Full text of Commercial and Financial Chronicle : March 31, 1960, Vol. 191, No. 5938

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Volume

New York 7, N. Y„

Number 5938

191

AS WE SEE IT

»«•<,/

Thursday, March 31,

1960

Price 50

Cents

Copy

a

Canada Is Now

slight rise in the consumer price index, plus an ex¬
pression of opinion by a spokesman for the Department
of Labor that further increases were to be expected in
the months immediately ahead, has more or less started
the inflation debate agoing again. It must be said,
A

For

By Dr. Ira U. Cobleigh, Enterprise Economist

though, that most of those who had been troubled most
about the danger of rising prices appear to be not unduly
worried at this time. There has been a definite reduction
in the tightness in the money market, and even talk to
the effect that the Federal Reserve has become at least
half convinced that it would be warranted in relaxing its

vigil
are

on

the whole still distinctly good, there

preview of the indicated growth in Canada during the
Substantial Sixties, plus a swift review at closer
range of

the

flation

was

did

not

conceived

of

as

the

main

of

of

sheened with the metallic luster of
copper,

gold; and accompanied by a cre¬
population and industrial develop¬
ment.
The Canadian citizen is justified in
viewing the next ten years with eager op¬
timism. By 1970, Canadian population should
reach 21million, a rise of almost 20%,
and that panoramic index of prosperity,
scendo in

Gross
from

the

to

National
the

Product,

should

advance

1959

figure of $34.7 billion to
well past $50 billion. Iron ore shipped should
treble to over 60 million tons annually. Per
capita annual income is expected to rise
from the present $1,500 to over $2,000. And
a
substantial increase in the price of gold,
the world's most cherished metal, seems pre¬

self-liquidat¬
originally

access

which cash

nickel and

course,

instrument

on

is at the threshold of an
exciting
decade, propelled by ore, fueled by gas
and petroleum, cascaded
by water power,

quite so simple to thoughtful
economists as it apparently does now. In those days price
stability was not regarded as a sure indication that no
inflation was taking place. Other and much more com¬
plex factors were thought to be involved. One eminent
economist"of those days used to define inflation as simply
"rotten banking," by which he meant absorption by the
commercial and central banks of paper which could not
be expected to liquidate itself within a short period of
time in the normal course of the business
giving rise
to it. It has, however, been at least two decades since
was,

authoritative tabu¬

Canada

appear

ing, short-term paper—which

an

equities

new

wholly safe

much has been heard of this older notion of

optimism about Canada's

consecutive years cash dividends were paid, Umdunt
paid in 1959, end of year quotations and approximate yields.

election year.
time, of course, when the subject of in¬

a

bases for

of

state of affairs in an
There

current

dividends have been uninterruptedly paid
ranging from five
to 131 years. Data describes the firms and shows: number

quite as well as had been expected at least in some
quarters. All in all, the feeling seems to be fairly general
that the danger of inflation has for the time being
a

and

lation of Canadian listed and unlisted

indications which suggest to some that all is not going

largely disappeared—which may not be

recent

prospective progress. Study includes

certain

are

nessed

A

little. Although reports from industry and trade

a

Splendid Decade of Growth

a

Federal Reserve banks.

dictable

"Liquidity"

some

time within

|;he next decade.

industrialization

Rapid

from

extending

Halifax to Vancouver will be another

The term

"liquidity" now is all but synonymous with
"marketability," which in terms (Continued on page 38)

ture

fea¬

We have already wit¬

of the Sixties.

some

tion

the

substantial

The

decade will produce great advances
transportation as well. The St. Lawrence
Seaway, a golden dream for half a century,

became

an animate
reality in 1959. Tonnage
navigating speeds were a bit disappoint¬
ing at the start but the future of this artery
is bright. Perhaps some day steampipes or
nuclear heating elements in the bed of the
St. Lawrence may even make this renowned
water lane a year round one.
The Trans
Canada Highway, for years on the drawing
boards, and in cement mixers, is now one of
the most scenic highways in the world, and

and

State and

telephone:

forester and the Labrador fisherman

day only a meal apart.

(Continued

are

on page

to¬

24)

State,
and Public

STATE AND MUNICIPAL
,*

'

:

''

'

-

':

'•

•

*•

'Av7

"

r '

,

-

NEW YORK

MONTHLY

-

*

-

BONDS

.

MEMBERS NEW

view

15 BROAD
CABLE:

STREET, NEW YORK 5,

•

To

T.L.WATSON&CO.
ESTABLISHED 1832

Members
New York

Stock Exchange

American

Stock Exchange

^otUhwedt
25




BROAD

STREET

NEW YORK

4, N. Y.

Active

BRIDGEPORT

New

Markets Maintained

Dealers, Banks and

York

Correspondent

•

PERTH AMBOY

THE

Brokers

Southern

Chase Manhattan

—

BANK

Pershing A Co.

HAnover 2-6000

ROYAL BANK

OF

canadian
Block

TO

MONTREAL AND TORONTO

GoODBODY 8e
2 BROADWAY

.NEWY0RK

Co.

STOCK EXCHANGE
LA SALLE ST.
CHICAGO
'

1 NORTH
..

to

buy

the

Direct Private

On All

CANADIAN DEPARTMENT
Teletype NY 1-2270
DIRECT WIRES

offer

above

rights

which expire on June 27, 1960 at
the current market.

Inquiries Invited

Commission Orders Executed
Canadian Exchanges

CANADA
Rights

We

securities

MEMBERS NEW YORK

:.

on

Department
THE

California Securities

Teletype: NY 1-708

Bond Dept.

Net

COMPANY

Bond

014-1400

underwriter

FIRST

Inquiries Invited

p

Notes

TELETYPE NY I-22M

COBURNHAM

DEjAXJEJR#

Bonds and

del Mar,

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

THE FIRST NATIONAL CITY BANK

STOCK EXCHANGES

N.Y.

Claremont, Corona

Agency

Oceanside, Pasadena, Pomona, Redlands,

Company

YORK AND AMERICAN

in

Housing

Encino, Glendale, Hollywood, Long Beach,

OF NEW YORK

Burnham and

Exchange

Members Pacific Coast Exchange

Offices

LETTER

BOND DEPARTMENT

distributor.

V

Members New York Stock Exchange

Associate Member American Stock

7

THE

burnham

TRUST COMPANY

New York 15

623 So. Hope Street, Los Angeles 17,

\

BANK

30 Broad Street

Lester, Ryons & Co.
California

7

HAnover 2-3700

CHEMICAL

destined to

Municipal

Municipal
-

are

swiftly and transcontinental^ parallel
to
co-functioning railways and pipelines.
And by swift airlines, the British Columbia

Housing,

Securities

vehicles

of motor

millions

purr

Government,

Public

in that direc¬

in

Canadian Investment Opportunities Featured Herein
U. S.

moves

steel mill in West

new

Canada,
petrochemical plants in Alberta, new cement
mills in Ontario and British Columbia, the
Quebec South Shore Mines program to build
a new
electric-smelting type steel plant out¬
side Montreal; and the $200 million ore
development project of Quebec-Cartier Min¬
ing now well under way in the Ungava area.
By 1970, Canada will have moved very sub¬
stantially away from its earlier status as,
predominantly, a supplier of agricultural
products and raw material resources, and a
relatively modest manufacturer of goods.
—

MunicipalBonds

Wires to

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

FOR COMMUNITY

Dominion Securities
Grporation
Associate Member American Stock Exchange

49

Exchange Place, New York 5, N. Y.

Tel. WHitehaU 4-8161

PROTECTION
MUNICIPAL BOND DEPARTMENT

Bank
:

Tele. NY 1-702-3
,.

«

of

America

N-T.&S.A.

$*n Ff*nci$co yLoz Angeles.

»

2

Commercial and Financial Chronicle

The

•(1378)

For Banks, Brokers, Dealers

If it's Over-the-Counter
Traders

.

The Security I

only
.

Like Best...

Louisiana Securities

Group,

Nuclear

Coast

West

HUBERT ATWATER

Primary markets in

400 unlisted securities.

2. 39 years

in

investment

private wire system.

5.

Coverage.

one

of

Invest¬

an-

ment Club.

covers

New York Hanseatic

found

Corporation
120

4-2300

decision

operate
be

cial

Hubert F. Atwater

enjoy

sure

am

S.

WEINBERG,
& CO.

INC.

Members

Y.

securities,

BONDS

had

Odd Lots

on

at

40

WHitehall

every

price

low

very

which

invitation

An

3-7830

Teletype No. NY 1-2762

be held while I
,

what

Now
in

man

the

Club

of

will

that

Blue

a

with

Life Insurance Co. of Va.

a

talk

.

LD 39

TWX LY 77

—5-2527—

Wire

Private

to

v

.

York

New

City

one

stock

that

of

secret

Electric Power Co. is
•

the

At

find

we

WANT INFORMATION ABOUT

17

Canada,

offices throughout

our

firm has

a

first-hand

familiarity with the
Canadian

securities

entire

market. We

handle transactions in

all

that

Cana¬

ciency of 35.4%. This capacity to
produce power at low cost, the
saving in transmission losses, the
policy of building power plants in
large units all contribute to the
success

started

corporate
and

we

including stocks,

and municipal bonds,

will

be

glad

to

supply

information about

specific issues

of interest

Call

to you.

or

write:

The

These

MID COMPANY, INC.

new

generating

Electric

Power

expansion program

in

completed this
cost was $800 million.
facilities will increase

capability

6,409,000
KW, while program projected for
the
next
three
years
will add
about 1,400,000 KW more.
The company is a member of
Nuclear Power Group, Inc. which
will

NESBITT, THOMSON

an

continue

the

*

research

and

Other

research

developments

stations

include

and

Florida

of

at

the

have

an

$300. In 1953

2^ %

a

declared

was

had

205

so

shares and

of

dividend

followed

IV2-I split occurred in 1956
us
a
total of 313 shares

a

cash, dividends

In

year.

of $434.36 for

1957

these

shares

received cash dividends of $463.24

followed

by

.

dend in 1958

2y2% stock divi¬
making a total of 321
a

shares held at the end of that year
upon

which

paid

in

The

cash.
cash

increased

in

again
making - the

1959

was

distribution $548.91.

BOSTONIO




biggest

(This is under
a

no

circumstances

to

and

private

,1

;

planes

and

air¬

income

net

;To get some idea of the trend
extent

and

industry,
ures

growth in this

comparative

some

are

general

In

that

are

and

past

includes

business

flying,

decade,

'

sales

value has increased six times. The
value

increase

greater

is

which

substantially

because of

-improvements
are

At

present time the 1952
purchase of 100 shares of Ameri¬
Electric

can

Power

at

a

cost

of

the

in

numerous

This

trend

in

the

type

air¬

of

being manufactured has

this seven-year period
two opportunities to
additional stock through

were

the

exercise

distribution
dend

of

of

payable
City

in

Atlantic
former
on

its

Of

3%

and

stock

the

one

divi¬

shares

Electric.:

Co.,

of

ception by business

as

transportation

effective

sales

means

a

and

tool.

a

course

this

growth

which

joy

to

stock¬

holders

has

the

only kept

pace

with

growth of the Company whose

sales of energy in this seven-year
period- have increased in value

$206

growth

million

to

$323.6

\

There is

hours

a

in

-

be construed

as

solicitation of an offer to buy, any security

an

offer

referred

to

to

sell,

or

herein J

' ■'

Exchange

(Assoc.)

St., PHILA. 2, PA.

For

the

MUNICIPAL

BONDS

j

WEST

VIRGINIA

VIRGINIANORTH

CAROLIN

&c<

RICHMOND,

£

i

VIRGINIA

1950.

has

9,650,000
the greatest

But

in

occurred

business

than

more

6,000,000 hours. This is compared
to the airlines today
flying less
than

4,000,000

other

words,
in

50%

are

The

hours annually. In
the 6,000,000 hours

business

greater

aviation

than

hours.

"

why

ize

that

of

seen

the

air¬

we

real¬

nation's

approxi¬
mately 6,900 airports that are used
by business planes, airline service
is

available

to

The

less

than

business^

600

of

eral aviation

dollar

The

fleet today

business.

Beech

is

a

gen¬

Quotation Services

slogan

on

page

£

for 47 Years

National Quotation Bureau
Incorporated

bil¬

a

is:

"The World is Smaller When You

Continued

I

;

■"«■

Aircraft

f

Over-the-Counter

of

selling,

servicing and maintaining

must carry on I

f

business

when

CROSS

total
'

craft provide such great utility to
executivesand
-salesmen
and

saleswomen is

RED

alone

the

.

.reason

Your

to

timated current rate of

these.

great opportunity for
American
Electric

Exch.

According to

compared

in

growth

airline

own.

LOCUST

Stock

of

eral aviation flew 12,300,000 hours

flown

subsidiary, that does well

1516

Stock

very

the Federal Aviation Agency, gen¬

a

brought

has
the

rights

a

Pitts.

re¬

flying, which has increased from
2,750,000 hours in 1950 to an es¬

During

Phila.-Balto.

&

re¬

sulted from their enthusiastic

of

acquire

Boston

aircraft,
larger, faster and more

in >1959

$16,000.

Members:

the

$6,300 has become 321 shares pay¬
ing
$1.80
annual
dividend
or
$577.80 and having a market value
about

dividend-

completely instrumented with
navigation
and
communication
equipment—which increases their
utility.

rapid

the

of

ALBERT J.CAPLAN& CO.

of

unit

than doubled, but their

more

inactive preferred

of

segment

aviation;* which

the

of

stocks

common

here

with

personal

blocks

ment
or

paying small-loan companies, sales
finance companies, or factors.

fig¬

We

necessary.

concerned

all

the

of

seek for retail off-street place*

to

rose

$3,968,280, equal to $4.74 a share
—compared to $4.03 in 1958.

lion

as

..

business

George V. Honeycutt

lAfe

year

for the sale of

Companies

.

Beech's

was

,

25 BROAD ST. 140 FEDERAL ST.
NEW YORK 4

Sep¬
tember 30)

craft
dividend

Finance

1959

(ended

total of $519.02 was

a

Consumer

,

have

stock

million.

111.

$6,300

$369.25.

was

2%

from

at Dresden,

purchase

a

split 2:1 and

was

then

1955

nuclear

plant

that

N.Y. 6 COrtlandt7-5680

ing
net
and

Fiscal
,

can

us

in

would

we

income

investigations in connection with
the starting up of the 180,000 KW
power

n c r e a s

Investment Bankers

&

111 Broadway,

in

years

except commercial airlines.

there

1956 which will be
year.

dian securities,

of the company.
American

The

fared

for

dividend

that

plants

operating efficiency
permits the
generation of

re¬

tion.

re¬

giving

"efficiency".

an

has

1952

we

A

American

generating

cent

in

becomes

electricity at new low cost in heat
value making for a thermal effi¬

CANADIAN SECURITIES?
With

various

in

ress

of

Tokyo, Japan

ex¬

prog¬

$321. In 1954
the cash dividend was $334.40 and

Appalachian
& Michigan

of

success

of

most

dividend

cash

a

Electric,
Kentucky
Power
Co.,
Kingsport Utilities, Ohio Power
and Wheeling Electric. The one
word which exactly describes the

Institutional Investors..

of

annual

and

include
Indiana

made

a

the stock

stock

Affiliate

ch

ee

Company

York, Inc.

Yamaichi Securities Co., Ltd.
Brokers

:r

„

shares

100

by

units
Co.,

-

Starting with

Kingsport, Tennessee, serving the
workshop of America. Its oper¬
ating

B

cellent

recommendations
of . the
Electric. Power
stock

seven

through subsidiaries in a territory
extending from Benton Harbor to

Power

*

have

relatively short span
years let us see ho\y the

is the leading, utility that operates

LYNCHBURG, VA.

and

Aircraft's

has

Since

end

,

STRADER and COMPANY, Inc.

-

I

of

;

of New

growth of "business aviation"

cash

and

years

period.

one

Securities

prompted by two factors: the con¬

'

American Electric Power Co. This

Commonwealth Natural Gas

'

stockholder

growth characteristics.

My subject, therefore,

50

1944

peated

of

own

on

investment

conservative

for

annual

chasers.

Chip

but

be

Give them

answer.

Bassett Furniture Industries

to

seemed

My selection for "The Security I
at this time is

i

write

Yamaichi

>

Like Best" forum
stant

information

or

Exchange

Aircraft

Power

visualize

for sound securities and
them something of value?

give
There

•

Stock

Principal Exchanges

Coal Co.

with beneficial results to the pur¬

respect

American Furniture

'

!

Beech

York

New

and Other

'

American

tell

his

preserve

continuous

Since

:

■,

field

'

Call

diversifica¬

paid

years.

,

conservative

a

investment

the > members

Trading Interest In

in town.

was

Members

current

Upham & Co.,

Harris,

nearby

Electric

STOCKS

Office
For

the

increased its cash distribution per
share in each of the last: seven

she

to

does

Angeles

sales,
earnings

dividends

speak before
such a group was something that
I was unable to accept at the time
because their meeting would not

*

this

has

one

5

HONEYCUTT

Los

Co-Manager,

Co. has proven to be a rich field
for investment for many years. It

obscure favorite selling

some

a

nearly

but

from

V.

GEORGE

to

consume

contract

chance to make

a

JAPANESE

plant in Virginia,
capacity of 675,000

a

branch offices

our

buck."

fast

a

Direct wires to

225,000

.

already

Plant,

American

The

of

bought out of the housekeep¬
ing funds.
t

-v

Exchange Place, New York 5

Phone:

stocks

Birmingham, Ala

Mobile, Ala.

a

the search "for

op¬

that

mines of the Clinchfield

had

(Active and Inactive Issues)
« —i

the

of

have

long-term

leading
corporations.
That
their ; professed
interest in

our

was

Bids

local Blue Chip

characteristics

Dealers AsYm

Security

power

and

Y,

NYI-I557

New Orleans, La. -

The

ready to

fact

that

submit

1,800,000 tons
of coal annually or about 5*000
tons every 24 hours. All of this
coal., will be purchased under a

Club, a
group of about 16 that met fre¬
quently to learn the investment
a

River

KW

Some ladies present were mem¬

bers of

Power over the next decade and I

plant

will

aver¬

age person.

GROSSMAN

N.

than the

Rector St., New York 6, N,
HAnover 2-0700

unit

is reported

the

on

largest

I

in both edu¬

more

cation and income

who

will be

year

Clinch
others

and

19

has
operated
more
economically and efficiently than
any.
other plant of which the
company has knowledge.
When
in
full
operation,
the

uni-

executives

third

add. a

next

based

new

versity pro¬
fessors, law¬
yers, male and
female, finan¬

Frincipal Cities

to

unit which

KW

one

two

or

FRANCISCO

SAN

to

e

including

CHICAGO

•

Wires

Private

re¬

York Stock
Exchanap
American Stock
Exchanap

Members

investment vehicle and discourage

since December 1958.

erated

with friends

5

Teletype NY 1-40
•

PHILADELPHIA
'

t h

Stock Exchange

BOSTON

out

Steiner, Rouse & Co
Members New

started in the middle

of

I

■

spending
evening

was

Broadway, New York

WOrth

: as

cently when I

1920

Associate Member
American

~

ought—Sold—Quoted

V.

began operation Oct.

1, 1958 followed by a second
the "same size which has

in¬

of

terest

B

familiarity with
this Company will reveal a sound

was

and

1956

of

wide

a

range

capacity

title

This

Established

or

George

—

(Page 2)

generation.
A current program has found
unusual expression in the Clinch
River power plant in Virginia.
The first unit of 225,000 KW

an

(Page 2)

of power

field

members

are

Fast, dependable executions.

and other

will

attend

may

opportunity to
more
persons who

afford

surely
meet

4. Broader

man

an

—

Honeycutt, Co-Manager, Harris,
Upham & Co., Los Angeles, Calif.

each
important studies in the

improve the performance of

which

gathering

social

Any

harnessing the gas and steam
in a cycle that should

Co.

of Wood, Walker

Aircraft

Beech

turbines

American Electric Power Co.

0-T-C experience.

3. Nationwide

Exchange

Power

Co., New York City.

&

joint program of American Elec¬
tric Power and General Electric

Members: New York Stock

than

more

Hubert Atwater,

a

Wood, W alker & Co., New York City
1.

Electric

American

advantages of:

Selections

security.

participate and give their reasons for favoring a particular

Call "HANSEATIC"
For the combined

Alabama &

Participants and

Their

field from all sections of the country

in the investment and advisory

Say

Week's

This
Forum

different group of experts

A continuous forum in which, each week, a

.

Thursday, March 31, 1960

.

51

Established 1913

46 Front Street
CHICAGO

New York 4,

-

-

—

SAN

N. Y.

FRANCISCO

Number 5938

191

Volume

.

.

.

The Commercial

and Financial Chronicle

(1379)

From Sound

Money Policy

By J. E. Coyne,* Governor of the Bank of Canada
Ottawa, Ont., Canada ;-v.
YVk

•

CONTENTS

;»

"'J----*

'■

CANADIAN INVESTMENT OPPORTUNITIES

Twenty-five years of the Bink of Canada are distilled by Governor

Article starting on the

into review of what tin Bank can and cannot do. The Govexamines the adverse,trade balance,.which, he finds has been

Coyne
ernor

f

and

gers.of subsidized intdrestrrate and preditiiolicyi. opposes
controls;

credit

<

;

In distinguishing between central banking
governmental functions, Mr. Coyne makes clear the special dan-^

solution to this problem.

-,!?an
^

quantrta^

ada.

of all

tain

,

'

and

ih#":

that
in

interest

as

ada
J. E.

.

.

Parliament

Coyne

recall the cir-

period

aS°-

great decline in economic
throughout
the
world
suring the depression of the early
1930s was accompanied by' ,arid
markets.

financial

in

now

looking back, that

appears,

action

taken

relieve

to

credit

to

the

that

end

the

ever—without
with

only

central bank and

a

imperfect

the

ma-

chinery of the Dominion Finance
Act

in

lieu

nothing
years to

of

central

a

or

relieve

was

Act

and

loans

n

broke

.the

after

An

a

would

1932

twenties.

levels

had

that

mot

HpnrS=Ldia1 d0l,lar' KWhi$ Hhad
JSmi,
went
off the-

when Britain.
gold standard in
u

September 1931, moved up to a
premmm.against the United States

late 1935b

0fratrSViLthdll!LChSr?n!
creased

the

impact

a'

In these

"

'

'

circumstances

wonder that there

was

the

—J. R. White
"

it

is

no

Within

•

See

We

Bank

It

20

Coming Events in the Investment Field.

assistance

1868

will

.

^

Stock Exchange




BarChris Construction

:

—

8

Einzig: "U. S. A.'s Costly Blunder Splits Europe Apart"..

y

Singer, Bean

*

11

Washington Ahead of the-News—Carlisle Bargeron

22

From

Indications of Current Business Activity
Mutual Funds

mackie,

&

18

Our Reporter on

Teletype NY 1-1825 & 14844
Direct Wires to

May.-—i—

22

Governments.

39

Securities Now in Registration.

—-

40

Brokers
Salesman's Corner.

Security

TLe Market

.

.

.

33

—

and You—By Wallace Streete

BANKS,

2

DEALERS and

■

4

Trade and Industry

The State of

for

16

Best

Security I Like

The

48

Offerings.

Prospective Security

St. Louis

San Francisco

4

:—

—

I

Cleveland '
Dallas
Los Angeles
Philadelphia

Chicago

18

Banks and Bankers

News About

..." Observations—A. Wilfred

INC.

40 Exchange Place, N. Y. :

HA 2-9000

50

INSTITUTIONS

14

Mackey

•Tax-Exempt Bond Market—Donald D.

52

Washington and You—:

'

;

•T

Reg. U. S. Patent

.

r

>

CLAUDE

'

19^0

4, N. Y.
TELETYPE N.Y 1-5 •<";*

Chicago

Schenectady

Glens Falls

SIMMONS, RUBIN

"V.
Febru-

matter

Dominion

Canada,

Other

of

Countries,

*

States,

United

Union,

and

$65.00

U.

S.

Members

&

CO., INC.

$68.03

$72.00

per

Underwriters and Distributors

of

per

year;

per

in

Complete Trading Facilities

year;

year.

Other Publications

Thursday (general news and ad¬
Eank-and Quotation Record — Monthly,
i-sue) and every Monday, (com¬
„$45.00 per year.
(Foreign Postage extra).
plete statistical
issue —market quotation,
Note—On account of the fluctuations in
records, corporation news, bank clearings,
the
rate
of
exchange,
remittances
for
:state and city news, etc.)

TRADING DEPT. PHONE:
WHITEHALL 4-6627

~

vertising

nthPr

Worcester

in

Territories

Pan-American

SEIBERT, President

March 31,

Company

at

Subscriptions
.Possessions,

Editor "

D-SEIBERT, Vice-President

Thursday,

1942,

N. Y.

*

■

25,

Subscription Rates

2-9570 to 9576

WILLIAM DANA

,

second-class

as

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

Publishers

Place, New York 7,

J. MORRISSEY,

■

.

Reentered

Office

DANA COMPANY,

1960 by William B. Dana-

Copyright

t

FINANCIAL CHRONICLE

GEORGE

,

■*

Twice Weekly

COMMERCIAL and-'

^

ST., NEW YORK

HAnover 24300
Boston

'

52

:

Dealer-Broker Investment Recommendations-

Every

Newark

Magnetic Amplifier

32

Stocks

Insurance

and

Cover

(Editorial)

Continued on page 35

New York

Albany

30

,

Businessman's Bookshelf

course,
be derived

country.

preferred stocks

Nashville

Eldon Industries

-

Electronics Capital
As

by industries dependent upon export markets from an increase inspending
and
spending power»

Founded

?

>

*

Public Utility Securities

Spencer Trask & Co.
BROAD

as

Remco Industries

REctor

TELEPHONE

Status Are

Regular Features

25 Park

25

Broadway, New York 5

20

Bounds.-

WILLIAM B.

Members

39

DIgby 4-4970

Chase Manhattan Bank Views Consumer Credit Pace

The

have specialized in

J.F. ReilIy&Co.,Inc.
-

i'fi

Unwarranted

sncf employment throughOf
no

widespread

many years we

*

-

23
*

Nadler Says Fears Regarding Our Gold

Published

For

request

•

*

"g&SgSStfggZ
.

16

.

"

"

•

monetar|

.

i_

-

ployment is of such a magnitude
and o( guch a widespread charac+er
that
general measures of
expansion and deficit
may" be expected to

auctio„
cut the

on

13

Integrating U. S. Subsidiaries into the Canadian Economy-

depression, unem--

seriou3

a

*Prospectus

Congo

Belgian

■

postwar period,

In

the

mild- recession; during-

relatively

Canadian

on

ab?oaderS °f deflati0"ary trendS
.

'

of

and perhaps, some

out,

a .very1

during the prosperous
The exchange rate of

12

;

Appraisal

—Thomas C. Boushall

fully."

depression

Economic

—Edward Marcus

non.else-

high, and even
rose
tionary tendencies, even though,
during the depression, reaching in, there have been short intervals ofseen

FARRINGTON CORP.

The Burden Really Rests Upon Our Own Shoulders

be

remained

been

10

>

of

pf our thinking has been cOndisevere
contraction of credit, in- tioned
by that fact. Most people
eluding bank credit. Lenders in- now
recognize,
however,
thatdividually sought to realize on from the time of the outbreak of
their outstanding loans in the face:
World War
II right up to thet
of widespreaddefaults
and re- present a major problem through-,
framed
from
undertaking
new out the world has been to fight
loans except on. a very., limited;
against overall inflationary tendbasis.
Long-term -interest rates eneies, rather than overall defla-

early

—Harold E. Hahn.

•

by the time World War

overcome

several

for

done

was

prevent

where

bank—

DEVELOPMENT
Exchanges

"

by

Canada

in

Neither

ALICO LAND &

Link Between Investment and Profit Is Research

freely-made, that interest
would
decline, } and that
movements in the exchange valueof the Canadian, dollar wouldInot'
reinforce within Canada the defiationary effect of severe declines
in commodity
prices in
world markets.
>

lapse, of financial institutions was.
far from being as prompt-or subT
stantial as would now be expected
of any
central bank in similar <
circumstances.
In Canada, how-

OF AMERICA

9

Functions and Activities of Commodity
—J. Raymond Stuart

au¬

and to guard against; more
progressive collapse or near col- rates

stringency
-

BOWLING CORP.

7 :

would provide

countries which had central banks,
it

6

Investment—Roger W. Babson

.—Ira U. Cobleigh

pansionist monetary policy which
credit-granting^in- stitutions with more liquidity and
with a ready source of liquidity, '

in

Even

ELECTRONICS CORP.

;

established in, a period of
depression meant that people as¬
sociated the Bank of Canada with *
the heed at that- time for an ex-f

aggravated by a loss of confidence

ANTON IMCO

5

an

as

____

International Nickel: An Illustrious Metal Producer

-,

was

activity

*

INDUSTRIES, INC.*

Using Securities Research More Effectively!—Monte J. Gordon

The fact that the central bank

The

I

•

1

organizing its affairs
operations on March
'
y

11, 1935.

;

t

of

1934

Dept.

Natural Gas Securities Deserve Better Recognition
—Gardiner Symonds

-

,

The Bank of Can-

in

commenced

the Bank of
established 25 years

."

Securities

STREET, NEW YORK

MAYFAIR
_Cover

financial in¬

established

was

cumstances in which
was

new

"a single banking
on which should lie

currency.

to

Canada

a

cashing
99 Wall.

at

3

Trees

primary responsibility for regu¬
lating the volume of credit and

be

of

its report recommended
central bank be established

Canada

about

a -

in
a

thority

now,

us

received

evidence- from

stitution,

de-

but it may

took

WALL

Splendid Decade

a

y—Hon. J. E. Coyne,-.

variety of groups and in-'
dividuals throughout the
country,

delayed
not

Commission

and

see

obsoletes is

Obsolete
99

investors.

Canada Will Not Deviate From Sound
Money Policy
.

wide

r

ment was so

long
need

The

briefs

the

.

to

,f

explore the desirability of«establishing a central bank in Can-

•

BEST MAN

to

page

Canada Is Now Creating the Base for
'Of Growth.—Ira U. Cobleigh

Chairmanship of Lord MacMillan

Can¬

.

your

companies which have paid consecutive cash dividends
^ ycars (Table I, page 24.) and from 5 to 10 years

Articles and News

'

-to

Western
nations, estab¬
lish a central
bank. T h e
reason
why
that develop¬

.

Telephone: WHitehall 4-6551

dissatisfaction -with / the working
of the Canadian financial system,
In 1933 the Government appointed
a Royal Commission under the

,

prised to find
that not. until.
ada, last

.

and; suggests

Twelve days ago :the Bank of
Canada completed the 25th year
of its operations.
Contemporary
students of our economic history
gre often sur- '
are
;

1935 did

page,

(Table II, page 31), along with other data of interest

*

instead of general credit expansion.

-

cover

COMPANY

■

V

non-inflationary governmental
intervention in the case of spot unemployment and excess capacity
tive

THE

"Canada Is Now Creating the
-•Base for
a^ Splendid Decade of Growth," discusses the investment
opportunities inherent in Canadian gecuirties and,
by way of docu^ie views presented, includes a tabulation of
the Canadian

;

the inflow of money from abroad^ and offars bis

made unstable by

LlCHTfnSTtm

B.S.

AND

■

3

Office-

135

South

La

Salle

RTtit.e

St.,

2-0613).

foreign -subscriptions
must be

and

advertisements

made in New York funds.

56 BEAVER STREET, N. Y.

4

Telephone: WHitehall 4-7650
Teletypes:

NY

1-4581-2

4

Chronicle

Commercial and Financial

The

(1380)

.

.

Thursday, March 31,

.

I960

'
'

-J

.

•"

,

V:

.

t

:<u/

buying and selling sides,
have been in-,
dividual non-value reasons for the
both the

OBSERVATIONS...
BY A.

V'1'?' ■SteeJ

y

The State of

Also
hopefully
marked for "deflationary liquida¬
transaction).

WILFRED MAY

.

Carloadings

.

Retail Trade

'i'i Food Price

-

Auto

rat¬

tion" is the "indoor sport" of

ing managements—as by the

ar¬

dent- porers over Racing Form—on
the basis of past performance. /■

Production

Electric Output

»■.

and that there may

TRADE and INDUSTRY

Index

Production

B"8ineMF— lniex
Price

Commodity

stock market de flation and
-the mutual funds \
To

who

all

the

Mutual

concerned

are

Fund

lar

over

Industry's

foibles, and abuses, during
this era of its growing pains, this
arrival

year's

deflation

connotes

Revelation
not travel

.

that

stock

on

a

one-,

street should prompt
fund managers as well as the pubof asset value
box

score

in

fluctuations
a

the-market.

~

Furthermore,
realistic

more

capital

gains

income.

of

the

the

as

-

will

it

a
toward

attitude

Abandonment,

one-way bull
would re-establish for the

market
public's

the

exclusion

of

issues

the

in

..

.

,

,

....

..

.

.

terest

brake

investment
on

as

tax

managers,

fund salesmen's exploi-

tation of the "inflation" spectre as
a

lazy and superficial

their

wares.

man,

ranged betwegn 38 and 43, only

way

to sell

be

a
fund buying
far higher market range of 57.93 during the past
three-quarters of 1959.

switched

.

,,

..

J? *be.y bad

,

.

»

..

...

^ ^re®. to follow

?°Sical investment motivation, o
7Ust Pla,a commo" se"se-ln lieu

tbe)! not hav®. b?ught; n°t1 sold'
at.the, m0.re highly-valued lower

or

Prlce 'eve's, and vlce versa-

ership, in lieu of relying on scar¬
ing the wits out of his prospects

De-Flation Therapy

Perhaps a drastic market read¬
justment would lead to the happy
result of disillusioning the invest-

via the "inflation" threat.
"Window Un-Dressing"
Another outgrowth - albeit not
constructive one-of the deflated

market with the

extraordinary despecific groups, is
the managers' turning from Bull
Market portfolio "Window Dressing" to "Window Un-dressing." By
"Window

-

,

broker, will

be he barber

clines in

,

popularity considerations, would

have to emphasize the many constructive advantages of fund own-

a

to

favorite during its

T,

in§ public ?f
™que'

Hj.e, C<^

some

Dressing"

is meant

the

managers' proclivity* conscious of
the
scrutiny
of
their
periodic
portfolio reports by shareholders,

,

•£

Jw

+h

portion

by

an

potential
asset

of

the

both
is

as

impact of this levy,
to its actuality and extent,

subject

varying offsets and
individual elements, including the
time of the holder's death or/and
the

is

serious

a

contingent

enhanced

tended

by

the

liability

recent

specu-

one

to

four

months
are

after,
usually on

profit-building

bull-mar¬

including the acquisition of hold¬
ing companies by the larger units,
recognize

the

for

need

A Dividend

Bought and Paid For

bear

A

clarify

market might likewise
related illusion (too often

a

[The

foregoing

cerpts from

before

the

constitutes

by the writer
Investment Company

Seminar

(conducted by Dr. Harold
Research Director of the

Oberg,

National Ass'n
the

of Investment Cos.)

Bernard M.

Baruch

School

24, 1960.
Dr. Oberg
disagreement
with

premises.]

is

conducting

from

offices

Street

a

the

Our

1959.

in

week

same

Opens
—

Irwin Ross

1866

the

East

firm

26th
of

name

With J. B. Hanauer
SAN
L.

FRANCISCO, Calif.—James

Goree

has

been

added

to

the

staff of J. B. Hanauer &

of investment securities
■*

Building.
Walter

C.

He

was

Co., Russ
formerly with

Gorey Co.

'

896,000

+27.1

813,179

773,913

+

Dempsey-Tegeler Adds

Dominick

shakedown

market is not

Exchanges

NEW YORK

SayJ* 1960
SteeUProduction
of
.

/.

in First

Will Be
Largest
'' *■• Record

on

steel

the

of

Age" reports.
Unless

of

wave

a

orders

new

supports the market, present rates
of operations can not be sustained
the

ingot

rate

will

drop

has

disappointing rate of orders

three

main

Severe

the

causes,

These

says.

cutbacks

in

automotive

ahead, which are al¬
reflected in cancellations

soften the April-May drop in

business.
seasonal

expected
control

ANGELES, Calif.

—

Milton

from

support

who

users

accomplished
and

will

have

inventory

resume

normal

Mills

are

actively

export business and
orders.
There is ;a

finding

Seventh

on

some

fair
export
cold-rolled sheets in
Europe because of a shortage of
rolling capacity there.
market

for

The

capital spending plans of
industry indicate a good market
for

products that go
plants and equipment.
As the market stands
Iron Age"

into*

Street.

He

-

210
was

formerly with Fairman & Co.

-

tons.

Even

though automakers will
assemble 300,000 fewer cars
in the
second

the

new

today, the
shipments

but

consumption
is
well
ahead of current rate of
orders.
This means that the
market will
level off when
backlogs are
out and new

the rate of
is

wiped

orders

are

geared at

consumption.

still some time

But this

ahead, the

The stainless
steel
market is
hardest hit. This is
because a large
percentage of the stainless
capac-

7-, op!iFated

.

through

the

strike. The strike ended
with
in

steel
users

relatively

good shape on stain¬
and the market
"cor¬
rection" first occurred
there.
less

quarter

first,

total

than

the

steel

they did

magazine

in

expects
to gain

consumption

There will be seasonal
upturns in

construction, canning, oil country
drilling and railroad trackwork.
Steel users are
keeping a close
check

on

makers

inventories. When steel¬
get .cancellations or set¬

backs, they often find that smaller
customers who have not had a
chance to rebuild their stocks are

glad
to
take " surplus
tonnage.
Many in the so-called miscellane¬
ous group
expect excellent second
quarter business. +
Because

of

hand

to

-

mouth

-

buying, Inost mills can promise
April or early May delivery of a
broad variety of products.
Still
in relatively tight
supply are gal¬
vanized

and

cold

seamless

plate.

■'

•

,

rolled

tubing,

sheets,
and tin

.

"Steel" forecast that 6.5 million
of tin plate will be shipped

this

year,
6.4 million

topping

ments:

million.

set in

5.8

Can

the

record of

1955.

1959

ship¬

manufacturing is the big

factor in the tin plate story. Canmakers take about 80% of the tin
mill

tonnage

Last

year,
than

cans

shipped annually.
they produced more
before, about 45
This year's output should

billion.
be

ever

greater.

Tin

plate is still tight because
116-day steel strike last year
when
tin
plate stocks
would normally have been rebuilt.
the

started

When

the

makers

walkout

had

little

ended,

can-

in

their

steel

suppliers

their

and

had almost nothing to ship. Some
inventories are approaching nor¬

mal,

but

is

rebuilding

more

needed.

week,

dropped
time

this

erated

ingot

year.

rate

for the

first

the

below 90%

Steelmakers op¬
89.6% of

their furnaces at

Output

capacity, down 1.9 points.
about

was

2,554,000 ingot tons.

Japanese steel threatens to pro¬
vide

formidable

American

steel

,

competition to
the
Alaskan

in

reported.
shipment 01
Japanese steel to that state (380u
tons of reinforcing bars, pipe. gal~
vanized sheets, and nails) will be
unloaded at Anchorage in May.
market,

the

magazine

The first large direct

It's

estimated

that

costs

favor

Japanese imports by 10 to 15% °.n
the average in Alaska.
Domestic
steel is handicapped by the mgn
water
freight rates which ada
from 25 to 40% to the price 01
steel at Pacific Coast ports.
The scrap price drop
halted.
"Steel's"

have

appears to
composite

heavy melting grade is
holding unchanged at $34 a gros
on

No.

ton

I

after

weeks.

declining seven

Mill buying

straign

is slow7.

stocks

through

strong,
ahead of

April

on

can¬

Galvanized remains

with -demand

supply,

..

This

Week's
On

flat-rolled prod¬

cold-rolled sheets in
spite of

Co.,

347

record

It looks for second
quarter outonf
of about 30.3 million

Last

working"

cellations.

&

said

buying geared to consumption.

Reich has been added to the staff

West

be

can

of

Dempsey-Tegeler

metalworking weekly

quarter production of
million tons set an all-time

warehouses,

Some

already

The

first

tons

However, the national metalworking weekly points to some
plus factors in the market which
may

magazine predicted.

"Iron

are:

production

ready

industry's history ton"

the first half, 1959, outout
by almost 1 million tons, "steel"
Pmg

small

sharply in April and May.
The

First. hslf steel

production of fn
million ingot tons will
be the larg
est in the

yet ended, the "Iron

ucts continues
good and most mills
are
sold
out

(Special to The Financial Chronicle)

LOS

Members New York, American & Toronto Stock

5.1

Only New Orders Will Prevent

The market for

1

&

1,139,000

____

Further Cut in Steel Operations

point

(Special to The Financial Chronicle)

,,-,r r:M

Philadelphia
Boston

magazine says.

throughout the United States and Canqda




the

tion,

Irwin Ross Co.

14 WALL STREET

for

comments,

Correspondents inprincipal cities

Dominick

corre¬

of steel are in excess
of consump¬

securities business

at

under

ex¬

,,

BROOKLYN, N. Y.

i»>

the

of

those

above

sponding week last year.Our
preliminary totals stand at $25,620,186,467 against $23,382,413,102

ex¬

talk

a

Irwin Ross

t

9.6%

making and deferments.
allowance for this tax—
Cutbacks in railroad freight car
usually according to an SEC-apprograms
which
had
been
ex¬
proved formula. Hopefully the in¬
pected to sustain the heavy steel
dividual bear market shareholder,
market.
receiving a dividend carrying a
Inventory control practices in
taxable gain midst general losses,
will also be prodded into recog¬ which even major users are oper¬
ating with as little steel in stock
nition of this potential liability.
as possible.

author's

j

of the United
States for which it is possible to
obtain weekly clearings will be

cities

all

proper

March

t

Saturday, March 26, clear¬

ings for

Age"

pressed

underwriters and distributors

*

1

the week

for

that

indicate

try,

Funds in the process of merging,

of Business Administration of the
College of the City of New York,

*

upon

ended

ex¬

kets.

at

•

based

his -stpek,, its .status- and

of

resale

as

its outpayment of a capital gains
dividend, constitutes an advantage.
Actually the investor is here buy¬
ing a return of capital plus a tax
bill that is immediately payable.

Ta'ct? ttaf they are'feported
from

11

by

from the chief cities of the coun¬

to

con-

lat-ive areas that could benefit
from de-flation therapy include
the increasing proclivity to chase
the. reported fund portfolio trans-

that managements

*

Preliminary
figures
the
"Chronicle"
telegraphic advices

ago.

compiled

The
the

sales-promoted), namely, that
buying fund shares shortly before

suf)tractmS

+h

®other than value

tors, to have available for display
popu-

the

to

gross

?• 2

the "right" stocks

(i.e., the

that

While

"window" tech-

ir^ th£ managers from

sicleratl0nsOther foibles in related

prospects and competing distribu-

indicated

overstated

which consists of apprecia¬

m

the fund sales-

Now

More¬

increase compared with a

an

year

will

week

this

clearings

Bank
show

tion.

£°%Mf°
flrsl'was %a/lly s?Id
by
*undiin tbe sec°"A?u^^
IS V.Y n
to

the

is

related

on

value

P'
a d partly because of a
widespread investment fallacy,
ahaaed tbe
"V

needed

a

quoted price.

value,

fund

the

have

asset

individual

re-

For

_.

reducible

thus

in the case of an open-end
charging a
"load,"
or
a

over,

of

case

porting5 on dividenriis^ributio'ns" Pf^ly because of the "window"

Similarly to be hailed is the investing public's return to some regard for the dollar and fixed-in-

stated in the

amount

Chasing-the-Market
Also

income

example, lumping of shortterm capital gains with distributions of ordinary investment income, although in accord with the
tax statute, thoroughly misleads
the lay shareholder regarding their
truly speculative nature, e

value

asset

discount

tive of their long"term value?

sion, both through their reports'
emphasis on profits and asset
to

capital gains tax which
has accrued on the portfolio's net

-

Some funds encourage this illu-

yield, and through their

is

r

been
persistently confused with
portfolio still in the oils, irrespecordinary investment income.

and

26

March

Increased, ,9.6 % Above
Those for Same 1959 Week

Week

de-glamorized industry's shares
closed-end company selling at a
have been heavily resold, at their
comparative summary for some of
substantially lower prices. What premium over the stated asset the principal money centers in
fund manager, particularly if value, the new buyer is paying a the United States for week ended
open-end and subject to their ex- premium on a portion of his capi¬ March 26 follows:
-000 omittedtreme competitive distribution tal on whose return he will be. Week End.
Mar.
26—
1960
1959
7c
pressures, can have the courage to taxed. In the case of a closed-end
New
York
$13,269,785 $12,311,266 + 7.8
fund selling at a discount from
show a large proportion of his
Chicago
1,163,811
954,872 +21.9

knowledge the uncertainty of market profits.
Capital gains dividends, flowing therefrom,
have

value

on

fund

reversal,

or

long

1958 peaks, this newly

and early

investment

versus

market,

This is the

stated

liberal fund buying at their 1957

restore

for

Clearings

Bank

,

the potential
unrealized
appreciation.

bear

deflationary
portfolio
by a tax on the return to him of
strategy has been taking place for
his capital, is thereby buying a
some time in the liberally held oil
tax bill, thus rendering the actu¬
stocks, which are in the cyclical
"dog house." After commanding ally realizable asset value over¬

of beatingT
'

game
•

may

attention

badly' needed

to rid them of the un-

Such

treatment

their

which

appreciation over cost, and will
have to be paid by the shareholder
popular issues in advance of their
when that profit shall be realized.
end-of-the-quarter portfolio reThe buyer into a fund with its
porting.

«win(jows,"

,,

way upward

lie to re-examine

chips),

prosperous

^ow, in a deflationary, or at
tax
noninflationary atmosphere,

prices do

permanently

cyclically

Score

Box

The

vs.

element

and clarification via the arrival of

the portfolio managers feel obliged
to concentrate on un-dressing their

highly

some

welcome aspects.

receive

ieast

market

stock

of

Another

a

cesses,

Attrition

Tax

7. j

glamor, "growth,"

issues, the

and

ex-

:

The

...

American

Institute

Output

Based

Iron

announced

and

Stee

that the OP"

erating rate of the steel compani
will

average

pacity

for

*157.3% of
week,

steel ca¬

the

28, equivalent to 2,527,u
tons of ingot and steel casting
(based on average weekly produ

March

staying

Steel

88.7% of Capacity

Number 5938

191

Volume

.

.

.

The Commercial and Financial Chronicle

1947-49). These figures monthly sales of domestic-built
with the actual levels of: cars since last October. It also
*161.7% and 2,597,000 in the week brings\ retailing since Jan. 1 to a
beginning March 21. *
' ;\ *
) strong 9.9% above year ago and
of

tion

(1381)"

Electric Output 9.8% Above

compare

35.4%

Actual output for last week be¬

1960

ginning March 7,

equal

was

v

The

outlook

91.1% of the utilization of the
Jan. 1, I960 annual capacity of
148,570,970 net tons.
Estimated
percentage for this week's fore¬
cast based on that capacity, is

mately

88.7%..

inventories.

to

month ago the operating rate
(based on 1947-49 weekly production) was *164.7% and production
2,645,000 tons. ,A year ago the ac¬
tual weekly production was placed
at 2,638,000 tons, or *164.2%.

level

A

.

age

based

on

the

and

v"

1

U.

•

S.

pas-

March

than

in

the

first

quarter

;-

year.

of

t; \

/

tion

.

ord in 1955 with 2,129,018 vehicles.
In any succeeding year first
quar¬

best

ports" reported.

19

cars.

"Ward's"

of

This

were

four years.

highway

bright
new

introductory sales of
medium-price
Comet
March

compacts

the
car

further

to

lifted

the

the

U.

052 the

compacts to 25.2% of U. S. auto
sales for the period following a

Valiants.

land,
'

sale

worked

The Comet, although on
only three of the eight selling
days March 11-20, carved 10.6%
of the compact market.
"Ward's"

said

the

:

Motors

1958.

in line
500,000-plus

on

(piggyback) in
12, 1960

ended

March

included

were

in

that

total).

This

was

over-all

the

40

as

an

cash

investment

names

;

.

,

;

,

r

"

preference

for

reasons

the

three of his favorite companies..

carefully protected

Investment

dividend.

as

will
but

with

compared
and"39 in

46

one

ago.

Your

wife's

made

from

manufactured from

the

where

trees grow
than in the North.

tions.

Intercity
week

the

tonnage

March

19

volume

in

1.0%

behind

the

corre¬

previous week

of

that

this

old

story:

low,

are

"We can't

of

these

companies
are
day and night of

every

Peters, Writer

rapidly

more

DENVER, Colo.—Robert M. Kirch-

Trees

not

do

observe

ner

and Jack E. Ormsbee

Sun¬

Timberland

members

F.

York

Stock

officers

are

necessarily

sells,

own)

of

acres

& Co., Inc.,
"ofe^the American Stock
Exchange, hasi been formed with

a

over.

Its

F.

at

business.

Street,

Officers

New

securi¬

a

are

James

and David B. Carmel, Vice-

urer,

President

about

Wall

Rafferty, President and Treas¬

around $68

yields

11

City, to engage in

only

however,

and

ties

10,-

timberland.

Rafferty Co.

Rafferty

and

Secretary.

year.

These findings are based on the

I960 EDITION

weekly

of 34 metropolitan
by the ATA Re¬
search
Department.
The report
reflects tonnage handled at more

CANADIAN

survey

conducted

areas

than 400 truck

carriers

mon

Common Stocks

terminals

of

throughout the country. J
Lumber

1959

Lumber

CONSECUTIVE CASH DIVIDENDS

We take

pleasure in announcing |||

'

the admission

com¬

of

freight
-

Shipments 9.5% Below

On Which

M. ADAMS

EDMUND

Week

shipments of 461

mills

reporting to the National Lumber
Trade

Have Been Paid From

low

Barometer

8.6%

were

be¬

HOWARD

during the week
ended March 19, 1960. In the same
production

week

5 to 131 Years
20 PAGE BOOKLET

of

general

orders

new

of

these

E. BARTON

mills

16.1% below production. Un¬
filled orders
of reporting
mills

were

amounted to 34%

—

ROBERT W. GRAHAM

„

of gross stocks.

For

.

A

1 to

__^_15

200

^

reporting softwood mills, un¬
filled orders were equivalent to

COST OF THESE BOOKLETS

:

"

;

12

up

cents

18

each

cents each

;;

;

days'

production

orders of 100

or

more, a

three-line imprint

on

;

the front

of

is included without extra cost.

cover

,

rate,

For the
On

O. I. LAMOREAUX

at the cur¬
and gross stocks were
equivalent to 52 days' production.
rent

-

year-to-date, shipments

reporting identical mills were

6.8%

below

orders

were

EDWIN

production; new
below produc¬

E. MORGAN

9.4%

tion.

Compared
ended

week

Commercial

&

Financial

duction

Chronicle

Please

enter

our

order

Common

tables.

for

Copies

-

Stocks-with

of

booklet

pro¬

orders

new

were

Wholesale

Food

16.6%

below.

Price

Index

•'

Firm

•

•

*•

6

'

~

.

•

.

•"

'•

Name

*;•_

j%

'* y"

_

.

'

«.

'•

'

.

,

Advances
/

r

.•

_

•"

J

i
:

....

C

•

•

•

'«•

,

f>;

r

■

By




••

General Partnership in our firm

■

.

Date

•

•
,

\

,

n

•

yfyy.K

'''

<

•

/'

Members Pacific Coast Stock

Exchange

.

>

'

:

■

•

.

V-'
-

-

to

Highest Level

Wholesale

Food

Price

In¬

dex,, ,cqmpiled by< Dun & Bradstreet, Inc., advanced this week
to the highest level since Sept. 16,
On
March 22,
1959.
it rose to
$5.97 from the prior week's $5.91,
•

;

-

v

v

Continued

on

page

51

G0R0NA DEL MAR • COVINA •

PASADENA

,

Spring Street

tAGUNA BEACH • LONG BEACH
WAN NUYS

«

Co.

Crowell.Weedon

Since September 1959

The

Address

to

LOS ANGELES OFFICE: 650 South

'

t-

•

was

■

...

.

on

dividend

accompanying

7/:

r-

1960,
mills

12,

shipments were 7.1%
above; new orders were 0.5% be¬
low. Compared with the corres¬
ponding week in 1959, production
of reporting mills was 1.4% above;
shipments were 9.5% below; and

Place, New York 7, N. Y.

Canadian

previous

the

with
March

reporting

2.3% above;

Wm. B. Dana Co., Publishers
25 Park

of

of

members

offices

share

New

Form J. F.
James

,

York

a

the

Both

Kirchner, Ormsbee & Wiesner, Inc.

printing paper. It is said to control

stock

of

Exchange.

Companies Which

Appeal to Me

(not

Apr. 7

Peters, Writer & Christenson Cor¬
poration, 724 Seventeenth Street,

taxation.

increased

000,000

on

will become Vice-Presidents of the

the

of

70s

Readers

cake and eat it too." The

our

leading manufacturer of book and

1.3%

was

the

in

the

the

3%.

TwoV.-Ps.for

timber of

large producer of cellulose and

sponding week of 1959, the Ameri¬
can
Trucking Associations, Inc.,
announced. Truck tonnage was an

day basis.

to

ago

1959 Week

truck

ended

below

around

replanted
in

dress

) The Kimberly-Clark Corp. is a

Lower Than

and

sells

rayon

growth is not circum¬
by labor union regula¬

the^orresponding week

Intercity Truck Tonnage 1%

ami

it's

growing

holidays,
vacations,
coffee
breaks, etc. They are protected
against
fire,
earthquakes,
and
freezes, but are subject constantly

1958.

of

stock

^think these yields

assets

Timber

period

year

yields

have

Rayonier Incorporated, which has
vast
holdings in the Southeast

Cumulative

corresponding

The

cut.

and

When,

probably

years

was

systems originating this
traffic in the current week

even

—

,

General Electric, American Tele¬
phone, Union Carbide, and most
of the "blue chips."

There wbre 51 Class I U. S.

type
1

three-shift, six-

a

<

market, the pasteboard box was
probably made from trees which
the Weyerhaeuser family set out

railroad

Rambler

resumed

his

enumerates

day

days following set¬

Corp.

revenue

above

strike, and American

a

production

increase puts the industry
in March for the-first

v.>m1

.'i<v.!

three

tlement of

general sales

.'.s

■

,,

„

reported

of 1959, and 56,019 cars or 123.9%
above the corresponding period in

StudebakOr-Packard

Calif.

\

.

,

the year—which is not true of the
assets of such popular stocks as

scribed

Chevrolet line at Oak¬

a

Investment

however, your wife buys a pack¬
age of "ready-mix" at a super¬

loadings for the first 10 weeks of
1960
totaled. 101,218
for an in¬
crease
of
31,995 cars or 46.2%

-

sites and

cars
more

or

above the 1958 week.

previous week.

plants, three Chrysler Corp;

one

small

a

increase of 3,366 cars or 43.7%
above the corresponding week of
1959
and
6,479 cars or 141.0%

Co. assembly plants and Chrysler
steady diet of 22% in January and
Corp.'s
Plymouth
Detroit
line§
February,
opening a new. and. were idled
during the latest week
perhaps expanding era in sales of
because of "schedule adjustments"
compact-type automobiles.
that
three - and
four
Since Act. 1 some 539,183 U. S. and
day
compacts have been retailed, in¬ schedules were in effect at three

Ford

•

a

Forests

of

3.8% above

cars or

trailers

week

week's

"Ward's" said three Ford Motor

cluding over 177,000 Ramblers,
164,000 Falcons, 94,000 Corvairs,
nearly 60,000 Larks and 40,000

►

—

an

because of plant
and
shorter
work

periods. Output was estimated at
138,416 cars compared with 146,-

S.

S

an¬

decrease

a

11,075

were

(which

cutbacks

shutdowns

new

a

10-day record of 40,331.

volume

The

11-20

There

output in the week ended
March 26, "Ward's" said, reflected
cutbacks because of plant shut-

which carried sales of the six U. S.

all-time

quarter

Gar

were

.*

By Roger W. Babsoa

my

have

the preceding week.

1-10 when severe storms held pur¬

chasing to 17,322 cars daily.
Over-shadowing the surge

first

Railroads

was

21,247

loaded with

the

In

the

of

American

total for 1960 would be the high¬
est three-month output in the past

said

Babson

4

A

>,

was

that

11-20 sales of
159,814
averaged to a 19,976 daily
rate that shot 15.3% above March
March

units

-

J

/

.

tree-growing industry and

Loadings in the week of March

ter output never exceeded
1,790,597

•«{

Probably the largest owners of
22,408 cars qr 3.7 %, below the cor¬
responding week in 1959 but an forest lands in the United States
increase of 48,480 cars or 9.1% are the Weyerhaeuser family. The
above the corresponding week in stock of the Weyerhaeuser Com¬
1958.
pany sells at a high price and pays

The industry established an alltime first quarter production rec¬

mid-month, showing since last
October, "Ward's Automotive Re¬

below

nounced.

last

*

Mr.

,

'

service said that
31, the industry will
have
assembled
approximately
2,000,000 cars, about 25% more

parts of the country, March 11-20
auto sales were the best for that

1957

v

"

I

winter home in Florida, I 2%%. Another favorite is the St.
private library of 8,000 Regis Paper Co.
third largest
books., These books were issued by paper manufacturer, in the U.
S.,
the publishers during the past 50holding over 5 million acres. Your
years at about $3 a copy. I doubt
telephone
book
was
comparable, 1959 week.
probably
if any second-hand book dealer
printed on their paper. The stock
Oarloadings Show 3.7% Gain
would today pay 20 cents a copy sells below
$50 a share, but yields
Over 1959 Week
for the lot. But while most books over
3%—plus stock dividend.
A
third
Loading of revenue freight for are constantly decreasing in value,
favorite
of
mine
is
most trees are constantly increas¬
the week ended March
Scott Paper, which owns
19, 1960,
1,500,000
totaled 581,477 cars, the Associa¬ ing in value.
*
acres of timberland that
is being

The reporting

by

Despite unruly weather in many

since

>

;

estimated

'

,,

1

158,000,000
previous
week's total of 14,109,000,000 kwh.
but showed a gain of
1,242,000,000
kwh., or 9.8% above that of the
kwh.

history.

in First Quarter
25% Above 1959 Period

period

/

i

;•

stitute. J Output

record

ond-highest first "quarter total in

Output

Auto

Put at

in

con¬

three months of* 1960tat th^ 'sec¬

v

;;

adjustments

by

as an

"

energy

timated at 13,951,000,000 kwh., ac¬
cording to the Edison Electric In¬

senger^ car production for the first

aver¬

weekly production for 1947-49.

March

buying is in¬
out

electric

the electric light
and power
industry for the week
ended Saturday, March 26, was es¬

approxi¬

more

Trees

Week
of

amount

distributed

factory reduction to dealer

"Ward's"

)

Index of production is

'

or

cluded, but does not rule

A'''V:

~r

is^for

550,000

sales if import auto

tinuing

1959

:The

•

Jan. 1-Mar. 20 of 1958.

over

5

6

(1382)

Deserve Better Recognition
By Gardiner Symonds,* Chairman and President, Tennessee Gas
Transmission Co.,

forthright presentation of

Houston, Texas

ority

those of electric utilities is made by Mr. Symonds to

over

whatever reluctance there may

corn 3

over-

to take

-

.

MARKET

opportunig

theiri°£*t°l J

emDb|g£e fo

PEARS

.

*

manjsajd
,

haL thf

wholesaler

in

the

Since

world

United

States,
although
w e
have only 6%
of the populatio

has

of the

n

its

Gardiner Symonds

that

in

four

times

times
we

that

now

much

as

system

our

well

known
we

12 V2

land.

It is

been

industry, since

globe and 7%
of

1944, when the first Ten¬

nessee
Gas
pipeline * commenced
operations, the natural gas indus¬
try has tripled, doubling in the
last 10 years. I am glad to be able
to say that our growth since 1944

the

in

occurs

The

California.

to

as

gas

transport
through

could

we

the

of

did

or

through that first pipeline.
What of >our two other major
fuels in those periods?
Oil,
since
1944,
has
enjoyed
-

this

country
enjoy
the
World's highest standard of living.
It is little known that this results

more
than
a
50%
growth,
of
huge supply of fuel en¬
which 40%
has occurred in the
available, and the skill of
past 10 years. Coal is down 37%:
our
engineers and technicians in
from 1944, most of which also has
putting it to use.

from

the

ergy

occurred

in the past

Machines,

10 years.

powered
by
fossil
In the
12 months of calendar4
directly (or indirectly, by
1959, it is estimated that natural
creating electricity, for example)*
gas consumption rose between 9
fuels

do

ever

in

our

95%

of

the

work

done

:

nation—work

equivalent

hand

quire 80 times
are

alive

now

Our

fossil

would

re¬

people

many

as

earth.

on

fuels,

of their

cause

labor

as

.in

which

are

three in

It

was

helped

the first to be utilized.

usher

in

America's

in¬

powering s t e a mdriven machinery that industrial¬
age,

ized the United States faster than

other

any

country

recent

for

transportation
raw

Oil

twice

since

held

about

both

in

BTU's

consumed.

the

other

oil.'

\

two

fuels

increasing their volume of
or BTU's, coal declined
in
its competitive
position. Our
preliminary figures indicate ap¬
proximately these figures for the
were

our

providing
people, goods,
all parts of

known

Drake

to

industry

Well

fuel

overall

43%

38%

Gas

32

33

Coal

25

29

.v•/„>..

100%

place of natural

enter

1960,

then,

is

100%
gas

that

as- we

of

the

the

na¬

in 1859. It
became available in volume after

second

Spindletop

Fueling the
internal combustion engine, it put

gether not only provide the basic
energy for our industrial might,

America

but

in

first

1901.

auto

on

wheels.

In

most

also

life

the

ern-day

of

century, it put a good many
on airplane
wings. It led to
our modern highway
system. Pos¬
sibly more than any one sub¬
stance,
way

it

changed
of life.

Natural

gas

the

American

was

the

un¬

wanted ugly duckling of
fuels, a
stepchild of oil. Huge quantities

of

it

were

wells

and

piped
as

away from oil
nuisance
were

a

and

wasted
in
fiery flares which
burned day and night. Technolog¬
ical advances in metallurgy and

welding made big, long-distance
pipelines, possible. Then the ugly

But

growth
come

and

one

Now

expansion

of

the

stories

success

Ranks

Natural

great

of

our

Fifth

gas

is

in

now

the fifth
gross

grown

have

be¬

industrial

generation.
Asset Size

ranked

as

industry in the nation in
It
probably has
faster
than
any
other
assets.




or

labor than

ever

the progress of natural gas

nor

some

at

prob¬

industry devel¬

Problems

and

Regulation is one of the indus¬
try's problems—not so much the
fact of regulation, for the
industry
has
grown
during

regulation,

would say, despite it. But in
fairness I think it has helped

some

producers under
regulation for the first time. The
Commission

the

amount

of

regulation,
the complexity of it, the time
lag
between applications and
rulings,
all add up to
something that takes
a
lot of industry thought, time,
and money, which means
added
to

consumers.

The

is

now

.of. investors cannot be enforced
successfully by , regulatory com-

studying Ex-

missions./when investors in generaI are being paid premiums to
utility -typeencourage
savings
and
create

aminer

Zwerdling's recommended
decision, which in general would
prescribe

public

a

-

cost-of-service formula.

F.P.C, rules,
it seems certain to be appealed.- The
Third
Circuit
Court
of

.

•

tion

dustry.

Edison
transportaimportant to. the in-

is

case

The

F.P.C.

certificate.
and

The

directed

a

had

denied

certificate-be

the

Court

is-

Federal

from

experts

whose

make

the

is

upheld, it .will
strengthen the ability of gas pipe-

view

of

the

business

con-

an adequate supply of gas is vital!
So let's look at the gas reserve
operations by selling or transport-" picture for a moment,
ing valley gas for industrial use, p The joint committee on
reserves

Such sales make for the most ef.- of-the. American
Gas Association
ficient operation of a pipeline
sys- and American Petroleum Institute
tern, at the lowest MCF^mile reports that as of
Dec.- 31, 1958,
transportation cost.
'
' 1
\
proved recoverable reserves of
.The Court reversal was based on the
United States were 254 trilthe position that
the-F.P.C.,.had lion cubic feet. Based on
producno
right to assert authority over tion in that
year of about
11W
end-use of gas, as it did in decidtrillion, the ratio of
reserves

case.

this year will

production is 22.
see

an

to

figures,

as

New

of Dec.

urge

for

government regulation of the
end-use of gas, the real goal of the
controversial drive of the coal in-

in

31, 1959, will be available
couple of months; no great

a

change is anticipated
fBut
more'important
•

than

the

dustry for what they call a gov- ratio
is- the
fact
that
reserve
ernmenb fuels policy.
It appears growth has
substantially outdisto be an attempt to achieve
by tanced production
growth; over
regulation or legislation an advan-* the
years ; Since
1950
for
ev
tage over the other two fuels which

ampl^dS

has

tTealfrheeSmbaerknetUnable t0 fTfZ
fuels

should

continue

to

over

"
v
/
v?
Oil and. gas economists
for East- i
ern
banks- have
.

estimated

total

U.- S.

gas

natural

a

from

gas

vear

,

trillion

the

-

yearns nonexistent. this election
mmexistent'"
year

is

v

decision

in

of

.

the

tidelands

,S"Pre®e such for
Co"rt
I960. For

is

a

compa-

^.

nation

tidelands,

Simplify

for

of'

all

and .facilitate

procedures.
does

settlement

and

once

the

would

business

'
■

Incidentally

ciaentaily,

,

s

reserves

llnre 1950 the
lo/fl'vl8
since

increased

;

Two

other

nnints

tion

is

only about U. S.
addition,
there
are

U.

some

S.

Geological. Survey fuels
branch chief has gone as high as i
1,700 trillion for the ultimate gas
of

reserves

that

In

.

this

nation. JA;

esting to recall that in 1919

volumes of
degree

in

Mexico

long-range

countries.
cross

In

substantial

gas in Canada and to
in

needs

These

excess

of

find, markets

in

thfs

of

those

reserves

international boundaries

The

„

.

Rate

;

..

Matters

mission Company,
.sidianes

V,v

can

and

country fn

of

one of the

sub-

Tennessee

Gas, will
For many gas
companies, in- utilize a Canadian gas supply for
eluding ours, the most serious and deliveries to companies and
cornimportant phase of regulation af- ^unities in North
Dakota, Minnefecting our business is that of gas sota> and Wisconsin.
sales rates.

that field, it is the
of rate of return that is

problem
erucial.

The

annual

Tennessee

Gas has another application on
file before the FPC to buy Cana-

debt

dian

and all other comparegulated as utilities has risen

.been

capital to
mes

In

us

cost

of

a man4

who

was perhaps the
most gen¬
erally accepted authority of his
day on gas reserves, a Mr. E. W.

Shaw, estimated that the total
coverable

re¬

reserves

already known
at that time and to be discovered
in the future might equal 15 tril¬
.

lion

of.

:

t

.

So, I believe the gas reserve sit¬
uation forms a solid base for the

industry expansion of today and
growth.

for projected future

I would like to discuss what the
natural

gas
industry offers the
buyer of securities for trust funds.
"

II

Turns

to

/

•

|

Recognition
Let's

■

Securities'

Gas

back into not too an¬
cient history a little. During the
go

depression, 25 or 30 years ago, it
wasn't easy to get money for nat¬
ural gas pipelines. Many will re¬
member
that Toledo Gas Com¬
pany sold five-year 8%s at 90 to
raise money in those days, which

shows what the investment

bank¬

ing fraternity thought then of a
good gas distributing property.
But even in those tough finan¬

gas

at

Niagara

Panhandle and Hugoton fields ol
Texas,
Oklahoma,
and
Kansas,
such pipelines as Colorado Inter¬
state, Northern Natural, and Pan¬
handle
Eastern > began
to push
across
the country.
El Paso also
headed from, West Texas towar

on

Trans-

ever*

W::

connection, it is inter¬

and down

the smelters of Arizona,

reserves.

Falls

Second, the figures we have
discussing are proved re

i

official's projec¬
1,400 trillion, and a

Ceen tafk"-

ownership issue the manner in which the
proposed
stop development, how- pipeline of Midwestern
Gas

not

American

Association

ohmit

serves: First, we have

mg

a;

36^

^

about 63%.
,

?Ur?i' whi^ is drilling* in the

?ueS
the

matter

1,200 I

cubic feet.. Ah

Gas

times, the vitality of pipelines
apparent, and some of them
got
into business mostly on a
limited basis. 'Starting from the

sin?e iqw-twL

and^bovf nroH .^n
we

bill to free

regulation,

' increased

^df

per

^Set/coS
As to

the!
including

reserves

the 254 trillion of tiie
present and i
all gas to be/discovered
in the
future will amount^o some

was

ahead

efficiencv oi use, Hpnonriahiiif-tr
niciency of usp aependaDility of

producers

to

what

cial

Secretary of the Interior Seaton
has said
conversely that consump-- iion
of

is

on

probably will ocdur in the
futurein other words, ultimate
reserve
figures.

>

the

it

long-range -studies

dreamed

rapid and

tinuing expansion of the industry,

lines to maintain high-load-factor

-Also

We

considerable
predictions of

is

Reserves

In

•

-

get

.

plans to

now

••

If

a

Court /'reversed

sued, and the F.P.C.
appeal.
'
4

the-, industry
comfort

extent

addition,

In the

.

Appeals' decision in the TranscoConsolidated

In

cubic feet.
Today the U. S.
producing almost that much
case of the interstate gas
every year. :
•
^
T
.)
companies, we are confident the ; Later estimates have
consistently
Federal Power Commission will
increased. But in each case it was
^ace UP to the problem and that
the same story. Every pronounce¬
compensatory rates of return will ment has been shown
up as pes¬
he forthcoming to maintain invessimistic in a few years by the
tor confidence and continue the
technological advances and by the
tradition of/adequately meeting
drillers' success in finding more
service.
1
;
and larger gas pools than any one

capital funds.

-r

No matter what the

the

long-lines part of the
industry to
keep
our
growth
orderly and dound.

costs

cision which put

Ownership

Developments

But

Phillips

Case, that 1954 Supreme Court de"-

will it be in the future.

Looks

in

The F.P.C. will rule in the

be determined
by such forces as
relative costs at specific
locations,

elsewhere.

or

regulation

gas

make

which

is not rec°Snized
the Federal
Power Commission, it must come
?u*,cf the
industry security
holders/as a group Such,'in¬
eP.uitable.treatment of one group

several

tion

opments and problems.

us

Its

of hand

in

see

mod¬

our

today's important position has

lems,

all

exist.

for

comfortable, convenient,

Let's look at

trations

population

power

not been free of troubles

duckling became a swan, the fuel
preferred
over
any
other
and
piped everywhere large concen¬
of

free

of

fuels, which to¬

appliances

more

before, here
to

once

utilized

tion's three great

this

us

developments

mg
Production

Oil

country

to

to

Consumption

The

became
the

contribution

and

for

material

1959

usage:

the nation.

with

just

1958

and

in

up

settlement

and

But

history.
it fueled our

years,

railroads, opening
-

with

even

about

was

heat units

dustrial

Until

This

increase registered by

Coal,, meantime,

be¬

number.

Coal

10%.

produced

so-called

origin,

and

the 5%

P

1960 should

vear

I4,

their

determined.
.

costs

'

energy

PAGE

serves; that is, the
reserves that
have been found and

projected for future expanin the next 10 years. Current problems are examined and the
peren¬
gi
^ cogts actually experinial charge that gas revenues are declining is shown to be false. In
enced__must be recognized.
The
m the field.
fact, Mr. Symonds emphasizes that the growth in gas reserves is
recognition should be in the form
Second, an oil industry spOkesdLa compensating upward adjustclose to 8% compounded annually and, thus, removes any fear held *
man in a^gas-producmg
^andrpc- merd jn rafe 0f return.
:t.
of a declining rate base as a reducer of earnings.
porting state issued a statement
'otherwise, the increased debt
contending that in producers rate cosf comes
directly out of the
major
industry in the past 20 cases before the F.P.C., gas-is not
poc^ef 0f fbe security holders. As
years.'
Natural Gas in the Nation's
allocated a large
>-t being
^enoug
the common stock, that is easy,
Its growth has been based on
part of the cost of drilling for oil- because it
Economy
is a net deduction. But
that of the transmission lines— and gas; i.e., that gas.field, ptices,
One of the least understood but
^ a}s0 affects greatly the debt se-4
such as Tennessee Gas Transmis¬ are being kept too low.
He pre-:curities
most important facts of today, in
of the gas companies, in¬
sion Company, with which I am dicted that this would
my opinion, is the part played in
r^uce
asmuch as-, it again reduces the
associated
and
which,
inciden¬ ducers mcentive■to find gaS*
our lives and our
Jfcatcoverages they enjoy, which reeconomy by the
tally, is one of the wholesale sup¬ reserves would decline and con- duceg their
nation's three
quality, which in turn
pliers of gas to New York:- and sumers/would suffer.
basic
reduces
their price—as ;well' as
sources
In other words, one
another
supplier of this city,
of fuel energy.
th
price of the common stock;
Transcontinental Gas Pipeline not enough regulation is g ing ?
Almost 40%
jf earnings are withheld from it.
Company. Another example is El
of all the anPaso Natural, a major natural gas
wrong kind
'
Thus' if the higher cost of money
n u a 1
consumption

ON

and to the Fed-

you

power commission that in¬
creases in the C03t of both debt
and equity capital_not merely

F.^.C

COLUMN AP-

r

.

from ;, a

>

B O N
D

0n

savings accounts and g
%
traditionally the most c°^ervative
investment; of all, government
bonds.

<^
speeclrat a
hearmg claiming the F.P.C. should
be investigated
by Congress fo
not preventing
more
effectively
the nse m producers prices of gas

assets, and points out its growth should double

gross

'

-

made-a

state

fuels, natural gas grew in 15 years to become the fifth largest indus-

try in terms of

v

; First, a Congressman
gas-importing •
and -

unwanted ugly duckling of

an

dividual.have hadthe

about the same time

recently will prove:

be to include them in the trust

portfolio. He reviews the fact that from

•

Vt

prices in the field.
problem
they definitely have not solved.
Opinions about regulation vary
widely, as these two public statemade

TAX-EXEMPT

and investor, so that lecently in

gas

*

pipelines' bonds and stocks superi¬

gas

producers

reeulating

ments

A

improvement has occurred in the
general poisition of theUgS. saver

oftoem stem from the Commission's task-starting with 1954

many
of

31, 1960

steadilys®v®ra^
At the same time, a Droaci

of roost of its

np„

Thursday, March

...

Comirission shows aww*-•
problems. But years.

Power

Natural Gas Securities

Chronicle

Commercial and Financial

The

the Gulf Coast,

the remains

the Moody-Seagraves
tied

together to form the

Gas

of

empire weie

Unite

Corporation.

bot
lo
of things happened that made the
job of natural gas transmission
/

Along

before

more

came

feasible. Reserves

to mount

sometimes
oil.

in

the

drilling

men

the war. But

during the war, a

and

a

for
lot

oil found
of

gas

gas-

with no

the 0
rapidly 111

Inspired by the war,

mand

for gas

mounted

the

Appalachian area,

the

Ruhr

in

.continue

Southwest as 01

the

of

East,

which
well as

America, as

Northeast,

Continued on

Middle
paQe J

Number 5938

191

Volume

.

.

The Commercial and Financial

.

Chronicle

(1383)

porate bond market, the

Using Securities Research :
More

but

other

terms

forms

Effectively!

to-his

have

client's

this

always
*.

Alew York City

f'jtji,.

,•

the

ment

-v'

in

will be

haad explains the interrelationship and functions
registared rapresehtative and the research department of his
Keeping in miStd the plethora of material and the numbars and

Sacuriiies rasearch
of

a

firm.

•

of

the

invest¬

these

his

them

suitable than simply

mitments
I

s.

1

choose

to

attractive

the

for

fully expand upon this

order to

affect now or in the future

e

r

e

s

tive

t

n

client,

a-

the

and

action

price

tive

the

must

values

and

registered
be

well

of

As

in

A

p

.—

my

the

registered

Qualified Representative

ernment bond

market, in the

a

available,

address

by Mr. Gordon before the
Customers Brokers; at the

Association of

very

N.

Y.

Society
York City.

the

of Security

Analysts, New

Crowell, Weedon
Admit Partners

properly fulfill his
clients

research

and

material

LOS

use

ANGELES, Calif. — Crowell,
& Co., 650 South Spring,
Street, members of the Pacific'

Weedon

more

Coast

the

suggest that the registered

Stock

Exchange,

admission

of

total

cover

the

various

should

know

issues

these

nership in the firm.

Schirmer, Atherton Branch

another to

ton &

a

Co. has opened an office at

224

Washington Street, with Don¬

ald

J.

one reason or

him, and replace it with

With such

another.

BREWER, Me.—Schirmer, Ather¬

Waring

as

the firm's

resentative.

basic work-

viewed

as

merely

a

sel

trans-

for

ves¬

This

tations

on. the
validity aid
usefulness of any recommendation
the

it is

research department
of his accounts.
on the premise that

.

purposes

This is based

•

•

is

in

best

the

position

•

not

of these securities.

any

31, 1960

Company

;■

">

:

:■

■

:

•„

.

6V2% Subordinated Debentures, due March 1, 1980

to

know the needs of his clients and

what type

buy

$20,500,000

'

;

.rvv>,: ot

,,

the registered representative

who

solicitation of an offer to

Mid-America Pipeline

_•

judgment

for

a

nor

March

terminal point to pass ;

made by the

offer to sell

de-

partment - to his customer, but
rather, he should be recognized as
definite

an

NEW ISSUE

his

of

research

a

is neither

The offering is made only by the Prospectus.

interpre¬
Gordon

Monte

announcement

porting the
opinions /and

•

and

of investments are not

only suited for him but that he is
seeking." •'"»

1,435,000 Shares

,

This

interpretation
places
a
two-fold responsibility upon the
registered representative: not.only :
he

must

know

intimately the

Common Stock
(Without Par Value)

re¬

quirements of his clients and de¬
termine for them the proper in¬
vestment

policy

to

but

pursue,

1

also, he must insist that the stand¬
of

caliber

and

ard

research

his

Offered in

sufficiently high
that
he
can
expect
intelligent,
reasoned
judgments
and
inter¬
pretations as to security values.
For, without in any way abdicat- '
ing his very real fiduciary re-;
sponsibility to his client, he must
rely on the judgment of his re¬
search department.
department

Units, each

consisting of $50 principal amount of 6I/2%

Subordinated Debentures

Common Stock which will not be separately transferable prior to May
of

31/2shares

and

1,1960.

be

,

Price $73.50 per

(Plus accrued interest

on

Unit

the Debentures from March 1, 1960)

only from such of the several
lawfully offer the securities in such State.

Copies of the Prospectus may be obtained in any State
underwriters, including the undersigned, as may

Should Understand Security

Analysis
To

use

this

material

research

effectively for the purposes of his
client, the registered representa¬
tive must have a practical work¬
ing knowledge of the tools and
techniques of security analysis.
Too, he must keep aware and
abreast of developments in
the
political, economic and social field

White, Weld & Co.

Bear, Stearns & Co.

Carl M. Loeb, Rhoades & Co.

.

which will have

bearing

a

on

ground and
of

awareness

Paine, Webber, Jackson & Curtis

Incorporated

Drexel & Co.

Equitable Securities Corporation

■

he per¬

can

A. C. Allyn and Company

effectively his basic function

screening out from the
presented
him

mass

material

research

which

by

needs

the

of
his

issues

department those

meet

of *

,

his

' W.E. Button

Hemphill, Noyes & Co.
F. S. Moseley

Hayden, Stone & Co.

W.C.Langley&Co.

Co.

Ladenburg, Thalmann

& Co.

Wertheim & Co.

G. H. Walker & Co.

Reynolds & Co.

& Co.

Incorporated

Hallgarten & Co.

<

Clark, Dodge & Co.

A. G. Becker & Co.

se¬

curity prices. Only with this back¬
form

Hornblower & Weeks

Goldman, Sachs & Co.

clients.

T^he
must

representative

registered
conceive

himself

of

as

°nly a salesman but as an indi¬
vidual with a fiduciary responsi¬
bility to his customers. He has the
right to insist that opinions from
the

research

department

be

Shearson, Hammill & Co.
<

;

"v.

'

■

'V

..."A".'"

-

any

and

-

to

Burns Bros. & Denton, Inc.

Alex. Brown & Sons

expect
from
these
se¬
curities. He has the right to insist
that the research
department fol¬
low up

constantly an the recom¬
they have made * in

mendations
are

new

developments which

simply of interest and also in

terms of

developments which will




Estabrook & Co.

-

■

Johnston, Lemon & Co.

what

they

terms of

'■

"

Allen & Company

1••;

•'

•

*'V

.;

••

'•

.

Dick & Merle-Smith

,•

"

Baker, Weeks & Co.
•

'"'

'

»

. •

"

,

7\

I

:

Francis I. duPont & Co

spe¬

securities

as

'•

r

cific and
clearly defined as to the

characteristics of
they recommend

Shields & Company

•

•

R. W. Pressprich & Co.

R. S. Dickson & Company
Incorporated

J. M. Dain & Co., Inc.

Bache & Co.

not

L. F. Rothschild & Co.

Spencer Trask & Co.

McDonnell & Co.

McDonnell & Co.
Incorporated

F. S. Smithers & Co.

The Ohio Company

Stroud & Company
Incorporated

Tucker, Anthony & R. L. Day

rep¬
'

be

not

\M.

in¬

properly
should

announce'

Edmund

Edwin E. Morgan to general part ¬

in

its attractiveness for

doubly accentuated today because
not only
is there a tremendous

cor-

♦An

timately and follow their devel¬
opment (tarefully. He should not
hesitate
to
eliminate
any
issue
from the group when it has lost

,

which motivate action in the gov-

representative

of issues

types of objectives of his clients.

characteristics and operation&.fcof
The need for independent
oi
^-judgment on the part of the reg¬
firm.
In
various forms of investment'. He istered
representative within the
opinion, should know what are the forces confines of
policies of his firm are
-

his

vi¬

Adams, Howard E. Barton, Robert"
W. Graham, O. I. Lamoreaux and'

He

the

his

which

representa-

versed

addition,

and

day-to-day working tool,

a

in

representative familiarize himself
with
probably 15 to 20 issues

research de+

if

is

but,

sion will not be obscured
by scan¬
ning the horizon of the hundreds

effectively.

?£

the

can not only meet
the needs of the great bulk of his

clients

is

his

to

security

reseat cn aepaitment oi nis
define a concept of the. relation- various securities involved,
r7 P 7
chin between the registered repFrom the point of view of his "
liont
the first s<,ep is to

I believe

mnic

ing group, he

of

of current develop¬

he

can

functions

I would

In

selection

material

aware

ments
repre¬

having this type of back¬
ground should have, as any good
portfolio
j^y^viwuv analyst xic*o? the picxugaj o l has, tn^ preroga-

'

is

and

sentative
♦

types

registered
qualified
in
terms of his understanding of an¬
alytical tools and techniques, has
knowledge of his customer's needs

com¬

registered

of

mass

one.
Only
representative

common

available,

believe

of

real

most

and

screening of suitable issues from
this

clients

the

numbers

problem

areas

of

one

more

ity to
r

knowledgeable in 15 to 20 issues which satisfy various investgoals.

for there
periods of time

alternatives

any

of

available,
securities in

of

range

issues in various industrial classi¬

Only by having this knowl¬
edge can he meet his responsibil¬

of issues baing disseminated, Mr. Gordon would like to see regwell versed in the use of analytical tools
and techniques, knowledge of his customers' needs, and in current
developments. He suggests that the firm's representative should be
mant

be

information

of

the

fications has been enormously in¬
creased over the years. Clearly,

that he

making commitments in

typos

very

advantage

stocks.

istered representatives

•

investment avail¬

knowledge,

will

when

=;,v

,

of

able^ It is to his advantage and

J. Gordon,* Manager. Research Department, Bache & Co.

By Monte

amount

munici¬

pal bond market and in the various

71

8

Motor

DEALER-BROKER

partment Stores, and Robertshaw
Controls

Fulton

Knowles

Ross,

Adelaide

AND RECOMMENDATIONS
IS

UNDERSTOOD

THAT

THE

FIRMS

MENTIONED

WILL

BE

SEND

INTERESTED

PARTIES

THE

—

Para¬

Broadcasting

Co.,

mount—Review—Ira Haupt &

PLEASED

Broadway, New York 6, N. Y.

FOLLOWING LITERATURE:

American Machine
—

Annual report

Metals, Inc.

&

American Ma¬

—

velopments in nuclear industry—
Development
Securities
Co. Inc., 1033 Thirtieth Street, N.
W., Washington 7, D. C.
Also

Atomic

available

data

are

and industrial expansion
1946-1959—Agent General of tho
Province of Quebec, 50
Rocke¬
feller Plaza, New York
20, N.

Firth Carpet Company —

memorandum on Koppers.

a

Stores

Fair

Food

Review—

—

65 Broadway,
Y. Also in the

& Co.,

Fahnestock

6, N.
circular is a review of Har¬
Intertype Corp.
York

New

American Industry.

Bank

Stocks—Earnings

of

New

York

7,

York.

Investment

Booklet

the

on

Manual

mechanics

—

and

In

21

N. Y.

Burnham

son

View—Monthly Invest¬

Uver-the-Counter Index

showing

an

stocks

15 Broad Street, New York
5, N. Y. Also available in current
Foreign Letter.

Averages

Business Trends and

Progress

—

Chart of periods of prosperity and

depression

from

1835

to

1960—

Hannaford
&
Talbot, 519 Cali¬
fornia, St., San Francisco 4, Calif.
Canada

&

Booklet

on

Canadian

Provinces—

funded debts outstand¬

of

Canada, 55 Yonge Street,
Toronto, Ont., Canada.
Canadian
on

Review—Monthly report

current

dian

topics affecting Cana¬

business

Bank

—

of

Nova

Scotia, New York Agency, Dept.
CFC 3, 37 Wall St., New York 5,
N,Y.
.

Canadian

.

.

Statistical

Summary

—

of

Bank

Canada, Ottawa, Ont.,
Canada—250 per copy; $3.00 per

in

the

the

and

industrial

National

Pacific

stocks

Pacific

United

Rail

Bank

Northwest

Company,
Building, Seattle

Pacific

Understanding
tions

*

15

Union

Broad

Undervalued

Stocks

Non

Bulletin

—

on

Cyclical
Colgate-

&

New York

5,

Industries,

ris

AMP, Inc.
Farber &

Broad

Analysis

—

—

Street,
Herzig,

McKenna, 39 Broadway,

New York 6, N. Y.

Adams

Express

Pine

New

Co., 14
5, N. Y.

York

Guide

Memoran¬

—

Street.

Business

In

Lynch, Pierce FenSmith, Incorporated, 70
Street, New York 5, N. Y.

&

ner

Also available
Bell

to

Booklet

Wall

Canada

&

memoranda

are

Howell,

Borman

on

Business

Development ! Depart¬
ment, Bank of Montreal, Montreal,
Que., Canada. (New York office
2 Wall Street.)
Japanese

Stocks—Current

Food

Stores, Eagle Picher Co., General

Yamaichi

Infor¬

Time, Eli Lilly & Co., and U. S. &
Foreign

Securities
issue

current

Reader"

United

Chemical

P.

International
Suburban
Calumet

Company of New York, Inc.,-Ill

Hospital

R.

Hecla

Supply

Borax

S.

Amphenol

Borg

120

Co.,

&

Review

—

Magnavox Company

Company—Analysis—

Magnavox

6, N. Y.

&

Co.,

Company,

Services,

Inc.,

American

Corp.,

For financial institutions

White

only

Schirmer, Atherton & Co., 50 Con¬

George

Beneficial

Life

Standard

Broad

Mass.

Street, Boston 9,

gress

Insur¬

Company—Study—Robert H.

ance

Huff &
Los

Co., 210 West Seventh St.,
Angeles 14, Calif.

Bailey

Selburn Oil

Bulletin

Gas Ltd.—

&

Information

Fiscal

—

Service, 33 Rector
6, N. Y.

Street,

New

J.

Markets,

Bay less

Inc.—An¬

East

Mason

Borg Warner Corp.

Memoran¬

—

dum—Francis I. du Pont & Co., 1

Street, New York 5, N. Y.

Bourjois, Inc.

— Analysis — Boenning & Co., 1529 Walnut Street,
Philadelphia 2, Pa.

New

Place,

Trinity

Wohl Co., Inc.,

of Miller

Tire

United Asbestos Corporation.

Corporation

Hone

120 Broadway, New

ization, Inc.,
York

5, N. Y.
Associates

Microwave
Shields

&

Co.

Richardson

Analysis

—

h

—

&

New York

circular
and

N. Y. Also in the same

,

data

are

S.

U.

on

Vickers

Chemical

available

1

of

Wall

St.,

the

Corp.

Kidder

M.

same

New

&

Standard

Also

Inc.

N.

5,

Y.

reviews

are

Railway

Ni<
is

Equipment

and

Inc.—Analysis—
Winslow, Cohu & Stetson, Incor¬
porated, 26 Broadway, New York
4, | N. Y. Also available in the
April commentary is a review of
Garrett Corp.

Columbia

Broadcasting

System,

Inc.—Analysis—Penington, Colket
&

Company, 70 Pine Street, New
5, N. Y.

York

Combustion

Engineering

Inc.

—

Analysis—Joseph Walker & Sons,
120 Broadway, New York 5, N. Y.

Kawecki
is

—

re¬

sol

Southern

Company

1330 West Peachtree Street

N.

W'

Ga.

ni

Standard

Railway Equipment
Manufacturing
Co. — Analysis
Reynolds & Co., 120 Broadway
New„York 5, & Y. Also available

—

is

an

and

analysis of Dictaphone Corp.
comparative figures on NatUtility Companies.

ural Gas

Tappan Company—Analysis—Mc¬
Donald

&

Building,

Co., Union Commerce
Cleveland 14, Ohio.

Texas Eastern Transmission
Corp.
—Analysis—Hill Richards & Co.,
621 South Spring St., Los Angeles
14, Calif.

Instruments

Texas

Goodbody

&

Co.,

Bulletm

—

2

—

Broadway,

New York 4, N. Y.
k

m

Roller

e n

Bearing

—Analysis—Peter
&

P.

Co.

McDermott

Co.,' 42 Broadway, New York 4,

N.

Y.

Development

Company

Ltd.—Report—Carl M.
Loeb, Rhoades & Co., 42 Wall St.,
New York 5, N. Y. Also available

report

a

New York Capital

on

Fund of Canada Ltd.
Union

Camp

Bag

randum—Robert

Paper—Memo¬

Garrett

South & Redwood

&

Sons,

Sts., Baltimore

3, Md.

5'

%

analysis of the Pleasure Boat In¬

$

N.

Finance

Murphy

Piper,'

Jaffray

Co.,

a

and

Co.—Analysis—

&

Hopwood, 115
St., Minneapolis 2,
Minn. Also available is an analy¬
sis on Toro Manufacturing Corp.
South

Seventh

National

Dairy

Products

Corp.—

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

Steel

Review

—

Van

—

Alstyne, Noel & Co., 52 Wall St.,
New York 5, N. Y. Also in the
circular

same

Analysis—William

is

review

a

of

Portfolios.

Blair

135 South La
Chicago 3, 111.

Also

&

Salle

pany,

Com¬

Street,

:

are

reports
Crompton

Microwave,
and

Big

Ohio

Fruit

Y.

Apple

on

&

Super¬

three

and

sample

Oil

Company—Annual
Oil

re¬

Company, Secre¬

tary, Findlay, Ohio.
Pantex
tion

Card

Corpora¬

Chemical

&

Com¬

pany

Ltd.—Bulletin—Osier, Ham¬
& Nanton Limited, Nanton
Building, Winnipeg, Man., Canada.
mond

available

is

bulletin

a

on

Acceptance Corporation

Limited.

memorandum

-—

Industries, Inc.—Review—
Bruns, Nordeman & Co., 52 Wall
Street, New York 5, N. Y. Also
in the

same

cirular is

a

Standard

Railway
Manufacturing Co.
Pittsburgh

nual

have

you

knowledge

bookkeeping
the

on

of

and

phone

Wall
some

an

ex¬

panding midtown organization

can

make available

for

you.

a

Write

good opportunity
Box

J-331,

Com¬

Walgreen

Whipple

&. Financial

Place,

New

Chronicle, 25

York

7,

N.

Y.

Co.

&

&

Co.,

St., Chicago 4,

—

Analysis—Bacon,
135 South La

I

Co.,

Salle

St.,

West

Virginia

Chicago

111.

3,

Pulp

&

Paper-

Data—Paine, Webber, Jackson &
Curtis, 25 Broad St., New York 4,
N.

Y.

Also

data

are

in

on

Insurance

the

same

circular

Union F re

National

Co., Philadelphia Elec¬

Co., New York Chicago & St.
Louis,
Texas
Instruments,
and
Aluminum Producers.

John

Inc.—Review-

Airlines

H.

Lewis

&

Co.,

63

Wall

St., New York 5, N. Y.

National

Trust

review of

Equipment

Opens Branch Office
Fredericksburg! Va.—Ander¬
&

son

branch

Street

office
under

opened a
209
William
management of
has

at

the

Edward W. Farmer.

Deane

&

Scribner,

Building, Pittsburgh

report—Port

Strudwick

Bank—Anal¬

Primary Markets In
General

Authority—An¬
of

New

York

Lifetime Pools

Puerto Rico Aqueduct and

Sewer
Authority — Annual
report —
Puerto Rico Aqueduct
and Sewer

Authority, San Juan, Puerto

Foam

Econ-O-V eyor

Authority, New York, N.Y.

Accurate

Electronics
r

Rico.

Standard

Manufacturing

Pullman,
&

Inc.—Report—Thomson
McKinnon, 2 Broadway, New

York
a

mercial

Company

IH.

19, Pa.

If

Rubber

McCormick

—

Broadway, New York 6, N. Y.

ysis— Singer,

Opportunity

States

Analysis

231 South La Salle

Strauss, Ginberg & Co., Inc., 115
Pierce

Tar

—

Western

Manufacturing

—

United

tric

port—Ohio

Aviation—Report — Sim¬
Rubin
&
Co.,
Inc.,
56
Street, New York 4, N. Y.

available

Park

Teletype NY 1-376; 377; 378

Annual

be

and

sis—Auchincloss, Parker & Redpath, 2 Broadway, New York 4,

United

experience

74 Trinity Place, New York 6, N. Y.

The

Cable

Corp.

Company

Atlanta 9,

4

circular

United States Rubber Co.—Analy¬

Continental Assurance Company—

Street

Member I\ew York Security Dealers Association

same

an

Mesabi Iron

on

Port of New York

TROSTER, SINGER & CO.

Interchemical

fr

Hartford

General

on

Southern

St.,
the

dustry.

5, N. Y.

Radiation, Inc.

Sold

data

in

re¬

port

Union

Electro Instruments Inc.

Pearl

Also

—

Co.

Cohu Electronics,

Also

Farrington Mfg.

Coke

&

Paper—Data—Coolev

100

Co.,
Conn.

is

Re¬

—

Co.,

York

circular

37

Inc.,
N. Y.

Wall St.. New York 5,

view—A.

Light

St. Regis

Trinidad Petroleum

Corporation of America

—Data—Merritt

In

Borax

Kawecki Chemical.

Minerals

Gas

—

Company, 44 Wall St.,

Chemical.

Vought—Memorandum—

Halle & Stieglitz, 52 Wall Street,

Industrial




dridge Inc.

T i

Data

—

Co.

markets.

Baird Atomic

HAnover 2-2400

available is
review of Thomson Ramo Wool

—

Bulletin—De Witt Conklin Organ¬

Manufacturing

Chance

and

Rubber

&

Corp.—Analy¬
sis—V.
S.
Wickett
&
Company,
Incorporated, 99 Wall Street, New
York 5, N. Y. Also available is an
analysis of Roto American Corpo¬

Chemical

Bldg.,

Exchange

York 6,
N.
Y—150 per copy; $1.00 per
year. Also in the same issue are
65

Monsanto

Knowles

Electronics Capital Corp.

|

Investor,

American

Stock

American

Micromatic

Co., Incorporated,
Street, Milwau¬
kee 2, Wis. In the same circular is
a study of H. M. Harper Company.
225

issue of "American In¬

25
Re¬

—

Ltd.—Review-

Ferguson

March

vestor"—The

Mansfield

alysis—Hayden, Stone & Co.,
Broad St., New York 4, N. Y.

30

O'Neill & Co., Inc.,
St., New York 4, N. Y.

Massey
in

Corp.—Review-

Systems

reviews

York

Dominion

.,

—

Missile

Douglas

Currently Popular—

•

a

Spring St., Los An'
Calif. Also

14,

geles

port

Corporation

Midland

Marine

Anheuser Busch—Memorandum—

Beaver

v

Broadway,

Schweickart & Co., 29

New York 5, N. Y.

mons,

Bought

South

632-34

are

Analysis— W. E. Hutton & Co.,
14 Wall St., New York 5, N. Y.

Dayton

,

Analysis —
Wall Street,

—

Blyth & Co., Inc., 14
New York 5, N. Y.

New York

Hill,

—

Darlington & Co., 40 Wall Street,

&

Electric

Mallorv

Inc.,

the

U.

of

Tampa

Paper

Gas
&

In

"Investor's

States

Corp.,

Company,

Corp.
of

discussions

are

Imports,

Securities

—

Pershing

Light Company.

&

Power

consin

—

including a survey in
laymen's language of major Ca¬
nadian taxes affecting business or
personal interests in Canada —
—

mation

Steel Foundries—Mem¬

American

New York

Co.

dum—Merrill

Hammill

—

y"

Republic Supply Co. 0f
California
—Analysis—Dean Witter & Co

Hentz

ration.

Inc.—Memoran¬

dum—Woodcock, Moyer, Fricke &

Palmolive, Gillette, Peabody Coal,
and
Philip Morris
Shearson,
&

Corp.

Century

Y.

French, 123 South
Philadelphia 9, Pa.

Four

Securities

St.,

N! Y.

Ralph Samuel & Co., 2 Broadway,
4, N. Y.

Harsco

Wall

Industries—Analysis—East¬
Dillon.

ACF

New York

Op¬

Crown

—

*

dustry—Data—Smith, Barney &
Co., 20 Broad St., New York 5,
—

Call

&

Filer

Dept. A-7, 419 Park
Avenue,
South, New York
16,
N. Y.—$3.00
(ten day free ex¬
amination).

ACF

memoranda on

are

General Portland Cement Co. and

view—Loewi &

Put

Herbert

—

Publishers,

N.

available

Also

Bergstrom Paper Company

Y.

Broad

48

A.

&

Co., 36 Wall Street, New York 5,
N.

Co.,

Discussion

Stocks-

Outlook—Bulletin—Bache

man

—

in

Bureau

24, Wash.

Capital Expenditures—Survey for
I960—Hemphill, Noyes & Co., 15

Electric Utilities

used

Comparison of ten leading issues

*

Chemical and Pharmaceutical, In¬

over-the-

35

Quotation

Northwest

year-.

Street, New York 5, N. Y.

Dow-Jones

Averages, both as to yield and
market
performance over a 20year period — National Quotation
Bureau,
Inc., 46 Front
Street,
New York 4, N. Y.

—

tion

used

counter

ing—Investment Dealers Associa¬

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

Folder Broadway, New York 5, N. Y.

—

up-to-date compari¬
between the listed industrial

the

I:

same

randum—R. W.

orandum—

ment Letter—Burnham and Com¬

pany,

Economin

—

—

Military

leading bank stocks—
Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
son

Quebec

progress

Co., 72 Wall St. New
Utilities—Report—
chine and Metals, Inc., Woolworth
York 5, N. Y. Also available
are
Milwaukee
Company, 207 East
Building, New York 7, N. Y.
New
analyses of Eastern Stainless Steel
American
Marietta Co.
Memo¬ Michigan St., Milwaukee 2, Wis. Soo Line Railroad, and
|
Peonies
Also available is a report on Wis¬

benefits
of
investing as related
particularly to members of the
armed forces—Harris, Upham
&
compari-. Co., 120 Broadway, New York 5,

Shares

on

Broadway,

of

I960

Province

Inc.—Analysis
L. F.
120 Broadway,
York 5\ N. Y.

Iowa Southern

Atomic Letter No. 55—Recent de¬

Thursday, March 31,

Rothschild & Co.,

is

Ont., Canada.
American

Ill
TO

Co.,
West,

&

Street,

. .

Analy¬
Ltd., 25 sis—Grimm & Co., 2 Broadway,
Toronto, New York 4, N. Y. Also available

Survey

—

.

Executone,

New

Co.

Aluminium Limited

INVESTMENT LITERATURE

IT

De¬

Interstate

Company,

Financial Chronicle

Commercial and

The

(1384)

4, N.Y.

report

Pullman

on

Also

Syntex

Incorporated

available

10th

PLYMOUTH

Corp.

•
—

Annual

^P°5t7^^u^iman Inc°rporated,
West
Delaware.

*Offering circular on

is

100

Street, Wilmington 99

request

SECURITIES

CORPORATION

92 LIBERTY

STREET

•

Dlflby 9-2910 • Teletype

•

N.Y.
N.Y. M5*>

N.Y. 6.

Volume

Number 5938

191

.

The Commercial and

.

.

Financial Chronicle

(1385)

swiftest" recoveries in nickel de¬
in history. That's

mand

International in lcKei—an

Illustrious Metal Producer

ward

noteworthy

gain

in

appears to be

strikes

r

Z

a

nickel steels are important
in rockets and mis¬

steel-

motor cars,

in

r

i

metal, famous
INCO nickel-copper alloy found
in the
best kitchen sinks, pioi nee red
in the nickel alloys now
'being developed and produced to
solve the high temperature and
"Monet"

siles

created by our

corrosion problems

in

1959

and

its

further

mineral

resources

fast

as

as

INCO is, constant search for sub¬
stantial high grade ore bodies is

most essential.
Last year INCO
spent about $8 million in explora¬
tion, mostly in Manitoba, but in¬

cluding probing for ore potentials

in

Ontario,^ Saskatchewan
and
Northwest Territories in Canada,
well

as

in

as

remote

Africa, Australia,

regions in
in the

and

United States.

sophisticated new electronic, avichemical technologies.
World Demand for Nickel
In 1959, the total deliveries of
The demand for nickel is based
nickel, by producers in the free
world,' was about 515 million not only upon rising industrial
pounds. Of this amount the In¬ activity throughout the world but
ternational Nickel Company of by considerable advance inventory
Canada, Limited,
delivered 317 buying, and by expansion of the
million
pounds.
Not only did market itself through INCO's own
research and sales promotion ef¬
INCO thus provide 60% of the
forts.
Research at INCO is of a
free world's nickel but it brought
%

annual output above 300 mil¬

pounds for the first time. In
addition
INCO
delivered
252.4
million pounds of copper and 384,600 pounds of platinum metals.
lion

(There are five in this
num,

iridium).

nium and

!

in Earnings

Upsurge

By any standards
Nickel
and

latter cate¬

with exciting names—plati¬
palladium, rhodium, ruthe¬

gory

International

remarkable company;
of the most remarkable

is a

one

a

share net of $2.71. For

per

ahead
share net

1959, however, sales surged
to

$457% million and per
more
than doubled to $5.83.
No
wonder investors are taking such
an

look

eager

Nickel

common

dividend rate

International

at

at this time.

Our

30%

nickel

devel¬

were

These will have broad

mercial uses in many end

com¬

equipment. The company is also
aggressively at work on anti-cor¬
alloys including those that

rosive

insulate

and

against

salt

water.

up

five cents
$77

was

over

an

three-fourths

for

the

of

Platinum

1958.

ounce

INCO has for
a

nickel

earnings power, then Nickel com¬
mon

should continue to turn in a

creditable market

substantial

Capacity
International Nickel which pio¬

production and pro¬
nickel, has been very
busy bringing up its capacity to

motion! of

world

demand.

erates five vast

mines

in

the

It

now

op¬

underground

Sudbury district of

Ontario (with proven ore reserves

tario.

This is

eration

to

a

big producing op¬
will be added,

which

commencing later this

year, huge
facilities at Thompson, Mani¬
toba, increasing annual nickel ca¬
pacity by 75 million pounds to
a total of
385 million pounds. This
Thompson project is not just a
mine—it's a whole new commu¬
new

nity of 8,000 people complete with
apartment houses, hospital, thea¬
ter and
municipal buildings. This

others

is

delivered

a

new

process,

devel¬

by the company research
staff, based on the direct electro-

refining of

nickel

This
expansion, involving a total
outlay of over $115 million, has
been
completely financed out of
company funds and without public
sulphide.

entire

sale

of

new

securities.

Of

total

™?!tal outlays in 1957 ($66,902,000)

$46

million

was

spent

collects

a

company is

chewing



up

Exchange. Mr. Cunnie was
formerly in the Trading Depart¬
ment of First California Company
Incorporated.

BOSTON, Mass.—Gerald J. D'Am¬

York and Boston Stock

Mr.

Exchanges.
formerly in
Department of May

D'Ambrosio

the

and

Who's
nance

than

There
Who
in

names

of

Canada,

nent

board

erating

mem¬

read

industry

the United

and

International

25 board

are

their

a

elite board

This

Trading
& Gannon, Incorporated.

of

competence and efficiency.
International Nickel
has been

decades.

Its

has

1959-60

common

favorite mineral

a

equity
range in

market

been

Clark, Dodge to Admit

BOSTON, Mass. — Weston W.
Adams
&
Co., 55 Kilby Street,
Shepard will become a
members of the New York and
limited partner in Clark, Dodge &
Boston Stock Exchanges, on Apr. 7
Co., 61 Wall Street, New York
will admit Harold H. Woollard to
City, members of the New York
partnership in the firm.
Stock Exchange.

Frank

between

86%

P.

Kook Names Vice-Pres.
March

Baker, Simonds Officers

op¬

proven

Admit Woollard

I

emi¬

is matched by an

management

a

and fi¬
Britain,

Great

States.

like

Weston Adams to

was

On

DETROIT, Mich. — On Feb. 25,
Paul
P. Chester, Secretary of
Baker, Simonds & Co., Inc., Buhl
Building, members of the New
York and Detroit Stock Exchanges,
was named Vice-President.
Wil¬

earnings,

for

&

is

ratio

a

With Walston Co.

The

66,000

stockholders

Nickel

of In¬
to
be

ought

pleased with their investment.
has been in

a

tinue this.

—

which

Walston

&

Co., Inq., as Western
Representative,

with headquarters

OLEAN, N. Y.—Victor E. Thomas
is conducting a securities business

in the Hartford

office at 111 Pearl Street.

It from offices at 115 Stowell Ave.

With Sampair

con¬

Western Securities Corp.

After the stock is

split
2-for-l it will trade, of course, in
a
more
popular price range and

& Egan

(Special to The Financial Chronicle)

Minn.—Julia A. Kreig
the staff of Sampair
Inc., First
National
should attract thousands of new
curities Corporation is engaging Bank
Building.
Miss Kreig was
shareholders.
(The new shares
with
Paine,
Webber,
should be able to pay 40 cents in a securities business from of¬ formerly
Jackson & Curtis.
quarterly).
A .company of this fices at 602 V2 Center Avenue.
ST. PAUL,

(Special to The Financial Chronicle)

has

joined

and

MOORHEAD, Minn.—Western Se¬

Egan,

to

buy

any

no

circumstances to be construed as an

offer to sell

of these securities. The offering is made only by

or as a

solicitation of an offer

the Prospectus.
March 28,1960

NEW ISSUE

1,300,000 Shares
y,, j.

*•

,

■

royalties from foundries
produce Ductile Iron (an

under

patent),
agreement.

license

a

Development in the

Nickel

Market

have

There
year,

in

been,

the

market.

nickel

the

fecting

$1.20 Cumulative Convertible Preferred Stock

past

two major developments

($1 Par Value)

af¬
The

Convertible

consisted of agreements, en¬

first

tered into by
with

International Nickel

United

the

Government

further

the

ended

into

on

stockpiling of nickel for strategic
As a result the company
reports,
"additional nickel sup¬
plies have been made available to
the market to encourage increas¬

purposes.

The Company
for

The second

is offering to the holders of its Common Stock of both

Preferred Stock for each three shares
March

3:30
in

island.

development in the
Cuban situa¬

of the
troubled
predict pro¬

25,

1960 together with

nickel

While

is

industry.

the

the

Prospectus.

ings, copper delivers some

25% of

profits and gives the company
fifth largest producer

as

that metal.

in

•

Bright Prospects
In

oversubscription privilege. The subscription offer will expire at
12, 1960 unless extended by the Company as set forth

.

,

Subscription Price $20 Per Share

Hirsch
a

& Co. and

group

Lee

Higginson Corporation are acting as

Dealer Managers to form and manage

of Dealers, which may include the Dealer Managers, to

obtain, from original Warrant Holders,

subscriptions and oversubscriptions to Preferred Stock.

The Prospectus may

principal

profit maker for INCO, accounting
for more than half of its net earn¬

rank

an

P.M., New York City Time, on April

Nobody can
levels if the Cuban Gov¬

ernment operates the

net

classes the right to subscribe

Preferred Stock at the rate of one share of
of Common Stock held of record at the dose of business on

producers."

halting
operation
Nicaro facilities on that
duction

$1 Per Share.

1,300,000 shares of $1.20 Cumulative Convertible

ing industrial uses of nickel pend¬
ing the new production to come
our Manitoba project and the

of other

share-for-share basis

1,300,000 shares Class A Common Stock, Par Value

from

programs

and after September 30, I960, on a

Govern¬

States

ment, which reduced the Govern¬
ment's surplus stock of nickel, and

the

company's

witnessed "one of the

words, 11959
sharpest and

Irwin M.

Massachusetts

ten year rising trend

earnings and 1960 should

Conn.

Chase has become associated with

V. E. Thomas Opens

ternational

in

Co., Inc., 79 Wall Street, New
City, members of the New
Exchange.

HARTFORD,

of such

company

quality.

was

York

111%.
it

Selden

Harry

York Stock

liam B. Hibbard, formerly Assist¬
Currently quoted at
ant Secretary, was appointed Sec¬
selling about 18 times
retary.
which seems a rather

low

8

elected Vice-President of H. Kook

iron

an

INCO

at

iiaS?1^8011, The capital budget for
wv!S ab0Ut $70 millionWhen

bers

or

Youngberg, Russ Build¬

Stock

162,000

tion

oped

(Special to The Financial Chronicle)

'

nickel market is the

on^s)utilize world. The refinery
in the
Mill

directors

Nickel.

boast

can

&

ing, members of the Pacific Coast

generally known is the fact
INCO

lacillty (and

of the lowest cost

Schirmer Atherton

Stone

"Nimonic,"

are

development will be the first com¬
pletely integrated nickel making
one

$6.25

FRANCISCO, Calif.—John L.

Cunnie has become associated with

is

known

best

of 264.6 million tons

assaying about
3% in nickel-copper content), plus
mills for crushing, grinding, con¬
centrating and smelting the ore at
nearby Copper Cliffs. From there
the smelted
product is shipped to
refinery at Port Colborne, On¬

be

(Special to The Financial Chronicle)

producer.
long tons of
iron ore last year, up 30% over
1958.
International
Nickel
also

It

neered in the

meet

The

"Monel";

that

'

Ulllllt/ U Ulllb

SAN

trade

established

under

names.

Not

Expanded Production
■

W

high-

in

business

alloy

"Inconel" and "Ni-Rod."

performance.

of

companies

distinguished

35 years done

over

them

meeting next month.
prices are the slaves of

would

guess

This, announcement is under

higher.

If

stock

r*

its

metal was $1.75 during 1957 but
high purity electrolytic cobalt sold

The

is to be recommended

net

deserves

the last
Cobalt

at the annual

common

year

year.

rolling mill and
foundry products. Over fifty such
alloys are produced, a number of

the

Few

products

from small machine parts to heavy

protect

double

D'Ambrosio TOth f

plowed back.

more

104

2-for-l split in

a

and

for

to

can

single

gtone Youngberg

in¬

net

assets
of
$319.6 million
against current liabilities of $79.2
million; and over $41 million in
net profits for 1959 was retained

and

20%

in

rent

for

oped.

a

brosio has become associated with
International is a magnificently
Schirmer, Atherton & Co., 50 Con¬
solvent
company.
Its
year-end
gress Street,members of the New
statement for 1959 revealed cur¬

order and is constantly de¬
veloping new uses for and appli¬

During 1959,
example, a new series of high
strength steel alloys which contain

improvement

share for 1960.

high

increased to $3

was

during 1959, and

a

cations of the metal.

Something should be said about
things about it is the dramatic up¬
surge in earnings it was able to- product prices. Nickel in 1959 was
quite steady at 74 cents a pound.
achieve in 1959. In 1958, net sales
Copper averaged around 30 cents,
totaled $322 million, which pro¬
duced

the

on

should operate at virtually
capacity levels and should show

profitability.

onic and

its

"yes." With no
horizon the com¬

pany

progress

that

for¬

move

moving into a new high
in profitability? The an¬

come.

is a wonderful metal. It
vital ingredient in stainless

Nickel

to

stature

earnings in

ground

Cobleigh, Enterprise Economist

famous company's

of this

review

A

continue

company

swer

By Dr. Ira U.

just fine

but what about this
year? Will the

9

undersigned

or

be obtained in any State in which this announcement is

such other dealers or brokers as may

Hirsch & Co.

Lee

circulated from the

lawfully offer these securities in such State.

Higginson Corporation

Deaher Managers

10

"widgets"

conner

/
Of Commodity Exchanges:

Function and Activities

Exchange, Inc. / )

By J. Raymond Stuart,* President, Commodity
\
New York City

.

Ws

inventory

sufficient
be in

most

raw

___

copper

__

Organized futures markets as we trading due to a declining interest
them in this country have in them. Stripped of all the gobbledybeen in operation for many, many
years. The need for them
grew gook, a futures market exists pri¬
marily as a facility to enable
■out
of the
producers,
consumers,
and dis¬
more
wide¬
spread
i

n

du stry

of

deliver

a

to

at

a

fixed time in
the

f

t

u

■Such

ure.

con¬

tracts,

finished
is

oped from the
desire

J. Raymond

the

on

Stuart

selves

assure

them¬

the

companies £ they
represented of a continuing flow
of needed supplies at reasonable

prices
time

well

went

ardizing

into

the future. As
the idea of stand¬

on,

the

of

tions

size

and

specifica¬
grew
in

contracts

such

favor. It

only natural, there¬
fore, that eventually a place was

business

efficiently. Out of
this rather simple beginning have
grown
the great market places
which we know today as commod¬
ity futures exchanges.
While I happen to be a member
of eight such futures exchanges,
more

member

a

of

the

governing
board of two of them, I shall limit
my remarks to the function and
activities

change,
sent.

of

the

Commodity

Inc., which I

E'or

portant

over

25

now

Ex¬

repre¬

this

years

im¬

market

place has served
hides,
metal,
and
rubber
trades, as well as the public at
large, as a place where buyers and
sellers /of these industrial
com¬
modities, for either spot or future
delivery, can meet and transact
the

their

business

quickly

ciently.

In

modity

Exchange

active

tin

sale

of

date

of

the

product, and the time it

possible to acquire the materials

tained?

between spot
and

prices?

the

is

What

relationship

and futures markets
What
is
the
role

times

commodities

by the better

likely be made up

past,

has

and

the
also

effi¬
Com¬
had

but
were

recently

these

suspended from

received.

obtained?

In

is

of

industrial

our

free

enterprise society a company must
jealously protect its ability to
earn a profit each year if it is to
remain

in business. In those

where

volatile-priced

materials

represent

cases

basic

raw

substantial

a

part of the cost of the finished
product it is, of course, highly de¬
sirable always to buy when prices
lowest. But who among us can

are

always

do that? I can't, and I
think you can either. And

don't

yet there is

a way

by which

man¬

agement can'Jinsure that the. price,
of its finished

product will always
competitive
in
the
market

be

,

...

place. Through
carefully reSolated hedging operations using the
facilities provided by our futures
exchanges, profit margins can be
and

preserved
ruinous

kept

losses

small,

due

to

adverse

price movements of basic
terials used
process can

and

raw ma¬

in the manufacturing
largely be avoided.

Consider, for example, the
of

case

manufacturer who has

op-

a

portunity to book

a

an

large order for

futures hedge must be
out promptly following a

the

case,

closed

happen

let

the

say,

us

to

May. Four contracts
represent 100 tons of

to

a

do

While today's price of spot
which he based his fin¬
product selling price may

ufacturer
raw

May

rolls

i

that

to

announcement

buy

any

is neither

an

in

Not

Scrap

Paper
illustrations

it

can

This does not mean, however, that

but

he

pay

34

the

for

he

must

futures

contract

scrap

of

paper.

buyer

it, not the 33 cents on
which he based his "widget" sell¬

of

copper

is

a^

mere

By 'its terms a
futures remain¬

ing long into the delivery month
Fortunately, however,
by"that time his long May "futures, that
contracts have also enjoyed a
syncf-.delivered to him in an Exchangepathetic rise in price by an ap-approvec[ .warehouse and
in the
proximately equal amount.
form prescribed by Exchange regThus, the extra price our manu- ..unions.. By the same
token,- a
facturer friend must pay for his
seller 0f copper futures who reraw material is substantially offmains short after
trading in the
est by the price gain on the long
contract
month
expires is obli¬
futures contracts. These, of course,
gated
to
deliver
the
required
are liquidated in the trading ring
amount of metal in an
approved
by an offsetting sale of four con¬ warehouse before the last
business
tracts of May copper futures at the
day of the delivery month is over.
price.

ing

contracts

time

quired.
clined

the

spot metal is
the spot price

Had
rather

ac¬

covering
under

of

tures market price up to the
soot
market level. Thus we see
that it
is
spot markets which

regulate

spot marke sales

are not

.

sustained
contracts

very likely have
loss on his long futures

a

of

about the

same

pro¬

portions, sufficient to wipe out the

By this time it is surely
appar¬
ent that

of the very

one

market.

spot

In

either .case,

manufacturer

is

the

always

able to be competitive in the

mar-

ket place for his finished product,

simply because he takes the

offer to sell

nor a

solicitation of

an

lishment

of

true

market

ties

offered

,,

buyers
the

by

our

exchanges

sellers from

and

world

can

mere

scraps

of

paper,

determine

how

worth

was

Merchandising
such

•

I

commodities

rubber, hides,

as

or metals is

merchandising consumer
goods through a department store.
In the case of a department
store,
the store manager is able to
price
his merchandise correctly

only by

watching
of his

for

the

advertisements

nearby competitors and by
SLmer-snnoher<;
they call

hiring

shoppers- to
op

e

stores in his

vanous

neighborhood to prices, not
chandise.
In

A

V

need

we

snoopers.

Everything

with

establishment

the

values

is

Prices

established

when

Price

The

Prospectus

may

$5.00

per

September,
1959
7,680,000
lbs.
of

it is customary for
exchange
move in on the situ-

promptly.

pen

last

ers

to match and

prices

sale is made.

a

within

matter

a

be obtained only from such of the undersigned
as may lawfully offer the securities in this State.

and other Underwriters

Emanuel, Deetjen 8i Co.

same

as

sales

from

see.

or

of the

Speculator

Now, where does the speculator
come

in?

serve

the Exchange and the

the

lic

How

does his

markets

were

trade

hedging
frequently be

simply to

limited

activity, it
exceedingly

•

•

this

activity

of

Laird &

Company,

cash

prices is,

"Which




Birr 8C Co.,

Inc.

Howard, Weil, Labouisse, Friedrichs
and

Company

came

the egg?"

ing to

fortunately, easier
first—the

chicken

In the final analysis

determined in
by what buyers

are

pay or,

sellers

any

free
will-,

are

conversely, by what

able

is

would
diffi¬

and offers

apart. Fortu¬
case. The
helps to
speculative

the

not

speculators

broaden the market. A

indiwhich hopes
to realize a profit from trading m
futures contracts. It makes little
difference to the speculate
trader may be defined as an
~

vidual

or

-

...

.

.

company

whether prices rise

or

fall—all he

wants is price movement f°r

{Je

get for their WH1 So either long or short the
products. This is
certainly true of market depending on his estimate
commodity trading. But because of the price situation. But in the
futures
contracts
ultimately, if process of doing so he and all ni
left open, must be
settled by a'de-. companions
provide a copstai
livery of actuals, it is prices in supply of bids and
the actual or cash
markets which bands of brokers on the trading
determine futures
prices. This can floor. This makes it much easie
are

to

off,ers.inJL

be

illustrated during periods

stringency
may

when

be

Ino Iflrnf

supplies of
limited and spot

Imarket
prices, accordingly,
high. Under such
is

Webber-Simpson & Co;

cash

to answer than the
old question of

of

Wagenseller 8C Durst, Inc.

whether

regulate futures-or
whether futures markets
establish

best

Corporation

of

markets

pub¬

interest? If trading on futures

nately,

question

operation

the

the

would tend to be far

actuals

Kohlmeyer & Co.

of

public infor¬
high-speed tickers flash

Useful Role

the

plus financial penalties are
plus financial penalties IS

same

y market

Share

bids

the trading floor
Thus, potential buy¬
sellers who may not be rep¬
contracts
and
hides were delivered
against short resented in the trading ring have
ample opportunity to know the
October, 1959 hide futures con¬
tracts.
prices others are paying or re¬
ceiving and can be guided ac¬
All
futures
exchanges
pride
cordingly. This we regard as one
themselves
on
the
sanctity
of
of the most important of the serv¬
their contracts. It is
rare, indeed,
when there is a default in deliv¬ ices performed by our commodity
exchanges.
ery. When such a situation devel¬

short

prices

:,-}t

true

offers, communicated by open
outcry around a trading ring, hap¬

against

or

"

of

and

The
•

•

"'Y /

no

connected

above board.

and

open

are

mer¬

;

V

business

our

for all to

faulting.

300,000 Shares

"

you

like

not

Spot Prices Are Determinant

(Par Value #1.00 Per Share)

much

inventory?

of

cult to.do business. Bids

Common Stock

over

unless

will part with their

mation

Usually
needed material is
bought on
outside market for
delivery to
offended party, and the
cost of

March 30, I960

Industries, Inc.

air

quickly determine

the correct price for the
commod¬
ity involved. How would you, for

minutes then become

no

authorities to

.

Mayf;air

values

Through the medium of the facili¬

Such

ops

pre-

offer

of this Stock. The offering is made only by the Prospectus;;

NEW ISSUE

important

functions performed by commod¬
ity exchanges relates to the estab¬

,

advantage gained from the lower

"widget"

on

sets the level of futures prices.

would only remind you that
9,300
tons
of
copper
were
delivered

would

based

futures prices, because they are.
But in the final analysis, it is
what buyers are willing to pay in
the spot market that ultimately

are

de¬

than

33 cents per pound for his copper,
he

short

such cir

during the last day's
trading tends to bring the fu¬

As evidence that futures contracts

advanced, our
friend would have paid less than
but

future?

cumstances

monthYo^ha^

same

'

sellers

about

Along

of

process

futures

short

knew the price buyers are
willing
to pay or the price at which

is able to ac-

easier when

copper,

his

;

rubber
a

readily be appreciated that most
futures contracts are liquidated by
offsetting transactions in the trad¬
ing ring rather than by actual de¬
livery of the material involved.

little

.around.

then

these

From

and
sellers of May futures at the time
think that the copper price struc¬
a

The

back

example,

Are

Of

This is simply because buyers

be

dealer to speculate

or

materials.

Contracts

be, say, 33 cents per pound, it is
possible ..that he may have to pay,,
only 30.50 cents for May futures..

will

that point on in
category, and it is

not the normal business of a man¬

copper on

ished

futures

from

speculative

ation

This

would place the

so

copper.

finds

insurance

price

re¬

transaction

in,

delivery

cents

First—How

be

for

month

our ■ friend
quire the needed

of Hedging

should

It

actuals.

transaction in the actuals. Failure

April;

Explains the Value

of

change, and. instructs him to buy
four contracts of copper futures

these questions

briefly.

price available at the time on the

possibly get delivery of the
for some weeks, he tele¬
phones his futures broker, who is
a
member, of the Commodity Ex¬

played by the speculative trader?
I shall try to touch on each of

trading in silk, burlap, and

futures,

to complete the order he
Knowing that he

copper

ture

was

arranged where both buyers and
sellers could meet to conduct their

and

the

How is this price insurance ob¬

officers to

and

can

needed in its manufacture.

of pro¬

part

curement

futures, the loss sustained on the
futures
hedge
will
more
than

ho

—i—

membered, of course, that in either

industry

between

of

devel¬

course,

manu-

100 tons of

sale

insurance. This we in
call "hedging." With

business

operate success¬
fully on relatively small price
mark-ups
and
profit
margins.
Without it, selling prices of fin¬
ished 5 goods
must inevitably be
higher to compensate for the risk
of
loss
due
to
adverse
price
changes in basic raw materials

mer¬

chandise

our

metal

it

airrive"
—

that

has

"to

contract

assume

us

can't

the

contract

Vance

facturer friend needed

other hand,

the

Qn

in handy..
Let

made,
if prices adfollowing the hedge sale in

if sales of actuals are to be

comes

obtain price

the so-called
-

market

tributors of basic raw materials to

in

use

•

futures

the

cover

or
buy
hedge.

largely tend to offset the lower futures ^markets,, and not the reprice which must now be accepted verse. This is not to say that many

price on which
of his
"widgets." This is

copper

manufactured
where

can-

spot market, he will
elect
to sell his metal outside
and

the
profit made by the corresponding decline in futures will

today's

he

as

short futureget from a sale
a

the

in

unsold ' can always
competitive regardless of

remain

he must fix the selling price

know

contract

is not limited to those

costs when the metal
will
be no
greater

copper

than

livering it against

markets,

futures

himself that his

Since

can assure

obtained

is

sell anything themselves except their services,

„

price by offsetting excess inven¬
tory of'actuals with the sale of a
corresponding tonnage amount of
futures contracts. If prices drop
before the inventory can be sold,

order.

the

Thursday, March 31, I960

and

lating

metal he needs to

the red

.

who must buy. Raw material sellers
who find inventory accumu¬

1_"

less he

not make nor

exchanges do

reminder that futures

the

makes

and

>

;

the

of

use

position to quote a finished;, however,

a

producers book orders on a timeof-delivery price basis, our manu¬
facturer friend is in a bad fix un¬

commodity exchange markets keep prices down,

determine prices, nor

proaiam.
.

.

$

is

quantity
must

the

make

to

.

insuring his raw mate- however, cannot,,last indefinitely
through a, hedgmg For can get as much for spot
unless
owner;* it
per
by de~

caution of.

time when,

a

product price based on today's
price for raw copper. It may be
days, or even weeks, before he can
fill

Expert on commodity exchange operations provides a

demonstrates how

at

raw copper

desired. To land the order he

obtain

useful primer
on hedging, the importance and relationship of spot and futures mar¬
kets and prices, and the role played by the .speculator. Mr. Stuart

of

Chronicle

Commercial and Financial

The

(1386)

not

..

_

are

circumstances

unusual

to

find

for

month

trading moderately

cash

the

nearby

market.

This

it

futures

prices

the

f

or

spot

below

situation,

f°r legitimate trade firms to ja
off their hedges than would be th
case If the speculators were n
iL

there

.

to

assume

the

offsetting
—
.
.

price risks. Thus, we can say th
speculators do perform an imp10 "
tant and vital function in insu -

ing orderly instead of erratic tra ing in futures markets. Witho
them most futures

markets wo

Num.ber 5938

191

Volume

.

.

The Commercial

.

and Financial Chronicle

(1387)

to perform their
function in a satisfactory
or, what is worse, would

cease

-ither

principal
manner

®5e

exist

to

altogether

succeeded

■ '

and the door would have been

exchanges contribute impor¬
tantly
to keeping prices down.
Think what you might have to pay
v

loaf of bread if the flour
could not insure or protect
his wheat costs through the hecig- :
ing process. It seems safe to say;
that the price might well be sev¬
eral cents per loaf higher just to
cover the risk of price change that
the miller must assume in acquir-:
ing his normal supplies of wheat
for

By Paul Eiiizig>
;

automobile,
copper used in the electric
of your home. In each case,

tires used on your

ber

the

or

wiring

hedging facilities afforded by

the

futures markets play an im-Jportant role in limiting final costs.
our

exchange com¬
proud of the market

All of us in the

munity

are

developed,

places that have been

speak for all of them,

I think I can

result

"Sixes'^ and "Sevens," is

is

:

making this charge, Dr. Einzig spells out the probable
consequences

.

v

rate

"

«s to task for our endorsement of it. Ha terms this

blunder comparable to

and

the

support of Stalin against Churchill-

our

understanding

and

resentment
it

as

did

in

soon

Britain

.

arejiot likely to put

tn

the

V-Lnktuv

ournose

a

two

to know us

I

better, and to

how

see

price-making and recording in a
free and open

competitive market

response

to the Ameri-

are

standing that has surrounded

re¬

moved. This can havp real and
lasting value to the exchanges and
to the dedicated people who hold
memberships in them.

ferences

of

minder that
in

without

remarks

no

futures

our

make

sense

the

is

that

when

are,

among

even

do arise,

were

~

J :

pomt of

for
tor

view.

a spirit of
the
other
the
otner

4-U~

£

standing
standing

vNn

cm^the^ clash

party^s

buyers and sellers, through their
selected brokers, can get together
around a trading ring and com¬
plete sales transactions, thereby

on

determining

price.

a

The

ex¬

changes themselves have
to

sell

except service

nothing
to the in¬

dustrial community and the pub¬
lic. Through

years of experience
they have learned how to regulate
the trading
activity of brokers and

members

on

proceeds

in

their floors

can

fashion.

sorderly

the extent that

it

To

so

succeed in pro¬

we

viding industry with

a

:

'

well- regu¬

lated place where true values

can

After the failure

certain

of countries which do not

group

form
mon

established

and

where

in

a

Market; This

v

Procurement
York

a

free

small

trade

was

of

New

those mistakes, and the cost of the
latest

subject

is

as

of

•

A

ket

mistake

to

ti

Free Trade

Since

July 1.

Of
CAAT

the

mar-

protected

beginning of this

Hooker

rt,AMrTOPn

hoped that some
"bridge" night be built
between the two groups*. -These

the

(Special to The Financial Chronicle)

The loss °f4"fiarlJ®ts in Western

-

Europe, and the effect of the

It is

"

favorable

towards

the
At

Market.

ex-

heiter

haustion of American tariff quotas

Thomas

Armbruster and

I

'rna HaThavi 1Sn

v

The
Co

;

added

to

Saunders" Ihver

staH of

,&

Terminal

Tower

that the German support-

icy.

At the

same

Exchange.

time there might

This announcement is neither

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

NEW ISSUE

buy any of these securities,
...

March 31, 1960

.

200,000 Shares

General Instrument

Gorporation

Common Stock
(Par Value $1

Price

$27.25

per

Share)

per

Share

European
the Paris

such of the under'

meeting,

Copirs of the Prospectus may be obtained in any State from only

signed and the other several underwriters as may lawfully offer the securities in such State.

Hay den, Stone Adds
(Special to The Financial Chronicle)

open

LOS

ANGELES,

Calif.—Douglas

and

clash between the two groups
establish some degree of

to

Owens has been added to the staff
of

whole

Hayden, Stone

shire Boulevard.
with

Blyth &

Richards

&

& Co., 5657
He

was

Wil-

formerly

Co., Inc., and Hill

Co.

Chase

has

Walston
was

&

Co.,

formerly

& Co.

the

Inc.

Mr.

M.
of

Chase

with Hayden, Stone
'

Kunkel

is

now

with

—

Jack

Walston

R.
&

Lo., Inc., 210 East Wisconsin Ave.
He

Co.

was

formerly

with

Bache




Brit¬

to have

unjustified.
The favorable
change in the official American
attitude

became

following

on

totally

the

reversed

publication

of

plan under
which the execution of the Rome
Professor

&

18 months.
If the plan is
adopted, the steps which were
originally intended to be taken by
January
1, 1962, will be taken
under the new plan by July 1 of
this

year.

This

Wertheim & Co.
Goodbody

Hayden, Stone & Co.
...

A. C.

i.

..

'

.

,

,

&

Co.
'

•.

Blair

Allyn and Company

&

Co.

Incorporated

Incorporated

J. C. Bradford & Co.

Boettcher and Company

Holstein's

by

(Special to The Financial Chronicle)

Wis.

Optimism

plan for integration of the Com¬
mon Market would be put forward

Joins Walston & Co.

MILWAUKEE,

British

been

staff

Bear, Stearns & Co.

participation.

ish circles has since proved

Mass.—Irwin

joined

Loeb, Rhoades & Co.

Europe,

Western

The resulting optimism in

Financial Chronicle)

SPRINGFIELD,

with
degree of North American
of

Unjustified

Joins Walston Staff
(Special to The

some

Carl M.

cooperation within the

economic

moans

that

hopes

for

an

A. G. Edwards

Francis I. duPont & Co.

Farwell, Chapman & Co.
1

Building,

considered reverse its liberal economic pol- members of the Midwest Stock

now

European

however, Mr. Dillon
great willingness to col¬
laborate in an effort to avoid an

-

CLEVELAND, Ohio—Carl H. Arn-

Association while remaining

Common

Fay

With Saunders, Stiver

showed

City.

&
v#

year,'

a l°° high level.

of

towards

a

John
FRANCISCO, Calif,
Br\ L°§an on March 3 was elected
Vice-President of Hooker & Fay,
Inc. 221 Montgomery Street, mem-

In

RriHcv, imports
British imnnr+o have been running

area

was

form

ot

John S. Logan V.-P.

•

be

form

incalculable,

it

British

Britain can
lose markets on
through the pro-

will' have

the

in

result of

a

the

on

heavily for

spli-t in Western Europe would be

now

in London than

the circ umstances the British

done partly

at all and partly

area

it

because

favorable

Association

«

"

free

*A^n at^ress by Mr. Stuart before the

federal

the

stronger

ddlXX°i et?

Middle i^ast aitei me war.

deemed to be better than no

Free

York, New

on

continent

adnormaT

land in which to live.

nn

The free world has paid

posed tariff changes

;

hopes became distinctly stronger
market;
price risks following on Mr. Dillon's con-,
st'ructive part at the Paris meeting
can
be
"insured" or
offset
by
of the O.E.E.C. countries in Janu¬
hedging, we feel.that our efforts;
in
ary. Until then the official Amer¬
some
small
way,
contribute
toward making America a better ican attitude was distinctly un¬
be

.

is widely-held-in-.Len-

part of the European Com¬

because
was

.

British

of the

attempt to unite' the whole of Eu¬
rope this side of the Iron Curtain
into" a European Free Trade Area,
it was decided in London to m'akg
the best of a bad job by. forming
a

A

Consequences

deterioration

+h

the conclusion of Dr. Adenau-.

situation.

the

and

an
Mar-

SF* k ****** * *

tion-pian,.created an entirely new induce the British Government to

.

American attitude towards it.

groups

tariff beeau'se of the pes,

In'ft? Spen^Summtt
Meeting. But in the absence of

er's visit, endorsing the aceelera- lor British woolen exports might

between the two Eu-

So

auiiuae.

Harmful

nn

Bombshell

communique issued in Washington

W

ropean

ap-

considerable degree.

abstained from

nt+itnWo

before, because

n_i

The b.omb^he11 ,°.f

v+tr'fi

It is with this object

trading

Frpnrh

the

re¬

They

a

teW

he annlied

was

,

oartv's

only provide the facilities where

the

British

in
Western
Germany,
it
probable that the "no trade,

plied to

Tn asll

ri wM

a

Feeling
mucn

d--.u'j
U. S. A.

under,

for

the

troops" principle would be

no

of

result

a

Smon

to

+]-,«

Prcbable

considered to be about even.

both

examine

should endeavor to

of

dustries, are strongly opposed to against excessive imports, espe-'
-ft* UnUl recently the chances that tjaHy from the Common Market ^ers
^he New York and Pacific
their point of view might prevail but ajs0 from 0ther countries' Coast Stock Exchanges.
i-

What matters

they

position in

ine

exchanges

prices.

disagreements

as

C

concerned. These countries fol-.

•

Although I have not specifically
said so before, I could not close
these

;

inevitable

the best of friends.

sides

Exchanges Don't Make Prices

and

course,

provide

those

oUUDOr|

the tfavorable .and the Federation of German In-

too good to last. Dif-

forces

SSdSS™!

vac v civiJtu

was

though British de-

maintenance

£eems

acceleration

even

estimates

™

.

Unfortunately

once

T»v. £ d?," th.at„ln "?e circumstances the
?*flclal American endorsement of
^
5?e, acceleration was a first-rate
hotr Lreement fs rtarhed-^There dlS Tte blunder comparable
Canbe however^mot^the slightest
of,u talnLagf,T
hoPeof su<A In agreementso lone Churchill towards the end of the

appeal for more aid to under- low the aggressive French policy
developed tuuiHxico, have created with a varying degree of reluccountries, iiavc.bicatcu vvitu a. valuing ucgicc ui iciubthe right atmosphere for a period tance. Holland is strongly against'

tendency

fujj

the ahsen[-e of

elaborated

can

our

operations in the past will be

States

far, the British

that

means

Mit

Rut

period/phere-Indeed, the acceleration plan

accomplished. If more and more
groups
of people become inter¬ of close economic and political co-. it- and even West Germany is in
two minds about it. The Minister
ested in commodity exchange ac¬ operation between the United
>
V
-v
of National Economy, Dr. Erhardt,
tivities, much of the misunder-. States and Britain.

is

Finally,

up any effec-,

^l°0Zd
melft

looked upon in London and in
other
capitals of the European

favorable

would

which

United

the task of carrying the full

fense

France,

V.'.-V-Ov'".V-'r.-. 5-.k

ad0Bt in

of deterioration in British-Ameri-.. is

speak

can

the

1S representative succeeded in
preventing the announcement of agreement with the Common

fhvins

for the can relations. This is all the more
Commodity Exchange, when I in¬ deplorable as those relations had Free Trade. Association as a delibvite, as I do here, visitors to stop developed very satisfactorily dur- =erate aggressive gesture to show
ing the closing months of 1959, that the European Common
in some time when they are in the
Mar-;
vicinity. Ask for the secretary of The repayment, years before ma-_ ket has not the least wish to come
the Exchange. He will see to it turity, of the dollar debt owed by ,to terms. Which view is certainly
that you get a first hand oppor¬ Britain, the almost complete re- correct as far as de Gaulle's France
moval of quantitative discrimina- is concerned, though less in so far
tunity to observe a, futures mar¬
ket in action. We want you to get tion against dollar imports and the as the other members of the "Six"
know

I

and

'aid

Government has
announcing its inthe American
intervention, West- Mention to withdraw any troops
ern Europe is now
practically cer- from Germany if British exports
tain to be split into two hostile are excluded
through a discrimi.

This

possible atmos-

beginning of

very

weight of the "White Man's burden."

the other four parthe Common Market

in

drastic reducand capital
countries outside the
a

financial

to

more

that

certain
with

\

tion of the tariff quota for
import-, such a short time are negligible,
of British woolen textiles into the and the
attempt will have to be
United States, that incident seems made in the worst
to mark the

kept

case

ticipants

,

v

become reduced

available for that

th!;

after

b^ThetxhaS-

created

the

which

leave

understanding. A-s a
American intervendispute, however, it

practically
will side

be

of

export to
Commonwealth,

wtffrien oV.? f ^
?o vS^etiM
now'orty'foTS FT TrSde As&dation.

SdlcSd^le°!^pohrt!"
irrifation

between

groups have now

European

Comina

first

now

in

:

anti-British oil policy in the Middle East after World War II.

our

LONDON, Eng.—The endorsement
by the Washington Administration

ment

a

the
the

Germany

bound to have serious repercussions. In

-•/••'Aand takes

an

of

into

tion

to accelerate its program, reducing to
vanishing point the time left for an understanding between the

the

for

open
.

European Common Market plan

v

a

miller

during the year. But. what can be
said of bread can be said equally
about the price of shoes you wear,
the cotton shirts you buy, the rub¬

tion

many's
plan would have been abandoned

explain how our commod-

Heel to

have to

in

influencing Gerattitude, the acceleration

brief remarks I have

these

In

ers
of the acceleration
plan will
have their way. Had Dr. Erhardt

LLS.A.'s Costly Blunder

11

;

Piper, Jaffray &

&

Sons

Johnston, Lemon & Co. Loewi&Co.
'

Hopwood

Incorporated

Sutro & Co.

J

12

The

(1388)

nition

Link Between Investment

•

the

stocks

carefully mar¬
of which* are
contributed to the

ba$ed

shalled

getting hot on a situation obtain the facts from research. This
Hahn's advice to customers men in dealing with their clients.

is Mr.

The

are

By Harold E. Hahn,* Manager, Shearson, HammUl & Co., PI. Y. City

on

all

facts,
and

relevant

price-change process, for example,
the public can become concerned

the pre-1933 days of no disclosures with the

The analyst compares

growing

changing, and

changing earnings, i.e.
more concrete nature.

approaches in-each case
quite different. In the case of
professional/* investor,
reevaluation
is expected
of these

And Profit Is Research
Before

of

business,
things of

of

post-1933 days in observing that serious overpricing still occurs even

with

To keep out of
trouble, to secure description of meritorious items, and to add timing
to selectivity the use of the research department is recommended.

de-salting process for sea water or
a
company
coming out with; a

though it is no longer necessary to invest in the dark.

v.;'

u

1926

In
the

the

sources

use

ing a profit.
In

research and

of

information

of

evaluation.

stock¬
was

necessary

There

to

mation

is

a

how long does it take
to
build
a
plant, when will a
contribution
to
earnings
take
cheapest,

-

traded on
Exchange

company

American

the

Stock

place, etc. and he probably stays
away from the stock as a result.
However, research does not al¬
ways
react
negatively
to
the
things the public responds to. For
example,
Nafi's
acquisition
of
Chriscraft
means
an
important

has 40-odd employees doing
assembly operation of custom-

that

infor¬

pirate

-•

an

from

made

hardware

standard

and

Federal Trade

pieces into electronic actuators. It

Commission

is

reports and
similar

originally underwritten last sum¬
mer
at $3.00 a share. The shares
had risen to $18.00 by the day
they were listed on the American
Exchange a few months ago, and

of

sources

which there
were

few.

very

If

Harold E. Hahn

man

able

was

to

re¬

a

search

to

the

them

Stock

with

1920s
and

no

traded

Exchange
values

no

way

"electronics"

140

at

disclosure

SEC
on

use

market

stocks

period is not

a

with

in

department
selling.

sume

(A)

The

$20.00 to

as

any

do

can

is

It

well,
applied

as

possible

to

con¬

great deal of money mak¬

a

two

When

on

I

which

the

to

glamorous

(B) The

in¬

public

the

of stocks that has

area

interest

of

the

valuation

to

take

expect

place in

a

be

customer's

stock,

investigating

become

client's
a

re¬

a

were

client

professional
institutions and

investors, such as
funds, where they

Research

I

De¬

able

to

inquiry
ask for

a company

myself, i.e., the industry's condi¬
tion, the caliber of the manage¬
ment of the subject company, its
earnings record, the future earn¬
ings projections of our research
people, whether it is adequately
financed, etc. The facts and the
areas that are emphasized
to the

salesman

stimulate

to

our

order to

particular

a

if I

with high public

and

use

in

the information that I would want

of

areas

Thursday, March 31,

recommended a
<in summary,,the link bet
even'though "he* wa* making an investment and main
Jv-i
nonilol.
1Ac*i\ing
primarily interested in
capital r a profit is thorough reseS j
gain. Before long, he de-empha- Take advantage of it.
™']
sized dividends and emphasized
the growth of earnings prospects.
A.s«i,°cfc„ys.^;"ahB" t''0'5.111'
It is a gradual educational process.
York c.ty.
*
oke' s. N»•

^

•

time

approach to both selecfimind
the*
llltim^tP
timing, as the ultimate
of this approach vbecomes

In

4.:^*

success

apparent to them/.

With Josephtha! &

offer to sell

nor a

the

future

client

first

recog-

solicitation of

asked

basis

selections.

who,

years

the

for

ago,

for

iMT

j

«

-

Harder Way

y Exchange,

of jpublib'investors
customer's men as
the only type of
stocks where they can accomplish
gains are the marginal or offbeat
ones.
They shy away from the
A large area

Rubbers as,

something that is just going to be
there on the board but not ex-

important
price
they feel
price movements in the giants

perience

any

change or in some cases
that

event,

any

business

the

easier

is

risk

to

its

™on^fljn

Steel. The thinking and the

U. S.

who

vestors

stock

this

professional

the

of

reaction

an

offer to buy

of these

any

p

•

.

has joined the staff of Blair
Co., Incorporated, 105 South

Be
.-c
,.

-

-

is

Kane

anc

M. ivane Opens

O.

■

N.

Y.

Samuel

in

a

engaging
from

d

—

securities

offices at

11

Wav-

erjy place under the firm name of
s. M, Kane Company. Mr. Kane
formerly with

was

M.

L. Lee &!

Co., Inc., and Jacwin & Costa

68,676 Shares

ment

managements
the

to

as

which

tell

can

of

these

be relied upon

can

of its budgets

accuracy

projections. By using management's projections and compiling
this with the analysts' sensitivity
to developments within the com-

the

have

always
and

(management changes, etc.)

pany

that

they

field trips,

Fl

"•

*-*• IvOtnman Upens

fk

P

the

selectivity

n

Calif.— Hiram

other

It

something

but timing

that

research

from

long

ago.

extent

any

Research

now

merchandise

done

regardless

conditions.

market

You

for

it

hot

that

t

42

New York

lar

securitles

gtreet

d

cor

'

in

Co

for

are

*111

Hershman Uo. formed
Hershman

&

with

formed

offices

been
40 Ex-

has

Inc.

Co.

at

to
business,
principal

change Place, New York City,

a'securities

engage

in

Leo

Hershman

M.

is

any

is

neither

of. these securities.

NEW

a

Rranrh

Ai^ki^M^cc

AuchinclOSS Branch
MONTCLAIR, N. J.—Auchincloss
Parker & Redpath has opened a

other

office at, 507 Bloomfieldl;
Avenue under the direction of
branch

M. K. DuVal.

an

offer to sell

The offering

is

nor a

made only

■

'

■

.

Copies of the Prospectus

undersigned

as

are

t

■

may

•

by the Offering

„

be obtained

tia

in!
ar

St

re

•*

>•

.

.-:!>• I

bi

.be
st

-hi
fu

STANTEX

CORPORATION

in
tr
•gi

Common Stock

ei

(Par Value $0.25 Per Share)

ai

offer

•p:

•

Price:

-

from only such of the

Copies

Hemphill, Noyes & Co." Reynolds & Co., Inc.

~*

»

only
in

of

in

the

states

Offering
in

$1.00

Circular

which

securities and in

per

Share

the

which

may

be

undersigned

obtained
are

the Offering Circular

from

qualified
may

the
to

undersigned

act as

legally be

Winslow, Cohu & Stetson
of New

York, Inc.

■

FRANK P. HUNT & CO., INC.
63' EAST

AVENUE

'

ROCHESTER 4, NEW YORK

dealers

distributed.

Spencer Trask & Co.
i : *»




oft

,wl

registered dealers in securities in this State.

J.R.Williston&Beane

op

tc

_<*;.

W. C. Langley & Co.

Goodbody&Co.

wt

to buy

Prospectus.
v

ha
po

Circular

solicitation of offers

April 12, 1960.

may

set forth in the

as

an

! t

The several Underwriters have agreed,
subject to certain conditions, to purchase any
unsubscribed shares and, both during and
following the subscription period,

1

sui
coi

Be

a

being offered the right to

Subscription

'

res

the firm,

0f

ISSUE

at $20
per share for the above shares at the rate of one share for each two
and one-half shares of Common Stock held of record on March
29, 1960.

as

ing
tal

j

r

n

subscribe

'

dee

Co

300,000 Shares

shares of Common Stock

}

te

value)

on

.

sho

•Ui
This advertisement
o'i

expire at 3:30 P. M., Eastern Standard Time,

nat

wit

'

your

Plainfield-Union Water Company

of

fait

Benjamin

but in

modify the situation and
aggressiveness on it.

bee

Schwartz, Vice-President;
d $ilUam c. ft0ian Secretary,

play

come

the

at

voffices

of

into

may

attr

ing

son

gjdney

Research

your

o

Corporation has

officers

and

on

tw(

Wh

with

t

b

general

reasons

bor
—i:

fur

pro-

out

i

Scha£fer) President and Treasurer;

addition,

you

get

can

good

with

of

In

keep

can

situation

things

Common Stock

w

u

invariably

are

formed

cit

not

by the Research Department,
both

a

Coi

1

"V

..

been

exhaustive job has been

an

sue

h

—a

Security Options

barren Securities

the description of the merits of it.

When

c a

str

not

sell

to

the firm

Form Warren Securities

vides the salesmen with the ideas

what

under

Security Options Corporation is
engaging in a securities business
£Jom ?r ?esL?,
herty Street,
New York City. Officers are Jay
Kaufman, President; Abraham
J?- Kaufman, Treasurer; and Mar-;
tin
Frank, Secretary. Mr. Jay
Kaufman , and Mr. Frank were
formerly with R. G. Williams
® Co., Inc4

forthcoming

was

to

was

Drive

.

being

is

kn<

son

Form

is

careful timing

too

that

in

fro

D.

H. D. Rothman Co.

name of

still helpful to u«e
technical
tools
to
insure

exercised

ves

a

OAKLAND,

them to add timing to some extent
to

e

An'

shy
U

observe during their
it has been possible for

to

W arrants will

lc'

Margarido

Department find out about

are

Inc

'

about Fairbanks Whitney.

clearing

Company's outstanding Common Stock

M

news

Cooperative managements now
provide budgets and projections
Of
future
earnings as well as
accurate summaries of past years
operations. After a period of experience, one's Research Depart-

Th
sui

Co.

Rothman is engaging in a securities business from offices at 5903

trouble.

Holders of the

&

La

Salle Street. Mr. Dillon was previously with David A. Noyes &

the face of given
than the public reaction to
in

anticipated

research
March 30, 1960

or par

V

q+«
,

art
special to the financial chronicle)
CHICAGO, IU— Harvey G. Dillon.

in-

with
readily be

more

•

Citv

Joins Blair Staff

concerned

are

can

•

:

is/business

con-

Actually,

greater.

siderably
often

experience

hazardous and

and

market

the

where

e

& Co

registered
.

th,ey confine_ t^em- MONSEY,

volatile

more

as

sentative.

In

the shares of companies

selves to
where

to predict.

difficult

more

are

fn

^

Broadway,., New York
members of the New York

(and
some
well);, think

on

I

dividend

only by the Prospectus.

NEW ISSUE

(without nominal

i

Edward S. Loewenthal has
assocja^e<^
Joseph thai
120

Making Money the

gratifying
an

_■»

m

1

V

.

oc

and

tion

salesman

securities. The offering is made

i

clients adopt the recom-

mended

the results to the investor and the

This announcement is neither

1960

yield when I

the

and

partment

enthusiasm.

thing of the past.

well

research.

Approaches

are

ones

gredients

pre-SEC

as

ing time in trying to outresearch

himself:

acceptance

Unfortunately, serious overpricing
the

there

concern

can

lines, each product's percentage of
operations, etc.
It is no longer
necessary
to
buy in the dark*
in

the

Generally speaking in the stock

value, etc. Full operating state¬
ments,
description
of
product

do

the salesman's time is best

of research.

Salable

Two

situation

existed

from

receded

to

can

individual salesman could. If

one

the

that

fifteen analysts

or

assumed

respond

Full

as

has

for the

in

the

description of plants
and all assets, their location, age,

such

be

previously

Now

twelve,

or

their

are

you

one

described has

able.

in

.

news

interested in sta¬
tistics, realistic values and the use
of research, a department of six,

might consider it a
desirable purchase—if it were not

such as just
generally been con¬
sidered a thing of the past. Now
every possible statistic is
avail¬
a

is

earnings
times.

70

$10.00,

part of companies to their stock¬

holders,

times

now

stock

Disclosure

full

the

a

If

trading around $10.00, to sell

now

behind

Overpricing Despite- Full

and

sufficient contribution to
the price of the shares
currently an under-valuation.
ings,

line has facilitated the
generation of enough enthusiasm
to enable these shares, which are

of knowing it.

With the advent of the

that

fact

growing contribution to earn¬

consider,

product

and

1933

and

14b a
magic

year were

The

word

to

up

was

$20.00 shortly thereafter. Assets
less than $2.00 a share and

share.

the

on

and

company

earnings for last

companies

New York

young

are

figure out through these sources,
a company's earnings, it was
prac¬
tically front page news.
There
were

a

piece of news the

same

professional is interested in how
many other companies have the
desalting process, which has the

again, facts and statistics can be
and
often
are
ignored
and
enthusiasm
takes
the
place
of

houses
and published
nothing for
age

holders It

On the

.

.

stock to him

U. S. Steels and U. S.

price deterioration follows.

a

public, such as we have re¬
cently seen and will probably see

quite different than they are now.
Companies told nothing to broker¬

their

of high fever among

periods

the

were

new

a

magnetic tape, and a major price
change could take place on the
public's response to this news.
But that response can disappear
and with no values to back it up,

making an investment and mak-

He calls research the link between

the announcement

Chronicle

Commercial and Financial

191. Number 5938

Volume

.

.

The Commercial

.

and Financial Chronicle

(1389)

lessen

gians,

major

op-

•

.InSa Rapids Project is

one
vast power complexes,

ot Africa s

study of the Belgian Congo's investment
and development trends supports a favorable endorsement of the
investment opportunities there. Professor Marcus recently returned
from a year's sabbatical leave in Tropical Africa.
He points out
the spot research

the Kouilou in the
Republic

antagonism toward business, the planning by "
of further investments, the obvious need for outside
capital to develop the business potential in the area and th*
"Open Door" freedom toward foreign investment. More specifically
the economist pinpoints the locale and the types of industries
likely to flourish, and the labor and transportation cost situation
and the inevitable growth of the internal and international market!

located

larger companies

Souapiti
(West Africa),-To be

.Qu;nea
in

the

lower

part

of

the

Congo River, its full development
would
of

yield

an

installed capacity

than 25 million kilowatts
than
ten
times
our
own

more

more

Grand
basis

months have seen a two-fifths of which is
acceleration in the (that is, native)
Belgian Congo's political tempo,
Although thd noct +
and independence by June 30 is low^copper price has
past few

American in¬
vestors,
fear¬

levels

tion had

and 28% from

1973

than

only

ago;
selling

1

o

there

the

from

face

1956

a

of

Most

more

than

important

more

once

lu
these

V

v

Yet,

most

strength.

,

While

of the

Congos

once

cop-

The Belgium-Luxsurface disturbances
^gj^koiirg Customs Union,
of
be allowed to hide t e
coursej js a m0re important trad-

should not

some

but this should change

eC?n01?^
is
true that

it

petty tradesmen

m

the

recovers.

ing partner, while Germany and
the ,United

Unit

th

been

have

cities

major

per

t

+

Kingdom

after

rank

stateg<
u

granted

tion of Saint

tighten-

rpfimp

nativp

for

are

the

One need

come.
as

has

evidence,
brought

cite

where
more

only Ghana

indepndence;
economic

op-

portunities than had: ever existed
when it was a British
colony.
n/r

...

„

u

u-t

.

,i

P£obable;that th,e
X
g°! J?.® mOS!
nffpr
thr,tory ln Tr°pical Africa,
tiaMn
va»?St bu,?in?f P-,n";
inhahitintf
m
"
fi-aJe.KS?reH>,0\tr-»
States fjhu
ajC
?
anrf^'h^ n" addltlonal (ourT
lhe trl
UiundiyThe Congo^greafcentral
j

a-ea

a

nn^

,

(1919),
to

ment

-

to

Germain

assure

in

"Black

the

}ng ■internal
needs

an

roa(* and rad

all.

thus

and

at

power are

present,

the

two

Gov-

quality

currently

superior,

outsider

which

on

ab-

an

up

costs

ance

must

include

most

the

an

allow-

for teaching the raw help,

will

for

the adjusted

even
get

productivity,

and

•

their competition is felt in many
The skilled Congo African

the

'

lines.

Moreover,

-

equality

There

is

en

-

of

no

association

its

has

capital would not be content

as

sometimes adding

a

silent partner.

financial
on

access

secrets,
passed
the

eventual

Congolese can learn quickly,'espe-

foreign firm's sales.

cially for repetitive operations. He

is apparently much slower where
any degree of judgment is re¬
quired, or where he is confronted
with a new and hitherto unknown

against

use

In

other

words, financial association in the
Congo could give Belgian industry complete knowledge of Ameri¬
can

50%

employers indicates that the

Pean

in turn, could be
to other members of the

for

as

ance as a

to the firm's industrial

which,

on

empire

much

labor-cost saver,
The experience of most Euro-

contribution, and, once
inside, the Belgians would

the

have

as

to direct wage costs. Hence, even
automation is making its appear-

Managerial particwould probably follow a

ipation

situation.

Productivity

technology easily and cheaply.

per

worker,

of

is much lower than in the
United States or Western Europe.
course,

IV

It would

)

Laborv;i7A;

;•

Laye

with

Throughout Tropical Africa
and the Congo is no exception
the number°one problem facing
any new firm is labor.
For most

treat¬

official

Africans, the tribal

quite

privileges. Moreover, the Congo¬
lese" franc, worth about two cents,

virtually a hard currency, so
foreigners have no difficulty
converting current income or
repatriating capital. In this re¬
spect the authorities follow the
liberal exchange policy practiced
by the Belgian-Government.

the

usual,

were

match

to

the

if workers

backgrounds
pace of their

counterparts. Moreover,
in most trades the native laborer
™ust work with fewer tools or
Continued

still

many

miracle

a

primitive

overseas

of life is

way

and

be

such

on page

35

is

that

This advertisement is neither

an offer to sell nor a solicitation of offers to buy any of these securities.
The offering is made only by the Prospectus.

in

NEW

ISSUE

March 30, 1960

$50,000,000

Ill

Generale de

Consequeny,

General Mortgage

nies with financial interests in up

different ways, necessitating many
loadings and unloading*. A transCongo
shipment might require
more than a dozen voyage breaks,
particularly for material sent from
the Atlantic ports to the Eastern
provinces, since through routes
are
unknown.
This, of course,

extrahandling costs,

plus

breakage a"d Pilferage
nver

Corporation

Bruxelles, and Huileries du Congo
Beige
(a
Unilever subsidiary).
These are large holding compa¬

long haul must go via several

means

Niagara Mohawk Power

Transport

is fairly

to

Price

Road building costs generally run

The weakest
the rural areas, and
deYaI°P'PantthP.la^mI!

Per mile

lRlks are in

the current
putting great str

s

honed

WlSSS IZiTct rgtoTtrantctngo8'

100.799%

Plus accrued interest from

enterprises,

hundred

one

Bonds, 4?4 % Series due April 1,1990

Belgique, Banque de

,

?ns??5

non-existent.

or

Expand- f? WWOO

market.- Although

transportation
great

Africa"

bast for

even

Even

Obviously, the nonBelgians' profits would have to be

April 1, I960

though usually with
less
than
100% ownership. In some of them
government is a substantial
stockholder, a heritage from the
nineteenth
century,
when
the
the

Copies of the Prospectus may be obtained from any of the several under¬
writers only in Stiles in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.

virtually King Leo¬
pold's private domain. The com¬

Congo

was

stocks

mon

the-Counter
Miniere du

the

of

world's

two

of

these

are

York OverMarket — Union

the

in

traded

New

Haut-Katanga, one of

largest

copper

~

The First Boston

pro¬

ducers, and Tanganyika Conces¬
bilities, particularly in the West cheap, road costs are hi0n. A sa
--the lower
Congo—are just now P}e comparison for the Stanley- sions, whose major asset is shares
in Union Miniere. Unilever, with
becoming evident
The
native ville area would show latios of
standard of livfng' is one of the 1:4:20 for rivers:rail:motor road, its large holdings in the Congo, is

highest

labor

draw.

drawbacks.

preference for Belgian firms, and,
except for access to public careers,
Belgians do not enjoy any special

~

^urref]^ capital, Leopoldville,
Coqmlhatville, on the Co g
River, is quite good, as a resu 1

-While

furnishing

longer be iden-

could

to trade is transport.

any

.

18

no

now

sale.

Probably the biggest handicap
The Big Three
While PerDespite the non-discriminatory
eommitted, and are planning still sonnel can move to most parts of
further investments
there.
The the-'Congo swiftly and easily by policy, there are restrictions pe¬
culiar to the Congo reflecting the
Congo, despite the tremendous ef- a*r *7"
?
*1? °^erf ai? excellent
forts of the Belgians, is still lack- service for the vast distances
predominance of Belgian capital.
ing in local capital and sufficient cargo movements are much more More than 90% of foreign invest¬
ments are Belgian, and this, in
talents to develop
its immense difficult. For most routes there is
turn,
is
controlled
primarily
resources, and the outsider is as- on*y 0*le practicable method. Fo
sured a role for
many years to example, the riverboat from
e by three groups — Societe
withdrawing
their
capital,
the
larger business units are firmly

is

complete^

con-

domestic

foreign in¬
vestment.
The "Open Door" pol¬
icy, protected by the General Act
of Berlin (1885) and the Conven¬

trade

for

importance

significant, however, is the

freedom

third of all exports.

African dependencies. The United
ing of money since the issue date, States,
f°r examj?].f' normally
the more significant influence has buys more than a fifth of all exbeen fears regarding the solvency
ports, supplying about the same
of the country and the financial
proportion of imports, last year,
faithfulness of the as yet untried however, its share was depressed,
attributed to the general

in

goods

be
able
to
tap more
centers, thus increasing
pioduction
runs
and
lowering
costs and selling prices.

.

While some of this decline can be

fhe

distant

metal

—

trained

too hard-headed to pass
up a
Congolese wages are high by
bargain simply because of, finanr..-African standards, and many emcial ties. Shell, Socony
Mobil, and ployers fear that they are in danTexaco
all
do
a
nice
business, ger of being priced out of the
despite the presence of Petro- market. Indian and Japanese wage
congo.
If the price is cheaper or rates are lower, particularly when

will

ers

a

1957 to 1958 in the

independence is realized

Marcus

to the country to

of

are

This, as already indicated,
is quite
large, and as road trans¬
port improves, local manufactur¬

1957

to

antagonism, for

preference for the Belgian
supplier.
The local businessmen

market.

with the rest of the world is much

par

vv

1950.

Belgium—certain to weaken
Edward

30% be-

some

Third

s¥me,ra

Despite the economic ties with

two years
—are

above

value of copper exported, a
that normally accounts for

5V4%

of

in

were

decline of 32%

the

bonds

100%

pool

solute

water-using
aluminum
and

like

saw

than doubled. These

more

increases

away
from the area,

—issued

to

—

Exports rose by 60%, national in¬
71%, and industrial produc¬

been

and

50%

available

are

comer

tified with the old political power,
The reader should not infer that

coffee, cocoa, tea, and palm oil
possibilities that have already
proven feasible.

come

shying

Congo's

data

native

capital would

are

very

which

the un¬
known implications
of
such a change,
ing

have

African

growth,
record
impressive.
Ninteen
fifty-eight — the latest year for
still

It is unusual for a new- *
find any

economy.

of

international

often earns as much as
his
counterpart in Belgium, though
his ability is somewhat less. And
Agriculture on the plantation
shared
pro 'rata,
reflecting the most
wages
must be supplescale
is
to
be
encouraged, and proportion of
capital contributed mented, in kind or in cash, by
tropical
products
like
rubber,
by each. More seriously, Belgian rations
and family allowances,
industries

African
slowedlhe
the
is

country's

definite.

them

accuse

Greater

have not emerged into the money

elementary skills are often absent,
while a high illiteracy rate reduces the clerical potential, although a 1970 goal is 70% literate
Congolese. As a result, the start-

paper.

surprising

Bel-

local

and

power

now

the

the

on

he

Coulee, thus furnishing the

for

who

bloc"

participation would also lessen the

(French Equatorial

^ -f-a)i,'^0wen Falls and Uganda
in
(British East Africa),
in

from

pressure

monopoly.

^iith'- th0U8h lar§er

than

.Qf itheXongo

serious

the absence o

years-the

and the internal market
of importance).

College, Brooklyn, N. Y.

An on

"anti-colonial

Ca feconomists feel

ten

or

Tndr!UR ^
center around the
inaa+Pa?lds Fleets, agriculture,
(in order

Belgian Congo

Edward Marcus, Associate Professor of Economics, Brooklyn

fir

near-future—the next

five

The

The

the

S'fn^th
that for the

An

13

also traded locally.

As

a

there

Carl M. Loeb, Rhoades &

the

much

that

Merrill

Dean Witter & Co.

Clark, Dodge & Co.

major

Coffin & Burr

Reynolds & Co.

H. Hentz & Co.

Shearson, Hammill & Co.
E. F. Button &

Company

incorporated

G. H. Walker & Co,

Tucker, Anthony & R. L. Day

favors

Lehman Brothers

Lynch, Pierce, Fenner & Smith
in.'-iroo.-ated

result of these relationshios.
is

Corporation

Dillon, Union Securities & Co.

Co.

Salomon Bros. & Hutzler

And, of course

listed on
European Exchanges.
are

many

Eastman

Kuhn, Loeb & Co.

Ira Haupt

joint

participation of the foreign inves¬
tor
with
one
of these Belgian

The Robinson-Humphrey Company, Inc.

& Co.

Julien Collins &

Fulton, Reid & Co., Inc.

Granbery, Marache & Co.

Company

Estabrook & Co.
Halle & Stiegiitz

J. A. Hogle & Co.
Singer, Deane & Scribner
Stein Bros. & Boyce
J. S. Strauss & Co.
Certainly his sales prob¬ Swiss American
Corporation
DeHaven & Townsend, Crouter & Bodine
internal market would
appreciably.
rapid and cheap — Leopoldville s be much simpler. Were he, for ex- The First Cleveland Corporation
Merrill, Turben & Co., Inc.
Baker, Watts & Co.
Boulevard Albert Premier would
ample, associated with the Societe.
Carolina Securities Corporation
First Southwest Company I
The Congo
Sterne, Agee & Leach
be a
credit anywhere, although Generale, he would probably have;
Economy
the quality of Congo driving
Sutro & Co.
easier access to the Union Miniere
Yarnall, Biddle & Co.
Dittmar & Company, Inc.
Pacific Northwest Company
th%Western standards, of course, leaves much'room for improve¬ du Haut-Katanga, S.G!'s huge cop¬
Boettcher and Company
Chace, Whiteside & Wins'.ow, Inc. " Creston H. Funk, Hobbs & Co.
rs? T11180 is sti11 a relatively poor
t,
(Tw0 to four years is the per producer.
Probably, too, his
th
Africa outside .average truck life.)
the Jry' but for
local financing with the Banque
Irving Lundborg & Co.
H. J. Steele & Co.
Sutro Bros. & Co.
Sweney, Cartwright & Co.
European

pmmise to improve these two
tors

t\Spments ar^

sec-

groups.

lem on the

.

t>

»„r

(i.e., white) belt-

^°uth Africa
it is

extremely

exPorts

lion,

are

imports

less.

exceeds

average trucx i
.

run

*

The internal

$f % JbilliOn,




about
mar-

.

,

"

..

du Congo
-

Possibilities for Investmen

prosperous. Annual

usually $400-600 mil-

while

10%-20%
ket

and the Rhodesias—

>;

WithsucR a-vast*territory,

is almost

there

universal agreement t at

the Belgians

cannot develop it un-

about' aided.- Outside

Beige—whose assets are
the other Congo

triple those of all
^

capital is neces-

combined—would be easier,'
too, for S.G. controls the B.C.B.
,
Outside capital,, especially
American, would be welcomed for
banks

political reasons, too.

This would

Thornton, Mob; & parish, Inc.,.
Hanrahan & Co., Inc.

McJunkin, Patton & Co.

v

J. R. Wil'iston & Bearte

' *

Interstate Securities Corporation
„

r,.

Federman, Stonehill & Co.
Hugo Marx & Co.

Townsend, Dabney & Tyson

14

Philosophy

"The Pay-As-You-Go"

TAX-EXEMPT BOND MARKET

public

a

DONALD

BY

By''Lanf of'a

week.

Corporation-Branch
Banking and Trust Company of
Wilson, North Carolina-B. J. Van
Ingeri & Company, as well as

tax-exempt bond market has

The

gained moderately during the past
week with aggressive new issue

setting the pace for the
secondary market. At a glance this
might seem to be an unbelievable

bidding

maturities

The

others.

Yesterday morning's balance

have been easier for the last sev-

California

sessions.

eral

its

In

March

details, how-

careful

capital

29,

this seemingly contradictory 1989) bonds to the Bank of
municipal bond market has pro- Tea-First
National
City
ever,

with

ceeded

though they

good

reasons,-even

not be penetrat-

may

ing.

as

10:00

1961-1984

2:00

AmerBank
group.
Scaled . from 2.40%
to
3.85%, the issue, with $3,000,000
maturing in 1961, went well.

in-

public

be

nngnt

policy

go"

you

cannot

to

Florida

Scarce

Kansas—..
Pulaski County, Arkansas..

lieve, places perhaps

Kansas City,

.

geXutt

that

doing

the

to

dealers

many

general

once

dwindled

has

demand
tent

the

are

ex-

now

general retail
However, scarcity still
little

very

business.

Minneapolis,
Minnesota, awarded $6,325,000 serial (1961-1980) bonds to the group
managed by Salomon Brothers &
Hutzler, and including the NaAlso

Tuesday,

on

;

York

New

additions

$288 997,500 a week ago and $303,748,500 for the previous week. It

2.30% to 3.30%, $3,700,000 was re¬

York

ported in group at this writing.

OCOjOCO

is apparent that even
than

abreast

the

oi

Haupb &

pany-Ira

the less than

demand is keeping more

general

week's

new

(1962-1970)

sec¬

to

Most dealers
the

quite

are

in

aware

of

pre-

the

general bond market
situation. The spectacular rise in
all

yield

» HiSh Sch' Eist N-?: 6' Kan

New Berlin Union Free High Sch.
District:No 5, Wisconsin--District No. 5 Wisconsin

highest rated issue,

bonds,

awarded

was

Trust

Bankers

the

Company-

group.

of

ance

than

less

$1,000,000

at

the

concerns

largest

new

P?erSotnnn f^r-sc^e^ule?
Pennsylvania

S

$16,022,000
on

has

issue,

been

no

much

the

Northern

Further
municipal
market gains seem likely.
■:
XXX
X X

in

Until

order

to

replace

tax-exempt inventories

considerably larger, prices
unlikely to rise, providing,

of course,

kets

the

are
new

that the Treasury

not further

The

Index

state

done

Financial

municipal
slightly lower

at 3.423%

against

as

rfse
point.

Another

went

Revenue
better

3.453%

week,

also

average

according

price

rise

is

about one-quarter point. The

average

yield

fell

Bank

ports

interesting

the

'

issue

: $3,534,000

Chase

the

to

as

Manhattan

we

go

to press,

the

ing
the

to market

came

week,

that

sales to
particularly
issue bring¬

not

were

good. With each

new

a
relatively higher bid than
previous one, retail sales ef¬

unusually large
changes in
quotations for individual issues.

an

During the week past there was
relatively light volume of new
municipal issues. The few, more

naturally

resistance.

It

is

with

meet

more

apparent that, in

effort to accumulate

inventory,

dealers

are deliberately overcompetitive. It is hoped that the in¬

vestor
market

may
,
as

it

catch
shows

with the
improvement

up
^

„1V

iunuwiiig

Olina

made today, March 31. At present
the dealers seem
to
be slightly

Charlotte, North Carserial
(1961-1984)
bonds
to the group headed
by

expected

to

a(*ded

their

to

b

-

with

was

No

^

TV/T

*

U

March

becomes

Leonard

Teva<?

'

;

:

-

-

.

(State)

Maturity

Bid

(State)
I
Jersey Highway Auth., Gtd.II
New York (State)
Pennsylvania (State)
Vermont (State)
New Housing Auth. (N.
Y., N. Y.)
L.os Angeles, Calif.
Baltimore, Md.__
Cincinnati, Ohio

,

_

.

.

o-i

01

•

Arnold

•

•

Smilovici

pima county School Dists., Ariz.__

Calif.

'

Mason, Michigan
*Triborough Bridge & Tunnel
Authority, N. Y

in

New Orleans, La

-I-II

Chicago, 111
New York City, N. Y._

3.75%

3.30%

1978-1980

3.45%

3.30%

3%

1978-1979

3.35%

-

3.10%

3%%

1978-1980

3.50%

3.35%

3.85%

3.70%

1980

3.60%

3.40%

3V2%
3(4%

1980

3.45%

3.30%

1979

3.75%

3.60%

3y %

1977

3.80%

3.65%

3%

1980

March 30, 1960 Index=3.423%




formed

Sheridan

securities

a

Road

3.95%

3.80%

3:00 p.m.

1961-1989

11:00 a.m.

1962-1985

5:00 p.m.

4,000,000

1961-1980

1:00 p.m.

2,200,000

1963-2000

8:00 p.m.

4,800,000

1962-1990

10:00 a.m.

1962-1979

10:00 a.m.

2,000,000: 1961-1990

2:00 p.m.

■

Baker

&
„

Co.

offices

Pa.—Robert

has
at

been

225

E.

Baker

Mr.

and

Baker

E.

iUllutu

.Muriel
was

with Arthur L. Wright

Robert

L.

Whittaker

&

Calif

trict, California

11:00 a.m.

1962-1986

8:00 p.m.

2,937,000

1961-1980

9:00 a.m.

8:00 p.m.

1,175,000
29,260,000
4,200,000

1961-1981
1962-1980

2:00 p.m.

1,000,000

1961-1980

11:00 a.m.

1961-1985

9:00 a.m.

1962-2010

11:00 a.m.

1961-1990

16 000 000

Noon

it

formerly

'

8,800,000

May 2 (Monday)
Cascade

County S. D. No. 1, Mont.

on

3,100,000

—

v.

7:30 p'

May 4 (Wednesday)
Dumont School
District, N. J

'

~

3,000,000

1961-1983

8:00 p.m.

May 5 (Thursday)

X?
Centra Costa San. District,
California

Fif-

W.

—

w.rsU.r""1"

,

m

.

11:0

2,900,000

May 10 (Tuesday)

Jacksonville, Fla.

____________

Newport News, Virginia

& Co. and
Co.

1961-1980

'

30,000,000

District, Mississippi

teenth Street to engage in a securities business. Partners are RobBaker.

'

Sacramento Municipal
Utility Dis¬

to

formed

South

4,900,000

20,470,000

Robert Baker Forms Co.

ert

8:00 p.m.

1961-1980

9,000,000

April 28 (Thursday)

fast

PHILADELPHIA,

Dists

business.

and Treasurer; Delmor
Markoff,! Vice-President, and
Israel Schatz, Secretary.

with

1960-1982

a.m.

City Housing Authority,

Investing

with offices

3.20%

33/.%

3.10%

9:00

100,000,000

New York

B.

3.25%

1961-1980

April 27 (Wednesday)

Investing

Fresident

3.40%

3.25%

a.m.

2:00 p.m.,

April 26 (Tuesday)

„

Los Angeles Citv Sch

are

3.95%

1977-1980

10:00

1967-1973

2,025,000

Effective

—

111.— Knox

North

2801

1980-1982

1978-1979

1960-1978

1,995,000
1,000,000

April 20 (Wednesday)

New York

Knox

has been

1978-1980

1974-1975

3,235,000

April 19 (Tuesday)

*

Keene Wolcott bepartner in Norman C.

CHICAGO,

Officers

3y8%

Ohio

E.

Form

Asked

3V2%

a.m.

April 15 (Friday)

.

members of the New York Stock
Exchange. Mr. Wolcott was for-

at

Noon

11:00

,

Ewing Township, New Jersey_____
Philadelphia, Pennsylvania
comes
a
Pierce County S. D. No. 10, Wash.
Roberts Company, 625 Broadway, Portsmouth, New Hampshire
31,

8:00 p.m.

1961-1985

1961-1985

April 18 (Monday)

•!

O

31, Silvio

DIEGO,

March

3%
-

-

,

Norman Roberts Admits

3%%

New

•

.

Whittier Union High Sch. D., Calif.

SAN

1960-1979

2,500,000

#

Exchange.

31/2%

Connecticut

d'Calif

-------------

;

partner in Oppenheimer

a

a.m.

Water

Authority, Pennsylvania
University, W. Va.__
'

Co., 25 Broad Street, New York
City, members of the New York

engage
Rate

Wvn

\yest Virginia
- -

Scott.

Lloyd

7:30 p.m.
11:00

Tredyffrin Township Municipal

&

Stock

1:00 p.m.

•.

.

Oppenheimer Partner

Co.

SERIAL ISSUES

1

University of Washington, Wash—

of

1961-1989

3,000,600.

__

steubenville School District,

Co*

A

1:00 p.m.

11:00 a.m.

was

Marache,

a.m.

1961-1971

Mr.
....
April 14 (Thursday)
formerly
with Chicago, Illinois
10,000,000
Dofflemyre & Co. Mr.. Clark County School Dist., Nevada
6,000,000
Harold E.

and

Damino

a.m.

LOO p.m.

11:00

1961-1985

/X
..April 13 (Wednesday)
Mainland Reg. High Sch. D., N. J.
2,100,000
1,550,000
Palm Springs, California
Kamapo, Clarkstown, etc., Central
X School District No. 2, New York
2,555,000
'.
2,000.000
Royal Oak School District, Mich—

Behrens, Raymond S. Clark,
Robert W. Damino, Jr., David H.

As

D

Miinieinal

Central

- •

Binder &

staif

rountv's

Dictrirt

*'

M.

Dunn,

{

...

be

ahead of the investors.

MARKET ON REPRESENTATIVE

California

A

10:00

1962-1979

1961-1998

l,y^,bUU

Carolina

l/iic

announcement

sold

^

7:30 p.m.

1964-1987

1,000,000
1,850,000
1.250,000
1,034,000
1,800,000
1 971 COO

c0uth:Bav Union Hi^h S

.

v

T5-

1-x

Noon

V;

Xypst

•

_

_

tpo

—

York

i\jpw

br.ie«^ following the Treasury financing merly with Lester, Ryons & Co.

^oennAA«sl.L hursday, March 24,

$6,200,000
were

kas

» a?Pears from the foreS°inStant issues which

investors

_

8:00 p.m.

1962-1999

Escambia County Special Tax Sch.
District No
1
Florida

Co., Inc., 542 South Spring Street,

Clark

and analysis of other less imporduring

A

.

tvt.Tpt

.

ANGELES, Calif.

^

Durham, North

bond

(Special to The Financial Chronicle)

LOS

1961-1980

2,400,000

1962-1980

Davidson Co., Tennessee

X

2:00 p.m.

.

April 12 (Tuesday)
Bernardsville, New Jersey_____
1,215,000

Binder Adds to Staff

T

-X

marketing

"'

1961-1980

3,760,000

April 8 (Friday)
-

i

salesd

■

8:00 p.m.
2:00 p.ni.

1983-1990

Sales Lagging

rio

a

'

&

forts

rni+Sa^S

new

the'

was

Retail

past week
from 3.95% to 3.93%. There were

*

seems

♦ group.

week

to the Smith, Barney &
Company
Turnpike Bond Index. Here the

indicated

from

the

to

closer

stage.

group

for this
a

k^° have also
k.i l.
bonds

this

to yield
the issue

The
yields
were
scaled to 3.30% with no sales re-

return for the week: The

average

average stands

Company

(1961-1980) bonds, award of which

and
a

the

and

Bergen County, New Jersey serial

Again

and

-

well priced. Orders were substantial; balances are not yet reported.

depressed by

Down

bond index shows

week

mar¬

Bank

Scaled

yesterday,

Commercial

Chronicle's

Trust

to- 3.60%

2.80%

financing.

Yield

Savings

yesterday.

become
seem

&

1961-1984

1961-1985

Authority/is

Tunnel

and

Bridge

Bank
Chicago-the Harris
tional Bank of Chicago-the Harris

1962-1983

1,050,000

million Triborough

Trust

1,500,000

3,557,000

■;

that

in¬

8:00 p.m.

San Jose Unified Sch. Dist., Calif.

other than the fact that it appears

new

1961-1989

Robbinsdale Independent School
i District No. 281, Minnesota-.™

$25,000,000 Chicago, Illinois Board

the $100

10:00 a.m.
10:00 a.m.

1931-1968

Auril 1L(Monday)

a

of negotiated type

calendar

2:00 p.m.

1961-1975

1,325,000

Dankllk> New York__-_

of Education serial
(1962-1930)
bonds was sold to the First Na-

trying to buy

a.m.

1L00 a.m.

1963-1987

16,022,000

_

v ;

-p.

Apn
6.
change m the

them from

old.

A

(Weane-day),

but which does not seriously deter

ventory

Springfield, Ohio

may

list during

same

11:00

1967-1981

—

Arlington, Texas

serial

There

Largest Award

week's

The

issue calen-

new

pose a distraction
municipal dealers

the

by

past week,

that

Week's

1960-1978

1,500,000
1,000,000
8,000,000
1,250,000
1,945,000

4

April 7 (Thursday)

guaranteed) for April 27. For the
coming week, only one sizable is-

Treasury

suffered

City

bones

issues for reasons
that were not altogether obvious,
and
the consequent sharp losses

the

to

Rock Island Co. S. D. No.

Public School Building Aut

time

press

1,300,000

37, Ill-

Building Authority, Pa.__

.

sell around $75,bonds sometime in
April. The New York City Housing Authority has formally announced
the
sale of $20,470,000
serial
bonds
(New
York
City

The scale ran from
2.60% to 2.85%. There was a bal-:
Moseley

p. m.

PennsyIvania state Public Schooi

writing, it is said that New

at this

Salomon Brothers & Hutzler-F. S.

speculative elements that

vail

to

8:00

Johnson Co., Shawnee-Mission

important

no

Mich

24

No

D

recently,

dar

$2,400,000 Omaha, Nebraska serial

meagre

supply as well as the
ondary market accruals.

issue

Scaled

others.

as

The

&
Com¬
Company as

Higginson

Jersey-Lee
well

been

vallev S

although some are .Center, Indiana—
rumored.
Although
the
Comp- ' East Carolina College, N. C._
_
troller has made no announcement Muncie Comm. Sch. Corp., Indiana

tional State Bank of Newark, New

"Blue

the

and

1961-1986

April 6 (Wednesday)

•
a

Likely

Issue

City

have

There

List" as
usual substantiates this fact; the
municipal total as indicated on
March 30 was $252,630,500 against
reigns,

1,250,000

11:00 a.m.

1,390,000

A

.

modified

way-

—

Toms River, New Jersey

«

months

Y.~_

long-term projects with proper Buffalo Sewer Authority, N.
kon(1 financing./It also, we
be- Jonesboro, Arkansas ___!

gXng

three

'
1962-1990

(Tuesday)

gr0wth* that has come with our " •.
April 5
traditional system of capitalizing Alamance County, North Carolina /

unfairly, the
Commodity
;
Another of Tuesday's sales in- burden of payment for certain
Municipal bonds are still rela- volved $5,629,000 Islip, New York long-term
benefits on too few
tively scarce, especiallyX in the : School District^No 12 serial (1961- people during too brief a period.
so-called
bank
category, which 1990) bonds, the award going to-"Pay as you go" is not likely to
means high grade, shSrt maturity
t_he Chemical Bank . New York foster the growth that we in this
securities with ready marketabilTrust Company-C. J. Devine &
C°r>ntif Npw York
ity. Recent buying has derived - Company-Spencer Trask & Cornis
more
from the banks than from
pany group. Scaled from 2.80% to
to
a
»Awf PoMi,,oiv
■fu
"
"
other types of investors. As the
pay as you go,
then relatively
4.00%,
$3,829,000
remained in
market
has
risen
these
past group yesterday morning,
larger budgets are well on their
X

n m

4,945,0G0

——

—

dynamic

the

engender

a.m.

•-

°'%uTa Wtl& PS! 'Bedford Township,No. 1, Michigan
Bedford. Union
School District"

District

Control

Flood

awarded $10,000,000 serial (1961-

how

to

as

Maicil 31 (lhiusday)

and ;
completely Austin, Texas

budgeting

seems;
in the

The point

terest.

bid«

1963-1984

and

of

/T1„lvcjav\

Q1

7,5UU,UUU

this

desirable

was

,

April 4 (Monday)
arises, however, Cincinnati school District, Ohio__
4,000,000
limiting a total "pay -Florida-Development Community,
'

planning,

$1,200,000. Tuesday,
Los Angeles County,

at

list the bond issues

scale, and hour at which

0f issue, maturity

W>UL oc upencu.

operations and

balanced

we

$1,000,000 or more for which specific sale dates have been set.
ac-,
information, where available, includes name of borrower

State has
situation within amount
To the extent that this r
,

year.

Scheduled For Sale

following tabulations

jn

a

involves

offered

performance since other phases of
the bond market, and particular¬
ly the influential Treasury issues,

reported

one

to 3.45%.

scaled from 2.70%

were

-

Thursday, March 31, 1960

.

broad tax

York

New

base,

complished such
Boston

First

.

.

Larger Issues

of ' pay as ycu go '
financing policy has

The adoption
as

Financial Chronicle

Commercial and

The

(1390)

,

&

30 000 000

3 000 000

~

'

'

— f.
J
'
Negotiated offering by
Dillcn, Read & Co., White, Weld
Co., and Allen & Co. syndicate.
.

F

& Co.,

Morto«

W. E- M

Volume

191

Number 5S38 ...The Commercial

and Financial

Chronicle

(1391)

Power

ore

for the South!
Growth of The Southern

Company

electric power system continues to
match that of
In

area.

spent

our

1959,

four-state service

$178,665,000

on new power

plants and

was
ex¬

pansion of facilities.
An additional

$538,000,000 will be

required for anticipated expansion

during the next three
Our investors

are

years.

sharing in the

benefits of this growth. This year,

1960, is the sixth consecutive

one

in

which dividends have been increased.

Send

for 1959

Annual
—

The

Report

Southern

Company, 1330
Peachtree

West
(•,

Street, N.W., At¬
lanta
or

9,

any

Georgia,

of the

panies

com¬

listed

be¬

low.

highlights

the

of

year...

1959

$290,657,874

Operating Revenues amounted to
A

new

high

—

increase of $24,523,927, or 9%

an

Consolidated Net Income was.
Another

new

high

—

up

.

$4,962,720,

or

.

$43,196,965

13% |

$1.95

Earnings Per Share of Common Stock (average) were
I

14 cents above the previous year

]

On year-end shares, earnings were $1.92, up 11 cents
Dividends Per Share of Common Stock were

|, -

■

,

.

■■■.■

J.

"

Construction Expenditures

$1.30

.

Up 10 cents over 1958

totaled

•

$178,665,000

..........

Largest in history of the system

Sales of Electric Energy, in
A

new

record,

Directly increased to.

Customers Served
53,673

more

than in 1958

Serving the Heart of the

power company;.
-

\

.

South

through

.

alabama

kilowatt hours

Birmingham, Alabama

georgia power company
'
• :,--V v
'
Atlanta, Georgia

gulfVower company
Pensacola, Florida

mississippi power
■

.

southern




electric

company

Gulfport, Mississippi

generating company
Birmingham, Alabama
-

•••

'*

.

20,965,773,000

11%

up

.;.

.....

.

.

1,539,039

15

cause

Upon Our Own Shoulders
By Thomas C. Boushall,* Chairman of the Board,
Virginia, Richmond, Va.
Bankers
the

to

are

■.

v%:,

the availability of credit for freely chosen purposes

weakens bankings' stance against
exercise of free credit extension

how this.
legislative attempts to regulate the
a

^

.

•

ing to

banks were hesitat¬

the

expend consumer credit for

fear that

a

downturn in the econ¬

might create
Today, the

losses.

some

omy

picture is re¬
Banks

versed.

extending

are

consumer

customers

alike, shouldn't we
stock of our status vis-a-vis

public and be very sure that
have kept our noses clean, our

the
we

of
the

objective, and our of¬

Are

off

arm's

at

laws

of wisdom? Are we
Are

statesmen?

flicting
the

and

ready
Thomas

Boushall

C.

consumer

the

thrust
sword

of

look.

objective

sonable response,

Today, too, outstanding debt by
municipalities,
counties,
states,

Again,

Consumer

nomical.

credit is also at

And

a

is

Before

astro¬

is

best

that

we

take

discuss¬

first

equipped,
or
staffed
this type of credit.

offer

An Incongruous

own

are

we

overall

doing?
are

best

How

commercial

can

"loaned up" and

increase their loans

of

an

with

a

vertisement

of

is

public that

scarce

money

explain

to

in

to

so

"that

on

.

a

shortage

.And how
that

can

we

we.

do

and

and to which

concern,

that
we

before

now

should

that

should

The

full-fledged "bear"
of a score
points above the
early

ly

in

a

status, the advance
of

announcement

first

ourselves

address

they do not pass be¬
show clearly that

Federal
rules

the

is

Senate

Senator
He

of

Bill

same

half

little

is

Board

of¬

Con¬

to

the

set

up

related

to

consumer

Continued

as

a

matter

on

of record only.

pattern, stabilizing some
dozen points above the

low

and

credit

page

30,

1960

little dis¬

showing

rested in
1949

lows

a narrow

it

when

range until
into the

went

the 1937-42 bear

their
the

must

market,

was

of

debacle

period.

Will

far

INC.

-

Where

is

pattern

and

1946 breaks which

were

the

only "official" bear

mar¬

kets

in

so-called

modern

times. That is that the
tual

low

only

was

even¬

slightly

under the initial reaction low

38 before the trend reversed. In

1937

setback, the low of

the

when

on

the first swing

bottom

a

new

until

low

reached with

1942

around

rapid

a

92

the

re¬

action

for

a

4-for-l

one—a

in

160

was

low of

reached in

❖

basic

620

HIGH

ST.

•

SA

*

to

listed

the

ranks

companies that also

high multiples and a
yield, which are the

some

characteristics of
scribed

an

issue de¬

growth one, is
Vendo Co. It is selling well
above 20-times last year's
as

a

and
its ' indicated
provides a yield of
1V2 %. But it is the

earnings
dividend

less than

largest maker of

world's

automatic

equipment
sales
more

merchandising

has

and

4V2

times

jumped
profit

and

than five times over

decade.

via

automatic

,

1959 and the $2.2

volume

last

of

the

sales
vending im¬

Moreover,

year

10%

million
is being

upward to some¬
between $7 and $10
in the next six to eight

projected
where

Good Prospects

difference

the

latter

the

interest

section

1957 reaction
er

never

was

gener¬

that

did,

and

the

are

than that of the

average.

favor is

carpet

readily apparent.

As far
is

as

dis¬
The

manufacturers h a v e
style for a decade
leaves an industry

been out of
which

the

leader, like Firth Carpet, sell¬
deep¬ ing at ;around six-times the
industrial
greatly improved earnings
expected for this year. The
dividend

6-5400

other groups,

however, where investor

much

*

PA.:

❖

newcomer

*

only

growth

DI 4-2994

division—was

a

was

of

1957.

A

in
a

between the action of the in¬
dustrials and the rails was
ated

N. Y.'[* •

much

and

was based on hopes
new stock
split. The last

only fractionally under that
billion
and also was followed
by a re¬
years. So here the bright fu¬
bound that ran
virtually un¬
ture, rather than the tradi¬
checked with only minor in¬
tional yardsticks, holds sway.
terruptions in 1953 and 1957

that

UNDERWRITERS

revived

was

proved 5% in 1958 and

;!•

J'

The

ScUhtzLn CoJ.

showed

play

last

bound afterward.
-

market

There
be obtained from the undersigned.

up

the specula¬

move,

interest

tive

low

another

❖

POTTSTOWN,

content

issue

an

.

ability to

until this vear's setback.

(Par Value: 5c per share)

NEW YORK 5,

while

sit

has

History Repeat?

In the 1946 break

Common Stock "Class A"

ST.,

the vast funds

seek

commitments

of

interesting in the 1937

around

WILLIAM

been

theorists

investment,
public psychology that so
has merely cut off new

and

the

rush but the low of 1949

15

have

the

overlook

that

anything approaching

utter

1929-32

75,000 Shares

•

that

by

*

*

longest bull swing in history.
Neither in this period nor in

•

'•''DEALERS

sus¬

quickly, notably Polaroid
J,
which soared steadily to allThe market, in I fact, was time
peaks even through desbuilding up on a miniature u 11 o r y markets. Polaroid's
scale the same sort of pattern low dividend
payout — 20
that
accompanied the 1946 cents a year—and the absence
break which clipped the in¬
of any indication that it was
dustrial average for 50 points, to
be revised drastically up¬
gave a "bear" signal and then ward,
had little effect on
*

;V

BROKERS

U

that

to

reason

position to test the low.

was

March

Information may

seems

a

that is

63

of

authorize

regulations

extension

NEW ISSUE

CALDATA,

•

who

to

There

Bush

would

Reserve

and

any

appears

industrial

low for the

March

was

these shares having been sold this

there

it

areas

suggested

supposed¬

With the market

around 97




I

*

❖

*

the

All of

|

key

business

treme

participates.

can

by

necticut.

tell the poli¬
want

to

Opposes. Senator Bush's Bill

fered

available

don't,

see

,

;

borrower

"freely

:

sh^rp cutback in the Bomarc pect either average is going to
missile program in which it plunge to some of • the ex¬

possible future abuses;
.

chosen purposes
revolving credit basis? V
"

ticians

in

they are neither justified by past
practices nor will they prevent

you

must raise
.a

all

us

all

cause

either cannot
or

two bills

are

Senate

give
our

credit for freely

for lending

in the market place, and

hence, the higher rates we charge

the

then
have the
present his
a
full-page ad¬

and

money,

would-be

to

There

bank tell

your

"borrowers

interviewer

difficult

interests

their rates because of

look at our own part
build-up and then take
subjective look as well.
it

to

serving"

ourselves

dedicated.

sionately

Situation

really

assure

to which we are all so pas¬

omy

we

But

to

are

right to the exercise of free

credit extension in the free econ¬

the

do

we

the

not pre¬

are

pared,

objective

Isn't

than

smaller banks which

in all this

the

and the rate of
than com¬

the

better

responsive

more

record high.

no

ing some of the things that the
politicians are planning, perhaps
it

if

is

month

a

found the would-be

rea¬

even "plus a half" or "plus
quarter." And, too, it seems
that the larger banks
find this
method of competitive attraction

instalment

presenting and

con¬

a

wonder that money
is tight, interest rates are high,
and politicians are roping in the
banker
as
a
whipping boy to
prove the need of a paternalistic
government's protection of the
people versus the exploitation of
the money lenders.
v..
so,

onlv

can

rate,

high record.

debt

mortgage

into court with

We

regulation by
righteousness of our conduct.
"My strength is as the strength
of ten because my heart is pure."
And that should be our position

1%

Government

Federal

the

and

stands at the all-time

with

brackets

-

I hope, that my point

see,

hands.

clean

mercial loans at the present prime

income

prosecution.

here is that we go

Subjective? Well, revolving
seem to appeal to the

credit lines
better

political powers
have
that opening the
of regulation and the spear
through

You

credit, particularly check charge
revolving credit, is being adver¬
tised widely.

of defense

the

and

con¬

public

politicians?

That's

availability of

piled upon laws because
somehow,
somewhere

are

has breached the lines

in

we,

the

to

statements

rather

with:-previously set
was
hardly fitting
most regulations arise to correct average
the description of a true bear portfdlios.
developed abuses. The righteous
suffer as well as the sinners, and
swing. R a i 1 s followed the
Bucking the Trend

at

length

fact, able to reconcile these

and

that i face

conditions

someone,

we men

financial

more

relaxed

basis
economic
the people

sound

a

again
continued reaction to the

week's list of new lows

some

sections.

history.

on

which made the

Marquardt

current

the

to

full-size news¬ and ourselves?
paper advertisements tell how, by
Don't misunderstand me, please.
merely writing a check on the I am against every governmental
offering bank, practically any¬ regulation that can be avoided,
body can set up a revolving line local, state, or Federal. But, un¬
of credit to buy practically any¬
happily, we face the fact that

level in Amer¬

the

related

sibe-by-side with the advertising

Too, the terms

service

of

fers

least and read the financial pages

previous

far

immutable law

and demand, while at
time quarter-page, half-

and

Stand

tight-money
period,
out
and
beyond

are

same

page,

a

ican

supply

the

on

and

old

to

extensions

credit

take

thing?

credit, even in

any

based

reacted

due now is, of course,
impos¬
the selling pressure except in a
and few specific situations such as sible to predict. But without
more
banks and
deterioration in

management of our

our

new

economy."

are

Both

low.

fit, adjusting ourselves to
law of supply and demand

judgment
Six years ago

much time testing its

spent

free-enterprise economy as we

a

see

Senator Bush and Senate Bill 2755 offered by Senator

ment of the national

his

abruptly and reversed direc¬
tion just as
suddenly after a
up continued in this
become a long-haired philosopher shows
brief
consolidation
and was totally blind as well.
week's stock market. Minor
phase
The point that. I want to make losses
predominated more slightly above the lows.
•.(.
❖
ds just this: If we would keep the times than
not, but it was a
freedom to conduct our banks in
Just what type of action
is
casual affair with no great

Paul >
Douglas. The former bill would have the Federal Reserve formulate
credit rules and regulations on a stand-by basis and the latter bill is
said to go beyond full disclosure in calling for what is believed to be
an impossible task of computing annual simple interest and in de¬
manding the prevention of the "uninformed use of credit to the detri¬
duced by

the

on

,v,

free economy. Further, he notes

opposition now in criticizing Senate Bill 63 intro¬

need for such

the

in

pride,

pillars of the temple The pattern of a general list
captors and perse¬ dawdling until some concrete
cutors, but he himself perished reason
for
decisive -action
in the act.
It's true that he had

down

revolving credit basis. Moreover; he painfully notes

a

on

STREETE

illiterate

Sampson, in' protest and

pulled

incongruity of being "loaned up" to commercial borrowers

AND YOU

...

BY WALLACE

politi¬

are

Thursday, March 31, 1960

lawmakers?

The Bank of

asked to do some soul-searching by a fellow banker as

while advertising

than

determinations

cally wise but financially

. . .

THE MARKET

regulation of credit practices and
extensions, volume, and rates be¬
we are abler to make these

The Burden Really Rests

Financial Chronicle

Commercial and

The

(1392)

16

the 1957 reaction

concerned, neither average

ments

record

is

not

an

annual pay¬
having dropped steadi-

illustrious

one,

&

Number 5938

191

Volume

.

.

.

The Commercial

and Financial Chronicle

(1393)

token five-cent $2.10 annual basis,

lv to where a
navment was
1

"

E. A

Steele

c

••

c

...

r-

i

rities business. Officers

Fuji Securities Formed

been Dushins

its

_g US
•

,

aggressruely
h et l C fiber

a
y are presented as

those

(SpMiaitotheriN»»ciAtcbhonici.)
LOS ANGELES
ANGELES,

of the firm

products have been beneficial author only.]
on many fronts for the carpet
makers, chiefly in eliminating
i
the violent fluctuations in

name

of E. A.

Steele Asso-

with

offices

at

208

formed

South

San

«vu*u ocui

ciates.

Pedro Street to engage in a secu-

Fukui,
was

Secretary.

formerly

Securities

Mr.

Company,

Mr. Kuwahara

was

materials costs. With new
in low-cost areas,
Firth is in line to double last
„

SALES
Militant of Doll*™

candidate for
vastly improved dividend ac¬
tion this year;' \\v :
the company

a

•

*

.

!*■ '• >'**

k

transition

The

mm
AVERAGE ANNUAL

*; >- *

-

«:■

...

'rivr-'.

,;l

:

company,

ij INCREASE

-

12.9%

i

wmmm

others, could be Mid¬
land-Ross Corp. which started
among

M50

ing bicycle parts, switched
early in this century to auto¬
motive parts but lately has
been
diversfying to where
two-fifths of its sales now are
in non-automotive lines, such,

e

industrial

as

machinery,

.*51

'51

and M

the last century mak¬

out in
w-

'53

'54

*55

*57 -'SI

*54

'59

Not Profit

EARNINGS

par

iKara

Militant of Dollars

AVERAGE ANNUAL

en¬

gineering services, heaters
>nd parts for .aircraft and^
missiles.
1950 *51

Sales and

'52

'53 '54 '55

*5* '57 '51 '59

earnings showed

sharp upturns last year and'
officials

Midland-Ross

are

DIVIDENDS

projecting their business to1
another good improvement
this year. If their estimates
work out, net profit would
come
close to doubling the
1958 results and

dicated

$3

cover

par

DIVIDENDS WERE

INCREASED EACH

liRKili

the in¬

xlill ill!

payment

1950 '51

11

1959

$51,003,417

Net Sales

$43,612,896

.

3,055^639

Transportation
enough demand
to make the new
highs lists.
After a temporary stymie in
1958, the company's business
of
leasing special-purpose
freight cars bubbled along
again last year despite the V
steel strike and
helped offset
some
manufacturing setbacks
caused by the lack of metal.
*

$3.38

$2.51*

$1.55

Share

Dividends per

Share

*

General American is in the
thick of the rail's
attempts to
devices

operations. In
new

designs

received is
car

piggy-back
one

31,909,229

Total Assets

28,289,567

use.

over

21,941,768

Current Liabilities

-

19,495,289

7,695,349

6,351,949

14,246,419

Current Assets

13,143,340

Working Capital

good

years

to

5,740,000-

Long Term Debt

18,473,880

Net Worth

enabled

it
to
improve the
dividend payout each year for

the last

seven

and

the

final

payment of last
year was an

increase
 that lifted


it

to

a

Hunter Spring Co.
(Springs, electrical and
& testing

instruments)

5,253,333
16,684,285

Troy Laundry Machinery
Riehle Testing Machines
Tolhurst Centrifugals
Filtration Engineers.

Niagara Filters

Number of

906,794

Capital Shares

Book Value of Stock per

Share

899,614*

$20.37

$18.55*

'

: \f

DeBothezat Fans

(Machinery)
Subsidiary, Newark, N.I.
Glaser-Steers Corp.

(Automatic Record Changers)

♦Adjusted for stock split in 1959.

We shall be

pleased to send our complete Annual Report upon request

show

earnings reports has also

Lantdala, Pa.

East Molina, III.

company's abiL

the

(Special application

mechanical assemblies

enthusiastically

The

Cambridge, OMe

fractional horsepower motors)

of its

type of freight

Automatic Devices
AutoBAR Systems

Lamb Electric Co.

specifically designed for

such

%

a

as

fact,

U. S. Gauge

Kent end

build up their
tonnage with
such

>

$1.50*

Gen¬

in

*

2,246,612

(Instruments)
•

the steel strike and its effect
eral American

i

Divisions

*

-SeHersvlile, Pa.

Net Income per

have shaken off the effects of

has been

'51 '59

-Rahm Instruments

the

sentiment,

'54 '57

1958

Net Income

investor

'53 *54 *55

Highlights

price approaches

prime railroad
equities have yet to show they

on

*52

Adjusted lor 2 to 1 stock split in 1959

Shaking the "Rail" Blues

.

h-l.oo

0.5

■5M>%.

Where

$100

YEAR IN THE DECADE

II

improvement. Even at the
present rate, the return on the
market

(Kara

1.5

twice
over.
But the company also
has a reputation of a generous.
dividend policy which, with
the upturn expected, makes
the payment a candidate for

1

Olvldondt

Millions of Dollars

Executive Difieesi Woolworth
233

Beaadvmy*

Building

York 7, N* ¥* | §|

with which

also associated.

mills added

year's dollar per share profit
and this switch in the earn¬
ings trend logically makes

Ichioka

partner in Taiyo

a

raw

I

Toshio

hara, Vice-President, and Soichi

comCalif—Fuii SeCalif.—Fuji Se-

National Bank Building, under the curities, Inc. has been
de^uh
those of the
Chronicler

are

Ichioka, President; Frank Kuwa-

roiT

Firth nas °een pu

Acrilan carpets
and these S y nt

A«nri»t«

e Associates

PHILADELPHIA Pa
Edward A
[3he views expressed in this article
Steele, Jr. is
do-I?""*"'jr. is engaging in a securiengaging in a securiany time coin- ties not necessarily any time in the
< necessarily at
do^nrit business from at
offices

*

*

has

-vrt,

a yield of

made last year, better than 3%.

*

17

18

laicCdct omclG
naniFdi7Q

OomanGTCicil

(1394)

>

.

.

Thursdsy,- Msrch 31, 1960

Bowes, 10,000. Sperry Rand; and
3,000* Statharoinstruments.
In¬
ing the same period 3,GOO Cater¬
pillar Tractor, 1,530 Central Soya,

ROBERT E. RICH

BY

eliminated-dur¬

Foundation

come

1,000 Chesapeake & Ohio Railway,
Equipment, 1.020 Inter¬

500 Clark

national Paper and
Cash

by Their Own Petard

Hoist

"A,500 National

Register.-

by

stumped

vestment "an'alysb, * *

that

is the in*

what has

total
high Approval

best.

;

.
^

if " there's

But

Y/;/

point

one

a

analysts

to

funds

clear

are

assume

once

climb

this market is to resume its
to

right

And

heights.

new

mounts

like

the

market and we

stocks

Now,

the

strengthened"

way

in

in

stocks,

common

Trust

all

almost

of

out

declared:

Henderson

of

out

would

we

because

bonds

words

of

the

of

one

more

investment

Madison

Madison

companies.

Fund, said he, was "not in an ag•

of mind"

gressive frame

and

its

policy here was "one of caution."
The

which had total

company,

net assets at latest

report of $132,-

227,000 (off from the $142,703,000
at
the
end
of
December), in¬
creased
"defensive"
holdings
while reducing
in

first

the

"cyclical" holdings
months

two

of

To his credit, Bernenko de¬

year.

fined-^defensive holdings."
are,

bank

and

this

These

said he, tobacco, utility and
stocks,
convertible bonds

government securities.

Such
35%

holdings accounted for over
the fund's holdings at the end

of

of last month.

President

Edward A. Merkle,

1 of

Madison

Fund,

meanwhile; disclosed that the
company

Oil

is not buying oil stocks.

and

gajs holdings toted up to
$11j million, according to

about

its annual report.
While

...

could doubt where

none

Investment, Trust
Fund

£

'

f

a.nd

Madison

directors

bined

views

ether

stood, their
cancelled. out

com¬

corporated1 Investors

and

of

In¬

corporated Income Fund, do much
to clear the fog khat envelops the
financial
two

district.

weeks, ago

tinued

He
predicted
decade of con¬

a

"increasingly

select¬

more

ive."

™

As

one

analyst who scrutinizes

activities

marked:

nearly
about

very

"Three

months

everybody
the Golden

reservations

closely

Sixties.

about

ago

talking

was




re¬

I have

forecasts

voiced

a

d

g e

;•

the

to

and

*

66,419,440

'75,201,027

16,146,775

20,300,198

11,186,678

_

11,193,672
44,041,932
668,213

from

—

security

U. S. Govt,

holdings

discounts

33,730,963

profits—

&

Loans

682,702

Undivided

W.

Leicester

Fisher

Commission, which prohibited sale

29.

'''

■

They

•

.

a

as a

$1,748,272, net assets were $26,-

W.

by

//

and there were
shares outstanding.

;,

meet

*

dent and Director of Van Strum &

company

from

lier."

43%

of

our

net

three months

continue

•

disclosed that two bonds

It

(Montreal
Metropolitan
Corp.
5%% 1985 and James Talcott, Inc:

the
and
three
common
stocks
(National
Biscuit
Co.,,- Standard
Brands,

5% i 1979) -were
added
to
fund's
list
of
investments,

energy.,

under

Act"

Stauffer Chemical Com¬

and

Inc.

York

will

Dinner

of

Group
held

be

the

of

the

Association

Bankers

Act)

man

of

the

operate

Investment
of

America

Wednesday,

Oct.

5,

Cleveland Analysts to Hear

;

„

*

Hugh

W.
fund

mutual

the

Co.,

sponsor,

Inc.,

income

reports for

ended Jan. 29 total
of $1,206,186
and net

of

each

earlier
of

the

of

revenues

Income

1,000

class

A

to 21c
and

B

of $1,375,349 and

$248,458, or 25c a share.
*

ports

equal

This compares with year-

shares.

net

$211,446,

£

f!

Foundation

re¬

these additions to its com¬
portfolio since Nov. 30:
shares of Addressograph-

stock

Multigraph, 2,200 Eastman Kodak,
1,900 Electronic Associates, 2,000
General Precision Equipment, 1,000
General
Time, 800 OwensCorning

Fiberglas,

5,000

1k

o

b

Pitney-

e

of

"Edge

in

the

and

a

Assistant
director

Company, will

an

with

has

Inc.
at

104

been

formed

South

Main

dealers in securi¬

Street to act

as

ties. Officers

are

Roger Gormican,

President; Elmer E. Homuth, Sec¬
and • Milton E. Homuth,

retary,

Vice-President.

Mr. Gormican for¬

merly

conducted his

ment

business

own

under

invest¬

the

firm

of Roger Gormican & Co.

Mr.

the

Buffalo,

H:

Hi

from

shares
value

$250,000

March

$350,000.
(Number of
to

15.

outstanding

17,500

par

$20.)
Hi

By the sale of

H:

new

Bank

stock, the First

of

capital
$300,000.

stock

to

Effective

from

(Number

of

com¬

shares

«

T.

March

15.

a

H:

Obligations
Other

the

Banking

election

Saunders, President

tin

-

stock
(includ¬

bank

Reserve

Federal

$70,726.54-overdrafts)

$321,838.27--;

bank

Other

——

acceptances

on

_IL".

—

assets——

co

$2

1,119,380.87

this
out-

to

liability

standing

St

Tt

39,730,963.01

premises owned $797,542.60, furniture and fix¬
tures

ch

1,001,773.68
150,000.09

Bank

Customers'

Th
B

11,186,678.19

4,444,343.66

—

Loans and discounts

ing

$16,146,774.63

and de¬

notes,

bonds,

bentures

tic
wi

2,513,272.61
512,259.92"

—

CO

el.
co

$76,805,446.57

ASSETS

TOTAL

th

B
LIABILITIES

tit
deposits
of
indi¬
viduals, partnerships, and

Demand

corporations
——
deposits of individuals,

B

$45,352,750.94

ca

Time

and

corpo¬
_

in

708,728.20

——,—

■

Deposits of States and political
subdivisions——-——

Deposits of banks—
Other deposits (certified and
officers'
checks, etc.)—TOTAL

st

7 ,661,557.42

States

Deposits
of
United
Government

B

B;

719.417.54

9,720,479.99

cc

5C

2,256,505.55

M

'

executed
this

of

account

for

1

01

T

2 523,087.36
1

liabilities—

482,852.70

n

st
I.

TOTAL
"
•

LIABILITIES——i '^0,425,379.70

,.»•

->•

:>'»

.

' j

f

,

r

J

-

■

■

L

tc

p—

01
CAPITAL ACCOUNTS

Capital*

-

—---

—

—

—

profits

capital)

count for preferred

b

$2>0^S'Snn 00
3'cqo 702 04

P

682,702.

—

retirement ac-

Reserves (and

CAPITAL

TOTAL

ACCOUNTS
TOTAL

.Ar.ociM,

T

14/,3bi.

b

of

of

«

H-*

t

has

Assets

ACCOUNTS—

s
\

consists of: capital
$550,000.00 and common siul
capital

value of

par

pledged

$1,500,000.00.

1

I,

V

assigned

or

i

and for

other purposes—l

4g

3>3.UA''

Fleckenstein. Controller
bank, hereby certuj'
is true to the
knowledge and belief.
■„_MC!Tli.lN
Edmund

A.

,

o

above-named

above

statement

„

EDMUND

A.

FLECKENSTEIN

William
.

C.

D.

Baruj

s

a

s

I

s
\

Correct—Attest:

the

Metropolitan Departme,nt of Mellon National Bank
and
Trust
Company, Pittsburgh,

E

$76,805,446.57

to secure liabilities

been

Vice-Presi¬

s

MEMORANDA

the

Townsend

—

„

bank's

with total

ii

$6,380,066.87

LIABILITIES AND

CAPITAL

my

D.

by or
bank

outstanding.

and

Other

the

appointed*' Assistant
in

of collectipn___
Government
direct
of
States
and

subdivisions..

political

debentures

Pennsylvania

*

dent

she

Tr

States

obligations,

*This

Director.

Edward

process

United

outstanding

Norfolk and Western
Railway Co
as

enl

Co

-

with
other
including reserve
balance,
and
cash items

Company, Philadelphia,

announced

Stuart

uti

banks,

$150,000

value $20.)

Pa.,

tal

Fed¬

balances

Cash,

Ba

Hamilton

mon

First

i

tio

V.;

ASSETS A

-*/."/

Undivided

Square, N. J., increased its

par

nei

this district pursuant to the-provisions of the Federal Reserve Act.

Surplus
Hi

National

Pr<

of

Acceptances

tional Bank of West Orange, N. J.,
increased its common
capital

The

name

ier

OF

made

call

a

bank

By a stock dividend, the First Na¬

and Trust

offices

18S

DEPOSITS $66,419,439.64
Hi

FOND

with

aft.

1960, published in accordance
by the Federal Reserve

March 15.

on

York.

Now Gormican & Homuth
Homuth

on

73.

Executive. Chair¬

H«

LAC, Wis.—Gormican

died

of

age

15,000

April 14, 1960.

DU

tioi

at the close of business

rations

formerly

was

A.

illustrated talk to the
Cleveland
Society
of
Security
Analysts at a luncheon Thursday,
give

Dir

Com¬

Yorkv'NC* Yip «'member-oft/the

New

eral Reserve System,

in

.H:

of the Liberty Bank,

stock

John

—

Secretary,

r,

Manager

of Hammond Organ

&

Fund

o

General
a

quarter

revenues

on

V

*

&

Ohio

the

and

Effective

CLEVELAND,

*

Long

of

OF -CONDITION

partnerships,

Kleindinst

New

preferred and guaranteed stocks
and cash; and 51.86% in common
of Feb. 29.-

anc

DISTRICT NO. 2

RESERVE

established

were

to

at

President

at the Waldorf Astoria Hotel.

as

G.
21

Kleindinst

pany) were eliminated. The port¬
folio
showed
48.14%
in
bonds,

stocks

Tri

Company

(Section.25a of the Federal

New

Annual

ne r

Colonial Trust

I

...

provisions

March

N.Y. IBA Group
Annual Dinner
The

ecu

'

Bank

Penn

REPORT

atomic

of

director

as

George

as¬

ear¬

me

had total resources of $14,-

merce,

and

He will

Association.

Trade

Free

Reserve

the period to 48%

]\

de

to vote on the plan of

soon

William

"the

sets

at

Shareholders of each bank will

has

Market

Common

pointed out that Towne, Inc., has been named
stability portion of our in-; President and a Director of Man¬ international field.
* -'
H:
vestments was
increased during aged Funds.
/
The

Hei

Preliminary approval has been
received by the Comptroller of
the Currency and the Pennsyl¬
vania state banking authorities.
Both were required, since WPNB
is a national and William Penn is
a state bank.

.

Bank

Manhattan

Chase

of New York and

Leicester W. Fisher, Vice-Presi¬

6,028,793

437,328

has
been
approved
by the
boards of each of the two banks.
it

19G

vv;

but since
has
had

Funds

of about $128,000,000.

assets

val

Pennsylvania National. They said

York, was an¬
Emerson Gentz-

■

of

sha

Ch.

wit

Roy C. BoneTrustee of Empire City

year ago

withdrew,

Managed

of

jointly with M. A
Cancelliere, President of Western

of

consolidation

of

after con¬
He joined the Bank in 1954 and
tending the fund had issued false
became head of the atomic energy
reports.
The fund at that time
division the following year.
was
under
the
management of
Hilton H. and Hovey E. Slayton.

to

the announcement of the proposed

consolidation.

*

*

*

election

European

Exchange

of the shares

4,083,769

$76,805,447 $85,628,024

resources.—

and due

on

fee

'

Securities

the

in¬

amounted

profits—

91,075,214

then Walter K. Davies has been elected
four Executive Vice-President of Mor-,
,r
'V-.'. sjs
#
? .»•
Presidents.Channing, a holding gan Guaranty International Bank¬
Corporation
and
Morgan
company, operates an investment ing
American Business Shares, Inc.,
International
Finance
a
balanced investment fund, re¬ management firm, Van Strum' & Guaranty
Corporation, it was announced by
ports net assets at Feb. 29 totaled Towne, and an underwriting com¬
H. P. Davison, Chairman of the
$25,176,233, equal to $4.04 on each pany, Hare's, Ltd. These serve ^s
advisers
and
under¬ two
companies.
The
companies
of the 6,215,889 shares outstand¬ investment
are
writers for eight U. S. and Cana¬
wholly-owned subsidiaries of
ing. On Nov. 30, before the capi¬
Morgan Guaranty Trust Company
tal gains distribution in December' dian investment companies with

mon

fund

my

•

Feb.

on

economic growth in which

investment; opportunities will be¬
come

fund

38,122,114

promoted Dr. Paul F. Genachte to
Vice-President, George Champion,
President, announced March 30.
-On April 30 Dr. Genachte will
become
chief marketing
officer
for the international department
and
will
supervise the Bank's
activities in connection with the

restore

n

a

Funds

companies.

earlier.'I

year

each

effectively as any hedg¬
ing analyst. Nor did John Middleton, Vice-President and head of
the research
department of In¬
as

the

of

34,421,906
84,168,881
4,427,322

discounts

&

The

The

good graces of

This is 8V2%
higher than the $13.08 a share a

Fund,

closed-end

top-flight

M

December, the net asset value per
$14.19

of

would

Nalco

reduced

three

in

vestments

of analysis were
Herbert Bernenko,

Vice-President

made

stocks in
were
in¬

fund

50,722,294

security

S. Govt,

nounced

hope that its
management

Adjusted for a capital gain distri¬
bution of 36c a share, paid last

.school

compass

The

46,601,270

:

holdings

'

a

the

fee

Crump, Jr.,-Chairman
of the board and Wilbert S. Greb
President of William Penn, made

ler, President.

Manage¬
Co.

cor

be«

Edward

Savings Bank, New

Town-

group,

of

companies

creased.

shares

the

to

send

Ampex

and

Holdings

other

30

box-the-

understandable
the

but

in

Canada

of

Chemical-

«

commendable

Less

it

Feb. .29

ended

Nickel

primarily

are

we

in the

during

reports

from

Cash and due

Loans

*'' ;•

.

159,312,247 164,177,130

—

banks

$

194,420,240 202,700,090

Deposits

U.

''

-

■ ■■

resources

brake

slate

the

the

of

Corp., Honolulu Oil, International

into

and

stock fund."

common

a

stocks

common

for

ment

investments

new

switch

ever

of direc¬

8,636,895 votes

about

months.

Fund

quarter

don't

"I

of

Holdings
from

of resources

41%

to

Stock

at

Total

The

tors, against:

Massachusetts Investors Growth

switching
into bonds.

and

reduction

a

St.

Channing

times. As to

stocks

think

stocks

common

and

increased

first, two

fully

itself

keeps

in

invested

•

Dec. 31/59
■
$

15/60

Mar.
i•

banks

proposed

slate

a

slightly higher figure than three
months earlier.
He said that, un¬
like most balanced funds, Invest¬
ment

its

in

increase

an

stocks.

common

reserves

38%

NEW YORK

Cash

Funds has
Channing Corp. the

-

OF

NATIONAL BANK

GRACE

THE

.■

Bai

-

!

Deposits

Managed

with

anc

Commerce

*

*

COLONIAL TRUST COMPANY, NEW YORK
Mar. 15/60
Dec. 31,'59

of

con

Pennsylvania National Bank, Mc«
Keesport, Pa. ■

value.

winner, getting 9,169,699 votes for

preferred stocks, bonds and cash

fund, with net assets in excess of
$60,000,000, had 97.4% of its in¬
vestments

by

securities

senior

the

that

disclosed

Henderson

ended

investment

analysts would
like to say it, if only they had the
courage to say it.
'
to say and

$2,731,490 consisting of
shares of the same par

.

control

for

contest

Louis-based

beginning of the year its
program
"has been

since the

saying what many
market-letter writer would like

The

that

reports

Fund

Wellington

was

546,298

Total

The Funds Report

common

investments."

as

Henderson
a

of

future

the

about

to

Undivided

Managed Funds

not disturbed

are

each,

*

Fisher Heads

tio

«

Pittsburgh, Pa., announced plans
for
consolidation yvithv Western

; 'V

-

$2,521,375 consisting-of 504,shares of the par value of $5

Hi

275

kets."

stocks despite
decline in the

the

of

extent

ing 1959.

then, as one helpful analyst told
his breathless readers: "It's differ¬
ence
of views that makes mar¬

were

common

the reports pour

as

V- r:..Hi

William Penn Bank of

paid capital gains dis¬
of 25c per share dur¬

tributions

its capital stock

from

record high of $5.62 per

the Fund

views
in, but

clashing

of

Evidence

encouraged
early
this month when Ernest
Henderson, a trustee of, ,Invest¬
ment Trust of Boston, said: "We
still

to

report

year-end

a

North America, New

York, to increase

share, up from the $5.48 per share
reported at the close of 1958, he
added. Bateman pointed out that

in

stated

as

to

rose

shareholders."

innumerable market letters.

analysts

remain

which

fund's

the

analysts are getting less
guidance from fund managers
than the public is getting from
The

in

investment

its

increased

views

now

the poor

=

of the fund: "The fund

Common stocks in recent weeks to
about 95 % of total net assets in
reflection
of
Lehman
Brothers'

if

buying'of equities

aggressive

business activ¬
Dorsey,
Richardson,

Says

has

their

more

Fund, continues to foresee

President

these
days it is the need for investment
which

year-end assets
of $1,614,174, Frank B. Bateman,
President, said in the annual im¬
port to shareholders. The increase
was accounted for principally by
a
rise in the sales of the fund's
shares during 1959 to $1,567,504,
from sales of $791,590 in 1958, he
said.
Net asset value per share

further upturn in

ity.

on

77.65%

$2,867,590 at Dec. 31, a

Th

Pa., Frank R. Denton, Vice-Chairman of the bank, announced.

given to Commer¬

was

cial Bank of

increase over 1958

Street

it

said

fluctuate"

will

"Stocks

of

climbed to a new

assets

net

Still, Lehman Brothers, invest¬
ment adviser to the One William

with his

Morgan, of course,

P.

years

days."

who counsels "a
selective attitude toward stocks."
market behavior,

J.

when I see
happened in the first 90
10

span

Offices, etc. • Revised Capitalizations

New Branches • New

•

*

*

*

Florida Growth Fund, Inc.

Familiar to Wall Street

Consolidations

•:

C-

MacMillen, Jr. |nirpctors

Deyo

Benacerraf

{Direu

J

.-1

J

Number 5938

191

Volume

. ..

The Commercial and Financial

Chronicle

(1395)

19

i

245,617 and deposits of. $13,118,409
nti Dec.
31, 1959.
The addition of these assets to

!•\o]

n°l

Na-

Pennsylvania

Western

+hP

will form a con-

resources

of more than $200WPNB had total re¬

dated bank
0

1959,
merger

J?®

-rof the Citizens NaOrange, Va., With

Rank of

,

stock of $125,000 . with
The Peoples National
Rank of Charlottesville, Va„ with
common stock of $1*868,960 has
heen
approved and became ef¬
fective as of the close of business
March 16. The merger was effprted under the charter and title
of The Peoples National Bank of
common
and
into

nn

Charlottesville, with capital stock

$2,193,960 divided into 438,792
shares of common stock of the par
value of $5 each.
of

The

*

Plaines

*

Mr.

National

Texas,

by

Bank

the

stock, increased its

capital

stock

$375,000.

from

Effective

sale

of

37,500

$250,000

M.

Cook,

announced the merger. The bank's

rated, 120 Broadway, New York
City, members of the New York

capital is $167,000,000.

Stock

to
17.

outstanding

The proposed merger of the Wells

*

A charter

«!

.

H:

issued to the Santa

was

Barbara

Louis

is

Lancaster and the
Cashier is Daniel B. Turner. The
and

of

the

bank,

Company, which

was

given ih the

Feb.

the

"Chronicle,"

of

$600,000
the surplus is $900,000.

formed

with

offices

VIEW, Calif.—L. E.
Jenkins, 582 Anza Street, is con¬
tinuing the investment business of

National Bank

L.

the

Third

firm.

E. Jenkins

&

Co., Inc.

163rd

name

& Co. Mr. Schwebel

Waldeck died March 22
at the age of 88.
Mr.
Waldeck, known as the
dean of
American bank credit
men, had retired in 1954 as Ex¬
ecutive Vice-President of Conti¬
nental Illinois National Bank and
Trust Company of Chicago, III.,
and only last January retired as a

was

in

Building to engage

securities business.

a

Hammontree is

:

H. Wayne

principal of the

a

FORD, 111. —Robert E.
&

Associates,

been formed

tional
with
after

securities

business.

Sechler is

in

1959

elected Assistant Cash¬

1903,

nental

■ v

Vice-President-

Conti¬

and Director of

National

Commercial

and

in

Vice-

1910 became

in

and

1909,

President

following the old Continen¬
tal's merger with Commercial Na¬

Bank

tional.
Mr. Waldeck was'named

Exec¬

utive Vice-President of the

pres¬

in

Bank

Continental

ent

1932,

shortly after the merger of Con¬
tinental National Bank and Trust

Pullman

The

7 '

%

J*:

■

'AN

Bank

Lin-

of

Further diversification of Pullman's interests was

KELLOGG

"coln, Neb., with common stock of

year

$2,500,000 and the Continental Na¬
tional
with

Bank

consolidated,
close

of

the

charter

Bank
title

of

March

of

the First

which

Trust

are

now

The

ANNUAL

under

under

and

REPORT

HIGHLIGHTS
1959

1958

$406,870,010

$371,728,569

383,444,258

357,794,379

23,425,752

* '

13,934,190

FINANCIAL OPERATIONS

SWHMPELL

with'

Revenues

DRESSLER

capital stock of $3,750*000 divided
into
187,500 shares of common

Expenses

stock of the par value of

Income before Income Taxes

*

-

•

*

$20 each.

sis

■

Federal and Foreign Income

By

a

stock

dividend, the National

capital stock

500,000

to

March

16.

Effective

(Number
*

•

value $10.)

nolia,

Ark., by the sale of new
stock increased its common
capistock from
$400,000 to $500,000. Effective
March 15.
(Num¬
ber of
shares outstanding 50,000
Par value
$10.)
*

Net Income Per

DIVISION AND

$

The First National Bank of
Mag¬

*

$

13,542,752

8,454,190

$5.87

Dividends paid

SUBSIDIARIES

FINANCIAL CONDITION

'

Pullman-Standard division
v

The M. W.

$4.00

(Year End)

■■

_

;

46,567,620

Current Liabilities

■

7

.

■■■■

.

$172,955,948

$169,127,926

Current Assets

Kellogg Company

$3.63

$4.00

Share

shares

of

par

*

$

from: $5,-

$5,750,000.

outstanding 575,000

5,480,000

9,883,000

Taxes

Net Income

Bank of Tulsa, Okla., increased its
common

|

the

National

Company,

Corporation of

Company, both of
wholly-owned subsidiaries of Pullman Incorporated.

National

Continental

-

and

12.

effected

was

Lincoln

First

Bank

Lincoln,
Neb.,
of $1,300,000
effective as of the
stock

business

consolidation

accomplished during the

through the acquisition of the Swindell-Dressier

Pittsburgh and the formation of Transport Leasing

of

common

compared with $8,454,190, or $3.63 per share, in 1958.

improvement in consolidated earnings, coming

Kellogg companies and the Trailmobile group,

March 15.

National

as

principally from the
demonstrates the benefits
to Pullman Incorporated of the diversification program that commenced
with the acquisition of The M. W. Kellogg Company some 15 years ago.

State
Savings
Mich.,
has
changed its title to Springport
State
Savings Bank,
effective
Springport,

The First

share,

The

Springport

Bank,

Incorporated earnings in 1959 after taxes were $13,542,752, or

$5.87 per

Company with Illinois Merchants
Trust Company.

46,322,166

Trailmobile Inc.
Investments and

Swindell-Dressier Corporation

*

Transport

The First
National Bank of Asheporo, N. C. by a stock dividend,
increased -its common

126,633,782

122,560,306

Working Capital

Trailmobile Finance Company

20,634,262

Other Assets

15,924,972

Property, Plant and Equipment, at

Leasing Company

Cost less

'

37,567,832

Depreciation 4

.

35,679,794

-

$178,238,548

$180,762,400 '

Stockholders' Equity

capital

stock

from $100,000
Ettective March 16.

to

outstanding

value $10.)

20,000

/

par

by

a

sis

~

Capital Stock

Capital Surplus-

\ 7' ~

ctrTi

stock

from

dividend,

from

the .sale
$650,000

of

: to

Elective March711.

.

.

'

*

*

Number of shares

.

$750,000.

i^ ^^hahts National
^Arthur, Texas, by


.

-

•

"-.v.-V

;

-

Bank of

~

stock

^

a

outstanding at December 31

32,995,928

-

2,307,879 ;
$78.32

Stockholders' Equity per Share

(Number of

si!

Surplus

-

52,034,500
J

*

;

T

2,330,203
$76.49

new

value*£iQ.^tstaridiri£f 75,000 par'
.

$ ,93,208,120

56,412,305

Bank of Hollystock

coiamon capital
$600,000 to $650,000,

alSo'

32,034,935

Earned

"

_t<5lpaspd .its

stock

$ 92,315,160
-

sis

J*™ National

°d>

*

Consisting of:

1

*

•

'

$200,000.

(Number of

For

a

copy

of the 1959

Annual

-Report write:

-

■■

.

•' 77

7

PulllTlClfl -IflCOTpOTdtcd

■

E.

Vice-President; and D. M. Sechler,

Bank in 1892, continuing
Continental National Bank
it absorbed International in

He was

Robert

President; Irene Meuret,

1898.
ier

has

at 3234

North Main Street to engage in a

Secretary-Treasurer.

REPORT

Inc.

with offices

Pullman Incorporated
ANNUAL

formerly

^

Herman

Director.
He started with the old Interna¬

Street

of Schwebel

with Gruntal & Co. and Alkow &

Sechler

NASHVILLE, Tenn. — Standard
American Securities, Inc. has been

MOUNTAIN

on page
19, has been approved by
the State and Federal
Supervisory

Northeast

ROCK

Standard American Sees.

is

Individual Dealer

with and into the American Trust

1290

under the firm

.

County, Calif. The Presi¬

dent

securities business from offices

at

Exchange, as head of the
Municipal Bond Department. Mr. Co., Inc.
; r . /
■ 4
■'/,
Yancy was formerly with R. W. "7;";
Form Sechler Associates
Pressprich & Co. *

.

Fargo Bank, San Francisco, Calif.,

issue

a

W. A. Yancy has become associated
McDonnell & Co. Incorpo¬

with

of

capital

4

MIAMI BEACH, Fla. —
Benjamin Schwebel is engaging in

McDonnell Dept.

President,

B. Schwebel Opens

'P

NORTH

of

value $10.)

shares

Ransom

common

"March

(Number
par

W. A. .Yancy Heads

*

*

*

its

from

■',777'7'.;7:7'77 *

,

new

The

stock

Lubbock,

/

*

*

*

increased

common
Banking ^Authorities,
and
has
$700,000 to been officially: approved.
The
$800,000, and also by the sale of new Wells Fargo Bank American
new stock
from $800,000 to $1,- Trust
Company ,with combined
000,000.
Effective
March
18. resources of
$2,604,000,000 came
(Number of- shares outstanding into being on March
26, as the
100,000 par value $10.)
11th largest bank in the nation.

$193,102,464 on Dec.

of

sources
31,

dividend,

capital

..
v.

■vV;

r

.

100 Westl 0th Street, Wilmington 99, Delaware

20

'(1396)

The

>

11
jrv <»/>•

TVT*

District No. 11 of the National As

Securities

of

. . .

Thursday, March 31, 1960

BANK AND-INSURANCE

.

Names Officers
sociation

Financial Chronicle

Commercial and

•

QrrArilr(;!
ulUVJiVu

-

BY LEO I. BURR1NGTON

Dealers,

institutional potential claims on our gold precludes

Extant of world

Inc., comprising Delaware, Penn¬
sylvania, West Virginia and part

if withdrawals were confined to foreign-

necessity of devaluation

This

Week

Insurance Stocks

—

need for devaluation. The economist hails
market and details the new
discipline this entails upon us.

to forestall any

measures

of the international money

the restoration

After

seasonal setback during the first quarter of 1959,

a

In making this point, Dr. Nadler discusses

short-term funds.

owed

the fire-

casualty

underwriting cycle which turned upward in mid-1958
progressively stronger throughout 1959. The outlook for 1960

grew

is achievement

further

of

recovery

traffic accidents and costly claim settlements, and

pensation
below

still

sufficient

are

normal 5%

a

have

to

held

have to devalue the
dollar if there is a sudden with¬
drawal of foreign owned shortterm funds is

the U. S. may

workmen's com¬
profits

underwriting

James C.

1958

estimates.

Chaplin, III

The insurance

of New

Jersey, has elected James
Chaplin,
III, * Chaplin,
McGuiness &
Co., Pittsburgh, and
George E. Nehrbas, Parrish & Co.,

effective, can cut the cost of insurance considerably. The
Safety Council has estimated motor vehicle deaths alone

more

C.

cations

already have been introduced in several states and

during 1960. These new pack¬
policy and safe driver rating plans presently are being
in California, Iowa, Michigan, Minnesota, Missouri,
Nebraska, Ohio, Pennsylvania, and effective March 31, 1.960 in

Coast

on

SAN

FRANCISCO, Calif. —John
P. Baxter has joined Paine, Web¬
ber, Jackson & Curtis, 369 Pine

to

comes

positions

he

from

Reno,

Nevada,

where

associated with Dean Wit¬

was

ter & Co.

Before

coming West he

registered

representative
with the Buffalo, N. Y., office of
was

a

Merrill

Smith

Lynch,
Inc.

While

for

with

Pierce,
13

Fenner &

years.

(Merrill

Lynch,

he
the

a

t.

in

Jamestown,

N.

Y.

He

seven

in

has

opened

a

under

the

M.

Weinberger Opens

FOREST

HILL, N. Y.

Weinberger is conducting
rities

business

from

a

secu¬

^nd the expense ratio improved by dropping to
Although short of a 5% profit margin enjoyed in
past decades, underwriting profit margins were 2% on average, up
considerably from the marginal results of 1958. Net investment

the
&

Seventy-first

offices

firm

Road

of

name

9%

rose some

at

under

Weinberger

The

continuing increases in net investment income

particularly significant to the investor since increases in divi¬
gains.

Several companies already
others can

and favorable action by

reflected in the ratios

given since earned premiums

incurred when policies

written.

are

total of the two ratios is less than

be consid- ■'

can

100,

A profit is indicated if the

loss is still present if the

a

total exceeds 100.

for

fire

ratios

lines

and

are

operations,

unusually

low

reported

a

territory served

for

such

casualty

lines

as

made]

in internal operations

particular company's

are

To

as

further

method

significant factors.. Based

of

on

well

operation

the present

during 1960.
I

'

;

Net Premiums

%

of

Fire-Casualty

Aetna

>

Cas.

Surety—

&

$339.0

Ratio**

10.5%

Expense

62.6%
64.9*

25.5

3.6

60.2*

19.8

63.3*

32.1*

72.9

8.3

258.2

12.0

87.9

7.3

57.0

22.2

Insurance

Employees Ins
American

Hartford

National Bank of India Ltd.

26

BISHOPSGATE,
London

13

ST. JAMES'S

Trustee Depts.:

Govt.

Rd.,

13 St.

Nairobi;

A

STREET,

S.W.I1

James's Sq.; and at

Ins.

Dept.:

34

Parlia¬

18 St. James's Sq.
ADEN, KENYA,

PROTECTORATE

TANGANYIKA, ZANZIBAR,
NORTHERN

AND

SOUTHERN

New

/

River

Northern

RHODESIA

interest

S.

Fidelity

Cas.

&

an

outflow of

gold," the economist
is

on

large

a

enough scale it is sure to affect
the credit policy of the Reserve

countries

of

interna¬

the

of

the

ket

international

discipline imposed

new

governments

centers

.

.

financial

and

constitutes

.

on

im¬

an

7.3

portant bulwark

against inflation

and

measures

70.5

13.7*

J 15.8

18.4

61.2*

39.0*

—0.2

—6.1

61.3

•

36.5*

1.5

5.4

64.0

against

lead

to

all

deterioration

a

purchasing

of

power

which
in

the

currencies,"

«'

—3.3

4.2

1.1

38.3*

1.5

—3.6

he concludes.

—0.9

—0.3

41.5*

60.2*

.10.3

—1.3

40.0

54.4

;

37.3*

60.3*

2.6
18.6

.

9.6
14.3

54.5*

43.3*

57.1

37.6*

59.4*

40.0*

57.5*

40.8*

1.7

0.3

2.3

—1.6

5.3

6.5

0.7

,

—2.1

8.1

59.1*

36.9*

4.0

62.3*

39.5*

—1.8

—5.6

5.1

74.8*

24.6*

0.6

—0.5

277.9

11.0

59.8*

36.4*

3.8

0.4

59.4

10 3

57.6*

40.8*

1.6

-

The

Sums Up

New

Graduate
up

The

restoration

ternational
event

of

marks

Professor

money

the

great
end

sums

follows:

as

facts.

In the first

the

market

is

significance.
of

the

'

institutions

member

period

The

sity to maintain confidence in its
and to protect, its integ¬
rity is the obligation of every re¬
sponsible government, regardless
of

the

in¬
an

It

of

shows that the
war-torn

has

of

amount

foreign-owned

(4)

money

centers.

it

initiative

of

credit

policies

the

recession

But

the

not

central

individual

the

banks

a

on

does

disciplines

certain

deprive

of the in¬
market im¬

restoration

The

ternational

various

in¬

center.

vested in its financial

to

adopt

intended to fight
to prevent grow¬

and

ing unemployment. In formulating
credit policies, these banks will
have to consider not only domestic
economic trends but also money
Unless

centers.
elsewhere
materially, it is doubt¬

interest

decrease

whether

been

govern¬

ratas

money

rates in the

drop to levels which
prevailed in the recession years oi
1953-1954 and 1957-1958.

U.

S.

will

.

Money rates in this
ness

the

disposal

currency

continue

that

abroad

all other nationals. The neces¬

World

Europe

which

money

transfer

could

larger than that at the

of

many countries at the outbreak of

and

of

amount

exchange restrictions instituted by

completed

lead to

could

panicky withdrawal of these
foreign-owned short-term funds.

0.0

♦♦♦Expenses incurred to premiums written.

dollar

the

of

un¬

in the integ¬

a

4.3

the

re¬

Fund.

would

which

confidence

—0.1

of

can

Monetary

Administration
dermine

1.8

of

the

Only actions by Congress or the

3.6

economies

S.

vast

U.

the

to

the

of

sources

40.5*

reconstruction

monetary

S.

U.

country,

recourse

35.3*

*Improvement in performance over 1958,
incurred to premiums earned.

the

Secondly,

stock of gold is still the largest in
the
world
and, like any other

57.7*

**Losses

the

as

International

Monetary Fund.

61.1

It

such

and

Bank

10.0

II.

substan¬

a

is owned by interna¬

tial amount

tional

12.6

.

considerable

a

working balances, and

49.1

War

place,

part of these funds is kept here as

31.4

Surety

belief is not warranted

a

by the

ful

of

could

market conditions in other

University

School

his views

(1)

Conclusions

York

2.8

2.5

lar. Such

poses

"The

sudden

funds

these

force the U. S. to devalue the dol¬

mar¬

signifi¬

cance.

the

This has
a

short-term funds that may be

money

"an event of great

as

of

withdrawal

is

Thus, the Reserve, when formu¬
lating credit policy, will have to
consider not only economic con¬
ditions and trends at home, but
also mpney market conditions in

large excess of

a

to believe that

some

Americans

authorities."

other

has shown

years

led

rity
latter

the

—1.1

76.6

Guar.

"If

2.2

161.2

Fire Insurance—

Western

other centers and

—1.1

—2.0

M—__—_

&

a

owned funds to

1.8

2.5

5.0

Standard^ Accident
S.

cause

rapidly, it
shift of foreign-

8.4

2.2

70.9

.

Travelers
U.

will

decline too

rates

—0.5

817.0

&

"If

short-term

high, and the U. S. bal¬

are

have

38.2*

2.3

71.9

F

the

38.9*

40.2*

z_-__

St.

of

structure

country, he states.

61.7

45.1

Casualty—a.—-

2.6

37.4

12.4

Insurance

liquidity is bound to affect
York Money mart and

60.0*

27.9

Reliance

Paul

34.7*

—3.0

4.6

57.5*

46.1

,

8.8

60,1*

65.3

Insurance

2.0%

0.6

5 Jl

21.7

Hampshire

North

Ohio

132,0

Fire--

9.6

*

5.6
.

UGANDA,

PROTECTORATE.




Casualty

56.9

1.7

357.8

Fire.,

.

12.2

243.5

America

Westchester Fire

in:

INDIA, PAKISTAN, CEYLON, BURMA, KENYA,

ADEN. SOMALILAND

No.

Merchants

National

U.

UGANDA, ZANZIBAR & SOMALILAND
Branches

Insurance

Maryland
E.C.3

SQUARE, S.W.I

the Government in:

Home

147.3
478.3

Fire

Insurance

LONDON,

St.; Travel Dept.:

Bankers to

Ltd.

Branches

54 PARLIAMENT

ment

Bank

Office:

2.6%

/

'

_____

1958

'

432.1

Insurance—_

Glens Falls Insurance—

Great

a

*

39.2*

358*6

1959

34.8% *

i6.2

Fireman's Fund

Head

Profit Margin

Ratio***

172.5

Gov't

now

New

the

for the various credit

payments over receipts.

"interna¬

Dr. Nadler hails the restoration

Underwriting
Loss

1958

(Millions)

Continental Casualty
Federal Insurance

GHndlays

tional

is

for

location

of

New
banks.

extended

of payments for the last two

World

there

that

fact

the

Stocks

Gain

Over

Written, 1959

American

market

money

,

1

Allstate

of

the restoration

S. of

at the end of 1958.
choice

large

thus

Foreign-owned

(3)
assets

%

tional market, he points out.

•

Underwriting Performance

y

is safe,"

dollar

of the

trade,

as

explain

outloojc, prudent and patient insurance stockholders should be well
rewarded

and

au¬

aware

and

finance

international

the

higher

are

health, and workmen's compensation. Expense

reflect efficiencies

differences
and

ratios

expense

changes in classes of business underwritten.

Amalgamating

are

declares.

group accident and

LIMITED

the monetary

Congress
could
bring
about a change in the dollar's in¬
ternational value," he adds.
r
Dr. Nadler analyzes the impact
the U.

have

ing and investing activities.

"Only

ered accurate measures of exposure to loss and the
major expenses

Due to characteristics of

BANK

to
of the Mone¬

Dr. Nadler says.

on

the

commercial

City
funds

These

banks to broaden their own lend¬

and Congress

world

The
a

Co.

NATIONAL AND GRINDLAYS

•

1958, while investment portfolio appre¬
against the substantial appreciations expe-v

cash dividends

York

ance

as

with

primarily

instruments and have enabled the

•*

.

the future

over

as

obligations, bankers accept¬
and in other credit instru¬
ments, or they are kept on deposit

ury

the market

.

of the

representative list of companies
which achieved
gains in premiums written during 1959.
The
increased frequency of companies reporting combined loss and
expense ratios below 100% can be rioted. Underwriting trends are

are

110-45

tary Fund.
"As long

in

The nearly $20 billion of

that the

asserts

to the vast resources

thorities

international trans¬

invested in short-term Treas¬

are

this country can have recourse
*

to finance many

these funds

stock of gold is
in the world and

monetary

still the largest

37%.

be anticipated during 1960.
The table presented covers

.

Mandel

—

S.

U.

V.]

reports./
economist

The

61%

have increased

^

>.

Fund, Dr.

role

around

dends tend to be related to such

management of Mervin

Dent.

as

International Monetary

automobile bodily injury coverage

on

international institu¬
the World Bank and

is owned by
tions such

Nadler

highest return
which in turn

ances,

responsibilities resting on a
leading financial center and its

rienced in 1958.

branch office at 921 Nbrth Central

E.

controls. through

are

become

lingering loss experience

are

Company

has

ciations were.modest

HARPER, Kans.—Thomas Invest¬

foreign-owned

kept here as "working

addition, a substantial amount

In

members to the

the

obtained,

actions.

and.workmen's compensation, fire underwriting results were somewhat better than casualty lines. The industry's loss ratio declined

income

ment

present

their

Many annual reports of insurance companies are now in the
of stockholders;- the underwriting experiences make the
reading more pleasant. For the industry, a gain of about 9% was
registered in net premiums written during 1959. Due mainly to

around
.

years. '

Thomas Inv. Office

•

expense

if

to

ex¬

foreign-owned funds in the U. S.

to

~

also

taught adult education classes
Buffalo for

improve

must
New

being weighed. Budget payment of
increasingly popular in the industry and*
the movement toward mechanization through the use of electronic
equipment is accelerating. Changes in merchandising are spread¬
ing beyond the automobile field since competition is telling the
stock agency companies to adopt means of reducing the cost of
operating through the independent agent.
premiums

the

Cornell ^University,
Syracuse University, Hobart Col¬
lege and the Chautauqua Institute
at

groups

results

maintained.

of its

domestic and

out

are

the

and services.

where

be

uses

Nadler

Marcus

balances."

hands

frequent lecturer^^i
subject of investments,addressing

was

be

efficiency and flexibility

San Fran¬
r

cisco

operating

to

are

funds

at

multilateral exchange

a

funds

can

that much of these

that

and

center

points

Insurance companies are well aware that competition is keener

today

Street, Resident Manager Louis
Nicoud, Jr. has announced.
Baxter

tested

Connecticut.
I

idle

published b y
Hanover, the
economist

age auto

field

"Inter-

Money
Marke t,"
just

addi¬

trade

to

prices
and

The

national

slated for coverage

are

countries

domestic

international money
market in essence operates like a
commercial bank.
It attracts the

report

a

titled

S. increased 2% to 37,800 for 1959. Experimental pro¬
of low cost automobile insurance for the better risk classifi¬

grams

J. P. Baxter Now With

Paine, Webber

In

_

long as
they

developments

bilateral

(2)

Bank.

in the U.

tional states

Mr.

Hanover

National

Philadelphia, Co-Chairmen.

the

to

their

pense of
of goods

As

enforced

were

various

the

world

foster

econ¬

omist

industry made considerable progress this

past year in consolidating its efforts to reduce accidents which, if

curbs

from

con¬

Nadler,
sulting

controls.

exchange

insulate

Dr.

according to the National Board of Fire Underwriters'

cies and international trade do not
need the artificial protection of

enabled

according
to
Marcus

Among unpredictable factors present, of course, is bad weather
can
change the outlook for fire and auto accident losses
quickly. During 1959 fire losses declined 0.9% to $1,047,073,000

ments and their respective central
banks believe that their curren¬

these

not warranted,

profit margin for the fire-casualty industry.

which
from

quarters that

belief in some

The

since the full benefit of rate

increases in recent years is still to be realized. Heavy losses from
such lines as automobile bodily injury, due to the high incidence of

to

country wu

fluctuate

but
influenced by
activity,

with busi¬

they will ai

market c01Jr "
A declin
in interest rates here—if not
ac¬
companied by a similar mo

be

tions

in

other

centers.

Number 5938

191

Volume

.

.

.

The Commercial

and Financial Chronicle

(1327)

Other countries—will lead
outflow of funds and of gold
from the U. S. This will narrow
toe credit base here and broaden
that of the other banking systems.
in

mpnt

Jo

an

short period

a relatively
time the level of

Within
nf

interest rates

must be prepared to meet the de¬
mands that will .be

New NYSE Dept.

our

The

Board

New

York

approved

equalized. <

will be

DeLaura Heads

of

Governors

Stock

creation

placed

a

De

•York

Laura

has

as

New

engineer. He was
Engineer in 1939,

Chief

Vice-President

of

the

Quotation
existence of such a ment and
Planning u n d e r the Company in 1941, and Director of
of foreign-owhed direction of Edward De
the Exchange's Ticker-Quotation
Laura, it
short-term assets will exert a has been
announced
by Keith Department in 1952.
considerable
influence ofl j the
Furistori, President.
George Du Pont, Jr., succeeds
movement of the funds from one
j '"The
Board approved the new Mr. De Laura as Director of the
credit
instrument ; to "another.
Ticker-Quotation Department. He
Mr. Funston said,
When open market rates go higher department,"
"in view of the ever broadening has been with the Exchange since
than the time iate paid by com*
1940.
range of Exchange activities and
mercial banks, a .flow of foreign
the
necessity for planned
Mr. De Laura will be respon¬
and
funds to short-term Treasury ob¬
efficient expansion in the future. sible for
exploring possible equioligations arid other credit instru¬
Recent Exchange studies indicate ment
improvements on the Ex¬
ments will follow. This will be the
a
significant future growth
in change trading floor, as well as
case as long
as the time rate is
new
techniques for
the
ticker
fixed by the Reserve Board and shareownership and volume. We

The

(5)

volume

large

Form

vard

Opens

Shlens

is

business

Street.

—

conducting
from

at

.

Edmund

securities

a

offices

Main

44

'

,

.

a

Securities
formed

70

been

Pine

engage

offices

at

Street, New York City to
in a securities business.

Charles
and

H.

Truman

Treasurer.

formerly

an

Mr.

is

of

Richard M.

nolds & Co.

LARCHMONT, N. Y. — Portfolio
Research Corporation is engaging
in

a

fices

was

Truman,

securities
at

349

Officers

are

President

Truman

officer

are

Boule¬

securities

a

Portfolio Research

Corporation

with

Jackson

in

Harry

from

Post

of¬

Road.

f*.

Schwarz-

A.

Schwarz-

man,

President;

man,

Vice-President; and Donald

C. Adams,

Wasserman & Co. Inc.

business

Boston

A.

Secretary-Treasurer.

banks are not in

individual

the

Truman

West

engage

'

Truman Securities Corp.
has

141

to

Shanley and Sidney E. Weinberg.
Mr.
Shanley was formerly with
Thomson & McKinnon and Rey¬

-

■

at

business. Partners

(Special to The Financial Chronicle)

CHAMPAIGN, 111.

Weinberg & Shanley

CHICAGO, 111. — Weinberg &
Shanley has been formed with of¬
fices

Edmund Shlens

electrical

an

named

De¬

new

the

Company, an
Exchange, in 1934

affiliate cf the

partment of Operational Develop¬

joined

systenj and quotation service. He
also study possible computer
applications to various Exchange
operations.

will

Quotation

the

of

Exchange
of

Mr.

:>

updri

community."

21

position to raise the rate beyond
fixed limit. But this does not

the

apply only to

foreign-owned funds x

: i

thus
raises
the
question
whether the fixing of the interest
and

that commercial

rate

banks may

1958

-

:/
%

>

•

S

1959

s

<t

""

v

,

^

pay on foreign deposits interferes
with the proper operations of the

international money market.
(6) The restoration of the in¬
ternational money market meaiTs
a
return to more normal World
financial
conditions.^ The
riew

I

discipline imposed on the govern¬

comed

been

favor

who

all

by

inflation and

measures

\ ^ V
*
' v'V

^

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<•
*•
<

..

v.

ft

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+

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.

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31

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*:

'

.

v

'

*
^

^
:

V

agairist all

which lead to

ration in the

,

-

important bulwark

constitutes an

against

,

'

"t>"'

wel¬
sound

policies,

monetary

arid

fiscal

has

market

the

form

'

B

ments and financial centers which

deterio¬

a

purchasing power of

currencies, A nation which prices
itself

markets

World

the

of

out

terest

depresses in¬
rates arid has no regard for

fiscal

..discipline

which

or

uriduly

forced

either

change

and

will

to

or

M.

Williams,

O ™ WW

V

>
REFINERY

banker,

*

suddenly March 23.

away

-Li

RUNS

pioneer Pa¬

cific Northwest investiriertt

passed

PRODUCTION

N ET

SS

currency.

Robert ML Williams
Rcbert

M

8i85!

V

ex-

restrictions

trade

to devalue its

be

soon

.

return

to

0

*

.»

'

O

NEW HORIZONS FOR OHIO OIL

connected

Mr. Williams became

'

-

CLIMAX A YEAR OF OUTSTANDING PROGRESS IN 1959

with the Federal Reserve Bank' df
•

the firm

of

and

the

which

Proved

•

Produced

•

Discovered Alaska's first commercial reserves

President

elected

was

firm

in

1943,

August of

He

Chairman of the Boards

was

Directors

and Stock

ite

Fund,

of

of the

was

former

a

HIGHLIGHTS OF THE YEAR

_

.Governor of the Investment Bank¬
Association
in

the

and

America

of

Committee of that Group in 1933,
1934, 1938 and 1939 and served on
several committees of that

orgarii-

zation in the '30s arid '40s, In more
recent years he was a member of
the Executive Committee of the

National

Association

Companies.,.',

;;

of

■

>j
j

Total

j

Net

i

m

a

C.

Rosetahl

securities

fices

at

103

is

Park

Income

.

.

I

Book

2.45

.

1.60

Exploration Expense
.

.

■

.

27.97

52,367,000

39,241,000

31,920,000

27,349,000
44,707,000

109,298
301,305
21,505
/
i.331
100,268

100,681
288,496
18,825
1.360
41,425
42,668

.

.

Share

per

1.60

29.22

55,970,000

Value

S
,

.

.

.

•

•

OPERATING

of¬
Net Crude Oil and

New

Crude

Refined Products

Shearson,
Hammill & Co. has opened
a
branch office at 20 East Main St. ;
—

Oil Transported

Crude Oil

under the
management of Robert
E. Veillette.

.

.

.

.

.

■

•

.

.

•

.

•

—Million Barrel-Miles

Refined-Barrels per Day

.

.

/

94,191

Sold —Barrels per Day

reflect a consolidation of

Full details

Day .'

Cubic Feet per Day

Transported-Million Barrel-Miles

Refined Products
*1959 figures

Valley Forge Securities

Natural Gas Liquids Produced-Barrels per

Produced and Sold-Thousand

WATERBURY,

—

32,156,000

*; 2.76

Share

Shearson, Hammill Branch

Pa.

38,633,000

.

.

Capital Expenditures.

Natural Gas

PHILADELPHIA,

1958

$274,401,000

.

;

.

$349,472,000

....

Dividends per Share

York City.

Conn.

,

,

Payrolls.

from

Avenue,

.

Income per

engaging

business

L:-;'

Revenues

Net

D. Rosetahl Opens
David

' :;•••( ;•

.

Invest¬
</•1

* '

1959*

FINANCIAL

Northwest

Pacific

Group of the IBA. He served as
Chairman of the Business Conduct

ment

of natural gas.

.

Williams

active

liquids.

Fund, Inc., and Compos¬
Inc.,
and
was
well

nation.

ers

72-year-record volume of crude oil and natural gas

a

Bond /

Composite

known in financial centers

Mr.

important reserves of oil and gas in Libya.

position he held at the time

of his death.

of

oil production.

of

Murphey Favre, Inc.,
Spokane investment banking com¬
pany

Brought refining anrl marketing* volumes into balance with, crude

•

Spokane in 1919. In 1925 he joined

The Ohio Oil Company and Aurora

in our 72nd

Gasoline Company on the basis of a pooling of interests for the full year. Figures for 1958 include no amounts for Aurora.

ANNUAL REPORT. For a copy, write:

The Secretary

Valley

rorge Securities
Co., Inc. has been
iormed with offices at 1701 Wal-

THE OHIO OIL COMPANY

Findlay, Ohio

?
Street to
ties

engage in a securi¬
business. Officers are John O.

kalvesen, President; Newell G.
u™ansay, Secretary
Treasurer;
and
Rodney Erickson, Vice-Presi¬
-

dent.




Producers

•

Transporters • Refiners •

y

AURORA

GASOLINE

COMPANY, a Wholly-Owned

Marketers of MARATHON Petroleum Products

Subsidiary • Refiners and Marketers of SPEEDWAY "79" Petroleum Products

22

The

(1398)

Financial Chronicle

Commercial and

spotlight and when the cam¬
paign of 1952 arrived he thought
he

should

With an

President.

be

Thursday, March 31, I960

Our Reporter on

TV

FROM WASHINGTON

. . .

unusual

audacity he entered the
Hampshire primary in which
Truman, toying with the idea of
running again, had permitted his

New

...Ahead of the News
CARLISLE

BY

BARGERON

timid, faltering
voice, and somewhat awkward in
appearance,
Kefauver went into
every
little hamlet in the State
and,
appearing as a bumbling
country boy, he roundly trounced
in

Speaking

The
!

spectacle of the three avowed
Presidential

Democratic

candi¬

Williams

Mennen

had

Gov¬

been

ernor.

In

1956, Senator Homer CapeAutomobile
Workers
in
Detroit hart of Indiana, received the big¬
and
endorsing the Forand Bill gest majority he has ever received
gives you an idea of the campaign by making Reuther an issue. Out¬
side
of
Michigan
there
is
no
they are going to conduct.
dates standing before

The

Forand

medical

and

Bill

10,000 United

to

give health
to

insurance

every¬

old and over is esti¬
$2 billion the first
and the cost rises to stupendous

body 65
mated

cost

in

proportions

subsequent

years.

The cost of it would be added onto
your
are

65

Social Security taxes. There
now
15,380,000 persons aged

and

bill

down

also

and

three

propose an

alternative.

He is

under orders to give further study
to the problem but it is not likely
will

that

he

with

something before Mr. Eisen¬

be

able

to

come

up

Democratic

avowed

woo¬

are

ing
him.
Indeed,
young
John
Kennedy together with his brother,

investigation

Bob, prevented any
Reuther

his

and

UAW

by the
McClellan Committee which con¬
of

jDave

on

Jimmy Hoffa.

committee have issued
committee

for

the

of

minority

a

denouncing the
holding hear¬

roundly

report

and

Beck

1
members

Republican

not

Reuther. They finally
succeeded in getting Reuther be¬
ings

on

fore

the

for

committee

three days but

hower retires.

is

two

the two Kennedys

would not let them bring out any¬

will go into the campaign as hard¬

thing. Young Bob Kennedy, who
was
general counsel of the com¬
mittee,
has
declared
Reuther's
UAW is efficiently and honestly

means

hearted

who would not
aged. It will be
formidable issue. After all 15,-

take
a

people
of

care

the

380,000 potential beneficiaries are
not to be sneezed

Mr.
about

Nixon

There

Eisenhower's
to

give

attitude

is

Vice-President

conniption fits.

hardly be

can

any

If

Democrats

the

will be

something in lieu of the Forand
Bill and he will likely have a pro¬
posal of his own for his own cam¬
paign.

win, Reuther

ministration's

,

wins

yet

The

an

same

Bestest

in

runner,

obvious

the

with

tie-up

of

organized

the

labor,

especially Walter Reuther.
Senator

Reuther

an

in

the

for

the

entered.

reelection

down

in

hit

upon

an

Senator,

investiga¬

term Government bonds

gave

the

nation.

ernment securities.
This

of

instead

year,

34 States in

touring

the Union in quest of

the Presidency or
Kefauver

Vice-Presidency,
touring every little

is

in

largest market.

hard

a

fight

ment

today

is

expected

the

of

(March

will

Don't

Bank

in

before

miss
this

the

Baker

&

Co.,

as

representatives,
has

Alexander

with
in

a

Edwin
joined the

and

fully

Robert

and
become

the firm's New

registered
J.

associated

York

office

Mr.

Woodward and

Mr. Hamp¬

had

shire have

long previous ex¬
perience both in business and in¬

fast rise in prices
obligations has the

of

favorable

be

will

be

It

future.

immediate

out

to be

for just

such

change

any

in

the

a

basic

The size of the negative

ties.

serves

the

will

most

of

amount

likely

re¬

indicate

"mild"

restraint

that will be in the money market.

And the fact that the term

evi¬

is

be

to

quick

tive

nega¬

is the way in which

reserves

past experience, how¬ the ease in money and credit con¬
that changes in trends in ditions is being measured does
security markets generally move not seem to indicate that there
too rapidly and too far in both will be anything like a plethora
directions initially and this may of funds seeking an outlet.
dent

from

more

extending

periods
than 20 years for each.
over

be

the

the recent upturn

in

case

in prices of

Accordingly,

.

Government issues.

office at 150 Broadway, New York

would

to

seem

structive side since the downtrend

City, for the past 27

in

paid uninterruptedly for

years.

seems
as though
the powers that
yields of these securities has .be
will
follow
a
program
of
been brought about by good sized watchful waiting from a position
buying in these issues, with the on the side lines with the trend
exception of the longest Govern¬ of business and the tone of eco¬

-The-

bonds.

still

are

distant

and
and

nomic conditions * being the indi¬
cators which will foretell whether
or' not
the program
of "mild,"

readily by professional
because the buy and

orders

in

small.

who

have

a

in

the

terest

most,

have been
moved
up

bonds
being

Treasury

these

issues

About the only
low

"coupon,

greater ease

long-

A

t

5

years

-

U. S. GOVERNMENT

Long

Firm, Corporation

The

.

,

ease

Possible A;-

Seen
'■

in the money

market

brought

evident
against
of alterations in the
are not going to be

making
limit

been

with the pros¬

rushed into it now,

pects looking much

Securities

is

It

unchanged.

better for the

offering of an obligation with a
maturity of more than five years
within the
present interest rate
limit. A bond issue in amounts
up

to

$1

say

talked

requirements

closing date of April 5th.

about

district

space

.

right out of the spotlight, although
the wisdom of such a move re¬

41/4%

or

your

1

-

Bond

Treasury

A

mains

Federal agency

of

to 176

up

^

that those who have

longer.

years

paid

,

AN

the

or

of

return to more

about the sharp
decline in yields of all govern¬
ment obligations has pushed the
question of change in the longterm interest rate level of 4V4 %

MARKET

which

a

restrictions.

rigid

in¬

which

on

or

ones

investment

real

give way to one

restraint will

are

.

reserve

turn

pass¬

policies of the monetary authori¬

specialists to believe that
uptrend in quotations
extended very much in

nancial
this

and

your

will

a

policy of "mild" restriction
about very
actively in money market circles
does not mean that there is going

"spot" for the time being at least
since it is difficult for most fi¬

the

than

more

"mild"
restraint
give the money
Nonetheless, the action of the market an opportunity to breathe
Amott, Baker & Co., members markets
for
all
fixed
income a bit more easily but this does
of the New York Stock Exchange,
bearing obligations has been very not mean that the tightness has
have
maintained their principal much on the
legitimate and con¬ been taken out of the picture. It
vestments

of the securities traded in the

opportunity to advertise

near-

ever,

similar capacity.

OVER-THE-COUNTER

important issue. Please

institu¬

which is being talked

and capital markets on the

money

Rome, New York, office of Amott,

lengthy list of OVER-THE-COUNTER MARKET stocks

★

the

made purchases
and
middle-term

development.

The sharp and

Llewellyn Woodward
W.
Hampshire have

dividends

consecutive cash dividends.

rise

The

operators,

includes corporations and banks which have

addition,

commitments

Too Fast and Too Far?

of Government

cash

It

in

recent

profitable since it is their belief
that
money
market
conditions

deal.

*

been

In

ascent.

31) and shorts, intermediates and
even a bond could be part of the

his hands but is

on

With Amott, Baker

★ A

have

the

tions which have

An announce¬

sell

resume

that

means

prices is on pretty sold ground
spite of the fastness of the

in

Specialists in
up-to-date

available
them.

commitments

make

to

This

v

ISSUE will present an

intermediate-

tions have had the funds

Will Be Published April 7,1960

world's

the

issues, has taken place be¬
the buyers of these
obliga¬

cause

hamlet in Tennessee where he has

THE CHRONICLE

our

and

short-term
term

ing amount of opinion that these

the

won

very

of

Expected

Treasuries have

Thereupon he basked in

edition

in

uptrend in prices of Gov¬
ernment
securities, that is. the

his pending venture could supply the
market
with
obligations which
He finally
Vice-Presidential nomi¬ might tend to temper a bit more
the fast run-up in prices of Gov¬

down very

Spring

holdings

support to Stevenson.

of

1960

the

The

that cannot be

ment

The

must

securities.

Capital Appreciation

prices usually goes at a

those

withdrew and sought to throw

THE OVER-THE-COUNTER MARKET ISSUE

★

of

percentage
these

taking was to come into the list
since the early stages of a rally

are

who

purchases to Treas¬
or must have a
rigid

issues

ury

buyers

their

confine

profit

that

unexpected

not

was

fund

pension

following
the rapid
and quick run-up in
quotations of these securities. It
ground last week

some

pace
maintained for an
extended period of time. In addi¬
tion, the modest change in money
ballots at the national convention, and credit conditions which is be¬
he was denied either first or sec¬ ing looked for by some, and which
others say is already taking place,
ond place on the ticket.
does not give very much leeway
The
politicians
thought
they
from the policy which has been
were
through with Kefauver but
in force.
he bobbed up in 1956 to make life
The new money raising of the
miserable
in
the
primaries for
Adlai
Stevenson.
After Steven¬ Treasury may also bring with it
son
defeated him in Florida, he a refunding offer so that the im¬

tion of crime and the underworld

1951.

market

Government

The

in

politicians then ganged
up on him and, although he suc¬
ceeded in leading on the first two

the

inveterate

An unknown first term

in

that

An

Tennessee.

of

years

of Estes

absence

the

Kefauver had to take time
he is a can¬

Kefauver

in the 16

be

out this year because

about the verge of bankruptcy to
which he had brought the State

Michigan

won't

Kefauver.

didate

Barry Goldwater made
issue in 1958 by telling

un¬

Johnson who is
announced candidate.

campaign

;

publicans ought to be able to cash
on

the nomination,

less it be Lyndon

midable issue out of this, the Re¬

Democrats

big influence in the Ad¬
councils regardless

a

of who

not

he had

its

wants the Administration to offer

While the Democrats get a for¬

in

doubt

efficiency. Its record of
terrorism in strikes attests to that.
about

The latter

with

on

campaign and, ig¬
the politicians, succeeded
capturing 15 of the 17 primaries

likely to win.

run.

at.

went

of

type

same

or

that the Republicans

This

a

nored by

But

candidates

Presidential

wouldn't

let his health secretary, Mr. Flem¬

ing,

All

Reuther

liability.

a

centrated

over.

President Eisenhower has turned

the

other than

years

to

to believe that

reason

He

Truman.

CHIPPENDALE, JR.

BY JOHN T.

to be entered.

name

as

a

billion

is

bein»

financia
likely part of tne
in

the

-coming financing.

Now La Master,
Regular advertising rates will prevail
for space in this

.

important issue.

Aubrey G. Lanston
& Co.

Ford

HOUSTON, Tex.—The firm name
of La Master & Co., Texas Nation¬
-Bank
Building,
has
changed to La Master Ford

al

been

& C

INCORPORATED

THE COMMERCIAL &
<*

FINANCIAL CHRONICLE

(•*




25

PARK

PLACE, NEW YORK 7, N. Y.
RECTOR

2-9570

With

'

20 BROAD STREET

☆

SAN FRANCISCO,
☆

☆

-

CHICAGO

McDonnell

(Special to The Financial

NEW YORK

:

'

E. Sullivan is now

BOSTON

McDonnell

Co.

Chronicle)

Calif.—Hurley
connected wim

Incorporate^

;Russ Building. He was
Tit1,

r?

hwith [York & Co^

formers
5

*

Number 5938

191

Volume

.

.

.

The Commercial

and Financial
Chronicle

(1399)

Integrating U. S. Subsidiaries
Into the Canadian Economy
Toronto, Ontario, Canada

Standard Oil Company of New Jersey's affiliate

offers

mean¬

ingful advice as tp Jiqw a parept company should treat its Canadian
subsidiary. Also he deals with criticism of our investment and

'

over¬

seas

tax investment incentive policies. One of Mr. White's strictures

is fo

fai;get that subsidiaries pre that and. Instead, think ^p.f them as
iprnpanies-;^W^AHms up the .deferences in a Canadian aper- :,

Canadian

S. operation for the

ation from a U.

product and, thus, shows

same

why there must be more responsible deqeotrajization. Moreover, he

,

receptiveness of our investments in Canada. ;

going to begin with a sugges¬
which
some
people
may

I am

tion

consider
I

tics.

matter of seman¬
going to suggest that

words
"U.-S. subsidiwe.

it,

hard

:

to

ization

of

and

/

legally

'

may

can

anake

actions

be
fre¬

organ¬

decisions

based

on

local

as

they

promptly

;.:

tralization
.

.

•

when

you

favor

company

many

or

and

differences
that

is

a

Canadian

and

new

the

company

the

United

States.

a

m

rs

+and

ticular,

but

community

make think

United

States.

to

different

those

used

,

in

of

way

of

the

which
ke

Functions

•;

That

Should

possible

therefore

atti¬

an

one

in

the United

it

over

is

ideal

an

a

-

long

life,

than

but

the

may

averago

Is

the

question?

proportion

that

in

these
the

States

be

industries

interests
rather

substantially

from
parent
States.
It

the

rates

different

experienced by the
company
in the United
A :

those

,,

is

.

also

important

venture

new

as

a

to

regard

Canadian

company rather than a. U. $.

sub¬
sidiary in order tor ensure its suc¬
cessful development along human
relations lines.
I

human

mean.

broadest
with

By this, of course,
relations in the

including relations
public, with employees

sense

the

and with governments.
^

Decentralization

'/Etc

This
philosophy is u s u a 11 y
translated into operating terms by
the general
description -"decen¬
tralization of management." This
phrase is not too satisfactory since
it implies
a
change from : some
previous centralized .policy,
and
is

process

much

actually? not so
negative one of "uncen-

a

tralizing?
adaption

as

to

a

local

centralization

of

of

positive,^one

conditions. De-;

management

is

one of

the methods which helps to
achieve this end. It is not the only
means

since

and

co-ordination

internal

communication

essential

to

are

also

the

process.
If, then,
emphasize the theme
decentralization, I hope you
will realize
that I am using it as
a
broad label ? for the type 'of
I

appear

to

of

management which is/.c 1 o
geared to local conditions.

s e

1 y

There is nothing new about de¬
centralization of management -in




Capada this has »led to,
emphasis on traris-continentalism in many of our busi¬

a

than

ness

organizations. Canada's motto
tips has

of

a

Canada?

ing shares rather than bonds
will

shareholding

U.

S.

shareholding

never

hands?

to

pass

Are

Canadian

of

in Canada.

Decen-

on

desirable

a1

an

across

,

is

^ Adeal*
8rS

the

operating in their country of

interna-

tional border. Management closely

ongln- :

fact

to

of

that

rather

of

geared to local needs is necessary

But, you may say, I have heard
step in that there Jls & gPQd deal of critiintegrating a company, into the cism and qoncern over American been room for improvement in the
Canadian community — financial investment in Canada. How can communications and perhaps tihe
success.
.1 : : 'id
5 you reconcile this with your state- policies of at least some Ameri¬
i
Decentralization will also assist ment
that- American - controlled can-controlled companies.
,

.

companies are being accepted as
good citizens?
*

The People Dictate the Conditions
As

The answer to this apparent
paradox, it seems to me, is that
the two ideas are on completely
different planes. Good corporate

far

individual

the

as

On Insured Savings
World Savings,

more

emphasis

needs

Continued

In Southern California

strategically located in

dynamic heartland of thriving Los

For example,
timing, extent and pattern of
business cycles in Canada has not
with the timing
in the United States.
There are
other differences, such as interest
rates for money, which, both in
terms of the absolute level and

coincided exactly

timing of changes, can vary
between the two countries.
These economic variations re¬
the

flect basic differences

air mail.

Compare these benefits: Each account

Federal Sav¬

insured' to $10,000 by the

ings and Loan Insurance Corporation
Member of Federal Home Loan Bank

System
lars

•

'

Resources over 50 million dol¬

Dividends Compounded Quarterly

Accounts

•

month
age

earn

opened by the
from the 1st

•

Current Annual

10th of any

Air mail post¬

FREE!... send no w for this l

,

Air mail fund to:

interesting literature!

Such factors as the
•

•

Rate

paid both ways. C

between the

heavy Canadian dependence on
exports (which are about 20% of
the
Gross
National Product in
Canada compared to roughly 5%
in the United States) and on the

mak¬

insured savings
by air mailing your funds to World Sav¬
ings today. Receive your passbook by

circum¬

the

two countries.

leading construction market. Start

Why Investors Look To California
Consumer's Quarterly Newsletter

r % t'a

W/i
^

•

iBusiness Quarterly

Newsletter

v
AM) WAX ASSOCIATION

development of natural resources
create a sharply different
business climate. As a result the
tend to

is quite
countries.
of the chief differences be¬
Canada
and the United
is that Canada is a-bilin-

problem

of- forecasting

different in the two
One
tween

States

LONE

BEACH

BLVD. AT IMPERIAL, LYNWOOD 14
"in

the heart of Los Angeles

County''

,

cor¬

poration is concerned, I think that

7notes

a

individual company.

investors

they persist in the
general approval
specific U. S.-controlled under¬
takings suggests that there has

face

"

Tor the most fundamental

return

other

number of
differences which can have a pro¬
found effect on the fortunes of an
led

Canadian

being given a fair chance to par¬
ticipate? Very broadly, are these
American
controlled
companies
being run as Canadian enterprises
or
as
"U. S.
subsidiaries," with

ing More Money on your

has

v

^ Canadians. They and their activities
circumscribed by
.*! Personn®f support local cam- the rules and
regulations of head
ohtribute to universities
office, or
and.- °ther; causes. T think that ernment? even of the U. S. gov¬
°£ this is being done just as
These are valid questions and
naturally $is if these companies

should

in which the econo¬
mies of mass production can be
attained
is
through building a

variety

mean

that ownership of these companies

can

Angeles County, supplies the booming
demand for home loans in our nation's

a

Does

the fact that U. $. capital is buy¬

say

hin

tivt

Canadian company with ma-

jority

b^en echoed in such diverse fields
as banking, oil manufacturing land
marketing and, not surprisingly,
transportation.
Fairly commonly

marketing system which stretches

run

United

-

the

from coast to coast.

be

practical

that I think
Canadian company

is "From Sea to Sea" and

the only way

the

company

a

marked

stances

Proper Amount of

the

lation^

will

-of

.

lead to its expanding

as:

of

U. S. to
domestic Canadian capital invest¬
ment larger
than is healthy? If

of any

pany, or may
at

j

a
majority of the stock in our
manufacturing industry is held ,by
U. S. shareholders, does that mean

We

period.

trying to achieve it

with- American

the

marketing advertising, forecasting
and
capital budgeting functions'

States.

the financial
One of the more obvious fea¬
such venture. It is tures is the
way- in -which the
also essential from
the growth
jespectiye political constitutions
standpoint because conditions in affect the
legal structure. |
Canada may push the Canadian
There are also differences in the
company into fields not originally
geographic distribution of popu¬
contemplated by the parent com-1

—raises such

a

time.

*

,

U. S. investment—in the abstract

readily recognized.

*he

•

long

a

And '1 might

Be

Decentralized
Where

for

corporate citizenship

more

ap-

.

.

Such

of

company

S. Investments That Raise

stract.

lengths.;

of it as one that certainly
make a profit, but wants

make

+

throughout

for

proaches from

in

uin Pfu" Go°d
the

also

can

good
corporate citizen as the sort of
business that plans to stay in the

markpiim^ and- distribution
alfTf
Process; wants to
arketing
"h

or

think rath^r generally of

a-ff

tude! is essential for
success

defense

said

the making of the town
everybody knows it.

U.

some meaning to most of us.'We>

Canadian or undertaking, even though it
venture, recognition that it is a will have strong family resem¬
"Canadian company" rather than blances to the parept company,
r greatly in the other, necessity, for
a "U. S. subsidiary"
is of funda¬ will often differ substantially be¬
•integration of a company into the
mental, significance. It immedi-- cause of the new environment in
Canadian scene—good human reately establishes an attitude toward which it is operating.
lations.
It implies
hiring local
operational problems, a realization
help wherever.-possible; it implies
that the new project will have to Describes Differentiating Factors
patronizing local sources of supbe governed by conditions as it
Many are probably a 1 ready
finds them in Canada, not simply
familiar with a great many of the
by conditions which the parent circumstances which make a Ca¬
company may be experiencing in
nadian operation different' from
undertaking

When

in

The

has been
and

With all its vagueness, however,
i think the phrase does -carry

,

,

opera¬

barricades

Eagle Co.

citizen

good

a

to rather unrealistic

.many

-transferred

epierge

the

as

product'

thtS

as soon as an

its home municipal¬
state, certain legal problems

result

in

principle
become- intensified in any event, verges on the comcross an international .pulsory
when the operation ? is

tions beyond

ity

just above, a
business doesn't have to wait until

law/

differences,

tralization,

its

the,

mentioned

right from the
Questions
i\
drop of the hat. Now, "corporate
Now, at the same time that this
citizenship" is a phrase which I attitude
exists towards American
familiar to them, the
locally-de-" usually don't like to use. - It is;
investment in the concrete, it is
signed appeal becomes
compulsory far too vague a concept and much
insofar- as
French-speaking Can- too elastic. It can mean nothing quite possible for people to take
a
rather
different
a
attitude
to
iconcerned.
..' >
more than
obeying the strict letter
Aimericgn investment in the ab¬
TP Sum up, there are a great of the
it
be stretched

decen¬

organization' extends

I

the

man

Good Corporate Citizenship
As

specially-designed appeals to your
English-speaking Canadian audience
employing material which is

be 'carried

which

this company's stock is held in the
U.. S. but Podunk Centre would

„???_ 0 •+lanSUjige. Consequently, it is 21 before it attains corporate
.®n
ls. desirable to make citizenship. It is expected to act

over-cen¬

to ithe

the; situation. boundary. Actually,

begins opera¬
tions in Canada, it is subject to
Canadian law.
In effect, it be¬
comes at birth a full-fledged Ca¬
nadian corporate citizen..
Once any

which

Influences

R. White

J.

of expressing

way

out

take

understanding of local institutions

were "Made and local aims and objectives,
nearly one''XXmF'"

Without

.

develop.

.

of
the
exact

This is,
course,

The

loses

circumstances

•

is

,

"

business ^operation

quently

-

achieve.

tralized

shareholders
hold at least a
common

individual

per

also fairly obyioijs.
flexibility of action

are

c o m-

stock."

b.

betwpin
L o/'ferenCeS
chan^thtJnmr!^n^mieS
the significance ot

The reasons for decentralization

f'

pany in which
United States

the

u.

aisticaf

in.the size of

growth

capital invested
employee.' ;f • '; ;K

sub¬
the
words "a Ca¬

/J0!?
A.
there

o

'■•rSS

has

the

stitute

majority

;

1

operation and with every gain in

inCan-

nadian

the

crease

find the

ada"

tt

developed
a
system of branch
,change
operation exists. In the form of
delegation of responsibility, the
necessity for it has tended to in¬

wherever we

ary

It

sense.

P1'0™0*1011 and other

in
in

sfen^To1 hAndJp
iri the Unit^ cft±ec.

wherever

a mere

am

u

their government, and suggests.measures to improve the

this

U

.

importance of good "corporate citizenship," recommends
realization of the>fact 'that the real rules of a business are tf|e cus¬

stresses the

tomers and

™.e*ns that p!y where these offer appropriate ; citizenship is being practised by
S?e£!
g part of Quality at competitive prices; and, j the; Eagle Manufacturing
Co.,
J* markeT can under- rather generally, support for and Podunk Centre, Canada. All of

vnnr

third
of
the
population
which
will not prove
receptive to American
commercials
simply on the

By J. R. White,* President, Imperial Oil Ltd

Head of

y;-

23

CALIFORNIA

-

to

be

put

on page.

33

24

The

(1400)

Commercial and

Canada Is Now Creating the Base for a
Continued from page 1

investments of

the glowing vista the next
decade appears to hold in store for Canada,
it's appropriate to examine at closer range those
recent and current developments which provide
a basis for such optimism.
Last year was devoted
to a resumption of economic forward motion,
which had been interrupted for several months
in 1958.
The figures, for the most part, were
excellent. Gross National Product rose by 7%

years,
related

dwelt

Having

to

a new

high. Consumer spending, which
for about two-thirds of

all-time

Canada

in

on

accounts

high of $22 billion for
reluctance, * particularly
among the French-speaking population, to pur¬
chase on instalment has substantially disappeared.
G. N. P. soared to

1959,

and

the

a

new

earlier

production, in total, also attained an
high level of $2/4 billion. The big in¬
were in iron ore, natural gas, uranium,

Mineral

historic
creases

and nickel. Iron ore production rose dra¬
matically from 14 million long tons in 1958 to
copper

20 million in 1959.

her

own

This

fuel needs in the years to come.

answered by

28 trillion cubic feet of proven gas reserves,
estimates of total*g»aerves

and

running from two to

So this year the TransCanada Pipeline should vibrate with billions of
cubic feet of gas flowing from Alberta to Toronto
and beyond, and border deliveries by other lines
in Mid-Canada and West Canada should more
than offset the so-so figures for petroleum produc¬
tion (now running at less than 50% of capacity).
Export sale is attractive not only as an outlet
for existing gas inventory, but as a dynamic fac¬
tor in expansion of the economy. Implementing
the five major export applications, under consid¬
eration for months, will lead to
direct new
times that

expansion.
Peak and

a

figure.

be

should

Something

Problem

a

about

said

In 1959, sales of uranium

industry.

uranium,
growing

Canada's fastest

which in the 1950s was

totaled $300

splendid result. But
future production and profits have been clouded
by the decision of U. S. Atomic Energy Commis¬
sion, announced Nov. 6, 1959, not to renew exist¬
ing purchase contracts expiring in 1962/3; and to
stretch out deliveries under existing contracts to
million

—

on

the surface

1966. The effect of this

a

50% below 1959,
peaceful uses for
markets in ura¬

All of this soured the

uranium.

uranium

will be to reduce

per annum sales to probably
and to step up the search for

equities and led to financial difficulties in
the case of two major producers. The outlook for
uranium is thus for below-capacity production

nium

some

years

to come.

excellent for Canada's great

The past year was

gas

question appears to be satisfactorily

ten

Uranium,

Expansion

looks forward to a bright 1960
with expected approval of export applications
that may quadruple daily deliveries to the United
States. Over 900 capped gas wells, for the most
part in Alberta, are waiting for the day they can
go "on stream" and loose what radio announcers
might call "that locked-in goodness." The prin¬
cipal occasion for delay in authorization of gas
export has been the question of whether Canada
had sufficient gas reserves to both export gas in
volume, and still have plenty left to provide for
Natural

more

construction and

for

Natural Gas

next three

aggressive exploration, and m
industrial, commercial, and residential

in

They reported peak earnings and there
was a strong market in their shares.
Credit did
become stringent and the interest rate became

banks.

progressively painful to borrowers. The action of
the financial authorities in putting brakes on
credit, however, appears to have been sound. It
stabilized the pace of business, set up a solid
defense against runaway inflation, and kept the
rise in the level of prices to a minimum—about
1%. Share markets generally were less buoyant
than in the U. S., with the oil list particularly
'

inanimate.

of public events, the visits of Queen
Elizabeth and President Eisenhower to mark the
In the

Thursday, March 31, 1960

• • .

Splendid Decade of Growth

$600 million in the

over

Fiwflticifll Chronicle

area

opening of the St. Lawrence Seaway were signifi¬
cant and memorable. The Seaway creates a pow¬
new
artery of international trade, and
provided a unique satisfaction in bringing a
project which had been dreamed of for decades,
into lively reality.

erful

The Immediate Future

be

a

little slower than in 1959. Lumber and

Having peered ahead for a decade, and re¬
the immediate past, what can we say
about the prospects in Canada for the year now
lying before us? Well it should be an excellent
one, although the pace of economic advance may

gas

deliveries are certain to zoom It
should be a fine motor car and appliance year
Travel in all forms should reach a new peak. As
and iron ore

importer of capital in the free

the largest

world

will probably require a billion dollars
from abroad for the sustained expansion of her
Canada

t

It should be another terrific year in
purchasing and the great store systems
such as Loblaw, Steinbergs and Simpsons, should
prosper. Lumber, paper and pulp companies are
in a favorable conjecture. In life insurance, Can¬

economy.

consumer

continues

ada

to

lead the world in

per

capita

Both the rise in resources of life com¬
panies and the trend towards mutualization are
expected to continue. Gold, which holds fifth
place in Canada's mineral production, should
duplicate its 1959 total of $154 million, but still
must wait patiently for a rise in the price, frozen
for the past 26 years at $35 (American) an ounce.
Among problems still to be contended with
again this year are the economic lags in the
Atlantic Provinces, sagging coal production, the
coverage.

achievement of a broader export

market for oil,
($1.4 billion in

deficit

trade

the

of

correction

1959), and a lessening of foreign domination in
ownership in Canada's industry and resources.
Achievement of this latter objective is not
easy

for the reason that Canada continues to

afford

one

of

the

attractive

most

climates for

protected and profitable investment in the entire
world. Here is a great; nation, rich in real estate
and natural resources, blessed with a sound gov¬
ernment, and dedicated to the private enterprise

system which rewards initiative, imagination,
industry and investment, and protects these by a
sound currency and a banking system of magnifi¬

Solvency. Ample pfoof Of the™ desirability pf
is found in the following
tabulation of securities which have paid con¬

cent

Canadian investments

cash

tinuous

the Canadian stock

purchased
of

from

dividends

Most of these issues

dreds

viewed

paper

production may reach new highs and natural

listed

are

131

to

years.

one or more

pf

exchanges and they may be

or sold through any one of the hun¬
highly reputable Canadian brokerage

Whether your

and investment houses.
for

5
on

search is

dynamic growth,
rewarding reading.

dividends, diversification

this list should prove

or

TABLE I

i-#..

'vawi 'J-*.*'

M

(Listed and Unlisted)

ONDS

Common Stocks

STOCKS

i

On Which

CONSECUTIVE

CASH

DIVIDENDS

r

Have Been Paid From

Markets maintained in
•V

;.

•

or

10 to 131 Years

and internal bond issues..

Stock orders executed

Exchanges,

all classes of'Canadian external

the Montreal and Toronto Stock

on

net New York markets

quoted

12 Mos. to

Dec. 31,

Years Cash

TORONTO, MONTREAL, OTTAWA, WINNIPEG,

1959

Divs. Paid

~

|
i

.

v

Abitibl

Power

.

&

Agnew-Surpass Shoe

Dominion Securities Grporatiom
Associate

Member American

Stock

Exchange

Boston

London, Enf.
Ottawa

Calgary
Halifax




40

EXCHANGE

PLACE,

NEW YORK

5

Telephone WHitehall 4-8161
Canadian Affiliate

—-

Member Toronto, Montreal

and Canadian

Stock Exchanges

4.3

0.63

b!8 Vz

3.4

0.55

32/4

17

*0.35

b5/>

6.4

Stores.
26

distributes

'

,

Ltd.

%

1959

39 V2

.11/ 1.70{

Newsprint and allied products

and

Paymts. to
Dec. 31,

Paper Co..

Ltd.

Makes

Dec. 31,
1959 ♦

Yield

Based on

—Canadian $ §—

-

BELL SYSTEM TELETYPE NY 1-702-3

Quotation

Extras for

secutive

CALGARY, VANCOUVER, VICTORIA AND HALIFAX

%

Including
No. Con-

DIRECT PRIVATE WIRES TO

Approx.

Cash Divs.

on request.

shoes

Vi

^through 128 store'retail chain
Aluminium Ltd. now

*- ,

';
21

:

'

Toronto
Montreal

!

Andlan National Corp., Ltd—

Winnipeg

*

Vancouver
Victoria

Largest producer of aluminum
Ingot In the world

i'

16

Operates oil pipe line In
Colombia, S. A.

>

1

(

Quotations represent Dec. 31, 1959 sale prices or the
prior to that date. Bid and ask quotations are as of

t
current Canadian Exchange Rate.
D-Blu.
^
A

•

"

-4.

..

4-

Dividend paid in U. S.

u

.

Currency.

/

if'-.:

last sale

pr^0

Dec. 31. 13

Number 5938

Volume 191

.

.

The Commercial and Financial
Chronicle

.

(1401)

Canada Now Creating the Base
For Splendid Decade of Growth

>aper
1

Cash Olvs.

a.

No. Con-

It

secutlve

Anglo-Canadian Pulp and
Paper Mills, Ltd
—

>llars

tlon

31,

on

Dec.

1959 ♦

equipment,

31,

pumps,

1959

in

Holding A operating
Interests In Can. gold

2.00

20

0.50

121/2

273

4.8
4.0

Bell

b7%

2.6

Gan-

Corp., Ltd.

Argus

apita

Investment

13

—

1.00

1.40

22

of asbestos flbrs

Mining * milling

,

26

'ozen

f,

Auto Electric

r

BANK

oil,

n

in

19

0.16

5.5

Petroleum

Service Co. Ltd.

MONTREAL

OF

2.76

5.8

offices

not

•

13

1.25

25%

4.9

Banque

to

on

Co.
1.85

55

Nationale

Brock
2.25

exploring
Ontario.

Canada
4 7

,

0.4

10

1.00

34

2.9

0.75

17

4.4

16

0.10

10

1.00

15

6.7

11

0.80

b21

3.8

15

1.50

105

4.60

218

2.1

32

2.00

57

3.5

24

1.75

47

3.7

2.00

b57y4

3.5

17

1.40

44%

3.1

35

1.30

32

4.1

drilling rights

gas

i

Ltd.

cement

26

0.40

b6%

——

Dominion

&

Sugar

Co., Ltd.

*

.

Cane

and beet sugar

refining

Canada Bread Co., Ltd.-

6 2

Bread

b3.50

2.9

cake wholesaler and

and

retailer

li

2.80

'

b52

5 4

Canada Flooring Co. Ltd. "B"

I

Specializes In manufacture of
hardwood

Canada

flooring

2.50

b50

'

■

all

klnda

largest foil converting

plant In Canada

5.0

revenue

50

of

Foils, Ltd

Oldest and

25

Canada Iron Foundries, Ltd.-

•.

1.00

19%

7.6

Holding and operating company—
machinery A equipment Interest*

'3 0

33%

production, refining,

Canada Life Assur. Co
largest Canadian com¬
panies underwriting life, accident

co.,

1.40

36%

and sickness Insurance

3.8

Company

controlling B. C.

All

Columbia

Telephone

"Ord."

__

(Stanley) Ltd. "B"_—

44

2.00

b42%

14,

4.7

78

1.90

56

3.4

5.60

b65

In

New

a

10

0.30

0.54

Steel

5.6

Malt

13

0.40

b8%

4.8

Full

33

1.80

29%

6.1

brewing A distilling

•

12

0.45

3.85

11.7

line

of

prods.

packinghouse

Canada Permanent Mortgage
on

gold dredging project

Canada Steamship Lines, Ltd.
Freight

23

0.85

18

13

new

first mortgage security,

Issues debentures, accepts deposit*

Qulnea

0.60

bl3

*

other

4.7

and < passenger

vessels:

Interest*

includ*

diverse

hotels

rolling mill Jt related opsr.

Meat, lards, butter,
ucts, etc.

.

the

for

Corp.

Burns & Co. Ltd

various properties N W

in.

Toronto
on
Jan.

Canada Packers Ltd. "B"

Dredging, Ltd—

Burlington Steel Co. Ltd.

supplies

called

1960.

Industries

8.6

Operates

mutualized.

been
stock

Canada Malting Co., Ltd

Insulation

Bulolo Gold

has

common

Trading
in
issue
on
Stock Exchange ceased

Asphalt roofing, flooring and

27.

Holding company, prospecting and

prise
ition,

Portland

Laundry supplies, hardware,
plumbing supplies, etc.

3.2

70%

29

—

Barymin Explorations Ltd—

gov-

22%

29

and

0.10

104

oil

Canada Cement Co.,

largest privately owned
telephone system In Canada

Operates 594 branches in Canada

printers'

31,

1959

23

-

Lends

Barber-Ellis of Canada, Ltd._
and

42%

*9

' **7

•

Second

3.4

Canadienne

Stationery

Ltd._

Building Products Ltd—

page

for

state

2.00

79

42

British

131

ntire

>

94

Electric Co. Ltd.

-

branches and subthroughout the world

See Bank's advertisement

125"
i f

and wool felt hats

Ltd.

584

Operates

Dec.

In Alberta

British Columbia Power
Corp.
Holding

BANK OF NOVA SCOTIA___ 127

rces.

is

bl3%

Operates 813 branches and ageneles throughout the world
•
See Bank's advertisement on page 30.

in

m

0.72

Paymts. to

One of the

automotive
electrical carburetors A auxiliary
equipment

the

,

Ltd.

distribution

Service distributors of

the

-

22

Ontario gold producer

with

Hats

31,

1959♦

Calgary & Edmonton Corp
Leases

16

Dec.

.

British American Oil Co;Ltd.

Gold Mines Ltd

Aunor

ance.

r

Telephone Co. of Canada

notes, bonds,
stamps, and similar lteme

.

J. H„ "B"
Large wholesale and retail
business In gsneral hardware

still

Canada

LKtd,„
Makes bank

5.4
.

lould

7 1

in several cities in central
Canada.

Ltd.,

Aihdown Hardware Co.,

In

1959

Based on

—Canadian $ §—

British American Bank Note

Aibestos Corp., Ltd—

are

fifth

branches

tion

Dec. 31.

Divs. Paid

'

stable

Quota-

12 Mos. to

Years Cash

'

Men's fur felt

2.9

co.—manufacturing A

merchandising interests

com-

and

Approx.

Extras for

secutive

31

1959'

h7

Engaged In general building and
road
construction with branches

35

Dec

equipment

Bird Construction Co. Ltd—..

newsprint and allied products;
«Wo mining Interest#

are

No. Con-

% Yield

'

Including

on

Paymts. to

1959♦

Important telephone system
In Ontario and
Quebec

.

0.20

barn

household

etc.

Biltmore
15

tion

1959

0 50

Most

co.—chiefly
mining

Anglo-Newfoundland Development Co., Ltd. "Ord."_.

lould

of

20

Beaver Lumber Co. Ltd
Lumber A building
mppiy retailer,

b4iy4

Dec. 31,

Based

-Canadian 51-

«

Manufacturers

Paymts. to

Dec. 31,

1959

14

Anglo-Huronian Ltd.

tems,

i

Based

12 Mos. to
Dec. 31,

Divs. Paid

Cash Divs.

% Yield

Quota-

Years Cash

-

Approx.

Extras for

secutive

—

..

-

»

Newsprint and allied products

f her

s

Quota-

Including

„

No. Con-

Beatty Bros. Ltd.

—Canadian $ §—

orld.

ar

Dec.

Divs. Paid

As

..

,

Extras for
12 Mos. to

Years Cash

year.

% Yield

.

Approx.

Including

gas

Cash Divs.

•

25

Canada Vinegars Ltd

4.6

Vinegar and appl* product*

poultry prod¬

♦
♦

by a
jnifity of
wing

§

Quotations represent Dec. 31, 1959 sale prices

prior to that date. Bid and ask quotations
Add current Canadian Exchange Rate.

b Bid.

.

.

or

the last sale price
of Dec.

31,

♦

1959.
§

are

.

.

as

v.

'

.v

.

Quotations represent Dec. 31, 1959 sale prices or the last sale prlc*

S

prior to that date. Bid and ask quotations are as of Dec. 31, 1959.
Add current Canadian Exchange Rate,

b

Bid.

Quotations represent Dec. 31, 1959 sale prices or the last sale price

prior to that date. Bid and ask quotations are as of Dec. 31, 1959.
Add current Canadian Exchange Rate.

b

Bid-

,

Continued

on

-i'm

page

26

con-

ears,
re

y

pf
be

<*V

Laidlaw & Co.

hun-

/

.

Founded

,

Complete

coverage

of the Cana¬

dian

1842

Members New York Stock Exchange and other

wth,

25 Broad

leading Exchanges

investment market is pro¬

vided

..

irage
ch is

through 26 offices of James

Richardson & Sons, located from

Victoria, British Columbia, to
Montreal, Quebec. A complete

Street, New York 4, N. Y.

Canadian investment service via

direct private wire is available
through Dominick & Dominick.

Canadian Branches
"

\

Dominion Bank

Royal Bank Building

Building

MONTREAL

TORONTO

Serving Investors Across Canada

James Richardson & Sons
Connected by private wires with our
and Branches

at

Main Office!

Boston, Mass.; Washington, D. C.;

COMPLETE

ESTABLISHED

COMMODITY

Bloomfield, N. J.; Princeton, N. J.,and Oil City, Pa.

1897

OF ALL

MEMBERS

LEADING CANADIAN

^

STOCK AND

EXCHANGES

FACILITIES
Canadian
Investment Securities

for

American JnyeptprsJn Canadian
securities may reach any part of

ed on

combined

two

investing

A. E. Ames & Co.

Yield

expanding

the

prox.

the

long established Investment

market

tnrough

facilities of these

Houses.

Limited

its. to

.31,

UNDERWRITERS AND DISTRIBUTORS

959

A. E. Ames & Co.

a

Members Toronto and Montreal Stock

OFFICES

3.4

IN

14

CITIES

IN

Exchanges

CANADA AND

Dominick & Dominick

ENGLAND

*

ESTABLISHED 1170

mcmicri

1.7

""a

A. E. <-• Ames & Co.
5.4

new york.

toronto

stock

BArclav

14 WALL STREET

Incorporated

american

!

.

-

exchanges

7-4600

;

NEW YORK

N«w.-¥»rk
prfcu
■I

1959-

BUSINESS

'iry.




ESTABLISHED

J

If

v

* #

V k

\ ,*"r

»

*

V

i

4 4

if

26

The

(1402)

Commercial and

Financial Chronicle

Thursday, March 31}, 1960

. . .

Cash Divs.

Cash Divs.

Canada Now Creating the Base

Approx.

Including

% Yield

Quota- Bas^d on
Paymts. to
tion
Dec. 31,
Dec. 31,
Dec. 31,
1959
1959
1959♦
—Canadian $ §—

from

Continued

Decade of Growth

25

page

Cash Divs.

•

./••/.•

-i

,v

No. Con-

v:

•

12 Mos. to
Dec. 31,

..

Years Cash
Divs. Paid

.•

.

Quota-

Extras for

secutive

,

Wide

life

"B"

Ltd.

0.50

21

___

Lead,

1.80

.

55%

3.2

1.50

92

37%

4.0

Consumers

Owns

Operates 858 branches throughout

co.—brewing

Holding

and

15

* i'\

\

in

7.0
,,

castings

.

Celanese Ltd

Canadian

22%

f
6.0

8ynthetlc yarns and fabrics

dredging;

work

repair

banks,

sales
&

Morse

manufacturing

30

-

tools,

Ltd.

a u t om o

and

.

,

Trust

Chartered
General

0.4

198

16 >/ 0.70
,

?
,

T

15%

0.70

10

4.5

fiduciary

/

b43%

1.00

2.3

of

25

-

2.6

b62%

1.60

v

15

4.5

22%

1.00

Juices

.

.

of

12

Ltd.___

producer

Collingwood

N.

W.

Collingwood,

in

2.88

,

4.2

18

bl5

LOO

grain

,

h

6.7
"

,

.

Ontario

Invest¬

♦

§

Quotations represent Dec. 31. 1959

sale prices or the last sale price
as of Dec. 31, 1959.

prior to that date. Bid and aak quotations are
Add current Canadian Exchange Rate,

and

1.00

47

Bridge Co., Ltd.__
cranes-

;

a

1.00

10

17%

*

of

1.00

18

18

27

1.20

32%

3.7

1.50

19%

7.7

32

1.00

16%

6.1

27

5.00

20

0.50

11%

4.3

16

1.50

28%

5.3

32

4.7

Mines,

0.60

33

12

5.0

pic¬

Shops,

Co.

Motor

;■/.

Canada,

of
—

Co.

1.20

51%

2.3

Wide

variety

87

3.0

\

8.00

300

-

-

/ ;/

fabrics

Freiman.

J.

A.
16

_

and lumber
'yarns
and1

paper

synthetic

products;

2.60

42

Co., Ltd

contractors

general

<fe

Companies, Ltd

Fraser

primary

2.9

Canada

of

Ltd.
Engineers

173

manufacturer

Foundation

etc.

of

candy chain
and 1,104 agencies

Common

variety of glassware

2.7

and

Owns

...

1.50

department

sale prices or the last sale

to that date. Bid and ask quotations are as
Canadian Exchange Rate.

§

Add

*

Dividend

Exchange Rate,

operates 2

Quotations represent Dec. 31, 1959
prior

sale prices or the last sale price
that date. Bid and ask quotations are as of Dec. 31, 1959.

Quotations represent Dec. 31, 1959

14

Ltd

Ottawa

in

stores

etc.

Canadian

1.7

subsidiary

large

stores

Ford

5.6

and

products

prior to
Add current

b-53 %

Co.

Inc.
407

23
variety

wide

0.90

25

cobalt;

Fanny Farmer Candy

5.7
„

Fabrics, Ltd.__—
draperies,

7.2

endowment

and

operator of motion
Canada

Automotive

tapestries,

163/4

theatres In

ture

Engineering Wks.,
machines

1.20

steel castings

Operates

of

*

Players Canadian

Largest

Dominion Insurance Corp.___
Operates company for fife insur¬

§

Asked,

b

5.4

<St

Corp., Ltd.

4.8

20%

structural

kinds

all

Dominion Glass

♦

22

—

Famous

♦
-

4.1

b28

21
life

copper,

produces

3.2

b535

17.00

20

-

Towels,

ance,

39%

1.50

1.6

Faleoribridge Nickel

3.6

19%

Dominion Foundries & Steel

Wide

Terminals, Ltd.

Operates a 2 million bushel
elevator

0.12

1.60

1-

cleaners,

vacuum

of

line

Nickel,

Ltd.

Ontario

33

policies

0.70

40

holding company

variety

Makes

Mines

Ltd

'Ltd.

and Anglo

Dominion

steel

3.6

Canada

of

a

—

Ltd.

f

12%

_

Equitable Life Insurance
5.4

31%

1.70

23

//;' equipment

business

0.45

purifiers

air

Dominion Corset Co. Ltd
Manufactures ladies' foundation

Wide

20

Electrolux Corp.

slope

Corp., Ltd

Bridges,

Cochenour Willans Gold
Gold

4.0

producer

gold

Dominion

:

.

14

Chateau-Gai Wines Ltd.
Wines and

bl5

garments

Co.,

Co

0.60

Co.,.

Ltd

Mines

ment

steel

4.8

matches

book

Wide

Dominion
%

apparatus

electrical

Coal

___

Investment
■

machinery

variety

large

6.3"'

23%

2

"Electrolux"

Ontario

v-v;.:,,;■1

15%

and sells wood and
and through subs,
is in lumber business and manu¬
facture of vending machines.

2.9

business' \

Pass

holding co—interests Include

Dome

"•

-

Airbrakes

A

3.3

24

stores

Ltd.

28

42

Co

fiduciary

Nest

0.80

Distillers Corp.-Seagrams

j-;j

-

1.50

,16

Westinghouse

Canadian

60

producer on western
of Canadian Rockies

2.7

0.75

Manufactures

Dominion

■

170

mining

and

b37%

0.80

34

...

'

3.1

5.9

and
operates
two
flour
capacity 1,350 bbls, daily;
box and 1 ice cream cone

Eddy Match Co.

in¬

complete line of whiskies and gins
/ ■.

Canadian Vickers, Ltd._
Shipbuilding, repairs; also makes
Industrial

16%

1.00

30

accessories,

ti ve

through

beverage

the

for

Coal

pneu¬

v

etc.,

4.1

.

0.50

system of

railway

also

3.6

55

2.00

31

10%

mill

paper

factory

Ltd.

0.60

Economic Invest't Trust Ltd.
General Investment trust business

forms

Ltd.

Canadian Tire Corp., Ltd.—_
parts,

33

'

,

33

CoP'Ord."

private

1.0

22

0.225

48

and

Industries Ltd

Owns

14

3.6

.

Clermont,

Dover

of

continuous

sells

&

Trust

Crown

1.5

distribution

refining Sz

Canada''

Sells

b780

.

1.35

31

pulp and paper

Can. Pac. Ry.
"The"

12.00

;

trust

compressors,

6.4

12%

0.80

25

16

Ltd

operates a
Quebec

and

Owns
at

grades

0.575

Co., Ltd...

Donohue Brothers

mills,

caps

General

Canadian Oil Cos., Ltd..,
Petroleum

Bottle

allied products

Canadian Ingersoll-Rand
matic

heavier

2.5

producer

fabrics

6.1

18

1.10

51

14

<fc

Wide range of cotton yarns

al¬

Ltd.

type Invest,

Manufactures

—

1.25

Chemical

tar

Dominion Textile

duck

Crow's

Canadian Industries Ltd
Chemicals and

5.2

dustry

Canadian Gen. Invest. Ltd.__
Management

6.6

sell¬

cte

co.

Crown Cork & Seal Co.,

Electric

of
General
products In Canada
rights

ing

30%

2.00

29

5.7

18

&

Tar

of coalk
of its derivatives

j

Imperial Mills Ltd.i_

business

agents for PairCo. of Chicago

Canadian Gen. Elec. Co., Ltd.
Exclusive

23

Manufactures

22

1.50

15

Co., Ltd.
Distiller

gas

Crain, R. L. Ltd

Morse

2.5

area

24-

cotton

,

Co., Ltd.
Exclusive

distributes

and

Toronto

Manufactures

construction &

waterways

on

Fairbanks

Canadian

0.933

10

__

General

38%

0.85

Stores Ltd
and meat chain

Dominion

Consumers Glass Co., Ltd
Wide variety of glass containers

Cosmos

4.5

0.95

112

and operating
cohol and spirits

4.4

15%

1.00

24

44%

newsprint

daily

Co

Holding

Canadian Dredge & Dock Co., ;0
Ltd.

the

2.00

-

14

iteel

Operates grocery
of 349 stores

tons

Gas

Corby (H.) Distillery Ltd. v.t.

a23%

1.65

32

co. — subldlarles
make
bearings,
bushings
and

bronze

mills;

2,764

Manufactures

/'•,

Co., Ltd.__

Bronze

\

grain

milling Interests

Holding

five

capacity

the world

Canadian Breweries Ltd

14

5.8

—

Dominion

fer¬

Consol. Paper Corp., Ltd

b38

interests

tilizers, etc.

Canadian Bank of Commerce

Canadian

19%

0.80

27

4.2

2.20

—

co.—coal, iron <St

holding

A

chemical

silver,

to

31,

1959

Coal Corp.,

Ltd.

zinc,

1959V

1959

14

Dominion Steel &

and

policies

Smelting Co. of Can. Ltd.

J

5.6

9

steel wires and ropes

and

Copper

1.5

bl34%

Dec.

and oil¬

linoleum

range of
products

cloth

Consolidated Mining &

Cable Co.

Wire and

2.00

Paymts.

73

Co., Ltd

leum

36

on

tion

Dec. 31 '

31,

Oilcloth and Lino¬

Dominion

elbows,

endowment

Based

—Canadian $ §—

Wide

of

Dec.

Divs. Paid

etc.

range

Quota-

12 Mos. to

Years Cash

5.5/

12%

0.70

23

Co., Ltd._

conduits,

Confederation Life Assoc

1959

—Canadian $ §—

Canada

electrical

couplings,

Based on

1959*

Divs. Paid

Rigid

tion
Paymts. to
Dec. 31,
Dec. 31,

1959

Years Cash

Conduits National

Appro*.
% Yield

Including

12 Mos. to

% Yield

Extras for

secutive

Extras for

secutive

For Splendid

No. Con-

Approx.

Including
No. Con-

price

of Dec. 31, 1959.

current

paid in U. S. Currency,

Bid.

b

b Bid.

There M

,

Bid.

OPPORTUNITIES IN CANADA
'

#••/..

something

v

V/':. ii; /; /

/.

••••::?

Our facilities

can

be of valuable assistance to those

interested

•:/

in

111.1(1 CM*

the

industrial

investors

development of Canada and of benefit to

selecting suitable investments through which to

in

participate in Canada's assured growth;

Nesbitt, Thomson and Company
¥*& '%

n*-

Limited
Members

No company

stands still—it forges ahead or it drops

of

The

Investment

of public service, Sun Life continues to

tributing to its consistent record of
ideas in all

growth is its readiness to adopt worthwhile

additions to
two

an

phases of its operations. Its
already wide

of many recent

range

principal Cities

Canada

of

W., Montreal

of^ffiada

forge ahead. Con¬
Nesbitt, Thomson & Co.
Members Montreal

new

Association

Head Office: 355 St. James Street

back.

Branches in the

Now in its 90th year

Dealers'

easy-to-read policy contracts and its

Stock

Exchange

Canadian

Stock

—

Toronto Stock

Exchange

Exchange

of;life insurance and savings plans are just

Nesbitt, Thomson

examples.

25

Broad

Street,

and Company,
New

York

4,

N.

Inc.

Y.

^40,,Federal Street, Boston, Massachusetts

SUN LIFE ASSURANCE
.

I

One

*•

COMPANY OF CANADA

-

.T""'

rf'I-.

-




of the World's Great Life Insurance

Direct wire connections between

New

Companies

York, Montreal, Toronto, Ottawa, Hamilton, Kitchener,
London

(Ont.), Winnipeg, Calgary and Vancouver

Number 5938

191

Volume

.

.

The Commercial and Financial Chronicle

.

Cash Divs.

Canada Now Creating the Base
Cash Dlvs.

% Yield

No. Con-

Extras for

secutive

12 Mos. to

Years Cash

Based

1959

on

V,

Dec.

1959 ♦

.■

31,

1959

Imperial Flo

Glaze

-

37

4.2

Eastern
19

Ltd

0.40

151/2

of

2.6

and

rant,

refrigerators, etc.

Imperial

Tire & Rubber Co.
Canada, Ltd

With

6.00

33

190

3.2

35

"B"

0.50

;

Ltd.

j

1.80

16

Ltd

47

1.60

13

42

0.375

13

b3.50

10.7

store

320

4.40

60

1.4

10

1.9

fO.13

22

Saddlery Co., Ltd.

0.20

5.0

b4.00

products

wire

3.1

b26

0.80

31

General fiduciary business

producer
18

ster" and

3.4

17

1.50

26%

Ontario

natural

debenture

§
t

2.9

copper

27%

2.2

paper
the U. S.

Op¬

in

25

Co.

oil

3.00

49%

95

1.75

55

3.2

Corp.

tures

type

36%

1.25

16

Over Half

♦

39%

2.40

16

distributions, etc.

50 years

are

6.1

able

us

stock

to

Ltd—

14

0.50

bl4%

3.5

14

0.40

11%

3.4

0.40

4.75

8.4

13

1.00

milling;

flour

bakeries,

etc.

of farm

1.20

27%

4.3

21

0.20

3.10

6.5

f0.40

32%

1.2

machines,
and food

washing

lawn

mowers

choppers

McCabe Grain
General

Co;, Ltd., com.

3.0

b33

dealings

grain

McColl-Frontenac Oil Co.
Ltd.
Oil

production,

(

r

4*'

distribution

Mclntyre

Candy Shops,
—

Limited
refining and

See Texaco Canada

mortgage company

Porcupine Mines,

Ontario gold

92%

3.00

43

Ltd.

5.2

24

1.25

33

3.3

producer

chain in Ontario &

stores

sale prices or the last sale price

♦

Canadian Exchange Rate,
stock dividends, splits, distributions,

Add current

Adjusted

for

Dividend

last sale price
Dec. 31, 1959,

Quotations represent Dec. 31, 1959

§

prior to that date. Bid and ask quotations are
Add current Canadian Exchange Rate,

a

Ask.

as of Dec. 31,

1959.

paid in U. S. Currency.

•

prepared to serve
institutions,

provide fast
securities, and en¬

orders promptly on

or

4.8;

name

same

handling;

dryers,

Investment

§

with affiliated offices

service in Canadian

execute

b25

b Bid.

etc.

Continued

on page

To

help you bear the

burden

Canadian securities. Our serv¬

wire connections

exchanges,

7.5

1.20

Implements and machinery

Quotations represent Dec. 31, 1959 sale prices or the
prior to that date. Bid and ask quotations are as of

principal Canadian cities

accurate

2.65

0.20

14

3.8

21

0.80

15

As

at net

all Canadian

prices in United

States

funds if desired.

Inc.

Wood, Gundy & Co.,

N. Y.

New York 5,

40 Wall Street,

Telephone Dlgby 4-0633

businessman dealing

a

you

and*

3.4

Experience

readily available to investing

fourteen

4U/4

1.40

19

operates Toronto sports

Manufactures

banks and dealers.

in

the

Page 31

producer

operation of

in Can¬
Company also issues deben¬
and accepts deposits.

of experience in Canadian invest¬

organization is well

Direct private

on

Century

a

investors interested in

Starting

Massey-Ferguson., Ltd

t

Rate.,

of

Grain

116

candy

Table

10

arena

(John) Ltd.____

Secord

Consecutive

20
gold

and

Owns

gold producer

Quebec—133

of Investment

ices

3.8

b80

3.00

'

5 to 10 Years Appear in

Maple Leaf Milling Co., Ltd-

20

Retail

Exchange

our

18

?

Maple Leaf Gardens, Ltd

3.4

investment

Ltd.

Adjusted for stock dividends, splits,

ments,

5.1

Which Have Paid

Companies

Complete line

Laura

"V

over

2.97

Ltd.
Ontario

and development of
and electrical com¬
Alberta

Lambton Loan &

6.1

b Bid.

With

\ 0.15

Madsen Red Lake Gold Mines

3.6

33

1.20

producer and

General brewing business

first

Canadian

11

Fully integrated lumber business;
large exporter

Ltd.

ada.

sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1959.
current

3.8

MacMillan & Bloedel Ltd."B"

*•-

gas

In

Oldest

tfccouhts

a26%

2,4

130

f2.94

14
—

mills

Co.

zinc products

<fe

on

1.00

L

Dividends From

trust

Quotations represent Dec. 31, 1959
Add

and

Management

producer

money

24

Interest

power

Second

Investment Foundation Ltd..

mortgage
security and operates deposit and

♦

104%

*3.00

26

Quebec gold producer

0.60

44

Smelting Co. Ltd

Lends

Listed

of

Management

Bay Mining &

Manitoba

1.5

gold producer

lumbering and

____

Lamaque Gold Mines

....

Huron & Erie Mortgage

137

York,

Ltd..

Maclaren Power & Paper Co.
Holding company—newsprint,

International Utilities Corp..

3.4

b53

Consolidated Gold
gold

Hew

Mines, Ltd

Ontario

operating

American

Labatt
1.80

paperbosrds,

Mines, Ltd.
Hudson

4.4

business

42

South

boxes, etc.

Hollinger

Macassa

36V2

1.60

12

Ltd.

Ontario

26

of

and

Canada

5.7

Dauch Paper Co.

variety

2.00

confection

other

and

Chocolate

Kerr-Addison Gold Mines

of Canada Ltd
Wide

141/2

of automotive parts

,Wlde varietv

and

0.50

"Wilton" rugs

Steel Products Ltd

Hinde

5.6

"Axmln-

seamless

in

16

products

Carpets Ltd

Specialize*

Hayes

0.90

24

Ltd

textile

of

variety

Wide

1.6

products

Co.

Nickel

and

pulp

panies

Hamilton Cotton Co.,

Harding

7.0

b2.30

0.16

21

Ltd...

Mines,

Ontario gold

5.7

refiner

Guaranty Trust Co. of Can._
Hallnor

11%

0.675

48

Corp.,

International -Petroleum

of general
goods

Wire Co., Ltd.
of

variety

Wide

25%

and Ohio

Pennsylvania

Walter M. Lowney Co.,

also small

Holding and operating co.

mdse., and riding

Greening (B.)

lir northern

markets

International Paper Co
erates

distributor

Wholesale

0.40

food

"self-service"

224

co.—Pri¬
mary
operations
at mines
and
smelters
near
Sudbury,
Ontario

Holding

•

Great West

37

"self-serv¬

of 229

stores in Ontario

3.3

Can-'

Canada, Ltd.

life, accident and

of
health policies
range

36%

1.20

grocery

for share

International

Great-West Life Assur. Co.__
Wide

chain

Operates

3.8

-

coal

5.6

in

Loblaw Cos. Ltd. "B"

Operates

______

insurance

4.1

10%

changed to Wood (John)
Industries Ltd. Shares exchanged

lignite

of

distributor

Wholesale

2.8

full

^

gen'l

1.47

0.60

22

gold producer

Name

Coal Co., Ltd."B"

Great West

&

■hare

:

72%

International Metal Industries

Great Lakes Paper Co., Ltd._
Manufactures newsprint and un¬
,

2.00

-

60

Acceptance

face the same

do in the U.S.A.

knowing the facts on

the taxes that

interests north of the border can
much to ease frhe load. The information

affect your
do

need is set down in clear, concise form in
a booklet offered free of charge by The Bank
of Nova Scotia. It's the latest, completely
revised edition of the BNS memorandum on
Income Taxes and Other Legislation Affecting

CFC3
The Bank of Nova

Scotia,

you

Canadian Enterprises.
can

Agency, 37 Wall Street, N.Y,

New York

Gentlemen:/
Please

send

booklet

on

me

a

newly-revised

free copy of your

Income Taxes and Other Legislation.

,

of this
by filling in and

obtain your free copy

helpful BNS booklet just

Wood, Gundy & Company

in Canada,

kind of problems

with taxation as you
But

You

Affiliated with

mailing the coupon.

'

j

Name_

Address

'

Members
The

Toronto

Stock

Exchange

Canadian Stock

"M-q

•:

of

-and •••••••

THE BANK

■

Company

Limited

~~~

Office—36 King St., West,

Branches in the principal cities




Company Name

Montreal Stock Exchange
Exchange

Wood, Gundy &
Head

*

Eastern Canada

Ltd

—

loans

3.2

throughout Ontario

bleached sulphite paper :

Ontario

ice"

comprises
oil enterprises

Purchases acceptances;

Manufactures commercial & gen¬
eral stationery & business forms
and distributes office supplies &
furniture

4.2

-

Wholesale hardware trade

en-

subsidiaries

Industrial

subsidiaries which dis¬
textile products and allied

goods

b38

Tobacco, cigars and cigarettes

7.1

Manages

Grand & Toy

1-60

policies

ada, Ltd. "Ord."

Mackay Stores Ltd.

tribute

Oil

life,

of

0.06

1.00

-

Imperial Tobacco Co. of

products

Gordon

19

enamels,

range
term

b20%

21

2 8

Paints

85

and

Integrated

rubber

synthetic

and

63%

1959

§—

4.9

11

in printing and litho¬
graphing. Manufactures labels,
folding cartons and calendars, etc.

Canada

dowment

Goodyear
of
Natural

1.80

Paymts. to
Dec. 31,

1959 ♦

Engaged

\ :

Comprehensive

hotel, restau¬
hospital equipment;

.

14

84

tion

Dec. 31,

31,

""
1959

-Canadian $

Lawson and Jones Ltd. "B"

Imperial Life Assurance Co.

Household utensils;

Dec.

Divs. Paid

Leitch Gold Mines Ltd

td,« v,—7"~
Varnishes, lacquers,
paints, etc.

Canada

General Steel Wares

1.55

12 Mos. to

Years Cash

1959

Canada

v

22

secutive

Dec. 31,

1959^

Based on

Quota¬

Extras for

Paymts. to

1959

branches throughout

Operates 328

—Canadian $ §—

Gatineau Power Co.__
Hydro-electric energy In

tion

Dec. 31,

Dec. 31,

No. Con-

on

—Canadian $ §—

..

,

Imperial Bank of Canada

Paymts. to

Dec. 31,

.

Divs. Paid

Quota¬
tion';,

Dec. 31,

Years Cash

-li

Divs. Paid

Approx.

Including

12 Mos. to

secutive

-■'V.

Based

% Yield

Including

% Yield

Quota-

Approx.

Cash Divs.

Approx.

Including
Extras for1

No. Con-

Splendid Decade of Growth

For

27

(1403)

Toronto 1,

of Canada and in

Canada

London, England

■/, Y..

Position

1

Bldg.

London Offices:

•

^

.»

-

"

O Check here to put

New York Agency:
of Trade

OF NOVA SCOTIA

.

37 Wall Street. Chicago

Representative: Board

General Office: 44 King St. West, Toronto.

24-26 Walbrook, E.C.4;

II Waterloo Place, S.W.I.

„

,

your name on our

0j

.

free mailing

list for The

BNS Monthly Review, which reports each

month

current topic affecting

on a

Canadian business.

28

23

(1404)

The Commercial and

Including
Extras for
12 Mos. to

No. Consecutive

Cash Divs.

Approx.

Including
No. Con-

,-V''

/ secutive

•

,.v

12 WloSi- to

v-

.

..

Extras for

Years Cash

Dec.

Divs. Paid

% Yield

.

Quotation

3J,

Based

Divs. Paid

Paymts. to

Dec. 31,

1959

Dec.

1959 ♦

National Steel Car Corp., Ltd.
Railway cars,

on

31,

Deals

tn grain and operates
elevators In Western Canada

Make*

first

trust business, also
accepts deposits

bl6^2

6.1

Newsprint,

specialty

other timber

products

0.20

2.60

7.7

11

0.60

12I/2

4.8

Niagara

General -supply

house

for

(Robert)

13

1.60

25

b314£

1.25

bronze,

metal

5.1

22

5.7

12

1.00

13

7.7

Makes

tube

other

Molson's

bl3V2

other

fax

Office

Brewery, Ltd. "B"_

15

0.90

Operates

and

owns

number

2.00

45

1.35

1642

2.00

41

Montreal Trust Co.
of

&

trustee,

51

1.50

45

Corp.

play

forma, advertising
products, etc.

*0.767

41%

1.8

Morgan (Henry & Co.) Ltd—
stores

17

1.00

34

2.9

Rice Mills

14

National Drug and Chemical
Co. of Canada, Ltd
chemical

1.25

20

Co.

6.3

National

...

19

a '

b44%

'

a. 4

&

tons

15%

5.2

trust

of

0.60

11%

5.2

0.60

3.0

b20

Wide

1.2a

0.32

3.75

8.5

facilities

warehouse

cargo

Penmans

hosiery

Table

Woolen,

;

••

1.00

14

7.1

Consecutive

Starting

Page

on

45

31

6.4

22

at

18

and

of dry

&

0.15

3.00

17%

4.7

0.80

bl3%

5.3

0.60

34

1.3

91

2.325

80

2.9

24

0.60

103/4

5.6

23

0.60

113/4

5.1

*

Co., Ltd—

retail

12

merchandis¬

goods <b variety store

?

"B"

••

r

Operates 969 branches throughout

■cr v Ti
3.75

b6G

the

6.3

world

;

Russell Industries Ltd

cold

Holding company—machine tool
Interests

Sangamo Co., Ltd
34

0.90

2844

3.2

Electric
.•tc.

meters, motors, switch*!,

.

;

•

...

'

...

Scythes & Co. Ltd
21

0.20

2.60

Manufactures

7.7

cotton

53

1.80

31

/:•
24

1.00

•

'

5.8

8.3

;

•

I

Shawinlgan Water and Powers.
Co., new
53

knitted

bl2

wool

and

waste, ootton, wipers, etc.

a

silk

3.7

High-grade bond writing paper to
related products

5.0

tubing

and

4.7

lines

West¬

Ltd.

0.80 /

34

b4.05

10

bolts

and

Holland Paper Co., Ltd.

i

and

New

0.15

Manufac¬

screws

Little

Wholesale

ing

of

range

Robinson
1.40

1.60

11

variety, of milk products

(P. L.)
turing Co., Ltd

Wide

per year.

cotton

Paid

10 Years Appear in the

public utility

Robertson

4.3

28

gold dredging project
In Colombia, 8. A.

12

23

Which Have

Companies

Operating

16

Dredging Ltd.

Hosiery Mills Ltd.

"B"

'4.4

.2.00.
-

Quebec Power Co

Management

f

terminal

Operates

45%

16

Quinte Milk Prod., Ltd

18

Terminals

Industrial pipe and

18

5.5

Quebto

In

lines

Second

and

Page-Hersey Tubes, Ltd

•

bl46

4.4

Pato Consolidated Gold

wholesaler

Manufactures ladies'

1.95

minster, B. C. Capacity—1,500,000

0.80

Co., Ltd.__

Royal Bank of Canada

Owns

8.00

.,,.j

Dividends From 5 to

Co.,

Ltd

Ltd.

storag.e

fc

National Grocers Co., Ltd
Ontario grocery

57

Listed

type.

products.

drugs,
general merchandise

5.2

Canadian

Co

Pacific Coast

Manufactures and distributes rlee

Wholesaler of

bl5%

\

Atlantic

Investment

operates
department
Ontario 8c Quebec.

Mount Royal

.

Products

and

In

0.80

22

Pacific

dis¬

3.7

4.5

mortgages

springs, bumpers

Investment

Owns

1344

89

___,

first

plastic products

16

Ltd

Busine33

0.60

sells deben¬

and

in

Steel

Automotive

securities 8c real estate

Moore

30

Co.

Ltd.

3.3

management

54%

and cereals

feeds,

Invests

Ontario

-

2.00

and Ontario

supplies

_

tures;

Operates general and coid storage

Executor

and

Accepts deposits

4.9

3.9

43

Co

coach

Operates

11

Manu.

J

Co.

14

19

23

Provincial Transport Co

and long
phone system. At latest
report has 22,421 phones in use.

'

Storage Ltd

4.8

~

Newsprint and related products

..

distance

8.2

fO.75

.

Price Brothers &

Ontario Loan and Debenture

Montreal Refrigerating &

•

3.0

Owns and operates local

Diesel-electric locomotives and
related production

warehouse In Montreal

3.35

14

—

Mllls flour,

14

22

10%

utility interests in Hali¬
vicinity in Nova Scotia

Okanagan Telephone Co
__

0.10

49

trustee, etc.

Mfg. and distributes office furni¬

of

0.50

Operates as trust company

use

Ogilvie Flour Mills Co., Ltd-

houses

___

Premier Trust

8.5

31,

Dec.

3.5

Montreal Locomotive Works,
Ltd.

3.55

Light & Power

Specialty

ture

12

0.30

14

and

4.4

25 V2

Montreal brewer

27

Power Corp. of Canada, Ltd—
A utility holding management and

4.2

in 36

Ontario

Ltd.
and

Ltd.

Monarch Investments Ltd
apartment

Scotia

Diverse

7.4

tooth

and

paste, 6havlng cream,
semi-liquid products

for

Co. Ltd—

Quebec.

Ltd

Interests

engineering company

1957, had 48,817 telephones in

Co.

containers

Northern

4.7

•

and zinc producer

Northern Telephone

Nova

47-44

2.7

>

Largest producer of newsprint on
the West Coast
'

gold producer

Northwestern

1.00

2.00

30

b26

Investment—holding company—

6.3

12

1959'

f0.70 '■'[* 15

-

1

Powell River Co., Ltd
0.75

0.70

26

l-

Placer Development,

wire

Normetal Mining Corp., Ltd.

Ltd.

and

3.6

25

to

Dec. 31.

& Electro-

Engravers

engravings, electrotype*,
commercial, photography, etc.

.

Copper and

products

aickei

50 3/4

11

1959V

-Canadian $ §18

-

typers Ltd.

Co.,
—

Mines, Ltd

centres

Modern Containers Ltd. MA"__

Weaving

mesh,

Operates telephone system

12

Brass,

wire

Quebec copper

"A"

.

1.85

Dec

1959

Paymts.

Jewelry and associated

photo

gold

new

Noranda

many

Co.,

Wire

Ltd.,

Industries in Eastern Quebec

Mitchell

3.6

.

tion

,

merchandise

Photo

cloth,
weaving machinery, etc.

and

Mitchell (J. S.) & Co., Ltd—

bl6%

30

11

Makes

financing

papers
v

0.60

Ltd.

Operating public utility

company

Minnesota and Ontario Paper
Co.

3.6

-

Co., Ltd.
10

quality ffto*>br4ofc

exploration to

b50

Newfoundland Light & Pow.

*

Mining Corp. of Canada. Ltd.
Holding,

1.00

Una
*

1.80

to

People's Credit Jewellers

2.8

Neon advertising signs

14

Hilton Brick Co., Ltd

1444

0.40

Quota-

Dec, 31,

Divs. Paid

Retailer of

General

1959

Years Cash

j

61

National Trust Co., Ltd

'

V

'

12 Mos.

Yield
Based on
<o

Extras for

secutive

v

1959

23

Approx,

Including

r

Dec. 31,

1960

.Cash Divs.

'•

.

automobile chatalt,

Neon Products of Canada Ltd.

Corp., Ltd.

tion

Thursday, March 31,

.

No. Con-

etc.

—Canadian $ §—

Midland & Pacific Grain

Quota-

Dec. 31,
Dec. 31,
1959
1959♦
—Canadian $ §—

Years Cash

Continued from page 27

.

.

Approx. «
% Yield
Based on
Paymts. to

Cash Divs.

Canada Now Creating the Base
For Splendid Decade of Growth

Financial Chronicle

0.77

29%

2.6

Quebec electric utility

goods
♦

Quotations represent Dec. 31, 1959 sale prices or the last sale price
prior to that dace. Bid and ask quotations are as of Dec. 31, 1959.

§

Add

•

Dividend paid
Bid.

to

current

Canadian

in U. 3.

♦

♦

Exchange Rate.

Quotations represent Dec. 31, 1959 sale prices or the last sale price
prior to that date. Bid and ask quotations are

Currency,

§

Add

current

Canadian

Exchange Rate,

b Bid.

as

of Dec.

31, 1959.

§
t

b

Quotations represent Dec. 31, 1959 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1959.
Add current Canadian Exchange Rate.
Adjusted for stock dividends, splits, distributions, etc.
Bid.

•

■

r

V

,

.

-C-

Underwriters

\

Distributors

Dealers

CANADIAN

Government, Municipal, Public Utility
and Industrial Securities

Canadian Securities
Markets quoted/ information furnished

Inquiries welcomed from institutional

on

request.'

*

*3

investors and dealers

•

Business Established 1903

<

ROYAL SECURITIES
Greenshields & Co
64 Wall

Telephone: WHitehall 3-9525
Canadian Affiliate: Greenshields

0ONTREAJ&




CORONT»

-

QUEBE®

(N.Y.)

Inc

CORPORATION LIMITED
244 St. .James Street

Street, New. York 5

West, Montreal 1

Toronto, Halifax, Saint John,
Quebec, Ottawa, Hamilton, Winnipeg
Calgary, Edmonton, Vancouver,
Victoria, Charlottetown, St. John's

Teletype: NY 1-3703 1

Teletype service between offices from coast to coast

& Co Inc—Business established 1910

OTTAWA

WINNIPEG

6HER-BROOKE

LONDOU

ROYAL SECURITIES COMPANY
Members:
Montreal Stock
Exchange
Canadian Stock Exclianje
The Toronto Stock
-

^

Exchange-:

r

--

■

Number 5938

191

Volume

.

.

.

The Commercial and Financial

Chronicle

(1405)

Cash Divs.

Canada Now Creating the Base

secutive

Splendid Decade of Growth

For

Cash Divs.

Quota-

12 Mos. to

secutive
Years Cash

Dec. 31.

Divs. Paid

Based

tion

Toronto-Dominion

Pay mis. to
Dec. 31.

1959 V

Operates

Canada,

1959

cago,

—Canadian $ §—

bcvcr&8©®

23

0.20

12

1.00

0.60

IOV2

f0.467

3.6

13

Installment
■;:.v V.;' •

Union Gas Co. of
Production,
and

76

Steel

1.675

43

3.9

14

1

0.60

321/4

0.75

17%

4.3

sales

2.40

11

0.34

22

1.45

b29V4

Can*^ Ltd.

storage,

1.20

43%

1*2.40

b81%

distribution of natural gas

Quotations represent Dec. 31, 1959 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1959.
§ Add current Canadian Exchange Rate. .
v
1 Adjusted for stock dividends, splits, distributions, etc.
b Bid-

special

2.50

58

4.3

41

2.50

217

fO.692

19%

'0.60

13%

1.20

b37%

page

30

4.4

25

on

3.6

19

Continued

1.2

12

,V1

w

2.9

37

2.1

2.8

24

16%

transmission

5.0

15

6.7

b36

ob-

•

1.9

0.b45

1959

<

fiduciary business

plate products and

Paymts. to
Dec. 31.

1959♦

Corp., Ltd.
13

Purchases
V,r ligations ,V

21

tion

Dec. 31,

5.7

10

"A"

Simpson's Ltd.

3.2

-----------and operates through subs,

in Canada

dept. stores

Mines Ltd

fiiscoe

Finance

»«u»»

branches, 541 in
New York, Chi¬
in London,
Eng.

Elevators, Ltd

31,

1959

—Canadian 5 §—

Traders

3.3

in

one

Appro*.
% Yield
Based on

Quota-

dairy products '

pull line of

Owns

55%

metals

14

Silverwood Dairies, Ltd.

1.85

elevators, feed manufac¬
turing and vegetable oils

5.1

13

Dec.

Divs. Paid

4.7

bl9%

12 Mos. to

Years Cash

5.2

4.25

Extras for

secutive

Dec. 31,
1959

1959#

Grain

and other

suits

Dec. 31,

31,

Wo. Con-

Paymts. to

.....

.

Including

on

tion

1959

102

Toronto Iron Works, Ltd

----------

swim

Bank

Toronto General Trusts Corp.

20

Ltd..

products

rayon

4.6

v

Bilknit Ltd.
Lingerie,

1.20

32

gold producer

Quebec

45

General

Mines (Quebec)

Sigma

2.05

544
one

and

Toronto
18

Based

—Canadian $ §—

on

Dec. 31,

1959

'

■Tierwin-Williams Co. of i; ,1
Canada, Ltd. ————paints, varnishes,
enamels, etc.
Hicks' Breweries Ltd
—
Beer, ale, stout and carbonated

Dec.

% Yield

Extras for

Quota-

12 Mos. to

Divs. Paid

Cash Divs.

% Yield

Extras for

Years Cash

Approx.

Including
No. Con-

Approx.

Including
No. Con*

2,9

0.91-

4.9

•

Co. , with
.Interest In
various mines located in Ontario
and Quebec.
.....
v"-

Holding

,,

.

Co., Ltd

Blater (N.)

Pole-line
hardware
for power
companies; also metal stampings
and forgings

(Howard) Paper Mills

Bmith
Ltd.

Pulp and

manufactures In

paper

Canada

Ltd

Boutham Co.,
Publishes

seven

Canada;
radio stations
across

dally newspapers
operates
three

Southern Canada Power
utility;

South¬

Sovereign Life Assurance
of Canada
Life

ORE

Co.,

Ltd..
Operating public
ern Quebec

Co.

and endowment Insurance

Materials

Standard Paving &
Ltd.

contractor

paving

General

Standard Radio Ltd.,
subsidiaries
owns
and
radio and short wave

Through
operates

stations In Canada.

Btedman Brothers Ltd
Wholesale

»

a

retail email wares

and

business

44

86%

2.2

2.20

b46%

4.7

20

1.25

16%

7.5

34

;

1.90

23

Steel Co. of Canada, Ltd

0.05

3.30

1.5

As

5.9

progressively increase

all branches of steel

Engaged In

production

Sterling Trusts Corp

...

.

fiduciary business

General

Btuart (D. A.) Oil Co., Ltd.—
lubricant*

Makes extreme friction
and related

Changed but

products

Bupertest Petroleum Corp.,
Ltd. "Vot. Com." new——
Markets
Ontario

petroleum

.

30

1.00

1.02

0.06

23

Bylvanite Gold Mines, Ltd
Ontario

Ltd

(G.)

the next 25

years as

will imports.

4.0

25

according to official estimates,
producing 45 to 60 million tons annually — an
assured source of supply, strategically located and important
to the U. S. economy as it is to the Canadian.
The young

By the mid-1960's, Canada,

Operates chain of 128 drug stores

Carson

Taylor, Pearson and
(Canada) Ltd.

13

0.50

20%

2.4

34

0.10

1.67

6.0

16

1.60

can

Holding oo.—interest In automo¬
tive and household appliances

Teck-Hughes Gold Mines,
Ltd.
Ontario

Oil

over

gold producer

Tamblyn

Texaco

repeatedly forecast, America's iron ore needs' will

In

products

Quebec

and

gold producer

<

and

-.

Limited

Canada

refining

production,

2.8

58

be

growing Canadian iron ore industry is a

funds

and

to

finance Canadian

major

source

of

purchases in the United States.

distribution.

Third Canadian

General In¬

vestment Trust Ltd.—
ment

0.25

31

Investment trust of the manage-

3.7

6%

It is of national

type

policy which assures this country of its

♦

Quotations represent Dec. 31, 1959 sale prices or the
prior to that date. Bid and ask quotations are as of
§ Add current Canadian Exchange Rate,
t Adjusted

importance to Canadians to maintain an export

v

stock

for

dividends,

distributions,
; ?

splits,

b Bid.

last sale price
Dec. 31, 1959.

market

share in this growing

despite steadily increasing competition.;

etc.
••••

The

Steep Rock range is the one

big-tonnage producer of direct-

the Canadian Superior district.
Capacity is being steadily expanded in line with market demand.

shipping high-grade ores in

Industrial, Mining and Oil >Securities
With the steel
and

industry's

new

emphasis

modern

group

handling, treating and grading,

King Street West,

Calgary Stock

*

Canadian Stock Exchange

11

new

importance.

Steep Rock is also delivering

specifications.

Members:

Toronto Stock Exchange
v

has

of integrated plants for ore-

high-quality, "tailored" ores to buyer

-

plant productivity

operating efficiency, Steep Rock likewise

With Canada's most

-

on

-

Winnipeg

Exchange

Grain,Exchanga

Toronto—EMpire 6-9971

STEEP ROCK
Steep Rock, Ontario

—

in the Lake Superior Region

BRANCH OFFICES

HAMILTON
TIMMINS

NORANDA
.

CHIBOUGAMAU

KI^LAND I^AKE

Private wire,connecting Branch Offices, New




.

ROUYN
York, and other

VAL DrOR

ELLIOT LAKE
leading exchanges

Producers of

High-Quality Iron Ores to Meet Exacting

Requirements

30

(1406)

Shannon & Luchs Formed

President; Frank J. Luchs, ViceTreasurer; Ethel F.
Shannon, Secretary; Elizabeth K.
Luchs, Assistant Secretary; Don¬
President and

WASHINGTON, D. C.
&

Securities

Luchs

has
1724

formed

been

Shannon
Corporation
—

with

offices

at

Fourteenth

in

engage

a

Officers are

Street, N. W. to
securities business.
William E. Shannon,

ald

A.

Hurst, Vice-President and

Assistant

Secretary;

and

Julius

Pace Found

Manhattan's
credit

not

was

latest

of

faster rate

a

Expansion of
a

record

.

.

Holding

credit—by "

has

believe

the

overextended

view,

WILLS, BICKLE & COMPANY

Steel

has
THE TORONTO

STOCK

been

the

status

King Street West, Toronto, Ontario

Viau

ment

investment

yields

in

the

of

autos

&

YORK

high

total

costs,
credit.

as

LEGGAT, BELL, GOUINLOCK
LIMITED

Established 1920
25

Members Montreal Stock

King Street, West'

Exchange

-

Montreal

Toronto

those

terms,

period

11%

23

1.20

32%

7.0

3.7
,

sells

0.80

37%

2.1

30

0.65

^35%

1.8

17

in

0.70

27

and

1.60

b28%

bl3

5.4

&-

veneer

Vancouver

Paper Co., Ltd.

the

specialty *

paper

(George) Ltd. "B"__

Holding Co.

to

.

cakes,

cou-

Subs.

Can.

Ltd.
U.

&

S.

5.5
,

,•

:

,

mfr.

..water-

heaters,

oil

trade

equipment, etc.

fore¬

for

of

range

"A"

v

Woodward Stores (1947) Ltd.
A

holding

ates
in

which

company

departmental

seven

western

Canada

Zeller's

12

0.40

19%

19

1.20

33%

stores

♦

through

sub-

Add

b

early

of

___

61

3.6

,

specialty

Canada

Quotations represent Dec. 31, 1959 sale .prices

§

2.0

oper¬

stores

___

chain

across

prior to that

an

/

.i!

Ltd.

Operates

*

...

..

sidiaries

credit have not

since

0.80

provinces

Wood, John, Industries

many

be

repayments

4.6
t

Breweries,

Fine biscuits,
bread,
fectlonery, etc.

market, and the

new

below

37%

12

Weston

part

a

There is little reason to believe
that adverse implications exist for
the demand for durables in
1961,

date. Bid

and ask quotations
Exchange Rate,

the last sale price

or

are

as

of Dec^ 31,

1959.

Bid.

current

Canadian

.

-

the Chase Manhattan
report adds.
While the rise in' consumer credit

Have you questions on

itself

helped to tighten the
money markets over the past year,
funds

should

supply

to

levels

of

remain

the

in

Taxation...

ample

support sustainable
demand. However, the

article warned

one

future,

danger is that
in the past, a

as

downturn in

Capital assets

over

$28 million.

coincide

•

Devoted to Canadian and Overseas investments.

•

Redeemable at net asset value.

credit volume might
with other

"Business

"Whjle the

Non-dividend paying,
concentrating on growth.

to

in

In

1959

suggest

Canadian income tax
vestment

on

expenses

and 15%

non-resident-owned in¬

clear

that

through "your invest¬

not

was

expan¬

rapid

so

as

consumers

at

a

in

rapid

more

consumer

.

So

.

credit

rate

and

long

to

than

swings

as

do

price to

Annual Report to Stockholders available

namic

for

pay

consumer

a

free

and

economy.

.

.

Loeb, Rhoades

&

U. S.

dy¬
"

42
Private

WALL STREET
Wire

System

to

NEW YORK

Branch Offices,

their connections in 100 Cities

5, N. Y.

(Special to The Financial Chronicle)

Correspondents and

throughout the U. S. and Canada.

WM

who

has

business

cently
V//////////,V/////////s//////,Y//////////////////////f////////A'////////////,/,,//////,///////////////////ss/S/S/Zk




Harbach & Co.,
Avenue, members

Exchanges.
b£en
for

been

mack &

Co.

Mr.

in

the

many

with

NEW YORK:

■

/.

-

CHICAGO:

Edwards,
has

years,

800 BRANCHES
-

•

v

.«

•'

Two Wall

Special

S<ut£ (?<xut-U-

;

IN

St.

•

SAN

Representative's

rPead

re¬

McCor-

.

District Headquarters:' *'>•
Halifax, Toronto, Winnipeg, Calgary, Vancouver

investment,

Evans
>• -

Devel¬

BRANCHES IN AU TEN PROVINCES

of the New York and Pacific Coast

Stock

nearest

to the Business

Montreal

or

(paneuCa'a

M

Hopkins,

or

on your

our

?

Bank

i

LOS ANGELES, Calif.—Thomas J.
Edwards
has
become
associated
609 South Grand

office,

I*
miotmiimcumn

with

Leading Stoc\ and Commodity Exchanges

write

opment Department, Head Office.

Adds T. J. Edwards

Co.

Members "Hew Tor\ Stoc\ Exchange and other

branches and subsidi¬

business letterhead to

Hopkins, Harbach Co.

Carl M.

In

special tax situations with regard

Canadian

To obtain your copy,

these complications
appear to be too great a.

not

Business

natural gas and minerals.

held with¬

are

.

aries, investment companies and oil,

in past limits

ment broker.

To

clude Federal and Provincial taxes,

in¬

cannot

.

sonal interests in Canada. These in¬

sharp reaction is in
coming months, it is

a

their income.

Traded over-the-counter

concludes:

in credit

Guide

Canadapublished by Canada's
First Bank, includes a survey in lay¬
men's language of the major Canadian
taxes affecting your business or per¬

definitely increase their indebted¬
ness

companies.

Brief"

pace

store for the

Reinvesting all income after

"Your.

recessionary

forces.

sion

•

:< 12.7

products

1930's.

•

6.30

Plywood Co. Ltd.

Westminster

are

access

would

the

extensions of

fallen

extended

•

4.2

19

"B"

"Without

families

from

Ltd

______

plywood. Plant

Except for periods of official
regulation, the record shows that

in

1.75

b72

.

Canada

Manufactures

consumption patterns characteris¬
tic of the past half century would
haye been appreciably slowed>.'\:

has

1.9

v--'V'..,':

"B"

whole evolution in production and

LIMITED

0.80

24

Ltd

four western

Western

home," Business In

reasonable

on

stalled

r

3.00

20

Mines, Ltd

Ltd.

growing business is

a

reports.

credit

BELL, GOUINLOCK ft CO.

27

rela¬

that

equipment that has become

AFFILIATES

2.1

,v.

13

Products

Serves

consump¬

items, with

on

of the modern

of

0.50

1.17

_

company—extensive

Western

younger families still in the proc¬
ess
of
acquiring the stock
of

SECURITIES

0.025

4.8

Manufactures sheet metal

most in need of credit, the most
frequent instalment borrowers are

Brief

20

8y4

(Hiram)-Gooderham

Westeel

Wide

"Just

CANADIAN INVESTMENT

0.40

liquor interests

and

unit

typically sold

6

b20% :? 4.6

..i v.-

confectionery

Worts,

Holding

years—substan¬

than

tion. It is these

Trinity Place

NEW

past 30

tially faster
tively

74

0.95

cV

14

—

Ltd.

Walker

equip¬

appli¬
ances,
radio and television sets
have increased by Nearly 350%

INCORPORATED

^

Quebec copper-zinc producer

a

Purchases

BELL, GOUINLOCK & COMPANY

19

the man-

11

producer

Waite Amulet

con¬

continuing flow of
services like transportation, rec¬
reation and household help, for¬
merly purchased piecemeal, if at
all, the bank's study says.

over

3.6

plate and welded steel

Biscuits and

something of a small
capitalist. Tne consumer's

scale

Telex No. 02-2316

13%

.

Holding, Investment,
promotion,
exploration and development co.

the

average

5.4

to

substantial

Cable Address WILBRICO

the

of

trust

Ventures Ltd

a

of

'

e

type

Ontario gold

pub¬

of

'

1959'

bl2

0.50

*

Upper Canada Mines Ltd

re¬

long time and has
been accompanied by a change in
sumer

Telephone EM. 8-3081

Brief,"

characteristic

for

economy

EXCHANGE

THE INVESTMENT DEALERS' ASSOCIATION OF CANADA

44

in

31

products

Rapid growth in instalment debt

LIMITED
MEMBERS:

"Business
recently.

lished

1959♦

0.65

35

Interest*

United Steel Corp. Ltd..

The

bimonthly

Investment

An

Chase Manhattan Bank says in the
current issue of its

Dec

.

co.-^lnsurance

agement

consumer

himself,

;■

United'Corporations LtcU f<B"

$6.5 billion during 1959—
raised questions of -|

to

cities

bec

impact i on the .nation's: eco¬
nomic structure, but there is little

reason

on

Paymts. to

Dec. 31,

•

•

-

United Canadian Shares Ltd.

has once again

.

tion

31,

1959

35

-

Operates 34 motion picture theatres In Montreal and other Que¬

its

Investor

Based

Corp.,

Ltd., "A"-—

than incomes.

consumer

Amusement

United

bring about an increase in indebf*

edness at

Quota-

—Canadian $ §—

lenders and borrowers, however, not

information is the

Dec.

Divs. Paid

to suggest a

as

12 Mos. to

Years Cash

coming months. The Bank cautions
to

any

Approx
% yie|d

Extras for

secutive

study on

expansion concludes

rapid

so

i960

Cash Diys.
IMo. Con-

sharp reaction is in store over the

requirement of

Thursday, March 31,

.

Including

Chase

it

basic

.

Continued from page 29

Within Bounds

Goldstein, Vice-President.

source

.

Canada Now Creating the Base
For Splendid Decade of Growth

Consumer Credit

consumer

A reliable

Chronicle

Commercial and Financial

The

FRANCISCO:

Office,

333

California St.

141 West Jackson

Office: Tfatfoeal

CANADA, U. S., GREAT BRITAIN AND EUROPE
; RESOURCES EXCEED $3,000,000,000

Blvd.

Number 5938

191

Volume

. .

The Commercial and Financial Chronicle

.

(1407)

TABLE II

Cash Divs.
...

Apprpx,
% Yidlc

Including

.

No, Con-. Extras for

Quota-

12 Mos. to

secutive

Years Cash
Divs. Paid

Based

tion

Dec. 31,
3959

Cash Divs.

*:

•.

7 i;

v'

iv.".

or

No. Con-

Extras for

1959

Years Cash

Dec.

Divs. Paid

CANADIAN

Manufactures

33%

Canadian International

4.1

Investment

and

Bowes

Management
'

5

importers,

wholesalers of confectioners'
bakers' supplies.

1 50

and

^25

fi n

Owns

6<0

and

Owns

2

producing

Cadwallader
area

British

Creek,

gold

'

-

-

food

5

0.40

5 35

Packs

T —t
salmon, clams,

with

DIVIDENDS

plants 'in

Nova Scotia
names

Paid From

are

etc.

5

1.00

bl4%

6.9

Co.

and

Gold

paper,

icals

and

5

_

10

pulp,

mills

|0.30

10%

2.9

products

Cash Divs.

Quota-

12 Mos. to

secutive

Years Cash

Dec.

Divs. Paid

Based

0.40

12%

3.1

4.00

bl60

2.5

Paymts. to

Dec. 31,

Dec. 31,

1959*

1959

Ltd.

ages

&

Mines

a 18

4.2

1.7

6

0.10

8

for

stock

sells

and

9%

2.2

radios,

television,
electric
motors and allied

j

i

Invest-

8

trust

Manufactures

fibres,

prior to 'that date. Bid and ask quotations are as of
Add current Canadian Exchange Rate,

t Adjusted

dividends,

splits,

Dec. 31, 1959.

§

of

1.00

b33

3.0

6

0.50

25

2.0

management

chemicals,

commercial

textile

explosives,

etc.

Quotations represent Dec. 31, 1959 sale

prices or the last sale prico
of Dec. 31, 1959.

prior to that date. Bid and ask quotations are as
Add current Canadian Exchange Rate,

t Adjusted

distributions, etc.
.

and

|0.20

Ltd

DuPont of Canada Ltd

§

use
in
glass
ceramic trade, in Ontario

8.9

type

Quotations represent Dec. 31, 1959 sale prices or the last sale price

a

1.80

and

ments Ltd.

.

♦

nepheline

processes

for

syenite

0.75

5

•_

holding company.

turing to installations.

Ltd

American Nepheline

0.16

5

drilling

Scottish

Dominion

♦

of sugar

5
detach¬

sells

rods

phonographs,
fans, electric

Engaged in air-conditioning and
refrigeration field from manufac¬

cane & pro¬
grades & pack¬

6.6

products

Ltd.

sugar

raw

50 or more

3.65

Electrohome

Investment

Acadia Atlantic Sugar
Refineries Ltd.
duces

drill

Manufactures

Canadian Ice Machine Co.

—Canadian $ §—

Refines

"B"

Investment

1959

for

Industries

Operates Montreal Forum

0.24

Yellowknife Dist.,

rock

Canadian General Securities

on

tion

31,

8
6

Approx.
% Yield

Including

6

Discovery

and

Dominion

j£d- —-—
Ontario gold producer

5.6

T.

bits

carbide

8%

&

,

producer,
W.

0.5C

oper¬

Ontario

in

able

Canadian Arena Co

Extras for

7
subs,

through

Manufactures

Campbell Red Lake Mines

No. Con-

sun¬

Craig Bit Co. Ltd

manufacturing
chem¬

fibre conduit,

sawmill

5.5

■

bakeries

Quebec

N.

Owns

drug

Y'knife Mines Ltd

"Rupert Brand".

Brown

11

Bakeries of

Consolidated

Columbia,
Leaf"

4.4.

-N:v.

Ont.

Co.

19

ates

Manitoba, Brand

"Clover

WA

C.60

7

Canada Ltd
Holding

oysters,

moulded

goods,

Parnham,
.

British

and

1959

0.85

9

^Enterprises Ltd

Consolidated

River

Columbia

British Columbia Packers

CONSECUTIVE CASH

Dec. 31.

dries, elevator gears & machinery.
Plants in Montreal. Toronto and

7 5

mines,

Bridge

Paymts. to

1959»

Investment

& operates companies mlg.
flavors,
paints, industrial

rubber

Bralorne Pioneer Mines Ltd.

oi

tion

Dec. 31,

~Canad,an $s—

,

Ltd

Trust
type

b

for

stock

dividends,

splits,

distributions, etc.

Bid.

Ask.

Continued

b Bid.

on page

Canada
mmm

General Fund

iff
•x<v:-v.>;-:.k

Sjsijei!

xliwXxXvxj

yxxvxvcyc;:

•

MSMvSyyy.'

LIMITED
«««««»

incorporated

A mutual investment, company1-

seeking long-term growth

in Canada,

through: (1) investments in

ties
'

and industries of Canada
fied holdings

by

vrV' r.f

-

"i-J

.

>

-

'

^
'

-

>•
\

S

>.

vH?'-•
.

■"*•«•*

-Prospectus may be

mrnm

WW^

m

iyWXvivX'

and (2) rein¬

*.>.u ..v. J?

;

../•

V?V'-v

:

'v'/i ;

*
"

'

•

*/'

•

'

obtained from?'.

-

authorized investment dealers or

'

VANCE, SANDERS A.
7

Boston79,

VV'

Broadway

Street

-

/•

izo

••>

V

.

:

Mass. -•

;

LOS ANGELES

CHICAGO

NEW YORK

rm

CO.MI'AXV, INC.

Devonshire

Ill

61

the resources
of-diversi¬

low tax cost.

vesting. all net earnings at
"....

'mf

possibili¬

means

of Canadian stocks

210 West

South LaSaile Street

Seventh Street

In less than

has changed. Where
little
powers

one

just

generation the face of Quebec
a

more

years ago, electricity did
than light city homes, it now

few

giant industries

—

chemical, metallurgical,

manufacturing, and brings all the benefits of
modern living to homes in farm and city.

new industries has
employment to the
citizens of Quebec. The opening up of the limitless
mineral resources of New Quebec has provided
the motive power for an unparalleled development.
A simultaneous road, rail and bridge building
program has provided easy communication between
all parts of the Province. A thorough revision
of educational objectives is now providing Quebec
youth with the know-how to participate in and
direct this amazing growth. And yet Quebec has not
lost sight of its traditions. A sound religious
background, a happy family life, a stable government,
every facility for sport and play, make
La Province de Quebec a good place in which to live

The establishment of

thousands of

brought profitable and stable

Underwriters

.

.

.

Distributors

.

.

.

Dealers

Treasury Bills

Government of Canada Bonds

Debentures

Provincial and Municipal

Corporate Bonds and Shares

and work. It offers every advantage to new industries,
and every opportunity of profit to the investor.

Figures show that Quebeckers

EQUITABLE SECURITIES CANADA LIMITED

LA

PROVINCE DE

Personal Income

Manufactured Products

Homes with radio

Homes with

•

-$6,165,000,000
$3,596,700,000

Retail Sales
Farm Production

Homes with TV

Dealers' Association o] Canada

live well

4,955,000

Population

Homes electrified

Member oj The Investment

telephones

$626,000,000
$8,236,100,000

98.5%
96%
69.7%
78.7%

Passenger Cars

EQUITABLE BROKERS LIMITED
of The Toronto Stock

Exchange

Head Office
60 Yonge
MONTREAL

•

Street, Toronto,
HAMILTON

•

Canada
KITCHENER

information on La Province de Qu4bec,
Provincial Publicity Bureau, Parliament

For further

V. S; Subsidiary:

Equisec Canada Inc.

Direct,.private ivire with'Goldman, Sachs «fr Co.i




New York

write:

Buildings,. Quibec City,
feller Plaza, New

Canada;

York 20, N.Y.

or

50 Rocke¬

726,582

Motor trucks & buses

Member

% Yield

Based on

trust

Combined

Company Ltd

Manufactures,

On Which

1.40

and

fittings for soil, water
Also
boilers,
radiators
steel scaffolding.

Common Stocks

5

distributes pipe

and

and
air.

(Listed and Unlisted)

Have Been

-

31,

1959

—Canadian $ §—

Anthes-Imperial Co. Ltd..

Approx.
Quota-

12 Mos. to

secutive

Dec. 31

1959*

Including

•; V :

•

.

Paymts. t

Dec. 31,

31

201,425

32

Costa Rica:

.

Investment

Businessman's

A

Lucrative

Center

Federal

Foreign

for

United

Companies — Walter H.
Diamond
reprinted from "For¬
eign Tax and
Trade
Briefs"—

BOOKSHELF

Co., 250 East
42nd Street, New York 17, N. Y.

Historical

to

of

Career for You in Sales and Mar¬

of
and

career

—

in

marketing profession

tional

Employment

sales

—

Third Avenue,

in

tries—Beatrice

Na¬

Economic

New York

How

New York 17, N. Y.

(on request).

No. Consecutive

to

Years Cash

Profits

N.

Indus¬

How

to

Samples

for

Countings

Nuclear

lightweight
is

Operates

Chicago Corporation, 333
Avenue, Des Plaines,

annual

ciation—Fifteenth

International

Tax

New

York
27,
binder), $7.50.

N.

sity

N.

220

per

Agreements,

-r-15.0

Toronto, Canada

per

$1.00

copy;

EMpire 3-7361

An

Keynote

_•

per year.r

Area

Survey—Industrial

Port

New

of

Annual

Owns

line

•

FOUNDED

York

1885

Report

-

Holding

r

v(f.

7
:

listed, unlisted securities

Quebec

Paul

and commodities in the

F.

New

.V

and

Dahl,

—

Investment

Insurance:

on

2

Columbia

Features

A

i

INDIAN APOUS

Surpluses

ican Committee
.

42

by

the

and

/

SECURITY AND COMMODITY EXCHANGES

r

U.

terns in Mexico

&

Co.

Engages in
aircraft,
and

den and

v

is

continuing the in¬

firm

O'Brien

and

name

of

Betty

Company.

In

operates oil
Western Canada

Camden




7

0.25

0.90

31

2.9

0.90

10V2

8.6

5

0.60

16

3.8

9

f0.40

16

2.5

Drive.

He

1.00

18

5.6

,

7

0.28

3.40

6

0.24

5.25

9

1.30

Calif. —Robert

Norman

C.

9

0.30

to

villages in 17

counties of Eastern Quebec

Ltd.
Produces, gold,

Bllver, copper,
zinc, and pyrites in Quebec

Rapid, Grip & Batten Ltd.__
engravings,

electrotypes,
photography, etc.

ill

(Canada) Ltd
retail

subs, oper¬

clothing stores in

Ontario and Quebec

St. Lawrence

Corporation

Ltd.
Newsprint

and

allied

products

Switson Industries Ltd
MTgs.

gas

cleaners, floor pol¬
heaters, furnaces, etc.

United Keno Hill Mines LtdSilver-lead-zinc-cadmium
producer,

F.

8.2

vacuum

ishers,

t

Mr. Wiest has recently

with

been

&

8.2

3.05

Quemont Mining Corporation '

,

Rejoins Hill Richards
DIEGO,

•

was

1

5.1

b5

drilling rigs

Through holdings of 3

previously with Merrill Lynch,
Pierce, Fenner & Smith, Incor¬
.l:
'
;
porated.

Building.

Victoria & Grey Trust Co
Operates

*

as

trust

3.3

39

company

Wood Alexander Ltd._.

1

6.5

b4.65

Operates wholesale hardware

Roberts

business
♦

come

&

G.

Ginnakos

has

also

be¬

affiliated with Hill Richards

Co.

He

previously with
Woolrych, Currier & Carlsen, Inc.

Quotations represent Dec.
31, 1959 sale prices or the last

prior to that date.
5

Add

current

Adjusted

was

a

-b

Asked.
Bid.

4.6

Yukon

Company.
Gus

TORONTO

towns

Reitman's

Richards & Co., Bank of America

3-8821

f0.257

repair

telephone services

300

some

commercial

Wiest has rejoined the staff of Hill

EMPIRE

<fe

Photo

With Lloyd Arnold

BUILDING

7

Ltd

and

instruments

Quebec Telephone

(Special to The Financial Chronicle)

COMMERCE

aircraft

accessories

Owns

.

Baker, War¬
Company, 1985 Drew St.,

the

under

North

OF

3.2

0.50

Western

Parker Drilling Co. of Canada
Ltd.

I

BEVERLY HILLS, Calif.—Richard
L. MacPherson has joined the staff
of Lloyd Arnold & Company, 364

BANK

bl5V2

8

9

in

overhaul

of

ates

CANADIAN

5.7

0.125

and

power

cities

Northwest Industries

Trends—Edited

—

O'Brien

SAN

2.21

6

Ontario

Ltd

electric

several

Provides

SECURITIES

6.8

fl.00

;r

9

to

gas

(Special to The Financial Chronicle)

GOVERNMENT-MUNICIPAL-CORPORATION

bl4%

6

Mines Ltd.

Northern

Utilities

Distributes

Investment Dealer5* Association of Canada

CANADIAN

8.0

0.50

City.

producer

Northland
-

Davis

Toronto Stock Exchange

b6y4

5

_____

9

Gold

National Plan-

Now B. K. O'Brien

K.

"B"

New Dickenson

vestment business of

Members

3.3

S.

CLEARWATER, Fla.—Mrs. Betty

Brawley, Cathers

30

Power

through subsidiaries
lighting and power sys-

*

*

K.

5.6

and

operates

of

W. Gregg and Dan M.
University of, Pennsylvania Press, 3436 Walnut Street,
Philadelphia 4, Pa. (cloth), $12.00.

T?

£

—

Insurance

McGill
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL

12%

1.00

Lawrence
*

Directly

ning Association (paper), 35<?.
World

offices in the United States and Canada

4.5

Canada.

Wheat

TORONTO

2.20

0.70

Mexican Light ,& Pr. Co. Ltd.

Barter Program—Canadian Amer¬
CHICAGO

0.10

race

Mines and wholesales lignite coal.
Capacity: 850,000 tons per year.

;

:

comparison

Insurance Company
York, 1740 Broadway,
19, N. Y. (paper).

St.

Coal Co. Ltd.

-.f

Haire, &

New York

Broadway, New York 4

8

Ltd

Manitoba and Saskatchewan

Busi¬

Life

Of- New

hydro-electric and |4
generating stations.
66,645 hp.

retailers of footwear goods

other forms of investment—

Mutual

THOMSON &MSKINNON

2.2

Quebec electric utility

'

with

34

com-

5

Co.

Potential-

Mason

Lazarsfeld

Unique

Holds all

of Jamaica Public Serv-

Club

Lower

University Press, 2960 Broadway,
27, N. Y. (cloth), $3.00.

Life

0.75

Ont.

Lambert, Alfred, Inc. "B"____
•r

New York

United States and Canada

3.9

tracks in Ontario

Economic

—

Research

Product
A.

58

Manufacturers, wholesalers and

of

Science

Robert

Sarnia,

Service, Ltd.

Operates several horse

.

in

2.25

Alta^ to

power

Capacity

1946-1959—Agent General of the
of
Quebec, 50 Rocke¬
feller Plaza, New York 20, N. Y.
Social

and

company.

electric,
diesel

Province

ness:

6.8

ice Co Ltd. which serves Jamaica
with light & power from 2 steam

r

Progress and Industrial Expansion

BROKERS

4.5

oil" pipe-

Water,

Wis.

mon stock

,

i>

Authority, New York, N. Y.

Province

Red

Public

Jockey
of

-

miles

..Jamaica

Authority-

Port

—

9V2

•

financing

crude

operates

8uperior,

,

De-

&

from

1.930

-

(paper).

York

b!5.%

0.65

8

improvements

Interprovincial Pipe Line Co.
':<

veloprnetnf,, 295 Madison Avenue,
New York, N. Y.

6.0

co.
Subs,
manufacture
and aluminum powders

Credits, Ltd.

Growth—

for

4.00

year.

Home

•

Oregon:

0.24

breweries with com¬
of 70,000 barrels

2

Interprovincial Building

:•«

''-f

.

products; etc. — Italian
Affairs, Via Liguria 7, Rome, Italy

#

2.8

capacity

bronze

dustrial

Telephone

al4V2

Holding:

wholesale trade in non-edible in-

Bay Street

0.40

International Bronze Powders

Affairs,
Nov.-Dec.; 4959 f
containing articles on Mechanized ?
farming, in
Italy,
Air
Traffic; :

Exchange

4.7

artists'

&

instruments

Ltd.

Tax

10%

retailer of drafting equip,

Operates
bined

(looseleaf

Y.

0.50

supplies

Italian

Member

Toronto Stock

3.8

area,

Interior Breweries Ltd. "B"_

Agreements,

-

Annett Partners Limited

8

-

T.

Mfg. &

2960 Broadway; New."
27, N. Y. (looseleaf binder)!

$3.50.

—*;-

Yellowknife

producer

W.

scientific

Press,

York

0.30

1.7

inde¬

Hughes-Owens Co. Ltd. "B"

Vol. IX: Texts—Columbia Univer¬

Stock and Bond Dealers

9

52

0.70

Gold

University Press, 2960 Broadway,•'

International

Security Underwriters

Ltd

-Mines Ltd.
i

general

Vol. VIII: World Guide—Columbia

The Investment Dealers' Association of Canada

0.90

fectionery

meeting—International Air Trans¬
port Association, Terminal Centre
Building, Montreal 3, Que., Canada
(paper), $2.00.

Member

9

Giant Yellowknife Gold

International Air Transport Asso¬

Company Limited

6.2

pendent bakery operations. Makes
bread, cakes,
biscuits and con¬

Illinois.

Annett &

-

3.25

Capacity
per- day.

largest

Canada's

of

One

East Howard

@

1959'

life Insurance co.

as

Bakeries

General

7—

No.

20.00C

to

Dec. 31

and

concrete blocks

aggregate.
8-in. blocks

Empire Life Insurance Co._^

Plan-

on

bulletin

chets—Technical

Paymts.

1959♦

0.20

——

Manufactures

Radioactive

Prepare

Ltd.

Co.

Inc., P. O. Box 803, Church Street
Station,
New
York
8,
N.
Y.
(paper), $1.00.
:-v.,7:

Vaccara—The

tion

31,, Dec. 31,

1959

Block

Concrete

Edmonton

Con¬

by

12 Mos. to
Dec.

% Yield
Based on

Quota-

—Canadian $ §—

22, N. Y. (on request).

Build

Approx.

Extras for

Divs. Paid

trolling Costs—Dun & Bradstr^et,
Protected

Brookings Institution, 722 Jackson
Place,
Washington
6,
D.
C.
(paper),
$2.00
(cloth
edition),
$3.00.

Executives, Inc., 630

Sales

and

Cash Divs.
Including

;

Insur- '

Life

of

Division of Statistics, and
Research, 488 Madison Avenue,

Research, University of Maryland,
College Park, Md. (paper).

Discussion

opportunities

Business

1958—Institute

ance,

1939-1958—Bu¬

Thursday, March 31, I960

,

Continued from page 31

In¬

Life

of

.

Canada Now Creating the Base
For Splendid Decade of Growth

to

Statistics

.

in the United S'.ales, 1759

surance

Employment Changes in Maryland
reau

Report

—

Washington, D. C. (paper).

&

(Nonagricultural)

Cor¬

Insurance

insured
banks, Dec. 31, 1959 — Federal
Deposit
Insurance
Corporation,

States

Matthew Bender

Deposit

poration

—

keting Management

Chronicle

The Commercial and Financial

(1408)

32

for

Bid

and

ask

quotations

are

as

of Dec.

Canadian
stock

Exchange Rate.
dividends, splits, distributions,

etc.

sale
31,

191; Number 5938

Vol time

.

.

The Commercial and Financial Chronicle

.

individual American

any

Integrating!!. S. Subsidiaries
Into the Canadian Economy

tion

the

will

issue

of individual

some

Canadian shareholders, most

SECURITY SALESMAN'S

in

undoubtedly be in

the

on

is A desirable

it

CORNER

companies will have

bearing

Clearly,

33

corpora¬

operations

on

the air in future and the attitude

,

Continued from page 23

carrying

Canada. I mention it here because

_

your

(1409)

BY JOHN BUTTON

outcome,
.

that

the

that the real direction of whom will know the country position of individual industries
of a corporation lies not so much thoroughly, both your operations and companies should be careThere are Still Some Things You Can't Do
ivith management as with the con- ano human relations will benefit, fully considered and even more
U
<a
ditions which it is management's
Criticizes Our Tax Emphasis
Without a Machine
carefully expressed.
Ac
Tbe successful integration of an
job to meet. Any company in
As you nrnhoM,, know, certain
probably
AmpriPan_Pontrn'nprj Canadian nr»Canada must live with the con¬
rulings of the United States FedThe other vidjr I was busy at my correct a situation, better nirn"'
day j. wdo ouay dt luy tuxicti a Miudiiuiiji u"iicr him5
o
KJiaico x cu"" Avin4-inr|
simnlv a tYiflitpr of P'OftH
ditions '01- supply
of supply auu QGixittrici
and demand
ivhich it finds in Canada, it must eral tax authorities put incentive management The basic nrincinles desk and a very nice fellow who self or obtain advantages that he;
essentiallv the same across an
s been callinS on our office for does not now enjoy, you are not
live with the laws and regulations ?n minimizing local participation
ivhich it finds in Canada. And in the stock of an American-con- fnteraaUonal border m thev are several years as a wholesale rep- ready to ask for the order. This
resentative for smiledofand waved holds true whether you arein their
one
the large to a husband and wife talking
these are not dictated by corpo- trolled company abroad, particu¬ at home
mutual funds
late
management or ownership larly ln respect to consolidation
.
—
— -- « -—»»W1v.ri
hnt
bv the people of Canada for tax purposes. For the reasons
In the foreign-owned Canadian to me from across the room. He late forties about a plan to prothemselves
This
is
essentially 1 have already given, I think this company, decentralization of man- saw I was busy and he didn't vide for their retirement some
the fact

on

+

vnn

nn

1

■L,-~

is unfortunate. "Not only does
tend to reduce the efficiency
American ventures abroad, but
casts doubt on the good faith

decentralization nec-

i-hat makes

in the management of any
Canadian company with majority
shareholding abroad.
essary

henetitslegislation is a weak
ol free enterprise.
This

the relations of industry and
the public, whether at home or
abroad. In regard to the role of
management, a job of debunking

together with

badly needed,

in

is

it

*

a

old "captain of
industry"
concept
of industrial
control. This idea goes back, I be¬
lieve, to the, novelists who1 wrote
around the turn of, the century
and
even
later, who entranced
their readers with the. notion of

armor,

a

problem which it not
The

United

.

.

a"

must?

around

Mr. White before the
Canadian-American Business Conference,
♦An

address

by

Boston University,

March 22, 1960.

my
shoulder and in a
brotherly sort of way began to
inquire as to my health. He meant
no harm but if he had only real¬

ized

is

It

clear

addition

from

the

to

this

in

which

things

that

an

individual American company un¬

dertaking
should

operations in Canada
in mind, there are a

industnaLempires. at ihelturri of
vvhim?. As most of us. know, this

OffayQ TTtll
Rnrif s
v/llC/lD U UII. UCJllU

spots

that

still

The

Boston

First

area'-which affects

ment

business and Individuals-in

govern-

,

he

would

with

Corporation

541nfnvltment

camp"sl"S

/'"TJ

might

broad

a

firms

general

™rtsase

gen.eral mortgage

'bonds %°%%
"0
k/o

SHSsEHfeS?

«

fi ds

siderable soul-searching in Canada

ditions..

and

thoroughly

Once it becomes
derstood

that

business

are

their

then

,

think

.

,

.

I

will

rapidly disappear. It .is just pos¬
sible, too, that a wider realization
that the real control of business
with

lies

lead

will

voter

customer

the

to

and

better

even

an

climate of legislation

the

than we en¬

United

the

desirability

'A

most

stand
it.

closer and

more

durable links be-

business
whether

is

it

not

today,

conducting

international

an

across

do

to

needs

or

operations

£

things

boundary. ,;7a

Discrimination
Even

though

I

regret

the

ex¬

aggerated importance ascribed to
where the stock control is
I

like

situated,

suggest that the
offering of capital slock in a corporation to the citizens
of the
would

to

going to
operate is a very sensible pro¬
cedure. I realize, and I think most
other Canadians realize, that this
is not always a practicable ideal.
In some cases operations are go¬
ing to be on too small a scale to
country in

the

warrant

securities.

it

offering of
may
be other

There

would

is

public

considerations
and

it

which

other

instances,
be most unwise to
in

generalize.

On

where it is

hand,

not

other

the

possible to make
security offering to Canadians,
consideration should be given to
the best means of letting it be
known why this it not possible.

a

I

is

also

think

possible,

Canadian
much

to

a

wherever

that

be

it

substantial group of

shareholders
desired.

In

is

very

the

first

place, they contribute capital
something which is not to be
treated

lightly"in

these

days

of

second

high interest rates! In the
Place, they automatically integrate
your

company with the Canadian

cornmunity. As
a

list

of

soon

Canadian

as

if the

suggestion is made that
only economic but political

not

integration
should
take
place,
many people would be displeased
and progress toward better North
American trade relations might be

Without

Stock

Offer

degree of integration is proposed,
or

you

have

shareholders,

you

have, as it were, a combined
Public opinion
survey and market
research panel. By making use of




delayed.

.•

union

Political
which

is

any

is

i

economic
:

j

concept

a

for achiev-

unnecessary

a

m

should take it as read that neither

nor

.

nor

want to,

government
joy.
I

think

Canadians need to,

seprifice the form of

which they now en¬

also

that too

sweeping

approach to trade relations between
Canada and the United
States could be harmful. Spokesmen for my industry have been
on record several times to the effeet that a continental pattern of
petroleum utilization is desirable,
I think most of us would say the
an

$20,000,000 for gas plant
and
$3,000,000
for general or
common
plant, ' a
The

bonds will not be re¬

new

deemable at

a

lower interest cost

Regular
redemption prices for the bonds
range from 105.55% to the princi¬
pal amount and special redemp¬
tion prices from 100.80% to the
principal amount.

until after

April 1, 1965.

capitalization of
the
company
outstanding as of
Dec. 31,
I960 consisted of $491,322,768 of long-term debt, 1,450,000 shares of preferred stock of
Consolidated

u

issue is raised, it is

Americans

pany

co-operation. $100

be required, and if such
almost cer¬
tain to prevent positive steps in
the
economic field. I think we

that may
an

detained

idle chit chat for

me

even

polite but I didn't hear
was

recall his

name

until

a

par

and

offered

solution.

a

is where salesmanship enters the
picture. When a man says, "Yes,"
what
he
is
really
saying
is,

brother

"Thanks

for

what

hope

make

I

helping

me

will

be
wise and beneficial decision."

a

The four principles of success-

so

half

and

you

ful saiesmanship^are sti1! as operative
ever; Obtain Attention;
as

Then Interest; Then

Desire; Then

Action. No machine

can

with

You don,,; stop a man when he

busy, and is standing before

order'desk

with his wire man

asking him questions and a busy
desk

and

telephone is beckoning

his return. I feel
this

no

ill will toward

He didn't sense the ur¬

man.

of the demands that were
then being made upon my powers
of concentration and my time.
gency

uuier
other

the

hear

you

you

first:

man

is
is

reauy
ready

another

make

a

man

who

decision

knows

primer of successful salesmanship—it still holds good.
the

Obtain the Other

Person's Interest
There

are

the

to

salesman.

would

before

they

know

their

prospect or customer
investment. Most
of the best salesmen I have known
what

desires

have

in

an

been careful

and deliberate

listen a lot. They
obtain their customer's interest in

talkers., They

their
have

proposition
learned

how

because
to

human

there be

And

in

to

sales¬

nature

business.

belongs

what

fun

bawling out

a

machine that put you into a stock
at

and
it
promptly
sixty-five? The elec¬
tronic wizards won't displace the
salesman for a long, long while—
of that you can be certain.

seventy

dropped

to

Emanuel, Deetjen
It T

they

ask people

investment,
Any salesman who wants to make

what they desire in an

friends and build a clientele has
only to sit down with a prospect
and politely ask him to do some

r»

_

•

'L/llGiS iV13/yiclll
of

stock

share

of 300,000 shares
Industries, Inc. com¬
a
price of $5 per
made on March 30 by
Deetjen
&
Co.
and

offering

Mayfair

mon

salesmen who try to

securities

sit down
wants

as a

This is still the world that

Public

sell

well

to
iu

get1 ATTENTIONUnRe-

Motivate and

as

and who also knows his

member that old rule number one

in

who

man

was

Emanuel,

at

associates.
Net

the

proceeds from the sale

common

shares

will

be

of

used

company for various cor¬
porate purposes, including repay¬

by the
ment

of

loans

and

the

reduction

of accounts

payable. The balance
of the proceeds will be used for
general corporate purposes.
Mayfair Industries, Inc., with
principal offices and plant lo¬
cated in Lafayette, Ind., is
en_
_
,
_
_

its

gage(j

jn

producing

and

selling

12,316,831 talking. What does he want his sjngie-hung aluminum windows
no par

securities to DO FOR HiM. Does ^or residential use, and other re¬
he want more
income, more ja^e(j aluminum products such as

company's electric service

growth of capital, are there any horizontal sliding windows of
securities he now owns that he various types, sliding glass doors,
particularly like to check screen doors, combination storminto?
screen doors and minor miscelStart a conversation along these laneous items such as aluminum
lines and you will interest your thresholds and interior trim. Two
prospect in the discussion because new plants, in Frankfort, Ind.,
he is more interested in his own and in Tulare, Cal., were placed
welfare than anything else you in operation by the company late
may discuss with him. Don t ry o in 1959.
obtain any person s agreement xo
For the fist!al year ended Nov.
your proposal until you have nad
1959> the COmpany and its suba meeting oi minds as to ms od- sidiaries had consolidated net
jectives. The~LS of $154,712, equal and73 cents per
sales of $6,495,687 to net income
Y ,
~ common share. Upon completion
JECTIONS
JECTIONS is interested m he is of the current financing, out¬
your
proposal. It is a signal that

0£ common stock

value.
The

value

re-

must bring them to a
point where they wish to do some¬
thing about these problems. That

to

far away from bim that 1 couldn't

cilities,

they ought to take in regard
Personally, I think some

opinion one

in my

important

the corn-

and its subsidiaries is ex¬
pected to require about $100,000,000 in 1960, of which about $20,000,000 will be for electric pro¬
duction, $57,000,000 for electrical
transmission and distribution fa¬

tween the Canadian and U. S.
of economies are desirabie. But there
that is a danger that if an excessive

.

.

....

the

was

until

construction program of

^ corporati°n dustry. But I think that business
people both north and south of
the line should give considerable
thought to this matter, and the

joy today. Communication of this
viewpoint is

for

incurred

this issue is a great
broader than the interests

any

to

of

sure

am

as

closer

Naturally,
deal

attention
But

Net proceeds from the sale of
a Rule
Number One—Don't dis¬
to the
the bonds will be used for the turb other
people when they are
economic
payment of short-term bank loans busy. Don't talk about anything
AV''
construction.
The

States

of

VAV' "

ties.

and

customers

governments,

of

rulers

real

the

the

un¬

have

middle

I

try to

because people have problems and
you have brought them to their

executions

thing he said. My mind

mnptcta,

t^nditions

the

some

orders

to

his losses. You do business

coup

^new^ue'of MO.O^of

the

of

a

of

not

some

even

completely inaccurate picture, both countries,
series due April
1990 The
way in which business is
Tb|g
•
tbe
question of the accrued interest to yield 4.70%
actually operated today Manage- future economic relationship, be.
to
maturity.
The
issue was
meet's job is to adjust business
tween
Canada . and
the
uPnited awarded to the group at .competi¬
a
f" a
a'it
States. The growth of trading tive sale yesterday on its "bids of
1
^Sislaied
it
areas across the Atlantic and in 100.10999% which named 4%%
management does not in any sense Latjn America has led to con¬
coupon.
-:-A..
;aa:'
of
the word
create those
is a

in

was

market and wants

minutes.

two
I

bear

weak

few

I

fistful

on

g^atlon wh\X hasT^ FiTSt BOStOIl COT]0.
:

that

trying to obtain

Kingdom

who™built"aiid^urtbuilt L^u^The^eTs'anofhlr™^

supermen

not

United States-Canada

relations.

is the

ideological

?°me .0ve/ t(? +my duSk* ^bout fifuteea years hence, or some in the
client
who has been speculating

owned Canadian company social ten
minutes
later, when I was
responsibility in management is rushing up to the order desk with
a
must; but then where, in jthe some market orders in my hand,
final analysis, are such qualities he
walked
over,
put
his
arm

spot

to

confined

concept'whaf8neSsTc^be

a

America's

but

curate concept

debunked

it

of
it
of

^efUs'of ^Inlerorfse^ ^

This problem,.of course, affects
all

is

•

of

AAA

with a population of
about 3,400,000 includes the cities
of
Buffalo,
Syracuse,
Albany,
Utica, Schenectady, Niagara Falls
& Troy. The company distributes
naturai'gas in areas in central,
northern and eastern New York
territory

having a population of about 1,600,000. There are two Canadian
electric subsidiaries operating in

Ontario. In 1959 about 78% of
consolidated operating revenues
was derived from the sale of electrie energy and about 22% from
the sale of gas.
The company owns and operates electric generating plants
having an aggregate capability of
3,200,900 kw. of which five are
steam-electric plants of an aggre—
gate capability of 2,406,000 kw
and-83 are hydro-electric plants
of an aggregate capability of 7$4,-

same as far as natural gas is contrying to reach a conclusion as to standing
capitalization
of
the
-cerned. But petroleum is one inwhether or not he will benefit company
will consist of 1,000
dustry speaking in regard to its
when he says, "O.K. let's go ahead
sbares "of
8%
preferred stock;
own problems. To reason from
and do it."
300,000 shares of common stock;
this that a continental pattern in
Rule Number Two: Create in200,000 shares class B common
all commodities is desirable would
be a mistake. Moreover, so sweepterest by taHung abo"t.J^^!1_1"^ stock, and
ing a proposal would almost cerForms Stradford Sees.
tainly bring opposition from in- 900 kw.
to your prospect
Total operating revenues of the
Agreement Is a Natural
Solomon Hollander is engaging in
dustries where such a pattern was
a
securities business from offices
company
for the calendar year
Consequence of Resolution
not appropriate,
at 799 Broadway, New York City,
The question of the eventual 1959 amounted to $285,323,000 and
No
matter
how logical your
economic
relationship between gross income before income de- proposal may appear to your pros¬ under the firm name of Stradford
Securities Co.
Canada and the United States may
pect, unless he has the DESIRE to
seem to be beyond the sphere of ductions was $47,753,000.
^

^

hat^oa^a/o—ount imP°rtanCe

$270,293 of sundry debt

34

Natural Gas Securities

issue, under normal operation
of sinking funds, he will get his

Continued from page 6

an

Northwest.
A great
pipelines.
:»

and

back at a rate equivalent
to. getting it back in 12 or. 12Y2

money

need existed for

builtv

We

>

first* Tennessee

our

years, instead of the 30 or 35 years
for the electric utilities.
We also

pipeline and started opera t-"
mg it in 1944, to satisfy the war-"
generated needs for fuel in the
Appalachian area. Next year, the
I war ended.
Men and materials
soon
became available, and the
gas industry took off—whoosh—Gas

of those

one

reading

so

rockets

we

of all

a

ment
ties.

The effect
more

of the mortgage is for

and more property

the company

the

On

Other

transmission

penditure
treated

pfVF?kIe to that of the electric

which should

This

which

.

a

panding

with a fastgrowing population, a mounting
Gross National Product, and what
sometimes

seems

inflation, that is

a

to

be

built-in

real advantage

But

as

I

of

no

a

this

on

eco¬

a?^SU

In

lose

aj trust officer had bought
bonds, back eight

he. would

have

years ago,

roughly

40%

of

rities

have

reinvested

any r

turned capital in

a new

of

his

re¬

bond issue

*?ears a^°* Etther he has to

£

35 years

usually—at the low inter-

thlrUh*' i°r ?eI1 them at a discount,

'

Sree

'

equity

secu-

it

and

is

...

.

Ml

X.

-

..
X *

-

.

«

illustrative

as

of

'

in it
it

,

Debt securities at Tennessee Gas,

i°^eoKam?le\oare sold ^Pically
rnrl
0r 12% year aver,
i-

thaf
max

v6'a

if

u

°f course, means

trustee invests^ in such




and refUse to lie

dead

when

with

equally inherent growth
public pref-

an

in

reserves

by the

the

move

base

as

fear

of

tun

declining

Further,

the

u-

,

yields

n?us+

highly .volatile
there
to

is

look

no

to

growth

better

these

rapidly

improving

and sound

tric

of return adhered to by the Fed¬
eral Power Commission, pipelines /.

*An

address

increasing

in

the

gas

light

the

which

distributing
cannot

continue

-

"V dtLd

re-

Vyllt/Ib

of

the

over

should

the

or

enjoy
with

even

and

■In

any

after offsetting the

discussion

serve
•

of

-

Vice-Chairman:

Eugene

H

land, North Carolina, Virginia, and
the District of Columbia.

Offers Rights
KratterY; Corporation on
March; 28 offered:tb- hQlders of its
T h e Y.

and class ;B; common stock
1,300,000
shares of new $1.20 'cumulative
convertible preferred stock at the
subscription
price of $20 per
share, on the basis of one share of
new
preferred
for each three

class A

stock held of

shares

of

common

record

on

March 25, 1960.

subscribe,

to

April

on

Rights
evidenced by

as

The offering

12^ 1960.

carries

also

over-subscription

an

privilege.
Hirsch

Co.

&

Lee Higgin-

and

Corp. are co-managers of a
group bf member firms of the Na¬
tional
Association of Securities
son

Dealers, Inc. which will solicit
subscriptions for the preferred
stock on behalf of the company,
for
which
dealers
commissions
will be

paid.

Net

proceeds from the financ¬
ing will be used by the corpora¬
tion for various
corporate pur¬

including acquisition of the
Hotel,. Bal Harbour,

poses,

properties.

mifYn

shares

of

Sept. 30, I960 on a share-for-share
basis into shares of class A com¬

per

V

The

Xvlgllto

can

Water

new-,

The
also be re¬
deemed,"at the option of the com¬
pany, at a redemption price of $20

;

U llUJll

.

preferred
stock will be convertible, at the
option of the holder on and after
The

V^UIIIjJd/Ilj
"P?rrV»f c

?s

of the

stock

company.

may

share, fjlus accrued dividends.
company's class A stock was
for trading on the Ameri¬
Stock Exchange on March 22,

listed

Co.

is

common stock then

1960. Rights to purchase the new
preferred stock and the preferred

stock

was

admitted to trading on

the American Stock Exchange

March 28,
The

I960. ;

-

'

corporation,

with head¬

quarters at 521 Fifth Avenue,

York,
1959

was

under

on

•

New

organized on Feb. 26,
the laws of the State

diversified, real
company. The
April company may also act as a broker,
12, 1960. A group of underwriters consultant and managing agent in
headed by W. C. Langley & Co. connection with real estate. This
^Y"! purchase any unsubscribed nation-wide real estate-, invest¬
shares and, both during and folment firm was formed by Marvin
lowing the subscription
period, Kratter, President and Chairman
warrants

p m'' EST,

pre-

the

^

pipeline

wil]

nilf

8

nrnnLS

;

.

ii

Vi
fi"

fu

the

Delaware,

estate

I

ftJ. AtftA,

upear, Leeds UltlCe

Kellogg has opened

a

as a
investment

the

of

branch

Board, and his

the
and

real

its

operating activities
May 1, 1959. 1

•

owned

&
of-

fice at 105 Coulter
Avenue under
the direction of-James M.
Gicker.

were

on

Among
♦

associates,

previously been active in
estate investment field,

who had

started

ARDMORE, Pa.—Spear, Leeds

.

of

on

construction pro-

*

V C,™,*;

will

jlrlev TbT^'utm-v

—am

they carry a sinking fund and a
consistently higher dividend rate,

by; appropriate de¬ so that in those markets where
is required by the charam convinced return
many are as well off in the pipe¬ acter of the account or the needs
line bond business as in the elec- of the beneficiary,
they are detrib utility business.
sirable.
These ^stocks,too^. are
cost

preciation charges. I

I

held; subscription

companies

who

ultimate consumer.

a

Flemin*

Cassell,
C.
F.
Cassell & Co.
Charlottesville, Va.
District No. 10 comprises Mary¬

preferred stock

.

ditional common stock (without
^on}inal or par value) on the
«?/S1Su0 one.new share for each

investors

distributing

they "serve

TT

p.res1ePtij °^er^n8 to its

companies,

increase

position

-

Plainfield Union

their>

firms

ferred

A..o..at.on,

ICtlllllC'lU.

earnings
unless
they are supported by the pipelines, and the lower appraisal of
pipelines themselves.
The pipeline

Mr. Symonds before
Trust Conference

icommon
Lders o:f record March 29,
I960, the right to subscribe at $20
standing P?.r.
for 68,676 shares of ad-

known

of
.

by

PlQUnTlpIn

to

growth,
equity ratios,

W.

Nolan,
Fleming-W. &
Hibbs & Co., Washington, D. C.

Folger,

mon

^

the

positions supported by macontracts
and
by actual
ownership.;.

Certainly

excit-

an

Midwinter

S,'w v„rkmo.van

reserve
picture there is
little justification in the
gas business for the investment

have

investor

economy—in

tured

Under the pressure of low rates

the

decade ahead.

the

than

in

W. Fleming

Robert

Fla. and other

meaningful for

d for

serve

utility business.

and

I look for

stocks,

defense

equities

gas business.
They 'are able
show sustained, continued

mission business than in the elec¬

In other words, the ratio

Robert

Chairman:

National
Dealers;

Americana

in

basis—they most closely parallel.
markets generally become
confused over the position of the

officers for
by District

Association of Securities

and

When

His

fn.^p' ^u^ ^ken neither

was that of the past.

avniifi5

new

Committee No. 10 of the

continued sound, healthy growth—
growth both actual and relative,

are

position of the debt-holder
^ fwP-ny .s.t.?.c.ks
good—he gets paid off faster exceed those of electric utilities
than the
house depreciates. • To with the same growth
characterrepeat, he has money for reinvest¬ istics which—on a performance
ment.

.wel1

a

rate

u

which

,

way upward
deserved position of
prominence m the na
s
ni
economy. Further progress will

*°

reducer of earnings.

a

;

....

„

^as ka£> f°ught its

gas

companies themselves, and a continued growth on a basis
approaching 8% compounded annually, re-

is

the ratio of mortgage bonds
to net transmission plant at Ten¬

and

down

challenges
arise
The inherent stability of
natural gas business is linked

^

The property depreciates.

1954

following

1960 have been elected

new

which are being deveK
incentive based on
the producing areas of the
erence and demand.
country, the widespread owner-

But the

original

-

.

is dynamic. We
not utotuutdgcu by probnut discouraged
uy

pl'

reserves

oped

ship of these

even

..

still continuing

lemg

approaches maturity.
Certainly, the great growth in gas

Gas

improves

is

industry

are
flic

Hi

«
,

the

industry

security for his mortgage,
though the house is getting

to net gas transmission plant con^
finues to drop;, For example, in

The

transferable warrants, will expire

The

stability which the industry is
building into its securities as the

as

to 53%.

....

...

.

That growth

our

thereby losing part of his original nessee Gas had declined to 58%. equity securities, the first
preinvestment, in order to be able to* Five; years later, at the end of ferred stocks should not be overreinvest
the_ remainder on the 1959, it had dropped still further looked. As you
know, by fashion

currentadVantage°US terms now

industry has
greater de-

a

including con-

month;

J

,

hold them to full maturity—30 or

this

mentioned

our

^h/ch

the
probably

years

to

tional.

.

initially been financed at
company and could have
high rates of indebtedness exceed¬
bought a 5y4% interest return for ing in many cases 70% of
plant.
his money
Pipeline bond retire-. New bonds, under mortgages gen¬
merits create a sort of rolling ef¬
erally accepted, cannot initially
fect
on
the
investor's
capital
exceed: 60%
of plant
additions,
which builds in a good margin of
is not typical of electric
utility bonds,
,
safety as the systems grow.; In
By way of contrast, let's! look addition,; as this margin grows and
at the situation of an investor who
as pipeline bonds are retired rap¬
bought 3V9% utility bonds, back idly, the ratio of mortgage bonds
ot

a

jg

had, it

In the

for the investor.

one

pasj.

stock

Many gas companies have fol¬
lowed the trend which I have just

Pipeline basically just
builds
his
home, and adds no
rooms.
He makes regular annual
payments on his mortgage. The
size of the
remaining debt de¬

;.

New Officials for
NASD District 10

Kratter Corp.

.

an impor-

strengthen further Th,<: industry firmly believes it
our
equity position to over 35% will double in the next 101 years.
It spent $1.8 billion in 1959 for
by the end of 1960.
expansion. In 1960 it will spend
$1.9 billion or $100 million addi¬
Rate Base Is Growing

in

*

wl!?1*!1 back by July, he could
vestable form. Last now ^ rein-

tant

of its

jS'*ve/^a

,

The growth factor is

•intention. ..to

^°"ds Jue 1971. As of Dec 31,

t

Conclusion
rm_

k.

common

additional

ghost

longer haunt the

good position results from,
1951, Tennessee Gas sold $35 mil- among other things, the spread
hon of 3V8 % series first mortgage that develops between the net de¬
preciated value of the pipeline
1959, after eight years, we have- property, on the one hand, and the
amount of bonds on the other. That
retired
$12y4
million
of
those
spread is at least as great as, and
bonds, or about 40%.
^
If
perhaps greater,, in the gas trans¬

mcf £ take a concrete case.

to
■

,

only 19%

ai**fnd
vertible second

mind, perhaps the
homely illustration—

creases.

busi-

our

^an any other major iridustry> That jg
^as grown to
preferred stock, a
position as the fifth largest inour equity had risen to over
31%.
dustry in the nation in terms of
As us known we are going to marplant investment.
'.J
ket with

lo¬

older.
Mr.

factors, such as

many

ness,

?

ineSiS^

end

capitalization-in

adding rooms. He doesn't
pay off any of his bonds.
The
mortgage holder is satisfied, how¬
ever, for he keeps getting more
even

i

m

jXa?1?n^r'^
of 1954

the

na¬

Mr. Electric builds his home. He

house

gives

i

have

price and

also

Certainly

the low labor content of

would entitle them to be
even rnore seriously considered in
investment these times of
high labor costs,

outstanding growth incentive,
equity holder himself, i

keeps

F

economy,

basis.

incentive

clearer.

pun

ex¬

short-life

it

earn

rapidly other utility companies,

an

the

following
really homely, since it is based on
the figurative "homes" of two men
we will call Mr. Gas Pipeline and
Mr. Electric—will make my point

i

an

Resource

retirement and

own

With

look at his money. It

in

Fear

to

into

great
stability, coupled with its inherent

security buyer.

example, typically get a fast pay¬
out from approximately a 5% per
annurn
sinking fund. The buyer
of such bonds is continually get¬

that

day.

This fear of exhaustion is

Bonds of the gas pipelines, for

add

stoppage

by the talent and skill of our
exploration teams—have grown at
a
rate exceeding the use of gas.

vf-^.a^es over those of electric

not

some

laij-ge debt and

itselt

equity position. This build-up of equity values not only provides
ever-growing protection to the debt holder,

reserves,

a

a

works

cated

that, in many
both
the
bonds
and
stocks of gas pipelines and other
divisions of the industry have ad-

need

Need

nomic

When I tell you

I

to

with

the

from

previously pointed out, our
tion's gas reserves—given the

respects,

coming back to him, and
he gets new opportunities to in¬
vest it on the best terms available

basically

Property has been made to earn,

its

relieved.

keeps

gas
ex¬

Exhaustion

Utilities

new

service

No

Better Investment Than Electric

a

lead

might

gas

has not been advertised, nor phy, which any industry the size
generally known, that equity of the gas industry is bound to
ratios in gas companies have been obtain. When we obtain it, in my
increasing steadily, as a corollary opinion, our securities will be
to the initial financing which starts
fully as well regarded as those of

but

utilities after the pressures of the
TVA and the Public Utility Hold¬

ting

is

in a
the

Thursday, March 31, 1960

is it

one-time investment.

originated partly
of
depletion
of

fear

of

plant

for
a

as

hand,

.

rial at inn chins

amiHir

'

net

.

It

bonds.

new

company,

Banks and
investors had greater appreciation
of the value of reserves in place,
and of long-term, contracts with
producers at the starting point of
the pipeline and with distribution
companies at the other end. So
we in the industry acquired
the
ability
to
bank
at
reasonable
costs.
So we grew.
As I said
earlier in my remarks, the in¬
dustry tripled.
In my opinion, the gas industry
at, present, having emerged from
the shadow of the Memphis De¬
cision
and
making progress in
solving some of its regulatory
problems, is in a situation com-

utilities, don t be shocked (no
intended).

to be put
against which

can't issue

effective conservation of gas were

were

allows substitution
for sinking funds.

into the trust estate

the order of the day.

Company Act

preferred
fund, and
electric utility
extremely rare.

pipeline Companies started
completely different invest¬
premise from electric utili¬
An electric company mort¬

gage typically
of properties

those

pipelines which followed ours out
of
the
Gulf
Coast,
the
great
growth of the industry in the 15
years which have followed, were
due to several things. Greater fi¬
nancial stability had arrived for
the industry. Proration of oil and

ing

senior

sinking

a

Gas
on

are

much about these days.
stopped.

establishment

with

sinking funds on
preferred stock are

It has never
The

sold

stock

.

like

!our

have

u

,

.

am sure many share with me the "improving
'equity
relationships
high regard for the electric utility and the reduction of prior debt.
^
business which it enjoys with inDuring the growth and develvestors
generally.
Its securities opment
of
pipeline
companies
have
earned
this
standing
by such as Tennessee Gas over the
steady long - term
performance, last 15 years, it is interesting to
But
through my close personal note the acceptance by the investdealings with pipeline securities ing public of the same range of
which have amounted to between securities sold or used by other
$1 billion and $IV2 billion through utilities; They include first mort-the last 15 years, I have become gage bonds; debentures; preferred
convinced that the gas industry's stock
(with sinking fund); consecurities— in the words of the vertible preferred stock
(which
current breakfast food commercial has not usually been used by such
—are
"just a little bit better." utilities);
and finally, common
Better, in that they give the buyer stock itself.
better
sinking fund protection,
while you will be sure I am
better ability to follow trends in
prejudiced, I know of no better
interest and money markets with
industry that has a combination
what I am convinced is every bit
of (1)
compounded growth, and
of the security that inures to an
^2) approaching maturity than the
investment in electric utility.
gas industry is now enjoying.
It
Now let's examine gas industry remains for us only to achieve
equity securities briefly.
stability in a government philoso-

i

Deserve Better Recognition
West,

Financial Chronicle

The Commercial and

(1410)

or:

the

various,

leased

properties

by the

corpora¬

tion, or-its subsidiaries,' are the
Graybar- Building and'the Lum
Fontain -Theatre
in. New YorK,
puknin
.fAvmor 'home
of the

Dodgers,

Prooklyn

fazed

being

now

single

.

.

The Commercial and Financial Chronicle

.

(1411)

to

York City,.as

New

als

Los

rhandise

.

U.

Continued from page 13

Angeles; Western MerMart in San Francisco;

hotels

rt

•

resoithotes.

-

<

thirties

in
in

thirties,

IBA Group

Texas

Meeting program

nnntvoof
contrast* nnnitni
capita?

;

Two

,

10 a.m. April 11. The
L. Thornton, Mayor of the

at

n/r

x

the

nearby
Bethlehem

Republic, and
Plans to-exploit the iron ore,
Steel the manganese (each

necessary

prerequisites for

~

embarrassingly

S.

member of

a

can

a

Franco-Ameri-

group).

a

dif-

market, for it will be

one

arising primarily - from the Affi-!
can's

wants, since less than 1%
of the population is European. Nor
this

does

mean

trinkets

and

African

is

market

a

trader's

quite

buyer, with

a

gin

for

—

the

sophisticated

strong brand loyalty. <\

a

the

F mfr on tne lnga *£??•_, Cameroun
Ldea,

•

(formerly th
in

local

for

to

amewcomer

crack, because of
S co™plex is French. _ Cameroons), perhaps i
f developed over the next Guinea, as a joint undertaking c
quartervcentury;' in three "'stages. Fria (which inrlnrip.<! ruin Mo
q^arl.er^century,-in^.three stages, Fria (which includes Olin Ma- 'Althoug^there^ar^sevem^
estimated cost f m1llll?n- thieson)_ and Bauxites du Midi dustries already - catering to the

m

per

L L A S,

begin

in

grow, too. But this will be

man-?, ferent

materi-

ottar parte^^.ca-^eadythe the-spot isstudy. Even ft
in Belgian
(formerly
a tough customer

1

«««

Texas — The Texas maximum production are good
Group of the. Investment Bankers teaching on the job and appropriAssociation has announced the a^e incentives.
The
Congolese,
program
for the 25th annual lacking an adequate education, remeeting April 10-12 at the Shera- quires f" much
better instruction
ton-Dallas Hotel.
Hence the supervisor must not
Registration will take place on only know the job thoroughly, but,
Sunday, followed by a cocktail jn addition, he must be a teacher
party at 6 p.m. gt which the Dal- —and a patient one. The African
las Security Dealers of the Texas
respects the white man! who is
Group will be hosts.
competent, and can see through
General Business session will the superficial quite quickly, and
D A

raw

Inpa

^

worker

actually declined, and, as
a
result, per worker output
dropped below;'that of the preceding decide.

as

hopes

iron-

35

-

worker rose from $1,140 to $1,660;
convention- during the same period productivity rose 20%. During the stagnant

leading

state's

that
■

.

A

Fla., one of

Harbour,

Ra 1

foi

y
v. Investment Potentials
>.

less capital equipment, the major
source of high output. Even in the
Congo capital can raise producWon^For^example, from ESTto
acquired Americana 1954 the amount of capital per

recently

the

ft

v

Fawcett Building, New York;
"-story Kratter Building on

the

available

are

.,

J8'4440-50-60 Wilshire Boule1

Inga

Lrabon

Tishman Buildings

urogram;

that

attract—aluminum,

ganese. The latter two

Rart„of,the
Sate-aided middle-income houSn

industries

same

An Economic Appraisal of

of the
apartment dwellings

make way for, one

to

largest

Number 5938

191

Volume

u

n

estimated cost of developing
J! P°!ential of 2<>o million
tTpI^111 .exces+s .of $3 billion.
+n petnhiiih^inn^
+rS exp
Ahvinniiv tho lL
ai^'
watPr
a"
c?nsumGJs> Most necessary
ri11i^minUnl^
y
lnC
A

«

i

io

das*ry would consume enough
e h£ hydroelectric

so, too.

.

T
a

-

on payU1? re(luirea

?n

L

,

'

,

,^a Soal is 300,000 tons,
annuaW> to rise to 480,000 tons,
Docal bauxite reserves are esll.mateAd at 200 million tons. Belgian, American, Canadian, English,
a

French,

German,

Italian,

and

(a subsidiary of Aluminium Ltd. home

market,

there

still

are

of Canada). And there is also numerous other possibilities In
Volt a, in Ghana, now being all cases, the quality must be good,
studied by Kaiser.
"for local companies now produce
A*1
afuminum industry Lux toilet soap, - sneakers, and
hL%
these? The Belgians and shortening equal to American and
the French believe so. They es- European standards.
L
tlmate the annual growth in world
Based on import data, there
consumption at 250,000 tons; Inga would seem to be a current need
and Kouilou together would thus for a local canning industry, both
account for three or four years' meat and fish. Bicycle assembly
growth. Moreover, neither can be is another good outlet, for this is
ready before 1965, by which time still the most popular form of
the post-World War II population native transport. Electrical motor
boom will be reaching the adult parts jto supply the many small
stage, thus adding enormously to manufacturers would also hold
the consumer markets. Hence, promise. The local consumption of
.

u

,

iwu

given

the

time

of

horizon

the

coffee

a1so jndl>n+Po
xtancn,
mm given me uriie nunzon oi me coffee
is
increasing, and the
esDallas will welcome the the nee(J fQr incentives Payment Swiss interest3 are already in- aluminum' industry, this growth Congo has plentiful supplies,
group. James J. Lee, W. E. Hutton by piecework, if practicable usu- terAested*
,
.
L ' ., .
curve should encourage more and pecialiy In The NortiT
West
& Co., President of the Investaly/is thp Ms'ipsf
nf r^c.^
A second large user would be more fabrication of the white Construction, of course, will boom
as
the
new
road
program
gets
ment Bankers
Association of
^ammonia for fertilizer, nitric acid, metal in Africa.

Hon. R.

p

.

exDerience

City cf

and"

Committee ^orU

wHlTe^

■r°".,a?ev Merrill^Lvnch
■Sr

Smith

&

.a®;

^ ^ envelope".

Where piecework cannot be emIncorporated! P^yed, substitutes must be deLewis
vised. For example pitting one
Pierce

Pollok,

basic concentrate would be made
Wood nuln and

naner

0^°^ poL'ial

offer

an-

Httherto,

against another, thus touching the the Congo's heterogeneous woods
ego ; can produce astounding re- made wood pulp production diffiwar, Dewar,
Robertson & Pan- suits. One Leopoldville manu- cult byt it Js beiieved,that this
coast, San
Antonio (State Af- facturer reported outputs compa- problem has been solved, satisfairs); B. F. Houston, Dallas rable with that achieved in the factorily. One aim is an annual
& Fosdiek, Inc.,
(Municipal); H. H. De-

Houston

Union Securities Co.,

Dallas (Sav-

ings Bond);
James Ba y 1 es s,
Rauscher, Pierce & Co., Inc. Hous-

parent factory thanks to this com-

petitive spirit.■
however,

slumps,

Productivity

Relations); C. Pharr where adequate goals are lacking,
Duson,
Rohan, Mosle &
Com- Constant supervision and prodpany, Houston (Membership).
ding are necessary, and even then
W. E. Tinsley, Executive Direc- R seems that the low wages still
tor
of
the
Municipal Advisory mean high costs per unit produced,
Counci1 of Texas,vwill make a reBesides this worry, the new inport to the assembly.
vestor
is
beset
with
oroblems
Following. the report of W. E.
unknown at home. Tribal

ton

<

(Public

.

Knickerbocker

man

of

„

_

mcuiung

&:

Nominating Commit-

the

jeaiousies

w°rk

and

team-

10,000 tons to be used

output 0f

for cardboard.
' 1 t
* Cement production will also expand, if only to supply the local
industrial construction. Other
auxiliary industries, like breweries and quarrying, will also be
necessary.

in

the

Kasai

the

of

is

possibility

Another
fining

East

and

metals

and

use

the

now

remined

(the

Southeast

Katanga

*

agriculture primarily. Rural road- financing. Long-term capital,
buildinS wiU be emphasized and however, is expected to be sup-,

f * ^™eur'

*£* X"

S?.

The local manufacturer will reS.u^e m0rf. capital '«ia>>at home,

k®^le ,(mo«y) crops. iGeo- Delivery time for supplies from
^
abroad.. 's m"ch longer . thus
rLL necessitating the carrying of
m

™"t,

Iarger 'nYento»es- It often-takes
" territory in many sec- a month to send a shipment from
tl0ns*
'
the port of MatadD250 miles to
The foreign investor, of course, Leopoldville by rail! A local rewould be interested only in a p^ir repartment is necessary, for
plantation-type crop, and for him spare parts replacements cannot
Bhs would mean rubber, coffee, pe obtained readily. . As a result,
^ea' cocoa> cotton, and palm oil, profit margins per unit tend to be
®

finLownki^is
.

verv

Z.

.

.

factory

concessions

res^^^S
l-.~
.l».:

to

Provinces)— T"nA"withA,nnr~nnHate

^2^^'

jMfi^lt^amon^^nen

companies>^ven

^^SaleleCU0n0f0ffiCerS
■

is

strong

are

full swing.

^©1 A «

Eddleman, Pollok
■

into

cr^'thef m^Sl^ ^me^Tslus^eSimgLo^eT

rent

^

VI

•,

the
Does

nrofeetions

all

this

add

to the local inhabitants-although favorable investment

thfs

;

Conclusion

to

up

a

picfure? The

.f3 SSedf

antagonism for internal protec- however, would probably require CQ
would require a smaller bilities. Most serious, of course, is
tlon' tw0 dlfferent tribes Z
association with the only real initial'investment than would out- the attitude of the governmentS = watch each other like hawks, thus producer, the Union M niere du Sght pSrchaTe
^
to-be. Will its current political
ias.beAgfVormaT MS Tttl
thefts of company Ha^-Katanga Othe;
Con o agriculture is still barely strivings a f f e c t the . [economic
Edmund

nrincinal

Harding

H

sneaker

be given the

will

be

at the luncheon

evening of April 11.

pr°p€ruty'
It should

be

'

t

„

noted,

,

of

course,

bifserved

sports'Luncheon

that
tte ote^les
recounted. Education is reaching
more youngsters every day —
there are now more than a milRoom of the Statler Hilton Hotel
lion-and-a-half in school, and this
Members
of
the " Convention should pass two-and-a-half milCommittee
John H Rauscher, Bon in ten years. Technical inJr
Rauscher Pierce & Co
Inc., struction is being stressed, so that
Dallas General Chairman- 'John the company's training task
B.
Clayton
III
First
National should diminish gradually.

will
at
the Cipango Club at 12, Afternoon
is free and the closing dinner and
dance will be given in the Empire,

are

Bank in

Dallas, registration; Dick
Clark, Jr., Dallas Union Securities
Company, golf; Clarence E. Sampie, Mercantile National Bank at
Dallas,
entertainment; : E d w.
Franklin,. Dittmar«,& Company,
Inc., Dallas, Pre-C onvention

?

Another factor that adds

LLl
sponge

iron,

flrrosilicon
ierrosUicon^

fer^

ter-

chlorine causae sou?, . p
(p ert a p s the titaniumg
Uranium J2S), ana uiani m.

a

white

neceSgary

is

not

high;

dence of serious antagonism to-

the

Equally important is the opportumty to get in at the beginmng. Inga, for example, will
stretch over a quarter of a cen-

serious than for manufacturing.

Help in determining the appropriateness and quality of the soil
Many of these possibilities, of js given by tbe government
course, are being explored, and through. its various research orthe more attractive ones would ganizationSi Surprisingly much of
have to be exploited in coopera- the Congo soil is relatively intion with the appropriate Belgian fertilGj despite the tropical lush-

syndicate. Since, however these

sufficient capital, the as-

sociation would undoubtedly be
welcomed.

the wage N_ie.hborinfi. French Competition
than at home.
■$PQnitni
rnchps" into
often furnish
But before capital ,™shes " °
a house, including utilities, and a
Inga, it Foremost is the1
must res
^
com,"
Cocktail Party.
car.. One month's home leave at
worries
French
ti petition of Kouilou, the French
Members of the Ladies Recep- full pay is usually given for each Petttton of ^^u^the
work; round trip
tion Committee "will be Mrs" Mary yearf
of work; round trip
ne*:
Houston, Mrs. Jerry Smith, Mrs. penses for the family, as well as boring KepuDi
• .
MargaiS eiay^n7M^7*M^ry~Jo for the employee, are paid by the northeast of
,T
.
Rauscher and Mrs. Sue Clark.
employer, and leave is granted JNoire.
L
.
every two or three years, norKouilou might be completed a
Kenower, "MacArthur Co. maiiy. As a result, .although the W
attract

climate? So far there is no eyi-

mechanized, so that the degree of

^^"xau^ic'^"!^^ ttai^i^ problem irmuSh" les"s ^ds business,

greatly lack

to Congo costs is the high price
of European supervisory labor. To

iron

man

must be much.more
The employer must

_

ness

area

tury, and its construction effects

will fan out through the entire
economy. This will start a cumulative reaction, as local industry

popularly attributed to the expands to meet the booming
; :V
v
• market. Agricultural development

Qutside stimun.during the next
decade should further aid agriculture development. Local industries that process Congo crops

«iU

be encouraged,.The European
Market should
a
Morirot diouifi give a

Common

nrixmnfodb

to tho

Pon^o—

customs advantage to the Congo-

will feed .cheap raw-materials,
while expanding trade will lower
per "J1" tZan.sp?rt cost^. ThG
know-how that the experienced
ft/m will gain will give it a head
start over later entrants, making
its growth more certain and wideb

continent

^ spread If Africa ig the continent

"

v

^epK^of^the6 Congo"
the port pf Pointe

—,

w

Branch in Chicago
CHICAGO, 111.

—

Kenower,

staff may be
African, t e
.urqpe

0vejwhemirigly

Mac-

preparatpry stage now. Its cost
construction

lasd

„

Nigerian palm oil, and Ghana's
Any
deterioration m

anv Hpt#»rmrat.ion in
internal situation will
intensify rubber-growing in the
Congo; aiready some capital from
oo

Malaya's

race-

,

0

Martin, Monagnan &
!i?c Far East has transferred for
Mulhern Inc. Formed

of

J^'fjrst

^^VeH^be the Aeaaer ki^the
may wel1 be tne
m tne

an

the one appeai of ARDMORE, Pa. — Martin, Monaagriculture investment is the ghan and Mulhern, Inc. has been

half the labo^'costs! Obviously,
^
to ^
Jones,enmanagement °f Harry the quicker the African is trained pf3Q%.O4n0% less_ perhaps 1% "[z/drOCpmntftio$n °'Tut'S it tete rities business. Officers are John
"
to Perform a task now done by miUs per kwh. against »»
,onger ,0 mature to the point of A. Mulhern, President; Edward A.
Chicago Analysts to Hear a white man, the more the em- inga1 charge of 2
s'agni'reviwocf President and
profitability—from four to five Monaghan, Vice CHICAGO, 111.-H. N. Forman, ployer can reduce operating costet late^
laU 'to .hal£> years for robusta coffee un to TreasUrer; and Richard A. Martin,

h"

r,.

...

President

.

of the National Propane

Given

the

present dispari y

lunchenanm' TU1 addreTss thte wages, this transfer pays off .even
,me.etl"S .°| the Invest- though the trained African is less
mem

a

feeing $4

mTwT-- ®e«a» his white predeces-




or

1% mills per

^

kwh.),

Kouilou>s capacity will be about
ual to the first part of Inga—

C.

{

> Secretary.

Local Market

cp^e,X Eal Set' will

Mr. Martin was for-

merly in charge of the trading
denartment

Company's

for

White

Weld

&

Philadelphia, office. ■

36

(1412)

that

From Sound Money Policy
mand

Continued from page 3

merely within Canada itself. If,
however, industries producing for
the domestic market

are

also suf¬

fering from serious and general
under-employment — and if this
is not due to high costs and in¬
ability to compete with imports
but is
of

reflection of

a

a

low level

spending within the country-

in

or

spending,

total

the

of

rate

in the availability of

or

and credit in the aggre¬
that total demand and
total spending has been directed,
to a greater degree than is desir¬
able in the general interests of the
national economy, toward the im¬
portation of goods and services
produced outside Canada.
money

gate.

but

with the aid of borrowed money,

have.

may

beneficial
in

can

quite '•> pronounced

a

effect.

Such

measures

circumstances

such

been

indo¬

of

mestic market, including of course
wide

tries

variety of service indus¬
well

as;

goods-producing

as

rather

im¬

prove the rate of activity in
dustries
producing for the

a

demand

.industries.

than

Not

On

the

been

deficient,: and

view

of

maintaining balanced
development and the
possible degree of unem¬
ployment in Canada. • This kind
economic

of

situation

be

cannot

Expansion Is

total

corrected

Helpful

other

what

hand,

has

widely recognized is

so

create

istence

resources—or

export industries,

is scattered

or

*in particular industries or partic¬
ular
localities
for
reasons
pe¬
industries

those

to

increase

general

a

or

in

and credit, with or without
-a general degree of deficit spend¬
ing by the government, will not
.necessarily have any useful effect
on
the particular
areas
of un¬
employment in question. More¬
over, if at such a time industries
producing for the domestic mar: kct
are for the most part oper¬
ating at a high level—or even if
-money

in

to increase

the

to

of

that

when

seems

to

public interest,

very

-

ing, and re-orientation of part of
total' spending
towards the
purchase of efficiently produced
goods and services of domestic or¬
igin in place of imports, together

Government

economic

in

bank,, so far as it may exercise
influence
in * that7, direction,
to
encourage

This

not

does

mean

should
be
continuously inflating the money
supply, or that credit of any kind
should
be
constantly expanded
central

increases

bank

assets

cash

reserve

If the

liabilities.

and

bank

requirement

was

bank

ditions, new capital

new

exceed

in the efficient produc¬
goods and services for ex¬

tion of

savings

ment inside Canada.
For

some

years

and employ¬
v. 7"\

„

there has been

deficiency in total demand for

no

and services in - Canada.
spending for goods and ser¬
all kinds, including pro¬
duction of capital facilities as well
as
consumer goods
and services,
has in recent years been greater
than the amount of goods and ser¬
vices that could be produced in
goods

Total

vices

of

Canada, although productive ca¬
pacity has increased every year
to a greater degree than in most
oilier countries. Total capital ex¬

in

penditures
construction

Canada

and

for new
machinery

for

*

and

equipment, amounted to $8.4

billion in 1959 and in recent years

have averaged 26% of Gross Na¬
tional Product, as compared with

18% in the United States, but this
large annual increase in Canada's

capital facilities, in productive ca¬
pacity, has not enabled produc¬
tion to close the gap because

spending has increased
faster than production.

as

total

fast

or

in the aggregate to expand
commensurately with the increase

ment

time

labor

there

deficit
ance

cess

been

a

the

same

very

large

international

bal¬

payments, that is, an ex¬
of imports and payments for

over

and

our

goods
Under
ence

has
our

At

of

goods

lar

in

force.

services

of

all

kinds

exports and receipts for
services of all kinds.

and

these

conditions

bank

the

of

bank

by

calities shows, not that there has
been any deficiency in total de¬




Canada.

this

The

chartered

acquires

means

an

serves, accompanied by a similer
increase in its own deposit liabili¬

from time to

ties. The chartered

stant

quired to keep

banks

cash

total

deposits,

equal

crease

re¬

are

lending beyond the supply of new
savings available would
be
to
serious

inflationary pres¬
sures
and
aggravate balance of
payments deficits.

to

8%

and

so

of

liquidity and

time whether to in¬

decrease

or

hold

or

con¬

supply of central bank
(including deposits of the

chartered

their

power

the

money

of central

reserves

bank

banks with

the

central

to

facilitate
in

crease

system

as

in

crease

second

a

huge volume

actions of the chartered

banks

active

investments, and correspond¬
ingly their total debt to their de¬

the

have

positors

attitudes

period of time they

in

the

liabilities, by
about

12

central
the

form

times

central

able

as

a

the

increase

created

The

chartered

country,

able

are

the

increase

in

central

been

laid down by

the

bank

preamble

Bank

should

cial

erally

to

matter

ordinary

individuals
and

—

are

and

for

that

businesses
able

to

their liabilities and their assets, to

degree that their competitive
position
and
financial standing
permit and earnings prospects
any

justify. The significant feature in
the
not

case

that

serve

some

policy to

Parliament in
the
Bank
of

tion,"
1

endeavour

and

the

welfare
more

"g

e n-

economic

of

the

na¬

particularly

should seek "to mitigate by its influence fluctuations in the general
level
and
be

of production, trade, prices
employment, so far as may

possible

within

the

scope

of

monetary action."

the

fractional

banks

to

and

something
it
places
of

enables

liabilities,

The
re¬

char¬

increase their

anyone can
a

cash

the

which

as¬

is

do, but that

legal limit on the
expansion. It is

their

given—at

Desirable

remain

of

the

spend
say,
the

rate

is

the

maintenance of

an

eco¬

such
to

to

of

an increase in
turnover
or
the

velocity of
circulation
of
the
existing money supply. This can
happen at times on such a scale
as
to make it
unnecessary
undesirable for the total

of

money

or

on

come

to

and

quantity
at all,

be

increased

occasion it might even be¬
desirable
that
the
total

quantity of money should be de¬
creased

because

with

an

excessive rate of
money-spend¬
ing in the aggregate.
We had

ot

total

charter*}

their

am}

loans

investments hi

$800 million to

total of over

a

billion, the increase being
largely financed by
sales

bank

Canada

<81

Verv

chartered
Government nf

of

securities

in

the market
credit of all
kinds, long-term as well as short
total

The

volume

including

term,

of

funds

raised bv
issues of securities
by corpo
rations
and
by
provincial
new

and

municipal

governments,

the Federal

and

Government,

bv

and in:

eluding funds raised by
foreign
borrowing,; increased by a
very
large amount and reached a new
record

high-level. The total vol¬
of credit that will be

ume

utilized

of money

that

in the

phrase..: ;

.sense I have used

\

.

■

7...

•. •
v

Does

7'

•"

Not

Have; Specific

Credit' Controls
This

refers

only to the

quantity.

gate

central

of

volume

:In

bank

its

only affect
of money,
affect the

supply
it

as

credit

aggre¬

operations

can

can

here too its in¬

fluence^ only on the aggregate,
not on particular elements within
total.

the

.When the

quantity of
money is increased
result, of purchases of secu¬
rities by the}, central
bank, the
central, bank

as

a

bank

central

does

what 'proportions

not

the

know

in

various

chartered batiks will receive an
increase; in their cash! reserves.
,

Likewise, the central bank does
know

not

to

what

tered

banks

tional

reserves

the

char¬

the

use

receiving

addi¬

will

put them, or
spending or lending deci¬
sions will be made by the corpo¬
what

rations

individuals who acquire

or

additional bank deposits. The
central bank has no power to reg¬
ulate
or
direct
the
making of
loans by any particular lender or
class of lenders, or the extension
of short-term

or long-term credit
particular industry or a par¬
ticular firm within the industry,

to

a

to

or

businesses

or

individuals in

particular locality. It is by the
voluntary decision of the financial
a

institutions and others who make

loans, or by such degree of regu¬
lation, if any, as public author¬
ities

choose

to

exert

over

the

making of loans, that the alloca¬
tion of credit is from time to time

determined, not by the normal op¬
erations

of

central

the

bank

which do not influence the alloca¬

in

credit is

very

large increase in

ofrbank

1958, for

with

tne

money

reasons

con¬

management

an<* the

in
of

financing

large government deficit
most

of

banks

that

)?an demand- rather
they bought

over

year

found

the

ordinary

slack,

and

$870 million of

adequate

even

—

though

there may be some kinds of eco¬
nomic activity or some areas of

the

country which it is felt are
getting as much credit as they
could fruitfully use—the central
bank should not be expected to
increase the total any further. A

not

further

increase in the total sup¬

ply

credit

of

not ensure
activities or

would

that

the

areas

received any more.

deficient

which

the

activities

and

areas

already

greater

The in¬

naturally gravitate

would

crease

towards

shown

had

attractiveness

their
fields

as

for loans and investments.

In any

the increase in total credit
would, in the circumstances de¬

case,

scribed,
if for
of

reasons

to

a

Indeed,
combination

inflationary.

be

any

reason

or

well

in

circumstances

the

quences
can

in

and

such

of in¬

excess

come, the usual result
of prices and costs. In

witnessed

stimulated

spending is

level

years
a

quantity

the

the

money,

non-government

its

higher
velocity of circulation the
existing
supply of money was
sustaining

chartered

so

of

owners

or

cir¬

there may be

prices

desirable ob¬
jective in any modern society, and

some

money may
decide
it or to lend it, that is

During

a

months

dormant

fluctuation in the general level of

clearly

temporarily in¬
in existence,

time. Under

a

tbe Pub lc

is

a

money

cumstances

consistently high level of em¬
ployment with a..minimum of
,

there is

untouched for

at

years

nected

A

any moment

bank

Canada

Objective

supply. A
example may be

that is to say, bank
deposits which
are not used
by their owners but

the

of the chartered banks is

system

amount

to

promote

financial

and

and

borrow

lend, that is, to increase both

Clearly

Canada Act, which states that the

should not be misinter¬
preted. All other kinds of finan¬
—

country.

changing circumstances, some ob¬
jective to which the management
of money is
directed. This has

to

money

institutions

busi¬

individuals

criterion in adapting Its

increase their total assets and lia¬
bilities by a particular multiple
of

the

and

and

the central bank must have

the fact that

and
banks

in

the

the part of other

on

institutions

throughout

of
this
multiplication factor; is
incidental, and varies from coun¬

to

may

of
influencing
spending, saving

enterprises

ness

size

exact

effect

toward

lending

financial

by

money

bank.

and

in

but

aggregate

additional

of

deposit
amount equal to

an

bank

are

a

withm.f

in¬

money

group to increase their total loans

over

corresponding

general

and

.

security

1959,

tion of credit, but at most the ag¬
lending by the banking}
gregate quantity of credit.
well, based on an in¬
If
the aggregate supply of
the

bank), and its actions in that rer
gard may not only influence the

sents

lo¬

chartered

increased

the aggregate
and in so far

be from time to time will
depend
of the sell¬ on many considerations, which I
ers of such securities, who consist
shall not develop in
detail, but I
of a variety of persons, corpora¬ should
perhaps
mention
two
tions and institutions throughout factors
of
a
limiting character..
the
country, and
who in turn One is that if non-bank financial,
might undertake expansion of institutions were
growing very,
their business or provide
loans rapidly and expanding total lend¬
to others.
ing beyond the supply of real new
The central bank is by the na¬ savings, it would hot be
necessary
ture of its job required to decide or desirable for the central bank

increase in its deposit at the Bank
of Canada, that is, in its cash re¬

of unemployment in particu¬

particular

The

the

credit-granting

chartered bank's account with the
Bank

tered

and

bank.

increase

would

a

the. cheque
to the
Bank of Canada for credit of the

pres¬

industries

of

remits

the

employment of persons and un¬
der-employment
of
plant and
equipment in particular localities
and
particular lines of industry
in Canada, and failure of employ¬

the

chartered

try

Notwithstanding this scale of
total spending, there has been un¬

in

receive payment in the form

cheque of the central bank which
they normally deposit with their

banks

aggregate

■

increased production

of

during

,

ment outside Canada—rather than

In

further increase in the

any

the

create

Canada

stock

expenditures

should

not

of

market.

without limit. Under normal con¬

previously restraining them from
increasing their assets (loans and
investments) and liabilities (de¬
port.
posits) as much as they would
Keeping Money Supply Just Right
A central bank in any country have wished, the provision of ad¬
The first requirement for sound
has, by virtue of its central bank¬ ditional reserves removes this re¬
ing function, only one significant straint tand enables} them tb Ex¬ money, therefore, is that central
banks should see that there is a
avenue
for stimulating economic
pand in whatever way they see
they are under-employed where activity. This is its ability to in¬ fit.
They
might
increase their sufficient supply of money to
.the cause is inability to compete crease
the
supply
of
"central loans; in the absence of suitable facilitate the extension of credit
with imports—one would expect
bank money," that is, currency or
opportunities for new loans, they in the degree justified by real}
that a general expansion of the
deposits at the central bank. The might perhaps hold the excess economic considerations, but the
money supply and of credit avail¬
cash reserves uninvested, but it second requirement is no less im¬
way in which such an increase is
able through the banking system,
brought about in Canada is by the is more likely the banks would portant, namely, that the total
or large scale government deficits,
central bank purchasing Govern¬ seek to employ their excess cash supply of money should not be
would tend to result in increased
reserves
ment of Canada securities in the
by buying government increased beyond that point. What
imports—that is to say in a stim¬ market.
securities in the market. Payment the actual degree of variation in
; v:
ulus to production and employ¬
Persons who sell the securities by the banks for such securities the total supply of money should
achieved

the

I960

'se&ris, be
evengreater.vwithout necessarily
that the haying, any iricrease in the stock

supply of central bank money
or
credit available, the chartered
banks
individually
find
them¬

be

can

climate

the
same
period, and
borrowings, by those
who spend more than they earn
or produce should not exceed the
aggregate new savings of those
selves with so-called excess re¬
who save more than they; them¬
serves, that is more cash reseryes selves wish to
expend on capital
than the law requires them in¬
projects. To encourage financial
dividually to keep in relation to. institutions to
expand their total
the - existing level of chartered.
central

the

ever

our

increase

expand the
their loans and

banks

Thursday, March 31,

tained

the

balance

whatever

.

nomic

can

least make un¬
necessary the pursuit by them of
a restrictive
credit policy. When¬

of payments. What is required is
rather a reduction in total spend¬

with

bank

central

a

amount

at

or

the def¬

international

our

to

deposits, includ-

be desirable in the

inflation—despite the ex¬
of unemployed
domestic

icit

chiefly apparent in the

able

is

bank

conditions induce the

investments

and credit in the ag¬

money

that
most

chartered

gregate. The chief effect of such
an
expansion would be either to

that if unemployment is not gen¬

localities,

credit
under

„

lowest

eral but is

culiar

have

misdirected, from the point

ply of

not

total} spending
excessive

have ;been

by further expansion of the sup¬

Credit

When

and

.

overall
economic
growth on a sound and sustainable
money
or
near-money
in the basis, and to facilitate economic
hands of their creditors.
development with' a view to in¬
Similarly, it is because there is creasing, employment opportuni¬
ties and, eliminating' unemploy¬
a recognized relationship between
x
the amount of central bank credit ment or reducing it to the lowest
and the amount of chartered bank possible level. •7 ' V " ' -7 > ' * ;

words, for some years

Canada

in

factor

limiting

this

ing deposits subject to withdrawal
by cheque, and other forms of

Balance

total

of

central

ties of other financial institutions,

Curing the Adverse Trade
In other

the

which also create

is

apparent that general meas¬
ures
to
increase
the
ability of
people and businesses to spend,
and
to
undertake new projects

Chronicle:.

favorable to sus¬
growth. We all
to
see
new
productive
exercise
a
restraining influence want
facilities of the right kind added
over the total expansion of credit
by these particular institutions, to the nation's supply of such
namely the chartered banks who facilities year after year on as
are
members of the central re¬ high a scale as can be made pos¬
sible by the community's aggre¬
serve system and whose debts to
the public, that is, the banks' de¬ gate savings each year, that is, by
posit
liabilities,
constitute
the real physical resources released
the
production of
capital
major part of the money of the for
public. The central bank is unable goods and facilities as a result of
to exercise any direct restraining total consumption being less than
influence over the credit-granting total income or production. It is
and
near-money-creating activi¬ therefore the object of the central
by virtue

Canada Will Not Deviate

it

Commercial and Financial

The

is inflation

exceptional

as

we

in

Canada

inflationary
need for

have
recent
conse¬

adjustment
at anj<

be avoided in part, or

rate
a

postponed in part, by haYinBr
large import surplus, an inflow
excess ot

of goods and services in

exports,
abroad
ments

by borrownlg
foreign inves Canadian industry an
Such a course is ob¬

financed
and

in

resources.

by

viously not possible on a

contn-

basis

.

„

The

Number

191

Volume

Special

it is at best an

—

Interest Rate Debate

dized

in favor of

of

use

and

consumes

produces,

or

who

other

there

we

and

not all to be

are

inflationary

an¬

consumes

produces, if

or

earns

earns

be

must

spends

less than he

an

than he

more

caught

up

in

rates,

iri favor

of

or;

in

subsidized

obtained

if

loans

fairly,

would increase

the cash

of the chartered

reserves

banks by a corresponding amount
and would in due course lead to

expansion

an

of

bank

the

of

and

investments

loans and
money

roughly 12 times as
The use of "high-powered"
by

supply
much.

central bank money to make sub¬
sidized
loans would be actively

inflationary,

would tend to

and

distortions

create

misallocation

markets

and

sources

even

taken

financial

in

of re¬

could be
offset the direct infla¬

to

if

steps

impact by other opera¬
tions on the part of the central
bank which would reduce the to¬
of money and

volume

tal

credit,

prevent it from rising.

or

Should

Who

If I may

Handle

Spot

revert now to the gen¬

subject of the central bank's

eral

of

government or region. It follows
that where unemployment exists

time

to

time

felt

bor¬

some

that

they

were

entitled to loans at lower interest
rates than the
and

going market rates
banks, or other lenders,

that

or

some

or

eyen the central bank, should

governmental

provide

them

loans
iates

to

one

than

its

loans

with

specially favored

authority

rate.

To

borrower

at

.

a

provide
lower

at

competitors

had

to

determined

enterprise,

person,

for reasons other than a

deficiency

aggregate supply of credit
there is no way by which a cen¬
tral bank can operate to reduce
that
unemployment.
A
central
the

in

bank

not be

must

thought of as

governmental

possessing

powers

responsibilities.

or

is

It

clear,

control

with
and

of the

or

exports

Supplying equity capital to promising, privately-held electronics

imports.

direct

Co., 42 Broadway, New York, and Charles E. Salik, President of
Electronics Capital Corporation, San Diego.
The discussion took
place during a reception in honor of ECC given by D. H. Blair at
the New York Stock Exchange Luncheon Club.
More than 200
Wall Streeters attended. Electronics Capital, whose stock is sold

distribution of in¬

dustry throughout the country, if
society wishes this to be done.
can

in various ways

or

discourage

growth

the

a Federal licensee under the Small Business
Investment Act of 1958. In eight and one-half months of opera¬

of

They can, if the community

desires,

so

of course, that gov¬

ernments, even in a free economy,
can
and do exert an
important

on

rates

to

any

group

groups

or

a

large scale, would have the
eiteet of
encouraging borrowing
and
spending in excess of the
:evel °f savings and production

100 found, to

that the total
volume
of
spending within the
economy is of such a magnitude
ensure

*nK
economy.
subsidize

Moreover*

borrowing

n/u
*

in

any

to

way

*° discriminate in favor

borrowers against non-borrOw-

s,

that

is, against other similar

f"80"8' enterprises or -bodies
./bh may manage their affairs
.ss resort to borrowing besome cases they operate
frugality,- more effi-

in
tn

more
or

,

fin

more

prudence,-, and

ft?r. get ai0ng wjth

a lower
spending or manage to

duce
can

their

increase or re¬

spending.

They

or reduce their own
Decisions as to spend¬

increase

revenues.

ing and
services,
or

own

taxing, or charging for
will result in increases

decreases

and
have

in

borrowing
broad

conditions

opinion
addition

government debt,
operations can

effects on financial
and
the climate of

in financial
to

markets. In

controlling their own

operations,
governments at all levels can if

financial

and

other

wish encourage or discour¬
age
various forms of., economic
activity carried
out by private

they

individuals

and--private business.

their spending out of their Decisions uh such matters have to
earnings, or .revenues, ks.
.take- account, of many
different
jj{w
ance




.

would

that

commitments

million

$41/2

about

of

to

seven

and is currently actively considering
He said 450 companies have been reviewed and

"possess the growth characteristics and qualifications
justify investigations."
Mr. Salik added: "We have

only scratched the surface."

to be

as

capable of being financed
of the annual production or

out

income of the

country

as

a

whole,
will

without involving the building up

which

of

make

contribution

large foreign debt.

All these
things people have from time to
a

time

but

by
of

none

think

to

seemed

achieved

central
them

could

bank

within

lie

be

results.

is equally

it

But
sized

spending is stimulated or forced
beyond the level that can be sup-,
ported by real savings, or to such
a level that consumer spending is

to be empha¬

prevented or limited by
bank, or by a sound

any

way

the

production

F. P. Hunt & Co.

Offers Stantex Stk.

perature of credit extension from Frank
rising to the point where capital First

these things are not in

that

the' maximum

future

Equally, the central
should try to keep the tem¬

bank

the

the

t6

and welfare.

action,

central bank, cer¬
tainly not in any specific action
it can take with a view to specific
of

power

central

policy.

overstimulated

and

dis¬

saving

A general hot-house
atmosphere is not conducive to

couraged.

sustainable

growth

of

enduring

value. It leads to distorted

growth,

Inc. and
Inc., pur¬
suant to a prospectus dated Feb.
24 publicly offered 300,000 shares
of common stock (par 25 cents)
of the Stantex Corp. at a price of
$1

Co.,

Securities,

share.

per

were

&

Hunt

P.

City

offered

as

These securities
speculation.

a

proceeds, $50,000 will
of moving

Of the net

be used for the purpose

to larger and more efficient quar¬
to the kind of new growth that
ters;! $50,000 for expansion of the
phys¬ easily withers. Forcing or attempt¬ company's, packaging program, to
ically possible, if people are will¬ ing to force an unsustainable de¬ be expended for the purchase of
gree or kind of growth in any
ing to make the appropriate ar¬
equipment,
supplies
and
sales
industry, or in the economy as a
rangements and accept whatever
promotion; and the. balance of
whole, merely lays up problems
diversion
of
physical
resources
$148,500 will be added to the gen¬
of adjustment and unemployment
and changes in real incomes may
eral funds of the company. ■
: ■>'
and retarded growth for the fu¬
be
involved
in
such
program.
The Stantex Corp. was incor¬
ture. Growth based mainly,, if not
There are, of course, both infla¬
entirely on our own production porated in Pennsylvania on July
tionary and non-inflationary ways
and
saving would -be
sounder, 27, 1959 for the purpose of suc¬
of carrying out such programs.
ceeding to the business of Stan
more sustainable, and in the long
Inflation is the wofst of all pos¬
Textile & Hardware Co.,- a co¬

of

any

sible

program

of

ways

is

which

taking

from

one

run

larger.

-

partnership .formerly; conducted
by Stanton I. Bernstein and Jack
and
Bernstein,
co-partners.
Stantex
change their way of living or their
Corp. is now engaged exclusively
goal of sound Canadian growth, in the business of the wholesale
productive activity. So far as it
cari, a central bank should dis¬ and to contribute to the economic distribution
of
sporting
goods,
and financial welfare of Canada,
courage inflationary methods and
fishing tackle and camping goods.
try to offset inflationary pressures by maintaining the soundness of
our
Canadian
currency.
Sound
arising from any source. But cen¬
Now Ecoplan Co.
can
only be * based on
tral banks' policies and operations growth
RED BANK, N. J.—The firm name
constitute no obstacle to the car¬ sound money.
of Economic Planning & Develop¬
rying out in a non-inflationary
♦An address by Governor Oyne bef-re
way
of any economic
program the Retail Merchant's Association, Saska¬ ment Co., 252 Harvey Avenue has
been changed to Ecoplan Co.
that the community as a whole or toon, Canada, March 22, 1960.
in order to give to another,
of forcing some
people to

So far as

person

any
may

of

a

an

central

influence

on

frustrated by other

the

influences may

quite pervasive and
The
central
bank's
be

important.

objective
the finan¬
cial temperatures at a level which
will facilitate a high rate of eco¬
nomic activity—real physical ac¬
tivity,
not just speculative
or
monetary activity—and the maxi¬
mum rate of sustainable economic
growth. In order to achieve this,
a
central bank must strive to
maintain stability in the value of
the currency, and to create public
confidence that it will be main-,
tained. The financial temperature
should be such as to encourage
the channelling of all the savings

should

be

to maintain

generate,,
investments of kinds

which the economy
into

capital

concerned, it is the object of the
Bank
of Canada
to further the

is

Now

bank can do
constructive nature is to ex¬
the

Canada's central bank

community

subdivision of the
decide to pursue.

What

ert

Governments can

it has made

tion,

general
Pay
in
similar
circumstances, influence both on the general level
temperature of the financial cli¬
would
be
unfair
discrimination, of economic activity and on vari¬
lo
provide loans at less than mar¬ ous particular types of activity. mate, an influence which if not
ket

of the discussion of Robert W. Miller (left)
(right), general partners of D. H. Blair &

the subject

Louis Lieberbaum

and

develop¬

Governments

is

firms

the

There is no finan¬
cial obstacle to the carrying out

expenditures,

in¬

ment

encour¬

provide

compete

can

money

Unemployment?:

,,

which

which

nature and size of urban

tionary

activity of any particular or pre¬

have

ports,

They

can

discourage exports and im¬
or
activity in particular

at least 20 more.

-

From

Again, governments
age or

ment.

disadvantages

encourage new savings each year
equal to the level of new capital

rowers

banks cannot, by their
operations,
exert any direct or
significant in¬
fluence on these matters.

firms, Mr. Salik disclosed,

matter

low

without large
flows of capital from abroad.

industries or areas, if this is
felt to be desirable in the
light of
all
the
circumstances.
Central

rection of private capital develop¬

of subsidized interest rates I have

noted, such loans

dis-

conduct"

were

central

the

to

income, the

bank.

they

the

from

addition

In

no

for that

regulate
the

over-the-counter, is

hardly add that there
would be special dangers involved

general level
interest rates, whatever "high"
,a

can

credit,

savings, or regulate
consumer credit, or influence the
rate of house building or the di¬

need

I

of

encourage

race.

operations in relation to the level
production and
employment
of
throughout the economy, I should
or "low"
re-emphasize that a central bank
may be taken to-mean
in that
connection,! and it cannot does not know how increases in
control or regulate what interest .the total volume of credit will be
rates shall apply in relation to allocated, and therefore a central
particular kinds of transactions. bank cannot bv increasing the to¬
Ideally, the general level • of in¬ tal volume of credit ensure a
terest rates should rbet.such ag>to beneficial effect on the economic
interest

<4fr.vuiUAj]AMAAM&Ann.v.' V.SV.V

■

activity and the pro¬
employment in particu¬

of

vision

or

and

bias
high^jgeher&1 level of

a

The

and credit in the aggregate
on physical reality,
for every man who spends

regardless

has

—

lar

industries

locality in which he operates.
bank

savings.

of

must be based

of the business t>£ the borrowed or

The; central

IB

whole.

a

Governments

allocation

money

and will be different
place to place aria from in¬
dustry to industry. This is more
true of non-bank lending than of
loans
by
the chartered .banks,

the

borrowers

correspond¬

means

tlje total level of borrowing
the- available supply of

real

new

money

a

other

some

beyond

time,

rate

excessive bor¬

ingly restrained, it would also in¬
crease

from

interest

Unless

by

were

or

uniform

subsidy than for
least, would

borrow

encourage

dence.

Similarly,

which tend to be made at

banks.

rowing, inefficiency and improvi¬

attractiveness

over

who

tend to

of the varying degrees of
or
risk AvhitK at¬
tach to different types of borrow¬
ing propositions presented to
them, will be constantly changing
all,

greater

a

those

t h e view
which lenders may take of! the
compensation which they should
at

as

-

It is important to make clear in
this connection the distinction be¬
tween
governments
and
central

along without borrowing,
provide for those who borrow

most

prices which borrowers are
willing to pay, or find it economic
to pay, for borrowed money will
obviously depend; on'^hiahy dif¬
ferent factors which change from
time to time and differ from place

their

Capital for Electronics Growth

of economic

7

lending

activity

tiibution

represents an agree¬
borrower •/. a n d

for

consid¬

Distinguishes Central Bank
From Government

subsi-

to

The

receive

to

the

between

place.

But

who get

availability; of loan¬
about in re¬
sponse to that rise in rates. -The
interest rate applicable to
any
loan is determin^'by-supply and

to

community

is to be subsidized and not those

in the

y

authorities.

itself, to
only borrowing entities
within each group whose
activity

able funds may come

lender.

the

only borrowing, rather than

not af¬
central bank action. Of

demand and

an

economic

greater importance are
changes in the demand for bor¬
rowed money, changes which are
often very large and forceful. An
increase in demand will tend to
put up interest rates, and some in¬

ment

conflicting

any

the

even

crease

and
perhaps
erations, and

subsidize

private individuals

fected by

.

.

aize

sale of government

directly or
through the transactions under¬
taken by the chartered banks in
response to changes in their cash
reserves but the influence of cen¬
tral bank operations is only one
among many other influences, and
it can be overborne by changes
in the
direction or amount of
lending and investing by financial
institutions, business corporations
and

as

priate

either

rates,-

7

activity is, of course,
matter of policy for public dis¬
cussion and decision by the
appro¬

securities in the market by the
central bank may have an influ¬
ence on the general level of inter¬
est ■

Subsidized

37

a

subject of interest rates
has received a good deal of atten¬
tion in the course of public dis¬
cussion of monetary policy. The
or

social

or

The

nnrchase

in

(1413)

are of necessity in¬
form of economic fluenced by the philosophy or out¬
activity is to be subsi¬ look of. different groups and of

Whether

.

Examines

Dangers

Borrowing

^stable and undependable pallia¬
tive?

Commercial and Financial Chronicle

can

Corporation

Cleveland!

Inv. Planning

Ohio —Edward n.

Siegler & Co., a corporation,
formed to continue the

has

in¬
vestment business of the partner¬
ship of the same name at 1925 East
Ninth Street. Officers are Edward
N. Siegler, President; Lawrence N.
Siegler, Secretary and Treasurer;
and R. C. Siegler, Vice-President.
been

East

City,,

the

Invest¬

Michi¬

East

Orange. A

fJook Tower, Detroit under

the

direction of E. Marshall Greene.

Abbott, Proctor Partner
KNOXVILLE,

Tenn.

—Hugh S.

Abbott,
at 530
Gay Street will be admitted to
partnership in the firm April 1.
Manager of
& Paine's office

Johnston,
Proctor

Bull & Low Partner

...

April 1 Marjorie Low will
admitted to limited partnership
On

York

Low, 54 Pine

York Stock.
•.
•

"v

♦

be

in
Street, New
City, members of the New

Bull &

Fennekohl & Co.,
85th Street, New York
B.

-\

—

of

office has been opened in

branch

&

v.V; -7.v;i'

Street,

Harrison

Company, Incorpo¬
rated is continuing the investment
205

J.

Inc., is continuing the invest¬
business
of Feren
& Co.
Main office is located at 19 South

Street.

of

N.

Group

ment

firm name
of State Investors Service has been
changed
to Balanced
Investors
Service, Inc. Offices are at 90 State

business

of Michigan

gan,

Now Balanced Investors

Fennekohl Co., Inc.

Planning

ment

ALBANY, N. Y.—The

Fennekohl

ORANGE,

EAST

Exchange.

r

38

AS WE SEE IT

Continued from page 1

banking statistics is in turn very nearly synonymous
with the obligations of the Federal Government. Careful
bankers, naturally, are still concerned about the nature
of their assets, and about what is now regarded as "liquid¬
of

ity." They know, of course, that liquidation of some of
their holdings of governments would entail a substantial
loss—so substantial have been the changes in market
of these obligations—but the more conservative of
them have kept the book value of these obligations at
market, and they can feel confident that in any really
serious situation, the Federal Reserve would take them at
market—or certainly lend to them needed funds. But the
great rank and file who talk about inflation do not trouble
themselves very much about such considerations as these.
They simply watch the price indexes of the Department of
Labor, and at most analyze the factors which seem likely
to bring changes in these indexes in the foreseeable future.
prices

It
x

Alice in

was

Wonderland,

that when she used

a

we

believe, who insisted

word it meant what she wanted it

We need not go
that the economists of this

that far, however, to concede
day and generation—and any
other responsible element in the population—are quite
entitled to define the word "inflation" as they think best
to

mean.

when they
define the
to rob it of much of its significance

as they make it clear what they mean
the term. It is quite possible, however, to

long

so

use

term in such a way as
for the student of current affairs. Defined

prices,

absence leaves

or

going

rising

as

great deal unsaid about what is today
^
^

a

on.

Let it

merely

is fairly generally the habit today, its presence

as

be

forgotten that there was no rise in prices
between 1926 and 1929. In point of fact there was a
moderate downward drift during those years. Applying
the present day definition to the term, we must conse¬
quently say that there was no inflation during the madder
half

never

of

the

1920s.

Whether

during those

definition

of

fact

that

made

terms.

in

actual

fact

inflation

was

is obviously a matter of
What, "no one can deny is the plain

occurring

years

into

the

commercial banks of the country.

Ignored Weakness

I

The

phenomena popularly associated with the era
place in the securities markets, of course. But there

took
were

many elsewhere, too, notably in the
real estate. The persistent
optimism of that

shielded the

field of urban
day effectively
horribly unsound and unsafe elements in the

situation from the view of most observers. World War I
had

left

most

an

aftermath

of

half

substantial

were

concealed

bankruptcy in
and bank failures in almost

agricultural regions,

incredible numbers
where

occurring in rural

sections

of

the

business

Else¬
community

areas.

were

enjoying (?) what was then sometimes termed
"profitless prosperity." It would be pointless to argue the
question at length as to whether credit abuses were re¬
sponsible for all this, and hence whether in the older
of the term inflation existed and flourished in those

sense

self

for

with

Certain it is that according to present day defini¬
tions, inflation (a persistent rise in prices), did not occur."
And yet
' '
7

years.

.

.

.

or

we

predicting

have been able to observe there is

pect

quence

years

The

good

reason

to ex¬

satisfactory business in most branches throughout
immediately foreseeable future. The particular se¬

the

not

an

such thing. We are not
early recession of any sort. So far as

of disastrous events of

1929

and

the

succeeding

unlikely now or in the future. Banks
failing by the thousands, and are not likely to do
appears

are

so.

increase in the volume of
outstanding

enormous

Fed¬
obligations, and the extent to which they
are now held
by the commercial banks, provides a means
of escape from failure
by virtually all such institutions—
to say
nothing at all about the deposit insurance which
now exists.
In a sense, we can
safely forget about 1929
eral Government

and its aftermath.

as

building

unsound

as

up

large but—we have for decades
conditions which in the long run are

were

those of the mad 'Twenties. What

we

have done for the most
part, or at least all too often, is to
set up

ties of

machinery by which we hope to escape the penal¬
economic
wrongdoing—rather than taking steps to

avoid the economic sins which have




a

way

of paying their

what we are now

not

or

involved

1960

are yet tn

figures are based on
stiT 1
bornness, obstinacy, or
being *2~

erned

by will without
yieldingT
810

reason.

arll

sounds

serious

wonder

at

if

one

so

as

whenever such

You
the

of the

the judgment

in

Federal

will, I

Board

Reserve

volumes

that

should

be regulated

not

qualitative
terms
but
quantitative volume.
count

lose

position

so

banking world

and

As able

our
judg¬
in making
excessive con¬

and

credit

restricted

Douglas
I

against a
inadequate supply

And

so,

will

on

to Senator Bush's bid
Congressional authority., for

Congress

spond

Federal
power

time

be

Reserve

.

.

.

at least not in peace¬

.

and

.

.

I

there

hope

later

Opposes

Senator Paul

is

Douglas' bill

mixed

added

I

on.

would

don't

"come

then

interest

deal

car

that

the

and

rate

illiterate

populace

machinations of all

lenders

money

and

against

classes

goods

services

vendors, all of whom
presumed guilty before trial.
We

must

Douglas'

all

concur

in

first-stated

namely,

to

the

tell

of

and
are

objective;

borrower

or

instalment payment purchaser the

detail

of

just what he is being
charged for the extension of the
credit involved—otherwise known
"full

as

disclosure,"

Who

can

object to that provision?
Thirty states have already
adopted such measures. I have so
far

heard

of

those

under

that

mean

closure

laws,

in

is

prosecutions

no

30

which

states

would

full

dis¬

being

practiced. Per¬
haps the remaining 20 states will
in time follow these

then

Senator
former

professor

which
he is
cn

Douglas,

fact

examples.

to

provide

unwary,

Senator's

services

the

illiterate—goes
the

wanted

goods or
instalment pay¬

His bill provides that

the interest
costs

and

loan

or

ment

charged and all other
charges incident to the

conditional

shall

be

sales

expressed

agree¬

in

writ¬

ing to the borrower or purchaser,
by the lender or the vendor, in
terms
of simple interest
on
an
annual

basis.

Hercules
turn

the

bles

has

river

through

that

economy

the

is

of

housed

to

Truth-by-Dis-

the

barn

forward

Augean
in

which

sta¬
our

be

kept
clean, and free of pollution
the. lenders and vendors of
may

pure,

by

America.
We
from
and
the

have
the

a

long

the loan,

secure

that

he

under¬

disclosure

of

way

the

simple

properly

and

correctly

translate

these many costs and charges plus
the real cost of the money into
an

tell

simple

in¬

terest?
If

not, hark to the Senator's
reply: "Any person who willfully
violates
any
provisions of this
Act
or
any
rule or regulation
issued
not

thereunder
than

more

prisoned not
both."

is

be

be

$5,000

the

or

im¬

one

than

word

congressional

appointed

year,
un¬

"shall"4 for

instruction

to

agency

in

or

full

to

handled

by hundreds of
thousands of officers, clerks, and

salesmen,

not

1%

of

whom

are

trained

sufficiently in judgment
mathematics to be sure that he

or

has

translated

costs

into

annual

correctly
these
simple interest

rates.) ->•••;uu-.Vu':.
The

Senator

-

needs

ment to his bill—an
for

,•

an

o. -;\v

.

amend¬

appropriation

larger Federal penitentiaries;
not now enough room

for there's

house

to

Senator

the
says
or

people whom the
shall be fined or
both.

bill

In fact, this
that every¬

simply provides
body engaged in consumer credit
by

cash loan or sales on time is
liable to go to
jail or pay out his
own total annual
income in fines.
As

matter

a

should

the
,

up

bill

of

self-protection
become

"willful"

itself,
telling

and

practices is

heretofore

states;

that

reserved

30

states

to

have

called for full disclosure, to which

banking and

merchandising have
properly conformed. Hence, there
need

no

occasion

or

to invade this
supervision.

.

for

Con¬

of state

area

Too, we must point out to the
Congressional
committee
in its
..

hearings

that

the concent of the

bill is erroneous,
unfeasible in its

impractical, and
application and

onlv the person
and purses of all individuals en¬
gaged in the fieM by the "shall
be
prosecuted clause," but will
jeopardizes

not

result in the refusal of banks and

credit

offer
and

in

borrowers

to

terms

Senator's pro¬
is to be fulfilled.
if the

buyers

gram

The

greatly injured
halt and restraint

will be

sudden

by-

a

the

extension

credit

national

the

of

welfare

economy

instalment
Senator's

of

the

of

because

terms.

With Senator
Findings

Disagrees

Robertson's

why do I presume to say

And
such

facetiotfs

a

about a

thing

distinguished Senator? Well, Sen¬
ator A. Willis Robertson of Vir¬
Chairman of the Senate
on
Banking and Cur¬

ginia,

Committee

millions of transactions, run¬
into the billions of dollars,

be

of

borrower about
disclosure. But

terms

matter

the

favor

ahd; vigorously
representatives/in Con¬

and

rates
a

2755

that the regulation of credit

gress

police

ning
to

whom!

to

Bill

the

law
the

I

dic¬

tionary. It says: "Self-determined

wrote

rency,

"You
that
ence

basis

the

on

with

consumer

follows:

as

me

quote

can

of

experi¬

our

control of

two

in

saying

as

me

Federal

the

credit

pe¬

war

much opposed to leg¬
islation seeking
to impose sucn
controls during peacetime."
riods, I

am

Then
on

Senator

to say:

does

consumer

closure

propose

credit

of

the

credit

when

is

But

Bill 275o,

Senator

Douglas,
ov.er

Senator

by

not

goes

Robertson

"The Senate

introduced

control

but

only a dis¬

chargec
extended."
interest

goes'Tar

Douglas

beyond that concept and says
all charges must be considered
interest and expressed in terms
annual

Senator

also

of

this

pose

disclosure

view

to

formed

of

interest.

such

cost

preventing

use

ment of the

aj

Ana t
says: "It is the pu act to assure at

simple

of credit to

the

wltn.

u"' "

th„e de?

national economy-

intentional;
governed
by
will
Surely that expressed intention
yielding to reason; ob- clearly sets forth Senator D°u»
,-t
stinate, stubborn," You take your desire to control the use of ci
without

I

consumer

fined

(I have in the text

derscored
it

shall

more

terms of

properly

our

in

annual

expressed

par¬
some

merchants, lenders and vendors to

-

And where does the prospective
lender or vendor stand?
Can he

looked

gotten

fostering of motherhood
suppression of sin' that
preamble of the bill described
the

full

imprisoned,
come

if, to

swear

interest?

annual

the

for

to

this

stood

economy—

of

where would the bor¬

so,

stand

had

the

protection

buy

on

plan.

he

a

unsuspecting, but in the
opinion, abused citizens

seeking to
ment

himself

certainly testifies that

economic

no

And
rower

or

we're off to the races!

the

gress

cost of the loan in terms of

Senator

can

is

;

do

vendors

to

costs

we

an

in¬

this

as exercise some

Senate

for

his

a

of motherhood and surance was cancelled and the
car
properly
disapproves of sin. But then, in newly purchased
its specific provisions, it defines covered, for 30 months, with the
cost of those items for .30 months
the approval of motherhood and
the rejection of sin as taking the -all added to the face of the new
form of protecting an economi¬ note and discounted for the period.

cally

and

must

we

that approves

the

to

other

on

the truth

took

damage

just to

banks in turn extend credit.

Tt As

collision, and public

Its introduction reads like

well

well

as

lenders

an¬

loan

do

ameliorate

or

bill,

influence

bank-fi¬

was

new

the

bill.

Views

summarize

will

feat

so

on

I

still

banking fraternity in

this

unpaid balance of an old
loan where credit life, fire, theft,
up

Paul

Senate Bill 2755.
a brief

—

simple

nanced

Senator

be¬

out

this

of

con

of

self-searching
as
to
its
public
its statesmanship and
good citizenship in seeking to de¬

up

figuring cut the true

used

Douglas' Bill

i

relations,

II loan,

he

nual

But there

Title

FHA

discussion

a

aspects

me

The

simple

lieve

peaceful time.
Also

annual

the

what

20-year

a

and

will

other non-

th»

that I could
presentation and

exhaust

ticular

examina¬

an

good"

occasion at any

no

of

on

and inter¬
with the
discounting of such a loan at 94
or 96 plus a lawyer's closing costs,
registry of the deed aid some
other crept-in charge developed

this

exercise

to

of

extent.

Senator

as

when insurance, taxes,

for
the

the

pro

bank

payment

segment

Summarizes His

be, I will wager that

est charges are

re¬

that

consumer

time

obvious
this

Let

interest rate would turn out to be

goods and services.
I for one have little

consumer

fear

economist

an

may

is

not

credit.

of

"flunk" him

can

tion

available

and

It

Says It's too Difficult to Compute

reason

our

unrestricted

of

long as
do not

extension

an

perspective,

our

sumer

various

in

to

Reserve

the

ment,

in
can

Federal

that

to

in

we

only
We

.

the

on

stick

to its

as

tinue

Amer

Herculean

on

merchandising

public liability insurance on
automobiles, fire, storm, hail, and
earthquake protection for homes,
and lawyers' closing costs, court
recordings of liens on chattels to
the interest charge for the pure
hire of the net money involved

credit

consumer

will be
and
the

of

The impact

economy.

and

conclu¬

The

record.

of

was

what

proposed

relationship there is of credit life
insurance,
fire, theft,
collision,

was

thoroughly sick of Regulation W
when, for the fourth time, it was
discontinued.
They subsequently
had a study made that ran to six
sion

ing

just

see

this

of

to what is in¬

as

the lending

to

terest, what is the make-up of the
other costs and charges; and what

recall that

sure,

am

Federal

tosphere, first,

Board.

Reserve

of

ica,

into the stra¬

on

out

vending fraternity

gram

moved

We've

hell

and

closure of costs.

regulation seemed

|

if he will
confess hi*1
he is willfully trying tr

the

scare

major objective; namely, dis¬

a

*5 I

Perhaps
purpose,

Upon Our Own Shoulders
Continued from page 16

a

learned Z

Senator from Illinois
is beir*
serious either.)
"8

Rests

The Burden Really

nrJ

if pm
point

as

this

the

justified

„

capacity of ^1?
say whether
\

to

and

correct

have no cause
that all is really well

gratulation or confidence

The courts

the mental

on

us.

closure

But—and this is
very
been

choice.

I

are

It would be foolish to
suppose any
even

whether

.

not, of course, suggesting an early recurrence.
repetition of the fiasco of 1929 and the earlier 'Thirties.

Thursday, March 31,

This

But

We

.

being

the

collapse of 1929 and the subsequent great de¬
pression all but inevitable. Many sorts of unsound busi¬
ness
undertakings were financed largely by means of
credit which-aH too often reached
directly or indirectly

.

good time. Whether prices now

own

and

.

pleased to call inflation comes upon us—we

great many things were taking place which

a

their

wages in
remain stable

own

Chronicle

Commercial and Financial

The

(1414)

Number 5938

191

Volume

.

The Commercial and Financial Chronicle

.

.

'

'' \

.

•

'

;1

'

,

(1415)

;,

.....

.

39

...

the detriment of the national , distribution that keeps us all at TL/T'J
A ry^^o
"•nomy.
:
work earning wages and salaries iViiU-AulBl lCci
>*111 as another protection to us adequate to the good life that the TV
i»
... T
tsible convicts incnrrectlv
or
personal American dream makes possible ripeillie lSSUeS
when true and dedicated Ameribankrupts, if we incorrectly ex- -,uw,
emu ucuitciieu ^meri- y-v
r\ r* r>
-1
tne annual simple
interest cans conduct themselves to that rllh IP V ( VlTPrPn
atesin a loan or financed pur- end.
x UUI1L1J WLlCieU
chase, Senator Douglas ha a picked
We 11 fear no crusaders at the An underwriting group headed
the Federal Reserve Board to Congressional level nor policemen
jointly by Bear Stearns & Co

to

if

^

ex-

WA

Martin's Opposition

With

■

looking over our shoulders at our Ld White, WeW&CoisofterUrg
i
customers today (March 31) $20,500,000 of
wounded
who lie bleeding in our' lobbies 6Va %
subordinated

under S. 2755.

policeman

d With Martin s upposuion

Fleaof

SECURITIES

—

nn

Z^

PUBLIC UTILITY

Kansas

Power

eastern

and

comfort to hear Chairman ncr the jails and fines that are due March 1, 1980 and 1 435 000
Reserve
rf, the
R^d®^3^
03
suggested. Rather, we shall be shares of no par value common
of
Mid-America
Pipeline
William McChesney Martin ex- supported and patronized by an stock
appreciative public to whom we Co. The offering is being made
cress his lack of enthusiasm for
It's a

have

gladly told the truth. 1 "
proposed assignment.
letter to Senator A. Willis
An
address by
Mr. Brushall before
Robertson, he says in part: QflfinrH .the Instalment Credit Conference of the
"The Board
is in full "r..
'American Bankers Association, Chicago,
jj

a

,t

„

.

.

u

*/i

d

.

,.

,

m
"

V

March 23, i960.

■
•
consisting

amount

of/

j

of

of

-$50

Kansas, long

added

of States, including Illinois,
California,
Massachusetts, and
New York. The bill is also con-,

of

Of the net

'Trade Practice
Federal Trade Commission'which require disclosure
of finance charges in connection
with automobile instalment sales.
"It seems;, clear, however, that
the bill is
concerned with the
regulation of certain trade prac¬
with the

sistent

Rules' of the

-

-

-

and

functions

principal

The

and

expenses;

for working capital.

field of monetary
regulation through the
banking system. Extension cf the
Beard's duties into the field of
fa r trade
practices as contemBoard are in the

company

-

piated by this bill would be foreigi
to
the
Board's
present
respcnsibilities. In addition, what.

agency
is
charged
with
administering the bill, certain of
the provisions of the bill would
rcqume that agency to deterrpine
the effectiveness, of the enforcement machinery of the Federal
ever

give

to

rise

serious

The

1858.

from

company

and

Oct.

on

proposes

operate

The'

ma

finers

the

and

area

.

responsibility for administer¬
ing its provisions."
I

must

that

is

confirmed

perience

of

quotation

a

by all the

ex¬

banking

consumer

the past 50 years

over

has

with

end

in which it
concept to ful¬

from

moved

fillment. Begun ou years ago bv a
.dtjguii 50
dv
aimueih.

single small unit in Norfolk, Va.,
come
April
5,
1960,
consumer
credit

has

flowered

tervening

years

maiden

the

on

of

the

over

into

hand¬

a

greatest

in¬

economy

achieved

its

fillment in

:

could

It

was

have

not

present level of fu.l-

carrying forward the

American dream.

;

'

lawyer who is

a

now

a

distinguished judge, and not. just
banker, who gave expression to
our
experience; and
this
may
comfort Senator Douglas should
it
eventuate—as I devoutly hope

a

—that

his

amended

bill

is

to

as

technieal
visioning purposes
A

^

t-.

by

element

significant

t-.

ef°riIitP™"

defeated
conform

or

to

so

the

present 30 states' statutes. He said:

technical

requu-ed

the

tation

in

IBM

Tabulating

Townsend

PHILADELPHIA, Pa. — DeHaven
& Townsend, Crouter & Bodine,
Land Title Building, members of
the
New
York Stock Exchange
and other leading Exchanges, announce
that Albert Thomas, Jr.
as

become

associated with them

registered representative,

a

Forms Robt.

that

and

the

intuitive judgment of the ordinary

Sate,

something

trating

and

is, in the aggreinfinitely pene¬

And

Run
33d
the

so

our

the
own

our

wlth

Center

burden

really rests

withr

courage

restraint, with dedication to
larger public interest, and in

husi-

...

1

M

v

r

x

H.

wise

.

ln

the" sound "and

stimulation of the

economy

reserves

are

President,
Secretary-Treas

:Robert M. ^

to

Due

SHREVEPORT,
Long

is

La.

Opens
—

conducting a
from
offices

Robert L.

securities
at 3109

Alexander Street.

W. C. Sawers

Open£

LONG BEACH,
Sawers

is

Calif.-Wm. Cam-

conducting a secu-

electric revenues fr^m

engage

a

L
xj.

Wright,
"''b"1,

M.

Wright,

Harry
xxeuxjr

are

-cue

D.

and

formerly with Eisele & King,

Libair(^ stout & Co

of

factor,

a

98%

as

has

and

saturation of the gas heating market is around

a

while the number of customers increased 32% greater..
gas revenues made the best showing with an increase

decade,

Industrial

commercial were up only 58%.
expects electric sales to double over the coming
decade. The annual report states: "There is much evidence that
the steady, diversified economic expansion within our service
area will continue. The favorable business fclimate, good supply of
both labor and resources, and water development within the area
should do much to aid this growth. The expanding use of existing

of

208%, while

The company

resultant increased use

heating and year-around temperature control, for example,
are expected to grow rapidly.
(Seven schools in the KLP system
are
presently electrically heated or will have this type of heat
by the fall of 1960.) The application of the thermo-electrku'principle to walls which will afford both heating, cooling and lighting
and the use of ultra-sonic sound for cleaning processes, such as
dishes and laundry, are just two examples of new uses of elec¬
under

tricity

development

which

promise for

great

hold

future."

company's/record in the past decade follows:
Common Stock Record

S. C.—Max
opened a branch
office at 1223 Batson Drive under

Richard

D.

Price Range
Div.

Earn.

(Mill.)

Years

Low

High

"

1858

.

34

-

29

1.30

29

-

25

2.05

1.30

26

-

22

25

-

21

$1.41

$2.40

$54

1959

2.10

50

-

-

48
45

2.01

1.20

1955

40

1.73

1.18

25-21

1954

Branch

New Edenfield

1957__

1956

Sleeper.

36

1.56

1.12

23

-

19

1953

34

1.32

1.12

21

-

17

1952

32

1.53

1.12

19

-

17

1951——

29

1.27

1.12

18

-

16

1950

26

1.67

1.06

19

-

15

BEACH, Fla. —Frank L.
Edenfield
&
Co. has opened a

MIAMI

at
6962
Collins
the direction of

office
under

Nick M.

Torelli.

Nomura

In

,

Honolulu

of

the

hand, there was a dilution in earnings resulting from
in the number of shares outstanding. Electric

increase

Hawaii

205

branch

office

at

Street,

under

the

Yasushi Takeda.

Nomura

—

opened a

Merchant

direction

of

.

Continental Fund
Distributors, Inc.

The firm name

'>

gain in share earnings in 1959 was due to the
increase in the credit for interest charged to construction to 180
a
share compared with 50 in the previous year. On the other,
Part

Branch

HONOLULU,

Now

,

Approx.

E, R. Keiffer has

of

the

/.

Branch

CHARLESTON AFB,

management

Electric

company's services also should be a major factor.

Rev.

the

decade.
in the

at about this level during the
domestic gas customers increased 61%

remained

from

Revenues

The

Keiffer Opens

this

space

at2171Madi-

Qfficers
v-miiccio

way.

112%, do primarily to the development of the area and the new
customers added. Conversion to gas space-heating was not much

of the

hQC

Securities Co., Ltd., has

R. L. Long

under

gained 128%. Residential revenues increased 108% (num¬
ber of customers gained 27% and annual usage 97%). Commercial
electric revenues were up 101% in the ten-year period, and total
electric revenues increased 104%. The gain in gas revenues was

of Capital

Growth

Distributors Inc., 366 Fifth Avenue, New York City, has be
vidpU?i +Credit extension to Pro" Htieq business from offices at changed to Continental Fund Disf that consumption shall run rities business irom
trihutors
Inc.
'
lock step
>
with production and 2236-8 Long Beach Bouleva .

conformity "with

new

has enjoyed a good growth record in the past
continuing introduction of new industry as well

source

Avenue, N^ Yorl business.
City, to
in
securities

son

^

rls»

business

shoulders.

banks

offices at

Plaza to engag

reliable."

Where the Burden Lies
upon

. f

w_.

Avenue

M.

from Northern Natural

utility appliances and equipment and the

branch

Harris Go.

PHILADELPHIA, Pa.—Robert

nes^ Officers are

in the street

other

r

With DeHaven,

has

Generating Station is scheduled for com¬

the expansion 'of existing industry,

as

form.

sound

man

card

nearly all of its own electricity. Out¬

from

decade.

to

H. L. Wright Co. Formed

was

Harris & C°-, In£-

true

re-

railway

The company

tending

D- °'a' J?'J2**'Submit President;

"The
most
important thing I,
have learned as a
judge is that the1
heart and soul of America are

and

tne

ot

inctrnptinn

00-307

were

the Lawrence

economy

earth, without which assistance

this

their respective pro¬
specification to incorporate a standard form to
be
used by contractors in supplying

1959

storage
equipment.
68% from sales of electricity and 32%

clothing and

(in the past decade the

tiations for

3,

revise

to

visioning

including many small manufacturing
larger customers such as duPorit and Goodyear,

as

companies, it comes prin¬
ther Hugoton, Barber County and Spivey-Grabs
Fields. Some 46 new gas wells were added during 1859, and nego¬

,

with

rais¬

natural gas fields. In¬

well diversified,

to

cipally

North from McPherson,
administrative difficulties..
parts
one terminating in the Minneap"Accordingly,
the
Board the Armed Services. The Depart- olis-St. Paul area and the other
strongly endorses the objective of ment of Defense recently issued near Madison, Wis. The company
the disclosure requirements of the
D: O. B. Instruction 3232.7 to the expects that the pipeline system
bill, but believes that it would not Armed Services. This instruction will be completed and in operabe appropriate to vest the Board
has forced the different services tion in December, 1960.
:

important oil and

as

Gas, Cities Service, and various local

points in the upper middle west
for marketing by shippers or their
consignees through two lines ex-

military., spare
documentation required by

of

preparation

company.

average ratio has been about
electricity and one-third gas). Electric revenues were
residential, 5% rural, 27% commercial, 32% industrial and

dition

delivery

to

pr0pane

industries moving into the State

mercial operation in the near future.
The company's gas supply is purchased

to reKansas

McPherson,

"value

efficiency the cost of fuel increased only 109%. A 125,000 kw ad¬

and4aturM gasoline
in

new

The company generates

deliver

will

line

in

employment.

put has increased 124% in the past decade, but due to improved

{J^un
fcutamj

increase

industrial

15% wholesale and miscellaneous.

ca3\+1£5 Pipeline tor tne transportation of propane, butane and

existing

well

as

well

as

gas

2i%

common

a

in

two-thirds

.

.

tabulating service
.
organizations concentrate their effortg rcainly in the accounting and
insurance
fields.
Caldata feels
iiade
commission
ana
01 .eacn
there is a great untapped market
S.a.e having a simi.arvstatute and'
£0r • tabulating user*Ve
in
th?
thus

law

146%

a

(it still ranks

important industrial

includes extensive wheat and livestock

area

Revenues in

of

incorporated

was

Delaware

construct

that

states

underwriter

The

«the

company

under

agricultural State

territory served by the

batteries, cellophane,

„

sdares.
The

(including

manufacture of cement, iron and steel, alfalfa dehydration,

was

x

in

750,000

over

with

served

industrial activities includes flour milling, chemical," tires, mining,
oil refining and gas production, meat packing, aircraft assembly,

bonds, 6% series due Nov. 1,
1975; $3,000,000 6%
convertible
promissory note due Nov. 1, 1975;

poration engaged in the business
of offering a specialized service
through the operation
of IBM
tabulating machines and a staff
.skilled in engineering, print analysis, cataloguing and item identic
l'ication
pursuant
to h military
specificatiSns. ,\ :

and credit

would

capitalization

is

plants

incorporated $20,500,000 of 61/2% subordinated
pursuant to Delaware lav/ on Dec. debentures, due March 1, 1980;
16, 1959. It was formed to finance and 1,830,000 shares of no par
the acquisition and operation of value, common stock out of a total
Caldata Corp., a California cor- authorized
issue of 3,000,000
m
The

the

of

'"outstanding

proceeds, $7,500 will

promotional

$80,000

that, as indicated bv
Senator Douglas, it is not directed
at control of the volume of credit.
and

tices

dustry

^ for^repayment of bank the company after giving effect
lcans, $18,«0f) for reseach and dethis financing and the sale of
. Velopndent; $12,500 for relocation
other securities will consist of —
exPe#nses; $9,625 as a reserve for $42,000,000 first mortgage pipe
contingencies;
$10,000 for. sales nne

...

*

ing sections

P.31^' s Pipeline system in opera-

(par

an

past decade, there was
manufacturing" and 37%

The service

structing and placing the com-

stock

common

are

the

by

located in the

50)

A

considered

territory; in 1959, 54% of all

Caldata, Inc. at $2.50 per share.

class

of

259. communities

Moreover, much of this industry is moving into the company's

.

ber

In

area.

■■

Douglas when
l
.
it
was
introduced: cto require pnl u j
lenders and vendors to tell-the \jdji\Xd\jd)* lilC.
truth
about interest rates and —
1
0
finance charges.',Its purpose apqLOCK feOlfl
by Senator

stated

population

a

Some

Leavenworth)

first in wheat production) is now becoming an

Of the net proceeds to be re¬
*ceived from this financing, sufficient funds will be deposited in
trust for payment of interest to
March 1, 1961 on $42,000,000 prin\
;
eipal amount of 6% first mortgage
pears to be similar to
that of
V
t
bonds, a $3,000,000 6% promissory
statutes requiring full disclosure Robert
Edelstein ? Co./ Inc.,
of n°te aue 1975 and the debentures,
of the terms of instalment -sales
New y0rk City, on March 30 of- The balance will be applied to
that have been enacted^in a nurn- fered and, sold 75,000 shares of the Payment of the costs of con-

with the

serves

Kansas.

electricity,
with gas and 48 with botn.
Wholesale electric service is also
provided to 24 communities, 18 rural cooperatives and four other
large customers.
.

debentures
U.
f

„c

Light
and

63

3rK\ 3 /2 .Shares Of Common Stock.,Each Unit IS priced at $73.50.

.

objective of this bill as

'
each

units,

principal

f

&

central

Emporia, Topeka

_

In a

OWEN ELY

Kansas Power & Light Company

debentures

ihe

BY

the 10%
revenues

good showing with a gain of 11.5% while gas revenues
5% (one large industrial customer reduced his usage).
The company's business was supported by the excellent production
of farm products; despite sagging prices, dollar value Of the crop
was the highest in a decade.
As a result of the sale of common stock last year the equity
ratio was raised to 38.5% which compares with only 25.5% in
1950. No permanent financing will be necessary during 1960 al¬

made

a

were

up

though the company may make additional bank loans. It appears
likely that the credit for interest on construction may
somewhat this year due to completion of the Lawrence Generating

declirie

Station.

Selling recently

'

yields 4.1% and sells at 14.4
is 59%.

'

around 34V2 and paying $1.42, Kansas

times earnings. The

P. & L.

dividend payout

Commercial and Financial

The

Chronicle

.

.

Thursday, March 31, 1960

.

* INDICATES

Now

Securities
•

(5/2-6)
of common stock (par 25
cents). Price — $3.30 per share.
Proceeds — For new
equipment, expansion of the business, and general cor¬
porate purposes. Office—Pottstown, Pa.
Underwriter—
Myron A. Lomasney & Co. of New York City.
Aero

Industries,

March 11

Inc.

Alabama Power Co.

April 1

Schwinn

Control

received

at

office

the

•

*

Sutton

(Edgar

Baltimore

H.

April 4, 1960. Bids—
of the company's service

24

shares

(P.

C. W. S.

redistribution

this

of

Foil

Dowd

F.

■■'V

Segundo,

:k*

&

&

Hills

Forest

Goddard,

L.

K.

Co.,

Head

Ski

(Allen

Co.,

&_jCo.

Interstate

f

The class A

and

Inc.)

Street

$285,000

&:

Co.,

&

Sons)

Alstyne,

27,883

Winston

A.

&

Lawn

Electronics

shares

&

(Prudential

Corp.)

Co.)

&

&

190,000

Co.,

and

new

bowling

Rochester, N. Y.
Underwriter
Lomasney & Co., New York City.

—

Proceeds

400.000

'(Peter

Seaboard

Price—$8

(Peter

Seneca Gas

American

Land Co..

..

/
.

of common.

ceeds—For

'

stoltz

Devices,

Stoltz

Tenax,

(Myron A.

'Pearson,

•

Continued

;

-

,

on

page

Murphy

&

(A.

(Michael G. Kletz & Co.,
■

-

•

.

.

in

3,500,000 individuals in Mid America

own

stock

publicly held corporations. Chicago alone has

more

sHareowners than any other
city in the nation
New York. The

most

widely read

tive securities market is the

Wallson

.

•

(Russell

3axe

&

Inc.

and

Western Utilities
(Dean

First

April 5
.

Systems,

(B.

Fennekohl

(Bids

Southwest

Liberty
most




(Riter

NEWSPAPER

11

Loan
&

Co.;

&

Co

Corp.)

a.m.

D.

Inc )

T"'y

12

I

Inc.I

Co.,

$300,000

C6:AriZkiL-Zk-ki-Common
& Co.)

3,000 shares

Herzig,. Farber & McKenna

&

Co.)' $450,000

" *

Engineering Corp..—..Common
Co.)

&

350,000 shares

• •

Pierce

-Common

Inc.-----Common

Jenks,

Loston

Holman

A.

&

Kirkland

-—--Capital

$25,000,000

Corp.)

Common

Co.,

shares

68,000

Inc.)

—Debentures

:

&

Co.,

$51,000

Inc.)

.._____k

&

11:00

Stevens

a.m.

Chemical
&

Co.)

—

—.Common

Corp.

175,000

Dillon, Union Securities

shares

&

—Capita
296,460 shares

Co.)

noon

M. Loeb, .Rhoades &
Co.; The First
Lehman Brothers: Goldman Rsrh« ♦ Co.)

April 13
Common

&

Co.

and

Bache &

Co.)

Southwest
/. 9

•"

.—Equip. Trust Ctfs.
$6,495,000

,

& Electric

Forest

-

-

Boston

corp..

$10,000,00U#
'/;-

-

Co.-—~------Bon

CST)

Industries;

$15,000,000

Inc.—-Debentures

(White, Weld & Co.) $13,500,000

U: S. Plywood
(Eastman

a.m.

EST)

p.m.

(Wednesday)
(Bids 10:30

..

shares

EST)

(Bids 3:45

Iowa-Illinois Gas

shares

—Preference

Jones

Common

(Carl

.

Debentures

$40,000,000

EST)

Standard Motor
Products, Inc.-

$150,000

514,293

$510,000

Co.)

&

Inc.—Debentures

Inc,i

Holman

(Doolittle

$25,000,000

Co.)

? '

.

Corp..

First

A.

Bonds

EST)

>

Ihc.-<——Common

Systems/

Brod

Co.

$300,000

Co

&

r

(Bids

shares

Boats, Inc

(R.

Common

-

Co., Inc.)

Northern Pacific RR..._^

;

107,290

West Penn.Electric Co._.

&

$300,000

Class \
/ \;
'
Common

,

Mountain States Telephone & Telegraph

125,000 shares

Corp.—.
Edward

T.

(Bids

Inc

120,000

widely circulated market table pages

Treat

Corp..

■-IGlore.i Forgan

Mid America's

..Common
shares

"

•

Inc.)

$600,000

Weiss,, &" Co.) .*■ $720,000

Glass Magic Boats,

Common

Carolina Power & Light
Great

Securities,

(Tuesday)

Magic
(R.

$279,664

Street

——Common

___=

Inc.)

Co.)

Laboratories,

(The

Glass

Common

----Common

Broad

Co.)

City

Co.,

Corp.;

Sulzberger,

April 12

(Tuesday)

Automation

J

GREATEST

&

Co., Inc

American Life
Fund, Inc.——-

$300,000

Corp..:

Witter

Common

-

120,000 shares

(Hallowell. Sulzberger, Jenks, Kirkland & Co.) $500,000

—Common

Inc.---

.Debentures

.

$18,000,000

^

Whitmoyer Laboratories,

by C. E

Common

Amos

/.

,

Common

Industries

(Eastman

in this lucra-.
Chicago Tribune. It offers
newspaper

lor advertising securities and services.
Why not begin using the Tribune regularly in 1960?

WORLD'S

and

EST)

Staats

Electronic

(Hallowell,

200,000

R.

Securities

Whitmoyer

$300,000

-

Associates,

save

you your best means

THE

E

$537,788.75

Inc.)

shares

shares

(A. T. Brod & Co.) 300,000 shares

Common

Corp

Co.,

&

200,000

First

&

(Shields

Universal Transistor Products Corp.—_—Common

TEEMING WITH CUSTOMERS!
to

Becker

G.

—Common

58,337

Capital

Capital

(A.

Wells

by C

Universal-Cyclops Steel Corp

Close

Teletray

$154 Q62.50

(Michael Fieldman)

Inc.)'

.

Witter &

Tool Research &

$600,000

Inc.)

—Common
$300,000

—-Common

Street

Common

Co.,

Co.,

Treat &

and -Irving

Lomasney) $600,000

Equipment

41

Spring

$300,000

Thermal-Aire of America, Inc.Transworld

Co:)

Supronics Corp.

Common

Inc.———1

acquisition and

development. Of¬
fice—49 E. 53rd Street, New York
City. Underwriter—
Hemphill, Noyes & Co.

Co.)

Inc.—Com.

$100,000

Co

(Stroud

Co.)

(Standard

A
&

&

Common

Co }

&

Corp.——

(Dean

$300,000

(Offering to stockholders—underwritten

share of preference and one share
Price—To be supplied by amendment..Pro¬

Bros.

Inc

&

$12,555,600

•

Co.)

and

Co.

Lamp

Common

Inc

Co.)

Renner, Inc.

Debentures

(Offering to stockholders—underwritten

Taylor

&

11:30 a.m.

(William

Inc.)

&

&

Gas

Securities

Common

Sutro

„

Co.,

Pierce

(Amos

& Co.) 30,000 shares

&

shares

.—Debentures

Rap-In-Wax Co.

Electronics, Inc

-

-

one

property

(Jacey

Common

Co.)

Inc.)- 152,698

(John J.), Inc.-

Radiant

$1,000,000

shares

Hunt

/ (Frank Karasik

14 filed

in units of

Sunair

B.

Tayco Developments,

300,000 shares of class A preference stock
($15 par) and 300,000 shares of common stock, to be of¬

fered

Morgan

(Edgar

—Common

....

Corp

Pacemaker Boat Trailer

$300,000

Co.)

Common

126,000 shares

(Hornblower & Weeks)

$180,000

•

& Oil Corp.

Co.,

j

—

Manufacturing, Inc

(Bids

Nesbitt

...

&

-Common

150,000 shares

Co.)

Cohon

(Shields

Common

and

W'

—

Common

Co.

&

Corp.

National Fuel

Plywood & Lumber Corp.-

'

:

—

Morgan

(Morris

(Rauscher,

Common

&

and Sulco.

—

Co.)

Corp.—...

Tile

Common

Plywood & Lumber Corp

Office—1455 Union

Dec.

Monarch

-Common

Stearns

Inc.

$1,000,000

Corp._

Treat

Kahr Bearing
.

Service Corp

Bear,

Debentures
Common

& Co.,

(Goldman, Sachs

$300,000

Inc.)

warrants

Howe Plastics & Chemical
Companies,

Co.)

Corp

shares

Co.) $5,000,000

&

Eberstadt &

(Amos

NAFI

__

A.

To increase capital and
surplus.
Ave., Memphis, Tenn. Underwriter—
Union Securities Investment
Co., also of Memphis, which
will receive a selling commission of
$1.20 per share.
per

Co.;

Seaboard

American Frontier Life Insurance Co.
Nov. 30 filed 200,000 shares of
capital stock.

share.

Myron

&

Hutton

General Development

(Mortimer B. Burnside & Co., Inc.) $1,031,250
(Allen

100,000

100,000

Electronic Assistance Corp

$105,000

(Plymouth Bond & Share Corp.)

centers.

Co.)

Co.)

Co.) 20,000 shares

Properties

(F.

Netherlands

Corp.)

Inc.)

&

(Daniel Reeves &

Harriman
&

&

&

k

$300,000

Phillips Developments, Inc

of

shares

Inc

Chock Full Oltfuts

shares

—

ceeds—For

construction

Century

$600,000

Inc

-v.'/■
; (Fund Planning
Nu-Era Corp. —:

the

Preferred

Enterprises, Inc.—?—Common

Hutton

E.

Club,

Common

Inc.

Inc.)

for the first six months, at $8.50 per share from
the seventh to the 24th month, and at $9
per share from
the 25th to the 30th month. Price—$7.50
per unit.
Pro¬
—

100,000

(Hilton Securities, Inc.)

(Mortimer B. Burnside & Co., Inc.)

Mobilife Corp.

Co.)

Securities,-Inc.)

$600,000

Inci,)

Co.,

(Glenn Arthur Co.,

National Lawn

&

Lomasney

E.

-

Megadyne Electronics, Inc

per

$285,000

——Common

shares

Securities

Missile Components

war¬

Common

(G. Everett Parks

$3,000,000

Co.)

A.

Common

Co.,

stockholders)

'

Telephone Co.—J

Lomasney

(W.

Preference

Securities,

to

shares, ;;

Inc.

Captains

—Debentures

Noel

Keystone-Electronics Co., Inc

share

Office

Avis,

$7o0,000

Common

Co

Frederick

shares

—.-Common

—

Corp.—offering

Witter

A.

(W.

Class A

Hammill

100,000

Avis, Inc.

*

Inc.)

Frederick, fhc

(J.

Co.)

Bowling Enterprises, Inc.——Warrants

(Myron

Hamilton,

Godfrey,
$497,250

_1

Securities

J.

&

(Monday),

(Myron

American

Conditioning Corp. of America—Com.

(A.

Common

Inc

American Bowling

—Common

Sons,

and

165,000

&

Bonds
EST)'$19,500,000

a.m.

Boston

April 11

...Common

(Offering to stockholders—underwritten by
Ripley & Co., Inc.
and
Stern
Brothers

Jones

11

Peabody

(Dean

Credit Corp..

Inland

Co.-

Nevada

Southern

$300,000

Inc..

Van

shares

$30,000,000

Menu-Matics, Inc.

—Common

Inc.)

(Plymouth Securities

Bowling Enterprises, Inc.
(4/11-15)
100,000 shares of common stock (par $1),
and 100,000 class A purchase
warrants, to be offered in
warrant with each share.

&

Garrett

and

Hi-Press Air

filed

one

Co.)

Highway Trailer Industries, Inc

Calif.

give the right to purchase the stock at $7.50

First

*

shares

units of

Co.,

Inc.

87,307

—.Bonds

Chicago Time)

a.m.

Common

Co.)

shares

Co..

Osborne

&

&

Co

(Friday)

Coiiimon

Malkan

Securities

inc

Common

\

,

(PleasanF Securities Co".)

Corp.

(Arnold

American

rants

(The

—Common

Nurseries, Inc

(V.

Harn

by

25

&

&

Hickman

$13,000,000

Co.____

-Common

Ferman

&

Lincoln)

Supermarkets, Inc

Haloid Xerox,

$300,000

Co.)

—

Magnus

Bernet

of

333,213

Co..

Inc

(Robert

9:30

inc

shares

Inc..

Edison

(Kidder,

$300,000

Country Club Ltd

Green Dollar

75,000

(Thursday)

Co.) $3,000,000

(Jerome Robbins &

Underwriter—Van Alstyne, Noel & Co., New York.

Feb.

Inc.)

—

Steel

Union

Power

April 8

(Kidder, Peabody & Co. and Schmidt, Roberts & Parke)

(all outstanding), 168,310 are to be of¬
Bankers Securities Corp. and 175,000 by cer¬
tain other individuals. Price—$18 per share. Proceeds—
To repay indebtedness, for working capital and other
corporate purposes. Office—933 Lee St., S. W., Atlanta,
Ga.

Debentures

.Common

Miller

Co.

Utilities

(Bids

Hill's

-Common

(Lloyd,

■

7

$750,000

„

Corp.

'

Edgcomb

Apple, Inc.
(5/2-6)
March
18 filed
403,310 shares of common stock (par
$2.50), of wihch 60,000 shares are to be offered for public
sale on behalf of the issuing company. Of the
remaining
fered

April

Common

(Charles Plohn

Dworman

Dillon,

Alabama

—Bonds

Circuitronics, Inc.

(Robert

Office—El

Preferred

Corp

Co.)

Co.,

Trust

(Wednesday)

April 6

(Hayden, Stone & Co.) 106,000 shares

A'terman-Big

343,310

&

Corp..

(Shearson,
•

&

150,000

stock.

First

(Bids

$1,800,000

Co.)

Waveguide Corp
(R.

Circuit

Brooks

W.

Schneider,

Co.;

&

The

Hickman

Lincoln)

Co.-t.___-

(Stroud & Co., Inc.) $300,000
...

Common

Baltimore Paint & Chemical Corp

outstanding shares of common
254,313 shares are owned by W.
371,723
by Pryor Manufacturing Co.
being registered only for the possible

are

W.

-—Debentures

$1,500,000

Co.)

Chemical
&

150,000 shares

Ca_u~.——..Common
Bernet &

of

Co.

Manufacturing,

(Eastman

Hunt

Corp.—.Common

Investment

California-Pacific

Chemical Corp.Brooks & Co.)"$750,000

&

(P.

this, stock,
and

B.

$700,000

Schneider,

Trust

Commonwealth

Brooks

Debenture*

Inc.)

'

$300,000

Service, Inc

&

W.

Baltimore Paint

Corp.
filed 626,036

Brown

The

Paint
(P.

is to be amended.

Of

and

Waters

Common

Co.)

Co.,

Corp.—__-———Common

Co.;

First

Weld

(White,

Common

—Common

Kirsch

M.

American Telemail

•

stock.

&

The

Southwestern

(Monday)

April 4

Properties, Inc. (4/18-22)
March 17 filed 870,132 shares of capital stock, to be of¬
fered for subscription by holders of outstanding shares
of such stock.
Price—To be supplied by amendment.
Proceeds—To reduce current indebtedness and foF\future
operations.
Office—Floral Park, L. I., N. Y.
Under¬
writers—Bear, Stearns & Co. and Allen & Co., both of
New York City.
March

Weld

and

$175,000

Inc.)

Diego Imperial

(White,

175,000 shares

Inc.---

Associates,

&

(White, Weld & Co. and J. A. Hogle & Co.) 728,531
shares
Southwestern Investment

Common

Corp.—:

(T.

All-State

• Altamil

San

David Finkle & Co. and
& Feuer) $495,000

Rose

Boland

(White, Weld & Co. and J. A. Hogle & Co.)
$5,000,000

Inc.- —---------Common

Paper Co..

Leasing

filed

statement

Gourd;

&

Securities

Corp

Imperial Corp.——ix

(White, Weld & Co. and A. G. Becker & Co.) 306,787 shares

short-term

on

29

San Diego

Inc.;

Co.,

Electronics,

St. Regis

Transformer
R.

Canada——Debentures

(John R. Poland & Co.; Inc.)

Corp

(Security

Allied

•

Container

Roosevelt

Inc.;

(Lazard Freres & Co.)

April 7, 1960.
Bowling Centers, Inc.
(5/2-6)
$750,000 of sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
Time,

$300,000

Common

Co.,

Blauner &

D.

Gartman,

Inland

Avenue, New York 17, N. Y., before 11 a.m., New York

Dec.

Co.,

Electronics

(Milton

Southern Services, Inc., Room 1600, 250 Park

company,

&

of)

ISSUE

Co., Inc. and Royal
Ltd.) $10,000,000

&

Precision Transformer

L. B.
& Co.: Donaldson, Luskin & Jenrette, Inc.
and First Albany Corp.) $235,000

Sloss

(Marron,

formation Meeting—Scheduled for
be

Usage Co., Inc

~

of

Stuart

(John

..Common

Co

(Michael Fielaman)

bank loans.
Underwriter—To be determined by competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; Lehman Brothers; The First Boston
Corp.; Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); Eastman Dillon, Union Securities & Co/ Equit¬
able Securities Corp., and Drexel & Co. (jointly).
In¬
repayment

(Friday)
Molded'Fiberglass

Computer

$19,500,000 of first mortgage bonds dated
April 1, 1960 and due April 1, 1990. Proceeds—For con¬

and

(Province

(Halsey,

Precision

American

March 4 filed

struction,

REVISED

Scotia

Nova

CALENDAR

ISSUE

ITEMS

•

PREVIOUS

Corp.,

Johnson

(4/7)

Registration

NEW

filed 250,000 shares

Agricultural Research Development, Inc.
Jan. 25 filed 200,000 shares of commOn stock (par 10
cents). Price—$5 per share. Proceeds—To purchase land,
to construct buildings, and provide necessary equipment
and capital to engage in a hog raisipg enterprise. Office
—Wiggins, Colo. Underwriter—W. Edward Tague Co.,
Pittsburgh, Pa.

To

in

ADDITIONS

SINCE

Corp._---k-':iw2k-Y-i-:-Debenture

Dillon,

union'Securities

Cd:r'$23,000.0"

Number' 5938

191

Volume

.

.

The Commercial and Financial

.

Chronicle

(1417)

April 14 (Thursday) ^
& Rockland Utilities,;Inc.v_.:____Preferred

y

stockholders—underwritten by The

to

(Offering

Corp.)

.Boston

First

(U-

" J

.

Portfolios,

Plan

(Sire

*

Portfolios,

Plan

(Sire
"

Inc.)

$199,998

...

Bowling Centers, Inc.—
Pierce

&

Co.,

Debentures

Inc.)

$750,000

Apple, Inc
-Common
lVan Alstyne> Noel & Co.) $7,259,580
Hydra-Power Corp.
Debentures

Preferred

xt

j

Securities

Corp.

and

D.

Gleich

Co.)

Pacific Panel Co.

$600 000

...Common

(Frank Karasik & Co., Inc.) $450,000
Ritter Finance Co., Inc
Debentures
„

April 18 (Monday)
All-State Properties, Inc.-.

(Stroud

•

Corp. of N. J

Applied Electronics

Stearns

May 3
Dial

--Class A

"(Milton

Blauner

D.

$600,000

Co.)

&

Inc

General Aeromation,

May 5

Melville
.)

Lynch,

Merrill

Common

be

&

Co.,

(Darius,

May 10

12

Noel

&

noon

$12,000,000

&

Co.)

9

PST)

a.m.

Bonds

Securities

$12,000,000

Corp.

the

Corp.)

Jeffrey-Robert

Co.,

&

-

common

shares

stock,

issuable

which

under

the

subsidiaries.

its

The

remaining

be issued under the plan from time
Office—1409 Winchester Ave., Ashland, Ky.

time.

may

• Audion-Emenee Corp. ^
c
March 29 filed 100,000 shares of common stock. Price—>
To be supplied by amendment. Proceeds—For
working
capital. Office—New York City. Underwriters—Pitseli, V
Schroeder & Co., Inc., and Bertner
Bros., both of New
York City.
Automation

Systems, Inc. (4/5)
(letter of notification) 150,000 shares of com¬
(par 25 cents). Price—$1 per share. Proceeds
—For general corporate purposes.
Office—150-34 12th
Avenue, Whitestone 57, N. Y. Underwriter—B. Fenne¬
Feb.

12

stock

mon

•

&

Co., Inc., New York, N. Y.

Aviation

Employees Corp. (4/15)
2,500,000 shares* of common stock. Price—$2
Proceeds—Together with other funds, will be
invested in the shares of the
company's three sub¬
sidiaries; for general corporate purposes; and the re¬
maining balance will be used from time to time for
the purchase of all or a substantial interest in or the
share.

formation

of

one

other

more

or

of insurance

or

companies

finance

or

to

engaged in
further sup¬

Inc.

and

Tower Bldg., Washington, D. C. Underwriters—G. J. Mit¬
chell Jr. Co., Washington, D. C.; and Ralph B. Leonard
•

Sons, Inc., of New York City.
Avis,

Inc.

(4/11-15)

March 1 filed

$287,500

Debentures

...

Lyon

and

company

153,250 shares
to

&

Common
and

Goelet Corp.
(Ross,

of

plement the funds of the three subsidiaries. Office—930

(Tuesday)

(Mainland

Common.

of

the business

$300,000

Chemical Packaging Co., Inc

shares 1

110,000

Inc.)

$1,325,000

Bonds

EST)

number

Feb. 8 filed

Common

$300,000

Inc.)

Co.)

maximum

company's Key Personnel Restricted Stock Option Plan.
Of these
shares, options to purchase 146,750 were granted
on
Feb. 12, 1960, to certain officers and
key personnel

per

Fennekohl

(Bids

Hindley

Inc

Components,

shares

California Electric Power Co

-—-Common
and Martjnelli,

Inc.

Co.,

Common

1,400,000

Common

Alstyne,

230,000 shares

& Co.)

&

the

kohl

invited)

(Monday)

(B.

-Capital

—

A. Hogle

Treat

shares

Squan Marina, Inc

$787,500

Co.)

Tri-Point Plastics,, Inc

United

to

(Bids

—Common

Bros. '&

Industries

110,000

Pennsylvania Electric Co

& Equipment Corp.-—Common

(Sutro

(J.

Corp.)

Ets-Hokin & Galvin
(Van

—

Equities Corp.—

(Amos

Co.

Leonard & Lynch) 45,000 shares

(Moore,

Straza

-Common

201,200-270,000 shares

Nuclear Materials
Realty

May 9

$12,000,000

and C. E. Unterberg, Towbln Co.)

(Lee Higginson Corp.

v^'V\r'

(Bids

100,000 shares

Walker & Co.)

Corp.-

Factors

Mills

Smith, Inc.)

&

Fenner

Pierce,
H.

(G.

,

&

Debentures

Corp.——

Metal Goods

300,000 shares

Co.,

(Thursday)

$1,500,000

Corp.-—-

Shoe

&

Columbia Gas System, Inc..

Common
and Amos C. Sudler & Co.)

Inc.)

Common

Weld

(Laird

"

MWestheimer & Co.) $253,350

(Purvis & Co.

$1,500,000

New Jersey Aluminum Extrusion
Co, Inc.—Capital

.—Common

I C Inc.'

Inc.)

Co

(White,

& Co..—-Common

Burnell

Co.,

(Tuesday)

Finance

200,000 shares

D.:Fuller & Co.)

(S.

&

Capital

to stockholders—underwritten by Bear,
."*& Co.^and
Allen & Co.) 870,132 shares

(Offering

is

^

Common
/.

development; and the balance for work¬
ing capital.Office—22, Center St.; MetuchCn, N. J. Under¬
writer— S. D. Fuller &
Co., New York.
• Ashland Oil & Refining Co.
March 25 filed 300,000 shares of

(Tuesday)

(Rauscher,

4,500 shares

Co:) $720,000

.-"(Peter Morgan

:

Street

Alter man-Big

Florida, Inc

Thermal Industries of

and

j

Allied

-.>•

$225,000

Inc.)

Inc.)

Inc.

r>

—Debentures

Normandy Isle, Inc

Plan of

Sire

„__Capital

Normandy Isle, Inc

plan of

Co.,

Co.,

......

'

'<Peter Morgan & Co.) 100,000 shares

/

.

oire

&

V

Industries, Inc
Common
ait
(^yron A. Lomasney & Co.) $825,000
Allied Bowling
Centers, Inc.Common
Air
(Rauscher, Pierce & Co., Inc.) 300.000 shares ■
j

Pacific Plywood,/Inc.____

Carolina

Malkan

.-for research and

—'..Common '

,

Aero

Common

$5,000,000

:<y" :/V*vV-'r

v

„

1

&

May 2

and Ralph B. Leonard & SonsT Inc.)

Mitchell Jr. Co;

t

(Arnold

$3,916,500

April 15 (Friday) *
Aviation Employees Corp.
,r

April 29 /Friday)

v.

WeWrtran Corp.

nrange

41

Globus,

Inc.)

$700,000

Goelet Corp.

Common

$5,000,000 of subordinated convertible de¬
bentures, due April 1, 1970, and 200,000 shares of com¬
mon stock
(par $5). Price—To be supplied by amend¬
ment.
Proceeds
The company
anticipates that a
portion will be used for advances to or investments in
—

(Ross, Lyon &

(Wednesday)

April 20

Goelet

Microdot Inc.

Capital

—

Middle South Utilities,
(Bids

12

12

Rajac Self-Service,

Inc

(Bids

Inc.

be

to

and

Globus,

Inc.)

Co

35,000

Debentures

invited)

$20,000,000

Milwaukee

Gas

(White,

-Common

—

Corp

Gas Pipe Line

Weld

Light

(Bids

Bonds

Securities

18

May

Co. and Stone & Webster
Corp.) $35,000,000

&

"

11

Bonds

Co._i———
EDT)

a.m.

$22,000,000

Weld & Co.

(White,

Securities

Financial

and

(Wednesday)
(Harrison

Stone

Weld & Co.; The Ohio Co.
Sanders & Co.) 325,000 shares

\

and

(Bids

(Monday)

April 25

Big Laurel, Inc.
&

(Lehman

Airlines,
Brothers

Barney

909.659

Co.)

&

A. Lomasney

& Co.)

Lomasney

Hamilton

(Bids

Metropolitan

shares

Electric

Superior

New Jersey

Corp.)

Higginson

150,000

(Milton

April 26

D.

Blauner

Inc.)

Co.,

Edison
(Bids

April 28

11

Bonds
EST)

$15,000,000

G.

Virginia

a.m.

EST)

—-Debentures

Co

&

Class A

—

Co.,

(Bids to be Invited)

Inc.)

$1,650,COO

Life Insurance Co.

filed 240,000 shares

Feb.

$25,000,000

(letter of

general

Georgia Power Co
invited)

40
Dec

American

Life

Fund,

Inc.

(4/12)

ner

Feb. 17 filed
1,250,000 shares of capital stock (par $1).
rnce—$20 per share. Proceeds—r or investment. InProceeds—For n
vestment-Advisor
r
Insurance Securities Inc., Oakland,
inc., —~
—

Lalif. Underwriter—The First Boston Corp.,




New York.

8 filed

'share

at airports.,

$12,000,000

Bondi

Telemail Service, Inc.

(4/4-8)

375,000 shares of common stock. Price—$4.00
Proceeds—For establishing airmail facilities

Office—518 Felt Bldg., Salt Lake

Underwriter—Edgar B. Hunt Co.,

City, Utah.

New York City.

Applied Electronics Corp. of N. J. (4/18-22)
11 filed 200,000 shares of class A stock (par 10
cents) Price—To be supplied by amendment. Proceeds—
$45 000 is to be used for the purchase of stock of Diver¬
sified Industries Corp.; $33,000 for repayment of indebt¬

March

owing to management officials; $150,000 for the
establishment of laboratory and sales facilities in Dallas

edness

and sales

and service facilities,

Office—4 W. 31st
Underwriter—A. J. Gabriel

purposes.

|

•

Big Laurel, Inc. (4/25-29)
March 22 filed 400,000 shares of 7 % cumulative preferred
(par $2.80)

and 400,000 shares

of common stock

(par 10 cents), to be offered in units of one share of pre¬
ferred and one share of common. Price—$3 per unit. Pro¬
a

resort community and for working

capital. Office—Bryson City, N. C. Underwriters—Pear¬

?

American
page

corporate

Street, New York 1, N. Y.
Co., Inc., New York, N. Y.

Murphy & Co., Inc., New York City, and Mackay &
Co., Reading Pa.
\:~i~
o

son,

in Los Angeles; $200,005

Corp.

filed $500,000 of 6%

March 29

•

Price—

Recording Corp.
notification) 150,000 shares of com¬
stock (par 10 cents). Price—$2 per share. "Proceeds
29

+ Birtcher

Continued from

of common stock.

$5 per share. Proceeds—-To be used by the company in
the conduct of its insurance business.
Office—601 Gar¬

stock

Bonds

(Thursday)

(Bids to He

Underwriter—P. W. Brooks &

Avenue, Baltimore, Md.

ceeds—To develop

-Bonds
$30,000,000

insurance

be

mon

(Tuesday)
Electric & Power Co.

November 3

said

company
to
common at a price
specified. Prices—For the debentures, at par; for
the preferred, $20 per share. Proceeds—For general cor¬
porate purposes including repayment of loan,' purchase
of land, construction, purchase of machinery and equip¬
ment/and for working capital. Office—2325 Annapolis
to

—For

^

.

invited) $100,000,000

Kletz

granted

Beltone

Bonds

invited) $6,000,000

be

to be

warrants

purchase 15,000 shares of the issuer's

rett. Building, Baltimore, Md. Underwriter—G. J. Mit¬
chell Jr., Co., of Washington, D. C.

$5,000,000

System, Inc

(Michael

J\

jcinnati Gas & Electric Co
11:00

$5,000,000

September 13

(Thursday)
(Bids

(Bids

-

$1,000,000

Co

a.m.

to

(Tuesday)

Yale Express

(Tuesday)

Metropolitan

Invited)

be

Southwestern Bell Telephone

shares

—Debentures

&

to

$20) and (c) $750,000 of 6!/4% first mortgage bonds, due
1972, sold to New York Life Insurance Co., along with

Beacon

Power & Light Co

August 9
—

(Lee

filed

22

March 21

Bonds

(Bids

Common

Telectro Industries Corp

Corp. (4/4-8)
(a) $750,000 of sinking fund debentures,
6V2 series, due 1975 with eight-year warrants for the
purchase of 22,500 common shares at the rate of 30

(Tuesday)

July 19

$6,000,000

$250,000

Co

Baltimore Paint & Chemical

Co., New York City.

Preferred

(Bids

Debentures
& Co.)

Bonds
$50,000,000

Gulf Power Co

Corp.——--Debentures

Inc
Lomasney

invited)

(Bids to be invited)

(Myron A. Lomasney & Co.) 37,500 shares

Circuits,

Bonds
$12,000,000

EDT.)

(Thursday)

July 7

pircuits, Inc—- Common

(Myron A.

a.m.

4

(Kuhn, Loeb & Co. and Carl M. Loeb, Rhoades & Co.)

Precision

$45,000,000

Gulf Power Co.

—Common
320,000

Co.)

Broadcasting

11:30

(Bids to be

Investments,

Management Corp
&

invited)

Valley Authority

$600,000

Lemon & Co. and
&
Redpath) $3,000,000
Peabody

be

to

(Friday)

1

July

Tennessee

..Common
Auchincloss, Parker

(Kidder,

Precision

(Bids

Washington Gas Light Co

;
Common
54,000 shares

& Co.)

Greater Washington Industrial
Inc.
(Johnston,

Co.—-.Debentures-^

Bell Telephone

Northwestern

—Common
A.

• B & B Stable, Inc.
(letter of notification) 150,000 shares of com¬
mon stock
(par 10 cents). Price—$1 per share. Proceeds
—To purchase horses. Office—500 Walker Bldg., Wash¬
ington, D._ C. Underwriter—None.'
March .18

12-year

(Tuesday)

June 7

shares

-Debentures

Figurette, Ltd.
(Myron

—Bonds

$40,000,000

$330,000

Dynex, Inc.
(Myron

shares

Office—18

$1,000 of debentures; (b) 90,000 shares of
61/2% cumulative convertible first preferred stock (par

(Bids to be invited)

Common

Inc1.

Products,

underwriting)

(No

Common
420,945

Southern Electric Generating Co

$350,000

underwriting)

(No

a 6% revolving credit
Irvington Street, Boston, Mass. Under¬
writer—1^,.^, Hqtton & Co., New York.

•

shares

Deluxe Aluminum Products, Inc

Deluxe Aluminum

$7,000,000

(Thursday)

June 2

Preferred

Common

Smith,

outstanding borrowings under

shares for each

:

Inc

and

of

Jan.

underwriting)

(No

Mackay & Co.)

and

Inc.

Co.,

400,000

Capital

time)

North Central Co

——

Murphy

(Pearson,

Y.

N.

a.m.

& Co.)

Mackay

& Co., Inc. and
400,000 shares

Murphy

11(00

(Friday)

Common

Inc.-

(Pearson,

Bonds

Jersey Central Power & Light Co
May 27

Big Laurel,

Common
$544,810

Co.)

(Tuesday)

May 24

—Common

(White,
'

&

& Webster

800,000 shares

Corp.)

Corp

In

addition the company may also apply a
portion of the proceeds to the acquisition of additional

loan.

General Atronics Corp.——

Transcontinental Gas Pipe Line Corp.—Common

Union

of its subsidiaries for their general business

or more

purposes.

and to the prepayment of part of its out¬
standing long-term debt and to the temporary reduction

(Walter R. Blaha & Co., Inc.) $300,000

Transcontinental

one

businesses

(Tuesday)

May 17

Bonds

$20,000,000

EST)

noon

Co.,

&

Telephone

Common

shares

70,000

shares

650,000

Puget Sound Power & Light Co.—__—
(Bids

Globus, Inc.)

—Warrants

Lyon

Wisconsin

Inc.DST)

noon

and

Corp.

(Ross,

204,000 shares

Weld & Co.)

(White,

Co., Inc.

convertible subordinated

debentures, due April 30, 1975. Price—At par. Proceeds
—To
pay
bank loans incurred to augment working
capital. Office — Los Angeles, Calif. Underwriter —
Quincy Cass Associates, Los Angeles, Calif.
•

Border

Steel

Rolling Mills,

Inc.

Sept. 14 filed $2,100,000 of 15-year 6% subordinated
sinking fund debentures, due Oct. 1, 1974, and 210,000
shares of common stock ($2.50 par), to be offered in
units
shares

of
of

amount of debentures and five
Price — To be supplied by
Proceeds—For the purchase of land and

$50 principal
common

amendment.

stock,

construction thereon, and for the manufacture
stallation

of

necessary
v

equipment.
/

and in¬

Office—1609 Texas

Continued

on page

42

«

42

(1418)

The Commercial and Financial Chronicle

Continued from page 41

Securities

Texas.

Note

This

—

statement

withdrawn

was

Chock Full O'Nuis

on

Steel

Rolling

Mills,

Inc.

holder,
from

the basis of 49 new shares for each share tnen
Price—To be supplied by amendment. Proceeds—

general

corporate

Street, El Paso, Texas.
statement

Office —1609 Texa»
Underwriter—None. Note—This
on

March

•

stock, of which

250,000 shares will be offered for public sale at $6
share and 30,000 shares will be offered to selected

in

the southeastern portion of the United States which
it hopes to obtain and open before the end of the
year;
an additional
$250,000 is expected to be expended either

by the company
provement
such

of

or

certain

additional

as

through its subsidiaries for the im¬
of

its

manufacturing

mechanization

and

facilities,

material

the

company's general funds.

Office

Underwriter—Dempsey-Tegeler

&

founder
—

and
F.

Gas

&

president

Eberstadt

a

as

bompany

Reading, Pa.
St. Louis and

6,000

Co.

(4/28)

outstanding

and

•

Burnett

&

Co.

(4/18-22)
Feb. 15 filed 200,000 shares of common stock.
Price—$3
per share.
Proceeds—To repay bank loan; for manu¬
facture of magnetic
amplifiers; for establishment of a
new
crystal filter division; for the purchase of new

will

be

sold

Price—To be sup¬

automatic

winding and testing and production equip¬
ment; and for working capital. Office—10 Pelham Park¬
way,
Pelham Manor, N. Y.
Underwriter — Milton D.
Blauner & Co., New York.
C. W. S.

Waveguide Corp. (4/4-8)
(letter of notification) 300,000 shares of
stock (par one cent).
Price—$1 per share.

March
mon

Hoffman

•

general corporate purposes.

California-Pacific

March

com¬

Pro¬

Office—301

W.

Ave., Lindenhurst, N. Y. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.

Dowd &

7

filed

87,307

Utilities

shares

Co.

of

(4/6)

common

stock.

Of

the

sold, 40,000 will be offered for thd^h&bUnt
of the company, and the
remaining 47,307 are presently
outstanding shares and will be sold for the holders
thereof.

Price—To be supplied by amendment.

finance

Proceeds

portion of the company's construction
program. Office—405 Montgomery Street, San
Francisco,
Calif.

a

Underwriter—Eastman

Co., New York City.

Dillon, Union

Securities

"

on the basis
additional share for each share held, with
rights
14 days after offering date. Proceeds — To
broaden equity base.
Office
Washington National
Airport, Washington 1, D. C. Underwriters
Lehman
Brothers and Smith,

of

one

.to

expire

—

a new copper

Circuitronics, Inc.
Feb.

&

Co., New York, N.

Y.

Proceeds—For
Varick

general corporate

Price—$2
$52,860 of 6%
notes and the balance for
operating funds and working
capital. Office—381 Fifth Avenue, New York
City. Un¬
per

share.

Proceeds—For

retirement

of

derwriters—G.

Everett
Parks & Co., Inc., and Sulco
Securities, Inc., both of 52 Broadway, New York
City.
,

Carolina

Pacific

Plywood, Inc., Medford, Ore.

(4/15)

New York, N. Y.
Underwriter—Lloyd,
Co., 2605 Connecticut Avenue, N. W., Wash¬
D. C. Note—This statement has been rewritten

and resubmitted

in accordance

with an SEC request.
if Cleveland Electric Illuminating Co.
/ •
March 24 filed 100,000 shares of
common
stock, to be
offered to eligible employees under the
company's Em-

iployee

Thrift

Plan.

29 filed 1.00,000 shares of
capital stock (no par).
Price—To be supplied by amendment.
Proceeds—To in¬

the company's
working capital and to aid in fi¬
nancing log inventories at peak periods. Underwriter—
Peter Morgan &
Co., New York.
crease

Carolina

Power & Light Co.
(4/5)
March 4 filed
$25,000,000 of first mortgage bonds, series
due 1990. Proceeds—To be used
to (1) repay
temporary
bank loans of $18,500,000 used in
connection with the com¬
pany's construction program and (2) for the construction
of additional facilities.
Underwriter—To be determined

by competitive bidding. Probable bidders:
Halsey, Stu¬
art
& Co.
Inc.; Kidder, Peabody & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc.
(jointly); W. C
Langley & Co. and The First Boston
Corp. (jointly);
Kuhn, Loeb & Co. and Equitable Securities
Corp. (joint¬
ly); Lehman Brothers; Blyth & Co., Inc.
Bids—Expected
to be received on
April 5 at 11:00 a.m.
Information
Meeting—Scheduled for April 1 at 11:00 a.m.
if Caterpillar Tractor Co.
common
stock, to be of¬
company's 1959 Stock Option Plan.
Peoria, 111.

unsecured

bank

common

stock.

Price—To

Proceeds—For repayment of

loans; for payment

of

the

balance of

a

down payment on the
purchase price of property in Ven¬
tura, Calif.; to pay the balance of construction
costs on
a

building in Torrance, Calif, and
Office—1738 S. La Cienga

for working capital.

Boulevard, Los Angeles, Calif.
Underwriter—Daniel Reeves &
Co., Beverly Hills, Calif.
•

Chemical

March
mon

16

stock

Packaging Co., Inc. (5/10)
(letter of notification) 115,000 shares of
(par 10 cents). Price—$2.50 per share.

ceeds— For

Utica

general

corporate

purposes.

Office

com¬

Pro¬
—

755

Avenue, Brooklyn, N. Y. Underwriters—Mainland




Square,

Cleve¬

Bannock Street,

Englewood, Colo. Underwriter—Diver¬
Securities, Inc., Englewood, Colo. Note—This state¬
is being amended.
Offering—Imminent.

• Columbia Gas System, Inc. (5/5)
March 25 filed 1,400,000 shares of
common stock. Pro¬

ceed"—Together

with

funds generated

from

to

be

be

used

obtained

eral

to

from

other

available

funds,

operations during
additional

including

1960 and funds

financing in 1960, will

satisfy the demands in 1960

upon

such

gen¬

funds, including particularly the 1960 construction

program of Columbia Gas subsidiaries.
be determined

ders:

Underwriters—To
by competitive bidding. Probable
bid¬
Halsey, Stuart & Co., Inc.; Merrill

Lynch,,, Pierce,
White, Weld & Co. (jointly);
Morgan Stanley ° &
Co., Lehman Brothers, Eastman
Dillon, Union Securities & Co. and Goldman, Sachs &
Co. (jointly). Bids—To be
received on May 5.
Fenner

&

Smith

Inc.

and

Commerce Oil Refining
Corp.
16, 1957 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated
debentures due
Oct. 1, 1968 and
3,000,000 shares of common stock to be
offered in units as follows:
$1,000 of bonds and 48

shares

of stock and $100 of
debentures and nine shares of stock.
Price—To be supplied by amendment.
Proceeds — To

construct refinery.
Underwriter—Lehman
York. Offering—Indefinite.

Commonwealth

Edison

Brothers, New

Co.

(4/6)
$30,000,000 of series U first mortgage
bonds, dated March 1, 1960 and due March 1, 199,0. Pro¬
ceeds—To be added to
working capital for ultimate
application toward the cost of gross
additions
March

10

filed

to

electric

the

utility properties of the company and its sub¬
Underwriter—To be determined
by competi¬
bidding. Probable bidders: Halsey, Stuart &
Co.
Inc.; The First Boston Corp.; Morgan
sidiaries.
tive

Stanley & Co. Bids
be delivered at Room
1820, 72 West Adams St.,
Chicago 90, 111., at or before 9:30 a.m.
Chicago Time, on
April 6, 1960, subject to the right of
the
—To

postpone

the

time

of

submission

of

bids

exceeding 30 days in the aggregate.

company to
for a period

—$1

Guaranty Trust

will

Computer Usage Co., Inc.

Wilmington, Del.

Underwriters

,

—c—

of

—v*

if

general

Underwriterr—None.

11

*

Realty Investment Corp. \
2,000,000 shares of common stock.

filed

Price

$1,226 500

$300',000

properties,

a

if Constellation Life Insurance Co.
March 29 filed 1,250,000 shares of

t

-

common

stock, of which
options, 15J,000

350,000 shares will be reserved for stock
shares/will be offered to holders of the

outstanding

common .on

a
"first-come-first-serVed'L basis at
$3.25
share, and 850,000 shares will be
publicly offered
Price—$3.50 per share.
Proceeds—To- general funds!
Office
Norfolk, Va. Underwriter
Willis, Kenny &
Ayres, Inc., Richmond, Va. ':■
/

per

—

Continental
Feb.

11

..

new
products, and for working capital. Office
Hamilton St., Geneva, 111.
Underwriter—Old

vestment
©

Dec. 23

Electronics

filed.

re¬

of common

ceeds—For

Street,
Co.,

war¬

rants for the purchase of
422,234 shares of common stock.
The company proposes to offer its
common stockhold¬

Co.,

Inc.

shares of

of

715"

/
-'(4/1)
stock

common

subsequently reduced

(par $3),

to 150,000 shares
(par 10 cents)!
Price—$3 per share. Proceeds—To
repay $80,000 of bank
loans; $50,000 to replace working capital
expended for
equipment and machinery; $5,0,000 to increase

sales ef¬

forts, including the organization of sales
offices on the
West Coast and in the
Chicago areas; and $50,000 to
further development of
delay lines, filters and micro¬
devices.

The balance of the
proceeds will be added

to

working capital. Office—10 Stepar
Place, Huntington
Station, N. Y. Underwriters—Milton D. Blauner
& Co.,
Inc., David Finkle & Co. and
Gartman, Rose & Feuer, all

of

New

York.

Ccsirat
Feb. 29
common

47th
B.

1

Record

Distributing Corp/
t
(letter of notification) 75,000 shares of
.class A
stock (par 10 cents).
Price—$4 per share. Pro¬

ceeds—For

general- corporate

Burnside

Office—315 W.

purposes.

Street, New York, N. Y.

Underwriter—Mortimer

&

Co., Inc., New
Expected sometime in April.

York, N. Y.

Offering1

★ Crawford

Corp.
filed 200,000 shares of

March 28

100,000 shares

common

stock, of which

to be offered for
public

are

account of the

sale for the

issuing company and the balance, being

oxttLuuiu'iiig SlOck, py cne present nolders thereof. Price
—To be supplied
by amendment. Proceeds—To be initi¬
ally added to working capital and used
for

general

cor¬

porate purposes,
including but riot limited to the reduc¬
tion of shcrt-term bank
loans ($5,921,872
outstanding at
Dec. 31, 1959,
including $5,199,800 of bank loans made
directly to, an unconsolidated
subsidiary).;' It is con¬
templated that the additional funds will be used
to ac¬
quire land for
development or resale to dealers, con¬
struction loans to

pany's

market

builder-dealers,
and

area,

expansion of the com¬
possible manufacture arid

the

erection, in cooperation with builders, of "shell'' house
packages for completion by the home owner on a "do-ityourself"

basis.

Office—7111 Florida Boulevard, Baton
Rouge, La. Underwriter—A. G. Becker &
Co., Inc., of
Chicago and New York.

if Custom Craft Marine Co., Inc.

March

28

(letter

stock

mon

of

notification) 85,000 shares of com¬
Price—$3 per share. Proceeds

(par 25 cents).

—For general
corporate

Street. Buffalo, N. Y.

Inc., New York, N. Y.

Office—1700 Niagara

purposes.

Underwriter—R. A. Holman & Co.,

(Robert K.) Cutter Co.
March 14 filed
8,0,910 shares of class A and 3,280 shares
of class B common
stock. According to the
prospectus,
Cutter
Laboratories, a California company, in May I960
will be merged with
and into Robert K. Cutter
Co., a

Delaware

company,

changed to Cutter
the

Stock

and

latter

will

Purchase

tories, Inc.,

now

Parker Sts.,

if Dade

assume

and

which

will

be

Under the merger
the

Cutter

Selected

Labora¬

Employees'

common

stocks of Cutter Labnra-

sought to be registered. Office—Fourth
Berkeley, Calif.

Metal

March 22
-—To

of

name

Plan

the class A and class B

mon

the

Laboratories, Inc.

Option Plan, which-will then relate to shares of

Fabrications,

(letter of

stock

Inc.

notification) 209,000 shares of

com¬

(par 10 cents).
Price—$1 per share. Proceeds
purchase land and erect a

machinery

plant, additional tools,

and

equipment,

materials.

and

for

other

working

Office—4798 Tenth
Lane, Hialeah. Fla. Un¬
derwriter—R. A. Holman &
Co., Inc., New York, N. Y.
if Dalto Corp.

March

Feb.

165,000

—

Colony In¬

Co., Stoneham, Mass.

Centre!

Stock

Co. of New

Consolidated Oil & Gas,
Inc., Denver, Colo.
24 filed 140,748 shares of common
stock and

Electric Co.

filed

260,000 shares of common stock. PriceTo be supplied
by amendment. Proceeds—To retire
out¬
standing bank loans, for expansion and

tories

Marron,
Inc. (handling the
books), and Roosevelt &
New
York, N. Y.; L. B. Schwinn & Co., Cleveland, OhioT Don
aldson, Luskin & Jenrette, Inc., New
York, N. Y. and
First Albany Corp.,
Albany, N. Y.
—

t

for

(4/SL)

(letter of notification) 47,000 shar
(par 25 cents). Price—$5 per share,
general corporate purposes. Office—100 W.
stock

current* indeoi

reserve for development
expense, and the
balance
working capital and other corporate
purposes. Office
—1321 Lincoln
Ave., Little Rock, Ark. Underwriter
The Huntley Corp.
'
as

-

and

Dec. 29

Proceeds—Por reduction of

per share.
Proceeds—Of the
proceeds,
be used for the acquisition of

agreement,

if Compagnie Financiere de
Suez, of France
March 28 filed
depositary receipts for 50,000 bearer
ceipts. Depositary—Morgan
•

lool

Price—For rights offering, to be
supplied

Consolidated
March

wave

Colanco, inc.
19
(letter of notification) 300,000 shares of
pre¬
ferred (no par), seven cents
per share dividend paying
after March
1, 1962, non-cumulative, non-voting stock.
Price—$1 per share.' Proceeds—To purchase land and
for development and
working capital. Office—3395 S.
Jan.

York.

(4/11-15)

Jan. 25 filed 150,000 shares of
be supplied by amendment.

Public

•

not

March 28 filed 48,920 shares of
fered pursuant to the

Century Properties

Office—55

Ohio.

sified

by the present holders
thereof, and

corporate purposes.

&

Dec.

..

Feb.

Office—East

Office—121

purposes.

Street,

Miller

be of

may

sale

development

(4/4-8)

(letter of notification) 75,000 shares of class A
common
stock
(par one cent).
Price—$4 per share.

•

Captains Club, Inc. (4/11)
Jan. 22 filed 500,000 shares of common
stock.

Un¬

9

—

Barney

new
machines; for the initial
foil plant; and for working cap¬

Street, Bordentown, N. J.
derwriter—Hayden, Stone & Co., New York.

ment

Capital Airlines, Inc. (4/25-5/6)
Jan. 26 filed 909,659 shares of common stock

installation

Office—East Park

land,

shares to be

—To

of

ital.

ington,

9

ceeds—For

Proceeds—For purchase, construc¬

and

of

—

complete
warranted, exploratory wells, and the balance of

.

plied by amendment.

financing of

—

—

for the account of the holder thereof.

York.

fo

purchase

edness; for drilling and completion, if
warranted
development wells; to rework, deepen and

Co., New

tion

New

"

,

Electric

are

for

amendment.

Chock

of

&

filed

and

the

10

^

properties.

gift

*

,

Cincinnati

block

this

C.rcuit Foil Corp. (4/4)
March 1 filed 106,000 shares of common
stock, of which
100,000 shares are to be offered for public sale by the

control

—

Co.,

Black,

recipient of

Underwriter

each

University, the selling stock¬

ley & Co. and W. E. Hutton & Co. (jointly); Blyth &
Co., Inc. and The First Boston Corp. (jointly); Mekrill
Lynch, Pierce, Fenner & Smith Inc. and Lehman Broth¬
ers
(jointly); Eastman Dillon, Union Securities & Co.
and White, Weld & Co. (jointly).
Bids—Expected to be
received on April 28, up to 11:00 a.m. (EST) at the
Irving Trust Co., One Wall Street, New York City.

handling and for experimental work in connection with
beryllium; and the balance of the proceeds will be added
to

O'Nuts.

for

warrants

for

i_

writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart &
Co., inc.; Morgan Stan¬

em¬

per share.
Proceeds—Between $203,000
$300,000 is expected to be expended before 1961 for
starting up costs, including initial rents of the new plant
and

the

was

and

snares

an

fered

purposes. Under¬

per

ployees at $5.40

Columbia

common

v

$30,000,000 of first mortgage bonds due
May 1, 1990. Proceeds—To be used to finance a portion of
the company's construction program, to repay
$4,000,000
of bank notes, and for other corporate

23.

common

who

March 22

if Bowers Battery & Spark Plug Co.
March 29 filed'280,000 shares of

To

York.

purposes.

withdrawn

was

—

25, 1960, the right to
subscribe

share

common

common
shares Jhe
held./The registration statement also included
an adrti
cu
tirmal
90.R 977
tional 205,277 nf nntQtanriincf shmrpc uzhioV*
of outstanding shares which

(4/11-15)

126,000 outstanding shares of common,,
$1). Price—To be supplied by amendment.

William

Full

Corp.

of record March

three

filed

(par

Proceeds

on

For

15

stock

Sept. 14 tiled 2Zb,3bu snares ot common stock, to be of¬
fered for subscription to stockholders of record
Aug. 31,
1959,

and

March

Border

held.

one

Corp., 156 N. Franklin Street, Hempstead, N.
Jeffrey-Robert Corp., 382 S. Oyster Bay Road,
Hicksville, L. I., N. Y.

March 23.
•

ers

Y.

Street, El Paso, Texas. Underwriters—First Southwest
Co., Dallas, Texas, and Harold S. Stewart & Co., El Paso.

Thursday,- March 31, I960

...

offered
record

29

filed

for

May

134,739

shares

subscription
2

at

the

two shares then held.

by

rate

of

of

one

stock, to be
stock of
share for each

common

holders

of

new

such

Price—To be supplied by

amend-

Number 5938

191

Volume

.

The Commercial and Financial

.

.

Chronicle
(1419)

Proceeds—For the retirement of notes and addi-

.

yonai working capital. Office-Norwood, N. H. Under-

^,-None,__ ^V,
1

ft,Ud

.

,

Rubber Co.

Dayton

t,rch

■

$

Ohio!

Office—Dayton,

'

1
De|town rvuus, Inc.
Foods, ...w,
h
09
22 filed 115,000 shares/of outstanding common
garcn ^
u_
u..
A
/car $1).
Price—To be supplied by amendment.
.
'

-

Jr'orph

J1nu

stock

(Paij.1^

selUng

{/"^Underwriter—A.

March 17 filed 122,500

~

office-Yonkers,

(par 10

$500,000 will be used for the repayment of a por¬
tion of bank
notes; and the balance will be added to
working capital for use in the acquisition of new prop¬

remaining

erties

and for the company's construction
program.
Office—630 Third Avenue, New York. Underwriter—H.

?ts

Hentz &

dev<ilopmenit, and $20,000 for advertising and promotion
win Si jf
proceeds of approximately $594,750
a^^AUiiciim

m

29^lled 7®»000 shares of common stock (par 100).
.•
*«-«•—*«/.
npr sharp
Pmoooiic
~i./u
share- Proceeds—To build a country club
ForeTst Hflte. L. I., N. Y. Offiee-179-45 Brinckerhoff
Ave., Jamaica
*>„•

Price—S!4

?

„

33,

Electronic's Inc.

G. Becker & Co., Inc., New York

of

,

nated
of

15 filed $330,000 of convertible debentures, and 70,flOO shares of common stock. Price—For the debentures,
inn% of principal- amount; for the stock, $5 per share.
Proceeds—From 10,000 shares of the common stock, to
Oct

notification) $100,000 of 7%

stock

tion

r\ec:~~

.,

Proceeds

—$1.10 per share.

—

$45
plus.
Mo.

shares

are

to

capital interests in certain promissory notes, mortgages,
and joint ventures, with the balance to be
sold for the account of the present; holders thereof.
Price

;-To

ington, D.

be supplied, by amendment.
C. Underwriter—None.

•

117,532

shares

of

common

92,000 shares have been sold
individuals for

an

in

remaining

25,532

shares

(4/25-29)

cents par) and
this stock. The
30,000

company proposes to make a public offering of
shares. Of the additional 24,00,0 shares, 20,000 are
issued in escrow for the account of, and may be

being
resold
by, the holders of capital stock and certain creditors of
Matronics, Inc., after July 22, 1960 at the then prevailing market price; and 4,000 shares for the account of
the holders of the

common

stock and

a

creditor of Optics

Manufacturing

Corp.
The 5,000 warrants are being
issued to stockholders and certain creditors of Matronics,

pr'ce—To be supplied by amendment. Proceeds—1
To finance the activities of the two
newly-acquired con¬
cerns, to finance the starting of inventories and adver¬

tising incident

to new products, to purchase additional
equipment and inventory for the manufacture and pro¬
duction of contracts' for other concerns, and to expand

the scope of the
company's business.

way, Syosset, N. Y.
& Co., New
York.
E. H. P.
Corp.

'■/'/

Aug. 31 filed

160,000 shares of cajpital stock (par 10c),
ot.which 100,000 shares are to be publicly offered. Price
$2.50 per share. Proceeds
To provide funds for the
purchase of
vending machines which will be used to
distribute automobile breakdown insurance policies on
or

such

cents, and for

the amount of $25
the purchase price of
m

public relations and publicity proTroy Building, Troy, New York,
underwriter—John R. Boland & Co., Inc., New York.

„

I*

breakdown insurance for

gram.

en.

•

^

Steel Co.

150,000 outstanding shares of common
Price
To be supplied by amendment.

Office—D

TTn <1 AWirttii'Arc
Ave., PhiladelDh.ra"'pa/""underwriters

VnU—•

St.

"Dr\

j

Schmidt,

stock
Pro-

—

s"7"r^° seHiug stockholders.
AVP
PVlllorlolY-thin

Peabody

&

Co.

—-

of

New

York

and

—

below

TCirlHPf.
Kidder,

Philadelphia;

and

Robert & Parke, of Philadelphia.

Maw.tC?,na^? Corp"
Mai ch 29

by amendment.

 redu®tion, and
fir«S,Tdebt
fice—-Los
Angeles, Calif.


stock. PriceProceeds—For ac(lu^];"

other corporate purpose.
Underwriter—None.

stock.

Price

Office—Ex¬

.'

reduce notes

to

payable to the Bank

San

St.,

Inc.
(letter

notification)

of

Office—2062

March 29 filed $2,500,000

Underwriter

N.

not

to

14th St., Arlington 1, Va.

Of-

Proceeds

—

Price—•

$125,000 to

of registered debentures, series

it Farrington Manufacturing Co.
March 25 filed $6,000,000 of subordinated convertible
debentures due 1970. Price—To be supplied by amendment. Proceeds—$2,000,000 to be applied to the pay¬
ment of bank loans; $2,800,000 to the scanner program
jn
including (a) $1,000,000 for expenditures by

Electronics,

Farrington

Inc.,

newly-formed

a

date

processing subsidiary, for inventory, 250,000 to purchase and test equipment for producting scanners and

$1,300,000 for re¬
A St., Needham,
Underwriters—Cyrus J. Lawrence & Sons, New
City; and Brawley, Cathers &,Co., Toronto, On¬

$250,000 as working capital; and (b)
search and development. Office—77
Mass.

York

Iri_

.

' w'f'Si

shares of 6%
($8 per share)
Proceeds—For working capital. Office—2425 S. Wood
St., Chicago, 111. Underwriter—None.
(letter of notification) 12,000
cumulative preferred stock. Price—At par
22

(4/25-29)

Figurette, Ltd.

March

100,000 shares of

filed

3

class A common stock,
Proceeds—For gen¬

corporate ourposes. Office—514
Miami, Fla. Uj derwriter—Myron A.
New York.
'
'
:
eral

ir Financial Associates, Inc.
^
«fi
Marrh 25
/letter of notification)

N. E. 79th Street,
Lomasney & Co.,
■'C '

,

^

_

/1

__

it

_

i*

/

$250,000 of 10% sub-

general corporate purposes. Office—11
Newark, N. J. Underwriter
None.

Proceeds—For

Commerce Street,

^,tL»L.xv

National

Realty & Construction

,

„

r

f"VThare

^~™vv-»r\r-»

of common,

cfor»lr

nurrnflSP

war —

and one warrant. Price

P-Toerbedsuppliehdarb/ amendment. byProceeds — $182,000
De,,^"i"Vn^reDav
made
officer and diloans

will be used to repay loans m<*

new

locations.

Office—418

General

Aeromationf Inc.

(4/18)

March 3 (letter of notification) 84,450 shares of common
stock (no par). Price—$3 per share. Proceeds—For con¬

struction

additional

of

vehicles, a demonstration and
working capital.
Office —
Montgomery Road, Cincinnati Ohio. Underwriter
—Westheimer & Co., Cincinnati, Ohio.
j
test

center

and

General Atronics Corp. (5/18-22)
18 filed 155,660 shares of common

March

stock. Price
—$3.50 per share. Proceeds^—$60,000 for additional lab¬
oratory and production equipment, $80,000 for additional

developmental engineering and sales promotion of ma¬
handling equipment, $80,000 for investment in
Atronic Learnings Systems, Inc., $93,000 for repayment
of bank loans, and $157,859 for working capital. Office

terials

—

Bala-Cynwyd,

Pa.

Underwriter

Philadelphia,-Pa.

• General Casting Corp.
(letter of notification)

mon

—

Harrison

&

Co.,

.

March 25

100,000 shares of

com¬

stock (par 10

cents). Price—$3 per share. Proceeds
general corporate purposes. Office—1000 N. Di¬

—For

vision
Bros,

Peekskill, N. Y. Underwriters—Bertner
Co., New York, N. Y.

Street,

and Earl Edden

Development Corp. (4/11-15)
$12,555,600 of convertible subordinated

filed

2

debentures, due May 1, 1975, to be offered for subscrip¬
tion by holders of the outstanding common in the ratio
of $100 principal
amount of debentures for each 50
shares of common held with rights to expire 16 days
from date of offering.
Price — To be supplied by
amendment. Proceeds—For general corporate purposes.
Office—2828 S. W. 22nd Street, Miami, Fla. Underwriter
—Goldman, Sachs & Co., New York City, will head a
group which will purchase any unsubscribed debentures.

it General Shale Products Corp.
March 29 filed 220,605 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds
—To selling stockholders.
Office—Johnson City, Tenn.
Underwriter
Equitable Securities Corp., Nashville,
—

Tenn.
•

Glass

Magic Boats, Inc. (4/12)
(letter of notification) $51,000 of six-year 6V2%

Dec. 30

convertible
of

$51

debentures

each.

to

debenture

and

68

be

offered

in

denominations

convertible into common
Also, 68,000 shares of common
be offered in units of one $51

Debentures

shares

are

of

common

stock.

Price—Of

debentures, at par; of stock, $102 per unit.

Proceeds—
To pay off current accounts payable; purchase of raw
materials and for
expansion.
Office — 2730 Ludelle
Street, Fort Worth, Texas. Underwriter—R. A. Holman
Co., Inc., New York, N. Y. Note—The name has been

changed from Glass Magic, Inc.
•

Inc. (4/4-8)
153,000 shares of
share. Proceeds—For

Goddard,

Jan.

29

$3.25

filed

per

of

indebtedness

an

and

common
use

stock.

Price—

by subsidiaries for

general

corporate

pur-

Office—1309 North Dixie Highway, West Palm
Beach, Fla. Underwriters — Robert L. Ferman & Co.,
Miami, Fla. and Godfrey, Hamilton, Magnus & Co., Inc.,

poses.

New York City.
Goelet Corp.

Corp.
Sa"h 28 filed 150,000 shares of cumulative preferred
?J?ck first series, $7'par, 150,000 shares of common stock,
! trn aaq
shares
of common stock purchase warnts series B
It is proposed that these securities will
faninits °each'unit consisting of one share of
^ First

establish

Denver, Colo.
Underwriters — BosCo., Inc., Denver, Colo.; and Scherck,
Richter Co., St. Louis, Mo.

reduction
,

Price—At 100%.

debentures.

to

&

Price—$6 per share.

cents)

50

fnar

and

Building,

stock at $1.50 per share.
stock (par 10 cents) to

tario, Canada.

* Fe,de™ Jr"

to that company:

subsidiary to en-

worth Sullivan &

General

subsidiaries. Office—Deriver, Colo.

surplus or loaned to
Underwriter—None.

premises

to the Honolulu
to tne Honolulu

corporations to repay loans; and the balance for general
corporate purposes and as needed to expand existing

March

maturing from 1969 to 1980. Price—To be offered
in units of $100.
Proceeds—To pay notes maturing be¬
fore Dec. 31, 1963, with $1,107,000 to be contributed to

*>e

stock.

common

the store building;
$105,000 for advance to Gem
Stores, Inc., and Gem of St. Louis, Inc., to enable those

•
•

j

fded 400,000 shares of common
ec^

17

nrrlinated

(4/4-8)

18 fiie(j

Par).
p

a

office^—Hotel

'E%comb

common

investment.

D,

•

Inc.

6011

Union of America

—-

Morgan

on

automation

Francisco, Calif.
Alstyne, Noel & Co., New York.

March

mruways, parkwkys and highways

used

Office—123 Eileen

Underwriter—Myron A. Lomasney

'

$2,000,000

it Farmers' Educational & Cooperative

'

{

be

capital.

ing

—

I

Louis, similarly

term

Underwriter—None.

Corp. (4/4-8)
Jan. 15 filed 300,000 shares of common stock.
Price—
$10 per share.
Proceeds—For general corporate pur¬
poses.
Office—400 Park Avenue, New York City. Unr
derwriter—Charles Plohn & Co,, New York City.

Dynex, Inc.

—

Price---

exceed 2,000
shares of common stock. Price—At par ($25 per share),
Proceeds—For a down payment on real estate and work¬

Dworman

March 15 filed 54,000 common shares (25
warrants for an additional 5,000 shares of

stock.

Proceeds

of

Proceeds—-For

Mission

March

.

•

will

it Faith,

aggregate $43.7,000.

Depositary

being built by others; $128,600 to purchase the assets of
Embee, Inc., and Garrol, Inc., who now hold the basic
lease on the premises used
by the Kansas City operating

Empire
common

$1,000,000 of its accounts payable. The bal¬

some

—Van

stock. Of
a private

Africa.

furnish and equip the new Wichita store being
built for the company
by others; $75,000 to open, fur¬
nish and equip the second store in St.

$208,000 for advance
*foo,uuu ioi advance

<cs\

of America National Trust & Savings Association. Office

to

are

c+aaL-

Co., both of New York City.

market.

—551

to six

outstanding amount

&

reduce

be issued in ex¬
change for all of the outstanding capital stock of the
Walmil Co., Detroit, Mich.

The

reduce

ance

South

company and who sublease the

Corp.
nanif^l

it Ef.s-Hokin & Galvan, Inc. (5/9)
March 28 filed 250,000 shares of common stock. Price
—$5.30 per share. Proceeds—To be added to the com¬
pany's working capital and will be used principally to

--

filed

Office—14th

change Bldg., Seattle, Wash.

i Duraloy Co.
23

Plan.

share. Proceeds—To increase capital and sur¬
Underwriter—Stern Brothers & Co., Kansas City,
'

—At

stock (par $1).
Price—To be supplied by amendment; Proceeds—For ac¬
quisition of Hope Homes, Inc., Browntown Water Co. and
Cantor & Goldman Builders, Inc., with the- balance to
be used as working capital.
Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin, N. J
Underwriter—Lee Higginson_ Corp., New York. - Offer¬

transaction

Reinsurance

stock, to be
company's Key

J.

★ Equity Fund, Inc.
March 23 filed 300,000 shares of

Sept. 25 filed 367,200 shares of common

these shares

Option

City, N.

100 000 sharp* nf

capital
the

—

Diversified Communities/ Inc.

March

Stock

Jersey

Corp.

per

Freres

Office—Wash¬
"

ing—Postponed.

Co., Minneapolis,
rn
T\/rir,«no^«Ur,

notes, and the
balance to reduce outstanding short-term indebtedness
and increase working capital.
Office—Newark, N. J.
Underwriters
Dillon, Read & Co. Inc., and Lazard

real estate,

of

International,

facilities

stock.
for the

exchanged

be

of
to

March 30 filed 400,000 shares of
To be supplied by amendment.

.

to

Union

March 29 filed 150,000 shares of
be supplied by amendment.

it Eng.ehard Industries, Inc.

Disc, Inc.
March 29 filed 2,221,017 shares of class, A common

Underwriter—Jerome

To

March 16 at the rate of one new share for each six shares
held, with rights to expire 3:00 p.m. (CST) April 5. Price

+

1,736,943

8 filed

shares

pursuant

Restricted

Employers

To be added to the company's general funds and
will be used initially to reduce short term debt. Office
—207 Ninth St., Des Moinds, Iowa, Underwriter—White,

Inc., New York.

Elwood &
ElwnnH &

Phonograph

107,434
and

St.,

Coles

Feb

ceeds

Weld & Co.,

filed

under

and

supplied by amendment. Pro¬

be

Price—To

account.

25

&

Employees

Finance Co. (5/3)
March 25 filed 300,000 shares of common stock (no par),
including 150,000 shares which are outstanding and will
be offered for public sale by the holders thereof, and
the remaining 150,000 will be offered for the company's

-

-

Y.

open,

offered

Price
For general corporate

Dial

About

Radio

March

Underwriter—None,

purposes.
x

—

* Emerson

Development Credit Corp. of Maryland
2,000,000 shares of common stock.

x

March 29 filed

Woodard
Woodard

underwriter

Minn.

coin

—

★ Gem

—

thereof; from the rest of the offerw
to the
company to be used for expansion and as
pig,_ ID
C
TXT
Q1c+
OF
working capital.
Office—6810 S. W. 81st St., Miami, Fla.
Underwriter—»R. A. Holman & Go., Inc.

N.

Guaranty Trust Co. of New York.

Price—$1,300 per unit. Proceeds—For
outstanding mortgage note and
Payment of an outstanding mortgage note and working
capital. Address — East Highway 50, Vermillion, S. D.
East Highway

nresent holders

tbp

I.,

★ Free States Saaiplaas Gold Mining Co. Ltd.
March 25 filed 80,000
ordinary registered shares. Loca¬

due April 1, 1970 and
20,000 shares
(par 20 cents) to be offered in units
consisting of $1,000 debenture and 200 shares of

each

L.

Robbins & Co., 82 Wall
St., New York City.

subordi¬

debentures

common

Co., New York."

? F°rest Hills Country Club Ltd. (4/4-8)

Jb0a*70ti

added to working capital. Office—20 Bridge Ave
Red Bank N .t
.vt,>
?ran^'
* Underwriter—Amos Treat & Co
Inc'
New Yoi'k'
'
a

by

construction;

about

now outstanding, by Robert Edwards com
Pany president. Price—To be supplied bv
Proceeds—$20,000 will be used to further equip
en
gmeenng department and office, $60,000 for research and
«

\
of the
company and a corporation controlled
to provide funds for
apartment house

him

50,000 shares,

...

43

rector

of common""ck

shares

v

;

M

o«V^hares^e to be
sale for the account of the

Aluminum Products, Inc. (4/25-29)

Deluxe

•

stockhol^rs

'

City.

flccictanni

Electronic

company and the

29 filed 38,604 shares of common stock, to be
in exchange for the outstanding common stock

Metal Hose & Tubing Co. at the rate of one share
Metal Hose for three shares of Dayton Rubber,

nf

•

(5/10)

March 1 filed $700,000 of 8% subordinated Installment
debentures due in March, 1970, 70,000 shares of comm0n stock (10 cents par) and 35,000 common stock puroVioor* umrrontc (PYPrnicoKlo o-t
QA
nn-fil
chase warrants (exercisable at $4.30 per share until May
TV/T

nor

15^ 1965), to be offered in units consisting of $100 of

debentures, 10 common shates, and five warrants. Price
$143 per unit. Proceeds—To be applied toward the
—
— — — "
Continued

on

page

44

44

(1420)

Continued from page 43

short-term

Henry's Drive-ln, Inc.
23 (letter of notification) 100,000 shares of com,mon stock (no par).
Price—$2.50 per share. Proceeds
To purchase new sites and build drive-in restaurants tor
sale or lease to operators for expansion of locations. Of¬
fice—3430 N. Harlem Avenue, Chicago, 111. Underwriter

company's general business activities.

Office—292 Madi¬

son

Avenue, New York. Underwriters—Ross,
Co., Inc. and Globus, Inc., both of New York.
of

Lyon

&

Gloucester,

Inc.
March 22 (letter of notification) 10,100 shares of com¬
mon
stock
(no par). Price—At-the-market, estimated
at $241/2 per share. Proceeds—To
go to selling stock¬
holders. Office—327 Main St., Gloucester,

—Westheimer & Co., 326 Walnut
•

March

(W. T.)

25

filed

Co.

40,000

of

stock,
"Employees

common

pursuant to the company's
Purchase Plan." Office—1441

be
Stock

Corp.

offering

offered

issuer's

has

been

(4/5)

reduced

to

514,293

shares

of

stock, of which 457,150 shares will be publicly
and 57,143 shares
will be exchanged for the
6%
debentures. .Price — To be supplied
by

amendment.

Proceeds

—

For

debt

reduction

Greater

Washington Industrial Investments, Inc.

(4/25-28)
March 21 filed 300,000 shares of

$10

per

share.

stock.

Price—

Proceeds—To be added to other general
and will be used to finance the

funds of the company,

company's principal small business investment com¬
activities of providing equity capital, long-term
funds, and management services to scientific and indus¬
pany

trial small

business concerns in the greater
Washington
Office—1625 Eye Street, N. W.
Washington, D. C.

area.

Underwriters—Johnston Lemon & Co. and Auchincloss,
Redpath, both of Washington, D. C.

Parker &

Green

Dollar

Nurseries,

Inc.

(4/4-8)

Feb. 17

(letter of notification) 300,000 shares of common
50 cents), subsequently reduced to
285,000
shares
(par $1).
Price — $1 per share.
Proceeds
For equipment and
furnishings, leasehold of improve¬
stock

(par

—

ments, inventory and general working capital. Office—
11801 Harbor
Boulevard, Garden Grove, Calif. Under¬
writer—V. K. Osborne &

Gulf

States

Life

Sons, Inc., Beverly Hills, Calif.

Insurance

Co. Z
Feb. 26 filed 1,000,000 shares of common
stock, to be of¬
fered for subscription by common
stockholders of rec¬
ord April 1, 1960, at the rate of two
shares for each
share then held with
rights to expire on April 11. Price
•—To be supplied by amendment.
Proceeds—To repay
debt of $450,000 owed to Foundation
Investment Corp.
and additional
working capital. Office—First Avenue
and
18th
Street,

Southern

Birmingham, Ala.
Underwriters
Underwriters, Inc., also of Birmingham.

—

share.

per

Office—56

Proceeds—For

general

corporate

purposes.

Beaver

Street, New York 4, N. Y.
Under¬
writer—Simmons, Rubin & Co., Inc., New York, N. Y.
(Haloid

Xerox, Inc. (4/8)
11 filed 333,213
shares of common stock (par
$1.25),to be offered for subscription by
thq.company to

March
its

common

stockholders at the rate! of

one

share for

new

each 10 shares

To

held; rights to expire on April 25. Price—
supplied by amendment. Proceeds
To retire

be

—

March

leasing.

The balance of the
proceeds will

pany's

general funds and
increased
inventories
of

will.be

added to the

com¬

used

primarily
equipment
copier.
Office

xerographic

leasing,

principally for the
Haloid St.,
Rochester, N. Y.
Boston Corp., New York.
•

be

new

for

Underwriter

—

The

6

First

Haloid Xerox, Inc.

March 18 filed 132,962 shares of
$1.25 par
Under a January 1956

common

stock.

agreement with The Battelle De¬

velopment Corp., Columbus, Ohio. Haloid
Zerox
on
April 1, 1960 will issue 15,306 shares
of Battelle Development and is obligated to issue
during the period
April 1, 1966 up to an additional
117,656 shares. Upon
receipt of the shares, Battelle
Development will transfer
40% thereof to Chester F.
Carlson, of Rochester, N. Y.
who has indicated he
might then transfer
the

some

shares

FT. Y.

to

others.

Office —6

Note—This is not

a

Haloid

St.,

or

all

intensi¬

fuel

a

•

Howe

Plastics

Chemical

&

Street, Cambridge, Mass.
all Of New York.

and

Iowa-Illinois

Companies,

due

loans incurred to finance construction costs and for
addi¬
tional construction expenditures. Underwriter—To be
de¬

14

termined by competitive

Weld & Co. and Eastman

Dillon, Union Securities & Co.
Ripley &Co. (jointly); Lehman Brothers
and Glore, Forgan & Co.
(jointly); Equitable Securities
Corp.; Blyth & Co., Inc. Bids—Expected to be received
on
April 13 up to 10:30 a.m. (CST) at First National
Bank of Chicago, 33 South Clark
Street, Chicago, 111.
and Harriman

Hydra-Power Corp. (5/2-6)
March 21 filed $600,000 of 6V2% subordinated deben¬
tures, due 1970, with warrants to purchase 150 com¬
mon shares for each
$1,000 debenture. Price—100% of
principal amount. Proceeds—$175,000 will be applied to
the purchase of capital equipment, raw material and to

work-in-process

finished

and

Power-tronics

a

research and.

products

if Jersey Central Power & Light Co. (5/24)
24 filed $10,000,000 of first
mortgage bonds due
1990. Proceeds—$5,800,000 will be
applied to the pay¬

March

for

new

Systems, Inc.,
development of a

subsidiary engaged in
line of products such

ment

Electro-Powerpacs, Inc.,

Inc.

C

29

Price—$2.50

60u,uuu shares of

common

stock

(par $1).

and

enfranchising of bottlers, the local and national

motion

and

advertising

of

necessary to make loans
704 Equitable Bldg„

vis

& Co.

and Amos

to

its
such

pro¬

•

beverages, and where
bottlers, etc. Office—

Rochester,

Denver, Colo. Underwriters— Pur¬
C. Sudler & Co., both of Denver

•

Harn
23

Corp., Cleveland, Ohio
filed

187,500 shares of.

stock.

Price

Head

Ski Co., Inc.
(4/4-8)
(letter of notification) 27,883
shares of common
stock (par
$1.50), of which 9,883 shares are to be
of¬
fered by stockholders.
Price—To be supplied
by amend¬
ment.
Proceeds —For
working capital. Office
15 W.
Aylesbury Road, Timonium, Baltimore
County, Md Un¬

Feb. 24

—

derwriter—Robert Garrett




&

common

•

plans

shares.

The

for

a

Corp.

a

(4/1)

filed 175,000 shares of class A common
stock
(no par). Price—To be supplied by amendment. Proceeds
—$2,500,000 to pay a note, and the balance for
general

corporate purposes.
Office—Indianapolis, Ind.
writer—Lazard Freres & Co., New York.
•

Inland

•

Feb.

Sons, Baltimore, Md.

'

development,
P.

—

O.

Box

building and working
1675, Casselberry, Fla.

capital,

Under¬

Bearing Corp. (4/11)
\
(letter of notification) 100,000 shares of

stock

(par

10

cents).

Price—$3

per

working capital. Office—812

S>

Burbank, Calif. Underwriter—Morris Cohon
York, N. Y.

com¬

Pro¬

share.
Flower
& Co.,

St.,

New

Keystone Electronics Co., Inc. (4/4-8)
12 filed
200,000 shares of common stock.
Of this
stock, 133,334 shares are to be offered for public sale
for the account of the
company and 66,666, being out¬
standing stock, by the holders thereof. Price
$3 per
—

share.

Finance

1

Proceeds—For additional equipment and inven¬
tory; for research and development; and the balance for
working capital. Office—65 Seventh
Ave., Newark, N. J.
Underwriters—J. A. Winston &
Co., Inc. and Netherlands
Securities, Inc., both of New York.

—

shortly.
7

share.
Proceeds—For general
Office—1215 Denver U. S. National
per

corporate

Price—$3

Interstate
23

filed

Securities

Co.

165,000 shares

Products, Inc.
(letter of notification) 60,000 shares of com(par $1). Price—$2 per share. Proceeds—To

inventory and for working capital. Office—836
St., Covina, Calif. Underwriter—Keon & CO.,
(Angeles, Calif.

Front

Kratter

Feb.

15

vertible

Corp.
1,300,000 shares

filed

preferred

stock

of

$1.20

cumulative

con¬

$1)
convertible at the
option of the holder on or after
Sept. 30, 1960, being;
offered for subscription at
$20 per share by holders of
outstanding class A and class B common at the rate of

(4/4-8)
of

cumulative preference
($20 par), to be offered for subscrip¬
by common stockholders on the basis of one new
share of preference stock for each four
shares held, with
rights to expire 15 days from date of
offering. Price—To
be supplied by amendment.
Proceeds—For reduction of

15

stock

increase

•

purposes.

—

•

March

Los

Center, Denver. Colo.
Underwriter
Speculative Securities Corp., 915 Wash¬
ington Street, Wilmington, Del., on a "best efforts"
basis.
Feb.

• Kingbird
mon

W.

Aspirin Corporation
filed 600,000 shares of common
stock.

n

Feb.

(letter of notification) 150,000 shares of common
stock (no par). Price —
$2 per share. Proceeds
For
working capital.
Office—Avenida Condado
609, Santurce, Puerto Rico. Underwriter—Caribbean
Securities
'l
Co., Inc., Santurce, Puerto Rico. Offering —
Expected

.Dec.

§*■

Under¬

10

ceeds—For

Credit Corp.

(formerly General

Kahr

mon

filed

Insular Finance Corp.

(4/1)v

down

March

<4/4)
190,000 shares of class A stock (par
$1).
Price—To be supplied by amendment.
Proceeds—For
acquisition of outstanding accounts of Ardisco
(affi¬
liate); and the balance for additional
working capital.
Office—11 West 42nd
Street, New York 36, N. Y. Under¬
writer—Shearson, Hammill & Co., New York.
12

Inc.

Jones

•

March 2

Feb.

Electronics,

payment on property, advertising, furniture and
working capital. Office—401 Miracle Mile, Coral Gables,
Fla.
Underwriter—A. J. Frederick '& Co., Inc., New
York, N. Y. Note—Underwriter is unrelated to issuer.

/:p/.

Container

Bids—-Expected to be
(New York Time) on May
-—0'//;
m.

Feb. 23

will

subscription rights

Inland

(jointly).

a.

& Frederick, Inc.
(4/4-8) O
(letter of notification) 100,000 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—For

$61,000,000*

stockholders

on the basis of one new share
10 held at the time of issue.
Proceeds—To help
finance the company's construction
program. Offering
—Expected in June.
' ■/ :-/
•

Co.

11:00

writer—Security Associates, Inc.rof Winter Park, Fla.

authorized

International

$4 per share.
Proceeds—To pay bank debts and for
working capital. Underwriter—Arnold Malkan
& Co.,
Inc., and Street &
Company, Inc., both of New York
City.
•

have

new

Johnson

Address

Tor each

(4/4-8)

common

of

&

to

up

research,

Corp.)

Hamilton Management
Corp. (4/25-29)
March 21 filed
320,000 shares of class A
coynmon stock.
Price—To be supplied
by amendment.
Proceeds—To
selling stockholders. Office—777 Grant
Street, Denver,
Colo.
Underwriter—Kidder, Peabody & Co., New York.
Feb.

issue

directors

Steele

March 11 (letter of
notification) 50,000 shares of common
stock
(par $1). Price—$3.50 per share. Proceeds—For

^ Illinois Bell Telephone Co.
24

and

received
24.

Colo.

.March

be

bidders:

S.

son

share.

Proceeds—To further the corpo¬
rate purposes and in the
preparation of the concentrate
per

To

notes and the
expenditures
(or reim¬

Corp.; W. C. Langley & Co.;
Moseley & Co.; Reynolds & Co.; Shearson, Ham¬
mill & Co.; Dean Witter &
Co.; The First Boston Corp.;
Wood,
Struthers & Co.; Bioren & Co.; DeHaven &
Townsend, Crouter & Bodine; Greene, Ellis & Ander¬
F.

(4/18-22)

filed

outstanding

the

Stone & Webster Securities

corporate purposes.
Office—10 Pine
Rochelle, N. Y. Underwriters—Aetna Se¬
curities Corp. and D. Gleich
Co., both of New York.
I

of

construction

of

—

Probable

general

•

amount

1960

company's treasury thereof). Under¬
determined by competitive bidding.
Eastman Dillon, Union Securities &
Co.
(managing the books), Salomon Bros. & Hutzler
and Merrill
Lynch, Pierce, Fenner & Smith (jointly);

writer

a

New

June

like

a

to

bursement

subsidiary
engaged in the design and production of photographic
and emergency lighting
equipment; $100,000 for reduc¬
tion of a portion of a $200,000 bank
loan; and the bal¬
for

of

balance

voltage regulators and regulated power companies;
$225,000 to be used for similar purposes with respect

as

to the operations of

bidding. Probable bidders: HalStuart & Co., Inc.; The First Boston Corp.;
White,

sey,

•

finance

Gas & Electric Co.
(4/13)
$15,000,000 of first mortgage bonds, series
April 15, 1990. Proceeds—To retire $3,000,000 of bank

March 14 filed

Inc.

(4/ii-i5)
'•
(letter of notification) 100,000 shares of com¬
mon stock (par one cent).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—125 E. 50th
Street, New York, N. Y. Underwriter—Hilton Securi¬
ties, Inc., 580 Fifth Avenue, New York, N. Y.
Dec.

excess of
$400,will be used on

permanent basis for such purpose.

Office—152 Sixth
Underwriters—Lee Higginson
Corp.; Shields & Co., and C. E. Unterberg, Towbin
Co.,

outstanding shares of its common
supplied by amendment. Proceeds
—To selling stockholders. Office—New York City. Un¬
be

Co.

near

the company does not anticipate that in
000 of the net proceeds of this offering

March 29 filed 331,740

derwriters—Goldman, Sachs & Co., Allen &
Shearson, Hammill & Co., all of New York.

cell field.

The company expects to move to
larger
Waltham, Mass., and it estimates that re¬
quirements for new equipment and other costs, includ¬
ing moving expenses, will amount to at least $300,000.
A portion of the proceeds of the stock sale
may be ap¬
plied to the cost of constructing the new building, but

Dec. 29 filed 200,000 shares of common stock (par 10
cents). Price—$3 per share. Proceeds—For working cap¬
ital. Office—405 Lexington Ave., New York City. Under¬
writer—Plymouth Securities Corp., New York City.

Price—To

efforts, and toward expanding and
broadening
development, including activities in the

and

quarters

Hi-Press Air Conditioning Corp. pf America w
(4/4-8)

stock.

supplied by amendment.

fied sales

writer—Kidder, Peabody & Co., New York City.

public offering.

•

75,000 shares of

research

for

—

filed

29

expansion and working capital. Office—55 Motor Ave¬
nue,
Farmingdale, Long Island, New York.
Under¬

To be

some

$4,000,000 of bank note indebtedness incurred to
replenish working capital which has been reduced
pri¬
marily by expenditures for tooling and
development
engineering in connection with the Xerox 914 Office
Copier, and for inventories of equipment for

principal

funds

common stock.
PriceProceeds—A major
por¬
tion of the net proceeds of the sale of
additional stock
will be added to working capital to be
applied toward
financing an increasing volume of business and

Court,

298,500 shares of class
voting (par one cent). Price—$1

A common stock—non

debenture-

if Ionics, Inc.

,

ance

^ Harburton Financial Corp.
March 21 (letter of
notification)

in

the

for

Proceeds—To be added to the
company's gen¬
and working capital and will be
used pri¬
marily for the purchase or improvement of
parcels of
real estate. Underwriter—None.

if Holt, Rinehart & Winston Inc.
common

$1,800,000

warrants

(4/7)
class A stock. Price—To
be supplied by amendment. Proceeds—$700,000 to pur¬
chase fixtures, equipment and inventory for new super¬
markets, and the balance will be available for further

the

and

building of a recreation park.
Office—3417 Gillespie
Street, Dallas 19, Texas. Underwriter—Glore, Forgan &
Co., New York City.
•

City.

CUv

principal amount, with
at¬
purchase of an
aggregate of
31,500 shares of common stock at $10 per share.
Price-^
Debentures
(with
warrants)
at
100%
of
tached

eral

Hill's Supermarkets, Inc.
Feb. 25 filed 100,000 shares of

Doc. 10 filed $11,500,000 of cumulative income deben¬
tures, due Jan. 1, 1975, and 575,000 shares of common
(par $1). Via a prospectus dated March 16, the

common

..

Funding Corp. of New York
10% subordinated

amount.

•

stock

entire

(4/4-8)

due

Park Ave., New York City. Underwriters—Allen
Co., and Van Alstyne, Noel & Co., both of New York

:&

to

Broadway, New York.

Southwest

.

—250

shares

offered

Great

Inc.

Broadway,-Kansas

12 filed six series of

aggregating

Street, Cincinnati, Ohio.

Industries,

Trailer

Thursday, March 31, I960

.

Office—3430

notes.

Investors
Feb.

$3,000,000 convertible subordinated deben¬
August, 1975. Price—At par. Proceeds—For
expansion purposes and the discharge of debts. Office

writer—Kidder, Peabody & Co., Inc., Boston, Mass.

^ Grant

Highway

tures,

.

Ripley & Co., Inc
New
York; and Stern Brothers & Co., Kansas City, Mo'.'

Jan. 29 filed

Mass. Under¬

.

Underwriters—Harriman

Mo.

March

Gorton's

Chronicle

The Commercial and Financial

one

stock, convertible

share

held

tion

of

preferred

record

March

for

25,

each

1960,

three

common

shares

with rights to expire
12, 1960. Shares not purchased by stockholders
may be offered for public sale
or in exchange for prop¬
erties.
The registration statement
also includes 130,000
preferred shares and
130,000 class A common shares

April
*

of

(par

i

Number 5938 ...The Commercial and

191

Volume

Financial Chronicle
(1421)

acquired by .the company in stabilizing.
during'the offering of the preferred, and an

be

mav

h

u-

w

f ions

cor

^Srminate number of rights which may be so acJd which securities would thereafter be resold by
1

•

q,ull!lnanv from time to time on the American Stock
fe. Le Proceeds—$8,000,000 to acquire the AmeriHotel, Bal Harbour, Fla., and in the amount of
SXnnnO for repayment of unsecured bank loans. The
mna'nv also intends to use $2,587,500 for the exercise
C?T right 'of a subsidiary1 to acquire the interests of
Ol d
6
onH
fn
onH
mnrtcfQcfo noninim.

intures
th

at-

a

>ate

of

Price—

incipal
's gen-

_in

■

ventures in

Main

®

;d

pricels of

I

Kratter Building, and 112-122 W. 34th Street,
York; $2,500,000 for the development of its
Field housing project in Brooklyn; and $800,000

New

TThbets

f

prepayment of certain mortgages.■< Any excess
will be added to the general funds of the company to
up used
from time to time for general corporate pur¬
poses Office—521 Fifth Avenue, New York City. Un¬

Price-^
>r

por-

l

stock

toward

& Co. and Lee Higginson Corp.
• Lawn Electronics Co., Inc.
(4/4-8)
Nov 25 (letter of notification) 70,000 shares of common
dock (par one cent). Price—$1.50 per share. Proceeds—

dening
in

the

derwriters—Hirsch

otensi- ;
the

larger

corporate purposes. Office — Woodward
Englishtown, N. J. Underwriter—Prudential Se¬
curities Corp., Staten Island, . N. Y.
general

lat re-

For

nclud-

Road

00,000.
be ap-

Lefcourt Realty Corp.

*g, but

$2,000,000 of six year 6% subordinated de¬
due Jam 15, 1966,..with warrants to purchase
300 000 shares of common stock at $5 per share. Price
—At-the-market, on or after July 30, 1960. Proceeds—
For payment of a $750,000 bank loan and general cor¬
bentures,

on

Sixthi
ginson
in

Co.,

porate purposes. Office—375
Underwriter—None.
;•

(4/5)
March 4 filed 120,000 shares of 5%% convertible prefer¬
ence stock, 1960 series. Price—To be supplied by amend¬
ment, Proceeds—To selling stockholders.
Office—634
Liberty Loan Corp.

series!
f bank
'

addibe de-

N.

Hal-

Grand

& Co.

urities

ceived

111.

Price—$2.50 per share.

held.

plus and capital

due

the

March

Jnder-

ties &
lutzler

intly);

&

be

May

gan &

-For

common

1980

1/

Fla.

mmon

I

and

subordinated

num¬

common

Road, Detroit, Mich. Underwriter—Peter
Co, New York City. \
;

Mor¬

150,000 shares of com¬
(par 20 cents). Price—$1.10 per share. Pro¬

ceeds—For working capital.

Office—802 Northeast 29th
Underwriter—Parker, Ford &

suer.

St, .Fort Worth, Texas.
Co, Inc., Fort Worth, Texas,
corn-

>.

★ Lockheed Aircraft Corp.
'
March 24 filed 5,870 shares of capital stock, to be issued
under a stock
option plan for former officers and key
employees of Stavid Engineering, Inc., whose assets

Pro-

St.,
New

were

acquired by a subsidiary of Lockheed in Sept. 1959.
Office—2555 North Hollywood Way, Burbank, Calif.
★ Long Island Plastics Corp.

f this

sale

j

March 23

out-

stock (par 10
cents).
--For general

Proceeds
corporate purposes.
Office—93 Marme
Street, Farmingdale, N. Y. Underwriter—None.

per
iven-

for

:e

lands

holders
for
com-

T

rs

te

of
of

lares

spire
lders
rop-

0,000
lares

t)er
W.

—None.

CO,

the

each

pro-rata basis at the rate of one new
84.30476 shares held as of March 16,
a

Office—2-3

—836

oeing

on

thrice—$34,

s—To

con-

Price—$1 per share.

★ Lorain Telephone Co. >
March 18
(letter of notification) 1,470 shares of common
stock (no
par) to be offered for subscription by stock¬

N. J.

r

(letter of notification) 300,000 shares of com¬

mon

[«

Loveless
20

an-

Stock

share
1960.

Proceeds—For working capital.
Ninth St, Lorain, Ohio. Underwriter

share.

Properties, Inc.

(letter of notification) 75,000 shares of common
(par $1). Price—$4 per share. Proceeds—To pay

ills, for acquisition of
Lacey Shopping Center, and for
working capital. Office—603 Central Bldg., Seattle 4,
u

&alt

t

Underwriter— Andersen, Randolph & Co, Inc,

Lake

City, Utah.

pJ^SMsyc
rem 26

Corp.

^

•

.

.

,

filed 200,000 shares of.capital stock. Price

— $5
Pro<?eeds—1To repay interim loans up to $100,torv ?
-?.y*or & Co.; $100*006 for expansion of laboraSvii?®8 an(f personnel for research and developSiiRnnl\—>00fi to increase plant production facilities;
>000 for
toolhig«and< production of proprietary items;»
nnn

S+

mpn*.




(Joseph)

—205

re-

Satsuma

Metropolitan Edison Co. (4/26)
Feb. 29 filed $15,000,00 of first mortgage bonds, due 1990.

Co, Inc.

^1;2b°,000 of 15-year convertible sub1 ntures
debentures and 78,000 shares of common stock.

a

a:nd

35,000

common

shares'

Proceeds^—For 1960 construction
-r-To

#

porate

e~J° be
by amendment:
? Purcbase of the Blum's interest in

San

Francisco,

Calif.

Underwriter—F.

S.

Smithers

Co., New York City and San Francisco.
★ Majestic Specialties, Inc.
March

25

filed

Miami

Inc., and the balance for general cor¬
Office—Stockton and O'Farrell Sts.,

purposes,

150,000

account

of

eral

present
I

Office—South

purposes.

Kearny,

com¬

gen¬

be

offered for the
are

of

count
are

account

of

the company

holders

thereof.

The

Price

a

new

3,250

shares

present

reduction

ac¬

are

holders

being

offered for

thereof.

the

Price—To be

Proceeds—For working capital

of short-term

indebtedness.^ Office—

Underwriter—Alex Brown & Sons, Balti¬

filed

317,500

shares of outstanding common

City.

Medicard, Inc.
March 9 (letter of notification) 300,000 shares of class A
common stock.
Price—At par ($1 per share). Proceeds
—For reserve for medical loans and operating capital.
Office—508 Security Bldg, Denver, Colo. Underwriter-

Megadyne Electronics, Inc. (4/4)
7 (letter of notification) 300,000 shares of common
(par 10 cents), subsequently reduced to 269,000
shares.
Price—$1
per
share.
Proceeds—For general
•

Jan.

stock

corporate purposes.

Office

—

100 W. 10th Street,

mington, JDeL Underwriter—Glen
York, Nf. Y.
•

Shoe

Melville

filed

15

Wil¬

Arthur Co., Inc., New

(4/18-22)
of 20-year debentures, due

Corp.

$12,000,000

1980. Price—To be supplied by amendment.
Proceeds—For repayment of bank loans, increased work¬
ing capital, and general corporate purposes. Office—New

April

15,

York City.
&

Smith

Underwriter—Merrill Lynch, Pierce, Fenner
City (managing).

Inc., New York

if Menu-Matics, Inc. (4/8)
March 17 (letter of notification)

285,000 shares of com¬
Price-$1 per share Proceeds
For additional production equipment, inventory, ana
for publicity, research, marketing, and additional work¬
ing capital. Office—176 Oak St, Newton, Mass Under¬
writer—Pleasant Securities Co, 117 Liberty St., New
mon

stock

(par 10 cents).

York, N. Y.

•

(letter of notification) 85,700 shares of
(par 10 cents). Price-$3.50 per share.

Metal Goods Corp.

com¬

(4/18-22)

stock. Price
To be supplied by amendment. Proceeds—To be used
to expansion of warehouse facilities at St. Louis and
Dallas and for other corporate purposes including the
financing
of additional inventories and ^receivables.
Office
8800 Page Blvd., St. Louis, Mo. Underwriter
March

of

further

its

investments in system

operating companies and
corporate purposes. Office—2 Broadway, New
York.
Underwriter—To be determined by competitive
bidding. Probable bidders: Kidder, Peabody & Co. and
Merrill Lynch, Pierce, Fenner & Smith Inc.

for other

(jointly); ;

Blyth & Co, Inc.; Lehman Brothers;- The First Boston
Corp, Eastman Dillon, Union Securities & I Co. and
Equitable Securities Corp. (jointly). -4Blds—Expected to
be

received

18 filed

100,000 shares of common

—

Louis, Mo.
Metropolitan Broadcasting Corp. (4/25-29)
•.
March 10 filed $6,000,0,00 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
_G. H. Walker

& Co, St.

by

the

company,

at

its Board

Floor, 2 Broadway, New York 4, N. Y,
DST,

April 20, 1960 or
may be fixed by the company. "
noon,

more

on

on

up

such

Room, 28th
to 12 o'clock

later

date

Factors Corp. (4/18-22)
filed for not less than 201,200 shares

8

and

aa

not

than

270,000 shares of common stock ($2.50 par).
supplied by amendment. Proceeds — To
purchase outstanding stock and for the general fund.
Office—New York City. Underwriters—Lee
Higginson
Corp. and C. E. Unterberg, Towbin Co, both of New-

Price—To

York

be

City.

" :■

• Milwaukee Gas Light Co. (5/17)
March 25 filed $22,000,000 of first mortgage
bonds, series
due 1985.
Proceeds—Together with $4,000*008 to be re¬
ceived

from

the

sale

of

additional

common

stock

to

Gas <Co.

(parent) and treasury funds,
will be used to
pay off $11,115,000 of bank borrowings
for
construction
purposes
and to provide additional
funds for current construction expenditures or reim¬
burse the company's treasury therefor. Office — 626
East

Wisconsin Ave,

Milwaukee, Wis. Underwriter—To
by competitive bidding. Probable bidders:
Halsey, Stuart & Co, Inc.; Kidder, Peabody & Co.;
Kuhn, Loeb & Co. and Blyth & Co, Inc. (jointly). Bids
—Tentatively to be received on May 17.
\\
be determined

,

Components Corp.
(4/4-8)
v
^
Jan. 18 (letter of notification) 60,000 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
For general corporate purposes.
Office—2300 Shamea
Drive, Westbury, N. Y. Underwriter—Mortimer B. Burnside & Co, Inc, New York, N. Y.
•

Missile

•

Missile

Feb.

Electronics, Inc.
214,500 shares of

filed

5

shares will be

200,000

sold

stock, of which
company's account

common

for

the

and

the remaining 14,500 shares will be offered for the
account of certain selling stockholders. ' Price—$3 per
share.

Proceeds—For general corporate purposes. Office

—89 West 3rd
ant

Pro¬
ceeds—For general corporate purposes.
Office—8608
130th Street, Richmond Hill
Y Underwnters
First Broad Street Corp.; Russell & Saxe V., S. WicKeti
& Co, Inc. and Street & Co, New York, N. Y.
stock

(4/20)

$6,000,000

will

March 28
mon

Inc.

$7,500,000 in additional
subsidiary, Arkansas Pow'er & Light Co.;
will
be used
to
repay
in
full a
prom¬
issory note due in January, 1961; and the remain¬
ing proceeds will be held in the company's treasury for
stock

American Natural

Equity Investment Corp, same address.

Utilities,

March 11 filed 650,000 shares of common stock
(par $10).
Proceeds—From the estimated proceeds of
$16,000,000
the company proposes to invest

Mills

New York

of

amount

Middle South

-n

March

amendment. Proceeds
—To selling stockholder.
Office—Brooklyn, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith Inc,

March

the

—

stock option

(J. W.), Inc.

29

in

$78,732, and (together with a
a bank loan) for the pur¬
machinery and equipment costing $200,000, for
property additions and improvements, and for working
capital. Office
220 Pasadena Ave, South Pasadena,
Calif.
Underwriter—White, Weld & Co, Inc, Los An¬
geles and New York.
/

116,400

Price—To be supplied by

stock.

Ave.,
Share

chase of

Md.

March

&

—

company, and
account of the

more,

4th

portion of the proceeds from

if Maryland Credit Finance Corp.
March 29 filed -28,250 common shares, of which 25,000
shares are being sold for the account of the issuing

if Mays

E.

issory notes held by Trustees under the will of M. H.

For public offering, to be supplied by
Proceeds—$400,000 will be expended for
the acquisition of land, construction of a new
plant, and
installation of machinery and equiment for the enlarge¬
ment of the company's welding electrode manufacturing
capacity; an additional $100,000 will be used to retire
notes payable to officers; and the balance will be added
to working capital and approximately $1,000,000 may
be used to reduce temporarily present bank borrowings.
Office—307 East Hennepin Avenue, Minneapolis, Minn.
Underwriters—Carl M. Loeb, Rhoades & Co, New York;

Easton, Md.

N.

Plymouth Bond

which

Lewis

remaining 70,000 shares

to be reserved for issuance under

plan.

and

—

Price—To be supplied by amendment.
Pro¬
ceeds—To retire bank loans incurred for working capital
purposes in the amount of $406,000; to pay in full prom¬

common

outstanding and will be offered for the

Office—6454

purposes.

thereof.

J.

stock, of which
391,431 shares will be offered for public sale. The shares
to be offered for public sale include
275,031 shares to
which

corporate

(no par)
60,000 shares will be offered for public sale
by the issuing company, and 144,00,0 shares are presently
outstanding and will be offered for sale by the holder

Underwriter—Hill, Thompson & Co, Inc., New York.
★ Marquette Corp.
March 28 filed 461,431 shares of

Price—
of

bank

Underwriter
Corp, Miami. Fla.

of

N.

Terrazzo, Inc.

Microdot Inc. (4/20)
March 11 filed 204,000 shares of capital stock

Pool

corporate

&

•

Ave., Cleveland, Ohio. Underwriter—Hayden, Stone &
Co, New York.

eral

Tile

Miami, Fla.

supplied by amendment.
Proceeds—To selling stockholders.
Office—2530 Superior

Corp.
March 21 (letter of
notification) 117,000 shares of
mon stock.
Price—$2.50 per share. Proceeds—For

Underwriter

tem¬
loans, $140,000 in reduction of accounts
payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for gen¬

&

common

the

program.

by

March 11 filed 125,000 shares of common stock.
$4 per share. Proceeds—$150,000 as reduction
porary

outstanding shares of

stock, to be offered for the
holders thereof. Price—To be

determined

bidders:

remaining43UOOnCpnale by Hi® issuing company and the
hnhtoe*Ltt:
i.^mmor? shares by the present stockSS~i°r
p cialty Shops,

be

competitive bidding. Probable
Halsey, Stuart & Co. Inc.; White, Weld & Co.,
Blyth & Co, Inc.; Kidder, Peabody & Co. and Drexel &
Co. (jointly). Bids — Expected to be receved up to 11
a.m.-on April 26.
:

be

to

are

repayment of a temporary bank
thereon, and for working capital. Office
St., New York City.
Underwriters—

both of New York.

a d

ordinatpff
SSL

67th

Kuhn, Loeb & Co. and Carl M. Loeb, Rhoades & Co.,

Taylor and

y

East

,

.

stock

★ Magnin

supplied by amendment.

Inc.
^1March 7 (letter of notification) 130,000 shares of common stock(par 50 cents). Prlcer--$1 per share. Proceeds
—To purchase machinery and equipment and for work¬
ing capital. Address—P. O. Box 168, Leaksville, N. C.
Underwriter—Smith, Clanton & Co, Greensboro, N. C. v
★ Little Dude Trailer Co., Inc.
mon

New

and the

Office—5546

Calif. Underwriter
Company, Beverly Hills, Calif.

and the

of

wo+rl5ing caPital;

n

Hollywood,

Proceeds—For

loan and interest

sinking^™1 piPer> Jaffray_& Hopwood, Minneapolis, Minn.

undetermined

March 18 (letter of notification)

ables,

:r

an

shares, to be offered in units.

Litho-Web,

apital

e

Ltd.

of 6%%

due

*

Meyers

mmon

—For

and

stock. Price
—$5.20 per share. Proceeds—To^be added to the com¬
pany's general funds, of which $200,000 will be used for
repayment of indebtedness, $45,600 to acquire additional
roll forming machinery and equipment, $74,000 to re¬
pay advances by two officers, and the balance for work¬
ing capital and other corporate purposes. Office—14637

mder-

Inder-

$750,000*

★ Lite-Vent Industries, Inc.
March 25. filed 100,000 shares

Ham-

to

filed

York.

Corp.:

l

Proceeds—To increase sur¬

Price—
Debentures at par; common to be supplied by amend¬
ment. Proceeds—For general corporate purposes. Office
Erf
—Passaic, N. J. Underwriter—P. W. Brooks & Co, New
ber of

& Co.;

ren

29

debentures

fund

ve., North

ment.

amendment.

accounts.; Office—1388 Madison Avenue,

Litercraft Industries,

reim-

dding.

& Co., St. Louis, Mo.;

Memphis, Tenn.; Underwriter—None.

pay-

id

Underwriters—Riter &

subscription by stockholders of record Feb. 29, 1960 on
the basis of one share of stock for each 10 full shares

itional

;

Louis, Mo.

• Lincoln American Life Insurance Co.
March 23 (letter of notification) not to exceed 111,095
shares of common stock
(pqr $1) to be offered for

others

Is

St.

Ave.,

Co., New York; Edward D. Johes
and Bache & Co., New York.
*

White,

,

Park Ave., New York City.

inn *ic

Ma

i I? 4°?, ls unallocated.

AJ!

★ Major

29 filed

Jan

$400,sed

mainine

and to leases and mortgage pertain-

the

tn

•

PQcPc

and°'devetopi^"vaan(?'s2nm»f<f,ry'rf^75,000 for research
snnnnn3
$ '00° for documentary stamps;

45

St, New York City. Underwriter—Pleas¬

Securities Co. of Newark, N. J. Note—This offering
be

delayed.

Mobilife

Corp. (4/4-8)
250,000 shares of common stock (par 50
cents). Price—$4 per share. Proceeds—For debt reduc¬
tion and working capital. Office—Sarasota, Fla. Under¬
writer—Plymouth Bond & Share Corp, Miami, Fla.

Jan.

•

18

filed

Monarch Tile

Manufacturing, Inc. (4/11-15)
shares of common stock (par $5) of

March 22 filed 58,337

shares are to be offered for public sale in
issuiqg copipapy, and the remaining 28,337shares are to be offered for the accounts of certain selling'
stockholders. Price—To be supplied by amendment. Pro*
ceeds
For repayment of bank loans and for general

which 30,000
behalf of the

—

corporate purposes.
San

Angelo, Texas.

Office—Oakes Street at Avenue B,

Underwriter—Rauscher, Pierce &

Co, Inc, Dallas, Texas.

•

^

Continued

on

...

page

Aft,

46

The

(1422)

Continued from page

the sinking fund,

45

States

Mountain

ment

$40,000,000

40-year debentures

of

due

2000. Proceeds—To be applied toward repay¬
of advances from American Telephone & Tele¬
1,

graph Co., parent, which are expected to

approximate

$91,000,000 at the time the proceeds are received. Office
—931
Fourteenth St., Denver,
Colo. Underwriter—To
be determined by competitive bidding. Probable bid¬

& Co. Bids—Expected to be received
on April
12 up to 11:00 a. m. (EST) at room 350, 195
Broadway, New York City.
'
-

(

200,000 shares of com¬
Price—$1.50 per share. Proceeds—
To repay current liabilities and other debts and
for
working capital.
Office —1055 Hialeah, Fla.
Under¬
writer—Frank Edenfield & Co.;~Miami, Fla.
(letter of notification)

25

Feb.

stock

mon

NAFI

(par $1).

(4/11-15)
'
March 14 filed 200,000 shares of capital stobk (par $1).
Price—To be supplied by amendment. Proceeds—To re¬
pay bank loan incurred in connection with acquisition of
Chris-Craft Corp. and the balance to be added to the
company's general funds. Office—527 23rd Ave., Oakland,
Calif. Underwriter—Shields & Co., New York.
Corp.

it Nalley's,' Inc.
March

filed

25

debentures

due

$1,000,000 of convertible subordinated
April 1, 1975. Price—To be supplied

used for the
reduction of notes payable to banks and $159,000 vyill
be invested in subsidiaries, either as additional equity.
or in the form of advances, and the balance of the pro¬
ceeds will be used to augment the company's working
capital position. Office—3410 South Lawrence St., Tacoma,
Wash.- Underwriter — Dean Witter & Co., San
by amendment. Proceeds—$300,000 will be

Francisco..

V:;
Fuel Gas Corp.

(4/11)
filed $18,000,000 of sinking fund debentures,
Proceeds—Net proceeds of the sale of the de¬
will be used in part to prepay $10,800,000 of

National

March

2

due 1985.

bentures

loans, and the balance will be loaned to subsidi¬
aries and used by them to finance in part their 1960

bank

O f f i c e—30 Rockefeller Plaza,
Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.: White, Weld & Co.; Eastman Dillon, Union
Securities & Co.; Stone & Webster Securities Corp.; The
First Boston Corp.
Bids—Expected to be received on

construction
New

York

program.

City.

Meeting—

up to 11:30 a.m. (EST). Information
April 7 at 11:00 a.m.

April 11
•

Lawnservice

National

Corp.

(4/4-8)

Securities, Inc.
March 28 filed $1,137,910 of 8%
20-year subordinated
capital debentures and 137,991 shares of preferred stock
These securities are to be offered on an ex¬
basis only to stockholders of National Life &

(par $5).

Casualty

Insurance

Co., at

debenture

Co.

to

and

holders

of

stockholders and

Arizona

Public

con¬

Finance

exchange price of $10 per share of preferred
units of $10 of debentures and for the

an

in minimum

and

specified securities of National Life and Arizona Public
at their

Dec.

Central

Office—2300 North

Avenue, Phoenix, Ariz.

(John J.)

1959, book values.

31,

Nesbitt, Inc.

Nu-Era

tories

of

sicie

&

The

underwriter

Co., inc., on an

Rubber,

with

notes

a

$1,100,000

insurance

ing

the amount of $228,600;

and

supplied by amendment.
to
the
company's working capital.
Office—223 West
Madison St., Chicago, 111. Underwriter—H. M. Byllesby
& Co., Inc., Chicago, 111.
Extrusion Co.,

Inc.

(5/3)

110,000

shares of class A capital stock,
of which 50,000 shares will be issued by the company
and

60,000 shares are outstanding and will be offered
by the holders thereof. Price—To be supplied by amend¬
ment. Proceeds—To be added to the general funds of
the company and be available for general corporate pur¬
poses.
Office — New Brunswick, N. J. Underwriter —
Laird & Company Corp., New York and Wilmington,

approxi¬

March

Orange & Rockland Utilities,

Boston

Corp.,

New

to

(5/27)

142,860 shares for cash sale
Additional shares (amount unspecified)
be offered in exchange for outstanding shares of

at $7 per
are

Co.

share.

North Central

of

Life Insurance
Co., of St. Paul. The rate
exchange is to be supplied by amendment. Proceeds.

—To

be

added

Office—335

to

the

general

funds

of

the

company.

Minnesota St., St. Paul, Minn. Underwriter

'

—None.

Nova Scotia

(Province of) (Canada) (4/5)
$10,000,000 of 20-year sinking fund de¬
bentures, dated April 1, 1960 and due April 1, 1980. The
new debentures will have/the~bene#it of a sinking
fund,
beginning in 1962, whicfi is calculated to retire 94.5%
of the debentures prior to maturity. Other than through
March

15

filed




common

York

y

*•f

filed 68,676

19

shares then held; rights expire April 12 at

for each

3:30

Price—$20 per share. Proceeds—For
Office—120 West Seventh Street,
Underwriter—W. G. r Langley & Co.,

(EST).

p.m.

construction program.

Plainfield,

J.

N.

New York.

Plastic
Jan.

.

& Fibers, Inc.
(letter of notification)

18

stock

85,714 shares of

common

—For

(par 40 cents). Price—$3.50 per share. Proceeds
general corporate purposes." Office — Whitehead

will apply $150,to banks;
$60,000 in payment for the net assets and name of Taconic

Ave.,

South River, N. J.

Factors, Inc. ,the stock of which is presently owned by
Leland E. Rosemond, President and Board Chairman of
Otarion; $100,000 for dealer and consumer advertising

March 7 filed $250,000 of convertible subordinated de¬

Listener

Corp.

March 28 filed 141,750 shares of common

Price—

stock.

$4 per share.

Proceeds—The

000

existing short-term obligations

to

repay

company

Underwriter—Arnold Malkan

&

Co., Inc., New York, N. Y.

•

Precision

Circuits,

Inc.

(4/25-29)

bentures, due April 1, 1970, and 37,500 shares of common
stock

to be offered in units consisting of
15 common shares. Price—$150
unit. Proceeds—For equipping of new facilities, and
low-cost hearing aid in the European common market;
for general corporate purposes. Office—705 South Fulton
$35,000 for research and development of subminiature T- Avenue?, Mount Vernon, N. Y. Underwriter—Myron A.
products; and the balance of approximately $100,000 to - Lomasney & Co
New York
be added initially to working capital and used for genm
p„oricva/ki
.
of

the

the

company's

model hearing

aids; $40,000 for
establishment of production and sales facilities of a
new

(par 20 cents)

$100 debenture and

one

per

n

eral corporate purposes, including financing of finishedxand semi-finished inventory. Office-Scarborough

Park,t

Ossinine

N

Underwriter—D

'

A

Underwnter

Y

A- Lomasney & Co.,|

I

nmasnev

^

Cn

!oa!Jrai

J

v

o?nnnoC', (4/11-15)

Pacific
8

Panel

Co.

ceeds

(5/2-6)

it Patrick County Canning Co.,
per

debt

be

and

150,000

debentures/ par;

common

for the com*

Proconstruction, and

suppiied by amendment.

reduction,, plant

Underwriter—John

R.

Boland

&

Co., Inc.,

28

Industrial

filed

Corp.
outstanding

shares of common
stock, of which 200,000 shares will be offered for public
sale and

ment.

Euclid

by
amend¬
Proceeds—To selling stockholders.
Office—4415
Avenue, Cleveland, Ohio.
Underwriter—A. G.
thereof.

Becker & Co.
•

Price—To

be

supplied by

Inc., New York and Chicago.

Public Service Co. of New Mexico

March
hv

212,500

12,500 shares to employees of the <@ompany

the holders

2

filed

S/iipr

102,231

shares of

common

stock (par

$5)

shares being offered for subsc p

i

f
companY s outstanding common s
e
one new s^are *or each 20 shares
record March 31

,

-

-

of

n

rights to expire on April 20.
The remaining
5,000 shares will be offered to employees
with

of

the company.
Price — $28.25 per share.
Proceeds
—Together with bank borrowings, will be applied towaid
the company's 1960 construction
program, for other cor¬

porate purposes including the repayment of a

Inc.

short-term

bank loan in the amount of

stock.

common

Price

Proceeds—About $162,000 will be applied
of certain indebtedness; $25,000 for ad¬
machinery and equipment; and $118,752 for
working capital, promotion and advertising.
Office—
share.

52

Broadway, New York. Underwriter
Parks & Co., Inc., New York.

—

G.

$2,000,000, and working cap¬
Building, Albuquerque, N. Mex.
Co., New York.

ital. Office—819 Simms

the payment

Everett

it Pendleton Tool Industries, Inc.
25 filed 50,000 shares of common stock.
Price
be supplied by amendment.
Proceeds—To retire a
5% note given to the V-T Co. in partial payment of
its business and certain of its assets, and the remainder"
„

To

For

—

people;

the

price wiu

★ Premier
March

ditional

March

t

sold.

interest of Utah Construction &

to

^ f kJSf•
?
subordinated converge

New York City, who will work on a "best efforts" basis
and receive a commission of $120 per $1,000 debentures

it Pacific Vegetable Oil Corp.
March .24 filed $2,500,000 of convertible subordinated
debentures due April
1975. Price—To be supplied by
amendment. Proceeds—$600,000 will be used to retire a
like amount of 6y4% promissory notes; $431,250 to
pay
the balance of the negotiated
price for the minority>

$3

Prices—For

equipment.

100,000 shares of class A common stock.
Price—$4.50 per share. Proceeds—For reduction of in¬
debtedness; for .working capital; for establishment of
three additional stores; and to provide additional work¬
ing capital for a new subsidiary. Office—1212 West 26th
St., Vancouver, Wash. Underwriter—Frank Karasik &
Co., Inc. Note—This statement is to be amended.

140,000 shares of

r 1/

f

debentures, due 1970, with attached warrants to pur-chase 28>000 common shares; and warrants for the pur-'
chase of 125,000 common shares, which may be issued
the

filed

March 25 filed

mfn nn/? T

9Q

>■ shares.

rities, Inc., New York, N. Y.
•

rw,

to ^-company-connected

(letter of notification) 300,000 shares of common
Rtnnk
Pr.ce_si
ner
stcok (mr 10 rento
(par 1(1 cents). Price—$1 per sii.ro
share. Proceeds
For purchase of equipment, raw materials and working
caiptal. Office—622 E. Glenolden Ave., Glenolden, Pa.
Underwriters—Jacey Securities Co., and First City Secu¬

Calif.

Central

(4/12-15)

outstanding

shares of common stock (no par),
being offered for subscription by common stockholders
of record March 29, 1960, at the rate of one new share

March 11 filed 420,945 shares of common stock (par $1).

North

Corp.

of

Piainfield-Union Water Co;

•

Feb.

The company proposes to offer

•

shares

175,000

filed

9

—

Colo.

Inc.

p.m.

First

>

(par $2). Price — To be supplied by amendment.
Proceeds
To selling stockholders.
Office — Buffalo.
N. Y.
Underwriter—Doolittle & Co., Buffalo 2, N. Y.

(EDST) on May 2. Price—$100 per
share. Proceeds—To be applied to the reduction of bank
notes (the proceeds of which were used for construc¬
tion) and the balance will be used for further con¬
struction.
Office—10 North Broadway, Nyack, N. Y.
expire at 5:00

amended.

& Stevens Chemical

stock

Mining Co. in Stockton
Elevators* a subsidiary; and the balance for working
capital. Office—62 Townsend St.,, San Francisco, Calif.Underwriters—Dean Witter & Co., San Francisco and
New York, and Hooker & Fay, Inc., of San Francisco,

Del.

(letter of

9

Pierce

(4/14) •
March 17 filed 39,165 shares of convertible cumulative
preferred stock, series E (par $100), to be offered for
subscription by holders of its outstanding common stock
of record April 14, 1960, at the rate of one share of
preferred for each 50 shares of common then held; rights
•

Feb.

stock. Price—
Proceeds—To be added

Pidgeon

ment is to be

mately $800,000 will be added to working capital. Office
—551 Rio Grande Avenue, Littleton, Colo. Underwriter

—Bosworth, Sullivan & Co., Inc., Denver,

work¬

(Walter) Steel Products, Inc. (4/4-8)
notification) 75,000 shares of common
stock (par 10 cents).
Price—$4 per share. ProceedsFor tooling and machinery of manufacturing plant, in¬
ventory, advertising and working capital.
Office — io
Union Avenue, Bala-Cynwyd, Pa.
Underwriter—Hei;,
Kahn & Infante, Inc., Rcckville Centre, N. Y., has with¬
drawn as underwriter. New underwriter is Mainland
Securities Corp., Hempstead, N. Y. Note—This state¬
•

Feb.

company

and the balance of

possible acquisitions, and

capital. Office — 1111 West Foothill Blvd., Azusa'
Underwriters—Allen & Go., Bear, Stearns & Co'
Sutro Bros. & Co., all of New York City.

in the amount of $1,300,000;
in

_

Calif.

Corp., will be used to red-.ee bank loans
to repay other indebtedness

OK Acceptance

Electronics Corp.
March 17 filed 200,000 shares of common

filed

of

St., New York

property development,

a

mw\

Newark

10

expenses,

$700,000 realized trom the sale of installment
to/its wholly-owned susbidiary finance company,

Feb. 29

New Jersey Aluminum

for

$15,000

and

stock, of which
40,000 shares will be sold for the company's account
while 80,000 shares will be sold for the holders thereof.
Price—To be supplied by amendment.
Proceeds—For
increase of working capital. Office — State Road &
Rhawn St., Philadelphia, Pa. Underwriter—Hornblower
& Weeks, New York.
March 7 filed 120,000 shares of common

March

receive

Inc.

proceeds

*

.

Price—To

filed 50,000 shares of common stock.
Price—supplied by amendment.
Proceeds — Together

the

loan

.

Phillips Developments* Inc. (4/4-8)
21 filed 400,000 shares of common stock (par $1),
be supplied by amendment.
Proceeds—For

•

March 29
be

Ti

Dec.

commission on the 200,000 shares
comprising the public offering, and the privilege-of pur¬
chasing 37,500 shares of the common stock at $.10 per
share.
The 37,500 shares thus far unaccounted for are
to be sold to John L. Appelbaum at $.10 per share in
consideration of certain services rendered.
^ OK

i

J!

_

offices of General Public Utilities Corp
City. Information Meeting
Scheduled for May 6 between 10:00 a.m. and 12 noon

$.75 per share selling

To

_

Broad

67

Office — 342 South St.,
Underwriter—Mortimer B.^ Burn"all or nothing best efforts" basis.

will

.

York time at the

mufflers.

and

gears

t

^

„

275,Ouu siiures of common stock, of which
publicly offered. Price—$3.75 per share.
Proceeds—To reduce indebtedness and increase inven¬

Rochester, Michigan.

be

0*1.

to be

New York

(4/11-22)

To be

determined by competitive bidding. Probable
bidders: Lalsey, Stuart & Co. Inc.; Kidder, Peabody &
Co., Eastman Dillon, Union Securities & Co., Merrill
Lynch, Pierce, Fenner & Smith Inc. and White, Weld &
Co. (jointly); The First Boston Corp.; Haiximan RiPiev
nl.^U
PPn
Tnn
/A
v\4-1\

(4/4-8)

Corp.

are

previous expenditures for that purpose
Levergood St., Johnstown, Pa. Underwriter

for

Office—222
—To

filed

30

200,000

it Otarion

★ National

change

•

Nov.

Underwriter—The

(letter of notification) 100,000 shares of common
stock (par one cent).
Price—$3 per share. Pro¬
ceeds-!/- For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwriter
—Fund Planning Inc., New York, N. Y.

vertible

19b0

supplied by amendment. Proceeds—For equipment and
expansion. Office — Apollo, Pa. Underwriter — Moore,
and New M

K

Employees Trademart, Inc.

Mutual

duP

Proceeds—To be applied to the company's
construction program, or to partially reimburse its
1990.

treasury

Equipment Corp. (4/18-25)
March 2 filed 45,000 shares oi common smeK (no par)
of which 4,980 are to be offered to warrant holders and
the remainder is to be offered publicly.. Price—To be

(5/9)

$12,000,000 of first mortgage bonds,

10 filed

May 1,

Nuclear Materials &

Stanley

Morgan

Pennsylvania ELectric Co.

•

March

treal, Quebec, Can.

Corp.;

Halsey, Stuart & Co., Inc.; The First Boston

ders:

capital.

Ave., Los Angeles, Calif. Under
writers—Kidder,.Peabody & -Co., New. Yor*; and Me"
Donald & Co., Cleveland, Ohio.

the refunding

Proceeds—To

ment.

Thursday, March 31, I960

Office—zzC9 Santa he

of Provincial deben¬
advanced to the Nova Scotia
Power Commission to be applied to the repayment ol
bank borrowings incurred in connection with its con¬
struction program. Underwriters—Raisey, Stuart & Co
Inc., New Yorx, and Royal Securities Corp. Ltd., Mon-

Telephone & Telegraph Co.

. . .

proceeds; willL be addedI to.working

of the net

amend¬

Price—To be supplied by

tures; the balance will be

(4/12)-March 18 filed

April

Financial Chronicle

the debentures will not be redeemable,

to April 1, 1970.

prior

Commercial and

-

Underwriter—Allen
•

Puget Sound

March

15

filed

&

& Light Co.
(4/20)
$20,000,000 of first mortgage bonds

Power

due

Apr. 1, 1990.

Proceeds—To be applied to the payment ot
$15,000,000 3% promissory rfote due May 1, I960, an
the balance to the
payment of outstanding bank loa

a

incurred for construction

purposes,-which loans are

pected to aggregate
$10,50,0,000 at the tifne
sale
Underwriter
To be determined by
—

of the

e'j

bo"

:competitiv

bidding. Probable bidders: Halsey, Stuart & Oo. Inc.+ipc
Lehman Brothers
(jointly); Stone & Webster Security

Volume

191

Number 5938

•

.

.

The Commercial and Financial Chronicle

.

(1423)

Smith, Barney & Co. and The First Boston Corp. . issuing, company and 107,630 shares, being outstanding
/ioini'ly) 5 Merrnl Lynch," Pierce, Fenner & bmith Inc. - srccK, by toe holders thereof, 8,OOu shares are to be
Bids—Expected to be received on April 20 at TZ noon • ieser\^eci for allotment to directors, officers and empicyees of the company. Price
qt 90 Broad St., 19th floor, New York City. Information.
To be supplied by
Meeting—Scheduled for April 14 at 11 a.fti.
:
amendment. "Proceeds—To pay off $300,000 ox bank indebtedne^s and for general working capital purposes.
Jt Rabin Co.
"I
Office
Corp

company's general insurance business, thus enabling the
company to acquire additional reinsurance agreements
with other insurance

—

225

(letter of notification) 80,000 shares of com¬
mon stock (no par). Price—$3.25 per-share.
Proceed.—
To pay un&ecux eu " noteo,
to purchase machinery- and :?
equiment, and for* working capital. - Office
700 N.
Seoulveda Blvd., El Segundo, Calif." Underwriter—H. :
Hentz & Co., New York, N. Y.'
March 21

First

Erie

•

S©If"Service^liiCiTf4/20)'

Rajac

-

debentures, due April 1, 1970, and.30,000 shares of com¬
mon
stock, to be offered in units, each unit consists of

Dec.

York

Proceeds—For additional working cap'tal.

15,000 shares of com¬
(par $5). Priced$20 per share. Proceeds
For general corporate purposes. Office — Village of
Greene, County of Chenango, of New York. Underwriter
—George D. B. Bonbright & Co., Rochester, New York.

Bros. &

April.

J

-

,

(4/11 -15)
(letter pf notification)'75,000 shares of ccm-

Rentier, Inc.

March

11

(par 50 cents); * Price-^^ per:share.?> Proceeds
'—For. working capital!1.Oifice^
Sk>
•Philadelphia* Pa; XJMeri^
& Co.,
Philadelphia, Pa.
7. .\
' -i
stock

mon

.

•

Ritter

March 16

,

Finance

Co., Inc. (5/2-13)
filed $1,500,GOO of 6V2% debentures due May 1,
.

1975, and warrants for .the„purchase of 75,000 class B.
common shares up to April 30,
1970. It is proposed to.r
offer these securities of public sale in units, each con¬
sisting of one $1,000 debenture and a warrant for 50
class B shares. Price—$1,000 per unit. Proceeds—To be
added to the company's general funds and used initially
to reduce bank loans.

Office—Church Road and Green¬

wood/ Ave., Wyncote, Pa: Underwriter—Stroud & Co.,
Inc., Philadelphia, Pa.
///.,•;// ■ ?- 7v;:^:7>' '
.

•

St.

Regis Paper Co. (4/1)
Feb. 26 filed 306,787 shares of its
offered in

common

stock, to be

exchange for the outstanding shares of

com¬

stock of The

mon

Creamery Package Manufacturing Co.
basis of 1.02 shares of St. Regis for each share
of Creamery. Office—150 E. 42nd
St., New York City.
Dealer-Managers—White, Weld & Co., and A. G. Becker
& Co., 'both of New'York. '
77:777«/7'777777.^
the

on

+ St.

Regis -Paper ;Corv'„'

March

23

•

filed

294,042 shares of common stock.
The
proposes to. offer this stock in exchange for

company
the outstanding

shares

of

common

stock

of

Howard

Paper Mills, Inc. on the basis of 0.42 of one share of
St. Regis for one share of Howard. The exchange offer
will be declared effective if 95% of the Howard stock
is deposited for
exchange (and may be declared effec¬
.

.

tive if not less than 80%
East 42nd St., New York.
San

is

deposited).

Office—150

Diego Imperial (^orp.

(4/5-0)

Feb. 24 filed
$5,000,000 of subordinated convertible de¬

due Apr. 1, 1975, and 728,531 shares of common
Price—To be supplied by amendment. Proceeds

—For the account of
selling stockholders, 128,531 shares,
and for the
company, 600,000 shares, to reduce indebted¬
ness and for investment. Office—San
Diego, Calif. Un¬

derwriters—White, Weld

& Co., New York City, and J.
Hogle & Co., Salt Lake City, Utah.
4
•Savannah Electric & Power Co.
Y

A.

The

company is offering 87,950 shares of common stock
(par $5), to its stockholders on the basis of one new

snare

for

I960.

The offer will expire on April 18. Price—$24.50
Proceeds—To repay a portion of bank loans
for construction purposes.
Office—27 West Bay

per

each

13

.shares*

held

of

record

on

March 29,

share.

made

pt., Savanah, Ga.
and Stone
York.
''

&

Underwriters—The First Boston Corp.

Webster

Securities

Corp.,

both

of

New

•

• Scott

Aviation Corp.
/ <
'
*
Z
March 29 filed
169,680 shares of common stock, of
,

"2,000

shares

are

to

be

offered




for

which

public sale by the

are

account

to

be

the

of

sold

for

dental to its operatons until such time as it has an in¬
come from its loans and investments. Office—650 South

Spring St., Los Angeles, Cdfif. Underwriter—William R.
Staats & Co., Los Angeles, Calif.
•

Pacific Power Co.

per

share.

Plan

Sire

Proceeds

To be applied

—

Underwriter—Sire Plan Portfolios, Inc., New York.
March

filed

25

Inc.

association

with Heritage Industrial
100,000 shares of Smilen common and 100,000
shares of Heritage. It is proposed to Offer these securi¬
ties for public sale in units, each unit consisting of one
share of Smilen and one share of Heritage stock. Price
—To be supplied by amendment. Proceeds—Smilen will
use $95,000 pf its share of the proceeds for remaining
payments under a contract for purchase of two super¬
in

Corp.

markets

and commissary- from Windmill Food Stores,
Inc.; $300,000 for inventory and supplies for the opening

three

of

supermarkets;

-new

$300,000

to

repay

bank

loans; and the balance for general corporate purposes.
Heritage will use its share of the stock as follows:

$175,000 for construction and equipping of-a supermar¬
in Franklin, Square, L. I., to be leased to Smilen;
$500,000 to purchase fixtures and equipment to be leased
to Smilen for use in thfe three supermarkets to be con¬
structed for Smilen by others; $25,000 to pay an in¬
debtedness due Smilen; and the balance for general
corporate purposes. Office — 47-02 Metropolitan Ave.,
Brooklyn, N. Y. Underwriter—Federman, Stonehill &
Company.
ket

Southeastern

Security Insurance Co.
shares of common stock, of
which 1,633,333 shares are to be publicly offered; $500,000 of these shares are reserved for the granting of
restricted stock
options to management officials and
employees. Price — $3 per share for public offering.
Proceeds—To increase capital and surplus.
Office—707
Market St., Knoxville, Tenn.
Underwriter—Lucien L.
Bailey & Co., Knoxville, Tenn.
March

•

filed

25

Southern

2,133,333

Nevada

(4/8)

Telephone Co.

filed

16

convertible

the company's continu¬

ing construction program. Office—125 Las Vegas Blvd.
South, Las Vegas, Nev. Underwriter—Dean Witter &
Co. of San Francisco and New York.
Southwest
Jan.

29

Forest

Industries, Inc. (4/13)
an aggregate of $13,500,000
1985, and com¬

filed not to exceed

of subordinated

income debentures, due

in units of such debentures
and
such common stock.
Price—To be supplied by
amendment.
Proceeds—For working capital and the
construtcion of new plant.
Office — 444 First National
Bank
Building, Phoenix, Ariz.
Underwriter—White,
mon

stock,

Weld &

to

be

offered

Co., New York City.

.

•A" Southwest Indemnity & Life Insurance Co.
March 29 filed 238,590 shares of common stock.

The

offer this stock for subscription
by common stockholders of record May 1, 1960, at the
rate of one new share for each ZVz shares then held.
Unsubscribed shares will be offered to certain persons,
some
of whom are directors and stockholders of the
•company,
together with stock purchase warrants for
23,859 shares, for purchase for investment. Price—To be
company

proposes

to

-supplied by amendment.

Under¬

Standard Motor

Products, Inc. (4/12)
shares of class A capital stock.
Price—To be supplied
by amendment.
Proceeds—To
selling stockholders.
Office—Long Island City, N. Y.
Underwriter-—Eastman Dillon, Union Securities & Co.,
New
:

7

filed

296,460

York.

/ Straza Industries
March

(4/18-22)

■

r

14 filed

230,000 shares of capital stock (par $1).
Price—To be supplied by amendment. Proceeds—For
general corporate purposes and working capital. Office—
790 Greenfield Drive, El Cajon, Calif. Underwriter—J.
A. Hogle & Co., of Salt Lake City and New York.
Sun

Rubber Co.

Feb. 26

filed $1,000,000 of 6% subordinated debentures
April 1, 1975, and 100,000 shares of common stock
(no par), to be offered in units of $100 of debentures
and 10 shares of common stock.
Price—$100 per unit.
due

/ Proceeds—To

be

used

in

reorganization.

Fairview
ald &
•

Ave., Barberton, Ohio.
Co., Cleveland, Ohio.

Sunair Electronics,

Office—366

Underwriter—McDon¬

Inc.. (4/4-8)

Dec. 28 filed

200,000 shares of common stock (par $.10).
Price—$3.00 per share. Proceeds—For new equipment,
construction, and working capital. Office — Broward
County International Airport, Ft. Lauderdale, Fla. Un¬
derwriter—Frank Karasik & Co., Inc., of New York City.
•

Superior Electric

Co. (4/25-29)
shares of common stock (par $1).
Price—To be supplied by amendment.
Proceeds—For
construction. Office—Bristol, Conn. Underwriter—Lee,
March 17 filed 150,000

Higginson Corp., New York City. "
•

Supronics Corp. (4/11-15)
29 filed 120,000 shares of common stock (par 25
cents). Price—$6 per share. Proceeds—$50,000 to reduce
short-term bank loans, and the balance to be used for
Jan.

general
business.
N.

J.

corporate

purposes,

including

expanding

the

Office—224 Washington Street, Perth Amboy,
Treat & Co. and Standard

Underwriters—Amos

Securities Corp. of New York City, and

Inc., Pittsburgh, Pa.

Bruno-Lenchner,
Offering—Expected in April.

Sutton Leasing Corp.

(4/1)
(letter of notification) 100,000 shares of common
(par 25 cents). Price—$3 per share J* Proceeds—
For general corporate purposes.
Office—9 Rockefeller
Plaza, New York 20, N. Y. Underwriter—T. M. Kirsch
Feb. 9
stock

100,000 shares of $25 par cumulative
preferred stock. Price—To be supplied by
amendment.
Proceeds — To retire some $2,000,000 of
March

(par $1). Price—$2 per share. Proceeds
general corporate purposes. Address—Route 70 &

March

of

■if Smilen Food Stores,

Inc. (5/9-13)
(letter of notification) 150,000 shares of class

Upper Manasquan River Bridge, Brielle, N. J.
writer—B. Fennekohl & Co., New York, N. Y.

to

Normandy Isle, Inc. (4/15)
$225,000 of 10-year 7% debentures and
4,500 shares of $3.50 cumulative, non-callable, partici-1
pating preferred stock (par $5), to be offered in units,
each unit consisting of one $50 debenture and one pre¬
ferred share.
Price—$100 per unit.
Proceeds — To fi¬
nance acquisition.
Office—Ingraham.Bldg., Miami, Fla.

18

A common stock
—For

filed

9

Squan Marina,

March

filed

23

-

.

(4/11-15)
March 1 filed 3,000 shares of common stock (par $100)
to be offered in units of five shares at $1,000 per share.
Proceeds—For loans to and the purchase of securities
of certain business concerns. It may also use a portion
of the proceeds to pay the costs and expenditures inci¬

present holder thereof. Price—$9
Proceeds—To reduce bank/loans and for

bank loans and to finance in part

bentures,
stock.

Sierra

March

March 28 filed

•

the

be available for general corporate pur¬
Office—205 E. 10th St., Amarillo, Tex. Under¬

Spring Street Capital Co.

payment of loans. Office—Reno, Nev.
Agent—Stone &
Webster Service Corp., 49 Federal St.,
Boston, Mass.

-

150,000 shares of common stock, of which
40,000 shares are to be offered for public sale for the
account of the company. The'Temaining 110,000 sharesare now outstanding and
are to be oifered for sale by
the present holder thereof.
Price—To be supplied by
amendment.
Proceedsf-For repayment of shoTt-terai
bank debt.
Office—350 Fifth Ave., N. Y. Underwriter
—Glore, Forgan & Co., New York. •
'

for

shares

and will

.

of 'the

Price—$33.50

>

Manufacturing Co.

• Reliance

sold

20,000

supplied by amendment.

• Southwestern Oil Producers, Inc. •
v
/
March 23 filed 700,000 shares of common stock. Price—
$2 per share. Proceeds—For the drilling of three wells
and the balance for working capital. Office—2720 West
Mockingbird Lane, Dallas.
.•
-

share for each 15 then held, rights to expire on April 4.

-

-

share.

be

(4/5-6)

writers—White, Weld^ Co., New York; Schneider, Bernet & Hickman, Inc., Dallas,
Tex.; and The First Trust
Co. of Lincoln, Lincoln, Neb.
C
///'

49,714 shares of common stock (par $7.50)
being offered for subscription by holders of the outstand¬
ing common of record March 14 on the basis of one new

150,000 shares

-

account

Feb.

of common stock.
Price—
Proceeds—For general corporate pur¬
Office—New York City.
Underwriter—Sutro
Co., also of New York City. Offering—Expected

in early

:

,

•

^ Sierra Electric Corp.

v

$5.25 per share.
poses.

10

working capital. - Office—Gardena, Calif. Underwriter—
Marron, Sloss & Co., Inc., New York City,

Equities'■ Corp./ (4/18-22):'

filed

2

(par

shares. Price—To be

common

pany

—

4

per

stock

Feb.

stock

★ Service Instrument Corp.
(letter of notification) 200,000 shares of comstock (par 10 cents).
Price—$1.50 per share. Pro¬
ceeds
For general corporate
purposes.
Office — 693
Broadway, New York, N. Y. Underwriter
Pearson,
Murphy & Co., Inc., New York, N. Y. " " ', />

the

—

Realty

:

'

80,COO shares are to
issuing company and

1

i( Rayrdond Corp.
March 22 (letter of notification)

•

common

Co.

Proceeds—To be added to the general funds of the com¬

March 29 filed 100,000 shares of common
stock, of which

^ 150-26th>Ave, Si E.,;- Mirineap
-Minnr
Underwriter-—Dean WitterCo., New York and Minne¬

mon

shares of

Investment

10 filed

poses.:

—

Office

-

City.

25

(4/4)

March 23

The remaining 37,290 -shares
are
now
outstanding,-and are to. be : offered by the •
present holders • thereof.^ Price. —; To be supplied by-

apolis.

100,000

Corp.

"mon

the issuing company.

amendment.

filed

Oil

:Price--i$i per share/ Proceeds—For drilling:
Office—Erie, Pa. Underwriter—Edgar B. Hunt Co., New

Rap-ln-Wax Co., (4/11-15)■ ■/
W/*
shares of common stock ($1 par),
which 70,000 shares are to be offered for public sale

by

24

Gas &

centr);

March. 13 filed 107,290
of

Seneca

<

reserve

$10,000,000 of senior notes due March 1,
1975, $3,000,000 of capital notes, due March 1, 1975 (with
attached warrants for the purchase of 75,000 common
shares), and the 75,000 shares (par $2.50) issuable upon
exercise of the warrants. With each $1,000 of capital
notes the purchaser will receive warrants exercisable on
or after
Sept. 1, 1960 and before Sept. 1, 1990, to purchase

10 filed 120,000 snares of

.vVv
March 18 (letter of notification)-100,000 shares of pom-,
mon -stock -(pai^ 10- eents)V- Price#$3 per share. nProcetdi
—For general corporate purposes.
Office—11 E. Second
Street, Mt. Vernon, N; Y. Underwriter—Walter R. Blaha
& Co., Inc., Long Island City, N. Y..... ^
.
,4.
.
•

legal

Southwestern

Corp;

Lamp

Radiant

meet

March

Seaboard Plywood & Lumber
Corp. (4/4)
Feb. z5 filed $300,000 of 6V2%
subordinated convertible

$50,9 principal amount of debentures and 50
(44/ll>- ■
' •"
.v
shares of.
common stock
(par $1). Price-—To be supplied by amend¬
class A -stock. Price—$5
ment^ Proceeds—To retire a term bank loan, and for
per share.
Proceeds — To repay a bank loan, and for
working capital. Office—300 Jelliff Ave., Newark, N. J. ; working capital. Office—17 Bridge St., Watertown, Mass.
Underwriter—Amos Treat & Co., Inc., New York.
=
v Underwriter—Peter Morgan & Co., New York.
•

Feb.

companies, service such agreements
requirements with respect to
additional insurance in force thus acquired. Office—2013
Cedar Springs, Dallas, Tex. Underwriter—None.

and

St., Lancaster, N. Y. Underwriter—Tne
Corp., Cleveland, Ohio.
- ,</ /,

Cleveland

47

Proceeds—To be used for the

Co., New York, N. Y.

\

•

Tayco Developments, Inc. (4/4-8)
Dec. 23 filed 5,390 shares of common stock to be Offered
for subscription by common stockholders at the rate of
ten-seventy-fifths of a share for each share held. Price
—$28.75
offering

share, with rights to expire 14 days from
date.
Proceeds — For capital and to secure

per

additional patents on present

inventions, and to continue

expand research and development work in the field
of liquid compressibility devices and other areas. Office
—188 Webster St., North Tonawanda, N. Y. Underwriter
—C. E. Stoltz & Co.,-New York.
'
and

.

Taylor Devices, pnc. (4/4-8)
Dec. 23 filed 18,705 shares of common stock to be of¬
fered for subscription by common stockholders on the
basis of six-tenths of one share for each share held. Price
•

—$28.75 per share, with rights to. expire 14 days from
offering date.
Proceeds — To repay a short-term

working capital, and to establish ex¬
sales and manufacturing personnel
and to continue research and development, and the bal¬
ance to lease or purchase additional factory and oltice
loan, for additional

panded

executive

Continued on page

48

48

(1424)

The

Continued from page 47

Pool

J.

Office —27 Haynes Avenue, Newark, N.
Co., Inc., New York.

Corp.

Financial Chronicle

Commercial and

Underwriter—Richard Bruce &

Office—188 Webster St., North Tonawanda, N. Y.
Co., New York.

epace.

•

Telectro

Industries

debentures

amount.

due

Price —100%

be

used

of

principal

eliminate

to

out¬

an

standing bank loan of $700,000 and to provide additional
working capital, to be used in part to reduce outstand¬
ing accomnts payable. Office—35-16 37th Street, Long
Island

City,* NaY.

Philadelphia, Pa.
ti

Teletray Electronics Systems, Inc. (4/11-15) a
Jan.. 27 filed 150,000 shares of class A common stock.
Price—$3 per share.
Proceeds—For general corporate
purposes.
Office—880 Bonifant Street, Silver Spring,
T.

Brod

&

Co., New York City.

tAt Tempromatic Corp.
March 23 (letter of notification)

ventories
92,
•

De

and

16

Inc.

filed

cents).
of

working

capital. Address—Highway
Underwriter—None.
"
A

Land, Fla.

Tenax,

Feb.

for

(4/4)
share.

per

freezer

and

sale

Avenue, New York City.
Lomasney, New York City.
•

ThermaL-Aire

stock

common

(par 10
expansion

Proceeds—For

food

Park

business.

Office—375

Underwriter—Myron A.

Thermal
26

Industries

filed

Price—$6

share.

general

Florida,

Inc.

(4/15)
(par $1).

stock

common

Proceeds—To

reserves.

be

added

Office—Miami,

the

to

Fla.

Un¬

derwriter—Peter Morgan & Co., New York.
Tool

Research &

Engineering Corp.

the cash portion of recent acquisitions, and for work¬
ing capital. Office — Compton Calif. Underwriter —
Shields & Co., New York.

pay

Transcontinental Gas Pipe Line Corp. (4/20)
14 filed $35,000,000 of first
mortgage bonds due
1980 and 800,000 shares of common stock
(par 50 cents).
Prices—To be supplied by amendment. Proceeds—To re¬

March

fund debt incurred for construction. Office—3100 Travis

St., Houston, Tex. Underwriters—White, Weld & Co. and
Stone & Webster Securities
Corp., both of New York.

it Trans Tech Systems, Inc.
29

filed

cent).

corporate

6d,000

Price—$10

shares

per

of

stock

common

(par

share. Proceeds—For general

Office

purposes.

—

5505

Wilshire

Blvd.,

Los

Angeles 48, Calif. Underwriter—Myron A. Lomasney &
Co., New York.
•

Transworld

Equipment Corp. (4/4-8)
(letter of notification) 139,832 shares of common
(par 10 cents).
Price—$2 per share.
Proceeds—
general corporate purposes.
Office—119 W. 26th

Jan. 25

stock
For

Street, New York 1, N. Y. Underwriter—Michael
Street, New York City.

Field-

man, 82 Beaver
•

Tri-PoHit

March
mon

Plastics,

Inc.

(4/18-22)
(letter of notification) 150,000 shares

15

stock

(par 10 cents).

Price—$2

—For general corporate purposes.

Iets Road,
Treat
New

&

Albertson, L. I., N. Y.

Co., Inc. and

per

share.

of

com¬

Proceeds

Office—175 I. U. WilUnderwriters—Amos

Martinelli, Hindley & Co., Inc.,

Corp.
March 24 filed $31,000,000 of Interests of
Participations
in the company's Saving Plan for
Employees, together
with

50,000 shares of capital stock which may be ac¬
quired pursuant thereto.
Office—30 East 42nd
Street.,
Union

.

..

Financial

Corp.

(4/20)

r

March 11 filed 325,000 shares of common stock
($1 par).
Price—To be supplied by amendment.
Proceeds—To¬
gether with bank loan, will be used to
repay a

000

balance

on

$6,075,-

an

outstanding bank loan, and the
to working capital.
Office—232
Superior Ave., Cleveland, Ohio.
Underwriters—White,
Weld & Co. Inc.,
Chicago and New York; The Ohio
Company, Columbus, Ohio; and Sanders & Co., Dallas,
balance

-

will

be

added

Texas.

United

Components, Inc.

(4/18-22)

March 2 filed 110,000 shares of

10,000 shares

to

are

be

Proceeds

—

For

new

corporate

offered

^ United

ferred

common

to

:

stock, of which
Leighton, a

private sale

Fla.
•

Corp. of California
$6,000,000 of convertible subordinated

offered

capital

United
March

28

States
filed

Boat

350,000

publicly offeredi

Corp.
per

common

share.

stock

to

be

Proceeds—$221,-

826 will be applied to the repayment of loans to United
States Pool Corp. which were used for
purposes,

ana

general corporate
the balance will be utilized for working

capital, including

a

later repayment of $45,000 toHJ. S.




$5

nmnnnt:

par). Price—To
$95

cumulative pre¬
be offered for sale

public

market, or otherwise by
per

tion, and equipment.

Dec.

18

Products

Transistor

(letter

(4/4)

Corp,

150,000 shares of com¬

of notification)

(par 10 cents). Price—$2 per share. Pro¬
ceeds— For
general corporate purposes.
Office — 36
Sylvester Street, Westbury, L. I., N. Y. Underwriters—
Michael G. Kletz & Co., Inc. and Amos Treat & Co., Inc.,
New York, N. Y.
:
a «
stock

mon

Buildings Corp.

29 filed $20,000,000 of sinking
attached. warrants to purchase

March

(with

shares) and 400,000 shares of

purposes

of indebtedness, sales promo¬
Office—Myerstown, Pa. Under

writer—Hallowell,
Philadelphia, Pa.

Sulzberger, Jenks, Kirkland
..

&

;

Co

''

•

Wilier Color Television

System, Inc.
Jan. 29 (letter of notification) 86,403 shares of
common
stock
(par $1).
Price—$3: per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue
Yonkers, N. Y. ' Underwriter—Investment Brokers of
N. J., Inc., 844 Broad Street, Newark, N. J., has
with
*

drawn

-

underwriter. New underwriter is

as

Equity

Se

curities Co., 11 Broadway, New York City.

* Wolverine Shoe & Tanning Corp.
100,000 shares of common stock. Price—
To be supplied by amendment. Proceeds—For
additional
working capital. Office—Rockford, Mich. Underwriter
—A. G. Becker & Co., Chicago, 111. and New York.

* Wood

(T. H.)

Co.,

Inc.

(letter of notification) 126,000 shares of com¬
(par $1). Price—$1.75 per share. Proceeds—
To purchase another hardware
business.
Address
c/o E. Morris Jack, Litchfield, Conn.
Underwriter
stock

—

—

None.
,

lesser price

share, or such

may

Underwriter—None.

Universal

0f

common

reduction

the

including

85.000'

the

for

Proceeds—For general corporate

share.

per

the .debentures, '100%

Price —For

share.

per

March 23

fund debentures
800,000 common
stock. The offer¬

common

ing will be made only in units, each unit consisting of
(a) $100 principal amount of debentures with an at¬
tached warrant to purchase four shares of common stock
(b) two shares of common stock. Price—To be supplied
by amendment. Underwriter—Kuhn, Loeb & Co., New
York.

t

* Yale Express System, Inc. (8/9)
March 25 filed 300,000 shares of class A
stock, of which
150,000 shares are to be offered for public sale by the
issuing company and the balance by the
company's
board
chairman.
Price—$5.50 per share.; Proceeds—
$400,000 to restore working capital expended to acquire
American Freight Forwarding Corp. and for
expansion
of the freight forwarder operation;
$150,000 to restore
funds advanced in connection with the terminal
recently
constructed in North Bergen, N. -J.;
and the balance
for expansion and improvement.r Office—460 12th
Ave.,
New York. Underwriter—Michael G. Kletz &

Co., Inc.

New

York.

it Zero Manufacturing Co.
March 28 filed 200,000 shares of common

stock, of which

125,0C0 shares are being issued and sold by the company
and 75,000 shares are being sold by certain stockholders.

Proceeds—$250,000 will be used for the construction of
new
33,600^ square foot + industrial building in Bur-

a

bank, Calif.j $250,000 for the purchase and installation
of new machinery and equipment; $150,000 for further

Wallson

Ass^uiates, Inc. (4/4-8)
Feb. 26 (letter of notification) 75,000 shares of common
stock (par lb cents).
Price—$4 per share. Proceeds—
To discharge indebtedness, for development of additional
proprietary products for the semi-conductor electronics
industry, and for general corporate purposes. Office—

research; .and

development in the modular container
field; and the balance will be added to working capital.
Office—1121
—Shields &

Chestnut St., Burbank, Calif. Underwriter
Co., New York.
'
1
,

912 Westfield

•

Ave., Elizabeth, N. J. Underwriters—Rus¬
Saxe, and First Broad Street Corp., New York.

&

sell

Prospective Offerings

Waters

Manufacturing, Inc. (4/5)
(letter of notification) 60,000 shares of common
stock (par $1) of which 20,000 shares are to be offered
by Robert A. Waters, President and the balance by the
company. Price—$5 per share. Proceeds—For working
capital. Office—533 Boston Post Road, Wayland, Mass.

American Cement Co.
March 14 it was announced that the
company will issue
up to a maximum of 422,030 common shares, which are
to be used in connection with the recent

Underwriter—Stroud & Co.,

and

Jan. 29

acquisitions by

the issuer of M. F.

Inc., Philadelphia, Pa.

ic Wefdotron Corp. (4/29)
March 23 (letter of notification) 66,666 shares of com¬
mon stock (par 10
cents). Price—$3 per share. Proceeds
—For general corporate purposes.
Office—841 Frelinghuysen Ave., "Newark 12, N. J. Underwriters—Arnold
Malkan

&

Co., Inc. and Street & Co., Inc., New York,
,

N.

Y.

Jan.

29

Price

Industries Corp.
(4/11-15)
300,000 shares of common stock and

filed

for

rants

—

the

To

be

war¬

purchase of an additional 100,000 shares.
supplied by amendment.
Proceeds
—

$350,876 will be used to retire certain

debts, with the

remainder to

be used for
construction, equipment, and
working capital.
Office—6505 Wilshire Boulevard, Los
Angeles, Calif.
Underwriter—A. T. Brod & Co., New
York City.
"A

West Penn Electric Co. (4/12)
March 4 filed 300,000 shares of common stock.
Proceeds
—To purchase about $5,000,000 of
additional
common

stock

from the

Monangahela Power Co., to retire West
Penn Traction Co. bonds
maturing June 1, and for gen¬
eral

corporate purposes.

Underwriters—

To

be

deter¬

mined

by competitive bidding. Probable bidders: Carl
M. Loeb, Rhoades &
Co., W. C. Langley & Co., and
Lehman Brothers.
Bids—Expected to be received on
April 12, up to 3:45 p.m. (EST).

• West Virginia Pulp & Paper Co. V
March 29 filed 250,000 shares of common
offered

pursuant

Office—New
•

Western

to

York

the

company's

City.

Stock

stock

to

be

Option Plan.

,

March 1 filed 200,000 shares of capital stock
be offered for subscription
by holders of
shares of such

stock

of

record

March

(par $1), to

outstanding

30; rights to

ex¬

pire on April 18. Price—$23.00 per share. Proceeds—For
general corporate purposes. Office—Los Angeles, Calif.
Underwriter—Merrill Lynch, Pierce, Fenner & Smith

Inc., New York City.

/

"

Western

Utilities

Corp.
(4/4-8)
125,000 shares of common stock (par $1).
Prices—To be supplied by amendment. Proceeds—To
re¬
pay recent bank borrowings aggregating $800,000 and
the
balance
will
be used to provide; additional
working
capital. Office — 300 Montgomery St., San Francisco,
Calif.

Underwriter—Dean Witter & Co., San Francisco

and New

York;.:' A'.v;

Graham

*?

X/'i

•.

Hickey & Co. Inc. of New York City
Brothers, Inc., of Los Angeles.

American Fletcher National Bank & Trust Co.
March 17 the/bank held a
special, meeting to authorize

226,604 additional shares of its capital stock (par $10)
which are being offered to holders of record March 16 at
the rate of one new share for each three
owned; rights
will expire April 4,
(CDT). Price—$38.50 per share. Pro¬
ceeds—To increase capital and
surplus. Office—Indian¬

apolis, Ind. Underwriters—Merrill Lynch, Pierce, Fenner
& Smith Inc.,
Paine, Webber, Jackson & Curtis, and the
First

Boston

Corp.,

Corp.,

Collett &
Share Corp. all of

all of New York; Citv. Securities
Co*, Inc. and Indianapolis Bond &
Indianapolis, Ind.,*' '
•

•

Arco Electronics
March
2
it
was

.

reported

„f

,

*

,

early April this
to
file
approximately $500,000
Underwriter—Michael G. Kletz & Co.,
New York City.
'V /
• •• '■ -•
a,.:
that

in

company
is expected
of common stock.
of

Baltimore Gas & Electric Coi
March 3 it was announced
by J. Theodore Wolfe, Presi¬
dent, that the company plans record construction expen¬
ditures of
$50,000,000

during 'I960,

through the

probably

sale of first
mortgage bonds:
pected during the first half of 1960.
•

Bank

of

financed

Offering—Ex¬
•;

"

'

California

March 29 this bank
authorized the sale of 256,930 addi¬
tional shares of
capital stock (par $10), being offered to

shareholders of

record March 29 at the rate of one new
share for each five
shares then held; rights expire April
19 at 3:00
p.m. (PST).

To increase

Airlines, Inc.

March 1 filed

shares of

Price—$2

at

Inc.- (4/11-15)

85,000 shares of common stock and $500 000
of 6% subordinated debentures, due 1977, with warrants'
for the purchase of 10,000 additional: common shares at

mon

be obtained. Proceeds—To selling
Office—602
Florida Bldg.,
Jacksonville,

stockholders.

Office—Orange, N. J. Un¬

of capital stock,
in units of $100 of debentures
and two
shares. Price—To be supplied by amendment.
Underwriter—Lehman Brothers, New York
City.

be

($100

prices which

Sheldon

debentures, due 1975, and 120,000 shares

to

stock

or

Financial
filed

30

Inc.,

Marion

in the over-the-counter

Laboratories,

Whitmoyer

Jan. 28 filed

March 28 filed

Corp.
March 29 filed 31,361 shares of 4V2%

derwriter—Darius, Inc., New York CityMarch

Inc.

10, N. Y. Underwriter—S. Schramm & Co.,
York, N. Y., has withdrawn as underwriter.

Universal

equipment, advertising, and other

purposes.

'

,

Fabricators,

Bronx

director, at $2.50 per share and the remainder is to be
publicly offered. Price—To be supplied by amendment.
general

Co., Inc., New York and

(letter of notification) 60,000 shares of common
(par $1)/ Price —$5 per share. , Proceeds—For
general corporate purposes. Office—1827 Boone Avenue,

Wells

Carbide

New York..

.

&

stock

York, N. Y.

ic Union

G. Becker

,

Universal

• Uris

(4/11-15)

filed 350,000 shares of common stock
(par $1).
Price—To
be
supplied by amendment.
Proceeds—To

March

capital stock

Feb. 29

Feb. 24

one

of common

Thursday, March 31, I960

.

120,000 shares of

per

company's

of

Corp.,

shares

200,000

Underwriter—A.

•

Bridgeville, Pa.

Steel

Price—To be supplied by amendment. Pro¬
be added to the company's current funds.

or

of

America, Inc. (4/4-8)
March 16 (letter of notification) 200,000 shares of com¬
mon stock
(par 10 cents). Price—$1.50 per share. Pro¬
ceeds—For engineering, design, advertising and working
capital. Office—1060 Broad St., Newark 2, N. J. Under¬
writer—Pearson, Murphy & Co., Inc., New York, N. Y.
Feb.

filed

1

(par $1).
ceeds—To

New

150,000 shares of

Price—$4

issuer's

March

,

.

.

'■*

'

Universal-Cyclops

Chicago.

130,000 shares of com¬
(oar $1). Price—$2.30 per share. Proceeds
—To purchase additional equipment and
machinery, in¬
stock

mon

-

1P

■

Underwriter—Milton D. Blauner &

Underwriter—A.

,

.

it University Associates
March 29 filed $735,000 of limited partnership interests,
to be offered in units. Price—$5,000 per unit. Office-

Co., Inc., N. Y. C. ;

Md.

'

$25,000,000 of sinking fund debentures due
1985. Price—To be supplied by amendment. Proceeds
To repay bank loans and for general corporate PU1P0®
•
Underwriter—Eastman, Dillon, Union Securities ac u
New York.
Office—55 W. 44th Street, New York City.

Corp.

1970.

"Proceeds—To

(4/13)* ' \ '

March 7 filed

(4/25)
March 21 filed $1,000,000 of 61/2% convertible subordin¬
ate

S. Plywood Corp.

U.

Underwriter—C. E. Stoltz &

...

. . .

Price—$40

capital and surplus.

March

4

it

was

issue and sell

announced

that

share. Proceeds—

per

Underwriter—Blyth &

Co., Inc., San Francisco, Calif.
.California Electric Power Co.

•

' 1..

(5/10)

.

plans tc
mortgage bonds. Pro¬

the

company

$12,000,000 of first
ceeds—To apply the
major portion of the
the sale to
repayment of bank

proceeds froff
are ex¬

'loans*?. which

pected to amount to about
$10,000,000 at the time of
nancing, the balance of the proceeds will be applied
the

ft
t£

company's construction program; Underwriter—lc
be determined
by competitive bidding. - Probable ■bid¬
ders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & 95
White, Weld & Co. Bids—Expected'to be received UP 1
9

O

a-m.
(PST) on Tuesday, May 10,in: the v off ices 0
Melveny & Myers, Room
900, 433 South Spring Street
Angeles 18, Calif,
f >:.J-

Los

Number 5938

Volume 191

.

.

.

The Commercial and Financial Chronicle
'

•

(1425)
•,

<

•

'

49

(«»
I

Columbia Gas System, Inc.
^
i
n it was announced that further debt financing
tinned for later in the year. Underwriter—To be defrmined by competitive bidding. Probable bidders: Hai¬
ti Stuart & Co.,.Inc., Merrill Lynch, Pierce, Fenner &
cmlth Inc., and White, Weld &. Co. (jointly); Morgan
cSnlev & Co.; Lehman Brothers., Eastman Dillon, Union

Hayes Aircraft Corp.

•

Feb. 12 it
bentures

was

few months.
writer

reported that

issue of convertible de¬

an

and may

occur

Office—Birmingham, Ala.

in the next

Possible Under¬

Sterne, Agee & Leach, Birmingham, Ala.

^WaS- repa?'t®d tha* this

March

& Co., New

new

Power Co.

Consumers

4

.

reported that this company is planning
to raise new funds probably from the sale of first mort¬
gage bonds and debentures. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Morgan. Stanley. & Co.; White, Weld
& Co and Shields & Co. (jointly); First Boston Corp.and Harriman Ripley & Co.1'(jointly).
/ ' ";
•

Inc.

Deckert Dynamics,

stock

mon

Proceeds

Last August's offering of
$25,000,000 of 4%%
nrst mortgage bonds was
headed by Lehman Brothers
Eastman Dillon, Union Securities
& Co. and Salomon
Bros. & Hutzler. Office — Electric

Building, Houston,

★ Idaho Power Co.
March
1990.

;

lon,

March

Florida

March

Power
it

&

Ford

was

Motor

March 28 it

in the

tration

of

the

was

reported

supplement money to be ob¬
loans, to acquire the $10,1960 construction.

that

was

30-year

Underwriter

—

Office—

is

expected

To

be

&

•

of

the company is contem¬
in registration of 17,000 shares of
About 66% of the issue will be sold

stock.

Co.

a

Bids—Expected

to

be

'-'■•A

bidding.
Morgan

received

on

or

^

*

announced

Utah

Power Fi-;

Transmission Co.

York.

& Hutzler

holders

March

Telephone Co. (6/7)

directors authorized the

24

debenture

issue

dated

not more than 40 years.

shares

sale of a $45,000,000

1, 1960, with maturity in
Proceeds—The funds are needed

June

Co> and White, Weld & Co.

(jointly).

for July 5, 1960.
July

7.

end

3.

Proceeds—For expansion

Co., Torrance, Calif.
HarvAv r^S°rSd late last Year that this firm—the old
finanoLJi 3,ne Co* —is Planning its ..initial public
Co trl
°.r
e Spring. Underwriters—Kuhn, Loeb &
,

to

be

new

additional

share-1'

common'

share for each

15 shares'

it

30

was

reported

(6/7)

that

the

*

plans to

company

and sell

Probable

bidders;

Halsey,

Stuart

&

Co.

Inc.;

Kidder,

Peabody & Co.; Eastman Dillon, Union Securities & Co.;

Equitable

Securities

Scheduled

of business ana

^orwalk,. Conn,
& Co, New York.

competitive bidding. Probab

(jointly).

$12,000,000 of refunding mortgage bonds.
Underwriter—To be determined by competitive bidding.
issue

for

June

Corp.
3

Information. :Meeting t

in New York

at

11

a.

m.

»—

Bids

—Expected to be received up to 11:30 a. m. on June 7.
Wisconsin Telephone Co.

Gas &

determined by

of New York City

March

file
the

Electric Corp.
March 1 it was stated in the company s annual report
that the company has filed an application with the New
York State Public Service Commission for
the right
to issue $10,000,000 of new. preferred stock. Underwriter
+ Rochester

^IrtrVey A*umi|u«*i

Anth«"y & R. L. Day, both

of April.

general corporate purposes. Office.
Underwriter—Myron A. Lomasney

—

one

if Washington Gas Light Co.

...

reported that the company plans to
undetermined amount of common stock around

an

Bids—

Registration

Co.

March 30 it was

In-

the basis of

139,988

—

•

if NorwaCk

purchase

Virginia Electric & Power Co. (9/13)
Feb. 5 it was reported that approximately $25,000,000
first mortgage bonds will be offered for sale. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Salomon
Bros. & Hutzler; White, Weld & Co.; Eastman Dillon,
Union Securities
& Co.; Stone & Webster Securities'
Corp. Bids—Expected to be received on Sept. 13.

to put into effect
such
customer dialing
of long distant calls. Underwriter—To be determined
by
competitive
bidding.
Probable bidders: Halsey,
Stuart & Co, Inc.; The First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.
Bids—Expected to be opened on or abput June 7.

of preferred stock (par $100).
Prr!ku^rite.r—ke determined by competitive bidding.
in»?
bidders: Harriman Ripley & Co.; Eastman DiltrUnion Securities & Co., and Salomon Bros. &
PpIk J (Jointly); Equitable Securities Corp.; Kidder,

rights to

on

& Co.

e

strong demand for service and
service improvements as direct

(7/7)

■■•''xw-'V'

reported that the bank is offering

was

11;' rights expire April 8. Price—
$43 per share.
Proceeds — For expansion.
Office —
Phoenix, Ariz. Underwriters—William R. Staats & Co.
of Los Angeles, Calif, (managing the books), and Blyth

to meet

was announced that the company plans regis-

reported

held of record March

of

^ Northwestern Bell

was

Valley National Bank

reported

was

$6,495,000

Power & Light

it

3

March 15 it

that the railroad plans the
equipment trust certificates on
April 5 up to 12 noon EST. Probable bidders: Halsey,
Stuart & Co. Inc.; and Salomon Bros & Hutzler.
it

16

of

reported that this company plans the sale
securities in the amount of approximately

was

Co.
that toward the end of this
year there is expected to
be some financing by this,
company of about $25 million of bonds and
common'
stock.
Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Blyth & Co. and First Boston Corp. (jointly); White,
Weld & Co.; Stone & Webster Securities Corp. (jointly);
Salomon Bros. & Hutzler; Kidder, Peabody & Co.; East¬
man Dillon, Union
Securities & Co. and Smith Barney
& Co. (jointly); Lehman Bros.; Bear, Stearns & Co.

(4/5)

Northern Pacific RR.

Eastern

senior

Feb.

Halsey, Stuart & Co. Inc.; Kuhn, Loeb

Co., Lehman Brothers and Salomon Bros.

sale

3.

Of nIw
Yolk
 gG)ityI?d Tueker'


20

Texas

$5,000,000 of first mortgage bonds, due in 1990.

of

March

tt«2°^ °? 50>°00 shares

It

&

Securities & Co, and Lazard Freres & Co.
nancing Officer: G. O. Wessenauer.

The

(jointly); Equitable Securities Corp.; First Boston Corp.;
Lynch, Pierce, Fenner & Smith Inc.; Eastman
Dillon, Union Securities & Co. and White, Weld & Co.
(jointly). Bids—Expected to be received on July 19.

formation Meetings—Scheduled for
July 5, 1960. Bids—
Expected to be received on July 7.
Registration —

Scheduled for June

Co. (8/9)
.recommended

company

Valley Authority (7/1)
that, pursuant to August, 1959, au¬
thorization from Congress to have $750,000,000 of rev¬
enue bonds outstanding at any one time, it plans its
first;
public offering, expected to be about $50,000,000, for
July 1, 1960. Probable bidders: First Boston Corp. (man¬
aging), Salomon Bros. & Hutzler; Eastman Dillon, Union"

announced that the company expects to

Probable bidders:

Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly); Blyth & Co., Inc.; Merrill Lynch, Pierce, Fenner &
smith Inc.; Salomon Bros. &
Hutzler, and Drexel & Co.
(jointly); Eastman Dillon, Union Securities & Co. In¬

on

this

Tennessee

Jan.

Underwriter—To be -determined by competitive bidding.

Union-

bonds. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; The First Boston Corp.; Equitable Securities Corp.;,

received

Telephone

of

,about Aug. 9.

Jersey Power & Light Company (7/19)
Feb. 17 it was reported that this utility is planning the

year

be

Bell

directors

Underwriter—To be determined by competitive
Probable bidders: Halsey, Stuart & Co. Inc.;

New

Co.;

Pv?0a i<? Meeting—Scheduled

28

Stanley

Underwriter—Van Alstyne, Noel & Co., New

by

determined

.

C.

$100,000,000 debenture issue, subject to approval V)?y.
regulatory authorities. Proceeds—To finance an expap,?,
sion and improvement program over the riext five
yea^s*

for the company's account and the remaining 34% bal¬
ance will be sold for the account of a selling stockholder.

plans regis¬
first mortgage bonds

company

Power Co.
(7/7)
L
Dec. 9 it was announced that the
company plans regis¬
tration with the SEC of $5,000,000 first mortgage 30-

&

A.

—

$30,000,000, sometime in the second quarter of the year.
Underwriter—Dillon, Read & Co, New York City.

common

Gulf

tt

reported that $11,000,000 in new financing
Spring of this year, of an undeter-

Underwriters

type.

March

plating the placing

Information Meeting—Scheduled for Oct. 31.

^

was

if Southwestern

registration

'

,

Allyn & Co, and
Snow, Sweeney & Co, both of New York City.

Merrill

+J

(6/2)

Nedick's Stores, Inc.
Nov. 12 it was reported that

Nov. 3.

Gulf p°wer Co.

Generating Co.

announced that this company plans regis¬
the SEC of $40,000,000 of 30-year first

March 2 it

sale

Scheduled for June

Electric

expansion. Office — 198 Broadway, New York
City. Underwriter—R. F. Dowd & Co., Inc., 39 Broad¬
way, New York City.

Equitable Securities
Securities & Co.
(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Registration—Sched¬
uled for Sept. -26.
Bids—Expected to be received - on

Inc.; Morgan Stanley &
Corp., and Eastman Dillon,

to

with

mined

—For

Probable bidders: Halsey, Stuart &

Co.

?.>;■

$30,000,000 issue of series L mortgage
underwriters in January, 1960, an addi¬

is planned for the late

offering will consist of 76,000 common shares. Proceeds

(11/3)

$12,000,000 of

v

the

was

Feb. 5 it

Mohawk Insurance Co.

March 16 it

sold

Co.

the company's annual report

Southern Union Gas Co.

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc. and Blyth & Co.

company

besides

Edison

stated in

was

Registration—Scheduled for April 29.
bonds

register its first public offering in a few weeks.

that the

Se¬

Registration—Imminent.

Sutherland Dows stated that

,

mortgage bonds.
Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch,
Pierce, Fenner & Smith Inc.,
and Blyth & Co, Inc.
(jointly); Morgan Stanley & Co.;
White, Weld & Co. and Kidder, Peabody & Co. (jointly);
Eastman Dillon, Union Securities &
Co.; Equitable Secu¬
rities Corp, and
Drexel & Co. (jointly); The First
Boston Corp. Information Meeting—Scheduled for
May
31, 1960. Bids—Expected to be received on June 2.

11 it was reported that this company plans to
approximately $30,000,000 of pipeline bonds some¬
time in May. Underwriter—To be determined by com¬

reported that this company is develop¬

competitive bidding.

it

California

it

15

tration

sell

(jointly).

announced

Southern

Southern

from temporary bank

20

'

'

bonds, the timing of which will be subject to market

Dec. 9 it

Light & Power Co.

President

Electric & Gas Co.

$51,000,000 will be needed to complete its esti-,
mated $120,000,000 construction program for 1960. This
financing is dependent upon market condition, and will
probably be some type of debt security.
/

March

Co. (jointly); Lehman

was

SEC.

Equitable

Michigan Wisconsin Pipeline Co.

reported that a stock offering is planned.
Underwriter—Bache & Co., New York.

with

(jointly);

Lynch,

tional

Registration—Imminent.

Forest City Investment Co.

was

•

Office—Maspeth, Queens, L. L, N. Y. Underwriter—First
Philadelphia Corp., 40 Exchange Place, New York City.

Co.

Georgia Power Co.

Co.

Merrill

25, S. C. McMeekin, President, informed this,
of plans to sell an undetermined principal amount

March

$175,000 of convertible debentures and 55,000 shares
of common stock. Price—To be supplied by amendment.
Proceeds—For the expansion of maufacturing facilities.

this year. Office—Detroit, Mich."

Dec. 9 it

1st mortgage bonds due
expenditures, etc. Under¬

—

and Harriman Ripley & Co.:

placed privately.

of

ing plans for borrowing operations, which may include
the issuance of debt securities, and possibly occur later

March 16 it

to

secondary offering might

Proceeds—To repay bank loans incurred for
current construction program. Previous issues have been

;!• Kenrich Petrochemicals, Inc.

Light Co.

Credit

was

&

000,000 required to finance
Cedar Rapids, Iowa.

bidding.

reported that the

EEectric

11

tained

will need
about $25,000,000 of new money. The nature of the secu¬
rities to be issued has not as yet been determined.
15

Securities

would be sold in order to

Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.
and Merrill Lynch, Pierce, Fenner & Smith Inq. (joint¬
ly); First Boston Corp.; Eastman Dillon, Union Securi¬
Brothers and Blyth & Co.

of

Corp.

Iowa

that ,$25,000;00d- of first mort¬

ties & Co. and Harriman Ripley &

plans

company

a

Underwriters

conditions.

was reported that the
company is planning
register 75,000 shares of common stpek. Proceeds—
For general corporate purposes. Underwriter—Lee Hig-

Jan.

competitive

by

Union

reported that

summer.

South Carolina

paper

Ionics, Inc.

Power Corp.

determined

of

capital

the

determined

ginson Corp., New York.

bonds will be sold by this utility, possibly

•

March

to

fourth quarter of this year. Proceeds — For new con¬
struction and repayment of bank loaris. Undettorittei^To
be

be

was

this

Inc., both of New York City.

March. 16 it

.approved > proposal to increase
company's number of authorized preferred shares to

March 10 it was reported

that

$15,000,000

To

—

curities

Equitable Gas Co.

300,000 from 100,000 and to issue a new non-convertible
preferred series. Proceeds—To be used to repay ap¬
proximately $5,000,000 in short-term bank loans and to
help finance 1960 construction. Office — Eoulevard of
the Allies, Pittsburgh, Pa.. •'

made

bonds

reported

by competitive bidding.
bidders: Halsey, Stuart & Co.
Inc.; Blyth &
Co., Inc., Lazard Freres & Co. and The First Boston
Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly); Salomon Bros. & Hutzler and Eastman Dil¬

March 16 stockholders

gage

was

sell

Probable

it was

Florida

it

(Proceeds—For

writer

y
reported that this company is planning
financing sometime in the Spring. Office — Beverly
Hills, Calif. Underwriter—Bache;& Co. of New York
City and Beverly Hills, Calif.

the

30

and

-issue

York City.

3

be

that

Electrada Corp.

Feb.

Studies to determine the nature and
timing
of additional securities
are
presently

issuance

under way.

Underwriter—Plymouth Securities Corp.,

Pa.

Palmyra,
New

are

For

—

the

Schlitz & Co.

March 11 it

that it

bank loans.
ot

was

money

year s

announced that 100,000 shares of com¬
expected ;to~ be filed in early May.
general corporate purposes. - Office —

March 16 it was

it

(Jos.)

Pierce, Fenner & Smith Inc.

Power Co.

announced in
the-company's, annual
anticipates approximately $35 million in
will be required in 1960 to
support the
construction program, and to
repay outstanding

report

nn

March 2 it was

22

.

.

t

Houston Lighting &

Halsey, Stuart; & Co. Inc.; Kidder, Peabody;
& Co, White Weld & Co. and Shields & Co.
(jointly);
Kuhn, Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Dillon, Union Securities & Co.* and Equitable Securities
Corp. (jointly); Blyth & Co., Inc.; The First Boston
Corp.
;
■ './■>.
.
,
..v .

company is consider-

financing. Underwriter—Burnham

York

I

.

bidders:

x

Henderson Portion
Pack, Inc.

and Goldman, Sachs & Co. (jointly).

Commercial Batik of Worth America
/
,
March 21 stockholders approved 42,023 capital shares
/bar $5) being offered on the basis of one new share for
inch 12 shares held of record March 29; rights to expire^
April 14 at 3:00 pan. (EST). - Price—$24 per share.
Proceeds—To increase capital and surplus. Underwriters
Tee Higginson Corpv .Francis I. duPont & Co., E. F.
Hutton & Co. and Allen & Co., all of New York.

/

being discussed

is

■

Securities & Co.,

j

March
sale

of

2

it

was

reported

(5/10)

that this

company

plans the

$20,000,000 of debentures. Underwriter—To be
by competitive bidding. Probable bidders:

determined

.

Halsey, Stuart & Co. Inc.; First Boston Corp.; Morgan
Stanley & Co. Bids—Expected to be received on May 10.

^

"

.*•

.

1

•

;•

-

latest week

..

Business Activity

week

AND STEEL INSTITUTE:
operations (per cent capacity)

Equivalent to—
ingots and castings

Steel

2

^

Ago

*91.1

§2,'527,000 ' "

•

»2;597,000

2,645,000

93.2

92.8

2,638,000

«

of

ii—1—

Kerosene

output

Distillate

fuel oil output

Residual fuel oil

7,049,060
7,782,000

>8,081,000

7,203,270
8,082,000

,1 27,712,000

27,642,000

28,518,000

28,592,000

2,099,000

1,902,000
14,507,000

output

—

2,511,000

2,476,000

12,874,000

12,149,000

Mar. 18

—

(bbls.)
(bbls.)

7,025,000

7,477,000

12,619,000
6,785,000

224,464,000

Mar. 18

—

221,125,000

212,942,000

212,139,000
18,333,000

>

Mar. 18

terminals, in transit, in pipe lines—
(bbls.) at
Mar. )8
Kerosene
Mar. 18
Distillate fuel oil (bbls.) at
Mar. 18
Residual fuel oil (bbls.) at
Mar. 18
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of cars)
Mar. 19
Revenue freight received from connections (no. of cars)—Mar. 19
unfinished gasoline
(bbls.) at
:

and

CONSTRUCTION

ENGINEERING

CIVIL

!

construction

Public

Mar. 24
Mar. 24
Mar. 24
Mar. 24
Mar. 24

construction

Private

and municipal

State

Federal

OF MINES):
Bituminous coal and lignite (tons)
Pennsylvania anthracite (tons).,
AVERAGE

SYSTEM—1947-49

Mar. 19

Mar. 19

INDEX—FEDERAL RESERVE

DEPARTMENT STORE SALES

=

INDUSTRIAL)

—

DUN A
.

BRADSTREET,

COMPOSITE PRICES:
(per lb.)

AGE

581,477

560,230

571,625

603,885

552,600

542,659

541,174

567,142

240,100,000

180,900,000

$307,800,000
202,200,000

213,400,000

193,200,000

100,200,000

90,100,000

93,000,000

15,500,000

38,300,000

(E.

Electrolytic

M.

A

(St.

Louis)

12,709,000

6.196c

$33.33

$33.50

$37.17

$40.50

30.650c

12.000c

•

>

11.500c

PRICES
Government Bonds

DAILY

_

11.800c

11.300c

13.500c

13.500c

11.500c

INC.—Month

13.000c

13.000c

13.000c

26.000c

26.000c

> ' 26.000c

24.700c

100.500c

101.500c

82.81

85.07

84.04

Mar.,29

85.59

Mar. 29

89.64

89.37

88.27

93.82

87.99

87.45

86.51

92.20

84.55

84.43

83.40

90.06

Group,.

80.08,

79.49

78.55

82.52

82.03

AVERAGES:

85.33

84.04

89.78

87.59

87.45

86.11

91.91

...4.08

3.96

4.28

3.90

4.74

4.78

4.86

4.41

4.44

4.46

4.54

4.15

Mar. 29

Bonds

j

Mar. 29

Mar. 29

4.56

4.60

4.67

4.82

4.83

4.91

5.18

5.23

5.31

4.82

Mar. £9

4.95

4.98

5.02

Group.

4.71

4.76

4.86

4.43

4.59-

4.60

4.70

4.28

375.8

370.0

v

*

Mar. 19

.

(tons) at end of

279,776
306,218

■^'•329,793

94
;

96

440,962

111.12

—

«

.

sales

Total

transactions Initiated off the

Other

Total

floor—

Durable

Nondurable

transactions initiated on the

Total

Durable

Total

2,126,710

1,569,900

1,812,410

2,584,620

2,508,290

1,946,970

2,153,990

3,212,680

395,680

358,800

283,250

555,610
v.

41,200

84,700
284,420

,

NEW

536,950

44,900

CROP

724,455

894,279

transactions for account of

102,810

100,750

153,560

135,130

Other

>

723,323

924,700

697,230

545,118

800,040

645,868

876,883

1,059,830

Mar.

.

3,655,695

2,926,570

3,010,795

4,691,999

w.

shares

808,090

Total

round-lot

Short

519,020

2,820,153

4,001,370

3,801,470

2,999,508

3,399,993

4,809,460

OF MEMBERS

Late

2,000,156

1,569,262

2,037,091

$77,680,054

$98,302,082

2,313,987

All

1,648,132

1,232,207
10,610

17,396

1,347,468
15,553

"

2,117,527

Leans,

9,755

1,221,597

1,331,915

$79,320,887

$108,954,498

Mar.

419,270

265,300

295,720

562,140

419,270

265,300

295,720

562,140

Mar.

716,730

622,000

,891,630

Peas,

2,107,772

$65,384,666

784,900

_

1:

—!

85,530

85,759

13,431
Uo3

12,817

—

'1,726

.

12,148

11,091

16,990

16,386

—

3,482

3,469

—

1

36,141

34,273

v

1,607

-1,611

—

:

19,886

19,800

1

1

26-

28

139

146

;;

;_
and

27

21

—

115

117

Fall

1.110

1,125

1,416

1,438

286

242

1,154
1.557

1,156

dry edible
dry field

r"

:___

1,536

318

316

'Soybeans

'

23,178

24,667

Peanuts

1,653

1,613

69,404

69,088

Sugar beets
SELECTED

946

981

RYS.

U.

INCOME

ITEMS OF U.

(Interstate Commerce

S.

CLASS

I

Commission)—

Month of December:

Net

railway

Other

—,,Mar.
Mar.

Mar.

735,370

666,320

753,950

12,302,190

13,651,930

20,969,810

16,826,370

12,968,510

14,405,880

21,873,110

income

Income

Other
-•

Net

income,
;

____.

60,895,798

137,975,197

deductions

available

for

fixed

income"—

from

lixed

8,861,993

charges-—

129,113,204
99,016,708

charges

deductions

4,192,441

income

94,824,267

Depreciation (way & structure &
equipment)

52,058,994

Federal

.Mar. 22
._Mar. 22

120.0

119.3

*90.3

87.3

90.3

107.2

*107.1

105.9

107.0

_Mar. 22

96.8

96.4

.92.4

income taxes—
Dividend appropriations:

119.3

90.9

_Mar. 22

1—

120.1

98.6

Mar. 22

128.7

128.7

128.6

On
-

127.8

common

On preferred stock
Ratio of income to fixed

where freight from East St. Louis exceeds

RECT

23,521,433

stock—

TREASURY MARKET

annual capacity of 148,570,970 tons
not reported since .introduction-of

j

^

22,293,333

~Z~

__-

~"

TRANSACTIONS IN

AND ' GUARANTEED

„

,

-—^—

.

3,278r4a0
.

,.4.29

,

„

75,973,373
.6,989,307
v

$77,309,671
60,935.331
138.245,052 10,904,982
127,340,070

95,807,517
7,/09.550

88,097,967
50,634,888
22,606,837
64,543,829
681,360
4.04

2.42

DI¬

SECURITIES
* '
^

'

purchases

*;

charges,""I}""""

»;-.,-OF..U. S. A.—rlvjonth' of
February:
Net sales.
Net

$56,366,054
25,121,239
81,487,293
5,119,781
76,367,512
44,866,430
4,213,957
40,652,473
51,699,944
13,221,464

$77,079,399

:

income

Income-after
'»

S. DEPT. OF

operating

Miscellaneous

903,300

16,091,000

^Includes 921,000 barrels of foreign crude runs. JBased on new
as of Jan. 1, 1960 as against Jan. 1, 1959 basis of 147,633,670 tens.
tNumber of orders
Monthly Investment Plan. fPrime Western Zinc sold on delivered basis at centers
a

,-£46,336,030

ACREAGES

'

Summer

Total

**

,

-

commodities other than farm and foods.

one-half cent
pound.



£35,970,000

S.V

Sweetpotatoes

(SHARES):

PRICES, NEW SERIES
(1947-49 = 100):

figure.

103

Total

$118,922,621
-

$57,503,598

shares—

products

•Revised

102

111

£42,252,000

February

Early Summer

1,630,736

.Mar.

—

Meats

—

March

of

wheat

Early Spring
Late Spring

.Mar.

sales—

foods

BOARD

Winter

$97,087,182

•111

BRITAIN

1960— U.

FOR

Sorghums for all purposes

—

Processed

1.98

Mar.

Commodity GroupAll commodities
Farm

GREAT

LTD.—Month of

PLANTING

Potatoes:

.Mar.

sales

LABOR

2.36-

112

Hay

sales

WHOLESALE

IN

—

2,480,488

—

_

$2.20

2.05

110

:

534,290

STOCK

Total sales

►

>

Tobacco

,

purchases by dealers— Number of

Other

40.3

*2.46

2.45

2.05,'

—

_______

3,267,180

Mar.

ACCOUNT

•

40.0

39.4

Feb1.:

•——

"

Rice

SALES ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS

FOR

RESERVE
of

.

.Mar.

sales

•

*>.4
$2.29

v

.

78.01^

*41.0

-

$2.28c

r..

:

Barley

579,840

Mar.

shares—Total sales.

ROUND-LOT

FEDERAL

—

'—'.

Mar.

sales

Other

<40.5

2
'<■

spring

Oats

Mar.

value

Rnund-lot

*40.3

39.9

'

—.__

Mar.

Round-lot sales by dealers—

TOTAL

*"

•

39.0

_i—

—

Flaxseed

members—

by dealers (customers' sales)—
Number of orders—Customers' total sales.
Customers' short sales
Customers' other sales

Short

BANK

Durum

Mar.

Odd-lot purchases

of

;/

-

———

spring

646,780

Mar.

value

Number

'■

_—

REPORTING

all

730,305

ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND
SPECIALISTS ON N. Y. STOCK
|
EXCHANGE — SECURITIES EXCHANGE COMMISSION
Odd-lot sales by dealers (customers' purchases)—>t
Mar.

Dollar

95.11

*80.77

,-r,
/.

■

..

•

_

THOUSANDS—As

IN

Corn,

Mar.

sales

of

$88.00

*100.86

79.95

.

ISSUES

CAPITAL

Mar.

sales

Number

*$92.29

99.23

———_—

THE

OF

MIDLAND

STOCK TRANSACTIONS FOR

Dollar

goods

PROSPECTIVE

492,050

369,120

sales

Other

Total

628,060

406,670

—

purchases

Short

341,580

365,470

.

round-lot

437.2

goods v_—;

ERNORS

All

sales

Total

8,743,00)

457.2

456.6

■

—

goods

Seasonally adjusted
Unadjusted

0

49,900

sales

Total

377,070

493,140

sales

Other

1,920,990

381,580

443,240

floor-

purchases

Short

2,529,710

Mar.

Mar.'

.

sales

Total

17,642,000

9,144,000

—_———

..

Hourly earnings—
All manufacturing

3,242,110

2,003,090

.Mar.

sales

Other

20,388,000

.17,678,000

9,131,000

:

goods

110.76,

.Mar.

sales

Other

20,065,000

17,665,000

--7-7

SYSTEM—1947-49=10(1—Month

.Mar.

purchases.

Short

goods.————
7

v

•

Mar.
Mar.
Mar.

sales

sales

20,072,000

INDUSTRIAL PRODUCTION—BOARD OF GOV-

purchases

Other

11,435,323

14,506,638

$90.97
—-—i—

manufacturing

1

BEES, EXCEPT

Short

$897,000

(.DEPT. OF COMMERCE):

goods

Hours—

444,024

110.66

110.72

.Mar.,25

Transactions of specialists
Total

i'A $664,000

OF

manufacturing

Nondurable

94

459,954

94

441,526

TRANSACTIONS FOR ACCOUNT OF MEM-.-';
ODD-LOT DEALERS AND SPECIALISTS
in stocks in which registered— -

ROUND-I.GT
;

-.$718,000

•

COMMERCE):
(running bales)

15

Nondurable

PRICE INDEX-

omitted);—

(DElPT.

SPINNING

Durable

.

AVERAGE==1U0

1949

319,033

320,721

Mar. 19

peripd.

DRUG REPORTER

$387,100

LABOR—Month, of February:
All

389.8

*

298,087

292,018

302,307

Mar. 19

activity

OIL, PAINT AND

,

Mar. 19

(tons)

of

$961,600

Weekly earnings—

All

,

Unfilled orders

380.7

Mar. 29

—

INDEX.

PAPERBQARD ASSOCIATION:

Percentage

$420,000

'

,

Mar. 29

Group

Production

15,731

EARNINGS AND HOURS—WEEKLY
AVERAGE ESTIMATE —U. S.
DEPT. OF

4.52

Ml Mar. 29

Group

(tons)

j

FACTORY

4.41

Mar. 29

Mar. 29

Orders received

18,189

1

Spinning spindles in place on Feb. 27—
Spinning spindles active on Feb. 27—
•_
Active spindle hours (000's omitted I.Feb. 27
Active spindle hrs. for spindles in place Feb.

4.26

.Mar. 29

Aa

A

March

,To

COTTON

'

'

,—

NATIONAL

7-7-—-

88.54

85.98

A

COMMODITY

$58,592,0u0

■

GINNING

COTTON

84.55

82.90

Mar. 29

Group

Industrials

$53,671,000

14,669

February

of

of Feb. 29 -(000's

as

•

Mar. 29'

Average corporate

MOODY'S

4,547,000

$60,945,000

PAPER OUTSTANDING—FED¬
RESERVE BANK OF NEW YORK—

ERAL
•

Mar. 29

Group

Utilities

6,911,000

3,129,000

COMMERCIAL

90.06
■

*

Mar. 29

Public

7,363,000
22,32 (,00J

11,933,000

2,501,000

/

Baa

Railroad

6,274,000
15,951,000

10,770,000

——

85.59

84.63

A

U. S. Government

9,460,000

16,637,000

—_—

DIVIDENDS—PUBLICLY REPORTED BY
U
S. CORPORATIONS - U. S. D*,PT. OF
COMMERCE—Month of Feb. (000's onlitted)

102.750c

85.73

99.150c

_Mar.-29
i;

YIELD DAILY

$16,324,000

$21,527,000

2__.—-

'

CASH
-

Mar.-29

Utilities

1,161
$17,444,003

.

11.000c

Aa

Public

104

1,181

1,214

,

UNITED

13.500c

Mar. 23

Industrials

.

——

'

corporate

MOODY'S BOND

93

INCORPORATIONS (NEW) IN THE
STATES—DUN & bRADSTREET,

BUSINESS

11.800c

—

Railroad

164

103

liabilities

Total

11.800c

Mar. 23
Mar. 23
Mar. 23

at

AVERAGES:

582

193

29.750c

12.000Q

104

587

>

»

service liabilities

Mar. 23

—

Ills

liabilities

Construction

98

609
195

^

liabilities

Retail

31.500c

30..725C

30.175c

12.000c

32.675c

32.600c

'

number

Commercial

Mar. 23

;—_—

.

210

_____—_

' '

Mar. 23

at

85,789,46

403,680,14

:

Manufacturers' liabilities
Wholesale liabilities
_—____ 1

$66.41

32.600c

$483,469,60

66,910,118

361,654,183

-

—:—-—L--

——:

__.

"

"

(

.6.196c

$66.41

Mar. ,23

BOND

Average

'

Total

Mar. 23

$428,564,301

.

54,939,225

416,241,803

,

number ——a-——
number
1_.

Construction

297

277

$66.41

—..—

'.1

number
number ___—c

Manufacturing

Wholesale
Retail number

14,092,000

302

919,131

196

_____

_________

Commercial -service
286

125,336

20 334,334

BRADSTREET,

FAILURES—DUN &

BUSINESS

QUOTATIONS):

J.

manrcdelivered) at
Zinc (East St. Louis) at
Aluminum (primary pig. 99.5%)
Straits tin (New York) at
MOODY'S

14,109,000

$471,181,028

_________

City——_'—_______
New York City__——

York

INC.—Month of February:

'6.196c

(New

Lead

13,951,000

111

___———

United States——___——

Total
New

137

Mar..22

..

at

refinery

361,000

$66.41

refinery at
York) at

Export

*115

107

129

27

93,947,808

8,139,000
-

,6.136c

copper—

Domestic
Lead

___

40,500,000

7,400,000
389,000

7

82 225,441

,17,882,380
21,147,689

124,424,1461

Mountain

135,000,000

Mar."22

Pig

PRICES

380,000

77,829,654

56

'175,500,000

Mar. 22

_

METAL

*7,855,000

388,000

t H

846,030
865,513
533,378

62
>

23,555,980.

19,941,676

—._—l_r______.:__.:-.

1

8,720,000
;

90,851,161

j.

108

70,396,628

,74,344,911
•

$19 820,423

89,404,779
38,899,402

39,604,291:

*

71—_—i_—1;

Central
South Central

__—:

631

(inn

B
B
B

252,412,000

.$19,055,961

i' 76,480,495;-

_J_

East

Pacific

723,000-

5 $21,978,368

_________—

South Atlantic J

.179,900,000

576

—

___

Outside

Max*. .24

__

iron (per gross ton)
Scrap steel (per gross ton)

$374,100,000

INC.—215

—5—

338 711

DUN &
CITIES—Month

VALUATION

England .—
Middle Atlantic

Central

$274 669

336,723,000

229,105,000 "

February:■-

of

$340,517,000
-

.9,120,000

——-$1,239,700,000 $1,229,402,000 $1,160,869,000

——

—

BRADSTREET,

$355,400,000

105,600,000

175,100,000

$453,500,000

-

PERMIT

Ago

Hl^oS

i:—>

New

'

steel

Finished

S.

55,082,000

Mar. 26

AND

(COMMERCIAL
INC

FAILURES

U.

77,194,000

46,421,000

r

Mar. 19

100

(in 000 kwh.)

Electric output

Aaa

22,987,000
112,597,000

43,227,000

ELECTRIC INSTITUTE:

EDISON

IRON

20,536,000

91,176,000

40,991,000

S. BUREAU

(U.

OUTPUT

COAL

18,784.000
82,442,000
c

Total

BUILDING

Year

35,104,000 7 12
122,070,000 .; 122,954,0005 170
192,57*.000 >: 149,381,000

and shipped between

goods stored

foreign countries

7,239,000

West

construction

S.

,

on

336,485,000
rh:

exchange

Based

Month

$350,346,000

—_—

______—
———__

credits——

Domestic warehouse
Dollar

ENGINEERING

—

NEWS-RECORD:
Total U.

7,311,610

shipments

Domestic

7,116,010
117,857,000

Mar. 18

Stocks at refineries, bulk
Finished

Exports

*

Mar. 18

—Mar. 18

(bbls.)
(bbls.).

output

Gasoline

(bbla.

.

:—

imports
-

to

runs

of Feb. 29:

NEW YORK—As

OF

....

Previous

OUT¬
BANK

BANKERS'
DOLLAR
ACCEPTANCES
STANDING — FEDERAL RESERVE

i

each)—
stills—daily average (bbls.).

gallons

of that date:

Month

Year

Ago

—

42

either for the

are

are as

on

or

Month

§88.7

.

April *2'

.

(net tons)

PETROLEUM INSTITUTE:
oil and condensate output—daily average

AMERICAN

first column

shown

Latest

April

.

a

av,hUof >
quotation8)
month ended
that date, or, in v

Week

Week

IRON

Indicated Steel

production and other figures for the

L,,kt|„ns cover

*

month

or

Previous

Latest
AMERICAN

i

Jhe following statis ica

Indications of Current

Crude

Thursday, March 31, 1960

. . .

(1426)

.

Crude

Financial Chronicle

Commercial and

The
50

JTZ—1~" 1""

''

.

$22,992,ub0

-

Number 5938

191

Volume

The Commercial and Financial Chronicle

...

(1427)

wholesale in men's

STATE OF TRADE AND INDUSTRY
mained

at

prior

week

levels,

3.6% below the $6.19
corresponding date a year

level

was

of the
•

^Higher

wholesale cost this
week
were flour,
wheat, beef,
hams bellies, lard, cocoa, eggs and
potatoes. Lower in price were
oats, barley,
raisins, steers and
in

Flour

down moder¬

were

ately
this
week,
as
slower
domestic buying offset gains in

trading.

export

in

business

Sizable

flour

export

done

was

with

the United Arab Republic, Holland
and Cuba and negotiations were

pending for commitments to Viet¬
nam.

k°The

prices

■

& Bradstreet, Inc.j
Rice prices were steady this
Wholesale Food Price Index rep¬ week, reflecting strong buying
resents the sum total of the price and limited supplies. Good export
per pound of 31 raw food stuffs business
was
reported
with
and meat in general use. It is not Venezuela, Peru and Ceylon, Al¬
Dun

Its chief
general
whole¬

index.

cost-of-living

a

function is to show the
trend of food prices at the
sale

level.

Failures Down for Week

Business

March 34

Ended

Commercial and industrial fail¬

declined to 286 in the week
ended March 24 from 302 in the

ures

preceding week, reported Dun &
Bradstreet, Inc. This
downturn
*207

casualties slightly below

pushed
■

297 occurring last year and
considerably below the 327 in the

the

104

502
164

though sugar trading slackened
noticeably at the end of the week,
prices finished unchanged from a
earlier.

week

Coffee

trading
was
sluggish
most of the week, and

during

prices

remained

levels. There

in

crease

declined from

prior

at

was

cocoa

a

week

fractional de¬

prices

as

purchases

week earlier.

a

Wholesalers reported

appreciably at the end of the

rose

week.

in

A

fractional

steer

prices,

rise

and

occurred

purchases

week of 1958. Also, matched those of a week earlier.
18% fewer businesses failed than Trading
in
lambs
sagged
and
in pre-war 1939 when 350 were
prices were down fractionally.
recorded.

liabilities of
more fell to 255 from
with

Casualties

$5,000

or

previous week and 265

269 in the

Although

trading

the

New

York Cotton Exchange was

slug¬

on

gish this week, prices were up
fractionally. United States exports

pet

which

31

from

32

last

suffered liabilities in

cerns

33

a

year.

of the failing con¬

Twenty-eight
of

to

and

off

were

earlier

week

as compared with 29
preceding week.
The
toll ; among
retailers

$100,000

123 from 142,
construction
contractors,
dropped to

current

season

exports

came

among

ing increases prevailed
climbed

in manu¬
'casualties

to

63

from

47, and
slightly to

in
34

wholesaling, ;up
from 29. Mortality exceeded 1959
levels in these two

lines and also

in construction.

and
than

services
a

year

40.0

39.4

able

$2.20
1.98

ago.

■

downturn

South
from

took

Atlantic

40,

Pacific

while

place in the

States, off to 25
the toll in the

States

dipped to 57 from
69. Among the four regions with

102

week-to-week

103

Middle Atlantic' States reported a
rise to

North

105

increases,

from

Central

93

and

States

to

the

the

East

A

57, from

heavier

casualties
than
similar week of 1959.

in

the

weather

There

was an

commodity price level
week, as higher prices on
wheat, corn, hogs, steers, hides
and

cotton

offset

declines

on

lambs, flour and rubber.
The
Daily Wholesale Commodity Price
Index, compiled by Dun & Brad¬
street, Inc., stood at 274.85 (1930o2
100) on March 28, compared

oin^273,17
^'9.66
a

a

year

'Increased

week earlier, and
A

ago. ^

trading

Y'

by

both

oomestic and,
export buyers helped
ost

grain

prices move up sub¬
stantially this week. Lighter offer¬
ings

and

flour mills

increased
resulted

buying
in

J*Vn3heat prices

by

greater volume,

earnermatChed th°SG °f
A

reduced

noticeable increase

rye

a week
occurred

artivo1? P.rices> reflecting

more

l^!radlng

and liehter receipts
steariv 6
°ats prices were
nanriJri wkl!e transactions exSui,fan«? suppiies dipped
what.
in

Soybean



.

prices '

re¬

and

Phila¬

lor

were

some

sheetings

sluggish.

scattered

Except

orders

for

and

sateens, trading in
cotton gray goods
lagged. Volume
m

industrial

made

fabrics

fibers

and

matched

man-

that

of

a

week earlier. New
and

England dyeing
finishing
plants
reported
change in incoming orders.

little

declines

hold

in

house¬

goods were less noticeable
apparel. Scattered reports

than in

was

sales

of

new

Department

store

country-wide basis

sales

on

a

taken from

as

Federal Reserve Board's in¬
dex for the week ended
March 19,

1960, decreased
6%
like period last year.

below

the

In the pre¬
ceding week, for March 12, a de¬
of

crease

7%

reported.

was

For

the four weeks ended March 19

decrease

the

According

to

the

System

sales

in

week

a

over

period in 1958.

same

serve

registered

was

New

ended

Federal

department
York

Re¬

store

City for

March

19,

expanded

cars

week

a

up

.major

every

and

I.

radio

-

F.

deflection

systems

transformers

TV

industry

for

the

preceding

the

3%

over

good

year.

the

preceding

week

period last

four weeks

ended

decrease
1959

ending March 19

was

period,
19

a

reported over
and from Jan. 1
increase

1%

a

over

year. For

was

the
7%
the
re¬

shares

General

In¬

manufacturer of
electronic components and equip¬

Instrument

will

...

use

proceeds

net

the

of

$3,000,000

the sale of the shares to re¬

from

all outstanding bank borrow¬

pay

total

dollar

volume

of

re¬

.levels

the

from

ings, and add the balance of
proceeds to working capital.

the

following percent¬

the

by

South Central and Pa¬
cific Coast +1 to —3; New Eng¬

stock

close

the

the

$1,378,236

was

of

nine

a

share

on

a

the

outstanding at the
years. In

respective

months

ended Nov. 30,
military
and
industrial
products accounted for approxi¬
mately 50% of sales. A
1 9 5 9

Principal manufacturing plants
of the company and subsidiaries
are
located
in
Newark, N. J.;
Chicopee,
Mass.;
J o 1 i e t,
111.;
Beckley, W. Va.; Brooklyn, N. Y.;
Tazewell, Va.; Woodbury, Conn.;
Westbury,
Long
Island;
and
Waterloo and Mt. Forest, Ontario,

to

0

East South
Central —3 to —7; West North
Central —5 to —9; South Atlantic
—1

—6

to

to

—5;

—10.

There

was

Stock Exchange.

At

the
annual
meeting, held
21, 1960 the officers and di¬

sales

were

a

rise

noticeable

with its subsidiaries,

is

a

for entertainment,

ments

military

sales

for

important source of its net income
and its semi-conductor customers

ate

increases

occurred

fashion
over-all

and

suits,

The Security
Like Best

However,

in

coats,

noticeably
below the strong 1959 week. In¬
creased buying of men's suits and
furnishings boosted total sales of
men's apparel considerably over
the
prior week, but purchases
women's

were

apparel

.

There

this

•.

was

week

in

last

,

a

substantial

fill-in

orders

rise

for

spring apparel, especially
dresses, coats, suits, and

women's

cotton

sportswear. Wholesalers reported
a
slight increase in the buying
of fashion accessories. A marked
rise
also occurred
in purchases

girls' spring merchandise, with
centered
primarily on
coats. Volume in men's spring ap¬
of

interest

parel remained close to the prior
week; best-sellers were suits and
furnishings. Over-all bookings at

Earnings Statement for

The Connecticut
pany

on

these sales, they estimate that net
earnings in 1960 should be ap¬

proximately $5.75

share.

per

The, company's financial condi¬
tion i&good. Working capital in¬
creased

substantially in 1959 to a
high of $22,811,175. This had
doubled in the last three years.

new

interruption since 1948. In

five
years
creased each year.

the

they have in¬
They are pres¬

ently paying 40 cents a share
quarterly, or an annual rate of
$1.60 per share.
The stock has
ranged from

low

a

a

of

28y2

to

.

1959 sales

quite well diversified.
were

summarized

as

follows:

formed with offices at

New

way,

military use
$51,622,176
Business & Commerc'l
37,914,444

For

in

securities

a

Paul

are

York

P.

11

to

business.

Broad¬
engage

Officers

Alessandrini, Presi¬

$89,536,620 dent; Romano Alessandrini, Viceand
L. T. Davitian,
As Beech is forecasting military President,
sales of approximately $52,000,000 Secretary-Treasurer. Paul P. Ales¬
for the fiscal year 1960, let's see sandrini was formerly with Fran¬
what that consists of:

cis I. du Pont & Co., Purcell & Co.

This business is well

diversified
target air¬

and

Goodbody & Co.
DIVIDEND

NOTICES^

OTIS

foregoing,

ELEVATOR

expanding its aero¬
facilities at Boulder, Colo,
for
highly specialized scientific
research,
development and test

COMPANY

In addition to the

space

Common Dividend No. 214
A

DIVIDEND NOTICE

quarterly dividend of $.35
share on the Common Stock
payable April
29, 1960, to stockholders of rec'

per

has been declared,

CLEVITE
CORPORATION

paying

a

ord

share

on

at

the close of business

on

April 1, 1960.
Checks will be mailed.
H. R. Fardwell, Treasurer

dividend of 30

March 28,1960. This

LIGHT

City,

Total

New

York, March 23, 1960.

is the

company's 151st consecu¬
tive

quarterly dividend.

in

Twelve

UNITED FRUIT

Light and Power Com¬

has made generally

COMPANY

available to. its
Statement for

security holders an Earnings

period of March 1, 1959 to February
29, 1960, such twelve-month period begin¬
ning after the effective date of the Com¬
pany's Registration Statement (2-14688)
covering 762,565 shares of common stock
(without par value), which was filed Jan¬
uary
16, 1959 with the Securities and
Exchange Commission under the Securi¬
the

ties Act of

became

1933,

effective

as

amended, and which

February 6, 1959.

Copies of such earnings statement
be mailed upon request to

Company's securities.

April 1,1960

241st

Quarterly Dividend
A

NEWS

AT

Our "Brush"

will

holders of the

CLEVITE:

Operations

Monitors, standard equip¬
ment for

,

AND POWER COMPANY
Berlin, Connecticut

THE CONNECTICUT LIGHT

a

As I write

outstanding airplanes rang¬ ing company, J would, ,suggest
ing from $20,000 to about $120,000. taking a good look at Beech Air¬
craft Corp. The stock is listed on
All
are
designed to serve the
needs of the corporate user or in¬ the New York Stock Exchange.
dependent businessman to whom
private air transportation is a
Alessandrini in N. Y. C.
profit making, time-saving way of
Alessandrini & Co. Inc. has been
travel.
However, Beech is also

February 29, 1960

Ended

Predicated

COMPANY

AND POWER

Months

11% increase

an

the last year.

over

now

of $100,-

this article, the stock is
selling at
66. There are
883,021 shares now

Continued from page 2

is

Holders of

THE CONNECTICUT

was

down substantially from

year.

Notice to Security

that
same

are

excess

high of 71 in 1959-60.

cents a common

accessories.
volume
in

1960

year

past

TO

HOLDERS

SECURITY

the

over

Dividends have been paid with¬

CLEVELAND lO, OHIO

NOTICE

appreciable gains in sportswear
and spring dresses. More moder¬

the

000,000—or about

out

industrial applications. Semi¬
conductors currently are the most

from the
of

49%

estimated to be in

Canada.

and

prior week in purchases
women's apparel, with the most

up

1960

period in 1959 and earnings were
up 63%.
They also forecast that

Beech is also

together

Instrument,

General

my

have

rectors announced that their
first fiscal quarter showed

years

$960,717, equal to 90 cents

sile.

broadly
At la nt ic, and diversified manufacturer of elec¬
components and equip¬
—4; East North tronics

Middle

land,

Mountain

York

New

is

Jan.

Upon issuance of the

comparable 1959

ages: West

It
now

Beech.

fered today,

varied

they

management in their
history — headed by their very
capable President, Mrs. Olive Ann

shares of¬ and includes missile
capitalization of the craft, production of the L-23F
tail
trade
in
the
week
ended
and subsidiaries will airplane for the FAA and United
March 23 was 1 to 5% below a company
consist
of $1,393,600
promissory States Army, sub-contracts for jet
year ago, according to spot esti¬
aircraft parts for McDonnell, Conmates collected by Dun & Brad¬ notes; $421,263 mortgages payable;
vair and Republic — as well as
and
1,730,973 outstanding shares
street, Inc. The regional estimates
of
common
stock listed on the parts for Lockheed's Polaris mis¬
The

exception.
that

finest

seven

Corp.,

General

no

without
direction and

.

offering of 200,000
of

the

shows

company
progress

Beechcraft," and in over 25
outstanding.
years of steady progress they are
To the investor
wanting to par¬
rapidly contributing their part to
shrinking
the
globe.
Today, ticipate in a growth industry by
Beechcraft's
air
fleet
includes buying the shares of an outstand¬

Heads Gen. Inst.

stock

is

observation

Net

to

Loeb, Rhoades

common

Beech

no

income after Federal taxes in the

Fly

strument

course,

in this

soon

laboratory.

management

the like period last year.

In

the like

transient heat

new

and

boost-stage

fuel systems will start

excellent

and

rocket

Thermal test¬

vehicle

Of

decreased

March 12, sales increased 1%

involving

space

such

ended Nov. 30, 1959 amounted to
$41,277,875 compared with $34,161,392 in the corresponding pe¬
of

ing of

the

beaconry devices arid equipments
for the military.
1
Sales during the nine months

riod

programs

missile components.

radar,

to

identification-friend-or-foe,

share and 70 cents

the

pas¬

moderately
earlier, and volume
appreciably from last year.

senger

from

that

tuners,

common

of

the

practically

Other products range all the
way
from

and

Sales Down 6% for
March 19 Week

Public

in

include

producer of electronic systems and
equipments in the United States.

respective

Nationwide Department Store

period.

improvement

Year-to-year

by

marked

during the

Strengthened

ppnes and

a

and

areas,
Easter
shopping moved
up
noticeably
ments,
is
being
made
today
this week, but total retail trade
(March 31) by an underwriting
was
down moderately from the
group headed by Carl M. Loeb,
similar week a year ago, which
Rhoades & Co. The stock is priced
was the 1959 Palm Sunday week.
at $27.25 per share.

appreciable rise in

the general
this

through March 22,

inv some

Central

Wholesale Commodity Price Index
lip Appreciably from Prior Week

woolens

the

1959 Week
the

With

49.

Geographic treridsW from last
year were
mixed; fijve regions had
lower mortality while four had

in

Boston

Retail Trade Shows Decline From

indicated

Five regions reported declines
during the week. The most notice¬

40.3

2.36

Only retail trade
had lower failures

in

to

the comparable 1959

44

to

53, and among commercial
services to 22 from 31. Contrast¬

66,000

abouk 4,352,000
bales, compared with 1,843,000 in

from

where

and

similar period a year ago. For the

excess

in the

facturing,

earlier

week

in

wool

A dip also appeared of cotton in the
week ended last March
among small
failures, those in-,
Tuesday were estimated at 195,000; corded.
volving liabilities under $5,000,
bales, compared with 182,000 a
ago.

year

a

women's

delphia markets edged up
during
the
week, while bookings in car¬

rise in hog prices as transactions

comparable

104

worsteds

9%

marked

a

Transactions

as

Continued from page 5
trading was steady and offerings
prior I960 high. The current were down slightly.

and

apparel somewhat exceeded those
of last year.

51

checking missile

countdowns, are nowavail
able in

compact fo
for industrial use.
new

dividend

per

of

twenty-five cents

share on the capital stock of

this Company has been

declared

payable May 2,1960, to sharehold¬

ers^ record April 8, 1960.
EDWARD D.

TOLAND, Jr.

Secretary and Treasurer

Bpston, Mass., March 28» I960

~

.52

The

.(1428)

Financial Chronicle

Commercial and,

Thursday,. March

. . .

31, ,I960

COMING

WASHINGTON AND YOU
BEHIND-THE-SCENES INTERPRETATIONS
FROM THE NATION'S CAPITAL

IN

C.—There
far-reach¬
ing ramifications fermenting at
the Department of Agriculture.
WASHINGTON,

D.

is quite a story with

Although the proposal is upon
table
at
the
Department

the

with

nothing to hide, it has at¬

tracted only restricted attention
thus far. With the heat on from
Belt

Farm

Congressmen, the
plan eventually will make the
front pages.
The
ture

-

Department

has

Agricul¬

of

advisement

under

a

plan to release for experimental
purposes
30,000,000 bushels of

costs

tremendous, the socalled
"experimental plan" probably
jvill go through.
Of

is

there

course

really

April 8, 1960
New York

34th annual
dinner in thp
Grand
Ballroom
of, the
Hote
Biltmore.

nothing

experimental about con¬
corn into alcohol. Con¬

verting
verting

the

into

grain

whiskey has been going

corn

April 8, 1960 (Toronto,
Canada)
Toronto Bond Traders

for

on

centuries.

annual dinner
Edward Hotel.

Department of Agricul¬
ture plans,
jthrough the CCC, to
make available for sale through
competitive offers
the
many
bushels

of

No. 3

of

corn

period for the production of in¬

fermentation

over

six-month

a

alcohol

related

and

products.
The

the proposal.

on

The Commodity Credit Corpor¬
which
has
jurisdiction

ation

the

surplus corn has been
conducting
some
penetrating
sessions on the plan.
If the

Department decides to

release
it

is

this

mountain

of

corn,^

going to have a thumping
impact on the alcohol

market. As

matter of fact, the

a

impact will be felt all the
to

Cuba

which produces

lons of

way

annu¬

than 300,000,000 gal¬

more

blackstrap molasses for

industrial alcohol purposes.

Early Decision by CCC

—

The Commodity Credit Cor¬
poration is expected to make its

decision,

whether

to

as

to

re¬

lease the corn, by April 11. The

Distilled

Spirits

Institute,

the

Brewers

Foundation, petro¬
industries, and other

chemical
groups

posed

opposed to the

are

However,

with

from

Senators

and

pressure

Representatives from the Corn
Belt,
and
with
Corn
storage

April

of

one

the

country

office floor!"

your

New

the

Incidentally,
Publicker
re¬
cently
bought
one-third
of
Cuba's
300,000,000
gallons
of
blackstrap molasses for 7 cents
a

gallon. Therefore, it is

tion

of how much

now

a ques¬

corn

the

would buy in view of

company

the favorable molasses purchase.
•■'■7r'V;'
Market Disruption Foreseen
It is estimated that

bushels

of

30,000,000

would

corn

produce

75,000,000 wine gallons of 190proof alcohol. For the past sev¬

100

some

and

chemical

stocks of

tion in the

more

or

the

modity Credit Corporation.

compa¬

nies of the country would bene¬

show

records

The

fit, could be spelled out by mis¬

44,000,000

of

corn

being fermented each

year

Limited Risk-Unlimited Profit
Stock

on

per

cent

in

would reflect

fashion

a

on

and be

alcohol.

that

great

disservice

support
"We

the

to

ture

in the

manufac¬

How

with

As

result it would

a

not

venture

this

administered

with

a

have

There

been

reports issued

were

on

Understanding

The

producers

alcohol
ucts

PUT and CALL

make

de¬

traders

and

pro¬

book

This

how

you

shows

too

how

you

stock

to

how

make

can

minimum

on

protect
the stocks

can

on

they
It

do

It

and
also

options on your own
income, where and how
how to use

to buy and sell puts and calls,
them
to make capital gains

instead

help

And

you

mail

and

can

this

examine

coupon

$3.90.
Free.

it

It

Fill

In

today.

favorite bookseller, Or
CROWN Publishers, Dept. A-7,
419 Park Avenue South, New York 16, N. T.
send

me

Herbert

Filer's

free

convinced that it can pay for itself
times over, I may return it and pay
nothing.
Otherwise I will pay you $3.00
plus the postage charge within 10 days as
payment in full.

|

of

would

experimental

the

$13,800,-

the
in

big

the

Cabinet

the

30,000,000
like

to

feed

"leap out of

into

corn

is only 2%

declares

of the surplus

The

pan

is:

reason

corn

on

an

acre

ago.

as

they did

The

a

Through research

agriculturist

scientists

showed them how to do it.

Commodity Credit Corporation.

Thus, he insists that the

on

sur¬

in the stocks of the

Ellender

frying

is just too much

long time
our

Senator

fire."

the

[This

it

column

is

intended

flect the "behind the scene"

corn.

execu¬

re¬

inter¬

pretation from the nation's Capital

of the program would not

(Omaha, Neb.)

May 20, 1960 (Baltimore, Md.)
Baltimore Security Traders Asso|
ciation
,

annual

outing

spring

a

Maryland^

i960.; (Rbliing. Rock,
Western^^enrijsyl^^

May ;20,

V;V ***

Meeting.":

May 28, 1960
Dallas
tion

Pa.

Bankers'" Associatio

Investment

r

(Dallas, Texas)

Security Dealers Associ
spring party at th.

annual

Northwood
to

Banker

Security Traders Asso
Spring Party; cocktail#
May 19 at Hillwooc
Country Club; outing May 20 a||
Bellemeade Country Club.

on

Why? Our farmers are
producing three times as much

is, the fact is it is only
corn

taken

Investment

dinner

and

carry

hand.

small, amount of the total

plus of

the

there

bushels of
lot of corn,

a

is

the

May 19-20,1960 (Nashville, Tenn.

plan.
action

of

ciation

insisting

are

Sulphui

Nashville

pro¬

Congress

officer

Stock
Exchange
meeting of Board of Gov
at Hotel Atlanta Biltmore

sociation annual Field Day.

the plan the Secretary of Agri¬
culture and the COC are going

impact

industrial

and

of

(Atlanta, Ga.)

Nebraska Investment Bankers As¬

abandon

to

members

out the

the country.

sounds
it

the

at

of

May 17-18, 1960

some

Club.

June

2-5,1960 (Ponte Vedra, FL
Southern
Group
of Investmf
Bankers Association meeting.

and may or may not coincide with

the

"Chronicle's'Lown views.]

Attention Brokers and Dealers:

TRADING

|

MARKETS

Botany Industries

is to be made

corn

Indian Head Mills

chairman

the

of

Official Films
Southeastern Pub. Serv.

Senate

Committee, Sena¬
Ellender, has ad¬
vised the Agriculture Depart¬
ment that there is no question
Allen

tor

his

J.

mind

that

the

Zone.... State

□ Save postage. Check here if

you prefer to
order for $3.00. Then

^we pay postage. Same moneyback guarantee.

the

Carl Marks

organization

of

the

20 BROAD STREET

TEL: HANOVER 2-0050

The

fact

said
that

in
only

part:
one

)

"...
or

two

•

York telephone

number is

CAnal 6-3840
9

LERNER & CO,

NEW YORK 5, N. Y.
TELETYPE NY

distillers, in its opposition filed

1-971

Investment

Securities

10 Post Office Square,

with the Commodity Credit Cor¬

poration,

C.o Inc.

FOREIGN SECURITIES
SPECIALISTS

is unsound.

trade

Our New

&

•

proposed

The Distilled Spirits Institute,




loss

industry,

across

While

and

socalled

gram,

Only 2% of Surplus Corn:

a

nors

calling

Terms Program Unsound

program
Address.

or money

come

alcohol

dinner

Association*

Agriculture'

of

Benson

Whatever

would

lots

Taft

that

course,

Mis¬

Meeting of the Board of Gover

be

grain

that while

from the Corn Belt

bushel,

a

annual

May 11-14, 1960 (White
Springs, W., Va.)

indi¬

competitive.

in

Name.

enclose check

the

a

OOO.
Of

is

Secretary

on

Ezra

the

direct

at

Agriculture

not

many

City

$1.06

truth

from

made

cents

a

Luncheon

9-10, 1960

ernors

socalled

report

commodity
Corporation, if it -sold

60

stand

is

corn

tion

Under¬

examination.

recent

Committee

The

result in any significant reduc-

standing Put and Call Options for 10 days'
If

The

members of Congress are

30,000,000

for alcohol pro¬

corn

Thus

Credit
for

the

The present loan rate

storeable

bushel.

corn

cents per wine gallon
190-proof, f.o.b. producing
plant. This means that the sur¬
plus corn will have to be bought
at bargain prices if distillery of

yonr

Please

for

proposed

a

of

can

alcohol from
To

for

bushel has

a

as

about 47

profits, how to use options to
protect profits on your stocks, etc.
book costs you only
you make a fortune.

Carbide;,

their opposition to the proposal.
Alcohol is currently selling at

of

short-term

This

Union

as

Nation, as well as producers of
feed products, have registered

profits

shows

siSch

of the foremost distillers in the

sell

can

other

only are the major petro¬
leum companies opposed to the
far-reaching proposal, but some

unrealized
they own.

maximum

investment.

increase

Standard

several

Not

purchase
"buy"
and
"sell"
options (call and put) because they know
these
options can make big profits for

profits

and

tional Distillers.

fessionals

"paper"

producers include
Phillips,

figure

York

Firms

without government subsidy.

mentioned

duction.

Carbide and Chemical, and Na¬

the subject.

on

of successful

also

They

Welsh

large producers in the chemical

'

and

Gulf,

Texaco

field

by HERBERT FILER

them

affected.

be

These

Oil,

of

meet

(St. Louis, Mo.,
Municipal Dealers Group

Association

producing alcohol from grain.
Some reports have been pub¬
lished by the Agriculture De¬

price of 60 cents

bid

87% of all industrial al¬

cohol.

Options
authority

75,-

market

synthetic
petroleum prod¬

from

would

Shell,

#1

the

May

numerous

economically

bushels of

additional
on

Invest¬

Waldorf Astoria.

the economics

There have been reports that
a

New

of

experience that the De¬
partment
of
Agriculture
has

been

along with the 130,000,000 regu¬
larly produced would very def¬
initely disrupt the market.

book

the

that

of

Association

plication.

not our

dumping of an
000,000 gallons

put or call option, risk limited
to the cost of the option (maybe a few
hundred dollars), you can make unlimited,
profits (possibly thousands of dollars in
90 days) is explained in this clear, simple
a

Thousands

seem

Bankers

April 29, 1960 (New York City)
Security Traders Association oi

beverage

alcohol, and
% in the manufacture of indus¬
trial alcohol for very special ap¬

whole

latter word of caution if it

been

Ninety-eight

of

2

program.

would

bushels

of this is used

em¬

an

barrassment to the Department,
to
the
Administration
and
a

opponents of the plan are cor¬
rect in their assumption that the

Transactions

Market

(Boston, Mass.)
Group

Club, cocktail partj
banquet at Park Plaza Hotel
April 28; Field Day at Glen Echc
Country Club, April 29.

into

irresponsible

or

journalists

cated that alcohol could not

gallons
of 190-proof semi-annually. r

I960

and

are

informed

ice."

130,000,000

oil

Group

Associatioif

souri Athletic

about

that

the

of

(Philadelphia

Bankers

Spring Party:

partment.

rate

1960

England

St. Louis

Com¬

gree of fairness that is in the
finest tradition of public serv¬

years,

yi

April 28-29, 1960
companies of

industrial alcohol
production has been running at

eral

t

ing.

distilling

opposed to the plan.

Banking

Finance

Pennsylvania

27,
;

ment

of

strongly

are

19-20,

April

major backers of the proposal.
However, other major distillers
over

of

meeting.
Did I grab a bunch of ticker tape

"Very funny!

off

is

(Philadelphia

Investment

Investment

industrial

Industries, Inc.,

1960

School

EDGAR ALL€N,JR.

alcohol.

Philadelphia,

of

Eastern

they feel that it might be
good idea to explore
the economic impact of the util¬

Publicker

Sheratoi

Pennsylvania.)

pretty

into

the

vania.

an^'undue dis¬

corn

at

Commerce, University of Pennsyl

more,

of

10-15,

Wharton

effect"

ization

a

Pa.)

on
any
CCC
price support program. Further¬

a

meeting

Institute

*

there would be

pro¬

program.

April

and

Department's spokesmen
have said they did not believe
ruptive

Kim

Dallas.

The

economic

ally

ethanol

into

the

25tl

annual

or

by-products.

Department is not going

off half-cocked

over

grade
versions
by

at

April 10-11-12,1960 (Dallas,
Tex j
Texas Group of
Investment Bank
ers
Association of America

of

dustrial

corn

Associatiol

28th

The

millions

(New York
City)

Security Dealers Asso-

elation

better for con¬
fermentation into
acetone-butanol-ethanol and by¬
products, and for conversion by

surplus

INVESTMENT FIELD

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HUbbarJ 2-1990

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