOEB & CO.

WHITE, WELD & CO.

Incorporated

THE DOMINION SECURITIES CORPORATION

CO., INC.

EASTMAN DILLON,

UNION SECURITIES & CO.

HARRIMAN RIPLEY & CO.

GOLDMAN, SACHS & CO.

KIDDER, PEABODY & CO.

Incorporated

new

pool.

LAZARD FRERES & CO.

Incorporated

MERRILL L YNCH, PIERCE, FENNER & SMITH

SALOMON BROTHERS & HUTZLER

Incorporated

.

a

STONE &

WEBSTER SECURITIES CORPORATION

DEAN WITTER & CO.

ling the basic problem of the bal¬
ance

there

of

payments

seems

that this

to

be

deficit.
no

So

far

indication

problem is receiving the




:

NASHVILLE, Tenn.—William D.
E. Gayden is engaging in a securities

whole satisfactorily it did not prevent

Bldg.j

Road.

Forms Massey & Co.

On

few months ago, is a symposium
Jonn ^ lviay ^P^ns
edited with great distinction by BURLINGAME, Calif. —John
Professor Seymour E. Harris,

Weisel, Kleinman & Co., Inc. The
company's offices will remain at
the Franklin National Bank

1 he new office will be in charge
economists, eleven
Louis S. Grumet and Boris C.
American citizens. Masters> officers of the firm.

foreigner but in

GARDEN
CITY, N. Y. — Dual
Planning Corp. has announced the
change of its corporate name to

March 29, 1962.

,

A.

•.

i

■,

\

t

The Corhffnercial and Financial Chronicle

1:

10

(1490)

domestic

of

I

industry to prepare for a smaller
market and lower prices batween 19S6 and-1975^American producers
are charged
with being lax in meeting present and preparing for
future competition compared to Canaan and South African pro¬
ducers. Projections are made as lo prospective output requirements,
probable price levels and cost trf producing power. Policy recommen¬
dations made stress the need to:
Oh reverse present production
capacity and demand warns the

to the sub¬

trying
guess

the

ture.

five

Henry
said,
of

,

mineral

position

in

changes

tralia. The rich Shinkolobwe mine
of

be

can

no

the

at

the

been

1966

of

end

already have

under

construc¬

The

.»

Installed

conservative..

about; 30,000

.

for

in

used

failure

;

1954

my

has

much

been

realize

to

talk

said

because

UaOs

quirements

about^ the

.1, The

Some

of

some

will

.

Jesse C. Johnson

stressed

been

many

times at meetings of this Associa¬

in

uranium

the

was

have
catch

steps
of

the

seen

up

this program.

five

uranium

we

years

production
and

with requirements

taken

to reduce

overproduction.

tracts

meet

to

production

past

pro¬

urgent need

an

the requirements of

During

have

Canadian

-

producers have reported

ore

sufficient for from twen¬

the

profitably

a

price, Of

per

averaging

through

with

pound of U:i08. Because
ore yis
relatively low grade,

the

re¬

power

1967

from

erate

re-r

.the: $5.00

until

and

optimistic predictions -conT
cerning the advent of nuclear
early

with

at

present

about

two

half pounds of U:i08 per tori

a

compared with five pounds for

as.

1970 :•••

-

'

Even
though nuclear cessive*. pessimism.
However, / I
should continue to be a believe that the progress made in
market
factor,
long-term
pur¬ developing nuclear power for in¬
chase
commitments, which have dustrial use has been as good or
use.

in

is expected to be¬

The demand

gin increasing rapidly as

range

may

of

tons

20,000

the

About

tons.

to

75,000

from

range

in

for

in

been

threat

the

Foreign

allowed

con¬

to

ex¬

provide for the estimated
re¬
quirements as they become firm.
This would be a different pattern
than

uranium

when

was

in short

supply. Then, in order to assure
adequate supplies for any mili¬
tary
requirement which
might

develop, it

into

sources

new

to bring
production

was necessary

through long-term contracts. Had
this policy not been followed, un¬

Future

critical

uranium
of

the

shortages, be¬
rapidly expanding

requirements.

It

is

to

be

hoped

of

a

for

a

much

share of the power market,

announcement

is neither

The

ditional 12,000-ton British commit ¬
ment is worked" out.'Many of theCanadian mines and mills will

an

larger
How¬

estimate

the

used

have

I

of

struction

a

would

of these securities.

cost

seven-mill

power

mills

reactor which

for

a

constructed

can

The

requirements is based
upon ' the
installation of 31,000
electrical
megawatts during the
1971-1980
period, the lowest of
several recently published. Titus
Le Clair, in the Electrical World

"March 27, 1962

The

Institute

estimated

on

from

June

contained

foreign
reactors
which

Price $11.25 per Share

operation
of

Most

the

for

uranium

actors

now

uranium
tion

Reynolds & Co., Inc.

E. F. Hutton & Co.

William R. Staats & Co.

Incorporated

I
■

Coffin & Bun

U:iOs

•

,

J;

G. H. Walker & Co.
....

,

•

Incorporated.
••

for

gold

and

mining

of

the

low uranium

con¬

700

to

per

tons.

,

January

1,

.

Atomic

Energy

Commission

and

the South African Atomic Energy

re¬

Eoard, and one between the United
Kingdom Atomic Energy Author¬
ity and the Board. The AEC

con¬

tract will be completed by the end
of 1966. The British arranged to
defer

delivery

of

most

of

their

purchases until the 1967-1970 peri¬
od.

This

current

resulted
annual

in

reducing

South

African

production to approximately 4,550

addi¬

supplying its own needs, •tons of U::Os from the pre-1961
important exporter. The level of about 6,400 tons which
Bfitish have stated that they have
included
production
for
the
sufficient
uranium
now
under
British
outside
the
Agency
contract'
to
cover
requirements
an

Agreement.

1970.

X. NaturaJ. uranium
had

Hallgarten & Co.

in

one-half pounds
ton. Most of the ores

1961, the
Combined
Development
Agency
contract was superseded by two
contracts, one between the U. S.

Ontario,

and,

ores

to

will be

beyond

Goodbody & Co.

.

Incorporated




I

resources

the

plant ranges only from 100 tons of

Canada, is scheduled for operation
in • 1964.
Canada
has
abundant

W. C. Langley & Co.

of

tent, annual UaOs production

operation or under
in
the
United

in

content
now

and

mined

because

are

construction

op¬

plants treat from 40,000 to 200,009
gold tailings a month but

Kingdom. Canada is also develop¬
ing a natural uranium reactor. A
small prototype is nearing com¬
pletion and a 200-megawatt plant,

be obtained from only such of the
registered dealers in securities in this State.

under

Blair & Co.

uranium

natural
in

require¬
natural
are
in

extensive,

expected' to

tons of

construction.

under

or

the

construction
may

to

Effective

I have not included the
ments

one

are

megawatts.

(Par Value $1 Per Share)

gold-urani-

are

costs need not be charged to ura¬
nium. The large uranium recovery

31,000

of

estimate

an

those

of UaO's per

megawatts. A report issued by the
Edison Electric Institute in 1959

Common Stock

uranium

ter

7, 1961,
to 80,000

50,000

also,

being processed.
for uranium yield from one-quar¬

1961, estimated 40,000

May 22,

African

twenty to forty years.

is low;
'

megawatts. General K. D. Nichols
an address to the Edison Elec¬

Equitable Securities Corporation

This

production.;

South

erate from

in

Astro-Science Corporation

are

be-

dis-

facilities.

new

with many mines

megawatts; an article in the Sep¬
tember 18, 1961 issue of the same

tric

as

of

deposits

-um

uranium

of

307,000 Shares

undersigned

mills

call for

cremental

be

The estimate of

now.

publication gave a figure of 53,000

Copies of the Prospectus

of the

some

power cost- and of nual production rate of 7,000 tons
capacity by 1980, which .of U;1Os will bs about the maxi¬
are
the bases for calculating re¬ mum without major rehabilitation
of closed mines and mills or con¬
quirements.

for

r

.

and

prices substantially
by 1970,
which compares with a recent in¬ higher than those recently quoted
uranium, dustry estimate of less than six by Canadian producers for in¬

the

any

closed

installed

quantity of
a given power output.
Consequently,
increased use of
nuclear
power
as
a
result
of

offer to sell nor a solicitation to buy
offering is made only by the Prospectus:

may changmtwhen
schedule for an ad¬

to estimates of

.

This

This

delivery

conservative in the light of : mantled. Although it is too early
of the
made by the power indus¬ to predict the condition
Canadian
uranium
industry
by
try and by independent consult¬
ants. This statement applies both 1970, it now appears that an an¬

ever, improved technology, which
increases fuel efficiency, may reneeded

contracts,,

those

mill would make nuclear power

competitive

present

pear

nuclear

growth still must be based
upon
a
number of assumptions
and are particularly sensitive to
variations in the cost of produc¬
ing power.'A reduction of a half

power

doubtedly there would have been •-duce
cause

estimates

1966.

the

quantity

same

Under

4,000 tons in 1964 and to 1,000 tons,

100,000

,

1959.

deliveries will be reduced to about

1971 through 1980 may

the period

;

production reached a.
high of nearly 16,000 tons of U;tOs.

from 10,000 to
U:iCk annually,

requirements

domestic

Total

limited market

a

Canadian

proach 1975, and by 1980 domestic
needs
for
nuclear
industrial
power

competing in

made up of small orders.

ap¬

we

(

increase

important

ty to forty years' operation. With

'"

to

most

reserves

present market has be£k >, almost; military demand
likely £<% j*$se. ih$-ve. been settlor the next 10 to- may be needed for foreign power
entirely the result of require¬ In view of the uncertainties sur¬ 15 years.
reactors using enriched fuel.
ments for nuclear weapons. This rounding
future
military
pro¬
The estimates I have given ap¬
Nuclear Power Growth
dependence upon a military pro¬ grams, the tendency may be to

there

y

deposits, those of the Blind Rivef
district, are extensive and rela¬
tively uniform in grade and size.

1970, are estimated at the equiva¬
lent of about 10,000 tons of UaOg,

•

Early

in the

*.J /■"

.

power

'

which to base future pro¬ been the basis for the develop¬ better than could have been ex¬
\
u) V ment and growth of the uranium pected in view of the difficult
jections.
For all practical purposes the industry,no
longer
may
be technical and engineering prob¬
history of uranium began with necessary. The uranium industry, lems. I think we can look with
the atomic age. The development domestic and foreign, today has confidence
toward
important
of the uranium industry and its sufficient
capacity to, meet any progress in achieving goals which

gram

.....

of signifi¬

reported

requirements fully amortized mines and mills;
some of these producers could
oprin relation to uranium

nuclear

that

upon

tion.

been

Canadian Production

However, it is reasonably certain

production- capability,
to, 80,000 main* relatively small
megawatts. I mention the figures -1970's.iTotal domestic

is, "What is going to hap¬
after 1966?"

trial

prices

has

has been: exhausted

other deposits

no

these

built, ->re

be-* -12,000

weapons

consumption

gram

the* Congo

and

requirements cance have
because all
of
the large power
Congo.
stations which will be operating'
expected

.

and
fuels,

long record of
and

important

discuss

briefly the competitive
of the principal foreign
uranium-producing' countries —
Canada, South Africa, and' Aus¬

planned,

requirements
about U. S., deposits,.; large individual
3,000 tons.. Foreign requirements operations^;are .required for low*
As we look to the future the power. It is .true, of .course, as, in •for
costs. If the plants operate sub¬
.enriched fuel may be about
answer
will
depend
more
and all new large developments, that .the same.
stantially below capacity, produc¬
moreupon
the. progress in de¬ •there have been periods of ex¬
tion
costs
may
be greatly in¬
veloping nuclear power for indus¬ cessive optimism followed by ex¬ / Increasing Demand by 1975
creased. This might be a handicap-

un¬

had

has

No

capacity by 1970 now is expected
to be only 5,000 megawatts but
recent estimates for 1980 range

of operation through
question
now
being

rate

pen

most

metals

sidered

asked

past." Un¬
fortunately,

.

the

to

„;7» 7v7'V7.

lent per year.',

kilowatt

in

reactors,

and

,

produce

capacity

domestic

power

construction

selected'. The cost

producing power would still
principal factor.
^
At this point it may be desirable

be

together ;.with 'developmental
projects, is. expected to be less
than .3,000- tons of U.08 equiva¬

be compete
high-cost power-

States tmay

r

of

en¬

for,; both

foreign

'

under

would

power

fuel

The

•

relatively,

1966.

like

"

1966.

of

tion-, or* are well along in the
megawatts by 1970 and 42,000 .by
planning stage
and
have been
1980.
considered in arriving at the es¬
Today an estimate-;of severn timates.
k
mill power by 1970 and six-mill
Beyond 1966, estimates gradu¬
power
by 1980 might be con¬ ally give way to educated guesses.

procure¬

ment program assures a

the

per

end

which might be

now

,

and

the/.range .of

mills

least in

United

uranium

by

uranium,

clear

domestic

high

but

riched

also, that the- installed nu¬

areas;

the AEC has limited
procurement
pro¬

Although

judging of the
future

seven

at

may

the

and

reactors should prove to
competitive with those using
enriched ftiel, it would not neces¬
sarily affect the growth of atomic
power, only the type of reactor

be

.

Commission's

know
way of

-1965

which

and our industry no longer
expanding, domestic production
still is near its highest level.. The from

"I

no

to

tive

is

once

quantity of uranium between,
nu¬

I am reminded; that
this- same subject on

Costs.,'.in

at

hour,

gram

Patrick

on

after

power

pire and stretch-outs have been
negotiated with both foreign and
domestic suppliers.
its

to
fu¬

power,

spoke

built

(2) encourage longrange explor<rfIOn of new sources including thorium so as to build
up reserves for future major needs; and (3) retain our experienced
domestic uranium industry, even on a curtailed basis, from .the end
of the present government market until the early 1970 s.
I shall address myself

shall be prepared to

Sept. 22, 1954 before the Ameri¬
can
Mining, Congress * in: San
Francisco. At that; meeting I re¬
ferred to
a, forecast > that
plants

practices in order to conserve our best orej

ject, "The Outlook for Uranium,"
although I should have learned
from
experience the danger of

the growth of

uranium

requirements

clear

uranium jjfoductive

and foreign

expanding

In discussing

By Jesse C. Johnson,* Director, Division of Raw Materials,
U. S. Atomic Energy Commission, Washington, D.C.

we

the

*

review

Thursday, March 29, 1962

.

meet technical improvements may not
for. be accompanied by a correspond¬
ing increase In' uranium require¬
nuclear power as they develop.
ments,
*/•-,.
:
Power reactors using enriched
■v
Relates Past Predictions With
Present Ones
.7':,|V fuel will use a relatively small*

that

The Outlook for Uranium

Authoritative

..

.

about

quirement

the
per

reacfors have

same

unit

uranium

of

crease

re¬

3,250

installed

in

.

capacity as reactors using enriched
fitef biit this relation could change
with

new

technology.

If

natural

.

.

Deliveries

progressively

tons

in

1966, and

will

to

1965, drop
average

,

de¬

about

to

1,960

about

1,600

tons annually thereafter until

the

(

Continued

on

page'

43

Volume 195

-

Number 6146

The Commercial and Financial Chronicle

•.

(1491) ' 11

and the

The Return to Reason

In

By M. Richard Sussman, Assistant Professor of Finance, College
of Business Administration, The Pennsylvania State University,

how
>

-

should

be

profitability of
between

a

in

determining whether to buy, to sell,

The author concludes that
returns and

reason

number

of

con¬

a

comments

emanating

from

community

concerning

that

financial

the

fact

the

investors

and dividends.

lustre

of

glamour

and

growth

has

thin

worn

covering

thereby

the

this

perpetual,

tion

as

each

a

as

a
a

corpo¬

return' upon

commitment; (2) He

locate

this- return

cor¬

decide

be

If

his

may

al¬

portion of each distribu¬
return of his investment

Considerations

-

sider

they expect to receive from
each

high one?

Will they expect phe¬
nomenally high rates of business
growth,
or
unreasonably
1 o w

Rather they con¬

commitment

.

is

rates?

and

mapy

and

where

great.

as

is

What will this

The investor
assumes

must

considered

be

one

plan only if he

can

that

will

reason

aside

as

i',;."- day to day observations
investment

knows.
in

Yet
the

results

if
in¬

of

activities,
immediate

influences

rary

being- vestor's
planning.
Rather
than
temporary in nature, and they ex¬ predict a selling price,?the in¬
pect to liquidate it by selling their vestor (for more than the imme¬

adherence

stock

it

have

and

severely

to

someone

else.

Thus

an¬

diate

proach..;

future)

perhaps can better
assumptions
concerning

other factor must be added

to the

make

investor's

some¬

those factors which will influence

planning—what

else

one

will

be

willing

to

give

them for their stock when selling
time approaches.

The importance
price is dependent

of

this

sale

how long

upon

The

or

indifferent to
or

stocks

rary

sume

mitment

is

of

short

com¬

duration,

he

will have had little time in which
to

benefit

firom

corporate

dis¬

will

that
be

try

the
ap¬

an

it

practical?

"return
affirms

it

is

and

an

dends,
and

have

earnings,

reasonable

this

answer

consider
when

ceives

he

let

question

what

-a

prevailed.
is

rates

an

:

'

■

ojjer to buy securities.

Stockholder

how he

may

a

.

Owner of

vs.

Small

V

When

March 28, 1962

share of

a

profit from this purchase.; I
;

New Issues

re¬

The National CasE Register Company

Business

purchases

person

a

share of common stock he becomes

part owner of

in

many

the

to

grocery

stores.

His

ciated

with

business

of

owners

dry

or

fortunes

$50,000,000 4%% Sinking Fund Debentures, due April 1,1987

goods

become

asso¬

success

or

the

business.

If

the

the

the

of

failure

business, similar

a

ways

local

the

ownership
interest is worth more; if the busi¬
ness falters, his ownership interest
his

succeeds,

worth less. Jv;

.»■./<

Price 98%%

f

?

Cv;>:

plus accrued interest from April 1, 1962
fe'K

W

,V;

.

However, in this frame of refer¬
ence, there are two major differ¬
between

ences

the

of the

owners

local grocery or
which

dry goods stores,
probably unincorpo¬

are

The Company has issued to holders of its outstanding Common Stock transferable
warrants, expiring April 11, 1962, evidencing rights to subscribe for these shares
at the rate of one share for each 25 shares held at the

whereas the share¬

holder must await the decision of
a

as

board of directors to declare and

distribute

a

of

an

owners

have

ness

dation

of

be

price set forth below, all
fully set forth in the Common Stock prospectus. Common Stock may
by the underwriters as set forth in the Common Stock prospectus.

more

offered

dividend;
(2)
The
unincorporated busi¬

direct

termination

and

their

control

Par Value $5 Per Share

,;

withdraw business assets for their

personal use,

319,090 Shares Common Stock

;

rated, and the owner of a share of
stock of a corporation:
(1) The
owners / of
the
unincorporatedbusinesses
have
the
power
to

the

over

voluntary liqui¬
businesses, while

from

the

nary

Subscription Price $100

per

Share

shareholder, the business is

standpoint of the

perpetual. /

ordi¬

■

Copies oj the Debenture prospectus and Common Stock prospectus
may be obtained jrom such oj the
undersigned (who are among the underwriters named therein) as
mag legally
ojjer these securities under applicable securities laws. "

Differences

in Determining
Profitability

These differences

are of partic¬
importance
to
the
share¬
holder
in
determining how he
may profit from
his investment.

ular

If

his

successful and

earnings,

generous

shareholder
and

is

company

produces

cannot

the

-

directly

participate in this
Rather, in order to re¬

success.

The First Boston

ceive

a profit from the company,
he must await the directors' deci¬

sion

to

declare

dividend.
from
not

Dillon, Read & Co. Inc.

immediately

Being

direct

and

distribute

Kuhn, Loeb & Co.
Incorporated

a

Blyth & Co., Inc.

step removed

one

control

Corporation

j

;

Eastman Dillon, Union Securities & Co.

assets

over

•

Glore, Forgan & Co.

only restricts the amount the

investor

will

receive,

Goldman, Sachs & Co. ;

also

but

Lazard Freres & Co.

Lehman Brothers

when he will receive it.

This
tions
that

emphasis

upon

distribu¬

dividends does not

or

the

investor

should

Merrill

mean

not

Incorporated
w

concerned with company earnings.
On the contrary, it is through the

generation of
dividends

fact, it would
eralize

earnings that

become

that

in

seem

the

most

available.

safe

to

In
gen¬

long run, the




Lynch, Pierce; Fenner & Smith

be
-

.

...

•

_

Smith, Barney & Co.

.

.

V

■

Stone & Webster Securities

-'

Corporation

White, Weld & Co.
Incorporated

For

tempo¬

run

their

of

return

The "return to reason"

meaningful

us

person

buys

stock, and

common

is

solicitation oj

will

expectations have

....

To

a

or a

it

practical.

disappeared, the basic

un¬

usually low rate of return or that
they will require an extremely

ojjer of securities for sale

it

to'reason"
that

unpredictable,

influences

Will

and permanent influences of divi¬

prospective purchasers

willing to accept

the

course

in

general, so that price loses its im¬
portance to them? Should he as¬

: If his

Is

that

after

his company, its

? common

from the corporation.

meaning for the purchaser
securities?,; •

first

the

logical

this

recent

work;

Should he plan on perspective
purchasers being infatuated with

industry,

to

by investors

selling price.

the investor retains his stock
and,
when and how much he receives

mental
of

of

tempo¬

actually work?

as

.

Tliis announcement is not

funda¬

more

a

of others'

and

just another phase of the
changeable psychology,

does

or

prevail,

However,

Can it be cast

investors

reason¬

for he cannot predict when ficklefashion
will
appear.

selling price be?

no

that

and

as¬

-

consider.

Certainly

temporary,

the

fashions

and

rationality are basic
permanent?
The answers to these questions
should
immediately be obvious.

im¬

Selling Price

>;;,I
-

fads

investor

on

and

contem¬
an

the

plans

ableness and

Nevertheless,

eventual resale

that

are

substantial, hi£.
the selling price

dependence upon
will not be

should
his

sumption

corporate distribu¬
if, in fact, they have

many

been

Or

formulate

^

However, most investors do not
limit their considerations only to
what

much

commitment

plated, the selling price is

'

the corporation.

be

M. Richard Sussman

reason?

o

recognizing

rate distribution

significance
t

consider his

may

being

then

should

:

will

upon

portant factor to

dividends does bring to fore

as

-

Other

the reality of how much and when
these earnings will be directly re¬

investment

what

.

earnings, the greater
the dividends. However, emphasis
upon

return.

tions,

will

he

relatively long duration, he will
distrib- have had the opportunity to re¬

investing in the

stock.

of

ceive

he

and

'dependent

of

rate

He

,

of

willing
for the corporation's com-?

pay

mon

business.

the

greater

estimate

commensurate' with

is

of

much

ability to plan improves when

planning: (1) He

iace of reality.
Of
what
is

small

un¬

sombre

more

a

Considering 'only the distribu¬
tions which he may receive from
the corporation, the common stock
purchaser has two alternative ap¬
proaches available in investment

returning to
the guideposts
of
earnings
The

of

owner

an

ceived.

apparently

are

to

replaces unpredictable, temporary, fickle influence.

Recently, there have been
siderable

and

investor's

an

how

the

Moreover, he delineates the difference

investment.

an

stockholder investor

a

or

risk

poration.

timely reminder of the various considerations that

evaluated

an

corporation* will

when;' and

return

the

by investors, Professor

and

tributions

the selling
prospective price to give him his desired rate

earn;;how much will be
of

Sussman offers

a

return

a

more

case,' the

much

uted

"return to reason"

a

either

/

investor will make*

University Park, Pa.
Now that there has been

other portion as

his investment.

on

Incorporated

Dean Witter & Co.

;

The Commercial and Financial -Chronicle

12

last

BEST...

THE SECURITY I LIKE
Bolt Co.

was

were

year

running at a $19-

acquired for $80,863

book

1966—plus amounts equal to 15%
the net income before income

of

during each of the five years
through
1965. A
healthy

taxes

1961

price, indeed, but this is an outstanding
division!
Heads &
Threads division specializes in the
importation - and distribution of
and

ferrous

bolts,- nuts,

of future profits.

out

3.1

times)

in

New

progress

around

.

ac¬

in

12 countries

such

Aus¬

as

tria, Belgium, France, Italy, Swe¬

owners

the

at

.

March,

The Stevens
through issu¬
stock. Though

1961,

acquired

was

to

.

.

.

domestic

rable
.

.

less

1

versal

compa¬

prices.

November,
Screw

than

..

.

manufacturer of metal washers for
industrial

1960, The Uni¬

Co.

Division

share

one-half

of

.

is

involved.

Miami

brilliant

use

has

a

Indus¬

that

is

sold

steel

welded

throughout the

unique

and

tubing
coun¬

announcement

City, has elevated three executives in its top management, Presi¬
dent E. K. Van Horne has announced.

Will J. Price

Orland K.

Zeugner

Wendell

R. Erickson

William S. Preston

Orland K. Zeugner, a Vice-President of the underwriting firm
since 1949,.was named Executive Vice-President, a post that has
vacant

been

since

Wendell

1946.

Erickson

R.

Vice-Presidents

to

fill

and

Will

J.

Price

were

positions newly created

elected

by

the

Senior

Board

In

executive

another

change,

William

S.

Preston,

Assistant

Vice-President, will become a Vice-President in charge of Stone
& Webster's office in Chicago. He will succeed Robert G. Mead
who is retiring.
Mr. Zeugner joined Stone & Webster in 1929 and became Vice
President in

charge of sales activities in 1949.

Mr. Erickson

President

in

joined the

charge

Director of the

'

in 1925. He

company

of

the municipal

in

was

named Vice

1941.

firm

department in

1935

and

income tax

liabilities

due to

pro¬

of

profits,
pro-forma,
would have soared to $2.62 a share
against the $2.15 a share actually
reported. Carrying these projec¬
tions forward, earnings for 1962
should leap to a minimum of $3.65
million or $3.30 a share on sales
of more than $26 million.
Future

top management philos¬

acquisitions,

Presently

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

1962:

is' engaged

MSL

any

of these securities.

March 23, 1962

150,000 Shares

Assistant

became

Vice

President

in

or

a

combination

lieve

that

such

thereof,

future

be¬

we

purchases

will

in

1944.

*

Lester, Ryons Will

provide additional impetus to
per share earnings gains.
The present dividend, recently

Admit to Firm tM

liberalized

LOS

to

$0.70

annually

still conservative related to

ings

and

current

affords

return.

a

The

modest
stock

is

earn¬

2.4%

is

rec¬

29th

ANGELES, Calif.—On March
Lester, Ryons '& Co., 623
Spring Street, members of

South

the New York and Midwest Stock

prime candidate Exchanges, will admit Donald
for businessman's risk funds for Grannis and B. P. Lester, Jr.,
significant capital gains potential general partnership and Ester
Rheim to limited partnership
from these levels.
ommended

as

No

long-term debt precedes the
$1.5 million short-term notes and

1,115,405, $1 par common shares
to be outstanding following the
Miami
stock
Stock

Industries
is

listed

on

The

merger.

the

New

York

Exchange.

the

firm.

manager

office.

Mr.

Grannis is

,i.

per

Share

Ernst &

in the firm's San Diego
,

*

•

4

T. L. Watson to

>Carl M.

Loeb, Rhoades

will admit Walter Breslav to part¬

nership.
his

Mr.

Breslav will

headquarters

at

the

&

He

was

formerly

resident

Bear, Stearns

& Co.

Wertheim

&

Co.

Higginson Corporation

Piper, Jaffray & Hop wood

Hayden, Stone

financing has been arranged by

&

undersigned

Co.

Incorporated

Johnston, Lemon
C. E.

record only.

Syosset, N.Y.

the

J

Lee

appears as a matter of

Corporation
Private

& Co.

Unterberg, Towbin Co.

HALLE & STIEGLITZ
Established 1889

J. C. Bradford

& Co.

A. G, Edwards

&

Sons

Members T^ew

and other

Granbery, Marache




& Co.

Prescott

&

Co.

52 Wall

Tor\ Stoc\ Exchange

principal Exchanges

Street, N. Y. 5, N.Y.

man¬

G. H. Walker & Co.

Dynamic Instrument

Co,

make

firm's

Bridegport office, 120 John Street.

ager for

announcement

Incorporated

i

BRIDGEPORT, Conn.—On April
16, T. L. Watson & Co., members
of the New York Stock Exchange,

Co., 120 Broadway, New
York City, members of the New
York Stock Exchange, have ap¬
pointed Stanley J. Spodaryk syn¬
dicate manager of the municipal

Copies of the Prospectus may he obtained in any State from
only such of the undersigned and the other several under¬
writers as may lawfully offer the securities in such State,

in

Admit Breslav

Spodaryk Named
By Ernst & Co.

This

to
D.

resident

Hayden Publishing Company, Inc.
Common Stock

F.

a

bond department.

$12.50

a

Mr. Price joined Stone & Webster in 1928 and was elected
Vice President in 1950. He is in charge of new business activities.
Mr. Preston joined Stone & Webster in
Chicago in 1930 and

through approximately 10 dis¬
tributors. On a pro-forma basis,
and eliminating Miami Industries'

an

Price

of

Directors.

and

was

is neither

Changes

try to several hundred direct users

ophy which allows a very reward¬ discussions with several compa¬
acquired for 35,000 common shares ing ratio of profits to sale. This nies and is not confining itself
plus $650,000 cash, and $600,000 is primarily due to astute purchas¬ wholly to the fastener industry.
in quarterly installments to April ing of raw material
supplies, long Therefore, we regard the proba¬
1, 1966, plus amounts equal to production runs and reliance on bilities as fairly strong that still
22% of net income before income many thousands of interchange¬ more acquisitions will be consum¬
taxes for a similar five-year pe¬ able dies and punches.
mated this year. And regardless
riod; and the Wisconsin Nut &
Though aggregate revenues late of terms; that is for cash, stock,

This

Thursday, March 20, 1962

Webster Securities Corporation, 90 Broad St., New York

Stone &

its

each Miami Industries,
and four-tenths of one

previous acquisitions. This com¬
posed
consolidation
pany is a national distributor of
earnings
per
share,

den, Germany, Switzerland, Hong
S9£§w pro^p^ts \vjth sales
Kong, Japan and England manu¬ presently averaging a $1 million
facture
quality products to this annual rate.
company's rigid import Specifica¬
August, 1961, MSL made 'a:
tions. Sales are confined to dis¬ cash
purchase of the business and
tributors who purchase
in keg assets of Joliet Wrought Washer
quantity and products are sold at Co. for $4,350,000. This low cost
20-30%

for

resistance

socket

prices

issue

stock

to

as

plicable American standards; and ance of cash and
the world is their factory. This is details of this purchase were not
the only operation of its kind in released, we understand that pay¬
the country! Over 18,000 crafts¬ ments were not out of proportion
men

will

proposed agreement, MSL

tries, which had sales of $6,436,569
the in¬
last year, earned $582,739 net after
time of
taxes, is a producer of electric

,»

.

Co.

well

as

the tax burden on

dividual

manufactured

are

completely to all ap¬

of

the

of

shares

Los Angeles. sale.

and

volume

transaction. Under the terms

quisition. The Continuing pay-outs class A
on future earnings were undoubt¬
share of MSL common for each
edly necessary to obtain these ac¬
share
of
management's class B
quisitions on such favorable terms
holdings. A total of 316,400 MSL
and to provide incentive for con¬
soften

are

on

$13.65 million at the time of

washers.

and

screws

lines

conform

earnings of $1,615,647 (P. E. ratio

tinued

Chicago

Product

rate

non-ferrous Standard
locations

Warehouse

York,
to

cash along

value, created a tax-

.

.

.

.

Stone & Webster Official

$20 million annual rate, the vari¬
ance
of fiscal year-end
periods

plus the fact that the important
with similar payments Joliet division contributed to op¬
This locally erations for only four months,
loss carry-forward of around $25
based distributor and jobber, with full year Dec. 31,
1961 consoli¬
million which became available to
sales of around $500,000 annually, dated
revenues
were
equal to
finance
acquisitions
and
offset
is
now
operated
as
a
wholly $15,195,256. Still, this amounted to
future profits. Immediately prior
owned subsidiary. The Universal a
solid
11%
increase
over
the
and subsequent to this transaction,
Screw division operates a highly $13,694,204
reported in the year
the
company
embarked on an
efficient
manufacturing
facility earlier period. Earnings mounted
aggressive industrial development
producing
industrial
fasterners more." sharply," rising 26.9% to
program. These acquisitions, their and
distributing a full line of $1,716,235 from $1,352,430 in 1960.
corporate records and histories,
screws,
nuts, bolts and washers. Despite
a • nominally*'
increased
methods of payment, their future
Operations
are
geared
toward number of shares outstanding, per
growth prospects, and new pro¬ maximum
profit goals with spe¬ share gains were even more im¬
grams currently under considera¬
cialty lines carrying a high pri¬ pressive, spurting 27.2% to $2.15
tion, provide the basis for our high
ority. For the last year for which a share in 1961 as compared with
regard for this company as an
thig operation's individual record $1.69 in the previous year.
especially attractive; capital gains is
available, revenues reached a
vehicle.
However, the recently proposed
record $6,137,934 and pre-tax net
merger
with
Miami
Industries,
was $615,348.
These acquisitions included:
A N
Inc. of Piqua, Ohio, substantially
The
combined
fixed
October, 1960, acquisition
purchase
enlarges these earnings, even ad¬
of Heads & Threads, Inc. for 50,000 price
for
these
operations
justed for the increase in common
to
common
shares
plus $1,400,000 amounted
$5,025,000
stated shares to be
outstanding upon suc¬
cash and an additional $1 million value, certainly not an unreason¬
cessful completion of this corpo¬
relation to
due in
installments to April If able fee in
pre-tax

Continued from page 2

below

.

(1492)

HAnover 2-9050

Volume

195

Number

6146

.

.

The Commercial and Financial Chronicle

.

NASA.

These
expanding
aeroprojects should account for
about 40% of sales in 1962.

Selections in Space Shares

space

Boeing

By Hi". Ira U. Cobleigh, Enterprise Economist
Some

ideas

on

major

companies,

well-grounded

sales

and

in

research

and

at

mon

50

earnings.

The

50.

is

and

peace—just an ab¬
major armed conflict. The
day is gone when we can, in the
of

sence

intervals
r\i 1 v

between

war

fold

wars,

rvrn/JnoHon

T.rov

our

tries

Aerojet General

no

the

step

pany^derfve^'about "soT

up

from

sales

o^ll

xxwj.i.

rocket

propulsion, and

lvv..v^

x,

.

i

•

4%t%

r

production, sell our "war ]s the leading manufacturer of
baby" stocks short, and return to-missile'motors ; Its systems1 are
"normalcy." Military budgets of powered, variously, by liquid and
$45 to
of

$50 billion

lite, and the
endless

an

however,

goes

of

urgency

Malicious
sile

one.

fiscal

are

facts

race for space is
Space technology,
even
beyond the

keeping

Muscovites

department.

with

up

in

We

the

solid

.;i

mis-

the

programs, with a budget
fiscal year) of $3.8 billion
explorations and expeditions
spare,
not directly connected

T

Air

a

™ff

Lockheed Aircraft

van-

military

for

aircraft, has made a major conversion to space, with > stratospheric items providing a little
over half of present sales. Lockheed majors in the .Polaris Submarine Launched Missile and has

j

Qf

Aero1et

,year

endjng Nov

^ere

progress m space are myr-

should

J,he

$469

ss

30

milUon>

1961)

and

sales

net

per

sunMvinnePaevervthinge electronic' share> $2'52' At 84- paying a 2% 8®* tWf° yearS> are now 3 thln« °f
transistorsand connect dividend in stock> AJT appears,. the Past,
transistors
and
connectno^
to

ors

complete

systems,

com-

0£

Sioh^T?^

especially

such as

imokol and Air Products,
infrared detection.tracking and

in

Dhotography ' such 1

for

in

repiace

infntQx
J°mts)

Faqf-nan
Eastman, Rpll anH HpwpII Bauscn
Bell-and Howell, Knusrh
and Lomb, Perkin-Elmer, etc.; in

U2's
anH

ancl

as

the

growth,

newer

areas,

systems

for

(which

casing

Russian
rpsparrh i

TWhniral

Tecnmcai

Lockheed

issue

an

spacious

Flectro-Optical

Fairchlld,

as

bargain, but

merit

1980

•

4%%

too rich

are

"converts"

of

vehicle to be

a

later

on.

radio

bring

networks

that

and

TV

the

us

blow-by-blow

mnntq'frnm

fanp

ac-

niafpH

Anrnin^

i qco

lWbZ

share

to

$4.dU

ident

writing
the

this

aerosnace

Ppnavprfll

Rut

stint, today, is not a celestial
panorama; we have chosen to reour

'vipw

pnnqnlp"

in

'renowned

and

nprtain"

lnrup

companies

with

competence, major stature,
earning power in

proven

continue as splendid

oread ana

has

gravitated

to big

com-

technology. *

aerospace

American

North

formed

was

Education
a

is

appeal

Germany; and other educators,
University Presidents and busi¬
ness

annual

Norman

P.

Smith

industry

or

for

j

85

the
j-

accredited

i

medical

tlle

Serving with Mr

Smith

on

the

WalterF Blaiim,
Goldman, Sachs & Co.; H. Law-

of

the

Company,
'

Fund-

awarded

In

of

the Mmuteman, Dyna-Soar for the
a

search

staffs.

Finally,

slice

of

the

moon

program

for

onize the

there

moon,

space

-

is

a

few

This advertisement is not

offer to sell

an

The

when

1951

i

first

the

or a

MEW

American
on

were

cost

a

Aviation

Gordon,

j

t»

«

Kidder, Peabody

&

With Francis I. duPont
Gerard J. Kelly, Jr.. has become

«

Co.;

•

a.

t-,

j

associated,

as

•

+

The

top-flight
of

cated

North

the

by

awarded

technical

American

First•

.

Southwest

Company;

C.

'

are

Hopwood;

W.

Fenton

Johnston,

Stock Exchange.

fact

offer to buy these securities.

an

International Telephone and Telegraph Corporation
1 4.90%

indi¬

it

that

solicitation of

$50,000,000

excel¬
is

Sinking Fund Debentures

was

Due

(by NASA) the contract

April 1,1987

the

moon-bound, 3-man ApSpaceship, even though it

pollo

low-bidder.

was

not

$400

million

ers"

and

may

to

run

The

American

ten

companies.

contractor

for

division

would,

the

among

tronics

a

OFFERING PRICE 100% AND ACCRUED INTEREST

,

Autonetics

North

is

open¬

$4 bil- f

over

lion, total, by 1970.'

rank

This

"for

program

elec¬

top

It

the

is

of

itself

by

Copies oj the Prospectus

large

a

and others

Minuteman.

may
as

be obtained in

may

any State only from such of the undersigned
lawfully offer these securities in such State.

missile,
providing the guidance
flight control and automatic
check-out equipment. The Colum¬

and

bus

division

sonic

turns

carrier-based

out

super¬

bombers

Kuhn, Loeb & Co.

for

Incorporated

the Navy and also makes Radomes
and

ground

lite

tracking.

antennas

Manned

for

satel¬

aircraft

vision. The Rocketdyne division is
the largest manufacturer of liquid
rocket fuel, and supplied the first

stage

The First Boston Corporation

is

boosters

for

almost

every

satellite- and

orbital launching so
& Information Systems
division is responsible for the Appollo program.

.

BIyth & Co., Inc.

Goldman, Sachs & Co.

Harriman Ripley & Co.
Incorporated

Lehman Brothers

Merrill
-

common

tion

American

shares,

listed

earnings

on

for

has

sole

NYSE.

fiscal

8,302,256

capitaliza¬
Per

share

ending
Sept. 30, 1962 are estimated at $4,.
against S3.34 last year; and, sales
should, in 1962, reach an all-time •
high of SI.5 billion. NV sells cur¬
rently at 68, around 17 times net ?.
....

ear nings

,..

(Incorporated)

Eastman Dillon, Union Securities & Co.

far. Space

North

H. M. Byllesby and Company

by the Los Angeles di¬

produced

.

.

Kidder, Peabody & Co.

►■.(

Glore, Forgan & Co.
Lazard Freres & Co.

Incorporated

Lynch, Pierce, Fenner & Smith

Smith, Barney & Co.

Incorporated

Stone & Webster Securities Corporation

White, Weld & Co.

Incorporated

Dean Witter & Co.

year

•-




-

•

>".

,

....

j

Registered

sales

plus, fixed-fee '
in research and

basis, primarily
development projects.
lence

were

UnTon^lefurities'^^Walter w! mad6'

ISSUE

the civilian wing for ce¬
probing. For 1961, 65% of

North

Pr

r>

8

in

,

NASA,

cf

grants

offering is made only by the Prospectus.

military production, and increas¬
ingly
a
prime
contractor"; for
lestial

more

«!?
i,

+

of

^Fund

Repre-

T

:

__

,

Air Force, the Saturn booster and limitless, and if we reach and col- Palmer Jaffray, Piper, Jaffray & City, member of the New York

Aviation

important

aerospace,

the

little

'"awarded^

Eastman Dillon

Jr

Bankers

President

a

I

£n i$

are:

Boeert

Board

is

iqg/1

grants

fu

schools

rence

leaders. S. Sloan Colt, former

Chairman
Trust

from
>

of

Board

former U. S. Ambassador to West¬

to

country's

University;

ern

nationwide

support

Columbia

panles. with large resources and Marco F. Hellman, J Barth &_Co ; sentative/, witli, Francis I. duPont
Boe,"g 18 at work on respected and gifted scientific re- William C. Jackson, Jr., President,
^ witf: Street, New York

American, long famous
for its fighter aircraft, and other t
military hardware, is now a ma¬
in

1949

bu*ter business tor Boeing. V.;

North

jor

in

leadership of President

"

i.

Sullivan,

Hoover,
Chairman of the
Trustees;
Dr.
James B.
Conant, former Presi¬
dent of Harvard University and

•

iness

J.

attractive

and

for

long-term

>

of

Fund's

spearheading

Committie

,

John

who is Honorary

The National

for patient

0^of

™

inH

L.

Dwight D. Eisenhower, then Pres¬

Enounced

a

a
interesting

space

define

<R4 ^0

01

provide

might

was

nf

earnings

transportation in

r)ieCe

"hrppd

David

former President Herbert

private

ing $1.20, selling at 11 times esti-

incorporated;

under the

President of

obtain

at 47%, pay-

common

is.
daddy« oI >ets- investors.
,/
P0381^1.6 a .2:hour commu- , The purpose in
from Miami to New York,

onlpnrlirl

Co.;

President, Bosworth, Sullivan &

Education

and a L°nd°n ^

the

&

Skinner, Harriman Ripley & Co.,

q

^uucauun, c>.
Colt,

^lurTrodSction*ot the
with for greater stability Cruttenden, Crattendem Podesta
^.g^^sand BraVshouM StoSKtaS
pnntini'
naiuwaie. ruiuiLi, ine ous
il

'and

Schwabacher

^

ternationa'l

etc.;

theim & Co.; Joseph P. Lombardo,
President,
Stubbs,
Watkins
&
Lombardo, Inc.; Ranald H. Macdonald, Dominick & Dominick;
Paul E. Manheim, Vice-President,
Lehman Corp.; James C. Morrison,
Vice-President, The First Boston
Corporation; Ralph Owen, Presi¬
dent, Equitable Securities Corpo¬
ration; Albert E. Schwabacher, Jr.,

It'S'^diocVpTaWln
Telephone,

Smith, Barney & Co.; John L.
Kenower, Kenower, MacArthur &
Co.;
Joseph Klingenstein
Wer-

hlorrnan Smith Vice-President, Company, Inc.; J. Emerson Thors,
Merrill Lynch Pierce. Fenner& Kuhrlj Loeb & Co.; Palmer WatSmith
has accepted the
Watling, Lerchen & Co.;
Chairmanship of the Investment Frank A. Willard, Reynolds & Co.;
*. a. «^ l n g
Wende11 w- Witter, Dean Witter
Co.
^ysioni ox tne
»*? & r*n
&
The National Fund for Medical
Jiai]lonai r una

tors, but the

SuteTS' afmTloerrv ^ln«
Nation

of these

some

particularly attractive for inves-

researcn, mated

Boeing Company

Rard Burroughs* the vast satelite
Kanq, Buriougns, tne vast sateiite

review

and write-offs respecting it, which ;}F
f
depressed earnings during the Medical

from'

a

deserving companies—Avco,
Garrett,
Northrop "* and
Martin
Marietta, etc. We may be able to

first time in

liom

as

and

Sloan

the Agena as its entry in the
Satellite Space Program.
f^cal 1962, and create a per share
Its Jet program (Mourning Benet of around $3' For fisCal 1861
Etle%a) WaS "t0t '°n
g

lhc-

our

compounded,
that pace is im-

$500 miuion for

unfor-

discussion,
interesting

other

its earnings significantly,

Lockheed, famous

spectacularly
at the

15%

have,

prevented
many

13

'

a

seven years,

of

due

limitations

™erd' write-offs during the next
1?*
months
PrPSPnt
$2
HlVlnPnn
15 months.1 Present $2 dividend
lUfpz-l pnrirl DriVP
!Provldes a-/current yield .on?the .;V<*Y
common of 4%.
p
...

V

engine.

possible, but 12% to
nuallv soems nnssible.
nually seems possible.

Th£mmSSw' ront.Hh.ite
companies that contribute-

to

has

now

of 35%,

rate

Continuance

missTe' hfwffiS retaUat'°n

or

space

Sales have grown

annual

(next
in

powered

the, during the past

have

AJT

and

"converts"

provide attractive enenterprise that could

an

up

contract for development of a nuclear

NASA

for

fuels

_

_

at

now

Space

tunately,
today, of

st7°fo^
s'or"e fairly heavy develop
Heads DlV.

c.v.

.

in

common

million other planets we can draw
bead on.
Aerospace business
will always be big business.
a

in

allow

you

1980 at 116,

There

billion

$1.8

earned $4.24 per share,

for conversion of
$30.5 million debentures into com-

high altitudes in spaceships,

new

grossed

1961, and
if

development, but capable of reaching

(1493)

Paribas Corporation

Hornblower & Weeks
Pi-

March

28,' 1962

Salomon Brothers & Hutzler

Wertheim & Co.

14

The Commercial and Financial Chronicle

(1494)

.stances if they
American

the

FROM WASHINGTON

Washington observers have come
to easily
Shriver

understand why Sergeant
named by Josepn r.

wheh
operating
abroad
dep e n d e d upon
the
Marines and, to a lesser extent
the
missionaries,
to
keep
the
country pacified are apparently
over.
Enlightenment is the order

Kennedy, his father-in-law, to be
head
of the multimillion
dollar

,

which the Peace Corps

through Congress at the last
session
and
the
facility
with
went

which

it

20 Years of Service

day.

companies

oil

.

moving this year,
twice
increased,
is evidence of
Mr.
Shriver's
quiet persuasive¬ ,of American free enterprise bet¬
ter
than any Peace
Corps ever
ness, his suavity and his general

Products Company

National

the

was

Investment

Class A Offered

of

Association

is

Companies)

made

young men

■

-

All

sorts

of

the

bill

tended

controversy

at¬
when
asking for
dissipated under
last

Mr.

Shriver

was

$30

million.

It

year

only

his charm and Senator
Mr.

Conservative,

endorsed

the

■.

Peace

"

Goldwater,

has

recently

Corps

a

as

dedicated group. This year
Mr. Shriver wants $60 million for
a
corps of
10,000 men. The bill
very

has

passed
the House
appreciable opposi¬
tion
and
is
expected
to
sail
through the Senate. Sixty million
dollars for 10,000 persons figures
at $6,000 a head.
This is slightly
less than the cost per capita of the
aries.

and

The

Protestant

Catholics

and

have

about

about

130,000.
But in
comparing the per capita costs, it
must

be

borne

mind

in

that

the

missionaries

spend
money
for
missions, schools and the like.
The

Peace

Corps is proving to
drop in the bucket to
the good will work of American
private enterprise on three con¬
be

only

in

Liberia,

Venezuela,

Saudi

pay

the

30,000 in the field and the Protest¬
ants

ment

companies amounted to 743,Arabia reduce the comj^amy's outstanding
000. By late 1961, it notes, they
better than debt,
expand its^W^rehouse in
had risen to 5,563,000. Assets over
average wage of the country, Charleston, W. Va., and'lease and
have pensions, vacation and other stock warehouses in Atlanta, Ga., the two decades soared from an
fringe benefits. Firestone grants and Boston, Mass. and increase its impressive $925 million to around
;
scholarships to American univer¬ working capital. ;
: $23 billion.
1
The report points out that dur¬
sities for the better graduates of
The company of 352 Harrison
its
high
schools.
Both
it and St., Passaic, N. J., is a warehouse ing the first several years the na¬
Aramco help finance natives who
tion's investment emphasis was—
distributor engaged in selling an
want
to
go
into' business,
in extensive line of components for -and properly so — on bond pur¬
chases and savings. After all, the
Liberia, Firestone encourages the process flow
systems, industrial
workers to acquire rubber planta¬
country was at war. At the close
fasteners, and production equip¬
tions
of
their
own.
In
Saudi
of World War II, investment com¬
ment, replacement parts,, supplies,
Arabia, Aramco set up a native and hardware for industrial use. pany assets were little more than
with a truck to bring fresh vege¬
$2 billion. A measure of the busitables to the oil community.
ness' growth may be gleaned from
He
L. B. Stern Opens
dias acquired five trucks and does
the fact that last year alone fund
Leonard B. Stern is engaging in a
a thriving business.
purchases toted up to nearly $3
f'
securities business from offices at billion.
!
>
There apparently are any num¬
1065
Woodycrest Avenue, New
ber of other American businesses
George K. Whitney, President of
erating

mission¬

have

a

.

tinents.
ber

Firestone

Tire

and

Rub¬

Company in Liberia, Bethele-

hem Steel and United States Steel

in

Venezuela,

and

Aramco,

<

^

American

Business

Shares,

Inc.

reports that at the end of Febru-., t
ary net assets wfere $27,987,610, •
equal to $4*63 a share. At the last *
fiscal year's end on Nov. 30, the ;
company had net assets of $29,- i
088,942, equal to $4.98 a share.
In the latest period the company ;
added to its holdings Grosset &
DUnlap, Standard Oil Co. of Cal- V
ifornia, Standard Oil Co. (Indiana)
and Sunray Mid-Continent Oil Co. ~
.

any

Catholic

:

.

>

..

already

without

-

The Funds Report:

up of
170 mutual fund member
work is confined to
companies, their investment ad¬
in their early twenties
S. D. Fuller & Co., New York City, visors
and
underwriters.
This
for the most part, telling the na¬
as
manager
of an underwriting latest report, calling attention to
tives how to plan their crops anrl
group, has announced the initial 20 'years of service, should find
in giving them other courses in
public sale of class A common it$ way into the hands of every¬
hygiene.
stock of Power Industrial Products one who has contributed to devel¬
As
a
matter of fact, a/ letter
Co., through the offering of 160,- opment of the fund business. In¬
from
one
of
the
corpsmen
in
000 shares, at $7.50 per share.
deed, it is worthwhile reading for
Chile which the Peace Corps is
Of the total 133,333 shares are all who have an interest in the
circulating among members of
Ford
Motor Co. was eliminated
Congress gives the impression that being sold for the account of the "investment community.
from the portfolio,
he is more carried away with hav¬ company, and 26,667 for certain ,: The report has historical, per¬
*
*
*
stockholders.
:
'
spective. Thus, it recalls that in
ing a "gorgeous blonde" to work
with than anything else.
Net proceeds from the sale of 1941 shareholder accounts of Establishment of Delaware vari;
Three American companies op¬ the 133,333 shares will be used to closed-end and open-end invest¬ able investment plan for accumu

Their

could.

personality. He has an answer for
every
question that is asked of

,

,

.

'Power Industrial

is

him.

C. POTTER

It may be that there.is a.field of ahead. The growth of the last 20
In
addition
to the companies
endeavor
that
has
recorded
a years owes a good deal to a meet¬
joined, mentioned above, the United Fruit
mightier growth than mutual funds ing of a vital service and a buoyant
together, in Saudi Arabia alt have Company operating in the banana over the last 20
years,
but its economy, It remains to be seen
of
Latin
America* is
most
modern
employe relation¬ republics
how well these stewards perform
understood
to
have
adopted identity escapes us. This fabled
ships.
story of far-seeing men, who were in the event of adverse circum■t
They have built communities of greatly enlightened policies in its
equipped to provide a much-need¬ statutes. On the basis of a 20-year
"
modern housing, hospitals, schools, employe relationships.
ed service for a changing society, record* the augury is good.
golf courses, tennis
courts and
is told, however sketchily, in the
miles of paved roads.
With this
latest annual report of the Invest¬
sort of operations, these companies
ment Company Institute.
have done more to cement good
The Institute (until last year it
relations and spread the message

American

.

The

mart.

merchandise

with

ease

BY JOSEPH

.

was

Chicago

Thursday, March 29* 1962

day

The

business

of trie

.

encouraged by
and the foreign

American

BY CARLISLE

.

are

government.

...Ahead of the News

.

four

which

are

abroad

under

prepared
the

to

same

invest
eircum-

York

City, under the firm

of Leonard

B.

Stern &

the institute during the year,

gives
forward look, envis¬
aging "a year of further progress."

name

the

Company;

study

There

a

basis for this op¬

is sound

timism, for
"While

the report notes:

as

this past growth

is im¬

lation

President of Delaware Man-

agement

which will act
plan sponsor and distributor;

$35,000,000

Co.,

;

as

Financial Industrial Fund reports
at the

that

Feb.

end

net

28

$258*549,897,

of six months

on

amounted

to

assets

share. Six
months earlier assets were $243,or

$4.87

a

436,611, equal to $4.90 & share, and
a
year
earlier the comparative
figures were $219,880,413 arid $4.61
a share. During the quarter ended
Feb.

diversified

this

28

stock

fund

tions

in

established

common

posi¬
Moore
Corp.,
Ltd.,
while
eliminating
holdings in Consolidated Coal Co.
and Hudson Bay Mining & Smelt¬
ing. *
Duffy-Mott

new

and

Earnings of Imperial Financial
Services for the six months ended •
Dec. 31 increased to $49,699, or ;
13

some

,

son,

26 cents

look at

shares

announced by W. Linton NeK ;

pressive, the potential of the fu¬
older

Fund

was

ture is indicated by a

ofv the

Delaware

of

•

¬

share, from $21,500, or
share, for the same :

a

cents

a

of the fi¬ period a year - earlier. Net worth
Thus today, increased $337,265 during the past :
companies year. Net worth was $466,562 on ;
amount
to
approximately
$125 December 31* 1961, compared, with '
billion; deposits in mutual savings $129,297 a year eatlier. ' "r :
Vt :
banks $38 billion; time deposits
1
4,
*
*
nancial

segments

community.

,

assets of life insurance
•;

National Dairy Products Corporation

commercial

banks

$74 billion
savings and loan
associations $68 billion."
and

4%% Sinking Fund Debentures due March
15, 1992

savings

in

Now, the fund folks don't

for

pose

Price 100 %%

and

equipped

will

of

attract

a

most

•

Blyth & Co., Inc.

Glore, Forgan & Co. I^arriman Ripley & Co.

Merrill Lynch, Pierce, Fenner & Smith
Incorporated

White, Weld & Co.

Dean Witter & Co.

.

.

Smith, Barney & Co.
Incorporated.
*

-

Hornblower & Weeks

To




.

of

thing is certain in this

one

uncertain of callings — and
that Government will be

it

plainly, the

even more

all,

than that is needed.

even

come

be

with

the

though

a man may
finest credentials

character, his contribution can
slight unless his ability is of

the highest order.

Chemistry

Nucleonics,

&

tronics Shares reports that

vestments

Circuit

foe that the acid test is

•

in

A d

m

i

r a

1

C

o r

p.,

Foil

Corp. | and Tokyo •.
Shibaura Electric Co., Ltd. At the
same time it increased holdings of
American

Cyanamid,
Emerson
Electric, International Mineral &
Chemical, Nuclear-Chicago, Chas.

,,

Pfizer and Farbwerke Hoechst. It
eliminated

-

Columbian

Carbon,

,

Elgin National Watch and Texize
Chemicals.

'

'

'

N. Y. Analysts Holding
Motion Picture Forum
Youngstein,

E.

Max

Executive

,

Vice-President of Cinerama, Inc.,
will be

a

.

speaker at the New York

Society of Security Analysts' Fo¬
about the Motion Picture and

rum

,

TV Film industries. The meeting is

scheduled for Wednesday, April 4,
at 3:40 p.m.-at the Analysts' home

building, 15 William Street.
Also

Hyams,
Screen

in

motion

film stocks.

Mr.

be

Jerome,

V. P. and Gen. Mgr. of
Gems, bnd David Eiell, a

specialist
TV

will

speaking

picture

and

Youngstein will detail

some

of Cinerama's current activities in
film

production and exhibition,

well

as

discUss

^

,

>
.

as '♦

new' research *dfe^

veloprrents.
He will also offer
general comments on the :

some

"

It may

Elec¬
during

its first fiscal quarter, which end¬
ed on Feb. 28, it made new in¬

.

state

'

of

March 23,1962,

.

is

After

-Wertheim & Co.

.

people
who toil in this field are playing
with other people's money. Hence
integrity is' a prime consideration,
,

but

Paine, Webber, Jackson & Curtis

„

tion!"

Incorporated

Kidder, Peabody & Co.

.,

and

scrutinizing the investment com¬
munity
closely.
And
investors
across the -country will not .be im¬
pressed with cries of "Persecu¬

Incorporated

Dillon, Union Securities & Co.

.,

,

want

of

rate

that

Eastman

hard

fraternity will foe with
personnel rather than
growth. As in every
swift-growing field, staffing at
every level poses a major problem.

quality

For

Kuhn, Loeb & Co.

who

of the fund

Lehman Brothers

Corporation

folk

work

in the days ahead
the prime concern of the leaders

solicitation of any offer to
buy securities.

Goldman, Sachs & Co.

to

numbers

It may be that

the

The First Boston

money

before,

ever

increasing

well for them.

Upon request, a copy of a Prospectus describing these securities and the
business of the Company
may be obtained within any State from any
Underwriter who may regularly distribute it
within such State. The
offering is made only by means of the Prospectus and this announcement
nor

than

thrift-minded

their

offer to sell

going to find its

way into mutual funds. But few
Will question that professional in¬
vestment counsel, better trained

(and accrued interest from March 15, 1962)

an

sup¬

moment that the bulk

a

of these funds is

is neither

.

.

in

motion picture industry.

Volume

195

Number 6146 V.

The Commercial and Financial Chronicle

Steel

Production

Electric

The State of

Retail

by both sides. Computers were
brought into use as negotiators

those

*'7 Stands.

Index

Price

Production

week End.

programmed

equipment ,, at
$37.2
billion; in
1962, 8% above last year, according to the annual survey conducted
and

jointly

by

the

1,347,197

1,298,034

1,293,000

1,200,000 +

and

-April

Department of Commerce in
February. This investment mom-:

i

:

the

and

$34.4

1957

billion

record

of

1961

in

,r;.3..v

Businessmen

anticipate
tha t
outlays will continue to
throughout .1962. Actual ex-

rise

and

rate
^

are

^

expected

19gQ

f/w a billion
of $35.4 hiiiit
move

in

the

niial

half

second

indicated

are

ratp

nf

at

an

arni i

nd

of

this

an-

hill ion

*38

2™, high, °f around;738 billion, a
Itt
new
the

facturers

material

about

trade

Look
,

to

,

,

Output

Manufacturers:-as

V

a

group

Steel's

are

rise of 16%

a

.

of

1962

.

It

Actual
•

'.."t

All

'•+-*•

7.29

7.40

7.62

+ :

3

+

3

1.01

.98

•w

~

Railroad

.67

'

other

than

&

1.84
.5.60*

+

13.00

+ 11

11.68

other

—

1

the

7

tries

look

sales

Durable
goods
expect 1962 sates
to be 9% above 1961. The largest
sates advances are projected by
year.

the steel and motor vehicle indus¬
^

strike.

in

The

1961.

over

rubber

industry
anticipates
an
11% rise, reflecting the substan¬
tial increase in auto sales, while
other nondurable goods manufac¬
turers
are
looking for increases

ranging from-4.,to

9%,

over

last

year.

and

trade firms

of

both

retail

wholesale trade expect a rise

5%,

-according

to

the

SEC-

Dept. of Commerce survey.

tion's

Clearings
Over

Bank

1961

Week'-'

this

of

the

United

-it

is

possible

weekly
above
week

clearings

those
last

will

to

preciates

higher

be

10.2%

the

stand

against

v

same

at
$31,785,894,692
$28,835,769,164- for
the

week in 1961. Our compara-

tiye

- summary for some of the
principal money centers follows:




St. Louis

141

-V

Southern

106

.•:,

Western

115

Total

either

way

depending

"Index

on

weekly

production

for

First Quarter

Greater

.

mean

based

•':■. W:' ;:'7

Ended March

Auto

offer

not an
vy ■■•■+■•

to

sell

or a

Quarter will
cars

corresponding period a year
according to latest advices in

ago,

Th„
The

Automotive
statical
statistical

Reports.

agency

ou7mtnMa,fh lrfm

1

"Jcliri

'-vtii,; pvij

ot •;?.,.

should

supply

a

assembly

thP

;

;

plants

Continued

offer to buy

an

of

any

(«!'•-'•

:•

'

1

"r

'j

;

.'-.'7.:

',f;t

u

Drug stores, ing.

5% Convertible Subordinated Debentures Due 1982
,:'-7 7

•

'•'.

\' 7

.

'7 j

'■'■>-7/i-

*.v ' •i'y

-77

\

V

•••

'7,w; ••^,;7/"- ;7

.

%

•,'•

>•

.

,W-

.7

'•

fail

to

come

+7

'

•'

-^.7 >

7

7;

7"

''

average

bargainers

as

77 The Company is offering its sliareholders the right to subscribe for these Debentures

on

the

basis of $100

principal amount of Debentures for each twelve shares of Common Stock held

of record
.upper¬

March 23, 1962,

V The

on

subject

to

the terms and conditions

set

forth in the Prospectus.

rights to subscribe will expire at 2:30 P.M.,.Eastern Standard Time,

on

April 10, 1962.

strive

agreement, Steel's
after talking to

five

na-

producing
; ■ :;,7:

steel

Subscription Price 100%

steelworker ap¬
connection between

the

and prices, Steel's
shows.
Many . said they
be willing to forego pay
wages

this

time

because

of

Prior

to

expiration of the subscription offer, the Underwriters

may

offer Debentures

pursuant to the terms and conditions set forth in the Prospectus.

their

on
prices. But, apparently,
they are not equally aware that
somebody has to pay for fringe
benefits, too.
*

Copies of the Prospectus
undersigned

.

as

may

may

be obtained from only such of the

lawfully offer these securities in this State.

V

Steel bargainers could arrive-at
a

peaceful settlement by June 30

by referring thorny issues to theRelations

Research

Com¬

McDonald &

mittee, Steel said. That looks like
a good bet now. An observer close
to

bargainers

;

are

were

High

gives

the

reason:

about as far apart as
when the talks started."

Goldman, Sachs & Co.

are

those of

employment costs
three to seven times

competitors^

our overseas

not

It

said

statistics
nual

world

edition

S.

is

the

1951,

14th

was

Harold C. Brown &

The Ohio

Ball, Burge & Kraus

Hay den, Miller & Co.
Prescott & Co.

Company

Curtiss, House & Co.

;

Joseph, Mellen & Miller, Inc.

sobering. The

less than it

doubled,'
trebled, and quadrupled their pro..

Since steel is the basic

Will S. Halle & Co.

was

Other countries

duction in that period.

Co., Inc.

an-

Metalworking

are

Smith, Barney & Co.

Fulton, Reid & Co., Inc.

production
its

Company

G.H.Walker & Co.

only producer whose

output in 1961
in

in

of

Facts & Figures
U.

steel

reported

Kidder, Peabody & Co.

INCORPORATED

Westheimer &

—are one

is

Company
INCORPORATED

Lehman Brothers

hourly

raw ma-

March

23,1962

V

said tha
that

nati7n

utput in March from the nation

47

offering is made only by the Prospectus.

.

above

produced

in the

24, 1962

solicitation of

48.5%

Period

units, 48.5%

passenger

tons

' -"71prices 7are ex¬

\

Output

1961

the

1,764,000

1,188,200

Ward's

7 7

;

average

1957-1959.

Than in

en(*

total

Accoiding to data compiled by
„
„
,

'

on

Auto production in the U. S. at

_

an

Week

if

production

labor developments. If talks

new

a icon tract

of

128.5

effect

for

obtain

corresponding
year.'Our preliminary

totals

-

of

States

V

of

of the reasons the U. S.
participating, in the new
.'compiled by the Chronizlz, based world market to the extent we
uoon telegraphic advices from the
should, Steel said. We are not sell7 chief cities of the country, indi- ing- enough
of . the
materials,
7 cate that for the week ended Sat- equipment, and services we are
,urday, March 24, clearings for all capable of selling,
cities

7'

131

these securities. The

+,v

the: year.

?

3.7.* million

j'7 V''?::v7

—they

week;will

7 show an increase compared with
7 a year ago. Preliminary figures

which

136

Cincinnati

average

"They

Show .10.2% Rise

clearings

Chicago

move

-^"s advertisement is

1958.

of

top

The

they
Bank

of

labor

centers.

Human

Among

;

V

conclude

survey

.

goods industries as
expecting a 6% rise

1962

ena

several dozen workers in the

hikes

in

7;

153

there was a break by either, side,

of service! center

the.: minds 7of

areas

editors

would

sales

170

on' But ll?e
new surge of hope for an early

were

NEW ISSUE

V:_,

Cleveland

^

7-7

129

______

Detroit

ordering as consumers substitute drag on into April, even the most
inventory . control for inventory reluctant buyers will have to proPui,ldlng;
\
77+7^ •
tect themselves against a possible
Reports early jhis week that a strike. But a settlement would

7

>

ket as talks dragged

ap early settlement would mean
an abrupt drop in the rate of steel

cmirklv

>

V

Pittsburgh
Youngstown

inS> The iron. Age says. Further, delicate steel market that could

the issues worked out
enough so
could
ho

131

sumers were moving into the mar-

-ost the c?mpanies 1° cents moie

A

124

Buffalo

week indicated that many con-

any

but calls for addi-

settlement had been reached

March 24, 1962

about 150,000

start

and

in

group

are

at the

'77M777: 7'; 77 :.7"\7.-7

most

Nondurable
a

wa^e increase

"

thah

contract agreement .without a

a

lor

manufacturers

tries—15%.

$32

•

more

Fringes, not wages, seem

manufacturing indus¬
forward to improved

this

28. Pact does not provide for

Week Ended
,

,

the+°uld be wPrked °Kut WlcWy-lf

.

Sales, Expectations

All major

^nd

"

North East Coast__

.

distributors

up

was

steelworkers
;

inventory
building
had
to
if they were to build up
significant stocks of steel by

any

Ingot

Production for
'

.

a.00

the

center

agement
to

1

1.85

union

with

Production

stringency threaten if steel man¬

+ 19

5.52

,

as

Chicago,

pected to stiffen

s-

rail!

utilities-

.Com'cial

9

■

Transportation
Public

go

the

concludes

Ingot

"Index of

who had hesitated to order

.

little

a

point

Service

+16

+

that

i'Announcemeiit

+

at the start of

14.90

goods

since

inventories

%

6.27

Mining

t

-

13.68

goods__

Nondu'ble

'

same

_QO

quarter,

high

"1962 V'-ChaliKe;:
37.16
-+
8

34.37

Manufacturing
DuraUle

An tici'ted

1961'

industries,,—

.

estimated

tons

a-;

»,

,

holding

the first

the follow¬
<

,

million net tons

3.5

antici¬

(B-'t'or" r*

■"

';

huge

i,

$30-$33,

is

were'

7/7

-

;

.

.

The

shown in

is

table:

ing

for

at

was

of"

planning. Con¬

(

pated outlays with 1961 actual in¬
vestment

return

no

through
28,585,000

by
Districts for week ended March 24,
1962, as follows:

move

-

■

comparison

Steel—

Steel service centers are holding
substantial stocks, Steel reported.

communication
also
show
a
better tljan [average rise in, ex¬
penditures this year.
; '
and; trade; ,firms

A

sumers

mained to be set

Philadelphia.

Railroads,

year.

of

The* Institute

index

scrap

burgh,

last

over

point

hand for inventory

re-

to

'ng was priced at $32-$33 m Pitts-,

1961.. Durable goods industries

anticipate

The

a

year

price J composite
dropped 67 cents to $32 a gross
ton last week. No. 1 heavy melt-

planning investment !outlays of
$15 billion in 1962, 9% more than.
in

'

.

,

in

-•

front, steel condelicate position;

the American Iron and Steel InThe steel talks have been char+ stitute, production for the week
a
fraction last acterized by..highly complicated ended March 24, 1962, was 2,394,/:
*
:1 " ^
work' on details, with minute 000 tons (*128.5%), as against

up

was

week.

7

'

an up-

-i

,

k to be about the

5%. These sales pro-

Outlays by Major Industries

neces-

production this

.

v

gains-for

^393 000 tons that Steel estimates
jndustry poured-last';week.

jections indicate further advances
from current rates.
'777

issues

•

ingot

for

,

-

this

amounted

the

(*127.9%), or 56%
above
period through March 25, 1961.

the

naa oeen reacnea wexe mean an abrupt drop in orders
abrupt dr<
fin_ discounted
by negotia ors, pri- and steel production.
make
.April vately as well as publicly,
Steel Production Data for the
7-'
negotiations had narrowed

shipments

Manu-

anticipate a 7% increase
year
utilities, 8% and

last

pver

reveals.

survey

on

products,'tin 'plate,
pipe.
V^V/Lv<.>J

can
draw -upon
Qf semifinished and

stockg

Business expects record sales in

1962,

seasonal

are

Rising shipments won't
sarily be accompanied by
trend in ingot production

ished
v

will

•

makers

a

>

>

24

in

\

tons

per hour in the next 12 months.] settlement was bound to encourreach' the '--X New h°Pe for a settlement could age consumers who were gambling
of March
cut off a second wave of inventory on a contract before the deadline,
rolied and buying that appeared to be. form- V The result was a confused and

if demand for coid

construction

;

basic

some

concessions

\

and seamless

year

adjusted

than

steel marine said

there

to

up

billion and. $36 Vz billion in
the first arid second quarters of
1962,: respectively. Expenditures

$36

But

'■

sumers were

of the last

galvanized sheets continues strong

^

to

,„;ii

Anril

in

any

shipments

April

9 6

mills will

highest level since that

penditures in the final quarter of

imLVn,,.!
justed annual

been"in
'

March 26

capital

hwhpr

hp

they have
or? fnnnthc

-.

V

(*128,1%)

Production
March

a

Be

^;u,

—

Steel shipments from

nrnh->hW

$37.0 bIK

lion.,

Highest in

,

-

15

week ended March 17.

total employment

in

On the market

Unchanged

Wage

or

of

tons

2,387,000

management had agreed on the contract, expiration date of
terms of a-two-year contract was June 30.
25 MonthsV announced late yesterday, March 1 A late flurry of new orders last

;„+h

;

..

with

pares

Basic

7.7 ."•

554,430 + 9.6

Shipments May

Steel

mean

3.8

+

IS+ao^

607,602,

Securities*

Exchange: Commission

week.

Chicago^.

proposals

would

Steel Contract Agreement

last fraction

the

to

cent what

also happening in many metalworking industries, r; " ■"' •- '

V Steel labor negotiators moved
Steadily toward" a settlement this

Philadelphia

the

assessed

substituted

off and

traded

costs.

(ooo's omitted)-

g2?£"fcftv -:

S.

■'>

New8Ywkv7$17,590^20 $15,671^882 * +12.2

anc*-

the^U.

What is happening in' steel

Leaves

have

where

of

a

is
,/*,

Failures

Commodity Price Index

Businessmen

'provide

figures

Measurement

*

Auto

Business

points

tries,

•

Trade*

Food

and INDUSTRY

terial of the metalworking indus¬

Output'

Carloadings'*

:

(1495)

will

reach

on page

16

The Commercial and Financial Chronicle
16

State of Trade

tainers

ended

And Industry
with 407,-

600,000 cars, compared
958 in the same month

of 1961.

March 24 at
140,508, is an increase of 3.6%
from
135,574
in the preceding
week and 60% above the 87,808
cars assembled in the same week
ended

week

the

ago.
Last week's
will be the highest for any
a

year

volume
session

produc¬

model year basis,

a

tion of 1962 model passenger cars,

is

versions,
session.

week ago, General
built its 2,000,000th
car,
almost
two

Tuesday, a
Corp.

Motors

model

1962

the

of

ahead

will

GM's Buick division
entire

the
of

model

1961

smaller

its

same

1961

(May 17, 1961).

milestone

model

Special

overrun

production
series by

Tuesday of the present week.
Of the latest week's production,
Motors

General

expected

was

to

account for

56.1%; Ford Motor Co.
Chrysler
Corp.
10.1%;
American
Motors
6.7%;
and
25.2%;

Studebaker-Packard

Loading of

Volume

totaled
Association of

the

Railroads

announced.

increase

of

19,636
3.7% above the preceding
an

was

week.
The loadings represented an

in¬
38,749 cars or 7.6%
above the corresponding week in
1961, but a decrease of 36,162 cars
or 6.2%
below the corresponding
crease

were

___

223,218

tin.

On

the
daily wholesale commodity price
index inched
up
to 272.76 from

249,068

Orders

I

Mar. 18,
1961.
216,811

243,743
231,231

247,763
276,278

1962

i,;

234,862

L_- 252,965

Shipments

period
class

58

of

prevailing in prices paid
lard, hogs, lambs, rubber

,

V-

Retail Purchases

moved up to 351

shopping,

in the week

truck tonnage in the
week ended March 17, was 9.7%
ahead of the volume in the cor¬

comparable year-ago level of 359
although they exceeded consider¬
ably
the 286
occurring in the
similar week of 1960 and were

Intercity

week

350

ing

the
weekly survey of 34 metropolitan

Economics.

mon

The

Trans¬
report re¬

handled

tonnage

more

terminals of

400 truck

carriers

at

com¬

freight

general

of

upturn was con¬
failures involv¬

among

rose

$100,000,

under

to 314 from 280 in the

21

March

showed

recovering
from
the
of
the
stormy weeks

of

,

buying in the

consumer

ended

.

doldrums

ume

close

came

level

tivity
,

when
was

the

to

year-ago
Easter ac¬

earlier

the

in full swing. Regional
varied widely. Chi¬

still

trends

Output 9.1% Higher
in 1961 Week

The

distributed

electric

of

amount

the

at

24,

March

15,879,000,000

$5.89

March 27 from

was

tention in Boston

Home

and New York.

furnishings and appliances
solid advances than

scored more

apparel,
tained

while

sales

auto

main¬

strength.

In¬

& Brad$5.90 on
week ago,

a

The total

dollar

of

re¬
re¬

volume

ranged from 3% lower to
higher than last year, accord¬

Dun

&

Regional

Bradstreet, Inc.

estimates varied from comparable
levels

1961

by the following per¬

Middle

centages:

Atlantic

to

—9

.

the
Output
to

company

is of¬

expiring April

at $100 per

11,

1962

share, on the basis of

share for each 25 shares held

one

1962.

of record March 27,
Net

from the sale of

proceeds

the debentures and common

stock

will be added to the general

funds

the

of

The

company.

increased

electronic data processing field in:

have

customers

shown

a

preference to lease the equipment
rather than purchasing it outright.

Headquartered at Dayton, Ohio,
the company and its subsidiaries

in

engaged

are

the

production,

distribution and servicing of busi¬

ing to spot estimates collected by

Price

warrants

which

5j; South Atlantic —7 tq —3;
holding to the pattern of slight
New England —5 to —1;. West
one or two cent variations shown
North Central -r-4 to,0; Mountain
throughout 1962 to date. The .in¬
-j;2; West South .Central
dex this Tuesday continued 2.2% ~2' to
0 to
/Nprth Gei^
below the .$6.031 registered -op the
to* H- 5; iEast Soiittf Cehtr^Trf-2 -fo
comparable day ofv 1961,
A :
+6; Pacific -4-;4 to 4~.8.^
Sizable
increases in wholesale

kwh.,

Edison Electric
Institute.
was 273,000,000
kwh. below that of the previous
week's total of 16,142,000,000 kwh.,
according

Food

Wholesale

The

energy

The

stockholders.

fering the common stock through

Big St; Patrick's Day (March 17)
parades diverted consumers' at¬

1%

Pattern

electric light dex, compiled by Dun
industry for the week street, Inc., inched to
by

and power
ended Saturday,
estimated

Steady

Continues

Index

Price

Food

Wholesale

Than

an¬

group

general funds are required pri¬
marily to finance the expansion
of the company's business in the

sales

view
Electric

■-.

<

Read

Dillon,

contrasted with snow¬
in
Minneapolis-St.
Paul and steep plunges in Phila¬
delphia and Washington activity.

gain

bound

tail trade in the week under

curred.

April 1, 1987,

98%%; to yield approximately
The

just passed. In fact, over-all vol¬

its

previous week and 312 last year.
In contrast, casualties with losses
topping $100,000 fell back to 37
after a steep climb to 59 a week
ago
and were noticeably lower
than in the similar week of 1961
when
47
cases
of this size oc¬

partment of Research and

port

City heads an

,

of cago trade finally picked up, but

toll

pre-war

liabilities

which

by the ATA De¬

conducted

areas

the

week's

The

These findings are based on

22

in 1939.

centrated

this year.

of

with

even

the

Trucking Associations
announced.
Truck tonnage was
1.3% ahead of the volume for the

American

previous

,

nounces that it is also underwrit¬
Bolstered by improved weather,
ing an offering of 319,090 shares
in most areas and by pre-Easter of common stock to its common

preceding week, reports Dun &
Bradstreet, Inc. However, casual¬
ties remained slightly below the

March

ended

Truck Tonnage Exceeds
1961 Week's Volume by 1.3%

1961,

W

Dillon, Read & Co. Inc., New

4.45% to maturity.

Some

Score

Gstins

signs

of

Register Co.

at

Commercial and industrial fail¬
ures

the corresponding

week

26,

fund debentures, due

week

;

.

National Cash

::

from 339 in the

responding

March

Monday,

year.

Slight Rise in Business Failures

systems originating

type traffic in this year's
week compared with 58 one year

this

ago and 51 in
week in 1960.

Financing for

rye,

and

levels,

1961

Mar. 10,

17,

1962
Production

throughout the country.

freight in

revenue

cars,

American

or

There

1960.

in

Mar.

21.3%)

21,605 cars or
the^ corresponding

and

1961,

clines
for

de¬

....

cars
for an in¬
21,666 cars or 21.4%
above the corresponding period of

of

above

boosted the index despite the

9.3%.

122,823

totaled

crease

the week ended March 17,

cars

first

the

flects

1.9%.

Carloadings .7.6% Above
In 1961 Week

This

Thursday, March 29, 1962

York
underwriting group
Following are the figures in 272.60 a week earlier and con¬ which is offering publicly an issue
thousands of board feet for the
of
$50,000,000
of The National
tinued above the 271.11 registered
weeks indicated:
Cash Register Co. 4%%
sinking
(on
the
corresponding
day
last

24.6%

or

with

Compared

piggyback loadings
10 weeks of
1962

Cumulative
for

than

545,332

.

higher at wholesale,

appreciably

output rose 8.3%, shipments were
2.1% higher, and orders declined

model

1961

the

of

650,000

than

more

ahead

months

.

street, Inc. Wheat and oats, quoted

243,-

Intercity

distinctively different

in some 370

units

2,728
cars
above the 1960 week.

U. S. railroad

since January.
On

and

1961

factory yield

estimated

Ward's

the

above

an

2,834
cars
or
25.8%)
corresponding week of

of

crease

15

Continued from page

total).

over-all

with

compared

743,000 in the prior week, accord¬
ing to reports from regional as¬
sociations. A year ago, the figure
was 247,763,000 board feet.

week's
in¬

in
that
This was

included

were

feet

board

highway con¬
(piggyback) in the week
Marcn
10,
1962
(which

highway trailers or

in

.

(1496)

machines, including cash reg¬

ness

isters, accounting machines, add¬
ing machines and electronic data
processing systems, together with
supplies for use in its;. machine
products.
The company and its
subsidiaries employ approximately

56,000
mately

people of whom approxi¬
27,000 are o u t s i d e the

United

States. Principal manufac¬

turing plants
United

located

- are

Subsidiaries

States.

have

manufacturing plants - in;; Canada^
Great1 Britain,: r Germany, ^FrariceV
but 1,330,000;000 kwh., or 9.1%
Week in 1960. *
Japan and Brazil, and'.maintain
above that of the comparable 1961
smaller f assemblyy'and manufac¬
There were 13,803 cars reported
loaded with one or more revenue week.
turing operations iA other foreign
quotations for hams and bellies •'"
Nation/wide department Store, ;
&bantries;
.>
; V?. *;
'*> v.?
^
combined \^ith higher prices also
Lumber Shipments Were 2.1%
;
Sales vDowii 4 %.;From 1961* Week dividend: notices
for
oats,' lard, beans and' steers
Higher Than in 1961 Week
outweighed the declines in prices
Departrrient store sales on ,~a
Lumber
shipments
in
the for
eight,commodities:, corn, rye, countryAwide basis as taken, from
United States in the week ended
butter, cheese, cocoa,
potatoes; .the Federal Reserve Board's in¬
March
17,
totaled
252,965,000" „hogs-and.lainbs.
dex-reported a T% decrease ..tor
/v1-yv\ -.v
Pacific Gas ami Electric
The indent represents the sum the week vended March 17^ 1962,
dividend notices
total of .the price per pound of compared with the like period in
.

.

.

..

Company

Bonds Offered

CLEVITE
DIVIDEND

NOTICE
C

O

R

RATION

O

P

COMMON STOCK
CLEVELAND

DIVIDEND NO. 185

March
cash

14,

quarter
cents

is

on
a

March

the -first

for

share

tive

the

upon

a

Company's

common

This

dividend

share

on

27. This is the

quarterly dividend.

will be

paid by check on April
1962, to
of

common

record

business

at

on

K. C.

the

in

NEWS

16,

close

the

Wholesale Commodity Price Index

Up Fractionally in Latest Week
two

After

steady

wholesale

general

higher

little

a

Dun

reports

Monday,

weeks, the
i c e level

p r

this
&

past

Brad-

Morgan Stanley & Co. /and Smith,

March

by

3%

17, 1962, sales de¬
below the corre¬

sponding period in 1961.
According to the Federal Re¬
System
department
store
in New York City for the

serve

sales

week

the

below
For

March

ended

the

same

week

San Francisco, Calif.

:I*VGWE'

accrued

priced at 98!/2%

interest to yield

ap¬

proximately 5.40% to maturity.
The

net

dollar

proceeds

from

10, a
registered

the sale of the bonds will be added

the

to Belgium's

same

foreign currency re¬
which, to the extent re¬

ending March 17, 1962,
of
7%
was
reported

quired, will be applied on or about
April 11, 1962, to the repayment
of a $30,000,000 three-year 5%%
loan
obtained
from
a
group
of

ent

sales

UNITED GAS
1

decrease
against
comparable period in

in the

1961.

United

Voi-Shan Indust.

has

this

date

declared

heads

a

fering
shares

(40f0

share on the

per

poration, payable July 2,
1962,

on

Class A Stock

Payable April 10th, 19CF2
to stockholders of record

at close of business
1

March 20, 1902:

WOLF, President

of

record at the close of busi¬
ness on

share

stockholders

to

June 8, 1962.
v

B.M.BYRD

March 24, 1962.

Secretary

UNITED CAS
SERVING

THE

In.

Co., Inc., Chicago,
group of¬

publicly

100,000 common
Industries,

Voi-Shan

of

Inc., at $24.50
The

sold

underwriting

an

dividend of forty cents

Common Stock of the Cor¬

banks.

and interest on the
be payable in
U. S.

dollars.

Common Offered

of Directors

will

bonds

LOUISIANA

A. G. Becker &

The Board

THE WOLF CORPORATION

States

Principal

tric devices.

8 cents
per

a

as

/'

CORPORATION

principal independ¬
producer of piezoelec-

Dividend Notice




and

bonds due 1977.

bonds are

serves

SHREVEPQRT,

JOSEPH

5y4%

The

week in 1961. For the four weeks

dom's

Distribution

fund

with the acquisition of
controlling interest in
Brush Crystal Company
Limited, the United King¬

CHRISTEN SEN

Vice President and Treasurer

Consecutive

in

March

was

with

compared

5%
1961.

were

period

ended

8%

of

17,

jointly head a nationwide under¬
writing group that is offering for
public sale today (March 29) an
issue of $30,000,000
Kingdom of
Belgium
external
loan
sinking

overseas

1962.

I Oth

March

Barney & Co. Inc., New York City,

when

Another expansion in our
business comes

ended

10, sales were down by 6% com¬

decrease

NOTICE

DIVIDEND

week

pared with the corresponding 1961
week.
In the four-week period
ended

AT CLEVITE:

of

For

1961.

clined

stockholders

March 23,

meats

general use. It is not a cost-ofliving index. Its chief function is
to show the general trend of food

edged

capital

stock.

and

foodstuffs

raw

dividend of 35

company's 159th consecu¬

of fjie.^year of 25

per

paying

cents a common

1962, declared

dividend

10, OHIO

31

prices sit the wholesale level.

of Directors

Board

The

Kingdom
Of Belgium

„

is

stock

share.

a

being sold

on

be¬

half of two shareholders who will

receive
who

entire

the

will

continue

proceeds and
to
be major

an

the United

Belgium

States through

underwriting group headed by

Morgan Stanley & Co. and Smith,
&

Barney

Co.

Inc.,

an

issue

of

$25,000,000 external loan sinking
fund 5V2% bonds due 1976.
The

new

bonds

are

not redeem¬

prior to April 1, 1972, except
through operation of the sinking
fund. On and after that date, op¬
able

tional

shareholders.

1961,

November,
in

redemption

prices

will

from 102% to the principal
amount.
Sinking fund payments
range

Headquartered at Pasadena,
Calif., the
duces

and

neered

designs, pro¬
specially engi¬

company

sells

industrial

components,

principally for the aerospace, air¬
craft, plastics and magnetic tape
recorder
clude

industries.

Products

precision fasteners used

in¬

in

aircraft, missiles, rockets and space
capsules; standard die mold bases
and accessories, seamless one-piece
metal door knobs, and
magnetic
tape recorder heads.

$1,200,000 semi-annually com¬
in 1965 are designed to
retire the entire issue by maturity.
of

mencing
The

sinking fund redemption price

is 100%).

Joins Calif. Investors

/

Jesse Rey¬
nolds Pirtle is now associated with
California
Investors,
690
East
PASADENA, Calif.

—

Volume

195

Number 6146

The Commercial and Financial Chronicle

..

.

(1497)

remote-control

THE MARKET

V AND YOU

r.

and

handling machines,
machines for postal

sorting

and state

Etherington Pres.

BY WALLACE

STREETE

:

■

;

'

bottles to

Stocks

were presistently reactionthis week, mostly because of

heaviness

eluding

few

a

in-

sections

a

dumping of tobacco
they went through an-

some

shares
other

in

as

health scare,

with this one
primarily in England,

centering
The

vehemence

smoking
science

which

with

' minister

in

by

a

type of official restrictions on smoking and
that paved the way for immediate and sharp setbacks for the five
leading American cigaret makers,
The pressure was heavy enough to
trim in a couple of sessions from
brought fears of

half
the

of the

values

All but
to

a

rush, L. &

been

a

stand

The shares

line.

the old

at

issues,

affected

Liggett & Myers sagged

making something of

have

from

score

a

1962 lows in

new

M.

some

dozen to half

a

of all

gaining friends in re-

cent months and all showed thor-

respectable

oughly
the

Reynolds'

year.

shares,

year, nevertheless, had
out a range of a score of

split last
carved

the
high to give them a relatively
lofty standing.
So for none of
them did the selling mean anything in the way of historic lows,
The snuff makers, American Snuff
and U. S. Tobacco, and Universal
Leaf, a tobacco jobber, were less
harshly affected but were also
called on to absorb some selling,
points

^

On

ponent of

'•

du

Pont,

Tobacco, is

else-

which,
com-

a

industrial average

the

weight
weight.

fa^«JSSrtnitrtookt
It
carried
it
back

within

touching

low

distance

of

posted early in March.

o^se'eadfin'Veb^u"
rebru-

actionarv
actionary
ary

phase ,eaily

it

so

here,

was

be

to

to
to

the
This

an

in

considered, up to
area of at least

Such

>

of

considerations

technical

little

have

to

specific

with

do

securities.
caution,

the

prices

But in a
doubt and
confusion is so rampant as it has
been for the last several weeks,
..

..

,

,

,

j

when

period

violation

of

key

area would do
clouds and maggressive
action

a

little to dispel the

spire

more

The pinpoint

Toward the market.

certainly

pressure

choked

off

in

rally starting early

spring

season.

was that they have been
thoroughly neglected that they
had
no
urgent selling troubles

the rails
so

either.
within

Their

average

came

hair of dipping into

losing ground for the first time this
year but managed to escape that
fate by a small fraction of 0.07.
a

The

race.

carton

that portion of the web.
The

^

,

important considera-

more

tion is L. & N.'s financial picture.
The modernization program eri-

the

abled

road

to

cut

operating

by $10 million last year
although gross revenues were only
slightly larger. In the three-year

container machines

^

SAN FRANCISCO, Calif.—Robert
D. Myers, Assistant Vice-President

Stone & Webster Securities
Corporation, has been appointed
manager of the firm s San Fran-

financed by depreciation charges, a nest egg of $30
million in government bonds that
had been accumulated, and sales
program

was

"

•

t>

.

klATVCy lO DC
itt

i

\ 7

traditional

its

fng

capital

and

strong workposition unimpaired

was

sufficiently encouraged
hy its profit showing last year to

i0SSJn / 25 centtyeaI;e,?d action
Tra
dividend
payment.
That
candidate for
the regular rate

obviously makes it
increase

an

in

a

0f

higher income, and profit, indicate that this year should be the

Machine

Tool

acting

in

away
_

unison

..

,

one

is

that

was

long ago.

business

With

resuming
its
pickup after the severe weather
dislocations, the machine tool in¬
dustry stands to benefit but all
the predictions of this type were
pretty well brushed off by inand this section

vest0rs

has

ture

on

range and

high

any

for

seldom feafiscal

1961

the

company

could

earn

Rail

packaging

dairy

last

Sept.
The

to

board

action
based

E. D. Etherington.

was

the

upon

ommendation
cial

of

unanimous
five

a

rec¬

man

established
sider

Jan. 2,

on

1962, to

con¬

qualified candidates and

make

to

its recommendations to the

board.

\

SlltTO

...

„

80

Citv

:

nartnpr

a

c

i

pin

*

Washington, D. C., and became
associated, in 1954, with Milbank,
Tweed, Hope & Handley, a lead¬
ing New York City law firm,

.

members

Sutro

street

New

the

New

of

Fvrhan<res

p

Rros

where

York

York

York

ters.,..'/..

$n-

in

He

business from offices at

he

concentrated

Mr.

who

in

134 East

Posner,
will

v'U:;

"

1958.

He

new

with

interim.

Commenting on the election,
said, "We are grateful

Mr. Posner

that

we

services

have been able to obtain

the

an

of

financial

broad

Mr.

This announcement is neither

an

these securities. The

offer to sell

community

knowledge

of

change."

Putnam Officer

■

Stanley F. Teele has resigned
Dean

of

Business
vard
an

the

Administration

University.

officer

of

the

Putnam

of the

George P. Baker, who is James
J.

Hill

Professor

of

an

offer to buy any of

in

Share

*95,000 Shares

are being offered by the Company and 40,000 Shares
being offered by certain selling stockholders

23%

Copies of the Prospectus may be obtained from the undersigned or other
or brokers only in States in which such deafen or brokers are so

dealers

to 45%.

qualified to act, and in which the Prospectus

When it
new

was

announced that

may

be legally distributed.

a

all-purpose fighter plane to

A former blue

be used by all the services would

group

probably use a United Aircraft
engine, it was enough to send
that stock higher.
Pretty much
forgotten is that Ex-Cell-O is the
largest supplier of turbine blades

chip in the carrier
that had some troubles in

recent years

is Louisville & NashEarnings of this southern

ville.
carrier

went

into

a

decline

four

that continued—until
its $5 dividend had been trimmed
years

to

ago

$3.25. In the

that

had

sold

had

lost

half

process

the shares

above par in 1956
of their value by

I960.

The

for

were

available

be-

low 50 again last year at the low




Coiporation

Cantor, Fitzgerald & Co.

thaji engine and that obviously

puts Ex-Cell-O in a position to
benefit
substantially from
the
contract.
of

shares

Roman & Johnson
Aetna Securities

its

work

This would be just one

participations
that

atomic energy

in

defense
"missiles,
for which it makes
includes

Nolting, Nichol & O'Donnell Inc.
Match

28,1962

Transporta¬

tion, will be Acting Dean of the

Share)

other space-age endeavors was up

Man¬

George Putnam Fund and

Common Stock

are

Har¬

the Putnam Growth Fund.

Bechtold Engineering Company

equipment to
machine tools
of its total

of

He will become

agement Co. of Boston, managers

solicitation of

Price $3.50 per

as

Graduate School' of

135,000 Shares*

per

a

Ex¬

Be

to

offering is made only by the Prospectus.

(Par Value $.05

and

this

v

Teele

responsible for

nor a

Etherington

outstanding record in

legislation, SEC, Federal Reserve School.

Avenue.

President

President

office, stated he plans to
Mr. Etherington on
important matters
in
the

consult

assistant

was

Chairman,

as

assumes

New

on

Board

continue

tem until the

pro

Stock Exchange legal mat¬

became

and

and business affairs.

secretary
of the New York Stock Exchange
in 1956, served as NYSE secretary
from late 1956 to 1958, and was
appointed Vice-President in charge
of civic and governmental affairs

b

Second

law

He practiced general law during
with Wilmer
&
Broun,

On April 15, Eugene Ross will be»

as

1953-54

AHmit Racc
* kkA.11111. IvUjj
rOTnp

served

to
the
Hon.
Henry
W.
Edgerton of the U. S. Court of
Appeals in the District of Colum¬
bia during 1952-53.

tO

AjTOS

He

clerk

.

Growth,

was
explained
that
Mr.
Etherington will use the interval
until Sept. 4 attending to personal

Etherington is admitted to who has

York.

Economic

the

ington, D. C. and in the State of

>

for

It

any

<

Mr.

New

Exchange

spe¬

advisory committee headed
Edwin
Posner,
which was

by

member of the

organization, rules, policies
procedures of the Exchange.

on

4, 1962.

Mr.

Walston & Co., Inc., 74 Wall St.,
New York City, member of the
New York Stock Exchange, as of
April 1, will elect Paul V. Harvey
Vice-President.

and precision compoaircraft
engines and

for

nents

Despite the high yields and the
good quality available in the better-grade rails, little seems effective in building up a following,

year

down

revenues

Item

bilities

♦

^is fiscai year,

where

will

responsi-

new

Stock

of

Mr.
Etherington served as a
special consultant
to
the
ASE
Special Study Committee which
recently filed a variety of recom¬
mendations in three reports after
a
comprehensive review of the

assumehis

perj0(j was abie to boost per-share
earnings 20%, to $2.68 which is
excellent coverage for the indicated $1.50 payout.
The shares
have been avaiiable at only 15times the estimated $3 or more
^hat

of

practice before the bar in Wash¬

been

volume.
the

the

Inc.

Ex¬

changes,

iargely neglected. Ex-Cell-O, with
a
fiscal year that ran out at the
end Gf November, is already on
record with preliminary signs of
a profit pickup yet the shares so
far
this year have held
in an

were

..

_

Iiiteresting

Stock

ANCHORAGE, Alaska—Grace C.
Tucker is engaging in a securities

Stock

&

of both

a

Council

Co.,

American

the

Opens Inv. Office
Outstanding

Persh-

&

g

and New York

best for this carrier since 1957.
Ail

a

Pershing

Firms Governmental Affairs Com¬
mittee.
He is a director of the

salary at $80,000 annually.

T>

WctlStOn V*"!

scrap and real estate.
it emerged from the program

with

he became

in

Association

Etherington will be the
fourth paid president in the cen¬
tury-plus history of the ASE. A
five-year contract establishes his

clsco Qttice, Kuss Building,
tt

n

members

Pak.

while still regarded as primar.18 Y1?8 ty a sentimental line jjy a machine tool operation, Exand, if it is pierced, it would add Cell-O in recent years has diversilittle to the overall picture since ^jnj.0 machined
products and

tossed

i

both Pure-

are

in

ner

ities.

Except for new equipment
obligations of $40 million, the

1961,

*

Taxation and is

Mr.

ernors.

Etherington,
general part¬

the

and

*s

the notion of rails and industrials

Board of Gov-

expenses

program, it had spent some $140
million on new and better facil-

1,

partner

member firm

a

glass

blank

„Tc.r.^

Seaboard Air Line to extend

over

Jan.

also-ran position

^

Ex-Cell-O

The best that could be said for

relegated

an

is a part of a multi-road network,
[The views expressed in this article
but is on the brink of adding to
the net. L. & M. itself is con- do not necessarily at any time coin¬
trolled by Atlantic Coast Line cide with those of the "Chronicle."
which gives it close affiliation They are presented as those of the
with Clinchfield and Georgia sys- author only.]
terns. Its new affiliation is with
Missouri Pacific which, when it
acquires control of Chicago & X-Ap^A^
r\f
^
Eastern Illinois, plans to sell part A lcaU.5 UId.IlLIl tJI
of the line to give L. & N. as well Q.
C>
as Mopac access to Chicago. Coast OlOIlC OVVCDSlCr
Line on its own is seeking to take

5.f.us^ J e tentative talk of a tra- bight-point
ditional
in the

Co.,

for which it had once been mittedjjlass bottles to stay in the

power

moderate

support. As such, it was
undergoing a test that, if unsuc¬
cessful, would dispel any notion
of support anywhere above the
January low.

known

a

noted.

of

Side

easiness

some

like American

and

«.

Technical

was

notably

where,

low

...

_

the

There

■

the

between

well

a

major moderniza- once and for all.
The newly
a couple of years plastic-coated cardboard containback that was stepping up effi- ers that are being developed end
ciency and restoring the earning the disadvantages that have per-

during

gains

1961, running from 22 to 35 points
on

when the

been made

turn had

line went into
tion program

■;
' ■/,/'.. ."/v'..
'
London -,t Louisville & Nashville not only

condemned

was

but they turned somewhat firmer
it appeared that something of

as

is

I960.

milk Edwin D. Etherington, 37, was American and New York Stock
in elected President of the American Exchanges, where he shares re¬
delivering milk to the consumer, Stock Exchange, by unanimous sponsibility for general manage¬
The latest turn in this competi- vote, at a special meeting of the ment functions. Ho is chairman
of the IBA committee op Federal
tion could end the milk bottle Exchange
which

one

ary

line

Pure-Pak

..

general

On

,jln the dairy machine field its

'

regulatory matters until

Dec. 31,^

Of American S.E.

service.

:

"

^

17

Fan American Securities

18

The Commercial and Financial Chronicle

(1498)

However,

.

1962—And Then What?

these

Seminars must

the

General Partner and Director of Economic
and Economics
Instructor, American Institute of Banking

By John R. Haas,*

forecast

results

economist examines what

and

partner

than 1961—and the possible realization of esti¬

earnings per share is said to be the "main plus in the
stock market outlook." Mr. Haas analyzes various economic forces
mated peak

and their trend, as

well

Corp? profits

problems. The conclusion reached is that enlarged
and

the

sharp

Ask,

_

international trade ^

moving

v!

•

from

; international! back

an

fiollar shortage to a dollar glut,

It might be appropriate to term
our
present economy the "Bewildered Boom:" If I can be forfor
scrambling
a ! few
given

"We remain in the

process

difficulties

the

that

economic

bed

with

a

bad

of

of

eco¬

l!

peer¬

ing under the

nomic

them?
At

hypo¬

A

last

another

chondria.
Lest

flat

on

seminar I

theme

chose

discussion

for

first

la¬

the

consumer

time

durable
dur.

goods

exp.

—

+ 10

Recent

writings

+12,,

5

outlays

goods

—

7

produc.' Index
production

,

seemed

1
1

+ 14

V+.15

♦Estimated."

""

*

r

'

'

plus.trend in
tion ..of

tile
for

these

series

'

any

versation

subject.

6

+

'

'

sensitive

is

„

to

rcombina¬

of

the

some

further

lasted

post-war

four

the
second
third two years.

years,

three years, the
What now?
Is

retrogression
one-year,

the

.recovery +

about all
get?
Some

to

Is

since

quarter

going

watch.

arithemetic

to .continue?

>

the

are

1961's

we

v

-

Principal

-

*

in the process

early release

are

of

of
.the
have been

1962

in

over

ebullience

to

seems

knocked out of

flict

beled
off

right
just an¬

as

out
on

fellow

other

with
movable

We
John Ross Haas

irre¬
rose-

colored

Uie

broad
which

.the

what

we

to

The
Trust

fit.

Hartford
Co.

these

,

Annual

at the

National

initiated

Economic

&

first

ox

Seminars

beginning of 1960. The title

my

talk

that

on

occasion

now

goods.

to

investors

the

for

Years"

-

base

the

on

require

present.
"The

and

The

little

definition

forecasts
I

or

have

underscore hesitation in
1957

growth

trend

readjustment

changes

in

to

post-

our

deep

tice

struc-

popular
viewing

economic

ture

.

*

...

(1)

Moving from a tight to an
labor supply.
(2) Moving from inadequate to

ample

adequate

(3)

capacity.

Currency convertibility

—

ab0ut

proof

has

briefly

how

forecasts

turned

last

out.

Domestic car.produc.

to

buy

is neither
any

an

offer

sell

to

nor a

solicitation of

an

of these securities. The offer is made

only by

means

Pattern?

'

<

Unless

by—which

__.™

\

.

steel

a

unavoidable

seems

go

strike

the

as

days

doubt—we

we

now

or

we

second

are

of

simply

several pressures

least.

on

a

profits
we

all-time

for

time,

we

proximate

—3 3

359

+ 10

119

+ 10

•

119

!•:.

112

+

-8

.07

+

,

+

.

,

.,

fiscal year. Tax

bi-partisan

as

of

high

bond

taxes

.will be
year

are

re-

are looking for
profits peak.; At

billion

for

more

pronounced

V

unfolds.

(

'

overdue

the

as

This advertisement is

Reform, which has

recognition

advance.

As

v

offer to sell or the solicitation of an offer to buy
offering is made otily by the Prospectus.

any

year's

dends

mate

We

on

the

look

for

DJIA

ap-

NEW ISSUE

;

t

'

.

$21.75-$22,

Kann-Ellert Electronics, Inc.
,

mon
ar

divi-

Stock

Value SI.00 per Share)

Underwriter has

-

approxi-

agreed to reserve 20,000,
designees of the Company,

r.

against

only in such

states

may

be obtained from the undersigned

where the securities
may be

legally offered.

GENERAL SECURITIES CO., INC.
M

'




lOl

hj

West 57th
New

Street

York, N. Y.

,.<■

1961's

shares for sale

to

,

At current levels, the DJIA is
selling around 19V2 times, say, $36
of estimated per share
earnings, to
"yield 3.10% -on cash dividends
projected in the neighborhood of

Price $6.50 Per Share

Copies 6f the Prospectus
in States in which the
,

of

estimated

peak earnings .per share this
is

far and

,

year

the main.plus in
the stock market outlook.*
>
away

Bonds and Interest Rates. Last+

may be obtained from the undersigned only '
undersigned is qualified to act as a dealer
Prospectus may legally be distributed.

in securities and in which the

$22. These are certainly not "bar--I
gain" levels by historic standards.!
Possible* realization

27,

108,000 Shares'

$21.47.

Copies of the Prospectus

of

my

!
March

*

$14.4

cash

to

sup¬

of these securities.

1962,

a
snapback to the $35share range from 1961's

estimate.

one

The

slight dip to- $31.10 would be in
keeping with the all corporation

$10.00 Per Share

and

associates remarked, the hope for
eventual fiscal discipline is en-

4

not an

a

0tu/un9 SRenneU W
INCORPORATED

>

'

ort

port, is high on the agenda. Tying
farm sup-port payments to produc¬
tion/marketing quotas is a long

it has in the face

as

/

.

problem

v

likely to be around $15 bil¬

per

to

the

this

grounds

billion. For the 30 Dow Jones In¬
37

prices

+V^ong businessinrecovery. We
peheve the rise
long yields

after

last

.,

,

attack

(1) Fiscal Front. This is admit¬
tedly the most discouraging of
the four sides of the problem-^
government taxing and spending
policies.-But we are promised a
balanced budget for the coming

curve
?

.+,

can

the

level

proper means

four fronts.

ri§ht but Im frank to admit

13%, versus 1961's** virtually
unchanged $23 billion. Dividends
against

We

a

,

a

+!! Four Fronts

<.

despite some respected views
the contrary, we ventured to

.

as

bring to bear our persuasion upon
those responsible for dealing with,
the several aspects of the problem.

6

+13

problem

of analyzing it, and thereby better-

5

,

,

orderly breakdown of the parts

of the

+1^

+

231

218

an

+ 14

.

hardy perennial, the
of-J'foreign competition.""

overpowering question of the day?
We can, it seems' to me, attempt

9

1.43

V

up

lion,

+

+ 14

"the balance of payments prob¬

inroads

%

+20

come

lem" and that

+■;?
+ 6
+ 9

v

have

we

taking

In the short time at
my disposal,,
and
with other topics
to cover,
how
can
we
do
justice to this;

6.3

1.36

main

estimate all corpo-

$26

Amount /

559

to

to some surprise at the ability of

men-

ration profits after taxes will

dustrials

Price

1962*

5.5

lt

^

-

Right
banking on

+

:

hazardous

because

new

this

seem

(Par Value SI)

estimates

the

seriously the
.problem rather loosely referred to
as

the flattening of the yield

+

1963.

previously

:,.4::

more

year

Common Stock

key

Community,

Belatedly, then,

of the major series,

our

Plan, the European

Iron

and

around

-

■

Marshall

We had to take it both ways.

flattening of the yield
curve,
with
some
firming
of
rates all along the line. We got

will top off in the third
quarter of this 'year or

corporate

Fleetwood Securities Corporation
of America

are

-

to

Corporate
Profits
and I Cash
Dividends.
Our
projections
of

50,000 Shares

orig¬
projec¬

year—4

project

ex-

^business

fourth

our

Alliance, and that
they would also become powerful
competitors for world
markets.

their

-

one cannot fail to
before him the fact that

in the Atlantic

appear

year,

pect
the
year-end
to
be' the
"high" end. No one could pretend
to
figure whether this>

at

NEW ISSUE

here

the

(million units)'
(mil. units)

Si-seS

of the Prospectus.

back

optimistic

For. a, few

spending

($ billions)

^Estimated.

the first

offer

government

Retail trade

or

announcement

Signs.

+

Hcus. starts (pub. & priv.)

recovery

This

now

and

Change

re-

Public

Plus

1961

♦

for
one's
sins,
so
to
speak. Often it is not justice but
mercy that we have to ask for in
these self-imposed critiques.-

; low side.
Big

product (S billions). 521
Consumer spending ($ billions)339
Government spending ($ billions)-- 109
FRB production index (1957 = 100)- 109
+
Steel production (million tons)
~ 98

year's

penance

cutting
more

Gross National

-

economists—•

those

rising ••-levels f' of ■•-con¬

and

sumer

on

latest recovery

it."

Six

Steadily

1961. We persist in a practhat
will
never
become
among

heavily

rests

"had

The

getting
to
1962
estimates, I'd like to comment briefly

natural

be

economists

and

Common
Market, and currency
convertibility. We knew we were
creating economically strong allies

the

at

government

tions to something nearer to ours.
But we still seem to be on the

Before

a

as

to

recovery"

conservative

most

of

who feel ^ that the

Critique

three

to

the

.

business

how

to

as

an

quite

but

face

form,
psychological ef¬

Secondly,
ever

Coal

time

con¬

we

left by the war's
devastation
allies and former enemies—

uum

the

nu¬

the

Worlds.

"calculated
risks"; to
limit
USSR's rushing in to fill the vac¬

estimates for major eco¬

inally

the

"The Trial Years"—meaning
1958, 1959 and 1960. Skipping the
details, it seemed important to

preconception
"average

long

any

Free

present situation marks the
culmination .of a series of
post¬

over

looked
to

and

•

war

nomic and

1962.
wedded

activi¬

the

Estimates.
We
of preparing for

should last. But I feel the burden

!

was

for
not

am

merical

Service

change in
significance.
The philosophy that they suggest
should be in the background of
our economic, political and social
thinking about 1962 and beyond,
either

Bank

the

"Trial

Sixties"

;

.

and

than

businessmen,

plans for the future

And

near.

longer term outlook must be

made

of

of

into

about ' the

say

rather

urged

his

complexities

magnitude
fects.

reason

probable continued rise in the
share of consumer spending to
be taken by "services,

perfect

setting

details

to

bankers

to

me

than

less

economic

venture
and

permit

each

then

their

glasses,

sketch

of

"services"

for

would be vastly different in

,

ourselves

the

been

colleagues in

our

25

be

seek

Think about it—without this

quarterly edition

our

rationale

a

Communist

•

1962

should

ideological;!conflict/between

borrowing to! finance
the other noting
the trend in inventory re-stock¬
ing. The sustained strength in
hew orders for durable goods is
another good omen. All these setors—Without, undue emphasis on
any.single one—are the things to
consumer

recovery

i

the

not

io remihei ourselves that the
whole
"foreign problem" stems from the

his. purchases,

^

us

will

ture of the United States'
political
"image" and our economic growth.:
First, it shouldn't be necessary I

prepared, by our research ; staffsone
suggesting a further rise in

when

of

con¬

on

in an area that may large-''
ly determine the present and fu¬

recovery. We. find added, support
if. for this view in two of the charts

Seminar

coherence

process

each

more

ties,

cyclical

present

talks

crystallize his knowledge, and

thus

vola¬

and

The

over-i

accel¬

our

exposure."
have

and

contribute
than

but

easy

,f

strong, endorsement

optimism Tabout

extension

1962 Outlook
first

to

+12

—

_

situa+

questions the

one

"international

.

The

no

powering importance of

1961

'these

face

my.

in.

are

economic

"

But

-;

industry series. We have
the figures and see no
as
years, government
yet to change signify
and
business
who
had spent 40 cents have
recently been doing a bit 'cantly the estimates we prepared
December, v Those
consumption dollar of nail-biting over their late-1961 in
figures
—

"The Service Sixties"—because for

the

Versus

durables

Steel

111

first

.

year's

get

we

fall

the returns

mark

this

readjustment, isn't it odd
that
so
little
attention
seems
directed to the country's ability
to attain new peaks in national
output and income in the face

case

FRB

8'

invited

I'm

years

this readjustment before old and
new
growth forces can effecT

H ing

1962V

car lOutput^™™/™ +-19
■ t *+£ ; Domestic
„W'iJp$.•>* Capital expenditures—™--- ■«—. 3

Economic

current

our

tion?

—

remembered

this

tively reassert themselves. Grant-

of
the

speech,
favorite in¬
door sport has
become

Producers

—15

that

-pray

are

■

these

to

and

of

scores

of

one

figures

>' Consumer

9

pastime and he'll
he .would; gladly

I

comparisons;
good'

not

to

/
1961

;

Clothing and cars^ave acquired
foreign iook"—why

erating

that
settle for a year-by-year score as
close to the mark as the foregoing

-

Foreign Look"

the label "the

.move

year

Versus

indulgesin

who

anyone

tell, you

composition augur well for our economic growth.
Introduction

for 1962:
'••-J"'.

—'3

+

IV

rv;.

"The

+* 2

fa*,*';r

this hazardous

in 18- to 25-year-olds in the population's

step-up

last

„

proposed Trade Bill, and the discouraging aspects of our fiscal +:

the

that''will

Forecast

—

><

,

feel,

we

* vv p

* ■ ■■■;

.

partially related

minus.- signs

plus signs

A

cooperation, the inevitable choice of passing

international monetary

+

alter, tax

Thursday, March 29, 1962

.

pro¬

1960

SJWTTT1

impact of labor's demands, the encouraging

the lessening

He notes

dozen

sectors

from

the "four fronts" to our foreign problem.

as

pretty solidly,

half

a

year

A.
National

product—3
FRB production index™™_
+,,■ 1
Steel
production-™—1.
Passenger car productioli
—19
Pub. & priv; housing starts ' +
*5.!/

This year's GNP is estimated at $559

quarters or more.

billion —7% more

:

Gross

projects recovery continuing

"Bewildered Boom" and conservatively
several

terms the

he

rests

major

r

ago

Actual

Street

on

gratifying.
<;
;; Principal forecasts made a year
turned out this way—
':v>
■'■iXp.ff.-i- V
Author's.:

Studies, G. C. Haas & Co., New York City,

Wall

1962

the

as

.

The economic climate for'

gresses.

highly

were

indicated

are

have ■:brought
me
luck
because
for
the
second
year
in a row

.

*'

-■■;"•;■

1962

Volume 195

Number

6146

.

.

The Commercial and Financial

.

Chronicle

'

(1499)

19

couraged by the fact that govern¬

tative

ment

Building, Tokyo, Japan.

circles

at

seem

last

to

rec¬

this entire
and

responsibility,
to

pear

be

As
on

of fiscal discipline

area

share

of

public

originated,
vised

paid

at the

instead

spending

for

and

of

super¬

rigorous

a

under the

paternal

my

of

year

"can

chores from

stern

Consolidations

Richard

mind down through

my

A •/

years—

is the

lowed

Auto/Steel Settlements

case.

to

us

"economic

stand

just

nique

was

to

eye-opener

tech¬

a

detailed

man¬

many

the

but

Postler

steel negotiations could be indica¬
tive of a less "give-away" attitude

than

the

dential

The

past.

report

railroad working rules is
landmark. The
Supreme
decision
Flour

the' sharp

another
Court's

—

in

the

\

Assistant Vice-Pres¬

an

a

significance,

We

to be lost

on

labor

from

likely

not

leadership. The

tional

*

of

:

Company,
y#

Raphael

York,

New

was

of Jersey

Bank

rector

of

;;

,

♦'/'

j/'//v

City, N, J.

.27

the/ appointment

Schwartz

i.

asV Vice-President

J.

entering

that

market

time

K,

to

S.

accrue

the

Nickerson,

the

S. -Controller-of

U.

rency.

The

have

we

have

words

the

account,"

His

shares.

responsibilities

the

it

This

is

quite

waiting for

within

our

S.

to

Rabinowitz

Trustees

of

have

-the

-been

Kings

of

•

6,

Hotel,

1962.

•

New
:

,

•

London,
r.:,

.

President. He

in

wish

for

good

hands.

much

as

fiscal and economic fronts.

(4)

Trade

item
is

Sanitation

Commission,
for

proposed

would

';

has

give

latitude of

the

Tariff

Bill.

This

President..wide

individual products but

on

*

.

the

of

Freehold,

N.

has

J.,

Currency.

been

in

ap¬
Oliver J. Troster

'/

:/v"''/is//

*

/

:

L.

Pontius,

■'

ice

;

elected

was

a

with

integrate

Market

Director of the First Pennsylvania
1

Banking

Trust

&

phia, Pa.'"''1///':;':

Co.,

on

entered the

have

any

tion

have

arrive

us

adequately
An

in

the

do

and

They

ago-

(b)

is

Street

the

•

•....

a

National Bank,

4

Donald

,

]/

Tostenrud

B.

Arizona Bank, Phoenix,

*

*

*

The

Bank

of

has

opened

a

offer to sell

This advertisement is neither an

Moreland

The

Not

a

*

nor

He

&

firm

of

and

Governor of the New York

a

Security Dealers Association.
Colonel
Board

Troster

serves

of Governors

Athletic

Vice-President

of

.

.the

of the Police

in

League

on

Yonkers";

the

New

man

of the Yonkers Youth Board.

Enlisting in the U. S. Army in
1916 as a private, he was com¬

during

World; War

service' on/the

I

the rank of
During World
Korean conflict,

held

Lieutenant Colonel.

.

.

v /

II

and

the

has

been

the

of

Ariz.

#

H

.

Reed,

Inc.

Neb.—Waddell

Canada,

Far East represen¬

under the

E.

management of Wayne

Barber.

the solicitation of an offer to buy any of these securities.

March

29, 1962

Presi¬
Inc.

Voi-Shan Industries, Inc.
100,000 Common Shares
($4 Par Value)

.

....

Co., Inc. has announced

change of its corporate

name

Crow,' Brourman & Chatkin,"
Inc.
The company will maintain
offices

greater

a

York

own.

at

115

City,

Broadway,

and

in. the

Mew
Carlton

Price $24.50 per

Share

House, Pittsburgh, Pa., with pri¬
(c)

About

a

third of

business is with

(d)

schedule

tions.

We

sions

we

a

are

both

Financing/insurance

courage

being advanced

and

assist

in

our

between

Thomas

;

Copies of the Prospectus may be obtained in any state from such of the several Underwriters,
including the undersigned, as may lawfully offer the securities in such state.

dent; Morton Chatkin, Vice-Presi¬

provi¬
to

connections

offices.

Principals
in
the firm" are
S. Crow, President; Saul
Brourman, Executive Vice-Presi¬

major na¬
"high tariff"
thus dealing

strength.

*are

wire

vate

among

not

are

country and

(e)

export

We have the second lowest

tariff

from

our

Europe.

en¬

export

dent; and Thomas R. Nugent, Sec¬
retary. Mr. Crow and Mr. Nugent
were formerly officers of Crow &
Co. Inc.

; *

A. G. Becker & Co.
Incorporated

Eastman Dillon, Union

Goldman, Sachs & Co.

Securities & Co.

growth.

(f)

Selected

sidies"
are

,

in

one

protective
form

contemplated

or

for

"sub¬
another

domestic

lines that may be severely penal¬
ized

under this

program.

l



-

.

-

Waddell & Reed Branch
MOBILE, Ala.—Waddell & Reed,
Inc. has opened a branch office at
951

Government Street under the

management of

berg.

A

Sund':AA

Edwin E.

White, Weld & Co.

Smith, Barney & Co.
Incorporated

.

.

Incorporated

.

Hayden, Stone & Co.
Incorporated

&

has

opened a branch
office in the Koenigstein Building

/;-'"/.

Montreal,

/Waddell & Reed Branch
NORFOLK,

-

New Issue

.

is

York

City Baptist Society; and is Chair¬

offering is made only by the Prospectus♦

Frank-

is

Peoples Savings Bank of Yonkers

he held the rank of Colonel.
/-. »♦.

,

Vice-President

a

University of Illinois.

Trustee and Vice-President of the

War

Director.

t

Colonel Troster, is a graduate of
the

to
.

.

Western Europe's economic
our

.

.

investment

The

200 years

growth will proceed at
rate than

'

with
Colo-

Mexican border and at the end of

.

elected

Crow, Brourman ff

me,
con¬

union

:

.

Gillies, who is re¬

of

at

getting to

are

did nearly

we

Caffrey

President, effective April 1. He

/.;../// /,*

World

missioned

//;

Chicago, 111., elected John L. Mc¬

European

economic

cards.

what

of

'"'// A

-■

Michigan Avenue

T. Lovatt

And Chatkin Inc.

expanding

political

business.

Co., and more recently
dent of Morrison & Frumin,

structive fundamentals:

(a)

Company of Rockland

formerly with

Vice-President

was

// '/.-■

.

business

&

this ques¬

on

it seems to
presented some

not,

was

'

Maryland.
-

Vice-President and Treasurer.

Paine, Webber, Jackson & Curtis,

Common

integrate. Do we
choice but the former?

Attempts to help
an objective opinion

securities

Frumin

Mr.

face is clearcut

the

Company of Maryland, Baltimore,

.

1954

rank

Korea, succeeds 'Hugh W. Robert¬
son, whose term expired./
A

Philadel¬

•';./ A/A-;//.'/''//':

V'v

Kingsville, Md., into Union Trust

'

943 Penobscot Building./
•/
The Board of Governors of the
Following service in the Army
Air Corps in World War II, Mr. Federal Reserve System on March
Frumin returned to the Universityof Michigan where he graduated
in
1948.
Shortly- thereafter he

not to

or

brokerage

in

retired

/
nel after serv¬
W|ars I and II and

;:'
-M !

sis

-*

Calvin

/.

always-emotionally charged sub¬
ject promises to be extremely dif¬

—to

stock

Mr. Troster,

/

-

tiring. Mr., Lovatt, who joined the
Bank in 1916, had been Executive

at

ficult in the working out of details
and certainly will not be painless.
we

of

-•

whole categories of products. This

But the choice

formation

Trust

term

1966. The post
is
unsalaried,

proved by the Comptroller of the

.

new

general

renegotiate lower tariff deals not
only

the

/z-;: -A/'//

election of Edward

succeeds W. R.

firm, Murray Frumin &
Company. The company will do a

executive nature to

an

announced

>

*

a

ending Jan. 1,

Army Officers
Reserve Corps

of

County, Nyack, N. Y., announced
the
as

hottest: his

The

land

DETROIT, Mich.—Murray Frumin

the Congressional agenda

on

the

Front.

the

*:

a

as

from the U. S.

Manager of the
:

Co.,

York

Interstate

N. J., and the First National Bank

/The Directors of the Marine Mid¬

•

We

on

was

to

his

County National Bank, Red Bank,

elected

Bank's Lake Success branch.

«•

Murray Frumin.
Forms Own Co. k;

the world's central bankers,
opinion have this phase of

problem

confirmation

Monmouth

Charles Mangan, a Vice-President

Conn.,
.

/'Al
sent

City,

of the Franklin National Bank, oL

:;Z///-Z/':-;/Z

International Monetary Fund,
and more coordinated action

could

for

has

member of the

an

Mohican

March

../

.

who

County

Trust Company, Brooklyn, N. Y.
*
*
*
'
r>

new

;r

A:Z/A'''V''

Consolidation

George C. Wildermuth and David

us.

power

;
-is'//*

'

*'K/■'•/

at; Israel. Discount Bank, Ltd., will
include supervision of the Invest¬

the

our

Senate

will • be accom¬
exchange of one
National's capital

merger

,

A. '

•

Cur¬

the

and

untapped access
to about $6 billion of credits with

the

opening the
•

z'v'/A

-

an

in

..

^

New

•

among

#t

appointment of Oliver J. Troster,

.

rency

|W.

partner of Troster, Singer &

early friend of this ^ Long Island, Mineola, N. Y. died
Western
Pennsylvania
National
struggling young country, Edmund March
25ka,t the agei ,of 64. ., ;/;. /; -Bank, Pittsburgh, Pa. elected
to business in better profit mar¬
Burke, who said,
r
'
/ Mr. Mangan, was a former Vice- Ronald Wulkan Vice-President of
gins.
i
i
'
"All that is necessary for
President and. a Director of the public relations and advertising.
evil to prevail is for
(3) Monetary Front. The most
good /
Great Neck Trust Co., Great Neck, .'.■'-...j/V
* ';•' Hs'-.s
« "///-■.- / ■'».-/.
men to do
apparent evidence of sophisticated
nothing."
; ) ' "
,:N. Y. In 1954, when that Bank The Board of Governors of the
recognition and action appears on
'"This is
edited transcript of a talk
merged with Franklin, he became Federal Reserve System on March
the monetary front. Firming short
by Mr. Haas before the Third Annual Assistant Vice-President, and two
term interest rates, recent" estab¬ Economic
20, announced its approval of the
Seminar
sponsored * by
the
Hartford National Bank & Trust Co. at /years later was promoted to Vicelishment of the Fed's "foreign cur¬
merger of The Kingsville Bank,
lower prices

.

.

Governor Rockefeller

of First National,
the
will become / effective
approval is received from

plished- by

of New York.

the •♦"family

on.

business

For State Post

ap¬

A'Z

:

when

in

of Robert

open

.

in

.

.

merger j

V Israel Discount Bank, Ltd., will /

never¬

23

President

the bank's New York City branch.

G^htfng'z^5^/ih>z

March

on

According

Resident Di¬
Discount Baiik,

Israel

Jersey,

A/-" '■ banks.

Recanati,

on

consumers

bank's

Troster Named

Na¬

proved the plan to merge the two

Ltd., New York/announced March

ating our economic growth.
tying wage demands
It seems appropriate to
express
to productivity, but that some of
the challenge that faces us in the
to

Jeell, formerly Man¬

the

.

First

The

New

have this and world trade acceler¬

Administration had declared itself

the latter's benefits should

*

*

:

Stockholders,

A.

Lucas

reaching

only

•

announced March 22.

step-up ;ini 18". .and :25-

olds

year

legal where contracts provide for
binding arbitration—can have far

not

as

-..

Charles

of

r

_

Trust

the dramatic chart projecting

over

on

a

office.

Company of Albany, Albany, N. Y.

formation" category from T964 o'n; ment and Business/Development
,
»v ' \
—roughly 4 million "new"' 18-yeaf Departments. f[ > >' •: A ;
declaring strikes il¬ olds
A'r}'../.;.j;-:,
per year instead of 3 million, /'//Z

March 5

on

case

B.

-

Presi¬

recent

commission's

its

/

here^at 511 Fifth Avenue, on
enlarged, partici¬
share of First
pation in growing "international, April 4, licensed by the New York
for
each
two
shares
State Banking Department.-/::/A"; stock
of
'markets" as a great potential for
c
Mr. Schwartz has been a Vice- Bergen Trust and will involve the
growth, not a drag upoh -it / •• % f
issuance of 36,300 First National
/ Staying closer torftome/./glanee jPresident of Amalgamated Bank

respect to labor's demands in the

of

for

and the Bergen Trust Company of

happen.

bias",- I*

9th

resentative. He has been in Tokyo
several
weeks
making ar¬

approval of the

ident of the Federation Bank and

theless view our

stand with

government's

above,

herently optimistic

agements. It is too early to judge,

office

bank..

of The Broadalbin Bank,;
Broadalbin, N. Y., into First Trust rangements for

;

*•,</•,.;.

appointment

its

announced

merger

Com¬

/,//,

*

*

Di¬

of

Trust

Bankers

V

The

Despite naive aspirations to jthe
successively / less inflationary.
contrary, government "programs"
Population Age shifts have been cannot
give it to
making themselves felt on; the
All of us can, however-, press,
supply side of the labor market. for action
along the "four -fronts''
1960's G. E. settlement

of

20

has

Doane

the Board

to

New York.

and let

around

growth"

since 1955/1956 have tended to be

Congdon

elected

pany,

"I never told you it
"(2) Economic Front. This rests
was going to be easy."
'r'i
largely on policies affecting pay,
We
face
no
assured
path to
prices, productivity and profits. It "economic
growth." We no longer
seems
hard for us to accept the
have going for us the 1947-1957
fact of any lessening of the im¬
conditions
that
pretty near /al¬

pact of labor's demands. Yet such

of

ager

first

Naka

opened in Japan by

Revised-Capitalizations

•

I
rectors

in

etc.

the

development department in Van¬
couver, B. C., is the Far East rep¬
been

the

area.

Officers,

eye

grandmother,

be

David

New

•

.♦

:j

stuck

of

Branches

New

• •

see

in

the

is

to

Canadian

began to whine about the inroads
on
play-time. Her response has

State and local level

dominance in this

a

can't see"

to

condoning by default
steady drift toward Federal

the

After

schedule of

plans

This
kind

seemed

farm. This had always

a

eyes.

the urgent need to have a greater

Z

live

lad of eight, I went to

a

happy world of play to my young

a

do not ap¬
mindful of

we

properly

Remarks

Summary

ognize that it is important to our
international economic posture. In

office

Dean Witter & Co.

t.

20

The Commercial and Financial Chronicle

(1500)

The FHLBB

Banks

Regulator of

as

tions

In

si d enable

thought and
consultation,
we
issued
a

regula-

new

t i

became

soon

who

raise

ately,
we
faced a deluge

Joseph P. McMurray

been

times

several

reconsidered

and we are currently

reconsider¬

One

Here

others

there

of the issues and

to

those

are

or

ient.

that

a

using

term

the

intent

basis

plan. They believe that a bonus
plan merely confuses the saver
and leads to a general raising of
rates. In some cases the opponents
of the bonus

question,

for

of

developing
decision.

a

the

for

before

sure
ures

ful

btxt?

are

we

tion

want

we

be

meas¬

have

an

jjneasy

needs

of

associa¬

the

and

several

a

the

efficiency of the
proposals to meet these

needs.

The

Turning

to

find

a

created

for

over

two-year

money.

trast to the bonus
not

in

In

con¬

plan, it would

require written agreement

or

those

instances

the Bank System,
somewhat
different

a

the

cash

in

where

an

and

short

Governments.

as¬

sociation plays the game too close
to the line. Similarly, there is no

They have met large

real

difficulty in recent

surges

in the

demand for advances without any

displeasure with the perform¬

securities

having

been

sold,

this

advertisement

appears

as

matter

a

of

record

NEW ISSUE

available

sources

296,000 Shares
,

"

'

'

"

;

V

"

,r

•»

'

1

,

to

a

Bank

the

associations.

on

If

the

What

issues

the

are

then?

Well,

you

One

extremes.

(Non-Voting)

years.

So far

only.

it

assessed

advocates

more

in

reached

be

can

liquidity is

against the associations.

luxation
the




Common

Stock

of

Bank

efficient

to

of

use

make

the

more

insurance

more

up
the surplus position of the
Banks, making them even stronger in the long run.
.

One opponent of more
that

building up

lty reminded
ration

liquidity

perhaps facetiously,

consented,

a

him

stock of liquidof the corpo-

who

treasurer

looked

.

•

'?

"J

'.'f i

f

.

'

NIAGARA INVESTORS CORPORATION
150

Broadway

New York 38, N. Y.

also optionally redeemable at
prices ranging from 104.90% prior
to April 1, 1963 to par in the last
year. The debentures are not redeemable prior to April 1, 1970
from moneys borrowed at an im¬
terest cost of less than 4.90%.
The

of

company,

Avenue,

New

York

320

City,

Park

is

en-

gaged in the development, manuand
tele-

systems and the
operation of research laboratories
and

telephone, cable and radio fa-

cilities

in

the

United

States

and

48 other countries.

ot

the

net

saje
matplv *09

proceeds from

the

debentures, approxin;no nnn wil1 'h_
+n

Sf
nvnpppH°
J3
,

txroUoS
riaYailable
arl^s an(I divisions

ht

win

■

pj

„

working capital and
D^ance a poition of their procaP^al TY*Pen^ures- ExU1<^
^
consolia

P°se5*
Sei1cL
dated
blant>

subsidiaries for additional

Pr°PenrjY anf equipment for
years 1962 and 1963 are

the
ently

estimated

and

$105,000,000,

pres-

at

$125,000,000
respectively,

punds required for such expenditures will be provided through retained

earnings, depreciation and
sources and through
borrowings or sales of se-

financial report and found it con-

other

He then remarked:
All
right, how much have we got in
the till?"
If you have access to

curities.

liquidity when you need it, this
individual believes, you ought not
to stockpile it just to be able to
it

touch

it.

count

or

feel that there is some refrom

that

stock

a

hand

on

liquidity

potential
supply.

not

does

System is not equal to its
The

make it

even

stronger. We think

with
wun

however,

would

do

a

a

as

that

well

to

liquidity problem for
..

„

associations

as

well

,

„

broad

let

me

caused

and

our

the Banks

as

only

time in

a

may

I have

think that

occupies

problems
an

or

itself

that we

ivory tower,

12

$100 prindebentures for

of

amount

common

held

shares

record March 23 Rights will

the

of

ex-

princtpal

111 regular drug stores, 15 drug

departments
ment

drug

this

in

stores

discount

and

Net

stores.

financing

four

departdiscount

proceeds

will

be

from

used

by

^ company for its currentaddiexprogram, and lor

pansion

working

capital."

Hincks Bros. Elects
Sehafer V.-P.
BRIDGEPORT, Conn. —-Hincks
Co., Inc., 872 Main Street,

Bros. &

few things that

members of the New York Stock
Exchange, has elected Charles E.

a

deliberation, but resulted in

action,

each

debentures

the basis of

good deal of research

point out
us

on

1982

position to comment

the types of suggestions

Board

subordinated

due

a retail drug chain consisting of

more
more

We think,

.

vertible

through subsidiaries in operating

system

consider the

holders the right to subscribe at
for $5,230,000 of its 5% con-

par

will

we

understood

member

j.0 btOCKilOlClerS

The company is offering its stock-

in-

we

stronger
stronger,

a
a

jjy

studying the

hope

we

rv

Gray, of 2400 Superior Avenue,
Cleveland, is engaged directly and

healthy,

and indeed are

and

rYP4Vk-vn

XtlgllLo vJllUIlfl^

arguments gg cfeyeland. it
of how to underwriter,

iGappraisal

a

-

(VPQV TrPllCf
VJl dj XJL Ug kJLUlC/O

cipal

,

of course, suggests the

one,

bank

internal

costs

It

to do that, and the contingency against which you are
guarding can be handled at least
as efficiently in other
ways, as¬
suming it ever occurs. Those who
favor more liquidity now, how-

money

spend
r

a

presented here.,

Unit
>

at

fusing.

But, lest anyone

4

two

the

that the System is too liquid and
the extra
earnings would build

the

per

deemable for the sinking fund at
beginning April 1, .1967 and

™

views—one wants

with

$1.00

.

resources

contrast

To

and be in

(Non-Voting)

n.ot
exceeding the
mandatory
sinking fund payment for the
year. The debentures will be re¬

some

rules in

liquidity

System

available,.

each

($.1)1 Par Value)

Price

a

difference between
expense
would
be

The other extreme advocates

on

Class A

of

two

result.

(A New Jersey Corporation)

.

amount of debentures beginning
*^67 are ?a,
la
to *:e~
*lre
of the debentures prior
t'0 maturity. ITT has>the right to
increase the sinking fund payments in any year by an amount

involved

find

can

clearly

Continental Management Corporation

.

communications

emerge
emerge

Purchase 296,000 Shares

New

facture,
sale,
installation
servicing of electronic and

problem,

($.01 Par Value)

,

purchases of short-term securities
by issuing long-term obligations

tend

to

as-

resources

the Federal Savings and Loan In-

this argument is

(A New York Corporation)

Warrants

we

liquidity in the

and

,

Continental Fund Distributors, Inc.

.

are

drain

sociations

about

Class A Common Stock

in

able

allow for the

responsibilities.

\

the

par

No

1*

r

Appli¬

by ITT to

list
the debentures on
usi
uie aeDenuir.es oi
York Stock Exchange,

System would meet any foresee-

Bank
'

made

Mandatory annual sinking fund

that

the

assurance

of these

been

payme^s of $2,000,000 principal

ever,
All

interest.

accrued

has

de-

Remember

pression

The

to

act that such

We

about

tions

has

occasions

able

feeling about adopting a measure even if there is some added cost
just for appearances sake. Conse¬ —the other wants better use of
quently, we want more informa¬ present resources on the grounds

Liquidity
number of

be

.

there is
to sell

suppose

we

and

really necessary and use¬

tools.

plus

supply of private
securities coming to market drops
sharply. At the same time monetary policy actually increases the
supply of money. In these circumstances, investors have an increased preference
for Governments and our type of obligation.
So far as we can estimate, based
on
the historical record, the re-

them?

income

situation.
The memory of 1955
and the growth of the industry

a

ask,

will

crisis,

^

offering of $50,000,000
Telephone & Telegraph Corp. 4.90% sinking fund
debentures due-April 1, 1987 is
being made by Kuhn, Loeb & Co.,
inc., New York City and associates. The debentures are priced at
cation

.

>

i

public

par

.j.j

Some may

are

Crisis

,

hurry.

antly, why?

On

.

where

we

forbids

law

state

■.

than

Liquidity

are

should be done and

plan are state associ¬

Whose

Meeting

asso¬

against

question in some
quarters about the adequacy of
such action. Second, there is a Home Loan Bank Board's Task the
liquidity held by the Federal
group, and its difficult to give it a Force has discussed the liquidity Home Loan Banks.
This question
size, who would prefer a flexible of the associations and the Federal has been reinforced by mistaken
dividend plan to a bonus plan. Home Loan Banks. While there notions about the Bank
System
Just as an example, one recom¬ is agreement that in general and and its current status.
Let me
mended plan would have a basic for most circumstances, associa¬ point out here that
thorough in¬
rate, a separate rate for money tion liquidity is adequate, there is spection of the Bank System's
held for more than a year, but less also the view that steps should be
position shows about $1.3 billion
than two years, and another rate taken to strengthen it, particularly
ations

securities

"

to make sure that the

purchased

purposes.

servatism,

obviously, is what
more import¬

very

in

more

outstanding.

com¬

drains at some
future date. These suggestions are
thought
provoking.
They
also
have the merit of apparent con¬

this very
views is not a

firm

First,

the

motives,
however,
aimed at strengthening the

in the face

with

face.

strong market acceptance,
present rules, and I wish
emphasize this, the Banks are
permitted to issue about $11 billion

HfVil
Aci.

QL

F\J*T

International

to

Both

associations to lower their rates.

minority of associa¬

a

to

is

finance

to

securities

ciations

would prefer no bonus

had

fees

liquidity

in the industry
periphery who argue,
bonus plan would permit

of

A

Governments, indicat-

a

to

.

beat

currently

and

the Board

members,

the income from

mitment

just another

decision

Force

spread in yield between issues of
long-term obligations and short-

persons

a

Another, suggested by some

obligations of
sell for little

they

At/1,

1

JL/GUS# L/XlGrGCl

put surance
Corporation,
we
have
Home Loan Banks in a posi¬ what
appears to be a very strong
tion to carry
more
liquidity by position against future drains.

its

on

resil¬

more

TVvl
r\.

the

associa¬

rate

associations

Task

obvious conflict of
simple task. We are
reviewing the problem

that

have
are

their

bonus plan is

a

Making

are some

tions who

to

other

motive, very obviously, is to

make the

invitation to raise rates. Yet there

ing it again.

suggestions

second¬

tives governing these suggestions.

On top of all these views is the
constant fear by some associations
that

suggestions for broadening, im¬
proving, or curtailing the regula¬
tion. Since then the matter has
of

historical

maintain the

commitment fee covering the bal¬
There are a number of mo¬

competition from bonus plans.

immedi¬

most

fail to

than

Thursday, March 29, 1962

JLI1L.

Under

a

mortgage

to
some

or

consolidated

System

ing

in

requirement, it has been sug¬
gested that they be charged a

quite unanimous opposi¬

tions

on

held

ance.

inducing

Al¬

be

ary

complicate the picture a bit
further, it has been suggested
that any bonus plan contain
a
limit, which would be possible
under the law, in the overall size
ol the dividend. There is almost

thereby

mind

to

experience. For those associations

bonus

score.

requiring

and

specifically

commitments

To

ations were of

this

amount

lated

technique argue that it would

not

the

the

to

require associations to have
a
secondary
liquidity
position
over
the present legal
require¬
ment. Also that liquidity be re¬

cost too much.

not all associ¬

one

only

.

despite a strong deassociations, they have

now

requirement

also

apply to associations adopting the
or
variable dividend plan

that

apparent

those who be¬

cash. Still others suggest that we

fearing
place a ceil¬
ing on dividends generally. Others
argue that the ceiling would only

It

familiar.

associations,

are

liquidity

at

a

that the Board might

probably

are

....7 4

.

retired debt without any difficulty
whatever.
Moreover, if you look

more

should redefine the pres¬

we

minimum

tion to this wrinkle, some

many

the

of

case

ernments

Opponents of

systematic saving.

but

with

o n

which

the prob¬

this year,
mand from

include cash and short-term Gov¬

another address, FHLBB Chairman recommends Congressional
limit on dividend rates paid by the associations.]

this

to

been made that
are
not stringent

ent

legislative pro-

dividends, and some of the pending

facing the Fed¬
eral Home Loan Bank Board when
I assumed office was the question
of a bonus regulation. After con-

like

the

lieve

strength¬

of associations, the Federal Savings and

One of the issues

sugges¬

enough. There

Federal

of the complexities and scope of the

posals. He warns S & L Associations to avoid undue concentration of
loans to one borrower! and invftes and promises complete cooperation,
tin

been

point has
present rules

Loan
Insurance Corp., and the Federal Home Loan Bank is reviewed in the
light of 1955 and the industry's subsequent growth. Suggestions are
invited on this and other problems to assist current Task Forces
studies. Mr. McMurray discusses, also, the bonus regulation problem,
the extension of the geographic lending area, the recent liberaliza¬
tion of loans and

Loan

liquidity.

either

the

System and questions on how it may be

The liquidity

have

present
lems separately.,

Hoard, Washington, B.C.

ened.

to

should

McMurray,* Chairmanf Federal Home loan Bank

Paper reviows some

there

Home

curent

improve liquidity
examine present techniques. I

or

'

Home Loan Bank

Federal

their

or

Instead

Savings and Loan Industry
fly Joseph P.

the

of

ance

.

which

I

think,

Continued

on

by

Sehafer, Jr.,

and

change,

40

rector..

page

a

member of the Ex¬

Vice-President
.

and
-

di_

Volume

195

Number 6146

.

The Commercial and Financial Chronicle

...

■

(1501)

BANK AND INSURANCE

STOCKS:

This Week

no more than .05% of the labor force on
Long
it is expected that the bulk of this will be made
up by

52

Earnings

P/E Ratio

$2.74 est.

One of the

,

'

l)ividend/Sh

18.9

'

$1.00

\

Yield

aggressive banks in the country is the Franklin
Long Island. This institution opposed the New
Bank Act which permitted New York City
banks to extend into Nassau County. Although the Court held that
the original act was
illegally enacted because of a suit against the
York

State

Madison

Avenue at

48th

Bechtold

The Franklin National has nad

an

ranks 32nd in size among

now

with 65th in 1956.

occurred

as

ment of per

Naturally,

result

a

a

share earnings.

its

95,000

or

used

laminated

materials

kitchen

shares will

ceivable;
ceeds

&

the offering of
shares, at $3.50 per share.

used

be

cabinets, desk pedestals
display fixtures.

by
in¬

dealerships in the U. S.
Canada; to accommodate an

pected

increase

loans.

135,000

and

The
will

in

accounts

to

and
ex¬

Over the period 1957-1961, earnings

changed

ing

polyester

resins,

name;

of

Ben-Lev,

Krichimar

to

&

BAKERSFIELD, Calif.

urea

—

a

branch office at 424

Eighteenth

Street, under the management of

and

George M. Roberts.

Officer.
■/• A-./;

;/,A

■

1961

Operating
Operating
Net

income-,

A.V :

Income

taxes

Net

before

earnings

1957

$16,495,429 $15,839,513 $13,617,019 $11,005,190
operating earnings....
7,043,327
6,946,613
6,123,600
4,882,000
taxes....

share;
Stock dividends per share..

$9,452,102

Selected Balance

$8,892,900

3,450,000
$2.74 *
$1.00
3.58%

$7,493,419

3,450,000
*
$2.58
$0.25

.

.....

$6,123,190

3,265,000
3,265,000
$2.30 '■/ $1.88
$0.90
;; $1.40

6.00%

Sheet Data for

U

3.48%

...;

value

losses

Years Ending December 31
1959

1958

$

$

Class A Common Stock

'

1957

$

±ft HA

$

*
69,571,403

'

*

-

62,435,328

46,950,098

for loan losses

reserve

\

44,574,191

v

Price $7.50 per

40,826,598

8.65%

7.67%

7.82%

8.75%

$15.82

share

Share

,

8.46%

per

solicitation to buy any of these securities.

Power Industrial Products Co.

2.50%

I960

deposits

Book

a

.'. 821,948,485 721,934,674 612,456,220 569,774,247 466,326,125
530,791,720 479,679,116 413,437,735 358,686,630 291,395,766

Deposits.

Total capital funds and reserve for pos-

to

offer to sell nor

160,000 Shares

.

...

$

loan

an

March 29, 1962

3,220,000 !
$1.69
$1.05

1961

•sible

is neither

The offering is made only by m eans of the Prospectus.

;; ;

$5,426,630

after

per

Capital funds and

announcement

t

$9,931,630
4,505,000

outstanding (adj. for stock div.)
Earnings per share
.

Loans

^

profit

on

operating

dividends

This

1958

taxes

Shares

Cash

1959

$40,434,462 $36,978,382 $32,476,734 $23,186,016 $23,788,194
23,939,033 21,138,869 18,859,715 17,180,826 13,856,564

expense

operating

1960

$15.11

$11.98

$12.44

$12.32'

At present

the bank has 46 offices and with future openings
the rate of growth in branching will continue. Another indication
of management's ability is the return on capital funds. As reported,
1961 produced a return of 17.3% on
as

capital

as

Copies of the Prospectus
underwriters

as

may

may

be obtained only from such of the

lawfully offer these securities in such State.

compared with 10.3%

median return for the nation's 40 largest banks;

a

Although the Franklin National is

one

of the few Commercial

banks to show

higher net operating earnings per share in 1961 as
compared, to 1960, the problem of maintaining earnings this year
may be a difficult one.
Unlike New York City banks, Franklin

S. D. FULLER & CO.

has

a high percentage of total
deposits in the time category (over
50%), and their recent adoption of a maximum of 4% to be paid
on

time

deposits will be costly.

They are fully cognizant of this
endeavoring to do whatever is
to offset these increased costs; hence the 1962 earnings

move's effect
necessary

earnings, and

on

estimate is the

same as

are

for 1961;

This

Although the bank is entering New York City, it is still a Long
Island institution, and is
principally interested in growth in that

the

western

there

1961

Counties with
The

sector

an

obvious

Air Force

of

135,000 Shares

industry speaks well for the

its contract

The result

disruptive effect

a

In February of this year the
with Republic for a F-105D

Carmer

of

COMMON STOCK
(Par Value 10£

;

Securities Co.

•

Head

SQUARE, S.W.I.

Bankers to

Exchange

Stock

Exchange

American

BROADWAY, NEW YORK 5, N.

Telephone:
Bell.

BArclay

Teletype NY

7-&V4IO

the Government in:

UGANDA,

Godfrey, Hamilton, Taylor 8C Co.
Incorporated

ADEN,

ZANZIBAR
■

:

Y.

>;

Branches

■

INDIA, PAKISTAN, CEYLON, BURMA,1
KENYA, TANGANYIKA, ZANZIBAR;

*

1-1248-49

Specialists in Bank Stocks




*'•

NORTHERN AND

Penzell 8C Co. Inc.

>

Davis, Pearson & Perkins, Inc.

in:

UGANDA, ADEN. SOMALI REPUBLIC. f*
.

sue

be offered.

STREET, S.W.I.

ST. JAMES'S

KENYA,

Members

the undersigned only in

Branches

PARLIAMENT

13

Request

Laird, Bissell & Meeds

120

share

may be obtained from such of
States where the securities may legally

Copies of the Prospectus

Office:

London

Stock

Share)

Price $3.00 per

26, BISHOPSGATE, LONDON, E.C.3.

54

Members New York

per

BANK LIMITED

Christiana

on

Industries, Inc.

upon

NATIONAL AND GRINDLAYS

Bulletin

of these securities.
March 27, 1962

NEW ISSUE

this cancellation was expected to
employment on Long Island. The
immediate reaction was that 60,000 to 90,000
might be unemployed:
however, the Franklin National in a monthly letter indicated that
the effect would be much less if
Republic followed its schedule of
layoffs. Anticipated unemployment is in the vicinity of 10,500,

have

any

is

diversification

canceled

fighter bomber.

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

new

layoffs at Republic Aviations plant;
U. S.

an

The

i

becoming increasingly industrial. In
plants opening in Nassau and Suffolk
estimate that 30% of these were electronic firms.
123

were

is neither

-

area.
Population of the Island in 1962 is estimated to approximate
2,184,000, a figure which is exceeded by a relatively few cities in the
country. Although Long Island has been regarded as a residential

area,

announcement

SOUTHERN

RHODESIA

'

Preiss, Cinder 8C Hoffman, Inc.

Estate

Funding Corporation has opened

City banks. Obviously, the key is aggressive management, led by
Mr. Arthur T. Roth, Chairman of the Board and Chief Executive

Income Account Data for Years Ending December 31

Posner,

Estate Funding Office

v

setting plastic fabricating machin¬
ery for post-forming and fabricat¬

and Director.

firm

Inc.

Street, Ft. Lauderdale, Fla., de¬
signs and manufactures thermo¬

and 40,000 for the ac¬
a
stockholder, Anthony
M. Bechtold, President, Treasurer

of

general

being sold for the account of the
company,
count of

Baker

Street, New York City, has been

re¬

funds of the company.

total, 95,000 shares

the

management

Krichmar & Posner, Inc., 90 John

The company of 631 N. E. 45th

the

the

Now Krichmar & Posner

to

added

in

Maxwell.

The

repay
certain
balance of the pro¬

be

office

under

Floyd

of

are

Of

but this has not been to the detri¬

;/A'

wall

base

Hotel
sale

ized

through

increased 62%, which amounts to an average annual increase of
15%. This performance is unparalleled by the major New York

■-

in

fiberboard, the

"core"

common

for

hardboard

Zilka, Smithers Branch

company to build up its
ventory of machines in order to
expand its sales through author¬

initial public sale of common
stock of Bechtold Engineering Co.,

It

the

the

the

the nation's top banks as compared
good percentage of this growth has

of merger,

Engr.

from

proceeds

Johnson, Fort Lauder¬
dale, Fla., as Manager of an un¬
derwriting group, has announced

Roman

unusual growth record, with

in the last five years.

Net

Stock Offered

Street, both to be opened in

increase in deposits of almost 100%

makes

equipment

wood

branch

the fall of 1963.

an

and

•

to move
the pre¬
eminent bank for a long period of time. As a result, the Franklin
National is countering with a move into New York City. Presently
two branches are contemplated in Manhattan, with one brancn
being located at Hanover Square and the other branch to be
on

of stability
resistance).
The

BAKER, Ore.—Zilka, Smithers &
Company,
Inc.
has
opened
a

York State has encouraged the large New York City banks
to Nassau County where the Franklin National has been

'

and

of

This legislation permitting the extension of branching in New

'

used

on

Omnibus

State by the Franklin National the bill was repassed.

located

shaping
most

position

also

company

fabricating

the

firm

a

degree

chemical

complex should continue to promote reasonable
growth, and once
the additional interest costs (time
deposits) are borne, there is no
reason not to expect continuation of the
earnings trend.

38%

more

National Bank

City banks, the bank has

high

a

and

residential-industrial

Payout

1.9%

-

with

entire Island, and at present will not realize
competition from New
York City in growing Suffolk County. The

FRANKLIN NATIONAL BANK
1!>62

malamine plastic laminate (all of
which are thermosetting materials

expanding

manufacturing and service industries.

from New York

Recent Price

Island, and

Although the stock of Franklin National Bank sells on a com¬
parable price/earnings ratio to New York
City banks, and the
dividend return (without consideration of stock
dividends) is low,
the earnings record is excellent. In
spite of increased competition

Bank Stocks

—

which is

21

Shell Associates, Inc.

The Commercial and Financial Chronicle

22.(1502)

......

Thursday, March 29, 1962

Orderly Advance—The Pattern of the Canadian Economy This Year
Continued from page 1

/

United States, Canada ended

1961 in

*

through use of large scale computers;, the new
flagship of the "White Empress" fleet, the "Em¬
press of Canada," and. four new DC-8 jets for

r\

"

'

upswing

an

with

significant advances over the preceding
year in many sectors.
Gross 'National Product
reached a new high of around $38 billion, per,
capita national income advanced to around $1,550,
the
chemical
industry increased its business

overseas

Petroleum

The

The

Progress and Prospects

Cartier

'

'

Point

ments for

1961. In any event it was a profitable
for investors. Star performer was Lake ;
Dufault, which gained well over 1000% from low
to high.
'-'/.'A/

-

have

especially in North¬

now

been

New findings of oil and gas,
line deliveries and* broadened
manufacture of by-product petrochemicals augur
well for the hydrocarbon section of the Canadian
economy in 1962.
/
' V

pipe

In General

Canadian Pacific

shareholders

In

'•

Pulp and

,

Canadian

are

citizens.

These

V

r.

-

.* %•;-

\

•'

;■

•-

*

:„\/.':V. >*'/••

Financial

.•/';v

'

co-

:-ui\

.

1

it would appear, however, that
by rising business confidence, an eager
and growing 18 million population, an expanding
inventory build-up,. greater construction and
higher government expenditures, Canada should
do well in 1962. Not a boom, but steady progressalong sound lines in most sectors.
/;

•

N"1

-•

conclusion

In

buttressed

"for whom the

owners

evidenced here by a new automatic
switching
yard outside of Toronto; .37 piggy-back terminals
and a fleet of 1,140
specially equipped flat cars

More

Companies

concrete

Kidder, Peabody Appoints

Freiday & Co. Admits

cent H.

M.

Vin¬
La Frence,. both members
and

Jr.,

Evans,

of the New York Stock Exchange,
became

..-

Co.,

i.

•

&

•

ft

partners

61

in

Broadway,

Freiday

New

&

PLAINS, N. Y.—Johm-H.:

Palmer

has

of

m'MM'D M &

formerly

stOCKS

N.

March

1.
a

Mr.

La

partner

Frence

was

King Co. Opens

in La Frence

The

an

Mr. Evans has been active

individual floor broker.

King

Company

securities business.

CansMlisin

Stock orders executed,

Exchanges,

net

or

the Montreal and Toronto Stock

or.

New York markets quoted

%v;•/;//

v'■

•

"

v

-T

•

■

request.

on
•

'■

'Z';H
77

A. E. Ames & Co.
•

-

Limited

~;v
UNDERAVRITERS

DIRECT

PRIVATE

WIRES

TO

TORONTO,

BELL

SYSTEM

AND

DISTRIBUTORS

MONTREAL, OTTAWA, WINNIPEG,

CALGARY, VANCOUVER, VICTORIA
.

.

Investment Securities

and internal bond issues.

TELETYPE

AND

NY

HALIFAX

•

,

A. ID. Ames & Co.

-

1-702-3

Members Toronto and Montreal Stock Exchanges
Affiliated

Bomimoh .Securities Grporatioti
Boston

Associate

Member

American

Stock

Ottawa

40

EXCHANGE

Telephone

PLACE, NEW YORK
WHitehall

5

A. E.

Montreal

Calgary




,Canadian Atfiliate
and

—-

Member

Canadian

Stock

in

Toronto, Montreal
Exchanges

"

Vancouver
'

Ames & Co.
Incorporated

4-8161

Winnipeg
Halifax

offices

sixteen cities in Canada, England and France

Exchange
Toronto

London, Eng.

Two

Wall

Street, New York 5, N. Y.

Victoria

BUSINESS

^

(L

,

A

HT

Partners

l.eib Rudensky, Eli Rudensky
Abraham Rudensky.

•

maintained in all classes of 'Canadian external

been

St., New York City, to engage in

*

•MaRKETS

has

formed with offices at 159 Mercer

a

as

for Kidder,

York

& Carmichale which has been dis¬

solved.

been

appointed localPeabody &
Co., 190 East Post Road.
manager

City, member of the Exchange, as

iff

BONDS

-

WHITE

v
••

..

importance of/

in the accompany¬

ing tabulation of stocks, either listed on the
great nationwide
attractively positioned with an/ Canadian exchanges or traded in the Over-theCounter Market, which have paid cash dividends
adequate money supply and somewhat lower in¬
terest rates attracting worthy borrowers. Finance
uninterruptedly for as long as 133 years.

Thomas

•••••

seen

are

L

••

of the

evidence

Canada to the investor is

-

In finance and insurance, the

chain banks

transport; integrated data processing

V

/

*

paper

•

BpU toils" ^puld prosper
in 1962 as the company's installed telephones
near the
3,900,000 mark. Telephones in Canadamake good conversation and good profits.
■
: v- ■
rV
'•/.

transportation, Canadian Pacific, the larg¬
est investor owned
railway anywhere, continues
to live-up to its
billing as the most complete
transportation system in the world, with inte¬
grated operation of trains, planes, 'trucks and
ships. Effective and efficient management are

x-:

,

;

i;..

1961, equal- to about one apiece for each of its
179,000 stockholders. Incidentally, 97% of these

,

for trailer

gold mining

....

Great Slave Lake.

/

The

look better for 1962, uranium
revenues are
stretched out by a 10-year British
contract, wheat production should be much high-'
er after the Western
drought of last summer, and
motor car demand appears excellent. The prin¬
Telephones
J
>
'
Throughout Canada the telephone business is; cipal clouds in' the sky: would seem to be con¬
siderable : unemployment,
substantial industrial
in a steadily rising up-curve. The huge Bell Tele¬
over-capacity which tends to dampen capital. in¬
phone Company of Canada, together with the
vestment, somewhat of a lag in consumei^spendsmaller regional companies, all report significant
yearly rises in installations, new exchanges and /ing, the uncertainties surrounding the entiy of
Great Britain into the European Common Market
extensions, and a boom in long distance calls. Bell
and the forthcoming Canadian Elections.
Telephone installed 175,000 new telephones in

opened up
to private exploration.
Encouraging drilling re¬
sults have already been encountered on Melville
Island;; and development of these Northern re¬
gions will be accelerated by the building (already
approved) of a 400-mile rail line from Alberta to
acres

an

-year

Dufault, Que¬
companies, as reported
earlier, are improving and there is increasing
belief in many informed quarters, that the day
is approaching when there'll be a new "(and much
higher) world price for gold.
%
'*
bec;

reserves, a

Eritish Columbia and in the Canadian Arctic

where 45 million

in

continue. The

deposits in Quebec/and from Labrador;
plans for mining development at jPine
(Northwest Territories)- and,-of special,

major

Aggressive explora¬

tion continues in many areas,

expanded

Metals

note, the rich copper strike at Lake

supply side Canada has, in

Investments and Markets

Investment markets have for several months

.

was

21-year store of petroleum.
ern

./

ascending trend, which bids fair to'
exchanges throughout Canada pro-:
Progress in metals is expected to continue, im¬ '.. Vide swift and dependable facilities for .trading'
portantly propelled by some of the new frontiers
in marketable securities. The Toronto Stock Ex-opened up in 1961. These included bringing the ? change which trades more shares annually than
new
Thompson Lake,. Manitoba,; plant of .Interany other exchange in the world, recorded a 25%;
national Nickel to rated capacity; added copper
gain in its industrial averages last year. This;
production in Newfoundland, New Brunswick,
advance was based apparently more on hopes for
and Quebec; iron ore deliveries from the Quebechigher earnings in 1962, than the income state¬

California.
Cn the

•%'

-

exceeded, with the; produc¬
tion average at the year end of about 643,000 B/D,
and exports to the United States reached an all
time high of 180,000 B/D.
This growth should
continue on throughout 1962, particularly with
the opening of large new natural gas outlets in
goal

insurance

,

-

been

yV/A ''

Policy program, announced
Febt 1, 1961, set a target of 640,000 B/D for pro¬
duction of Canadian crude and condensate in
1961.

from

nations. And in addition CP continues to
derive great earning power from its vast holdings
of land, oil and minerals. Canadian Pacific should:

Oil

National

new

life

companies continue- to
highs in assets, insurance in force and
profitability. In 1962 Canadians will invest $500
million in life insurance premiums and
buy over
$6!/2 billion in new coverage.
■

Canadian Pacific's modern

report larger net earnings for 1962,

achieving good operating results

are

the

make

many

by 4%, petroleum production increased 18% and
major cities of Canada were being trans¬
formed by a building boom.
.

service.

chain of hotels and motels beckon tourists

the

-

air

companies
while

ESTABLISHED

1889

are

and

Volume

195

Number 6146

-

.

.

The Commercial and Financial Chronicle

.

(1503)

23

'

\

.-

/.

7. '

f
'

;

-

,

f;

';'•{>

.

-

•

s

•'

/

.

Divs. Paid

C A NAD I AN

investment

(Listed and Unlisted)

,

Common Stocks 9

H.,

wholesale

Large

in

ness

Ontario

A-

On Which

Auto

C

CONSECUTIVE CASH

gold

tive

DIVIDENDS

;

electrical

auxiliary

of

tion

'i

.

10 to 133 Years

Operates

7

:

•

cies

A

;

•

branches

throughout

See

the

% Yield "

Including
Wo. Con-

Extras for

Years Cash

Dec. 31,

Divs. Paid ..,..1961

Based on

tion

Paymts.'to

Dec. 31.

A
,

Power

&

allied

and

•

duces
agea

50

or

of sugar

&

grades

3978

Agnew-Surpass Shoe

3^

a.425\12%

Stationery

-i

N

.

Makes

and

through

-A.A er(

A;";

A Bell
•

Ingot-

Ltd.

the

bia,

S.

world

oil

A.

•

Corp.,
line

pipe

A

23

in

'•

and

&

interests

Ltd.

18

•

allied

and

mining

current

Dividend

Makes

2.00

38%

5.2

interests

0.50

9.70

-

5.2

t

• -

.

18

A

felt

"0.23

.

v,/'

•

Holding
Sugar

Devel¬

81.
-•

'

'

2.20

4
A

17

0.30

10%

..

in

paid

U.

a'aX ,-Form

Exchange

S.

A

Rate.

Currency.

y

.

.

"

,

Sees.",S"X

■

' .

31, 19S1.
".
t
x-

„

0.40

.

'

,

■

,.a

,

current

Ltd.

B.

A

Asked.

«

A

0.10

with

Officers

Officers

Norman

are

ties

to

16%

1.00

28

'

-

•

27

31

0.75

243/4

B.

Mass,
President; Raymond L. Fuqua, Jr.
and Adolph K. Mass/Vice-Presi¬
dents; and Leonard C. Slusser,
Secretary and Treasurer. Norman
and
were

Adolf

Maas

formerly

and

Mr.

-

X

/

,''Ar'
-A'

Newark

ander
and

Kalmun

are

Murray

Lee,
Stern,
Howard, Vice
Issac

Yechiel

I.

Holding

C.

%

of

A.y
":A .;aA'.. A'

,

1,00

&

for

A

Full

line

Canada

2.7

Lends

•

issues

,

'

A

>27 A.

1.45

Freight

5.4

other

r

'

"

'

-

,

'

'

;

•

'a,"''
-

AV-'-'A-AAAA' -'^^'A-A,^ A'

:

AAA

'

♦

"

■

Wire

53%

security,

2.00

78

AA
s'A

,v.

Hughbanks,
Blanchett, Hinton, Jones
Granat, Inc.
,yA"A. y

19

,

1.60

Cable
and

'

_

Canadian

,77;.",'.
:a.

„

0.35

a

.

Exchange Rate.

."-.A
■

..

.

Orders executed

all Canadian

on

regular/commission rates

;7A'A;:A""a

■■

Continued

Underwriters and Dealers in Canadian
Government and

traded

" A

Corporate Issues

Inquiries invited from institutional

Exchanges at

or

investors and dealers

"

a*

in New York in United
.

7

•

"

.

States funds.
V

A

•

/"( A

Greenshields & Co Inc

CHARLES KING & CO
Members:
Toronto

Stock

Exchange

American

Montreal Stock Exchange

61

Broadway

a

64 Wall

.*

Canadian

Stock
Stock

Telephone: WHitehall 3-9525

Telephone:

*

WHitehall 4-8989

"

Teletype
NY

PRIVATE




WIRES

TORONTO

CONNECT

AND

NEW

MONTREAL"

Affiliate: Greenshields Incorporated

;

Business established 1910

1-142

Royal Bank Bldg., Toronto, Ont., Canada
WITH

Teletype: NY 1-3708

New York 6, N. Y.

•

Canadian

DIRECT

Street, New York 5

Exchange
Exctange

YORK

"

MONTREAL

TORONTO

WINNIPEG

NEW

3.4

YORK

•

SHERBROOKE

LONDON

OTTAWA

LONDON, ONT.

:

;..

Canadian Securities

STOCKS-BONDS

10%

-".yy

•

CANADIAN

' A-v:

Co.

Kalmun Lee

A

;/v'

2.6

ropes

was

,

A.,

AAA"
A""'

A.A.A
:'7. ;

formerly proprietor of Lee &1
Co., with which Murray Lee was :
also associated.

3.3

.

62

^

-

Ave.,,

&'

,

2.6

:

- President;
Grossman, Secre¬

tary and Treasurer.

with

A

3.4

r

1.75

include

wires

:

.

23

current

b Bid.

'

'A

:A-AAA".:AA A'AA-Y'a;;

and

4.3 a

A. AA

74

2.50
-

vessels;

steel

and

>

23
A

"
il06«u

interests

7.

3.1

Quotations represent Dec. 31, 1961 sale prices or the last sale prlca
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.

§ Add

A:.AA-AAA
1

-

1.00

26

"■ Ltd. "B"
Copper

: 'vAA 'AvAvAAA;:

17

accepts deposits'

;v-

A"."'.'

-

32%

A-A AA AA'":-.--

.

passenger

and
diverse

Canada

-

,

-

.

prods.

Mortgage

mortgage

hotels

*

.

v

A

7

Canada Steamship Lines, Ltd.

:a.a-

•'

1.00

'

34

*
debentures,

V

6.9

:

v.

interests

packinghouse

first

.

b8%

.

Permanent
on

'A

A

A
A.-

.

A

-

'.A AA A-'-"

kinds

brewing & distilling
(• -A A.-..A A
A,.'!

of

Corp.
A.A-

0.60

1.4
A

company—

equipment

the

3.0 "

7

•

"XA
A

A-'.

of

all

Canada Packers Ltd., "B"____

4.2

377s '

-

12

13

operating

and

industries

-•

..

•

doesn't trade.

manufacture

0.10

and

.

'

which

18

wholesaler

flooring

machinery

Malt

,A

.

-

cake

Canada Malting Co., Ltd.

1 A-" ' ' '
:'K :>.AA;
'A ;'Aj'h"AA"
•

and

Lee, Presi¬
B.
Joseph
and
Alex"

Inc. and

3 5

AA A A

Canada Iron Foundries, Ltd._

•

60

"

52

A
refining

sugar

engage in a securities business.

dent;
Stern,

Fuqua

665

2.5

v

Sugar

and largest foil converting
plant in Canada'
•'A
'
*
•*•".

5.3

A

2.50

a

Dominion
beet

Oldest

8.8

a

772

' V

'•

&
and

CITY, N. J.—Lee Securi"
Company has been formed'
offices .at

0.4

12

JERSEY

offices in the Norton Building, to
engage in
a
securities business.

23

0.40

Form Lee Securities :'UxV

v

SEATTLE, Wash.—Allied Securi¬
ties, Inc. has been formed with

Y

5.8

"'"a"A

Canada Foils, Ltd.

.,

Canadian Exchange Rate.

j: Inactive issue;

8V8

cement

hardwood

"3.9

Ay A::"

.

♦ Quotations represent Dec. 31, 1961 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.
§ Add

producer

Specializes, in

-

aaa".,. a "a
a54
a 4.4 X

y

AA'.V

.

gold

Canada Flooring Co., Ltd. "B"

A':.AAA-;A"A.::;;AA"A.AAA'A

refinfihg,

93.6%

Co.

>

0.50

AAAA*;A.':A-".A'"

rights

retailer

•

'

2.40

-

*

branches

r

holds

4.7

Corp.,

drilling

gas

Ltd.

•Bread

■A

v

."A

dividends, spiits, distributions, etc.

Allied

with

'

.

,

v

,

and

cane sugar .refinery with
capacity of 500 tons daily. Through
subsidiaries operates 4 sugar beet
factories in Western Canada

A

'

A

a

577s

.1.:'

operates

2.8

products;

Canadian

Co.

and

.

A
JA
" ' 1 - '
' •
"r 'A V>"AAA->A A<y,;-A-:
:

hats

notes,rev-LiX
similar' items t 1

Refining

■'}

18

;'AA"A V'AA'-A

Canada Bread Co., Ltd

.17.6

31'%

1.25

Ltd.—A 13

Co.

V

6.4

"

;

10

Cane

AAAyA

.

and

,

7.85

'

:

•

prod-

*25

Co.,

$

I

:

'
C." Sugar Refinery Ltd.__"_"10

B.

$

a ;

a;a-'-' -»•/,'

r___

distribution'

;

'

Alberta

Canada

2.7 A

81 A

hl-

system
'•

wool

'Petroleum "prbdubfcion,-

22

.

,bank

stamps

,

0.85

15

Edmonton

oil

,

;

0.04

'

British American Oil Co. Ltd.

"■f

products

allied

t Adjusted for stock

•

12 Aw
^

4

general 'building

-.construction

enue

16

_____

Quotations represent Dec. 31, 1961 sale prices or the last sale
price
prior to that date.
Bid and ask quotations are as of Dec.

§ Add

5.00'.

a'a-" in-,several, cities in central Can.
British American Bank Note

7.7

'

operating co.—chiefly
Can.
gold
mining
-y

in

Newsprint

*

*0.60 ""7%

fn

oper.

butter, poultry

&

24

Ltd.

2.8

>•

31a ;

Ltd

"A Co. Ltd.,.„_

opment Co., Ltd. "Ord."___

♦

2.20

'-1

supplies

Quebec

and

?0.50

A

5.4

*

new

related

&

.....

Portland

Ltd;.———:(28

felt

14

33Vz

project

Canada Cement Co., Ltd

80

__

y

Construction

road

A

and V

Anglo-Newfoundland

also,

fur,

AX Engaged

■,;AA

Anglo-Huroniari Ltd.
Holding

Men's

Bird

2.1

29% ;

>

Colom¬

,

Newsprint

A0.60

";y-"";"A"

;

Anglo-Canadian Pulp
Paper Mills, Ltd._;

A

a

•

1.80

'

telephone

and

35

Ltd.

etc.

Leases

24.

page

dredging

mill

lards,

Ontario

j

-

.

important

A"

A

83%

■

building supply retail- j
A v1 <
A
.branches in' Canada
t
-"VyAA- ''-A;AAaAv.

Biltmore Hats
A::"y7vy" Y"'\

aluminum'."'A

of

Andian* National
Operates

7

chain t

on

-

and ' printers'

in" Ontario

4.9

"

and

Ltd.

,

~

gold

Co.

Calgary
ii-/;

2.7

,

Telephone Co. of Canada

Most-

«

new

producer

in

273

87s

4.3

Campbell Red Lake Mines

AA
■
2.30

■
„»

&

Meat,

'

A

<

-branches in Canada •'

f-

503/4

Guinea

rolling

Burns
ucts,

75

"

Aluminium

A" Larcest

shoes

retail

store

world

A.-A-y

Ontario

> '

-

a

New

Steel

*

2G.

Lumber ■&

j

Stores,

distributes

.

128

W

<

1961

—

0.40

15

_____

flooring

Burlington Steel Co. Ltd.

" ; '

/

2.05

sub-

(Beaver Lumber Co'. Ltd..____

28A7
"A

in

A -V'r "77 A ?/:-yA7A

y-yv.A

page

Holding
company, A prospecting
and
exploring various properties

A.;.

pro-

»

and

BaTymin Explorations

4.3 * *

-

:

-

<

on

advertisement

594

Dec. 31

1961*

2.20

'

n

Operates

6.6

in

Barber-Ellis of Canada, Ltd._

& pack-'

A 1'•'A ""

-

.

Nationals

a

sugar'-cane
more

*

Bank-'s

A -Operates

A

\KtXi
Ltd., new----X4a ii

'"Refineries
A: Refines raw

:

31,
7.7

1961

—

products

Acadia Atlantic Sugar

yy

1.70

See

the

roofing,

Insula tic

,

.

13

Newsprint

throughout

Ltd. "B"_>.

Bulolo Gold Dredging, Ltd.__

agen¬

world

branches

584

578 A

y

133

_

and

Banque Canadienne

Paper Co.,

Ltd.
'

v

Dec.

1961 ♦

.

—Canadian $ §

Abitibi

•

Quota-

12 Mos. to"

secuiive

>

offices

>

,

(

7 7

Bank's advertisement

Operates

Approx.

Dec. 31,

Telephone
46

(Stanley)

Asphalt

,

BANK OF NOVA SCOTIA___ 129
Cash Divs.

Columbia

"Ord."

Building Products Ltd.

'"

>

5.8

34 "> -0.40
157s " 2.5
'
7"";A'-"7 7"y ""

.

Franchise

MONTREAL

813

tion

31,

1961

Laundry supplies, hardware,
plumbing supplies,
etc.
'

*7'-' '""A

M "'A J0>

V &

Co.; Ltd.--

300,000.'

oyer

OF

.." .A '7.

3.30

0.335

A

telephone

of

-

6.6

15

carburetors

is hon-exclusive to; 1977.

BANK

9%

"""a"' A;""'" 'A

system'-in St.
John's, Newfoundland and vicinity." *
49,818 telephones serving popul'a-

■

0.63

.

Dec.

8econd«largest
privately
owned
telephone system in Canada

4.7

.y

12 Mos. to

>ivs. Paid

'

% Yield

Based on
Paymts. to

,

automo-

equipment

Operates

British

>

;"A' "y;rv'7yy,

.

distributors-

Avalon Telephone
>;

Have Been Paid From

.

Co.

new

Service-

2.6

34%

•

producer

Electric Service

Ltd.

O

46y2

0.19

Approx.A

Quota-

—Canadian $ §

Co.

21

v 1 '

j

secutive

"

—

1.60

Mines Ltd

.

Con-/Extras for

Years Cash

Brock

busi-

,

o.

A

24
retail

•;

:

A

Co.* Ltd.,

and

Cash Divs.
including

,--.r

A ' A

.

1961

1.20

hardware

general

Aunor Gold

Paymts. to
Dec. 31,

1961 ♦

of asbestos fibre

.

;

*.

•'

>

"B"___

.'A.-

.
'

Dec. 31,

24

Ashdown Hardware

.

<Sz

*

.'

.

'

*

Corp., Ltd.

Mining & milling

J.

•

15

interests

tion

—Canadian $ §

co.—manufacturing

merchandising

Quota-

1961

•

Argus Corp., Ltd.

Asbestos
A

"

■■

Approx.
% Yield
Based on

*

.

secutive 12 Mos. to
YearsCash
Dec. 31,

-.

\
*'*

•

-

Wo. Con-

n,r "[■.

1

"7

Cash Divs.
Including
Extras for

,1

'

A.

QUEBEC

on page

24

.

24

Cash Dfvs.
J

Orderly Advance—Pattern of

'

Canadian Economy This Year

Canadian

No. Con¬

Quota-

secutive

12 Mos. to

tion

Years Cash

Dec. 31.

Dec. 31.

Oivs. Paid

1961

1961 ♦

—Canadian $ §

Succeeded by
Bank

•,

••

milling interests

Wines

'

h

,

; coi

17

——.

58%

1.70

elevator

34

1.50

24%

26

1.35

banks,

••

sales

Wide

products in Canada

800

12.00

31

Consol.

&

•

1.36

33

.

-

94

2.05

73%

type

of

variety

A mutual

ment

.

1.00

23%

0.80

36

1.2

169

2.00

1.00

29

24%

4.1

repairs;

~

16

2.00

34%

business

42%

36%

2.7

•

:

—

draperies,

Foundries

35

etc.

Steel

&

variety

primary
y: "■

of

1.50

18

26

Bottle

//

0.70

18

21%

0.40

114

Dominion
*

26

27%

0.80

,

Wide

2.9

■

co.

—

:

Dominion

*

leum

5.3

18%

1.00

15

,al-'t

0.80

18

_<

\

grades

;

s

>

6.7

12

-/

-

16

continuous

sells

/

;

Seai Co., Ltd.
in-

beverage

the

V

•//;/;.;.

/

.

Ltd.

/
/,•

2.7

Coal

also makes

3.00

,1.00
//

3.8

80
,58

33

\

;r

producer

on

,

Coal Co.,
—-'.JiV^44 ;

Pass

\

'

;

prior to that date, -Bid and ask. quotations are as of Dec, 31,
5 Add current Canadian Exchange Bate. .

1961.

Corp.1 /
.16

———

iron & steel

holding co.—coal,
interests . * >

l-

20
;7

;

f- '

western

.0.75

slope

'

-

"

v

"

/

,

.•

*

*

Chemical

.

;

V
•

'

Wide

,

of

tange

fabrics'-

•

'■,

'

cotton
/ - '

"

'

'

- •

-

jr
•

'

y

k

1

/

f

.

v

v:

,y-

'/0.70

50

and

yarns

.

.

;

16

bf 'coal ta^ & producer
ItA;derivatives
i *•*
/

of

/

-

Eiominion Textile Co., Ltd*l-

t

26- /<2.Sf

,'»

Distiller

-

"'

>

Tar

meat chain

and

grocery

Ltd..'

Co.,

/

c

,

16. "V .4.4,

;

•

y-

1.

,

:

i

:

v

•

♦ Quotations represent Dec. 31, 1961 sale prices or the last sale price.
prior.to that date.. Bid and ask quotations are as of Dec. 31, 1961.
J Add .current Canadian Exchange Rate..
,
•ti Adiusted for stock dividends; splits, distributions, etc.- ' 1
*
b Bid.
v' <
' "
'

vv'V'W-

Quotations represent Dec. 31, 1961 sale prices or the last sale
prior to that date. Bid and ask quotations are as of Dec. 31,
§ Add current Canadian. Exchange Rate. '-*•-

price

10

management

—1

A

/
.

24%

,v'

Invest-

Steel & Coal

Dominion

-1.7 "

♦

1961 sale prices or the last sale

of

—

Operates

1.20

oil:,

;V / •//'

/of-349 stores / '

;

\

62

of Canadian Rockies

machinery

'

Dominion Stores Ltd.

.

:

^

fiduciary business

Nest

•

Dominion

*

: 15

0.40

>

'

•

82

—

trust

Investment

;

0.80

27

of

and
•;,

-

•

.

ments Ltd.

.

2.80

—

linoleum

Scottish

Dominion

3.2

bl0.47

0.33

manage-

Mills Ltd.--

Ltd.

23

products

of

—

and Lino¬

Oilcloth

range

44

75

Co., Ltd.

Co., Ltd.

cloth

.

29

Page 28

on

glassware

of

Wide

v

—

Glass

variety

.

for

caps

General

Consecutive

1.9

gas

containers

Crown Trust Co.'

55%

Paid

Have

Starting

Second Table

.

forms

dustry

Which

Companies

4.7

1

Crown Cork &

of

new

Quotations represent Dec. 31,

5.7

-

.

Co., Ltd

heavier

Manufactures. &

Crbw's

mining

bl7%

1.00

;

' ' • -t.

,

duck

cotton

■

and

1.00

25

type

Manufactures

,

4.3

etc., through 170 stores

industrial

3.3

'

Fabrics, Ltd

products

Listed

type.

Sells automotive accessories, parts,

■Shipbuilding,

24%

20

and

of ', machines

wide

Makes

steel

1

„

Canadian Vickers, Ltd

0.80

12

foundation

Engineering Wks.,

tapestries,

Towels,

"

—

system

2.1

49

structural

and

ladies'

variety

equipment

;

7.3

11

,

trust of

Fund

distribution

Canadian Tire Corp., Ltd.

♦

Wide

investment

private railway

.Canada

/bl9%

Corset Co. Ltd.—

Dominion

,

distributes

glass

of

Cosmos Imperial
11

Can. Pac. Ry. Co.> "Ord."
"The"

and

and operating
cohol and spirits

pneu¬

Canadian Oil Cos., Ltd.—
&

3.2
'

fer¬

Grain, R. L. Ltd.--—------refining

>

■

0.80

25

38

Corporate Investors Ltd.-

32

•

Petroleum

' ~

,

newsprint
,

Holding

r

International

Management

'

the Toronto area

Wide

35

Investment Trust Ltd
trust

0.40

garments

elbows,

chemical

daily

Consumers Glass

pulp and paper

tools,

Canadian

compressors,

22 ;

v; •;

company

H. Ltd.
b9.38

0.30

of

Consumers Gas Co. new

40

products

Canadian Ingersoll-Rand Ltd.
matic

2.5

kinds

Manufactures
-

'

Corby (H.) Distillery Ltd. V.t.

Canadian Industries Ltd.

Manufactures

28 %

Co., Ltd

cranes

Dominion

:

-

' 28

Corp., Ltd

mills;

Manufactures

.—

allied

holding

all

of

Dominion

Assoc

capacity 2,764 tons

•

branches through¬

and

0.70

Dividends From 5 to 10 Years Appear in the

Paper
five

Owns
v
,

world.

Chemicals

,

Ltd.

•

.

—_

1,221

steel

.

Canadian Imperial Bank of

the

/ 7.1

bl4%

1.00

20
.

*

trust-

conduits,

silver,

Lead,. zinc,

in

out

Ltd.

Mining &
Smelting Co. of Can. Ltd.

>•/ Management type invest, trust

Operates

Bridges,

v

tilizers, etc.

Canadian Gen. Invest. Ltd.

Commerce

2.5

Dominion

Life

i'f";-

Consolidated

7%

0.60

24

-

sellElectric

manufacturing
rights
of
General

lng

5.60

Z 0.14

of endowment and life

range

•

policies

Morse

Exclusive

:

type.

Confederation

&

Canadian Gen. Elec. Co., Ltd.
-

13%

0.60

12

—

for Pairof Chicago

Co.

Terminals,

electrlal

3.7
'

'*■:

/

•

and Anglo InvestCorp., Ltd. new__

ment

<

Zf/r couplings, etc.

agents

Morse &

3.0

i

-—

Rigid

Canadian Dredge & Dock Co.
Ltd.

Co., Ltd., class "B"J—

33%

1.00

-

14

-

investment

45%.

42

Ltd.

gold producer

Dominion Bridge

Conduits National Co., Ltd.—

Synthetic yarns and fabrics

■Exclusive

Ontario

Investment

million bushel grain
Collingwood, Ontario

management

34

Mines

Dome

V

,

*'•"

'

•

Dominion

17

2

a

in

mutual

A

Fairbanks

?

.

2.3

Juices

Ltd.

castings

—

•

b85%

2.00

1.70

25.

—

holding co.—interests include a
complete line of whiskies and gins
A

business

Commonwealth Int'l Corp.

—subidiaries
make
bushings
and

dredging; -.construction
repair work on waterways

v,

.

27

Ltd.

•'

producer N. W. Ontario

Operates

Canadian Celanese Ltd.

Canadian

and

Collingwood

grain

-;

General

V:—

.

.

Distillers Corp.-Seagrams

2.1

331/2

on ;

.

' '

•

•„

-

v-"'-

i.

—

Cochenour Wlllans Gold

■

bearings,

bronze

A '

Co

Mines Ltd.

Canadian Bronze-Co., Ltd
Holding

0.70

of

Chateau-Gai Wines Ltd

Gold

and

Trust

General fiduciary

Canadian Imperial

co.—brewing

Holding

variety

large

.

/■//-/V'/'•

.

Yield
Based

Quota-

secutive 12 Mos. to ' tion - Paymts. to
Dec. 31,
Years Cash >Dec. 31, ' Dec. 31,
1961
19616
1961
' Divs. Paid
—Canadian $ § —

'. ^

..

Extras for

No. Con-

•,

,:v

,

y'.".

.

:

-

Canadian Breweries Ltd.

Co.,

apparatus

Chartered

Commerce

of

and

1961

.

.

..

Dec. 31>

19616

Approx.

Including

—

branches throughout
,

tion
31,

Dec.

1961

16

electrical

31,

1961

Canadian Bank of Commerce
,

Divs. Paid

•

Westinghouse

Airbrakes

on

Paymts. to
Dec.

Dec. 31.

Ltd.

% Yieid
Based

<•

-

Thursday, March 29, 1962

.

Cash Divs.

.'/

Based on
Paymts. to

Quota-

—Canadian $ §

Approx.

Including
Extras for

YearsCash

•

\

*

.

% Yield

'•

Extras for
12 Mos. to

-

i

Continued from page 23
Cash Divs.

'

•

.

"<

No. Consecutive

v

.

.

Approx.

Including

.

'%

•

-

Operates 858
the world

Chronicle

The Commercial and Financial

(1504)

price1961.
**.' ?

,

,

•

,

..

.

George Vican Opens

Street,

'

N;

under

W.,

the

firm

name

WASHINGTON, D. C.
Vican

is

conducting

business

from

Vican

was

formerly with Lecluse

Co.

and

Houben & Co,

&

Company.

at

F

2020

&

BANK
Over Half

helps

you steer

through

Wilh

tax

problems

<~)

taxation

will face the

you

problems

Knowing the facts
interests

will

do

to

help

profitable decisions. The
need

is

offered to you

you

ices

a

Experience

of experience in Canadian invest-

organization is well prepared to serve

our

are

readily available to investing institutions,

banks and dealers.'
Direct
in

■

■;

-

able

you

stock

free booklet

-'A'

private wire connections with affiliated offices

fourteen

principal Canadian cities provide fast

and accurate service in, Canadian securities,

make

information

clearly defined in

50 years

kind of

taxes that affect your

much

Century

investors interested in Canadian securities. Our scrv-

do in the U.S.A.

as you

on

same

over

ments,

,

If you are a businessman with interests in

Canada,

a

of Investment

;

us

to

execute

exchanges,

funds if desired.

or

orders
at net

promptly

and

en¬

Canadian

prices in United States

////'//•/

■'

on

,/

by The Bank of Nova Scotia.

It's called The Canadian Business Guide—
the

new

on

Income Taxes. Just fill in and mail the

coupon

Wood, Gundy & Co., Ine.

revised edition of the memorandum

to receive your free copy of this

helpful Scotiabank booklet.

The

Bank

of

Nova

Scotia, Business

40

Development

Dept., 44 King Street W., Toronto, Ontario,

Wall

cfc-3

Street, New York 5, N. Y.
Telephone DIgby 4-0633

Gentlemen:
Affiliated

Please send

me a

free copy

of

your

Wood, Gundy & Company
Mevibers

Name.

BRNK
THE BRNK OF NOVO 5C0TIR
New York

Agency: 37 Wall Street.
Chicago Representative: Board of Trade Bldg.
Los Angeles Representative: 611 Wilshire Blvd.
General Office: 44 King St. West, Toronto.
London Offices: 24-26 Walbrook, E.C.4;
11 Waterloo Place, S.W.I.




The

Toronto

Stock

Address.

Montreal

Stock Exchange

Exchange

Wood, Gundy & Company
Limited

Position

O Check here

to put your name on our free mailing list

Scotiabank's
on

Stock
and

Company Name-

month

of

Exchange

Canadian

for

with

newly-revised booklet

—Canadian Business Guide.

a

Monthly Review,

current

which

reports

each

topic affecting Canadian business. ■->

^y

^

^

Head Office—36 King

Branches in the

Mr.

—

a

offices

George
securities

of Vican

St., West, TorontoT, Canada

principal.cities of Canada and in London, England

,

Volume. 195

Number 6146

,

.

The Commercial and Financial Chronicle

.

(1505)

Cash Divs.

Orderly Advance—Pattern of
Canadian .Economy This Year
:

•

/■".

'' ./

y

•

V

...

i

a.

a

Cash Divs.
Including

AAA

V'

No. Con•' *

•

.No. Con-

.

Extras for. Quota-

.

Based

"

.

.

V

on

Paymts. to

Dec.31,

Dec.

-v-,Divs. Paid

1961*

",i"

A

s

"" .■:

:

...;v

■

Donohue Brothers Ltd.
Owns

,

Tat

and

operates

Clermont,

Dover

1961

operates
two
capacity 1,350 bbls,
and

box

factory

ice

1

'

—

3.8

daily;

■;

:

.A '

cone

pacity
■

Economic * Invest't Trust Ltd.

A"

-;

35

/-AAvA

/

AAA

46%

1.70

investment trust business

General

,

A

-

1.50

34

•'

a

.

Electrolux

Corp._

"Electrolux"

,w.

cleaners,
■...•/■AAa //;

vacuum

.

/:_air purifiers

,■;

...

&

18

1.30

/

,

.

tribute

„

Co.—

life insurance co.

A A Operates as

159

11

1.00
"AAa'aAA: a/ -A a/.

-

Wide"line

life

of

and

Ltd.

1.5

^

.

Nickel

Corp.,

Ltd.

681/2

1.70

theatres

ture

2.5

coal

motion

of

and

stores

407

pic¬

smokers'

1,104

metics,

through
requisites,

General

3.5

11

b5% '<

0.30
;

v

Wide

A.': "v

of

Specializes

Canada,

ster"

160%

5.00

29

3.1

Wide

Foundation
Ltd.

Co.

—

Engineers

Canada

of

&

22

—

-

general

variety

products;
fabrics

A.

J.

a

and

stores

in

.

lumber
and

operates

Hydro-electric

boxes,

27%

4.3

aaaa/ ;

f0.25

department - ■'
A7'.a
aa'-A; a: :. A ;aaA -a-a

2

24

—

AAA

a:,,a. v:
v

:-a',a

retail
'

Also

ucts.

^a.-aaA

in

Quotations represent Dec. 31, 1961 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.

§ Add current Canadian Exchange Rate.;
Dividend paid

■

in XL

S.

aa

■

A-

,

a.

:

Currency.

,

a

-

:

-

.

Tnilock Opens Branch

distributions, etc.
a- :-/aa

-a. a:

-

r

a ./a-

can

in

33

0.875

23

0.16

^'aAA A-

.;

:,a A

—

20

products

0.90

Aa-

62

&

paperboards,

V
50

<

14

0.675

17%

3.9

fO.95

33%

2.8

2

breweries

of

with

70,000

11

0.25

4.90

5.1

0.60

17%

3.4

com¬

barrels

■

.

co.

Subs,

manufacture

changed

0.70

International

a

17

28

1.80

52%

Nickel

Co.

of

aa

28

1.60

International Paper Co. new-

16

Holding

3.4

erates

and operating
pulp mid paper

co.

—

mills

■

.

.

Management

24

0.28

24%

2.4

12%

Ac-

'a; a-

and

gas

Management type

* •'

..

f1.029

38%

2.7

18

1.50

45%

3.3

18

2.40

44

10

0.10

Op¬

in

development of
electrical com-

-

/\ .'/AA'

.

■

-

in Ontario

♦

Quotations represent Dec. 31, 1961 sale prices or the last sale price
prior to that date. Bid and ask-quotations are as of Dec. 31, 1961.
§ Add current Canadian Exchange Rate.
a .
A•
t Adjusted for stock dividends, splits, distributions, etc.
b Bid.
: a
a;-;
a-aaa-a,

Quotations represent Dec. 31, 1961 sale prices or the last sale prlco
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.
§ Add current Canadian Exchange Rate.
•
->

t Adjusted for stock dividends, splits,

distributions, etc.

Continued

:
on

'

■

;

^rock;::: a.:':;'
has Canada's

Canada and of benefit to

mos

plants and service
group of

Investment Dealers' Association of Canada

facilities for the production

Head Office: 355 St. James Street W., Montreal

principal Cities of Canada
i

of direct-shipping iron

ores

Nesbitt, Thomson & Co.
Members Montreal Stock Exchange
Canadian

—

Toronto Stock Exchange

Stock Exchange

Nesbitt, Thomson and Company, Inc.

I-f

*>

-

v

Broad

and

ores

customer

treated to exacting

specifications.

Street/New York 4, N. Y.

u-i'.s -Direct
New York,

page

STEEP

Limited

25

2.7

3.70

Operates several horse race tracks

Ltd.

Nesbitt, Thomson and Company,

Branches in the

wire connections between

STEEP ROCK IRON MINES LIMITED

Montreal, Toronto, Ottawa, Hamilton, Kitchener,
(Ont.), Winnipeg, ^Calgary and Vancouver




5.5

Investment
a-

Jockey Club Ltd

:AA'Aa

:

trust.

participate in Canada's assured growth.

of The

a

A

Investment Foundation Ltd.-

,2.3 A

prod-

Co.

1.8

panles in Alberta

AA^"A; A,; 'A

A-'

and

natural

„

0.60

Canada. aaa

type stores.

88%

Canada and the U. S.

a

46
.

a

.

exchanged

new
.
Holding and operating co.—Pri¬
mary
operations
at
mines
and
smelters
near
Sudbury,
Ontario

4.4

22%

(John)

Wood

Shares

Canada, Ltd.

4.1

1.00
A';;

to

Ltd.

share for share

selecting suitable investments through which to

Members

/
-a/

<

11

—

Ltd.—

Name

4.1

19

Gold

'

Morgan &

2.8

A

also small
insurance business

gen'l

capacity

Holding

a-'A^-A-. :A'a.

—

brand

1.40

'A

bronze and aluminum powders

,,

Western

50 %,

-

A

International Bronze Powders

7.2

22
-a

26
"Axmin-

——

name

all

1.7

full

International Utilities Corp.-

in

»

'

Acceptance Corp.,

Operates

1.5

2.21

.a.

rugs

154

.

Interior Breweries Ltd. "B".

2.4

57

2.60
A A:""

en-A

——

:
■

,

.

87

new
acceptances;

loans

0.7

4.25

4,7

be of valuable assistance to those interested

the industrial development of

investors

0.10

34

;

—..—.

Purchases

//:;./■'

a 'A;

1.60

'AA■

1960

OPPORTUNITIES IN CANADA
Our facilities

3.1

bined

24

21

Tobacco, cigars and cigarettes

;,;;v

5.45 b790

..'"A,

Paints

ada, Ltd. "Ord."—
Industrial

4.05

Aa

'a

Glaze

■"•.■'•A

a branch office at 100 Jefferson
management of

HONTSVILLF., Ala.—Trulock & Street under the
Company Incorporated has. opened; Hale E. Cullom. '

in

213

1.9

4
a

a
a.

.'.aa.'a.■

f Adjusted for stock dividends, splits,
aa..
■

b Bid.

stores

Has

a

-

3.1

Industries

producer

wholesale

quired Henry

Canada
♦

gold

f 1.0875 58%

Imperial Tobacco Co. of Can-

:A

Operates chain of department and

-aa

5.3

^

of

5.5

International Metal Industries

Hudson's Bay Co

•

0.125

62

———

0.5

35%

^

Eastern

in

energy

fl.90

-.

variety
etc.

Ontario

b46

a a"a^a'

a aa

:-..

a

-a'A':

aoa:A,---

—

Hollinger Consolidated
Mines, Ltd.

.*

16

——

Gatineau Power Co
:.

Wide

;.A

1.20

>

Ottawa

15

-

subsidiaries
comprises
integrated oil enterprises

V

and

Hinde and Dauch Ltd

4.4

a.1 .a,.;

18

yarns

Freiman, Ltd.

Owns

r

and

paper

synthetic

11%

aA: A A'-'A;

contractors

Eraser Companies, Ltd.
Wide

0.50

54 %

/

With

A

f0.5667 18%

automotive parts

of

^

,

——L———

Ltd.,

—

seamless

in

3.00

1961

—

l>y Canadian Imperial

Imperial Oil Ltd.

3.3
A

'

business

"Wilton"

variety

54
a a

A

lignite

Hayes Steel Products Ltd.—

manufacturer

Automotive

and

A

~

Harding Carpets Ltd

'•••:a/aA'aAaA
Co.

19614

Commerce.

range of life,
dowment and term policies

a--/'a-a-' avA^a'a'a-'aaa'a

products

textile

of

on

mortgage

Comprehensive

producer

variety

first

on

of Canada

a'

a a

aaaA'aa

Hamilton Cotton Co., Ltd.

5.5

t

:

•'7:/'-

of

per year

fiduciary

27

Varnishes, lacquers, enamels,
paints, etc.

6.7a

;

a a' a;'v "a- aaa'^.a

a'

un-

accident

wire

Based

products

Imperial Life Assurance Co.
7%>

a

a,

of

gold

Ltd.
a

1.80

Ontario

Mines, Ltd.

Ontario

Common
'

:

variety

Hallnor

subsidiaries
drugs,
cos-

etc.

Motor

Ford

28%

*1.00

34

Finlayson Enterprises Ltd. "B"
Distributes

Wide

3.7

Aa A

A

A'

Guaranty Trust Co. of Can..

Shops,

Bank

A,,., -a

0.50 V.

18

gen-

Greening (B.) Wire Co., Ltd.

chain
of
agencies

candy

large

8.8

162

av>

■

Co., Ltd. "B"

life,

range of
health
policies

1961

—Canadian $ §

.

Operates 328 branches throughout
":Cauada 'A'.--:
:
■;

1

>

• a

a;A-a

dis-

&

of

Succeeded

9.0
/ /

a

Ltd.

a;

.

.

Wide

17

A" Av

j.

■■

newsprint and
sulphite paper
distributor

money

Imperial Flo

———

commercial

bl6V2

6.00

—37
which

throughout

Quota-

and operates deposit and.
debenture
accounts;
l
v

.

35

Great-West Life Assur. ,Co.—

Canada

in

Fanny Farmer Candy
Inc.—
Operates

1.50

27

operator

Largest

furniture

Wholesale

,

Canadian

„

'-a:

bleached

Nickel, copper, cobalt; subsidiary
produces steel castings
•
'A-A'Aa'-a7''7''' AaAa

Famous Players

'a

& zinc

.

New97

0.5

Lends

,

.

Great West Coal
29

—

■

Manufactures

"

Mines,

10%

.

Great Lakes Paper Co.;; Ltd.,: 15

a

endowment

policies

Falconbridge

/. 62

a

1.50
.

erar stationery & business forms
and distributes office supplies &

,■

*

of Canada -A-—---——> 23 a./; 0.90

v

copper

-% Yield

t

secutive. 12 Mos/to ■ tion - Paymts. to
Dec. 31; A Dec 31/ Dee; 31. ' a

Years Cash
Divs. Paid

Hudson Bay Mining &
r
Smelting Co. Ltd.

3.5

.)

products and allied"
.a:: a; a
a•■aa.a 'AaA;

Manufactures

a

Equitable Life Insurance Co.

A■'

29

rubber

Stores

subsidiaries

-

Approx.

,

security

textile

goods

0.6

aA'a/^AA-A A'/"

-

0.05

Ca-

A-.,-,

Grand & Toy Ltd.
*

Empire, Life Insurance

'■■■"■

;

J

Manages

a-AAA-v Aaaa
::-A a aaa■' a.a :;- a A''

aaa: :; 'aaAa.a

synthetic

"B"

,

3.0

43

and

products
•
' /
Gordon Mackay

: a

A„

*-

Extras for

Imperial Bank of Canada.—_

4

Natural

4.4

a 1 a.
a.';. ■ a
:
;
a;- a.A
" ;
-isj in lumber business and manu•
^
f
•
facturer of vending machines a' a.v'y
a:; '* a-a7-'-aa-—-'

Manufactures.and sells wood and
,.book matches and through subs.

4

.

>'•,

—

Eddy Match Co. Ltd. ——I-. 24
"

21

Goodyear Tire & Rubber Co.
of Canada, Ltd.
'

3.7

"

>

' t •

————

—-

grain elevators.
3,000,000 bushels
-A'

Operates

Cash Divs.
Inchidmg

,

n.

.

Manitoba

a'--

Transit Co. Ltd.—

A; >

'

.

No. Con-

Goderich Elevator and

5.5

:

-

'

Huron & Erie Mortgage Corp.

'

etc.

A
,

■

,

utensils; hotel, restauand
hospital equipment;

refrigerators,

11

■

A'-,-":"

•

■"

on

1961

—

11%

Household

■

0.60

inde-

largest

Canada's

General Steel Wares Ltd.—-

23%

*

22

'■, '

■

■

.

flour

cream

:

.

0.90

of-

rants,

-—

and

2

—Canadian $ §

..

mill

A.A-

,

Industries Ltd.

TOwns
mills,
also

Quebec

1961

16

paper

a

31,

19614

a

0.40

11

Based

tion
Paymts. to
Dec. 31/h Dec. 31,

.

r—Canadian $ §

■'

■

Quota-

pendent bakery operations. Makes
bread,
cakes,
biscuits and con¬
fectionery

"■

Years Cash

Years Cash Dec. 31,
Divs. Paid, 1961

.

'
'

One

tion

Dec. 31,

12 Mos. to

secutive

;

,.

.

,

12Mos. to

General Bakeries Ltd.—

r

„

,r

Extras for

secutive

Approx.% Yield

s

Approx.
% Yield

Including

^

,

.

a

A

„•

.

.

25

Mines, Plants and Head Office —Steep Rock Lake, Ontario, Canada

26

26

The Commercial

(1506)

Cash Divs.
Including'

■

,

•

Orderly Advance—Pattern of
Canadian Economy This Year

-

25

Approx.
% Yield

Cash Divs.

'.

,

Including

Based on

secutive

12 Mos. to

tion

Paymts. to.

Dec/31.

Dec. 31,
1961 ♦

Divs. Paid

1961

'

■

Extras for

Quota-

Based on

12 Mos. to

tion

Paymts. to

•

•

Ontario gold producer

:

..

»

(John) Ltd., new„„. "17
business

brewing

r'

.

producer

Quebec gold

5.6

.3.60

Owns
•

^5.3 0

bl5

'

Can-

Grain

'/

'
*

"r

!

t

,

.

Secord

4.6

-

Ltd.,

Quebec—133

stores

'

*

.

35

,

xQt*
-

.

•

,

/ '

,

■

24

0.06

1.55

16

0.20

b7%

3.2

1

In

trade

,

■

I

See

.

grain

markets

12%

0.40

23
New

northern

York,

•<

.,

'

dealings

3.3

St.

Lawrence

Power

1.10

11

-

Milton

3.4

b32

Chocolate

Ltd-

Makes

first

•

^

products

Macassa Mines, Ltd.

•

,

v (

Ontario gold producer,

company

3.1

Co. UB"

? ;"

20

—

♦ Quotations

3.6

.

of Dec. 31, 1961.

^/- v/v^/:,V,../.v..■:/

v

•'

-

&

supply*

-

v ;

-

.

in- province
^

-

-

Works,

"v

•

-

-

.//■/'

12

—

v

"

:

play

/*

'

5,

^

,

;

5.3

•

.

0.3125
*

Railway

"
:

-•

•

;

ties

trust

"

.

Neon

■

*

arise

in

'

:

.

Dividend

paid
•

,

Canadian Information

:

of Wall Street and Broadway, you will find

;

The

have

debentures

Y;YYz;',Y;

;cnees^ lce cream, butter, a variety

V

Canada's First Bank, an organization which
Through this Agency, a $3-billion

Canada stands
invited to call—or write.

organization with 850 branches across
ready to serve you. You are

will

Montreal

(?4Hax(ct'<* 'pfrltt %<tn6 (falit-t*-C<MAt

sale

of

Shearson, Hammill

X

HILLS, Calif.— James; .'
has joined the" staff of •
Shearson; Hammill & Co., 9608.
H. ;Bley

.

.

.

for-Dempsqyi'Kgeler. &:Y

merlyY with

^-v-Y^y-:/.!

Co ./Inc.-; Y'

Y

was

-

B.yCy Morton Names

be

added

to

I

m &

the

funds of the

C,

B.

.

Morton

sales

been

Organization's

force

named

'

r.:

since

resident

1957,

'V

KVl"wMt>IT<

|

Company Limited
Member

of Canada

general

including

in-I

vestment in plant and equipment,

Board

•

of Trade

141

West Jackson

growth

tirement

SAN FRANCISCO: 333 California St.

Building,

receivables

and

Headquarters: Halifax, Toronto, Winnipeg, Calgary, Vancouvtf

CHICAGO:

CANADIAN GOVERNMENT AND CORPORATE SECURITIES

5




,

resulting

the

from '

business,

short-term

an

220

re¬

indebted-

and maintenance, of

ness,

.

CANADA, UNITED STATES, GREAT BRITAIN AND EUROPE

of

of

ade^

'

129 St. James Street

Bay Street,

•

Toronto, Ontario.

Montreal, Quebec.

Telephone 362-7661

..A,-

Victor 4-4451

BJvd.

quate

■SO MARCHES IN

pi'

De-?h
has;

Vice-Presi-

•

The Investment Dealers' Association

corporation

available for

corporate purposes

BRANCHES IN ALL TEN PROVINCES

NEW YORK: Two Wall St.

>

John F! Gregory, a member of the-

.

the
District

/

BEVERLY

carrying of increased inventories ;
.

.

(Special to The Financial Chronicle)

,

the

the

from

and will be

of

:

-

Proceeds

general

Bank:

With

f...

V"

.

debentures

T03mu0H cmouss

?i:i13

•em-

.

beginning March 15, 1962.. They ;
/_ 'Will be redeemable at 100%. on or
after March 15,
1987. - However,
they may not be refunded at an ,
■>, interest cost of less than 4.36%
Y prior to March 15, 1967.
YYY .V;

is the address of the New York

helping U. S. businessmen operate north of the

V border for 100 years.

0.60

4 z

.

a

Y., bentures will be redeemable. ;ior';
>
sinking fund purposes initially at, >
100.20%, and at the option of the?
corporation at prices ranging from*
104%% in the 12-months period ;

■

headquarters for information on Canadian business oppor¬

has been

.9

.

butter'h variWv' troit

,

-'

/

:

"engaged principally in, Santa Monica Blvd. .JSe

,

r

..•

"•

Agency of

110

$1,550,000 nor more than $3,100,000
principal amount." The ' de- 1

Headquarters for

Y

2.10

;'■■'/:■/■ v.>•■■!;..•/■/■;'

Exchange Rate. • • V:
in U. S. Currency.
/V
'/; /,. ■, •. :
- .•>.-/' •
Y;;■ - ■' •>.

foreign
markets
have increased
-V;

p

:,Y

sinking igrocery products, certain
*>
fund providing for the retirement .chemical products and glass con- dent in charge of the firm's Man¬
•Y\ on March 15 of each year begin- |tairiersv"- "
y • t
' • -/y .• " hattan pfffceriQ. East; 42nd S.tree|?
ning in 1971 of not less than ?

Two Wall Street

tunities. Two Wall Street

;./'i-Y-/-■ v*.v

3l,-1961 sale prices 6r the last sale' price
Bid and ask .quotations are as.of Dec. 31, 1961.

-purchase/ manufaeture,: pro-i

:rhe

25^"-26%-^'2.0

Canadian

f;r The corporation of 260 Madison
- Ave,,
New -York, and its subsidiare

20

«

represent Dec.

current

substantially during the past five

KCaries

9.60

•-63

advertising signs

/Y yearsv

4.9

YY/-'YY'-'Y,.;-...r/', •;V;*'.v".;/,Y-'':.

also

where- operations

plus/accrued. interest

20 Y;

'.//:-^

business,

prior to that date.
§ Add

-

deposits

.♦ Quotations
•

161/4

,

■;/'/J

automobile. chassis,

cars,

!slfi6d lin?s of dairy . and other ;
Hood products.; Product lines in15,/1992, ) elude-.' fluid
milk
add /..cream,-

March

' /

,,

Neon Products of Canada Ltd.- 32

1

v

0.80Y

21

chemical- &

wholesaler

s-:'1'---

accepts

2.1

'* ^

Y''; Y Y':

v/

•

..

National Trust Co., Ltd

J: // ' v*

-

.

|bl5
*

grocery

;etc.

6.5

and-d^eh^-

-from March 15, 1962. Y
•

At the corner

>

rice

■ ..•• ••

Drug and Chemical
Ltd...

of
drugs,
general merchandise

General

I

/

•

of Canada,

Ontario

,

.

;

distributes

'

of t $35,000,OOO r: National- Dairy
Products Corp. 4%% sinking fund

y

Y

Rice Mills.."
and

.

National Grocers Co., Ltd

-

"

v

4

m

100%

:

dis¬

advertising
etc.

YS

at

Page 28 Y

management

National Steel Car Corp., Ltdn

>

.,

house .for* many
'
'C
Quebec :."/ " //■ / ;/""'' Y

.debentures idue

on

estate

Wholesaler

8.0

24%

'•■'•:/

27

Manufactures

-

»,

•

real

forms,

■; products.

" <
1

trustee,
&

products,

National

14% Y

1.60

.

Business

.

'/

;

&

securities

Co.

'

15

& Co., Ltd.--

Consecutive

Refrigerating &

Mount Royal

"

-

'

•

'and Y
-

Paid

Moore Corp. Ltd.

5.3 Y

2.50

0.75

>

•
'•'

papers

Have

Second Table Starting

.

of

•

^/;v;

':;,

0.20

13

financing

Which

Dividends From 5 to 10 Years Appear in the ;;; t

*

Executor

J -

: -

•

■

Goldman, Sachs, & Co.

y

yi:;-

Operates general and cold storage
warehouse In Montreal' r.

;
,--./■//;

"Y' Y

.

i ■ .v. • ••»

\

l.oOj:

Montreal Trust Co.

Y2.2

■

Y 3.75

Debs.OlTerecH

ii i m i»i ■

.

Storage Ltd. "B"

: t

•

0.20

National Dairy
Products Corp.

illl^^Mtt'»v»

" i.:

•Y'-" -■*'fY-

J:

production

b Bid.

•

*,,!■'i-M

>y. ^

-

-

i.-Y-

Montreal

b Bid.

:

j.43%

2.50 bl05
branches

48

Locomotive

; ;

♦ Quotations represent Dec. 31,' 1961 sale prices or the last sale price; -'
prior to that date. Bid and ask quotations are as of Dec, 31, 1961;//,;- § Add current Canadian Exchange Rate.
Y
y;-Y;YY'yY/.C<'
t Adjusted for stock dividends, splits, distributions, etc.
'
'

/-:Y.CY:- Y

.

;•

-

i

45%
.;;

*

specialty

Newsprint,

^
1.00 -

;
..

industries in Eastern

splits, distributions, etc."

t Adjusted for stock dividends,

5.6'Y;g;

:

,

*

-

-

.;

r—

General

1961 sale prices or the last sale price

represent Dec. 31,

^.:/;•.;

«

Mitchell (J. S.)

YYY/YYY

prior to that date. Bid and ask quotations are as
§ Add current Canadian Exchange Rate,

■//. b Bid.

27%

1.00/

\Yl.80

brick

face

other timber products

Holding company—newsprint, lum¬
bering and power Interest

Y

'

.16 Y

Co.

MacLaren Power & Paper

Y;

/v

Minnesota and Ontario Paper

3.50

0.11

13

—

-

Co., Ltd

quality

exploration

Holding,

'•

2.00;

•

t

<•

Canada

Western

Brick

1.00 'Y; 31

of

number

owns

Y Listed Companies

»/

I

(

<!

Mining Corp. of Canada, Ltd.

3.6

28

1.00

26

confection

other

and

*«"

•

ft Y i/S-Y

'

-

grain and operates line

in

17 .v

14 7;

Ltd.l^_

/

Grain

Pacific

Quebec electric "utility

"Walter M. Lowney Co.,

'

■

Corp., Ltd., new-—-'—
in

_

-related

,

45
&

8%

.

;■

.

•

Midland

0.25

•

-

',' < Y •'>
1.40.; 37% Y 3.8
.
■'[
\

-

Co.*

Oil

Texaco Canada Limited ,
production, refining and dis-

Dealers

Co.

15 Y

-

elevators

Lower

**•

0.10

-

'

Mclntyre Porcupine Mines,

and Ohio

Pennsylvania

•

,

^

:;V/ Ontario gold producer

-

'

Y ■; Ltd.;

Y

-

+

food

"self-service"

224
In

1,2

y

h''• ~f'

r.

;•

.

y'

Ltd.

Inc.

Operates

f0.1344 107/s

30

Loblaw Cos. Ltd. "B," new—
Operates chain of 229 "self-serv¬
ice" grocery stores in Ontario

v

.

.

tribution

Loblaw,

// ,'

,

V Y"

"-V:
-'/r,

tooth

other

./' Diesel-electric locomotives and

0.90 "' 21% ^A.l

r

*.

•14

for

and

houses

Quebec.

Montreal
•

.

r.

machines, •-/^
and
food
Y.
' "
•
*

Ltd.
.

Oil

•»-

'

-12-

McColl-Frontenac

•

23

'

,

General

^

-'.'.//•

.

10%

-

mowers

'choppers ;5

*

3.9 :
/

-<■

-

22 Y

McCabe Grain Co., Ltd., com.

——

hardware

'•

and

Operates

—

washing

lawn

dryers,

0.30

ings Bank
of

>;.■'';//:s Y-.'/Y-Y\-v;/'- '/■,%
Ltd
16
Y 0.40; v 12% V,3.1 Y • Y

•

machinery

Manufactures

I
-/

<'?

„

Ontario gold producer

Canada

and-

.

Montreal City & District Sav-

Y 3.0
''

...

system
through sub-

31,

1961

,

—

other

Brewery, Ltd. "B"_

apartment

4

■

-

v

16 Y f0.4643 15%

J

Maxweli Ltd,

Leitch Gold Mines Ltd.—

Eastern

and

...

b31

1*00

4.8

containers

Monarch investments

v; /" Y.S;:-

1

tube

Operates

31

1.50;

'

...r

-Y

1961 ♦

Montreal brewer

6.8 '

v.-.r.'"-"iy-'1

Complete line of farm implements

3.9

,

13

Wholesale

Scotia

sidiaries in- P.E.I.

18

0.70

■.

.

Y2.22

0.15

milling;

,

etc.\

Dec.

Dec. 31,

products

Molson's

;

16

telephone

Massey-Ferguson,

Lawson and Jones Ltd. "B'-—
Engaged in
printing
and "11 tbo-„
graphing,
manufactures
labels,
folding cartons and calendars, etc.

Lewis Bros., Ltd

flour

largest

in- Nova
• t

new...—
—
—••»«
candy chain jln Ontario.&

Hetall

.j .•/»■..

Y Telephone Co. Ltd.
Operates

Shops,

Candy

.

yV Y;

Ltd.,new__

bakeries,

of

31/

Ltd.

and

shaving cream
semi-liquid products

v".

Maritime Telegraph &

'

,

also issue ..deben»
and accepts deposits, s
*
•

Laura

■

name

handling;

Co.,

nickel

paste,

.

operates Toronto sports- ■:

same

operation

Company

tures

of

v'YY;

•

-

s

.

and

arena

Maple Leaf Mills,

'

—--r...^118i3-1.50-:5 32% '

-

y

X

•

bronze,

Modern Containers Ltd. "A"_

Maple Leaf Gardens, Ltd., new

0.20

.-

YY;.

22
y

Dec.

/ 1961

14

Brass,

Makes

Dntario gold/producer

h2.8

15%

(Robert)

"A"
'

t

metal

r

T_

Paymts. to

.

business;

'.j

,tion

—Canadian $ §

Ltd.

lumber

12 Mos. to

Divs. Paid

'

Madsen Red Lake Gold Mines

.

Y'V

Lambton Loan & Investment:
mortgage company in

Co.

Based op

•

1959,. of
Ltd. and

Bloedel

&

River

integrated

Ltd.

f0.44

-

-

8.7

4>

Manufacturers,
wholesalers
and
of footwear goods
* 1
;

Oldest

'Fully

result of

formed as a
December,

MacMillan
•Powell

.

11-Y 0.80

retailers

ada,

Dec. 31/;
1961

...

—

9.20

/

1

(

,

Lambert, Alfred,. Inc. "B'Lw--

Co.

"

.

23

Lamaque Gold Mines Ltd.
.

0.80

22

—

General

in

large exporter

Ltd.

Labatt

—Canadian $ §

f <•

Mines

Gold

Kerr-Addison

1961

Divs. Paid

■

Dec. 3^
1961 ♦

Dec. 31,

Years Cash

.

,..

Company
merger

Quofa-

Years Cash

1961
.

-18%;'- 3.0

0.75

.Extras for

secutive

Dec. 31,

—

% Yield

Wo. Con¬

Mitchell

MacMillan, Bloedel &
Powell River Ltd.._r—21;

Wo. Con-

..

-

—Canadian $ §

.

Approx.

Including

Quota-

Years Cash

•

secutive

VJ/

:

Cash Divs.

Extras for

>

'

Thursday, March 29, 1962

...

Approx.
% Yield

.

No. Con«

.

Continued from page

and Financial Chronicle

RESOURCES OYER S3 BILLION

;

-,.

The

working

sale

of

the

capital
.

position!.

AFFILIATED WITH ANNETT PARTNERS LIMITED

debentures; also

will help provide funds
ditional investment

as

for

I

ad¬

opportuni-

;

7

Member Toronto Stock

Exchange

West,

Volume

195

Number

-

6146

.

.

.

tfhe

Commercial and Financial Chronicle

(1507)

Cash Divs.

Orderly Advance—Pattern of
Canadian Economy This Year
Cash Divs.

secutive

Based

Quota-

12 Mos. to

Divs. Paid

tion

31,

1961

Dec.

1961 ♦

1961

utility

tons

wire mesh, cloth,
weaving machinery, etc.

0.60

bl4%

4.2

Noranda

13

2.10

b71

in

3.0

Quebec

27

0.80

5.9

13%

.

Northern
•i.

f

i

32-

2.10

centres

?

*

telephone

59%

in

3.05

0.27

>
Quebec;
Dec.
1957, had. 48,817 telephones in

Northland

Utilities

Distributes
to

Scotia

Co.

51

o.i85

.

1.8

ioy4

__.__j.___

Placer

of

0.20

Light

&

fax

and

■f.

3.1.

16

*

1.80

Mills

-

Owns

•

distance

22*

'

feeds,

and

cereals

local and

operates

systemr At

phone

has

phones

22,421

2.7

;

ptility interests in Hali¬
vicinity in Nova Scotia

and

report

0.60

59

2.25

55

13

0.60

13%

v

,A "

y

.«

4.1

■'

v- ;

0.70

Accepts
tures;

/ 0.80

29

0.75

Steel

Products

:

y,

25

bumpers

Pacific Atlantic

Canadian

Investment

1.40

22%

6.2

.

■>'

and ' "

2.00 .5

? r,j

'

f

trust

■■■'<

i' '

of
■

Management

':

b2.75

0.15

5.5

'iV-"

Haven Clock

extensive

;

541/2

its

announced the formation of Haven

Securities, Inc., with offices at 192
Lexington Ave., New York City,
an underwriting firm
believed to
be the first of its kind established

subsidiary by a large, listed
-wit h
manufacturing
operations.
/
/
y>; Initial objective of Haven Secu¬
a

company

.

rities "is to participate in as many

underwritings

possible,

as

both
on

its

own," according ot Irving Jacobs,

47

48%

3.0

1.60

Co.

&

i

36

•

11%

♦

retail

1H

and

22%

4.4

25

0.45

10%

4.3

26

1.00

14

7.1

55

0.80

26%

3.0

20

1.00

31%

3.2

34

1.20

32

3.8

22

0.175

14

1.25

21

6.0

15

0.60

13%

4.4

16

0.775

28 7/8

2.7

12

0.05

1.98

2.5

24

0.40

17%

2.3

switches,

:

.

.

,

...

and

wool

j

varnishes,

enamels,

etc.

-

gold

(Quebec) Ltd._

of

New

Silknit Ltd.

i__

Lingerie,
swim
rayon products

suits

and

interests

in;, real estate

construction :

Mr.' Jacobs

a n

said

"A"

'

-Full

0.90

9.80

9.2

0.15

11

0.45 ^

2.8

16

of

dairy products

*

Owns

and operates through
dept. stores in Canada

1.4

;

■

subs

Siscoe Mines Ltd
;

11

line

Simpson's Ltd.
.

,

clothing

Quebec

,oper-

„

Holding

'«

'

with

Co.

interest in

var-

ious mines located in Ontario and
Quebec

Slater Industries Ltd

in'"

stores

C *

•„/,

♦

the last sale price

or

has been named chairman' of

d

Ha¬

1961.

Quotations represent Dec. 31, 1961 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.

.§ Add current

Canadian'Exchange Rate.

-

'■

Continued

,

the

board of the

underwriting subsidiary. Mr. Feigen said that even¬
tually, "Haven Securities" scope
of operations will be broadened

Securities, a wholly- owned
subsidiary with headquarters in

New

-

,

a

.

Mri

Jacobs

said

that

Robert

S.

tin, President/ and Mr.
Secretary-Treasurer.1

director of New Haven
Watch, has been named
executive vice-president of Haven
Securities and will be responsible
for its operation.
Mr. Feigen, an
attorney dealing substantially in
corporate affairs, will be assisted
Feigen,
Clock

a

-

{ :

-

Sr business

and

individuals have increased their

/

.

investment

„

-

ip Canada-

$12.2 billion to

Jacobs,
: ;v:

U;

1945

:

by

over

total of $17.2

a

.billion. Over $6.0 billion of the.

■

&

Distributors

total represents

Troy & Nichols Formed

Canadian

MONROE, La. -L Troy & Nichols,
Jnc; has been formed with offices
113

.at
in

a

Jackson

securities

bonds

holdings of

and

and the balance is in direct

Officers

-

in

investments

plant

and

Richard

equipment.

:

"

;
'

"
.

*

r

>

i-

•»

►

•

^

'We

offer

ment

Treasury Bills

Now Robt. Kahrhoff Co.

an

of

LOUIS, Mo.—The firm

William

name

extensive

invest¬

changed to

orders

all

in

Canadian

including latest

tations and

B. Milius and Co., .721

Olive Street, has been

Paper

service

securities

y
ST.

American funds.

in

quo¬

prompt execution of
Our

Robert E. Kahrhoff & Co.

Canadian affiliate maintains of-v

Wescap Corp.
,

EQUITABLE SECURITIES CANADA LIMITED

•

fices in
and

Calif.—Wescap
Corporation is engaging in a se-

.

curities

business

from

offices

Olympic Blvd. Officers
are John L. Malloy, Jr.,
President;
Clement J. Ammann, Vice-Presi¬
dent and Treasurer, and Britton

Member of The Toronto Stock Exchange

D.

Head Office

Yonge Street, Toronto, Canada
HAMILTON

coast-to-coast wire service.

WC. Pitfield & Co., Inc.
30 Broad

Street, New York 4, New York

HA 2-9251

McConnell, Secretary.

NY

1-1979

An affiliate of

,

W. C. Pitfield &

Cole & Co. Opens

KITCHENER

17 offices

CHICAGO,' HI.—Arthur A. Cole is

Subsidiary: Equisec Canada Inc.

-

engaging in
from- offices

private wire with Goldman, Sachs & Co., New York




a

at

8827 West

EQUITABLE BROKERS LIMITED

leading Canadian cities

(Special to The Financial Chronicle)

BEVERLY HILLS,

The Investment Dealers' Association of Canada

;

-

securities

Street, to engage
business.

Harry
Boyd, ; and
William UT.
Hance, Vice-Presidents; arid M. E.
Brownlee, Secretary.
-

Dealers

Prime Acceptance and Commercial

Direct

3.4

other

by Hartley Lord, executive vice--. *
president and also a- director of
New Haven Clock
Watch, who

Corporate Bonds and Shares

U. S.

5.15

producer

Silverwood Dairies, Ltd.

Ltd._-

-

•

Quotations represent Dec. 31, 1961 sale prices

Watch, which has

Provincial and Municipal Debentures

MONTREAL

'

wipers, etc.

Sigma Mines

:

prior to that date. Bid and ask quotations are as of Dec. 31,
§ Add current Canadian Exchange Rate, v
V
^

■■■

&

development,electronics.

Government of Canada Bonds

60

'

1.00

-

Member of

5-2
I

.

Sicks' Breweries Ltd.
"Beer, ale, stout and carbonated

2.1

products

(Canada)

0.60

3.0

products

cotton

•

.A

•

M

4.4

M.'Troy, President;
Lydia O..Nichols, Ralph F. Troy,
•

•

83%

tool

Canada, Ltd.

>

11

Ltd—' 13

of milk

2.50

26

machine

allied

new

beverages

1.10": 51 y4

11
to

t

93

..

and

Manufactures

•

17

variety

—

meters, motors,
*:
i '\

etc-

Paints,

•

telephone

are

Underwriters

.

Sherwin-Williams Co. of

3.7

York, will not limit itself to
particular industry or to specific and its staff augmented.
/
As a wholly-owned subsidiary, •
types of companies,
but -"will
be willing to underwrite anything Haven Securities will operate in- "
and
everything,
providing, - of depepdently of the parent .comcourse, that its studies..of a com¬ papy. In addition to Mr. Feigen
and Mr. Lord, other officers
pany prior to an underwriting are
of •
favorable."
;
: y
;
;* Haven Securities are Philip Gus-

further

diversification, New Haven Clock
& Watch Co., of New York/ has

with established houses and

1.4
'

•

.

Shawinigan Water and Power

2.2

2.00

.

In

as

-

Produces gold, silver, copper, zinc,
and pyrites in Quebec,'

Ontario

the- board

chairman 'of

y/S

to

■'

''

61

Underwriting Co.
move

10%

hi

11

'

3.3

6iy2

ven

unique

0.15

12

Lawrence Corporation

1

'

1.45

18
•

towns

Reitman's

;

''' yy*;

Clock Forms
a

5.3

Quebec electric utility

•

Through holdings of 3 subs.

v;////;i'-

New Haven

15

.

>•'*

§ Add current Canadian Exchange Rate.
.

0.80

throughout

Electric

2.7
<

,

c-

„

•

360 /

8.00

-

—11

Wide

Quotations represent Dec. 31, 1961 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.

b Bid.

j

'•

Telephone..
300

ates

♦

'

;

-

utility

-

■

/

20

v

Investment

type•

45

Co.,. Ltd—

Quinte Milk Prod.,

Ltd..

Co.

•!

Canada

public

branches

waste, cotton,

—

Ltd.
24

springs,
plastic products

"B"

Sangamo Co., Ltd.
28
-'r

J

Quemont Mining Corporation

Co.,

1.8

"

Ltd.

Scythes & Co. Ltd

services
villages in
counties of Eastern Quebec

r

11

store

-

Newsprint

r

-

company—

Power Co.

Provides

some

3.2

—

0.20

-

company

Quebec

Ltd.
Automotive

5.5

i4y2

company

eastern

Quebec
38

to

1961

14

Ltd.
28

■

deposits and sells deben¬
invests in first mortgages

Ontario

in

969

interests

trust company trustee,

as

Operating

1.20

1961 ♦

on

31,

world

Holding

Electro-

&

use.

91

variety

products

<

2.3

*

Brothers &

Quebec

long

30

St.

■■

cies

4.4

1961

Dec.

merchandis¬

&

■ •

Operates

Operates. 173 branches & 185 agen-

.

i

/

Dec. 31,

bolts

Royal Bank of Canada

5.1

"•

.

Newsprint and related products

latest

in

retail

goods

Paper Co.,

";

Provincial Bank of Canada—

Ontario Loan and Debenture

a

Operates

Price

'*

31,

20

Russell Industries Ltd.

etc.

32

flour,

35

the

20

Premier Trust Co—

Power

and

screws

and

dry

related

55

Development, Ltd.

engineering

gas

Okanagan Telephone Co._
f,

0.50

Dec.

High-grade bond writing paper &

,7.5

knitted

Power Corp. of Canada, LtdA utility
holding management and

Can.

Ogilvie Flour Mills Co., Ltd.V*'1

2.65

jewelry and associated

gold interests

10

Western

Manufac¬

lines

project.,

;

Investment—holding

31,"
use

of

Rolland

engravings, electrotypes,
commercial photography, etc.

I

;

and

power

in

ing

3.6

24y8

T

_.

36

Ltd

'Diverse

•

cities

*

•

Photo

.

Nova
•

electric

several

Ltd.

of

range

Wholesale

0.90

*

v

L.)
turing Co., Ltd.

4.5

'

silk

and

Engravers
typers Ltd.

8.9

and

Northwestern

'

16

Ltd.____

Ontario

b83

(P,

Robinson Little & Co.^ Ltd—
36

i

cotton

merchandise

producer

system

Northern

Ltd,

3.5

Paymts.

Colombia, S. A.

Retailer

1

tion

—Canadian $ §

Robertson

„

23

Photo

zinc

Telephone

Operates

!

and

3.75

Gold '

dredging

12 Mos. to

Years Cash
Divs. Paid

People's Credit Jewellers
(

/■

^

and tubing

gold

a

Woolen,

Mining Corp., Ltd.

copper

31,

1961

goods

Copper and gold producer

Normetal

Dec.

Wide

Ltd.

Penmans Ltd.

.

wire

Mines, Ltd.,

'

Consolidated

Operates

—

-

;

1961 ♦

West-

year

Based

secutive

cold

and

New

at

Tubes, Ltd.____

Industrial pipe

,

Co.,

r

per

Dredging

____

Makes
r;

cargo

Pa'to

.

Weaving

facilities

warehouse

Quota-

'1

18

____

Page-Hersey

53

Newfoundland Light & Pow.
Co., Ltd.
public

Dec. 31,

<

% Yield

Extras for

Paymts. to

minster, B. C.' Capacity—1,500,000

—

-'i,

telephone system in,

Operating

31,

1961

Approx.

Including
No. Con¬

i

__

terminal

-storage

New Brunswick

Niagara Wire
Ltd., new

Divs. Paid

tion

,

on

'

-

Operates

Ltd.

Owrls

31,
k

<*

Dec.

i

Co.

Paymts. to

Dec. 31,

—Canadian $ §

New Brunswick Telephone
Co. Ltd.

12 Mos. to

Based

Pacific Coast Terminals

on

""

Dec.

secutive

Quota-

—Canadian $§—

% Yield

-

Extras for

Years Cash

Extras for

Years Cash

Cash Divs.

% Yield

No. Con¬

Y:.

;

Approx.

Including

-

.

Approx.

<

Including
No. Con¬

,

27

a

&t

securities business
176

West

Street,., under the firm
Cole & Company.;

Adams

name

"I

of

across

Company Limited
Canada

and

a

direct

private wire system covering ail Cana¬

I

dian Markets

-

•

•

.....

.

on

page

28

The Commercial and, Financial Chronicle

28

Cash Divs.
Including

.......

•v'

Orderly Advance—Pattern of
Canadian Economy This Year

■

•

v,

'

,

Including

A

v

secutive

12 Mos. to

Years Cash

Dec. 31,
1961 -

companies; also metal
and forglngs
:
Succeeded by Slater

;

VA'-

;v;A:A*A'VA AVA-'

United

Industries

Ltd.

2.5

three
*

•

'

.

A

„

.

=

Ontario

0.8

2.50 b315

43

Biscuits

5.7

14

0.80

14

-

General paving contractor

and

owns

short

and

1

•

and

"B"-__„

small

retail

business

•• *•'-

5.7

bl4

0.80

24

&

un¬

--r:

■■

• ■

v

2.7

14%

f0.40

27

'

'"v.v-y' •*'

'■ •

W

i-

<•

. .

78%

2.40

46

' V

■

3.1

business.

Stuart (D. A.) Oil Co.,
friction

extreme

Makes

related

lubricants

5.2

v-

'

Ontario and Quebec

four

,

1.7

3.00

Wide

#■

_

' •-

5.®

Oil

—

—

*

•

0.10

36

*

.

L6Q

^.

«

i

.

General

Investment
ment

trust

of

the

7%

0.2©

104

73%

2.00

Traders

544

Finance

Corp.,

Ltd.
1-'

"B"
installment

Purchases

ligations

:

Operates
stores

I

"{

t Adjusted

for stock dividends, splits,

Opens Canton Branch
CANTON, Ohio—Hayden, Miller
Co., Cleveland investment secu¬

&

into the

Over-the-Counter

Canton, Ohio, area by continuing

years

the business of Cobbey, Shively &

owned

Co.,

Canton,

as

a

branch office.

firm

fund

securities

shares.

,

;

/,

,

0.20

-

"

,

and

•

*

in

managed

investment

Canton.

&

agents

;

"...

V"r

2.5

': V I'l-•.IV''

.

'■11

air.

s

.

'

^

'

,

1

'/'*

1

:

2.9

l-.v-I

v

'fr

'♦

6

0.375

9%

3.9

49%

r 2.9

investment company

an

1.44

-

distributes pipe

and

fittings for soil, water
Also
boilers,
radiators

and
;

and

': <v.y

A

t

Steels Ltd

>

i<

—_

-Vt

irll'

1

IV-1.'\\ .1

I

•'•V.-

6'| l 1.25"I

29

vyj:

-..v.-

•

'-4 i ■

l-|
-Ji.

•

2.4

'17

0.40

Manufacturers,
wholesalers

^

baiters'

of >61

"1'

,

"

>.

specialty

,

t;

supplies-

Bralorne

-/

\;

34%

4.3

0.40

r -

6.25

6.4

and
and

"

„

7

Mines Ltd.

Pioneer

I

producing gold
mines;
Creek, Bridge River
area .British Columbia
Owns

.35%' " 3-9

1.40

21

importers

..

v'l|'

1.50

confectioners'

of

'

■V,;V t

•

Ltd.

Bowes Company

4.3
V-'.

■

-*

(1947) "A"

Belgium.

in

operation

j

Invest¬

Major producer of wide range of
alloy &
tool steels
& stainless
steel with plant at Welland, .Ont..
Subsidiaries
operate in England,
Mexico,
has
interest in" similar

>

4.3

-

h34

'.'I!5!;

of Canada

steel scaffolding

;■

Atlas

; •/
37

1.60

1.00

; £-r, ■ i

\

A;:

Scandinavian

Manufactures
and

t'

\

.

^

.

19

——

-

2

Cadwallader

^

Canada■ -JT.;r.r• •

price

4

1961.

■

T.

will be

The election of Robert M.

the

in

a

Company

of

business

from

of¬

Stock

Gardi¬
of

directors

The

"""I""'1

•'

1

.

Exchange.

firm in 1951

to

as

a

,

He

.

joined

•"

t

the

research analyst.

President.

is

managing

investment

Co.,

firm

members

of

George S.

Mr. Gardi¬

partner
of

the

of

Reynolds

&

the New York

Forms Securities Co. V
MERCER ISLAND,

Wash.—Gerald

is conducting a securi¬
ties business from offices at 7653

L. Rogers

Seventy-eighth Street, Southeast,
under the firm name of Securities
Sales Co.

fices at 660 Madison Avenue, New
York

5

FOUNDED

City. Marvin Wolf son is
principal of the firm.

1885

a

Advisers Fund Branch

in

BELL, GOUINLOCK & COMPANY

BALTIMORE, Md. — Advisers
Fund
Management
Corporation
has opened a branch office in the
Aurora Federal Bldg., under the
management of George Conover.

BROKERS
listed, unlisted securities

INCORPORATED
74

Trinity Place
NEW YORK

Arthur Co. Branch

and commodities in the

PITTSBURGH, Pa. — Arthur &
Company Incorporated has opened

United States and Canada

a

branch

Robert

THOMSON & MSKINNON
2

44

B.

ated

TORONTO

CANADIAN INVESTMENT

Laketon

3550

direction

of

Gray.

SECURITIES

Associated Fund Branch
LOUIS, 111.
Fund, Inc. has

branch
INDIANAPOLIS

at

the

EAST ST.

Broadway, New York 4

CHICAGO

office

under

Road,

office

at

527

—

Associ¬

opened a
Washington

Ave., under the management
Stephen D. Sexton, Jr..

of

AFFILIATES

BELL, GOUINLOCK & CO.
LIMITED

offices in the United States and Canada
'

•

.

at

.

■

-

t.

,

MtMiito HEW YORK STOCK CXCHANGC AND OTHER PRINGPAL




SECURITY AND COMMODITY EXCHANGES

}

:

Now Corporation
Edmund

W.

Olifiers

has

nounced
the
incorporation
Frazee, Olifiers & Co., Inc.,
Broadway, New York City.

Established 1920
44

an-

of

Ill

•

Buckeye Pipe Line Company

ner

Company is engaging

securities

board

Rate.'-'"

-

ner

Patterson,

Marvin

•'

Named Director

has been announced by

retained.

The Marvin

'■

b Bid.

Swanson,

Hadyen,

Quotations represent Dec. 31,-1961 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1961.

§ Add current Canadian Exchange

dividends, splits, distributions, etc.

Richard

with

it has been the only locally
and

48%

vl

in

Anthes-Imperial Co., Ltd. "A"

-

.

5.0

4

>

j

7 •

refinery

operates

r

Ltd..
-

"s

&

Anglo

r-

11
'

recent

In

'•

'

Brandon,
Man.
Distributes
and
sells through company owned sta¬

1.2

fO.2667 22

32

con-

formerly
Miller's Warren,
Cobbey,
Shively, founded
in Ohio, office, has been named as¬
1931 by Mr. Shively and the late sistant manager at Canton.
All
Tod Cobbey, has specialized in former Cobbey, Shively employees
mutual

Owns

b Bid.

David E. Shively has been named
resident manager of the office. '

Hayden, Miller & Co.

rities firm, has expanded

cakes,

Industries

t Adjusted for stock

distributions, etc.

S '\f4i•

Anglo Canadian Oils Ltd.
(Brandon)

Operates as

Quotations represent Dec. 31, 1961 sale prices or the last sale
prior to that date. Bid and ask quotations are as of Dec. 31,
§ Add current Canadian Exchange Rate.
I

b Bid.

steel, coke & by¬
Also Iron mines & suns,
coal mines.

operates

1.20

fully integrated

iron,

ment Corp.

♦

last sale price
of Dec. 31, 1961.

Quotations represent Dec. 31, 1961 Bale prices or the

prior to that date, Bid and ask quotations are as
§ Add current Canadian Exchange Rate.
:?
-

■j'

2.2

b36

0.80

•

^ 1

chain

across

for

5

Corp. Ltd.____

operates

products.

3.4

35

&

plant

-

company

,

s

♦

*

specialty

etc.

Ltd.-

1961

-

Industrial Min-

to

Steel

Owns

-

tions

14

Zeller's

' 4.3 A

Dec. 31,

Canada Ltd.

Algoma

3.5

'

56

2.40

15

ob¬

sales

'

; <

——

holding

changed

erals of

Plywood Corp.)

which oper-'"
ates seven departmental stores in
*
western Canada through subsidi^

A

;

^

Name

i'

Ltd.:'1

Ltd.

2.7

branches, 541 in
Canada, one in New York, - Chi¬
cago,
and one In London, Eng.

Operates

Dec. 31, > Dec. 31,
1961 -v
19614

-

on

Paymts. to

•

(95% owned by U.S.

&,,>•

———

Woodward Stores

Toronto-Dominion Bank

veneer

paper

equipment, etc.

type

3.2

'

Holding Co. Subs. Canada & U. S.
mfr.
water
"heaters,
oil
trade

3.5

manage¬

•-

-

<

1.20

tion

-Based

American Nepheline Ltd.—

A" ''

.

9%~;

0.35 A
•

12 Mos. to

Divs. Paid

v':0-

"A"

In¬
33.

>

*V.-V

Quota-

—Canadian $§—

59%
:

t

Extras for

Years Cash

"

'

,

'<•'/;

14

bread,

John,

Wood,

x

vestment Trust Ltd.--

8.2

Yield

■

No. Con¬
secutive

>

-

Approx.

Including

2.8

provinces

-

biscuits,

ness

V 58% t,V?.2V7

.

Canadian

Third

/57%

(George) Ltd. "B"

fectionery,

\

.

•

r,'*

Operates wholesale hardware busi-

production,

tribution

'

Wood Alexander Ltd

6.4

1.56

,

gold producer

Canada Limited——, 18
refining and dis¬

Texaco

v

1.90

26

"-v..

"■

29

of

-

Fine
•

Ontario

-

21

Paper Co.,

range

new

-

Teck-Hughes Gold Mines,

5.7

products

Weston

-

21

1.05

25

——-

drug stores

Operates: chain of 128

-

"B" Common

0.05

%'

14

T 1

plywood. Plant in Vancouver

•

36
in

r 1

II 5 to 10 Years

2.1

•

Co. Ltd.
sells

and

■

:

i

;

Have Been Paid From

;

Breweries,

western

Westminster

.....

Tamblyn (G.) Ltd.

Ltd.

<

25

Manufactures

;

-

-

-

new

products

Canada

!

2.9

0.70 A 8.50

22
"

'V

-V »'

'V'"'"

Western Plywood
"B";

1j

Com."

petroleum

"*

v

/•*.'*h" v;• >

'if

;

DIVIDENDS

;

;

v

■

24

.

;

products

"Vot.

Markets

1.25

22

Ltd...

2.8

=. •

'r

'=

Supertest Petroleum Corp.,
Ltd.

1.60

:

Ltd.
Serves

45

TL25

25

-

-

Cash Divs.

(Hiram)-Gooderham
Worts, Ltd

productiott

Sterling Trust Corp., new
fiduciary

" 0.80

11

copper-zinc producer

Western

'•••

-

15

Manufactures sheet metal

v

,.

confectionery

Grey Trust Co.-*.

Aint6r68tS

■

v

Westeel Products Ltd..

wares

Steel Co. of Canada, Ltd.
—
Engaged in all branches of steel

General

-v^.

■

r;;:

67

{

CONSECUTIVE CASH

-

s'- 1

>U.40 |v
-

Holding company—extensive liquor

knitting yarns

hand

and

''

,

Walker

Stedman Brothers Ltd.; new__
Wholesale

&

Quebec

wave

woolen & rayon

Manufactures
derwear

'

•

f.',

•

On Which

5.4

1.70

0.05

•

13

Waite Amulet Mines, Ltd.—

stations in Canada

Stanfield's Ltd.

"

—^

Operates as trust company

3.1

26

0.80

21

subsidiaries
radio

;

14%'

'

;:r-.A

'

■

investment,,
promotion,
and development co.

and

Victoria

,

.

Standard Radio Ltd.
operates

0.80

*

22

Viau Ltd. new—;

Paving & Materials

Through

J:

11

exploration

insurance

Ltd

v*,.

4.0

26

v

i'-vV

of 29,060 hp. "

gold producer

Holding,,

i

-

endowment

21 A';i .1.05

r

man-

Ventures Ltd.

Sovereign Life Assurance Co.
and

3.3

'

..

.

Upper Canada Mines Ltd

4.6

54

Operating public utility; Southern
Quebec

of Canada

v,\V-■'

-

b24

0.80

37

v-'v'-;

plants with capacity
„

M

2.50

39

Ltd.

Standard

Common Stocks:;

.

interests
the

*

Supplies power to 150 communities
in Newfoundland. Operates seven

Southern Canada Power Co.,

•.*

of

5.0

;

•.V.'*
i ■. I
r,
A:

-

United Towns Electric Co. Ltd.

newspapers

operates

Canada;
radio stations
J

31%

0.80

26

dally

seven

across

<

Que-

agement type

Publishes

and

trust

(Listed and Unlisted)

,

bl3

v"v

.

Corporations Ltd. "B"

investment

An

Southam Co., Ltd

Life

"

insurance

—

;v

thea-

other

and

;

co.

V':-.'..

.

.

•

Canadian Shares Ltd.

Holding

2.2

'

37 >/ 0.65

picture

cities

United

power

stampings

..

CANADIAN

•

—

■

Corp.,

....—

for

«hardware

Pole-line

*

.

1961

19614

.0.50; :23

,

TABLE II

tion
Paymts. to
Dec. 31, Dec. 31,

'

:

motion

34

Montreal

in

ties

bee

Co., Ltd

(N.)

Operates

13

natural.gas

of_

•.

—Canadian $ §

"

Approx.
.% Yield
Based on

\
Quota-

1961

transmission

"A"_i-__

Ltd,,

12 Mos. to
Dec. 31,

Canada, Ltd.

Amusement

United

Dec. 31,
1961

secutive

>

"V...

storage,

distribution

and

on

Paymts. to

Dec. 31,

1961 ♦
—Canadian $ § —

Divs. Paid

Slater

Based

Quotalion

Extras for

Production,

% Yield

>v

No. Con-

'

,

•

Union Gas Co. of

Extras for

Years Cash

-

•

-t',.
'

•

.

Approx.

Cash Divs.

.

' No. ConDivs. Paid

\

:W;
•

''

"V

.

'

1

,

.

V"

»

.

Continued irom page 27
.

Thursday, March 29, 1962

...

(1508)

<

King Street, West
Toronto

;

LEGGAT,

BELL,

GOUINLOCK

LIMITED
Members Montreal Stook Exchange
Montreal

f

Volume

195

Number

6146

The Commercial and Financial Chronicle

...

(1509)

Cash Divs.

Orderly Advance—Pattern of
Canadian Economy This V ear
/

Cash Divs.

*

Years Cash

Dec.

-

-

19614

0.40

6

Dickenson Mines Ltd

•

-

Gold

—

owning
in

1,500

Falls,;

Plants

in

721/2

and

Packs

plants

in

Scotia

and

names

subs,

14%

6.8

Manufactures

25%

0.40

Canadian Arena Co.

Ltd.

ft.

wells.

to

Oland

4.3

2.3

bl.75

4.00

6

———

Co.

0.10

2.65

3.8

-

scientific

4.2

24

air-conditioning and
field from manufacto installations
'/,♦ ■>//•'</

0.65

9

"B"

13//2

0.35

4.8

b7%

V.

in

trade

glass

in

Ontario.

and

0.20

Red

3.80

5.3

of

Trust

Investors

'type >■'/;/
•
;>;A' "...'..rv*;
Canadian Wallpaper .-/ •/. />,■./

/

Manufacturers Ltd.
V"

"B"_^

T

1.00 / a31 •
///:./■,/-/ y.
«

6
ji-

-■

3.2

2.90A 81%'

A 9

/

■

■-

Through
wallpaper &
■.
.• <

operates

'"paint stores.

■■

3.5

Sun
\

*•

•

-•

2.00

Carter, James B./Ltd.
"

'

electrical,
•

&

acts

Jresentative
Plant

Owns

&

9 //

Enterprises Ltd.i*

flavors,
rubber goods,

rafg.

companies

;

moulded

ice

//v/

,

0.60 ?

14%

4.1

.

t-v

;

.Canada Ltd.

-../
-

Holding

•

;

ates

through

Co.

bakeries

19.

.'-•1?■"

operates

-.f;'.

,

'Gold

/

9%

0.50

movers-

/

^ 5.1

Has

-N/WVT., / /

•. -

;/

12.7

-

1

Manufactures
•'

able

bits

for

drill

carbide

and

rock-:

./•/;.

■

rods';/-/

5.6

the

cite

member

and:

Chief

tians and

Jews, on Tuesday, April
17, at the Waldorf-Astoria. A'
Zach Toms, President, Liggett
&
Myers Tobacco Company, is
serving as chairman of the event.
At ceremonies highlighting the

of

& McCamant, Inc.
announced the opening of a

hood Award of the National Con¬

1

field

achieve¬

town.

of human relations."/;
;

E)r; Lewis Webster Jones, Pres/;

"He

years, ah

'has

been > for.

many

''.-'J'-'' /•-;/•••'•:"

•

0.25

26%

.

0.40

9.25

4.3

0.30

7%

4.1

household

Subs,

op¬

producer,

Subsidiaries

company,/.-

Western

1.0

of

small

steel

shapes,

bars,
nuts,

steel Ltd.

subsidiaries

bolts,

Company
Hawaiian

Total

182,000

small

capacity

tons.

Willson Stationers &

'

subsidiaries

Company and
stationery

-

,; on

;

.

business.

b44

2.00

Envelopes Ltd

i-eceives

and
Factories

4.5

carries

office supply
at Winnipeg,

"

Edmonton and Vancouver

Regina,

0.40;

b5.50

;

7.3

♦

Quotations represent Dec. 31, 1961 sale prices or the last sale
prior to that date.

year.

per

■■

t Adjusted for stock dividends,

Mines Ltd.__ /

t Inactive
b Bid.

issue;

//-'

price

Bid an4 ask quotations are as of Dec. 31, 1961. <

§ Add current Canadian Exchange

the

management

of

doesn't

Rate,

splits, distributions, etc.

trade

*

'•/////

..

/

■■•

.

>/":

■"

Limited

PORT

WASHINGTON,

Loewi

&

opened
Main

a

Co.

Members: The Investment Dealers* Association

Wis.

under

the

—

133 East
direction

Murphy, registered

representative.

<

Katzenberg, Sour to Admit
Sour &
Co.,

/

Savoy

Burns Bros. &

Hilton Hotel, New York members
of the New. York Stock Exchange,

new

of Canada

has

Incorporated

sales office at

Street

of Kenneth L.

Katzenberg,

,

Burns Bros. & Denton

Ken¬

New Loewi Office

has

Company

Limited

on

-

*

Members: The Toronto Stock Exchange

-'■/ v-

Canadian Stock Exchange

Lowe, Vice-President,
<
Winslow, Cohu Names ,
will / be in; chftrgg ■ pfthe China- :
town branch.,; //
,/ C■'
' /; / WinsioW," Cohu & Stetson' of New
:
He will be assisted by Fred Mok " York,
Inc.I26 Broadway,/ New

:

TORONTO

MONTREAL

WINNIPEG

CALGARY

OTTAWA

VANCOUVER

HAMILTON
NEW

'

YORK

.

who

will

serve

as

'sales

manager

rehlighteried- champion of ^rt^ Albert^sahg,/office manager;




6,1

_

expressed / gratification

with the
plans to pay'tribute to Mr. Silber¬

/

9Ys

Evans C.

identvof the. National Conference,

man. s '

_

ore

April 1
will admit. Lucien
Chinatown - branch at 723 Sacra¬
Katzenberg,
Jr., to limited
mento SL in the heart of China-/
partnership. { '
;,

ments and distinguished service in

r.

0.60

divisions.

structural

branch office at 131 East State St.

FRANCISCO, Calif.—Schae¬
Lowe

3.6
i:

//A

obligations

&

rivets, spikes and bands.
has
interest
In

lignite coal.

tons

under

Schaefer, Lowe Branch
fer,

6

'!

latter's promotion to the post
regional manager for New Mex.

SAN

program, /Mr." Silberman
will receive the National Brother¬

51/2

etc.

A. G. Becker Branch

the

dinner

the

iron

vehicle

purchases.

also

COLUMBUS, Ohio—A. G. Becker
& Co. Incorporated has opened a.

ALBUQUERQUE, N. M. — Frank
E.
Bartlett
has
been
appointed
resident
of the B. C.
manager
Morton
Organization's office at
136 Washington, S. E. Mr. Bartlett
succeeds
Clifford
Hawley upon

the National Conference of Chris¬

"for meritorious

Holding

Dickenson
:
♦
share for share exch/" /;

Executive

Corporation, will be the guest of
at a dinner sponsored by

7.1

pol¬

floor

furnaces,

installment

loan

producers

B. C. Morton Names

Cigar

cleaners,

heaters,

gas

Western Canada Steel Ltd.—_

neth E. Aim.

honor

ference

t

changed to

organization," Dr. Jones said.
are
grateful for his support
welcome this opportunity to
his efforts in promoting good
and
understanding
among

vacuum

Saskatchewan

wholesales

Protestants, Catholics and Jews."

advisory committee of the
Trust
Co., and Board

Officer of the Consolidated

0.40

:;9

produced. Co.;'
ship ore for its

850,000

Ltd.

1.40

0.20

9

other

has

and

Yukon

/•

.

Dickenson

Mines

/'•

0,10

products.
four

Canada,

in Jamaica.

Silver-lead-zlnc-cadmium

5.7
Name

in

one

United Keno Hill Mines Ltd..

Coal Co. Ltd./"B'A_____^7

*

0.8

subsidiaries
& sell ex¬

food

Acceptance Corp. Ltd.

erate

ore

and

and

f0.1375 17 V2

■

1.4

Interests.

motor

of

r,

account.

New

Bankers

Chairman

1.40

0.08

will

of

*

and

of

and

equipment

■

in 'producer;'"

of Can.

right to

Capacity:

Honor Silberman
a

has

Manitoba
".

and

Silberman,

Co.

.* /.

18%

0.27

processes

plants

Purchases

x

Labrador.

in

*

interest

holds
Ore

-Mines

"We

J:

i'A/_

stations,

extensive

through

circulation

Union

•

our

Samuel

on

&

12.1
i:

rCompany and subsidiary manufac¬
ture a Wide range of paper boxes

^

acreage

1.65
'

.

>

warehouses

royalties on. all
own

and
'

2.9

•

.

_u_—
sells
detach-

drilling

Iron

-

.

;

Prints and. -publishes, books -and ..■//
prints ; a n d
lithographs
other *-specialized printed material.
VV,

Craig Bit Co. Ltd.

L

"A" also

0.50
;

leases

{Also
1.58

0.20

Di^t'.,//

Copp Clark Publishing Co.,

44%

1.275

Mining & Explora-

prospect-v

0.20

property

Publishing Co. Ltd.—

Mfgs.

"

operates

6.7

'

&.cartage, bus &- taxi service

A

>

producer' /Y'ello'wknife

and

Labrador

C

'

com-

/-: tion Ltd./_// A.^-

/,,• /'//

Y'knife Mines, Ltd.

all

Through; subsidiaries
freight- distributors,

as

71/2

Montreal

Thompson Paper Box Co. Ltd.

9

power

./ j Holding Co".

■///

Consolidated Discovery
'

1.2

' V"

'

'

'

subs., oper-„
Ontario &

in

.Quebec:,.

r

Service, Ltd.
Holds

0.50

stor-

man-?'

as

fee basis,

which serVes Jamaica

,

9

691/2

Johnston Terminals & Storage

■*//'■

_____—*—-

"

acts

generating
Capacity, 66,645 hp. : v-.'.

*

in

stores

variety

ishers,

.

•

Consolidated Bakeries of

0.85.

/

,

.

.

.;

..

.

investment

on

company.

Ltd.

Co.

diesel

.

fur

Switson Industries Ltd.—

/"with light & power from 2 steam
i1;" electric, 5 hydro-electric and 4

'

sun-/..//,/"'

drug

gears & machinery."
Montreal,' Toronto and .

'Farnham, Ont.

/

,

/'//dries/ elevator
Plants, -in

.

.paints.\ industrial

f

v

/ fnon stock of Jamaica Public Serv-

transfer///,/..,/

allied

operates

food

;,v

Holding
'*

•

exclusive rep-://"./ /;/
products, r,--

as

for

Also

& distributor

Jamaica Public

in-Winnipeg.;// " :;•%'/;//' ./:;/'/

Combined

•

&.:• heat

farm-

products

-

distributes

and

5.9

Columbia

S. A.

varied

Syndicate of Canada'

certificates.

3.6

b55

&markets automatic!;•;>.*'> i

Manufactures

repairing &
81

four

500

//.•'./

/

.

5.10

:

rigs

Publishes The Vancouver Sun, 216.-

Ont. ..' ."'.

Sarnia,

and

'

i) ager

drilling

Canada

shoe

British

in U.

/

to ;/'

5

Issues

oil

operates

Has

Has

Alta.

t

'

&

John, N. B.

manufactures,

;:../ Ltd.

Manufactures wallpapers.

subsidiaries

Wis.

A 1,930 miles

2.5

0.20

management

Halifax

0.30
&

tensive

■'

Water,

$

subsidiaries

Drilling Co. of Canada

Directly

cer¬

crude oil pipe-;

and operates
from

Superior,

/ 5

Ltd.

Investment

"B"
in

Salada-Shirriff-Horsey Ltd.—

'

curities

Ltd.
through

breweries

area.

4.7

nephaline

processes
use

line

cruising

Reeves Macdonald Mines Ltd.

9
and

Owns

Canadian Power & Paper Se¬

.

in St.

tailor,

/ Interprovincial Pipe Line Co.
:

Son

Western

in

syenite for

'

timber

Lead-zinc-silver-cadmium

Mines

1.1

0.25

3.9

2.55'

Operates as dry cleaner, launderer,

Ltd.

9V2

0.10

10

0.10

topo-

prospect¬

Paul Service Stores Ltd._____

Industrial Minerals of Canada

company

5

2.5

b8

patrol.

2

Owns

'supplies

1.00

for

work,

surveys,

and

in

artists'

&

0.20,

Ltd.

from 4500

instruments

helicopters

&

Parker

for

Ltd.

7.8

■

Ltd

survey

operates

drafting equip,

retailer of

&

b2.30

repair

Instruments

byproducts

Directly

modern

9

0.18

9

and

aircraft

pipeline

ages.

Engaged in
refrigeration

.turirig

10%

ft.

10,000

amic

'

0.45 /

6

driller

Owns

of drilling

capable

Mfg.

Canadian Ice Machine Co.

--

9

5

contract

as

gas

9

customers.

overhaul

-

silver-lead-zinc-

Hughes-Owens

—

holding

&

rigs

and

—

Investment

A

area,

Drilling Co. Ltd

Operates
oil

Securities

General

"B"

Yellowknife

producing

Hi-Tower
1.2

17

Forum

Montreal

Canadian

and

property in British Columbia.

gold

Ontario.

Hamilton,

Operates

:',v

Capacity
day

per

T.

Owns

1.6

chemical

Warehouse

Ontario.

at

producer

W.

5.5

company.

fish

one

limestone. Pro¬
asphalt. 3 quar¬

bituminous

in

In

Operates
graphical
ing,
oil

4.9

and

33 V2

merchandise

15,574

Fisheries

and

Highland Bell Ltd
6

stone,

crushed

agriculture

duces
ries

blocks

concrete

1.85

Through sub¬
operates in fishing, proc¬
essing and marketing seafood fish

2.6

a3,25

1961

—

In

Okanagan Helicopters Ltd.___
0.16

Dec. 31,

—Canadian $ §

sidiaries

Block

aggregate.
8-in.
blocks

20,000

23 %

Paymts. to

1961 ♦

;

Co.

power

accessories

,,

7

Gold

6.1

plant

0.20

docks

and

.

Ltd.

N.

5%

0.35

6

Canada Crushed & Cut Stone

stone,

1.7

utility

power

Processes

28%

0.60

5

new com.

Giant Yellowknife Mines Ltd.

„

Calgary. Power Ltd.__
Alberta

is

f

•

electrical

Servies

aircraft,

Ocean

& paper mills.

Concrete

lightweight

furnaces

with

coal

or

'/•

0.50

tion

Dec. 31,

31,

1961.

6

distributes

Northwest Industries Ltd.____

etc.

through wholly owned

Manufactures

V

_

air

warm

oil

gas,

Winnipeg,

five

stores.

textile

explosives,

Based on

Quebec mining areas. Oper¬

ates

'

'

8

chemicals,

commercial

operates pulp

Co.

-

Brapd
Leaf", and
.

2.4

allied •'

and

Power

Approx.
%Ykld.,

_

Quota-

6

W.

Engages

Edmonton

Manitoba.

■

motors

electric

Holding Co.

Columbia,

British

"Clover

are

■using

•

radios,

0.20

N.

&

electric

Eddy Paper Co Ltd.

1.00

"Rupert Brand."
V\
Bulloch's Ltd. "B"

in

sells

Salmon, clams,, oysters, etc.

with

Quebec

Holding

_

Nova

Northern

,

British Columbia Packers

Ltd. "B"

and

fibres,

Lachine,Que.

14

4.8

3.75

Generates

7

"

—

television,-

.

Manufactures

5,000,000
gals.
retail stores.

operates

0.18

Dec.

•

'•/ '/

DuPont of Canada Ltd,

1.4

Niagara

capacity

Ont.

Storage
Also

1.00

12 Mos. .to

Divs. Paid

of

vineyards

of

acres

Ontario.

secutive

YearsCash

31,

1961

products

Wines,

-

Dec.

...

Extras for

Paymts. to

31,

1961 ♦

.Including,

^

-

Ltd

phonographs,
fans,

—

Canadian

8

Manufactures "

6.4

and through subsidiaries
designs, erects & fabricates build¬
ings,. bridges, etc.

Manufactures

Ltd.

Industries

Directly

Bright, T. G., & Co

.

No. Con-

on

producer Northern Ontario

Dominion Electrohome '

1961

6I/4

tion
Dec.

31,

1961

Based

*

on

Paymts. to
Dec. 31,
Dec. 31,

—Canadian $ §

Bridge & Tank of Canada Ltd.

Based

tion

31,'

1961

Divs. Paid

Quota-

to

Dec.

Quota¬

—Canadian $ §

% Yield

Including

1'2 Mos.

12 Mos. to

Divs. Paid

Approx.

No. Con- -Extras for
secutive

secutive

% Yield

Extras for

Years Cash

Cash Divs.

Approx.

Including
No. Con¬

29

York

'City, has elected Lawrence
* f

•• Leif Vice-Presiddht.' rv

•

'
-

-v

>,

id

30

(1510)

The Commercial and Financial Chronicle ..."Thursday;

i

wish to take

SECURITY SALESMAN'S

sibility of

flyer on/the pos¬
in the stock or

a

a move

debentures?

*

Or Government Contracts

JOHN DUTTON

BY

March 20, 1962

BY OWEN ELY

Salesman € has been following

I4

the

stock

of

certain

a

company

engaged in vital and specific de¬
fense

True

False

or

work.

clined oyer

The

stock

has

de¬

Southern California Edispn Company

50% in recent months.

He

brother with

Salesman A has

a

large

engaged ; in

company

fense

This

work.

in

is

work

fied. The brother is

a

.

called

salesman

.

asked him for

classi-

"much
know" scientist, with high
a

The other day an officer of the

bank

de-

and

A

market quotation

a

the bonds and the stock. This

on

very

telephones the defense company
and speaks to an officer
every week. Recently this officer
told him that the pentagon had
j been formulating a new program

Southern California Edispn, witt} deemed the 4.88% preferred stock
annual revenues of $333 million, (which had an annoying sinking
supplies/electricity to large areas fund requirement) and it also
central and southern California, plans to call the 4.78%'preferred
the principal cities served being in 'about a year, and may later
Long^ Beach; Santa*Monica,. San /continue a policy of replacing its

salesman knew that an associate* that, would include a very sizable
principles. T*.e stock of "in- the office was faihiliar' with? order for his company and df4 it
company has
declined 50% the situation and he asked him was consummated "it would im- Bernardino,, and Santa Barbara/
in market price during the past what he knew about it. Salesman
prove the earnings outlook of the '
There are now 5 1 million peoyear—there
are
rumors « of
a number two stated that this was
subject ' company substantially, pie ih thV service'area, an increase
the

ethical

said

use" this

C

lan

in*- of '2.2 million in the past decade,
additional. Population! served < has {increased

"acquire
-

,

brother's
her

week

.....

let t

a

w,*

s^at,ln?

,

husband

bought

the

.

he thought that

reason

new

it inight.

and

to dos so

rating on; its mortgage bonds.

more than four-times the

providing, -he

of the honest

was

debentures,

by

■
One - of - >the .company's 'maj or
nearly 80;% in -the past ten years, problems; has been /obtaining- an
national adequate fuel supply. to take care
increase of ,18% and substantially of its, rapid' growth. The- $66 milmore thah the 50% for: California lion expended for fuel oil and gas
as awhpiWThe compahy'has had in '1961"* represented the: Second
the largest increase in the number: lafgest{.expensd item. for. the year,
df Customers ofany. electric utility exceeding Wages and salaries for
.companyin each year of the thefirst timerLong-term contracts

.
,
—
company at reduced
prices? Should he, advise his cus-

?ey ^a-s going into this nearly tomers

bankrupt company

the
the

stock. Should salesman A buy

....

.

,

.

from '- the.

e r

issues

done without endangering the Aa

*

"

received

preferred

The company feels that this can be

conviction that

,UaJe a seeond ^chance. The stock the results would be favorable^
amd^debentuie^ might have a , .Salesman D„ knew that seyecai
/
\ SEfCil t101T1 +1?
clients;
cfir companies had attempted to profhould he tell other salesmen m was ^d^^c^^lesman B cure a license to acquirer very
v!16 ?
-w «a ••
brothers wife
sn , h
,
- £
lalPorta?^ television broadcasting, period;1929^61./Estimates indicate have, beeh madedor/purchase of .
has told him?
kne^and iieard from the .other, station m a major area He also that the Southern California area gas- in Texas and in Mexico and
.

stock; should he recommend it

as

i

,

Salesman

a

bank.

loan to

B

This

salesman in ,nis Wiqq.
'. she>uid ne Jceep

does, business with
bank

has

ma^e

a

company in distress, T e
convertible
debentures,; of
this
a

company
35

cents

on

to

into

.

,y

.

common

ha;

re-

use

cents

bid

motivate

30

i

lateral for

a

as

col-

his,

as

a

w4n ! thi?-h"ppenPid,1CTt woSd

guide to

purchases, or
his 'clients who miaht

of

ex-. wiip:have>"a

population of* nearly

aYjare
+e . license, would population in its
uitmasfely; be vtaken away. fro^ ^gfQre 1980. ;

loan, should he then

this information

that

.

had been

agreements. Signed with Tennessee

ap- 17 million by 1980 as:compared Gas -TransmissiUnnnd affiliates!to
frnm
+upir n(K„iu
plicants -had friends witn the wfth the 9 million population to'-> arrange for..t r ansp-orti h g gas
Commissipn. ^rqm his: conversa-an(j ft appears likely that theVthrqUgh ; a -new .pipeline ; from
selling m the de- tiens with certain parties -he was companymay have double' 'the Texas through Mexico to,southern

bentures, which they held

$1.59

pressures

.

hie buying or

at

moved from

75 cents.

nnvtuiri«

lpnrn
.

,

common

share. The

cently

at

about
the dollar. They are

convertible
per

selling

are

knew that

,

in-.to^h ert.ed, andhthat several of the

have

own

a

deleterious, effect

earnings

information

educated

an

not he

or

Truck/farming, fmit growing ^easthe'^uantmerof^as^

in"

cuess

he

oriel!

nueS,.residential 3*%,-.commercial
23%, farm j5% and miscellaneous

buy
the
company? Should he

'

:

V ;'

..

Judgment

■,

;

^

.

.

■

....

,

..

•

.

;

SQ1?.'" inVliicfribo

1

infn

fVio

.nrdo

loci

•

f r*r»rri

ifclflR

vviilUnn 'in', 1 QSA 4ri'

499Q

just

are

the

:

i"....

,,

These

.

way..

\
{
Despite the fact thai the corn{/; ; The company has been active in pany has enjoyed above-average
' I area development, bringing some growth; ^Mth

discuss what he had learned with

anyone? '

piaPublic Utilities Commission
and the federal Power Commis-

dustry provided 26% of 1960 reve-

towhether

hy;the.dli- ;

^

formulating automobiles', and machinery. In-

as

should

stock of this

of'

XtitW

:*£S

use

tho

o*: atid;;dwersi|ied •

,;of/^company, /and:^^ISfecfe^inC^ude

S Lvmll. IhffiC
this

/

the'f1*?

on

sometime California. {The., contracts will run
•; ./: ;
>?* for. a period of twenty years and

area

possible

^^0^ 3iici informed

ot

u

v

,

,

.

.

n

,h

costs "and inability .to / .obtain an
automatic fuel, adjustment clause.
The. rate of return, on year-end
net property averaged, less than;
5 %>during .{the- y^ars 1950-57 and
taking place in; d, market that' K aalHotV' Spiues ' and , • .apartments .earnings . per ., share - remainedsubletted to the whimsatimre Signed, equivalent to nearly around- the::v$l leyelr /Howeyer,
250{ prospects are considerr>
There are manv more comnll- atid ihg putting plants in the' area. The ..
area?ol
also doing ,well With
th^hhu^^^guS^fSm?!,^e?:':pl.ombtioh .of f all-electric
transaction's' that are' ionstantfv " h°bies. /Last year- over .23,600 MemVicf

pvaifintk-^

opinions, and the licensing ptnver
government bureaus.. You 'can

of

form

vour•

what

/you

'

:

would

Last yedr/r Mountain

go'Irnment

Fuel Supply Cqmpqny recorded

eration

highs in sales, edrhihg"s,Vdrvldehds and number of

new

customers.

less

The

;

area

will know

about- 20 .cents

This sharp upward .trend still con- when the f l o w t h r/q ug h of lax
^inhes,' add contracts for Medallion! savings from accelerated depreciadwellings" in January, -1962, were \tion was .ordered i?y -the - state
cOmmissiom) reached $1.56 in 1961.

8.6%. higher than in 1961.

/ System generating capability .This was despite th<? diluting ef.toih^ss^iher^^ates4,664^520;kvy\0ncluding /^ the;4^,./stqc^^dWiderid: in.
in

op-

and

aboui

ttm

the

^hat

is

270,000 k/w from Hoover ..Dam) of February.-196i, 'raiid the handicap
which 23% is hydro. Peak load of continued unfavorable' water

conditions at the company's hydro

plants..
.

..

,

/

v

;

/,

Regarding the outlook for 1962,/
share - earnings * are: * expected to
,

ccns^ruc^lon or^/authorized, total- show at least a moderate gain over
ing 1,240,000 kw, all to be on the 1961. While the dilution from the
a bureacratic system tliat
line -by September, 1964. There offering <-£ 1,500,000 shares Of stock
is now so cumbersome that those are .only a few remaining avail- early this
year
will amount to
who -administer
the
rules
and a^e
sites economically feasible about 7 or 8 cents a share, this
regulations no longer
seem, to -f°r future hydro facilities,. Plans will be offset by
completion of
agree,
nor
co
they have
any t°r the, construction of a 375,003
the amortization of the write-off
definite or set policy in; many kw atomic- power plant to cost 0f the Long Beach steam station
situations
upon which
they at- -about: $78 million (in which San (affected some years ago by the
tempt to rule.
,
^
Diego G..& E. will have a 20% Subsidence of the foundations due
maintain his

own

standards

of

ethical conduct within the frame-

served is

work of

constantly growing and is charac¬

by diversity of industry—including steel,

electronics and missile

plants.

//.{./ ■/.

copper,

.;; ^/r/

Highlights of 1961
1961

sdles (billions of cubic feet)

Total gas revenues

1960

■

,

81.6

89.1

.........

;./.:.$36f830,430

a

$33,490,693

4,352,862

.

.

(and comparison with 1960)
Gas

we

Gold Medallion all^electric units../the//addition -of.

and
that
which
is
not
in 1961 was 3,893,000 kw, indicatLawyer scan make laws to justify
a good reseive.
Last year
murder:if -society will condone it - 650,000 kw steam capacity was
What each individual must do is -added. Equr more units are under
to

ever.

terized

of-prfyate'

31^ of a]1 w4'?.1?1;3 ""its'started;- earnings improved jnoijerately in
the four y&ars following and (With

.and .over' one-thml. of these :;were.

legal
,

development and growth, makes its future look brighter
than

the

involved the

more

bsrames

greater the comolic atioh

A

fully-integrated natural gas utility, the
Company serves the rapidly expanding Utah-Wyoming
area. It
recently acquired an important additional source
of gas supply, which,
coupled with its-past record of

consider

in

ethical procedures" thai ? aie Mnyolvedt iri such cases It is va ~certaintv that the

I

^

or»ini«n<?~

own

$ 4,085,634

If you thought there would be
list cf the "Ttue" and "False''/

,

participation) have been delayed

to oil well drilling in the vicinity);

<*ue to the,problem* of

with extra rainfall since Septem-

obtaining^

.

Net income per

share

1.99

Dividends per share
Book value per share

:

/..../

Number of customers

1.40

M

$

20.65

$

$
$

182,610

Dividends have been paid each
year since
Listed on New York Stock
Exchange —

the end this, piece that
could check your own guesses
against,
stop
looking--what' do
you think I am-r-a Magician?;

„

fueled

answers at

you

1.87

'

suil able site- The cost of generat- ber. hvdro will be more plentiful,
mg power at this Plant is esti- perhaps contributing 5 or 10 cents
mated at, only 7. mills which it is to earnings.

M

Net income

1.25

20.06

/

173,524

Now

its organization in 1935.

J1

C

•

J

tvt

c

1j n

Effective March 6 the firm

Symbol MFS.

cfpam

name

sent

Annual

fn theCe

on

Goodkind, Neufeld. Jordon Co.,

of

Report will be

Fi?.h Avenue, membcrs^d0es not include the
the^New York Stoqk E>mharige, atomic power, plant
hanged

request

to

Goodkind,

Neu-

pose(i

years

and

MOUNTAIN

line

proto Los

1 80 East First South




C0SL?b°ut?3?:
Behrens, Vice-President, also be!
be-^ $35. million),. The company sold
came Secretary of the firm.
•
$43 : million-worth of common

FUEL SUPPLY COMPANY
Salt Lake

Two With >naniAl

If ',V

^ .^n^ry

Rapvpc

L'a,llel l>®ev®s r/years^ and , fmancing
first ■-equity-

'

•

/special t<> the

members
Pacific

,

of

PxNANciAt/CHRomcLE)

the

Coast

New

Stock

York

<

and. now

about

52%

debt,

i

n.

,

«

nf£.

Named Pistell Officer

"

James E. Laheney became Assistant Secretary and Assistant Treasurer"orPistell7inc., 50 Broadway,

year, the^ew York Gity, members .of the
American Stock.-Exchange, effec-

Mn - three
it;will probably be anBEVERLY HILLS,"Calif.-^-Wesley, other; th^ee years before they doT, Hardy and Walter, Jv Magiiire^ fo, again. The capital structure
Jr., have'rejoined Daniel Reeves (excluding the $40 million bonds
& Co;, 398 South Beverly Drive., scheduled to be sold in May) is

City 10, Utah

divi-

proximates 19.6.

a

BehrfnJW

V

new

oend rate of 96 cents, yields about

th^ 31%: Thte P^e-earnings ratio ap-

l961-65 But
cost of the

high-voltage

.«outh-m California Edison has
been selling recently around 30^V2
and with the indicated

aboSt%7™SfonPonncSons°trucPton

of
1 961

^

niant?

Goodkincl, Neufeld Co. fual®d stearn plants.

10%

pre-

Exchanges, ferred stock and 38% common
Both
have
recently been with stock equity.
Hayden, Stone & Company,, .>
Last December the company re-

tive March 6.
> /

p

^

-

.

-

f£jL■:b,,*
runamg vyini-c

-

LOS ANGELES, Calif. — Estate
Funding Corporation has opened
a branch office at 3670 Wilshire
Boulevard under the direction of

Thomas Power.

Volume 195

Number 6146 .Y. The Commercial'and Financial Chronicle




AND IN

(1511)

IUU I COLUMBIA GAS SYSTEM

SERVED MORE PEOPLE WITH MORE

j

NATURAL GAS THAN EVER BEFORE

In 1961,

three and

and industrial
of natural gas

a

1961 and expects to

half million homes, businesses

plants used 809 billion cubic feet

to meet

delivered by Columbia Gas System

You

companies. Used as a controllable fuel, a preci¬
sion tool and as a raw material for thousands of

'a

the

great contribution to

served

economy

by System companies.

In the

^

of natural gas.

ARB0N

GAS

CHARLESTON

SERVICE

SYSTEM

CORPORATION
GROUP:

•

120

UNITED

supplies

VIRGINIA

GAS

FUEL

more

about Columbia Gas Sys¬

Ohio, Pennsylvania, New York,

Virginia, Virginia, Kentucky,
Columbia

to

GAS COMPANY, AMERE GAS

Write for

OHIO

COLUMBIA

r

C*ul

COMPANIES

VALLEY

TURERS LIGHT AND

UTILITIES

a copy-

the Information Department.

COLUMBUS GROUP: THE OHIO FUEL GAS COMPANY,

MISSON CORPORATION.
THE

NEW YORK 17, N. Y.

Gas System.

operations—from the System's

SYSTEM

CORPORATION, COLUMBIA GAS OF KENTUCKY,
DISTRIBUTION CORPORATION, KENTUCKY GAS TRANS-

COMPANY, ATLANTIC SEABOARD

INC.,

of its

CORPORATION COLUMBIA HY0R0-

EAST 41ST STREET,

learn

Annual Report.

Columbia invested $66,000,000 in

COLUMBIA
DLUMBIA

can

Columbia—and the financial results

future, the increasing number of Colum¬
,

necessary

Maryland and the District of

-

bia Gas customers will need increasing
:

West

gas

varied facilities

these needs.

tem—its service in

made
of the area

products, this record volume of natural

invest another $100,000,000

in 1962 for the many,

GAS

OF

GAS

PITTSBURGH

COMPANY.

GROUP:

THE

MANUFAC¬

HEAT COMPANY, COLUMBIA GAS OF PENNSYLVANIA,
NEW

INC.,

GAS OF MARYLAND, INC.,.
CUMBERLAND AND ALLEGHENY GAS COMPANY, HOME GAS COMPANY/COLUMBIA
YORK,

INC., COLUMBIA

GULF TRANSMISSION COMPANY/THE

PRESTON OIL COMPANY
I

•

**•

'

.

'

»'.

,

'

v.

.

r

31

The Commercial and

32

(1512)

Financial Chronicle

now

ourselves

—and little

thought and what we
thought when
Theodore Roosevelt, or Taft,
machinery and equipment, try. All this, however, moves
or
Wilson,
or
Coolidge - or
and
thus
enable American us not a whit. We still think
labor to 4'com¬

and

business

Continued from page 1

pete at home and abroad

with

mistakes of this

that serious
sort

time

made

been

have

plants of the after time for at least 30
European Common Market years, and we fear that we
all, go on
and other nations." He thinks shall, despite it
it would at the same time re¬ making them for a good while
modern,

the

duce the incentive

nations.

other

Now, of course, there are a
many both in
the President's

good
side

to come.

It would be

to

and

chinery

of Ameri¬

profitable, we
(or at least those
of us who are old enough)
were to develop the habit of
contrasting all this with what

invest ma¬
equipment in think, if

industry

can

and for that matter,

and out¬

we

the

or

none

.

Thursday, March 29, 1962

.

granted thing at all in these years?

taken almost for

was

AS WE SEE IT

.

Will

of what

present Administration
proposing.

,

modern:

these

notions

stand the test of time as those

is

which made up

now

the thought of

half century or
Fallacious Thinking
more ago did?- Certain types
would have been almost im¬
of fallacy — largely because
Now, we are well aware
possible for most of us to con¬
ceive of popular notions then that the answer of the easy they are what it would be
reasoners
is simply that we pleasant to believe—can gain
being what they are today, or
have become "modern," we a foothold and under the lead¬
what
the
popular political
ership of some smooth orator
preachments are at the pres¬ have learned a great deal
or strong
personality, gain a
ent time. No one save the pro¬ about human affairs, human
Hoover

were

our

fessional socialist
he

—

the

It

leaders.

if indeed

is to be

excepted—would
for a moment have proposed
or supported much of what is

But had
we

a

remarkable hold upon us all.

conduct and the like since

days. And once they become com¬
better not wonder monplace, the danger is all the

"antediluvian"

those

if

people

we

really have learned any¬ greater that seen too oft,

as

party—
outside of

politics altogether—who seri¬
ously question the President's
summary of what is to be ex¬
pected of this legislation if
and when it is actually taken
to the
statute
books. They
would

have the

the

if

even

able

been

doubts

same

had

President
his

have

to

own

in the formulation of the

way

measure.

We

shall

others

make
what

will

have

leave

to

to

better

qualified to
specific estimates of
this or that legislation
will not do. We should

or

feel

disposed to take the same
attitude were
we
fully in¬
formed of the specific provi¬
sions of the legislation when
it finally reaches the statute
books. It does, however, im¬
press us as rather naive * to
expect such drastic changes in
the plans and the acts of busi-/
nessmen

of

large affairs as a
changes in the

result of such

law

as

are

now

indicated. We

should in any event hope that
such basic decisions of these

of large funds are
carefully planned and

managers
more

realistic than the Presi¬

more

dent

appears

What
it

to suppose.;

r

Congress gives today,

take away tomorrow,
that fact is well enough

can

and

known

throughout the length

breadth

and

cause

of

the

land

careful business

to

execu¬

tives to pause.

Politics and Business
But what

really troubles us
thing is

about all this sort of
of

a

different order. What

NATIONAL STEEL'S

wonder is this: Can it be that

This is

good can come of this sort of
an
attempt by the politicians
to change the course of busi¬

ago.

behavior, diverting it to
some
other path which the
ness

political
ter

have

pow-wows

to believe would be bet¬

come

for

all?

us

do

not

think it can, and we are con¬
vinced that the

more

our

new

Located

Research

at

Weirton,

Center

W.

completed only

Va.,

it is

a

designed

centralized, facilities to carry on research and

few months
provide

to

development activ¬

ities for all National Steel Divisions. Here scientists will continue
on

an

new

How
uses

We

NEW RESEARCH

CENTER:

we

expanding scale the far-ranging search for

methods and
can

new

new

products,

markets.

today? What kind of steels will be needed tomorrow? How
they be used? How

to such

questions will

can

they best be made?

come

inquiry. From research into the

from many separate lines

the

of

materials used in steelmaking.

raw

From applied research in basic iron and steel
processes to

obtain

optimum in productivity and cost reduction. From the devel¬

opment of

new

and

improved steel alloys. From research into

corrosion resistance and

steel—the universal metal—serve better in its countless

and where will

Answers

This

work

processes

extends

surface-coating procedures.

beyond

our

steel ; plants

and

steelmaking

into fields of product application. It goes still farther

into realms

of

pure

research by which

our

scientists may open

effort is

made

to accomplish some¬
thing in this way, the greater
the damage in the long run

will

be.

This tenet, we

fully realize,

is in contradiction to the gen¬
eral philosophy of the New

Deal,
the

the Fair

other

come

over,

Deal and

"Deals"

after them. It

that

is,

all

have

general drift of

thought among the rank and
file of the

people of this




FURTHER

PROGRESS
con¬

trary to what has apparently
the

TO

STEPS

more¬

unfortunately quite

become

FIVE OTHER

MAJOR

coun¬

AT MIDWEST STEEL

and efficient steel

near

Chicago, the

most modern

finishing plant in existence

is

now

providing industry with the finest quality galvanized
shefets, tin plate and hot- and cold-rolled sheets.

AT

GREAT

controlled

fastest,

most

providing

::::: ::::::::::::

LAKES

and

STEEL

operated

in

80"

powerful hot-strip

more

Detroit, the computerMill

of

the

Future—

mill in the world—is

and better automobile

Mm

body sheets.

Volume

i

,

#'■ vi
■

.

6146

.

.

.

-

>

such

this point is, of

The time has

course.

a

old fashioned. Much now come when it is extraor¬
to con¬
better it is, or so the rank and dinarily hazardous
course,

,

lieve,

to

leave

the lot of

serious

validity

its

us

damage

manner.

economic

task of

about

is

philoso¬

so

finding

already

fallacy

minds that the

back

our way

very, very

difficult.

T.

East

City,

Street,

59th

under

the

New

firm

Devereaux-Scull Opens
(Special to The Financial Chronicle)

SAN DIEGO,
Scull

Co.

been

has

in

offices

Calif. —Devereaux-

Forms Southern Bond
JACKSON, Miss.—Cecil E. Inman,
Jr.
is
engaging in a securities
business from offices in the First
National
Bank Building,
under
the firm name of Southern Bond

business.

Partners

Devereaux

and

C.

T.

are

William R.

Scull.

Hay den Publish
Common Offered'
Rhoades & Co., New

Carl M. Loeb,

and associates, have
announced an offering of 150,000
common
shares of Hayden Pub¬

York

City,

$12.50

at

Inc.,

Co.,

lishing

Moss, Roberts Opens

per

share.

offering of
(Special to The Financial Chronicle)
stock in this New York City pub¬
BOSTON, Mass. — Moss, Roberts lisher
of
technical
books, and!
& Company has been formed with books and magazines^ in the res¬
offices
at
11
Beacon Street,
to taurant and hotel field.
securities

in'a

engage
Partners

Eugene

are

J. Moss and

Company.

of, America

Building, to engage in a securities

of

name

with

formed

Bank

the

York

Ragland Company.

deeply has

social

and
our

So

67

already

has

been done and

all—and sunk into

thought
to ,the

in

much

preached by those who have
"programs" for the improve¬
ment of

this

tinue

all too often to be¬
accept what is

file appear

■...

Ragland is conducting a
securities business from offices at

John

33

(1513)

Financial Chronicle

The Commercial and

Greater postponement will
poet puts it, familiar with phers and others of a similar
bent. That is what we have certainly make the task all
their face, "we first endure,
been doing for two or three the harder.
then pity, then embrace",
This very line of thought or decades, and hardly a voice is
J. T. Ragland Opens
reasoning that is -being pur- raised about the danger of

A sued here at

;

-d',:

i'M

Number

the

i;;

K,

195

business.

Moss,

Martin Roberts.

John

the first public

It is

The
of

A...

is selling 20,000
and will use the

company

shares

the

off bank loans.,
—
T. Richard
Gascoigne, Chairman, and James
S. Mulholland, Jr., President—are
selling the balance, 65,000 shares
to

proceeds

pay

stockholders

Two

each.

the bi-weekly
Electronic Design. In

Hayden publishes
magazine

1981, it acquired all the
stock of John F. Rider, Publisher,

August,

publisher and distributor of
books, and in October
and November, 1961, all the com¬
mon
stock of Ahrens Publishing
Company, Inc.
Ahrens publishes
three magazines and a directory
for the restaurant and hotel in¬

Inc.,

technical

•V.-'

dustry.

h
PCS Data

h
■

t.-

Processing
Lenchner,

Pittsburgh,

Covato
& Co., Inc.,
reports that the re¬
of 100,000 common
PCS Data Processing,

offering

cent

of

shares

at $3.75 per share, was
quickly sold.
Of the total, 50,000
shares were offered for the com¬

Inc.,

certain stock¬

and 50,000 for

pany

holders.

Street,
in the
furnishing of statistical informa¬
tion for its csutomers by the utili¬
zation of data processing equip¬
The company

York

New

of 75 West

City is engaged

It will use the

ment.

net proceeds

to cover costs

the financing

from

(including salaries) of training'
personnel, developing new appli¬
cation's
and' converting
existing

the "1620"

to the use of

programs

processing system, for
equipping expanded leasehold, for
sales promotion and working cap¬
data

IBM

ital.

Kann-Ellert

C

■

Electronics
Common Sold
Rubin,

READYING STEEL FOR
the
one

doors

to

of the

new

discoveries. This new research center

accomplishments in a program

provement in

is just

of expansion and im¬

Corporation is investing over
means far more than a better

which National Steel

$350,000,000. And this program

TOMORROW'S MARKETS
uniform quality of steel for our cus¬
tomers. It means better, more secure jobs for our employees and
better values for you, the ultimate consumer of the million and
one products made of modern steel.
supply of the highest, most

Rennert & Co., Inc., New

Cii,y.
is
common
shares

York

of

Inc.,

Electronics,

108,000
Kann-Ellert
at $6.50
per

offering

share

This

is the first

in

stock

of

wholesaler

public offering

the Baltimore-based
of
electronic parts,

components and

equipment.

Kann-Ellert Electronics

$147,230 of the proceeds
6% debenture notes and

Mmk
"

NATIONAL

U/Wfl

STEEL

■■
GREAT

LAKES

STEEL

•

WEIRTON STEEL

•

CORPORATION ,

SUBSIDIARIES AND DIVISIONS:
MIDWEST STEEL • STRAN-STEEL • ENAMELSTRIP • HANNA

PITTSBURGH. PA.

working capital.
Capitalizaticn, as of Dec.
1961, adjusted for this issue,

the rest to

SteelY^J

————
FURNACE • NATIONAL STEEL PRODUCTS

will use

to retire
will add

B-

31,
will

shares.
Kann-Ellert
net sales in the
year
ended July 31, 1961, were
$2,081,303 comDared with $3,244,200 in 1960.
Net income in the
1961 period was $89,768, equal to

consist of 270,000 common

50

cents

a

share, com¬

common

$58,513, or 34 cents.
For the five months ended
Dec.
31, 1961, net sales were $1,290,505
and
net
income $50,379, or 27
cents,
compared with $1,281,773
and $41,677, or 22 cents, in the

pared

with

similar 1960

months.

Ira Haupt
fmishing-line
facilities are boosting quality and output of popular
color-coated steel panels for Stran-Steel's handsome
pew line of contemporary pre-engineered buildings.
AT

STRAN-STEEL in Terre Haute, new

AT

WEIRTON STEEL in Weirton,

improved
the
tin

this division increase
quality of Weirton's
galvanized sheets and cold-rolled sheets.
facilities throughout

production and improve the
plate,

W. Va., new and

NEW BASIC

Steel.
oxygen

will

To

OXYGEN FURNACES at

be

completed in

1 962, two basic

furnaces—the largest ever

add

new

capacity and

Great Lakes

built—which

greater efficiency.

"j




Chronicle)

Calif. — David
Menaker has been added to the
staff of Ira Haupt & Co., 166 N.
BEVERLY HILLS,

Canon

with H.
■\i

Adds

(Special to The Financial

Drive.
He was
Hentz & Co. .'..

formerly
„,

.

>

;

\

34

(1514)

year

Advance Refundings as
A

: '
■'

pen

to the size of the under one-

year

issues, *one might ask-why
do not put the entire Federal

debt in short-term securities.

debt if, beginning today, we
to refund all maturing se-

The

is

answer

that

short-

the

debt

one-year issues dur¬
ing the next five years. With no

only behaves this way now
because
we • have
kept its size
down to the present relative mag¬

the total

of the
debt, the amount of debt maturing

nitudes. While it is true that there

within

government securities, the demand

.were

^ curities with
^change in
;
<

size

is

would rise from
the present level of $88.5 billion
to $132.4 billion in two years and
to $153.1 billion in five years. As a
one

year

mean

rise

a

from

45%

why, though, should

area

seeking

we

we

reasonable

mediate

These

of

amounts

inter¬

and

long-term
debt?
the questions I would

are

like to discuss further before

con¬

sidering the subsequent question:
namely, if it should be agreed that
*

ought

to

put out

long-

some

term

debt, why use the advance
refunding technique rather than
offering long-term issues for cash
or in regular refunding
operations?

Offhand, looking at the smooth
manner

in

security

which

operations

reasonable a equilibriuhi

objective

to

were

try

to

of

short-term money to
countries stemming from

*

foreign
interest
differentials, outflows which

rate

would weaken

2.80%
A

;

in January 1961

at present.'

Even

if it

V .>■ ./

of five

years

or

cost

the

duce

Reserve

substantially

the

re¬

the

'Federal

than

more

would

:;

necessary.

excessive volume

term

to

Reserve

to adopt

measures

otherwise be
An

re¬

that

means

be required

restrictive

of

will

monetary

given level of monetary

a

restraint

would

would

i

•

of

short-

debt

hampers an effective
policy in still another
way.
The shorter the maturity
structure of the debt, the more
monetary

often

the

the Treasury

market

in

must

sizable

come

to

refunding

Chart 3

As time passes and the economy
probably be at least as high as it grows, the demand for short-term
is with our present debt structure. government securities for use as

liquidity

Recalls 1959 Yield Experience

This

controls.

achieve

to

burden

be turned into

can

interest costs.

average

debt

Federal

of

/.They

government -" securities
spond only slowly, to

action and other market factors at

maturities

less, the

of

role

government secu¬
substitutes for

ing eost and relatively little iisk
of loss. A banking system holding
excessive quantities of short-term

;

..,

possible to

were

>■

quickly, with little market¬

cash

position.x-In- substantially
increasing the supply of under
one-year debt, the Treasury did
help - to push»' short-term rates
higher, as illustrated by the fact
that yields on three-montfi Treas¬
ury
bills have moved up from
2.25%

of;

Effects

aire ' close*

money.

ments

around

Short-term

rities

balance of pay¬

our

Undesirable

Short-Terms

that

the

concentrate

debt in

"

The

outflows

deter

to

was

LONG-TERM MARKET YIELDS
Monthly Averages 1959-62

will also grow,
appropriate
Treasury to expand the
reserves

and it would be quite

%

A good example of what can for the
happen when the Federal Govern¬ outstanding volume of short-term

ment pushes more
particular maturity

debt

into

a

than the
hold is pro¬

area

wishes to
vided by the experience of 1959.
Because, under the interest rate
ceiling, it could not offer securi¬
ties with a maturity over five
years
bearing a coupon higher
than 4%%, while the market de¬
economy

government
with

securities

this growing

Dur¬

ing 1961, the outstanding amount
of

securities

government

matur¬

ing within one-year was increased
by $10.6 billion. Thus far in 1962,

/•"N.***" \

the under one-year debt has been

Y''*

increased

by

We have

manded

tant

increase

ury

short-term

to

additional

an

billion.

a higher rate, the Treas¬
concentrated all of its financ¬

consistent

demand.

not been

the

debt

in

^ New

Aa Corporate Bonds
Reoffermg Yields

a

$2.6

reluc¬

outstanding

those

quanti¬

April 1959 ties which we felt the economy
usually through March 1960 in the fivfe- Could appropriately absorb, and
we
will continue to do so in the
Chart I
future^
•
::' "
'

short-term

our

financing.
Chart
2
shows
the
pattern ■ of
yields on government securities in

January 1960, when short-term is¬
sues from 91-day bills out to five
year notes were selling at higher
yields than* bonds maturing in 25
to 35 years. I need not remind you
'that we have only one outstanding
United States Government security
bearing a coupon of 5%. This was
a 4-year and 10-month obligation
sold on Oct. 6, 1959. Without re¬
viewing the experience of 1959
and early 1960 in detail or the

for this kind of in¬

Federal

interest

balanced

a

maturity structure which includes

we

to

were

serious economic problems?
are

short-term

.

strument, yields would be certain
sharply. As a consequence,

entire

concentra¬

a

in

rates

with rates in other countries.

interest costs by concentrating on
time, the events of that period relatively short-term security of¬
provide a vivid demonstration that ferings, which we do not believe
concentrating an excessive amount to be true, there is a vital eco¬
of
Treasury securities in short nomic reason
for avoiding an ex¬
maturities, a greater quantity than
cessive
concentration
of
shortthe market desires to absorb, pro¬
duces
higher rather than lower term debt; that is, the undesirable

Government

the economy

Why Not All Short Terms?

Why

;

to rise

tion of debt in the short-term

.

eral

to

Granted that the printing press
is out of the question,

by $9.1

related

if

cause

relatively

increase the supply of short-term
securities far beyond the needs of

67%, to 77%.

extreme

—to

the

is not without limits. If the Fed¬

percentage of the present total of
outstanding marketable debt, this
would

strong demand for short-term

a

Thursday, March 29, 19G2

*

term
we

that

yields of this concentration of

on

markets, and at interest
rates usually lower than on longer-

1

increased

recall

.

past year has been to do just that effects of such an excessive con¬
put
upward
pressure . on v centration on .the .liquidity of the
short-term
interest
rates
a n d,
economy and the effectiveness of
thereby, to keep our short-term monetary policy.

During that

area.

will

you

billion.- I
would like to call your attention
to Chart 2, which shows the effect

money

This chart shows what would hap-

"

debt

out, with relatively
disruptive impact on the

little

short-term in character,
and getting shorter every day. In
this connection, I would like to
call
your
attention to Chart 1.
nantly

under

or

period

carried

been

Continued from page 3

>

The Commercial and Financial Chronicle v.-

>

have

ing

operations

from

,

^POTENTIAL GROWTH OF THE UNDER 1-YEAR MARKETABLE.
PUBLIC DEBT

Municipal Bonds^

Competing With Foreign
,

;

r

Short-Term Yields

Increasing the supply of shortsecurities, of course, tends

$Bil

J

160

to put

pressure

on

a

1

1

short-

1

1

1

Rolled

over

from

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

MMJSNJMM
1961
1962

;

Estimate ofaverageyields on
O'ftce of the

Moody's Aa rated new Corporate bonds.
on first Thursday in each monih.

Sectary of the Treasury

tfYYYC < '■YY-Y

:

A

.

106'/?

Preceding Yeor

..

■

*Bond Buyers average of 20 bonds

Chart 4

120
■Y.-i

1

-r—

One of the Treasury's

in increasing the volume
of under one-year debt during the

1

MJSNJMMJSNJ.
1959;
I960

purposes

135 '/2

132/2

upward

term rates.

148

1

M

-

term

Assuming 1-Year Rollovers without Attrition*

INTEREST COST OF EXTENDING DEBT TO 1998

Maturing within
Following Year

Through Advance Refunding and through Direct Long-Term Borrowing-, Per $100

.148 ;

il35^

80

3/1/62
~

•)

v

>

V;... YY
V

s

•

V Interest to

Paid

i

2/15/64

—>

.

be*

12/15/72

Extension through

Saved

v, \:Y ;

.

40

'-;Y

-<

•'

,

V

v/

11/15/98

Advance Refunding

.V Y. ;;*'• ' f

>'

t

*••;

Cash

3I4»%,

Borrowing... $6.95

P1

1962

'63

'64
•

*

'65

5

'66

$5.88.

'67

As of March I Each Year -

I

volume of seosonot bills.

2/15/64

!

-

-

WtY'

3%, 2/15/64

J

Advance

—-A

f Issues Offered

Refunding.

Without any

future change in the marketable debt or in the
Partially tox exempt bonds to earliest cat! date.

♦Me* el the

1

1

-■

.1

43.42

Sw««y «# the htmy

Chart 2

■—

26.98.

MARKET YIELDS ON TREASURY SECURITIES
•

ill

1

1

1

1

1

%

1

1

1

1

1

1

1

|

1

1

I "T

1

1

1

^ Issues Rep/oced
12/15/67-72

I;

W.

\

Advance

"I—1—1—1

1

—

2,/a%,

1

Refunding.

Pattern of Rates
^

5.0

Total

$178.35

Net

1

$145.49

$32.86

^Jan. 6,1960
4.5

Direct
'■:V

Long-Term Borrowing

:

Cosh
4.0

r

Borrowing..$l56.QI.

.14,1962
10.52..Net additional interest

3.5

1

3.0

(

;

-

1

on

Direct Long-Term Borrowing

i

I

i

'

* Hypothetical

2.5

.

I

10

Years to

1

n. _1_

i

8

'■■>! :r

1

0

1

.1

1

1

,

1

5►

1

I9

15

20

1

1

1

J

25

L

A

1

1

30

1

1

1

1

•

issues based

2/15/61* "sold" at a
3$ bond due 2/15/6U
due 11/15/98 "sold"
advance

refunding.'

35
Interest

'value*
the

net

figures

are

on

discount

market

pattern of rates

12

14

16

Maturity

on

2/l4/62: 3-l/2$

note

due

J

to

yield 3.55^;
bond due 12/15/72 "exchanged" for
plus $0.25 per $100 payable by the Treasury; and
4-l/l# bond
at par.
Other issues were actually involved in-the latest
V
-

simple arithmetic totals.

Even when discounted

discounted cost

at

U.25^ (the

rate

They
for

are

not discounted to present

1998 cash borrowing directly)

through advance refunding is lower.

♦Mo of tf* ternary of •*
hawy




'

Offict of tho

SootUry of th« Vi&jury
F-647

Volume

195

Number 6146

.

.

The Commercial and Financial Chronicle

.

(1515)
operations,

Because

of

the

Feb.

15.

of Treasury debt
opera¬
tions, it has always been consid¬

sell

$1.4

ered

cash

mag¬

nitude

essential

that

Reserve maintain

the

Federal

"even

an

keel"

ing,

in the market

during such opera¬
tions. However, if the Treasury is
almost continually in the
market,
the

Federal

itself

with

operate

Reserve

will

num¬

effective

of

order

to

provide

atmosphere

in

up¬

and

long-term bond

being

are

this end.
this

directed

We feel that

direction

our

have

on

long-term interest rates has been
stated on many occasions during

ally

past

1961

saw

the

should

bonds, municipal bonds
mortgages in our history and,

avoid

putting

up¬

long-term in¬

rates,

higher

on

today

the

whole,

than

they

are

no

were

a

Government

a

year ago,

yields

on

are

realize

that

the most

im¬

portant long-term rates from the
point of view of the economy are

despite this fact, long-term inter¬

on

States

those
,

for

new

corporate

ing, for the sale of
bonds

Less

about one-fourth of 1%

approximately
unchanged and those on municipal
bonds and mortgages are lower.
In considering these
results, we

cor¬

est

pressures

are

higher than

porate
and

United

bonds

largest

We have continu¬

year.

sought to

ward

more

For

they finance new jobs and
schools, roads and homes. •

and

for

new

borrow-

municipal

mortgages,

A

third

reason

for

using the advance refunding

ap¬

proach

is

cheapest
put

out

There

is

that

it is usually the
for the Treasury to
long-term
securities.

way
.

one

simple reason for
Treasury puts out
long-term securities for cash or in
this.

a

When the

regular refunding, we must ap¬
investors who have com¬

peal to

plete freedom of action.

since

Continued

Federal Reserve.

Technique?
'.

For

all

essential

of

these

\

.

.

..

it

reasons,

,

is

->

that the

Treasury, frohl
time, put out some longer¬
-term debt. If this must be done,

r

'

*/

•

time to

.why is it often

more

advantageous
longer-term < debt
through advance refunding rather
than through direct cash sales or
regular reiunding operations? - '
to

put •'

out

There

three

are

important

and

unique advantages to the' Treas¬
in the advance refunding ap¬

ury

proach.
the

First, and most important,
refunding technique
immediately" pull large

advance

does

not

blocks

of long-term lunds out of
capital "markets, funds which
otherwise would go into corporate
and
municipal'bonds or ■'mort-

the

What'.'this

gages.-

job-creating
and

*

is' that".,
business investments
,

means,

the

financing necessary, to/
schools, roads, other public
improvements and homes will'not
,

build
-

be; curtailed.

Were the Treasury

*vto.sell any;substantial quantity oflong-term bonds for cash, it would

immediately

reduce the quantity
long-term funds available for.
private
investment and
invests
of

ment

•••

>; ments

by state and local govern; and,thereby,slow
down

economic expansion.

our

...

economy still
low
capacity
that
I
•

his

With the

operating .well be¬
levels, we,; believe

would

be

poor economic

policy/":/>y.•/*'

C;,\- The;
ever,;

advance refunding, ^how¬
has; the .least possible im-

*

mediate

.impact' on the current
long-term savings. It
merely.changes the form in which

;

flow of liew.

bid* sayings are held by lengthen¬
ing the maturity of the obligation;"
.New cash funds

not

are

involved,

except to the relatively minor extent that. some investors
buy the"
eligible securities in the market "
»iri, order to make the .exchange,

-

and

in such

even

cases

an

equiv¬

alent amount of funds is freed for
other uses.
■

By use of the advance refund¬
ing technique, the Treasury-can
the retention of its regular *
for genuine long-term
investments. This is not possible

assure

customers

if

Had

long-term/securities are only
as part of
regular refundings
since, for a considerable period
sold

before

the

liquid
and

-

maturing
securities
they
have
become

due,

come

their

been

market

money

instruments;

ownership

shifted

out

of

Last year we carried more gas

Southern Natural Gas

has

the

largely

hands

of

short-erm

likely to be interested

term
A

securities.
second

who
in

are

can

debt

of

upward pressure

long-term interest rates.
the experience in

This

on

was

earlier advance

refundings,

and it was certainly
the experience in our most recent

operation.
-

vance

In

las.t

refunding,

month's

we

j* *

yr,

-

■

which

,

placed

adan

$1.4 billion in bonds
maturing in 1990 and 1998 in the

hands of the public.' Yet the level
of-; long-term, government
bond
yields is somewhat lower today
than

it

nounced
on

Feb.

term

was

at

the
15.

interest

the

tirhe

advance

The

level

rates

enjoyed

highlights the Company's progress for the past five
•

we

an¬

refunding
of long-

in

both

the

corporate and the municipal bond
markets is lower now than on




a

good

year.

and both

area we serve,

We believe that population

years:

-,.?vv<

>

♦,

Volume of
Net

•

.

-

j

,v

y.v-:-

y

Operating

r

Total Net

Revenues*

Income*

Dividends

Income

Paid Per

Property

Share

Additions

Per Share*

Net

Gas Sold in
•

Billions of
Cubic Feet

1961

$151,184,882

$14,214,277

$2.86

$2.00

f 4,361,995

376

1960

143,308,368

10,938,733

2.20

-2.00

7,688,885

369
348

1959

:

121,979,371

.9,153,082

1.85

2.00

34,613,750

1958

104,378,453

11,883,918

2.40

2.00

62,439,128

323

1957

101,151,365

11,268,802

2.35

2.00

15,697,265

316

♦Includes income from rate
and

increases collected subject to refund, to the extent
they may be disallowed, in 1959, 1960

1961; net income includes profit

on

additional
,

serves

"

important

quantity of long-term bonds
be added to the government's
structure with an absolute

minimum

before to the fast-growing Southeast

:

advantage
of ; advance
refunding - is
that,
through this technique, a substan¬
tial

r*

long-

\

ever

Company and the territory it

new housing, vigorous industrial expansion—and our determination to fulfill the demands for our
product—will result in continuing growth in the years ahead. Following is a brief consolidated
summary

*

investors

Good Year in 1961

growth,

of

long-terhij investors, into the hands
not

than

a

sale of securities of $0.45 per share in 1958 and $0.26 per share

in 1959.

'

<V"->

For

a

copy

of

our

1961 Annual Report write to Department FC.

J.-'"*

SOUTHERN NATURAL GAS COMPANY
WATTS BUILDING,

BIRMINGHAM, ALABAMA

Costly

important

monetary control by the

V. Why Use Advance Refunding

new

long-

term

suc¬

combined flow of funds into

the

the

efforts

been

cessful.

Administration's policy

ago, when we were close to
bottom of the. recession
(see
Chart 3). While yields on
year

the

toward corporate bonds

The

during the year
Treasury must carry out
sizable refunding
operations, will
exercise

in

of

capital markets conducive to a
large flow of long-term funds into
private
investment.
Our
debt
management policies have been

in

occasions

the

immediate

and

rates,

kind

Lower Long-Term Rate Level

that the

for

the

a

yields.

to

structure, which reduces the

make

as

offering or regular refund¬
would certainly have put

ward pressures on

debt

of

terest

attempted to
of " long-term

we

substantial

re¬

balanced

ber

A

had

we

billion

find

very
little room
carrying out its

in

sponsibilities.

If

bonds in the current market

35

/

They

on

are

page 36

■

■»

i

36

(1516)

The Commercial and Financial Chronicle

will

it

debt

as

have

than

will have

crease

A Debt Management Tool
Continued from page
to choose

free

^

35

among

offerings,
corporate
orate equities, municipal
bonds, mortgages, and still other
alternatives.
The yields on our
long-term cash or refunding issues
must
be
fully competitive
p

Now let

to

sell

$1

a

billion,

10-year
only in¬
in

occurred

precisely,

more

Thursday, March 29, 1962

,

Capital Demand to Rise in 1962

the

using

issues

study on the interest rate outlook

expects this year's demand for credit funds rising 10% to

repeat the example

me

can

is

The

36-year debt.

out in the 1998 maturity area We

course,

more

.

Bankers Trust's well known annual

accomplish thesetebjectives in "junior" ...and
bonds, on®
ways. Une way, of refUnding. The

Treas-

our

ury

c o r

any

before.

.

of $54.5 billion.

and

will

meet most

a total
study, however, believes IffiTsupply of savings

The

of the

demands made upon

*£e a^ombi Jton

increase in interest rates will not be

"senior"

term

advance

"senior"

portion

Commercial

area,

one-half

much

as

in

bank

it

that any

so

upward

significant except in the short-

deposits' volume

is

expanding

seen

1961

but, nevertheless, heavy1 money market
pressures and stringencies are not expected as in previous, recent

involves the advance refunding of

as

1998 bond directly for cash.^ An
biliion
2i/2% bonds maturactive business years,
alternative is to place $1 billion ing in 1972 into 31/,,% bonds
^ bonds out in tne 1998 area maturing in 1998. To fill the 1972
through advance refunding and to vacancy in the maturity structure Demands for funds im the credit vestors as life .insurance1 com¬
with these alternatives.
:
fulse Jbe required cashsjfthroughcreated by this "senior" advance markets are expected to reach panies, pension funds and savings
However, in an advance refund- Jhe sale of a, short-term issue in refunding, there is a "junior" ad- approximately
$54 V2
billion
in and loan associations.
The total
ing we are appealing to a group the maturity area vacated by the vance
or
about 10% above the flow -of savings to institutional
refunding
of
3%
bonds 1962,
.

,

<

of investors who do not have com-

plete freedom action. To move out
of their present holdings, many
these

of

investors

would

have

to

substantial

realize

advance refunding

,

we will assume ™at

of

hon

1998

bonds

maturing in

tn?JADll~

could

have

been sold for cash in the present

market

-with

4/4%

capital losses
Through the
advance refunding, these investors
may extend the maturity of their
holdings without putting capital

assumption for the sale of such a
largc quantity of new long-term

losses
losses

bonds

market

on

sales.

their
tneir

on
on

of

minimum

uncertaintv
uncertainty,

books
dooks

with
wiui

and
ana

inconvenience

It
it

is
is

because
Decause

of
oi

a

and
this
tnis

treasury,

most conservative.

is

hask

tne

thi«

of

basis oi

holdings that the Treasury can in
this way put our larger quantities
of long-term bonds at lower interest

costs

Says

the

to

would be

taxDaver

than

possible
possible by other means
other means.

Cash

Offering

Would

Have

Cost More
T
I

mentioned
mentioned

earlier
earlier

that
that

we
we

InvestoSl4"«£
turing 7n$ 1990 and 1998 fn last
mnnfh'c
months

have

nrivpnrp
advance

attempted

rpfunriw

Tn

refunding,
lo
te sell such a

qauaen?itveof long-term^bonds

large quantity or long term bonas
for cash would have required a

Tre as

ury°than'we'paid°in

vance
t

ad-

refunding offering
u

1

our

would

+

like

to

*

present

a

nu-

merical

example, which, I believe,
illustrates this last point.
While
the

situation

is

hypothetical, it
rather closely parallels the form
of last month's advance
rhe

details

shown

ot

the

refunding,

example

are

in;Chart 4, .but 1 will at-

tempt to

summarize

the principal

leatures.

T

-

In the example we assume that
the Treasury needs to borrow

$1
that, to improve
the debt structure, it is
desirable to place this $1 billion
billion

in

cash

1

and

.--"'Kr-'s.

.■

conservative

assumption the total interest pay,

their

through

4V*

hnnHs

in

1998

per

$100

maturity

would amount to $156.01

of bonds sold.
Now let us look at

4%

1961 total,
cording

bonds

"The

the

ment

1964

structure

jn, the

ga

maturity
by the "junior"

created

advance refunding

is filled

0u

h

payments

1972

bonds placed through the "junior"
refunding

find

we

York.

funds,

is

by

advance refunding at a total inN°' a11 of the ^ -C°St dUrlng- the penod o£

"leaP

occur at
example

once;
clear

but to

markets

issue

for

iZ?a

had issued $1
psd'ssued $.1 billion of AVa %>
billioitt.(4'/.%,
J9?8 bonds directlysavings on The
for cash. the
interest cost

36-

*1

assume that 'hey do. What hap.

..

.

10-vear

Sample

is ctoverted

we

re¬

billion

of

debt

would

Trust

Company

tion contains

of

the

a

this year is unlikely to lead
significant upward pressure on

The

by

$15

study
and

only

and

2

out

to

second

one

frbm

years; the second from
10 years. In effect, the

filled

has

move

in*

vacated when the first

space

10* achieved

the

move

without

draining

years
1953-1961,
together
projections for 1962. :

new

long-term funds out of the capital
markets or placing any overall
.upward

pressure

interest rates.

Rising

: .—V'The basic reason that the adthat, the third step is an vance refunding approach resulted
eaSy one—b0rrow for cash at a in a lower total * interest cost to
two-year maturity. In the end,; the.: Treasury
is
that,
in
the
then, the Treasury will have its "senior" advance refunding,
will

have

borrowed

cash at the two-year rate of

terest, but it will have no
two-year debt outstanding
before

the

holders

in-

were

more

than
operation began. Nor

of

26

1%

Short-Term;

on

to

finance

inventories
well

as

of

AVERAGE LENGTH OF THE MARKETABLE PUBLIC DEBT'

nounced

loans

long-term

that

in

and

1962

In fact,

at

be

to

nounced

for

funds

raised

in

that

it

heads

group which
the: initial public sale

the-total

Of

requirements

Net

proceeds

to

the

tional

notes

investment

company,

for part
new

of

build¬

at

-

expenses

in

manufacturing equipment;
of existing mortgage

and

-

of

obligations due a
principal
shareholder, , and
for
working capital.

Trend
of

a

repayment

■

volume

are/

Parsippanyto be
moving this- summer
from its. present plant at Kenilworth, N. J;; purchase of addi¬

1962.

The

pay

be erected

incurred

Change Noted in Investment
■

,

to

used

Troy Hills, N. J.;

agencies, finally, are seen as de¬
creasing from $5.9 billion in 1961
to
$5.2
billion in the calendar
year

be

ing to

of
its

and

shares

105.000

company's account and
for a selling stockholder.

30,000

1962

,

the"

for

vious year.

Government

under¬

is making
of Carmer
Industries,.; Inc.;
common:
stock
through T. the offering of 135,000
shares at $3 a share. '/Vc't;:./:;/:/

construction costs of

financing

an

writing

will

will

Federal

-

'.*V'. *>■'

billion, or only slightly
above the $31.2 billion of the pre¬
The

other

Godfrey, Hamilton; .Taylor & Go.,:
Inc., -Nfc.wv-'fXjgSrjttr .City, •*. has * 2LI^~ •

$31.9

the

money

oiy active business.;. 'V

V,

seegj. no pro¬

of

funds

a

Hi

by declines in corporate and mu¬
nicipal
financing.
The
Bank's
study places the total of invest¬
ment

to

pressures

Carmer Industry

significantly; A high¬
mortgage financing
expected to be largely offset

is

lead

not

-thai: " characterized

recent: yetars I

con¬

demands

investment

volume

need

stringencies Vim. the

market

not increase
er

1959; As a-

the

repetition of the heavy

investment boom in 1962.

estimates

",:

expah--

an

re¬

the; record volume of 1955.

However, the study
and

such

period I &n<|: ithe .^f^billion: ;by.

outstanding projected
for the current year is second only
to

as
.•

the

term credit

.

much

as

automobiles

and other durable goods.

r

one-half'

study' concludes that
the anticipated-strength in bank

the $17.4 billion increase in short-

38

19621

would

result,

ris¬

and

higher:

as

purchases

sumer:

the

page

credit

in

commer-;

':

which deposits rose fin

Credit

business

ceivables

a'. 3%%

below

Continued

.,

ing

addi-

an

with

of

short-term

of

be markedly" larger
$4t5 1 billion; of annual
deposit" increases of the 1955-57

expansion in bank loans and cither

maturities

extend

years

: %

coupon,
.

1972

induced to

tional
;

the

/V' v'."'•

V".'' Chart5

:

the

sion

with

study assumes that eco¬
nomic activity will move upward
in 1962 and anticipates a strong

After

It

for

credit' policy

liberal

volume

Nevertheless,

The

occurred.

cash.

Demands

TtS'■

long-term

on
^

•

Trust

Bankers

less

the

about

than

involved:

of

near-

cial bank deposits will expand by

the

^w0

35

1961

in

expansion

that

assumes

become
that

in -1961;

ieapS

' The

billion.

will

in

Reserve
an

record /-proportions,^' and commer¬
cial bank deposits advanced
by

and

,

Federal

possible

commercial bank credit for

This year's edi¬

operating

markets

the

made

Supply

credit policy followed

easy

includes ex¬
year iss"e; then> following behintf4#t»®Vnted to $105.2; million.
that' a 2_year issue is converted .? Moreover, the debt management panded statistical tables covering
sources and uses of funds for the
into a 10-yeai* issue. There, are objectives would have been
ou^

It

year.

Further Growth in Money

detailed discussion

forces

credit

current

long-term interest rates.

under

Vice-President

Chief Economist;.

have

the

way

to

Economics Department of

Senior

son,

in

also supports the expectation that
the
economic
expansion
under

the direction of Dr. Roy L. Reier¬

$10.521essper $100 borrowed than

make this
I will
make •» eaample clear, I will lf

the

Bankers

are

bolsters the outlook for an ample
supply of funds in the investment

that

some market observers have called
leaps may

long-term
show little

change, /.savings institutions are
likely to supply an exceptionally
large proportion of the financing
expected to be done in the capital
markets
in
1962.
This prospect

vestment

advancei/^^ough^the Senioradvance

for

expected to

by

Roy L. Reierson
alterna^10^1 interest cost resulting garded as am¬
ple to meet
tive way of handling the situation the total interest cost
^sul ng the higher demands fairly smooth¬
which, as I noted earlier, rather Irom A1lfUS
mree-part operation
closely parallels last month's ad- ever the entire period to 1998 is ly. Consequently, the study con¬
vanc/refunding operation, It is> $145.49 per $100 borrowed. Thus, cludes that any rise in interest
in effect, a way of putting an issue we
would have achieved our rates is not likely to be prothe
into
long-term
area
while objectives of raising $1 billion in nounced^ except possibly in the
drawing funds from the shorter- cash and placing $1 billion in short-term area.
t
-phis is done by what bonds out in the 1998 area through
This study is prepared annually

an

billion
• ^ /

.

funds

However, the
supply of
funds, partic¬
ularly of in-

and tne
the

on

demands

' •

re-

Company,

fh

w® would sen for casn
interest

Since

1962-is

$1.4

re¬

New

1964 note which

f

for

higher than in 1961.

Outlook

Bankers Trust

Adding the interest bavments to

the

projected
billion, some

$28.6

leased

by

Aaaing tne interest payments to
on

to

1962,"
cently

selling for cash $1 billion of 3 V2%

maturity

investors

ac-

Invest¬

for

notes maturing in 1964.

Even

rnnservative

tnis

the<?p

fundfng3to Those Tho otherwise
would gnot wish to disturb their

coupon

*£***' *£.1 f^e^cost
tnis interest cost

tne

on

a

into

1964

maturing in 1972. Finally, to meet
the $1
billion cash requirement,

fi¬

.

nancing,

which

previously
had
been in
a
strong growth trend,
has
not
expanded
significantly
for several years, according to the
Bankers Trust study.
I
This

The

of 22 N. 26'h
Street, Kenilworth, N. J., is prin¬
cipally engaged in converting raw
plastics

other

capital assets.
At
time, corporate needs
financing are being

same

external

tion

the

for
re¬

by the increased genera¬
of .cash
internally,
while

periorm
tions

demand

New

Peak

.The flow

2'4Z bonds exd)ong$d for mmarketablebonds.
tax-Mempt bonds lo earliest coll daft; all other colloblt bonds
'

•

■

♦♦tef or

th*

Smeary M Vw ttmry




*

l

«

t

-it

...

■

.1.

.' I

,

i

tomatwih.

PariM
-■

.

'

•

ae

-

*

•

.

-t

.

1

'

.
-

•

>'• r

-

.

"»

Savings

Flow

tics

4

•"1371-0

»

shnilar;processing func--

with: substantially
in'

products

current
are

sold

use.

all. .plas¬

Company's-

to manufacture

ers,Vindustrial V users./-warehouse

-

of

savings is seem as distribittbrk ^hd jobbersj -and-saKs
rising further in 1962, although at at present are primarily vto. users'
a
slower pace than in 1961. ..«• A and manufacturers in—the
chetni->
larger inflow of funds is antici-.. cal,
electricaL- .aii d-C .elecironiGpated for such institutional in¬ field^** ^
- y f-'""' '■ '•*
,

.

■
.

in

basic

-

is being damp¬
ened by population trends.
*

into

lengths, widths and thicknesses.
While presently almost all of its
production is concentrated in con¬
verting two types of plastic, triflouro polyethylene and nylon, its
machinery and equipment can

strained

housing

by extrusicn from

pellet
shapes such as
rods, tubes and sheets in various

form

is

explained as reflecting
in part the working off of the ac¬
cumulated
backlogs of demands
for plant and equipment, housing
and

company,

.

'

.

Volume- 195'-

Number 6146

v.

.

.

The Commercials and Financial Chronicle

'

'

1

,
(

'

(1517)

'

meeting in Sydney, Australia—In- Boardman

T>

Publishing

Corpora-

ciation,: Terminal Centre .Building,
Montreal 3, Que., Canada, $2 per
copy.

January,

JU.

Of

the

1962, Economic Report
Present—Hearings of

Joint Economic Committee—Com-

7, "N. Y. (cloth).

V-

Natiana| Foreien

/

Council—

way,
New

New York 6, N; Y. (paper).
York

Stock

Exchange

Di-

Room, G-133,, New Senate rectory—Revised to Jan. 2, 1962—
Building, Washington 25, Commerce
Clearing House, Inc.,
District of Columbia.
Chicago 46, 111. (paper), $3.
Office

Power

State—A

for

the

Empire

Report—Empire

*

;

Consolidations

and

the

Interest
A Preliminary
Examination - Bureau of Trans-

Life

State

and

Life

Insurance—Griffin

pennies

ana

Millions

A

Hand-

U.

S.

Government

language—Life
Atomic

Progress—A

Power

America's

port; from

Re-

fice, Washington
per), 55 0.
Report
road.

ent

of

Institute, 750 Third
New York
17, -N.: Y.

Avenue,

(paper).
Bank

of

the

Commission

Canada—Annual

the

Governor

Finance

of

Report

1961—Bank

for

Canada, Ottawa, Canada

Ec°nonJics
Payments
Ap-

.Balance, of

Charles

1

International

proach—Max

Minister

the

to

"

it

Modem

'

25,

D.

C.

(pa¬

W.

J.

Wasserman

of

sue"

Presidential

and

Hultman—Simmons-

Rail-

'

Journal

International
International

,

-

'

"

Where Away?—Booklet Describe
«"* National ,Forests-Employee

Superintendent

sion—Annual

Puerto Rico Water Resources Au- u.

of
of

Affairs—School

Report

of

for

1961—

Inc.,

19

West

Street, New York 1, N. Y.

Documents, per), 250.

,T

nual Report—International
„

..

0

,

1,500

page

directory

of

all

of ment, Washington, D. C.

■*'

Containing Articles,on What
Has Western Electric Been Doing

1961—Official

4

?

Handbook

of Present Conditions and Recent
P

r o

s—Information

g r e s

Serv¬

ices, Bureau of Statistics, Ottawa,
Canada (paper).
v..
;
Canadian

Immigration

Citizens and

for

United

Procedure

Residents

of the

States—Department

of

Citizenship and Immigration, Ot¬
tawa, Canada (paper). - all Coun¬

Debt and Tax Data for

Cities,

ties,
•in

Towns

Commonwealth

the

Districts

and

of

Massa¬

chusetts—Investment

Analysis
Department,
Old
Colony
Trust
Company, Boston, Mass. (paper).
-Development
100

and

Use

manual

page

lumber

guide!. for

of

Land—«:

prepared

as

dealers

a

;

and

builders in the conversion of

raw

info building

^acreage
United

300

States

West

Adams

Domestic
National

—

Gypsum Company,

Street,
V
*

(paper).'

6, 111.

sites

Fuels,- Oil

Chicago-

^

Imports and

Security—Statements by

members

of

Congress—National
Conference, Inc., 1000
16th Street, N. W., Washington 6,
D. C. (paper), • '
Coal Policy

.

..

Economic Report of the President
—Annual

Report of the Joint Eco¬

nomic Committee of the Congress
of the United States on the Janu¬
ary,

and
ent

.1962, report, with minority
other
views—Superintend¬
of Documents, U. S. Govern¬
,

ment

Printing Office, Washington
25, D. C. (paper), 450.

Economic

Public

and

and

Social

Security—

Private

Measures

Against Economic Insecurity—
John G. Turnbull, C. Arthur Wil¬
liams, Jr. and Earl F. Cheit—Ron¬
ald

Press Company, 15 East 26th
Street, New York 10, N. Y.
(cloth)), $8.

Emerging

World Enterprise—A

Study—Booz, Allen

& Hamilton,
Avenue, New
17, N. Y. (paper), copies on

380

Inc.,
York

request

Madison

on

Enterprise

letterhead.

company

Politics

and

Africa—Heinz

in

YOUR

South

Relations Section, Princeton
University, Princeton, N. J. (pa¬
per), $3.

Freeman—March,
ing

Articles

1962—Contain¬
Production

on

Un¬

limited;
Rights,
Natural
and
Arbitrary, etc.—Foundation for
Economic Education, Inc.,
Irvington-on-Hudson,
N. Y.
(paper),
500.

\

HOSE

NOZZLE

PROVES

Hartmann—Indus¬

trial

0/

■;

THE

ECONOMY OF COPPER

Hose nozzles of solid brass have

From

been

maker, the seller, and the

universally accepted

standard in the

as

industry for

the
gen¬

erations. Hundreds of thousands

the

brass has
true

standpoints of the
user—-

proved itself to be the

bargain. It's strong, rust¬

METALS

—or

machined components pro¬

duced in your

plant if you're in

manufacturing. Brass
few

cents more

than

may cost a

competitive

Investment Process

as Character¬
by Leading Life Insurance
Companies — James E. Walter

ized

of

them

are

made

every

year.

—

Harvard

Business

63, Mass.

International

Coal

Trade—U.

S.

Department of
reau

of

the Interior, Bu¬
Mines, Washington, D. C.

(paper).
Investment
.

v

ciation

—

Air

Transport Asso-

December

proceedings

of

-Bulletin

the -17th




proof, and the most easily

Naturally, they've been the target

machined of metals.

of

School, Boston

(cloth), $7.50.

"heft,"

competitive but less durable

metals and

plastics. But people

who have been
a

few

tempted to

save

pennies with substitutes

give

a

lifetime of de¬

pendable service. The
applies to

a

It has the

and built-in

substance,

accuracy to

lot of

same

your

thing

house

on

annual

have

quickly learned something.

_

Bank
,

Standard Trade Index of Japan— for Reconstruction and Develop-

Issue

Canada

(pa-

S. Government Printing Office, World Bank—Supplements to An-

Washington 25, D. C. (paper), $1.
®
'
'

of

Lately; Electronic Data Processing
in the Bell System; Management
Quality Control; etc.—American
Telephone & Telegraph Company,
195 Broadway, New York 7, N. Y.

34th

'

(paper).

Bell Telephone Magazine—Winter

gn

clntrai

7

Commission—Superintend- Affairs, Columbia University, New
Documents, U. S. Govern- York, N. Y. (paper), $1.25.

C"

ment Development Bank for
Puerto Rico, San Juan, Puerto
Rico (paper.)

Inc

Europe: Periphery and

Securities & Exchange Commis- Relations,

&

Fv.

For ei

Center—Discussion in current is¬

Company, Incorporated, 575 Madison Avenue, New

Doubleday

and

&

$19 50

York 22' N- Y* (cloth),-$4.50.

Street,

^uaSi^ Drices°on recRiestJ
—A

of

Sigourney

1 70

Research

Market

,

Insur^

Agency Management Asso-

ciation,

Electric

*

Electric

son

of

ance

manufacturers

porters—American"

Documents,-;_r *
'
Printing Of- Western

»™'ne Ka7e°NTiTYo A ?CN' Y* ^amenL^nl^rofbf^^nsura^ce b0Ok for the Guidance of Women ment Printing Office, Washington

'

Japan's

port Economics and Statistics, In- Park West, New'Yor* 23, N. Y,;

Report for 1961—National Foreign ter0s^t„e.:'„?f)!Tirneirce,
Trade Council, Inc., lll.Broad-" —Superintendent-of

mittee

Atomic.

Railroad

;ternational Air Transport Asso- tion, 50 Church Street, New York Public

jL)USinPSSrna"n b
IJUOlllVS&UiaU R'

37

furnishings and building hardware

materials, but in

value, it's

a

terms

of final

bargain. That's the

kind of metal brass is. Look for it
in the

the

things

things

you

you

buy—use it in

make.

62205B

(paper).

38

The Commercial and Financial Chronicle

(1518)

two advance

Advance Refundings as
A Debt Management

in

Tool

from page 36

a

been

required

sale

of

1998
the

induce

for

bonds.

In

holders

to extend

bonds

direct

a

order

of

the

1998 at

to

cash

•?*'; '

to

1972

3V2%f

the

Treasury had to offer to in¬
crease their return from 2Vz% to
31/2%

To

Summary

fair offer but

In

last

our

bonanza.1

no

interest

advance

refunding,
19% of the public holdings of the
2%%

bonds of 1967-72

were

ex¬

changed for 3Vz% bonds maturing
in

1990

1998.

and

This

was

a

with which the Treasury

response

well satisfied. But if this had

was

been

windfall

a

thing

which

deserved

would

one

involved

gain

American

offering,

for

have

investor,

conclude that

investors

holding 81%

of the bonds did not know
fall

when

81%

they

of

the

un¬

an

the

to

some¬

saw

one,

bonds

wind¬

a

because
not

were

exchanged.
terest

calculated

savings

fundings
attached
with

are

interest

the

in

costs

five

l?.K\.y:

than

costs

could

have

been

possible through cash offer¬
ings or regular refunding offer¬
ings of any comparable size. To
be sure, as market conditions shift
about, there will be times when
long-term cash issues or refund¬

ing exchanges will also be

priate.

appro¬

But the appraisal will de¬

pend in large part

summarized

in

the

of

alternatives

tried

to

analysis

upon

the appended correspondence
John J. Williams.

to

Senator

would

have

mature in

30%

shorter

now

have

standing

Secretary Dillon
pertaining to the costs of the five
refunding programs un¬

half

dertaken

the

in

past

two

Chart

(see

$15.2

5).

billion

of

advance

circumstances

to

conduct

ful

the

a

interest

to

burden

we

ful

ap¬

new

the

debt

our

coupon

the

must contribute toward

and

used

by

tary

Anderson,

predecessor,

my

who

first

Secre¬

conducted

.

y'fl'Z'*-*>.

response

to

of

letter

your

rate

of

additional

issue

new

transfer).

one

involved
.

.

costs

incurred

shows the interest savings to the
Treasury in these advance refund¬

ings on the assumption that the
original issues are to be refunded

(if

issue is involved

amount

interest

the Treasury in the five ad¬
vance
refundings. In addition, it

the. by

at

maturity into the issues offered
exchange at today's; interest
rate levels.
Looking at both the

in

in

'

additional

refund^;

interest

costs

to

the

Treasury and the interest savings
in
advance
total amount of additional in- ' involved
refundings
places the interest cost issue in its
terest which will be paid
by
the government to these new proper perspective.
;
ing operation please furnish the

-

economic objectives of sound eco¬
was

•;

5, -1 enclose two; tables
which provide the information you
requested on the five advance re¬

-

In connection with each

3.

on

major

the

each

1:

capital markets,
our

the

than

give

the

management

.

March

bonds offered in transfer.

more

debt, and

policies, through their impact
money

and

traded-for

v

will also continue to be mind¬

that

In

by

ing operation and the maturity
date

seeking

minimize

of

"

;

..3

.

management ' 2. The total amount of these bonds
-A
of each series which were
responsible man¬

need

.

fundings which the Treasury has
The maturity date and the cou-:
undertaken in the past two years.
pon
rate of
the outstanding
One of the tables presents the
bonds involved in the refund¬

1.

will continue to be mind¬

we

of

sincerely,

-'/Aaaa-'-

Dear John:,

debt

our

operations in
ner,

are

In

use.

manner.

JOHN J. WILLIAMS

*

appreciate the following informa¬

In conclusion, advance refund¬
ing is a technique that we would
hope to use again in the future,

whenever

^

refunding operations

7

these

Treasury of the United States,
Washington
..)

.

.

the Treasury Department I would

tion:

'

.

In connection with the series of

out¬

paid had

-

My dear Mr. Secretary::;

this

propriate for its

v

jjwrerl

Secretary of the Treasury
Washington 25, D. C.: : a.-'

been

normal

Yours

Honorable Douglas Dillon

We

in

a

years::

y-'/■'•aV:-March 5, 1962

total, : was ' placed
through advance refunding.

have

refunding

to ten
which

low coupon bonds been allowed to

•

debt maturing beyond
$7.7 billion, or just over

20 years.

Clearly, in

instrument of major

an

the next five
the amount

advanced

the correspondence between Sena-

in

advance refunding must be recog¬

Advance

during

above

nized

as

ing

years

as

debt management,

trying to establish is

Federal Government will be pay¬

Note—Reproduced below is

tor Williams and

such

I

am

how much additional interest the

refundings
in all.
These advance refunding
operations
have
accomplished

here.

outline

the tool-kit of

re¬

tables

Ed.

a

advance

-

and in¬

advance

technique, making

five

What I

:

up,

importance.
1 The

of

the advance re¬ debt. The average length of the
funding offers a number of unique debt today is four years and 11
advantages to
the Treasury. months, the longest it has been
Through this device, it is possible since the fall of 1958. If the five
to put out substantial quantities advance
refundings had not been
of long-term Treasury bonds with
undertaken, the average length of
the least possible drain of new the debt would now be
only three
long-term funds out of 1 private years and seven months,
valmost;
sum

Advanced

Refunding Costs

producing a more bal¬
anced maturity structure for the

during the 10 years from
1962 to 1972, but this was an ex¬
change that the Treasury could investment channels and with the
well afford to make. It represented minimum of upward pressures on
a
payment of 1% in additional long-term interest rates. ? In ad¬
interest for the next 10 years in dition, this technique has enabled
return for a saving of % of 1 % in the Treasury to place long-term
interest over the following 26 years bonds in private hands at lower
—a

Answers

third

much

•

minimum coupon that would have

Administration's

this

of

total

refunding operations
month s operation

Thursday, March 29, 1962

.

.

Last

this

use

'

Continued

1960.

was

.

bondholders during the period

nomic

between the date of the refund¬

1960 and

traded in.

these assumptions and

.growth,

stability

and

reasonable

equilibrium

balance of payments

in

our

position.

Jlve Advance

You will note that

only the June,
March, 1961 "junior" ad¬
ing operation and the original vance refundings resulted in a net
date of maturity of the bonds interest cost to
the Treasury on

price

.

'

j,

that, in tak-

Refundings

1960-62

Old issues

:

*

Amount

*

Term to

Term

out-

*

maturity

maturity *

to

*

Description

'standing*

;(nuaCd-) l

(Yrs.

Description

-

(Yrs. •
fos.)

Mos.)

:

pub-

.

'(Yrs.

Tbtal

:

:Publb tal

licly

:

; Mos.) ^

held

:

!

;

:

:Jbr nontaxable holders

,v

"Boot"

:

paid

:

to

:

mark-

:

per

:

$100

:

;

t(Mos.)

debt

or

before

:investment

(+)

:

:

,

V

:

.

date to

:

/

.

exchange

:

;

tax V-::

Approximate: Approximate

:Treasury:yield from

:llcly :etable
:held

(m. of d.)
June

;

length
of

:

sion

on

'.'average:

exchanged

[Ext en- *.

Effect

:

Amount

maturity

:

.

jninimum
:
:

■:

:

re-

investment
rate

for

extension

:period adj.
for "boot'

Xf

i

I960:

i-5

October

i960:

.

/3-3A*
13-7/8%

^

b/,l3/£HT""
?"V?* !f/l5/63-68
2-1/2J 6/15/6^-69.....
2-1/2*

5/15/64
5/15/68

..

2,815
3,738

6-8-1/2
8-2-1/2
8-8-1/2

3-1/2*11/15/80
3-1/2* 2/15/90
3-1/2* U/15/98

3.812

9-2-1/2

3-1/2* II/15/98

2.109

12/15/6I1-69

3.11
7-11

20-1-1/2

13-5

-

643

W. 512

30.5

29-^1/2
38-1-1/2
38-1-1/2

21-2

:

993

777

35.3

32.5

993

29.3

30.3

27.8

29-5

1,095

28-11

1,248

1,113

32.7

33.9

24-7

02,474
March

-•

3,979

3,395

31.9

31.4

•

1961:

2-1/*} 6/15/59-62

5,262
3,W»9

1-9

3,971

2-lA* 12/15/59-62
2-5/8* 2/15/63
2-1/2* 8/15/63.....

1-11

6,755

1.3

3-5/8%
3-5/8%
3-5/8%
3-3/8%

2-5

11/15/67
11/15/67
11/15/67
11/15/66

6-8
6-8
6-8
5-8

5-5
4-11

1,296

1,226

1,177

4-9

1,131

819
998

3-3

2,438

4-4

19A36

6,041

1,035

24,6

25.9

34.1

30.2

26.3

2,399

28.5
36.1

5,442

5i.i

•30.3

•
~

j

3.75

+$0.30

3.98
4.10

3-75

,£w':

3-75

35.8

::"v

4tO0

3.63

4.09

September 196l:

2-V25

3/15/65-70

4,688

8-6

2-1/2*

:

2,927

9^

3*

10-8

28-5

19-11

722

622

37-2

28-8

495

469

238

203]

(3-1/2* 11/15/80
3-1/2* 2/15/90

19-2

9-8

28-5

18-11

[3-1/2* 11/15/98

7,615
March

19-2

[3-1/2* 11/15/98

3/15/66-71;

(3-1/2* 11/15/80

13-1/2* 2/15/90

37-2

27-8

"

2-1/2*

2-1/2*

2/15/64
2/15/65

3,854
V

l-H-l/2

6,896

2-11-1/2

6/15/67-72

1,756

9/15/67-72

2,716

2-1/2* 12/15/67-72

3,512

4*
f^*

8/15/71
8/15/71

.4*

2/15/80

10-3-1/2

(3-1/2* 2/15/90
3-1/2* 11/15/98
10-6-1/2V. '3-1/2* 2/15/90
„

10-9-1/2

^-1^ ^2/%^
13-1/2* 11/15/98

Office of

the

515

J

J-

50.1

|>

48.0
51.4

-

3.50

+

0.25

4.21

1.00

4.19

4.31
4.36

^.15

-

52.6

2.00

4.23
4.19

+

J

428

4.16

+

7-6

1,154P

l,104p

6-6

l,651p
56lp
233p

X'384p}

15-0

17-8

29.9

a

29.9

32.1

27.5

I80p

l65p

345p
420p

27-11-1/2

17-5
26-2
17-2

322p

185p
266p
299pl

36-8-1/2

25-11

333p

28lpj

37I95p

11-11

23,189P

4.11
+

2.00

4.10

+

0.25
1.25

4.20
4.21

+

26-5

69,435

a

.4.28

4.30
4.36
•

4.30

23.1

m

t

4.19

18.7

1.50

4.21

0.25
1.75

4.19

0.50

4.17

19-1
+

18.0

+

Wp -?777i ""S5T6p
19,915P

■

+

+

28.2

33.4p

33,Op

IT

J+.19

4.32
4.36
4.36
M7
4.30
-4.38
4.30
4.38
4.30

16.6 2/

Secretary of the Treasury

Office of Debt

on

9-5-1/2
9-5-1/2
17-n-1/2
27-11-1/2
36-8-1/2
27-11-1/2

13-0

TotAl,,,,,,,,,,,

Vote:

576
692

2.25

-1.00

■

1962;

2-5/8*

W

v

589]

Analysis

March

debri^e^H^tf^*1^62.eXCtAn6e

All items




on

table

were

made

public

or are

"

Md

"k Prtees at

derivable from public

sources,

<*? before nnaooneenent,

adjusted for "toot"

payment.,

9, 1962

*

Volume 195

Number. 6146

.

.

The Commercial and Financial Chronicle

.

ing the five advance refundings as
a
whole, these calculations indi¬
cate

interest savings to

net

a

(1519)

ments

;<

BY JOHN T.

Sincerely,".

CHIPPENDALE, JR.

;
V DOUGLAS DILLON
The Honorable John J, Williams

^

.

United States Senate

^

;

.

Washington 25, D. C. ;JV\

;

T

■

.

Enclosures :v,>;

The demand far fixed income ob;

/•

•statement>y Secretary Dillon before
Senate ^Finance

Committee'

Debt

on

Management Policies, Washington, D.
March 14, 1962.
'
v
V'*
.

.

Istel
Jqfei

Cn

A/

Wall

63

St

New «

William G. Bannan Treasurer.

plications on the domestic
ligations continues to expand, with and capital markets.
Government bonds now coming in
-*

[ Anton Homsey With
;
Hancock Corporation
.

r

_

j.

_

nlatarities^hat
the

extent

.

close'at «and The economic pattern had

are

of

not

of

than

more

ten 'years:., This would mean that
the long or senior advance refund-

lapse

a

19568

Officers

-

Street.

-O

■

bonds.

il 1

nnniiviiiA

best

•

t

'

-

liquid

tvitropf avp

lr ofct

fVio aaIi

o

a-P

at An

a

obligations

tory

case,

rates

market by

oAittATtr*

return.

This

is

from
:

s
:

Interest

4

to: -'

very
much unless the improving busi-

of funds in this

use

foreigners.

March

in millions)

Added

1961

September

:

of

it

is

the

pension

or

con-

funds

SAVINGS

1961

Total

Interest
to

Issue

:

Issue

:

Of .:.•••

{

:

;

:

{
:

issue

2/

issue

to*

:

Issue

:

:

of

:

eligible

:

issue

:

of

:

of

2/

Issue

:

to

t

eligible
issue

:

'

;

of

Issue

t

Issue

:

from

:

:

to

2/

:

•

:

maturity

to

of,

:

of

Issue

:

offered
issue

:

issue

•

.2*9

•39.8

65.9
35.8

-

2.5

39.8
-39.8.

.

VV-.2:

1967...,.

'.1969.....

,

,

i

-♦ 3.3 3/

.2

♦

33.4

.2

offered

:
_

37.6

3.2

,
'

37.6
.37.6

e,7
—

•

i.V:>

-

Issue

,

1973...V."

.*

_

29.0

-

95.7

13.6

18.3^4_

2.0
—

118.3^-

-

2.0.

29.0_

•

~

2.0

29.a

1.4

18.2
4.6

:•

4.6

50.2

57.3

>

67.1

14.5

70.4

14.5

_

14.5

—70.4
70.4

14.5

21.9

1982

24.6

18.8

13.4

1983.,...

24.6

18.8

24.6

18.8

24.6_

18.8

1986,(•.•

24.6

18.8

-13.4.
13.4

:;i987....f

24.6

18.8

13.4

V, 1988

24.6

1989..,..

-21.9-

13.4

56.8
56.8

13.4

15.2

.

to

the

operate

as

12,

specialist

a

trading floor

of

the Los

has been

in

the

se¬

business

Street, New York City,

to engage in a securities business.

Officers are Morris Strauss, PresW
dent; - Murray ^Schwartz,1 Vice-.
President;
Robert
R.
Savasta,
Treasurer; and Florence Strauss,
;> Secretary.

-r-:
*

s

11.0.

—

48.1

1991

17.3

9.2

6.9

33.5

199?..,..

17.3

9.2

6.9

in

U. S. GOVERNMENT
•

and

56.6
56.8

13.4

18.8
—

Pacific

-

Julian has been authorized

70.0

61.5
56-8
56.6
56.6
-56.8

13.4

18.8

24.6

1990...,.

the

v

70.4
—

13.4

_

of

30.4

.14.1.

26.3

_

"

70.4

14.5

26.9-

member

a

"

West 34th

9.6
10.7

4-31.4''

554-

11.2

18.2

1981...,,

198U.....
198$

refundmg operations. And there is quite
likely to be a suspension of the
"senior" advance refundings.

Form Pfd. Mut. Funds

18.1

95.4

69.3
83.4

-14.5-

29.0

1980.,

the foreseeable future, other than

Preferred Mutual Funds, Inc. has
been formed with offices at 225

•

26.9

29.0

4

'

_

3.2

2.0

2.0

any new

intermittently
since
1937 and was
formerly a
member of the Los Angeles Stock
Exchange.
'
-

17.3

_

2.o

;
-

However,

through advance "junior"

curities

12.7

114.7

.

_26.9_
26.9
26.9
26.9

29.0

1919. PP.,

'

26.9

26.9
26.9

29.0_

1978.....

44.74
19.2

—

'29.0
V29.O

V:197'*..,.;
/ 1975.,>.i
.X1976..,..
'1977.^^.

18.3
18.3
18.3

"

market.

-♦ 1.7

136.0
_

the

likely to be

Mr. Julian

2'

1.0

173.5

-.3
1.2-

_

: 1Q.3V

31.0-4.
10.7

29.0

,

37.3

_

37.6

24.8_
29.0

V

«"

:<-.4

♦

bond

of

Angeles Division.

of

91.5

60.3 "
56.0

_37.6

11.3

'k 4.4

27.5

15.9
15.9

_

„

—14
*
realignment

a

offerings of Government bonds in

on

:

-♦30.8 3/

37.6 "
37.6

.

15.0

.39.8

o;r:.;1970^;:;
^1971 ^Vj,i

-

6.2

2.7

-39.5

^-X.2

whole

ernors

to

98.5
♦

corporate market,

:
t

♦15.9

39.8

4«
IS

maturity

i

:

2/

s

♦
♦29.5

-* 1.8

..

by the Exchange Board of Gov¬

:

eligible

4

I 1.0

.2

there

Mr.

ma-

eligible

"

19.9

,

as
long Governments
concerned, it seems as though
these bonds might also have a
_

1962.

4

:

Issue

,

Coast Stock Exchange, March

savings

Added

maturity
s

.

are

elected

Interest

ma¬

:

eligible

of *

s

five

eligible

:

:

:

from

turity of

maturity

;

,m

,

William H. Julian, general part¬
ner,
of Julian & Company was

refundInga

9

:

t

:

as

bond

expected to reach propor-

th_f

•

to

maturity
offered

:

Interest

:

eligible

:

offered

:

turity of

maturity

to

j

of

9

.

savings

Added

:
ma¬

:

:

Issue

frca

Interest

t

:

to

siaturlty

issue ,:

2/

Interest

.

savings

;

:

turity of

.

:

4

•-

maturity

Added

:
ma¬

eligible

:

of -V

from

}-

J

maturity
offered

\

to

:

j

offered

tissue

Interest

turity of

:

'■y Of >"■'

eligible
j

:

eligible

maturity

to

maturity

savings
.

t

s

•

Added

ma¬

r

:

Interest

Government

,

Coast Exch. Member

I

1962

March

:

Interest
t

frost

:

eligible

:

.savings

:

eligible
:

obli-

Hnwpvpr

/

:

i

turity of

:

t
:

i960

ma¬

not

Maturity of Eligible Issues to Maturity of Issues Offered in Exchange *
are

the

as

there is not

'

REFUNDINGS— INTEREST COSTS AND INTEREST

Interest

:
•

maturity

I960.> f• f,

FEDERAL AGENCY

-

SECURITIES

13.5

1993.....

17.3

17.3

9.2

.17.3

9.?

6,9
6.9
6.96.9
6.9
6.9

6.5

199^.....

3.5

2.6

9.2

'17.3

9.2

-17.3-

—

9.2_

17.3

1997.....

-♦ 6.U

$7U.O

Totals..,,.....

Met

in

As far as the capital market

"V";'

:

savings

:

tax-sheltered

,

of

cerned,

Interest

.,1966.;...

;

a

.

"

4-1a

who

the long-term bond market is

October

53.1

1972,

have

investors

The latest reduction in the British that be should not change

-

Added

the

?aven f?r their funds at satisfac- modest sympathetic adjustment if

the business

picture. If this is to be the

se-

must

other

advance

,1965

V.

'

-

those

and

Bank rate also had favorable im-

I960

1963.,...
<M96U..;..

v

a

»

The

off vnnf

:
•

4

of

market well banks, itcorporations As far inthe.
since
has given expected
the

commercial

-

.:

the

the tax-free

The corporate bond market,

tin„_

-

1962....,

v

—

(Dollar figures

1961

.

Government

-

Estimated Interest Savings from

i960,,..,

-

favorahle

v-;

June

bond

been

^
oo iar ine nign snort term rates However, some readjustment from
have, however^served the money current levels would not be un-

curities in the bond market should then the money and capital marPres"- sti11 continue to attract investors' kets, and tbe p0"cies °* the powers

:

banks

pay-

Added Interest Cost over Remaining Life of Issues Eligible for Exchange and

-Year

-

a

^

*•-*

FIVE ADVANCE

Fiscal

•

having

\

:

strength in

the

bonds which has been due mainly
to the purchases by commercial

basic well

short term rates

J

the market action of predicted uptrend in

on

-

V ICG
andVice-

O uiQ

marked

is

addition to the
vfl6

our

Envisaged

are

President, and John Barrett,
ident.
Mr.
Home
was
formerly
with G. Everett Parks & Co., Inc.
-

f offprins<.

? °

offices'mfluence
—

theaBoard

consequences

a
special situation in
market and that has

this vexing situation are market, will be effected by the
n°f being eliminated by existing amount of new issues which will
monetary measures, y
r.
come out even though the corrmw
h
porate calendar is building up, it
Better Bank t
Loan Picture

in addition,
there are very / few opinions
around that the 1 n f 1 a 11 o n a r y
psychology will be revived by the

existing demand, plus withdrawal
PARK, N. Y.—TransamerInvestors, Inc. is conducting

01
Chairman of

the

what

the firm side. There has also been

causes of

*;•°of t£(mists
^ senior/fdvance^ refundTngs? the interruptions and

Seventy-sixth

of

continued large deficit in

a

ap-

pears as

Transarnericah
1 ransamerican,

63-42

evidence

bit..our^unfavorable since the
balance, of
ments problem

a

January but it

in

though it has now bounced
right back on the track, with the
ing would be out of the picture latest figures indicating that the
for the foreseeable futures
v"'. recovery is on the way again with

REGO

at

some

in

not

eleemosynary institutions, that has
kept prices of these securities on'

of the attention which is

more

•

securities business from

as

international balance of payments gations. This kind of buying is
will lead to and this should result expected to come to an end as
eventually in measures that will soon as loans in the commercial

money

BOSTON, Mass.-—Anton E. Hornsey has joined Hancock Corpora?-4"Therefore, with no bonds likely a fuH^head Df steaip up. The. uption," 141 Milk Street, as' General 'to come into the long-term Gov- ward trend in the business pattern
Mflnptfpr
'r
v:"':k'.
ernment
market because-of
the-ls now expected by most econoManager.
,"*•. V:' < y;j.
to go ahead without further

a

pay-

Will Inflationary Tendencies
bring it to an end. In the interim, banks start to pick up. Some
beihg given to these securities. lt
Vv
V/Xtevelop?V-., • 'X1 t ;th.e short-terib money market is money market specialists believe
appears as though the opinions are y The pattern of business, along being
kept at levels which are that the loan trend will start to
growing that; "advance refunding"' with the status of our balance of n*gh enough to keep funds in this move up rather smartly with the
operations of the Treasury will payments in 1962, are going to country that would move out of advent of spring which is right
-be
confined
almost
entirely to dictate the kind of money and here if near-term rates were to onus now. j*
what is known as junior ones, credit policies which will be fol- move down. However, this is only j. «
wnat
is", the - moving forward ofv lowed by the monetary authorities.: a stop gap method of copabatting
Market. Factors Favorable; v
to

ican

of

seems

^

"■

Form
rorm

it

mainly, along with some buying
from
insurance
companies
and

,,

■>*:

Lepercq Appoints

Tenerpo

balance

we

aware

of

for

the

are

before

wishes, \

'

the

concerned

doings,
yet,
will be able to remedy
this situation. However, there is
no question but what we are well

which

UjV'\

■

as

is

though it will take

t

With best

>

far

As

the

:

•

boom.

a

Treasury of $541 million over the
entire period through fiscal year
1999.

conditions should bring about

ness

Our Reporter on

39

♦334.6

—

9*2

♦718.4

♦67.6

♦120.3

♦301.4

♦531.2

♦255.5

♦316.2

M.5
33.5
—

Certificates of

Deposit

33.5

33.5

33.5
33.5

12.6

♦1,085.9

♦1,626.9

navlngs or

added
ovsr

cost

Ufa

lssus

(-)

of

-$80.4

offarad..

Office

of

-♦52.7

Secretary of
of

2/

~

,

3/

♦541.0

March

12,

Debt Analyale

Figure a may not add

pro

♦60.7

the Treasury

to totala because

rata o*«r the

of rounding.

20 BROAD STREET

on account of issue price: :Payments to the Treasury are credited
term of the issue offered In exchange.

in the fiscal

year received;

payments by the Treasury are charged

Estimates based on hypothetical issues needsd to refund eligible Issues at their maturity for the remaining tens of the Issues offered la exchange.
For
i960 advance refunding rates based on market yields at the time of the Movember 1961 refunding on the issues offered In the June i960 exchange, for
all other
advance refunding,rates are based on market pattern of yields on February 28, 1962i

June

Cash payments to the Treasury on account of issue price exceed added




& Co.

1962

INCORPORATED

l/. Includes cash payments

~

♦229.8

Aubrey G. Lanstoit

the

Office

Mote:

♦383.8

Interest coat,.

•

.

.

NEW YORK
☆

CHICAGO

☆

☆

BOSTON

40

The Commercial and Financial Chronicle

(1520)

1962 Institute of Investment

.>

.

Thursday, March 29, 1962

Banking Graduation Luncheon

speakers table, graduation luncheon, 1S62 Institute of Investment Banking, the
development program sponsored by the IBA Education Committee in
cooperation with Wharton School of Finance and Commerce, on the campus of the
University of Pennsylvania, Philadelphia, March 11-16. Left to right:
r
At the

executive

W. Carroll Mead, Partner, Mead, Miller & Co., Baltimore;

Committee, 1954-57.

Chairman, IBA Education

-

Norman P.

Smith, Vice-President, Merrill Lynch, Pierce, Fenner & Smith Incorpo¬
rated, New York; Chairman, IBA Education Committee, 1950-53; under whose
leadership the Institute

established.

was

>,

\\

4

'

.

-

"

Robert Mason, Merrill

Lynch, Pierce, Fenner & Smith Incorporated, Chicago; Chair¬
IBA Education Committee 1961-62.

man,

At the

Curtis H. Bingham, President, Bingham, Walter &

speakers table, graduation luncheon, 1962 Institute of Investment Banking, the
development program sponsored by the IBA Education Committee in
cooperation with Wharton School of Finance and Commerce, on the campus of the

Hurry, Inc., Los Angeles; Presi¬

executive

dent, IBA; who delivered graduation address.
H. H.

Sherburne, Resident Partner, Bacon, Whipple & Co., New York; Chairman,
Planning Committee, 1961-62.

University of Pennsylvania, Philadelphia, March 11-16.

Left to Right:
V'v,v.
Harris, Professor Emeritus, Wharton School of Finance and
Commerce;
Co-director, Institute of Investment Banking.
Erwin W. Boehmler, IBA Educational
Director; Co-director, Institute of Investment
Banking.

Institute
Norman

Smith, W. Carroll Mead, and Robert O. Shepard

(Partner, Prescott & Co.,

Cleveland; Chairman, IBA Education Committee 1958-60; not in the picture),
honored

in recognition

of their contribution toward

the

W.

establishment

and

were

success

Willis J. Winn, Dean, Wharton School

of the Institute.

ascertains

Regulator of
Savings and Loan Industry
as

Continued from page 20

anu

will

more

benefit

circumstances

the

industry
importantly, the people.

ftgr
maY
we

Broadened Geographic

Scope
In

Lending

associations.

Associations

make loans

cone

ou-mne

outside

limit

up

to

his-

zuvc

ox

!??,I.r.asl_etibui11Pt hnmp nHW
milo*
frm-n
tbpir
Thi« amen^mint Ld fn nnnS'
ihlp rnmmpnt A nnmhpr of l«n]
...

,.

.

_

,,

,

S .2

We

Ai

i

and
and

nation Sas

intent
mtent'

S

i.

if

-

before
be±° e

Federal

like

note

legis-

built.

associations

make

to

the

associations on

#

the security of mortgages

on

m-nnerties

remove

This bill would

P

i

such

inis oiii woum remove

loa.?s on multi-family dwelling

more than 4-family properties, from the 20 % of asset limi-

It would

also

change the
applicability of the $35,000 limi-

actions,

I
the

On

the

of

assets, without geographic reTherefore, they favored
geographic limit on this 20%.

striction.
no

Their argument was supported
by
a
number of
studies, including
that by the Commission
and Credit, which felt

Money

on

that

geo-

graphic barriers to lending should
be completely
eliminated.
This
would provide
a
flow of funds
which

would

graphical

help

remove

differences

in

geo-

interest

tation

from

one

property

to

a

......

T

study,

we

con-

More

permissive regulations or
course, should not

legislation, of

as

a

light for

green

fponsibSty

«afion of each loan

we think associa+ions should consciouslv avoid nn-

snouicJ consciously avoia un

due concentration of loans to

borrower. In fact,
problems we

this

tbe

is

of

one

considered

at

Jwo

whinh
wnicn

suppoit

are

within

an

association
,

911

the

9ssociation
100-milp

which

to

a

tion
nun

l

u

we

in

in

increased

bunie
some

point

out

intent

of

+u

the

it

was

Congress

m
to

these

Admit
•

Adm r

competi-

But
-t>ui

areas
aieas.

that

the

nf

snnrrp

previously not avaUable

Jp^Ur
tedly,

nf

Ipf
let

never

grant
srani

mp
me

the
mo-

yyyr1®? industry,

ff!slatlve history

cLfsXable emphasisS

on

"main-

taining competition.
Some tech¬
nical problems confront us
which
amip

flMinst nnpnino

,i.v

dnn

eranbip
limif
craohiclimiffn^? i-rui
permitted bv te
L i hZ

£1that
our

position

•-»?•••

....

to

the
•>'•




wS
' deorL
& Sree that

<f

rive at the best decision after the
most careful deliberation based on
the best * information and advice
we

obtain.

can

The

high : and. a constantly
quality of performance...
a

(w

better

<

Task Force meetings and we
studying the ^advisability of
issuing a regulation on this point,
a
procedure generally endorsed

*An

address

by

Mr. McMurray

before

the Southeastern Conference of the United
States
Saving and Loan

League,

Bal

Harbour, Fla., March 3, 1962. '>■;

,

....

Favors* Limit
tv

•

1

on

Y

tV

-i

DlVldend RatCS

on

single-family houses

subject to certain limitations;

re-

be loaned, under the

may

appro-

•'tions, and rules governing conversion of mutual associations to
st°ck associations.
1
These

amendments

reflect

a

variety of problems confronting
the Board. In part, they demonstrate the continuous care which
the Board must exercise in providing
appropriate
operating
scope

also

for the associations.
involve the changing

of the

sound

operation.

That

is

a

management under all circumstances.

Aside from all these problems
and our efforts to solve them,
there is also

a

need to

operate

on

for safeguards surrounding financ-

In addressing the stockholders
of the Federal Home Loan Bank

of Boston
is

considering asking Congress for
authority to set a limit on divi¬

advantage of them.

volve

yet

been

a

more

We

are

v

requests for

"There is one issue which;,: is
interpretation,?
again, the bill amending guidance, and assistance in oper- very much on your mind and on
relevant legislation and the pro- ating under the laws and statutes, the Board's. That is the issue of
Posed regulation result front a One of . our most time consuming the constant increase in dividend
careful review of the changing activities involves new charters, rates, particularly in some parts
structure of housing demand, branches and insurance of ac- of the country where mortgage

Here

a steady rise in counts. This is an arduous task,
the demand for apartments.
As
1Qfil
'our population has aged, many
'
P e 0 P* e bave surrendered the
Xast-year we held 137.hearings.^
.

.

_

of

snicnitios

thlregulltion^ are.reflections

of

dweltin f_ suitable to

of

single

9

—

fsmily

a younger

This

iooncG3ls

scheduled

^

the* f9ct''tn9t

100

hearing were^dis-

funds

scarce

and

associations

have

been

raise

and

are

rates

from

other

,

ai

an

ximes.

identify
^

.

,

cumstances,

in

ix

is

some

an-

cir-

.

which

^

ment unito

one

of

these

slo;.\ul ,au

fpw

vpar^j

* vr'

We anticipate that
wlipn

m

TuaTviap'p

a lew years wnen marriage rates

"rc

—w"-r A
1961 than three years earlier. As
9
result of the hearings
a xesuix 01 xne neanngs helrl find
neia ana

that

analysis

Also reinforHng tbi«

Problem

we

accumulate

ran

and

analysis we can ^accumuiaxe, ana
fben we attempt to reach the best
decision in the circumstances. Our

Hp

aiso remioicing xms ae-

which

wmui

considering

tuuwueuiig

all

the

"hot

,."UL

maJd 13. the increasing traffic ones" which were held until
f+.

in

f

our

f

fh

urban

areas.

fPvnrahlP

As

mn

new
and

Chairman took office

who

had

to

learn

and

in

a

May

act

there

is

we

a

that

the

alone

does

not

areas

with

higher rates

demand

t

to

money

the

earlier,

here

tract

8ieaxer.

able

attract

parts of

indicated

objectives is paramount. We, there- are again on the rise the demand dispensed with, we granted 28
fore
seek
as
manv
resnonsible
I01.e'. betK as many responsioie for apartment units will be even new charters and 134 branches,
available,
we study all of the evidence and

member

country.
would
like to see a good movement of
funds throughout the country. But
we are beginning to become con¬

As I

vinced
.

March 10, Chairman

adopted but I am hopeful before
the year is over you can take

have-not

sGvors!

proieciea

on

McMurray said thai the FHLBB

dend rates that may be paid by
mundane, routine level.'
deluged by letters/tele- savings and loan associations. Mr.
phone calls, and a variety of per- McMurray's discussion of the sub¬
ject was as follows:
sonal visits.
These contacts in-T. ■'

alizations

TheyV^erc has been
needs

economy for financing and

Most iinDortsntlv

and

Priate regulations, against multi- prime responsibility of

opinions as appear to be

Broadening

S JriJw

access

can-

ranfjp

geographic limit, permitted
areas

mn

confidence

we do try des¬
perately and painstakingly to ar¬

are

modifications

arpa<3
areas

realization and

their part that

one

proposed amendal

the

on

thorough

for

this connection,

?

of

Secre¬

vY Y'-,;
v
industry,
and
we,
the
investi- Board, owe the savers, the bor->
annliratinn
Tn
application, in howers, and the public
generally,::

must^ecomizf itfre-

still

adopted with onlj

not

Commerce; Executive

.

loans

ine

After..careful

/

<

make

other

tions permitted lending, up to 20%

of vacancies as
desirable types of units are

"land"devel- limltatl.^ 011 th.^ number of homes by the Task Force. But whether
ooment loans to VbuUder who
or not there is a specific regulaopment loans to a builder who 0r dweU,n8 uwts m a pr0perty'
wiU utilize the land for construeIn addition, we are considering tory injunction, associations must
tion; authority to make 90% 30- increasing the percentage which take the responsibility for a safe
associationsli

striction on give-aways; permit- family units from 70% to 75%
ting loans to and investments in and increasing the term from 20
hand
some^ associations and in! business development credit years to 25 years. Certain other
dependent observer* armied that
corporations; broadening the divi- technical liberalizations are also
ru?lndin Y0bs,eAv^rSi algued ^hai dend naving authoritv of associa- under consideration. These liberthe basic law for Federal associa- d.end paying authority of associa
™

competition

severe

accumulation

gduun oi eacn loan

-tr^—-i

a

reachreacn

briefly

the

^ent

Authority *of

the

units,

other

to

more

of

such

t,e construed

tation.
should

the

that

in

Fe<J.era' Home tLoant Ba"k? *
make advances to state-chartered

Other Actions Taken (
our

all

Government

li^ralizTng

final judgment,

Among

views

the

ioan.! t°r-the financing oi multi-

are

oi

..

the

of

interested

examine our re-

the

to

be

lation, to liberalize the authority
•of

revealed by legislative

as

„

^

year

,

taeVropolitan6 associations woufd
Sitlrthefr

.

can

the

they

i

historv

1961, we issued a
proposed amendment, which became
final last month, broaden¬
ing the geographic lending scope
of

u

Permit

agencies
may

agJ©e .Witn tms action, Duc

ask that

soonsibilitv

whole,

;

October

now

of Finance and

tary, Institute of Investment Banking.

The FHLBB

large,

Carlton

of

some

the

solve.

problem
of rates

While

the

may

at¬

funds from other parts

country
is

raising

interest rates

do so when
by increasing

they

strong
or

fees

or

both

on

mortgages.

"This tends to raise the cost of
ar\ 011s.ei 10 xnese layoiame con- emu wxiu iwu iu leain ana acx on
we
had to
:iaer*.u°ns we naa }° recognize a giyai number of things in a home financing and tends to
recognize d great nuinua ux uum a
block us in the pursuit of one of
record, I believe, demonstrates J^ejiigh yacaney^rates now^ex- hur^ .includ n^ .becoming a+tax
;r-r■
dVe consider- ist'ng in apartment units.
Most expert and a dividend and inter- our goals, economical home fi¬
h
| facets affecting of the vacancies, however, seem est rate restramer, is a record nance.
v
fhe problem^^LiatfoL and we to be concentrated in the older, performance compared with any
"More recently, it appears that
face
less desirable types, of. houses and previous period in the Board's some of the associations who are
TotridoUnn
then, too, some of the vacancy history.
raising rates may have to do so
t Rf™d^
Leff!Slatl0f * -statistics are exaggerated by the I hope that from this brief dis- at the expense of their, addition
Should like to return for a natural-vacancy factor in new cussion one can sense, a little bit, to reserves or by reaching out for
—7"
mo"?ent to. .one mpre area of pros- apartment type developments that the scope and complexity of our marginal loans of dubious qual¬
;rr
uhcxji
uevuiupmenis xnax
me
ana compiexixy oi
pectlye act'on- We hope we can normally take one or two years task. I hope also that the asso- ity. You may recall that in the
recommend a bill to the Congress, to fill. Furthermore, retainingpres- cia tions realize that the kind of 1920s one of the problems that
S i'l
t!k
curiently awaiting ent restrictions on multiple dwell- leadership we are attempting to the commercial banks got into
...

.

-

on

siderations

—

b

aSS°Clatl°nS a"d W6
i

,

.Budg^t.Bureau

approval,after-ut

jng unit-lending does not prevent

give is

one

that will develop out

was

a

competitive

race

for

sav-

Volume 195

lngs deposits.

As

Number

6146

matter of fact,

a

during the • 1920s the proportion
savings deposits to .total def

of

posits

in

the

was

much

This

was

tile

banks

banks

is

today.

in

part a reflection of
that
the
commercial

fact

,

.commercial

higher than it

were

aggressive

very

in

competing for those deposits. Vir¬
tuous
some

may

banks

such

point that

a

sought

loans

quality and
period from

the

under

-seem

conditions, the competition

reached
poor

this

as

caused

that

many

of

were

which,

during
1929 to
1933,
great deal of grief,
It

a

for this reason that Senator
Carter Glass introduced into Sec¬
tion
19
of the
Federal Reserve
was

Act

a

paragraph giving the Board

of

Governors the powers to set
limits.on the rates: paid on sav¬

ings

deposits;

•

banks.

by

Corporation
Common Offered
W.

American

C. Langley

City,

as

& Co., New York
Manager of an under¬

writing group, has announced the
initial
public
sale
of
common
stock, of
Astro-Science
Corp.
through the offering of 307,000
shares, at $11.25 per share.'
;

Of the

(1521)

Headquartered in Culver City,
Calif.,, the company has three op¬
erating subsidiaries in the Greater
Los Angeles area occupying some
180,000 square feet of plant space.

Astro-Science

total, 220,000 shares

are

Astro-Systems, Inc. is
engaged in designing, developing
and
manufacturing systems and
equipment for the ground support
and

service

aircraft,
hicles.

of electronic

missiles

consumer

Net

recorder

proceeds from the

sale

of

the 220,000 shares will be used by
the company to
discharge bank
and

for

general

corporate

purposes.

ican

military, indus¬
magnetic tape

reproducers; and Amer¬

Avionics, Inc. is

a

producer

of solid state electronic test
ment for the U. S.
aerospace

Niagara

prime

equip¬

Navy and large
contractors.

was

laws

underwriter

Corp.,150
York City, re¬
recent offering of

Continental

Fund

and warrants to purchase
number

ment
one

$1

Corp.,
share

offered

and

unit,

per

proceeds

class

A

Manage¬
units of

in

one

was

warrant, at
all sold. Net

will be used by Con¬
Fundt for
advertising,

tinental

working

capital,

of

repayment

debt and organization of
surance

a

common

Continental

of

rise

a

in

Our

country.
than

rates

success

adviserto

Continental

limited.

There

a

general agency.

life in¬

>

(Special to The Financial Chronicle)

-

BEVERLY

HILLS,Calif.—Law¬
Forbes, Jerome H. Gold¬
berg and Robert B. Leavitt have
rence

R.

been

added

Haupt

&

Drive.

Mr.

with
Mr.

E.

166

F.

&

was

Hutton
was

Co.

staff

North

Forbes

Goldberg

Hammill

I

the

to

Co.,

&

of

course, areas in which rates had
to rise because the new rates paid
by the commercial banks required
the

savings and loan
to keep step.

associations

"We were most concerned about
those

in

areas

which, despite the

increase in rates paid by the com¬
mercial banks, there was still a

good margin in favor of the

ings and loan
had

we

in

some

associations.

deterioration.

sav¬

While

at that

success

recent weeks there has

time,

been

A number of

a

asso¬

ciations in California have re¬
cently raised the rate to 4.%'%. A
justification for this procedure is
most obscure.
i

"Now

these

but

the

Board

people, and

talk

can

can

we

to

cajole,

have no: positive tool for

we

action. It has
we

been/suggested, and
considering and studying,

are

the

possibility

of

going

Con¬

to

gress
and
obtaining legislation
which would give us the author¬

ity'

to

set

v,limit

a

;

on

dividend

We 'know, that this

rates.

garded
dure

as

lobjectional

an

is

re¬

procer

the

in

/ industry.
In fact,
there, are many .economists who
deplore the need fqr this type of
tool. They argue that, in effect,
the regulator is made to do the

work that the banks

and the

sav¬

institutions

ings

ought to do for
themselves.
That argument not¬
withstanding, however, there are
those who point out that in this
phase of the cycle you tend to get
the type of compeition on a rate
basis which leads to the reaching

mmy

jm

out for loans of undesirable nual-

ity.

While there is

tial

evidence

that

at

has

this

no

the

substan¬

present time

already

about

wonder

the

occurred.
wisdom

T
of

waiting until it does occur."

With California Inv.
FRESNO,

Calif. — Leonard E.
Corey has been added to the staff
.

of California

Investors, 566 Olive

Avenue.

Forms Huss Inv.
AUBURN, N./ Y—Adolf C. Huss
has
formed!' Huss
Investment
with

Service
burn

offices

Savings

in

engage

a

Bank

in

the

Au¬

Building

to

securities business.

How the Rell System is

helping to develop Educational Television Systems

New Mora Branch
SAN

DIEGO, Calif.—Mora & Co.

has opened a branch office at 4181
Adams Avenue under the man¬

agement of James L. Rutledge.

Fla.—Palm
Beach
Investment
Co., Inc. has
opened a branch office at 5340
PETERSBURG,

Central

Avenue

under

the

System has long been providing trans¬

this technical know-how is

Palm Beach Inv. Branch
ST.

The Bell

mission facilities for commercial

direc¬

tion of Jerry Sisia.

of

setting

up

broadcasting. Now

being applied to the job

educational television

systems

for

schools throughout the nation.
The Bell

the

development

of

the

largest

More

ETV

network —

South Carolina's state-wide system—and the

largest

system—in

important, the Bell System

of educational television in school

you'd like to know

call the
pany

Manager of

your

for information.

Seibu Securities Branch

office
vard
-

.

under

at

3860

a

branch

-J Crenshaw Boule^ •

the

management

Nobushige Hosaka.




of

now

has

a

newly

more

areas

of every

size.

about educational

television and its possible use in your local schools,

LOS ANGELES,. Calif.—Seibu Se¬

curities, Inc. has opened

Hagerstown, Maryland.

designed low-cost service to meet the specific needs

If

Telephone System has already aided in

district

school

BELL TELEPHONE

SYSTEM

of

Ira

Canon

formerly
Company;

with Shearson,
'.-I■ I/

the

were,

Growth

Three With Ira Haupt

-

more

was

Con¬

Growth

to prevent

year

throughout

public

of

Distributors,

Inc.,

of

the

Fund.

shares of

common

for

shares

Fund, Inc. Con¬
tinental
Management
was
or¬
ganized under New Jersey law
in July 1959 to act as investment

New

ports that its
296,000 class A

of

"As you know, the Home Loan
Bank Board conducted a vigorous

campaign late last

or¬

New

of

in July 1959 to act as prin¬

tinental

Investors

Broadway,

shares

trial and

.

cipal

Stock All Sold

di¬

certain

for

Fund

the

under

distribution

like

of

41

York

de¬

a

ganized

Distributors Inc.

manufactures

and

Continental

Continental -Fund :

Concertone, Inc.

being sold for the account of the
87,000

ve¬

...a'

line

company, and
stockholders.

systems,

space

.

American

velops

and

versified

commercial loans

}-

.

The Commercial and Financial Chronicle

.

local Bell Telephone Com¬

42

The Commercial and Financial Chronicle

(1522)

The

Corporate Bond Market

firm

was

member

a

the

of

latter group.

but although they
continued to sell.
By the next day it became evi¬

Not "Out The Window"

and

Out

Market-wise new issues can be¬
have in several ways,

and the way

in which an issue is received spells
either

;

the

"out

or

failure

for

issue

can

go

window," that is, be an
This presents

immediate sell out.

investment

conditions

market

that

seeking
term

not

deteriorated; were not as ad¬
as they had seemed during
the initial gloom caused by the
The long term Treasury offering
not for cash but for an ex¬

was

change, and the market acumen of
the Treasury officials initiating it

problems.

ing and pick up

Corporate

issue

new

little momen- calendar was-still very light. Sales

a

market level of new A* T. & T. bonds con¬
to the price of the tinued at a steady pace, We de¬
new
issue and thus bring about cided the: traditional luck of the
A. T. & T. was going to see this
a sell out Investors may help this
process along by swapping out of issue through to a sell out. So we
fully priced seasoned issues, bene¬ began bidding our fellow syndi¬
fitting from a steady demand, into cate members an eighth over the
tuin.

The

may

move

general

relatively attractive new is¬
price for their bonds. We
Or, finally, an issue may stop bought some, and continued to
make sales at the
issue price.
moving
altogether or may be
stopped cold to begin with, until During the days that followed
downward price revisions at the- sales continued. We stepped up
expense of the underwriters even¬ our bids and ran into increasing
tually attract buyers.
competition from other bidders in
Each
of
the
five
preceding our efforts to rebuild our inven¬
A. T. & T. issues had been well tory position.; Institutions watch¬
received. One had gone "out the ing the progress of the issue from
window". Others had taken longer
to sell out, one quite a bit longer;
but

all, in the end, had been sell¬
prestige of successful
accomplishment with A. T. & T.
outs. So the

issues

with the Morgan group,
occasioned by

was

the

and

anxiety

previous
failure sharpened the
hunger for success of our group
at bidding time.
Each group had worked dili¬
gently on its "book", th^tis, the
estimate of the volume of insti¬
tutional interest in the forthcom¬

ing issue compiled by the syndi¬
cate manager.

While

managers

as

our

to

we,

usual, compiled

"book." The "book"

own

third

a

not

we were

ran

the size of the

or more

issue.

s

;

The

syndicate managers also
sought from their respective group
members authority to increase the
size

their

of

individual

commit¬

ments by up to

10% of the original
prior consulta¬
tion, if needed to take care of
drop outs by those who might not
without

amounts

care
to go
along with the bid
eventually worked out. Our man¬

wanted to

agers

be fully syndi¬

cated at

bidding time As it turned

out,

were

we

over-syndicated by

ample margin.

an

The managers also worked out
the amount to be held in the "pot",
that is, the

bonds to be sold for
account to institutions, or

group

to brokers

sions

and dealers at

from

the

issue

conces¬

price.

Bidding time arrived at 11

a.m.

Feb. 14th. Our group won with
bid of 101.07 for 4%'s versus the

on

a

Morgan group's bid of 100.66 for
the

at

same

We

coupon.

101.767

re-offered

to

yield 4.52% to
turity. An important feature
the

five

As the

price

than that
it

was

was

call.

somewhat richer

originally contemplated,

not expected to be an "out

was

the

freedom from

year

ma¬

window"

deal.

another

to

area

grees
in
the
which, together, make
porate market. *

up

the

standards

cor¬

which

in

Corporate

There

distinctions

are

in

dealer, or the
seeks
basic

yardsticks against
measure new purchases
or

.

of

swaps

one

such

other. Assuming

Bond Market

corporate market based

to

trading or swap¬

security for an-:'
a wardstick,
when yield spreads based on that
standard get out of line the basic
or

Distinctions

as

opportunities to improve
portfolio arise,
r

a

on

the

kinds

group

available

The web of interest rates winch
Consequently, the re¬
corporate financial helps bind it together is highly
flexible. It contracts, expands and
officersto. underwriters,, .dealers
and brokers is apt to be intermit¬ fluctuates in response to stimuli

lationship

.

tent rather than continuous.

Investor

in

new

market
marketyield
on
long-term Treasury securities pro¬
vides a similar positive standard in

without. From this dynamic proc¬
ess
of shifting
price and yield

area,

Many

believe

good

a

money

the

relationships arise the trading op¬ the long-term area. However, few
institutional portunities of the dealer and the would award it equal status as a'
are always swapping
opportunities
of
the market bellwether. Perhaps in the'
issues, both portfolio manager.
long run, for the full stretch of

On the other hand,
investors as a group
interested

short-term

be measured. It is

its

students

from within the market and from

Importance of Institutional

can

bellwether.

also,

in

other

all

on

investments

of

bid

the

ping purposes the
portfolio
manager

varying de¬
different
sectors

institution.

up

sue.

bond market for

in

felt

.

.

The

long

new

Therefore, their

influence

is

1962

Thursday, March 29,

.

balance
will
eventually be re-*
of securities. For example, equip¬ stored
by appropriate market acthe business enter¬
ment
trust
certificates,
railroad tion and reaction, with the issue
prises are always in the market in
bonds, power and light company which sells too low moving up to
one
way or another. The collec¬
tive activity of corporate sinking bonds, telephone bonds, and so on. the norm, and
that -which sells
There is also a distinct market for too
high moving down to it.
funds, for example, is a day in
new
W,'
issues, and a market for sea¬
and day out feature of the market
Questions Treasury Yields \-'i
But the individual corporation, as soned issues. In addition, there are
As A Standard
;
distinct from the corporate group markets for current coupon issues,
low coupon issues, etc. Like life
v In
the short-term area of the
as a whole, is usually not as great-*
itself
the
corporate market
is money market, the U. S. Treasury
ly concerned with the daily move¬
rate
is
ments of the long term bond mar¬ plural, not singular; complex, not bill
usually
a
reliable
standard against which the yields
ket as is the individual investment simple.

As

Treasury announcement.

firm.

typically
term invest¬

investment

bareiy

:the market. It may keep on mov¬

institutions

market

market

Or an issue can had been demonstrated for more
be kept moving, perhaps than a year. Quotations in the
because it has been priced a bit Corporate market' were; momen¬
on
the high side in relation to tarily unsettled : but then turned

'no

The lenders are

.

far from uniform;

ments, or swapping from one long

had

verse

the

An

success

£ underwriters.

gray,,

slowed up they

dent

another which typically borrow

or

long term funds.

seemed

Continued from page 5
Our

porate market. The borrowers are
business enterprises of one kind

.

the long-term money market cycle
addition
A basic factor in all
money
transactions market fluctuations is the overall it will prove to; be equally re¬
provide most of the daily stock economic tempo where the only liable.
But,
as
the
late
Lord
in trade of the secondary market.
constant is' change. The money: Keynes observed, "in the;lbhg rtui
The prime objective of the insti¬
market side effects of the eco¬ we will §11 be .deady^ and in [the
tutional investment officer is to
nomic tempo differ, in many ways, meantime the long,-term Treasury1
the sidelines began to come in.
employ his portfolio funds to the not the least of which is duration. yield taken'alone seems to; be a<
Finally, savings banks and life best possible advantage at all
The cycles which influence the rather, limber, yardstick. Hut.the.
insurance companies normally
times. Daily market movements
shbrt*-term' m a r k e t are :short y jeld spread between Ibng^terni,
concentrating investments in afford him continuing opportuni¬
enough to provide a wealth of Treasuries and high-grade, longmortgages and direct placements, ties to further this goal. ; He is,
personal experience in
shifting term cprporates can be:mucl). more'
but now apparently suffering an
therefore, ideally if not in actual price-yield
relationships in that Useful.,"% 'v. *
embarrassment
of
riches
from
|
practice, always concerned with market area to each generation
The traditional; rule of thumb
piled up cash came charging into what is going on in the market¬
bf man. Those- cycles which are.
yield spread between long-term
the market and cleaned up the
place. So dealer contacts with in¬
long, however, ar£rvery long in¬ treasuries, and high grade, longissue, sending it to a premium.
vestment institutions are literally
deed, and may require all the term corpora ccslias been pu basi&
Two weeks
after the bidding on a daily basis. Most institutions
years of a generation to run full
points.. That, Js, corporates were
date, after an initial period of have excellent analytical and re¬
cycle. Therefore, our experience" held, to be in line, market wise!
doubt and anxiety because of the search departments but for mar¬
with the full long-term rate cycle with
long Treasuries When every-:
Treasury refunding the A. T. & T. ket information they rely, in ad¬
is apt to be vicarious rather than
thing
else - being, equal,: they,
issue was
a
'IT-.
complete sell out. dition to the press, on the dealer
personal.
4"
yielded at least 50 ; basis points
Getting Corporate bonds into the group. For all practical purposes,
more than the latter. If this spread
marketplace is sometimes a risky the corporate
Internal and External Forces
bond
market
is
widened markedly a swing from
undertaking for dealers and can dominated in the daily trading by
Among the external influences Treasuries to Corporates might bebe a dramatic and exciting ex¬ the institutional investment offi¬
to which the market reacts are a in
order. But if it narrowed the
cer who, as an individual, may be
perience.
great array of political economic reverse might be indicated. Dur-.
a
fond father, a loving husband
variables. For example, the gen¬
Parties to the Market
ing the last 30-odd - years, longand a rank sentimentalist but who,
eral economic outlook, the state of
term high-grade corporates- haveThe function of the Corporate in the discharge of his office, is
business, of bank loans, of con¬ sold to yield 15 to 20 basis pointsmarket is to bring together bor¬ sentimental about one thing only sumer
loans; the fiscal needs of more than Treasuries for extended:
rowers and lenders of long term —price.
the Treasury and how they are to
periods of time, and have sold tofunds. The catalytic agent in this
Among investment institutions be met; the inflow and outflow
yield 75 basis points to a full 1%:
process is the hierarchy of under¬
probably first in market import¬ of gold; the objectives and present
more, for the brief periods of time*
writers, dealers and commission ance at the present time are the and
prospective actions
of the
Nowadays, this spread versus cur-'
brokers. Each of these groups has pension
funds, both public and monetary authorities.
rent coupon corporates is about 30
a
distinct service-to perform but private. Next come the- trust de- =
Lesser^ movements are
gener¬ •to"35 basis
points; quite narrow,!
the lines of demarcation are fluid.
partments
of
the
commercial ated by internal stimuli. A block
but any dealer who measured the'
Few firms pursue all functions at banks and the
eleemosynary funds. of bonds may be retailed. The recent
A. T. & T. issue against the'
all times; yet there is a lot of Then
come
the
life
insurance price of another may be raised or
50 basis points prescribed by tra-'
overlapping. Sometimes we even companies and the savings banks. lowered, depending on the de¬
dition would have lived to regret
have jurisdictional disputes.
Commercial banks, as a group, mand and supply of a particular
it. On the other hand, a portfolio
First, there are the investment have not been good buyers of issue, or on its yield relationship
manager
who used money allo¬
bankers,: the underwriters, Whose corporate bonds for portfolio pur¬ to another similar issue or to its cated for the
A. T.. & T. issue to
prime function is to underwrite poses for many years. Whether market area as a whole. A sinking
purchase long-term Treasuries in¬
new issues. Some also
operate in the new influx of savings deposits fund becomes active, or is filled
stead, could have already picked
the secondary market trading as into these institutions will
bring and turns dormant. The news tape up at the expense of some
current;
principals and executing orders on about a change is
conjectural. prints a flash about a coming new
income, a bit more trading profit
a
commission basis as well,
Maybe
commercial
banks
will issue, maybe for refunding pur¬ than that thus far afforded
by the,
Then
there
are
the
money. new
trading come back into the corporate mar¬ poses, : maybe for new
Telephones.
Prices and yield relationships in
houses, the dealers, whose chief ket because of this.
To the bond dealer a knowledge,
the corporate market are as rest¬
allegiance is
to
the
secondary
Casualty companies don't buy
less as the waves of the economic of yield spreads is important but
market, although they may also corporates
although
they
may
act as underwriters and as com¬ come into
seas.'
subsidiary to trading instinct; the
the market on a hit-run
intuitive flash
of
insight which
mission brokers. The large trading basis when
The movements of the utility
poor operating results
houses, acting as principals, usu¬ temporarily lessen their need for bond market can be used to illus¬ sometimes r lights up the >• foggy
future. To the portfolio manager
ally maintain primary markets in tax-sheltered
investment.' The trate the way in which long-term
a
broad
list
of
actively traded mutual fund group occasionally is corporate rates as a whole have yield spreads, while of little use
for
short
run
trading, purposes
issues, old as well as new. In ad¬ a
factor.
With
few
behaved since the-end of World

public

private.

,

and

In

their routine portfolio

.

,

;

.

•

exceptions

Unexpected Treasury
Announcement
When the bond's
re-offered
issue

was

garded

about

were
a

piaced,

officially

third

which

of

the

we

stances.

derwriters do with

re¬

good beginning under
the, prevailing
market
circum¬
as

dition, they stand ready, market savings and loan associations don't
conditions permitting, to take on
buy corporate bonds.
substantial amounts of inventory
of old issues, more or less as un¬ Individuals Stick to Convertibles
The

smaller

day after, however,
the
syndicate's
confidence
was
severely shaken by the Treasury's

issues.

usually

spot

trading houses
traders whose

tivities

are

almost

a

The

new

concentrated

in

new

ac¬

issues.

4

announcement

advance
term
for

of the terms of

refunding offer of

Federal

issues

in

an

lo^g

exchange

outstanding medium term is¬

sues.

bond

The

long term Government

market

promptly sold off
two points and the yield
spread
between long term Government
bonds and long term
Corporates
already narrow historically, im¬
mediately
narrowed
still
more.
The outlook

for

the




A.

T.

&

T.'s

Commission

houses

deal

on

an

order basis

only. Most bond issues
probably listed but since the
bulk of Corporate bond
trading
takes place over the counter the
are

commission
to

the

brokers

generally

big trading houses

to

The

are

exclusively

active

Among

•

individual

virtually

ecute their orders.

in

this

marketplace

through the agency of those who
man

the

the

market

machinery

ultimate clientele

of the

are
cor¬

Bonds

investor

importance

bond

rated

sold to
as

yield

low

1946 to 1950

power

as

as

high

2.40%.

as

1951

of

2.90% to

to

to

this

yields

high of 37/s%. By midyields had declined to 3%.

1954

today.

Early

top-grade bonds

sell

on

on

3.15%

observation is
area

the

the

where

flash

conver¬

the

issues

points,

and the
trading patterns resemble those of
market

rather

a

than the

in

1955

By

range.

5%% and remained above 5% for
the rest of that year. By

yields

were

slowly
year

mid-1960

in the 4%% range and

rose

to

almost 5%

by the

end. Early in 1961 they de¬
the 4%% level, rose to

bond market. Here the individual

clined to

investor is

of major

about

of

rently in the range of 4.40% for
new issues. Quite a roller coaster!

still

a

factor

importance.
The

market

impact

-

of

■

*

these

various investment institutions

is

4.80%

later

and

are

cur¬

To gauge the movements of the

very

the long run. And

3%% and

From

1953 the range was from a low

the

important for results im
both dealer and
portfolio
manager
must u always
remember that they are working,
with
mutable
criteria,
not
the
rigid
verities
of
the
physical
sciences. Internally, the corporate'
are

double

and light issues

i

is

in

market

II. From

"A"

they were in the
mid-1957 they
shoot above the 5% level there is had
risen
to
5%. By mid-1958
a scattering of individual- investor
they were down to 4% but by the
interest but
it
quickly subsides year end were up to 41A%. By
when rates decline. The exception
September, 1959 they were up to
When

the stock

The borrowers and lenders who

negotiate

no

corporate

tible bond
go
ex¬

Corporate

War

market also has useful
As

Euclid

thing

same

other."

guideposts.'

demonstrated

dawn of time

in- the

"things equal to the
are

Issues

of

equal
similar

to
each
quality,;

similar maturity,
and

ture

similar call fea-t
sinking fund, similar-

and size, and outstanding
periods of time should
sell at similar yields.
coupon

for similar

Different Market Spreads
Yield

spreads indicate the rela¬

tive market positions of

different

issues and different market

Aside

from

quality

ratings

areas.

they

:

Volume

195

Number 6146

.

.

The Commercial and Financial Chronicle

.

exist between

one corporate marlarge - sized telephone issues
another; Industrials,-flooded the new issue market, the
example, quality for quality, yields on telephone bonds went to
are
usually priced richer than the 3^4%
level, and those
on
utilities, partly because of demand power and light issues shrank to

ket

that charting the past and watch-

and

area

ing the spreads provides a clear
insight into the future. After all,

for

and

supply and partly because of
sinking fund considerations. They

3%. Then,

exist

to

between

and

new

seasoned

the volume of

as

flotations

both

by

look what a guy with
machine did with two

groups

issues; between different types of narrowed.
issues and

gradations of credit in

the

market

same

bonds

with

with

between
protected and

area;

highly

conventional-

between

those. with

without

sinking

low coupon
recent

features;

and

funds;

those

between

issues brought out in

and current coupon
coming to ^market,

years,

issues

call

now

In

future

general,

investment action
yield
spread changes
by supply-demand imbal-

based

of similar securities

ances

counted

in

even

to work out

on

the

short

future market action over-all

They exist, everything else being harder

to

demonstrate

equal, between bond issues pub- longer to work out.
licly and those directly placed. I J; Ail this mav sound
suppose ' this_ litany- of differen-'
tials
could
be--extended indefi-

nitely,

but

that's

as

lictio
anistib

nnrl
and

and

flashes

oixroc

timing

of

pro-

still

and

to

our

court

lishing

commercial contacts.
In If this country is to be a
major
1960, when General Electric asked uranium supplier in 1980, extenfor bids on a substantial amount" sive physical
exploration
must
of uranium concentrate, the South begin well in advance.
It is not
African
producers
immediately too early to be considering longsent two representatives to General Electric's California office to
find out what was behind the

inquiry—whether it merely
get
an

still

are

take

t

art, not

an

~T7~

science.

a

i '

,

M1

' :

Investment Banking, Wharton School
£inance, a"d Commerce, University

Yield

relationships

based

a

and

seasoned

a

similar;

relatively brief

issue,

they

the

of

case

producing

iSmC

'

.

a

witness
able

the

yields avail-

with power

period of several

a

as

fairly stable,

are

those in favor of issues with

are

completion

the

tract

of

the

at
„

end

,

.

„

British

of

con-

1970.

From

uuiitxucma

curred

substantial

a

Africa's

oc-

decrease

pre-1961

mated

will

have

because

ceased

their

gold

their

re-

mci
±ui
fuel for

esti-

are

the

this

pare

ores

productionh quotas

at

fuel may be about the

pro-

-duction

have been exhausted. Some highcost by-product operators have
sold

1 Q7n

enrifhed

cmiUicu

of

with

of

U;iO&

more

per

production

to

tailment

than

of

17,000 tons
foreign

the

about

pro-

1960

,

directly placed issues.'

over

I he

of

Hifforom+iol
diiierential

puce

*«■

favor

in

with

issues

strong call protection tends to widen as yields and
coupons go up, and to narrow as

iSfa°.7pEKS5;~„s

tag-

the

on

issue

call

with

protection

a

of

an

JJ

® years man on one

fh„tIl^

Tfn?-n"Callable

i

n

,

order

f

w
for the same „
period of time.

k'

t

(juction

IoJ- uany

full

a

and current
narrowed

ypes 0

,i

tary

rr'

.

c0JnmficlaV ^Us'n.euss the

under

higher

has

reported

an

Industry should be looking for
industry developing new mines areas favorable for uranium oc2J?
constructing new Jiacilitieo currence as a preliminary step to
power industry should not future drilling. It is recognized, of
° ^
Ua I
plies of cheap foreign uranium. As is expensive and
.

a

.

then

have'

the

become

discount

I %
?u°

Pr?vlval °£ ca.nadJan and w

a

....

with the

y

a year,

of remainder-

considering

are

Possibility of $8.00 Price Level

not

now

Tn

)VT

its

prove

post-1966

^nsition Tt
Hons so'as

should

its

to survive hi

nnera-

a

limited'

has arrived at the conclusion that
"'s now time to prepare for the

market w;+h nrices well below the

$8

levll sl-h

od

a

The

lftIS com-

pany nas maae a aeiauea siuay or
the outlook for nuclear power and

competitive

nlan

bSess'
^ng-range

the uranium

Our domestic uranium industry which is consideri ig
should be working now to im- J™"™

markel

uranium market which will

de-

»»•«««—•
developing uranium production,
when the market expands to a

xc

ong-range

respectively, may require prices exloration.Rr°2ra^
approaching the $8.00 level.
may ^

Thorium

Thorium also

may

become

an

important source of nuclear fuel.
Denod
l967
through
l970
point
where
new
sources
of Until recently our known thorium
uranium
must
be
found
and resources were relatively small
market factor
brought into production, prices and ~ there
was
little
tangible
This
brings us to
the
1970 should return to an $8.00 level or evidence to indicate that large
decade and a brighter picture, higher.
deposits might be found in this
th

weapons

reauirempnt during

s

S S SeSoS

the

ESMBSNES

"nlate belng 3™'°?.° tonfs of U^^qutrements. By 1980; If we can curtailing production and at the ™ Lemlhi P«reaof Idaho and
Hl!"ever' production from &the rely upon the estimates for nuclear same time reducing costs, somelaree and nerdltent veins with
goltd ?re? J1,1] be. J.lnVlted by.the power development, new sources times by going to higher grade o£rel ff a, Ah
thorium content
extent of gold mining operations 0f uranium production will be ore Today, many of our uranium

|ate^e develonmenr ^

can

•

...

problems

e waiting for a market. Howf^er, some members of our mdus-

°re

7 000 and 4,000 tons

1966, possibly until the mid-1970s.,
Based..;upon past experience in

*'w"vw

,

many companies
1 °v
cannot afford to tie up large sums

"

result of curtailment during the

is

DODular

more

,

t

~

from whlch by-product uranium ' needed to meet the demand.
producers are rapidly depleting
be recovered economically, p what should industry be doing their best ore. Some representsAnd regardless of other considers- Gold mlnlng °Peratlons probably
to prepare for these problems and tives of industry are advocating
teZ Ktle S would not be accelerated, or new opportunities?
.
hMthat the Commission adopt policies
mines opened, in response to a
value for the trust officer
coping uranium
ne.s °Pened> in It appears to a
response unProbably it is more presumptu- which would tend to increase the
'V s
market.
drastically

sues

*

actors.

market;

Africa

priced

evidence, how-

estimated domestic requirements for industrial power re-

ex-

jSHSSSHirB

exploration,

during the

expanding uranium industry-an

wU siwasfttsscafea txt

plants,
South
offer to sell uranium
pound or less Hence,, it
a
strong competitor in a

be

n'e!er';,10Lai recil"ire"

*

1

o

idlePr°P"Iswn a"d P°.w«r' including

the

can

$5

nuclear-nowered sub-

™»nt'7

pro-

at

as

wwyuuidbiiuuedr powerea sud-

amortized

will

placed little premium on it. However, when the yield differentials
have

oDeratina

ful|y

South

coupon

requirement for military propulsi0n such

.

remaining

Af"ca

limited

Deep' discount issues afford

between,low

lt

Dlants

1967

market

a

f

indicates

at

Appeal of Deep Discount Bonds

coupon : issues

2 nnf)

non-?X!?.,c,l..?2ay..dtj;®10^.J£*
last half of the. decade. With

coupon

noiinhi/*ifni»
-n

of high costs. By

gause

South-Africa will need
;f

can obtain
assist in

will

the level necessary to support

cur-

25,000 tons. In

which

ever, that uranium will be available for some time at prices below

a

and

year

before

Com-

same.

current

our

Industry geologists

information
future

exploration
by studying
uranium
deposits
as
they
are
being mined. We must look to the
geologists experienced in working
with uranium deposits to develop
practical
applications
for
new
scientific information and to devise new methods and tools for

operating

low-cost producers ? and are sal- a free commercial
market, U. S.
at a discount,?
Publicly marketed vaging their plants. Also, several producers will meet difficult comissues,
everything
else- being primary producers will be un- petition from
foreign suppliers.
equal, tend to be favored, price- ^le to compete after 1966 beThere will be a
continuing U. S.
rru„

being talked about

past year. This material represents
excess
production
from
plants

equivalent of about
2,500 tons of U:!0,s per year. Foreign requirements for enriched

in

produc-

tive capacity. Several by-product
producers

through

xui

domestic power reactors

Before 1970 there will have
South

1966

quirements for

.

heavy sinking funds when selling

wise,

will be issued as various phases
Of the studies are completed, v

pressure will be
get the lowest possible prices.

The prices now

Tough Competition Faces U. S.
Producers

South African Output

duction

years.

Price differentials between gra-

dations of credit

p™;es for uranium the work and additional reports

tO

contracts. There is
page 10

otherwise

Telephone as compared
and light issues over

on

uranium deposits. Reports
already
have been published on some of

a

would help. The

The Outlook for Uranium

may

greater

One-tenth of

power.

uranium have been sold

new

a

persist for
rather lengthy period of time—
.or

reactors

power

in the four to five dollar range
the prices at which small lots of

Continued from

expen-

scientific

on
uranium mineralization is being continued at several
universities with the support of
AEC's Division of Research. New

uranium in-

are

on

basic standard in

of

of

can

period of time, as in the
a
yield disparity between

our

dustry should recognize is that the
manufacturers

of

spreads for trading opportunities,
or .as- guides to
pricing, when is¬

simple demand and supply
depart" from and return: to

of

research

Another point

min Per kilowatt hour is impor-

^

our

get out of line.

pre¬

under-

,

made.

purposes. The trick is to watch the

sues

sive exploration.
A limited amount

#

enough for

of

way

liminary studies prior to
taking drilling and other

to

was

price information or whether
important purchase was to be

ottenl iehvTed befoJfthe5 insiitute^ot tant;
a

range exploration programs. Much
can
be done in the

market

impression':KywSt

>

and

43

intuition, for and the utility companies are con- information being developed will
to dealers bond trading today is centrating on reducing the cost of aid in the search for buried

to

rather mech-

gives the

catch

can

right robots we'll

of

sense.,

&

,

market

corporate

tentions, continue to sharpen

histori-

cally sanctioned assumptions

of

to ring door bells to learn
about institutional investment in-

the

On

on

State

have

favorably

run.

other hand, those based

we

the

gram

be

can

the

m

but until

on

caused

IBM.

an

California issues in the municipal
market, last fall. Perhaps that
does represent the wave of the

new

began
even-steven, yield spreads

run

(1523)

uranium market' " appears

un"

„

advioP

t

i„s„strv

what

tr.

Ho

rate of such depletion.

I refer to

area to contain thoiium re-

Inlf nt

reserves of any of our
^

doubt

m

"o aouDt many
m

.

new

companies

men; or for

trying to
the passage of time,
Yield

spreads

ishing point in

.

a

on

quality

market

with

a

heavy new! issue calendar and
a
backlog of unsold new issues,
The

differential

4$A^

1 ated

A^
A

s

disappear,

under

But

once

the

usual

such

the

both

log

circumstances,

clears

jam

quality

to .reappear.
tn

and

•

extremely close to single

,,s^

npnc

triple

This

also

hap-

lleht'

?

,

Supply and demand factors
perceptible

>

effect

on

spreads. between market

example,

the

industrials
that of

dustrial

over-all

issues

is

areas. For

not

have

have

-yield

supply

utilities, and

issues

c

a

as

of

large

most

in-

substantial

funds,S° industrial

credit for

bonds,
credit, tend to yield iess

than utilities.

The

influence

demand
market

what
years

;

on

of

supply
yields within the

sector

is

•

of 'relating
ore

Australia

Mary

happened^Jn after thea few
utilities
ago.
Right

war

double "A" rated power and
light
were
selling in the range of

issues

3y4%, and telephone issues
3.10% f basis.

A

year

around

later




when

v

has

producer,

Rio

discussion.

Tinto's

mine

in

This

Prepare
t«

mv

mine

is producing about 500
tons';should
0f U:iOfi per year. The operation
gibiii+y
Was
undertaken on the basis of

M

a

will

T

T,.

completed

reported
tional

oasis

that

ore

in

the

1964.

It

jower

for

an

four

1966

is

oninion

0f

a

will

addi-Us

a

"

our

now

for

emaller

prices

in

the

v

industrv
the

market

pos-

and

marR,et ana

period

after

depend

to

reduce production:

whether there
weapons requirement and, if
upon

or
five years' operas0> the size of that requirement,
that prospects appear jn
any event, a period of lower
favorable for finding
additional;uranium . prices seems certain,
ore
tributary to the mill. The
Foreign
producers
already
are

tion

and

Commonwealth
continue
Jungle

Jun^®

Government

production
f0ii0wine
Allowing

in

upon

a new ore

the

body

.

me

p01nt up some 01
our

both

prices, and I
the

Canadian

been
,

mQre

active than

tic producers in

Qur

domeg_

preparing for the

Here

South

is

an

example.

^African

In

1959,

representatives

visited Japan and every European
+v.a' country which had shown an intfte terest in nuclear power. This visit

problems and opportunities which
lie ahead for

that

lower

January,:. future.

being developed.

J ret

to

uranium industry,

was

for the purpose

market

of surveying
possibilities and estab-

1S "vPorwm to "ave a aumeauc
uramum industry , in operation,

need

policy.

the

Policy to Conserve

the

Our

Ore

.

of such

reverse

industry

should

a

be

building up reserves of low-cost
uranium by conserving those now
available and ^ exPl°ring f°r
new

new

important

to

hav^

domestic

a

the end of the Present government
until

the
early
1970s,
production
cannot
be
expanded in time for the increased
requirement if we have to rely
^

Uranium

It

SOurces

sources.

also

11

should be
snuuia. dc

aiso

upon-the

in5L

revival pf a dead
ry'.Q
meet the requireme ts of t
+VlQ

„+

^0s we f a
itrxanH
sources of production and expand
,

existing operations where possible,
experienced in-

seeking to reduce production costs We shall need an expe le e
through improved metallurgy and
more

efficient operating methods.

Conservation of uranium reboth high-grade and lowgrade, is important to our national

sources,

interest.

The

uranium

industry

and the Commission should work
together in planning for the most *
effective

use

of

these

resources,

and South African producers have taking into consideration the

ot

Development

1963. Costs will depend

now

believe

Rum

at

completion

contract

grade and size of

reconciled

completion* of

ornbin ea

-

Agency's

may

-

to

tor the

reserves

would Reverse

We

for

reserves

Best

The extent to which it may

neressarv

has

company

reserves

*

ore

,

.

Themselves

prepare

?lD1Alty °f a

ui

Kingdom contract which

be

known

^

,

>

use-

American Producers Should

the

Queensland.

part of

;riot ±0ilowed, they generate

tu

pr60perties

r®c'Pro?ate- Even if most.of the "igh cost
slISgestions from both sides aie
■

low-cost

one

cations, ine eiiect wouia oe
transfer
allocations assigned
high,cost and marginal

representatives ot government to

uranium

•

Kathleen

eastern

for

j"g J

points up the danger
a production rate to

reserves.

uranium

and
same

demonstrated by

outlook

tnd

xr

verv
ls.yery light.

as

up

yield-spreads

a

dar is
aar

a

long-range
supplies

securities and double

\ may

tend

between

;atives of

con"- sentatives thpindustry are suggest
of industry are suggestWhat the
povprnmpnt c-hnnld
what
government should

years" ^id"

it" may be
siderably less. This limitation has

20

based

near-

term problems which may

face the
industry as well as the long-term
requirements. We cannot afford to

waste our resources

—

need all of them.^

^

we

shall

^

^

It is not enough to plan for the

effective
reserves;

use

we

ning to build

of

our

known

ore

also should be planup

these

reserves

in

order to meet the future demand,

austry witn geoiogisis, eng

s,

l^o^nd^xploraS
^
a3£0n£ ^hlch^
Kanded

w;+h

absorbed

^nto

rannot he

q

have
trained

other

been

g

nidis-

personnel

industries

reassembled

hi^?vha7f^^dnaty industry.
fndust?v
efficient

lt
It is
important that we do not lose it.

»An
address
by Mr. Johnson before
the Colorado Mining Association, Denver,

Colorado, March 17, 1962.
Waldron Opens Branch
SACRAMENTO, Calif.
Waldron
& Co. has opened a branch office
at 2020B—16th Street, under the
direction of Bruce E. Rueppel.

44

The Commercial and Financial Chronicle

(1524)

Indications of Current

The following statistical
latest week

Business Activity

week
Latest

steel

Indicated

operations

Equivalent to—
ingots and castings

Steel

42

(bbls.

Gasoline
Kerosene

Distillate

2,394,000

2,387,000

2,405,000

,

,

1,611,000

Total

7,288,710

Automatic

27,932,000

3,811,000

2,834,000

29,187,000

Mar. 16

3,065,000

3,245,000

Mar. 16

14,351,000

13,624,000

14,800,000

5,996,000

6,488,000

unit
401,014

207,730,000

206,714,000

213,528,000

'

210,998,000

182,020

50,780

45,542

5,146

6,034

116,953

81,340

70,980

75,138

52,869

35,277

—

4,332

106,257

-

—

Electric

227,562

213,143

56,739

_

314,936

263,923

232,872

—

*385,208

289,611

'—

semi-automatic—

and

Dryers

6,446,000

j.

—;

41,815

28,471

'

"

(bbls.)

factory

appliance

—

and others
Combination washer-dryers

13,014,000

6,123,000

(bbls.)

output
output

Ago

Wringers

30,313,000

Mar. 16

Year

Month

—— -—-

8,043,000

1—Mar. 16

oil

fuel

(domestic)

7,471,060

7,266,410

8,271,000

transit, in pipe lines—
gasoline (bbl.) at———
——Mar. 16
(bbls.) at
Mar. 16

oil

fuel

Residual

laundry

home

8,582,000

7,334,510

Mar. 16

,

of that date:

Previous

LAUNDRY

Washers

8,377,000
29,571,000

are as

Month

of

(bbls.)

average

of quotations,

cases

MANUFAC¬
ASSOCIATION—Month of
Feb.:

HOME

AMERICAN

55.0

Mar. 16

each)
stills—daily
output (bbls.)_
output (bbls.)
to

runs

82.5

<

production and other figures for the
are either for the

cover

Ago

81.5

TURERS

output—daily average

Thursday, March 29, 1962

Latest

Sales

gallons

Crude

Ago

82.0

Mar. 24

(net tons)

condensate

and

oil

Crude

Week

Mar. 24

capacity)

.

Dates shown in first column

that date, or, in

on

.

Year

Month

INSTITUTE:

PETROLEUM

AMERICAN

cent

(per

Previous

Week

STEEL INSTITUTE:

AND

IRON

AMERICAN

month ended

or

tabulations

month available.

or

.

Gas

———

——

——

Stocks at refineries, bulk terminals, in
Finished
Kerosene

fuel

Distillate

oil

fuel

Residual

(bbls.)

oil

23,985,000

24,966,000

26,036,000

Mar. 16

89,989,000

*91,924,000

106,484,000

at

38,064,000

*38,360,000

40,539,000

42,998,000

25,240,000

of

December:

ASSOCIATION OF AMERICAN RAILROADS:

freight loaded (number of cars)
freight received from connections

Revenue

259,009,000

245,555,000

253,162,000

(barrels)—,—

226,635,000

214,566,000

221,653,000

(barrels!
1—
——L—I
Crude oil imports (barrels)————
1—
Refined product imports (barrels)-—
:—
Indicated consumption domestic
and export

506,583

30,980,000

26,498,000

525,603

518,769

512,927

473,104

27,903,000

13,000

15,000

29,221,000

30.119,000

28,677,000

30,980,000

"26,498,000

27,903,000

U.

Mar. 22

$376,300,000

$388,300,000

$353,900,000

246,800,000

218,600,000

231,700,000

347,480,000

315.029,000

357,762.000

28,270,000

12,857,000

48,020,000

$55,650

*$55,200

$53,670

169,300,000

222,800,000

157,700.000

156,600,000

184,600,000

Mar. 22

146,000,000

113,600,000

109,000,000

State

and

76,800,000

44,100,000

47,600,000

30,000,000

Mar. 17

8,275,000

*7,880,000

8,230,000

6,664,000

Mar. 17

360,000

383,000

335,000

323,000

Mar. 17

138

120

122

140

Mar. 24

15,879,000

16,142,000

16,110,000

14,549,000

Mar. 22

351

339

309

359

-

municipal

Federal

.

Bituminous

and

coal

INSTITUTE:

ELECTRIC

(in

output

BRADSTREET,

INDUSTRLAL)

AND

—

DUN

steel

(per

Pig

(per

gross

iron

Scrap

steel

(per

METAL PRICES

Electrolytic

lb.)

(E.

&

Export

(New

Lead

(St.

tZinc

(East St.

Aluminum

Straits

S.

(New

28.700c

28.650c

28.650c

27.300c

9.500c

9.500c

9.500c

11.000c

ERAL RESERVE BOARD

9.300c

9.300c

9.300c

10.800c

As

12.500c

12.500c

12.500c

12.000c

12.000c

11.500c

V

24.000c

24.000c

24.000c

123.250c

121.375c

Mar. 27

.

>*

88.50

-

Group
Group.

90.48

90.34

88.54

86.38

.1;

Government

Average

food

88.13

83.79
87.45

88.59

—

.

Mar. 27

4.66
4.38

4.39

Mar. 27

.

Baa

Mar. 27

■

Public

Group.

Utilities

Industrials

MOODY'S

Group.

Mar. 27

of

Unfilled

4.88

4.59

Mar. 17

320,552

"

1

V

1

350,490

of

Mar. 17

period

467,678

:

Other

YY

4.55

Vv

;

111.17

-

111.11

ROUND-LOT

368.8

TRANSACTIONS
of specialists

FOR

in stocks

ACCOUNT

434,750

110.62

2

2,020,040

1,832,420

2,580,870

All

377,500

515,460

941,960

Other

sales

Mar.

2

1,655,180

1,353,810

2,306,840

3,141,650

Mar.

2

2,106,470

1,731.310

2,822,300

4,083,610

245,650

219,570

281,460

533,640

initiated

off

the

2

Other

sales

transactions

Total

initiated

the

on

Y

2 =V

Mar.

28,200

31,300

58,800

244,250

264,610

529,280

Durable

272,450

295,910

588,080

Nondurable

2

629,485

663,600

943,986

:

NEW

56,370

99,060

131,450

666,153

969,882

1,017,635

915,875

765,213

1,101,332

1,172,885

Mar.

2

2,895,175

2,715,590

3,806,316

5,887,395

Cash

on

Mar.

2

522,560

504,760

678,210

1,156,010

Total

of

2

transactions for account of

2,730,145
3,252,705

2,264,213

3,541,332

'4,688,565

2,768,973

4,219,542

5,844,575

:

'

As
-

'

of

Total

—

2

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. STOCK
sales

Number

Dollar

of

SECURITIES EXCHANGE

—

by

dealers

(customers'

Number

of

net

extended to
customers'
value

debit

Mar.

1,542,938

1,362,347

2,041,422

2,907,825

II Mar.

$80,715,763

$71,968,608

$116,188,056

$147,382,885

Mar.

1,553,125

shares

IIIIIIII

1,404,590

1,905,241

Mar.

10,008

10,318

21,169

"Mar.

1,543,117

1,394,272

1,884,072

value

II_I_IIIIMar-

$78,075,868

$71,519,824

$100,606,739

Mar.

490,530

457,350

550,238

TOTAL

840,340

Other

sales

dealers—Number of shares

490,530

457,350

480,960

Mar.

389,800

:

,

.

sales

Total

840,340

Rental

881,010

453.000

1,392,000

383,423,569
438,000

375,203.217

337,490,000

issues——

347,000

806,000

2,939,000

2,984,000

2,047,000

$432.8

*$430.1

292.8

*290.2

116.0

114.3

105.6

91.9

90.6

83.5

76.0

75.7

71.8

45.4

45.2

41.7

55.4

*55.0

shares

LABOR

;

Less

Mar'

14,815,130

13,178,030

902,480
18,459,020

15,447,650

13,778,410

S. DEPT.

19,361,500

600,380

1,275,180
27,128,060
28,403,240

,

.i—.

"than

and

100.7

(a)

(a)

98.7

98.6

(a)

Mar. 20

101.4

♦101.7

(-a)

.(a)

*96.2

foods—IIII™—II Mar!

delivered basis at centers where
freight from

East St-

50.4

20

100.7

Louis

100.7

(at'-

(ai

long
in

exceeds

Monthly
one-half

Investment Plan

ia)

(a)

cent

a

pound.

fPrime
(a) Not

Western

available.

10.7

35.8

*13.1

.

12.9

14.9

14.2

28.5

26.8

33.1

income

11.5

14.8
28.7

—'

——

33.1

31.1

11.5

10.4

IN

.———

OF PRIMARY AND

9.4

412.3

386.2

33,910

23,394

SEC¬

STATES

UNITED

THE

MINES—Month

*10.3

415.3

of

January

tons):
beginning of period...—..—2.

20,310

Stocks
•

Total

—:

'

at

end of

periods—2—JLi/

processed

Intercompany
in

scrap

Y

....

8,895
42,805

54,305

24,933

36,265

20,310;

31,898

2———

36,521
56,831

Receipts

Consumed
of

11.8
37.4

11.5

persons

(a)

95.6

farm

100.6

Mar. 20
~l

269.5

'•

12.0

—i—_■

TIN

(in

,

$403.1
'

37.6

...

nonagricultural incomes

OF

Stocks

foods




>

._

...

payments

BUREAU

Mar. 20

products

other

of

TIN—CONSUMPTION

OF

tNumber of orders not reported since
introduction
on

4

—

...

ONDARY

U.

Meats

sold

__

total

industries..

employees' contribution for social

Total

632,520

Mar

__

ZZZZ. "II

PRICES, NEW SERIES
(1947-49=100)1

All commodities

STATES

professional—.

interest

Transfer

—

Processed

UNITED

68,000

COMMERCE)—Month

insurance

commodities

Farm

T1IE

income..——.

income

Personal

Commodity GroupAll

IN

Govt,

S.

•

Dividends

Mar.

sales—

WHOLESALE

$3,426,000

S

balances.

income.

and

696,650

STOCK

sales

Other

*$4,145,000

*1,225,000

salary receipts,

labor

550^238

round-lot sales—

Short

7,069,000

1,190,000

credit

industries,

Business

SALES ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
FOR ACCOUNT OF MEMBERS
(SHARES):

Total

8,769,000

7,152,000

12.8

ZZZZ

ROUND-LOT

15,538,000

9,218:000

.

U.

Mar.

purchases by

16,370,000

7,158,000

other collateral——

OF

Government

dealers—

sales

Round-lot

personal

Service

$136,314,252

sales

Other

16,425,000

.

y,

... ....

2,864,937

Short

98.0

34,000

free

on

INCOME

Wage and

9,794

sales

by

*108.4

*436,000

Commodity producting
Manufacturing only
Distributing industries

2,874,731

sales

shares—Total

5,291,000

109.3

February (in billions):

Total

by dealers

(customers' sales)—
orders—customers' total sales

sales

6,351,000

5,357,000

34,000

listed

of

(DEPARTMENT

short

of

11,642,000

6,762,000

5,363,000

421,000

borrowings

of

other

Number

12,119,000

6,799,000

balances

customers

borrowings of U.

PERSONAL

Customers'

Round-lot

12,162,000

$4,100,000

—

in banks in

hand and

Market

COMMISSION

Customers'
Dollar

14,265,038

EXCHANGE—

Member

purchases)—t

value

Odd-lot purchases

104.1

of

—

Member

Mar.

sales

EXCHANGE

105.5

104.9

9,267,000

'

goods

customers'

Credit

sales

Odd-lot

104.4*

108.2

February 28 (000's omitted):
firms
carrying margin
accounts—

Member

members—

,

sales

109.7

105.2

DEPT.

goods

STOCK

YORK

859,505

2

Other

S.

SERIES—Month

.

2

2

sales—.

Total

112.5

14,315,328

—__

PAYROLLS—U.

turing industries—
All manufacturing

14,900

sales—

Short

110.4

COMMERCE):

OF

REVISED

LABOR

1,166,705
155,250

sales

purchases

102.8

113.3

104.9

manufacturing

230,360

Other

Total

(DEPT.

ANI)

215,460

Short

Total round-lot

103.8

104.9

floor—

purchases

Total

106.0

108.5
—.

101.0

105.6

.

101.1

113.9

—

.

running bales_

20,

2

sales

Total

:

care

98.8
107.1'

100.0

—

care

2

Mar.

sales

Other

102.5

102.0

108.8

112.6

;—

^

„

floor

purchases

Short

103.1

98.6

.

(production workers)_—_
Durable goods —•——
—:—rY-—i—;
Nondurable goods
————
Payroll indexes (1957-59 avge. = 100)—
All manufacturing
Y
Estimated number of employees in manufac¬

4,187,050

451,290

transactions

102.1

106.0

.

——

March

OF

2

Total

103.5

February:

Mar.

Other

105.6

108.9

girls'—

GINNING

COTTON

..

Mar.

sales

—

99.5

106.4

102.4

—

—

99.2

101.8

—._

EMPLOYMENT

sales

Total

102.4

98.7

111.90

in which registered—

purchases

108.0

102.8.

91

Short

Total

103.9

107.8'

166:5

and recreation—
Other goods and services

620,783

464,077

'/

105.0

107.8

'

Reading

MEM¬

OF

boys'

and

apparel

Medical

Y 304,551

/

99.1

103.9

;

fuel oil

Transportation

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

103.8

4.40

To

AVERAGE=100

104.4

104.8

4.42

Y.,,

;>

365.7

345,363
Y'. Y; ; 95

502,431

Mar. 23

end

••

96

106.6

104.4

—

Footwear

4.77

331,537

368,844

357,627
'-/•'■.Y
971

109.1

Public

1

368.6

97.2

———

and

5.02

*

101.2

109:2

(Jan.

electricity

Women's

4.62

1

Men's

"Y/ 4.55

Personal

Mar. 17
at

102.0

104.9

1958=100)

home

——

Apparel

4.32

4.55

4.87

'1*

4.22

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949

100.6

—

Housefurnishings
Household operation————

ASSOCIATION:
Mar. 17

(tons)

Y

-

4.60

367.8

activity

orders

,1

3.74

■

5.04

4.49W^|l..:v;V.: 4.51

(tons)

Percentage

v

-

Mar. 27

.Mar. 27

INDEX.

105.2

105.1

4.53

4.72

5.02

4.87

? v

?

4.70

5.01

"

4.68 :

4.53

Mar. 27

(tons)—

Production

-

•

PAPERBOARD

received

Orders

'

4.69

.

COMMODITY

NATIONAL

4.52
■

Mar. 27

•

Group

105.6

98.5.>

home———2—

at

Solid fuels and

.* V

4.42

;

and

Gas

'

'

"4.66

•

.

A

105.6

99.8

,99.8
'97.1

vegetables—

from

away

Housing

90-20

Y

.

3.94

3.87

3.84

85.20

YY:

.

Food

89.92

'<88.13

88.67
'-''.v

Mar. 27

Railroad

83.91

87.18

;

"

Aaa

106.3

and

——

82.03

Mar. 27

corporate

103.7

106.6

.

Other

85.85

81.78

87.59

:

and

86.11

■

Bonds

Cereal

:—

——

Fruits

82.03

83.91

home

92.79

86.24

Mar. 27

—'—__r—
at

91.34

82.15

Mar. 27

AVERAGES:

DAILY

102.3

100.6

■_

_

/. Food

88.13

Y

88.40

Mar. 27

YIELD

103.3

102.0

101.2

100-

=

bakery products———
Moats, poultry and fish
Dairy products ——

Mar. 27

Group

BOND

104.5

102.5

_

1957-59

—

January:

items

88.40

INDEX

89.92

86.65

Mar. 27

.

104.5

OF NEW YORK—

*000"s omitted)

28

PRICE

of

Month
All

88.48

Mar. 27

S.

Aa

87.56

88.29

>

86.65

Mar. 27

.

$1,479,000

OUTSTANDING—FED¬

PAPER

Feb.

Food

.

Industrials

of

CONSUMER

103.875c

Mar. 27

MOODY'S

COMMERCIAL

26.000c

124.000c

.

$1,762,000

12.000c

12.000c

Mar. 21

Baa

8,197

28.600c

Mar. 21

corporate

1,934

2,852

—

30.600c

AVERAGES:

Bonds

51,581

2,167

$1,762,000

tons)—

30.600c

*

at

at—
DAILY

72,545

18

tons)

(net

—_—,,

.

(net

134,257

86,895
110,522

32

America

Central

(net tons)
To South America (net tons)
Asia

200,287

64,444

124,957

-L—

—

—

and

30.600c

:

99.5%)

York)

PRICES

Utilities

North

Europe

Mar. 21

at

.

Public

tons)

To
To

Mar. 21

at

Government

Railroad

(net

$93,650

MINES)—

OF

Mar. 21

Aa

U.

$38.50

*$95,540

of Pennsylvania anthracite

Mar. 21

Aaa

A

$66.44

$34.83

(BUREAU

13,150
26,830

January:

Mar. 21

at

Louis)

BOND

Average

6.196c

$66.44

0.196c

of

*13,480
*26,860

191,600

—

Mar. 21

at

14,540

26,910

$96,100

exports

S.

To

(primary pig,

tin

MOODY'S
U.

York)

Louis)

(delivered)

Zinc

6.196c

$66.44

$31.83

U.

copper—

refinery at
refinery at

COM¬

.

—;

EXPORTS

COAL

J. QUOTATIONS):

M.

Domestic
Lead

6.196c

$66.44

•

Mar. 19

ton)

14,000

,

January

—

Month

$31.83

Mar. 19

Mar. 19

ton)-.

gross

of

Total

IRON AGE COMPOSITE PRICES:
Finished

OF

DEPT.

—

Retail

&

INC

'

dollars):

of

Manufacturing

r

kwh.)

000

(COMMERCIAL

FAILURES

—_

SERIES—Month

NEW

(Millions

Wholesale

AVERAGE=100

SYSTEM—1947-49

Electric

(tons)'

(barrels)

stocks

INVENTORIES

BUSINESS

STORE SALES INDEX—FEDERAL RESERVE

DEPARTMENT

I

all

MERCE

lignite (tons)

anthracite

Pennsylvania

(barrels)
Decrease

S. BUREAU OF MINES):

(U.

COAL OUTPUT

output

154,600,000

Mar. 22

construction

construction

Public

EDISON

$469,600,000

Mar. 22
Mar. 22

construction

S.

Private

crude oil

gasoline output
Benzol output (barrels)

NEWS-RECORD:
Total

—,

Natural

CONSTRUCTION—ENGINEERING

ENGINEERING

CIVIL

538,373

Y

each)

Domestic

1

.525,696

545,332

Mar. 17
(no. of cars)—Mar. 17

.

(barrels of 42 gal¬

Total domestic production
lons

Revenue

INSTITUTE—Month

95,380,000

Mar. 16

at

(bbls.)

PETROLEUM1

AMERICAN

6,540

33,995!

585

transactions

200

30,911

632

31,313

—

Secondary

——

—

—-

6,340

33,363

31,185

manufacturing

Zln;

3,990

33,238-

128

2,350

125

Volume

195

Number 6146

...

Chronicle

The Commercial and Financial

(1525)

* INDICATES

Securities

Air

—

Because of the

awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the

but

expectations of the underwriter
not, in general, to be considered as firm

are

E.

C.

catalogues (for department stores and mail
firms), a semi-annual magazine and stamp collec¬
debt repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y.

order

Business—Manufacture

York.

f

F.

Co., Inc. (4/23-27)
("Reg. A") 120,000 common.

All

Alaska

Products,

•

cessories and supplies. Proceeds

working capital. Office—3294 Steinway St., Astoria,
Underwriter—Baruch Brothers & Co., Inc., N. Y.

Petroleum

American

Pacific

Alaska

•

Lumber

Business—A

construction and

Systems,

Albee

Co.

sales.

Office—614 Equitable
Underwriter—Dempsey-Tegeler &

•

Alison

Summit

Niles,

Fairfield

Garrett

&

Rd., Baltimore.
Baltimore.

-

Ohio.

Under¬

Sons,

Allegheny Aluminum Industries, Inc.

Aerodyne Controls Corp.
29, 1962 ("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,

Dec. 21, 1961 filed 100,000 common.

Price—$4.25.

Proceeds

For

acquisition, debt repayment
general corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
—

an

and

expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, /N. Y.
Underwriter—Robbins, Clark &

(4/30-5/4)
6J/4% subordinated

Allegheny Pepsi-Cola Bottling Co.

Co., N. Y. Offering—In late May.

March

5, 1962 filed $1,250,000 of
sinking fund debentures due 1977 (with attached war¬

ic Aeroscience Electronics, Inc.
March 16, 1962 ("Reg. A") 92,000 common. Price—$3.25.
Business—Design and fabrication
of instrumentation
and telemetry systems.
Proceeds—For equipment, in¬

max.

,

Amerel

July

Mining Co. Ltd.
1961 filed 400,000 common shares. Price—50
engaged in exploration,

31,

cents. Business—The company is

development and mining. Proceeds—For diamond

and 312,500 common. Price—By amendment ($8
— Manufacturing and
dis¬

f

Bank Stationery Co.

1962 ("Reg. A") 21,000 common. Price—$14.25.
Business—Design and manufacture of stationery for fi¬
nancial institutions. Proceeds—For equipment and work¬
March 2,

Baltimore
Sons, Bal¬

— 7501
Pulaski Highway,
County, Md. Underwriter—Robert Garrett &
timore.
/

ing capital. Office

Corp.

(4/16-20)

Dec. 15, 1961 filed 150,000 common. Price —■ By amend¬
ment. Business—Manufacture of standard and special in¬

dustrial
debt

and

aircraft

missile

fasteners.

Proceeds—For

equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬

repayment,

poses.

derwriter—S. D. Fuller & Co.. N. Y.
American Cardboard

& Packaging Corp.

(4/23-27)
Jan.

5, 1962 filed 150,000 common. Price—$3.50. Business
and sale of cardboard boxes, display

—Manufacture

Continued

YOUR PRIME SOURCE

all

writer—None.

(4/23-27)

Allied

1962 filed 200,000 capital shares, of which 100,000
are to be offered by the company and
100,000 by the
stockholders.
Price—$10.
Business—Manufacture
of
men's and boys' underwear and pajamas. Proceeds—For
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.

Jan. 8,

drill¬

ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.

for common). Business

Agency Tile Industries, Inc. (4/23-27)
( * Allen (Walter H.) Co., Inc.
March 13, 1962 ("Reg. A") 2,500 common voting capital
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
stock to be offered in units of 20 shares. Price—$2,000
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt payment, new products, sales pro¬
per unit. Business—Wholesaling of hardware, furniture,
auto accessories, electrical and plumbing supplies, sport¬
motion and advertising, new office and warehouse and
ing goods and similar products. Proceeds—For inven¬
working capital. Office—522 W. 29th St., N. Y. Under¬
tories.
Office—8401 Ambassador Row, Dallas.
Under¬
writer—International Services Corp., Paterson, N. J.
Ainsbrooke Corp.

Wilshire Blvd., Los Angeles. Underwriter—Real
Underwriters, Inc., (same address).

tributing Pepsi Cola and Pepsi Cola syrup. Proceeds—
For an acquisition. Office—1601 Guilford Ave., Balti¬
more. Underwriter—Suplee, Yeatman,
Mosley Co., Inc.,
Philadelphia.
'
-,
-

Rd.,
Co.,

ventory and working capital. Office—3181 Roswell
N. E., Atlanta.
Underwriter—Robert M. Harris &
Inc., Philadelphia.

rants)

Estate

American Bolt & Screw Mfg.

Busi¬

ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
doors.

—6363

American

Ayres, Inc.

J. R. Williston & Beane, N. Y.

Jan.

Properties Trust

28, 1962 filed 112,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For acquisition of a shopping center. Office
Feb.

(5/21)
Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—Design and manufacture of women's dresses. Proceeds
—For debt repayment, equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—

Aero-Dynamics Corp.
See Universal Industries, Inc.

stockholders.

Amerada

Office—931

Office—3440

writer—Robert

by

Milwaukee.

ic Alcolac Chemical Corp.
March 23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty/
chemical products. Proceeds—For general corporate pur¬
poses.

Specialty Co. f

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.,
000

common. Price—By amend¬
lumber
company.
Proceeds—For

St.,
Underwriter—G. H. Walker & Co., N. Y.

•

of

per common

Homes, Inc.

credit

of

Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y. Offer*
ing—Expected in June.

Price—By

distributor

15, 1962 filed 1,000,000 of conv. subord. deben¬
tures due May 1, 1980, also 90,000 common shares, of
which 45,000 are to be offered by the company and 45,-

(4/2-6)

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

corporate purposes.

(4/4)

shares.

and

Alumatron

Aluminum

March

Feb. 28, 1962 filed 70,000 common. Price—$3.
Business
—Designs and produces printed business forms. Proceeds
—For additional sales personnel, moving expenses and

A

March

Co., Inc., St. Louis.

Inc.

Business—Wholesaler

Fla. Underwriter—B. C. Malloy, Inc., St. Petersburg.

Corp.

working capital.

Bldg., Portland, Ore.

N. Y.

Inc.

class

Nov.

Proceeds—For debt repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
Denver.
Underwriter—None.

Por expansion and

155,000

International, Inc. (4/2-6)
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
For general corporate purposes. Office—St. Petersburg,

Price—$2.50.

properties.

(4/23-27)

Inc.

filed

Proceeds—For
working capital. Office — 412 N. 6th St., Philadelphia.
Underwriters—C .C. Collings & Co., Inc. and Harrison
& Co., Philadelphia.

15, 1962 filed 2,000,000 common. Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas

:

1961

electronic parts manufactured by others.

(Nov. 17, 1961 filed 250,000

.

Electronics

Industrial

27,

amendment.

New Rochelle, N. Y. Underwriter
Co., Inc., N. Y,

&

Almo

Nov.

Feb.

11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬

other

•

common.'Price — $3.
of a variety of

distribution

and

Underwriter—Joseph, Mellen & Miller, Inc.,

Cleveland.

—
For working capital. Office — 11608
Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. '

Jan.

Business

Cleveland.

Ventura

debt repayment and equipment. Office—29
S.
Bellevue Blvd., Memphis.
Underwriter—James N.
Raddoch & Co., Memphis.

Admiral

gaged in the production of aluminum alloys. Proceeds
—For selling stockholders.
Office—4365 Bradley Road,

terial. Proceeds

expansion,

Automotive

Sessler

27, 1961

ment.

•

Dec. 27, 1961 filed 225,000 common. Price—By amend¬
ment. Business—An aluminum smelter and refiner en¬

Business—Distributor of pens and other advertising ma¬

paper.

ic Admiral Benbow Inn, Inc.
March 23, 1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By amendment (max. $18).
Business—Operation of a
chain of restaurants and a motor hotel. Proceeds—For

Admiral

Alloys & Chemicals Corp.

alu¬

Alan-Randal

•

Oct.
,

Proceeds—For debt repayment,
expansion & working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co.; Inc.,
New

of

sale

other

Office—30 Garden St.,
—Fred

it Adelphi Research & Mfg. Co.
Mar. 22, 1962 ("Reg. A") 53,300 common. Price—$3.75.
Business—Manufacture and distribution of diazo, brown,
print

and

and

air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and working capital.

Packaging Corp.

1962 filed 80,000 common. Price—By amendment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Offering—Expected in May.
28,

blue

doors,

^ Air-Teche Industries, Inc.
Mar. 23, 1962
("Reg. A'') 73,500

Inc.

("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.

and

and

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This offering has been in¬
definitely postponed.

Electronics,

Accurate

The manufacture

products. Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle¬

Feb. 28, 1962

Feb.

—

windows

storm

ISSUE

tors' books. Proceeds—For

minum

offering dates.

A.

Business

amendment.

aluminum

REVISED

circulation

Master Corp.

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

large number of issues

PREVIOUS

ITEMS

•

May 26,
NOTE

ADDITIONS

SINCE

in

Now

45

Capital Corp.

on

page

FOR

NEW

(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
a

l-for-10

Price—By amendment. Business—A
Proceeds—For in¬
Office—7720 Wisconsin Ave., Bethesda, Md.
basis.

small business investment company.
vestment.

Underwriter—Allen & Co.,

N. Y.

BOUGHT

-

SOLD

-

QUOTED

Allied Doll & Toy Corp.

VITAL VOLUME
More than 70 offices of New

firms do business in

Feb. 27, 1962 filed
—Manufacture and

FOR BROKERS
York Stock Exchange member

•

equip¬

Entertainment Corp.

(Mirage QTrilraaje
,

.

:

neu

d SIEGEE

of America, Inc.
—

$2.

distri¬
bution of phonograph records, and the development and
production of TV jingles. Proceeds—For debt repayment
and working capital. Office—9171 Wilshire Blvd., Bev¬
erly Hills, Calif. Underwriter — Ellis Securities, Inc.,
Great Neck, N. Y. Note—This letter was withdrawn.

Talk to your
Tribune representative today. He'll tell you why the Tribune
is your best buy for advertising your investment services.




Proceeds—For

23, 1962 ("Reg. A") 125,000 common.
Price
Business—Music publishing; the manufacture and

advertising budget went into the Tribune.

NIWMAtU

Allied

Jan.

Chicago newspaper financial advertisers use
reach these investors. Last year, 57% of their total

Tribune is the

«fc«AT»«T

sale of dolls.

advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y.

Chicago. Non-member stock and bond

TNI

133,333 common. Price—$3. Business

Institutions

ment,

brokerage offices are in the hundreds. Only New York City
has more individual investors than Chicago. The Chicago
most to

for Banks, Brokers,

^Allied Graphic Arts, Inc.
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
Price—By amendment. Business—Publication of mass

Established 1942,

Members of New

York Security Dealers Association
39 Broadway, New

Dlgby 4-2370
Direct Wire

York 6, N. Y.

TWX: N.Y. 1-5237

to

HOLTON, HENDERSON & CO., Los

Angeles

46

46

The Commercial and Financial Chronicle

(1526)

holders. Office—342

N. Fourth St., Libertyville, 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y.

Continued from page 45

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 Hallowell, Sulzberger, Jenks, Kirkland & Co.,
boards, etc.

Anchor

American

Corp.

Development Corp.;; Y

29, 1961 filed 60,000 common. Price—$6. Business
—Development and sale of vacant land. Proceeds—Debt

other

corporate

purposes.

—

-

—

in the long-term progress of
savings and loan associations, and allied financial busi¬

American

Management & Investment Corp.
filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10. Business—A
management in¬
vestment company which plans to acquire firms in the

Pines

chell

ness—Manufacture
home.

of

Proceeds—For

a

Price—$2.50.

Busi¬
type of component constructed
common.

debt

Arnav

Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.

American

Mortgage Investors '
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm
Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors. Offering—In May.
Feb.

American
Jan.

24,

Phoenix

class A

Business—General real estate.
Interamerica Securities
American

Pioneer

20, 1961 filed 400,000

Price—$10.

Underwriter—

Co.

common.

Price—$11.

Busi¬

St.,

32

Court, Opa Locka, Fla.
•

y

••

Atmosphere Control, Inc.
Feb. 5, 1962 ("Reg,. A") 86,000

Underwriter:

fiers.

I
common.

Price—$3.45.

Proceeds—For

equipment, advertising and work¬
ing capital.
Office—668 Jenks Ave., St. Paul.
Under¬
writer—Pewters, Donnelly & Jansen, St. Paul. Offering

—In late

April.

• ■

r

•

-

•

Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000 common.
Proceeds

Price—$3,50.

For

repayment of loans, acquisition and
Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment Planning
Co., Wash¬
ington, D. C. Offering—Indefinitely Postponed.
—

working capital.

Automatic Controls,. Inc.

(6/20)
1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls

Dec. 28,

and devices to control and

automatically operate indus¬
machinery and processes. Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm &
Co., Inc., N. Y.
trial

j

Automatic

Marker

Photo

Corp.

(4/9)
1961 filed 150,000 class A shares, of which 125,-

Dec. 1,

to

are

be

offered by the company and 25,000 by
Price—By amendment. Business—Sale and

Proceeds—For debt repayment and
fice—32550 Pulaski Dr., Hayward,

Pacific

Coast

Securities

Corp.

Business

"Dairy Drive-ins."
working capital. Of¬
Galif. Underwriter—

Co., San Francisco. Offering*
' ! - *
•

(4/30-5/4)

V:Y:!!Y"Y^V^

"Adanim"

Bank

Mortgages & Loan Ltd.

amendment. Business

A mortgage

—

lending

company.

American Israel Investment Co., Inc.
Barish

Price

—

By amend¬

ment. Business—Manufacture of
pressure hydraulic hose
and metal tube assemblies. Proceeds—For

selling stock¬

Sept.

N.

Business—The

common

shares.

29,

•

Associates, Inc.

Price

N.

Y.

Yx-yY//-j"-.

.

23, 1962 filed 100,000 common. Price—By amend¬
(max. $7.50). Business—Converter of linihgs and
interfacings used in the manufacture of clothing. Pro¬

ment.

ceeds—For expansion, debt repayment and
working capi¬
tal. Office—335 W. 35th St., N. Y. Underwriter—Rittmas-

ter, Voisin & Co., N. Y. Offering—Expected in May.
Associated

Baby Services, Inc*

(4/30-5/4)

Jan. 17, 1962 filed 160,000
common, of which 60,000 are
to be offered by the
company and 100,000
ers.

by stockhold¬
Price—-$7.50. Business
Operates diaper services,
linens, and publishes "Baby Talk" magazine
—

supplies
which

is

distributed

in

U.

S.

and

Canada.

Proceeds—

50,000

capital.

Underwriter—Gianis

Barr
Feb.
•

Office—224
Co.* N.

&

Price—$4.

common.

Y.

E.

Pro¬

38th

St.,
Offering—In¬

'

1

Corp." /•■Y

27, 1962 filed

—Manufacture

150,000

and

sale

common.

of quilted

Price—$4. Business
and laminated vinyl

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.
Vitamin

Barth

Jan.

23,

1962 filed

vY/-Y:YY;KY,

Corp.- :..YYYy;

Y-,v
180,000 class A shares. Price

amendment. Business—The mail order sale
and
ers.

Corp.

working

A")

Barker Bros.

.

Textile

("Reg.

Angeles. Offering—Expected in late May.

1962

corporate purposes.
Office—14 W. 55th
Underwriter—Dana Securities Co., Inc., 80

Y.

1961

Corp.
March 15, 1962 filed 200,000 common. Price—By amend¬
ment.
Business—Merchandising of home, commercial
and institutional furnishings. Proceeds—For expansion
and debt repayment.
Office—818 W. Seventh St., Los
Angeles.
Underwriter—William R. Staats & Co.,-' Los

purchase,

general

1,

definitely postponed.

Proceeds—For

of

—

By

vitamins

dietary products. Proceeds—For selling stockhold¬
W. Merrick Rd., Valley Stream, L. L,

Office—270

N. Y. Underwriter—H. Hentz &

Feb.

•

*

formed "blisters" for packaging.

Ascot

life

(4/23-27)

;

;

Business—Manufacture and sale of Mist-I-Cone humidi¬

Proceeds—For selling

Wall St., N. y.

insurance.
Proceeds—For general
Office—532 N. Meridian St., Indian¬
Underwriter—City Securities Corp.,
Indian¬
* v
* . v. ... i .
...




29th

Co., N. Y.

Art

—For

.corporate purposes.

common.

junior sizes.

—

Publishing Co., Inc. (4/2-6)
("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds

parent, American States Insurance Co. The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬

Jan. 26, 1962 filed 488,000

N.

ceeds—For

Jam

its

Inc.

Office

and

Ascot

Proceeds—For

ic American States Life Insurance Co.
March 22, 1962 filed 30.0,000 common to be
offered in¬
itially for a 30-day period to its stockholders and those

Coupling Co.,

repayment

conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For
inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
-

writers—Kidder, Peabody
& Co., Inc., Dallas.
Offering—Expected in May.

Anchor

17850

Business—Aeronautical research and development.

—$5.

Pierce

apolis.
apolis.

-

Hardy & Co., n. y.

(5/7-11)

• Artlin
Mills, Inc. 4/2-6)
Sept. 28, 1961 filed 135,000 class A

Southwest Realty Trust

group

,

Corp.; (4/16-20)
!
26, 1962 filed 200,000 common. Price—$6. Business
—Construction and operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
plant expansion, and a loan to a subsidiary.
Office—
Jan.

Expected sometime in May.

equipment, inventory and working capital. Office—126
Greenpoint Ave., Brooklyn, N. Y. Underwriter—Ber¬
nard L. Madoff, N. Y.

Underwriter—Troster, Singer & Co., N. Y.

and

.

Proceeds—For general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim

debt

equipment.

vacuum

Bldg., Dallas. Under¬
& Co., N. Y. and Rauscher,

nary

some¬

'

Packaging, Inc. (4/23-27)
Jan. 26, 1962 ("Reg. A"). 70,000 class A.
Price—$2. Busi¬
ness—Design, manufacture and sale of clear plastic,

(4/2-6)

common.

ness—A real estate investment
company.
investment. Office—800 Hartford

of

indefinitely

was

•

Insurance

12, 1962 filed 1,000,000

offering
•';

t

stockhold¬
ers. Office—1400
Broadway, N. Y. Underwriter—Carreau
& Co., N. Y.

American Realty & Petroleum
Corp. (4/2-6)
Sept. 28, 1961 filed $2,000,000 of 6x/2% conv. subord. de¬
bentures due 1971. Price—At
par. Business—Real estate
and also the oil and gas business. Proceeds—For
repay¬
ment of debt, sales and
advertising, property improve¬
ments and possible acquisitions. Office—16 W.
61st St.,

Feb.

•

Utilities

Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked ;■ shares.
Price—By

women's

—

American

Atlantic

-

Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y. /
• Aronoff &
Richling, Inc. (4/30-5/4)
Nov. 27, 1961 filed 108,000 common.
Price—By amend>ment (max. $5). Business—Design and manufacture of

Price—$5.50. Busi¬
ness—Writes life insurance in Florida. Proceeds
For
expansion and legal reserves. Office—307 S. Orange
Ave.,
Orlando, Fla. Underwriters—A. C. Allyn & Co., Chi¬
cago and Goodbody & Co., N. Y.

N. Y.

•

This

—

^

the purchase of addi¬
Industrial Ave., Little

tional

Corp., N. Y.
Life

Curtis, N. Y. C. Note
postponed.

Bacardi

Industries, Inc.

ceeds—For

Proceeds—For corporate

Office—320 Park Ave., N. Y.

purposes.

Dec.

shares.

Offering—Expected

Price—$12.50. Busi¬

common.

Y Babs, Inc. v~y- V. -y-'Y; ;■
Nov. 27, 1961 filed 150,000 common. Price—$4.
—Sale of dairy products, through

Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬

Corp.

1962 filed 315,000

Mexico Development Corp.
!
("Reg. A") 300,000 common.
Price — $1.
Development of underground caverns as a

Co., Phoenix, Ariz.
April.
" *
/

500,0U0

ness—A small business investment,
company, Proceeds—
general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
For

March 8, 1962 filed 35,000 common.
Price—$50. Busi¬
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
nated debentures and
36,000 common stock purchase. Y —For-a
selling stockholder. Address—San Juan, Puerto
warrants to be offered for sale in units of one
$1,000
Rico. Underwriter—Eastman Dillon, Union Securities &
debenture and 60 warrants.
Price — By amendment.

repayment, equipment, and

working capital.
Park, Fla.

&

time in

tiled

Underwriter

a photocopy machine and
supplies. Pro¬
equipment, expansion, and working capital.
Office—153 W. 36th St., N. Y. Underwriter—None. •'!

Rd., Phoenix. Un¬
derwriters—Preferred Securities, Inc., Denver and Mit- ;

Manufacturing Corp.

filed 200,000

—

Aug. 29, 1961

BldgY Decatur, Ga.

''r!•'v'p-V
Corp.(.••'■L:-';':■
!■'

Atlantic Capital

ceeds—For

tourist attraction. Proceeds—For debt
repayment.-Office
—Suite No. 9—4344 E. Indian School

(4/16-20)
Nov. 27, 1961

1962

Business

Federal

X"V!.'V

distribution of

Arizona-New

general cor¬
Warner Bldg., Washington,

Decatur

—'None!;.

000

Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
(same address).

Jan. 3,

—404

stockholders.

Office—1118 Torrey

nancial Sales Corp.

insurance and finance fields. Proceeds—For

Modular

Proceeds—For investment.

nesses.

Dec. 20, 1961

American

company

which plans to participate

Underwriter—California Investors, Los Angeles.

porate purposes.
Office —
D. C. Underwriter—None.

investment

open-end

,

various electronic devices, and record players. Proceeds
•t-For expansion and general corporate purposes! Office

New York.

laboratories.'Proceeds—For debt repayment and work¬
ing capital. Office—660 S. Bonnie Brae, Los Angeles.

,

common. Price--$1.
Business—Manufacture of components and parts for air-,
craft, space and missile industries; also, manufacture of

Anscott Chemical Industries, Inc.
(4/23-27)
Office—1068
Jan. 5, 1962 filed 95,000 common. Price—$2. Business—
Broad St., Newark, N. J. Underwriter—To be named.Y
Development, sale and distribution of specialty chemi¬
Note—This registration was withdrawn.
cals and detergents. Proceeds—For sales promotion, new
American Diversified, Inc.
(5/7-11)
product development and general corporate purposes.
Dec. 21, 1961 filed 110,000 common. Price—$7.50. Busi¬
Office—Industrial West, Allwood-Clifton, N. J." Under¬
ness—A holding company whose three subsidiaries are
writers—Glass & Ross, Inc. and Globus, Inc., N. Y.
a life insurance
company, a broker-dealer-underwriter,
^Apache Corp.
and a loan and finance company.
Proceeds—For gen¬
March 21, 1962 filed $3,750,000 of participating units in
eral corporate purposes. Office—930 Grant St., Denver.
Apache Canadian Gas & Oil Program 1962.
Price—
Underwriter—Nation-Wide Underwriters, Inc., Denver
$7,500 per unit. Proceeds—Exploration and drilling for
(a subsidiary) Z
011 and gas in Canada. Office—523 Marquette Ave., Min¬
American Finance Co., Inc.
neapolis.
Underwriters—The company and APA, Inc.,
April 21, 1961 filed $500,000 of 6% convertible sub¬
Minneapolis (a subsidiary).
ordinated debentures due 1971; 75,000 shares of common
Appalachian Power Co. (4/17)
stock, and 25,000 common stock purchase warrants to
Mar. 1, 1962 filed $25,000,000 of first mortgage bonds v
be offered for public sale in units consisting of one $200
due Apr. 1, 1992. Proceeds—For the prepayment of bank
debenture, 30 common shares and 10 warrants. Price—
loans and other corporate purposes. Office—Roanoke,
$500 per unit. Business—The company and its subsidi¬
Va. Underwriters
(Competitive). Probable bidders:
aries are primarily engaged in the automobile sale fi¬
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harri-Y
nance business. One additional subsidiary is a Maryland
man
Ripley &1 Co., Inc.; Kuhn, Loeb & Co.-Eastman
savings and loan association and two are automobile
Dillon, Union Securities & Co. (jointly). Bids—Apr. 17
insurance brokers. Proceeds—For the retirement of de¬
(11 a.m. EST) at 2 Broadway, N. Y. Information Meeting
bentures, and capital funds. Office — 1472 Broadway,
—Apr. 12 (3 p.m. EST) at same address.
;
N. Y. Underwriter—Myron A. Lomasney &
Co., N. Y.
Appalachian Power Co. (4/24)
V ?
Note—On March 20, 1962 the SEC issued a "Stop Order"
Mar. 1, 1962 filed $20,000,000 of sinking fund debentures
suspending this statement for failure to comply with
due Apr. 1, 1992. Proceeds—For prepayment of bank
the Securities Act disclosure requirements.
loans and other corporate purposes. Office—Roanoke,
if American Gas Co.
Va. Underwriters
(Competitive). Probable bidders:
March 26, 1962 filed 548,532 common to be offered for
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
subscription by stockholders on the basis of 3.6 new
Ripley & Co. Inc.; Kuhn, Loeb & Co.-Eastman Dillon,
shares for each share held. Price—By amendment (max.
Union Securities & Co. (jointly). Bids—Apr. 24 (11 a.m.
$5). Business—Transportation, distribution and sale of
EST) at 2 Broadway, N. Y. Information Meeting—Apr",
gas.
Proceeds—For debt repayment and expansion. Of¬
12 (3 p.m. EST) at same address.
fice—546 S. 24th Ave., Omaha.
Underwriter—CruttenArgus Financial Fund, Inc.
den, Podesta & Miller, Chicago.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
American Laboratories, Inc.
exchange for certain securities acceptable to the Fund!
Feb. 28, 1962 filed 200,000 common. Price—By amendPrice—Net asset value (expected at $12.50 per share).
(max. $6). Business—Operation of hospitals and medical
Business—A diversified

and

repayment

.

.

Electronics, Inc.
March 20, 1962 ("Reg. A") 150,000

machinery research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,

Nov.

Thursday, March 29, 1962

.

ic Associated

Proceeds—For

ucts.

.

For equipment and working capital. Office—149 Madison
Ave., N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
N. Y.
V
'•
■ ■:
,.Y ;
,
.Y; ' Y •'

Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬

Philadelphia.
.«•

Industries

.

Co., N. Y.

Barton Instrument Corp.
March

filed 120,000 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. Office—580 Monterey
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton & Co., N. Y.
;
are

5,

to be

1962

offered

holders.

•

Baxter Laboratories,

nc.

(4/2-6)

Jan. 22, 1962 filed $10,000,000 of convertible
subordinated^
debentures due 1982, and 120,000 common shares. Price*

Vol.ume 195

Number 6146

tical supplies and equipment. .Proceeds—For debt repay¬

Oct.

and working capital. Office—6301 Lincoln Ave.,
Morton Grove, 111. Underwriters—Lehman Brothers and
Merrill Lynch, Pierce, Fenner & tamith inc., N. Y.

amendment.

ment

niques

tor

Underwriter—S. D. Fuller & Co.,

St., Boston.

New. York.

■„

\'.

,

Investing Corp.

Beacon

.

1961 filed 3uu,000 shares of capital stock. Price
Business—A mutual fund. Proceeds
—For investment.
Office—22 The Fenway, Boston. ^Un¬
asset value.

derwriter—None,

Bebeil

r

..^'-Z;Z ,Z

.

Color Laboratories, Inc.

& Bebell

(4/23-27)

<

75,000 common. Price

Jant;29,1962'("Reg. A")
Business

of

Production

—

photographic

color:

-

prints,

fornia

Business—Manufacture of
products used in the medical profession. Proceeds—For
expansion and working capital.
Office—East Ruther¬
ford, N. J. Underwriter—F. Eberstadt & Co., N. Y.

radical

and

Jan. 8,

—A.

z'zZ

;''1 /

Z,;"s& ■/

mond, Ky.. Underwriter—J. J. B. Hilliard &

zTl'ZZ/vVZ'zv

March.19, 1962 filed $7,500>000 of convertible subordinate
debentures due 19.77; also 300,000-outstanding common
shares. 'Price—By amendment (max. $20 for common).
Business—Acquisition, exploration and development of
natural

gas

and oil properties. Proceeds—For

payment/and
from

other

Office—630

v

debt re¬

corporate, purposes.' Net proceeds
Third Ave.,

go to certain stock¬
N. Y. Underwriters—

Sachs & Co., N. Y.
Color Lithographers, Inc.
L
i
1962 filed 136,000 common. Price—$4.50. Busi¬

White; Weld & Co. Inc., and Goldman,
Bell
Feb. .5,

(Ernest

E.)

&

Associates,

Inc.

.

Corp.>•'.?;ZZ,''
Jan. 29, 1962 filed 120,000 common. Price—$3. Business
r-The processing of plastic raw materials into
com¬
pounds for extruding and moulding into plastic prod¬
ucts. Proceeds
For debt repayment, equipment and
working capital. Office—35 Pequit St., Camden,: Mass.
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc.,
N.

Offering—Expected sometime

Y.

in May.

/

for 16 subsidiaries in the real estate and gen¬
contracting business. Proceeds—For general cor¬

company

eral

Office—2600

Popular

porate

purposes.

Tenn.

Underwriters—Lieberbaum

Cohon &

Co., N. Y.

-

.

;

&

Ave., Memphis,
Co., and Morris

Z,;

commercial offset lithography. Pro¬
Z'Z Boisa Chica Oil Corp. (4/9-13)
working capital. Office
Jan. 29, 1962 filed $1,000,000 of 6% conv. subord. deben¬
St., N.Z y. Underwriter—Market Values,
tures diie ,1977. Price—At par. Business—Prospects for,
inc., n. y.
develops, produces, and markets oil and gas. Proceeds—
• Bell Electronic Corp.
(4/9-13)
For debt repayment, exploration, and development. Of¬
Dec. 20, 1961 filed $1,250,000 of convertible subordinated
fice—612 S. Flower St., Los Angeles.
Underwriter—
debentures due 1977; also 75,000 common shares. Price—
Bregman, Cummings & Co., N. Y.,
Z,'; Z. 'sZ Vv Z i
For
debentures:
At par.
For stock; By amendment.
Boisa Chica Oil Corp. (4/9-13) ;'.,.vZ/';-^ZZ%';ZrV''-i;';;:'
Business—A distributor of "electronic parts and equip¬
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi¬
ment manufactured by others. Proceeds—For debt re¬
nated debentures due 1977, to be offered for subscription
payment and other corporate purposes. Office—306 E.
yAldondra
by stockholders at the rate of $100 of debentures for
Blvd., Gardenia, Calif. Underwriters—Miteach 65 shares held. Price—At par. Business—Prospects
chum, Jones & Templeton, Los Angeles and Walston &
Varick

-

.

'

Co., N. Y.
<

.

"

:Z

;

Bene Cosmetics, Inc.

for, develops, produces, and markets oil and gas. Pro¬
ceeds—For debt repayment, exploration and develop¬
ment. Office—612 S. Flower St., Los Angeles. Under¬
writer—Bregman, Cummings & Co., N. Y. 'Z
'
Z Z

/;Z/Z'''U:Z

.

LJ;::-aZ

:

2, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale, and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
March

•

Benjamin

Kinbie

working capital.
Underwriter—None: 1 ;

books.v; Proceeds—For

Broadway, N. Y.

Berkshire

Gas

Co.: ..(4/23-27)

-

r:<Z.V'

20,1962 filed 26,500 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
$24.50)'; Proceeds—For debt repayment. Office—20 Elm
N. Y.

Underwriter—Smith, Barney & Co.,

''Z.Z^/zz/Z •;'1:,y-sr-

^:

'-•

i-' ZZ'Z

stein

&

Inc.

■

Co., Inc., n. Y.

Berne

of

California,

■

.

*

Beryllium

International,

Inc.

,

\

-




and

(max.
scien¬
develop-"

:r"

rel

1961

filed

1962 filed

St., Beverly, N.
Philadelphia.
.

Price

—

By amend¬

y;

Buckingham Corp. (4/2-6)
19, 1962 filed 500,000 class A common. Price—By
amendment (max. $25). Business—The importing and
sale of Cutty Sark Scotch Whiskey. Proceeds—For debt
repayment and working capital. Office—620 Fifth Ave.,
N. Y. Underwriter—Lehman Brothers, N. Y.
Z

Budget Finance Plan y < /ZZZv
16, 1962 filed $3,000,000 of 6% series A subord.
capital income debentures due 2010 (convertible into 6%
serial preferred shares) and 50,000 common shares. Price
—By amendment (max. $21 for common)/ Business—A
small loan company. Proceeds—For debt repayment and
expansion.
Office—6434 Wilshire Blvd., Los Angeles.
Underwriter—Shearson, Hammill & Co., N. Y. v
.

•

Buildng Ventures, Inc.

Oct.

27,

1961

62,500 common. Price — $4.
Proceeds—For working capital.

("Reg. A")
Estate.

Office—309 Main

Corp.,
Co.,

Investment

St., Islip, N. Y. Underwriters—L r. e.
Levittown, N. Y., and * Great Eastern
Queen's Village, N. Y. Offering—Im¬

minent.
Burros Corp.

Oct.

•

30, 1961 filed 70,000 common, of which 40,000 are
the company and 30,000 by stockhold¬
Price—By amendment. Business—Designs, manufac¬

to he offered by
ers.

tures, imports and distributes artificial flowers/ Proceeds
—For repayment of debt and general corporate purposes.
Office—111 W. 19th St., N. Y. Underwriter—Rodetsky,
Z

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

New Hyde Park. N. Y. Underwriter—
Reiner, Linburn & Co., N. Y. Offering—Imminent.
'

Jericho Turnpike,

it Butte Oil of Oregon, Inc.
March 21, 1962 ("Reg. A") 10,000 common. Price—$10.
Business—Producing and marketing of oil and gas. Pro¬
ceeds—Drilling expenses.
Office—311 N. E. Killingsworth St., Portland, Ore.
Underwriter—None.
C.

M.

P.

Corp.

'

Jan. 19, 1962 filed 70,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic products,

principally melamine dinnerwear. Proceeds—For expan¬
sion, working capital and debt repayment. Office—118
Santa Barbara, Santa Paula, Calif. Underwriter—Pistell,
Inc., N. Y.
•

C T S Corp.

Feb. 21, 1962 filed 125,000 common, of which 35,000 are
to be offered by the company and 90,000 by stockholders.

Price—By amendment (max. $28). Business—Manufac¬
ture of electronic and electro-mechanical components.

prepayment of 4% notes and working
Office—1142 W. Beardsley Ave., Elkhart, Ind.
Underwriter—Goldman, Sachs & Co., N. Y. Offering—
Proceeds—For

capital.

Imminent.

;

Cable Carriers, Inc.
March 23, 1961 filed 196,109 shares

of capital stock. Price
which began operations
in 1954, is engaged in the research and development of
special material handling systems for industrial and
commercial use based on company-owned patents. Pro¬
ceeds—For
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. Note—This registration was withdrawn

—$1.15. Business—The

company

and will be refiled.

\

Breskin
28,

;

common.

•

•

J. Underwriter—Roth & Co., Inc.,

Briggs Leasing Corp. (4/17)
8, 1962 filed $650,000 of 6%% convertible subor¬
dinate debentures due 1972 and 65,000 common to be
offered in 6,500 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $150).

Office—339

\

y

W. 51st

St., N. Y. Underwriter—S. B. Can¬

Co., N. Y.

Calev

Photolabs,

Inc.

y

1962 filed 93,000 common. Price—$3.25. Busi¬
ness
Company processes black and white and color
photographic film, and sells photographic supplies and

Jan.

29,

—

equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th Rd., L. I. C.,
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.

Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Deht re¬

payment and working capital. Office—324 E.
1

Business—Long-term leasing of automobiles.. Proceeds

v

Publishing Corp.

tional works. Proceeds—For general corporate purposes.

•

Feb.

;

(4/30)
Oct. 27, 1961 filed 137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
Caldwell

tor

.

Price—$5. Business
—Compapy plans to manufacture various .type beryllium
products. "Proceeds—For land and buildings, equipment,
and working capital. Office — 528 XJnion Trust Bldg.,
Washington. D. C/Underwriter—None.
; * '..*•*

13,

Bridge Electronics Co., Inc. (4/23-27)
Nov. 29,1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
holders. Price—$4. Business—Design and manufacture of
electronic equipment and communication systems. Pro¬
ceeds—For general corporate purposes. Office—201 Lau¬

Inc.

/ Feb. 1, 1962 filed 1,000,000 common.

77,420
22,580

Feb.

•

—

*

and

•

Brentwood Financial Corp.

Feb,

■

(4/10)
Oct.
27, 1961 .("Reg. A") 85,00.6 common.
Price—$3
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Office—1621 S. San Pedro St., Los Angeles.
Underwriter
—Pacific Coast Securities Co., San Francisco.
•

stockholders.
Office—4656 W.
Underwriter—Goldman, Sachs &

Publications Inc. Z'-^ZvZ
150,000 common. Price—By amend¬
ment. Business—Publishing of trade -magazines. Pro¬
ceeds—For the selling stockholders. Office—770 Lexington Ave., N. Y. Underwriter—A. G. Becker & Co., Inc.,
N. Y. Offering—Expected sometime in May.

:ZZz",; z./ V,<.,
;
"March 7, 1962 ("Reg. A") 70,000 common. Price—$2,625.
/Business—Design, manufacture and installation of photo¬
graphic. processing and control equipment.
Proceeds —
for advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y. Underwriter—Amber, BurBernalen,

selling

Chicago.

(4/10-11)
; Z /
150,000 common, of which 30,000
are to
be offered by the company and 120,000 by the
stockholders. Price—By amendment. Business—A hold¬
ing company for a savings and loan association. Proceeds
—For acquisition of two insurance agencies and expan¬
sion. Office — 12001 San Vincente Blvd., Los Angeles.
Underwriter—Hayden, Stone & Co., N. Y.
•

Dec.

Feb.

St., Pittsfield, Mass.

St.,

Co., N. Y.

Office—
./-/v

1

;ZZ;;/:lZZy

7, 1962 filed 210,000 common.
Price—By amend¬
Business—Manufacture of popular priced candies.

Proceeds—For

(W. A.), Inc.

15, 1961 filed 50,000 common. Price—By amend¬
ment. Business—Publication of scientific texts and refer¬
ence

& Sons;,(4/18)

ment.

Nov.

<2465

(E. J.)

Brach

Feb.

working capital. Office—114 W.-. 13th St., N. Y. .Under¬
writer—Granite Securities, Inc., N, Y. J: ,ZZZ
/':■

which

company

research

(4/2-6)

15, 1962 filed 85,000

Walker &

^ BJoomfield Building Industries, Inc.
Mar, 26, 1962 filed $2,000,000 of conv, subord. deben¬
tures* due 1977. Price — At par. Business^—A holding

ness—Engaged in

.

Proceeds—For

Brunswig Drug Co.

Investors

ceeds—For debt repayment and

'—225

the

ment. Business—A wholesale drug distributor. Proceeds
—For selling stockholders. Address—Vernon, Calif. Un¬

Business—Real

—

sale of the common will

the

holders.

Brooklyn, N. Y. Underwriter
Co., N. Y.
:v-

C. Allyn &

•

Jan.

Biane Chemical

Son, Louis-

(5/1):.;' •:

instruments.

promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.

: ZZ:

'/Z.Z4'\ZZ"VZZZ

i)(IMZ-.v.

'5

"p .Beico Petroleum Corp-

by

stockholders. Price—By amendment
Business—Importing and distribution of

processing techniques to solution of problems for gov¬
ernment and industry." Proceeds—For equipment, sales

/5, 1962 ("Reg. A")' 19,900 common.
Price—$15.
Business—Operation of a chain of drug stores. Proceeds
—For debt repayment. Office—201 E. Irvine SL^Stich-

-Villfi, Ky;A

Price—

15, 1962 filed 80,000 class A common:; Price—$3.
Business—Application of electronic and mechanical data

Feb.

v

1962 filed 100,000 class A capital shares.

Blanche

-

.

offered

March

/Z

March

corporate

Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities/Corp.,
'Pompano Beach, Fla.-"
'
" "
^
Begley Drug Co.

be

derwriter—William R. Staats & Co., Los Angeles.

./•'

Office—300 Morgan Ave.,

Office—201 N.

purposes.

Z'/V

amendment ($11 maxjv Business—Manufacture of
pools. Proceeds—For the selling stockholders.

By

construction.

general

and

repayment

Darlington & Grimm,

'Z,-:Z

Z-V Bilnor Corp./ (4/26)

:

design

concepts in

debt

Proceeds—For';

Ave.,. Columbus, O. Underwriters—Merrill, TurCo., Inc., Cleveland and The Ohio Co., Columbus.

ben &

1962 ("Reg. A"), 259,272 common. ,/Prige—$l.
Business—Design and development of an aircraft incor¬

porating

Oregon.

and

Co., San Francisco; Hill,

Essex

14,

Proceeds—For

Washington

wading

Z'Z V

Inc.

to

ment, equipment, debt repayment and other corporate
purposes. Office—115 Cutter MiU Rd., Great Neck, N. Y.

equipment to producers of frozen confections. Proceeds
—For debt repayment and working capital. Office—1183

amendment.

Bede Aircraft,

tific

/

common,

Big Drum, Inc. (4/23-27);/->;.;,.',;!'■
Dec. 29, 1961 filed 100,000 common. Price—By amend¬
ment. Business
Furnishes packaging materials and

.!.

.

of

by

$7.75).

•

Dickinson & Co. (4/23-27) 1.,
Jan. 26, 1962 filed 480,000 common, of which 200,000 are
to be offered by the. company and 280,000 by stockhold- '

Feb.

in

Seattle..

Becton,

Price—By

shares

selling stockholders. Office—1845 S. E. 3rd Ave., Port¬
land, Ore. Underwriters—J. Barth & Co. and First Cali¬

$4.

—

N.

ers.

are

Inc.
common,

and

markets

slides, transparencies and photo-animations. Proceeds— For
equipment, sales .promotion,
leasehold improve¬
ments, a new product, and working capital. Office—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
•

shares

Instruments,
filed 100,000

.

1

-

W'1

Z

-

(4/23-27)

Inc.

185,000

1962

Underwriter—D. B. Marron & Co., N. Y.
«
/ Brown Engineering Co., Inc. (4/16-20)
manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01^ Jan. 22, 1962 filed 80,000 common. Price — By amend-;
47th Ave., L. I. C., N. Y. Underwriter—Smith, Barney & ♦ ment. Business—Engineering and custom manufacturing
activities pertaining to the space and missile program
Co., N.Y.
.
;z"z
/;:■
Proceeds—For debt repayment and working capital. Ad¬
• Big "C" Stores, Inc.
(4/23-27). ...
,
dress—P. O. Drawer 917, Huntsville, Ala. Underwriter—"
Jan. 22,1962 ("Reg. A") 18,000 common. Price—At-theGoodbody & Co., N. Y. *
.
/y
:
" ,.:y
;
market.
Business—Company plans to; operate super¬

'

*

filed

26,

.

V,lv.Z>./Z*Z.

*>■

1962

23,

Design

...

Dec. 20,

—Net

Mar.

of which 36,500
are to be offered by the company and 148,500 by stock¬
holders. Price—By amendment (max. $20). BusinessFeb.

ology, seismology and ionospheric pnenomena. Proceeds
-—l?or product development ana working capital.
Office
—43 Leon

Foundations,

Bestform

fields of oceanography, meteor¬

in. the

ic Brinkmann

expansion.^ Office—1328 Washington St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.

lyoi tiled lbu,uuu common, rrice—By amend¬
Business—Development of products and tech¬
use

and pciotograpny departments
Proceeds—For debt re¬

department stores.

possible acquisitions and working capital. Office
Rd^ Great Neck, N., Y, Underwriter—D. H. Blair & Co., N. Y.
/
Cuttermill

130

payment and

ment.

Oct. z7,

Business—A holding company whose sub¬

operate jewelry

discount

In

Price—By

1961

sidiaries

(4/16-20)

Bay State Electronics Corp.

27,

47

—For

Enterprises, Inc. (4/2-9).
filed loO,U66 capital shares.

Besco

amendment. Business—Manufacture of pharmaceu¬

(1527)

Chronicle

The Commercial and Financial

..

.

-

<

1

Continued

Hixby Rd.,
on

page

48

48

The Commercial and Financial Chronicle

(1528)

Continued from page

47

:

:

Feb.

Long Beach, Calif. Underwriter—To be named.
—Expected sometime in May.
Cameo

Lingerie,

Offering

12, 1962 filed 190,000 common, of which 120,000 are
offered by the company and 70,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
Feb.

be

to

and working capital. Office—Fajardo,
Underwriter—Schweickart & Co., N. Y. • -

ment, inventory
Puerto Rico.
•

Records,

Cameo-Parkway

(4/9-13)

Inc.

1961 filed 200,000 class A common, of which 40,000 are to be offered by company and 160,000 by a stock¬
holder. Price—By amendment. Business—Recording and
distributing of phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—1405 Locust St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. t
'
»
Campbell-Lurie Plastics, Inc.
1961 filed 574,250 common, of which 500,000 are
be offered by the company and 74,250 by a stock¬
holder. Price—$2.50,
Business—Company is engaged in
Oct. 27,

to

the

business

plastic

as

debt

converter

a

and

repayment

of raw materials.
working capital.

Office—5440

Highway Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville. >
Management Corp.
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer—Pacific Underwriters, Inc., Scottsdale, Ariz.
Capital

Dec. 27 1961

Caribbean Capital Corp.

Feb. 28, 1962 filed
small

ness—A
•—For

400,000 common. Price—$3.60. Busi¬
investment company. Proceeds

business

general corporate purposes. Office—23 Dronnin-

St. Thomas, Virgin
Richard J. Buck & Co., N. Y.
Carolina

Underwriter-

Islands.

Gade,

gens

N. C.

&

Telephone & Telegraph Co.

Feb. 28, 1962 ("Reg. A") 100,000 common. Price — $2.
Business—The construction and financing of motion pic¬

Office—234 W. 44th

Office—122 E. St. James

Dec. 27,

1961 filed 75,000 common. Price—$5 Businessof paints particularly for use in tropical
semi-tropical climates. Proceeds—for equipment

Manufacture
and
and

working

•

named.

be

'

Rico.

Puerto

Address—Santurce,

capital.

Underwriter—To

■

_

.

Hill Industries, Inc.
(5/14-18)
29,/1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
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:
Chestnut

Nov.

• Chez
Milhet, Inc.;
J,
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 catering.

Proceeds

For

debt repayment and

general corporate
purposes. Office—500 N. W. 22nd Ave., Miami, Fla. Un¬
—

derwriter—Huntington Securities Co., Inc., N. Y. Offer¬
ing—Imminent.

Street, Tarboro,

2.

stock, series

common

Price—$5.50 per share. Business—A closed-end diver¬

sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Tex.

Distributor—Associates
Studios

Management,

Inc.

Inc., Fort

Worth.

(4/2-6)

Dec. 14, 1961

(4/2-6)

Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment company. Proceeds—For

("Reg. A") 75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
working capital. Office—309 Ainsley Bldg., Miami, Fla.

general corporate purposes. Office—12,00 North Carolina

Underwriter—Dalen Investments & Funds, Inc., Miami,

National Bank Bldg., Charlotte,
S. Dickson & Co., Charlotte.

Cineque Colorfilm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.

N. C. Underwriter—R.

Carrols, Inc.
Feb.

21, 1962 filed 688,375 common to be offered for sub¬
scription by stockholders of Tastee Freez Industries, Inc.,
parent company on the basis of one such share for each
shares

two

of Tastee

Freez

held.

Price—$6. Business—
Franchising and supplying of stores and mobile units
selling a soft ice product and certain selected food prod¬
ucts. Proceeds—For expansion. Office—176 W. Adams
St., Chicago. Underwriter—Bear, Stearns & Co., N. Y.
Offering—Expected sometime in June
.

M

Casavan

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
loans

other

and

corporate purposes.

Office—250 Vree-

land

Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.

Cedar Lake Public Service Corp.
March 20, 1962 filed 9,964 common. Price—$100. Business
Company plans to qualify as a public utility and
furnish water and
sewage
disposal services in and
—

Cedar

around

Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.

Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬

ing'.

Business—A

sales

finance

company.

pansion. Office—526 North Ave.
Underwriter—To be named.
\
•

Central Investment &

Jan.

26,

Proceeds—For

East, Westfield,

ex¬

N. J.

to

Mortgage Co.

1962 filed

be offered

debentures
tures:

at

due

and

a

real

Price—For

Business—Company

par.

the stocks of

1974.

a

stock:
was

$5; for deben¬
formed

to

hold

mortgage company, an insurance agency
development company. Proceeds—For

estate

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 May. Note —This
company formerly
& Mortgage Co.

was

named

Continental

Investment

•

Century Brick Corp. of America (4/2-6)
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¬
eral corporate purposes. Office—4506
W. 12th St., Erie,
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
for

shares)

subscription by holders of class A and class B shares

at the

rate of

one^ unit for each 50 shares held. Price—

$250 per unit. Business—Production of
concrete for
struction purposes. Proceeds—For

con¬

expansion, equipment
and working capital. Office—344
Duffy Ave., Hicksville,
N. Y.
Underwriter—Singer, Bean & Mackie, Inc., N. Y.




89th

•

Citizens

St.,

Underwriter—Paul

N. Y.

*

.

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

ties.

in

income

producing securi¬

Office—33 Maiden

Lane, N. Y. Underwriter—A. G.
Co., N. Y.'(mgr.).

Becker &
•

City Finance Co., Inc. (4/2-6)
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.
Dec.

.

Underwriter—Stein Bros.

Price—By amend¬
Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
$34).

Proceeds—For

selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
Co., Inc., N. Y.
(Francis H.)

&

July 3, 1961 filed 1,000,000
Business

The

—

Son, Inc.
common

manufacture

of

(4/2-6)

shares. Price—$1.50.
farm

industrial

and

Coastal

Acceptance

Corp.

stockholders.

Price—$12.50. Business—A small loan fi¬

nance

company. Proceeds—For debt repayment. Office—
Lowell St., Manchester, N. H. Underwriter—Eastern

Jan.

18,

Its

subsidiaries

Cable

a
general insurance agency and
Proceeds—For working capital. Net
proceeds from stock sale will go to certain stockholders.

Office—3223 W. Sixth St., Los Angeles. Underwriters—•
Mitchum, Jones & Templeton, Los Angeles and J. A.
Hogle & Co., Salt Lake City. Offering—In June.

Commerce

Drug Co., Inc.
(4/17)
9, 1962 filed 100,000 common. Price—By amend¬
ment (Max. 22). Business—Manufacture, packaging and
Feb.

distribution of proprietary drugs. Proceeds—For selling
stockholdes.
Office—505
Court
St., Brooklyn, N. Y.

Underwriter—Shearson, Hammill & Co., N. Y.

1962 filed 120,000 class A
—

•

• Computer

Applications Inc.
March 23, 1962 filed 87,000 common. Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
lated

to

of

electronic data processing equipment.
expansion and working capital. Office—
St., N. Y. Underwriter—L. M. Rosenthal &
Co., Inc., N. Y.
use

Proceeds—For

30

•

42nd

E.

Continental

Investment

&

Mortgage Co.

Central Investment & Mortgage Co.

;/\;'y. i

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 Expressway, Jamaica,
N. Y. Underwriter—Jay W. Kaufmann &

Co., N. Y.

Computer Concepts Inc. (4/23-27)
Dec. 29, 1961 filed 100,000 class A common. Price

—

$5.

Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For
general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
•

Computer Control Co., Inc.
(4/23-27)
24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment.
Proceeds—For debt re¬
payment. Office—983 Concord St., Framingham,~Mass.

Underwriter—Kidder, Peabody & Co., N. Y.
Computer Oriented Research & Engineering, Inc.
23, 1962 filed 135,000 common, of which 100,000
are to be offered by the company and
35,000 by a stock¬
holder. Price—$4. Business—Electronic data processing.
Proceeds—For computer systems development, additional
personnel, and working capital. Office—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Pittsburgh. 1/ ;
•
Feb.

Concord

Products, Inc.
Nov. 28, 1961 filed 120,000
year warrants to purchase
at $2 per

(with attached 3additional 60,000 shares
share) to be offered in units of one share and

one-half warrant.

Price—$2

facture of cosmetics,

elery, etc. Proceeds
Office—525-535

common

an

E.

per unit. Business—Manu¬
toiletries, cleaning chemicals, jew-

—

For general corporate purposes.
St., New York City.
Under¬

137th

150 Broadway, N. Y.

Concors

Supply Co., Inc. (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., Wilmington, Del.
Underwriter—Roth & Co., Inc., Philadelphia.
—

Conductron

Corp. (4/2-6)
20, 1961 filed 125,000 class A

Dec.

common.

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,
Underwriters

—

McDonnell

&

Co., and Halle &

Stieglitz, N. Y.

& Wire Co.

amendment. Business

conduct

brokerage business.

Mich.

Investment Corp., Manchester, N. H.
Coleman

Co.

1962 filed $1,000,000 of subord. s. f. debentures
due 1977 (with attached warrants); also 35,000 outstand¬
ing common. Price—By amendment (max. $35 for com¬
mon). Business—Originates and services mortgage loans.

•

(4/17)

Dec. 11, 1961 filed 80,000 class A
common, of which 68,000 are to be offered by the
company and 12,000 by

36

Colwell

writer—M. G. Davis,

equipment. Proceeds—For materials and inventory, re¬
development and working capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter —
Stone,
Altman & Co., Inc., Denver.
•

•

•

March 22, 1962 filed 125,000 common.

Clute

Bancorporation
23,1962 filed $30,000,000 of convertible subordinated
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.
Offering—Expected sometime in June.
Feb.

debentures due 1987 and

;

& Boyce, Baltimore.

it Clark Equipment Co.
ment (max.

St., Dalton, Ga.
Inc., Atlanta.
" »

Jan.

Life Ins. Co. of New York

search and

130,000 common, of which 100,000
by the company and 30,000 by stock¬
holders; also $600,000 of 6%% convertible subordinated
are

E.

Eisenberg Co., N. »Y.

Central

Acceptance Corp. of Delaware
Nov. 29, 1961 filed 150,000 class A common. Price—$5.

Office—424

Office—Conway

Columbia

See

Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of

(4/13)

working capital.

Underwriter—Norris & Hirshberg,

March 16,

Chemical Coatings Corp.

Cinema

Capital Corp.

general corporate purposes.

St., N. Y. Underwriter—M. R. Zeller

Co., N. Y.

Underwriter—None.

Carolinas

McDowell, Chicago.
Charter Credit Corp.

Church

Feb. 16, 1962 filed 195,039 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each 10 held. Price—$20. Proceeds—For repayment
of bank loans.

for motor vehicles. Proceeds — For equipment,
working capital and other corporate purposes. Office—
4301 W. 69th St., Chicago. Underwriter—Straus, Blosser

ture theatres. Proceeds—For

Dec. 29,

Proceeds—For

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
2,

parts

V

Inc.

and

Champion Parts Rebuilders, Inc.

•

Thursday, March 29, 1962

common.

Consolidated Edison Co. of New York,

Price—By

electric wire and cable, and the manufacture of insulated
wire and cable for electronic and electrical use. Proceeds

Inc

(3/30)

Distribution of special types of
Mar.

5,

1962 filed

947,924

cum.

convertible preference

cap¬

shares to be offered for subscription by common stock¬
holders on the basis of one new share for each 17 held

ital. Office—1900 N. River
Rd., River Grove, 111. Under¬
writer—Divine & Fishman, Inc., N, Y.

of record Mar. 29, with rights to expire Apr. 16. Price
—By amendment (max. $110). Proceeds—For repayment

—For

equipment, possible acquisitions and working

College Publishing Corp. :
("Reg. A") 155,000

March 16, 1962

of

Business—Composition, publication and
study manuals for examination preparation. Proceeds—
For equipment,
expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James Co., N. Y.
■
v

Colonial

Chemical

March

9, 1962
15,000 class B

class A and

one

Corp.
("Reg. A") 45,000 class A

common

to

be

class B share.

and construction. Office—4 Irving Place,
Underwriters—Morgan Stanley & Co., and First
Boston Corp., N. Y.

N.

Price—$1.
distribution of

common.

offered

in

Price—$20

common

units
per

of

and

three

unit. Busi¬

•

bank loans
Y.

Construction

Consultants and

for

ment

Proceeds—For equipment

(4/2-6)

ness—Remodeling, modernizing and expanding residen¬
properties. Proceeds—To make con¬
struction loans to customers. Office—451 N. La Cienega
Blvd., Los Angeles. Underwriter—Thomas Jay, Winston
& Co., Inc., Beverly Hills, Calif.

Dec.

rugs.

Inc.

tial and commercial

ness—Manufacture of latex and foam rubber compounds

backing carpets and

Design,

Feb. 12, 1962 ("Reg. A") 60,000 common. Price—$5. Busi¬

Designers, Inc. (4/23-27)
29, 1961 filed 180,000 common. Price—By amend¬
($12 max.). Business—Furnishes technically skilled

Volume 195

Number

6146

personnel* to

and

writer—Shearson, Hammill & Co., N. Y.

Angeles.
Angeles.

industry and government. Proceeds—For
selling stockholders. Office--650 11th Ave., N. Y. Under¬
Consumers Mart of America, Inc.
Jan. 8, 1962 filed 72,000 common.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N. Harlem Ave., Chicago. : Underwriters—Rittmaster,

Voisin

&

Co., N. Y. and Midland Securities
Kansas City. Mo. Offering-^Expected in May.
Continental

Industrial

Electronics

Co., Inc.,

Corp.

Price—$2.50. Busi¬
manufacture of television pic¬

ness—Development and
ture

tubes.

Proceeds—For

•

corporate purposes.

geles.
>

and

repayment

other

Office—2724 Leonis Blvd., Los An¬

Underwriter

Continental

debt

Amos

—

Treat

Investment

&

Co.,

N.

Inc.,

Y.

Corp.

Dec. 29, 1961 filed 2,000,000 common. Price—By amend¬
ment ($3 max.). Business—A mortgage and real estate
investment

Proceeds

company.

Office—Scottsdale

For

—

Savings Bldg.,

working capital.

Scottsdale, Ariz.

derwriter—To be named.
•

Continental

June

«■

Leasing

v

Un¬
.

tronic

Continental

To

—

be

equipment. Proceeds

Coral

Gard

ness—Development and sale of land. Proceeds—For con¬

struction, possible acquisitions and working capital. Of¬
fice
716 N. Federal Highway, Fort Lauderdale, Fla.
Underwriters
Cruttenden, Podesta & Co. and A. C.
—

—

f,.

30

West

Equip. Trust Ctfs.

(Mitchum,

.

Corp.

(and

stockholders—underwritten

Stanley

&

Jones

■Medex,'.:Tnc.:

American -Piorieer:£4f e;Insurance "Co.,_'i-Common

j
/

A. .0:

-Mllyn

and Qoodbody

& Co.

& Co.)

$2,200,000

Flower

Citv

(Hardy

...Common

!

(Kuhn,

&

;

300,000 shares

.

„

i

Co.)

&

Inc.)

shares ;

320,000

^

i

-

,j

^

(

v

(George K.

■

Inc

Kogel,

?

'

'•

:

i:

; ,'v

$900,000-

Ascot"

£

-

;

^

Pjiblishing Co.,. Bate. Jil'i*.»i«iCommon Z

-/Baxter * Laboratories,- Inc;^
Brothers

(Lehman

Lynch,

'
•

-

v

Besco

Enterprises, Inci

_

-(Kleiner, Bell & Co. and Rittmaster, Voisin & Co.)

R.

Buckingham Corp, _i.
1

-■

Carolinas

(Lehman

Class A
Common

Dickson

Co.)

&

Common

(Sandkuhl & Co., Inc.)

Studios
(Dalen

Co.,

Finance

City

Funds, Inc.)

Co.

&

Construction

Z Werner

Common

;'V

125,000

Funds,

Inc.)

$3,000,000

$330,000

& Co..

Inc.)

Inc

Lincoln

Inc

(Wright,

Masury-Young
Bros.

&

Myers,

&

Dabney

Tyson i

Guerin

(Godfrey,

Cosnat

Turner,

126,000

-

(Ira

-

Witter

(Dean
.

V

,

.

f:

Haupt

Glass
&

-

—

95,000

,

Northwest

Noyes

Raiford's,
,

_

Shaver
(J.
.

:

&

Co.

and

Dialight
Co.)

&

150,000

'M.

Food

A.

Saunders &

CO.', Inc.")

Marts, Inc.—__'ilC

Cliff Rahel

&

"•




Co.

and

$300,000
-

Storz-Wachob-Bender

170,000 shares

Class A
Co.)

Rose

&

shares

Common

Co.,

Inc.)

Co.)

Extrin

shares

Common

Co.) 367,000

Bernard

Common

& DeBoff,

Inc.)

Woodhill, Inc.) $700,000

Common

Foods, Inc..

(Hay, Fales & Co. and McLaughlin, Kaufman & Co.)

Securities

Co.,

Inc.)

$325,000

Common
$500,000

Common

Hurley & Co.). $208,980

Publishers, Inc.-—---Common

Shields

K.

Rupe

&

&

Co.)

$270,000

—-—Common
Inc.)

Son,

Co.,

152,000 shares

C.

Plastics

Co.)

17.500

shaves

•

Inc

&

-Common

Co.,

$700,000

Inc.)

Capital

Specialties Co

(Woodcock,

Moyer,

Fricke & French,

$300,000

T-<- )

Common

Co

(Norman)

(Schwabacher & Co.; J. Barth & Co. and Bear,
Co.) 135,000 shares

Widmann

Stearns &

Common

F.), Inc

(L.

(Godfrey, Hamilton, Taylor & Co.)

$486,000

(Tuesday)
Inc.r

April 10

Common

Berne of California,
(Pacific

Brentwood

Coast

Financial

Securities Co.)

$255,000

Cor]i

Stone

(Hayden.

Co.)

&

—Common
150.000

shares

-Class A

Corporate Funding Corp
Dowd &

F.

(R.

Japan

Fund,

(Bache

&

Co., Inc.)

$300,000

..Common

Inc

Co.;

Nikko

Paine,

v

,

—

Ackerman

,

Capital

Co.) 550,000 shares

Langley &

(Stone,

Vitamin

&

International, Inc

Marts
(W.

Units

Industries, Inc
Fuller

D.

$325,000

Co., Inc.)

&

Harvey

Tennessee

Towers

Common

Inc

(Scott,

Texas

$300,000

Fidelity America Financial Corp
(Netherlands

Tec-Torch

shares

Controls, Inc

(Seymour,
'

203,687

—

(Burnham

•

$130,000

Inc.)

Common
&

Common

Technical Animations, Inc
Units
(Offering to stockholders—underwritten by Bull & Low;
John R. Maher Associates and R. Tropik & Co., Inc.)
$211,400

$400,000

Common

& Co.,

Corp.

Electronic

shares

Common

Inc.—_ ———_;

Common

165,000

Inc

(Courts

Common
Estabrook

Airlines,

Co.)

shares

PneumoDynamics Corp.
(Hemphill,

(Bayes,

Delta

...Common
Gas

Lieberman

(Dallas

Wiatt

.Decorative Interiors, Inc

$6,375,000

Pacific

and

Co.

■

Co.)

&

Co.;

200,000 shares

$400,000

Products, Inc

(Blank,

Municipal Investment Trust Fund, Pa. Series—Ints.
Northwestern

Metal

Co.)

(G.

Ultra

•

&

"

shares

$200,000

Co.)

&

ii Taylor Publishing Co.—

Cummings

Bregman,

Common
Inc.)

Co.,

Noel

541,000 shares

Common

(Joseph W.

Common

Corp

Custom

Common

Inc.)

by

Inc

Co., Inc

Alstyne.

Common

Malkan

H.

(M.

(S.

$1,024,700

Co.)

Hamilton, Taylor & Co., Inc.)

(Van

Common

Inc..

Plant Equipment Corp

Steel

$1,000,000

Co.)

Debentures

Records,

SB

shares

Witter & Co.) 200,000 shares

Interonics, Inc

$1,250,000

Co.)

Debentures
&

stockholers—underwritten

$600,000

&

Corp

(Roth

100,000 shares

Co., Inc

&

to

75,000 shares

Debentures
Walston

and

Cummings

Oil

Concors Suppiy

Common

Miller Brothers Hat

Common

Corp

&

.Common

Inc

(Eppler,

(Offering

$718,750
—

(Kidder, Peabody & Co.)

Chica

Cameo-Parkway

Common

Bessel)

Co

Oil

shares

—

(Townsend,

Maul

Bolsa

Co.,

(Roth & Co.. Inc.)

Class A
shares

150,000
^

Templeton

(Bregman,

125,000 shares

951,799

Corp.)

,

Corp

&

Jones

Chica

Bolsa

Common

Management

Films,

&

Capital

Fund, Inc
(Horizon

Lunar

Grant

Hess,

4

(Jennings, Mandel & Longstreth)

shares

Corp

Electronic

(Mitchum,

140,000 shares

Inc.)

Electronics, Inc.——

—Common
213,427

Co.)

(Mitchum, Jones & Templeton and Walston & Co.)

Bell

-Common

Publishers

Suburban Directory

underwriting)

(No

Electronic

Bell

200,000 shares

by

Debentures

Corp

Automatic Marker Photo Corp

..Common

stockholders—underwritten

&

Class B

250,000

Co.)

&

(Burnham

(Kidder, Peabody & Co. and Dean

(Arnold

|

Employees

(Allen

Capital

Barth & Co.) 125,000 shares

Cotton Oil Co.—

Producers

RF

Hopwood)

&

shares

Spartan International Inc

1

—

Remington,

Johnson

Inc.)

Co.,

Jaffray

Piper,

Corp.—•„

Realty

Common
&

Dain

M.

J.

——Capita!

Co

(Lehman Brothers and J.

175,000 shares

■

(Friday)

$10,000,000

(Dempsey-Tegeler & Co., Inc.)

to

1

and

Co.

April 9 (Monday) '/
Capital Corp.—

•/;
Ben. Int.

:

.

.

General Battery & Ceramic Corp

(Offering

Common

Allied

•

General Devices,

630,000 shares

(Offering to stockholders, no underwriting) J2.675 000

,

,

6

Government

-

Common

(No underwriting)

(A. G. Becker

;

Common

.

Franklin Realty Trust of Philadelphia
■:

April

shares

$300,000

Inc.)

Co., Inc..——

f:

-•!

Co.,

_

(Reserve

.

&

Inc.

Folz Vending

Stieglitz)

Inc.—-—-——.-—Common

Winston

Jay,

Econ-O-Pay,

Securities

York

$300,000

Corp

and

Corp.

Instrument

Common
Brothers)

and Lehman

Light Co

&

Transportation Co..

(New

$1,500,000

Inc.)

&

Capital

Higginson

Presidential

Class A
Halle

and

Design,

(Thomas

//:/; ?

Co.,

&

Debens.

Inc.——....
Inc.

Co.,

Power

shares

120,000

Inc.)

& Co.,

Semiconductor

National
(Lee

(Offering to stockholders—bids 11 a.m. EST) 670.000 shares

110,000 shares

Corp.

(McDonnell

Pacific

Common

& Son, Inc

Altman

(Stone,

Conductron

Shoe,

(Blyth &

$75,000

Inc

(Francis H.)

Morse

Capital
&

(Stein Brothers & Boyce)

Clute

$300,000

Inc

Investments

Class A

Industries, Inc

(Street

Precision

$50,000,000

Curtis)

shares

150,000

Multronics, Inc.

shares

124,900

Beane)

Jackson &

Webber,

(Paine,

'

v'\

&

5 (Thursday)
General Telephone & Electronics Corp
April

$5,000,000

Century Brick Corp. of America
Cinema

Williston

Becker & Co.)

C.

(Switzer & Co.. Inc.)

.Common

R.

Common

Co.„

R.)

(E.

Motor Parts

shares

120.000

Co.)

&

$300,000

Co.)

Blauner

75,000

Corp

S.

(J.

shares

500,000

Weedon

(Crowell,

'Moore

-

Common

Corp.

shares

85,000

..........

Brothers)

Capital
(R.

&' Co.)

Staats

*

(A.

Common
Corp

Capital

Corp.
(Seymour

$90,000,000

Co

Common
$500,000

Inc.)

Co.,

&

Molecular Dielectrics, Inc
—
Common
(Street & Co., Inc. and Irving Weis & Co.) $750,000

K-.-'-

$8,000,000

and Lehman Brothers)

Distributing

(Arnold,- Wilkens

iMilli-Switch

.Bonds

Weld & Co. and McDonald & Co.) 284,586 shares

House

Vassar

.Common

'*

(William

(White,

Sunset

"

-

;

-

Debentures

Tool

Ridge

150,000 shares

Brunswig Drug Co.—

received)

be

(First Boston Corp.

" .
Capital

,

shares

220,000

Co.)

Ohio Oil Co

Pierce,

Fenner & Smith Inc.): $10,000,000

> '< J <

•

•

.

to

(Bids

•

—

Brothers and Merrill Lynch,

i -T/(Lehman

4

&

Orleans Public Service "Co.—i

New

•r/A^^.Penner & Smith Inc.) 120;000 shares
,,,
laboratories, The
..Debentures

Baxter
'

.

Bros.

(Sutro

-

Pierce,

Jones &

Magazines for Industry, Inc

(C. C. Gollings & Co., Inc. and Harrison & Co.) 155,000 shares
Fields Plastics & Chemicals, Inc;„ — J. _Common

Common >

Merrill

and

.Class A

Inc.—

.

—Debentures

—

(Kidder, Peabody & Co. and Mitchum,
Templeton) $4,000,000

Electronics

Industrial

Almo

Co

Realty

Macco

Jones

& Co. and Mitchum,
Templeton) 150,000 shares

y

(

——-Common

Macco Realty Co
V
/(Kidder, Peabody

Common

v.1:

56,225 shares

Roland & Co.)

Model,

^—Common

Common

—

$100,000

Inc.)

Electronics -,Corp———
—Common
(Lehman Brothers; Kidder, Peabody & Co. and
% v

| April 4 (Wednesday)

—

Common
$660,000

& Co.)

Baum

(Globus.

Loral

$10,000,000

& Co.. Inc.)

$7,500,000

Co.)

&

—

(V

.

.

Inc.) '$675,000 .(

Common

Allvn

C.

(A.

-

•

Ripley-&'Co;,rhnc.; Lazar&v?;

Inc.; Harriman
Smith, Barney

of America—

t (Rcdetsky,- Walker ■& Co.,: Inc.- arid Boenning . & Co. )

.

—.—Common
$420,000

Corp.)

King Louie Bowling Corp

^Cbmmdii;^-''

*

shares

110,000

.

Shenk Industries, Inc

,,,

100,000 shares

Corp

Securities

(Williamson

(Goldman, Sachs & Co.) 454,000 sharese

V;

•'

Realty & Petroleum Corp._—Debentures
L
T/
Troster-, Singes ^.hGos-) $2,000,000
Artlin Mills, Inc.——-ill—.
Common

and

Co.;

Corp.

——-—-—-Common

Valley Construction

Green

$325,000

Industry Capital Corp.

« _

Loeb Si Co.,

Freres

Printing

.Common

Cantwell)

(Federman, Stonehill & Co.)

Common

Corp.)

$306,000

Inc.&

Williams

Chemicals, Inc

Gateway

$300,000

'

'

Common

Co.)

&

50

page

Co.)

by Hardy &

Corp

Industries,

(Seidman

Corp.!——-.:/*..Common

^

(Globus,

American

.

on

—Common

Palm-Aire Corp—
to stockholders—underwritten
Palm-Aire

"'(City/:of )iVNorway-ii—1 i: ■. -'^i.:4^Bondsj(is

Oslo

$5ii;000 "

Malloy, " Inc.)

Continued

Florida

Y.

& Co., N.

Ave., St. Louis. Underwriter—Goodbody
Offering—Expected sometime in May.

.

!. >Alaska, ^Pacific Lumber Co..r.
Common
'-:A
' '.. (.DerhpMyVTegel^r & .Co.-, Inc.) 250,000 shares^
Alumatrpn' International, Inc.—j_—_.-Common
•

sports and casual wear for girls and women. Proceeds
selling stockholders. Office — 1136 Washington

—For

$620,000

Capital

Templeton)

<Sz

(White, Weld

';<2.

■;

.

Scope Publishers, Inc

'

-i

Inc.

2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8). Business—Design and manufacture of

(Offering

Common

$175,000,

Corp

First Lincoln Financial
•

v•'

Set,

Country
Mar.

April 3 (Tuesday)

First

by

947,924* shares

Co.)

(4/9-13)

Cosnat Corp.

May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale by the company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
Cosnat Record Distributing Corp.

•

140,000 shares

(Standard Securities

Morgan

$600,000

Inc.)

ServiceMaster Co

Financial

Bay

(Friday)

(Offering, to;common
Boston

;

Inc.)

(Laren Co.)

Consolidated Edison Co. of New York, Iric.---.Pref.
.

Motti,

&

Lighting Products, Inc

Wenger

Wade,

World

March

David

(William,

(Bids 12 noon EST) $7,995,000

t

working capital and other corporate
Office—15 Clinton St., Yonkers, N. Y. Under¬
Underhill Securities Corp., N. Y.

—

Florida

.Common

Trygon Electronics Inc.—

shares

200.000

Pacific Co

Southern
,

Co.)

common.
Price—$3.
cosmetics.
Proceeds—For

of

Y.

Common
Noel &

Yours, Inc.
("Reg. A") 80,000

Allyn & Co., Chicago, 111., and J. R. Williston & Beane,
N.

(Globus,

Corp
Alstyne,

(Van

.

Maher Associ¬

R.

10-year warrants

(with attached

(Thursday)

(Andy)

For debt repayment and

Ridge Properties, Inc.

1977

Universal
29

—

writer

(4/23-27)
6%% s. f. subord. debens.
to purchase
1,100,000 class A common). Price—By amendment. Busi¬

Sound

.

repayment,

purposes.

Feb. 5, 1962 filed $5,000,000 of

named.

1962

29,

debt

photographic laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.

due

Cosmetically

Business—Manufacturer

Copymation, Inc.
60,000 common. Price—by amendment
($15 maximum) Business—manufacture of photo-copy
machines and the distribution of office copy machines,

NEW ISSUE CALENDAR
March

•

("Reg. A")

9, 1962

Jan.

Dec. 28, 1961 filed

1962

2,

75,000 class A common. Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Office—39 Broadway, N. Y.
Underwriter—R. F. Dowd
& Co. Inc., N. Y.

ates and Bull & Low, N. Y.

Corp.
("Reg. A") 34,000 common.
Price—$5.
Business—Sound processing of commercial film used in
motion pictures and TV. Proceeds—For debt repayment
March

Jan.

49

(4/10-12)

Corporate Funding Corp.

Los

(F.

Norwalk, Conn. Underwriters—John

Corp.

Underwriter

Los

general corporate purposes. Office—145 Water St., South

withdrawn.

was

&

\

'

;

'

,

St.,
Co.,

Seward

J.), Inc.
Dec. 29, 1961 filed 125,000 common. Price—$3.75. Busi¬
ness—Manufacture of high vacuum systems and elec¬

("Reg. A") 75,000 common.
Price — $4.
purchase of new automobiles, advertising
and promotion, and working capital. Office—4 Gateway
Pittsburgh, Pa.

N.

Moore

Dynamics, Inc. (5/2-6)
*
Oct. 24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis.
Underwriter—Brandtjen & Bayliss, Inc., St. Paul.

19, 1961

Note—This letter

Office—722

Underwriter—Raymond

Control

Proceeds—For

Center,

capital.

working

Cooke

Nov. 21, 1961 filed 200,000 common.

(1529)

Financial Chronicle

.The Commercial and

.

.

Webber, Jackson & Curtis
Co., Ltd.) $25,000,000

and

Securities

Continued

on

page

50

50

The Commercial and Financial Chronicle

(1530)

Cut &

Continued from page 49

Curl, Inc.

Dec. 20,

•

(5/7-11)

$1,200,320 of 7%

1962 filed

26,

Inc.

Department,

Credit

Jan.

1961 filed 100,000 common. Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion/

subord. de¬

conv.

St., Flushing, N. Y. Underwriter—M.
Co., Inc., N. Y.
:
!

J.

Merritt &

units, each consisting of $440 of deben¬
tures
and
20
common
shares.
Price—$550 per unit.
Business—A consumer sales finance company. Proceeds
—For debt repayment.
Office—1775 Broadway, N. Y.
Underwriter — Bernard M. Kahn & Co., Inc., N. Y.

•

Cybernetic Systems Corp.

and 154,560

1974

due

shares

common

to

offered in 2,728

Crownco

Mar. 26, 1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
'Office—1925 Euclid Ave., San Diego. Underwriter —

Holton, Henderson & Co., Los Angeles.
•

.Oct.

Manufactures

—

ing
N

and working capital. Office—37 E. 18th St.,
Y. Underwriter
Herbert Young & Co., Inc., N. Y.
expenses

—

Offering*—Imminent.
•

Metal

Custom

—Manufacture
to

Products,

metal

of

(4/9-13)

Inc.

Price—$4. Business

ment of debt and other

Atkins

Proceeds—For repay¬

Office—626

corporate purposes.

N.

Brooklyn,

Ave.,

Daisy Manufacturing Co. (6/4-8) ;
V \
9/1962 filed 135,000 common. Price—By amend¬
ment (max. $8.50). Business—Design, manufacture and
March

sale

air

of

rifles,

Underwriter—B lank,

Y.

Inc., N. Y.

toy

Proceeds—For

Dallas.

Inc.,

David

'

••

decorative

fabrics.

Proceeds—For

Pyramid

Publications,

(Milton D.

(H.) Toy Corp.
27, 1961 filed 100,000 capital shares (with attached
purchase an additional 100,000 shares), to be
in units of

share and

one

Securities

Webster

&

Electronics, Inc

Halsey,

Stuart

&

Co.,

115,000 shares

Weld &
$75,000,000

Inc.)

Co.

Music

Fair

Tork

(Bids

11:00

Time

be

to

(Offering

stockholders—no

to

Liquor

(S.

Fuller

D.

underwriting)

150,000

$3,900,780

Atlantic Utilities Corp
(Hardy

.Common

Bay State Electronics
(S.

Brown

$1,200,000

(Goodbody & Co.)

Eldre

&

Components,
&

Plohn

First

Securities,

Inc.)

$300,000

Scientific

&

Inc.)

Co.)

&

1

Missouri

Noel

&

Co.)

(Godfrey,

Hamilton,

Leasing

700,000

Blair

H,

Gould

Taylor

&

Co.,

Co.,

Inc.)

Inc.)

and

Pal-Playwell

(Van

to

Noel

&

(Moore,

$990,000

Taylor

M.

be

Rhoades

&

i

Inc.)

&

Co.,

200,000

shares

Mfg.

(Andresen

&

Co.)

100,000

&

&

Co.,

Co.)

100,000

Co.)

Co.,

and

Premium

Equity

Lone Star

Corp.)

Gas

Inc.)

.

Corp.)

Co.,

Inc.)

Co.,

Equipment & Plastics Corp
(Cortlandt

Chemical
(Scott,

Atlantic
(G.

Optech,

A.

(H.

Investing Corp.)

$525,000

Corp

Co..

131,500

(Bids

shares

Thomasville

Common

Ackerman

&

Electronics
(A.

Premier

Co.,

Inc.

and

Heritage

Equity

.

'

D.

Gilhart

Alstyne,

.Eastern

At

Co.,
&

Inc.)

(Hornblower

Zenith

$350,000

Securities

Laboratories,

Co.,

•

Common

Inc.)

$300 000

&

Polonitza,

Inc.)

April
Haltone

$300,000

Industries, Inc

(Moore,




Leonard &

Lynch)

19

Hammill &

&

Co.;
&

—.Common
157,500

Co.)

shares

;

•

Common
180,000

shares

Debentures

A.

Allvn

C.

Beare)

&

Co.

and

J.

Common
120,000 shares

Common

Inc

»

.....Common

Malkan

&

Co., Inc.)

&

Co..

$25,000

Investors, Inc

-Debentures

Malkan

Inc.)

$625,000

Photo-Optical Industries, Inc.-Common
Higginson

Corp.)

150,000

shares

-Debentures

underwriting!

$3,000,000

Boston

Dean

(Milton

>

Telegraph Co

Builders

Jayark

&

Co.,

W.

Co.)

Sachs

Co.,

&

Inc.

2,250,000 shares

Inc

—

Inc.

M.-L.

Lee

&

E.

Kim

Inc.)

Steak

Securities

Corp.)

72,000

shares

-Units

:
&

Co:,

Inc.)

$1,700,000

Co

..—..Common

(Arthurs,

Lestrange &

Fashions,

Co.)

shares

65,000

-Class A

(Auchincloss,

(Godfrey,

TV-

-

$286,875

Kay Foods Corp

Common

Inc.)'

Corn.———.Common

Co.)'$800,000

&

Securities,

Liederman

Jiffy

$540,000

Co.,

Corp.___________........Common
Coast

Common

Lee

/

Common

and

•Jaylis Industries, Inc

-

and

Common

;—
•
200,000 shares

Co.)

& Co.;
Pierce,

Merrill Lynch,

Common

Common

Inc.)

&

Acceptance

Films

(D.

shares

Inc.—

&

(Sunshine

.

shares

343,551

Goldman,

Weld

$1,800,000 1

$75,000,000

Inc

Inc.;

Products, Inc.

Blauner

(Pacific

Debs.

Co.,

White,

$460,000
..Common

Honora, Ltd.

$2,000,000

120,000

Inc.;

(McDonnell

Metal
D.

'/.v/V
Home

300,000 shares

Industries,

&

Lehman Brothers;

Witter

(J!

Common

Co.)

Blyth

Smith

110,000 shares

Co.)

Weeks)

Corp.;
&

v

Debentures

Class A

EST)

Units

Kuhn, Loeb & Co.;

Hillside

$1,000,000

R.

$5,000,000

;(G. Everett Parks & Co.. Inc.)
Motor
Co./—

Ford

•

$500,000

Co.)

&

Hardlines Distributors,

$35,000,000

(Thursday)

Rental
(B,

G.

Harris

(White, Weld & Co.

shares
,

.

&

Little

*

Corp..

Transcontinental
Common

100,000

Common

Co.)

Equity Capital Co.—

(First

Debentures

&

Securities,

&

Parker

Inc.

Hamilton,

&

Redpath)

$616,000

Common

—

Taylor

&

Co.

and

Penzell

&

.

Co.)

166,666 shares

-——Capital

(Garat

&

shares

Common

:

Co., Inc.) $900,000

Co., Inc.-

Fenner

Corp

Southwest

(Sulco

/

150,000 shares

Rising's Inc.
All

(First

...Common

Co.)

Rego Radio & Electronics Corp
(General

Inc.)

Corp

a.m.

100,000

Co.)

Co., Inc

Investors,

Common

Corp.)

Furniture

Corp.)

..Common

Corp

Noel

11

Ohio

The

(Clayton Securities Corp.)

Pen

-

Hill, Darlington

shares

(Godfrey, Hamilton, Taylor & Co.) $500,000

..Common

Tyler Pipe & Foundry Co.—

Corp

Microwave
(Van

Season

:

shares

shares

100,000

Southern Bell Telephone &

Common

Inc.)

120,000

(Federman, Stonehill & Co.)

Industries, Inc
&

i

Co.,

Byllesby

shares

and

Co.;

18,000

and

Peabody

(No

Common

Byllesby & Co.)

M.

185.000

—,...Tommon

&

Podesta

(Lee

Royaltone Photo Corp

Common

Harvey & Co., Inc.) $450,000

Saxton

M.

(H.

$480,000

Orion

Electronics
Electronics

Co.).

&

Decorel Corp.

Eastern

Co.) 210,000 shares

Boston

shares,

Fastline Inc.

Co.)

Co.)

/J.,
-//J
Inc..—Common

26,500

Inc.

Co.,

(Arnold

1

&

•

Smith," Barney

by

Properties, Inc

(Cruttenden,

Ehrenreich

$850,000

-■

Newark

Common

Inc.

(Stone,

Coral Ridge

$562,500

Inc.)

480,000 shares

Common

&

(Shearson,

Common

—-

—Common

Newark

Common

Murphv & Co.) $400,000

■

Inc

(Kidder,

shares

170,000

Co.)

Grimm)

(Arnold

Co

(First

$300,000

Inc

Electronics

Common

Corp.)

Garey

-

Consultants and Designers, Inc

Duro

First Boston

by

Barney

Williston

Common

$400,000

&

Co.; First California

Drum,

Common

&

^

$140,000

Common

(Doft

$200,000

Homes, Inc

(Best

Common
Heritage

Corp

(Pearson,

North

&

E. J.

shares

& Sons

Kraft Planned

$190,000

Computer Concepts Inc.—

$300,000

Inc.)

Planning Corp.

Co.)

&

&

-Common >

Inc.)

Computer Control Co., Inc.—

Common

Instruments, Inc

$420,000

Narrows

Globus,

Class AT

Co.)

(Roth

$5,925,000

Inc

(Putnam

V

488,000 shares

Co

Stores,

(Merrill, Turben

Common

Stone

Co.)'$525,000

...Common

Madoff)

Foundations,

Barth

Big

Co.)

Debentures

Inc.-

&

1

and

Co., Inc.

&

&

stockholders—underwritten

&

.Equip. Trust Ctfs.

&

&

to

"C"

(J.

shares

150,000

Kollmorgen Corp.

150,000 shares

and

L.-Lee

M.

Kirkland

and

L.

Eberstadt

(Smith,

shares

Co

(Hayden,

Common

Inc.

Inc.

&

Bridge

received)

Boston

$300,000

Industries, Inc.-

Ross,

Common

Co., Inc..—

(Goldman, Sachs

shares

Systems Corp

Ackerman

Nigeria

&

Gas

(Offering

Big

(Wednesday)

(E. J.)

Industrial

Common
Podesta

Littlefield, Adams & Co
Molecular

Brach

Inc.) "$360,000

Littelfuse, Inc.
(Cruttenden,

Co.)

Packaging, Inc,

Berkshire

Common

(Cruttenden

Capital

Inc

Co.,

Taylor

Inc.;

Jenks,

(Bernard

.

Coast Securities

Inc

(White

Wham-0

Common
Hamilton,

Common

Securities

Co.,

&

Sulzberger,

Chemical

Bestform

_

Aviation,

Common

Inc

National

Blauner

100,000 shares

Pacific

Securities,

Co.,

(First

-

v J^

Inc./:

Coast

Ihc/)"

Co.,

&

Coupling Co., Inc.--—

Anscott

Common

Executive

Co.,

Rose

Bebell & Bebell Color Laboratories, Inc.—Common

$1,000,000

Corp.)

stockholders—underwritten

April 18

Productions,

Loeb,

(Godfrey.

(Stone,

Anchor

shares

6,500

Inc

Wine

Walston

$2,750,000

Lithoid,

D.

Leonard & Lynch and Singer, Dean & Scribner)

Hanna-Barbara

-——Capital

Reuben

Inc.. and

(Paine, Webber, Jackson & Curtis)

~

(Carl

(Milton

Class A

40,312

$1,540,000

Co.)

Co.,

Units

Corp
&

Wine

Common

Alstyne,

Co.,

(Pacific

Hallowell,

$444,000

RR.™_

(Tyche

Taylor

$279,000

Pittsburgh Capital Corp

&

Roberts

(Offering to

Paper Co

Greater

Co.)

and

McDonald

J.

Common

Securities

&

"

$25,000,000

Stone & Co.)

Pacific

Orlando Paper

shares

Corp

(Midland

&

Box

Garden State Small Business Investment Co._ .Com.
General

/——Common

American Cardboard & Packaging Corp.—Common

(Glass

New World Laboratories, Inc

Common
Alstyne,

Co.) /

—Units

Inc.

Common

$400,000

Corp.^-liv*-----

Bruce

Alan-Randal

Art

Industries, Inc.—

A

;

$600,000

Corp
(Van

Co.,

York

(Professional

Inc.; Seymour Blauner Co.

Haft

New

Lakeside

$625,000

Class

Sprayregen,

Frouge

Co.,

Corp

(Netherlands Securities Co.,

Greater

(T.

Common
Malkan

(Richard

Common

&

51

(International Services Corp.) $300,000

'

;

Bonds
EST)

Investment

(Bids

Inc.
(Arnold

Moore

page

Becton, Dickinson & Co.---^-^.—>.-Comrnori

a.m.

Blair

(Hayden,

Common

(Meadowbrook

Co., Inc.)

Agency Tile Industries, Inc.--—

$306,000

Corp

H.

(D.

Pike, Inc

Fastpak,

(Raymond

$400,000

Co.)

Inc.)

(Monday)
Products, Inc

Automotive

(Baruch Brothers &

$742,500

Co.)

Co..

&

11

(Eastern

$750,000

Common

&

&

23

on

•

...-Common

(Shearson, Hammill & Co.)

Units

Plohn

Inc.)

Co.,

&

Continued

_

April

amend¬
of per¬

Proceeds—For general

.

$300,000

Inc.™

(Charles

Ellner

Leasing

80,000 shares

Inc.)

property and mail by air.

800,000 shares

Commerce Drug Co., Inc

Common

Mackie,

&

•

Futura Airlines

Certified Industries. Inc
Beane

Magnus

-

Common

Taylor

shares

160,000

Engineering Co., Inc.-

(Singer,

Briggs

Common

Co.)

&

and

shares

Coastal Acceptance Corp

'•>:

Corp

Fuller

D.

Co.)

Airlines, Inc. (4/9-13)
7, 1962 filed 203,687 common. Price—By
(Max. $45). Business—The transporting

(Tuesday)

(D.

shares

—----—..--Common

&

Co.

&

Appalachian Power Co

American Modular Manufacturing Corp.__Common
(Equity Securities Co.) $500,000
'
.

ment

Common

Stores, Inc

(Bids

Co.)

Delta
Feb.

(F.

1

&

extrusions. Pro¬
expansion, equipment, debt repayment and
working capital. Office—82-88 Washington St., Middle-,
town, N. Y. Underwriter—I. R
E.
Investors Corp.,
Levittown, N. Y. Offering—Imminent.

(Stevens, Hickey & Co.)

April 17

Common

American Bolt & Screw Mfg. Corp
.

ness—Manufacture of precision rubber

$2,000,000

Shopping Center Limited
Partnership

v5;;

(Monday)

^

Industries, Inc.
1961 filed 95,000 common. Price—$3.50. Busi¬

$325,000

Co., Inc

Hamilton.

(Hodgdon

April 16

n

••>-<

:

ceeds—Plant

West Falls

Bonds

April 13 (Friday)
Carolina Telephone & Telegraph Co

purposes.
Office—1191
Underwriter—Bayes," Rose

Delford

Ainsbrooke

Common

(Charles

$6.000,000.,,dVi«

•

Sept. 28,

$357,500

Inc

(Godfrey,

>V

received)

institutions." Proceeds—For

and

corporate

Mass.

Common

Taylor

Hamilton,

United Packaging

Bonds

April 12 (Thursday)
Mississippi Power Co

Common
Inc.)

Co.,

Controls, lnc

Brands,

Weinkles

(Bids

&

.

Corp. ' (4/23-27)'
Dec. 29, 1961 filed
120,U00 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
sale of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,

shares

100,000

(A. C. Allyn & Co. and Hornblower & Weeks)

$35,000,000

EST)

a.m.

21

$500,000

Pacific Power & Light Co

hotels

other

St., Miami, Fla.

Admiral

Co

O'Neill

(Arnold Malkan & Co., Inc.)

and

Common

Mosley & Co., Inc.)

Yeatman,

Inc.)

1

Decorel

Common

150,000

Enterprises, lnc

(Suplee,

22nd

Common

O'Connor,

&

(Wednesday)

11

for

and

Co., inc.,- n. y.

$800,000

Co.)

Spears (L. B.), Inc.-

(Godfrey,

April

Ahalt

(George,

Debentures

White,

&

Manufacturing

Shelley

Common

Corp.;

&

W.

■

warrant./Price—

one

Seg Electronics Co., Inc
(Searight,

Co

N.

spreads

$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.

Bonds

lnc

Transmission

~

sons,

offered

$20,000,000

Blauner & Co., Inc.)

Gas

Tennessee
(Stone

CST)

Prigal,

&

warrants to

Sea-Wide

a.m.

Linder

Davis
Nov.

(Janov

(Bids 11

debt repayment and
Office—2445 N. Miami Ave.,

purposes.

Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.

Continued from page 49
Northern Indiana Public Service Co._^

///yT

' v/■ \/-.'4:• • ;

■

&

Dash, Inc.
'
Oct. 25, 1961 filed 108,000 common. Price—$5. Business
—Designing, converting, importing and distributing of

electronic

and

components

tolerances.

precise

Lieberman & Co.,

expansion

general corporate

Nov. 20, 1961 filed 100,000 common.

hardware

bed

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
•—71 W. 23rd St.. N. Y. Underwriter—Jay W. Kaufmann
& Co., N. Y. Note—This registration was withdrawn.
—

Inc.'" (4/9) '

Interiors,

("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of draperies, furniture and

ness

boots.

and novelties. Proceeds—For product

Decorative
Feb. 26, 1962

Dec. 5, 1961 filed 100,000 class A shares.

guns, fishing rods and outdoor
selling stockholders.
Address—
Rogers, Ark. Underwriter-— Eppler, Guerin & Turner,

-' "

-

filed 80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
development, mov¬

1961

10,

ness

"v*

Inc.

Industries,

Cryplex

,

Thursday, March 29, 1962

.

Office—794 Union St., Brooklyn, N. Y. Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp/ N; Y.
/ 1 h \
' •/
f'
' /

Office—67-11 Main

be

bentures

v.

Co.,

Gas Pipe

Inc.)

Webster

$40,000,000

Securities

&

Togs, Inc..

Ros$,

Inc.

and

Samson,

165,000

Graber

&

Common
Inc.)/

Co.,

shares

.•

Livestock Financial Corp

$300,000

Line Corp

and Stone &

Ruffy

(Glass

Common

—

Bonds

./.

—Common

(Shearson, Hammill & Co.)

$2,450,000

Corp.)

Continued

on

page

51

'

Volume

Continued

from

corporate
Ga.

195

Number 6146

50

page

^

,

; 1

Office—Atlanta

purposes.

The Commercial arid Financial Chronicle

...

Atlanta,

Airport,

Underwriter—Courts & Co., Atlanta.

man, Manning
—Imminent.

,

DeLuxe

Dec.

Homes, Inc.
1961 ("Reg. A' )

11,

Business

60,000 common. Price — $5.
financing of shell homes.
capital. Address—Allendale, S. C.

Construction

—

Proceeds—For working

and

tronic

equipment and related products. Proceeds—For equip¬
ment and working capital. Office—Stark Industrial Park,
Charleston County, S. C.
Underwriter—Johnson, Cole¬

"'/i

•,

(1531)

-

..

Ray no Ids Co., Inc.
/
23, 1962 filed 400,000 common, of which 200,000
to be offered by company and 200,000 by Merntt-

Underwriter—Alessandrini & Co., Inc., N. Y. Offering—
Chapman & Scott Corp., parent. Price—By amendment
Imminent./
■/,
.• /
//7;,:/
/;
z
:/ (max. $25). Business—Manufacture of paints, resins and
Dente's
Jan.

Co.

Sons

(5/7-11)

1962 filed 200,000 common.

15,

ment.

(John A.)

Business—Purchase,

;

various

related

Price—By amend-

Proceeds—For 'expansion

Jan. 23, 1962 filed 250,000 common, of which
to be offered by the company and 100,000..by

150,000 are
stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—May.

Office—401 W. Main St., Louisville./Under¬
writing—Shearson, Hammill & Co., N. Y.
•
'Device Seals

Inc. '/

working capital. ■■ Off ice—373 Adams Ave.,/; Feb. 2, 1962 ("Reg. A") 100,000 common. Price—$2.25.
Memphis, Tenn., Underwriter—M. A. Saunders & Co., ; Business—Manufacture of hermetic seals for the elec¬
Inc., Memphis.
\ .
\
tronic and missile industry.* Proceeds—For debt repay¬
.,

Deuterium

•

^

Corp.

-

1

r

ment.

'

,,

equipment

and

working

capital.

Office—7235

1

share and

warrant,)

one

(of one

;

nent..

the basis of 3 units for. each /

on

5% preferred sh^re held, 2 units for each 5% preferred
A- stock held and one unit for each 10 class B shares

/„ *

.i

D extra

Uhderwriter-*-None.

Road, Miami Beach, Fla."
Underwriter
named. Offering—Expected in late May.
coln

.

Feb; 28,

Devco, Ihe.z-/:'////■ v
18, 1962 ("Reg. A") 10,000 common. Price—$12.50.
Business—Design and manufacture of boats, marine

Jan.

:////';*'://// ///: /////■:/

Continued from

.•;•///■-,///":////

;

.

Ten-Tex

( Investment Planning Group) $676,500

.

,

Regal-Meadows,
///.

&

(Gross

Co.

Co./

Stone &

Inc.—

Products,

-

,

Elmaleh

and

(Baruch

Brothers

Roadcraft, Corp.
'(Vickers, MacPherson

.

&

&

Co.,

Co.,

Inc.)

Inc;)

Warlick

$2,250,000

V'L,

(Finkle

.

Co.)

&

Common
400,000

(Milton

Arts

D.

Inc.

(Andresen

Joshua

&

(Offering to

s-

(Bids

/-

<White,

Weld & Co.,

'

*

$40,000,000

/

Vending
(Bear,

•

•

(J.

$150,000

/

—Capital

Plastics,

•(Investment

Inc.,.-

7 (Arnold

Control

Planning

Inc.)

Group,

(Brandtjen & Bayliss,

r-;

-

/(Bids

/

Bargain

1

11

Inc.) $575,000

MacPherson

(Hayden,

L;

7 \
;
.Common
shares';///

160,000

May 7

/

/V//.' (Balogh & Co., Inc.)

,

.

April 26
»

Capital

/

/

$650,000 >

'

C.

(A,

Allyn

shares

100,000

M.

Kahn

;

stockholders—underwritten

by

Myers

&

(Suplee,

Aronoff &

<

Mosley
Mosley

Yeatman,

Co.,

Co.',

(Carreau & Co.)

Associated

Mastan

$1,250,000

312,500

shares

:

-——-—Common

.-(Eastman

«

Caldwell

Dillon,

(S.

.

'

/

Securities

Co.)

Cantor

&

(H.

M'.

Byllesby & Co.)

Fashion

Industries,
(Wright,
R.

(R.

Joanell

(Searight,

-.

Kiddie
•

-

•'

Dowd

Ahalt

Rides,

■'r-

Lamb

F.

/•_.

Marine

&

(Blair

Animal

&

&c Co.)

f

,

units

By-Products Corp.

Securities

;

Inc.)

Corp.)

Debentures

Sperti Products, Inc.—
Z

(Blair &

Co., Inc.) 230,000 shares




Witco

Chemical

&

8

\,i

Units

Common

/

June 4

May

9

&

Common
Inc.)

shares

135,000

—Common

Williston & Beane). 146,000

R.

(J.

(Lehman

shares

•

Common
Brothers)

shares

90,000

(Tuesday)

Mountain States Tel. & Tel. Co
(Bids to be received) $50,000,000

Debentures

Hotel

Warwick,

June 20

Corp.—Common

Inc.)

175,000

Russotto

Co.)

&

$300,000

(Wednesday)

Common

Controls, Inc
(S.

June 26
Sierra

$500,000

\-

Schramm

&

Co.,

Inc.)

$200,000

100,000 shares

(Tuesday)
Power Co

Bonds

Pacific

(Bids

.

Common

Inc.*—---

$25,000,000

shares

Common
Inc.)

Debentures

Inc

(Bids 11 a.m. EST)

Automatic

Inc
Co.,

(Thursday)

Columbia Gas Systems,

Common

to

be

received)

$5,000,000

(Wednesday)

November 7

Bonds

Georgia Power Co
(Bids

to be

received)

$23,000,000

Preferred

Georgia Power Co
(Bids

to be

received)

$7,000,000

^-Debentures

to be received)

(Wednesday)
Southern Electric Generating Co

$20,000,000

/

•'

received)

November

28

to be

(Bids

Southern Ohio Electric
be

Turner,

&

Geotechnical Corp.

Common
$300,000

Co

to

Guerin

Gemco-Ware Corp.

$1,000,000

Inc.)

Co.,

(Wednesday)
(Bids

(Monday)

(Eppler,

June 7

(Tuesday)

Columbus &

Bonds
$17,000,000

(Bids to be received)

,

Daisy Manufacturing Co—

units

400,000

Co.)

Wisconsin Telephone Co
(Eids

(Thursday)

May 31

June 5

100,000 shares

(Smith, Barney & Co. and Goldman, Sachs & Co.)

May

shares

(Offering to stockholders—bids to be received) 872,876

Common

...Common

&

Co.,

Common

England Electric System

Units

Lewis

(Costello,

$1,250,000

(Lieberbaum & Co. and Morris Cohon & Co.) $5,000,000
■-/.

Lighting

..Common

$450,000

Puerto Rico Land & Development Corp.—
/ /:

$6,500,000

Co.)

Capital

Co.,' Inc.)

Industries,

White
-

-

Debentures

/.

$2,200,000

/
■
(Arnold Malkan & Co.,
Morse Electro Products Corp
(Standard

1,000

shares

Ben. Int.

International

MacPherson

(Edward

shares

114,500

—+

Co.)

Universal

....Common

Units

Kimball

Inc.-

Thunderbird
(Vickers,

Inc.—

.(Paul C."

Industries,

170,000

Co.)

Products, Inc.
&

.

(Tuesday)

May 29
New

Alabama Power Co

Corp

Malkan

(Terrio

$300,000

Inc.)

.

Common

Corp.—

Seashore Food

-V/

Common

K. Baum & Co.) $651,300

2,000,000 shares

Ski Insurance Corp

Blair

:

$800,000

Inc.—

O'Connor,

&

;

7

//

Morton's Shoe Stores, Inc.--—
Common
///'//:;Z//:
(Dean Witter & Co.) 517,122 shares
'
Sportsways, Inc.
:———
Common
(Troster, Singer & Co. and Federman, Stonehill & Co.)
//./■■•'■«/';:/ / .////■;//
175,000 shares
,/■. /•;.// . /// .-,;./
Unishops, Inc.
Common
(Hornblower & Weeks) 275,000 shares /-•.-./■.•?../

Common

Notes

H.

(D.

Plastic

Common
$600,000

Co., Inc
(George

Kasdan & Co., Inc.)

Inc

/

;

Common

Co., Inc.)

&

Laboratories,

and S.

Corp

Rona

Common

Jaap Penratt Associates, Inc

,

-

<fe Beane)

Willis("n

shares

(F. Eberstadt & Co.),/ $5,000,000

(Arnold

$299,250

Inc.)

180,000

(Jennings, Mandel & Longstreth)

$300,000
~

.

Primex Equities

Common
Bessel,

&

.

National Vended

shares

Groceries, Inc

(Monday)

Mac-Allan

;/>

Common
&

Nationwide Bowling

-Capital
/•
.Common

Inc

Myers

Hudson Wholesale
(J.

Polonitza)

&

Co.,

,

Common
$10,000,000

be received)

to

(Switzer & Co., Inc.)

(Pacific Coast Securities Co.) 550,000 shares

.Common

(Garat

-

z

///:'-

Enviro-Dyne, Inc.
Z//'/./Z/;.;;/'-:

...

Common

inc

(Eisele & King, Libaire, Stout &

$1,750,000

Co.)

$687,500

190,000

$800,000

Metropolitan Realty Trust

Corp.-.

Dynascan

/

Union

B.

:

....Common

Publishing Corp.——
•

.

108,000 shares

Baby Services, Inc

/;/: /
(Brand, Grumet & Seigel, Inc.) $1,200,000
//'••/;
Bacardi Corp.
-—Common

v

Mastan

$20,000,000

be received)

io

,

/

$425,000

named)

Eberstadt

(F.

Bonds

Light Co

(Bids

Common

Inc.—

Inc.

»:/.?

<

Common
$500,000

Inc.)

Inc

Co.,

-Common

Inc.)

be

(To

Debentures

Inc.)

Co.,

Richling, Inc.—_=

.

Common

Lehigh Industries & Investing Corp

■

Allegheny Pepsi-Cola Bottling Co

$1,500,400

200,000 shares

Inc.)

Hammill & Co.)

(General Securities

Allegheny Pepsi-Cola Bottling Co._

-

Inc.)

Bessel,

&

;

Yeatman,

Units

Interworld Film Distributors, Inc

April 30;; (Monday)
iSuplee,

Co.,

Richardson,

(Shearson,

Shearson

v '•/

....

Co.y Inc./.—

Enterprises,

Hargrove

Hammill & Co.) $6,359,900

c

Sons Co

Aids

(Wright,

-

-Debentures

to

Units

units

600

to.,

&

Saunders &

A.

Harrington

/////;';./

(Offering

Inc.)

(Switzer & Co., Inc.)

-

$825,000

——

Co.,

&

(John A.)
(M.

«

April 27' *( Friday)
/" Livingston Oil Co.

(Bernard

i

Co.)

&

V"

Educational

^Bilnor'Corp/-Class A

Inc.)

Department, Inc.-__,__

Denie's

(Thursday)

/.Common

Inc

Underwriters,

(Gianis

.

Credit

/■

shares

200,000

Great Eastern Foods Corp

Industries, Inc

*.

,

^Policy-Mafic/Affiliates,'Tricfii
•

.Common
Inc.)

349,590 shares

;

,

Diversified,

(Nation-Wide

(Wednesday).

*

(Monday)

American
Arnav

April. 25
■

Manufacturing Co.———-—Common
May 28

Debentures

Co.)

Stone &

375,000 shares

Warwick,

&

-

Common

Co

Utah Power & Light Co

$300,000

$20,000,000 •.'/.»

Stores'Corp.

Common

Inc.) $800,000

(Tuesday)

May 22

Utah Power &

(Thursday)

May 3

(Lehman Brothers)

EST)

a.m.

shares

*

Broadcasting

(Bids

Franklin

/John's

Common
150,000

Beane)

(First Boston Corp.)

...Common

Dynamics, Inc.--.——

••,

■

Common

April 24 (Tuesday)
Appalachian Power Co.-—

shares

53,829

Co.)

Malkan & Co.,

Scripps-Howard

(Vickers,

;//'/'///-:

*

——

Common
&

Williston &

R.

"

Wiggins

Stearns

Parkway Laboratories, Inc

shares

150,022

Common

Co

Lily Lynn, Inc.-—

'

Capital

Inc.)

'

(Wednesday)

May 2

-Common

Corp.)

..(Kidder, Peabody & Co.) 371,750 shares

-

Bonds

Co

EST)

8:30 a.m.

r

units

68,000

Inc.)

$500,000
$375,000

Inc.)

Co.,

&

Security Aluminum Corp

i——

First Philadelphia

and

Co.,

Interstate

Units

.—

&

Wiley (John) & Sons, Inc.—

Class A

(Gianis

,

Co

Weld

California Edison

Southern

-

Common

Inc

Electromagnetics Corp.

'

*

<

.

$25,000,000

EDST)

a.m.

(Monday)

.

$300,000

Pioneer

Western
-

Inc.

Gas

(White,

j;/

11:30

(J. R. Williston & Beane)

Sachs & Co.)

//;,//

Bonds

Power Co

Alison Ayres,

———i

:

Class A

(Thursday)

17

May 21

$7,500,000

Common
Goldman,

shares

Gas Co.

Intermountain

$190,000

; _ _-i _/-i -Class A
$1,947,000 './/';../ ,•

Baby, Inc.____

(Globus.

/;«

Florida

Debentures

and

Class A
$2,250,000

(Robinson-Humphrey Co., Inc.) $2,000,002

\

(Bids

63,803 shares

•

Welcome

.

May

$300,000

Corp.:

.V.

$1,590,000

&. Co.)

Inc.)

Co.,

„

-Common

Common
stockholders—Underwritten by* White/ Weld & Co.)

Intermountain
•

.Common

Voron Electronics Corp—(John

52

page

shares

-—^ ^ _

v

—Common

Co.).

Inc.)

Co.,

&

Weld & Co., Inc.

White,

*

Inc.)

-

Corp

Petroleum

Belco

Common

Inc

&

on

Industries, Inc

(Clayton Securities Corp.)

.....Common
Inc.) '180,000

Turner,

300.000

r_>.:

Co.,

<Sz

investment

estate

real

(Monday)

May 14

Chestnut Hill

(Tuesday)

'

Ross*- Lyon

and

Price—$10. /Business—A

Republic-Franklin Life Insurance Co

(White, Weld & Co., Inc. and Goldman, Sachs & Co.)

$440,000

Corp.z!i_„/

Volt Technical

.

Blauner

Industries,

(Globus,

..

Trust

Estate

Continued

$25,000,000

Inc.)

1
&

Irwin

Belco Petroleum

shares

...Common

—•

Trhns-Alaska Telephone Co.
Visual

Reed,

Inc

Guerin

(Ehrlich,

May 1

Dairy Products, Inc;lA—

Sun City

Real

8, 1962 filed 1,000,000 shares of beneficial inter¬

Common

shares

220,000

v

Press,

&

Wulpa Parking Systems, Inc

•."(Eppler, Guerin & Turner*? Inc. and R. J. Edwards,-Inc.)
-

est.

^Common

(Waddell

(Eppler,

,

Inc.)

Co;.

Corp.

•.

$250,000

,

Warwick,

&

Southwestern Insurance

'

•;

Common

—

Ridgerock of America, Inc,————
■

•

145,000 shares

—

March

(Irving j. Rice Si Co., Inc.) $276,000
United Variable Annuities rund, inc.——Common

Inc.——^.———.-Common

(Hayden,

Research

expansion. Office—707 Northwestern Federal Bldg., Min¬
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.

///;.// v/Zv-V/

7

Product Research of Rhode Island, Inc.—.Common

;

13, 1961 filed 125,000 common. Price—$4.50. Busi¬
ness—A small loan investment company. Proceeds—For

Dec.

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¬

50

page

■.

;

Discount & Acceptance Corp.

.Diversified

/Diversified

/.•* /

Office—420 Lin¬
—
To be

ceeds—For general corporate purposes.

'

Corp.

28, 1961 filed 78,000 common. Price — By amend¬
Business—A mortgage investment company. Pro¬

ment.

1962 filed 300,000 common. Price—By amend¬
? ment (max, $6). Business—Manufacture* and test mar¬
held. Price—$20 per unit. Business—Company plans to
keting of a vitamin-enriched sugar. Proceeds—For debt
manufacture and utilize all kinds of chemical materials.
repayment, expansion and general corporate purposes.
Proceeds—For start-up expenses for a laboratory and t Address—Drawer A-Kendall, Miami, Fla. Underwriter
small
—To be named.
plant. Office—360 Lexington Ave., New York.
•

Diversified Collateral Corp.

Dec.

Radford
St., North Hollywood,/Calif.
Underwriter—
Sept. 28, 1961 filed 140,000 common with attached war- J
rants
to
purchase an additional 140,000 shares to be 1 Costello, Russotto & Co.,. Los Angeles. Offering—Immi¬

offered for subscription by stockholders-in units

Mills Corp.

Diamond

work¬

and

and

ment

Inc.

Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.

: ing capital.

manufacture and sale of
Proceeds—For debt repay- /

building materials.

products.

Dust Co.,

1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,
advertising and working capital. Office—77 Searing

March
are

Co., N. Y.

Feb. 27,

it Devoe &

»

Diamond

/

.

Underwriter

Ave., Brooklyn, N. Y.

Stewart

—Burnham &

& Smith, Inc., Charleston, S. C, Offering

Proceeds—For selling stockholders.

instruments.

Office—60

,51

Co

$16,000,000

Bonds

'

'

Bonds

received) $6,500,000
*

"Continued

on

page

52

rfflWllWliU " *»»» Wwnn^jt«

52

The Commercial and Financial Chronicle

(1532)

writers—Drexel

Continued from page 51.

&

Co., Philadelphia

and

Kidder, Pea-

Office—500 Fifth Ave.,

Proceeds—For investment.

Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debenture?

Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address).

due 1981 and 250,000 common shares.

Donaldson

Co., Inc.
Feb. 26, 1962 filed 80,000 common, of which 35,500 are
to be offered by the company and 44,500 by stockholders.

amendment

Price—-By

;;f

manufacture

and

$25).

(max.

tures, $1,000; for stock, $10.
tate.

eral corporate

Inc.

Manufacture of formula

★ Edge

Co.,

•

feeds for livestock and

Ehrenreich

Food

Dec. 29, 1961 filed 100,000 common.
Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and
working capital. Office—79 Wal¬
Paul

St., Brooklyn, Underwriters
Eisenberg Co., Inc., N. Y.

Duro

—

Carroll

Co.

and

Pen

Co., Inc. (4/23-27)
Jan. 5, 1962 filed 125,000 common.
Price—$4. Business
•—Manufacture of inexpensive ball point
pens. Proceeds
—^or
repayment, equpiment and working capital.
Office—573 Broadway, N. Y. Underwriter —

Godfrey,

Hamilton, Taylor & Co., N. Y.
Dyna-Mod Electronics Corp.
Jan. 22, 1962 ("Reg. A")
143,000 common.
Price—$2.
Business—D e s i g n,
development and
production of
"packaged" electronic circuits and sub-systems.
Pro¬
ceeds—For

new products and
working capital.
Office—
St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.

317 Main

•

Dynascan

Jan.

Corp.
(4/30-5/4)
29, 1962 filed 190,000 common.

Price—By amend¬
ment. Business—Design,
manufacture, and sale of elec¬
tronic test equipment,
antennas, and microwave devices.
Proceeds—For
selling stockholders.
Office—1801
W.
Belle Plaine Ave., Chicago. Underwriter—H. M.
Byllesby
& Co., Chicago.
Eastern

Aluminum

Manufacturing Co.,

Feb.

19, 1962 ("Reg. A") 100,000 common.
Business—Manufacture and distribution of

Inc.
Price—$3.

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.,
Philadelphia.
•

Eastern

Investors,

Inc.

(4/23)

-

Feb.

of

subsidiaries.

Proceeds—For

investment

in

a

subsidiary

and
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan &
Co.,

Inc., N. Y.
.•

j

&

Eastern

Pennsylvania Investment Co.

March
ment

16, 1962 filed 450,000 common. Price—By amend¬
(max. $16). Business—A small business investment
Proceeds—For

company.

Office

—

3

Penn




Center

general

Plaza,

corporate

purposes.

Philadelhia.

Under¬

repayment

$4.

•

•

•

Un¬

100,000

Plastics

&

Chemcals,

29, 1961 filed 220,000

ment.

Financial
March

are

to

offered

be

ment,

system.

Office—1035 State St., Santa Barbara,

First Connecticut Small Business Investment Co.

March 9, 1962 filed 200,000 common.

Price—By amend¬
$15).
Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955
ment

(max.

Main St.,
&

Proceeds—For

debt

Busi¬
repay¬

Bridgeport, Conn.

Ellner

& Pike, Inc.
(4/16-20)
1961
("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country

27,

Rd.,

Westbury, N. Y. Underwriter—Meadowbrook
curities, Inc. Hempstead, N. Y.

Se¬

Office—24447 Haw¬

thorne

Blvd., Torrance, Calif. Underwriter
Polonitza, Los Angeles.
•

—

Garat

&

First Financial
„

Shoes, Inc.
27, 1962 filed 150,000
ment.
Business—Operation
stores.

Toledo,
New

Proceeds

O.

—

For

Underwriter

of

selling
—

a

Price—By

chain

of

stockholders.

Shearson,

amend¬

retail

shoe

Office

Hammill

&

—

Co.,

York.

Equity Capital Co.

invest¬

Wilmington, Del.

Under¬

•.

(4/23-27)
1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
in mortgages and the making of construction
loans to
builders
and
property owners. Proceeds—For repay¬
ment of debt and working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.

.

■■/oyb/v

'

-.4

Corp.

City, Kan. Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen, Waeckerle, Adams & Purcell, Inc.,
Kansas City, Mo.
'
/
Hartford

Oct.
ness

1961

30,
—

Real

Realty

filed
estate

.

.

Corp.

250,000 common. Price—$10. Busi¬
investment.
Proceeds — For prop¬

acquisitions, debt repayment and other corporate
Office — 380-390 W. Middle Turnpike, Man¬
chester, Conn. Underwriter—Putnam & Co., Hartford.
erty

purposes

Offering—Imminent.

ates

the stock
an

tracts

amendment.
of

insurance

on

a

Business—The

agency,

holds
as

conditional sales
and other

purposes.
Office—628 W. Sixth St.,
Underwriter—White, Weld & Co., N. Y.

Television

corpo¬

Los Angeles.

Distributing Corp.

200,000 class A capital shares. Price
Business—Production, distribution and sale of TV

Jan. 29.

—$2.

National

con¬

trustee under deeds of

debt repayment

rate

First

company

savings and loan association, oper¬

real estate and acts

Proceeds—For

trust.

(4/3)

by the company and 306,750 by stockhold¬

Price—By

owns

Corp.

1962 filed 320,000 common, of which 13,250 are

to be offered
ers.

Financial

Lincoln

First

Jan. 26,
common.

Price—$12.

common.

Proceeds—For

March 6, 1962 ("Reg. A") 60,000 class A common. Price
—$5. Business—A small loan company. Proceeds—For
working capital. Office — 751 Minnesota Ave., Kansas

•

ic Epko

Mar.

estate.

.

—

other corporate purposes.

real

.

150,000

Office—100 W. 10th St.,
writer-—None.
.■

First

Enviro-Dyne, Inc. (4/30-5/4)
-Feb. 13, 1962 ("Reg. A") 300,000 common. Price
$1.
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For
equip¬
ment and

Underwriter—P. W. Brooks

Co., N. Y.

ment.

expansion, sales promotion and

working capital,
Office—103 E. Hawthorne Ave., Valley Stream, N. Y.
Underwriter—V. S. Wickett & Co., Inc., N. Y.
Dec.

,

by

Underwriter—Dean Witter & Co., Los Angeles.

Calif.

Business—General

TV

of

Corp. of Santa Barbara
filed 200,000 capital shares,

closed

circuit

(4/4-5)

Price—By amend¬
vinyl plastic sheeting.

1962

working capital.

Corp.
Price—$3.

Inc.

of which
the company and 50,000
shares
by stockholders. • Price—By amendment
(max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
16,

150,000

and

common.

;>4

selling stockholders. Office—199 Garibal¬
Co., N. Y.

if First Estate Corp.
March 21, 1962 ("Reg. A")

1962 filed 125,000

.

common.

Business—Manufacture

Proceeds—For

ness—Design, construction and installation of specialized

March 22,

(4/9-13)

common.

di Ave., Lodi, N. J. Underwriter—Sutro Bros &

—

* Electronic Transmission

Fields

Nov.

Office—67 Southfield Ave., Stamford, Conn. UnSeymour, Bernard & DeBoff, Inc., N, Y.

poses.

3,

Lawn, Richmond, Va. Underwriters—Lee Hig¬
ginson Corp., and Shearson, Hammill & Co., N. Y:

systems,
helicopter
check-out, flight control and landing control systems and
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate pur¬
i derwriter

filed

Arnold

Willow

-4;

drives

1961

—

^Fidelity Bankers Life Insurance Corp.
1
1962 filed 100,000 common; Price—$20. Busi¬
ness—Writing of life, health and accident insurance.
Proceeds—For
selling stockholders.
Office—Broad at

Controls,

controlled

Y.,,Underwriter

Y.(;C:"•'//;..;■///, ://

March 23,

Inc. (4/9-13)
v.
Nov. 29, 1961 filed 100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
computer

and

Place, Freeport. N.

Price—$5. Business
■I—Commercial
finance
company.t Proceeds — Qen-r
eral corporate purposes. Office—42 S. 15th St.,; Pniia.
Underwriter—Netherlands Securities Co., Inc.,, N. Y.

Co., N. Y.

Co., Inc., N. Y.

Electronic

nuts, bolts and other fastening
by others. Proceeds—For debt
general corporate purposes. Office—8

Fidelity America Financial Corp.

Oct.

Electromagnetics Corp. (5/21-25)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
poses. Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis &

of

manufactured

Benson

Office—187 N. Water St., Rochester. N. Y.

Nov. 29,

.

devices

(4/16)
5, 1962 filed 100,000 common, of which 75,000 are
to be offered by the company and 25,000 by a stock¬
holder.
Price—$4.
Business—Manufacture, assembling
and processing of metal parts and products. Proceeds—
For equipment, construction of a
building, and working
Plohn

(4/16-20)

Inc.

distribution

—The

Components, Inc.

derwriter—Charles

$500 debenture and 50 common.

30, 1961 filed 125,000 common. Price—$5. Business

Malkan & Co., Inc., N.

„

stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance

Fastpak,
Nov.

Feb.

capital.

one

per

Underwriter—G. Everett Parks & Co., Inc., N. Y,

Transformer

—

re¬

unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington^/Place, N. Y.

Un¬

equipment. /Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allentown, Pa.
/,•; ''

Price—$4.75.

Proceeds—Debt

blouses.

(4/23-27)

publicly in units of

cameras, lenses, accessories and optical
Proceeds—For debt repayment, expansion,

electrical

,

Inc.

Fastline

/;

Co., Inc.
("Reg. A") 75,000 common. Price

of

Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered

Price—$575

Business—Manufacture of transformers and inductors for

Eldre

Industries, Inc. (4/30-5/4)
1962 ("Reg. A") 63,000 common.

26,

payment, equipment, inventory and working capital. Of¬
St., Tuskegee, Ala. Underwriter—Wright,
Myers & Bessel, Inc.,' Washington, D. C.

of

28, 1962

Fashion

fice—Gauthier

1962

Eisler

Underwriter—A. J.

St., Youngstown, Ohio.
Co., Inc., N. Y.

Business—Manufacture

(5/7-11)

Dec.

27, 1961 filed 10,000 common shares and
$625,000
6V2% con. subord. debentures due 1972. Price—For

•

Feb.

Photo-Optical Industries, Inc.

/.

Equipment Corp.

worth

Inc.

Market

Carno

common.

working capital. Office—111 Fifth Ave., N. Y.
derwriter—Lee Higginson Corp., N. Y.

,

of foods.
Proceeds—For debt
repayment. Office—850
Third Ave., N. Y. Underwriter—Blair &
Co., Inc., N. Y.

Co.,

and

Secu¬

Dulany Industries, Inc.
Feb. 26, 1962 filed 400,000 common.
Price—By amendment (max. $6.25). Business—The
canning and freezing

Dunhill

26,

instruments.

:

Offering—Expected sometime in June.

801

filed 150,000 common, of which 100,000
are to be offered by the
company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale

—
Red Lion Rd., and PhilBethayres, Pa. Underwriters—Janney, Bat¬
W. Clark, Inc. and Stroud & Co., Philadelphia.

Underwriter—Drew

Aids

(4/23-27)
Jan.

March 6, 1962 filed 163,000 class A.
Price—$10. Business
—General real estate.
Proceeds—For debt repayment.

•/

Proceeds—For expansion, advertising, inventories,
working capital and other corporate purposes. Office—
ters.

Price—$5. Business
toys and notions. Proceeds—
equipment, inventories and working capital. Office
—1125 Okie St., N. E.,
Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C.

Ave.,

St., N. Y.
Corp., (same address).

if Fairway Mart, Inc.
19, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬

For

corporate purposes. Address

rities

Educational

distribution

Broad

Funds,

—

March

St.,
Inc.,

Ltd.

Dec. 26, 1961 filed 100,000
—Sale of school supplies,

which 42,500 are
by stockholders.
Price—By amendment (max. $12).
Business—Design
and
manufacture of industrial
metallurgical furnaces.
Proceeds—For debt repayment, equipment and general

Office—50

Main

.

Co.

Realty Corp.

Underwriter—Reserve

Proceeds

E.

26, 1962 filed 125,000 common. Price—By amend¬
(max. $4), Business—Merchandising and sale of
phonograph records. Proceeds—For debt repayment, ac¬
quisitions, and working capital. Office—2235 TwentyFifth PL, N. E., Washington, D. C. Underwriter—Ritt-.
master, Voisin & Co., N. Y.
*
^

March 9, 1962 filed 122,700 common, of
to be offered by company and 80,200

Drew

Office—164

Mar.

-Co., Inc., St. Paul, Minn.

tles & E.

Price—$3/ Busi¬

finance business.

purposes.

For debt repayment and general corporate
Office—Walnut St., M D 23, Newburg, N. Y.
Underwriter—First Madison Corp., N. Y.
Proceeds

ment

Address—New Richmond, Wis. Underwriter-—Kalman &

mont

corporate

recourse

Valley City, N. D.
Valley City, N. D.

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.

Drever

dealer

General

Doughboy Industries, Inc.
Feb. 23, 1962 filed
$4,000,000 of convertible subordinated debentures due .1977. Price—By amendment. Busi¬
—

Co., Inc.

purposes.

ness—A

Donnkenny, Inc.
Feb. 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.

ness

Fairbanks Wire

Oct. 30, 1961 filed 54,000 common. Price—$3. Business—•
Manufactures
specialized
machinery
and
equipment.

Econ-O-Pay, Inc. (4/2-6)
Oct. 26, 1961 filed 1,000,000 common.

50,000 are
by stock¬
holders. Price—By amendment
(max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—

V

Proceeds—For gen¬

Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
St., N. Y. Offering—Imminent.

Feb. 26, 1962 filed 150,000 common, of which
to
be offered by the company
and 100,000

&

owners.

and

tional

Office—180 Babylon Turnpike,

purposes.

Foods, Inc. (4/9-13)
29, 1961 filed 100,000 common. Price—$3.25. Busi¬

confectionary industries. Proceeds—For addi¬
personnel, new products and possible acquisitions,
Office—70 Barclay St., N. Y. Underwriters—Hay, Falea
& Co., and McLaughlin, Kaufman & Co., N. Y. (
ing

Price—$3.
servicing of home food freezers and

^Roosevelt, L. I., N. Y.

Underwriter—Stan-Bee & Co.,
was withdrawn.

Broadway, N. Y. Underwriter—Goodbody
N.Y. Offering—Expected sometime in May,

ness—Creation and manufacture of flavors for the bak¬

sale of bulk food to freezer

Washington, D. C. Note—This letter

1115

Offering—Expected sometime in April.

Extrin

Nov.

Business—Sale and

Mills, Inc.
Sept. 27, 1961 ("Reg. A") 60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
Proceeds—General
corporate " purposes.
Office—Red

Donmoor-lsaacson,

Y.

N.

Economy Food Enterprises Corp.
Nov. 29, 1961
("Reg. A") 100,000 common.

Don

Bldg., Atlanta, Ga.

es¬

named.

Proceeds—For

St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
Offering—Expected sometime in May.

Rock

Price—For deben¬

Business—General real

acquisition and development of

properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be

working capital. Office—1400 W. 94th

•

Proceeds—For the

ers.

real

Business—Design,

cleaners.

air

of

sale

20,000 are
stockhold¬
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St., Chicago. Underwriter—Allen & Co.,
Jan. 23, 1962 filed 130,000 common, of which
to be offered by the company and 110,000 by

Eastern

N. Y.

Thursday, March 29, 1962

...

Evans, Inc.

body & Co., N. Y.
trust.

.

motion

1962 filed

pictures and tapes.

Proceeds—For debt

repay-

Volume

working

ment,

195

Number

capital

and

6146

other

The Commercial and Financial Chronicle

.

corporate

driers. Proceeds—For

a selling stockholder.
Office—65N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y.

purposes.

Office—505 Park Ave., N. Y. Underwriter—Internation¬
al Services Corp., Paterson, N. J.
•

First

General

22nd Ave.,

O

Republic

Corp. of America
Dec. 19, 1961 filed $9,400,000 of 6%%

(1533)

Franklin

Realty

Trust

Feb.

Mortgage Trust

8, 1962 filed 35,000 non-voting shares of beneficial

interest. Price—$10. Business—A real
trust.

(4/2-4)

Jan.

53

Proceeds—For

investment.

estate

investment

Office—1221

St., Omaha. Underwriter—General
Corp. (same address).
•

Harney

ordinated debentures due 1981 and 188,000 class A shares

3, 1962 filed 800,000 shares of beneficial interest.
Price—$12.50 per share. Business—A real estate invest¬

being offered

for subscription by class A stockholders
47,000 units, each consisting of $200 of debentures
and 4 class A shares. One right will be issued for each
class A share held, and 40 rights will be needed to pur¬
chase one unit of record March 26 with rights to expire
April 17, 1962. Price—$250. Business—General real es¬

ment

in

Walnut St., Philadelphia, Pa. Underwriter—A. G. Beck¬
er & Co., Inc., Chicago.

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

ic Frederick's of Hollywood, Inc.

—A

tate. Proceeds—For debt repayment and other

holder.

Office—375

purposes.

Morris

Cohon

Co.

&

Fifth
and

convertible

sub¬

Ave.,

business

•

of

metal

frames

for

'

-

*

;

The

attached

Design,

securities will

be

offered

warrants). Price
manufacture and

—

$350

sale,

per

for

Blvd., Pompano Beach, Fla.
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
•

Un¬

Palm-Aire

Florida

Corp. (4/9-13)
•
'
filed 463,000 common, of which 310,000
subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
Oct.

1961

19,

shares

are

opment

to

and

be offered for

sale

of

undeveloped

real

property and
related activities, h Proceeds—For debt repayment and
general corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y.
•

Flower

City

Industries, Inc. (4/9-13)
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
—

Address—St.

Thomas, Virgin Islands. Under¬
writer—Seidman Williams & Cantwell, N. Y.
purposes.

Folz Vending Co., Inc. (4/2-6)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.

• Ford Motor Co.

(4/23-27)
March
23,
1962 filed
2,250,000 common.
Price—By
amendment. Proceeds—For the selling stockholder, The
Ford
Foundation.
Office—American
Road, Dearborn,
Mich.
Underwriters—First Boston Corp.; Blyth & Co.,
Inc.; Goldman, Sachs & Co.; Kuhn, Loeb & Co. Inc.;
Lehman
Brothers; Merrill Lynch, Pierce, Fenner &
Smith Inc.; White, Weld & Co. Inc.; Dean Witter & Co.
Forest

Electronics Corp.
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas,
Nev. Underwriter—Elmer
K
Dec.

Aagaard, Salt Lake City. Offering—Expected in May.

^ Forst (Alex) & Sons, Inc.
March 23, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y.
Fortune
Feb.

Electronics, Inc.
1962 ("Reg. A") 46,150

6,

Business—Sale

of

electronic

capital.

Price—$6.50.

equip¬
ment.
Proceeds—For debt repayment, inventories and
working capital. Office—2280 Palou Ave., San Francisco.
Underwriter—Stewart, Eurbanks, Meyerson & Co., San
and

Francisco.

March

1962 filed 211,250 capital shares. Price—By
(max. $25). Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬
16,

Calif.
N. Y.

Office—4030

Redford

Ave., North Hollywood,
Underwriters—Paine, Webber, Jackson & Curtis,
and Dempsey-Tegeler & Co., Inc.; St. Louis.

/Franklin

Manufacturing Co*

(5/3)

Dec. 22,

1961 filed 349,590 common. Price—By amend¬
ment. Business—Design, manufacture and sale of house¬
hold

freezers,

refrigerators,




rect

automatic

washers

and

scientific

Office—3401

Underwriter—Lehman

erly customers.

Garden State Small

Industries, Inc.
filed 185,000 common, of which 135,000
are to be offered
by the company and 50,000 by a stock¬
holder. Price—By amendment.
Business—Manufacture

—179 N.

(Andy) Corp. (3/29)
Dec. 15, 1961 filed 200,000 common. Price — By amend¬
ment. Business—Manufacture of molded plastic toys and
housewares, and the custom molding of other plastic
products. Proceeds—For general corporate purposes. Ad¬
dress—Leetsdale, Pa. Underwriter—Van Alstyne, Noel
& Co., N. Y.
'

Business

(4/16-20)

,;

•

Investment Co.

•

'

Glass-Tite

Sept. 27,

.;

Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For

of

investment.

v

and

Office—1180 Raymond Blvd., Newark, N. J.

Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Garland

Mar.

14,

100,000

Knitting Mills
1962 filed 200,000

are

to

be offered

class

A

by the

common,

of which
100,000

and

company

1961

glass-to-metal

chase of

hermetic

seals.

Proceeds—For

equipment, investment in

development, moving

a

pur¬

subsidiary, research

expenses, and working capital.

Office—725 Branch Ave.,
Providence, R. I.
—Hemphill, Noyes & Co., N. Y.

Underwriter

★ Glensder
March

Corp.
1962 filed

23,

150,000 common, of which 60,000
are to be offered
Price—By amendment (max.
by the company and 90,000 by the com¬
$22). Business — Manufacture of sweaters, skirts and
pany's parent, Glen Modes, Inc. Price—By amendment
pants for juniors. Proceeds—For working capital and
(max. $7).'-'Business—Design, production and sale of
general corporate purposes. Office—117 Bickford St., * women's fashion accessories, and
sportswear. Proceeds
Boston. Underwriter—Paine, Webber, Jackson & Curtis,
—For
general corporate purposes.
Office—417
Fifth
Boston.
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
shares

by

stockholders.

Gaslight Club, Inc.
f
.
'*t
/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.
•

Gateway Chemicals,

Price—By amendment. Business—Compounding
packaging of chemical products, primarily deter¬
Proceeds—For working capital. Office—8136 S.

gents.

Dobson

hill &
•

Ave., Chicago. Underwriter—Federman, StoneCo., N. Y.

Gemco-Ware

Corp.

(6/4-8)

restaurant

equipment manufacturer, a wholesale distrib¬
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.
of

houseware

Underwriter—J. R. Williston & Beane, N. Y.

General Battery & Ceramic Corp.

(4/2-6)
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.
Jan. 11, 1962

filed 200,000

ci^cqicg

common.

inf.

("Reg. A")

" '

f

■

■

Nov.

3,

ment.
toilet

1961

Products Corp.

filed

compartments.

corporate

March

13,

Office—36 Lawton

—Droulia

&

Business—Development and manufacture of elec¬
electromechanical

components

and

systems

multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J. Underwriter
—Hess, Grant & Remington, Inc., Philadelphia. <
Investment Co.

14, 1962 filed 200,000

of

Connecticut, Inc.

common.

/

Price—$7.50. Busi¬

ness—A small business investment
company. Proceeds—•
For debt repayment and investment. Office—348
Orange

St., New Haven, Conn. Underwriters—Ingram, Lambert
Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.

&

General Leasing Corp.

(4/16-20)

Jan. 29, 1962 ("Reg. A") 62,000 common. Price—$4.50.
Business—General leasing of equipment. Proceeds—For
working capital. Office—1719 Gage Blvd., Topeka, Kan.

Underwriter—Midland Securities Co., Inc., Kansas City,
Mo.

'

"•

/•

Co., Inc.

Gotham

Investment Corp.

Nov. 21, 1961 filed 100,000 common.
Price—$6. Business
—Real estate investment. Proceeds—For
working capi¬
tal

and

other

corporate

Office—1707

purposes.

H

St.,

N. W.,

Washington, D. C. Underwriter—Rouse, Brewer,
Becker & Bryant, Inc.,
Washington, D. C.
Gould Paper Co.
(4/16-20)
Sept. 28, 1961 filed 140,000 common.

Price—$11. Busi¬
Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
ness—Manufacture

of

paper.

Alstyne, Noel & Co., N. Y.

Gould
Jan.

Properties, Inc.
26, 1962 filed 200,000 class A shares. Price
and

real

general

estate.

$10.

—

Proceeds—For, debt

corporate

re¬

Office—370

purposes.

Lexington Ave., N. Y. Underwriter—Stanley Heller &
Co., N. Y.

Jan.

for

D,

Treibick, Seiden & For¬

St., New Rochelle, N. Y. Underwriter
N. Y.

Co.,

payment

General Devices, Inc.
(4/2-6)
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬

Avenue

80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products. Proceeds—For advertis¬
ing, research, debt repayment and working capital.

2555

•

—

and

repayment

Office—10014

1962 filed

Business—General

and

Proceeds—Debt

purposes.

Brooklyn, N. Y. Underwriter
syth, N. Y.

new

products, expansion and working capital. Office—,
W. Diversey Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N.
///////,/

Price—$2.50.

68,000 common.
Price—By amend¬
Business—Manufacture of prefabricated metal

^general

—Van

1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,

common.

Copley & Co., Colorado Springs, Colo.

/March 23,

tronic

120,000

Business—Sale of objects of art in discount stores. Pro¬
ceeds—For general corporate
purposes.
Office — 107
Manitou Ave., Manitou Springs, Colo. Underwriter-

Gold Leaf Pharmacal
.

March 9, 1962 filed 146,000 common. Price—By amend¬
ment (max. $8).
Business—A holding company for a
utor

Discounts, Inc.

14, 1962

Global Steel

holder.
and

Global
Feb.

(4/9-13) M

Inc.

Nov. 22, 1961 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by a stock¬

Mar.

amendment

holders.

ers.

—

^General
Four Star Television

other

capital.

Proceeds—For working capital. Office
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff &
Co., Chicago. *
Giant Tiger Stores, Inc.
Mar. 2, 1962 filed 140,000 common.
Price—$10, Business
—Company operates a discount department store chain.
Proceeds—For expansion and
working capital. Office—
1407 E. 40th
St., Cleveland, Ohio. Underwriter—Prescott & Co., Cleveland.

ment.

components

working
Texas.

Garland,

Gard

March 16, 1962

Atlantic

and

instruments

to be offered

20, 196L ("Reg. A") 60,000 common./ Price — $5.
Furnishing of scheduled air transportation

—

Office—3356

seismology

Business—

of

Research, Inc.
12, 1962 filed 162,500 common, of which 12,500 are
by the company and 150,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Di¬
mail selling of vitamin mineral
products to eld¬

Feb.

AirlinesV (4/17)

Underwriters—Raymond Moore & Co., Los Angeles and
Co., San Francisco, /(v.;v

(with

Bancgrowth, Inc. /
filed 200,000 common. Price—By amend¬
ment
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.

$22).

manufacture

Geriatric

porate purposes. Office—8170 Beverly Rd., Los Angeles.

unit. Business—
amateur use, of

J/ Florida

and

in

Brothers, N. Y.

acquisition, construction, and working capital.
Bridgeport, Conn. Underwriter
Co., N. Y.

an

service. Proceeds—For debt repayment and general cor¬

consist¬

lighting equipment and photographic accessories.
For equipment, new product development,
sales promotion and other corporate purposes. Office—
39-08 24th St., Long Island City, N. Y.
Underwriter—
Bond, Richman & Co., N. Y.

used

Rd.,

Pacific Coast Securities

shares

development

systems

Proceeds—For

Oct.

camera

Proceeds

(max.

and

Shiloh

Business

"

in units

common

cor¬

Ave., N. Y. Under¬

March 7; 1962 filed 90,000
common, of which 80,000 are
to be offered by
company and 10,000 by a selling stock¬
holder.
Price—By amendment

Design,
Price—By amend¬

_

$100 debenture and 50

one

*

fields.

ladies

16,

holders.

apparel

other

Frouge Corp. (4/16-20)
26, 1962 filed 700,000 common.

Futura

1962 filed $95,000 of 6% subord. debentures
due 1972 and 47,500 common shares, of which 44,650 are
to be offered by the company and 2,850 by selling stock¬
ing of

women's

and

elec¬

writer—Paine, Webber, Jack.wn & Curtis, N. Y.
Geotechnical Corp.
(6/4-8)

mail order
stores. Pro¬

a

Office—141 North Ave.,
—Van Alstyne, Noel &

3 Flex Electric Products, Inc.
March

of

Office—730 Third

—For

handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional & Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &

Co., East Orange, N. J.

chain

holding company for telephone service and
equipment concerns. Proceeds—For general

Business—Construction and operation of various
type apartment, industrial and office buildings. Proceeds

Mfg. Corp. •/•'
("Reg. A") 80,000 common. Price—$3, Busi¬
sale

a

expansion

Services

tronic

porate purposes.

ment.

(A. J.)

and

and

Business—Operation of

Jan.

Co., and Sprayregen, Haft & Co., N. Y.

ness—Manufacture

1616

—

corporate purposes.
Underwriter
—Garat & Polonitza, Inc., Los Angeles.
V

general corporate purposes. Office—375 Park Ave., N. Y.
Underwriters—Netherlands Securities Co., Inc., Seymour
Fleres

Office

Office—6608 Holywood Blvd., Los Angeles.

Corp. (4/16-20)
Dec. 6, 1961 filed 200,000 class A stock. Price—$3. Busi¬
ness—Company plans to acquire, invest in, and finance
patents and new scientific technology. Proceeds—For

Feb. 2, 1962

Price—$5.

ceeds—For

£b., N. Y. d »■'

First Scientific

Blauner

investment.

March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000
by a stock¬

corporate
N. Y. Underwriters—•

Lieberbaum

Proceeds—For

trust.

Investor's

Government Employees Corp.

(4/6)

Jan. 8, 1962 filed $2,675,000 of 4%% conv. capital deben¬
tures due 1977 to be offered for subscription by common

stockholders
7

shares

on

held

about April

the basis of $100 of debentures for each
record Apr. 6 with rights to expire

of

30.

Price

pany and its subsidiary
home financing service

At par.
Business — Com¬
provide automobile and mobile

—

on

a

nationwide basis to

gov¬

ernment employees and military officers. Office—Govt.
Employees Insurance Bldg., Washington, D. C. Under¬

writer—None.
Graham Chemical Corp.
Jan. 22, 1962 ("Reg. A") 100,000 common. Price—$2.25.
Business—Manufacture of dental anesthetic cartridges

and related products. Proceeds—Production, advertising
and promotion of disposable needles.
Office—129-21
Merrick

Blvd., Springfield Gardens, N. Y.

Underwriter

—Paul Eisenberg Co. Inc., N. Y.
Continued

on

page

54

54

Continued from page

53

V

*

writer—B. G. Harris & Co.,

$500

due

jewelry concessions and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital.
Office—182 Second Ave., San Fran¬
cisco. Underwriter—Midland Securities Co., Inc., Kansas
City, Mo.

("v

^

Price

Jan. 23, 1962 filed 250,000 common.

—

By amend¬

development of land on Grand
Bahama Island for residential and resort purposes. Pro¬

ment. Business—Sale and

Office—250 Park
Co., N. Y. Offering—

ceeds—For general corporate purposes.

Ave., N. Y. Underwriter—Allen &
Expected sometime in May.
•

Stores,

Drug

Gray

become

2100

tion

stockholders

common

on

each 12 shares held of record

March 23

Estate

Real

Y.

Investment Trust

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter
.—To be named. Note—This firm formerly was known as
Continental Real Estate Investment Trust.
Great Eastern Foods

Corp.

(5/28-6/1)

29, 1962 filed 150,000 common. Price—$4. Business
—Retail distributing of food freezers, frozen foods, gro¬

For general corporate purposes.
Rd., Baltimore. Underwriter—
Co., Inc., Silver Spring, Md.
fc
«*»

Switzer &

Lakes

Great

—

Keswick

Office—3325

Homes, Inc.

26, 1961 filed 93,000 common. Price—By amendment.
Business—Manufacture of custom-designed, factory built

Dec.

carpentry for
Proceeds—For
debt repayment and for working capital. Office—She¬
boygan Falls, Wis, Underwriter—The Milwaukee Co.,
"house

packages"

basic

of

consisting

1962 refiled 800,000

9,

common.

Hardlines Distributors,

r

Inc.

(4/23-27)

1962

26,

accessories, etc. Proceeds—For debt repayment, expansion
and
working
capital.
Office—1416 Providence

Highway, Norwood, Mass.
Co., N. Y.
Hargrove

.

Honora, Ltd. (4/23-27)
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
Nov.

•

Inc.- (5/7-11)

houses, and construction of shell homes.

Inc.

'
>
Business

Proceeds—For sell¬

Office—120 E. 16th St., N.,Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
&

Co., Inc., N. Y. Offering—Imminent

•

Hudson

Wholesale Groceries, Inc.
(4/30) .
1962 filed 100,000 common. Price—$8, Business

Jan. 23,

Procurement, storage and wholesaling of groceries and
non-food

Harper Vending,

Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Bustness—Operation of automatic vending machines. Proceeds
For expansion, debt repayment, and working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
Greenman Co., N. Y.

Price—$4.

ing stockholders.

Switzer & Co., Inc., Silver
''/(

.

Securities, Inc., Rego Park, N. Y.

House of Westmore,

Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.

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., Chev- ;
—

Price—$3.

household

writer—Sunshine

Dec.

erly, Md. Underwriter
Springs, Md.

common.

and operates three discount
stores in the Bronx selling bicycles, electric trains, toys,
owns

corporate purposes. Office—42 W. 48th St., N. Y. Under¬

.

Underwriter—McDonnell &

Enterprises,

,

appliances, etc.' Proceeds—For general cor¬
porate purposes.
Office — 2717-25 White Plains Rd.,
Bronx, N. Y. Underwriters—Richard Bruce & Co.. Inc.,
and Reuben Rose & Co., Inc., N. Y. Offering—Imminent.

filed 200,000 common, of which 100,000
are to be offered by the company and 100,000 by a stockholder. Price—By amendment. Business—Retail sale of
housewares,
hardware, lighting
fixtures, automotive
Jan.

Honig's-Parkway, Inc.
1, 1961
("Reg. A") 100,000

Business—Company

working
.

—J.

R.

■

items.

Proceeds

Oct.

—

For

debt

capital.

Office—Lyndhurst,
Williston & Beane, N. Y.

Hydra-Loc, Inc.

—

Jan.

ceries, etc. Prcoeeds

Acceptance Corp.

Dec.

—Imminent.

Cleve¬

Bear, Stearns & Co., N.

•

-

Offering—Expected sometime in June.
Continental

Feb.

ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. Offering

graphic and audio equipment. Proceeds—For expansion,
diversification, and working capital. Office—550 W. 59th

Great

29,

•
Happy House, Inc.
July 28, 1961 filed 700,000 common shares . Price—$1.
Business—The marketing of gifts, candies and greeting
cards through franchised dealers.
Proceeds—For equip-

Grayson-Robinson Stores, Inc.
26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. Business—
Retail sale of women's and children's apparel and photo¬

—

Home Builders

'

Jan.

Y. Underwriter

:

'

(4/16-20)
1961 filed 200,000 capital shares. Price — By
Inc.

Productions,

-

land.

St., N.

& Co., Inc., Cleveland.

(4/23-27)
Price—$1. Busi¬
ness—Company makes home improvement, construction
amendment. Business—Production of television cartoons and subdivision loans and buys, sell and trades in mort¬
/and commercials. Proceeds — For a new building and ■.
gages and real estate.
Proceeds—For working capital.
working capital. Office—3501 Cahuega Blvd., Los An- :
Office—409 North Nevada St., Colorado Springs, Colo.
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc., '
Underwriter — J. W. Kim & Co., 11 Broadway, N. Y.
:rN. Y.; ^^;•>■ v^
J•'•' ^
Dec.

with rights to expire April 10, 1962. Price — At par.
Business—Operation of a retail drug chain. Proceeds—
For expansion and working capital. Office—2400 Superior

Ave., Cleveland. Underwriter—McDonald & Co.,

end. Proceeds—For investment. Office—
Bldg., Cleveland. Underwriter—Fulton,

Ohio

Hanna-Barbara

subordi¬

by

open

East

7 Reid

subscrip¬
the basis of $100 of

debentures for

closed-end

ness—A

nc.

Jan.

2, 1962 filed $5,230,000 of 5% convertible
nated debentures due 1982, being offered for

common. Price—$10.
Busi¬
investment
trust which plans to

Jan.

"

Ltd.

Grand Bahama Development Co.,

•

Feb.

Inc., N. Y.

Hampden Fund, Inc.
24, 1962 filed 500,000

,

Business—Operation of jewelry stores,

unit.

per

,

$600,000 of 6% conv. subord. de¬
1977 to be offered in 1,200 units. Price—

/. Thursday, March 29, 1962

.

Hollingsworth Solderless Terminal Co.
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.
{
*

Seventh Ave., N. Y; -Under¬

Office—350

provements.

/

it Granco, Inc.
March 23, 1962 filed
bentures

Chronicle

The Commercial and Financial

(1534)

10,

1961

repayment

and

N. J. Underwriter
•,

<

.;

A") 60,000 common.
Price—$2.
development and manufacture of a

("Reg.

Business—Design,

.

Proceeds—For debt repayment and gen¬

braxe control.

Harrington & Richardson, Inc.

(5/7-11)

eral corporate purposes. Office—101 Park Ave., Hudson,
7, 1962 filed 180,000 common, of which 40,000 are
N. Y. Underwriter—McLaughlin, Kaufman & Co., N. Y.
to be offered by company and 140,000 by stockholders, yi
Offering—Imminent.
/,!.■;
Price—By amendment (max. $30). Business—Manufac¬
Index & Retrieval Systems, Inc.
ture and sale of M-14 rifles to U. S. Govt.
Proceeds—
Jan. 29, 1962 filed 125,000 common. .Price—By amend¬
Equipment, plant expansion and working capital. Office
ment.
Business—Publishes "The Financial Index", and
—320 Park Ave., Worcester, Mass. Underwriter—Shearother indexes and abstracts.
Proceeds—For equipment,
son, Hammill & Co., N. Y.
promotion, office relocation, and working capital. Office
• Hartman Marine Electronics Corp.
—19 River St., Woodstock, Vt.
Underwriter—Searight,

March

Oct.

Ahalt & O'Connor, Inc., N. Y.
27, 1961 filed 100,000 common, of which 75,000 are
;V;// : J
offered by the company and 25,000 by a selling
• Industrial
Instruments, Inc. (4/18)
Price—$4. Business—Manufacture of ma- f' March
9, 1962 filed 120,000 common, of which 30,000 are
rine and mobile communications and electronic equip¬
.
to be offered by company, and 90,000 by stockholders.
ment and military transmitter-receivers. Proceeds—For
Price—By amendment (max. $10).
Business—Design,
general corporate purposes.
Office—30-30 Northern
development and manufacture of electrolytic and ther¬
Blvd., Long Island City, N. Y. Underwriter—Charles
mal conductivity equipment; general purpose electronic
Plohn & Co., N. Y.
and electrical testing equipment; and automated pro¬
• Greater
Pittsburgh Capital Corp. (4/16-20)
• Harwyn
duction and test equipment used to manufacture and test
Publishing Corp.
'
Nov. 14, 1961 filed 250,000 common. Price—$11. Bust- Z
Proceeds—For debt repayment
Jan. 29, 1962 filed 300,000 class A common. Price — By • electronic components.
ness—A small business investment company. Proceeds—
and general corporate purposes.; Office—89 Commerce
^amendment. Business
Publishes illustrated encyclo¬
For investment. Office—952 Union Trust Bldg., Pitts- .
Rd., Cedar Grove, N. J. Underwriter—Hayden, Stone &
pedic works for children and operates an advertising
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
///,
<
,.a;
agency for sale of TV and radio spot time. Proceeds—f Co., Inc., N.-Y.
ger, Dean & Scribner, Pittsburgh.
For working capital.
Office—170 Varick St., N. Y. Un- ;■
Industry Capital Corp.
(4/9-13)
.

Milwaukee.

to

Greater New York

(4/17)
Dec. 29, 1961 filed 100,000 common. Price—By amendment
($7 max.). Business—Manufacture of corrugated
board and containers. Proceeds—For general corporate
purposes. Office—149 Entin Rd., Clifton, N. J. Under¬
writer—D. H. Blair & Co., N. Y.
•

Box Co.,

Inc.

be

stockholder.

—

Green Acres

Funtown Inc.

derwriter—Van

Jan. 23, 1962

filed 225,000 common to be offered for sub¬
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
indoor

amusement

and

recreation

area

in

Green Acres

Shopping Center, Valley Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Louis.

Alstyne, Noel & Co., N. Y.

Dec.

^-Hi-Press Air-Conditioning of America, Inc.
Mar. 26, 1962 filed $670,000 of 6V2 % con. subord. deben¬
tures due 1974 and 134,000 common shares to be offered
in units consisting of $50 of debentures and 10 shares.
Price—By amendment (max, $82.50 per unit). Business
—Production of air conditioning, commercial refrigera-

26,

Price—$15. Busi¬
Proceeds—
Office—208 S. La Salle
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.

ness—A

filed

1961

500,000

common.

small business investment company.

For general corporate purposes.

•

Inland

Underground Facilities, Inc.
7, 1961 filed 100,000 common. Price — $10. Busi¬
ness—Mining of limestone and the operation of under¬
.

Dec.
t,

tion and industrial heat transfer products. Proceeds—,
ground freezer and dry warehousing facilities. Proceeds
(4/9-13)
For
debt repayment and
general corporate purposes.: —For debt repayment, equipment and other corporate
Nov. 29, 1961 filed 80,000 common. Price—$5.25. Busi¬
Office—405 Lexington Ave., N. Y. Underwriter—Pistell,
purposes. Office—6500 Inland Dr., Kansas City. Kansas.
ness—General contracting for landscaping and construc¬
Underwriter—Scherck, Richter Co., St. Louis. Offering
Inc., N. Y.
V;;
,
tion work. Proceeds—For debt repayment and other cor—Imminent.
High Temperature Materials, Inc.
porate purposes. Office—97-36 50th Ave., Corona, N. Y. v
t
Sept. 28, 1961 filed 120,000 common. Price—By amend- • it Instron Engineering Corp.
Underwriter—Williamson Securities Corp., N. Y.
March 26, 1962 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
• Gulf American Fire &
Casualty Co.
models.
Proceeds—For equipment, research and devel ¬ ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
Sept. 28, 1961 filed 226.004 common being offered for
opment, leasehold improvements, repayment of debt and
acteristics of various materials.
suDScription by stockholders on the basis of three new
Proceeds—For selling
working capital. Office—130 Lincoln St.. Brighton, Mass
•

Green

Valley

Construction

Corp.

shares

for each 10 held of record Mar. 14, with rights
expire April 16, 1962. Price—$2. Business—Writing of
fire and casualty insurance. Proceeds—To increase capi¬
tal and surplus.
Office—25 S. Perry St., Montgomery,
to

Ala.

Underwriter—None.

Underwriter—To

be

named.

of 6V2% conv. subord.
1977, to be offered for subscription by stock¬
holders at the rate of $200 of debentures for each 60
debs,

due

shares held. Price—At par.

common

is engaged

in

Florida.

corporate

Miami,
Street

Business—Company
in the development of planned communities
Proceeds—For debt repayment and general
purposes.
Office — 557 Northeast 81st St.,

Fla.
&

Underwriters

—

Morris

Cohon

&

Co.

and

Leasing Corp.
Jan. 29, 1962 ("Reg. A") 100,000 capital

will

Lighting, Inc.
27, 1962 filed 300,000

be

holder.
of

sold

by

the

Price—By

recessed

company-and

amendment.

of

Business—Manufacture

incandescent

general

15,

1961

shares

are

shares

by

to

be

Haltone

Rental

Corp.

(4/19)

18, 1961 ("Reg. A"). 150,000 common.
Price—$2.
Business—Rental of furs and fur garments. Proceeds—
For inventory, equipment, advertising and leasehold im¬




offered

stockholders.

by

the

company

Price—$6.

and

one

Hoffman

common

Proceeds

Co.

■

(5/1)

filed

•
-

Business—Manufac¬

House Sauce Co., Inc.
1962 filed $250,000 of 6M>% subordinated sink-,
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,*
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee, *
Wis. Offering—Sometime in May.
.

of

For

one

debt

repayment and

general corporate
Main St., Boise, Idaho. Under¬
writer—White, Weld & Co., Inc., N. Y.
purposes.

,

200,000
100,000

Gas

$3,400,000 of subordinated deben¬
68,000 common to be offered in units,
$50 subordinated debenture and
share. Price—By amendment (max. $70).

1962

each consisting

ture of steel office furniture. Proceeds—For debt repay¬

Feb. 28,

6,

Washington St., Canton, Mass.

//■/;'

tures due 1987 and

Hillside Metal

Products, Inc. (4/23-27)
filed 300,000 common, of which

Intermountain

March

Prices—
working

capital, equipment, advertising and inventory. Office—'
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.

—

•

Dec.

snares.

Proceeds—For

Blauner & Co. and M. L. Lee & Co., Inc., N. Y.

which 100,000.
200,000 by a stock¬

common,

lighting fixtures. Proceeds—
corporate purposes. Office—Chicago,
111.
Underwriter—R. W. Pressprich & Co., N. Y.
For

aviation.

ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.

Co., Inc., N. Y.

• Halo
Mar.

•

Hill Aircraft &

Dec.

Office—2500

Underwriter—None.

$3. Business—General
Gulf American Land Corp.
Feb. 28, 1.962 filed $11,000,000

stockholders.

Offering—Expected in late

April.

—

Office

—

905

Intermountain Gas Co.

March

6,

1962

filed

(5/1)

63,803

common

to

be

offered

for

subscription by common stockholders on a l-for-10 basis.
Price—By amendment (max. $20). Proceeds—For debt

(repayment and construction.
Idaho.
•

Office—905 Main St., Boise,
Underwriter—White, Weld & Co., N. Y.

International

Airport

Hotel

Systems,

Inc.

Jan. 4,

1962 filed $1,700,000 of convertible subordinated
debentures due 1977 and 170,000 common shares to be
offered in units of one $100 debenture and 10 shares.
Price—By amendment. Business — Establishment and
operation of hotels located in or near airports. Proceeds
—For

Miami

debt

repayment and working capital. AddressAirport, Miami, Fla. Underwriters

International

—Bache & Co.. N. Y. and
Atlanta.

Robinson-Humphrey Co., Inc.,
Offering—Imminent.
\s
V

Volume

195

Number 6146

.

.

.

The Commercial and Financial Chronicle

(1535)

ic International Drug & Surgical Corp.
March

23, 1962 filed

150,000

Business—Importing,

class A

licensing,

and

working capital and other corporate
375

Park

'

Co"., N. Y.
•

10,

ment.

Y.

"V:

'

Interstate

Jan.

N.

Ave.,

of

53,829.

Price—By

48th

•

Office—251

East

Grand

Ave.,

•

Interworld

Film

Distributors, Inc.

Sept. 29, 1961 filed 106,250

fered

>

common.

Co., Inc., N. Y.

Investment

Securities

surgical

Proceeds

—

and

For

debt

repayment,

,

Israel

•

28.

Hotels
1962

bentures

due

40,360

Price

ment

—

(max. $10).

Business—Operation of

a

Sept.

8,

Electronics, Inc.

1961

amendment.

special

and

equipment.
working capital and

filed 125,000
Business—The

electronic

Price—By

and production of
the commercial and

military market.

Proceeds—For the repayment of debt,
and working capital. Address—Box 7,
Casselberry, Fla.

Underwriter—Jennings, Mandel & Longstreth, Phila.
■

common

shares

v

Kay Foods Corp. (4/23-27)
Dec. 29, 1961 filed 88,000 class A common
shares, of
which 44,000 are to be offered by the
company and 44,000
by stockholders. Price—$7. Business—Packing and sale

—

,

.

•

Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton'' at Tel Aviv, Israel. Pro¬

-par.

ceeds—For

South

/

1

general

corporate

purposes.

State

St., Dover, Del. Underwriter
Israel Basic Economy Corp., New York
City.

—

.

-

Byrons Enterprises Inc.
1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A
common, of
which 66,666 shares are to be offered
by the company
and 53,334 by stockholders.
Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of

13,

retail

department stores. Proceeds—For debt repayment
working capital. Office—29 N. W. 10th St., Miami,
/ Fla. Underwriter—Clayton Securities Corp., Boston.
and

V

Jamoco

Feb.

28,

Air

1962

inventory, equipment and other corporate
Office
954 Jamaica Ave.,
Brooklyn, N. Y.
writer—Martin-Warren Co., Ltd., N. Y.

purposes.

Under¬

—

Oct.
"

/
•

19,

common.

,

—

$12.50.

Price—By amendBusiness—Installation of plumbing,
heating/ ventilation and air-conditioning, systems. Proceeds—For selling stockholders. Office—38-18 33rd St.,
ment

"

Price

Inc.

March 23, 1962 filed 240,000 comrpon.
,

(max.; $12)/.




Price—By amendment. Business—The operation of coin
operated

children's

amusement

"For repayment of loans,

equipment. Proceeds—
equipment and general corpo¬

rate purposes. Office—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago.
•

Kine Camera

Co., Inc.
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
Securities

Corp.,

N. Y.

King Island Cosmetic Co.
Feb.

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
17th

securities./Underwriters—Bache & Co., and Paine, Webber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan. :
Bros.,

nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of common

St.,

Denver.

corporaet

purposes.

Office—734-

Underwriter—Birkenmayer

&

Co.,

Denver.

(4/10)

Business—A diversified investment company. Office—25
Broad St., N. Y. Proceeds—For investment in
Japanese

Jarcho

.

—

For

Japan Fund, Inc.
1961 filed 2,000,000

• Kiddie
Rides, Inc. (4/30-5/4)
:
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi-

derwriter—Underhill

Conditioning Corp.
("Reg.

A") 40,000 common. Price
$3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—

(The)

Proceeds—
St., Tulsa,
Underwriters—Fulton, Reid & Co., Inc., Cleveland
and Walston & Co., Inc., N. Y.

V

Jackson's

March

and operates apartment and office
buildings.
For debt repayment. Office—1620 S. Elwood
Okla.

American

Jaap Penraat Associates, Inc. (4/30)
V
Jan. 30, 1962 filed 100,000 commoh.
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 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.

■

Kelley Realty Corp.
March 16, 1962 filed 430,000 class A common. Price —
By amendment (max. $10). Business—Company owns

Office—229

1962 filed

100,000 common, of which 60,000
by the company and 40,000 by a stock¬
(max. $16). Business—
Manufacture and distribution of hair
preparations and

holder.

Price—By amendment

cosmetics.

Proceeds—For debt repayment,
equipment,
products and working capital. Office—110 N. Fifth

new

St.,

Minneapolis.
Underwriter—Paine,
Curtis, Boston.

&

son

•

Lamb

Industries, Inc.
(with

attached

Business—Manufacture of

King Louie Bowling Corp. (4/9-13)
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.

(4/9-13)
Dec. 8, 1961 filed 100,000
—A
and

working

Jack¬

f. subord. debentures

s.

warrants).

gas

Price—At

par.

and electric water heaters,

plumbing fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum
doors, storm windows, and
related

aluminum

products.

Proceeds—For debt repay¬

ment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair &
Co.,

i Laminetics Inc.
March 22, 1962 filed 80,000 common.
Price—$3.50.
ness—Production and sale of gift sets,
promotion
,W.

capital.*-Office*—

Busi¬

linens, place mats,
Proceeds—For equipment,
moving expenses, sales

etc.

27th

and

St.,

other

N.

Y.

corporate

Office

purposes.

Underwriter—Fabrikant

—

20

Securities

Corp., N. Y.

Langsam (S. R.) & Co.
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

Proceeds—For general corporate purposes.
Bannock St., Denver.

company.

Office—1321

Underwriter—Bosworth, Sullivan

&

Co., Inc., Denver.

•

Layne & Bowler Pump Co.
22, 1961 filed 108,666 capital

Dec.

shares.
Price—By
Business—Manufacture and sale of vertical

amendment.
turbine

pumps and the sale of domestic water system
manufactured by a subsidiary.
Proceeds—
selling stockholders. Office—2943 Vail Ave., Los
Angeles.. Underwriter—Crowell, Weeden & Co., Los
Angeles. Offering—Imminent.

equipment

For

Leader-Durst
Dec.

1,

1961

debt.

405,000 class A

Estate.

Fashions,

Price—$5

o r

repayment of
Underwriter—None.

Inc.

(4/23-27)
166,667 common. Price—By amend¬
Business—Importing of low priced ladies' scarfs

27,

ment.

common.

Proceeds—F

Office—41 E. 42nd St., N. Y.

Lee
/ Dec.

Corp.

filed

Business—Real

1961 filed

and blouses.

Proceeds—For debt repayment and work¬
Office—2529 Washington Blvd., Baltimore.

ing capital.

Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell &

Co., Miami Beach.

Lehigh Industries & Investment Corp. (5/7)
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¬
tion, and distribute electronic parts. Proceeds—For debt
repayment,
800

•

construction and

working capital. Office—
Miami Beach, Fla. Underwriter—To be
(a newly-formed subsidiary).

71st

named

St.,

Leighton Mobile Homes, Inc.
11, 1962 50,000 class A shares. Price

ness

—

Sale of mobile homes and

—
$5. Busi¬
development of real

property for lease to

owners

For debt repayment,

expansion, and working capital. Of¬

of mobile homes. Proceeds—

fice—Route 25 Lake Grove, Brookhaven. L. T
derwriter—

George M.

registration

was

•

common. Price—$1. Business
holding company for three subsidiaries in the wall
floor coating business. Proceeds—For product de¬

velopment, advertising, and

Webber,

(4/30-5/4)

1961, filed $2,200,000 of

due//1977.

Jan.

•

•

22,

to be offered

are

N. Y.

shares.

design

components for

Price—By amend¬
Business—Manufacture of permanent

(max. $11).

Dec. 28,

(4/2-6)

capital

(4/17)

advertising displays, and toys. Proceeds —For
building improvements, equipment and working capital.
Office—3200 Snelling Ave.,
Minneapolis.
Underwriter
—Hayden, Stone & Co., N. Y.
ic La Maur Inc.

;

and

W.

indoor

*

amend¬
chain of re¬

Industries, Inc.

Underwriter—R.

March 12, 1962 filed
150,000 common.

Development of

etc. Pro¬
outstanding 6% preferred
working capital. Office—1200 Zerega Ave.,
Bronx, N .Y. Underwriter—Hayden, Stone & Co., N. Y.
shares

Lakeside

March

(with
•
warrants) to be offered for sale in units of one $1,000 / of fruit juice products. Proceeds—For general corporate
.debenture and 10 common shares (with warrants). Also,
purposes. Office—241 N. Franklintown Rd., Baltimore.
Underwriter
registered were $2,760,000 of 6 */2% dollar debentures
Auchincloss, Parker & Redpath, Wash¬
due 1980.. Price—For units, $1,050 each; for
ington, D; C. "
'
J ";:..
debentures,
.

•

(4/30)

—

extensive

an

3070-82

ment

By amendment. Business

of

W. Grand Ave., Chicago.
Pressprich & Co., N. Y

W.

tail stores selling low priced
housewares, toys,
ceeds—For redemption of all

international, Inc.':
$4,036,000 of 6V2% sinking fund deand

N.

John's Bargain Stores Corp.- (4/24)
Feb. 14,1962 filed 160,000 common.
Price—By

filed

1980-86

Office—3700

•

N. Y7 Underwriter—Shearson, Hammill & Co.,. N. Y.

-Feb.

Laboratories, Inc.

Johnson

supplies

expansion.

Instruments, Inc.

line of industrial,
hospital and
laboratory instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—

right, Ahalt & O'Connor, Inc., N. Y.

-at*

other corporate purposes. Office—161 Avenue of Ameri¬
cas,

Proceeds—For

Birard, Ohio. Underwriter—
Washington, D. C.

clinical

Livingston, N. J. Underwriter—Sea-

Corp.

hospital

(4/18)

Price—By amendment (max. $9). Business—Manu¬

facture

weapons training devices for U. S. Armed
Forces and the manufacture of electronic control
equip¬
ment. Proceeds—For general
corporate purposes. Office
—102 Dorsa Ave.,

16,

of

ers.

withdrawn.

simulated

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

Lab-Line

by stockhold¬

ers.

Packers, Inc. /
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. Proceed^—For
debt repayment, plant
construction, and equipment. Of¬
fice—Denison, Iowa. Underwriter—First Nebraska Se¬
curities Corp., Lincoln, Neb,
"// ' /
Supply

was

Joanell

Beef

Hospital

Homes, Inc.

Best & Garey &
Co., Inc.,

Dec. 21, 1961 filed 114,500
common, of which 82,500 are
to be offered by the
company and 32,000

Jan.

Ipco

Kraft Planned
.

Underwriter—Arthurs, Lestrange & Co., Pittsburgh.

v

...

^household electric appliances and electric motors^ Pro¬
ceeds—For new products and working capital. iQffice
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co.,
Inc., and Reuben Rose & Co., Inc.jiaN. Y.

March

Price—-By amendment. Business—Manufacture of
op¬
tical equipment. Proceeds—For
debt repayment. Office
■—347 King St.,
Northampton, Mass. Underwriter—Put-'
nam &
Co., Hartford.

A

Price—By amend¬
ment.
Business—Processing, packaging and sale of
frozen meat and meat products. Proceeds—For
redemp¬
tion of 2,910 $50 par preferred shares,
expansion, and
working capital. Address — Route 286, Saltsburg, Pa.

Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and
15,000 shares*, by a
stockholder.
P r i c e—$6.
Business—Manufacture
of

Iowa

class

Jiffy Steak Co. (4/23-27)
Feb. 5, 1962 filed 65,000 common.

Office—630 Fifth Ave., N. Y. Underwriter—IFC Securi¬

_

25

ana

St., Miami, Fla.- Underwriter — Bregman, Cummings & Co., N. Y. Offering—In late May.

and investment in real estate. Proceeds—For investment.

Offering—Expected sometime in May.

debenture

Business—Manufactures

62nd

Funding Corp.
1962 filed $6,000,000 of 10% registered sub¬
ordinated debentures, of which $1,000,000 will mature
1966 and $5,000,000 from 1971
through 1975 (with war¬
rants). Price—$1,000 per unit. Business—Purchase,, sale

Manufacturing Co.

$100

100,000 common, of whicn 40,000 are
and 60,000 by stockholders./

company

Feb. 23, 1962 filed
142,860 common, of which 122,168 are
to be offered by the
company and 20,692 by stockhold¬

stores.

19,

Corp., N. Y.

one

of¬

Stores, Inc.
Jan. 25, 1962 filed
110,000 capital shares.
Price—By
amendment. Business—Operation of discount appliance

./Investors

Bona

of

shaies to: be

for

chemicals.

Kollmorgen Corp. (4/18)

Nov. 9, 1961 filed
to be sold
by the

debentures

Jefferson

—

ties

units

Price—$200.

common

flavors

Office—161
—

Jefferson

tion

Price—By amendment (max. $20). Business
company specializing
in
the insurance field. Proceeds
For debt repayment,
.working capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
management, investment

Feb.

in

class A

purposes.

general corporate purposes. Office—161 E. 42nd St., New
York. Underwriter—To be named. Note—This
registra¬

:77:\r/

stockholder.

—A

Avenue

Diversified Industries, Inc./
29, 1961 filed 200,000 common. Price—$3.50. BusB
ness—Company plans to acquire and operate concerns
engaged in diversified business activities. Proceeds—For

1962 filed 250,000 common, of which 125,000
be offered by the company and 125,000
by a

to

and 212,500

corporate

By amend¬

—

and

industrial

of the
Americas, N. Y. Underwriter
Kidder,.
Peabody & Co., Inc. Offering—Expected in
May.

(4/23-27)
suboru.

general

colors

also

Dec. 14, 1961 filed
200,000 common. Price—$5. Business
—A holding
company in "shell homes" field. Proceeds—
For debt repayment and
general corporate purposes. Of¬
fice—128. W.
Broadway,

•

March .16,
.are

Proceeds—For

of

cosmetics;

Dec.

'

v

Inc.

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., Lps Angeles. Underwriter—D. E. Lieder-»
man & Co.,
Inc., N. Y. /
/A
: j /

Price—$4. Business
Theatrical distribution
and
co-production of foreign
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 &

1971

shares.

-

Industries,

and

Price

common.

drugs

•

18, 1961 filed $850,000 of 6te%

due

Chicago.

(5/7-11)

Jaylis

160,000

Business—Manufacture

food,

St., N. Y. Underwriter—Pacific Coast Securities Co.,

Oct.

.

1962 filed

ment.

San Francisco.

vending machines, and operation of industrial catering
facilities in the New. England area, and Brass Rail
restaurants in New York City./ Proceeds—For selling

St., Long Island City, N. Y. Underwriter—

Kohnstamm & Co., Inc.

Feb. 21

to

amend¬

Underwriter—Bear, Stearns & Co., N. Y.

(H.)

Aug.

Business—Sale of products through coin-operated

stockholders.-

26-32 Second

Globus, Inc.

Jayark Films Corp. (4/23-27)
24, 1961 filed 72,000 common, of which 50,000 are
be offered by the company and
22,000 o./ 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.

Proceeds—For

purposes.

(5/21-25) "

common.,

Underwriter—Shearson, Ham-

Co., N. Y.

•

Office—
Underwriter—Seymour Blauner
:
V\
'
'

Vending Co.
filed

1962

mill &

Price—$4.

manufacturing

pharmaceutical and medical instruments.

Island City, N. Y.

Long

,

shares.

55

Curtis

Co.,

N.

Y.

N. Y. Un¬

Note

—

This

withdrawn.

Lembo Corp.

Dec. 21. 1961 filed

100,000 common. Price—$3.50. Busi¬
ness—Manufactures steel re-inforced concrete utilities,
,

-v7.

.

,V v

.

...

Continued

on

page 56

56

The Commercial and Financial Chronicle

(1536)

Continued from page

Long

55

Feb.

sanitary structures, fallout shelters and
Proceeds—For
deot
repayment, sales

play sculptures.
promotion and

capital.
Office—145 W. 11th St., Huntington
Station, L. 1.. N. Y. Underwriter—Blank, Lieberman &

early May.

Inc.

Levine's,

Price—By amend¬
(max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling;
stockholders. Office — 89Q8 Ambassador Bow, Dallas.
19, 1962 filed 80,000 common.

March

March

bonds

Loral

1962 filed $1,000,000 of 6V2% first mortgage
due 1977 and 200,000 common to be offered in
14,

Feb.

and

sale

Riverside Ave.,
J. R. Williston &

Bedford, Mass. Underwriter

—

Fund, Inc. (4/2-6)
March 30, 1961 filed 951,799 shares of common stock.
Price—Net asset value plus a 7% selling commission.
Business—A
non-diversified,
open-end, management-

options.

Office—300 Main St., New

Distributor—Horizon

•

Proceeds—

26,

holders.
of

electrical

111. Underwriter

Nov. 29,

which

1961 filed 165,000

Business

—

Mac-Allan

Co., Inc. (5/28-31)
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬

Business—Manufacture

Feb.

•

(4/23-27)
common.

Manufacture

and

Price—By amend¬
sale

of

children's

clothing. Proceeds — For debt repayment and working
capital. Office—112 W. 34th St., N. Y. UnderwritersGlass & Ross, Inc. and Samson, Graber & Co., Inc., N. Y.

Littlefield, Adams & Co.
Dec.

28, 1961 filed 150,000

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,
N. J. Underwriter—Andresen & Co., N. Y.
•

Litton

Industries, Inc.
Jan. 8, 1962 filed $50,748,100 of 3%% con v. subord. de¬
bentures due 1987 being offered for subscription by
holders of outstanding common and securities converti¬
ble into common on the basis of $100 of debentures for
each

shares

10

held

of

record Mar. 23, with rights to
Price—At par. Business—Manu¬
systems and components, business
machines, commercial electronic equipment, nuclearpowered submarines and other vessels. Proceeds—For

expire

April

facture of

9,

tion

of costume

jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City ;
—

•

Macco

Realty Co. (4/9-13)
Dec. 21, 1961 filed $4,000,000 of conv. subord. debentures
due
1977;
also
150,000
common
shares.
Price—By
amendment.

Business—Construction and sale of homes.

Proceeds—For

(4/16-20)

common.

Madison

29, 1961 ("Reg. A") 150,000 common. Price—$2.
Business—Design and manufacture of automatic filling
equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry St.,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N. Y.

—

Inc.

(4/2-6)

machines and related

50,000

Office—1865 Miner St., Des Plaines,
Cruttenden, Podesta & Co., Chicago.

Ruffy Togs,

Inc.

MRM Co., Inc.

products for the electronic, automotive and
industries.
Proceeds—For
equipment, and

working capital.
Little

of

Films,

Nov.

by the company and 50,000 by stock¬

Price—By amendment.

various

ment.

(4/16-20)
100,000 common,

Inc.
filed

1962

be offered

to

142,500

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.

(4/16-20)
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.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
Littelfuse,

of which

filming

Lithoid, Inc.

are

Lunar

543

Nov. 22,

Jan.

common,

the company and 139,996 by stock¬

Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi

Britain, Conn.

Corp., N. Y.

Management

to be offered by

Price—By amendment (max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va.

secondary, income

appreciation and,

capital

is

Co., N. Y,

holders.

type investment company whose primary investment ob¬
derived from the sale of put and call

1962.

electronic

debt repayment and working capital.
Office—336 Foot¬
hill Rd., Beverly Hills, Calif.
Underwriters—Lehman

purposes.

debt repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,

Calif.

Underwriters—Kidder, Peabody & Co., N. Y. and
Mitchum, Jones & Templeton, Los Angeles.
Madway Main Line Homes,

Inc.

March 6, 1962 filed 50,000 common. Price
ment
(max. $10). Business—Production,
and
the

financing of manufactured
financing of credit sales of

—

By amend¬

sale,

erection

N. Y. Underwriter

Livingston Oil Co.

Ave., 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,

publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.
a

new

ers

on

the basis

shares held.

of $100 debenture

for each 34 common

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.,

Tulsa.

Underwriter—

Shearson, Hammill & Co., N. Y.
Lockfast Mfg. Co., Inc.
Jam 11, 1962 ("Reg. A") 85,000 common. Price — $3.50
Business—Manufacture of furniture hardware for sale
to furniture manufacturers. Proceeds—For debt
repay¬

ment,

steel

inventories

nad

plant

3006

expansion.

Office—

Boarman Ave., Baltimore. Underwriter—R
Investors Corp., Port Washington, N. Y.

Lockwood Grader
Feb.

&

D

Corp.

20, 1962 filed $900,000 of 6%

sinking fund deben¬

tures series B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and

repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general
corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb.




Feb.

Proceeds—For general corporate purposes. Office
—130 E. 40th St., N. Y. Underwriter—Darius
Inc., N. Y.

(4/27)

amendment.

facilities

new

and

Tenth

153-16

Corp.
95,000

~

shares. Price—By
expansion, acquisition of
other corporate purposes.
Office—
common

Proceeds—For

Whitestone, N. Y. Underwriters—f
(mgr.), Glass & Ross, Inc., and

Ave.,

Ross, Lyon & Co., Inc.
Globus, Inc., N. Y. C.
Martin

March

(L.

P.)

Maintenance

1962 filed

23,

be

to

are

100,000

common,

offered

Space

Lane,

Corp.,

Savannah.

Mastan Co., Inc. (5/7-11)
Feb. 9, 1962 filed $5,000,000 of
1977

5V2% senior notes due
170,000 common. Price—By amendment (max.
105%; Stock: $12). Business—A commercial and

and

Notes:

industrial finance company. Proceeds—For general cor¬
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
writer—New

York

A Masters,

Securities

Co.,

65

Broadway, N. Y.

Inc.

March 22, 1962 filed $1,500,000 of 6% conv. subord. de¬
bentures
due
1972; also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000

by

a

of

one

stockholder. The securities will be offered in units

$100

debenture and 10 common shares, except
$700,000 of debentures and 70,000 shares may
offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co.,
Inc., N. Y.
"
'
that up to

be

•

Masury-Young Co.

(4/2-6)
4, 1961 filed 100,000 common. Price—$6. Business-

Dec.

Manufactures
nance

commercial

products.

equipment,

and

other

industrial

and

Proceeds

—

For

floor

mainte¬

of

repayment

corporate

debt,

Office—76

purposes.

Roland

St., Boston.- Underwriter—Chace,^ Whiteside
Winslow, Inc., Boston.
•

Maul

Jan.
are

Bros.

Inc.

1962

filed

15,

&

(4/2-6)

100,000 common, of 1 which
to be offered by the company and 40,000 by

60,000
share¬

holders.
of

Price—By amendment. Business—Manufacture
component parts and accessory equipment for ma¬

chines used in

production of glass containers. Proceeds
debt
repayment, construction, equipment, and
working capital. Office—111 South 15th St., Millville,

—For

N.

J.

Underwriter

—

Kidder,

Peabody

&

Co., N.

Y.

McWood

Corp.
1962 filed $3,100,000

8,

of

6%

subordinated

con¬

vertible debentures due 1974 and 310,000 common to be
offered in 31,000 units, each consisting of $100 of deben¬

Business

Manchester

games.

Feb. 26, 1962 filed $6,359,900 of convertible sinking fund
debentures to be offered for subscription by stockhold¬

filed

1961

tures and 10 shares.

E.

—Production of educational and recreational devices and

(4/23)

Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬

—Shearson, Hammill & Co., N .Y.

Polarized

27,

Proceeds—For

the lives of all types of animals. Proceeds—To form'

Corp.

June

Office—315

subsidiaries. Office—26 Piatt St.,

Clark, Dodge & Co., Inc., N. Y.
Financial

expansion, machinery, and working cap¬
Underwriter—Arnold

Office—233 Broadway, N. Y.
& Co., Inc., N. Y.

Malkan

homes.

sure

Livestock

ital.

homes.

new

and

Proceeds—For

Feb.

Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business

Brothers

By-Products Corp. (4/30)
26, 1962 filed 90,000 common. Price—$5. Business
fishmeal and animal by-product proteins.

—Distributes

Underwriter—Johnson,

are

Lincoln

jective

Marine & Animal

Corp.
v
of which 20,000
by company and 80,000 by a stock¬
holder. Price—$5. Business—Cleaning and maintenance
of
buildings and the sale of janitorial supplies and
Proceeds—For debt repayment and work¬
equipment.
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.

Lucks, Inc.
Feb. 28, 1962 filed 282,496

Beane, N. Y.;

For investment.

•

Eaton &

repayment, working capital and expan¬

Office—Herman L. Bishins Bldg.,

New

By amend¬

Co., Inc., Washington, D. C. Offering—-

Imminent.

Toy Manufacturing Corp.
27, 1961 filed 120,000 common, of which 100,000 are
to be offered by the company and 20,000 by the stock¬
holders. Price—$5. Business—Design, manufacture and,
sale of toys and games. Proceeds—For equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,
N. Y. Underwriters—H. M. Frumkes & Co. and Batchker,

casual dresses. Pro¬

of women's

—

Lowell

(5/21)
Feb. 23,1962 filed 150,000 common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment (max. $12). Business—Design,
manufacture

capital.

writer—Terrio &

Marks

Price

Dec.

Lily Lynn, Inc.

sion.

Proceeds — For debt repayment and working
Office—610 W. 18th St., Hialeah, Fla. Under¬

systems.

(4/9-13)

common.

Business—Research, development and production
military products. Proceeds—For selling
Office—825 Bronx River Ave., N. Y. Un¬
derwriters—Lehman Brothers, Kidder, Peabody & Co.,
and Model, Roland & Co., N. Y.

working capital. Office—33 Court St.,
W. Brooks & Co., N, Y.

ceeds—For debt

Corp.

stockholders.

Auburn, Maine. Underwriter—P.
•

Electronics

1962 filed 56,225

electronic

of

per

provements and

28,

ment.

unit. Business—Conducting commercial panmutuel harness racing meets in Lewiston and Gorham,
Maine. Proceeds — For debt repayment, property im¬
$500

14, 1962 filed $35,000,000 of sinking fund deben¬
April 1, 1987. Proceeds — For repayment of

Design & Mfg. Corp.

Nov. 14, 1961 ("Reg. A") 55,000 common. Price—$4. Busi¬
ness— Manufacture of waste water filters and filtering

Jan.

(4/18)

loans, and construction. Office—301 South Harwood
St., Dallas. Underwriter—First Boston Corp., N. Y.

consisting of a $500 bond and 100 shares. Price—

units

common

due

tures

J r

Inc.

Raceways,

421,472

bank

Underwriter—Kidder, Peabody & Co., N. Y.
Lewiston-Gorham

Marie

Lighting Co.

filed

Lone Star Gas Co.

ment

March

1962

being offered for
subscription by stockholders on the basis of one new
share for each 20 held of record March 16, with rights
to expire 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.

working

Co., Inc., N. Y. Offering—In

Island

16.

Thursday, March 29, 1962

.

.

.

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.

Price—By amendment (max. $160).
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners.
—-

Proceeds—For debt repayment and working capital. Of¬
fice—Oil & Gas Building,

Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis. Offering—May.
•
Medex, Inc. (4/3)
Sept. 27, 1961 filed 110,000

common.
Price—By amend¬
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction,
inventory, research and working cap¬
ital. Office—1488 Grandview Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.

ment.

Medical
Oct

26,

Inc. /;■,
,
\filed 2,000,000 capital shares.

Fund,

1961

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. Price—$10.
—A
closed-end investment company which
become

open-end.

Proceeds—For

Business

plans

investment

in

to
the

medical

industry and capital growth situations. Office
St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
—677 Lafayette

Medical Video Corp.

Mandrel Industries, Inc.
Feb. 27, 1962 filed 303,900 common, of which 220,000 are
to be offered by the company and 83,900 by stockhold¬

Nov.

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—Dominmk &
Dominick, N. Y.

Proceeds—For

ers.

13,

filed 250,000

1961

ness—Manufacture

Studio

of

general

common.

medical

Price—$10.

electronic

corporate

Busi¬

equipment.

purposes.

O f f i

c e—

City, Calif. Underwriter—Financial Equity Corp.,

Los Angeles.

—

Maradel

Products, Inc.
1962 filed 335,000 common. Price—By amend¬
(max. $20). Business—Manufacture of toiletries

March 12,
ment
and

cosmetics.

ment and

Proceeds—For

acquisitions, debt

repayT

working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter — Hornblower & Weeks, N. Y.
Offering—Expected sometime in June.

•

Mercury Books, Inc.
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working
capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—Meade & Co., N. Y.
Feb.

Meteor
Oct.

31,

Business

Enterprises, Inc.
("Reg. A") 100,000

1961
—

igniters, etc.
eral

Manufacture

of

Proceeds—For debt

corporate

purposes.

common.

electric

Price—$3.

barbecue

repayment

Office—5356

motors,

and

Riverton

gen¬

Ave.,

,

Volume

North

195

Hollywood,

rence,

-Number

6146

.

The Commercial and Financial Chronicle

.

Calif./ Underwriter—-Kolb

Inc., Beverley Hills, Calif.

MetropolitansRealty Trust

/

.

&

•

Law-,

estate

investment

//

v

.

•

.

*

Retail sale

Midwest: Med
Investment Trust
Dec. 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 \vorking capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co.', Fort Wayne, Indr
;•
/
;
200,000

rate

D.

/

Motor

Oct.

Business — A real estate investment com¬
Proceeds—For investment and operating expenses.
Welton St., Denver. Underwriter—Boettcher & Co., Denver.

.

Proceeds—For

promotion, inventory and working
Office—1101 E. Tremont Ave., Bronx, N. Y,

capital.

Underwriters—H.
and Berman,

U#? Miller

M. Frumkes & Co., Abraham
Sterling & Vine Co., N. Y,,«

& Co.,

:

.fund

r

Corp* (4/9^13)
\
T
-20, 1961 ('.Reg. A") -100,600 capital shares. Price---

Business—Manufacture of
tronic components?/

;■*

switches and

its

N.

investment.

ProceedsFor general corporate

Valve

^

valve.;/ Proceeds—For purchase of the patent and

r

ductioh and-idevelopment Of; thev valve.
Office/— 5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co./'Phoenix, Ariz;/
'
Vr

,

-

1,

1992.

Proceeds—For

construction. Office-—2500

14th

debt' repayment

ment

-

•

share for

chines.

•

•

equipment,

capital. Office—101

a

new

product

and

Clifton Blvd., Clifton, N. J. Under¬

Molecular

Systems Corp. (4/16-20)
Dec.. 12, 1961 filed 140,000 common.
Price—$3.
—Production
of
polyethylene
materials ' of
grades. Proceeds — For equipment, research

Business
varying
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.'

of„

&

expansion

K

and

working
'

'

(

Co.

(4/9-13)

of which 60,000 are
90,000 by stockhold¬
Price—By amendment ($14 max.). Business—Manu¬
facture, sale or rental of girls' gym suits, academic caps
to

and

gowns, and choir robes.
ment and general corporate

Proceeds—For debt repay¬

purposes. Office—932 Dakin
St., Chicago. Underwriter—A. G. Becker & Co., Chicago.

Morse
Dec.

Electro

Products Corp.
(4/30)
29,. 1961 filed $1,250,000 of 6%% convertible sub¬

ordinated debentures

due March, 1977. Price — At
par.
Business—Operates retail stores selling sewing machines
and vacuum 'Cleaners. Proceeds —^ For
expansion and
,v-working. capitaL ^Office—122 W. 26th St.; N. Y. Under¬

writer—Standard

Securities Corp., N. Y. >'




and

hair

prepara¬

■/;*

"Z/•//.."V-V1

;?/■':

;

.

stores.

Proceeds—For

and

National

■

Family

Insurance

tional capital and

reserves. Office—2147 University Ave.,
Paul, Minn. Underwriter—None. Offering—Expect¬
ed in May.
/
•";//;/,/ l/..////■':

SL

.

•

National

Reinforced Plastics

Corp.
?;
18,000 common/ Price—$12.50.
Business
Production of reinforced plastic products.
Proceeds—For equipment, inventories and working cap¬
ital. Office—North Bedford St., Manchester, N. H. Un¬
derwriter—Eastern Investment Corp., Manchester, N. H.
Offering—Expected sometime in June.
v
X; :.'V /'■/ .;■ /,
28,

1962

(fReg;. A")

—

-

it

March

Office

insurance
—

130

company.

Alvarado,

Underwriter—To

be

Proceeds—For

N.

named.

E.

investment.

Albuquerque,

N.

M.

v

•

National Semiconductor Corp. (4/9-13)
.
May 11, 1961 filed 75,000 shares of.'capital/stocks Price.
—To be supplied by amendment. Business—The
design,

development, manufacture and sale of quality transistors
for

military and industrial use.
Proceeds — For new
equipment/plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
.

Corp.

(4/18)

March

1, 1962 ("Reg. A") 9,007 common to be offered
subscription by stockholders on a l-for-16 basis, with

for

Price—At-the-market.
electricity and electric
appliances. Proceeds—For debt repayment and construc¬
tion. Office—159 Thames St., Newport, R. I. Underwriter
Stone & Webster Securities Corp., N. Y.
expire April

rights to

12,

1962.

Business—Generation and sale of

Nigeria Chemical Corp.

(4/16-20)

7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and deiivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
Dec.

1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi:

//:

■

Newark Electronics

17, 1962 filed $2,000,000 of convertible subordinated
1982 and 110,000 class A shares. Price—
At par; Stock: By amendment. Business—
Distribution of electronic parts and equipment and elec¬
trical supplies. Proceeds — For general corporate pur¬
poses. Office—223 W. Madison St., Chicago. Underwriter
—H. M. Byllesby & Co., Chicago.
Newport Electric Corp.

•

,

health

R.)

cosmetics

Debentures:

capital.

Feb. 23, 1962 filed 150,000
common,
be offered by the company and

(E.

of

/ v
(.>•
Price —$3.

debt

New York

•

Ohio./Underwriter-

ers.

Moore

Laboratories, Inc. (4/17)
("Reg. A") 100,000 common.

Proceeds—For

early June.

new

one

National Security Life Insurance Co.
23, 1962 filed 100,000 common, of which 80,000
are/ to
be offered by company and 20,000 by stock¬
holders.
Price—$17.50. Business—A life, accident and

•

1961

eBusiness—Manufacture

;

for

Dec. 26,

Feb.

-

basis

offered

debt repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
^

,

writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y. ;

/

Proceeds—For

pansion

working

13,

debentures due

being

National

ated

1961

Proceeds—For

World

New

Jan.

Equipment & Plastics Corp. (4/16-20)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬

N
,

•

Washington, D. C.

,

Sts., Dayton,
Dillon, Read & Co., Inc., N. Y.

By amend¬

Dielectrics, Inc. (4/9-13)
filed 150,000 common, of which 135,000
are to be offered by the
company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of
high-tem¬
perature electronic and electrical insulation materials.
1,

(4/4)

repayment and general cor¬
porate purposes. Office—1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T; J. McDonald & Co., Inc.,

each 25 shares held of record Mar, 27, with
rights to expire April 11, 1962. Price—$100. Business—
Production, distribution and servicing of business ma¬

Molecular

Sept.

Service

Orleans, La. Underwriters — (Competitive).
bidders: 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^r-April 4. at - 2 Broadway, (28th
floor), New York City.••'>/;: • v".1 /

tions.

National

Cash Register Co.
21, 1962 filed 319,090 common
subscription by stockholders on the

petroleum products. Proceeds—For purchase of tugs and
barges and construction of docking facilities. Office—
2809 N. Main St., Fort Worth, Tex. Underwriter—Wil¬
/

Public

New

Nov.
-

'

Feb.

Office—Main

Co., Fort Worth, Tex.

St.;

(4/11)

Pearson, Murphy & Co., Inc., N. Y.

($2.50 estimated). Business—A motor carrier of

liam N. Edwards &

Orleans

Probable

State. Proceeds—General corporate purposes. Of¬
fice—9805 Fourth Ave., Brooklyn, N. Y. Underwriter-

Mississippi-Red River Transport Co.
—

New

York

and

St., Gulf port, Miss. Un¬

Jan. 22, 1962 filed 200,000 common. Price

aebt

ana

-

,

derwriters—(Competitive). Probable bidders: Eastman
Dillon, Union Securities & Cd.-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.

.

constructor

Testing Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common. Price—$5. BusinessAnalyzing and testing of electronic, chemical and other
Narrows Premium Corp. (4/16-26)
materials.
Proceeds—For plant
relocation, equipment,
Septv 25; 1961 filed 100,000 common. Price—$4? Business
and working capital. Office—47 West St., N. Y. Under¬
•^-Financing of casualty insurance; premiums in New ;/
writer—Robbins, Clark & Co., Inc., N. Y. Offering—In

M.-ssissippi-Power Co.r (4/A2)
:
. ,
*
"
March 16,/1962 filed $6,000,000 of first mortgage bonds
April

Proceeds—For

Feb. 20, 1962 filed $8,000,000 of first mortgage bonds due
1992. Proceeds—For construction. Office—317 Barrone

struction, equipment, and working -capital. Office—124
S.V'18th Sty Philadelphia.
Underwriter—Suplee, Yeatmmi, Mosley Co?, Philadelphia?
*.,.
./

:

.

due

boilers.

water

Hope Academy of the Arts, Inc.
1962 filed 150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
and young adults. Proceeds—For general corporate pur¬
poses.
Office—152 Whitemarsh Rd., Philadelphia. Un¬
derwriter—Mayo & Co., Philadelphia.

«^A

pro-

1977

New

Jan. 24, 1962 filed 100,000 common. Price—$5. 'Business
theatrical holding company.
Proceeds—For con¬

Corp.

Nov. 24, 1861 ("Reg. A") 300,000 common..Frice — $1.
Business —Production and sale of new type butterfly

Co., Inc.

filed

due

Jan. 17,

sub-divisions.

Sponsor—Ira Haupt & Co, 111 Broadway,
■-V•./"
■' -*■ i1-" ?

1961

repayment. Office—235 N. 9th St., Lincoln, Nebr. Under¬
writer—First Nebraska Securities Corp., Lincoln. /

—

N;fY.-"C;/;f'ijp%pose£. M(Wfice^fj400JMjll - Greek Rd., Gladwyne, Pa/
UnderwritefeSeymour < Blauner Co., N. Y. i i
,; Z/; Music - Fair
Enterprises, Inc.
Missile

hot

Sponsors-Ira Haupt & Co.,
C. / v -' ,'
" \

Y.

29,

bonds

$400,000 of first mortgage sinking
(with warrants) and 15,000 shares
of 6% series A convertible preferred (par $10). Price—
At par. Business—Design and manufacture of steam and

First Pa.

political

(5/7-11)

of

fund

investment;

Broadway,

selling stock¬

■

Bowling Corp.

Nebraska Boiler

fund' will invest in tax-exempt bonds of states, counties, '/
municipalities and territories of the U. S. Proceeds-*-For

elec-

other

111

and

/

?

—

Office—Elizabeth, N. J.
Underwriter—HornWeeks, N. Y. Offering—Expected sometime in
//:. V-i/.V■/

Dec.

invest in tax-exempt bonds of the Common-

of Pennsylvania

<

.

bowling centers. Proceeds—For a realty acqui¬
Office — 11 Commerce St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia.

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

Milli-Switch
Dee.

.

will

weaith

Proceeds—For

/

By amend¬
(max. $11). Business—Company rents and launders

ation

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The

18,

,t

-

Investment Trust Fund,
(4/2-6)

Co., San Francisco.

sition and working capital.

distribution

Series

Hat

sporting centers.

Oct. 19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment/ Business—The oper¬

electronic

Municipal

Co.; Inc. (4/2-6) /
1961. filed 126,000 common, of which 100,000
will be sold by the .company and 26,000 by certain stocks
holders. Price—By amendment, Business—Manufacture
of men's and boy's hats. Proceeds — For purchase of a
building, plant equipment, and working capital. Address
—2700 Canton St., Dallas. Underwriter—Eppler, Guerin
& .Turner, Inc., Dallas.
5
(
/ Dec.

Brothers

Securities

Work-Clothes Rental

Nationwide

automobile parts.

engineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St, N. W,
Washington, D. C. Underwriter — Switzer & Co, Inc.,
Silver Spring, Md.
/J''-///.;.;

sales

at

inventory, advertising and working capi¬
Lexington Ave., N.. Y. Underwriter-

March 6, 1962 filed 500,000 common. Price

By

—

Business—Production of electronic parts and components
and the furnishing of consulting services in the radio-

Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—-Distribution of dry cleaning and laundry equipment.

Coast

National

June.

Price

Jan. 5, 1962

..

V

(4/9-13)

A shares.

Multronics, Inc. (4/9-13)
("Reg. A") 100,000 capital shares. Price—$3.

Office—1630

of

brokers

blower &

of radios, television sets and
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.

other

Price—$10.

Corp.

Pacific

holders.

Electronics Co.,

—Wholesale

Mortgage Investors
26, 1962 filed 500,000 shares of beneficial interests.

Mil National

Inc.

120,000 class

Corp. (5/7-11)
Price—By amend¬
coin-operated insur¬

common.

work clothes and uniforms. Proceeds—For

Inc.
Jan. 16, 1962 filed 140,000 common. Price—$3.50. Business

N./W., Washington,
Underwriters, Inc.
ry.

...

Industries,

filed

Mountain

pany.

"

Parts

1961

30,

Insurance

Office—420

ment

Proceeds — For debt repayment and working capital.
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
derwriter—Street & Co, Inc, N. Y. ///•:/

Midwestern
Feb.

/

Ski

vending machines to

tal.

Office—320 Park Ave., N. Y.

amendment. Business—Distribution of

St.,

Underwriter—Affiliated

selling stockholders.

Vended

1961 filed 550,000

Business—Distribution

Proceeds—For

Underwriter—Blyth & Co., Inc., N. Y. V

Price—$2. Busi¬
the commercial fi¬

Office—1730 K

purposes.

ance

Price—By amend*;
ment (max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. -Proceeds

plans to engage/ in
and factoring business. Proceeds—General corpo-

C.

debt

-

: —For

30,

ment.

:/■/'/

common.

ness— Company

nance

National
Oct.

March 23,-1962 filed 260,000 common.

Midwestern Investment Corp.

filed

inventory, debt repayment and
capital. Office—718 Atlantic Ave., Brooklyn,
N. Y. Underwriter—Ezra Kureen Co., N. Y.

• Mosler Safe Co.

V-# ?

Proceeds—For

working

Shoe

of popular priced shoes. Proceeds—For

be

systems.

repayment and working capital. Office—558 Pleasant St.;
New Bedford, Mass. Underwriter—Dean Witter & Co..
■N. Y.
'
:v:

v

1961

Tele-Systems, Inc.
27, 1962 filed 82,000 common, of which 65,000 are
offered by company and 17,000
by stockholders.
Price—$3. Business—Manufacture of closed circuit TV

/• to

Stores, inc. (5/28-6/1)
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—

Corp.
//"/•'
Feb. 13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture,, sale and operation of vending ma¬
chines, Proceeds—For debt repayment, inventories "and
general corporate purposes. Office—6425 Oxford St., St.Louis Park, Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.-.

16,

National

selling stockholders/ Office—1047 Com¬
Ave., Boston. Underwriters — Blyth & Co.,
Brothers, N. Y.
'
'
;

Morton's

57

Feb.

Inc. and Lehman

..Micro-Dine

v

"

Proceeds—For

monwealth

trust.

'Proceeds—For general corporate purposes. Office-r-1700
K St., N. W;j Washington, IX C. Underwriter—Eisele &

Oct.

(4/5)

26, 1962 filed 630,000 common. Price—By amend¬
ment. Business—Retail sale of popular-priced foot wear.

(5/7-11)

King, Libaire, Stout & Co:, N. Y;

Inc.

Jan.

•

Dee. 20, 1961 filed 1,000,000 shares of beneficial interest.

Price—-$6.50. EBusiness—A real

Morse Shoe,

(1537)

equipment,

debt

repayment, and working capital. Of¬
Newark, N. J. Underwriter—Scott,

fice—1060 Broad St.,

Harvey & Co., Inc., Fairlawn, N. J.
•

Norda

March

Essential

20,

Oil

&

-

Chemical

1962 filed 200,000 class A

Co.,

Inc.

shares. Price—By

amendment (max. $15). Business—Manufacture, process¬

synthetic essential
etc., to food and drug industries.
repayment, working capital and
other corporate purposes. Office-—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—June.

ing

distribution of natural and

and

oils, flavor, essences,
Proceeds

North

—

For

debt

Atlantic

(4/16-20)
of which 120.000
by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision electronic instruments. Proceeds—Repayment of
Industries, Inc.

Sept. 26, 1961 filed 131,500 common,
will be sold by the company and 11,500

debt, new product development, inventory and working
capital. • Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton & Co.. Inc., N. Y.
Northern

Indiana Public Service Co.

(4/10)

March

6, 1962 filed $20,000,000 of first mortgage bonds
series L due 1992. Proceeds—For working capital. Office
—5265

Holman

Ave.,

Hammond,

Ind.

Underwriters—

Continued

on

page

58

53

Continued

The Commercial and Financial Chronicle

(1538)

from

57

page

a

-

'

(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,

Nov.

Wood

Products Corp..

29, 1961 filed 78,000 common. Price—$5. Business

—Manufacture of

appliances.

kitchen

wooden

Proceeds

cabinets

related"

and

expansion, /
and working capital. Office—201-221 Godwin Ave., Paterson, N. J, Underwriter—United Planning Corp., New¬
ark, N. J.
'•""''■V ' '/!■ ,'7 • :.. '■>
''*■
'' 77
•

Northwestern

—

For debt repayment,

Glass Co.

(4/2-6)-

Jan.

24, 1962 filed 95,000 common, of which
be offered by the company and 35,000 by

to

60,000 are
stockhold¬

"Price—By amendment. B u s i n e s s—Manufacture,
warehousing and distribution of a diversified line of
glass containers. Proceeds—For debt repayment, plant

ers.

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¬
tional interests in the Fund. Price — By amendment.
Business—The Fund will invest in interest bearing obli¬

gations

of

states, counties and municipalities
S., and political subdivisions thereof which

U.

of
are

the
be¬

lieved to be exempted from Federal income taxes. Pro¬
investment. Office—Chicago, 111. Sponsor—

ceeds—For

John Nuveen

&

Co., 135 So. La Salle

St., Chicago.

Nuveen

Tax-Exempt Bond Fund, Series 4
filed $15,000,000 of units representing
fractional interests in the Fund* Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
Oct.

17,

and

1961

political

subdivisions

thereof

which

are

believed

to

be exempted from Federal income taxes. Proceeds—
For
investment.
Office—Chicago, 111. Sponsor—John

Nuveen & Co., 135 So, La Salle St., Chicago.
Ohio

March

Oil Co.

6,

Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Lehman Brothers; Eastman Dillon,
Securities & Co.; Blyth & Co.-White, Weld &
Co.
(jointly). Bids—Expected April 11 (11 a.m. EST).
Information Meeting—April 2 (3:30 p.m.) at 2 Rector

Plasto-O-Tron,

Inc.
26, 1962 ("Reg. A") 84,666 common.
Price—$3.Business—Design and manufacture of vacuum thermofprming machinery for production, of plastic packaging,
/materials. Proceeds—For inventory, equipment, expan-:
Jan.

St., N. Y.
Land

Development Corp.

Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000. common shares to be,

sion and working capital. Office—60 Park PL, Newark,*
units, each consisting of $100 of debentures:
N. J. Underwriter—Armstrong & Co., N. Y.
shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
Plymouth Discount Corp.
\
7
working capital. Office — 9412 Wilshire Blvd., Beverly
Aug. 28, 1961 ("Reg. A") 100,000 common. Price-^$3*Hills, Calif. Underwrite* — Morris Cohon & Co., N. Y. ^Business—Consumer sales financing. Proceeds—For re¬
Note—This company was formerly named Westates Land
payment of notes and working capital. Office — 221L
Church Ave., Brooklyn, N. Y. Underwriter—M. Posey
Development Corp. Offering—Expected in May.
Associates, Ltd., 50 Broadway, N. Y.
77.
7
Pal-Playwell Inc. (4/17)....
in

offered

and 20

common

,

Nov. 28, 1961 filed 100*000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
7'V,* V 7.7.777 ■
7V •„ J;
•

H

Parker

Finance

Corp., N. Y.

hydraulic, pneumatic and mechanical equipment,
marine, aircraft, ordnance and industrial use. Pro¬
ceeds—For acquisition of a company and working cap¬
ital.

Spring,

77th

St., Cleveland. Underwriter—

;/■/.

7 77 77 77'7v/■■/•.,:7

/'•

•

77/77/;7

Policy-Matic Affiliates, Inc. (4/25)
16, 1961 filed 200,000 capital shares. Price—$3.25.1
Business—Leasing of insurance vending machines, Pro-,
Oct.

Corp.

Underwriter—D.

Md.

E.

ton.:/.

1961 filed 135,000 common. Price—$6. Business
—Financing of commercial accounts receivable. ; Pro¬
ceeds—For debt repayment.
Office—8650, Cameron St.,

Co., Inc., N. Y. Offering—Imminent.
•

Office—3781

Hemphill, Noyes & Co., N. Y. and Estabrook & Co.* Bos¬

Oct 27,

Silver

(4/2-6)
<
22, 1961 filed 150,008 common, of which 100,000 are.
to be offered by the company and 50,000 by stockholders..
Price—By amendment. Business—Manufacture of pre¬
cision

Realty & Development Corp. 77
March 12, 1962 filed 400,000 class A stock.
Price—$10.
Business—A real estate holding and development com¬
pany. Proceeds—For general corporate purposes. Office
—70 N. Main St., Freeport, L. I., N. Y. Underwriter—
Securities

Fneumo Dynamics Corp.

for

PanAm

Underhill

,

Dec.

;v

/

^

/.

ceeds—General corporate purposes. Office—1001 15th St./
W., Washington,-D. C.. Underwriter—Balogh* & Con¬

N.

&

E. Liederman

,

.

ine., Washington, D. C.,

/....

7

...

-

v

.

Precision

Automotive Components Co. 7 7- 77.
Dec. 28, 1961 filed 100,000 common. Price—By amende
ment,/ Business—Manufacture of j carburetor' replacement

/

Parkway Laboratories,

Inc. (5/21) 7777' /'777.
160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
parts.
Proceeds — For-debt repayment, retirement of
v-For an acquisition, research and other corporate pur¬ / 6% pfd., and working capital.
Address — Ballwin, Mo.>
poses. Office — 2301 Pennsylvania Ave., Philadelphia. 7 Underwriter—G. H^; Walker &< Co., lnc., N.~ Y. 7:- '. / / <:
Underwriter—Arnold Malkan & Co., Inc., N.
•
• :
7'7 Precision Instrument-©o^CA/SI-'•<Dec.

-

6, 1961 filed

Development, Inc*
15, 1962 filed 150,000 common* Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For general corporate purposes.

Dec; 28, 1961. filed 125,000 capital shares of which
111,000
are to be offered
by the company and 14*000 by stock¬

,

Feb.

1962 filed $90,000,000 of sinking fund deben1987. Price—By amendment. Business—Pro¬
general corporate
Office—539 S. Main St., Findley, Ohio. Under¬

.

„

Feb.

Union

Patent Research &

(4/4)

Inc.
'
7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a; plastic protectivecoating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor-«
porate purposes. Office—507 Fifth Ave., N. Y. Under-,
writer—Arden Perin & Co., N. Y.
< -

Power & Light Co. (4/11)
27, 1962 filed $35,000,000 of first mortgage bonds
due 1992. Office—920 S. W. Sixth Ave., Portland, Ore.

Pacific Westates

Northern

Plasticon Chemicals,

Pacific

Feb.

Chicago.

1962.

Thursday, March 29,

...

-

holders.

duction of oil and gas. Proceeds—For

Office—35 Third Ave.,

Price—By amendments Business—Development
magnetic tape re¬
cording. equipment. Proceeds—For debt repayment,- con¬

purposes.

—Louis R.

struction and

tures

due

Long Branch, N. JV Underwriter
Dreyling & Co., Inc., New Brunswick,7N. J.

writers—First Boston Gorp«. and Lehman Brothers, N. Y.

Operations Research, Inc.
v
,
Feb. 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.
Proceeds—For debt repayment and working capital. Of¬
fice—8605 Cameron St., Silver Spring, Md. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
Offering—Expected in June.

ic Peerless Radio Corp.
March 22, 1962 filed 120,000
are

be

to

and

offered

holders. Price

common,

working capital. Office—1011 CommercialSt., San Carlos, Calif. r U«iderwrite»s«M-Lehman Brothers,
N. Y. and J. Barth & Co., San Francisco.,
,; 7
777

of which 100,000

>

by the company and 20,000 by stocks

repayment, inventory and. working capital.
St., Lynbrook, N. Y. Underwriter—
Kordan & Co,,- N. Y.
/
7V ;7V .V/!

used

Proceeds—For

and

in

optical

electronics.

working »capital.

Proceeds—For

Office—246

equipment

Main

St., Chatham,
N. J. Underwriters—Stone, Ackerman &
Co., Inc., and
Heritage Equity Corp., N. Y.
•*.
«'
•
.

Orion

*

Aug. 28,

Electronics

1961

ness—The

filed

Corp.

100,000

(4/16-20)
Price—$3.50.

common.

Busi¬

manufacture of precision electronic

sub-sys¬
tems for the generation/detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D„ Gilhart & Co.,
Inc., N. Y. C.
Orlando

Paper Corp. (4/17)
11, 1961 ("Reg. A") 80,000 common. Price—$2.50
Business—Manufacturer of miscellaneous paper products.
Oct.

Proceeds—For

debt

repayment

and

general

corporate

Office—Oceanside, L. I., N. Y. Underwriters—
& Executive Planning Corp., Long Beach,

purposes.

March

9,

bonds

due

1962 filed $10,000,000 of s. f. external loan
April 1, 1977. Price—By amendment. Pro¬
ceeds—For the City's Loan Fund to be advanced from

time to time to certain

municipal enterprises for capital
expenditures.
Underwriters—Kuhn, Loeb & Co.- Inc.;
Harriman Ripley & Co., Inc.; Lazard Freres &
Co., and
Smith, Barney & Co., Inc., N. Y,
;
1
Oxford
Nov. 28,

Finance

common.

Price—$5. Business

—A finance company. Proceeds—For

expansion and debt
repayment. Office—6701 N. Broad St., Philadelphia. Un¬
derwriter—Blair & Co., Inc., N. Y. Offering—Imminent.
•

P-G

Products

Manufacturing Co.,

Inc.

March

13, 1962 ("Reg. A") 100,000 common. Price—$3.
Business-^Manufacture and distribution of replacement
parts for home appliances. Proceeds—For debt
ment.
Kahn
and

repay¬

Office—230
&

Peck,

E.

Cohn

162nd
&

Co.

St..
and

N.

Y.

Ross

Underwriters—
&

Hirsch, N. Y.
Robinson-Humphrey Co., Inc., Atlanta, Ga.

Pacific

Power & Light Co. (4/5)
27, 1962 filed 672,299 common to be offered for
subscription by stockholders on the basis of one now
Feb.

share for each 20 held of record Mar.
26 with

expire May 1. Price—By amendment
ceeds—For

debt

920

Sixth

S.

W.

repayment

Ave.,

and

Portland,

rights to
(max. $30). Pro¬

construction.

Ore.

Office—

Underwriters—

(Competitive). Probable bidders: Ladenburg, Thali *n
& 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




investment.

dress)..'./
v

-

.

St., N. Y.

&

Co., Inc.

r

*

working

—

For

capital.

the

7

-

.

v.;

.-/,

Business—A real estate investment trust.

investment.
D.

C.

Office—1613

Eye

St.,

Underwriter—Sidney Z.

Washington, D. C.

/ •"

.

Pictronics Corp.

' v7:.
common.

■

ment.

x

7

—D.
•

of

:

r

8%—10

year

Pioneer

tion

of

six

Co., N, Y.

"7 :

Price—By
restaurants

amendment.. Business—Opera¬
in

Sacramento.

7.-

(4/3)

7 \ 7 7:'77

7

28,

1961 filed 454,OuO common:/ Price—By amend¬
Business—Printing of t^ade and business periodif

•

Producers Cotton Oil Co.' (4/9-13)
18. 1962 filed 200.000 common. Price—By

amend¬

•

Business—Growing cotton, operating cotton gins,
processing cottonseed and selling raw cotton and cottonseed products. Proceeds—For expansion. Office—£907 S.
Maple Ave., Fresno, Calif. Underwriters—-Kidder, Peabody & Co., N. Y. and Deain Witter, San Fr-ancisco.
7
Product Research of Rhode

(4/23-277 7

.

Island, Inc.
''7:... "-r7.\

-/
-•

•,

July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture of vinyl plastic products
—

in/the

used

automotive,

marine

and

household

fields.

repayment of debt, new-equipment and
working capital. Office —184 Woonasquatucket Avenue,
Proceeds—For

North

Providence, R. I. Underwriter—Investment Plan¬
ning Group, East Orange, N. J.
• v
v
-7
.
.
7
-Prom
Feb.

Motor

Hotel,

Inc.

19, 1962 filed 50,000 class A common. Price

amendment (max. $10). Business

Restaurants, Inc.

Dec. 21, 1961 filed
125,000 common, of which 75,000 are
to be offered
by the company and 50,000 by a selling

stockholder.

&

,

For

working capital.
Office—34th St., and 22nd
Ave., North, St. Petersburg,
Fla. Underwriter—None.
—

Pro¬

—Goldman, Sachs & Coit N. Y:

•

exchanging 41,000 class A shares
share for unit
representing the nearest multiple of $100. Price— At
par. Business—Manufacture of concrete
pipe, blocks and
Proceeds

firm.

ment.

for the debentures at the rate of
$7.04 per

cement.

Price—By amend¬

investment

estate

Jan.

callable debentures to be offered to holders of the class
A stock (other than those who also own
class B). Offer
will include privilege of

ready-mix

share each.

cals and textbooks by lithography. Proceeds—For selling
stockholders. Office—71 W. 35th St., N. Y. Underwriter

-

$295,000

S.

property

H. Blair

ment.

/

-

one

real

Printing Corp. of America

Dec.

Price—$5. Business

& Co., Inc., N. Y.

180

—^

acquisitions and working capital,
Office—66 Hawlev St.. Binghamton, N. Y. Underwrite*

7

of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th
St., N. Y.

• Pinellas Industries, Inc.
March 16,
1962 ("Reg. A")

Business—A

ceeds—For

—Manufacture

Underwriter—Bayes, Rose

Office

Primex Equities Corp.

be offered in units of

Proceeds--For

-

subsidiaries.

(5/7-11)
27, 1961 filed 400,000 shares of 60c cumulative con¬
vertible preferred, and 400,000 of class A common, to

--v/.:>

"77

in

■

•

N.

-

of stock

Nov.

W., Washington,
Mensh Securities Co.,

.

purchase

Prestige Capital'Corp77'
77;/7Z7:77\7V ■■ 7-*
19, 1961 filed 200,000 common. Price—$5. Business
small business investment company/: Proceeds—For
investment. Office—485 Fifth Ave., N. Y. Underwriter
—To be named.
•
: 7/-' • ' 7.
'77'
--.7 : "•'

(max. $20).

Offering—Expected in late May.

-7

—A

,

Perpetual Investment Trust
Nov. 9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.

77

•

tribution of

N. Y.

*7

Oct.

:

common.
Price—By amend¬
Business—Photofinishing and the dis¬
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders.
Office—4747 N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,

ment

T

Broadway, White Plains; N. Y.; Underwriter—Burnham
& Co,, N. Y,
■■ .-7 7/
7/. • .:-7777'": -7 / 7 • 7.\.77-i

v.

Fund Bldg., Philadelphia.- Underwriters—Stroud &
Co.,
Inc., Philadelphia, and Walston & Co., N. Y.
:
.

:

Realty Corp. (4/9-13) •
7
29, 1962 filed 250,000 class B common. Price—By
amendment. Business—Acquisition and development of
real estate projects. Proceeds—For debt repayment and

repayment and acquisition and
Address — 2220 Philadelphia Saving

Inc.
154,800

7

Presidential

debt

Perfect Photo,
Feb. 14, 1962 filed

Alstyne, Noel & Co., N. Y7

'

Feb. 21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.

Proceeds

repayment and working capital. Office
New Broad St., Port Chester, N. Y. Underwriter-

Jan.

.7.77''

Pennsylvania Real Estate Investment Trust

V;7T

Van

(same ad¬

"7/.

'

ceeds—For debt

Business—A mutual fund.
Office—60 "Wall St., N. Y.

V;\7/' 7',7v V-

/Jan.. 18, 1962 filed 80,000

Cos., Inc.

1961 filed 200,000

$10,929).

Underwriter—Sackville-Pickard

Professional

N. Y., and E. J. Roberts & Co., East
Orange, N. J.
Oslo
(City of), Norway (4/3)

(max.

(4/16-20).-

—33

ic Pennsylvania Mutual Fund, Inc..'
March 21, 1962 filed 1,000,000 capital shares/Price—By
amendment

Corp.

75,000
are to be offered by the
company and 75,000 by stock¬
holders. Price—By amendment (max. $12). Business—Design and manufacture of microwave components. Pro¬

Wilbur

Optech, Inc. (4/16-20)
Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials

Microwave

Feb7287rlt6ZilYlMd,l50,000"Common/r76f-;rwhich

—

debt

Office—19

-Premier

.

$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds

—For

manufacture' ofinstrumentation

Proceeds—For

expansion, debt repayment and working capital. Office
—1626 J St.,
Sacramento.Underwriter—Stewart, TEu-?
banks, My erson & Co., San Francisco.

operates
—6th

a

and

—

—

By

Company^owhs and

motor hotel. Proceeds—For expansion. Office
Main

Sts., Kansas City,-Mo.

Underwriter—

Barret, Fitch, North & Co., Inc.; Kansas City.

—

.

-

Prosper-Way, Inc.'v
7' 7 1
Feb. 7, 1962 filed 85,500 common. - Price^—$3. - Business
—Development and promotion of "one stop dry cleaning
land laundry" 'establishments; £tnd the sale and main¬
tenance of dry cleaning and laundry equipment. Pro•

Volume

195

Number

6146

.

.The Commercial and
Financial Chronicle

.

V

(1539)
ceeds—For real estate, sales
promotion, acquisitions, and
working capital. Office—2484 W. Washington
Blvd., Los

the

repayment

Angeles, Calif, Underwriters—Crosse & Co.,
Inc., V. S.
Wickett & Co., Inc. and
Thomas, Williams & Lee, Inc

★ Public Loan Co., Inc.
Mar. 28, 1962 filed 170,000
ment:

and

electronic

working

fields.

capital.

Proceeds—For debt
Office—455 W. Main

Rucker Co.

loan

small

general corporate

purposes.

ha'mton, N. Y. Underwriter—A.

G.

offices; Pro¬
Office —Bing-

Becker

&

Chicago.

vestment.

,

Co./ Inc.,

Columbus, Ohio.

San

Un¬

general

Rico.

corporate

Underwriter—Hill, Darlington

&

Grimm,3 N.

■

;

;

•

•

v

.*

Salro

Corp*//:;;;^%/y:':■'.'-•;■ *.

—A real estate

•

Puerto Rico Land and
Nov. 24, 1961 filed

.

:

.

.

/iiQuaker City■ lndus>tnes,flnc.n

:

Nov.

Rising's Inc.
Jan.

28^1961 filed 87,500 common. Price—$4. Business
—Designj and manufacture; of metab cabinets, boxes,
boilec^-and

radiator

ment and

—

>

-

Price—$1.-

.

Biisiriess-rOEtebuilding

—Sale

arid recoriditionirig of * automotive
brake shoes.. Proceeds—For
general corporate

.

Oct. 30, 1961 filed 40,000
—Manufacture of radio

-

Roadcraft

Price—$5. Business
frequency interference filters

Dec.

/

Price—$6. Business
receiving tubes,; television-

and

(4/23-27)
400,000 common.

■

•

V;

15,

Plastic

Corp.

(5/7-11)

N.
jl.

Engineering

March 19,; 1962

Inc

Co.," Inc.,

Proceeds—For

debt

and
and

—

corporate purposes.

Ala.' Underwriter—None.

★ Regal-Meadows,

V V

-

V

Proceeds—For

stores

22,

for

Inc.

1962 filed

the

sale

of

goods.,* Proceeds—For
other

corporate

men's

debt

wearing

apparel

repayment,

and

inventory,

and

purposes.

("Reg. A")

replacement parts,

80,000
distribution

common.

of

air-conditioners,

offered

Specialty

Co.,

manufacture

Price—$3.75.

regulating and




control

devices

used

in

(Henry), Inc.*

:

March 23,
ment

1962 filed 120,000 common. Price—By amend¬
(max. $10). Business—Design, manufacture and

sale of women's

dresses.

Proceeds—For

a
selling stock¬
Ave., N. Y. Underwriter—
Associates,, Inc., N. Y.

Seventh

—

—

film.

Stonehill &

For equipment and
working capital..
Ave., N. Y. Underwriter
Federman,
Co., N. Y.
■
;
;
;

7th

—

.

Ruby Silver/Mines,
Jam 2, 1962 ("Reg. A")
-

,

Inc.

2,400,000 common. Price—12%
cents:Business—Exploration and development of mineral
deposits.-Proceeds—For debt repayment and general

-corporate

purposes.

Address—Box

Underwriter—Pennaluna

&

Proceeds

For

—

in

air¬

expansion.

Route

Rubber

130, Pennsauken, N. J. Undcr& Co., N. Y. Offering—June.

Co.

26, 1962 filed 240,000 class A common. Price
By
(max. $17). Business—Manufacture of tires
Proceeds—For selling stockholders;■•Office—

1088, Wallace, Idaho,
Co., Spokane, Wash.

&

School

:

Feb.

Union

Aves.,

Baltimore.

(Jos.)

Underwriter—

:

Brewing Co.

::.

/

>

7,

»;

>

-

Pictures, Inc.

1962

filed

60,000

and

common

common, of which 41,864 common
the company; the entire class A
will be offered by stockholders.

are

40,000 class A
be offered by;
18,136 common

to

and

Price—By amendment
($35 max.). Business*—1Company
develops,, prints, and
finishes "school pictures." Proceeds
For, plant and
equipment, acquisitions, and working capital. Office—
—

1610

N.

Mill

St., Jackson,. Miss. Underwriters—Equi¬
Securities Corp., Nashville, and
Kroeze, McLarty
Duddleston, Jackson, Miss.

table
&

Scripps-Howard Broadcasting Co.

(5/21-25)

March 20, 1962 filed
375,000 common. Price—By amend¬
ment (max. $20).
Business—Company owns and oper¬
ates TV, radio and FM
broadcasting stations. Proceeds
—For selling stockholders. Office—1121
Union Central

Bldg., Cincinnati. Underwriter—First
•

Seashore Food

Boston

food

Corp., N. Y.

Products, Inc. (5/7-11)

Aug. 29, 1961 ("Reg. A") 75,000 common.
Business—The manufacturing and

Price

—

$4.

processing of assorted

products.

Office—13480

Cairo Lane, Opa
Locka,
Fla. Underwriters—Terrio &
Co., Washington, D. C.

Season-All

Proceeds

Office—245

are

by the company and 25,000
by Electronic
parent. Price—$5.
Business—Design and

of

it Rosenfeld

systems.

used

tubes.

Schlitz

&

Royaltone Photo Corp. (4/18)
29> 1961 filed 300,000 common, of which 100,000
to be offered by the
company and 200,000 by stock¬
holders.
Price
By amendment.
Business
Develops
and
prints color, and black and white
photographic

.

be

and

Nov.

automobile radios,
etc/ Proceeds—For

50,000

St.

are

inventories, research and development and
working
capital.' Office—46-25 58th St., Woodside
77, N. Y. Un¬
derwriter—General Securities Co.,
Inc., N. Y.
;
Regulators, Inc.
Jan. 29/ 1862 filed
'75,000 common, of which
to

Office—Fox

S.

Robert Garrett & Sons, Baltimore.

•

.

Business—Wholesale

repayment.

Ave., Philadelphia. Underwriters—Burnham
Co., and Zuckerman, Smith & Co., N. Y.

holder.: Office—498
Robert A. Martin

hard

Office—^11. Stanley St., New
Britaiiij C.onn;
Underwriter—Hayden, Stone & Co,/ N.. Y.
•
Rego Radio & Electronics
Corp. (4/16-2D)
March 1, 1962
.

debt

Roberts

V

(4/23)'
'";?v"{'1.
145,000 common,' of which 100,000
are to be offered
by the company and 45,000
by stock¬
holders.- Price—By
amendment - (max. - $11). Business—
Operation, of leased departments in discount
department
March

v

Address—Birming¬

U.

•a—

indicating,

controlling devices

March 2, 1962 filed 347,543 common. Price —
By amend¬
ment
(max. $35)l Business—Brewing of "Schlitz" and
"Old Milwaukee" beers. Proceeds—For
selling stock¬
holders. Office—235 W. Galena
St., Milwaukee/ Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In May.

■

circuits.

testing and
missile

L Railroad

85,7C0 common. Price—$3.50.
and production of equipment for testand

100,000

—

("Reg.'A")

ing computer devices

of which

amendment

Price—$5./Business

Y,
Rose

and

Schenuit

and

baby products and
Proceeds—For debt repayment and /
purposes.
Office—1517 Jarrett Place,
&

150,000 common,

„

other plastic items.
other corporate

Bronx, N. Y/Underwriter—Arnold Malkan

1962 filed

writer—Bear, Stearns

-

common.

13,
be

Address

Feb.

'

ham,

craft

,=

—Manufactures plastic
housewares,

to

recording,

Warwick, >

1961 filed 200,OOP

:,(4/2-6)/;-/:::;/;:-;'3/;/.A/;;;Business—Design

Proceeds—For
Proceeds-—For; debt-renavment.
debt repayment

are

/

prescription r repayment,
equipment, research and development and
workinsr V
workin_
working capital. Office—"A" & Courtland St., Philadel¬
capital.
Office—62
Monroe
Ave., Memphis..; Under¬
phia, Pa. Underwriter—None!"
;
writer—M. A. Saunders &
Co., Inc., Memphis.,; / :
Rosenau Brothers, Inc.
4' Regal Life & Dental Health:
Insurance
Cob'ti&fa.i/ March 8/ 1962 filed 300,000 common, of * which 150,000
March 15, 1962;("Reg.
A") 30,000 common. Price—$10.
are to be offered
by the company and 150,000 by stock¬
Business
Underwriting of capital' life and prepaid
holders. Price—By amendment
(max. $12). Business—
dental /health insurance in
Alabama. Proceeds—For re¬
Manufacture and sale of girl's dresses and
sportswear.
serves and other
shoes.shoes.

March

V;^V.V;^^VV

Rona

1

offered by company and
50,000 by a selling
stockholder. Price—By amendment
(max. $10). Business
—Design and manufacture of
measuring,

Price—By amend¬

—

Dec.

<

vriuch

—

office

Inc., N.

'

*<

of

Portland, Ore. Underwriters
Straus, Blosser & Mc¬
Dowell, Chicago, and Hill, Darlington &
Grimm, N. Y.
Schaevitz Engineering

manufacture and sale of mobile
trailers. Proceeds—For general cor¬
porate purposes. Office—139 W. Walnut
Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson &

.

Co., Phila.
jRaiford's, Inc.
6,
1962
("Reg.. A") 75,000 common. Price—-$4.
Business—Operation of,, stores which sell
..

common.

of

Corp.

1961 filed

t

company and 100,000 by
stockholders. Price—By amendment
(max. $9). Business
and distribution of stereo
photographs
and viewers. Proceeds—For
working capital. Address—

Business—Design,

homes

Radio Electric Service
Co. of New
Jersey, Inc. :
Jan/ 23, 1962 ("Reg.
A'') 75,000 common, of which 67,500
will be offered by the
company and 7,500 by stockhold¬
ers. Price—$4,
Business—Wholesaling of electronic parts,
supplies and equipment and the
retailing of high-fidel¬
ity and stereophonic equipment/and
components. Pro¬
ceeds—For debt
repayment, expansion, moving expenses
and working
capital. Office—513-15 Cooper
St., Camden, ;
N, J. Underwriter—D. L. Greenbaum &

.

26,

ment,

.

Feb.

426, 1962 filed 240,000 capital"
shales,
140,000 are to be offered by

Mar.

—Manufacture

;

common.

and capacitors.
Proceeds—For equipment,
working capVital and other corporate
purposes. Office—15 Neil
Court,
S
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.;
N: Y.

Underwriter—C, A. Taggart, Inc., Tojwson, "Md.

tubes, and - electroinc components, parts and
equipment. Proceeds—For an
acquisition, equipment and
working capital. Office—1927 New York
Ave., Hunting¬
ton Station, N. Y.
Underwriter—Robbins, Clark & Co.,
Inc., N. Y. Offering—In early June. ". :

Farmingdale, N Y. Underwriter
Securities, Inc., Hempstead, N. Y. Offer¬
ing—Expected in; May. v,-,.
-y
RF
Interonscs, Inc. (4/9-13)i -;'■/;

15-year subord.

debentures. Price—At

Sawyer's Inc.1

.

picture

purposes.

Office—94 Gazza
Blvd.,
—Meadowbrook

distribution

Co., Inc., St. Louis.

par. Business—Operation of
chain of drug stores.
Proceeds—For general corporate
purposes. Office—3310 New. York>
Avesy»<N^E., Washing¬
ton. D. C.

■

working capital. Office-r-151 N. Vermont
Ave.,
Polonitza, Inc., Los

and

&

Drugs, Inc.

Dec. 28, 1961 ("Reg.
A") $300,000 of 6%

100,000

:V Rite Electronics, Inc.
Jan. 29, 1962 filed
62,000

Dempsey-Tegeler

conv.

Los Angeles. Underwriter—Garat
&

Angeles.,

—

company

Save-Mor

capital shares. Price — ,$3.
of electrical and electronic
parts,
equipment; Proceeds—For debt repay¬

components and

Proceeds^For equipment, aadvertising and
:working capital./Office
234
RusselL St„ Brooklyn, N. Y.
Underwriter—M. J.Merriti
& Co.,, Inc., N,
Y.\

Manufacturing Corp.

a

(4/16-20)

1962 filed

'

—

Business—Distribution

enclosures.

//Quality .Brake Rebuilders, Inc.
Jan 3,. 1962
("Reg. A"), - 300,000 common.;

18,

j

estate

and

■{.■y'l V':/'i

^

/

&

By amend¬
for a
concern, motor inn, shopping
centers, bowl¬
ing establishments, etc. Proceeds—For
debt repayment
and working capital.
Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
real

,

* -rW/'/•;./

Ford

.

Feb. 28, 1962 filed
450,000 common. Price
ment
(max. $8). Business—A
holding

—

-

■/

Office

purposes.

Sampson Enterprises, Inc.

—

•

,

;<

Corp., Levittown, N. Y.

-

■

which

March 19, 1962 filed
$250,000 of 7% convertible subordi¬
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
—Manufacture and distribution of metal
purse and hand¬
bags frames, for certain
manufacturers. Proceeds—For
debt
repayment, equipment, and working
capital. Pro¬
ceeds—From the stock sale will
go to selling sharehold¬
ers. Office—413
Thatford Ave.,
Brooklyn, N. Y. Under¬
writer—I. R. E. Investors

1961 filed 142,858 common.
Price—$7. Business
investment company. Proceeds—-For debt
Development Corp. (4/30)
repayment and general
corporate purposes. Office—220
$4,000,000 of o% conv. subora. Qc- \l K
St., N. W., Washington, D C.
bentures due 1971 and
Underwriter—Hirschel
200,000 class A shares to be of¬
& Co., Silver
Spring, Md. Offering—Expected in May. K;
fered in 25,000
units, each consisting of $160 of deben¬
•
Ridge Tool Co. (4/4)
tures arid eight shares.
Price—$200 per unit. Business
Dec. 28, 1961 filed
—Real estate and
284,586 class A common.
construction. Proceeds
.Price—By
For general
amendment;
corporate purposes. Office—San
Business—Manufacture of pipe working
Juan, Puerto Rico. Untools and machines.
Proceeds—For selling stockholders.
derwriters—Lieberbaum & Co., arid Morris Cohon &
Co.,
Office—400 Clark St.,
New.; York; /
Elyria, Ohio. Underwriters—White,
%.V * •'./*/v:':;: d.
Weld & Co., N. Y. and
McDonald & Co., Cleveland.
•
Pyramid Publications, Inc.
(4/10-11)
Ridgerock of America; Inc.
Nov. 24, 1961 filed
(4/23-27)
115,000 common. Price—By amend- *
Dec. /29/ . 1961 ) filed
ment.; Business—Publication, and/ sale*'
100,000
common.
Price—$2.50.
ofpocket-size
Business—Production of stone facing for
paperback books and a man's
buildings. Pro¬
magazine.:; Proceeds—For
ceeds—For debt reduction and
general corporate pur¬
expansion, debt repayment, and working
capital/Office
poses. Address •—
—444
Madison Ave.,
Sebring, O. Underwriter
N.
Baruch
Y,
Underwriter—Milton D.
Brothers & Co., Inc., N. Y. ■
Blauner & Co., Inc., N. Y.

Offering—Imminent.:

deben¬

conv.

(of

Underwriter—Parker,

~

vv.

Richmond

Dec. 21,

subord.

common

it Saiant & Salant, Inc.
March 23, 1962 filed
150,000 class A sharesv
Price—By
amendment (max.
$35). Business—Manufacture of men's
utility and sports' clothes.
Proceeds—For selling stockholders. Office—330 Fifth
Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup &
Lamont, N. Y.

buildings. Pro¬
ceeds—For general corporate
purposes. Office—Route 315
& Vine
St., Avoca, Pa. Underwriter—M. G. Davis &
Co.,

:

Y.

126,030
offered by

Co., Inc., Dallas.

—

Inc., N. Y.vi/,

and

be

and general
corporate
Howell St., Dallas.

—131

;

■

to

are

repayment

—

investment company.. Proceeds—For
purposes. Address—San
Juan, Puerto

1972

15,399
the company and
110,631
shares by
stockholders). Price—For debentures, at
par;
for stock, by
amendment. Business—Sale of
kitchenware,
tablewear and a food
cutting machine. Proceeds—For
debt

*

'

Ave..

due

shares

•

small business

systems.
Office—4700

Oakland, Calif. Underwriter—SchwaCo., San Francisco. Offering —
Expected in

Saladmaster Corp.
3, 1962 filed $700,000 of 6%

tures

control

loans.

Jan.

:

—A

&

May.

..

•

Pablo

bacher

Co., Inc., Atlanta.
^
:;.. •
Research Products, Inc.
Publishers Co., Inc. (4/9-13)
(4/23-27)
•
Dec. 28, 1961 filed
Nov. 28, 1961
250,000 common. Price—$9. Business
filed'541,000 common. Price—By amend¬
—Manufacture of lithographic blankets
ment. Business—Book
used in printing.
publishing. Proceeds—For an acProceeds—For debt repayment and
quisition and other corporate purposes.
working capital.
Office—1106 Con- / Address—Hato
nprtifnf
Aup
N
Rey, Puerto Rico. Underwriters—Gross
necticut Ave., N. W
Wachincfir\rt ' T>
P
W., Washington,' D. C. Underwriter
TTnfl«*rwritJP^ Cn
& Co., and Elmaleh &
Tun
M
v
'
Roth & Co., Inc.,
Co., Inc., N. Y.
Philadelphia.
•
;
v
Resin Research
^-"Puerto Rico Brewing Co., I nc.;0':v
Laboratories, Inc.
.y
/Feb. 27, 1962 filed 105,000
March 23, 1962 filed
common,. Price—$3.50. Busi¬
$2,500,000 of sinking fund deben¬
ness
Operation of a laboratory for
tures due 1977 and
contractual re¬
500,000 common shares to be offered
search,. development and
in units
engineering in the chemical
consisting of a $10 debenture and two common I field.
Proceeds—For expansion of
shares.-Price—$18 per unit. Business—Company
facilities, debt repayplans
ment and
working capital. Office—396-406 Adams
to; produce* beer and
natural; .•malta (a, non-alcholic
St.,
Newark, N. J. Underwriter—Keene &
beverage),. Proceeds—For construction and
Co., Inc., N. Y.
operation of
Rex Craft
a
-.brewery and - working capital. Address—San
Associates, Inc.
Juan, v Dec,
Puerto Rico,; Underwriter-^-Merrill
27, 1961 ("Reg. A") 100,000 common.
Price
Lynch, Pierce, Fenner
$3.
& Smith,
Business—Design, installing and constructing
Inc., N. Y.
,..• /;■
packaged
.//;<:/
w/• |'V;:/ commercial
interiors and exteriors for
• Puerto
Rico
Capital • Corp.
/"i//£'V! •
Sept. 13, 1961 filed 300,000 common.
Price—$10. Business

electronic,

hydraulic
and
pneumatic
Proceeds—For repayment of bank

repayment, operating expenses and in-

Office—12 N. Third
St.,

derwriter—Robinson-Humphrey

be

electric,

company. Pro¬

ceeds—For debt

:

1962 filed 129,000
common, of which 43,000 are
offered by the
company and 86,000 by stockhold¬
ers.
Price—By amendment (max. $13). Business—De¬
sign, development, manufacture and
sale of

Republic-Franklin Life Insurance Co.
(5/14-18)
1962 filed 266,667 class A
common. Price—$7.50.
Business—A legal reserve life
insurance

Price—By amend¬

of

59

Feb. 16,

to

Feb. 15,

common.

business—Operation

ceeds— For

and

St., Wyckoff, N. J.
Underwriter—Myron A. Lomasney &
Co., N. Y.

■

N..Y.

electric

Industries, Inc.

(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.
Price—By amendment (max. $30). Business—Manufac¬
ture

and

distribution

of

aluminum

combination

storm

screen

windows, doors, railings and handrails. Proceeds
—Fdr debt repayment and expansion; Office—Route
119*
Indiana, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh.
V

'

*

*

:

•

«'

Continued

on

vage

60

v

60

The Commercial and Financial Chronicle

(1540)

Continued from page

V V

59

and

will

refiled.

be

*

■

Business
—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, Pa. Underwriter—Janov & Co., Philadelphia.

'i

Southwestern

i

ceeds—For

Insurance,Co.

(4/9-13)

Publishers, Inc.

28, 1961 filed 90,000 common. Price-^-$3: Business
—Publishing and distributing telephone directories. Pro¬
Dec.

Greenville, S. C. Note—This registration was withdrawn
Sea-Wide Electronics, inc. (4/16-20)
Sept. 26, 1961 filed 200,000 common. Price—$4.

Thursday, March 29, 1962

Suburban Directory

Greenville, S. C. Underwriter—Capital Securities Corp.,

•

...

(4/23-27)

equip¬

repayment of bank loans, additional

ment, expansion and working capital. Office—60 N. State.
St., Wilkes-Barre, Pa. Underwriter—G. K. Shields &

26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile casualty insurance in
Oklahoma and Arkansas. Proceeds—For redemption of
surplus fund certificates and expansion. Office—5620 N.
Western Ave., Oklahoma City. Underwriters—Eppler,
Dec.

Co., N. Y.

■■

•

>

.

•

•

.

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 Aluminum

...

Security Equity Fund, Inc.
Dec.
14, 1961 filed 400,000 capital shares. Price—Net
asset value plus 6%. Business—A mutual fund. Proceeds
•—For investment. Office
700 Harrison St., Topeka,
Kan. Underwriter—Security Management Co., Inc., To¬
—

Guerin &

•

Distributing Corp. (4/4)
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

rceptors, prefabricated metal showers, baseboard
radiators and rope and twine.- Proceeds—For a new plant

ment

Ave., Maspeth, L. I., N. Y.

Underwriter—M. H. Woodhill, Inc., N. Y.

Blvd., Los Angeles.
Co., Los Angeles. ■

(4/16-20)
Price,—$5. Business—
Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N, Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
(L. B.), Inc.

Oct. 30, 1961 filed 65,000 common.

common, of which 15,000 are
the company and 120,000 shares by a
selling stockholder. Price—By amendment. Business—

•

Mail

Food Marts, Inc. (4/2-6)
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.
Shaver

Dec.

—

•

Shelley

Manufacturing Co. (4/16)
55,000 common. Price—$6.50. Business
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,
Dec. 29, 1961 filed
—Manufacture
of

Fla.
•

Underwriter—George, O'Neill & Co., Inc., N. Y.

Industries, Inc. (4/3-4)
1961 filed 150,000 common, of which 135,000
shares are 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
and working capital. Office—2101 S. High
St., Colum¬
bus, Ohio. Underwriters-HRodetsky, Walker & Co., Inc.,
N

28,

Y. and

Boenning & Co., Philadelphia.

^

order, sale of general merchandise. Proceeds—For
repayment and working capital. Office—1601 Al¬
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
Potoma & Weill, N. Y.

1

tain

for

use

For

indicators and circuit

as

debt

repayment,

Office—1933 Heck

components. Proceeds—

equipment

and

working

capital.

Ave., Neptune, N. J. Underwriter—
Co., N. Y.

Milton D. Blauner &

Site-Fab, Inc.
Feb. 27, 1962 filed 135,000 common. Price
ment

By amend¬

—

For

—

debt

repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,

working capital.

Ohio. Underwriter—H. P. Black &
Co., Inc.,
D., O.
;
■■

.

Washington,
\

■

,

/'

.

' '

common.

Price—$1,000. Business

•—Company plans to qualify

as a real estate investment
Proceeds—For general corporate purposes. Office
—909 Howard Bldg.,
Providence, R. I. Underwriters—G.

trust.

H, Walker

&

Co., Providence and Blair & Co., N. Y.
-Corp.
Jan. 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¬
•

-Ski- &

struction
Lake

This

Recreation

of

the

resort.

Office—Sheridan

Geneva, Wis. Underwriter—To
registration

Solid State
Feb.

1,

ment.

was

be

Springs

named.

withdrawn.

110,000

common.

Price—By amend¬

semiconductor devices. Proceeds—For

and

Salem, Mass.
Day, N. Y.

and

sale

of

plant, debt
Pingree St.,
Anthony & R. L.
a

new

working capital. Office—1

Underwriter—Tucker,

Sonic

Development Corp. of America
Oct. 27, 1961 filed 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¬
ufacture of devices using sound
energy. Proceceds—For
fice— 260 Hawthorne

or

fluids

as

a

source

of

general corporate purposes. Of¬

Ave., Yonkers, N. Y. Underwriter
Meadowbrook Securities Inc.,
Hempstead, N. Y. Offer¬
ing—Expected sometime in May.
•

Southeastern

Jan.

Propane Gas Co.
1962 filed 75,000 common. Price—By
Business—Sale of liquefied petroleum

30,

ment.

lated

products.

Office

Proceeds—For

general

amend¬
gas and re¬
corporate pur¬

617 du Pont Plaza
Underwriters—A. C. Allyn & Co,,

poses.

<&

—

Center, Miami, Fla.
Chicago and Bioren
Co., Philadelphia. Offering—Imminent.

Southeastern Towing & Transportation
Co., Inc.
Nov. 29, 1961 ("Reg. A")

100,000

Business

common.

Price—$3.

Construction and

operation of towing boats.
Proceeds—For debt repayment, conversion of a
boat, and
working capital. Office—3300 N. W. North River Drive,
William

*SL ^nyerwritel,~*Irwin KarP & Co., Inc., 68

•

Southern Growth Industries, Inc.
L
: •
^June 28, 1961 filed 109,000
common shares. Price—$6.
Business—A*small ;business investment
company'.' Pro¬
ceeds—For investment: Office—Poinsett
Hotel




patents, repayment of debt, and working capital.
Jackson & Curtis, N.
Grand St., Hoboken, N. J. Underwriter—\
in May.
r

Office—730

Building

Y. Offering—Expected sometime
.

*

,

•

•

Sportsmen, Inc.
29, 1961 filed $100,000

Taylor Publishing Co. (4/9-13)
Dec. 21, 1961 filed 152,000 common. Price—By amend¬
ment. Business
Production and distribution of school

6% subordinated con¬
50,000 common to be
offered in units, each consisting of $20 of debentures and
10 shares. Price—$60 per unit. Business—Design and
manufacture of fishing and archery equipment and fiber
vertible debentures

due

of

1977

—

and

year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex.
r
.

•

Taylor Wine Co., Inc; (4/17)
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:

glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.

Underwriter—William, David & Motti, Inc., N. Y. Offer¬
,

Sportsways,

Inc.

(5/28-31)

Feb.

20, 1962 filed 175,000 common, of which 50,000 are
by company and 125,000 by a stockholder.
Priced—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.,
to be offered

N. Y.

AvSv

Star Tank &

Boat

Business—Production of various type wines. Pro¬
plant expansion and working capital. Office
—Hammondsport, N. Y.
Underwriter—JFirsf Boston
Corp., N. Y.
* $25).

ceeds—For

.

Teaching Systems, Inc.
March 8, 1962 ("Reg. A") 50,000
Business—Production
records.

27,1962 filed 307,000 common, of which 27,000 are to
be offered by the company and 280,000 by stockholders.

and

sale

of

Price—$2.

common.

musical

educational

sales promotion and
Office—1650 Broadway, N. Y. Under¬

Proceeds—For equipment,

working capital.

Co., Inc.

writer—Ezra Kureen Co.,' N. Y.

Feb.

-

Animations, Inc.; (4/9-15)
filed $211,400 of 7% con v. subord. deben¬
Pro¬
tures due 1972 (with warrants) to be offered for sub¬
Un¬
scription by holders of class A and class B common at
derwriter—^A. G. Becker & Co., Inc., Chicago. Offering
the rate of $100 of debentures for each 280 shares held.
—In May.
v
1
fVr"'' -^^.S
Price—$100 per unit ($100 of debentures and one war¬
Starmatic Industries,' Inc.
rant to purchase 14 class A shares). Business—Design
Nov. 3, 1961 filed 100,000 common.
and manufacture of animated transparencies and other
Price—By amend¬
technical training aids and displays. Proceeds—For debt
ment.
Business
Manufacture of
boxes, brochures,
packaging materials and packaging machines. Proceeds
repayment; expansion, research, and*vworking capital.
—For debt repayment and general corporate purposes.
Office—11 Sintsink Dr., East Port Washington, N. ; Y.
Office —252 W. 30th St., N. Y. Underwriter — To be
Underwriters—Bull & Low; John R. Maher Associates;
named.
and R. Topik & Co., Inc., N. Y.
^

Price

—

By amendment

(max. $18). Business

—

Manu¬

Technical

Nov. 30, 1961

—

Tec-Torch Co.,

★ Statewide Vending Corp.
March 23, 1962 filed 88,250 common. Price—$4.25.—Busi¬
ness—Sale of cigarettes, coffee,
beverages, candy etc.,

Business—Development, manufacture

repayment

Rd.,

Note—

Products, Inc.

1962 filed

of drug

facture of aluminum and fiberglass pleasure boats.
ceeds—For working capital. Office—Goshen, Ind.

Sixty Realty Trust
Feb. 28, 1962 filed 350

warrants)

Price—By amendment. Business—Manufacture of
gasoline dispensing pumps, service station equipment,
specialty steel castings for railroads, and mechanics hand
tools. Proceeds—For debt repayment and working capi¬
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,

Blair & Co., N. Y

(max. $4), Business—Construction of homes. Pro¬

ceeds

(or

held.

precision machinery. Proceeds—For the purchase of cer¬

ing—Imminent.

126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps

of $100 of debentures for each 38 common

and food products, electrical and electronic devices and

Signalite Inc.
Jan. 29,'"1-962 filed

Feb.

Sperti Products, Inc. (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.
Business—Manufacture

.

Symington Wayne Corp.
23, 1962 filed $5,005,700 of convertible subordinated
debentures due 1982, to be offered for subscription by
common stockholders
(and warrant holders) at the rate

debt

Nov.

Shenk

Nov.

offered by

amendment.

&

^

Spencer Gifts, Inc.
29, 1962 filed 135,000

Price—By

Underwriter—Crowell, Weedon
.

Superior Bakers, Inc.
V
28, 1962 filed 325,000 common, of which .,294,0001
are to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment and gen¬
eral corporate purposes.; Address—New York & DrexeL
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
Feb.

Jan.

be

Sunset House

Feb.

crete

to

St., Miami, Fla. Un¬

purposes. Office—3601 N. W. 50th
derwriter—Finkle & Co., N. Y.

Spartan International Inc. (4/9-13)
22, 1961 filed 175,000 common. Price—$4. Business
—Manufacture of metal shower receptors, precast con¬
Dec.

(4/16-20)
Price—By amend¬
ment.
Business—Design and manufacture of. networks
for data and program 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.
Seg Electronics Co., Inc.

Sept. 28, 1961 filed 110,000 common.

(4/23-27)

27, 1961 filed 110,000 common. Price—$4; BdsinesS
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate

Turner, Inc., Dallas and R. J. Edwards, Inc.,

in Canada. Office—52-55 74th

City Dairy Products, Inc*

Oct.

Oklahoma City.

Spears

peka.

Sun

through vending machines. Proceeds—For debt repay¬
ment, leasehold improvements, expansion and working
capital. Office—354 Hempstead Ave., West Hempstead,
N. Y. Underwriter—M. H. Myerson & Co., Inc., N. Y.
•

Steel

Plant

Equipment Corp.

Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
Cycle Corp.

Jan. 5, 1962 filed $240,000 of 8%

convertible debentures
60,000 common shares to be offered in
units, each consisting of one $200 debenture and 50
shares. Price—$500 per unit.
Business—Manufacture of
bicycles, tricycles and toy automobiles. Proceeds—For
1972

and

debt

repayment,

line.

Office—744 Berriman
St.,

moving

expenses

and

Industries,

a

new

product

Brooklyn, N. Y. Under¬

writers—Lloyd Securities, Inc., Richard
Inc., and Reuben Rose & Co., Inc., N. Y.
Sternco

Bruce

&

Co.,

Inc.

Feb. 21, 1962 filed 115,000 class
A, of* which 40,000 are
be offered by the
company and 75,000 by stockhold¬

to

Price—$6. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various
types of fish
and aquarium supplies for hobbyists.
Proceeds—For a
new plant and
working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter
Anclreseri & Co., N. Y.
Offering—In June.
'
ers.

—

★ Stewart Title & Trust of Phoenix
Mar. 8, 1962 ("Reg. A")_ 160,000 common. Pilce —
$1.
Business
Issuance of. title insurance. Proceeds—r For
,

—

general

corporate purposes. Office~-1333 Wv £amelbackV

Rd., Phoenix. Underwriter—None.

J. Underwriter—Scott, Harvey
Fairlawn, N. J.

erford, N.

/

&

Co., Inc.,

Tele-Cine, Inc.

;

due

filed 100,000 common. Price—$3.25. Busi¬
—Design and manufacture, of inert gas-welding
equipment. Proceeds—For debt repayment, expansion
and working capital. Office—153 Union Ave., East Ruth¬
ness

(4/9-13)

Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and
working capital. Address—

Stelber

(4/9-13)

Inc.

Nov. 28, 1961

•

:

29, 1961 ("Reg. A") 100,000 common and- $100,000
subordinated, debentures. Prices—-For, stock,
$1; for debentures, at par ($100). Business—Production
of television programs. Proceeds—For equipment, debt
repayment and other corporate purposes. Office—1017
New Jersey Ave., S. E., Washington, D. C. Underwriter
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
Dec.

of 6% 5-year

Tellite Corp.
Jan. 29, 1962 filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
nection

with

electronic

circuits.

Proceeds—For expan¬

sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.

it Temptron Corp.
15, 1962 ("Reg. A")

Mar.

r- $5.
apparatus;

60,000 common. Price

Business—Manufacture of heating and cooling

mining machine; a radio-active min¬
ing machine, etc. Proceeds—For equipment and working
capital. Office—1645 Broadway, Paduc^h, Ky; Under¬
a

metal extracting

writer—None.
Ten-Tex
Jan.

Corp.

(4/30-5/1)

120,000 commdn. Pricc-^-$2.30.
a machine for production of
products::.Prpceed.3^For> ^ebt. repayment

31, 1962 ("Reg. A")

Business—Manufacture of

tufted textile s

.

'

'

Volume

195,

Number 6146

.

.

Tennessee Gas Transmission Co.

:;i

The Commercial and Financial Chronicle

,

(4/10)

.

i.14,5 1962 filed. $75,000,000 of debentures due April
1, 1982. JPrice—By, amendment. Business—Operation of a
natural:gas,pipe line system. Proceeds—For debt repay¬
ment and expansion. Address—Tennessee Bldg., Houston.
Underwriters—Stone. & Webster Securities Corp., White,
>

Coi, and Halsey, Stuart & Co. Inc., N. Y.

>Texas Electra-Dynamrc Capital,

Oct.

16, 1961 filed 250*000 common.

Inc.

and

fice— 200 Fifth

.V. L'Y.J .7/'7 ../J'7;, 7

Transport Industries, Inc.
Feb.

;

:

16.

1962

("Reg.

Business—Design
mobile

A")

and

;

common.

manufacture

v

Price

of truck

'

/

—

and

$4.

auto-

,

Office—1947 W.

;

brake

writer

Manufacturing Co.
26, 1962 filed 150,000 class A-common. Price

Feb.

amendment (max. $15). Business—Producer of protective

Y., and Moroney, Beissner & Co., Inc., Houston.
Texas Tennessee

Oct.

are

stockholders;

17,500

also

the

class. A

stock purchase

securities will be offered

The

of

shares

150,000

and 25,000 by

company

in units

war¬

one

Thorn-Tex Paper

warrant.

Converting Corp.

;■// "

.-=> /•,'

Furniture

Thomasville

Jan.

r.

,

(4/18)
Price—By amend¬

the

selling shareholders.

Main
&

:v7-7:--.7

common.
Business—Manufacture of household

Proceeds—For

St., Thomasville, N. C.
Weeks, N. Y.
/

furniture.

Office—401 E.

special

Feb.

,

United

23,

of

(5/7-11)
Jan. 2, 1962 filed 175,000 common. Price—By amend¬
ment ($10 max.)y Business-^Hoteb ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd.; El Segundo, Calif.- Underwriter—Vickers, MacPherson & Warwick, Inc., N,-"Y,
•

Steel

shares
,

Corp.^ N. Y.

(4/2-6)

1962

units, each consisting
(par $10) 7% convert¬
April 1, 1972. Price—
Steel fabricating. Proceeds—

shares and

Plant

Tomorrow's

Hotel

Corp.

Industries, Inc.

16, 1962 filed 300,000 common, of which 100,000 are
the company and 200,000 by stockhold¬
ers.
Price—$6. Business—Design, manufacture and sale
of women's and children's footwear. Proceeds—For debt
to be offered by

Turbodyne Corp.

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.,
N- Y.
: V7;;; :;7 7 •• :7 7 77.:/ ,7 7,7 ;{7/7:7;77;;
; :>.

Torch

Rubber Co., Inc.
26, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Manufacture of waterproof rubber footwear. Pro¬

equipment, moving expenses, expansion and
Office—1302 Inwood Ave., N. Y. Un¬

• Turner (J. L.) & Son, Inc.
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
to be offered by company and 60,000 by a stockholder.
Price—By amendment (max. $15)
Business—Sale of
retail merchandise. Proceeds — For general corporate

,

Tork Time Controls, Inc.

(4/16-20)
Dec. 12, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y;
:
Feb.

Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.

purposes.

Twentieth Century Capital Corp.

24, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Nov.

(4/9-13)

1962 filed 550,000 capital shares. Price — By
amendment. Business — Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion.
Office—41 E. 42nd St., N. Y. Underwriter—W. C.

1,

Proceeds—For
S.
&

Office—134
La Salle St., Chicago. Underwriter—Bacon, Whipple
Co., Chicago.
general

corporate

purposes.

Brands, Inc. (4/16-20) :7;-7:
Dec. 22, 1961 filed 800,000 common, of which 550,000
are to be offered by the company and 250,000 by stock¬
holders. Price—By amendment. Business—Distribution
of imported and American wines and whiskies. Proceeds
—For debt repayment, expansion and working capital.
Office—23 W. 52nd St., N. Y. Underwriters—A. C. Allyn
& Co., and Hornblower & Weeks.
•

Langley & Co., N. Y.
Traid Corp.
Feb.

12, 1962 filed 150,000 common. Price—By amend¬
ment (max. $9). Business—Design and sale of special
cameras for scientific photography.
Proceeds—For gen¬
eral corporate purposes.
Office—17136 Ventura Blvd.,
Encino, Calif.
Underwriter—J. A. Hogle & Co., Salt
Lake City. Offering—Expected in mid-May.

21

Telephone Co.

Tyler Pipe & Foundry Co. (4/18)
1962 filed 120,000 common. Price—By amend¬
ment. Business—Design, development and manufacture
of cast iron products. Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas. UnderwriterFirst Southwest Co., Dallas.

(4/23)

Jan. 25,

Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬

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.
holder.

•

March

•

Gas

Ultra Plastics Inc.

(4/9-13)

Sept. 19, 1962 filed 175,000 class A common. Price—$4.
Business—Manufacture of urethane foam board and the

(4/19)
13, 1962 filed $40,000,000 of first mortgage pipe¬

Transcontinental

Pipe Line Corp.

production of new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
tal. Office—875 North 28th St., Philadelphia. Underwriter
—Stone, Ackerman & Co., Inc., N. Y.

line bonds due 1982. Business—Company owns and oper¬

transportation
and sale of natural gas. Proceeds—For debt repayment.
Office—3100 Travis St., Houston, Tex. Underwriters—
• Uneeda Vending Service, Inc.
White, Weld & Co., and Stone & Webster Securities
-.Corp.; ' •
^ 77''\71;7.r....
Pec.. 14, 1961 ("Reg. A") 73,500 common, Price -r- $3.
7;:,\7;7f '//
■'
Purchase of new and used coin-operated
Transdata, Inc.
■ V'.-.'^ ;7
'
■
T '' ;7T;": Business
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
vending and recreational machines. Proceeds—For gen¬
ates

an

Reed, Inc., parent,
for

each

two

Co.

of which 472,100
subscription by stockholders
common,

on

Waddell

the basis
shares

of

held.

one

The

remaining 90,400 shares will be offered to certain per¬
sons
associated with the parent company or its sub¬
sidiaries. Price—By amendment. Business—A legal re¬
life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th St., Kansas City,

serve

Mo.

Underwriters—Waddell & Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬

pected in late June.

Markets, Inc.

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-Overton Corp.
Mar. 26, 1962 filed 450,000 common, of which 90,897 are
to be offered by the company and 359,103 by stock¬
holders. Price—By amendment-■•■(■max.* $18). Business—
Operates hard goods'; departments in discount depart¬
ment stores. Proceeds—For debt repayments Office—19
Needham St., Nugent Highlands, * Mass.'Underwriters—McDonnell & Co., Inc. and Oppenheimer & Co., N. Y.
United

(4/16-20)

Packaging Co., Inc.

Nov. 29, 1961 filed 102,000 common. Price—$3.
—A general packaging business. Proceeds —

Business
For new

machinery, debt repayment and working capital. Office
—4511 Wayne Ave., Philadelphia.
Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
U.

S.

Electronic Publications,

Inc.

("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.

Sept. 26,

1961

• U. S. Scientific Corp.
Mar. 22, 1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of
consumer
products, including an air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc., N. Y.

•

interstate pipeline system for the

United Variable Annuities

(4/30-5/4)

Fund, Inc.

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per

share. Business—A new mutual fund. Proceeds—For
Office—20 W. 9th Street, Kansas City, Mo.
& Reed, Inc., Kansas City, Mo.

investment.

Underwriter—Waddell
•

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 Co., N. Y. Offering—Imminent.
•

•

Trans-Alaska

&

share

Insurance

.

working capital.

International, Inc.

per

Life

562,500

to be offered for

are

Waddell

United

March 2,

Jan.

Towers Marts

due

.

Inc., N. Y. Offering—Expected sometime in May.

derwriter—Carroll Co., N. Y.

one

,

'

ceeds—For

debenture

• Tujax Industries, Inc.
Mar. 23, 1962 filed 150,000 class A shares, of which 100,000 are to be offered by company and 50,000 byvstockholders. Price—$8. Business—Through
its subsidiaries
the company is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
7 r

Feb.

repayment,
equipment, leasehold improvements and
working capital. 7 Office—703 Bedford Ave., Brooklyn,,
N. Y. ..Underwriter—Godfrey, Hamilton, Taylor & Co.,

common

unit. Business —
additions, inventory and debt repayment. Office—
2000 A St., Meridian, Miss. Underwriter—McCarley &
Co., Inc., Asheville, N. C. Offering—Imminent.
7'

$20

•

International

Thunderbird

of

Investors

1961 filed

March

Inc.
("Reg. A") 12.500
Co.,

subordinated

ible

15,

United

two

corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Offering—Expected sometime in May.
'
and general

21,

to be offered

Dec.

be offered by

Tucker

machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
of

withdrawn.

—

Scherck, Richter Co.,

N. Y.

Business—Design and manufacture

-

Remington, Inc., Philadelphia.

was

ElectroDynamics, Inc.
1962 filed 412,636 common, of which 100,000
by the company and 312,636 by stock¬
holders. Price—By amendment (max. $23). Business—
Development and manufacture of electronic measure¬
ment instrument. Proceeds
For an acquisition and
working capital. Office—200 Allendale Rd., Pasadena,
California. Underwriter
William R.
Staats & Co.,
Los Angeles.
Mar.

are

22, 1961 filed 100,000 common, of which 52,000 are
the company and 48,000 by stockhold¬
ers. Price—$6. Business—Design, manufacture
and sale
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
L. I., N. Y. Underwriter—William, David & Motti, Inc.,
to

Hess. Grant &

—

• United

Dec.

Thompson Manufacturing Co., Inc.
22, 1961 filed 90,000 common, of which 80,000 shares
are to be offered by the company and 10,000 by stock¬
Price—$4.

Securities

Trygon Electronics Inc.

Underwriter—Hornblower

repay¬

—

Underwriter—Adler

Dec.

holders.

—

Tri-Department Stores Associates
Feb. 9, 1962 filed $2,436,000 of limited partnership in¬
terests.
Price—$6,000 per interest. Business—Company
was formed for the purpose of acquiring for investment
the fee title to three discount department stores.
Proceeds—For debt repayment. Office—30 E. 42nd St., N. Y.

Industries, Inc.

16, 1962 filed 343,551

ment.

Underwriter

Proceeds—Debt

Exchange, Inc.
29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
43rd St., N. Y. Underwriter—M. G. Davis & Co., Inc.,
N. Y.
7 V;7-'7,;7-: /•': >,
/ '/77/'"'"

St. Louis.

filed 70,000 common. Price—$4. Business
of writing
paper
items. Proceeds—For
debt repayment and working capital. Address—Highway
3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
Y. '>•/.■;/>

City, Mo.

industries.

United Camera

for other firms and the large scale breed¬
ing of pigs. Proceeds—For debt repayment, plant ex¬
pansion and working capital.
Office—4733 Belleview,
Kansas

nuclear

Jan.

food products

March 15, 1962
—Manufacture

N.

By

Trenton Foods, Inc.
;
:
Jan. 26, 1962 filed 100,000 common.
Price—By amend¬
ment.
Business—Preparation and packaging of meat

consisting

Price—By amendment. >■
Business—Manufacture of water "coolers,-water cans and
portable hot beverage dispensers. Proceeds—For debt
repayment and general corporate purposes. Office—
6502 Rusk Ave., Houston. Underwriter—S. D. Fuller &
Co., New York.
and

—

coatings, sealants, mastics, paints, etc. Proceeds. — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland. Offer¬
ing—In May.
7;;rv;

(4/9-13)

of which

common,

to be offered by

rants.
10

Industries, Inc.

175,000

filed

26,; 1961

shares

.

and

Note—This registration

N.
•

tronics

ment, research and development; expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under-

Tremco

Gray Ave., Houston. Underwriters—F. S. Smithers &Co.,

City,

• United Aero Products
Corp.
Sept. 28, 1961 filed $600,000 of 6% conv. subord. deben¬
tures due 1971. Price—At par. Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬

,

v7 7.: 7" ;

/

,

75.000

61

ing capital. Office—15 Linden Ave., East, Jersey
N. J. Underwriter—Hornblower & Weeks, N. Y.

systems.. Proceeds—-For inventories, ad¬
vertising and working capital. Office—Pearl & Elk Sts.,
Albion, Pa. Underwriter—A. J. Davis Co., Pittsburgh.

Price—By amend¬

Proceeds—General corporate purposes.

Ave., N. Y. Underwriter—Lehman Broth-

N. Y.

ers,

Business—A small business investment company.

ment.

of toys, games, children's playroom furniture,
sports.sets. Proceeds—For a selling stockholder,.Of¬

ufacture

.

March

Weld &

(1541)

Universal

Industries, Inc. (5/7-11)
1961 filed 100,000 common shares. Price—$5.
Business — The importation and distribution of Italian
marble and mosaic tiles.
Proceeds — For the purchase
Aug.

and

,

7,

installation

of

moulds, machinery and equip¬
Office—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
new

ment, research and general corporate purposes.

was

•

named

Aero-Dynamics Corp.

Universal

Lighting Products, Inc.

(4/2-6)

Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds — Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J.
Underwriter—Globus, Inc., N. Y.
...

...

,.

—

—Research

and

development

in

the

data

and

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.
;;7
1
'
.

.

Transogram Co.f Inc.
March 15, 1962 filed

156,000 common. Price—By amend¬

ment




eral corporate purposes. Office—166 Clymer St., Brook¬

lyn, N.
•

Y. Underwriter

—

Fabrikant Securities Corp.

Inc.

Urethane of Texas

Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—

unit.

Business—Manufacture of urethane
equipment,
working capital,

Offering—Imminent.

$5.05

Unishops, 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-

leasehold expenses and

foams.

tqilipg pf men's and boys'; clothing.. Proceeds—For work¬

per

Proceeds—For

other corporate purposes. Office
Republic National Bank Bldg., Dallas. Under¬
writer—Rowles, Winston & Co., Houston.

—2300

.

.

\>.

s

,,ContinMed

on page 62

Chronicle J.

The Commercial and Financial
62

Continued from page

Wade, Wenger ServiceMASTER Co.

61

By amend¬
and sale of
metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwa8, 1962 filed 110,000 common. Price —
(max. $10). Business — Manufacture
concrete pipe, masonry products, corrugated
Feb.

on-location
etc. Com¬

Francisco. Offering—In May.

pany

and

Wallace

/

.,

'

V

:

.

tors, Los Angeles.
Homes

Val-U

•

—

Lidcombe
California Inves¬

VY\

ing components. Proceeds—For working capital.
River

St., Paterson, N. J. Underwriter

named.

-■
,

•

Steak

Valle's

—

Warlick Press,

Office
To be

House

Waterman

expansion, debt repayment and general corporate
Office—646 Forest Ave., Portland, Maine. Un¬
derwriters—H. M. Payson & Co., Portland, and R. W.
Co.,

N. Y.

writer—Shields &

Feb. 2,

1962 filed 156,762 common. Price

0

Vassar

—

By amend¬

of

steam

generators

(^4/4)
Dec. 27, 19ftf'filed I24,9t)0 common, of which 55,000 are
to be offered by the company and, 69,900 by stockholders.
Price—By'amendment. Business—Design, manufacture
and

Welcome

For

of

debt

'

1962

Victor

("Reg. A") 300,000

Electronics,

common.

—

ic Video

Engineering Co., Inc.
Mar. 26, 1962 filed 125,000 class A common. Price—$4.
Business
Company designs, fabricates, installs and
services closed circuit television systems. Proceeds—For
debt repayment, advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C. Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
ington, D. C.
—

* Virginia Telephone & Telegraph Co.
Mar.

16, 1962 ("Reg. A") 13,946 common to be offered
subscription by stockholders (other than Central
Telephone Co., the parent) on the basis of one share for

for

each 14 shares held of record Apr. 13, 1962. Price —
$16.25. Proceeds—For construction. Office—417 W. Main

St., Charlottesville, Va. Underwriter—None.
Visual

Arts Industries, Inc. (4/23-27)
26, 1961 filed 95,000 common. Price—$2. Business
—Design, assembly, production and sale of creative arts,
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Underwriters—Globus, Inc., and Ross, Lyon & Co., N. Y.

Dec.

Specialties Co.

6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
—
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.
Business

Volt Technical

Corp. (4/23-27)
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.,
Jan.

Underwriter—Andresen & Co., N. Y.

Voron Electronics

July 28, 1961

filed

Corp.

shares.

Price

—

$3.

Business—The manufacture of electronic test
equipment,
the sale, installation and

servicing

of .industrial

and

commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling, pro¬

""V

•

■

amendment.

•

—Design

poses.

-

electrical

and

Chemical

Witco

Co.,

/

Inc., N. Y^.tv

Inc.

T':v':';/'

Corp.

26,-1962 filed $4,500,000 of 6.5% 'convertible sub¬
(with attached warrants)
to be offered for subscription by-stockholders of class
A

Service Co.

Real

which 50,000

$500

for

each 100

estate.

Corp.

Detroit.

ic Work Wear Corp.
Mar. 26, 1962 filed 130,000 common. Price—By amend¬
ment (max. $27).'Business — Manufacture and sale of
work clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
1768 E. 25th St., Cleveland. Underwriter—Hornblower
& Weeks, N. Y.
" -•
,
.
, •'
•
•

are

by stockholders.

..

^

.

,

World Scope

Publishers, Inc. (4/2-6)
July 31, 1961 filed 300,000 common snares. Price—By
amendment. Business—The publishing of encyclopedias
and other reference books.

(4/23-27)

19, 1962 filed 371,750 capital shares of which 175,000
are to be offered by the company and 196,750 by stock¬
holders. Price—By amendment (max. $42). Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire

debentures

— By amend¬
(max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment. Office—1650 Howard
St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler & Co.,

debt,

Feb.

working

Office—290

-

capital

Proceeds—For repayment of

and

general

corporate purposes.
Underwriter—

Broadway, Lynbrook, N. Y.

Securities Corp., N. Y.

Standard

it Worth

Financial Corp.

Mar.

22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬

Kidder, Peabody &

ceeds—For

.

Reserve

of

held.. Price—$500 per unit.. Business—
Proceeds—For debt repayment and realty

ment

rtWv;.:?Y'Y'

—

basis

the

Wolverine Aluminum

repayment and expansion. Office—9065 Alameda
Ave., El Paso. Underwriter—Underwood, Neuhaus & Co,,
Houston, Tex.

Co., N. Y.

on

shares

March 5, 1962 filed 100,000 common. Price

(max. $25). Business—Distribu¬
and the furnishing of water service
in southwestern U, S. Proceeds—For

Blvd., Los Angeles. Underwriter

A

acquisitions.^Office—10 E. 40th St., N. Y, Underwriter
—S. E. Securities, Inc., N. Y.
^
•
-r

gas

Pioneer Co.

stock

.class

amendment

Western

precision

ordinated debentures due 1977

March 19, 1962 filed 65,000 common, of
to be offered by company and 15,000

Western

of

Jan.

St., Kansas City, Mo. Underwriter—Kidder,
Reabody &. Co., ,N. Y.
;iv ; ;
...
„,V •;//'

communities

manufacture

measuring devices and test equipment. Pro¬
debt repayment and other * corporate purOffice—1005 First Ave., Asbury Park,( N. J, Under-

Wolf

—

916 Walnut

to

and

;

Casualty & Surety Co.

tion of natural

By

books j ; for
courses j and

text

(5/7-11).;- Y.
'/March 20, 1962 filed 100,000 common. Price—By amend¬
ment (max. $45). Business — Sale of chemicals, deter¬
gents, and petroleum derivatives. Proceeds—For selling
stockholders. Office—122 E. 42nd St., N. Y. Underwriters
—Smith, Barney & Co. and Goldman, Sachs & Co., N. Y.
•

16, 1962 filed 187,500 capital shares being offered
for subscription by stockholders on.the basis of one new
share for each four held of record Mar. 27, with rights
to expire April 10, 1962. Price—$57. Business—Writing
of automobile, general liability and other types of in¬
surance.
Proceeds—To increase capital funds. Office—

Price—By

Business—Publication - of

ceeds—For

Shopping Center Limited Partnership

Western Gas

j

electronic

Feb.

*

«p..

r

St., N. W., Washington. D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western

>..

V:".* Winslow Electronics, Inc.
Y-/
''vY,;;
Dec. 28, 1961 filed 125,000 common. Price—$4. Business

Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
&

:-Y

.

•'college,,-post-graduate and adult education
professional- books/ encyclopedias, hahdbooks, etc. Pro¬
ceeds—For selling stockholders. Office—440 Park Ave.,
N. Y. Underwriter—White, Weld & Co.,, Inc., N. Y. ;

(4/16-20)

K

.

(L.

writer—Amos Treat & Co.,

v >

Y/'vYV-

■

7..

V.

Widman

Wiley (John) & Sons, Inc. (5/1)
-Feb. 21, 1962 filedT$0l,O22 $haVfes~d* capital. Price

14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—

Life Assurance

Co.

of

40th St.,

Ohio

general corporate purposes. Office—114 E.
N. Y. Underwriter—D. A. Bruce & Co., N. Y.

•

Dec. 29, 1961 filed 215,334 common being offered for
subscription by stockholders on the basis of two new
shares for each 3 held of record Mar. 23 with rights to

Wulpa Parking Systems, Inc. (4/30)
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬

expire April 9, 1962. Price—$16. Proceeds—For expan¬
sion. Office—335 Euclid Ave., Cleveland. Underwriters

tions and increase working caDital.

r—McDonald & Co., and Ball, Burge & Kraus, Cleveland.

Ave., N. Y. Underwriter

Nov,

Joshua & Co., Inc., N. Y.

company.




.

Nov.

duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa.
Underwriter — John
^

V'.'-,

Burr, N. Y.
West Falls

•

(4/23-27)

100,000 class A

/

Inc.

Tem-

amend¬
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
&

Proceeds—For gen¬

Wiggins Plastics, Inc. (4/23-27)
20, 1961 ("Reg. A") 100,000 common. Price—$3.
compression, transfer and injection
molding of plastic materials. Proceeds—For debt; repayment and general corporate purposes.
Office-^-180
Kingsland Rd., Clifton, N. J. Underwriter—Investment

debt

(4/9-13)

Nov.

N. Y.

Gardena, Calif. Underwriter—Mitchum, Jones ,&
pleton, Los Angeles.
March .15, 1962 filed 41,000 common. Price—By
ment (max. $35). Business — Manufacture and

•

dresses.

.

Bay Financial

V West Chemical Products,

Inc.

Jan. 23, 1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device'
known as Golfit. Proceeds
For debt repayment and
general corporate purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late June.

Vitamin

:

;:Y

Business—Custom

expansion, investments and possible acquisition of simi¬
lar businesses.. Office — 1275 W. Redondo Beach Blvd.,

Price — $1.
Business—Manufacture of coin operated' vending ma¬
chines. Proceeds—For an acquisition and general cor¬
porate purposes. Office—1290 Bayshore Blvd., Burlingame, Calif.
Underwriter—Pacific Coast Securities Co.,
San Francisco. Offering—Expected sometime in June.
12,

«

•

Corp. (4/2-6)
March 7, 1962 ("Reg. A") 60,000 common. Price — $5.
Business—A savings and loan association. Proceeds—For

Inc.

of ladies'

Planning Group, Inc., East Orange, N. J.

.

West

•

Ave., N. Y. Underwriter—J. R. Williston & Beane, N. Y.

Y—'Y

\

Oct.

(4/23-27)

Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
:
/ ;• ■ '■ .
; v
-

Office—585 Gerard

Jan.

Baby, Inc.

eral corporate purposes.

of aids for hair styling, and the proeyebrow" pencils, lip liners, etc. Proceeds—
repayment, equipment and working capital.

Vendex,

-

28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt repayment and gen¬

distribution

duction

purchase of vessels, and working cap¬
Joseph St., Mobile, Ala. Under¬
Co. Inc., N. Y. (mgr.). Offering—Ex¬
*

'

F-H Inc. (4/9-13)
t
Oct. 27, 1961 filed 162.000 common, of which 102,000 are
to
be offered by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.

Dec.

Corp«

'

•

Weinkles Liquor Stores, Inc. (4/16-20) *
Dec. 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. ; "
•
'

for
diesel locomotives; temperature control systems for rail
cars, buses and aircraft; and door control devices for
rail passenger cars. Proceeds—For selling stockholders.
Office—80 E.
Jackson Blvd., Chicago. Underwriter—
William Blair & Co., Chicago.
Business—Manufacture

ment.

Un¬

;

Vapor Corp.

•

eral corporate purposes. Office—124 E. Olympic Blvd.,
Los Angeles.- Underwriters—Schwabacher & Co., and J'.
Barth & ,CoM San Francisco; and Bear, Stearns & Co.,
N. Y.

pected sometime in late May.

withdrawn.

(4/9-13)

Co.

&

':/,•

\

1961

28,

manufacture

and

Saint

Office—71

ital.

(Norman)

Russotto

filed 135,000 common, of which 45,000
shares are to be offered-by the company and 90,000 by
stockholders. Price—By amendment. 'Business—Design

Steamship Corp.

Proceeds—For the

registration was

Note —This

Wiatt
Nov.

'

(4/30-5-4)

Inc.

'

Blvd., Los Angeles. Underwriter—Costello,
Co., Los Angeles. >■ -, .■ /-'• v-:■ • -'
> :■

Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.

purposes.

&

■

Office—2263 Valdina St., Dallas.
derwriter—Eppler, Guerin & Turner, Inc., Dallas.

company

For

Pressprich

-

working capital.

of which 55,736 are to
and 23,076 shares by a stock¬
holder.
Price—By amendment.
Business—The opera¬
tion of four restaurants in Maine and Mass. Proceeds—
by the

-

(5/7-11)'

lighting fixtures. Proceeds—-For debt repayment, equip¬
ment and working capital.* Qffice—5221
W. Jefferson

25, 1962 filed 180,000 common. Price—By amend¬
ment.
Business—Printing of legal and financial docu¬
ments.
Proceeds—For debt repayment, equipment, and

'•//./

:Y.:

>'

Lighting Co.

26, 1962 ("Reg. A") 75,000 common. Price -— $4.
Business—Manufacture and distribution of electrical 'and

Jan.

Dec. 22, 1961 filed 78,812 common,
be offered

White
Feb.

Inc.

Underwriter—White & Co., Inc., St. Louis.

!

72,500 are
stockhold¬
Price
$8;50. Business — Design, manufacture hnd
of toys and games, sporting goods and housewares.

working capital. Office—835 E. El Monte
St.; San Gabriel, Calif. Underwriter—Cruttenden & Co.,
Inc., 618 S. Spring St., Los Angeles.

—

Corp. of Delaware

'

Proceeds—For

\

Aviation,

•••*''

(4/17)

—

sale

(4/17)
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, 111.

Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and build¬
—765

ers.

&

Ripley

Underwriter—Harriman

Dallas.

Bldg.,

Walston

equipment and working capital. Office—1445
Ave., El Monte, Calif. Underwriter

ford

Co., N. Y.

12, 1962 filed 100,000 common. Price—$5. Business
—Production of valves, and regulators for oil, chemical
and missile industries. Proceeds—For acquisition of land,
Feb.

gas.

Dec. 26, 1961 filed 100,000 common, of which
to be offered by the company and 27,500 by

the mortgage loan correspondent business.
selling stockholders. Office—1111 Hart-v

in

Co.

and

'

-

.

Wham-O Mfg.

:

Proceeds—For

Valve Co.

Vacco

—None.

12, 1962 filed 400,000 common. Price—By amend¬
$22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
engages

Price —$1.

common.

Proceeds—For -ex¬
pansion, drilling and leaseholds development. Office—
422 Washington Bldg.; Washington, D. C, Underwriter

Investments, Inc.

—

300,000

of oil

Business—Production

cleaning equipment
Proceeds—For debt
building and equipment and other cor¬
Office — 2117-29 N. Wayne, Chicago.

ment (max.

—

Underwriter—Westco Corp.,

Colo.

it Wesreb Oil Co.
Mar. 20, 1962 ("Reg, ,A")

~Feb.

Sept. 18, 1961 ("Reg. A") 33,097 common. Price — $5.
Operation of a discount department' store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
Offering—Imminent.

capital

Underwriter—Laren Co., N. Y.

Corp.

Business

140,000

also manufactures and sells
supplies to franchise holders.

repayment, new
porate purposes.

,•

,

r

filed

1961

cleaning and moth-proofing of rugs, furniture,

ment

bacher & Co., San

28,

St., Aurora,

Aurora, Colo.

Price—By

amendment. Business—Sale of franchises for

Pipe Co.

Utah Concrete

Ursula

(4/2-6)

shares.

Dec.

U-Tell

Thursday, March 29, 1962

.

(1542)

Oct.

vice called the

New

Western States Real Investment Trust

13, 1961 filed

Price—$6.25.

32,000 shares of beneficial interest.
Business—A small business investment

Proceeds—For investment.

Office—403

-

1

York.

Proceeds—To

"Wulpa Lift."
—

open loca¬
Office—370 Seventh

Ehrlich, Irwin & Co.,Tnc.,
-

Wynlit Pharmaceuticals, Inc.

Dec. 28, 1961 filed 125,000 common. Price—By amend¬
ment. Business—Development and manufacture of phar-

;

Volume 195

Number 6146

.

.;

The Commercial and Financial Chronicle

maceuticals and medical products. Proceeds—For

Zenith Laboratories,

Inc.

Boston

general
N. J.

•corporate purposes. Office—91 Main St., Madison,
Underwriter—Andresen & Co., N. Y.

...•Oct. 5.

ceuticals, non-prescription drugs, vitamins, etc. Proceeds
—For repayment of debt and working capital. Office—
150 S. Dean St., Englewood, N. J. Underwriter—Sulco
Securities, Inc., N. Y,

...

Gulf States

item

similar to those

0-

Would

you

wr ite jus

you'll/find hereunder. : v: /
telephone - us at REoto* 2*95707

at 25. P.wk

Plac^ l?ew

or

v

last sale of

Public

Utilities

($/21)

,";7>../

ter of 1962

V./'
/

Sari Diego Gas S Electric Co.

Aven/

Probable bidders:

Kidder, Peabody & Co.-White, Weld
(jointly); Salomon Brothers & Hutzler; Halsey,
Stuart & Co., Inc.; Stone & Webster Securities Corp.Dean Witter & Co. (jointly). Bids—Expected June 26.
&

Boss-Linco

Lines,/Inc.

1957

v,

application was filed with the ICC cov¬
class A common shares, of which 15,000
would be sold by the company arid 160,000/ by certain :

Systems, Inc.

(8/7)

On Mar. 7, 1962 it was reported that this company plans
to sell- *$25,OOO,00O of deberitUres due 1987. Office—120

bonds, series O, due May 1, 1987. Proceeds—For con¬
Office—Edison Bldg., 601 W. Fifth St., Los
Underwriters—(Competitive). Probable bid¬
ders: First Boston Corp.-Dean Witter & Co. (jointly);
Halsey, Stuart & Co. Inc.; and Kuhn, Loeb & Co.Equitable Securities Corp. (jointly). Bids — May 1
(8:30 a.m. Calif, time) at the company's office.
Angeles.

common on April 17,
negotiated basis by First Boston

/:////;/-///'//

•

v-//;/-

Southern

;//

Electric Generating

Ce.

(11/28)

On Jan. 12,1962 it was reported that this subsidiary ol
the Southern Co. plans to offer $6,500,000 30-year first

March 20, 1962 it

mortgage bonds in Novemher, .<Mfieer400, N.

18th St.,
Birmingham, Ala. Unfa writers — (Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld fc Co.-Kldder, Peabody & Co; (jbihtly);
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. L

Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately.- The last sale
common on May 9, 1956 Was made through Blyth &
Co., Inc.
" '/a

•E/ 41st St., N. Y./Underwrtters-^( Competitive); Probable
bidders: Merrill Lynch, Pierce, Fenner &/Smith Inc,-

(5/1)

struction.

debt repay¬

to

Proceeds—For working • capital/ Office—225 /Ohio
St,,
Buffalo, N. Y;/Underwriter^Doolittle//& Co.^ Buffalo. 7/

T. sub¬

Mar. 26, 1962 it was reported that this company plans
issue $40,000,000 of first and refunding mortgage

was reported that fhis utility plans
sell;$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re; payment,
and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
•Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
,

stockholders. .Price^$7,.75:. nBusmess-^A motor freight
"carrier serving the principal cities of-New York State.

Gas'

a

Jamaica'; Water Supply Co.

115,000

Columbia

on

■

(4/18)

to

is favorable. Proceeds—For

handled

Telephone S Telegraph Co.

A" Southern California Edison Co.

privately. The last sale of

was

Corp., N. Y.

Southern Bell

sidiary plans to sell $75,000,000 of debentures due May 1,
2001. Proceeds—For construction. Office—67 Edgewood
Ave., S. E., Atlanta, Ga. Underwriters—(Competitive).
Probable bidders: Morgan Stanley & Co., and Halsey.
Stuart & Co. Inc. Bids—Expected Apr. 18 (11 a.m. EST)
at 195 Broadway, N. X

ment and construction. Office—Centerville, Iowa. Under¬
writers—To be named. The last sale of preferred Was

March 2,-1962 an

ering

•

Co.

Feb. 27, 1962 it was reported that this A. T. &

March 20, 1962 it was reported that this company plans
to sell about $3,000,000 of common or preferred in 1962

made

,•

.

Mar; 28,1962 it was reported that this ^company plans'
to sell $5,000,0CK)r: Qf first
mortgage bonds. Office—220 S.
Yirginia St., Reno, Nev. Underwriters—(Competitive.)

Iowa "Southern Utilities Go.

purchase and sale of used cars. Proceeds—General cor¬
porate purposes. Off ice—Westbury, L. I., N. Y. Under¬
writer—T. M. Kirsch Co., Inc., N. Y.
v ;////77./////

/' //"

*■

Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
Sierra .'Pacific/ Power' Co. (6/26)

/ ,.V ^
; ^ Houston Lighting & Power Co..
-/•
that this subsidiary of / Mar. 28, 1962 it was reported that this company plans
to sell $30,000,000 of first mortgage bonds due 1992. Of¬
the Southern Co. plans to Off er7$17,000,000 30-year first
mortgage bonds in June. Office—f^00 N/ 18th > St., Bir- / fice—900 Fannen St., Houston, Tex. Underwriters —
mingham, Ala. Underwriters-^(Competitive)\ Probable
(Competitive.) /Probable bidders: Lehman Brothersbidders r plyth &
Co. Inc.-Kidder, Peabody & Co.
Eastman
Dillon,
Union
Securities
&
Co.-Salomon
Brothers & Hutzler (jointly) / Kidder, Peabody & Co.(jointly); Morgan Stanley & Co.; First Boston Corp.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
Equitable Securities Corp. (jointly) / Halsey, Stuart &
rities Corp.-Drexel & Co. (jointly); Lehman Brothers,
Co. Inc.; arid Blyth & Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly). Bids—Expected in June.
Halsey, Stuart & Co. Inc. Bids—Expected May "31.

the market

.

Sim

.

if

quar¬

the first quarter of 1963. Office—900 15th

March 19, 1962 it was reported that this
company plans
to sell about 500,000 common to stockholders in late.
1962 to raise some $17,500,000. Office—861 Sixth

;

Auto Machine Systems, Inc.
March 14, 1962 it was reported that this company: plans
to file a "Reg.-A" covering 135,500 common. Price—$1.
Business—Operates a communications network for the

or

St., Denver, Colo. Underwriters — First Boston Corp.,
Blyth & Co., Inc., and Smith, Barney & Co., Ine,
■„

ders; Lehman Brothers; Stone: &Webster Securities:;
Corp.; Merrill Lynch/ Pierce, Fenner & Smith Inc. and
; White, Weld & CO. /Iointly) ; Salomon Brothers & HUtzler and Eastman Dill6n, Union Securities & Co.- ( joint- /
y ly); and Halsey, Stuart & Co.Tnc. Bids—May 21 at 12:00
noon (EDST) in New York City/ Information Meeting—
Expected May 16, 1962 at 11:00 a.m. (EDST) at the
Irving Trust Co., 1 Wall St., New York City.
/

'/

through subscription rights during the fourth

ers

Alabama Power. Co. (5/31)
Ori; Jan. 12, ;i962 it was reported

:

Service Co. of Colorado

March 9, 1962 it was reported that this company plans
to sell about $30,000,000 of common stock to stockhold¬

..

.

Prospective Offerings

bonds on Nov. 29/1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co, Other bidders were Halsey, Stuart &
Co, Inc.; First Boston Corp.-Drexel & Co. (jointly).

■

March 19, 1962 it was reported that this company plans
to sell $17,000,000 of 30-year first mortgage bonds. Proceedsr-For. expansion. Office—285 Liberty Ave., Beau¬
mont, Tex. Underwriters—(Competitive,). Probable bid¬

planning to register?
Corporation News Department would .like

Do you have an. Issue you're

to know about It so that we can prepare au

/

...

ATTENTION UNDERWRITERS!

,

.

63

000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The

Georgia Power Co. (11/7)
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $7,600,666 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
'.'Oct.'5. /, v.,..;, '
7.
/■...

(4/18)

1961 filed 120,000 common. Price—$4.5Q. Busi¬
ness—Development and manufacture of ethical pharma¬

I'

Corp.; Lehman Brothers; Morgan Stanley & Co.
Nov/ 7.
Registration—Scheduled for

Bids—Expected

Nov. 22,

Our

(1543)

of

Southern

White/ZWeld 7&7Co;/ (jointly); MorganStanley & Co.;
•/;/; Milwaukee Gas tight Co.
Halsey, . Stuart &. Co:,. Inc.. Bids — Expected: June 7: /March 20, 1962 it was reported that this utility plans to
»(11:00 a.m./ES.T)vr at the companj/'S office:sell -$15,000,00Q of 25-year first mortgage bonds in May.

Pacific Co.

(3/29)

Mar. 8, 1962 it was

reported that this company plans to
$7,995,000 of 1-15 year equipment trust certificates.
Office—165 Broadway, N. Y. Underwriters—(Competi¬
tive)
Probable bidders: Salomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—Mar. 29 at 12 noon
(EST).
' / ■/;■ ./■/ '"//■"
.'
,

sell

7 Office—626 E. Wisconsin.
^ Columbus & Southern Ohib Electric Co. (5/9)
Ave., Milwaukee. Underwriters
:Mar. 28, 1962: it; was reported that this .company plans /;■ — (Competitive) . .Probable bidders: Halsey, Stuart & Co.
to sell $16,600,000. of first mortgage bonds due 1992.
Inc.; Kidder. Peabody & Co.; Kuhn, Loeb & Co .-Blyth &
Office — 215 N. Front
St., Columbus; Underwriters —7; Co. (jointly).
/77:/'// //:7;:: 7: :7;////-:■///
/,"'■""//

.

.

..

Utah Power A Light Co. (8/22)
'
^
(4/17)
:;/-:
Jan. 17, 1962 it was reported that subject to approval of
/Salomon* B^th^7^
(jointly);Hals#, Stuart /Feb; 21,1962 it Was reported that this company plans to
:
directors^ the company plans to sell about $20,000,006
&,Cq, line.; Diliop, Read •>&"*'•Co.-The Ohio Co: • (joiritly);
issue $5;925100() of equipment /trust -.certificates ,':due":.iah-/
of mortgage bonds and^ $10,000J000 of common stock in
Lehma.n Brothers^ W
eld •'& Co.;' Eastman Dillon,
nually Mar. 15; 1963-77/ Office—Missouri Pacific Bldg.,
May. Office—*1407 W. Norto Ten^ie St./Salt Hake City^
St. Louis. Underwriters^ (Competitive), Probable ; bidi^llmpri^Securiti^v^^ ^C6c-C16re/ TFOrgqri/^
^Bids^ExpectedTM^^
y./7r'7/10-%-y.7 7 ^5/;:^ / ders: Halsey, -Stuart & ;Co. Inc.; Salomon Brothers /& 'Underwriters—(Competitive). Probable bidders on the
t: bonds: First Boston Gorp.-Blyth St Co^ Inc. (joiritly);
Hutzler; Bids—Expected' Apr. 17.
■
•ty. Cowsolkiated/ EdisonCo.of - NUw-York,r I nc/ /*'/
/^- '7
Kidder, Peabody 6k Co? Haisey, Stuart
Co.^ Inc.;.
Mar/ 28/; 1962* it .was reported th'^
77 Mountain States Telephone & Telegraph Co. ;
Salomon Brothers 6c Hutzter; White, Weld & Co.-Stone
Hhri/currerit /salev bf $95,000,000; of preferred stock to
/, // (6/S) 7
:
//v;/-'.;///:■;
& Webster Securities Corp. (jointly); Eastman Dillon,
/ Stockholders, 'the company /plap s. to issue- .about. $75 ;March 2i, 1962' it was reported that this A.T:&T, siibUnion Securities & Co.-Smith, Barney & Co. (jointly);
000$00 ~of mortgage bonds. Air;additional '.$91,060,066 of ; sidiafy plans to soli $50,006,660 of debentures in June.
Lehman Brothers-Bear, Stearns 6c Co. (jointly). The
v Other^fii^ncing/ ^ilP'brobably
be made in the iall. In
Proceeds—To: repay bank loans Office—-931
14 th St.,
last issue of common on.S^t. 17, 1957 was underwritten
-1963 the company, expects to do about $168,066,660 of
./ Denver. Undenvriters—-(Competitive). Probable bidders:,s
by Blyth & Co^ Inc.-Kidder, Peabody & Co.-Merrill
7firiancirig, partly to refund : $125,500,000 of /bonds. Of- ■ Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Lynch, Pierce, Fenner 6c Smith, Inc. {jointly). Other
f fice^4.1rvirig PlacO, N ? /Y/Underwriters— (Competitive.)
Boston Corp. Bids—Expected June 5.
bidders were First Boston Corp., and Lehman Brothers.
: Probablo
bidders; onthe / bonds;/First 'Boston Corp.;
'New England Electric System (5/29)
Bids—Expected May .22.
h Halsey, Stuart &/Co. Inc.; ^ Morgan1 Stanley & Co.
/,
Feb. 13,; 1962 it was reported that this company plans
Virginia Rlectric & Power Co. (6/5)
;
Florida Power Co^. /■/
•/ ;.//•:/ 7 ■ •7.'
to offer stockholders in June the right to subscribe for an
March 19, 1962 the company announced plans to offer
March 19, 1962 .it was reported that;this company plans
//Additional 872,876 common shares on a l-for-15 basis.
publicly 650,000 common shares. Office — Richmond 9,
7 to offer stockholders the right- to subscribe for about
•Officer—441 Stuart St., Boston, Mass.
Underwriters—
Va. Underwriters
.(Competitive). Probable bidders:
457,265 additional common shares on a l-for-20 basis. : (Competitive). Probable bidders: Blyth & Co.-Lehman
Merrill Lynch, Pierce, Fenner & Smith Inc.; Stone &
Office—101 Fifth St., :South, St/Petersburg, Fla. UnderBrothers-Bear, Stearns & Co. (jointly); Carl M, Loeb,
Webster Securities Co^ Kuhn, Loeb & Co.^Ladenburg,
/ writers—-To be riamed. The last! rights offering of com¬
Rhoades & Co.-Ladenburg, Thaimann & Co.-Wertheim
Thaimann & Co.-Allen & Co. (jointly). Bids—June 5
mon oil May i 4, 1959 /was underwritten by Kidder, Pea& Co. (jointly); Merrill Lynch. Pierce, Fenner & Smith
(11 a.m. EDST) at One Chase Manhattan Plaza (23rd
body
Co.. and Merrill Lynch, tPierqe^Fenner & Smith
Inc.-Kidder, Peabody & Co.-White, Weld & Co. (jointfloor), N. Y. Informatoin Meeting — June 1 (11 a.m.
Inc., N. Y. Offering—Expected in October, 1962./
ly). Bids—-May 29. Registration—Scheduled lor April 12.
EDST) at same address.
7; Florida Power Co.
(5/17)
^ Northern States Power Co. (Minn. ) (6/12)
Ar Washington Gas Light Co.
March 19/1962 it was reported that thirintilitv jplans to
March 19, 1962 it was reported that this company in¬
Mar. 28, 1962 it was r^orted that this company plans
issue $25,000,000 of 30-year first mortgage bonds in May.
tends to sell $15,000,606 of 30-year first mortgage bonds
to sell $15,000,000 of bonds. Office—1100 H St., N. W.,
Proceeds—For; debt repayment, and construction. Office
due 1992. Proceeds—For expansion. Office—15 So. 5th
Washington, tD. /C. Underwriters — (Competitive.)
—101 Fifth St., South, St. Petersburg, Fla. Underwriters
St., Minneapolis. Underwriters—(Competitive). Probable
Probable bidders: Eastman Dillon, Union Securities &
—(Competitive). Probable bidders: Halsey, Stuart & Co.
bidders: Halsey, Stuart & Co.; Merrill Lynch, Pierce,
Co.; Equitable Securities Corp.; Kidder, Peabody & Co.;
Inc.; Kidder. Peabodv & Co.-Merrill L^nch. Pierce. Fen¬
Fenner & Smith Inc., Peabody & Co., and White, Weld
First Boston Corp.; and Halsey, Stuart & Co. Inc. Bidsner & Smith Inc
(jointly); Lehman Brothers-Blvth &
& Co. (jointly); First Boston Corp/and Blyth & Co.,
Expected in May.
Co. (iointlv); Eastman Diilon, Union Securities & Co.Inc. (jointly). Bids—Expected June 12, 1962,
Hprriman Rirriey,Sr. Co, (iointlv^: Fi^-t Boston Corn. Bids
★ Werner Transportation Co. (4/5)
Panhandle Eastern Pipe Line Co.
Jan. 19, 1962 this company registered with the I. C. C.
—-Expected .May 17 (11:30 a.m. FTOST) at office of Shear¬
March 8, 1961 it was reported that this company ex¬
man
& Sterling, 26 Exchange ^ace. N. Y; Information
175,000 common shares. Price—By amendment. Busi¬
pects to sell about $72,000,000 of debentures sometime in
ness—An inter-state motor carrier. Proceeds—For gen¬
Meetimr—May J5 (11 a.m. EDST) at Morgan Guaranty
1962, subject to FPG approval of its construction program.
Trust Co., 54 Liberty. St.. N. Y.
eral Corporate purposes. Office—2601 32nd Ave/ So.,
;
'
7
Office—120 Broadway, New York City. Underwriters—
Minneapolis. Underwriters—New York Securities Co.,
Georgia Power Co. (11/7)

(Competitive;) probable bidders:; Lee; Higginson Corp;*

Missouri

Pacific

RR

.

-

,

.

.

.

.

'

-

-

—

*

:

,

Merrill

On Jarii 12,1962

it was reported-that this subsidiary of
/ the Southern Co, plans to offer j$23<000.660 36-vear first
mortgage bonds in November.
Office—270 Peachtree
,

Lvneh, Pierce. Fenner & Smith Inc., and Kidder.

N. Y, C. and J. M. Dain & Co^ Inc.,

Peabody & Co., both of New York Citv (mgr.). Offering
—Expected in the fourth quarter of 1962.

Telephono Co. (5/8)
Mar. 28, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $20,000,000 of 40-vear debentures.
Office—722 N. Broadway, Milwaukee, Wis. Underwriters
—(Competitive.) Probable bidders: Morgan Stanlev &

.

;Bldg., Atlaritri/'Ga." Underwriters^—(Competitive). Prob¬
able bidders; Halsey, Stuart & Co., Inc.: Harriman Hip.lev

Co.. Inc.: Blyth & Co.. Inc.: Kidder, /Peabody &

Gp/-Shi^(ls
Eastman

.Co,-(joiritly); .Equitable/Securities /Corp.Dillon, Union Securities & '• Co; (jointly); First




,

Penhsvivania Pnwsr & Light Co.
Feb. 20,? 1962, Jack K, Busby. President and C. E. Oakes,
Chairman.;stated that the -company will reauire about
$93.60.0^000 In debt financing in the period 1962 to 1970.
/Proceeds—For construction and the retirement of $17,-

Minneapolis.

* Wisconsin

\

Co.:

■s

-rExpected May 8, 1962.

Halsey,/Stuart & Co. Inc.; First Boston Corp. Bids

Financial Chronicle

The Commercial and

64

Thursday," March 29; 1962

.

(1544)

,

problems,' there is but little room
for wonderment as these closedend toll road and bridge issues

WASHINGTON AND YOU

attract,,

investment

serious

more

issues seem

interest. Most of these

INTERPRETA TIONS

B EHIND-THE-SCENES

tmderpriced.-

relatively

NATION'S CAPITAL

FROM THE

Kentucky Turnpike Bonds

Quickly Placed With Investors

$29,000,000 Turnpike Au¬
of
Kentucky,
Eastern
Extension. 1962 issue advertised on
The

ness

discussed

going to make any headlines
during these early spring days.

It

and

one

what

the

V

will.

Nevertheless,

y

'

>

,

\

-

a-'

' ;a-.

doubt

no

do

IN INVESTMENT FIELD

few days ago in con¬
with the $13 billion ap¬

nection

aircraft

following

a

$2,979,200,000.

Toronto Bond Traders Association

annual dinner at the

will

be the
aircraft

a

he

address

inaugural

As

on

freezing day in January, 1961,
declared
that
the
hour
of

at hand.
If he desired, he could go to the

"maximum danger"

was

the

proposed

now

t h

There

'

Bond Market

Texas Group of

Continued from

the big untold story in the Na¬
tion's Capital is: our country has
come
through a period of great

page

national

nual

6

h t-provoking speeches on
the RS-70. One was delivered by
o u g

Only

System.

earnings of the Western System
will be applicable to this issue.
At the

danger.'

Nebraska

Western

present the balance in this
$2,800,000.

account is

[This column is intended to reflect
''behind the scene"

the

interpretation

front the nation's Capital and may or

Also

sold

(San Antonio,
a,

1962

Association

ers

.

of

sum

April 8-10,
Tex.)

;

on,

numerous

were

Tax-Exempt

tration for the development

$491,000,000 would be used for re¬
search
and
development of this
plane.

Space

and

Aeronautics

technical

of the

benefit

research and development.

de¬

Kennedy

President
Iris

military

manned

the

have

quish us with nuclear weapons.
When

which

RS-70

that

fastest

A

blackmailing and threaten to van¬

livered

King Edward

Sheraton.

around

Adminis¬
of the
space age. The USAF feels that
in the world. Development of this
The facts are the Soviet Union
the' NASA
operation should be
craft will also mean that event¬
does not have the military superi¬
done under its jurisdiction.
!■'
ually the commercial airlines will
ority to do a lot of diplomatic"
But while all the debate goes
to keep in power.

(Toronto, Canada)!

April 6, 1962

>.

revolved

debate

Most

Dictators

stirred up

he's down a pint!"

point and

naval

and
r. >'

$6,034,390,000,

vessels

down

stock's

"His

$4,052,182,000;

Missiles

amounts:

a

the

in

propriation

for home consump¬
must keep things

partially

far

Congress thus

of

took place a

lot
more
threatening in the future,
but the Communist threats will
will

Debate

concerning the military operations

the Western
world have come through a period
of extreme danger safely. V

tion.

105%-

quoted

interesting debate of

most

session

this

and

so

the United States and

be

currently

are

10614.

bound to

are

-V.';

The

if they
thought it wise, could flatly say—

Russia

2000

own'missilry prob¬

The RS-70 Bomber

leaders today,

our

do

dared

they

dis¬

no

is almost certain we

the future. It

if

the Russians

have had their

lems.

in

going to face new dangers

not

(1967-1985) 4% and
414% bonds were priced to yield
from 3.30% to 4.00%. The Author¬
000,000 serial

American- superiority
in nuclear weapons. Like¬

wise,

This does not mean that we are

and the $10,-

priced at 9812

were

that

exists

" '

$19,000,000

ity's outstanding 4.80% bonds due

is

there

Furthermore,

pute

Inc., A. C. Allyn & Co. and

4.30% term bonds due July 1, 2000

being

of schedule.

war,

prevalent.

now

Co., B. J. Van Ingen & Co., Inc.,
Lynch, Pierce, Fenner &

The Kentucky Co. The

al¬

carried in Polaris
submarines ; in
impressive num¬
bers, and land-based minuteman
types are moving into bases ahead

crit¬

entirety

Merrill

gen¬

solid fuel missiles are

ready

but it did not and
extreme national danger is not

.shooting

so-called second

the

Also

eration

going to happen.
developed into< a

have

could

&

programs

Smith

knew for cer¬

no one

was

effort to

an

a

The Berlin situation was a

ical
tain

initiated
in
overtake the Russians.
crash

so-called

two

our

passed.

crisis has

■.'«

is:

story

27, was placed in

by the managers of the account,
namely, Allen & Co., John Nuveen

Eisenhower

President

country has
emerged
safely
from
extreme
danger. Several months ago war
clouds were
hovering dark and
ominous in our skies. Today the
The

March

could

for in 1954 when

have been hoped

not

readi¬

developed to a state of
much faster than
it

been

unwritten, untold and little
story in Washington is

gest

thority

continental ballistic missiles have

C.—The big¬

D.

WASHINGTON,

Investment Bank¬
of America, an¬

meeting at the St. Anthony

Hotel.

'

April 27, 1962 (New York City)

Traders

Security

of

Association

New York Dinner at the Waldorf-

/

Astoria. !

Wednesday were May 4, 1962 (Pittsburgh, Pa.)
$3,145,000 Arlington County, Vir¬ Pittsburgh Securities Traders As-,
ginia, various purpose bonds. The sociatlon Annual Spring Outing
winning; bid of
100.0464%
for at the Oakmont Country Club. '
coupons of 2&%, 2%% and 3.10%
resulted in a net interest cost of May 6-9, 1962 (Seattle, Wash.)
2.8848%. Only, two dealers com¬ National Association of Mutual
on

.

the

Representative W. J. Bryan Dorn,

may

passed, at

Democrat, of South Carolina. Mr.

otvn

and

tomorrow

people

"maximum danger" has

say

least for the time being.

Dorn,

Certainly there are a number of
scattered threats looming.
In all

Veterans
some

the

member of
Committee,

a

not

'a.

V

were:

Assist From McNamara

"When

MacManus Res. Mgr.

Secretary of Defense Robert S.
McNamara is an able administra¬

it

States

will

begin in: the Far,
Communist-; C h i n a,

Red

East.'

the winning group, First
City Bank of New York
Strader
and
Co.,
Inc.
of

prised

Savings Banks 42nd annual con¬
at

the

National

ference

and

May 9-12, 1962

Olympic

Hotel.

...

(White Sulphur

Calif. —Robert La Lynchburg, Virginia. Bidding was
Springs)
-a
': a;.
been named resi¬ keen for this issue with at least Investment
Bankers Association
dent manager for William R. Staats ten
groups * in
competition. The meeting of Board of Governors.
bonds
were
reoffered
to
yield
& Co., in the 6644 Van Nuys Blvd.,
May 14-15, 1962 (Detroit, Mich.)
Van'Nuy s,: from 1.65% to 3.10%.
Association
of
Stock
Exchange
Calif,
office,
Reputedly/ Arlington
County,
Firms Board of Governors spring
it
was
an¬
lying across the Potomac from
meeting at the Dearborn Inn. ;
nounced
by Washington, is one of the fastest
Chester M. growing counties in the United
Glass, manag¬ States/Much of this growth may
Attention Brokers and Dealers
ing partner of be, attributed to the increasing
the Los Ange¬ size and complexity of the Federal;
TRADING MARKETS

VAN

to the United

of

Wm. R, Staats Branch

speech

/•;/ '•

"

;

comes

war

his

from

excerpts

-.A-''1

out

personal opinions of what is

tinent

".'A-

■

House

tossed

going to happen. Some of the per¬

probability the threats will con¬
tinue for another generation,

coincide with the "Chronicle's"

views.1

NUYS,

.

MacManus. has

'

generally credited with

tor and is

seething with unrest and seeking

fine service at the
Pentagon. Indirectly, the cabinet

performing

a

was

Armed

national

the

danger

frowned

he

when

Quemoy
or Formosa.
Red China will launch her over¬

telling
the
House
Services Committee that

officer

the

of

rapid

manned

nam,

develop¬

RS-70

for

expenditures
ment

South

tremendous

bomber which will fly 2,000

Korea

into

or

Thailand

Burma.

of these

miles

In

There

of

the

of

some

are

officials

the

top

any

Kennedy

that

the

country

should

lieve

this would result in greater

confidence and help

to

shape future

good purpose, when another

treme emergency

faces

other

the

soldiers.

who

some

sincerely

feel

American

with

them

would

are

candid

that

if

picture,

sia

it

Capitol Hill
contending that the

are

tion- dare

such

ment
be

not

make

privately

as

desperate

tration
tained

and

as

prominent

the present
some

adminis¬

others

insist

military
that

our

missile

9

su¬

a

R.

Staats & Co., mem¬

York, American
Pacific Coast Stock Exchanges,
of the

maintains
California

New

operations
and

throughout

Arizona.

of

considered
watch

the

Dorn,

some

interest

the

and

right

inter¬

very

on

March

15

to

Our

a

New

bonds

lead

the

march

King

a

York telephone number is

CAnal 6-4592

yield on March 22. This
slight
' change a represented / an
average gain of about J/sth of a
point. As our general obligation
3.62%

LERNER & CO., INC.

toward

Investment Securities

higher market levels,..and as our
states and municipalities are pro¬

10 Post Office Square,

gressively confronted with rela¬
tively
more
difficult
financial

Boston 9, Mass.
Teletype

Telephone
HUbbard

MT

BS 69

2-1990

of

all

Common and Warrants

us.

Pentagon

is

by

Air

: -

Versapak Film & Packaging

has

continuing

Congress

development

The

Cove Vitamin & Pharmaceutical

observations
to

to

:

of.

Force

,

is

Common & Warrants

-

-

Carl Marks & Pp. Inc.

of

FOREIGN

Bought—Sold-±-Quoted

SECURITIES SPECIALISTS

that
20 BROAD

STREET

TEL: HANOVER 2-0050

Force.

yield

Waste

or

China situation.

Appropriation
funds ' for

Air

experts

3.63%

--

Official Films

may

swift bomber will bolster the sag¬

liquid-fuel




and

ging morale of the United States

Missile Gap Closed
The

made

are

main¬

in the first place.

than

will

„

Electronics

before China will

years

Undoubtedly
.

never

It

for

can

that

embarrassing in acknowledging

members of

remain neutral.

may

wrong,

state¬

--that-the so-called missile gag was

bers

aggression could be
RS-70
strategic

Representative

Administra¬
a.

more

-

Maxson

A

improvement since last reporting.
The Smith, Barney & _Company
Turnpike bond Index went from a

Angeles

develop adequate defense
against strategic bombing."
"

or

the ground that it would

on

1970 the only deterrent to

Chinese

be.many

tlie country to relax.

on

Valley.-

American Cement
Botany Industries

issues have shown further market

ment services in the San Fernando

Va'a

a;

The toll road and other revenue

principal

pervise sales and general invest¬

Chinese

bomber command. It is quite pos¬
sible that in such a struggle Rus¬

Some critics of the Administra¬
tion

....•

powerful

a

people and present

a

cause

of Red

-

,

seemingly endless.

at

years,

States

William

President Kennedy should address
the

Robert L. MacManus

population

United

on

staff

offices

ex¬

"By

there

The

war.

a

with the millions

us.

hand,

billion

half

a

,

Los

cannot possibly win a ground war

Red
On

the

•

American
defenses.
They also believe it would serve
a

win

Staats

•

for

policy

lose

to

increasing

is

sales

population is increasing rap¬
a few years will reach
billion people. She can afford

a

and '* its

number of employees. This growth

was

the

the world.

idly and in

frank statement of facts
the passed crisis. They be¬
a

Mr.' Government

who

The Far

war.

firm.

MacManus,

Her

be

about

les

Red China is anxious for war.

...

given

in

East is the key area of

Administration who sincerely be¬
lieve

India.

or

objectives simultaneously.
case,
the United States

will be involved
drawer

Viet¬

South

"China may decide to attack all

.

hour when it is developed.

an

into

land 'juggernaut

whelming

passed,

was

on

willattack

scapegoat,
and Matsu

foreign

a

ing spent by the civilian National

-

NEW YORK 5, N. Y.
TELETYPE NY 1-871

iILL, THOMPSON & CO., INC.
-

not

happy with the billions be-

•

A® Wall Street, Hew York 5, N. Y; -'
•

Tel. WH 4-4540

Tele. N Y 1-01S4

j

I