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COMMERCIAL and
•
■
ESTABLISHED
Volume
"
1839
Reg. U. S. Pat. Offic•
Number
195
New York
6140
Price
7, N. Y., Thursday, March 8, 1962
50
Cents
Copy
a
■
■
Editorial
Process Poses
expected the President has sent a special
message to Congress pleading for passage of his medical
care
bill. He speaks at length about the hardships, or
presumed hardships, now being suffered by many in the
older age brackets by reason of the fact that they in the
normal course of events require more medical care, and
because the cost of such care has risen so greatly in re¬
had been
As
cent years.
stands
sorts
Threat to Our
By John E. Swearingen,* President, Standard Oil Company
1887
Oil head assails
a
people, particularly perhaps the older age groups—that
merely to provide the individual with money for such
medical attention would be of little avail if more facili¬
desist" order merely at the outset of
complaint. Citing some of his own firm's experience, Mr.
Swearingen depicts the extent to which business is "wan¬
dering in
initiative
teaching of medicine and the
of
cold
of
other
would
individual
kill
not
hands particularly
business'
tie
and
war
which
regulation
and
He outlines an acceptable
maze."
regulatory
a
philosophy
provision
of care for the entire population are not forthcoming.
Here is more foresight and more understanding than
we sometimes find among those who would
pump end¬
less funds into the aid of groups presumed to be short
of the wherewithal to buy the care they need or think
they need. This we may say freely even though we have
doubts about the wisdom of the way in which the Presi¬
ties both for the
legislative proposal giving F. T. C. power
a
to issue a "cease and
all the
to give full medical care to
at this time
Describes the
pressing challenges.
-
dent would
remedy the situation.,
/:
•. -
— ^
manifold
:
regulatory
proliferating
of
branch
fourth
a
agencies
of
as
step-
government.
Says we need to step on the gas —not on needless brakes.
The
spectres confronting us today are the
manifold
regulatory agencies of the
Federal
Government, whose existence was not
contemplated by our Constitution and whose all.pervasive powers and activities
go largely unrealized today by
the average citizens.
Too many of our people are
going more or less blithely
through life under the mis¬
and
v
medical care measure is essentially the
thq^4o>^which strenuous objections have been
raised byrtlie medical profession and many others who
fear such steps are in the direction of what is known as
socialized medicine. There is very considerable potency
in many of these opposition arguments. As a matter of
fact, movements of this sort and threats of further action
of this type have already led to the inclusion of a good
deal of creeping, socialism in many, if not all, , the socalled cooperative plans for insuring medical care and
doubtless are creeping into other plans. Very consider¬
able pressure is exerted upon practicing physicians and
surgeons to provide care for men and women of low
incomes at rates below1 that generally charged. We grow
uneasy whenever we find these
(Continued on page 26)
Of course, this
same
and
development
by-step
Socialized Medicine Threat
I
as
proliferating
rules. I
little
a
stance
is
Those
Federal
is
Government
U. S. Government,
Public
the
Municipal
Securities
primarily of an executive
John E. Swearingen
and a legislative branch, with
an
independent judiciary
standing by as an impartial arbitrator, have lost
touch with reality. Such people dwell in wonder¬
land.
And while the wonderland may .have un¬
up
questioned origins in the concepts under which this
afforded
Federal
more
Organization
pages to the subject.
devotes 236
a
detail, I refer
you to
Government
The
the United
which
Manual,
results of this mushrooming process are
in
astounding. We have arrived at the
unhappy point at which the Cyclopean eye of some
many
ways
almighty regulatory agency is upon us when we
buy or sell, ship or receive, hire or fire, grow or
manufacture, save or spend, drink or diet, profit
or lose, talk or listen.
Furthermore, many of these regulatory agencies
exercise unusual powers in that they first promul¬
gate regulations which have the force and effect of
law, then enforce them, and later adjudicate them.
w
Non-Elected Officials
facet of this complex regulatory
that deserves mention is that the commis¬
another
over
our
agencies who exercise such
economic and
social
system
are
force
actually prepare the regulations, en¬
adjudicate them are lower-level staff
who
and
personnel whose role and deliberations in decision
making are almost impossible to determine. Yet
their philosophy and judgments are reflected in
conclusions affecting the daily lives of all of us.
When
we
add to this
already seething cauldron the
(Continued on page 22)
frequent lack of clearly-
corporate
State,
Municipal
and Public
Homing
JAPANESE
STATE
Securities
MUNICIPAL
AND
BONDS
Co.,Ltd.
in
Claremont, Corona
THE FIRST NATIONAL CITY BANK
Santa Monica, Whittier
Inquiries Invited
on
Southern
California Securities
Nikko Kasai Securities Co.
LOS
SAN FRANCISCO
Bond
ANGELES
Net
To
T.L.Watson &Co.
ESTABLISHED
Markets
Active
Dealers,
Banks
New
—
Pershing A Co.
MANHATTAN
BANK
CANADIAN
DIVERSIFIED
BONDS & STOCKS
CALIFORNIA
1832
Commission
Inquiries Invited
Orders
Executed
On
All
Canadian Exchanges
New York Stock Exchange
Stock
Correspondent
Brokers
-Members
American
York
CHASE
Maintained
and
Canadian Securities
Block
..
Teletype: NY 1-708
Dept.
THE
Riverside, San Diego, Santa Ana,
OF NEW YORK
TOKYO
30 Broad Street
Affiliate:
Notes
del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
NY 1-2769 U
Head Office:
Exchange
Bonds and
Municipal Bond Division
Offices
Teletype:
DIgby 4-7710
"
Agency
Members Pacific Coast Exchange
New York 5, N. Y.
BOND DEPARTMENT
Hope Street, Los Angeles 17,
Member American Stock
Associate
Plaza
Telephone:
So.
623
California
1 Chase Manhattan
Chemical Bank
Lester, Ryons & Co.
Members'New York Stock Exchange
The Nikko
Founded
independent
structure in
tial undertakings in our "Securities in Registration" Section, starting on page 29.
HAnover 2-3700
New York 15
branch
60
States
complete picture of issues now registered with the SEC and poten-
SECURITIES
Newlbridnist Company
over
approximately 400,000 employees
and a total annual budget of around $10 billion.
Should
anyone
wish to examine this intricate
people
made
NOW IN REGISTRATION—Un derwriters, dealers and investors in
,<
fourth
a
with
agencies
Housing,
State and
TELEPHONE:
government.
of
embraces
it
Com¬
officials, many of whom while theo¬
retically responsible to the Congress are in large
measure of fact responsible to no one in particular.
To complicate the situation further, many of the
SECURITIES
a
of
development
Today
witnessed
non-elective
merely dangerous. It
to be fatal.
who think that
step-by-step
control
could prove
...
the
have
we
—
sioners of the various
this in¬
knowledge in
Commerce
mission
process
not at all sure that
am
tory commission—the Interstate
Still
apprehension that the country
is being governed pretty much
according to the original ground
securities
are
wisely created, it is nevertheless a land I
in terms of the facts of life in 1962.
actually happened is that, starting in
with the creation of the first Federal regula¬
was
fantasy
What has
To his credit, he shows that he clearly under¬
more doctors
and more ^facilities of many
necessary
nation
of
(Indiana)
that
are
*
Tourism-
Disneyland
CANADIAN DEPARTMENT
Exchange
Teletype NY 1-2270
25 BROAD
STREET
DIUCT VIRES TO MONTREAL AND TORONTO
NEW YORK 4, N. Y.
V' V"'7.*'v
BRIDGEPORT
v'
•
X
■7.'
AS WE SEE IT
,
V
A
■''i:j '.V.; ?'•
Goodbody
»\
PERTH AMBOY
•
&
Dominion Securities
MUNICIPAL BOND DEPARTMENT
Co.
<orporatio?i
MEMBERS NEW YORK STOCK EXCHANGE
2 BROADWAY
NEW YORK
I NORTH LA SALLE ST.
•
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
BANK OF AMERICA
N.T.&S.A,
SAN FRANCISCO
•
LOS ANGELES
The Commercial and Financial Chronicle /
2
Dealers only
Banks, Brokers,
For
I Like Best../.
The Security
each week, a different group of experts
economical elemental sources
from which sulphur may be ex-'
STANLEY A. NABI
slZcCt& Co%"L YorTcl;
position more than 500
ing you the
Jefferson Lake
Over-the-Counter markets.
in
-
Based
of
in
.
•
"Lake
S^?dSil^enyl^ mni
Exchanges
2y
listed
decade
on.
•
_
or
lieve
■
BOSTON
CHICAGO
•
PHILADELPHIA
SAN FRANCISCO
•
Private
Wire System
-
oversup-
?
been
■
is -now
the American. Stock Ex-
;
'
Additional
...
insist
Stanley A. Nabi
<
ThP
k
•
'accurately
Opportunities Unlimited
IN JAPAN
for
Write
our
Stock
Monthly
Digest, and our other reports
that give you a pretty clear
picture of
economy
the Japanese
a whole.
as
The Nomura Securities Co., Ltd
Published figures
be
seem
Paltiarv
Fast
hrdiect
ga^
will
East Calgary pioject vvill
to sup-
wjjich
and
cals"
owns
a
a larger
NY 1-1557
6, N. Y.
Telephone: BOwling Green 9-2895:
'
wires to'our branch offices
/
JAPANESE
-
.
SECURITIES
.
,
WAM
Afi
Securities
-
contribution from the two
f :;
Co.9 Ltd.
NEW YORK OFFICE:
149 Broadway, New York 6, N. Y.
Telephone: BEekmari 3-3622-3
Pany; .cbpimon
Petro-
s.ock,
therefore,-
port
these viev^s. ! Free world gas recently completed ther eon-;
• P03se3s
considerable
consumption of sulphur, for in- • struction of a $13 million; plants speculative appeal for those seekstance. has increased at a respectwhich started operations in No- inS '3' businessman s
risk .with- <
able /ate of about 6%
annually yember, 1961.
7 /•* '": 7|7 7 ample rewards.
It affords partici-
LAMB0RN & CO., Inc
99
STREET
WALL
burdening the reader Potion; in/three aggressive eompacomplicated "schedules -of niest
of which still ^e. in the 77; NEW YORK 5, N. Y. /7
during the 1937-57 period. In the production, it now appears that eal/7 phases of development and
meantime,
recent
discovery of cash earnings of "Petrochemicals'1 with excellent long-term promise.new deposits have not been parmay be about 75 cents per share
Considering That the stock of the ,,^7,,a7SUGAR;77^l7
ticularly abundant, nor has there jin 1S625 increasing "to $1,00-$1.1G ;Parf?o company had;sold ,as high
irA.
?
h 7
'
ti
v.l,been
any
technological changgs in the following year.. Net earn- aSr7^ iv-J,8?6
a Jlme T\ Raw* -r-4 Refined, *->Liquid//
which would adversely influence
jngS will be approximately/ half ^ ■ n -two affiliates /wen*.;
future consumption and
Exporta—Imports—Futures
i
depress of these figures; : r
; 7v\powhere in sight, one :can only
prices.
./•'■
In a similar move, in this case
compared
during the past decade,
to
Without
rate of only 3%%
average
an
with-
v
61 Broadway, New York
Exchange
Jefferson . Lake Sulphur Corn-
"Petrochemi-
31% interest.
Exchange
-
Mobile, Ala.
Direct
Ltd^" new^orporftio^which"is
as they, become more,
char'gld with the purchase Productive, - and possibly from
gathering and processhig of raW better prlces for sulPhur- •
described as lack of proper planning,
ill-advised production, and haphazard sales and price policies.
more
Stock
Stock
Ne;w Orleans, La. - Birmingham, Ala*
I;;,/lnW,0:l ;^PPear that a figure
of $2.30-to-$250 a share us quite
withm reach for this yea¥, which
would; include a $2 million taxloss carry-forward. In.subsequent
year?' earnings will be helped by
and in Savanna
respectively.
:
%
Creek,
York
HAnover 2-0700
.
.
Peace River area,
industry,
the
thev
•American
19 Rector St., New York 6, N. Y.
.
.
Calgary, The other two are in the-:
-
plaguing
could
New
Members
viously, no value is.being plaSed„
on the parent company's c.wi, operations wh^contriouted sub-
complete three projects, the most
.important among which is in East
exists.
What; has
Members
izz
-
trades at about $9 a stantially all of last years $1,20
- •
- .
. •m earnings,
and which is likely
Js to' V contribute r$ 1.60-to-$l:80
a
financing
in
the share in i962.
r
;
- :
-United States has given .Petro- ..
.
chemicals" the necessary funds to
.
Consolidating all .three compa-
ac¬
no
tual
Steiner, Rouse & Co!
8
■"7.7,..
Jefferson Lake Sulphur.Company,
?5°ckAs now being traded on tne
New York Stock Exchange. -Cb- .
company,
Bought—Sold—Quoted
-t
change and
v,
be->
ply
Teletype NY 1-40
Co.,
,%u3rP
many i
so,
sources
New York 5
120 Broadway,
WOrth 4-2300
Nationwide
'
Exchange
&
^(
^
7 •/ '. 7
.
Associate Member
American Stock
Louisiana Securities
*•'
City. (Page 2)
*
.
the
new
"Petrochemicals"
..Ltd.
>
projected
next
Alabama &
Co.—
Sulphur
Schweickart
:C New York
.tjon
proceeded to establish a
of
the
of
needs over the
1920
t..
outstanding stock
Jefferson
Petrochemicals of Canaaa,;
69%
"or
the
world
-
.
Stanley ...A,- Nabi," Research.
part of 1958, the
re¬
and
Established
.
Other
on pres-
known
free
CORPORATION
■
company
,
estimates
serves
HANSEATIC
^
:
Lake
Partner,
Canadian; affiliate to -which -it
sulphur industry nas been suffer- granted substantially all of its Ca—
ing from what might best be de- nadian reserves, contracts, : and
As
consideration
scribed
as
a
lopsided condition leases.
Ac /.nr>cirWntinn it re
it rpceived
1,400,018 common' shares,
oi oversupply.
-ent
NEW YORK
Sulphur Co.
the early
Since
broadest coverage
traTctedv
:
and
MemberNYSE
giv¬
Over-the-Counter issues,
RoKPnrrh
nf
chr.rao
Pnrt-nor
7
,
Participants and
:
Jefferson
"HANSEATIC"
Week's
This
Their Selections
favoring a particular security. > ^
participate and give their reasons for
'
We
Thursday, March 3, 1962
.
advisory field from all sections of the country
in the investment and
500 Reasons
call
-*
Forum
A continuous forum rn which,
to
.
(1154)
,
-
rhls
is
not.
orders
an
for
offer
any
solicitation for
or
particular securities
co^clude fhat future prospects far
to
more
picture
the
Domestically,
,=
even
point.
the
is
While
production
climbed
63%
during the 1950.-60 period,
the United States had an increase
of less than 20%. Contributing to
,.world
free
dependence.^??^®*^/ the risks.v ";.^ 7:
sulphur, the parent company
.
^
.v, 77C.'Y
.established another affiliate,. JefCURTIS V. TER KUILE*
person Lake Asbestos Corporation^, , : ; : .
..
New York City
7
and granted it an,option which it Pacific Petroleums Ltd
held on a-480-acre tract in Copr ..■ 7.ti: vv
r.
designed to reduce its
DIgby 4-2727
on
.
.
apparent dislocation has been peropolis,- Calif. Extensive drill- Pacific,petroleums common stock
rising .cost trend, and a dete- ing indicates that this, property is; is selling at 14^ pn the American
rioration in the richness of de- ; rich in asbestos-bearing-deposits, ^tock "^ Exchange. High and lov/
this
a
Need Hard to Find
.
posits ..recovered by the Frasch
process in, the
Gulf . Coast area
accounts for
over
twothirds of domestic output.
r" •
With
world-,
consumption ; of
which
sulphur possibly doubling
poss.bly the richest on the West
.Coast
As payment, ''- Jeffersoh
Lake Sulphur Co./received 600,000 common shares, or 77.3%, of
=-price's for 1931 have However the
been 17 V4-93/4
/
the currently outstanding stock of
v
..
during-"Asbestos."
'
This--issue*-is--alsid
-
pr
39
'
was
" it
and
,
que)TAT IONS?/
f
-12%,
2OV2
..
10-to-12 years,
range
1956
in
7
and new traded on the American Stock Ex-/
methods
of recovery ' apparently -change at about $91A;.a share;
'7:needed to replace the often un•
"Asbestos"
successfully 7com-'./
economical-rFrasch
process,, the
pletely a public offering of ; its /
the next
i c e.
1 9 57.
V YOU WILL FIND .THEM 7
w a s ;
.16%
-
>
in
;
IN
War¬
_
rants
are
also
.
selling on the.
same
market./
at 8i/4 for the
,
/
1961 and the
proceeds have been substantially:,"
competitive /sources.
Jefferson used for the construction of a mill
Lake Sulphur Co., the third largr
in Calaveras County, Calif,, with
est
domestic
factor,
seems
to a daily processing capacity, of 2500 /
possess unusual appeal as a result , tons of ore./This mill will com- /
leading companies in the industry
have been searching for new and
the
of
steps which
many
it has
already taken to insure its leader-
:
We maintain
ship in the future.
//, • . >. /
Jefferson Lake Sulphur Co. op-
trading markets
V
/•
Kent
-
\,i
■
Moore
Organization, Inc.
'•
t ■■
.
.
•
■
/7
Shepard Niles Crane
control
Corporation
barrels
Maust
for
Coal
&
stock-/
at. 19
■
operations sometime dur/.'/
Curtis
ing the third quarter of 1962, and
when at full capacity, will prob-;........
through
Mar,
31*, 1968/
The
V.
ter
Kuiie.
in
^
' i"
<*
^
'♦
•
''■/V//-. (Only $45
//
company
-w as
7;.
<
,
/
T; W*
•
(Single Copy
*'
•
.
*" '>7^'
year) .7/7/:
per
—
:$4)/7/7.>7
.
"founded
This
British
bound
give
...
.......
ably be either the first or second Columbia; Canada in
1939. On
largest of its type in the United"\Jan. 25, 1958 it acquired Merrill
well
:
the
you
publication will
monthly prices
listed/ securities
all
on
Coke
of
oil
about
and iri
fall' within a $1.25-'$2.00 "rangf fully-integrated oil and gas corndepending on market conditions, teem, although refining and mar*
For 1963, a range of $0.75-$1.00V ketihg operations are still ; small. ;
reasonable.*1; (The *President and certain other
one
is "likelv ?key officers are from the United
ffie9SxuSure $
The company holds^S,.
Jefferson Lake Sulphur Company
acres ln^lberta, 5,6o5,442
years, concerned Vvith
and some decline in lis quite complicated. Actually, it/acr®s inpnUs.h Columbia; vanous
which are derived ;share would seem
interest in 80 oil ;
From the above
wells and 25 gas wells.
,■
;
,
;to assume that
from
those
as
"hard to find".
''
//// ,7
REctor 2-9570
.
'
f
;
•7;/'v/
gas
rising
costs
output, the company has been |is not.' With- a 'total of- '782,000
searching
for
more
reliable icommon shares of its own stock
jP^oouction^creage m Saskatchej
}Yan .and Manitoba, as well as ih
..4
.
»
.
_
.
,
..
1
Over-the-Counter
Quotation Services
banks, brokers,
for 49 Years
and dealers.
nental
John], Meyers & Co.
30 Broad Street, New York 4, N. Y,
Line Corp., in 1.8 and 0.77, respectively, for each '
,.
.
recovering sulphur from hydrogen of its own shares. The combined /c®mPany supplies gas to
sulphide during the last two yeafs icurrent market ;value /of/these f aW'-an3r a'
has
served
to
establish
sour ^holdings
is about $23.50/ 'or '5Pr
pipe Jines
natural gas as. one. of the most proximately the price at which.
Gas
Pipe
„
„
...
.
these and
; ln^'
are conj-
-
■
1
Teletype, New York 1-809 ;
...
..
CThis is under
as
a
•
no
•«
/-'-,
• •
V
' "
'
;
an
offer to buy,
any
7
^
:'
/*. t./ //J • lowhs
an,offer to sell,.or ./ J'
security referred to herein.)
/
circumstances to be construed
solicitation of
as
Continued,
on page
^Incorporated
;
j-.j,
a 22% interest in'The ne\y
gathehihg ^y^tem ,:qf/XJas;
;K
National Quotation Bureau
./ •/•.- Established■ 1913
WHitehall 3-2850
/
as
varying
In recent
•
common
mence
billion cubic feet of
of 25
natural
v
totalling
reserves
million
excess
Digitronics
Record
purchase/ of
In ad- States. Nonetheless, it will be the. Petroleums and on July 15,'1960 /. Over-the-Counter quotations. ,•
dition, through its Merichem Divi- only asbestos processing facility if took over the Canadian propersion,
it produces, cresylic .acid in the western part of the coun-./ties of Phillips Petroleum; and 'v- vWrite or call: J777./7
from petroleum by-products for >try.
'7
/ •"
: ''7"
/' Sunray Mid-Continent Oil. It is
WILLIAM B. DANA CO.
;
use in the manufacture of plastics ,■
Earnings of "Asbestos" for. 1962 the second largest natural gas
25 Park Place/////:/7^';;
and other hydrocarbon. ' Its Oil .are difficult to esthuate; but M7C°"ipany and the eighth largest •
and Gas Division is believed„to full capacity net per, share may 1 oil company 'in Canada. It is a
7^:7"; New York 7, N. Y.777.'/
2.2
& Hoist
•
Texas,
Bank & Quotation
using the Frasch process.
in:
•
deposits ;in
leased
erates
securities early in
19
46 front Street
CHICAGO
.
!
%
New York 4, N» Y»
SAN
'FRANCISCO
J
-»
.if?
Volume
Number
195
6140
.
.
The Commercial and Financial Chronicle
.
(1155)
CONTENTS
Outlook for Business and
Interest. Rate Structure
Articles and News
By Dr. James J. O'Leary,* Vice-President and Director of Economic
Research, Life Insurance Association of America, New York City
Dr.
Association, evaluates the economy's
and, in
course
Economic
Strength—John E
AND
Again
}
Swearingen__:_____.._
probable near-future
take
Cover
our
Outlook for Business and Interest Rate
Structure
of the forces of expansion leads him
—James J. O'Leary
3
;
quarter but that the expansion will be brisker in the
first half than in the latter half of the year. As for the general level
of interest rates, they are
on.
moves
Remove
expected to become firmer as .the year
short-term, rates
than
showing more strength
at this time of
is. always true
there is no scarcity of fore¬
casts regarding the outlook for
general business conditions and
year,
the
money
and
U; S.
running at
was
of
GNP
risen
had
first
has
eral Reserve Board's
for
1962,
as
James J.
O'Leary
that
rising demands for loanable funds
'.and
will exert moderate upward pres¬
sures
the
on
gep^r^l level of in¬
rates/'
terest
this
appraising
In
in
December
on
market
forecasters
falls short of perfection. Consen¬
sus
is not a guaranty of the ac¬
is
I
.
seasonally
a
//
|
//
business, .repovery. .to - date
in line with the pattern of the
earlier
cyclical upturns
experienced
since
the
have
end
of
other.
.
:
s
^
sion
J
I
hazardous than
or
situation
7
•
VAHLSING, INC.
management
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March 7_-
on
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(Editorial)
V*
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FARRINGTON MFG.
Cover
C
Z
-j.
19
Coming Events in the Investment Field.—.
.
,
48
J.F.Reiliy&Co.,lnc.
Dealer-Broker -Investment
:;
Recommendations
8
39
*
Einzig: "Britain May Introduce
*
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^
^
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V
Mrl-r.
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From Washington .Ahead of the News—Carlisle
Bargeron
-
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1
Indications vbf Current Business Activity/—:-.
;
Market
;
:
and
.
,"s
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-
...
Federal .tax
reduction = in
-■
'"..A
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Commerce Clearing
AP:
_Mutual. Funds
^
20
House, Inc.
spending brought into,,
play
an
"automatic :'stabilizer.?/; NSTA Notes
—-LZ/-Z
9
Beyond this, ,a positive-expan¬
sionist fiscal policy by the Federal
Government, and-„ an /eas^t / .News About Banks and Bankers-!-—18
credit policy on The part of the
Electronics Int'l Cap. Ltd.
'
to
in
.
•the steel industry, be able to work
out^a non - inflationary - contract
without a strike?
Will the deficit
Singer, Bean
•
Federal Reserve have undoubted¬
&
Observations—A.
Wilfred May^.l——
■«»■*:
4
international balance^ of ly played a significant role in the
expansion., However, it is .well to/
payments continue to rise in com¬
remember that-our market system.,
ing months and as a result force
^bttLRep,otietonjGovernments:-:-k.-.<.-:..-_.Aj.w-L;J--.-.,--,18
a. more
restrictive monetary and has some important recuperative:
fiscal policy than, now seems in powers of its own. Illustrative, of
this is that 1961 witnessed a sig¬
Public .Utility Securities.—
:~ 20
prospect? Will the general price
nificant change in the rate of in-'
- ; 0
level remain comparatively stable
')
'
':r
i
'^,T
:
ventory accumulation by business.
1
>'} %T
this year, or shall we witness a
.// f
In the first quarter-of the-year
V Securities Npw Jn -Registration
1..i
fresh decline in the value of thej
7
29
total
business
inventories were"
dollar?
These are some of the
f'i
T? ^ f " ». '
"-'"'f* !?' "
" •"
"H
1/ // *
r :
*
''J /
more
difficult
questions,. which being liquidated at an annual'
rate (seasonally adjusted) of; $4
Trospective1^Security .^Offerings.J—
47
must be taken into account as we
billion.- By the third quarter of
appraise the prospects for, the
1961
the * inventory
picture had
balance of the year and beyond.
2
changed dramatically, with total / Security I Like Best (The)__
My remarks will be divided business inventories being accu¬
into three parts:
(1) a brief re¬ mulated at an annual rate of $4;5
view of the genera] business ex¬
Security Salesman's Corner__-.r—
21
billion, a' rate which continued in
pansion in 1961; (2) an analysis the fourth
quarter.- This shift of
,//::•?////. /'.//'7
'i,:.:;/ /^///::- I A/of the general business outlook;
$8.5 .billion in the rate of inven¬
State of Trade and Industry (The)-—
and (3) a discussion of the pros¬
—16
tory accumulation,
nQt entirely
/r
j
...A.
/./"
' /
V
/"-V ^/ ;i-/'■•.*pects for the money and capital
independent of government policy
markets
during the' balance of
in.
1
Electronic Capital
17
*
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Knape & Vogt
Espey Electronic
28
You^(The)^-Wallace JStreete
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Capital Gains Tax,,._r.i.. 10
a
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Broadway, New York 5
'•/:
Federal /
will it heat up again?
Willi-labor/and
,'•*
-
-
Bank and Insurance Stocks
in 1960 and '. na¬
decreased,;the re¬
decline
sultant
revenues
usual./ Will
continue
developed
tional. income
"?Thisyear^ JherC :are 5Some: par¬
ticularly difficult questions which
make the forecaster's Task even
■.
^
J
we
each
Berlin
;■
'
of the forecast; it is
cool off
"
'
As We
L ''
fact
the
._15
:•:"V'7* "v.*
•
v
"
ad¬
,
/
Regular Features
prob¬ World War II. The forces behind
more
a
reflection ,of the the expansion of business are not
that
economists talk with difficult to identify. As the reces¬
more
-
<
)
;
.
increased
The
eapital
ably
^
index of in¬
production
justed basis.,
curacy
*
.
it is well to bear, in
mind, that-the,, record of, business
consensus,
.and
.:
8 % higher ■■ than in the
quarter, Similarly, the Fed- ' ;
increase
During
the past year, also, we have wit¬
nessed some improvement in the
employment of our civilian labor
force.
Although the unemploy¬
ment rate was sticky, it declined
from 6.8%
in February to 6.1%
some
the year wears
on,
'<
National Stock Exchange Trading Started
registering a substantial
of nearly
13% in 1961.
possibly
abatement
•**
or
dustrial
in
n u e
»;r,
fairly steadily from .■a/low of >102.1 •
(1957 = 100) in February to a fig¬
ure
of 115.2 in December, thus
the
past year will
with,
—Richard:H. Swesnik---—--—
,
,>
un¬
cont i
Confronting Investors—Roger W. Babson 14
Taking Another Look at Investing in Real Estate
an
$542
about
to
business which
of
FILON CORP.
_
MAXAM, INC.
broadly based expan¬
sion.
In. the first quarter of the
year the Gross National Product
billion,
most
Some Big Questions
11
strong and
the
vigorous
expansion o f
der way
Since
1961.
V
that
been
9
Growing Canadian Food Companies—-Ira U. Cobleigh.
(seasonally adjusted)
of
$500.8 billion; in the fourth
quarter of 1961 the annual rate
con¬
is
of
STREET, NEW YORK
Telephone: WHitehall 4-6551
Banks
A. Agemian^.i
have experienced a
we
/
WALL
annual rate
markets.'' The
general
quarter
that time
of-the
capital
sensus
first
the
Confining Shackles of Commercial
—Charles
funds table —covering the years
As
teeth.
we
in
the
Accompanying the paper is a sources and uses of
1952-1961 and estimates for 1962.
Jong-term rates.
again
bid
Obsolete Securities Dept.
>
99
Any rise which does occur, however, will be moderate in
with
character
and
the
Y
.
the fourth
in
COMPAN
(
GNP will rise to an annual rate of $575-580 billion
to believe that
B.s.LiCHTfnsTfir
Page
doing, what we may expect in the money and capk
His examination
markets.
tal
so
i
Complex Regulatory Process Poses Threat to Our
O'Leary, recently honored with a Vice-Presidency in the Life In¬
surance
3
mackie,
inc.
our
HA2-9000
/;
/
a
%
1
.
■»
Chicago
-
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*,
_
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Direct Wires
Cleveland
/ Philadelphia
St. Louis
.
v
40 Exchange Place, N.Y.
Teletype NY 1-1825 & 1-4844
*
'
'
,
-
to
Los Angeles
San Francisco
Washington
,
.
-
Southern Gulf
"
•.
the
actions, of course, has been a po¬
tent force
behind the recovery.
year.
Similarly,
during the
in 1960, the consumer
1961
The mild business recession of
1960-61 reached its low point in
The Recovery
of Business in
Continued
>
page
.
.•
have
years we
specialized in
Twice
FINANCIAL
Spencer Trask & Co.
•
V
'
1868
Stock
/
BROAD ST„ NEW YORK 4, N. Y.
TELETYPE NY 1-5
"
Albany
Boston"
Nashville
Newark
Chicago-
Schenectady
Glens Falls
Worcester
Utilities
12
//'"
':;r/
48
Copyright 1962 by William B. Dana
V
CHRONICLE
/
/
f
Y
Office
.
D.
J.
March
8,
Editor,
Dominion
:i
Office:
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Teletype NY 1-4040 St 1-3540
4
The Commercial and Financial Chronicle
(1156)
for
OBSERVATIONS...
BY A.
from
emanating
proxy
material
the investors in
ad¬
issues
mitted, to that Exchange. As re¬
ported by the Gilberts, Martin J.
WILFRED MAY
Vice-President in Charge
Exchange's listing
machinery, replied to such request
Keena,
of the American
from
WATSON, THE NEEDLED
of
stockholder
a
Milner,
fully
a
Crowley
listed
issue,
as
follows:
that you would be among the first
to champion the right of these
stockholders in this respect and
post-meeting re¬
port stated: 'This report on the
highlights of the meeting is
being sent to all stockholders
"I.B.M.?s (poor)
employees so that*
not able to at¬
I.B.M.
and
those
-who
tend
the
to
are
will
meeting
know
place.'
—
Thens
why did you
leave the questions out?
When
we
sent for the transcript we
found
they were
many
and
took
what
worth
and
more
a
chairman
who
to their
ques¬
question of identifying the stock¬
holders taking part in the annual
from the floor.'—Mr. Watson's / meeting discussion, it is Manage¬
name appeared
would
no less than 31 i. ment's thought that this
add nothing of substance to the
times in the post-meeting re¬
post-meeting
report and would
port."
This
needling
typical
is
ex¬
cerpted from the 22nd annual re¬
port to their corporate co-owners,
of their 1961 activities just pub¬
(286 pages with index) by
those fiery leaders of the volun¬
lished
pro-stockholder
teer
Lewis
D.
of
the
This
above.
at,
to
stockholder
Boston
from
junior-
the
i.e.
opening paragraph
year's opus is pref¬
aced with 12 pages
of themselves and
doings
and
John,
brother
partner
"we"
Gilbert
vigilantes,
of photographs
their
coterie's
and from, the 128
gatherings,
located
to
Chicago, which
they attend during the
spring
Meeting Season. Included is an
"action" picture of Carl Yastrzemski
in
his
Boston
fielder's uniform
Red
Sox
left-
deeply absorbed
in the Gilbert's
Report of how our
Corporate Boys hit last season.
would
meetings
interested
from
in
those
more
than in the affairs of the
pany." [Emphasis added.]
Basic Cause
The
of
com¬
Frustration
believer
in
the
orderly conduct
of an annual meeting of stock¬
holders. Of even greater impor¬
in addition there
...
luncheon
at
gan
9:30
stretching
hours.
with
a.m.
it
out
Most
justification for the
propelled needling,
and so far and wide, by our cor¬
porate Galahads is the intelligent
investor's
frustration
stemming
for
the
of
the
deep-rooted
status
til after 4:00
p.m.
The Gilbert maestros
ment
gives the
non-owner
gers
working
control
votes
of
the
- •>
■
holder
tabulation
in
the
case
of
a
co-introducer of
counting
the
a
champions
suffer
'
from
naturally
frustration
centuated through
marathoning.
The, InyestftrVoting Impotence
A
the
political battlers for
people's rights, our stock¬
the
the
individual
scattered
owners.
with
As
mana¬
over
"While
Thus
25
we
their
meeting
solidated Edison, we would sug¬
gest he resist the temptation to
argue
see
the
an
the corporate scene, with
current
points
of
battle
annual
meetings if he pays
more attention to parliamentary
technique and similar amenities,
such as passing out ballots when
SPERRY
RAN D—The Army
Called in
"Another example of how not to
an
annual meeting was
was
speakers
and
post-meeting re¬
photographs in
ports.
;■/;
'
In their propagandizing for the
issuance of a post-meeting report
the
Sperry Rand July session.
convened
hour
stated
made
to
meeting
promptly
but
no
the
read
at
attempt
notice
to ascertain the
or
Indiana
ing shareholders, the Gilberts use
their book for listing the compa¬
nies
which
issue " such
reports,
along with their evaluation in
three
categories:
"Honor Roll,"
"Intermediate," and "Poor." Their
comment
on
practically
every
ments, [sic] which in itself
abortive result: "Small stockhold¬
ers
will
feel
more
inclined
vote their stock if results
are
objectionable,
took
more
end
it
but the
than
.
"Instantly the meeting quieted
General Douglas MacArthur
forward
came
and
conducted
the
business portion of the meeting in
the proper fashion.
Brawling and Kissing in Chicago
The annual
meetings of Wilson
& Co. and Armour & Co.
cellent
examples
of
duct and not to conduct
meeting.
At
Wilson
was
in
the
Chairman
constant
asking
were
how
to
an
the
ex¬
con¬
annual
session
turmoil
because
resented
owners
questions. Chicago's
reported the proceed¬
follows:
valid
ings
as
"The staid meeting, featuring a
movie
Wilson
on
enlivened
break
tioning
at
operations,
the
end
by
was
out¬
an
by two stockholders ques¬
Judge John D. Cooney,
Chairman
and
Chief
Executive
Officer.
"Charles E. King asked the
whether
tions
Wilson's
were
foreign
judge
opera¬
insured under the State
Department's program against ex¬
propriation by foreign countries.
Judge Cooney said: 'If the occa¬
sion arises
will look into it.'
we
"King said 'that is like calling
an
insurance company after the house
on fire.' Judge Cooney cut him
off, saying 'don't ftiake a nuisance
of yourself, young man.'
"When King pressed for an an^
swer,
Cooney said, 'You've had
your questions, young man. Don't
make a nuisance of yourself.'
?
'Apparently,' replied King, 'the
Wilson
management
has
not
looked into it (the insurance ques¬
tion) as well as it might/
is
an
"
"
'You
can
be
sure
that Wilson
the
management is competent and has
pres¬
looked into these matters,' replied
was
not
procedure
hour and at its
Cooney.
"Then Edmond G. Levy, a stock¬
holder
from
think
stockholder ought to have
a
Milwaukee,
said
'I
right to ask a question. Those
to discuss the days when we assumed the di¬
knew
viewpoint,
and
air rectors
everything
are
such important matters as options, gone. I am complaining about your
the passing of the cash dividend attitude.'
and other topics.
company not earning their private
"The
stockholders
never
did
"Cum
Laude"
"Instead of this, President Harry find out whether the company had
degree cites the
deficiency arising from lack of F. Vickers announced a film would bought the insurance or intends
shareholder identification.
be shown.
Evelyn Y. Davis [a to. Certainly, after 'Castro,' says
handsome brunette]
was
rightly Gilbert, we can think of no more
THE ANNUAL MEETING
on
her feet saying it was time appropriate question from a share¬
Grading Our "Employees"
for
questions.
Mr. Vickers told holder."
They rate Bell and Howell's re¬ her it was not question time, and
Armour Has Learned Its Gilbert
port "Poor" because "while we [sic] Lewis Gilbert asked how long
to
re¬
was
time
few pictures the showing would take. On being
unfortunately told a half-hour, Mr. Gilbert de¬
it
be
tabled
until
the
President Charles Percy still has manded
glad to see
included,
were
a
shareholder
Lesson
a
were
resume
"Mr.
dence
King
was
Armour
at
equally in evi¬
& Co., asking
a
of the questions is equally
important."
EST.
Also
rated
by
crusader-
our
authors is the conduct of the
nual
©
meeting itself, with
list of
a
an¬
Japanese Securities
master
107 "Executives Who
Con¬
ducted
Meetings
Well."
Their
criteria
presents willingness to
give information to their com¬
pany's owners and besides the
1870
timeworn attacks
on
on
compensation
items in the category of com¬
pany manners running the gamut
from well-working microphones to
Correspondents inprincipal cities
comfortable
throughout the United States and Canqda
chairs
to
that
pressible interest in Lunch.
cating,
retain
UNDERWRITERS AND DISTRIBUTORS
zeal
however,
some
for
the
that
balance
latter
of NEW YORK, INC.
irre¬
Indi¬
they
midst
is
YAMAICHI SECURITIES COMPANY
still
their
their
Brokers and Investment Bankers
en¬
dorsement of the following kudo
for the R.C.A. Chairman, in the
OF INVESTMENT SECURITIES
account by Charles M. Sievert in
the
Affiliate of
World
Telegram and Sun:
approximately 2,200
stockholders at. the R.C.A. annual
"There
&
,
an¬
picture
and
was
a quorum. Various officers
called upon to make state¬
for the benefit of the non-attend¬
usual
of
It
the
of
ence
Vickers
motion
<
conduct
of
consultation
a
Mr.
the
would be postponed.
easier time at
individuals at the Standard Oil of
with the
.
"President Merkle of Madison
Fund will have
were
meeting,
.
have so many experts
today' should be avoided."
identification
proposal for
of voting
.
we
here
prominently including the lunch
provisions at meeting, and the
number
with his shareholders
such as 'I'm glad to
comments
on
their
of Con¬
their
extensive side -tracking to relative
trivia
Harland
asked to do so."
understand
can
also
—ac¬
not reached the conclusion that
Dominigk
YAMAICHI SECURITIES CO., LTD.
were
•'5 )
*
*
>
V
i 1
TOKYO, JAPAN
,
«;■?
*
ti
t
♦The
Jan. 30 Report of the Special
Committee for Study of the American
Members New York, American & Toronto Stock Exchanges
not at
are
generally like the
C. Forbes,
we
of
that
American
Chairman of the Board
spectators,
of
...
14 WALL STREET
6V2
nearly
stockholders
doggedly through the entire
proceeding neglecting the lunch¬
eon provided by the company un¬
conduct
ended
up
with less
than 3% of the delegates' votes.
our corporate system where, under
the proxy technique, the separa¬ And, of course, there is similar
analogy in the Filibuster field.
tion
of ownership and manage¬
from
ported by stockholders as well as
overall fairness
to
all by shares. Wide voting is desir¬
Participation helps to in¬
stockholders present so that all able.
who wish to do so may participate crease personal interest.
In
in the
meeting in an orderly addition, voting of the stock helps
tell the management how accept¬
manner
and with due regard to
The cost
the rights of the other stock¬ able its policies are.
holders to be heard. They should would be minor. The figures are
not be deprived of this right be¬ already available."
cause of the lack of knowledge of
As a timely coincidence in view
technical rules which may not be of the American Stock Exchange's
understood by the great majority cufrent
state
of
suspension is
of the stockholders attending a the Gilbert volume's citation of
[sic] normal meeting. I am sure intelligent individuals' demands
/
questions
After
counsel,
nounced
no
sat
Nominating Convention in
Los Angeles, where Mr. Stevenson
although the recipient of most of
the noise from the demonstrating
in
Dominick
was
The meeting be¬
recess.
dential
main
The
increasingly
tance is the conduct of the meet¬
ing
manage¬
to persist
plight of an un-franchised major¬
ity at the 1960 Democratic Presi¬
companies
com¬
paring the number of individual
The needling is not entirely a proxies cast with the correspond¬
one-way street with all corporate ing aggregate of votes, shows the
executives'
panicked
by
these former as proportionately far in
highly
articulate
parliamentary excess of the latter.
The Gilbert book quotes Ed¬
experts. For example, Secretary
Ben Rawlins of U. S. Steel replied ward L. Gordy of Evanston, 111.,
assured that I am a firm
1961* continued
—
representative
may be
Electric
"General
all stingy about giving gratuitous
Aggressions"—
advice
sometimes
larded
with
including their unceasing agitation
threats—to their proteges on how
for cumulative voting.*
We
were
reminded
of
this to run the meeting.
Sassing Mr. Gilbert Back
to their complaint concerning his
opposition to the- use of Roberts
Rules of Order as follows: "you
cuse
of
end
debated.
with
"Gilbert
the
for
publicity
personal
the
More Lunch Trouble
absurdity of providing only
microphone.
Attracted - by
executive price fixing convictions
2,686
shareowners
packed
the
Onondaga War Memorial in Syra¬
curing this
situation so candidly admitted by
the negligent Exchange, justifies
the use of, and the actual need
Surely
-
-
in the
affect the election of directors."
•
O th
-
one
of
vote
a
business of -the
.*.the.box luncheon: transacted.
.
two
ment in
minority stockholders would not
tend to encourage comment at an¬
nual
that
mean
Thursday,-March 6, 1962
meeting had been
e r ' stockholders
sandwiches, an egg and joined in the.fray-and it was soon
imple dessert could not have been evident that independent share¬
"'e big- attraction.
We
think, holders present at the meeting
honestly, that Gen* Sarnoff and wanted business and not a motion
his handling of the affair was the picture.
Pandemonium prevailed
big attraction ... hedging at no for fifteen minutes as the pro- and
time and giving stockholders a anti
management viewpoints on
this subject of shareholder rights
complete but brief answer."
of
state:
proxy,
a
the largest
spread: over
NBC Studio..
;
supplies
company
.
Commenting on other manage¬
ments' performance in 1961, they
.
postmeeting reports thus: "As to the
report summar¬
ization:
'following the
movie
Mr. Watson answered questions
practice
such
and
shareholders
desiring to vote
may still do so by sending in
their
own
proxy'—and, more
shockingly:
• :
;
^
"Even
if the
company
has
solicited proxies, the fact that
a
majority of the outstanding
shares are held by interests as¬
sociated
with
management
Railroad responded
major offensive for
the
been
stockholders with
tioners' identification in the
atten¬
the
if
would
u£e 11 his'' knowledge-' of
parliamentary rules to the disad¬
vantage
of such
stockholders."
[Emphasis added.]
■
f
Again,
needling
the Gilberts
in-reverse, the management of the
Pennsylvania
than your
tion
of
not
.
was
of the company to solicit proxies
for its stockholders' meetings ...
.
Thomas J. Watson,
varied
critical
be
"It has
meeting
-.
NEW YORK
•
Stock Exchange ("The Levy Committee")
recommends, the de-listing of all issues,
whether presently fullv listed or enjoying
unlisted trading privileges.
111
BROADWAY, NEW YORK 6
COrtlandt 7-5900
Volume 195
Number 6140
.
.
The Commercial and Financial Chronicle
,
(1157)
5
was made that
there Coach, now committing mayhem ing of the American Telephone equivalent extent' as specified in
three, but management re¬ on New York City's bus riders, and Telegraph Company, held in the accompanying' table.*
to identify them by name. The antics were reported thus:
Chicago for the first time, at'
'
stagger system. Here,
Average
"John A. Moreland, President of tracted some 20,000 shareholders,
however; William .Wood Prince, He asked if the President had cut
interval
p*j jndsa^teH
Prediction
Chairman of the Board, thanked his salary in view of the poor 1960 Fifth Avenue Coach Lines, Inc. thus outdrawing by a good margin 1960-61 -1__
-j- 4%
+0.2%
Mr. King; for his viewpoint, an¬ earnings. The answer was no.
had hardly gaveled th6 embattled the
Chicago
White
Sox
who 1959-60 IlII
-^5.0 "
-f 6
"In view of the fact that a Por¬ bus operator's annual meeting to opened their baseball season the 1958-59 _HI
swered his questions, and saw to
4-32
—1.0
it that everyone was quoted fairly ter, division was mentioned in the order than all was disorder; The previous week.
prodding
cal
questions
Admission-
intelligent
as
should "and properly criti¬
owners
were,
the
of
fused
.
and properly identified in the
pany's post-meeting report."
famous
com¬
"rigged
bid"
Holbert first told
THIOKOL
Management
—
case,
Markowitz raised the subject.
Still
Mr. real uproar began when
holder
Mr.
feet.
Markowitz
Mr.
he should tell him
."Annoying"
.
.
.
stock-
Time
his
to
rose
Gilbert
draw
were
dividends
running
from his seat and
moved
when
was
shareholders
Shouting 'point of informa'point .of: information.' Mr.
tion,'
'to go to hell'
because he asked too many ques¬
.
Gilbert
John
of
the
and
*Cf.
"Observations," "Chronicle," Feb.
26, 1959; March i, iWO; March 19, 1961.,
American
content to
leave
And again this year,
the
to
company
the
management.
the disper-
sion of the forecasts as well as
their range confirmed the impOssibility of forecasting (at least of
But they are no
longer So passive
The prospect
0f being grilled at the next an- the-Averages)—and suggests the
tion
nual meeting is certainly a factor experts'
expectable results
as
post-meeting .report of Thiokol. replied that the company execu¬
,.;"]LJnfprtu^tely -fqr-Mr. filbert,, that management must take into P°Pfer than the toss ota,.coin, (By
Fortunately, Howard D. Sterling tives were indicted and tried in two other stockholders had the account.
For some the annual way of an. embarrassing "P: S.,"
[another understudy]
of
New Philadelphia; that price fixing was same idea at the same time. Max meeting is a modern form of tor- y°ur columnist happened to win
York, was able to attend the 1961 not the policy of the company; Beller, a chunky man in a brown ture for which they have to be the blue ribbon again this year,
annual : meeting
and inaugurate that the involved employees were suit, tried to grab the 'mike' in an weli drilled in advance... .But... dressing a D.-J. close of 717.31 vs.
effort to put management's slate
the long-needed prodding of man¬ still on the payroll."
they maintain a stoical smile reai- the actual performance target of
"For
years we have been tions.
(There should probably be made a bee-line for the microby the scanty informa¬ even more since it seems to bother phone reserved for stockholders'
contained Jn
the so-called management so much.)
Then he use out in the-middle of the floor,
some
.
.
.
annoyed
.
in the
agement
of manage¬
relations.
nomination
and
izing
The Old "If You Don't Like It"—
Joseph Romano, an attorney hold¬
ing a proxy for 10 shares, begged
"Mr. Holbert
then asked
Mr. to be heard on the question of
Markowitz if his shares werefor where
management had
got its
sale and
enough
no business
of the
shareholders have gone for good."
held
on April 20, 1961. I am
to* say that I have never
experienced a meeting which
sorry
money
their
.
man
directors and the
the
posed
did
identify themselves as to
position, or stockholding.
one
could not
they
gally
stockholders
were
authorized
name,
Thus,
to
if
le¬
or
propose
directors
of
a
at
.
MARKET EXPERTS'
Joins Richard J. Buck
seated up front.
There were re¬
FORECASTING DERBY
allegations of fraud
in
properly our employees (the man¬ peated
Richard J. Buck & Co., 4 Albany
The 1961-'62 Race
agers) into the correct postures. management's voting of proxies.
Street, New York City, memoer*
For example, they report that John Gilbert drew prolonged apOnce again the financial writers of the New York Stock Exchange,
Mr.
Lewis Gilbert put Mr. Ed¬ Plause
when he shouted,
This have exhibited over-caution in have announced that Adolph M.
ward
G.
The stormy market forecasting.
Uhl, Fairchild Stratos meeting is illegal.
As in past Gross has joined the firm as a
new
President,' recently
trans¬ interruptions of the chairman by years, the 1961-62 box, score of registered representative,
ferred from
Martin
Co., in his stockholders continued almost un- the results in the prediction conproper
place:
"Let
him
learn abated for about an hour."
conducted annually by East-
not
ascertain
even
other
and
Hayes Co,
j
time for the Gilbertians to harness
who pro¬
one
resolution
President
Sometimes it takes considerable
who nominated the
R
*
Haring Street.
forms of verbal abuse assailed the
'The
;
Form R. J.
holding owner's employees, i.e., liam Street, New York City,
the managers, will unionize to protec*
interests, may be far off.
House of Inv. Opens
Meanwhile, however, the indis- RRnmrTVM ^ v
House
pensable investor education in this
i
vital area will proceed slowly but Investors Inc. is, engaging in
securities business from offices
surely,
2645
less well conducted/
proxy.
^
+
Hayes & Company Incorpo.
rated, is engaging in a securities
The day when you, the share- business from offices at 27 Wil-
"
stock
rather
than
try to match over the 'mike'
[Editorial Note —John Gilbert
change what they do not like by
'I was not given time to vote asking questions and airing issues." normally weighs in at 15 lbs. less
than brother Lewis.]
for the directors, though I was
TEACHING OUR "EMPLOYEES"
"Catcalls, threats, and other
a
duly authorized voter and
DISCIPLINE
was
717.27.)
were
*
told he did not have
was
that the days when the
operations of the comr
pany
quorum, for the meeting. All three
to buy them. We collided at the microphone. Messrs.
often wonder why some execu¬ GilbHt and Beller shouting all the
tives think people are going to sell way got caught up in a wrestling
'As you probably know, I at¬
tended the annual meeting that
.
internal
Way Out
"Afterwards, Mr. Sterling sent a
strong letter of complaint to Pres¬
ident J. W. Crosby.
you
in
directors
of
field
ment-shareholder
.
a
resolution.
'The acoustics of the room, in
which
the meeting was
held,
President
from
Fairchild
John
Camera.
Carter
It
took
further
For
of
characterization
American Diversified
of
man
the transit company's meeting
Mr.
DiH0n,
Union
Securities
&
(in
Mike Quill had
Co.
those testifying,
vanced from 648.9 to 717.27, an
N. Y. — James J.
Carter time, too. We warned Mr. which union czar
estimation of the stock market's Mokhiber is engaging in a secuSterling called our atten¬
no
Uhl prior to the meeting that if
rities business from offices at 53
paHj+^ur authors cite the late ac+ual rise
tion tp the
importance, that proper he
Cliirttinf Avenue; under the firm
^
J
thought in terms of Martin N. Y^State Supreme Court Justice
bus transportation be arranged for
*n the interval from Feb. 15, name of ? American Diversified
management-shareholder relations Epstein's decision nullifying the
Thiokol owners. The meeting site
his thoughts were not ours. Share¬ meeting (later reversed), ex- 1961 to the same date this year, Funds.*
is, qiiite -far,; from the Trenton,
holders want more than a picture cerpted as followsthe terminal date of the'Race,-the ....
New Jersey, railroad station."
"The testimony' (John
of the President.
There was
Gilbert Dow-Jones Industrial Average adabominable.'
were
•
.
"Mr.
.
H.
K.
PORTER—Still
Un-Recon-
structed Non-Gilbertians
:
"H. K. Porter management pro¬
vided another example of how not
to
conduct
an
annual
meeting.
Shareholder
Hyman Markowitz
directors were
(President C. L. Holbert
how
asked
present
and
C.
two
in
formed
for
W.
many
Veatch
attendance)
that
it
meeting.
and
the
only
was
in¬
not necessary
be present at the
was
directors to
poorer
were
We
cannot
management
imagine
shareholder
not
line
a
about
.
debate
had
on
the
this
the
and
of
minutes
said meeting reveal that the meetwas
chaotic, unmanageable
'disgraceful'
There is no
question that Fifth Avenue's door-
and
in
current Gilbert bible:
.
.
.
keepers, who checked stockholders
"Attempts to ignore stockholder and
proxies for admission, allowed
rights at annual meetings will al¬
many
persons - into
the meeting
ways be met with forceful action who
were neither stockholders nor
and
ers
language if independent
such
ducted
which
ourselves
as
tendance.
annual
in
are
define
We
own¬
holders of proxies.
at¬
meetings
as
There is
some
question whether the microphone^
well-con¬
went 'dead' at
those
there
presided over fairly and
learn much impartially by the Chair."
-
among
Note)
ing
appears
warning
been
—Ed.
in the comments."
And
are
is
Beller,
critical time.
a
doubt
no
that
one
Bur
the senior Gilbert
corporations
nual
far-flung
were
in
the
"red."
to at¬
posture.
This conclusion was vividly sub¬
stantiated at the May 8, 1961 an¬
tain
the
Elder
meeting
manages
Statesman
of
ALBANY,
Fifth
Avenue
.
confusion
amid
even
Bradford Financial Corporation is
°* the 38 entries was down at 680, engagihg in a securities business
equivalent to a rise of only 4.6/0.
Similarly, underestimated was the
Pow_ " Jones Railroad Average
(performance, 143-149.3—average
of the predictions 145.4); and the
D.-J. Utilities Average (market
performance 116.0-129.1
age prediction, 116.0).
The
in
aver-
offices
from
355
at
,
Lexington
Avenue, New York City,
Form l>1*UC6, Franklin
Franklin & Co.,
Bruce,
formed with
jjeen
Broadway,
previous
years
erred—on the cautious side—to an
guesses
the
which
.
New
a
City
York
Martin D. Schechter)
in
Inc.
has
offices at 1475
(c/o
to engage
securities business,
.
We
are
pleased
to announce
us
of
SIDNEY J. SANDERS
presiding officer."
as
THE
the association with
shocked
a
Vice President
"NET"
What is the end result of all the
FOSTER & MARSHALL
activities and agitation of the Gil¬
bert
cohorts.
the
Do
antics
pay
INC.
off?
Trading in Foreign Securities?
15raciiorci Financial
kut .-P1® av?rilSf
a^?nc^Q°^
a
.
Thomas Mellon Evans may
think this is good stockholder re¬
lations.
We
do
not.
He
asked
which divisions of the
under-
Max
retired poultry dealer to
relations. Directors can
whom the term 'hireling' or paid
from [sic again] owners.
Gilbert and his cohorts are dis¬ 'stooger' for Fifth Avenue's man¬
"Mr. Markowitz requested that pensable in the
living-up of stock¬ agement may well be applied
Directors H. A. Eggerss and W. S. holder
meetings at times of the did forcibly take the microphone
Landes own more stock. The Chair company's
difficulties, perhaps from a stockholder, read a list of
replied it was not the policy of with a cut or passe dividend, names as nominees for directors,
the company that directors own amidst a
fight for control (when and. a vote called and tabulated
stock.
substantial
.
the
cumulative ;voting or identifica¬
tion of the shareholder participa¬
tion
reveals
It is
our
long-considered opinion
that the machinations do
serve
.
Investment Bankers
the
communal interest in
GERMAN
-
DUTCH
-
ENGLISH—you
With direct cable connections
to
name
offsetting the
public's basic lack of interest and
it
knowledge regarding their status,
rights, and obligations as invest¬
ing mwners.
offices in—
FRANKFURT
performed at the
annual
meeting,
the
boisterousness
is
PANAMA
HONG
PARIS
MADRID
sanctimonious
SAN
LONDON
welcome
ROME
KONG
aided
JUAN
by
gyration,
investor
porate
to
meets
the
foreign securities
trading desk; just dial—WHitehall 4-4732.
our
meeting
and
its
implica¬
tions, has been spelled out in the
London Economist thus (May 27,
1961):
:
,-7:V"•
.
"In
MERRILL LYNCH*
I
P t EftCEjt FEIMIMER& SMITH
70 PINE
STREET, NEW YORK 5,-N. Y.
Koeller Air Products, Inc.
594
Lexington Avenue
Clifton, New Jersey
the conduct of the American cor¬
selling foreign securities.
call
and
ad
awakening.
intelligent
impression from
abroad of the long-term change in
feel particularly well-qualified to provide
help and information when it comes to buying
direct
reducto
of
An
we
a
sort
a
decadent
to
stuffiness;
for
need
For
contrast
absurdum
TORONTO
or
Teletype SE 673
Telephone MAin 4-4550
As
MONTREAL
GENEVA
Seattle 4, Washington
1505 Norton Building
and May thousands
of Americans indulge in the largeJ fy seasonal pastime of attending,
tthie* annual ih.eefingV o| the com¬
panies in which they own shares
~
I INI C
;
—
*
,
a
April
sport' that has beeii
in popularity.
gaining
This year's meet-
Has contracted for the
purchase of the Morris-
ville, Pa. and Newark, New Jersey operations of
Wall
Gases, Inc.—one of the large independent
of acetylene, gas in the East.
manufacturers
major step in the company's-program to
growing demands of industrial gases and
This is the first
meet
the
oxyacetylene for welding and cutting equipment.
Alfred H:
• •*.* *
Koeller; Jrr, President.
6
The Commercial and Financial
(1158)
ChronicleThursday, March 8, 1962
National Stock Exchange
rj
on
Yesterday
since
marked the
debut of the
nation's
1929, and the first under the SEC, in
listings from the
first
stock
Over-tha-Counter Market. The National Stock Ex¬
change's Chairman, Lawrence H. Taylor, initiated
1958,
which
have
and
mambers
baen
successfully
culminated
potential of 401 in what is
a
now
trading mart and the third for New York City.
the
on
exchange
bid to draw qualifying
a
studies
in
114
with
June,
j
charter
the country's 14th
Trading is patterned
specialist system of the NYSE and is centered around two
trading "posts" capable of handling up to 100 issues each
before
requiring additional "posts." A network of tickers carries quotations
throughout the nation.
The
National
third
Stock
New
for
►
its
Exchange,
City and
York
lowing
appointive commissions,
Commissioner;' and
holder of numerous high offices
officals of the
of
New
ernment.
U.
the
new
York,
nedy
exchange, the
the State of
in
of The
four-year
trading.
National Stock
Issues
400
well
Presidents
as
of
since
the
of
will
The
has
National
been
York
Stock
sponsored
the
•
>
New
Taylor
busiest
floor
of
the
is
no
The ' Na¬
of
holders
public. Net worth
that
The
brought into being
to
up
.
years
from
noted. From 1951 to 1961 the
last year.
-
-
-
.
,
Another barombter of
-
Jin
which
-
»
that
only
the
initial
n
at
04.
i
and
service
in
'
1
*
i
press
coverage
tional tape as
America£
.
mu
•
p
mi
•
wt
ous|y
NEW
34
YORK
STREET
1,
N.
hanf
to
companies+tbat: wish, Jo.
their
T
,
achievement of
1-ncrea-s^ Public interest j
securities as well as
the
In
.
his
,
-
view
Effective MARCH 7,
common
stock
will
ba traded
on
stocks
the
on
Exchange will
the
NATIONAL STOCK EXCHANGE
(Ticker Symbol: CAMP)
Self
view
-
of
Exchange seat is a
prerequisite to National Stock' Ex¬
change membership. The price of
such seats has recently been in
the vicinity of $9,400.
Exchange
officials
note
that
there
"treasury"' ^seats
99
remain
on" the
at
all
Stock
To-qualify: for
•
National
must meet
National.-
the
.
televi•
.
,
a
;
:
and
-
financial
be allowed to trade
ments to
requirements to ;act
specialists are
liquid assets.;,
of
dedicate
The
Exchange. It 'is
stock trading floor
History
installed
were
a
RfeqpiremcnT^9^
$50,000
at
set
National:
of
-Thepossibility-
Board
soundproofed
ceiling
,
,
.
,
were
.
,
these benefits
accrue
a
per-
i
of
the
:
Lawrence
tionnaires
6,000
ques¬
sent out to
mejn-
program,
of
bers
The
were
the
response
in
a
securities
showed
industry.
a
marked
securities
new
y
The Common Stock Of
-
a
TV DEVELOPMENT CORP.
has been admitted
HNATIONAL
to companies
to
trading
STOCK
on
the
EXCHANGE
which list their
dealers
2nd
AVENUE
&
13th
STREET, BROOKLYN 15, NEW YORK
who
trading
activities
•
FARM
♦
INDUSTRY
the
Specialist
System
•
•
RESORT
the specialist
-•
Employed
on
TVD
,
"
■J
DEVELOPMENT
TV
CORPORATION
system, and has been
primarily patterned after the
tem
"Ticker Symbol:
i
in¬
Trading on The National Stock
Exchange is carried on through
CHEMICAL SPECIALTIES
HOME
to
vesting public at large."
LEADING MANUFACTURERS OF
SEWAGE CHEMICALS
FOR
and
sys¬
developed and presently used
the New York Stock
Exchange".
469
MENEOLA
'•
H.
The Na¬
who in¬
We Are Pleased To Announce That
that
New
the
Exchange. Under
of
now Chairman of
Stock Exchange,
interest
.
J
Taylor,
itiated
officers and other Exchange
stocks, to member
participate in our
;
...
tolcony ;»verlooking_the floor of
11? National Stock Exchange, for
*
direction
the
Stock
purpose
'
of
Governors
of
cjaijy
Installed r
'
today the'
National
our
a
"
the:, Exchange
tional
orderly
and
respected
public securities market. To these
we
as
>
..
York Mercantile
healthy,
operations
;
forming a
kas- taken well over a year, ac-; new securities:
exchange. fori New 'r".v
-pofding to Exchange officials. Ex-- York City was first explored in
tepsiye'' wire, cable systems ;Jfor June, 1958, by a. committee pf the
in
to
the
require-
specific
.
which
essential
are
of
tain
The physical revamping of the
of
cost
additional membership is nominal
but the applicant must meet cer-
clbaring^^ member;; "
.
into
and dif-J;
requirements •
The
Trans-Lux
investing! public.
"discipline,:self - regulation-
information
Stock
separate
membership
of
net
,
the
ferent
standardization and full disclosure
of
:
Mercantile: Exchange m e m b e r s
further
Mr. ';?nnnp1
times
New
Exchange, since £
its by-laws provide'for* 500 maxi*'d
mum;
There are nine such seats J
York t Mercantile
the
objectives
CHEMICAL CO.,
be
York
New
Purchase of
who trade
full
CAWII*
the
seats
Mercantile
a
listed and the member dealers
on
The National Stock
are
1962,
that
York
Offices- have been built on
Taylor stated, "It is significant in
our
poten¬
a
up for sale by the
Board of
Governors at $10,000 each.
trading floor."
■
w>r
remarks
opening
mem¬
Natiional
The
This is the number of
first, during structural changes to
the edifice. Then an inlaid vinyl
ntc floor, panelled walls and spe-
offers corporations
.
114
are
of
visible simultane-
their ]basethrough wider
of their
secunt.es>oncommunications
public acceptance accorded
to issues that have been
carefully
~examined by The National Stock
Y.
New
and
ground- floor
di stribution
in
'
491 Members
Mercantile Exchange.
for
s
,
a-
Exchange and chosen for listing.
our
Stock
Exchange, there is
existing
*
Exchange, the Nawell as those of the
twin
on
•
9^ Exchangejs^ equally sigpifjV..
■
of
there
present
tial of 401.
-of the
light of exchange regulatory
procedures and scrutiny.
at
Stock
sion scanners, visible from all parts
added
WEST
now
,
t-
Although
bers
Sets
A network of tickers carried the-
rnar?Exchanges- are
«rGf
listed han§estatus
Report Available;
LEASING CREDIT CORPORATION
440
Exchange,
National
opening day's trades to all parts Exchange, membership, New Yprk
-
he nationwide market offered
by
Aiiniizl
The
now
Ticker Network
formerly available
the over-the-counter
•
Symbol: LCC
private wise
100' additional outlets
,:Jh® _opemng pf The National; building
Ticker
200
i : J" ''
.
Exchange^-tra4ing As-,by- public
the
NATIONAL STOCK EXCHANGE
traders, The
have already been taken, necessi-
auction, and is performed in the
full
on
of floor
tons;J "it was pointed out by Exchange officials at the opening that
securities
in
of
trading
use
Stock Exchange. has in-
ttonal. Stock
ticker
LEASING CREDIT CORP.
admitted to
200
°f the nation,"and through news
Sm'
"j
.wiresthe figures were carried to
Th^yN^ionat-j Stoek- ..Exchange financial editors throughout .the
will serve investors by
bringingUnitect:. States^ For,'the informa^mi anoPPO^nrty *<?trade on k
legulated exchange with.national rti0n:,ef: floor traders on The Na-
"everything
had doubled in the past 10
years."
announce
100 isof
total
stantlv available by pushing but-
to4 by
a*}n"a^ 7 iwFvnfti)
fSfifT f
^
American
to
up
a
increased--beinff installed';
pointed
pressure
When
stalled newly designed telephones
with five private wires in-
-geographic basis.'
been
Mercantile
of
Potential
cen-
"posts"
each
Taylor was the number-of
SEC registrations becoming effec-
result
j
has
p0r the
National
-tating
,
trading
issues is reached, two new posts
will be erected.
''.■J:/;?.:-'.'"'?""
-■ ■
num-
.
each.
sues4
6,500,000 in
present, he
at
two
capable of handling
S., share-
U.
15,000,000
National
as a
an;-ever-expanding
the Common Stock
York
organization
Exchange.
sponsor
the National is
on
around
Mr.
pleased, to
Taylor, Chairman; John J. Scanlan,
Llewellyn Watts,
Jr., Member
of
Governors, National Stock Exchange,
,
ber of-shares of companiesMisted
i
are
io
would
ahead,
„
noted
economy
ing guide its destinies throughout
We-
is
1952
financial
of
of
Chairman New
and
Super¬
Bonliag,
ered
everything
double again in the
The
number, of
of the. relentless financial pressures
Exchange building at 6
Harrison Street, Manhattan.
Help¬
Board
Woodson: .Broughton,
Activity
growth,
and
cantile
President;
trading
of
Stock Exchange had been planned
Mer¬
the
He stated that at the present rate
At the inaugural ceremonies. Mr.
-
Mercantile
built: ground
it
generally be from $500,000 up.
,
Exchange, the
commodity mart,
and it occupies the
completely re¬
City's
Fred
are:
Trading;
the
of
H.
rence
seen
as
floor
of
one
:
Exchange
by
right,
to
Floor
about
In addition to the three basic
on the New York Stock
Exchange
requirements, according to Chair¬ had jumped from 2,500,000,000 to
man Lawrence H. Taylor, a listed
just over 7,000,000,000. And the
company must meet additional re* number of shares traded annually
quirements as to earning capacity, on the New York Stock Exchange
stability,t and management per¬ had increased from about 500,000,formance;
:
T; .000 in 1956 to -over 1,000,000,000
the
Securities and Exchange Commis¬
sion in 1933.
'1! t;1 ft
listed
Exchange for stocks
the hands of the
Exchange is
left
of
Exchange
trading
Vice-President} Stanley Siegel, Director of In¬
formation; Alfred Joseph, Vice-President; Law¬
the
it will accept for listing are 500
stockholders, and 100,000 shares in
,
creation
is
Stock
organized since 1929 and is the
onty; new exchange to be franchised
it
requirements
securities mart to be
new
posts,
day
over-the-counter stock.
tional
com¬
...
The National Stock
the first
an
Basic
panies listed for trading and The
Stock
Exchange's
114
'
part from
Gathered
visor
National
Stock
decorated
a
stock
must
meet
requirements, and of
once
longer
National
members.
Exchange.
inaugural
National
newly
counter market; To
listing on a securities
numerous
community
The
of
the
-
a
course
guests frofriu
New York's financial
tjie
exchange,
trading at
of
-
achieve
the
on5
for the most
over
inception
traded
Exchange's
came
newly-launched Exchange
opening day ceremonies that
began at 10:30 a.m. and culminated
as
Staff
Stock
for
preparations
were
Roosevelt
D.
Listing Requirements
At the
a.m.
Franklin
on
the open¬
H.
Taylor,
for
the
the
Administration.
Exchange, who has spear-headed
its
SEC
over
Lawrence
Chairm a n
on
former
the Federal Gov¬
Presiding
was
11:00
counsel
adviser to President John F. Ken¬
-
New York and
with
as
S.,> in¬
for.
augurated
ing
period
trading March 7 fol¬
ceremonies that involved
fourteenth
City
incubation
has been James M. Landis, recent
JERICHO
TURNPIKE
LONG
ISLAND
ex-
•W»JM**»W*ii»V
Volume
195
Number
-
change, to be located
York City: ; •'*/•
in
New
/'V
The enthusiasm of the response
was
such- that
immediate steps
-;
-
taken to
were
tential
investigate the po¬
-fully and to study
more
.
and means'to put the proj¬
to motion.
A .franchise, was
ways
ect
f
received
the
from
Securities' and
Exchange7* Commission for T h e
National/.Stock Exchange7 on Aug;
16, 1960^ alter over* two - years1 of
study and preparation; The" Ex^
change organized hn~ April 27 of
that
under
year
corporation
New
York
the anembefshila
laws'of; .the: State: of
as
a
membership -
The Commercial
6140
cor-,
poration.;
and Financial Chronicle
Street; Rolf R. Roland of Model;
Roland
Co., 120
Broadway;
Harry Ross,. Ross,./Lyons .& Co..
41! Fast- 42nd ' Street;
Robert! J.
Seigel of Brand, Grumet & Saigel,
,
Mr. Taylor pointed out that the
staff
'V
.
James
a
K.
Hart
has
been
•
elected
.Vice-President of The Lehman
Corporation,
1 ...William
Street;
New York. City, it was announced
b
■
Mr.
charged with
e
Mr.--
1961, as
executive:
:
'the
those he
He:*;was-
Broughton is in charge : of
companies and liaison with
a
Vice-President
sistant
•
>
.
from the
comes
James K. Hart
senior
visor.
Of
Fred
.
floor
the
accountant
Bonhag,
he
York
super¬
Supervisor
trading, also
New
where
and
;from
comes
Stock
Exchange
the Depart¬
in
served
in
Gude, Winmill
-
for
/ !
»/. //
I.: duPont
&
Co-:, "as'Chairman of the-Committee
On .Arrangements. Other members
of the
committee
Norman H.
are:
Baumm of Sfroud &
of-
*
William A. Fine has become
Gerstley, V Sunstein &
John. B/ Richter.
Butcher
of
members of the New York
Exchange. Mr: Fine
&
.
Blyth
Shinn
of-
Fenner
&
Smith
of::/;;//v
Inc."; Robert V.
Philadelphia
Wehrheim /of
The
National Bank
and
Stuart
Burnham Int'l
MacR.
Broadv Street,
Richard/L,
members of the
Newburger of New- Committee. Other Committee
burger & Co.; Wallace H. Runyan members are: B. Newton Barber
of.. Hemphill,
Noyes
Co.; W.
Schmidt
of
Hornblower
& Weeks and Raymond L. Talcott
Co.
/ r
/ /
of Drexel &
of
*
& Co., Inc.; George L.
Merrill Lynch, - Pierce,
Co., Inc.; John
C. Bogan, Jr. of Brooke, Sheridan; Wyeth of Stone & Webster Securi¬
Bogan
&
Co.f- Inc.; a Edgar A. ties Corporation.
;.
' / /;/ ■! V * /
Christian- of - Suplee,- Yeatman,
Clifford C. Collings, Jr! of C. C.
Mosley Co., Inc.; Jarpes; T. Gies of
Collings..& Co., Inc., has been ap¬
Smith, Barney & Co.; Thomas J.
Meany
of The
Wellington Co; pointed Chairman of the Publicity
Marshall
W/.H.
Newbold's
Son
&
Co.
wholly-owned
of
corporate
Burnhan)
Exchange,
Jerome
and
New
York
-■
/-•'"
announced
Abeles
and
Compa
i-—'/:/;•/ >■".
n y.,
and Thomas B. Krug of Bioren &
Jospe have been appointed VicePresidents.
'•
;
/
NEW ISSUE
March 1,
an
County
and
officer
of
to
the
National
this he
1962
/; ./*_■; '/
heading
a sec¬
tion of the bank's investment re¬
was
$600,000
/
Middlesex
//;.////•; / M ETALFAB,
Bank,/Boston,
assistant professor at Har¬
vard Graduate School of Business/ !
INC.!/::/|,v///:
an
6% Sinking Fund Convertible Debentures
Dated December 1, 1961
Murray Frumin Forms
1
-Board
Lawrence
of
Directors
//',
Own Investment Co.
./
St.;" Aaron A. Freundlich,
Street; Maurice HaberHaberman* Bros., 15 Broad
has formed Murray Frumin & Co.',
offices-sin- the ^Penobscot.
.
.Building, to
engage
''business/ Mr.
of
.
the
6 Harrison
was
man,
son
■
&
Stock
an
•
Frumin, Inc.
:
,
*'://'/••/
/
'
The
Prospectus
•;>/;-"
Member
National Stock
%-.5j
.
1, 1976
•/ '•"./■
;
Milwaukee, Wisconsin. "
may
/*/;>"'
bt obtained in any State in which this announcement is circulated from such of the
Underwriters as may legally offer the securities in such State. .,/•,..
DEALERS
Exchange
/
.
Splaine & Frederick, Inc.
*
/
-
'
,*'."
Direct wire
**';♦•>'.
*..
to
Ira.
C
*
i*.
•
/
■
v
'' '*.
,*s'
•'
-".7
\
.
|
Straus, Blosser & McDowell T. C. Henderson & Co., Inc. 'Penington, Cclket & Co.
Hdupt & Company, Neiv York City.
Bell &
,r
WASHINGTON,
/•; /
V
♦
Frice 100% and accrued interest
■'
Cruttenden, Podesta & Co.
/.
'
•...
convertible into Common Stock at.SlOM per
Interest is payable ]une l and December 1 in
'/ !
4*
'v. •"/'■
•member/"
Exchange, •.
officer of Morri-
UNDERWRITERS
"*/i '/*.." •"?.
a
*
DISTRIBUTORS
.•*
in;^ securities
-Frumin,
Detroit
formerly
are
it:
'-ff
■
share on
or
prior.to December 1, 1966, at $11Y\ per-share thereafter and on or prior
to December
1, 1971/and at.$ll/i per share thtfrrirfter. until maturity.
DETROIT, Mich;—Murray Frumin
with
Due December
*7 : .',4-
7':..'*./»
These Debentures
H.~
Taylor, Chairman
of the, Board of ;j;ihe
National," is
with>:the 'firim: of Sirota, Taylor
Company ofH2,6 Broad way .> (Other
boardumembers9are, Ifendrik C,
Ahlers, - Carl
Ahlers,
Inc.; 4168
•Duane
'/
LOBBY
6.
D.
WOODWARD
■
Farrell, Inc.
Mullaney, Wells & Company
-
.J. Cliff Rah el & Co.
i
Rodman & Renshaw
/
C.
Westheimer & Company
BUILDING
*
15TH
TELETYPE:
WA
&
H
661,*
STREETS.
TELEPHONE:
N.W. /
/■/ '/"
STERLING
/' •-
/
3-1677
This
.
ARLINGTON, VIRGINIA
303
ARLINGTON
TRUST
BETHESDA, MARYLAND
BLDG.
4925
Telephone: JAckson 4-1266
FAIRMONT
Telephone:
announcement
////•' /■
-
is
offer
not an
sell
to
solicitation of
or a
an
offei to buy thes( securities.
The offering is made only by the Prospectus.
-
AVENUE
/ 100,000 Shares
OLiver 2-2769
!M ETALFAB,-INC.
Common.Stock
I
SIROTA, TAYLOR & CO., INC.
NATIONAL STOCK
EXCHANGE
:■/'/•■ ■:;/- ' '• ■'
i.
be obtained in
Underwriters
-
4;
9-8220
...
The Prospectus may
.
BO
/.
(.$1
'
•
••
.
New York 4, N. Y.
^
♦
as
.
Straus, Blosser & McDowell
.
T. C. Henderson & Co., Inc.
;;
/
••
.
Co.|
.
;/; ■/'//,/..
'/■■;;
'•
}::■■
Cruttenden, Podesta & Co.
Penington, Colket &
•*
*
y.
'" /
•
/
State in which this announcement is 'wailalcd from such oj the
may legally offer the securities in such State.
V •
.
/
„
/'
share.
per
'■/.,
J
Broadway
'
-
any
:
-
/ /
^•. ;
Splaine & Frederick, Inc.
.
*v
Rodman & Renshaw
R. G. Dickinson & Co. Inc.
26
value)
par
1 Price %9%
■/'/'
that
Roger
Co,;/:"';!'-y:'7/r
an offer to sell or a solicitation
oj an offer to buy these securities.
The ojjering is made only by the Prospectus.
;
•
15
City,
New York Stock
had
M.
affiliate
Company,
This announcement is not
-
.
Burnham International
Limited, a
for-
.Vice-
Stock
formerly
Fine & Co.,
was
a
partner in W. A.
which has been dissolved.
Sherrerd; Stanley A. Russell, Jr.
of
asso¬
ciated with Gude,. Winmill &
Co.,
1
Wall Street,
New York City,
Co.; Samuel W. Parke of Schmidt,
Roberts
&
Parke;•" J.
Richard
Ranck of: Kiddetf, Peabody & Co.;
of Floor Procedures.
ment
"
-//;-//.
com¬
serve
named Albert A." R.
Loftus
Bankers Trust
Exchange, where Mr. Joseph was! search
division/; Prior
a
the year 1962.-
to
Presidents ' of
/
The" National
of
Exchange,
the-Club
merly an As-
:
member firms. Alfred Joseph, also
firm of Ernst and Ernst, auditing
consultants to The National Stock
an
-
research
William Fine With
mem¬
are:
Samuel M. Kennedy of
Yarnall, Biddle & Co.; Thomas J.
McCann
7
/department.
listed
Stock
the
corporation in
-.Sep tern ber,
the National.
on
Hart
"joined
functioning.
Broughton, Vice-Presi¬
dent .of The National Stock Ex-*
change, comes from the New York
Stock
Exchange -where he per/
is
yRobert
;Ilehmah,Pres-
Woodson
duties similar to
appointment of* various
Weiizel ' of Francis
the various activities required for
formed
llie
.
Edgar J.
The Bond
Philadelphia,; announced
mittees-of
Hart Named V.-P; vMr.
Gorpy
First
Chairman. Other committee
—
-
Club -of
»
Or Lehman
Buckley", of The
bers
Jay Street; and Charles Wiegard;
Reynolds & Co.; 2 Broadway." ///
of The "N'atiohal Stock. Ex/
exchan g
Pnmmc
XN 3TH0S .V/djIHIIlS..
r
1 L'j
S.
Boston Corp. has been namedUo*
head the Attendance Committee as
•
phartge"Includes. people carefully
phosen. for/tLriri/abiUties; who
make up a team' experienced „in
proper
John
Ine./.&L West 33rd Street;** Llew-? PHILADELPHIA, Pa.
ellyn Watts, Jr., Watts & S6ns; l7 L'bftiiSj -President of
-
.
(1159)
r
-
Bell & Farrell, Inc.
Westheimer & Company
*
'
"3
J. Cliff Raliel & Co.
Tabor & Co.
Harris, Logan & Co.
Mullaney, Wells & Company
r
The Commercial and Financial Chronicle
(1160)
8
American
Analysis
THAT
INTERESTED
SEND
ro
Erie and Savings & Loan Holding
Colqmbia Gas System, Panhandle
Companies.
Eastern
Crowell Collier Publishing Co.
Paper,
Standard
Analytical Brochure — Carl M.
Loeb, Rhoades & Co., 42 Wall St.,
New York 5, N. Y. Also available
reviews of Royal Dutch Shell,
American Enka and Potash Co.^of
America and ^ memorandum on
Old Empire Inc.—Analysis—Laird,
Bissell & Meeds, 120 Broadway,
American
Sanitary
MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATUREi
THE
FIRMS
Radiator
&
—
are
Stocks
Review
—
—
Co., Inc., 1 Wall
&
Kidder
M.
A.
New York 5, N. Y. Also
Available is a report on Cosmetic
Street,
report on Baltimore Gas & Elec¬
tric Company.
Co., 524 Washington Street, Read¬
ing, Pa.AAy ; A:; A-A! ■ A-V'AA:
Stocks
City Bank
York
New
—
Broken
American
AerosparCe
Thursday, March 8, 1962
.
International
Creek Coal, Parke
Davis,
International
Harvester,
Midland-Ross, Eaton Manufactur¬
ing,, Carrier Corp. and Rochester
Telephone.
—
.
RECOMMENDATIONS
UNDERSTOOD
IS
IT
.
Analysis — Ralph E.
Samuel & Co., 2 Broadway, New
York 4, N./Y, Also available is a
INVESTMENT LITERATURE
AND
Furniture
Co., Inc. —
Butcher & Sherrerd,
1500 Walnut Street, Philadelphia
2, Pa, Also available is an analysis
of Maytag Company.
DEALER-BROKER
<
.
—D.
Sugar Refining
Re¬
—
port—Reynolds & Cq., 120 Broad¬
way, New
York 5, Ni Y. Also
available are reports on Interna¬
tional Nickel, Globe Union, Inc.,
Hill
Proprietary.
Crowell-Collier
H.
Blair
available
is
Spiegel.'.
General
West
4, N, Y;; Also
memorandum
a
N.
on
Report
—
—-
Securities
57th
Co., Inc., 1.01
Street, New York 19,
Y,.
A-,: A-
.
PreVor
•,/; -J; ': Af
%•;.'
Line,
Osrow Products Inc.
■
Co., 66 Beaver
Street, New York
Pipe
Island
New York 5, NAY.
•
Memorandum
—
&
.—
Mayrsohn
:•
A/
.
International
breakdown on
Dallas Airmotive Corp.—Analysis Inc—Report—J. J. Krieger & Co.,
Government bond portfolio ■ and and Thiokol Chemical.
Stocks.
—M. H. Meyerson & Co., Inc., 15 Inc., 120 Liberty Street, New York
AAA ;A
source of
income—Laird, Bissell American Telephone & Telegraph William Street, New York
5,.N-. Y. 6, N. Y.
Anti Smog Companies— Bulletin
& Meeds, 120 Broadway, New York Company — Data — Oppenheimer,
Q u eb e c Natural Gas Corp. —
on
companies engaged in antiDecca Records— Memorandum.
Neu & Co., 120 Broadway, New
5, N. Y.
Memorandum—Annett & Co., Ltd.,
smog work—Walston & Co., Inc.,
Ross
&
Hirsch, 120 Broadway,
Oil Buy-Outs — Bulletin — Bache York 5, N. Y. Also, available are
220 Bay Street, Toronto 1, Ont.,
74 Wall Street, New York 5, N. Y.
New York 5, N. Y.
1
'
& Co. 36 Wall Street, New York data on Cluett, Peabody
& Co.,
Canada.
Bank Stocks — Comparative data
Fairchild
Camera & Instrument Dresser Industries
Analysis — Radar Design Corp. — Memoran¬
5, New, ■ York. • ; A.'r
on
26 leading commercial banks
Corp., F. W. Wool worth Co., and Dean Witter &
Co., 45 Mont¬
Bulletin
giving
—<
—
Illinois Company, Inc., 231
—The
South La Salle
111.
Street^ Chicago 4,
Credit
—
compari¬
up-to-date
showing an
Folder
between the listed industrial
stocks
used A hi the
Dow-Jones
son
:
1
.
Commercial
Over-the-Counter Index
,
*
Company
Annual
counter
Credit
the
Report — Commercial
Company, Baltimore 2, Md.
the
and
Averages
stocks used in
industrial
National
over-the-
35
Quotation
Bureau
both as to yield and
American convertible debentures market performance over a 23which appear interesting — Mc- year period — National Quotation
Fetrick & Co., 132 St. James St., Bureau,
Inc., 46 Front Street,
New York *4, N. Y.
West. Montreal', Que., Canada.
Convertible Securities —A list of
England and the Common Market
—
Discussion of British securities
benefit—New York
which should
Hanseatic
New
Corp.,
York
'
Japanese
Market
Yamaichi
Inc.,
—
Co.
—
of
New
Broadway,
Ill
Paper Industry—Memorandum
1
—
Re¬
of
comparative cyclical
Calvin Bullock Ltd.,
Wall Street, New York 5, N. Y.
changes
—
Public Utility Common
6, NAY. Also available are
reports
on
Matsushita
Electric
Industrial Co.,
Okamura Manu¬
facturing Co., Ricoh Company and
New York
National
Rubber
Stocks
ton
Cash
Register
Co.
(Japan) Ltd.' -'A '^A'A'7AA
Japanese Market—Survey—Daiwa
Securities Co., Ltd., 149 Broad¬
AyA
New York 6, N. Y.
way,
—
Comparative figures—G. A. Sax& Co., Inc., 52 Wall Street,
5, N. Y.
Industry
—
Hemphill, Noyes & Co., 8 Hanover
Street, New York 4, N. Y. Also
available
are
reviews
of
Swing-
line
Beauty Counselors, Inc. and
Modine Manufacturing.
' A
—
in current issue of "Investornews"
'
Japanese Stocks
—
Handbook for
investment, containing 20
tial
essen¬
points for stock traders and
investors
Co.,
The Nikko Securities
—
Ltd., Tokyo, ;Japan
York
office
1
Chase
—
New
Manhattan
Machine Tool Industry
— Revised
study of prospects, with briefs on
Cross Company, Giddings & Lew¬
is, Kearney & Trecker, Seneea
Machine
and
Warner
New York
available
reports
Hertz
in
the
5,
N.
Corp.,
&
Y.
Also
issue
same
Phillips
on
are
Petroleum,
W. Helme,
George
A
detailed
survey
Survey
with
—
specific
recommendations in each category
Merrill Lynch, Pierce, Fenner
—
& Smith
York
Inc., 70 Pine Street, New
5, N. Y.
— Troster,
Singer & Co.,
Trinity Place, New York 6, Aetna Maintenance Company —
Report—Hooker & Fay, Inc., 221
Machine Tool Stocks
Survey — Montgomery Street, San Francisco
E. F. Hut ton & Co., 1 Chase Man¬ 4, Calif.
74
Y.
—
hattan
Plaza, New York 5, N. Y.
Also available
National
are
memoranda
Distillers
&
on
Chemicals
and U. S. Steel.
Machinery
Stocks
—
and
Allen
Organ
—
Memorandum
Drexel & Co., 1500 Walnut
—
Street,
Philadelphia 1, Pa.
Alside, Inc.—Review—L. F. Roths¬
Plant
Bulletin
—
New
land
Ross
Atchison
—
survey of Mid¬
a
Corp.
Topeka
Edward
D.
North Fourth
—
Memorandum
Jones
&
Co., 300
Street, St. Louis 2,
Mo. Also available
are
memoranda
Hooker Chemical, Libby Owens
Bankers
Equipment
child
Mackay &
York
& Co., 120 Broadway, New
5, N. Y.
AA
■1
United
Gas.
Trust Co.
Analysis —
Dillon, Union Securities
Co., 15 Broad Street, New York
5, N. Y. Also available is an anal¬
ysis of General Telephone & Elec¬
—
Eastman
&
tronics Corp.
& Co.
|
Troster, Singer
11
74 Trinity Place, New Yorfee.N.Y.
A
A.
V '• -'
','J
]
!
xj
Brooks &
Construction
—
.
Brunswick
Corp.
Bulletin
-—
Atlanta
Hartford
Chicago
Houston
Cleveland
Indianapolis
Kansas City, Mo.
Los Angeles
Detroit
Grand Rapids
Dresser Industries, Inc.
Courts
—
Radio
Review
able is
memorandum
a
Mortgage
Radio
Charter
on
Fluor
Corp.—Analysis—Robinson
Co.,
Inc.,
15th
&
Chestnut
Streets, Philadelphia 2, Pa.
Hercules
Powder
A
Also
available
is
a
review
Co.
^
-
of
_
Brunswick
Corp. — Analysis —
Colby & Co., Inc., 85 State Street,
Boston, Mass,. Also, available are
data on Celotex Corp. and, Del E.
Webb
A. A'vyA
Corp.
Seal-Kap. A';', ;/A
on
Burroughs Corp.
—
Memorandum
ern
Railway
Co.,
Arvin Industries
Equitable
and
Gas
Steam
Generating Equipment Producers.
Purcell & Co., 50 Broadway, New
York 4, ;N Y.
A-;; A A. Analysis — Doyle, O'Conner
Co., 135 South ,La Salle Street," St. Louis County.,. Mo. School DisChicago' 3, 111. - A
Stern
AA..vA'i;'lAA! V- trictAB oiidsj r—^.Bulletin
Brothers & Cq),
1009 Baltimore
Koppers — Memorandum — A. C.
Aveuuey Kansas' City 5, Mo. ^ i .J
Allyn & Co., .122; .South .La Salle
S c i e n c e Reseifcli;Associates Ai
Street, Chicago 3, 111.
;
;
Analytical Brochure — Williarri
McCormick-Armstrong Co.; Inc.—
Blair & Co.,Al35; South La Salle
Report—Milburn,. Cochran & tGa.v;
Street, Chicago 3, 111. y ' ; ; A; A
Inc., 110 East First Street, Wichita
G.Ab, Searie & Cq.—Memorandum
2, Kansas. .. - : ;
• AA—.
—Smith, Barney & Co., 39 .South,
Minnesota" & Ontario
Knape & Vogt Manufacturing Co.
.
Paper
;
memoranda
on
Control
Data, American Hospital
Supply, Packaging Corp. of Ame¬
rica, Oxford Manufacturing and
Lockheed.
^
-
—
Review—Hirsch
& Co., 25 Broad Street, New York
4, N. Y. Also available are reviews
Revlon, Inc^, and Union Elec¬
of
tric.L.
Y.
Also
randum
Gas.
'
avaiiableAis
Arkansas
on
A-;-,...". A
A,''
v
Carpenter
Co.,
&
Inc.
—
Analysis—Boenning & Co., Alison
Building, Philadelphia 3, Pa.
Cary Chemicals Inc.
Study —
Suplee, Yeatman, Mosley Co., Inc.,
1500 Walnut Street, Philadelphia
2, Pa.
—
in
cur¬
Hayden, Stone & Co., Inc., 25 Broad
Street, New York 4, N. Y. In the
issue is
—
discussion of Bar¬
a
*-
H
*'
a
C.
&.•Light.
memo¬
Louisiana
Seattle A First
Pacific Building, Seattle
24, Wash. A ■ vAy ' A.A'A : A.
A.;''A'
& Poor's Corp.—Analy¬
Piper, Jaffray & Hopwood,
.115 South Seventh Street, Minne¬
National I Distillers r &
Chemical
apolis
Minn. Also available is
Corp.—Discussion—Wood, Walker
a
memorandum on Potash Co. of
& Co., 63 Wall Street, New York
America.
5, N. Y. Also available is a dis¬
v:A'A
cussion of U.
"A'-: A-A: rJA-A/ A:
S. Pipe
&
Foundry.
National Periodical Publications-
Co.,
York
Afriott, Baker &
—
Inc.,
150
38, N. Y.
Broadway,
New
Standard
sis
—
Stanley Works
Corp.—Analysis
Cordova Company, 1709 West
Eighth Street," Los Angeles
17,
5, N. Y.
CaHf.
'
yv'A
A:
Analysis—New¬
A';;-'; AAA'aA:-',:;
2
BROKERAGE
HOUSE
Broadway, New York 4, N. Y.
Also
on
available
is
a
REPORTS
memorandum
Von's Grocery.
Plus—over 140:
North American Aviation—Memo¬
Oak
Report
letins
Pressprich & Co.,
leading business and
financial publications
Street, New York 5, N. Y.
York
Goldwyn
—
Zimmermann & Co., Inc., 70
Street, New York 5, N. Y.
Wall
Hampshire Ball Bearings, Inc.
—Memorandum—Goodbody & Co.,
80 Pine
Metro
-—
Co., 80 Pine Street,
Swingline, Inc.
New
Analysis — J. R. Williston
& Beane, 2 Broadway, New York
4, N. Y. Also available are bul¬
Marchant,
Mayer, Bucyrus
Memorandum
&
New York
—
Commonwealth Theatres of Puerto
Smith Corona
—
Estabrook
man,
National Systems
randum—R. W.
on
:.
Bank..—
United
—
Bradford' &
Co., 414 Union Street,.Nashville 3,
Tenn.
ber Oil.
—
National
A':A-A Analysis,— Pacific Northwest Co:,
Manufacturing
Ohio
Memorandum
-
E.
La
—
Memorandum—J.
are
—
Salle; - Street,Chicago 3, 111.
Steiner, Rouse &
Also available is a. memorandum
Cq?, 19 Rector Street, New York ,6,. on
Wisconsin Power
Memorandum
Also available
Manufacturing
—
Chase
1
Company
—
Hornblower & Weeks,
Manhattan Plaza, New
<
INDEXED and BRIEFED WEEKLY
5, N. Y. Also available are
reports on Southern Natural Gas,
in the
complete, concise
FUNK & SCOTT INDEX
'
125
\
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Royal Dutch Petroleum—Report—
Co., 208 South
Street, Chicago :4, 111.
of Corporations and Industries
For Full Information and
Sold
FREE
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"
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sample of latest index
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Minneapolis
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American Insurance Co.,
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Cohen, Simonson & Co., 25
Broad Street, New York 4, N. Y.
—
Louisville,
—
tral Illinois Public Service, South¬
King Seeley Thermos—Memoran¬
fanden Broeck, IMcr & Co.
San Antonio
A;.
-
Corporation of America
Data—Paine, Webber, Jackson &
Curtis, 25 Broad Street, New York
4, N. Y. Also available are data
Survey —
Shearson, Hammill & Co:, 14 Wall
Street, New York 5, N. Y. Also
available are surveys of Family
Finance,
Foremost
Dairies * and
Pacific Lighting.
N.
>
Bought
Salt Lake City
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Chemical
Monsanto
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Portland, Ore.
Corporation of America
Radio
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Foreign Securities
Pittsburgh
—
Survey—Shields & Co., 44 Wall
Street, New York 5, N. Y. Also
available is a survey of American
Investment.
&
Corporation of America
Analysis—Cooley & Co., 100 Pearl
Street, Hartford 4, Conn.
&
Co., 11 Marietta St.,
N. W., Atlanta 1, Ga. Also avail¬
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For Banks, Brokers and Dealers
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Private wires to:
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—
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2 Broadway, NewVYork 4, N. Y.
Over-The-Counter Securities
Columbus, Ohio
&
P. W.
Co., Inc., 120 Broadway,
5, N. Y. -
New York
M
Specialists in
.Co., Mayro
Building, Utica 2, N. Y.
6,
A'i'vAAA1 aA;.AAA\AA AA:
Rico
I
1
Francisco
—
British American
same
'
San
&
Cluett, Peabody—Report
rent "Investment Letter"
M
—
Co., 120
5, N. Y.
York
Also available is
Carborundum
*
Swasey
N.
Broadway,
Co.
&
Calif.
—
and Robinson Technical Products.
Security and Industry
Plaza, New York 5, N. Y.
Falls
—Francis I. du Pont & Co., 1 Wall
Street,
Abraham
—
Materials—Memorandum
Analysis
—
Japanese Shipbuilding Industry —
Discus¬
Analysis—Nomura Securities Co., Salt Water Conversion
Ltd., 61 Broadway, New York 6, sion of outlook for the industry—
N. Y,
Survey
Street,
gomery
Archer-Daniels-Midland
Ford and
Prospects at Mid Recovery
dum—Max Philipson &
Corp.
Ampoules, Inc.— Report—Edward
N. Siegler & Co., 1925 East Ninth
Street, Cleveland 14, Ohio.
on
Street, New York 5, N. Y.,
New
York
—
Granbery, Marache & Co., 67 Wall
view
Review
Securities
York,
Broadway,
120
5, N. Y.
Averages,
Worthington
CITY
STATE.
Volume
195
Number
6140
.
.
>
The Commercial and Financial Chronicle
.
(1161.)
9
;
We
Remove Confining Shackles
Off Commercial Banks!
value.
-
'
tion
is
plea is made by New York banker to allow
mercial banks to compete on a
com¬
non-discriminatory basis. Mr. Agemian
upon
layer of "excessive supervisory shackles." He scores the 5%
deposit reserve requirement, differences in tax treatment, dis¬
mortgage financing restrictions, and the
criminatory
to trust banks to
mortgages
adds,
V
based
are
on
for
he
we
able
is
to
provide
liquidity
for
without
loan
and
feet
our
and
backs.
our
if
would
We
the
ST. PETERSBURG
hand
one
have
authorities
The St.
or
—
of
economic
an
NOTES
NSTA
let
STOCK
AND
BOND
CLUB
Petersburg Stock and Bond Club has elected the following
officers for 1962:
a
—
more
requirement."
statutory
situa¬
portion
levels are
place in the mortgage busi¬
ness.
On equal
terms we could
compete with anybody and serve
us
Agemian holds that "a responsible management should be and
Mr.
both
behind
ultimate liquidation. In short,
and on
reality
...
Mortgages,
of long-term financing."
other forms
or
VA
a
substantial
a
protected
tie
unwillingness
"a solid hard core of demand deposits
use
in
and,
where
realistically set against property
valuation,
how
much
exposure
could possibly exist?
;
All I'm saying is let us compete.
Don't do us any favors, but don't
charges commercial banks with being, needlessly subjected to layer
time
way
,
prehensible;
Bank, New York City.
A forceful, serious
a
To call a portion of an
mortgage exposed is incom¬
FHA
By Charles A. Agemian,* Controller General. The Chase Manhattan
long
from the
20's.
Mortgages today are based
on reality—and on ultimate liqui¬
dation. They are amortized; they
are
a
realistic
portion
of
the
are
President:
John F. Gallagher, Peninsular Investments.
Vice-President: Frederic C. Beil, Jr., Beil &
Hough, Inc.
Secretary: E. Pat O'Brien, Bache & Co.*
function
while
I
convinced after
knowledgeable people
thoroughly
am
talking
to
that if the Federal Reserve Board
removed
had
from
ceilings
all
Q,
Regulation
perhaps
all
rushed
for
need
tax
rather
-
than
Ao
have
?
V
-;/'
get
for
business which is
our
competitors
to
taxed, i
like
sheep
government's
the
revenue did riot permit us to
a
tax
benefit for ourselves
comparable
not
have
tax
that part of our
we
would
equalization fight
It is unfortunate that
twist the
is taking.
'
them
be
but
I
wild
guesses,
removal
and that is all
the
t h
has
e^r
really
are,
of what
it costs (other
than
shackles
imposed on
us, but let us discuss the 5% re¬
serve
requirement on time de¬
posits.
Savings
associations
re¬
quire no such penalty. I believe
angry when I
hear
about
Charles a. Agemia*
been
this
of
to maintain
interest)
sav-
a
publication, in a recent issue, indicated
a method of study which is so far
off
base it is
impossible. Some
recommended
by
the
has
Bank
Reserve
now
it
its
suggested
they
a
later,
much
said
to
quote,
V2
of 1 %. If
3V2%
?lv<^
to
add
we
to
on
3.80%,
ai\ 0VL?r.~a
4/4%.
Is
However,
if
most
of
it
have
asset we
on
our
dollar of savings
on
time
back
pours
into
money
securities because
a
of
as
form of liquidity; it
a
liquid
about
could
never
10%
see
what
governments
was
selling
discount.
bank
the
have
must
loans
and
should
make
and
especially con(which
evidently
loans
sumer
become
the
country banker)
lifeblood of
it
the
prudently
can
make.
However, this failing, it has
other
avenues
ment
of prudent investwhich it should study
open
and become
able
thoroughly knowledg-
of, such
tax-exempts and
FHA and VA government-guaranteed
mortgages, both of which
as
with actual maturities of
will
years
5%%
yield
10
or
12
6a/2%
or
with virtually no investment cost,
This
can
be
let
discuss
us
one
with
done
only
prudence
convinced
comfort
of
the
when
hard
one
core
is
and
stability of savings accounts.
The
banker does not give this
cognizance in investing this
of funds. V
.
average
full
kind
We
are
in
one
of the most
com-
petitive businesses in the world;
yet the banker must really be an
inept salesman because he sells
some of his products below
cost,
top of this, we must work
On
us
on
,
in
the shackles put
supervisory authorities
confines
the
•
t
which,
&
the newly
opened National
Clifford U. Sadler, Davidson-Vink-Sadler, Inc.
Stock
the
more
Stock
sociate
also
Stock Exchange,
has
the
of
a
TRADERS ASSOCIATION
(Oakmont will be the
June.)
scene
of the National Open Golf Tournament
in
a
The Association believes this event will be
Philadelphia-Balti¬
an
SECURITIES
The Pittsburgh Securities Traders Association will hold their an¬
nual Spring Outing on May 4, 1962 at the Oakmont Country Club.
Exchange
Exchange and
member
to Ira
PITTSBURGH
Balogh,
which is
Balogh & Co.,
member of the
E.
the best
is looking forward to many out of town guests.
Reservations may be made with either John
as¬
&
Boston
Co.
or
Bob
Woeber at
direct wire
Haupt & Co. in New York
City.
by
of
•
~
indeed,
petitiveness.
curtail
We
This advertisement is neither
an
in
offer to sell nor a solicitation ofan offer to buy
offering is made only by the Prospectus...
any
of these securities.
The
March 7,
gage
on
The
us
loans
are
antiquity—we
20's.
0n
How
the
are
same
restrictions
to
as
a
are
Stokely-Van Camp, Inc.
im-
making mortmonument to
living in the
commercial
street
1962
$15,000,000
supervision, it couldn't stay
business.
AVa% Convertible Subordinated
Debentures, due 1982
banks
supposed
to
Dated March 1, 1962
Due March 1, 1982
*
they have different rules to
First of all, there is a
follow?
*oas]c Imitation on the amount
°.ne can invesJ: ln mortgages,
pven in guaranteed mortgages we
have
restrictions,
varying
all
our
know
com-
the
Price 100% and
Copies of the Prospectus may be obtained in any State in which this announcement
only such of the underwriters, including the undersigned, as may
is circulated from
legally offer these securities in compliance with the securities laws of such State,
for New
ancl unimpaired surplus
Jei*sey
banks.
accrued interest
from
sJaJe to state and national vs.
state. We can t even compete with
°Jie an°ther on an equal basis, let
al°ue with our competitors mu{H3!8 aP^ savings and loans. Our
limitations are, generally speakthe greater of 60 fo of our
time money, or 100% of capital
Reynolds & Co., Inc.
banks and national
The limitation on New
J*?anks *5
j?n^a i
of 15% of total assets, or 60% of
with still further
Qualification added on to that,
Indeed, even on this basic point
our supervisory
layers
cannot
agree!
* cannot understand the logic
Goldman, Sachs & Co.
wRy the limits are all based 011
percentage of time money—and,
R so> why R applies only to the
Merrill
commercial bank. It seems to me
an<I to anyone who has studied
deposits, > that there is a solid,
Iiard core of demand deposits that
Smith, Barney 8C Co.
Eastman Dillon, Union Securities Si Co.
time money
a
can
be used
0ther forms of
ing/
for
mortgages or
long-term financ-
Glore, Forgan 8C Co.
Harriman Ripley & Co.
Hornblower & Weeks
Incorporated
Kidder, Peabody & Co.
Lazard Freres 8C Co.
Lehman Brothers
Incorporated
Lynch, Pierce, Fenner SC Smith
Paine, Webber, Jackson SC Curtis
Incorporated
Stone & Webster Securities Corporation
Incorporated
White, Weld SC Co.
ever
and
Hoy at-Parrish
Arthurs, Lestrange & Co.
more
,
and
is
shackle and we will have said
enough.
Commercial banks are
subjected to layer upon layer of
supervision. If a hardware store
were
to be subjected to half this
when
A
securities,
compete in the mortgage business
Investment Earning Opportunities
all
investment
NEW ISSUE
Discriminatory Competition
Now
posed
course,
I
a
in
E. Patrick O'Brien
Albert Roberts III, Goodbody & Co.
Directors: William A. Emerson, Merrill Lynch, Pierce, Fenner
Smith Inc.; Derwin B. Smith, Hill, Darlington & Grimm; and
shackle would assist us in bear-
much
course
at
ers
Gallagher
Treasurer:
other hand, the removal of such
managementdecisions,
it has no reason
in the savings business. Of
be
John F.
un¬
derwriters, distributors and deal¬
holds
of
archaic
to
D. C.—Balogh &
Co., Inc., Woodward Building,
President,
should
formidable,
so
bank
savings
its
then, of
NSE Member
WASHINGTON,
membership.
liquidity and capital adeformulas and because of
quacy
;/
1962.
to this
COpS
this
a
government
archaic
Savings Division
of
the
Association, New York
savings association about
a
the effective interest rate paid
from
the
Bankers
City, March 5,
most sterile and frozen
*nS the burden of the additional
.6
of
1%
to service its savings interest payment; indeed by simaccounts other than interest paid. P*e arithmetic it would cover up
We suggest that for a commercial t° one-third of the increased exbank this should run between .4 Pense of going from 3% to 4%.
to
by
American
Stephen
position—originally,
figure of over 1%,
"We don't believe this to be true."
It costs
National
sored
Exchange.
is only a myth.
A resporisible
management should be and is able
which is about twice what it costs to provide for liquidity without
savings banks. This I say, and this statutory
requirement. On the
modified
Mr. Agemian before the
Savings Conference spon¬
Committee on Money and Credit.
amount, indeed, has no vestige of liquidity—indeed it is the
books, v For every
withdrawn, the
reserve supplies 5 cents — from
persons
have suggested figures where do I get the other 95 cents?
from 1% to 2%
of deposits. The So much for reserve requirements
Federal
59th
by
TequiremehJ Washington's charter member of
This
ings account. A banking
talk
Balogh Charter
5% Time Reserve
Requirement
the
all
cuss
little
a
.
■
Time does not permit us to dis¬
see
have/
we
get
/
have,
let's
so
what
Attacks
rate—
we
■
*A
/■/'•/• >-
pay
to
the 4%
doing so. I like the fellow
who says he would rather have
honest arrogance than hypocriti¬
cal humility.
;
'
J
/:
Dean Witter & Co.
The Commercial and Financial Chronicle
-
10
able
that
Mr.
Lloyd,
Selwyn
will propose measures to
the
A
\
*
To
capital gains tax according to
that the recent revelation of the
Governments-inability to keep its budget increase within previously
announced bounds will lead to this type of a new tax. He doubts it
will raise the revenue sought.
Moreover, he fears the Government
will be intimidated into cancelling last year's surtax concession
ent
■
to
serve
Exchangejftransactions,.-/with-
purchase and re-sale
the securities. It remains to bei
of
of
cause
the
to
in
increases
upon.
the
of
be-
in.
policies
time
in the United States, because
will
1962-63
excuse
ing
they expected this new. tax... to
yield a substantial amount during
the first year of; its; application.
Unless the Government's policy
,
for-
over-
Meanwhile
the
less offset:each
Mr;
and
on,
so
the
:
G overnment
An
means
taxation
additional
raises
and
ana'
deficit
will
'
.
a
•
the
sjseaarjs.'srss
from the Government s
over-spending,
the
cost
covering the deficit by means
thoroughly unsatisfactory.- Itlays down the dangerous principle
that the? rise in prices in one year,
medium-term
gives the Government the right to
be
is
,
did
l°nS"term
an
-
Dabney
was that the Government
imposed;, additional
taxation of
£10() million on corporation
by
members
and
of
dividends
from
in
un¬
in
:
for
borrowing,
heavy/ So it
very
or
borrowing,
rediculed
be
spokesmen
-
the
wrien
;S;:;
•-
,
-
^ <>;
or a
Potomac Electric
Power
Company t;
:
groups
is not
but at
of urn
;•
Deplores Tax Penalty on
:
1
Individuals
Gifted
There is
>
.
.
;
.
op¬
that
a possi¬
Government .will
therefore, just
the
•
with
concession
its'- surtax
cancelling
the Gov¬
-
Dillon,
Head
& Co., Inc., New
City, and Johnston, Lemon
& Co., Washington,; D. C. ;head a
" group which is underwriting an
offering
by
Potomac " Electric
/
Power Company of; 536,221
comr
-V-;
allow itself to be intimidated into
Conservative
by
and
to
reduce
to
indeed
the
•
its
reverse
above
trade
last. year's
surtax paid
a
£2,000.
There
very
entirely because-of the
incredibly unintelligent and inef¬
ficient way in which official pub¬
licity
that
solicitation oj
and
.
press,
measure
publicity
was
York
shares
mon
to *'
its;
stockholders.
The company is offering the stock
through
'warrants
expiring; on
March 21/ 1962, at $39 per share,
is
;
used "by .the company to pay' $9,600,000 of bank loan notes* ""td' re¬
imburse its treasury for a portion
restoration of surtax to its previ¬
of construction expenditures here¬
ous level should be accompanied
tofore made, and to pay, in part,
by cancellation of the. additional for
anticipated future construc¬
tax on corporation profits .out of
tion. It is
estimated that gross
wrich 'the concession was to be
property additions for the year
financed.
Unfortunately, that is 1962
will aggregate approxiriiately
7i#
-
* "
%
f
■
•
their
the -s fruit' of
of
qualifications.; To
out. of the
about
handled and
ojjer to b{iy securities,*
an
V'
^
-
superior
logical,
be
a
question.
the
substantially
to ^increase
Tax
automobiles.
on
This would mitigate the drain on
industrial
scarce
autorriobile
the
in
by
manpower
industry which is
position to oulbid most other
a
v:'
$53,000,000.
thing to do would
obvious
The
.
employers, owing to the insatiable
demand for automobiles
by the
Headquartered
Washington,
D. C., the company furnishes elec-;
trie power to an area, of approxi¬
mately. 643. square mijes, having a
population
in
of !■ about ::. 1,480,000,
the entire District of
Columbia ^and portions o.f adjoins
a
/counties;in; Maryland/, and
Virginia.
.
comprising
,
public.
It. seems- unlikely, how¬
ever; that this would be done-to
.
^appreciable extent.. - In all
probabiliV ;the- Government will
any
ia-
*'
'Vi.
revert to
Share
The Company
has issued warrants to holders of its Common Stock
evidencing rights, expiring March 21, 1962, to subscribe for these
shares at the rate of one share foreach 29 shares held," with the privi¬
lege of subscribing for additional shares subject to a subscription
privilege granted to employees and-to-allotment if total subscrip¬
tions by warrant holders and employees exceed 442,362 shares, all as
more fully set forth in the
prospectus. Unsubscribed Common Stock
may be offered-by the underwriters as set forth in .the prospectus.
T.
a
device which failed to
inflation'*
on
occasion
each
Forming
.
Coast
on
applied during, the past six
BEVERLY HILLS,
Calif.—Kara¬
years — to tax a wide range of
sik & Roman, Inc.,, is being formed
consumer
goods , on the assump¬
with offices, at 400 South Beverly
tion that in doing so it would moj)
Drive, to conduct a securities busiup purchasing: power.
nessi Officers are Frank Karasik;
:.
This device is based on an ele¬
President V: and : Treasurer;./ and
mentary economic f a 11 a c y;, It
Harry Roman, Vice. President and
would work in a static economy
Secretary. .Mr.. Karasik?. is.fialsQ
where:the increase in- the prices of
President of Frank Karasik &: Co.,
a wide range : of goods would re¬
Inc.,.; of New York...
;
sult in a icorresponding reduction
it
' V" W.
Karasik & Roman;
.
arrdst
Par Va'.ue $1 per
•
.
cri¬
utmost
of
of -groups,
even
Common Stock
occa¬
is
surtax 4 cut
the
Southwestern Public Service
;.y:
trading
department of
.
pounds
strong feeling on
this subject among lower income
would
442,362„Shares
-
encounter
income
on
is
seems prob¬
ojjer oj securitiesJor sale
y»
formerly
the
Govern-,
by
every
on
for
years
a
change; Schixmers Atherton & Co.opposing; it
in;
ticized.; But this aspect of the
subject is hardly ever pointed out,
so that
perhaps only one out of
a/hundred or, even a thousand
•
among
invest¬
welcome; such
should
sion
in
Bernard, Jr-
.
been
Boston
was,,
N.
H.
x-
business
many
though that
trade,: unionists
-.attitude-
Their
merit
the
.
E
g e s
Bernard
ment
One; should; have
would
11
who has
the benefit of earned incomes.
Socialists/ and
k
c
a
Mr.
the
the
.
o
h
c
corporation
profits i'« belong, largely : in;
higher income groups; and
change: meant c, simply that
earned incomes are penalized
of
Boston
S t
The recipients:
£100' million.
30
Street,
.the New York
and reduced- taxation on
earned personal incomes-
profits
higher
Tyson,
-
State
■
some
secure
of
March 7, 1962
;
Town-
&
happen in last year's
bility
decision
-
.
.
-
-v.,
with
send,
•
Budget
be
*
Mass. — Hubert N.
Bernard Jr; has become associated
.
What
Purchase
*
(Special to The Financial Chronicle)
BOSTON,
answered/even though there is a
perfect answer to it.
.>?
'
„
income-tax
unions
limit the inflationary effect of
inability to apply the formula of
its own choice, that formula itself
This announcement is not
Government
/
Opposition
which the Government is seeking
a,
,
Townsend, Dabney
the; result that inventors, onr the basis
support¬
of;one share for each
ers
but
also among millions / of high grade engineers etc. will con¬ 15 shares held of record March 7/
tinue to emigrate from Britain to
earners
of
higher wages.
The
1962/ • !; ; *;"
c
countries where dogmatic equali-<
Government
is' pressed
by ^the
tarianiSm does not deprive them- J pf.foce^ds frbiri tfc|e sale will be
*£? high ban.k rate )vith
Inflation Begets Inflation
"w
it
J
The
the
position not only
.e
'.T'
reduction.
tax
in
ernment's
sugarlnSi «i»4;A »••'• 5 m*
credit something like twelvefold.
*
H. N, Bernard With
given
source.
increase
would
volume
the
increase
millions
of
;
this
from
is
problem of finding
to cover, the additional
expenditures in 1962-63. Unless it
.jzssMama
'
restraint wnile the "rich;'
a., free gift of. a.major
pay
are
other.; Evidently
Lloyd cannot hope to
hundreds
-
-
.
,
an
as
faced with the
Ap¬
*
of expecting employees to submit
to
of
restraint \ were - to
fail com¬
members-of lower income
pletely and Britain experienced
that the surtax:
an inflationary boom, the chances, is? aware
are
that
during
the " next
12 being cut at his expense,
months gains and; lpsses on the the expense of recipients
Stock Exchange would more; or earned;incomes.;
c;;;; •
over-spend¬
and
1963-64,
in
forth.
so
used
be
for additional
would, be
advisers
his
and
guilty of unwarranted optimism if
inflationary effect Government
spending, own self-imposed limit
by. the
beyond its
tne
propriation Acts are passed here
■
inflation"
begets
The Chancellor of the Excheq¬
uer
this
year,
one
flfpattonarv
ap-
matter of form
y
riiula constitutes a built-in, pon-
than
a
only be applied to profits made
from April 1962a
.
tion in Britain is even worse
as
applied to capital profits ;made
during 1961-62 or whether it will
increase in Gov¬
ernment spending by 12% %
in
the following
year. ? This
reads
like Alice
inWonderland.
The
envisaged
their adoption was decided
■ In this respect the; situa¬
purely
ex¬
policies caused prices: to increase
of
course
corresponding
say
10% in
would justify an
amounts
the
beyond
when
the
a
following year. This
that, if inflationary spend¬
by,
of the unforeseen extent to
which the cost of various
seen-whether the new tax will be
the
"inflation
Government's
parent inability to control
growth of its expenditure",
owing
matter
ing by the Government and the
adoption
of
other
inflationary
growing, defeatism
a
in
means
'
-
is
to
course
tent
sponding to the rise in wages and
prices.
The actual increase was
nearly twice that figure, in'spite
of the cuts made in the Estimates
of several
Government depart¬
There
erence
,
expenditures within 2% % in ad¬
dition to the proportion corre¬
ments.
a
between the
its spending as a
increase
instance,
maximurfnime-limit of six months
contain inflation.
LONDON, England—*The publica¬
tion of the preliminary summary
or the Estimates for 1962-63 shows
that the Government failed in its
effort to keep the increase of its
measures
ungrateful task, and
are apt to be colored
however, it is-iab?
certain that-.part of the
money will be sought to be raised
through
the . introduction
of
a
capital gains tax. It is/expected
to be applied to profits on Stock
would
goods in a non-static economy
day
a
without- some critical reito the Government's policy
its sympathizers in the press
allow such criticisms to pass un¬
solutely
;
Hardly
being handled.
passes
and
Gains^ Hike
forecast. taxation
;
r. *
; •
*
still
by wishful.thinking. Tn,the pres^
grate to where they could keep more of the fruit of their contribu¬
tions. Further, Dr. Einzig dissents from the prevailing Governmental
view thai a tax on consumer
4
•
Capital
one's views
emi¬
top inventors, engineers, etc., to
which, if enacted, would cause
be
10
is always an
Einzig who strongly suspects
Dr.
a' *»;
-.'•••
Foresees
By Paul Einzig
is bound to introduce a
mop up
purchasing power.
excess
9„
created by the proposed increase
of expenditure.%
•'.*
/
.
U. K.
in
budget statemeni om April
Lis
The
Thursday, March 8, 1962,
...
(1162)
was
of
demand, the total of consumer
New Yarnall Office
stationary: Amidst
present-day Britain-, BRIDGETON/ N. J.—Yarnall, Bidhowever;'; higher: prices ,^ would dle>
Co. has opened : a branch
incomes being
conditions in
'
-
Subscription Price $30
per
share
• *
•
'-/
».
•
neeessarily
Copies oj the prospectus
the
be obtained Jrom such oj the undersigned (who
underwriters named in the prospectus) as may legally ojjer
these securities under applicable securities laws.
may
reduce
not
Future
writers
British
and sixties
Dillon, Read & Co. Inc.
textbooks
Rafferty.
:
;
.
V
,.v
Harriman Ripley & Co.
"
"*
Incorporated
of trying to apply a
dynamic situation:
a
158
Kidder, Peabody & Co.
'
Incorporated
.
Carl M. Loeb, Rhoades & Co.
Smith, Barney & Co.
•
^
Stone & Webster Securities Corporation
Rauscher, Pierce & Co., Inc.
.
J
Incorporated
White, Weld & Co.
Incorporated
G. H. Walker & Co.
i.
.
.Denney V.-P. of ..:
Doyle, 0'Connor-;
William B. Denney has been elects
-
->
!
ed
\
O'Connor &
The Milwaukee Company f
-
a,
of' Doyle,
Vice-President
Co.
Inc. Mr.
Denney
.
maintains his headquarters at the
firm's. New
Wall
Street;
York
City
". %;•
-
office/ 63
'
;
*
;
/
t-
•
of Harry
.
.
.
Now Corporation
; ;
BUFFALO, Nr Y.--Provident SeT
curities Gompany, Inc> is continuT
ing the . investment. business of
Provident
Securities^" Company,
Blyth & Co., Inc.
f.
Cumberland-Hotel
management
W.
Incorporated
Goldman, Sachs & Co.'
the
on
policy of' the fifties
a classical-instance
of the*fallacy
Blair & Co.
of
in. the
under
as
static rule to
Dillon, Union Securities & C<h
office
logic could do worse than quoting
the
Eastman
higher wages, so
taxation:would
consumer
demand.
mean
that the additional
are among
Kenville Road.
;,
/
-
Taylor & Co. Opens
.
/
W
:
Los
-
Angeles Of f ice
LOS ANGELES/ Calif .—Taylor
&
Company- of: Beverly Hills» has
opened- a branch
office at 621
South - Spring, Street : under
the
managementrof Richard vB/, Mc*
Kinney>
firm.,; •.
a
the
VicerPresident. of
■■ ■.
•
v;-
,
*.
'•
Volume
Number
195
The Commercial
6140
and Financial
Chronicle
(1163)
price
By Dr. Ira U, Cobleigh, Enterprise Economist
description
of
"
annual
divisions of the Canadian food
Those who
ers
different
in
of
showing above-
are
common
"are
being
$.15
Oshawa
a
plastic
widely
'
Foods,- General
Mills, etc., have found investing
in well-managed food companies
Here is a food company oper-vin§s afttie rate of more than 20%
most rewarding. .-While American ating
along
somfewhat
sirnilar" annually, are always attractive.
companies, such as these, have ex- lines to M. Loeb. It' also -is-S.a/•'/Vv
F
(F
' ;J
■;="
tensive -divisional, operations
in wholesaler of groceries,-■ produce,V'
\
''
General
_
Canada, we'd like to cite, today, frozen foods, tobacco and confec-.
native Canadian companies tionery.
It ; serves as* wholesale
moying swiftly ahead, ip the same supply depot for 128 IGA food"
-Wlt
'
fleet
trucks.
of
'
/,,
markets
-
in
the
Province
of
PLAINS, N. Y.
Walker
&;
New
.
Co.,
York
announced
G. II.
—
members
Stock
of
the
Exchange, have
that
David
W.
Mc-
vancing into three related product
potato.. chips;
frozen
of
,
individual,
tables.
lion
quick
utilization
vegetables; and
off-sized
broken'
and
Canada
pounds
vege-*
34
consumes
mil¬
of
potato chips
a
year, and Federal has been mak¬
on
ing
ttLe offering
quite
with
dent
a
"Mad
its
in
this
market:
Hatter"
brand.
Vegetables,,
frozen
individually,
•afuJ ,0± ?^0-P,uOO in %% convertible have a great advantage over
/ tario. Oshawa, itself,
owns
and' sniking cfund. debentures. These, frozen; "boxes," and permit use
Monarch Fine Foods Limited
operates fourteen IGA" markets/conver;fciibleuntoxommon.at,$4,. by the housewife of small quanti¬
general sector of the 'economy/.:
WHITE
39
lines: Instant mashed potatoes and
.
,
Feder<al Farms went public
_
transportation
a
Moving from success in raw
vegetables, Federal is rapidlw ad¬
,
four
Q. Ii. Walker
Names McKnight
clean
place
bags. Marketing is done
in Canada, implemented
company-owned
Wholesale
high of around
Current quotation is 23.
'
* " •
•
; and - rewarding: growth-minded
The Oshawa Wholesale Limited " investors. Increases in net earn-
in such companies as Standard
Brands,
by
Limited,
we
perceive a dynamically ex2234 /pariding food company, which, in
*
.
recent years, has been attracting
a
which
them in attractive consumer-sized
also 71,422 shares
are
production" lines,
wash, grade, sort,
trim
vegetables,- and
and
outstanding, but these
closely held.
In
sales and earnings.
8%,"to
early sharehold-
were
companies
industry, which
growth rates in
average
distribution
Share. There
"
progressive
four
receive,
swing in 1961, between a
7% and a high of 32.
policy is to pay in
June and December, the last semiDividend
v
Capsuled
ori'4* five
low of
Growing Canadian Food Cos.!
11
On-*
v
<
-
j
This
which
be
to
companythe believed to be
is sale of marin
J
the
believed
is
comnanv
marine
arrounHn^
for
awa
25%
ahout
g? £ ' ?,
i^
g
aP0UL 2
the Canadian market.
It has
manuf
& r o c
Canada
Lrdiiaaa.
£
five
,
its
-
;nnnift MonT0r°hnt0
000), Monarch is
in
of/ 80,000
position
a
its
laundries
•
of
manv
•
the
on
IV2
around
save
margarine the
each year
cents
million
40
English
287,017.
sells 28,1961,
•
ih
the
sales
Monarch
v;
lion. In the
-
year
only
a
$15,-
were
fat
a
free
of 451,541
gtock
(having
.
t
^
: «na-
modern.' 440
certain
.con-
dividend
Class "A'V is listed in Toronto and
a
In
farm
on
Summer
and
Fall
and
the-
of
cut
-
in
a-
Farms
has
shown
sales in 1952, to around $3
Winter
and
lively
£P^-^f®d
been
by
improved
use
>preservatives^ The
-of
many
office, ,10
: y
;
,
Place.
UNISEC Investors
HUNTINGTON
STATION, N. Y.
Investors; Corporation
550,000.. is conducting a securities business
its!
—UNISEC
shares outstanding, 40,000 are re-v from offices
tained by management indicating Road.
at
34 Walt Whitman
;
their faith in the corporate future,
energetic
eager,
early Spring... Winter
has
Plains
Place.
Bendix
8
million,
Of
for
securities business from offices at
million
now.
firm
NORTH LINDENHURST, N. Y.-—
John R. Steiger is conducting a
ex¬
$%
from
the
also resident partner
J. R. Steiger Opens
largest green¬
in America de¬
12.8 million flowers,
growth
of
now
White
ten
80,000 house plants annually.).
Federal
is
the
Mitchell
man¬
for
member
a
years,
exclusively to the growing
flowers and house plants.
(It produces
and
the
and
the
100 year old en¬
a
McKnight
Knight, Director of Research and
Dale
arranging
properties
is
operation
annually,
with
and i processing
growing seasons, the.
\:
recorded
acre
storage
Dale
Dale
cellent
scien?
of
W.
Farms
investment in
bonds
Limited,
the
voted
: its ; operations
into
processed and snack food lines? / /
operations.
spread
especially for them—cOriv oil
garine* : ;.r
' ' ; >;3f
the Hol-
Federal
contract under which it will
terprise,
expanding,
shares of Class A storage
„„„„
and
area,
$350,000
a
convertible
house
Aan4 Mar^h, has ,become a major
grower, processor and distributor*.
^^ -e^ a^ ?;
ls also r rapialy-
extensive
Preference- over; the- common).
Montreal
veSetable growing
ing
Estate
years.
com-
recently,
company acquires and - stores vegetables for ; These four Canadian food com¬
S-jater sale at premium ".prices ;in panies, outlined in capsule, appear
period, net ori
share to $.99. Capitalization
sists
iVfonarch is also taking advantage
of the special demand of "weightfor
-r
Tile
stockholders.
-
is consid¬
has broadened its horizon by mak-.
age
P311^ operating in Canada's major
jts
$50 mil-
vlass a stock ; rose irom
dustrial shortening.
The marga—
rine .market in Canada is growing
at the rate of 10%
a
year, and
watchers"
v
miW
.iagricultural: production
ended Jan.
were over
same
f25
Janulr/For ,taic
federal Faiitisi combines
January. tor
-
J ^'
; produces
not
Ingest
with
.
For
Ontario
ar^ today, its top executives"and
and
time. Formost
a
Dnvid
*
:
Philip and Morris Latchman, who
in-
50% interest"
in
195o, sales
fiscal year
per
margarine, 'but salad oils, dessert
toppings,, and'spreads; and it is
expanding its manufacture of in-
:
-
Here> again the growth rate has
,
pounds
company
a
.
tonseed^oily now, operation ltseM ^3^1:
processed by the lourth week
others.. Doing this
of
Bradford
coin-onprated:
Coin-A-Matic of Ontario
-
••
suoermarkets
some 550 apartment buildings in
Hamilton and Toronto areas.
cot-
coconut and
in
dIUUU(3 APU^-
afu
at
Most
150
around
,
Federal.Farms.started business.
'.'Plans
cojn actuated laundry facilitiesirr
plant to refine,
own
chain
m'' Scottish cities, and
to
Much larger storage fa-
Soybean, palm,
might
traded
J
' untario .{SO
miles
supermarkets North of Toronto) in 1958, under
guidance
of
two
brothers*
four - nearby"
gu P
or . two, brothers,
Citv"
"Food* City"
eludes-a
cjlities,^ are available, course,the
and
Company, plans, in due
to
pound
nos
Toronto and m
communities;-Diversification
"
•
plant
new
"Food
nlants
m
throughout
e r s
r^anufacturine
five
Srocers throughouV
construct
oi
ana tnanuiacturmg plants, .-fians
for 1962 cal1 for the opening of
denendent
expand.
numoer
by emciemi
chains, wholesale and in-
With
a
ties
Recently,: the ering a quick freeze plant for this
fh
Toronto
tne loionxo purpose..
ld
r
"
Exchange at $5.75, and the bonds
of' hos-:
number
a
ana
ctur e, high quality of
hvaeffressive selling
a
h
CQmmon
Pltals, hotels, schools, restaurants
hv
and
to retail
and
marKeis
pffiriont
arhipvod this nosition
acmevea tnis position
nroduct
Prices -thereafter.
63 independent retail" ^
serves
markets
,
of
until/.June-T5, ^1966, and at rising
about 5- 20 % J - of
provide
business Further
wnoiesaie Business, rurtner, Oshusn
leader
and
?nd
Perhaps it would be
chemical
while
to
ANGELES, Calif.—Arthur O.
Garrett, Sr. is now conducting his
promising.
worth your
detailed
get
Forms Arthur Garrett Co.
LOS
investment
analytical
any'?
reports: on each, if you
streamlined plant,, which went on
stream in late 1959, is extensively tracted to this industry,
automated with a continuous flow these issues,
v
;
ft.;*;-]
comp
the firm
at¬
are
and
•'
rett
to;
"
business
at 510 South
in
;
from
offices
Spring Street, under
name
Company,.
Alhambra.
of Arthur'O. Gar¬
He
;
was
formerly
,
mar¬
*
Growth
of
Monarch
v
has. been
ThfotittoMiwerrie/ty wcHot artsoffeh of■ securitiesof ^
impressive, with annual sales ris^
;ing from $300,000 iri 1950, to $111/?
ri
million for fiscal year ended Nov.
30r
-
**
~: 0:
c
~
•'
'
x
'
'
*
March 8,
1962
corresponding inr
creases in net earnings.
Monarch;
"Went public" June 14, 1961,: offer¬
ing its common at $6,75 a share. Its:
1,000,000v outstanding shares are
currently traded on the Toronto
Exchange at around 13.%« Net for
1961
was
around
$.85 a share.
Monarch
f
yS
1061," with
common
lively- equity in
young
This
1928
well
company.
M.
to< be
seems
a
•*>
a'
managed
v
-
-
;
!
j
Loeb, Limited
started
company
.
Par Value $10 per
out
Share
in
confectionery store.
It '
now distributes, at wholesale, con"
fectionery, tobacco, groceries,
produce, meats,' fresh and frozen
foods to
over
3,000 - accounts in
as
c.
Common Stock
a
The
'
Company has issued to holders of its outstanding Common Stock transferable
warrants, expiring
at
as
the rate of
more
-
one
March 21, 1962; evidencing rights to subscribe for these shares,
share for each 15 shares held and
the price set
at
fully set forth in the prospectus. Common Stock
underwriters
Eastern and Northern Ontario and "
as
set
may
forth below, all
be offered by the
forth in the prospectus.
Western
Quebec.. It also acts as
franchised
supply depot,, in the
same
region for some: 187 retail
outlets, who are members of Inter-
.-..r
-
,
.
.
t.•
i.
-
national
Grocers
Alliance
Subscription Price $39
;
Co.
per
Share
M. Loeb also, through a subsidiary
produces
and; distributes
butter,
cheese and powdered milk. In nongrocery
items, the
for
distributor
Sunblam,
Timex*-
RCA,
These
Copies oj ihe prospectus
is a
Kodak, *
Westclox and''
company
Ronson,
nonfood
named In the
-
items
may
prospectus)
be obtained, jrorn such of the undersigned (who are among the underwriters
as may legally ojjer these securities under applicable securities laws.
are
sold not
only to IGA members, but
to department, drug and appliance"
stores, and account for about 15%
of total sales.
M.
Its
$12
Loeb
annual
million iq
million
for
a
large business.
have
.
year
is
Auchincloss, Parker & Redpath
grown from
1954 to
fiscal
Capitalization
Dillon, Read & Co. Inc.
about
1961.
$2,500,000
Toronto Exchange. Net
ings are
the $.20
be
above $.80
ranged,
in
this
earn¬
a
year.
1961,; from
a
Stock,
low
Alex. Brown & Sons
;;
Johnston, Lemon & Co.
,
v
Eastman Dillon, Union Securities & Co.
of„.
Merrill
Incorporated
1
share, and
dividend paid in 1961 may
increased
.
Folger, Nolan, Fleming & Co.
in
debentures,
followed
by
792,050 common shares ljsted on.
the
_
$80
.63^%
,
r
•
does
s^Ies
-
Ferris &
Company
1
Jones, Kreeger & Co.
i
Lynch, Pierce, Fenner & Smith
.
Mackall & Coe
.
Incorporated
>
.
Robinson and Lukens
.-L~
Rouse, Brewer, Becker & Bryant, Inc.
Birely & Company
Rohrbaugh and. Company
12
,
(1164)
.
.
.The Commercial and Financial Chronicle
•
TAX-EXEMPT BOND'MARKET
*
.
.Thursday, Marches, 1962
.
fv;'
•
,
-Wayne Township, New Jersey,: California. (State)3%%
1982
"
awarded $5,660,000 various pur- Connecticut (State)___„—
3%%. 1981-1982
pose bonds due 1963^1992 to the New Jersey Highway Auth., Gtd._._ 3%
' •
1981-1982
'3.45%
3.30%
3.20%
3.10%
New York (State)__-__-___________
Pennsylvania (State)
Delaware (State)
New Housing Auth., (N. Y., N. Y.)__
Los Angeles, Calif..
were immediately sold and the Baltimore, Md
_______
account marked closed. '
Cincinnati, Ohio (U. T.)
.
BY GEORGE HAMILTON*
;
.
V
,
^
;
>
.
that have
Most of the new issues
market, although not of
to
come
-
927,823 Feb. 28, to $408,112,925 as
reported on March 7.
major proportions, have been ex-
HorKf
Tte„^
3.10%
1981-1982
1974-1975
1981-1982
1981-1982
3;10%
2.90%
3.15%
3.20%
2 75%
3.00%
3.05%
3%%
3Y4%
1981-1982
1981
3.50%'
3.35%
3.30%
3.15%
3%%
1981
3.25%
3.10%
1981
1981
3.35%
3.35%
3.25%
3.20%
2!95%
tremely well taken by commercial
New Issue
L£
0
banks, insurance companies and
v/®*^ 1 '-L.
»-1963-1967 to4he group headed by N-ew »York, N(., Y.,T/.Tr
,3,% M
1980 ,
3.40% > 3.30%
individual investors.
During this ^ There have been few large and. The
Northern Trust Company.' .
March 7, 1962—Index-3.123%
period The Commercial and Fi- interesting issues, with the ex- Scaled to yield from 1.90%
to rviifnrnin
cnm
$«7i«nnn
nancUil Chronicle's twenty year
ception of the $35,000,000 State of 2.40% the account reports an un- Hue i963-1983 to the erouD heariert rnmnST
J, . S}ey hav?
high grade bond yield index has Georgia
Highway Authority sold balance 0f $40,000.
bv B ink of A meiiraN T
/IsA
misjudged the amount
showii an improvement of just (1963-1991)
bonds, up for sale
.
,
Thursday>s flhai sale
of
A anet
enrf „f>
k
,taX exemPt bo"* that the
over
one-quarter of a point; the since we last
note consisted
32,850,000 Johnmajor members
this ing to
Vojume
-M-
Philadelphia, Pa
Chicago, 111. _
Midland, Michigan, City-School
District sold $2,250,000 bonds due
iw
3.20%
3%%
3%%
2.90%
3 V2 %
3%%
syndicate managed jointly by
\
~~
National State Bank of Newark
During the past week the state sharply reduced. The municipal and John Nuveen & Company as
and municipal bond market has
bond total as expressed by the 3.95s.- Reoffered to yield from
shown
excellent
improvement. Blue List was reduced from $523,- 2.00% to 4.00%, all of the bonds
j
1
y
"""
■
3^4%
j
™
tW
intent
calendar is replete with volumin-
weex ago
week ag
new issue^
for competitive
Wdding and generally there are a
handful of important negotiated
type financings in various phases
q
Investor Enthusiasm for
Tax-Exempts Preempts
"Stockpile"
At
last
time
week the
$72,000,000 New York State Thrupress
general
Authority
way
bonds
serial and term
revenue
being
were
reoffered to the public
along with
two other important issues, $40,000,000 Commonwealth of Massavarious
ehusetts
and
bonds
purpose
Prince
$11 500 000
The calendar of sealed bids
the
next
rxncrx
thirty days
modest
a
able
i«nP«
tvnP
was
Morton
H
the
balance
&
rarripH
i
all
The
i/m
bf
wafni n./bHclv
at
I orain
$670 000
onn
Ohio
hosn'ital
the.-'bonds
of
l983
17
cnimnn
1Q89
with
fl 500
hrfndt;
bonds
f
two
were
ot onenng.
investor
The
bonds
revenue
wue
(iBbd 1991)
enthusiasm
P.
niS
Chicag^^IllinMs^Fssue'wds^mie- ^a ^irS'^t^sS
wlch, connectkol various purpose terest cost was made by The First
44+ori
umc
nc
.issue
rAntonio,
of
Texas,
these
included
mama
<?old
A<?
is
balance
State
of
have
all
sold down to
of
yesterdays
$9,000,000; $12,275,000
Tennessee
count
marked
State
of
which
bonds
sold
been
and
the
clc«e<J> $27,702,000
bonds which
?Ve«Snnl
$9,000,000
^
of
and
Mo
nnS
$42,000,000
State of New Jersey institutional
bonds which have a balance of
$7,630,000
as
we
go
to
Many other smaller issues
prised of
cate
sy
mdrnhprc
smaller issues have sold out during tne past week.
NEW
buy
any
ohm cniri
Oregon,
3.35%.
and
This
week's
final
of
issue
sig-
fyndkate^^ Plant |963-1992 bonds which7) by should this average be potat and,
were of close to one-half struck tobought yesterday (March
The
1
e
& Company, day would indicate a further gain
?Ld??5.fVie±?R BOint 'Am0ng
Other major members of this syn^es Rowing, .the greatest
vifld inc Halsey, Stuart & Company, ^ength.have..beemJndiana^Toll
^teinclude Blytt & Company, Road 3y2s up to 2 points Kansas
yieia
?he Ra"'!man
SL?
b™ds
we^Fcaled
scaiea
to
Donas were
to
from 285% in 1976 to 3'10% in Inc. Smith, Barney &
Company
Turnpike
nfti
nnn
Thp
wml ih!i! S
thic
rnmnrofiW
Pinipv
pLLv
Rr
Wg^ri
Rr
National
-
Bank
First
of
National
Brown Brothers Harri-
pftmnnnv
remalns
m
The B
account.
j
Van
Ingen
&
Company,
up
Tuesday, March 6,/saw three mand with the present balance
interesting issues offered for com- being $5,300,000.
petitive bidding. The State of
Atabama. a very infrequent borHigher Municipal Prices
rower, sold $8,500,000 various pur'
in the Offing
196$-1982 bonds and the bulk
The prime reason given for the
Thp^nffArincf
combined
balance
the
issues
2%
points; New York State
.
pansion of business loans. Dealers seems assured.
hospitai
bonds due 1963-1972
bought
by
of
the
eroun
re-
general
Larger Issues Scheduled For Sale
were
headed
bv
Abilene, Texas
Ventura Junior College District,
'
Gustavus
Adolphus College, Minn.
Hazelwood Sch. Dist. R-l, Mo
Iona College, N. Y
Noble School District, Ohio
Vestal Central S. D. No. 1, N. Y.__
West
Bend, Addison etc. Joint
School District No. 1, Wis.—
an
Dallas, Texas
-—
Dickinson, Indep. Sch. Dist., Texas
Fort Pierce, Fla
Hidalgo County Road Dist., Texas
Highland Park, 111—
North Little Rock, Ark
-
—-
Common Stock
(Par Value $.10 per share)
^£0,000
1,200,000
1,100,000
1,060,000
1,050,000
1,278,000
1,330,000
1963-1984
1964-2001
2:00 p.m.
10:00
a.m.
1962-1999
10:00
a.m.
1963-1984
Noon
1963-1982
1963-1983
2:00 p.m.
1963-1982
7:30 p.m.
March 12 (Monday)
March 13
10,800,000
1,135,000
1,000,000
1,000,000
1,245,000
3,000,000
1,700,000
Allegheny County, Pa.——
7,710,000
Bethany, Orange, Woodbridge, Reg.
High School S. D. No. 5, Conn—
1,750,000
Denver, Colo.
15,000,000
Gates & Chili, Cent. S. D. #1, N. Y.
1,645,000
Henry Hudson Reg. S. D., N. J—
1,245,000
Laurel SD No. 7 & No. 7-70, Mont.
1,217,000
Northridge School District, Ohio—
1,021,000
Omaha, Neb.
5,700,000
Pennsylvania General State Auth.
25,000,000
St. Louis Co., Lindberg S, D., Mo.
2,500,000
March 14 (Wednesday)
be obtained from the undersigned underwriter
or other dealers or brokers
only in states in which such underwriter, dealers or brokers
are qualified to act as dealers in
securities, and in which the Offering Circular may be
legally distributed.
may
—
E.W.Stewart & Co., Inc.
3020 N. Federal
Highway'
Lauderdale, Fla;-*»
1963-1982
1:45 p.m.
1967-1987
7:30 p.m.
1964-1988
1963-1982
2:00 p.m.
10:00
a.m.
1964-1981
1:00 p.m.
1962-1991
7:00 p.m.
(Tuesday)
Aldine School District, Texas——
;.
Offering Price: $3.00 Per Share
Ft.
and 4 V8s up 2 points,
Next week's calendar is relatively unimportant and totals only
$104,500,000.
The features are
$15,000,000 Denver, 'Colorado,
Water System 1972-1999 bonds
1,7°^ to 3-10%> the account
o^OOO811 The^Sl OO^OOO
Processing Center, Inc.
Alnsley Building
points;
wide
$7,500,000
(a Florida corporation)
Miami 32, Florida
2%s
demand
for tax exempt and
$25,000,000
Pennsylvania
bonds continues to be the un- General State Authority bonds,
abated appetite of commercial both scheduled for competitive
banks for investment earnings to bidding on March 13.
make up for the lag in the exSome further market gain
totaling
70,000 Shares
402
up
awarded
to
the
group
headed jointly by the First National City Bank and Sterne, Agee
& Leach. Reoffered to yield from
were
ISSUE
Copies of the Offering Circular
3%s
jjgj. a balance of $1,045,000 pres- Kidder, Peabody & Company and Memphis Electric Revenue 4.40s
offer to sell, nor a solicitation of an offer
of this stock. The offering is made only by the Offering Circular.
Miami Data
municipal revenue bond issues
have also been very active. The
Smith, Barney & Company Turn-
been sold.
4V2S£
igTto^the
1964~198I to tJle syndicate n^n-
of
S
The
3V2s
as
.
Seattle
Bank and
$11
Oh^o sold $11,081,000
w
First'
The
Co.
!?anftrC'r 1964 t0 1975 were not Sealed this yield was in 1.70% de- Power Authority 3.20s up 2 points
to issue from good to and West Virginia Turnpike 3J/4S
reoffered.
3.40%,
Whifgx
This advertisement is neither
to
hav»
&
Drexel
.prices tne ently
|£Lf°
„
Pmchhitting for Donald Mackey.
Tonds
$£5801»000^unlimited tax
Lr
JSji!
TTavrimnn
press.
have
hal-
thp
nrpss
taken
C lumbus,
? f ^
Tnp
also benefited and at least twelve
to
^OOO^m bonds^ pav,
rnlllrhhll„'
ac-
Maryland
fyn
$9 000000
ma^Kaa "P
OOOgSSSS
Georgia
$30,OOU,OUO
Highway Authority Revenue
which
wp
«f
of
ance
ance
marked all sold
the
in-
net
about 75% of the bonds have been
issues which benefited in
.v.3
3 395%
of
flotations
three
x
hid
serond
Boston Corporation group. Scaled
to yield from 1.75% to 3.50%
on
were
The
San
bal-
$7,000,000
issue. 'The
ir,
counts
State
Pmnn
<tR 7dn nun
the
and
•ranees
ur0„o
fUo
term bondg through negotiation to
...W yv■:
Price Gains
•
The. dollar quoted State and
were
^bonds^w^
for
n
•
n
- '■ -:.
vvere
dav
aay
a
bov. '
Govern-
and
Dollar Quoted Bonds Continue
note—& Trust Company and The Chase
of
issues
wort^reportW^thaf?he vi^uslv mentioned $35^000P900 which came to market. The Phila- Manhattan Bank as 3s. Reoffered
toee
issues
sold
GeorgW StatffflghwayTuZrUy delphiaparking Authority, Penn- to yield from 1.75% to 3.20% all
of offering
n963-1991V
sylvania^Sold $4,500,000 serial and but $930,000 of the bonds have
witnin
within
k
press ume was *o<u,uuu.
,uoo hospital 1963-1982
to
Monday's calendar offered little the syndicate managed jointly by higher levels.
there
+VlQ
cor. orme
mf.i
? mar^ts in800d c0"d'*ion and with, taxes always with
m*6 mumciPal k°nc* market
would seem ready to move to new
L
to
in the way of pew financings but Continental Illinois National Bank
1
the
S SSf f P ?
'
offered
awarded
1963
hoTren^infheTtoc^markef
face
maturity
seems
entWe
*
to
time
W
so)d
were
Reoffered to yield from
3.25%
press
and
offeilhg
initial
group include Harris Trust and
Savings Bank, The Northern Trust
1.70%
Recent Awards
ii/rQ1,„u
u
company.
at
are
lssues close to maiket.
On
were
Company
tn.mflrkPi
Hncp
d
manage-
negotiated
buy08^^^^^ ttfejTare
now withdrawing bonds'from the
new issue market and the secondary market as though bonds were
going out of style. How long this
situation will last is not ours to
?Pec"late UP°" but>. with a
R£'aI f CwWch
Tr£st C°Tpany»V Th®
^-1982 bonds^whlch were First Boston Corporation Merrill
Kaneas«v^nl Ik
an'
S™'h
{ ?n«44<7 nit fnteW
Dean Witter & Company The
coS ^toml^Wm^soTthis
mTofl^ fn lls/fna
is
There
important
no
W
only
which
vei'y
proportions.
present
totals
$425,000,000,
considered to be of
George's
County, 'Maryland, various purKAnric
AithAnoh holntoHiv
Ft
of dealer consideration.
areT
x
completely
SiakA
"of
& Com0any'
bther
^
against'? 142%a a
against 4.142 /„
*i_
—
Geddes & Camillus S. D. 2, N. Y—
1,850,000
Hartford, Conn.. „-T—.53,680,000
Maiden, Mass.
1,314,000
Pascack Valley Sch. Dist., N. J—
2,900,000
Puerto Rico Water Resources Auth,
12,500,000
Rothschild, Hatley, Schofield etc.,
Joint Sch. Dist. No. 1, Wis.-—~
1,125,000
1963-2000
6:30 p.m.
1963-1992
11:00 a„m.
1963-1980
11:30 p.m.
1972-1999
11:00
a.m.
1962-1981
2:00 p.m.
1963-1987
B:00 p.m.
1963-1982
1963-1982
8:00 p.m.
Noon
1964-1978
11:00
1965-1989
Noon
1964-1982
a.m.
8:00 p.m.
1963-1981
1P68-1975
11:00
a.m.
—„——„-—
March 7,1962
•
1963-1989
1963-1998
1963-1982
8:00 pm.
11:00
a.m.
2:00 p.m<
Volume
195
Number
•••
6140
March 15
Board of
.
.
(Thursday)
Education, West Va._-._i-*
DeLanft,, Fla
Franklin
The Commercial and Financial Chronicle
.
1,400,01)0"-? 1963-1990
County, Tenn,_^
Hempstead Cent. S. D. No. 3, N. Y.
Knox County, S. D. No.
R-l, Mo,.:
Louisiana Bond & Bldg. Comm....Osseo Ind. S. D. No. 279, Minn.___ 1
v
v
a.m.
1963-1981
Noon
■
15,000,000
1963-1987
l,000,000l
1965-1992
"r\
11:00
Officers
a.m.
Ariz. Biochemical
are
Frank
S.
Breen,
member
of
Common Offered
1
securities business.
a
the
Stock
Boston
Offering of 200,000
common shares
of Arizona Biochemical Co., at $4
Ex¬
change, President; George A. Stanley, Jr., Treasurer; William E.
8:00 p.m.
per share is being made by Globus,
Inc., and Glass & Ross, Inc., New
York City. Net proceeds will be
used by the company to construct
its first plant, repay
debt, and in¬
crease working capital.1
•
1964-2O01
12:15 p.m.
2,200,000
1964-1992
11:00
3,000,000
1964-1992
Noon
1965-2002
il:30
/Glasgow,
~
.
Kj^y(Electric Plant Bd.)'
March
20
1963-1982
7:30p.m.
3,500,000
1965-1990
1967-1991
Commission Sch.
7:30 p.m.
11:00
vert
a.m.
1963-1990
10:30
a.m.
1963-1882
10:00
a.m.
1964-1982
Noon
1965-1987
11:00
trash
Frank S. Breen
George
A.
Gerald J.
Stanley
and
terials
D'Ambrosio
brush,
and
processed
other
or
ma¬
recovered
from the refuse.
a.m.
2:00 p.m.
Bros, to Admit
Cullman
Brothers, 161 Front St.,
New York City, members of the
(Wednesday)
New
York
Stock
Exchange, on
March 8 will admit John A. Regan
to partnership.
Heights
Dist.
of
contract
a
garbage into compost by the
Cullman
1975-2012
received
for
"Dana Process". The
company ex¬
pects to offer for sale the compost,
8:00 p.m.
1965-1981
has
It
from the city of Phoenix to con¬
struct several plants for the
proc¬
essing of refuse which will con¬
(Tuesday)
—
21
refuse.
4:00 p.m.
1967-1981
County Sch. Dist., Ga.___"
2,000,000
County, Skokie S. D. #68, 111.*
1,290,000
Denton, Texas _____:
'1,500,000"'
Glendale, Calif.
6,900,000
Plainville, Conn.
1,545,000
St. Bernard Parish, La
'- 1,000,000
Spokane County S. D. 81, Wash,__
3,000,000
Washington Public Power Supply
System
10,500,000
N March
to construct and operate
plants
the processing and disposition
1:30 p.m.
1962-1995
Chatham
Chicago
The
company
of
1001
North
Central Ave., Phoenix, Ariz., plans
a.m.
1,550,000'
Cook
County,
a.m.
4,500,000
2,900,000
sPasadena, Indbp. S. D., Texas____J
Sioux City Iridep. Sch.
Dist., Iowa ;
; Taylor Township Sch. Dist., Mich.
£170, 111.
1,989,000v
1963-1978
8:00 p.m.
Lebanon, Tenn,
1,500,000
1964-2001
10:00
a.m.
Purdue
Univ., West Lafayette, Ind.
4,700,000
1965-2002
10:00
a.m.
Purdue Univ., West Lafayette. Ind.
St. Cloud Indep. S: D. 742, Minn.
3,300,000
1,375,000
1964-2001
10:00
a.m.
1967-1985
1:30 p.m.
1934-1998
1:00 p.m.
March
22
March
26
1,200,000
1963
1982
1963
1991
8 00 p m
2,225,000
March 27
2,650,000
1964-1987
10730 a.m~.
10:00 a!m!
1963-1990
11:00
Rapids,
University Bd. of Trustees,
Oxford, Ohio
March 28
1963-1987
2,200,000
;
'
,
.
1
a.m.
J. H. Goddard Adds
3,700,000
2,500,000
1964-1992
(Thursday)
Co., Spec. Tax SD 1, Fla.
11:00
11:00
Cook
County, 111.
Nashville, Tenn.
Oak Park, 111..
a.m.
banker>and
3,000,000
1965-1980
Noon
Keith
R.
NEW
Fitzgerald,
been
iced
of
has
J.
H.
been
added
to
the
staff
Goddard
& Co., Inc., 85
Street,
members
of
Boston Stock Exchange.
He
1963-1977
10:30
a.m.
the
was
formerly
Lister
&
Co.
with
Leward
M.
formed
Livingston
with
offices
Avenue,
to
by the
in ■certified
engage
Officers
securities business.
a
16
at
are
Abraham Hamelsky,
prior thereto
with Schirmer, Atherton & Co.
President; M.
Vice-President; H. M.
Shepherd, Secretary; and D. M.
Hamelsky, Treasurer.
listed
'representatives
and
bonds,
This announcement is neither
these securities.
1965-1992
an
offer to sell
nor
a
solicitation of
an
offer to buy any of
The offering is made only by the Prospectus.
2:00 p.m.
1963-1992
State
Office
Bldg.
Noon
Auth.
310,000 Shares*
7,000,000
April 9 (Monday)
Huntington, W. Va
1963-1981
1,800,000
American Book-Stratford Press, Inc.
April 10 (Tuesday)
,
New London Ind. SD
#345, Minn.
North Sacramento, Calif
1.160,090
2,500,000
2:00 p.m.
Common .Stock
Sonoma Co. Flood Control & Water
Conservation District,
Calif.____
($1 Par Value)
2,120,000
*
This advertisement is
not an
offer
The
■
NEW ISSUE.
to sell or the solicitation of an
offer to buy
offering is made only by the Prospectus.
-•
.
..5
■■
V "5'
any
of these securities.
139,500 shares have been reserved by the Underwriters for offering
to
'
officers, directors, and employees of the Company, and to certain
other persons
March 2,
.:
designated by the Company, at the public offering price.
1962
T
i
,
i
,
i
200,000 Shares*
Price $15
Tidewater Lumber Co., Inc.
Common Stock
(Par Value 10c
per
5
is circulated from
The Underwriter has
shares for sale
..
to
Sha re
Share)
Copies 0/ the Prospectus
*
per
agreed to reserve 10,00(1
designees of the Company.
as
Price $5.00 Per Share
may
be obtained in
any
State in which this announcement
only such of the underwriters, including the undersigned,
may
lawfully offer the securities in such State.
•
;
1 •
Bear, Stearns & Co.
•>
_
Copies of the Prospectus may he obtained from the undersigned oii/r
in States in which the undersigned if qualified Kractuis a dealer
.
in securities and in which the
Prospectus
may
legally be distributed.
V
^
£**
f
-
V V*"
V
A. ,G Allyn & Co.
•
First California
'
V
;
v
INCORPORATED
*
.
.
;
/
\
V/*
_•
Company
"J, Incorporated:
b'sVi/,
Shearson^ Hammi II & Co.
-V-''n i!'.1
Francis I. duPont & Co.
Walston & Co., Inc.
i
*'■
\
March 7, 1962.
'
Dempsey-Tegeler & Co., Inc.
'
•vv*
/
the
funds,
underwritings
financing.
25,000,000
2,000,000
25,020,000
of
securities, over-the-counter
stocks
and
serv¬
branch office by
"firm which deals in mutual
Edelstein,
and
new
April 5 (Thursday)
(Atlanta)
President,
said the entire state will be
Devonshire
April 4 (Wednesday)
Georgia
securities
hue
•
1,090,000
•Lafayette Parish, Par. Sch. Bd., La.
Philadelphia, Pa.
investment
dealer.
Hamelsky Co.
BRUNSWICK, N. J. — A.
Hamelsky and Company, Inc. has
....
April '3 (Tuesday)
Angeles County, County Flood
District, Calif.
(Special to The Financial Chronicle)
about ...March 1 in Wichita Falls,
Texas, have * been announced by
the Handley investment Co., Tulsa
BOSTON, Mass.—Henry A. Dona¬
25,000,000
6,500,000
Control
Form
a.m.
1963-1982
April 2 (Monday)
Los
that company in the trading department.
(Wednesday)
29
Handley Opening Branch
TULSA, Okla. —Plans for the
opening of a new branch office
■
Orange Co. Sanitary Dist. £7, Cal.
Plaquemines Parish, La.__
■__
March
and
Daniel L. Quinn
Mr- Breen was formerly a partner in Schirmer, Atherton &
Co., and other members of the new firm were also associated with
1965-1986
Grand
Wm. E. Creamer
Creamer, Vice-President; Gerald J. D'Ambrosio, Clerk; and Daniel
L. Quinn, Assistant Treasurer.
v
—
2,500,000
15,345,000
10,000,000
Miami
Brevard
j__
Samson Krupnick, President
Treasurer; and Franz Wink¬
ler, Secretary.
.
: f
(Tuesday)
Crawfordsville, Ind.
Detroit, Michigan
Detroit City Sch. Dist., Mich
<
and
1:00 p.m.
2,562,000
'1
Dist., N. J
business from offices at 360
Lexington Avenue, New York City
(c/o Kramer & Lans).
Officers
(Monday)
City Sch. Dist., Ohioj
Roselle Park, Sch.
Sioux City, Iowa
Investing
Co., Inc. is engaging in the secu¬
rities
3,155,000
^
Parma
Adanim American
Adanim American Israel
(Thursday)
Lawrenceburg, Ind.
•
*
with offices at 50 Congress
St., to engage in
13
^
'
BOSTON, Mass.—Breen, Creamer, Stanley Corp. has been formed
1963-19818:00 p.m.
Illinois' University2,250,000
;Eastern
...
March 19 (Monday)
,
Alexandria, La.:
:Atlanta, Ga.
Cook
10:00
Breen, Creamer, Stanley Corp.
p.m.
-
:
v'
p.m:
3:30
1963-1974
March 16 (Friday)
Lycoming Col. Williamsport, Pa.__
1,400,000
rV1.; -
2:00
1965-1990
1,400,000
1,000,000
2,545,000
1,100,000
...
(1165)
.r
14
The Commercial and Financial Chronicle
(1166)
Ira W.. Painton Joins
By Roger W. Babson
•
Vv'/cy.
;
-
diversity of investment opportunities and
the
most
companies with
This
question
Should
is:
briefly
buy the most popular stocks,
should
or
those in little
buy
we
demand?
Stocks
Unpopular
^
panies
.
sneezing and
store
is
Also
life
favorite drugbest business.
your
doing
its
insurance
stocks
are
attractive.
Everyone
is
striving to live longer; while the
always
doctors,
smallest
cash
cement
coppers'
_
.
.
com-
other
and
.
are
i.
O
.
constantly becoming less. This, in
way, applies to the making of
To
they
day
satellites
the
reduce
long
for
microwaves
are
ahead.
years
"stock
some-
beams and the
of
use
may
demand
but these
copper;
dividends," which investors
They pay no taxes upon these
until they sell the stock received.
cheap. The "beams"
are
from
and
universal
stocks
Politics
The
into Social Security.
If
Kennedy has his way,
increased
be
the
aged, the
to
ill,
further
other
and
unfortunates.
Companies-selling
food
popular. Everyone
also
are
eat
and
great
markets
—
vw
most
people like
self-service food
new
which
becoming
are
vr—w»«
..
a
vi
-social center where you meet your
•friends. Of course, the stocks of
these food chains
are high; but the
population is constantly growing,
It may reach 200,000,000 in five
'
years.
to
devote
ivi a d\x/
„
.i.-j.!.
*
__
had for better study
devXped
being
^
„f
not. be .unloaded without, pumps
which were only available in the
United States.' We at first refused
to let Canada have the
pany
ortmnllH.iml
/"I riT.^1
ideas
velopments
now
-p. .
Cuba
Washington,' D.tC.;
Bank
Women's! ,March,
"Bank
Woman
the1-
of
*
off if Cuba didn>t mend her
»
,
-
waYs-
,
j?
Bank
banking
'aRjjany experts^saj'
Cnmnnnv
Company
1988
1933.
since
smrp
?
,
nations
free
*s*ai!d>
Island, Illinois.
Miss Engel has been associated
with tee. National Sayings;, and
She
She
.
to
were
we
there
drugs
S
that
Blue v.
of
Read
York
made
State
Dillon
-The trouble is there has been no.
according to an announce- -could-use the lever. Now
by association Presi- -ls
embargo, except for
award
in
-bargaining with Cuba in which
1962,
Month"
"
have
great
'
'cit
I
do
race
will
wi?e
that
pect
?
this
end.
.
I
.
•
-
.
.
,
i
.
ritioc
cities
o
O.
•
-
4.
the
common
get together
of
h
be
Porges,
York
my
with
Clark
dl.eu wxwi uiarK,
&
wh,"h
ho'n''
nm"
"
Service Company to it's
stockholders
and
world disarma-
v
"
$
Department,
this'^ear0' Tli?'department
-JrCcxr,•
Q©paITin0n.l
v
shares
members
Stock
offices
W
r-
..
rr
i
k
i
x
C
'
''
Weinstock
weinstocK
of- the
Exchange,
as
V*
i
n
A
to
'■
>"
..commodities
?
^
v*
■
-
1
;
^
^
AT
—
v
l' -Vim
^
-
which; they^ agreed
RliCJClO
TA
KllT
almost ineffective.
1S
llOT
ThA
......
loans" obtained
af
Nineteen
from
;
^°J^eeP
•
The
securities business
the
to
East
and
been
sold,
this
announcement
appears
as
a
matter
of
record
But: the
ISSUE
MARCH
8,
1962
there.
matter
Because
does
not
States
in
be
DALE SYSTEM
lose
31
products.,.,.-
"INCORPORATED
•
.
a
COMMON STOCK
(no par
to carry on
year
with
Russia
and
in
-
?
a
F'or j.he
1961/
m0nths
12
the
ended
Dec.
company
D. L, Carder
-
Bulldmg:
-
-
•
Opens
,
T
T
x
;i
'•::
A" ♦ ri
' t
New OrviS Branch
'xT "
'
:
mIDDLETOWN, N. y. —Orvls
Brothers
&
Co., has opened "sa
under
R.
at 2
office
Branch
the
Main
East
'
-
Penski.
Samuel
and
Patterson
.
St.,
of Glenn
management
are
value)
at
the
of
estimated by
approximately
-
TTT;xrAT„
their
doing
is
^7* WAYJ^E, Ind. Dale L. Card r
is conducting a securities .Business
kom officcs-in the Indiana Bank
pretty
billions
the Gold War
so
the
*
;
would-
.
;f It seems that we are in
pickle. We are spending
Texas
reported
operating revenues of $56,000,801
and
t j
■ of $11,233,891.-
rest
-buying-some-of
by
population
company
-
of their exports, such as 1
some
Italy,
that
the
Panhandle
The
861 000
it
position to
a
includes
Oklahoma
served
the
the United Sta.es needs
tie "trade badly.
And would the
indemnify "countries
this Irvine
from
territory served by
The
romnanv
Mexic0
position,
United
\t-
the Pecos Valley region in New
(international balance of payments
,,16(3,000 jshares
rlprivAd
iggi.
its unfavorable
of
*
•«
territory
cleagy, if the trade were cut;
«?. tbe Eft would suffer more
the West.
only.
"
-
-
South Plains region of Texas and
if; it
in
thja
Texas,
-
the flscal y.ear ended ^ug.
31
latter's advantage, it.
engage
hppn
-
the
.
shlPPed
'
I
-
-and
lacle J3
??
ari
West undoubtedly is to the adC* D; H' ReaRy Associates with vantage of the East because of the
offices at 7914 Twenty-first Ave., "Partieuter! nature of the goods
to engage in a
Dallas,
^S .been derived irom tnis service
the
,0r^an^Zx^0nJ:0^.e^beij
t,r
in
company is engaged in the generati0n, transmission, distribution
7
_
State Department says it agreed
to the deletions because it wanted
-o
man-
ill
TA
list by unanimous consent.
-
Form C. D. H; Realty
Located
m-1950 and drerv up a list <£;
-
•
than
NEW
right to sub-
^mln^^nd
got, together-
staff of California Investors, 4376 items have been taken
Atlantic Avenue,
"c C C : C'C :r^^'SSuv^nan^Su
New
auarter*? "at
new
countries
European
..
Calif. Inv. Adds
Broadway, New York City.
having
of
icf forsK.4
.
$7'100'000 o£ bank
.fKp
And
these
21,
to
stock
new
jnents
Olson, Treasurer.
probably would not
of
*ionr.
-the
^
a
has
xlaS
,
wasn't-to the
All
em-
-
Commerce is not granting any
BROOKLYN, N. Y. Chaim:Stern,
ager 0f the syndicate department, general partner, and Victor Stern,
The firm has recently removed its 'limited
partner, ' have
formed
•
^wiii
will
x:
4.
d
ex-
hf611!
hnmhc"
rfecfrnv
^ ^
controlled, espe-
hvdrngen
u
associated
weapons
even
under-
pioyges
cnKoomKn
for. the fact that the
4
^
.
*
Robert G- Killgore has ^become
while ago.
not
do
is
,offering
of 442,362
eommbn~ shares of Southwestern
.
+
in
New
.pending hundreds of applications
to IbSE. .from American firms wanting to
Th!i balance of such nrb-eeds
fdea." But it .requires great; Olson, Inc. is engaging in a securi- do business-with Russia but-.is will be added to the general funds
patience and - persistence. It is ties business from offices at 13743 moving slowly right at this 5unc-;
thp c|mDanv and will be avaiL
important to young; people -who Victor . Boulevard. Officers are ture because Congress is critically
h,
fn
tu
„avment of further
are willing to work and who have- Forest E. Olson, President;.Donald watching this trade. V ; ^
imllovlthe patience to wait.
'
v Olson,
.r>r«ooj^c.Tif.
j
K. oionn Vice-President; and r<^r-i
Carl - -rr>u„ United States and nr—— costs oi aaaiLions ana improve
.The
Western
even
lowpr
Inc
investment
an
which
group
'
\
*
become™!" sec'oncf^lass Warrants expiring March
* would become_a sKond .cl^ '1962, give for
-holders the right
j?ormer.-rvice-i^resiaeni subscribe
t
XVlll^OFG J 01I1S
whTLn
nuclear
see
nhmit
and
a
readers
any
mL.^
these,
much
are
Drice than ttiev
Sometime
like
not
thev
Co
&
heads
•
.
writing6- |n
nation,
Tnar,v
-
national Vice-President.
SClark, Weinstock
thoueh
•
59' Miss EnSel has been active'in expensive exhibits at tne Leipzig „th
the additional
tee 3,700-member ..group : since .**>*, in the soviet zone of Ger-.-be a{ th
m
Forest E. Olson, Inc.
Moreover, history shows that. ity
d.oe® not require much capital, to ,
(Special to The p.n.»c..i CH.pN.drt;
ftert ,? company with only an VAN NUYS, Calif. — Forest
-
over
-
nAT
tracts.
we
]XlgJltS UlIGnilff
lever
a
officer,^bargaining.-;-In other words, they
°
i
i
i
wanted something to hold over 'Tq SlOPKmO HCTS
has ^ Cuba's head and threaten to cut -1-^ ^^
-r*
trust
in tei
drawjng boards
profit possibilities.
•
on
,t
"elec-
cry
"
•
wanted
i
ceived the National Association-of
Trust
a.
^ "full
such
T
primarily the
are
but
pumps
cellulose
f
Speculation
These
large
a
ment of wheat.
^ —
Common Stocks Bought for
CanconsignThe wheat could
ago,
a year
China
ing trade with Cuba, they say they
u
iNAbW Honors
•
President,
many
politics, and we are
overestimate the Im-
■-««•
President
will
to
inclined
of companies making office equip-
sold
Ask them why until a few q
.Wtr
weeks ago we carried on a thriv-. 001 VICe OOmPaRy d
dent,;Hilda^IL Kollmann,^ Vice-
Ideas
New
vs.
newspapers
columns
those
are
the insurance business since
ment
like.
—,
ada
no mean
^nm
mnnmr
1953-
aluminum
make
HTraininCf
of
Charlotte1 A.; Engel,
to
yield of all groups,
Other popular
.
We don't trade with
China, but about
an
National Savings and Trust Com-.
when
life insurance stocks, especially as
the companies constantly declare
the
nist business.
De-
trade with enemy
intellectual ex-
on
is
to the public. -V--.1.
1.•/> -:-vdf we don't do it other free nations' there was'such a hue and
Prior to his new appointment,:.will and, besides, it makes the about diplomatic amity that
Mr. Painton, formerly of Are^ia, Communist countries divert their finally relented.
Odli+'
1X700
a
aluminum.
Investors do not want to sell their
must
partment
countries
perience of
Africa. I like to buy copper stocks
are
Consequently, life insurance stocks
are
high,
and
hence
pay
the
help
Financial
head
will
there must be cheap and abundant
electric power such as exists in
hospitals, and the
helping them too.
the
government
the
the
'
stocks
common
railroads
"
this
Painton
•
sorfs. Queried
daily before China gets them. As Programs, Inc.'s large-scale ori- • why we, continue to s^pd.ma^
this is generally recognized, these -entation program designed to co-,chinery to Soviet Russia and the
stocks will lose their present un- ordinate life insurance: with the satellite countries, the answer is
justified glamour.
company's other financial services they say that, in the first instance,
/
,
,
Common
Investment
For
coming
a
.
.
'
-
.
*
,
Popular
.Most
•
According to President Tempest,
patience and persistence^
BARGERON
1
Programs,
Broadway,* J. 'William^ '
\
• *an- A discussion with the State
950
nounced...
Mr.
we
BY CARLISLE
Temfcest, the firm's President,
"idea" and little capital
an
must have an almost inexhaustible amount of
Inc.,
The reader is
popular stocks or those little in demand.
reminded that investors in
V
Sales
the
Financial
of
Division
considerations affecting decisions as to whether one should seek out
in
Co-Ordinator
ance
Mr. Babson looks into the
'
been named to the
newly created position of Insur¬
has
(CLU),
Thursday, March 8, 1962
.
...Ahead of the News
Underwriters
Life
Chartered
of
.
FROM
Financial "Programs
DENVER, Colo.—Ira W. Painton,
a member of the American Society
Confronting Investors
.
-
.
-
•
Z. Beauchamp, West. Partner
Cold War.
Beauchamp,
...
West
Stava,
&
115
■
i;
Price $3.25
per
Our
and
her
growth
trade
that
Theodore Arrin & Co*, Inc.
50
Broad
Street,
New York 4,'N.
aid to
war
share
with
of
37
growth..
It
is
for
and *
our
power
Russia,
to
during the'
responsible
together
Western
her
doesn't
with
nations,
-
•
Although
make
won't
let
PUf^v^pdustries.^-.exkibit^
Leipzig
fair,' this does not
that we.are not
any
of
Ex-
,
....
.
j
—...
-With First Weber
sense
'
we
*ro*dvt*i> N,?w Yar^
b^rs
^h8 New York ^oc
change, has admitted,Fred
HiJf-k^r> member of the Exchange- to
Partnership,
- l
1
continued
somewhere.-
Wall Street,
•'New York 5, N. Y.
to
other
contributes
Norman, Wolf & Co., Inc.
Russia
since
First
79
Weber
Wall
vj.
Securities
Street,
New
Corp.,
York City,
tl^e have, announced that Albert Mann
mean
competing against
the other free nations for Commu-
has
firm.
become
Mr.
associated
Mann
was
with
the
previously
with Native Laces & Textiles, Inc.
;
-Volume
195
Number 6140
;
.
The Commercial and Financial Chronicle
.
(1167)
long-term capital gains, as this
.buying ,*ahd selling often seems
to
be
the principal
activity of
Thetnet result of this
is that when
the
.
these corporations. And one must
wonder what happens in : a
.also
By
tions
Richard
II.
Swesnik,
President,
Washington, D. C.^and Chairman,
Realtors
market when
Swesnik
Federal
•
&
Tax
Blum,
Inc.,
Subcommittee,
Estate
•
Boards.
'
:
•
.
.taxation.
•astute
.
the
Specialist in real estate syndicates alerts the investor and security*
analysts to the
:
long-run
opportunities
in
properly
organized
managed trusts, .and to the disadvantages they may not be
of
in
the
form
corporate
realty
of
owning
corporation's
real
buying
-continue tax write-offs to avoid double taxation.
in
(1)
The original limited
to. find he
•'
trolley
is
with
What
.
the
at
all
mayhave
.
<a
General
a-
Partners,
sound
was
not
ln
liability to the
based
the
syndicates which
partnerships yrere also
using accelerated depreciation, the
a
security
nec-
public
*
stocks
sold these
clients—although
compares some of the
the
t hese
must
When
National
houses
other stocks that
opportunity for
method of ownership.
one
corporate
talks
present
looked
*
the
the
free
so
that the
the
to
realty
correct
to
as
the
^
"
own-
vehicle
<
/.
mmw*
so
owning
ducing
should
pro¬
-
prop-
f| i income
erties with the
d
a
van
•
-
'
ing the depre-
tthe
heads
of
its
corporations
considered
the tax advan¬
tages"
*
suit:
as
of
syndicates
i
in
properties
i <v.
"
•
I
•
-<
when properties are
that
occurs i
at
once
the
Fxamnliw
adopted
policy statement:
;,
-
iSff are
u-
sucn tnat
>»
Novem-
"
burVen
methods o£
depreciation be recomputed to the
IfTfflqmr
strai^
method
property
i to-be
what " the
a
within
on
sale of the
three
years
,
amount of depreciation taken..For
was pur-
i needs
of
Who
rofithe; partnership the property
is
button?
.
-4
Greed Button?
as
proposed
by the.-Secretary *of . the Treasury
were
adopted;
the
entire
real
estate
industry, .along with the
must
was
ask
is
to
whose greed
Was
it
the
syndicator
tired of syndication and
a
near
pushed
^
—
who
Congress, much of the macxn-
^anl' if the regulation
conservative.
question«one
.
-
.
construction
The
'
»■
owning
Who Pushed the
Uhis:
.
^1S resolution,is adopted by
^tions of the corporations would,
course^-be stopped. On the other
|income-producing)estate^;.,
:
of
departureJrpm
.long-term .investor's
substantial
.
exchanged for;.stock in 'new
~
SPSS'yy-«
receipt of money from the corpo- chased: by the partnership six
ration to the individual * stock- years ago for $3,000,000 in cash
syndi- holder. '>///>': and the property was [exchanged
<cation ;in the decade* of the 50's ; • Notwithstanding 'the "disadvanfor. stock -in the new corporation
'was the limited partnership; tages, during the past few years which was formed, there is no tax
fin October, fl960, 'the 'Internal many limited- partnership-interests ;despite- the fact that on;-the books
were
in
the'following
?^celerated
t0
crea
had: rowned", a property for .six woff faster, thus helping the corpoyears.i In - order for the exchange
.odds-on favorite method of
Revenue Service clarified the cri-
we
a^uirinf;—
than
t
limited: partnership method as an
.owning' vehicle; was iused, ,The
•
Treasury
,In order to encourage construc.
•Ste-K is^^e^•=
'
Consider that a new corporation more, speculative
was formed and it was exchanging
of /example, if the property
point
•;''
i
partnership £ original ly
1
owned-in cor-/paid for* the property less the total filling /the
-
■
pr^perties"rather tC pu'ehasin" ^eS'bu^^n^fderlo^eveni
X
of
taxation
double
.
ruled' out"'and'?the level "and
was
>
convention
1961
forip was the-to be;'on a tax-free basis, the and have started the
highly specu-1
the /syndicate: property owned by the partnerbeing excused from the pay- /ship is brought into the corpora- jlative business of .building and'/iil
s
ment of any taxes, thus avoiding " tion at its book value, which is selling tract houses. This appears the
advantage
"
of'depreciation, thbJc<frp'dl&td porate form—once at the corporate
fmethod!
Tax TjabiIitv
annual
ber,
itself
the
Richat-d H. Swesnik
re—'1
a
.
owning rA.
of select office buildings,
^formation
tax
•
When
rvestors.
:l
u
*
^
1
^
-'
the
nriorIteDrecb- movesXaCnd1a^Tseriouslv^^consfder1 !tion and investment in real estatei
iSw
?
? i
? f
we recommend
the retention of
851
-limited partnership
,
each of the in-
jwe
the
as
'
banking.--JvphahSd
sideration which gave /impetus- to.
:
to
used
be
5
'
ciation to flow
v
+.
R| iapartment houses, and-shoppingits stock for. all of the/interests
^ reenters. After all, the main-con-/in c a limited partnership which
■
tages of allow¬
Vdifectly
of other busi-
mortgage
as
that
Department may have some merit
realty {to their position, the National Asgood, sociation of Real Estate Boards at
new
vehicle for passively receiving the t a
<
'
tax
conducting
such
However, it is extremely difficult
toperceive why; a ' corporation
of
large
'income
the
nesses
couple
safety
and subsequent resale of land,
ung
iur
Position
Recognizing
a
'ing
i
sold to the
were
have
;
Real*Estate Assn/s
y
their
to
one
of such depreciation
use
not necessary by virtue of the
was
;
• What makes this extremely difficult for one to understand is that
when
organized
were
limited
as
rXh you .come away with the feeling
writer in
Washington, D. iC., 'a land development company en-S Vuvine
Xn at -that^liey are very well aware oi
problem was to determine the/ gaged in the acquisition,- subdivide ^iJher nrices :
Lx?HabiHtv to
.
April of 1961 the Secretary of
Treasury asked the Congress
on
V
stocks
Ae
Starting;' in ;1951 when-the first tivities of a construction company
syndication nvas. accomplished by -either- contractual -or-speculative, ;
estate.
fact
building which is being
on
the books at'"whole-'excessive
many
.
essarily*
the
carried
doors
been
investor,
sale."
of
end
the
share of
one
.promoters, who formerly were the
syndicators in most cases acting
as
V
'
he is liable
tax
load. In other words, the new in¬
vestor-is paying "retail" for his
k
Real Estate Investment'Trust Act, and warns that Congress will undo
have caused.
the
good opportunity for the original
limited partners and was an excel¬
lent opportunity for the corporate
perienced syndicators have formed trusts under the January, 1961,
may
per¬
as
on
new
$650,000 to do something .about what the
profit in the event of sale of the Treausry
felt
were
apparent
property for $3,000,000. The new .abuses by the corporations in the
investor'did~Wt"share" in any of use of accelerated
depreciation for
the benefits of the prior deprecia¬
avoiding the payment of corporate
tion, yet must 'share in the tax taxes. While the heads of some
corporate stock
ago,
long
keting stock which represented
equity interests in something »as
its books "wildly sought after as prime real
consider
a
corporation
made and have sold
/closed.
income-producing real- estate. "The writer notes that very few ex«
$any damage its laws
the
in
of
The
must
that there is
many
field that
carry
/$2,350,000.
therefore
to
was
the
also, (2) find they may not have bought well managed conservative
~
leaders
purchaser
day
"tax liability" and,
a
apparent
out
exchanges and sale^of newly formed corporations' stock, and not the
public who ^subsequently buy
It' is
exchange
to
partners and the corporate promoters are depicted as gainers in the
investing
at
original owner of the limited part¬
nership interest, when the original
for
order
poration must
corpora¬
their .buying
eventually conclude that
haps -he should have been
aware
Criticized,
estate.
constant
continue
continue! the tax write¬
:may
and
'
example,-is the
these
are
with
a
property
$3,000,000 which the cor-
valuer of
offs to insure avoidance of double
Washington Committee, National Association of Real
.
must
in order to
investors
new.
exchange iWho' only knew how to market
is issued, securities iin terms of
corporate
buying into stocks and could not resist mar-
stock
new
corporation
a
-
•soft
15
relished, Vthe
mm
power,
,
a
....
salary,
"°™C
'
»A
/
X**
hardShiP*.
•When
tages
industry, would grind
halt, causing severe eco-
f
V
/k y-v
we
of
yn ^
consider the disadvan¬
;limited
'partnerships,
namely, the turbulence that occurs
se¬
curity, and
personal liquidity cor¬
in/publicly owned corporations on a i.earped;- at?:its depreciated basis,
if the general
partners die, the
poration ownership would give?
/evaluating whether ormbtanown- -"tax free" basis and many of the which m the case of this six-yearOr was,it the limited partnership difficulties of general * borrowing
i
ing Vehicle - Would *b6 • taxed-as ua 'individual syndicates which Were ~oid+-building^-would _ be approxiinvestor/who sensed that perhaps because Of the unlimited liability
•corporation, thus solidifying the held in limited partnership form ma^e^;*?,350,000^.i-Note there is
to the general / partners even 'for
5 his to-be-acquired corporate stock
■■♦.position
ot> properly
organized were thus 'consolidated into pub- no tax to anyone even though the
nominal -amounts,- ? the necessary
; in .exchange
for his partnership
-limitedpartnerships -as the fa- licly owned corporations^Simul-^ eorporation .-.was* exchanging-^stock
interests would increase in value restrictions of the transfering of
•vorite
method
of.
syndication, taneous
with these • exchanges, certificates which would have a
limited partnership interests, and
(at somebody else's expense) once
/There are, of course, disadvantages many *.of the .■new corporations
va^uc hased on the build- ; it was
the initial cost to /invest in real
publicly marketed? Or pertfo -owning limited partnership * in- issued-stock, to the general public..
s .va, e of $3,000,000 as soon as
"
Continued on page 26
.haps it was .the security houses
terests in a syndicate—lack - of a .In a given number of instances, - the stock certificates are traded.
[formal market in-depth for the/especially in the New York area,
syndicate-shares, lack -of diversi- the new publicly owned corporafication, and usually the need of lions saw a rapid, increase in the
a
minimum
of $2,500 fto invest market value of-the 'stock. The
This announcement is neither an offer to sell, nor a solicitation of an offer to buy any of
s*r-x:v
before one can participate. How- investing public/hungrily bought ,these Shares. The offering is made only by the Prospectus.
/J/;/>, •;
.ever, the tax advantages, growth the new stock and some of the
/through amortization of debt,; and former-owners rsold their newly
5
better
than
average income far acquired shares. The new buyers
f
outweigh
the " disadvantages * of sought to invest in real estate and
■
.
owning
a
- limited
partnership still retain the liquidity that, up
interest.
-V./1';.-..
..until that time, only a corporation
r
could give,:
C ;v;'':ftetia-whiCh
they
-
would
use
.
.
-
"
'
•
'
>
-
-
.
163,600Shares
-
.
'
Requires
-
>
either to' bewhich
trust
a
Corporation
an
ease of
taxed'; as| a
The
corporate
^
Form
corporate; form-have, not been
the
.
allows
security analysts or the geninvesting public. One must be
reminded of
a
COMMON SHARES
"perpetual motion",
machine when
techniques
are used,
the corporation
from its present* tax disadvantage
(Without Par Value)
except
"tax
:,Tt
^
;
PRICE $15.75 PER SHARE
to its stockholders which will not
nothing will
save
Act of Congress,: which
does not appear to be .fort.ico
ing.1
an
.
; ;
There
the,
.
••<v-1:
free. and
for
not debenture
,
;r.--
carefully examined- by either
form. eral
operation forrits President,
...:
disadvantages to the, longterm investor in.owning real estate
examining the tax
easy corpolicies of ithe ipublicly owned ;
porate borrowing in addition fto corporation. For, in order to avoid
the regular mortgage financing, the ultimate payment of corporate
and, if it is large enough, it pno-; income
tax, - these 1 corporations •
vides a market in depth for the must continually be dn the mar- '
investor, and diversification. No ket to purchase and»must use
matter how carefully ;a corpofa- ultra-rapid'1 methods of
'deprecia-"
tion is organized and whether ?or tion in order to distribute
money ;
It
INC.
:
too
a
administrative
COLUMBUS PLASTIC PRODUCTS,
■_
Disadvantages of Corporate =
The
in
an
vehiclei organized-as j
owning
allows* tremendous
;
s/.
asSbCiaticih of
was.
tq'own stock in
or
corporation.
-
Congress
only other method of own-.
ing an interest in large incomeproducing property through I960
was
.
Act of
an
The
as
of
useyof
real
be-taxed
level, and
free"
t;
at
the
corporate
part of which
when
paid
may
out to
Copies of
be
the Prospectus
areas
}■-
werher
writer
some
•
to
during
\
any
this
as may
any
State only from such, of the several
lawfully offer the securities in such State.
of these corporate
the .taking of fast depreciation,
then- the 'sale "of properties
makes
not°tnClxniVT1,nlndi^
'^° ternal
expect
action
'on
not
estate"
obtained in
form moguls with respect to the buying,
•
{ W. E. BUTTON &-co..
the real" estate field4 as1 the ac-' 'a-nd
Congress.,
be
may
Underwriters, including the undersigned,-
the
stockholders. The frenzied manip-
obvious-advantages :in- ulations of
e coroorate
ah owning vehicle in such
•4
the
are
first
"of
if
wonder when "the-In-
Revenue Service will tax
the sale of these .properties as
ordi^rx^Jncomeu,- rather than,as..
tl
session
one
P
..
March 2, 1962 -
,•*
p
;
fr-
,
_
•• •
* •
Tn
v
••
-,
*
^
..
^ *
16
The Commercial and Financial Chronicle
(1168)
Steel
Production
Electric
The State of
"By the calculations of the De¬
Output
partment
of Commerce,
total
Carloadings
tail sales failed to expand
Retail
usual seasonal amount in
Trade
Food
TRADE and INDUSTRY
Price
Auto
Production
Business
Index
ber
Failures
Commodity
declined
and
than
by the
>
retail
in
sales
fell from
25
March
National
to
.as
business
eral
(1957 = 100), slipped back to 114.1
in January after hitting 115.1 in
First
Monthly
-Bank
City
Letter includes the
cussions
the
of
issue
,
December. The
following dis¬
in
the trend of gen¬
conditions:
industrial Midwest and down into
the
"The economy appears to have
its
upward course in
a
tailed
rather
was
manufacturing
Automobile
generally dis¬
January when unex¬
after
South,
among
resumed
February
decline, explained
by storms in the
some measure
general
industries.
manufacturers
cur¬
November
least
at
of
some
the
since
periods of business contraction. It
not
political
even
all
days of the new year
held a 31% margin over the ad¬
mittedly
dismal
results
of
the
able
performance.
"Industrial
production, as
by the seasonally ad¬
Federal
Reserve
index
equivalent period of 1961. Mean¬
while, dealers' stocks have been
built
up
to approximately one
million units in anticipation of the
big spring selling season,
measured
justed
DIVIDEND NOTICES
March
NO.
DIVIDEND
At
Dome Mines
dividend
of
of
Seventeen
and
One-Half
declared
of
record
Cents
at
the
close
of
business
CLIFFORD
W.
Madison
980
The
on
'
1962.
30,
Ave.,
Eoard
COMPANY
York
New
21,
of
$1,375
share
per
5 Vi '/o
standing
payable
April
holders
of
business
of
March
on
out¬
steel
stock¬
close
"The
BOWERS,
In
THE
COLORADO
IRON
FUEL
AND
CORPORATION
Dividend Notice
The
A
Dividend No. 234
day,
Quarterly Dividend of Thirty
(30<-) per share on all
outstanding stock of Com¬
bustion Engineering, Inc. has
been declared, payable
April
1962,
at
of
February
28)
The
Colorado
the
stock
series
and
A
62 V»
cents
many
may
68%
series
B
These
to stockholders of
the close of business
on
$50
of
March
are
at
on
preferred
Board
with
respect To
of
Directors
the
took
common
no
stock
C. Kirk,
declared
a
on
tive
realized
gains
on
Over 1,300 offices
in
U. S.—Canada
Week.End..
England—Australia
'
March 3—
York—
New
of record
the
of
some
centers follows;
(000's omitted)—-V;
-•
1962" " 7 1961
%
/
$17,202,319
at
the
City
550,000
of
5.9
—
1,224,000" +
891,522
,.
2.1
1.6
+
553,551 —^ 0.6
'
40% Under Last
+
third
consec¬
week, reflecting a
slow¬
buying, Steel magazine
March
on
mills
mates
19, 1962.
|
CORPORATION
running at
a
through March and
concerned
that
a
I (Kir (I Dividend
|
1 •
.
| February 28,1962
1,
first.
1962
Incorporated
96th Consecutive Year
A
of
have
good
level
they
the
labor
Data
common
Processing
Center, Inc., at $3 per share is
being made by E. W. Stewart &
Co., Inc., Miami, Fla. Net proceeds
will be used by the company for
the
repayment of debt,
leasehold
person¬
The company of 7750 N. W. 7th
Ave., Miami, Fla., is engaged prin¬
cipally in the furnishing of sta¬
Boston Pneumatics
Class A Stock Sold
Net
proceeds
will
be
used
from
the
by the
offering
to
expand
company
increase
inventories,
manufacturing facilities, and for
advertising and sales promotion; •
The company of 365 Arlington
Ave., Brooklyn, N. Y., is engaged
in the fabrication, assembly and
•
of
tools
air.
by
powered
These
com¬
include drills,
grinders,
breakers,
riveters,
p a v e m e n't
dimpler guns and im¬
During the past
year, the company also began to
produce electronics measuring in¬
wrenches.
pact
struments
and
with
control
pneumatic
units
tools,
on
for
steel
a
labor
up this month.
"handshake agree¬
a
broad
terms
Then it will take
LOS ANGELES,
C.
Turner
staff
Calif.
—
to
has been added to
Olmstead, Allen & Co.,
5455 Wilshire Blvd., members of
the Pacific Coast Stock Exchange.
He
formerly with
was
Tegeler
&
Dempsey-
Co., Inc.
cents
paid
|
(50^)
on
per
|
last
share will be
March 2, 1962.
|
Pavab,e March 29'
Record March 16, 1962
i
'
.
..
•
Payable April 18, 1962
1
•
Record March 21, 1962
|
'■<
because
ordered
year
was
first
at
a
is
not
much
of
the
the
start
drop
quarter.
Steel
at
of
for delivery late in
,
'
DIVIDEND
NOTICE
buyers
were
caught
be¬
certainties of business conditions,
but it still looks like their stocks
of
Kellogg Company
CERRO
steel
mill
products
to be higher on
Cash Dividend No. 167
The Board of Directors of
Cerro
Corporation at
meeting held
a
cash divi¬
of twenty-seven
one-half cents
Stock
on
of the
payable
on
Company
In
Swindell-Dressier Corporation
^Transport Leasing Company
today.
Corporation,
March 30,
1962, to stockholders of rec¬
ord
on
going
June 1 than they
are
March 16, 1962.
Michael D. David
Secretary
h
.
survey
,
liveries,
'•
••
*
answer
of
to
metal
39 %
•
t
of
Steel's
stocks
the
Continued
quarterly
and
de¬
purchasing
'on page
27
per
Common
-
are
and
(27p£c)
the
a
March 6,
on
1962, declared
dend
share
tween the unsettled steel industry
contract negotiations and the un¬
President
Trailmobile Inc.
Trailmobile Finance
The
the
Pullman-Standard division
1
December.
tonnage
\
booked
below the peak of
the
Division and Subsidiaries:
The M. W.
being
are
to 50%
surprising
stockholders of record
W. IRVING OSBORNE. JR.
-Y.
|
2% stock Dividend
Orders
March 14, 1962,
to
v
time
short
workweeks;
seniority provisions. -
the
of
come
some
•<
Berthold
payment .for hours not worked in
rate 40
for
tyvty;
Olmstead, Allen Adds
their order books.
on
looks
impact
settlement
details, includ¬
ing pension costs; changes in sup¬
plemental unemployment benefits,
such
as
a
guarantee of partial
and
quarterly dividend of fifty
3
.
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiii
Miami
to hammer out the
Secretary
|
>
of
(Special to The Financial Chronicle)
April,
about
quick
It expects
Pullman
Thompson
12V2< per share
iiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
offering of 70,000
shares
last week.
poured
mills
Hickey,
7, 1962
Quarterly
•
Stock Sold
Public
pact to be wrapped
DIVIDENDS DECLARED
•
;
little less than
a
Although steelmakers had big
enough
backlogs to keep their
Quarterly Casll Dividends
|
Processing
2,390,000 tons that Steel esti¬
would
COMMON STOCK
IIV AI ID DLIVI
| IVI U |\ I rl T |
protecting its customers,
retail
stores,
against
their own employees.
from
Miami Data
use
5.
Output will be
the
close of
t'
;
unscheduled
|
theft
pressed
in
were
record
March
,
to
primarily
+11.1
1,463,256
1,250,000
905,782
Steel production this week will
on>the
President
March
|llllllllllllllllllllllllllll||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||^
rt
voted
clearings for
Steel Orders Being Booked at
said
COMMON STOCK, payable
Wm. M.
SYSTEM
gllllllllllllllllllMluirnilllllllllllllllllMIIIIIIIIIIIMIIUS
I
JL
I
1790
Broadway, New
City, is engaged in a service
business, the bulk of which is de¬
York
indi¬
ended
Our compara¬
$19,113,570
1,376,350
Chicago—__
Philadelphia
ment"
FINANCE
week
for
money
"
down
March 12, 1962.
Wm. E.
will
week
country,
the
dip slightly for the
Common Stock
BENEFICIAL
the
summary
utive
investments
of 35 cents per share
by the
expansion.
of
;
principal
Kansas
quarterly
payable March 31, 1962 to stockholders of
at close of business
for
Dale
improvements, additional
of the United States for
it
Steel
$.25 per share
of
for
week in 1961.
same
endure.
Feb. 21,
dividend of
declared
company
Net : proceeds
be used
.
dividend from net
a
sold.
is possible to obtain
tpvpy
weekly clearings will be 8.2% T, M. Kirsch
Co., Inc., New?York
above those of the corresponding
City,* reports that the recent offer¬
week last year. Our preliminary
ing of 85,000 shares. of Boston
totals f stand
at .$33,505,827,777 Pneumatics,; Inc., class A stocks
against
$30,958,197,959
for
the at $2 per share has been all sold.
people's
The Board of Directors has
this
Secretary
QUARTERLY CASH DIVIDEND
has
cities
which
The UNITED Corporation
action
BENEFICIAL FINANCE CO.
Directors
un¬
present
December
business March
cash
all
DIVIDEND NOTICES
ers
of
this
Saturday, March 3,
that
March 26, 1962 to stockhold¬
Board
that
Rate
V
131st CONSECUTIVE
the
all
sale will
ircue
The Colorado Fuel and Iron
Corporation
The
cities
cate
Boston
quarter.
Vice-President and Treasurer
been
from the
increase
stock.
for
of
clearings
an
chief
the
payable March 31 to
the close of business
has
compared with tistical information for its cus¬
a
year ago.
Preliminary figures tomers by the utilization of data
compiled by the Chronicle, based processing equipment.
upon telegraphic advices from the
preferred
share
an
Clearings Higher by 8.2%
Bank
show
share
7.
The
Lambert J. Gross
per
value
par
record
value
par
cents
dividends
holders
April 16, 1962.
$50
Arrin & Co., and Nor¬
Wolf & Co., New York City,
report that the recent offering of
100,000 common shares of Dale
System Inc., at $3.25 per. share
tal.
long; this period of
expansion
press
*
even
Than in 1961 Week
President
regular
per
dimensions
Bank
.
.
today, (Wednes¬
declared ' the
of
of
Theodore
man,
nel, equipment and working capi¬
*
on
the
record
Directors
of
quarterly dividend
Cents
30,
Board
Fuel and Iron Corporation
and
re¬
conference on
Kennedy alluded to the
possibility of another recession in
1963-64.
The moderate
pace
of
the expansion so far may give it
a
problems, and
of
will have decisive in¬
upon both the duration
period of business expansion."
11 months
...
question in
business
maintenance
fluences
postwar
October
gi
minds is how
Secretary
COMBUSTION
ENGINEERING
in
strike
of these
easy peace,
1958-59, the index
in the first
year).',
of
1962.
16,
HAZEL T.
V..
to
the
at
including
philosophy of taxation and, deemphasis of government spending
as
the means to prosperity. The
the
Dale System Inc.
Stock All Sold
seri¬
policies,
basic" changes in our
resolution
Thursday, March 8, 1962
.
wage-price infla¬
take redirection of public
expansion; in 1954-55, 8.7%; in
1949-50, 18.0% (dating^ from the
in July 1949, and not from
the artificial low created by the
company
1962,
1,
record
18.9%
of
prob¬
balance-of-payments
crisis.
Secondly, there is the problem of
giving fresh impulse to American
energies for progress. This will
low
Cumulative
the
In
minds
two
tion. Tnis could erupt into a
of time in
earlier
three
the
of
recoveries.
the
are
ous
of
this
the
on
Series
Preferred: .Stock
increases
the
of
corded in this period
rose
Y.
N.
of
Directors
of
company on February 28,, 1962, declared the regular quarterly dividend
MICHEL,
Chairman and Treasurer.
.
short
in
leaders
from continuous
February 1961. The expansion in
the 11 months since the trough
two
CITY INVESTING
per
holders
"
NOTICES
178
the
share
(in Canadian Funds)
was
payable on April 30,
1962, to share¬
(17V2C)
March
^DIVIDEND
1962
Board of Directors of
Limited, held this day, a quarterly
meeting
a
2,
particu¬
One is the danger to the
dollar, and to the position and
prestige
of
the
United
States,
activity
since 1946. The January index, at
114.1, was 2.7% above its cyclical
peak in January
1960 and up
11.8% from the recession low in
falls
MINES LIMITED
DOME
most
upon public policies pursued.
industrial
of
course
depends—and
been
length tnan
lems.
"The accompanying chart shows
the
have
variable in
"Uppermost
producing. the
retail
sales
which they are capable of sup¬
porting.'
the first 50
glowing estimates of 1962's prob¬
expansion
more
larly
deliveries in
car
ex¬
was
prognostication, periods of
business
;;
1955. New
National
Research, the
months.
nomic
production
cessive
inventory
more
According
the
to $224
billion in
This is 4% better than
the $216 billion annual rate ex¬
perienced in the first nine months
of
1961; nevertheless, merchants
have
been
disappointed
that
record high consumer incomes are
to avoid ex¬
A Hesitant Expansion
appointing
accumulation
pected declines; in production, in¬
"Prospects for renewal of busi¬
among dealers, but steel mill op¬
come,
and trade added a new
erations rose in January, and also ness expansion are strengthened
note of caution to the outlook,
in
February,
reaching
a
rate by the flow of new orders for
TJnusually severe > weather over
durable
goods,
enlarging order
wide areas of
the nation con¬ equivalent to 126 million tons a
backlogs.
Construction
activity
tributed to the January; setback, year,
continues at a high rate, so far
"There have been some disap¬
while
pressure
for
inventory
as" weather
conditions
permit.
building was eased by increasing pointments with the performance
Homebuilding has the support of
optimism
over
an
early
and of retail trade. New passenger car added
competition among lenders
peaceful settlement of steel wage sales have been declining since for
mortgage loans, but figures on
when
an
excellent
negotiations. But the record for November,
private housing starts, rafter ris¬
the first two months of the new initial response to the new: models
ing from an annual rate of 1.0
year—forming another "lull" such had raised the industry's hopes million in December 1960 to 1.4
that sales might surpass 7 million
as that experienced in Septembermillion in October 1961, have re¬
October—-is leading to reappraisal units in 1962 for the first time
treated to 1.3 million.
■
'
of
,of
.
(1958-60)
and
the
longest, 45 months (1949-53). Un¬
fortunately for the art of eco¬
$229 billion
January.
The
life.
on
studies
period of business
pansion since World War II
more
January. Thus, the
seasonally adjusted annual rate of
Price Index
the
.
shortest
Decem¬
little
a
to
Bureau of Economic
in
usual
longer lease
a
re¬
.
CERRO
CORPORATION
<
300 Park Avenue
New York 22,
N. Y.
*>;
-
Volume
Number
195
6140
.
.
The Commercial and Financial Chronicle
.
with
THE MARKET
.
.
goal of building these up
Chandler Branch Opened
of total sales ultimately.
the more hopeful of its APPLE VALLEY, Calif.—Chand¬
new
products is a ceramic fiber ler and Company has opened a
made from aluminum oxide which branch office in the Newton Bldg.
AND YOU
.
to
WALLACE
STREETE
a
of
The string of listless stock market
it fell largely on deaf ears.
case
that
even
good
news
specific
issues, where
centered, shrugged off
the tidings for the most.
As far as group action was con¬
cerned,
fairly gen¬
eral in the tobacco and the savings
and loan sections, while the other
major ones lolled around in aim¬
less
easiness
fashion.
had
Steels
times
at
easy
been
was
such
slightly
pattern
were
their
and
drab
a
one
re¬
cently that it was enough to place
a couple of
them, including U. S.
Steel, at new lows for 1961-62.
There was, however, no clearcut
evidence of any outright chagrin
>, the
over
breakdown
(V
negotiations.
in
labor
>
autos, particularly, the
various views of a promising pro¬
duction year, which was bolstered
concretely by a 30% jump in re¬
tail sales in
mid-February, failed
to stir other than idle curiosity.
General Motors, which had been
having rough times at the pros¬
pect of 63,000,000 of its snares
being
spread
over
the
market
through
Du
Pont's
divestiture
plan, was able to do better oc-*
easionally. In any event, it held
far closer to its peak than the
Defense
Stocks in Doldrums
little
comfort
from
achievements,
the
and
multi
esti¬
dollar
in the years
area
show of at least
interest in the sec¬
centered
that
and
assured
The only
momentary
tion
space
awards
billion
-
spending in this
ahead.
recent
contract
virtually
of
mates
dull, getting
were
United
on
far
Aircraft
from
anything
fact; the play in it was
largely based on United's chances
of
competing with General
Dynamics in developing an engine
based
for
a
was
on
fighter plane program
new
that could
lion
the
for
to some
run
$800 mil¬
engine orders alone.
Rails were, as usual, the ignored
section, although it is Something
of
a
statistical oddity
that the
neglected section is still the only
one
in the plus group for 1962.
This is largely
hill climb-, on
trading
due to a good up¬
the year's second
session.
Since then the
carrier
index
has
Auto
Auto
somewhat
month.
last
On
one
standing that gave them a»
one-day plus sign on the year, but
by the barest of all possible mar¬
gins of 0.01. And after that they
a
dropped back into minus ground
for
1962.
':y:v
Industrials
come
have
never
close to showing
a
even
1962 plus
sign.
Their average closed out last
year only some three points under
the all-time peak, suffered a sink¬
ing spell in this year's initial
session, and then slid downhill
through January with little de¬
cisive action since.
it has diversified into small
engines and power tools and an
electric
products
division
that
accounts for
a
quarter of sales
servicing parts for gas clothes
dryers,
air
stoves,
fork
has
of
been
Go
the
Technical
about
done
the trading range built up
so far.
That,
obviously,
has
precluded
violation of "key" areas that
would either bring in additional
in
1959
of
business
as
a
company
office
at
earnings
recession slowing
under
the
reported
the
cut
peak
into
its
104
North
James
David
Freeman.
results.
Dempsey-Tegeler Office
since
Tegeler & Co., Inc., has opened
sales
necessarily
with
They
are
author
those
those
as
Post Avenue.
Camino
El
Hayden, Stone Office
the
from
SAN
firm.
offices
at
324
lift
New
automobile
opened''
Gintel
branch
office
at
120
will
BINGHAMTON,
item
than
wandered
over
N.
Y.
—
H. M. Fiske Opens
Hugh
(Special to The Financial Chronicle)
SAN
MARINO,
Fiske
is
business
Calif.—Harry
conducting
from
offices
Cambridge Road.
of
an
offer to
buy these
March
7,1962
1 50,000 Shares
TECHNIBILT CORPORATION
it
14
Common Stock
a
(Par Value 504
months
range
Per
Share)
of
despite
name.
Price:
Fictitious
$4.00
Image
Perhaps there is still
per
Share
mis¬
some
understanding about the nature of
Yale & Towne today which tend§
to keep
is
it quiet.
Copies of the Prospectus
Its public image
may
State in which the
old-line maker of locks and
as an
be obtained from the Undersigned in any
Undersigned
may
legally offer these shares.
hardware but for two-thirds of its
sales, it leans
handling work.
now
material
on
And of this work,
Frank, Karasik & Co.
about half is lost to the American
audience
this
of
year
it
Incorporated
is
exported to
foreign markets. The bene¬
serve
fit
since
mestic
buried
was
since
recession kept
the
lift
of
users
last
the
trucks
do¬
from
expanding their orders and it was
foreign markets that shored
up this activity.
<
the
added
a
in
This announcement is neither
an
offer to sell
nor a
solicitation of
an
offer to
are
dividend
and
NEW ISSUE
there
was
February 2,1962
a
100,000 Shares
per-share profits, in
five-month strike at
its
part due to
that
buy these securities.
The offering is made only by the Prospectus.
year,
small stock payment and
indications
dip
cash
its
last
late
company
a
any
its main plant
in Philadelphia.
That dip was from record profits
substantial selling. And in 1960, however, and with the
little
showed
up
externally to strike over, lift truck prices firm¬
prompt more than inconclusive ing, and some realigning of pro¬
action.
a':' "; ••. ;;; -l: \ ?,' /.
;;; duction facilities for greater ef¬
buying
or
With
nothing
on
the horizon to
prompt this section to return to
the peak of 734, the usually bull¬
element
in
ish
Wall
the
strange position of being re¬
Street
ceptive to
least
at
new
test
was
selling that would
reaction
the
low
of
and, perhaps, clear the air for
689
better action once the existence of
a
floor
sturdy
But
any
there
no
was
the general
established.
evidence
that
lightening
broad-scale
commitments
so
was
was
of
in the making,
neglect
pain¬
was
fully evident.
There
that
was
merited
no
dearth
attention,
of
issues
nor
any
letting up in the age-old practice
of keeping a
stream of recom¬
mendations flowing, even though
a
no
when
full points
10
as
partnership. Mr. Gintel
from partnership
in
Roberts & Co. as of that
NEW ISSUE
units,
have
ficiency already accomplished,
projections indicate a new record
in earnings this year. Meanwhile
the shares
10
are
far
low
than to
Metatronics Manufacturing Corp.
(The Company is engaged primarily in manufacturing metal containers for electronics equipment.)
Common Stock
(Par Value $.05
per
Share)
available at around
points under their
and
closer
to
even
1959
the
high
14-month
the
1961
Price: $2.00 per
Share
high.
With
business
operating at a
high plane, including the automo¬
tive business
and heavy industry
Carborundum is well
generally,
Copies of the Prospectus
State in which the
may
be obtained from the Undersigned in
Undersigned
may
legally offer these shares.
situated to benefit from the busi¬
ness
recovery.
world's
largest
As
one
makers
sives, Carborundum's
diversify have
been
obscured.
that
sales
"The
nonabrasive
only accounted for
after
of the
abra¬
of
efforts to
somewhat
World
War
been expanded to 30%
lines
10%
II
of
have
currently,
on
M.
to
securities. The offering is made only by the Prospectus.
handling com¬
Yale & Towne
more
well-known
Robert
date.
Hugh Johnson Branch
Form Love Securities
to materials
much
its
Exchange,
admit
retire
Cady,
rection of Robert A. Barton.
Stock
will
15
;
business.
mundane
been
York
March
Montgomery Street under the di¬
Co., 30 Broad Street,
City, members of the
York
furnaces V and
which
trucks
founded
Andresen &
New
FRANCISCO, Calif. —Hay¬
a
was
1902.
Andresen Co. to
den, Stone & Co. Incorporated has
Opens
60th
Admit Gintel
of
New
of the
WESTBURY, N. Y. — Norman
Jacobson is conducting a securi¬
business
1815
tative
A'.>,aV:':v./;
Norman Jacobson
ties
at
charge of Benjamin C.
Chapman, a registered represen¬
at any time coin¬
•
same
its
a
in
of the "Chronicle."
presented
only.]
office
Real
1956.
[The views expressed in this article
not
celebrated
F. P. Ristine & Co.
in February,
BURLINGAME, Calif.—Dempsey-
The current rate has been
unchanged
it
Street.
with the
recovery
it is a
strong candidate for going on to
a new peak this year and is also
a candidate for dividend improve¬
ment.
St., New York, at the
that
The
firm,
which
also
holds
memberships in the American and
Philadelphia-Baltimore Stock Ex¬
changes, was located at 15 Broad
Street
management of
new
Co., members of
Exchange,
headquarters at 67
Stock
anniversary.
And
direct tie with the fortunes of the
trimmed
since
midway in
seesawing
conditioning
fired
gas
The
Industrials
Much
,
last
more,
re-
bound-their average worked back
encountered.
Carborundum is also
that
Y.—Niagara investors
Corporation has opened a branch
ROME, N.
peak year of 1959 it re¬ Love
Securities
&
Corporation
is Johnson
Company Inc.
has
$2.43 a share. The figure
$1.58 in 1960, an estimated engaging in a securities business opened a branch office at 45 Che¬
$1.85 last year and for this year from offices at 33 West 42nd St., nango Street under the manage¬
is expected to match the peak. New York
ment of Harold M. Wakley.
City.
Contributing to the stability of
the company is the fact that McQuay's business is larger in the
replacement market than in the
This announcement is neither an offer to sell nor a solicitation
original equipment one. Further¬
tionary after making something of
a
stand against continued
price
erosion
are
extreme
time
&
York
moved to
was
as
reac¬
temperatures
do
in recent
where
uses
Ristine
New
Broad
Niagara Inv. Branch
ported
Sour
somewhat
were
various
P.
the
Chandler.
its
For
.
Utilities
cyclical
for
cide
than most other prime auto
suppliers.
-<
hasn't
to
less
given it entry to rocket and
jet engines and nuclear energy
fields.
And
its
staple product,
silicon carbide, has been adapted
years
comes
Go
<
prices, McQuayNorris, for instance, was available
at a yield that
approached 5%
although it
has
proven
to: be
general- selling could wipe panies has
this slim advantage.
;,
; . which for
Utilities
«
Drab
At recent
ground in minute doses to where
out
Go
supply
The
any
-.
Suppliers
companies, which
obviously stand to benefit from a
good
auto
year,
were
equally
giving
^been
shares.
other auto
drab.
Defense items
In the
of the
Marks 60 Years
F.
under the direction of Edward O.
has
sessions stretched into the present
week and the disinterest was such
17
F. P. Ristine Co.
half
One
BY
(1169)
Frank Karasik & Co.
Incorporated
^
any
M.
securities
at
1499
18
The Commercial and Financial Chronicle
(1170)
Robert
J.
Quarles,
cashier
NEWS ABOUT
of
The
BANKS AND BANKERS
Branches
New
•
Officers, etc.
New
•
charter
A
the
to
C.
Company" effective December 29,
Morris, Vice-President
A
Company, New 1961.
A
■ *
*
*
York, has been elected to the post, 'A-'-.'
The Elizabethport Banking
of First Vice-President.
t/Av
of
Bankers Trust
Af
h.;-' '•
"V
* 4-*v *
elected
the
of
Trustee
a
Director.
United
Mr. Johnson is
President
of
Executive Vice-
an
Vice
sistant
has
was
Nor-.
■J
tions
given
assets
and
Circleville,,.
purchase the
as
the
well
these
as
institu-
individuals
securities
the
has
best
The /results
vance
of
a
.
the
recent adrefunding operation of the
Treasury showed that $5,074,000,000 out of $18,739,000,000 were exBy a stock dividend the common changed for the maturity extendcapital stock of the First National ing obligations, with the 4% due.
Bank, Valparaiso,-Valparaiso, In-V 1971 f he most .popular issue, subdiana was increased from $220,000 scriptions
thereto amounting to
to $440,000 effective Feb. 16.
$2,800,000,000. The turn-ins for
.
-
v'-'v
The
Lester H. Sharaf has been elected
Bank of North America New York.
Saddle
Mr. Sharaf began his banking ca¬
reer with the National City Bank.
1948 and
Hackensack
Trust
Company,
Hackensack, New Jersey, and The
Bank
of Saddle Brook & Lodi,
Vice President of the Commercial
New York in
*
Brook,
merged
New
Jersey,
both
the' charter
under
and
title of The Hackensack Trust Co.
joined the
*
.
V*
effective Feb. 2.
;
.
-
J
*
;C
*
'
*'
*
the
~
which
have
plagued
y
6
us
so
js the current hesitation
in
much
3Y2%
due
1998
amounted
to
in
the
past,
evidently^aviS^a^^^
fiuence
aU
are
the
on
fixed
market
income
tions since
now
more
action
bearing
of
obliga-
funds of investors
being
put
to
work
in
Governments, corporates and taxexempt bonds. It is the purchases
of bonds by those who are interested in income which is responsible for the better tone that
is being evidenced in these secur-
ities. And there
are .no
indications
that this movement into bonds is
going to come to an end abruptly
unless
there
is
a
revival
of
the
$861,000,000, for the 3V2% due inflation psychology which does
V *
*
*
'
as
Assistant Cashier in 1948.
He
Pekin,
Pekin, Illinois increased ^O they came to $853,000,000 and not appear to be in the cards for
a ; : *
joined the Commercial Bank of A. A. Moore, has been named to its common capital stock, effective for the. 4% due 1980 they aggre- the foreseeable future.:
North America as Assistant Vice the Newark Airport-Seaport of¬ Feb. 16 from $600,000 to $700,000
gated $558,000,000. The Treasury
/■
a-/". ";
u '
fices advisory board - of. The Nar by the sale of new stock.
President in 1958.
>
is not expected to be involved in
Attractive Treasury Issue ; ;:
^ -a
any more advance refunding optional State Bank of Newark, N. J.
iThe purchases of the 4%s duev
-.■'A"'■•A
Sterling National Bank New York
The
> National; Bank
encies
investors than it has in
market tone they have had for.
considerable period of time.
liabilities
the
assume
market
-<•
attract
Treasury obligations?by
the
President
CHIPPENDALE, JR.
of
First National Bank of
Circleville, Ohio, to
bond
more
to
funds of
-
responsibility in banking,
Ji-S16 Farn*erJ_.?J1a.tlonal
business development, advertising Manufacturers Hanover Trust Co. Williamsiport, .WuIiaii[isport,, Ohio
New York.
!"
on Feb. 2L
and public relations.
mary
Government
continues
»•', '•.»"
*
T.
———-
Comptroller of the Currency
approved the-application- of The
As¬
of
is
C
^
;>#
JOHN
.
Clareripe «W. The
The
'
•
BY
capital
a
surplus of $450,-
a
F." Robinson.
i
of
County,
the Cashier
■J-
C.
post of Chairman.
new
Mr. Spofford formerly
; >
with pri¬
Bank
the
the
to
bank
$300,000 and
man
who has been elected
Husbands,
States Trust Company New York.
Com¬
Arthur
succeeds
He
The
Hammer and
N.
J., ejected
Spofford " President
and
Gavin
been
on
21
Bank
Fairfax
000. The President is
;
Elizabeth,
pany,
has
Johnson
D.
Berkley
Reporter
and
Feb.
on
National
Vienna,
Virginia.
Robert
.President
issued
was
First
Vienna,
of
rVice
to
Thursday, March; 8, 1962
■
.
cashier.'.' ' "•V;' ■■■"■
Revised Capitalizations
•
Our
Richmond, Virginia has been pro¬
moted
Consolidations
of Richmond,
of Virginia,
Bank
.
Herget
A
of
.
.
erations for the foreseeable future 1975/1985,<_ according to^ advices,
"nle®s ftere would be such attract is as, good as ever with funds
£10«In th? long-term sector of the from investors other than pension
E. The common capital stock of the
oppointed to- LaSaile National Bank,/ Chicago,
Illinois was increased by the sale
Hanover Trust Co., New York has the advisory board of the Orange
of
new
stock
effective
Feb "21
-'M;
been elected Senior Vice President office.
Bradford
Vice
A.
Warner,
President
formerly
Frank
a
C.
Collioud
Manufacturers
of
Slovak
have
and. Rudy
been
,
of
Belgian-American
Trust
*
,
of
chelle,
New
New
A.V-. from
ics
Detroit,
National Bank of Woodbury,
Woodbury, New Jersey increased
its
common
$400,000
from
to
capital
$520,000.
stock
from
C.
Bank
Mich,
Davison
the
new
stock
Sydney
T.
elected
*
*
Jones,
T
Jr.,
Director
a
has
been
of,; the
h i
o w n s
changed
State
p,'
its
New uJersey
title
to
Cherry
*
On
Chelsea,
Massachusetts
creased
effective
$100,000
to
$500,000
in¬
was
Feb.
16
by
a
of
stock
District
dividend.
*
The
*/.„
Peoples
&
Trust
of
Southbridge, Mass.
$151,200, was
Northwest.
The
chusetts,
The
Central
its
3500,000
an
offer to buy
any
of
these
by
,
the
to
securities.
Offering
sell
This
nor
solicitation
a
-i-'..'
■
•,
March 6, 1962
40,000 Shares
i
"
I
;
from
sale
.'
the-
of vthe
common
Fair
iThp
has
,ag g^od
sues
which
a
busi'
its
e v
time
.were
been;
in the
in
Trpasurv
refunding operation
picked
,!* v
•
advanrf*
i d
to
e n
11
carry
of
the
v
it
is-
eligible for this-
^exchange-were sizable enough-to
Park
make: this
a
worthwhile
under-
of Dallas, Dallas,
taking in--the extending of the
increased from $300,-;; due date of the Government debt,
of
stock.
new
•*'
Jack
>*
Sweet
and
Rosco
Mu
Grover, Vice President in "charge
of First Security's Salt Lake division have been elected to the Salt
Lake Board of First Security Bank
Utah,
N.
A.,
Salt
Lake, City
v
;
•
} •
(Par Value $.10 Per Share)
*
a
*
,
Price $1.25 per share
,
exchangeable securities, the
Treasury was able to make use
of-the bond market in about the
on^y fashion in which the, longterm .area will be used by the
\)
*;/
6% Convertible Subordinate Debentures
January 1, 19771
Price 100%
.
Offering Circular
as
these
may
be
securities
obtained
may
from
lawfully
McCloy, Vice Presidents,
the
undersigned
be 'offered.
*
Gorman
*
-
of
has
the
•v-\.
141
GILHART & CO:, INC.,
Broadway, New York, N. Y.
•
public
sale
of
common
stock of Metatronics Manufactur-,
jng Corp. is being made through
offering of .100,000 shares,' at.
the
?2 Per Snare by Frank Karasik &
q0
j
inC
.
j
New York City. "
V ;.*•
.
proceeds from the financing
P^oceeas irom ine nnancmg
Wl11. be used for the purchase of
equipment, new tools and dies,.
and the construction of a buildin^-. Tile balance will be applied
t0 the reduction of outstanding
.
acc0+unts payable,, to increase fn-
v^ntory' and for working, capital,
,
Located
N, Y., the
_
Hicksville, L^J.,
its three
at
company and
wholly-owned
subsidiaries, '.are
primarily engaged in the manu-
facture
of
..
«military
electronic
tomers tor tue company's products
are
in
trie
electronics,
-
aircraft,
missile and communications fields,
....
The
duced
cises
-by
and
the
containers
company
pfo-
are
•
;
this recent advance
of
refunding
of the Treasury has proved to
be
and dimensional variability with
a minimum of weight and size,
To Hold Outing
been
elected
The
Municipal Bond Club of New
a
First
Gorman.
,
^
D.
xnitiai
verY; attractive issue for_ those York has announced that it will
National
who are interested in-an
—
lts annual outing June 8-at
Bank
of Nevada,
Reno, Nevada obligation with a favorable rate JJOMUs annual outing
succeeding the late E L Questa
of "return and a maturity that is»the Westchester Country Club;
E. A. Fitz has been elected Execu- in an area which is. not consid* tl7. . " „ "
,
XT
V
tive
Vice
President, succeeding ered to be too long.
;
y
;With Hemphill, lNoyeS'
President
Mr.
A.
:
*
-
$500,000 to $600,000 by
stock dividend effective Feb. 16.
Harold
(Plus accrued interest from
January 1, 1962)
States,
-
preponderance
of -- shortterm obligations has made it imperative£-that
the
Government
they be junior or senior ones. The
Treasury is evidently going - to
confine
its
new
money
raising
*
*
*
J'/'''and regular refunding operations
Bank of America, San
Francisco, to the short-term or intermediateCalifornia has elected Kendel A., term areas of the market;
The
Chance, Robert J. Emerson land new 4% due 1971 which came Out
a
*
the
U
"Ti yr '-C?
i
John W.
such
•
The
tana increased its common
capital
of
•-''
.jj
.
used
Government under the prevailing as transit cases to provide protec-,
debt policies.
saaA-:-..,-;'v tion
for
.electronic, equipment
stock from
in
' j_';
as
,
.
t
,
.
Copies
as safety of principal.
; ,.t ;
/r
,
;
-.
'
By using maturity extending ob- cases and containers, - and to- a
ligations with coupon rates which/.lesser extent in the; making of
were high enough, and maturities.. custom-built,
precision sheet
that appealed to the owners of the metal
products.. Principal., cus-
!'X•/:'f.';A^
:
;
.
high-
investors '
.
*
stock dividend effective Feb.
*
Due
.
attractive
interested in return
are
wel1
most
against, shock, vibration and deterioration; ; combination - cases
19, the common capital stock of
- which permit operation of panelThe
Midland National
Bank
of extend the
maturity^1 of the debt mounted i equipment without reBillings, Billings, Montana was in-;, whenever the
opportunity pre- moval from .the case; instrument
creased from $1,000,000 to
$1,250,- sents-itself. Therefore,,it seems as cases to meet a wide range of re000.
;; v - though advance refunding operaquirements; v.and modular metal
*
-:•
i's, r tions will be undertaken by-the .containers, which provide a re-The- Western
Montana
National Treasury as often as market con-- * usable shipping and'storage sysBank of Missoula, Missoula, Monditf0ns will warrant it, whether > tem to give component protection
By
Common Stock
$240,000
^ho
.
21"; ;Sout -since the^^ turn-ins
$350,000 by a stock dividend
$350,000 to $400,000. by
Utah..
Acrylic Optics Corporation
•l
-
S pSidSff
J.' A*
evident that the
P.ohc^& of the monetary authon-r
lies have so far shown no change
9Y
,though;? there
substantial recovery
ness pattern.
/ -
of
from
;
i
-
tendency to hesi-
Bank
was
Leon
f
.
stock
<
20
*
of
>
Feb.
National
Texas
•
NEW ISSUE
*
v
of
offering is made only
Circular.
*
Feb.
-'u
a
;eyen
by the sale
effective
Arthur
the
offer
91
Bank
stock
to $1,000,000
stock
of new
000 to
an
a
reb.^|1.
National
*
are
t
effective^
capital
common
and
neither
offZni\va
been showmg
■
Houston, Houston, Texas increased
Guaranty Bank iW. Arundel, William F.
Collins,".
Worcester, Massa¬ James D. Hittle,
Irving S. Licht- capital
is
of Suili- ?
capital stock*
common
HixnHpnH
dividend
Effective
advertisement
!-ie-trend of business whicRha^
the- lreasury.^The other one-is
.
$1,375,000 to $1,750,000 by
National
under the charter and
man, Robert E. McLaughlin," Irv¬
title of "Guaranty Bank & Trust
ing L. Siegel, and David-E. Snyder.
This
.
!
v
of
with
Co.,
;
whichhasjustbeen completed by
City,
-
.
County, Kingsport, Tennessee
ciWir
stock
initial
institution
new
rorer*
the
bonds- for -those
*
*
increased its
capital is
$3,000,000. The proposed Directors
of the
two
in
*
from
Streets,
Bank
stock of
common
Columbia
thom?h
outlet
an
Kansas
Trust
-
*
Bank. The site of the new"institu¬
tion will be at 18th and K
*
National
Southbridge,
with
consolidated
of
title
grade
^ favorable factors as far as the
trust depart-
*
under-the
Stimulants
r
finding
now
tills obligation. It continues to be
;i'.vA.'-Acme.,of
.,...1,
Bond Market
rievefODP®U
ueveiopments have turned out to
m
funds
■. •,.
National Bank in the District
Columbia
: •
Co.
•
Missouri'.
Hill
March
new
from
an un-:
;
lief pS'St'S
the,
Chelsea,
■
Bank
has
2, the Comptroller of
Currency gave preliminary
approval to the establishment of a
capital stock of The
.
••••*•; SS atfiSlSS Metatropics M f g;
^XSa-2y-!»?Kr<l5!»?SSa! Common Offered .
van
common
Andrew.
President
The First National Bank
*
Lincoln National Bank of
A..
r;.'v
Co., ; ;
Trust
National Bank.
Bank of Albany, Albany, N. Y.
The
Vice
bank's personal
»«"■
The v Cherry ' Hill National: Bank
of Delaware Township, •
Delaware
effective Feb. 20.
*
and
promoted
to
dertaking a must.
=•
••
^
'Vaa, -j*;
Detroit
$2,285,290 to $2,395,155 by the sale
of
$5,000,000.''
$4,500,000 to
stock effective
new
bond market to make such
,
-V-;.' -ck
The
increased
stock
*
-
Feb. 21 The Farmers and Mechan¬
National
has
capital
*
;:./•
•,;A.
•
Rochelle, New RoYork
common
;A;*
By the sale of
-At
Westchester
First
Bank
its
&
Co., New York.
!
The
Bank
i*
Despite
the
the
business
minor
letdown
in
.
(special to the financial chronicle)
trend, in January LOS ANGELES, -Calif. V- Robert
Hawaii, and ;;.February, ,the general : out-V a.'Winston is how affiliated with
Honolulu, Hawaii has appointed: look,; remains
satisfactory.-^ The Hcmnhill Novp =
rn
fi2fl West
Robert L. Kuney Vice President
economy, should'with time, how-H ; ^e^uP^7 ^°y?f &
f,
and San Francisco
representative, ev^r, go on to new high levels but ;Si^h;. Street.-He was previously,
aucceeding-Spencer A. Mhrphyt-.v'without the- hoom and-bust -tend--with -Sellgren,-Millar & Co., Inc.
.
,
First
♦
National
Bank
of
Wr|^|%ri ^ rfc r>tWt^M*» ■>*» «*> I
Volume
Number
195',
6140
*.,
The Commercial and Financial Chronicle
,
(1171)
agencies
were opened. In addition, a brokerage
arrangement with
mutual fund organization recently
completed will add nearly
1,000 brokers to American National's sales forces.
BANK AND INSURANCE
Approximately
STOCKS:
AMERICAN
a
This Week
NATIONAL
—
INSURANCE
60% of the 33 million shares of American
by the Moody Foundation. The remainder is
scattered among
approximately 6,000 shareholders. The common
stock has had a range of $183/4-$14y4 in 1962 with
a current bid of
$18 in the over-the-counter market. At the present price, the stock
yields 1.1% on its,,$0.20 annual dividend and is selling at approxi-'
mately twice its estimated liquidating value per share.
Insurance Stocks
National
COMPANY
American National Insurance Co. of
Galveston, Texas, was formed
through over 400
states, the District of Columbia, Cuba,
are
held
in 1905. The company's operations are conducted
branch offices located in 42
Puerto
Rico
and
Guam.
The
home
state
of
Texas
approximately
accounts
assets
rose
to
and
first
profit, $20,000. From then
the
trend
with
a
has
improved
profit
of
$70,000
tember,
$140,000
$190,000 estimated
A
net
profit
pected
for
28, 1962,
On
28,
for
in
Sep¬
October,
November.
of
$700,000 is ex¬
year ending Feb.
the
and
in
on
steadily
net
a
profit of $3,share for
per
Continued
Trunk
group
-
thorized to
.
force crossed the $6 billion level. American National ranked 22nd
and 19th in size respectively in the'nation among all life insurance
from
Line
from
the
Westcoast
1
Fort
companies in these two measurements of size in 1960. The gains
recorded in 1961 are expected to have moved the
company higher
up the list of the nation's major life insurance concerns.
page
which
build
2
250
a
been
mile
northern
on
Nelsen, where large
are
ket.
line
of
a
Pacific
reserves
mar-
^ oil
/:/■"■•;/.-
,
promising.
to
up
balance
the
sheet
current
of
Feb.
ratio
was
area-
1, net working capital $1,365,523, investments $14,225,608,
net
property $168,628,471, other
assets $1,852,630, debt
$53,620,352,
Is roughly one-half that in the'
minority
interest
$86,647,
and
United States. So prospects for the there were
14,776,193 shares of
petroleum business in Canada are
$1 par value common stock,
proven
awaiting
v
au-.
terminus
Transmission
gas reserves
-Canada's sedimentary basin
.;,'. a
has
the
1961
1.14 to
THE SECURITY I LIKE BEST...
accident and health. Admitted
$900 million in 1961 while life insurance in
over
;
years
of
effort, the month
ending Aug. 31, 1961 showed the
for
v
personal
19
22
000,000, or 21 cents
following year.
The company issues all the standard forms of
ordinary, group,
and industrial life insurance, credit
life, individual and group an¬
and
'
the
one-third of premium income, while California
represents roughly 15% of total writings. No business is written
in the New England states, New Jersey and New York.
*.
nuities
I i'»',. IU 0. ^ * IJtr. ■»JJI .^..
and
:..;v
v'jy.
y
Petroleums
.
Included
in
the
debt
proved following:
of 112 million barrels of'
1.3
the
are
has
trillion
cubic feet
Its refineries are
of
\
,
<
; Pacific Petroleums 5% conver¬
tible subordinated debentures due
Oil now provides 50%
of the natural gas.
at
Jan.^l, 1977; callable at 106; con¬
company's: gross' revenue, with. Taylor, B. C., on the Alaska
High-'- vertible to common stock at $19
production: averaging 13,500 bar- way. They were built by Phillips'
(US) to 1/1/62 and at $20 (US)
rels
per
day.
When. the
new
Petroleum
and;: operated
by
it; thereafter
to' 1/1/67
f
(expires).
Western1
Pacific
Products
and until July 1960, The
1,500 mile- Outstanding $10,604,583. Present
method in general use: In addition to its own operations, American
Crude Oil line is completed from Alaska Highway is
being paved' market about 115 to yield 4.35%
National owns 100% control of the Commonwealth Life and Ac- /♦'
Fort St. John southward to con- ; and
the job
will
consume
the* current. A a ."
cident Insurance Co. of St. Louis, - Mo., whose operations were x
A;.;.,v: x;'V
nect with
Trans
Mountain pipe company's
entire production
of
Canada is on the brink of a
assumed in 1950. This subsidiary is licensed in eight southern and
line at * Kamloops, the company asphalt for
many years. Gasoline" large development in its oil and
midwestern states with life insurance in force of approximately
will proceed to - greatly increase; and other oil
products are mar- gas business. The United States is
$125 ■ million.;; a)
V:
its
oil .production. The Pacific keted by the company along the': sure to become an 5
; • American National has recorded a consistent record of growth .
increasingly
Petroleums
Group - have
com-' Alaska Highway, at locations near
over the past decade. Insurance in force of over $6 billion
important customer, particularly
comv
pleted 45 wells in the Fort St. Lake
Okanogan
and
in
the' for the natural gas. The future
pares with only $2.2 billion in 1950. The full effect of the company's
John/area and plan to drill 200 /vicinity
of
Vancouver.
Greater' for * Pacific
Petroleums
looks
expansion has not^heen reflected in operating .earnings because
new
development wells there in attention to manufacturing and
of the penalizing effects of rapid growth upon reported results.
promising. In considering as to
•1962. There is to be no oil pro- marketing
is
planned
for
the; when .the
Growth has not been established at the expense of quality in risk >
company might start
rationing in this area..
future.
In
February
1961
the* paying dividends it must be men¬
selection as; the company's favorable- mortality; experience ' arid; /
■The
Athabasca ; oil'.sands
of Canadian Government
adopted a tioned that it has a $72,000,000
trend indicates.
'
^■"r"A";!%
northern Alberta are estimated to National Oil
Policy. It hopes to tax credit which can be applied
hold 300
billion
barrels
of oil. build - up
Selected Statistics
Growth and Underwriting Results
oil
production
from- to future years.
Cities Service is heading a group 541,000 barrels per day at
Premiums
Total Admitted
Total Life Insur.
presentCapital
Funds
*The writer is a graduate mechanical
in Force
Written
to develop this oil field. Pacific to
•;•--•• Assets*:
800,000 barrels per day in 1963.*
All of the life insurance business written by the
company is
non-participating. Business is written with interest assumptions
of 2%% and 3% with policy reserves valued on the net level
premium plan, ' the strongest and most conservative valuation
v
.
S '
,
•
—
:Wi <■'
■
Petroleums
-(in millions)
Year"
•
.:
1956
$784.1
yy
1957
934.0
667.9
82.4
1,003.2
1,287.6
1,511.8
750.6
93.6
-
1958
1959
[;
•'
•
' 1960
:
1
>•
A
N.A.•
15-10
1957
12-
1958
11-8
1959. --L AU
-
1960.
>
w.w
—*.
*.*-
$.30
-
/:•
Includes
'A /;
insurance in
.56
f.
-*
8.07
directly interests in a new petrochemical plant at Rimbey and one
8.90
;
.ll-V/r;
in
.
been .as .aggressive in.; its^iAvestment
it has been in expanding its life insurance .volume.
v
Canada
were
^
of
petro-.
is
not
conducive
operations
tions./-Oil
under
to
profitable
certain
condi-
companies that were
subsidiaries of American corporations
carried
business.
pn
most
of the
Now,; conditions
r
Oil
are
changing.-In the fiscal year end-v
viously substantial, growth to be; ing Feb. 28, 1960 this
company
expected in* that business.
1
: had
a
deficit of
$3,921,895 on
N
Since the original discovery of total- income of $11,316,182. For
; petroleum, * more than- 1,500,000- the year ending Feb. 28, 1961 the
oil and gas. wells already have; deficit*; was
$2,866,604,
d o w n
been - completed
in ;.the United. 26.9%, Deficits have been less and
.
engineer, Cornell University. He has been
engaged in engineering and the invest¬
ment
business
for
.States
;
while
fewer
than -25,000. less in each month of the present
have been drilled in Canada. Yet- fiscal year. Then finally, after
many
years
This announcement is under
to sell
•
1960's results. The improvement in operations
over
effective
reflects
volume
11%
Reynolds & Co.
PHILADELPHIA, Pa. —Reynolds
&
Co., 1526 Chestnut Street, have
announced
'
Meyer
now
them.
Mr.
is
that
John
a
no
: ■;•'; "Aiv-.v.» V
Meyer, who
was
formerly
Vice-President of Walston &
Inc.
their
in
buy
Philadelphia office,%
securities business since 1929.
as an
offer
of these securities.offer is made only by the Prospectus which is available only
;:
v '
These securities
are
offered
as a
written. A large factor in
trolling expenses has been due to its use of electronic data process¬
NEW
equipment and the v consolidation of operations around it.
The expansion of business at American National Insurance
>Co. is expected to continue under the aggressive leadership of
William L. Vogler, formerly Executive Vice-President, who re¬
cently was named President to succeed Mrs. Mary Moody Northen
who moved up to Chairman of the board of directors. The con¬
centration of operations in areas with strong underlying growth
trends is a major advantage. In addition, the company has been
any
be lawfully sold.
speculation. '
/
ISSUE
March 7, 1962
ing
-
•
.
200,000 SHARES
Arizona Biochemical Company
steadily expanding its sales plans and sales force. In 1961 23 new
combination (debit and ordinary) branches and 17 new general
COMMON
V
NATIONAL AND GRINDLAYS
BANK LIMITED
■i
YORK CITY
NEW
Head
Office:
26, BISHOPSGATE, LONDON, E.C.3.
BANK STOCKS
London
Breakdown
Portfolio
&
of
Sources
v
Bulletin
Available
on
PARLIAMENT STREET,
13
Income
'.
""
ST. JAMES'S
'
Bankers to
the Government
KENYA,
i
-
Stock Exchange
BROADWAY, NEW YORK 5, N. Y.
ADEN,
in:
.;
•,
;
S
KENYA, TANGANYIKA, ZANZIBAR,
.
1-124*8-49
Specialists in Bank Stocks
In:
ZANZIBAR
UGANDA, ADEN, SOMALI REPUBLIC.
Telephone: BArclay 7-3500
Bell Teletype NY
PRICE $4.00 PER SHARE
INDIA, PAKISTJAN, CEYLON, BURMA,
>
•
120
UGANDA,
Branches
York Stock Exchange
Members American
S.W.I.
SQUARE, S.W.I.
,
Request
JMembers New
Branches
54
Bond
Government
STOCK
(Par Value $.01 Per Share)
•vV.
NORTHERN AND
■
:
a
.-
'
SOUTHERN
RHODESIA
"
;
.
/
...
I
GLOBUS, INC.
■
"J.
t
*
a
Co.,
has been active in the investment
circumstances to be considered
solicitation of an offer to
Andrew
associated /with
as well
as the expansion in
the company's success in con¬
control
expense
or
in such, States where these securities may
operations in 1961, exclusive of capital gains,
Net gain from
increased
The
a
J. A. Meyer With
.
compared with 4.16% in 1960 arid 4.00%-in 1959. The rate
of return on invested assets has been rising steadily in recent years.
is
Cornell Engineering So¬
ciety and the New York Society of Secu¬
rity Analysts.
•
•
1961
and
member, of. the
.
v
phasizing common stocks has proven to be highly successful. Its,.',
purchasing and holding of IBM stock has been particularly, reward?
ing. In 1960 American National realized a profit of $16.6 million
on securities sold during the year. A;.,:/..
'L.
'-..'1 '•
At year end 1961 the company's major assets were as follows:
Bonds—$425.6 million; stocks—$136- million; and mortgages—$283
million. The net return on assets before taxes rose to 4.38% in
*
velopment stage, and moreover
the
petroleum laws in Canada
per.
.
v
The company has a relatively high percentage of its assets invested/
in common stocks for a life insurance company. The policy em-,
; 'A '■•:,;.'
in-
presently
les§ than 45% .of ./that idn. the
United States and so there fs ob-
v
American National
;as
r: chemicals
V
•
or
at. / Savanna
^consumption
-
force././
directly
Creek, both in Alberta* .The
capita <
:
•
owns
underconstruction,
*
r
8.38
.56
v'" *41va
in life
;
.50
V
.37-0
8
equities
operations
>■;//:
.32
A
h
Petroleums.
,
;
:7J7H^
.57
8
- ;
6.11
.56 =
»$.09
Pacific
.
Dividend
>
Although
rich
company
.;
■
v
acres
very
;<
Liquidating
$6.11
$.45
"
.38
8
9- *7
19-
1961.
*
5,020.8
: *
some
.
.5,591.6'
••6,017.7:
Value*
holds, 200,000
including
denosit<? in these sands
"
I was founded in 1939 it IS now.
deposits in these sands.,
beginning to show profits for the
if,.The petrochemical industryin first time. Previously the comCanada is only ip its mtaw&jrhis.
panyjjad been in a distinctly de-
—(per share)-
1956_
..
:
A
there,
i;.
4,165.5
.4,510.9
V
129.0
Est.
Adjusted
Earnings*
Year
\
*A,;;;; ,-v
!'l
J A
'A-
Earnings
•
-
119.3-
929.5
//•',/ ;///'=/2:* Price Range
Tr
f
99.1
853.8
Reported
'
:
;
807.5
Approximate
C" r;
$3,762.2
:
•
1961
-
$75.9;
$627.8
GLASS & ROSS, INC.
20
The Commercial and Financial Chronicle
(1172)
C. POTTER
BY JOSEPH
The Funds Report
FUNDS
MUTUAL
Affiliated
sets
,
of
.
.
"encouraged
.
to
a wage-earner
his
with
speculate
fiscal
modest
sav¬
first three months
*//Z
the salesman.
A dramatist por¬ ings."-"'''''"
To people who scoff because the
trays him as a pitiable fellow, a
fund salesman is- not a profes¬
frustrated
businessman
says,
teacher- ac¬
there's nothing wrong with
the sional man
countant or lawyer "who is" a parteconomy that could not be cured
time
toiler
in
the
investment
by "some belly-to-belly salesmanShip" and parents, aware that the vineyard, Bill has this answer:
quarter
Oil of Califor¬
Baking, Standard
Oil
Union
and
California.
of
,
lot of the salesman is
urge
precarious,
their youngsters to seek a
more
secure
trade.
■
"If you analyze
the mutual fund
the function of
representative,
must agree that he truly of¬
fers a service.
He makes avail¬
1 you
professions, arts and
able professional management of
sciences, the salesman is never
institutionalized
in the
quite accepted as an equal. He is, money
he
after all, as the British gentry form of a mutual fund
doesn't offer the risk of one se¬
once were wont to, say in their
he is performing a very
best looking-down-the-nose style, curity
"in trade."
About the only solace vital public role ... he is the only
he has is that the rewards can be segment of the investment indus¬
rich.
And, of course, sometimes try that is filling this vital need."
Bill
feels strongly th a t the
he can point proudly to the fact
the
In
.
.
.
...
that
if he
did
not
create
some¬
ish.
a
gwcs
fund
The folks who sell mutual funds
are
not the least maligned of the
selling fraternity and since
can—and
do—claim
they
credit
for
mighty mutual fund
field, it is pleasant to hear a
strong voice raised in their de¬
fense.
William G. Damroth, the
youngish President of Templeton
Damroth
Corp., has said some
building
a
things
that needed saying
"they haven't participated in a
single hot issue"
"unlawfully
margined an account"
"ma¬
nipulated the price of a -security"
middle-income
growing
thing, at least he made it flour¬
considerable
debt
group
to the
over
20 years now the
overwhelming majority of this fast
growing middle-income g r o up
has been piling up surplus dol¬
lars under the mattress, in gov¬
ernment bonds, additional life in¬
surance
and
in
savings institu¬
tions u. i These same people are
who
have
been
by inflation over
years."
''
hardest hit
the
t
past
20
.
.
,
.
.
.
...
O'Mv
For the rich, Bill notes, tradi¬
tionally there has been available
professional, money managers or
investment counters.- The fund
seller offers the family with $2,000
or $10,000 to
invest the same top,
m DIVIDEND
drawer
service' that
available
orice
was
only
to the wealthy.
While it isn't something that he
can
put away for a nest egg of
his own, the salesman also "is
selling our system of free enter¬
prise to the country as it has
never
been
sold J before,"
Bill
Damroth argues.
"This in turn is producing an¬
social
phenomenon,"
he
other
"Because-of the
says.
of
visits
personal
fund
thousands
mutual
that
sales
representatives
are
making in homes across the coun¬
try daily, the ownership of indus¬
try for the first time in our his¬
STOU
tory
122nd QUARTERLY DIVIDEND
is
definitely
shifting to
only the wealthy but
include not
the
7 CENTS A SHARE
rank
Bill
flung
file
and
would
like
of
program,
of
to
America."
see
Shareholders
120th QUARTERLY DIVIDEND
a
far-
Foundation."
by
Dividends payable Mar. 23 to shareholders
of record at 4:30 P.M., Mar.
9,1962.
24 Federal Street, Boston, Mass.
it ought to be backed
shareholders, the funds, the
investment fraternity and
non¬
profit organizations. "One of the
primary purposes of this founda¬
tion
would
be
to
inform
the
thought-makers, the teachers, the
lawmakers
and
ultimately
100
Wellington
A Name to Remember
When
Investing
million potential citizen-investors
on the merits of
ownership of this
nation's
industrial
property
fund
Another
how large
field
be
*
American Mutual Fund,
would
31, states that total net assets at
the close of the period were at a
record
high of $174,218,753r com¬
Net asset
at Jan. 31
was
equal to
pared with $170,126,118.
value
$9.53
share, against $9.83 at the
a
end of the last fiscal year.
iji
'V...,
*
"f
*
Bullock Fund, Ltd. reports that in
the three-month period from Oct.
31
to
Jan. 31
asset value per
net
declined
share
to
$14.13
from
$14.70.
New additions include
Chain
Belt,
Piedmont
Natural
Engi¬
Lines,
Gas, Reliance Electric &
neering Co., United Air
the
today if it had sat
Electric
with nearly 7% on year-end net plant.
of about $72 mil-- However, with the
company's Jow
population of
a
revenues
trial
and
11%
miscellaneous.
tial, 16%
Kentucky is noted as a tobaccogrowing and bourbon whiskey re¬
gion, but it has made great prog¬
in
ress
the
Rubber and-Southern
1962
tant
industries.
eral
as
Electric
the
sjfe
Jan.
31
000,
Fund
reports
assets
net
earlier.
the
At Oct.
last
that
washers, refrigerators,
washers, clothes dryers,
heaters, room
air
con¬
ditioning
units,
freezers
and
at
were
disposers. Other large
-
and
lowest
rates
gas
in the
vestor-owned
of
Kentucky
is
said
to
are
among
country for in¬
utilities.
The
approximate
year-end
original cost plus 10%. The
mission
rate
allowed
increases
State
fair value which
uses
the
in
com¬
company
1957-58
on
ac¬
In
its recent biennial report the
mission stated:
'
<
"Kentucky
well into
its
in
one
people
opinion
our
of the
will
greatest
is
eras
experience.
ever
Industry,
large
building
within
com¬
and
small,
state
our
is
and.,
is
of
the primary inducements
adequate utility service.
With
objective in mind, the com¬
mission
has
set
about to
create
a
healthy and stable regulatory at¬
mosphere and at the
time not
same
lose sight of the fact that rates
charged must be just and
so
reason¬
able. It is to this end that we di¬
our
aims and objectives to
rect
make
value
was
Delaware
as
fund,
it
reports
Fund,
a
is
New
Zealand
ten
Govern¬
'
issues.
-•
;i-r.
month
amounted to
first month of 1961.
unlikely that the
will have to do
1964
when
While
no
investment
its
^
a
growth
reasonable
"With
respect to
that
gas,
we
our
over
underground
which has-con¬
30 years,
has con¬
to
holding
immensely
down gas rates. Louisville Gas and
Company pioneered in
underground gas storage. On Jan.
10, 1962 we had an all-time peak
day gas send-out of approximately
seeking
possibilities
current
375,000,000 cubic
feet.
Of
this
375,000,000 cubic feet, 200,000,000
capital
income.
—
been
820, the stock yields 2.4%.
price-earnings ratio is 24.6,
quite
seems
considered in
reasonable
■
were
supplied from underground
storage—more than .half."
Sur¬
request
rates are
than
they
gas
Louisville
In
<
has
recent
been
lower
in
are
in
f
Houston.
San Francisco
if
(relation to the rate
of
growth in share earnings over
the past four years as well as the
conservative method
earnings.
of
reporting
V.V:■///'
•//■• //
Darius Inc.
Elects Officers
tributed
Lord, Abbett & Co.
Los Angeles
be
The
which
Darius
prisingly,
—
may
has
Electric
of
upon
bonds
stock
com¬
financing
-.■;/ i/S'Z/
years.
tinued for
company
shareholders
long-term
any
mission, 26,000 f r o m Tennessee
Gas
Transmission,
and
22,000
from Kentucky West Virginia
Gas,
President Armstrong recently
$1,150,000, against $106,803 in the
34%,
the present dividend
on
rate of
daily deliveries of 163,000 Mcf—
115,000 from Texas Gas Trans¬
Investing Corp. reported
largest monthly sales in its his¬
tory for January. Plan and share
for the
consecu¬
At the recent price around
and based
24
Natural gas is purchased under
contracts
calling for maximum
Research
sales
15
—
seven
tive years and the stock was
split
2-for-l in 1956 and 1962.
the beginning of 1957,
equity ratio is so high (about
43%) that equity financing may
not be required during the next
the
stock
increasing its
position, purchasing Ausf^aand
been increased for
sold since
gener¬
common
follows:
as
21
seems
issued.
*
,
Income
ally classified
bond
It
pany
until
$
are
$21 million
1964
$11.80/
*
.
1963-
31, 1961, close of
year,
per
share
fiscal
Prospectus
Chicago
(it is located favorably
to coal fields), both
this
clothes
$98,324,$11.70 per share.
This
with net assets of. $79,901,000 and $10.85 a share a year
and
—
electric
the
location, Gen¬
Company selected it
at which to concen¬
water
or
of
Atlanta
cost
relation
one
dish
compares
for
—■
Doubtless
trate the manufacture of all major
home appliances, including ranges,
waste
in
be¬
future amounts
Colonial
An
New York
the
of its central
cause
.
.
A Common Stock Investment Fund
Philadelphia 3, Pa.
in
of
chemicals; alu¬
minum, tinfoil products and
plumbing supplies are also impor¬
Cali¬
Affiliated
Wellington Company, Inc.
decade
past
manufacture
fuel
count of increased fuel costs.
Z"
,
•
write to
Gas
commercial, lfT% indus¬
storage program,
A sk your investment dealer
in
31%
were
about 60% residen¬
revenues were
believe
•
contributed
and gas 38%
revenues
residential, 25 % commercial and
small industrial, 33% large indus¬
stated:
•
665,Louisville, Ky.
around
Electric
Company
Electric,
operations
of
food
Fund
serves
000 in and
.
income, and profit
or
&
Kentucky
a
great
state,
industrial customers include Air both from-, an
economic viewpoint
Reduction, du Pont, International and the
fornia Edison.
standpoint of our social
*
*
*
/iSZ/ZZ/'/v Harvester, B. F. Goodrich Chemi¬ welfare."
cal, Reynolds Metals, Ford Motor,
The company's accounting
Canadian Fund, Inc. reports net
pol¬
Corhart Refractories, and Ameri¬ icies are
asset value per share was $18.28
extremely conservative.
can
Radiator.
1
It is one of a very few electric
on Jan. 31, compared with $18.56
Transportation facilities serving utilities which do not
on Oct. 31, 1961.
take ad¬
During the pe¬
Louisville
are
quite
adequate, vantage of liberalized deprecia¬
riod the company increased hold¬
ings of Metropolitan Stores of stimulating industrial g r o wt h. tion for income tax purposes and
Canada.,and Trimmed its inter¬ Larger locks installed at Louis¬ which do not accrue interest on
ville and elsewhere on the Ohio
est
in
construction
as
Consumers'
a
Gas,
Atlas
bookkeeping
Steels, Distillers Corp.-Seagrams, River, together with the erection credit, prior to putting new plant
of higher dams, have increased the
Dominion Textile, Home Oil and
into operation. The company's ac¬
Moore Corp.
It eliminated Con¬ advantages of transporting freight counts are also highly unusual in
by barge. The city is also served that
solidated Mic Mac Oils>.
depreciation for book pur¬
by many trucking firms, seven
ZlZ'IL/ZZ';
poses is greater than tax depreci¬
trunk!ine railroads and six air¬
Trustees of Chase Fund of Boston
ation, although the reverse is true
lines. In the ten years of the last
note new record levels in quar¬
for most companies.
This is in
census
period Louisville grew at order to correct
terly report for period ended Jan.
prior years' ex¬
one-and-a-half times the national cess
31.
During previous 12 months,
depreciation for tax
pur¬
Louisville G.&E. is at¬ poses...
number of shareholders increased average.
"'■,-Zf ""/■'//;•'?/r"-//
44.7% to 9,601, and shares out¬ tracting new gas and new electric
During the first half of the past
customers' at a rate of about 5,000
decade earnings per share made
standing increased 46.8% to 5
a year each.
128,353. These figures represent
comparatively little headway, in¬
System generating capacity will
record levels for the fund.
creasing only from 830 in 1952 to
On
Jan.
31, totl^l net assets approximate 976,000 kw by July 920 in 1957. However, in the later
compared with last year's peak
amounted to a record $42,093,761,
years with the help of the rate in¬
load of only 618,000 kw. Obvi¬
equivalent
to
crease they have
$8.21
per
share,
gained from 920
compared with total net assets of ously, there is a substantial gen¬ to $1.40 or an average annual
erating reserve.
Construction
$27,726,781, equivalent to $7.94 per
four-year increase (compounded)
expenditures including budgeted of
share on Jan. 31, 1961.
nearly 9%. The dividend has
S.
U.
possibilities.;
for prospectus
reporting
ended Jan.
three months
for the
BY OWEN ELY
Gas & Electric
trial and 8% miscellaneous.
*
Fund
seeking conservation of
capital, reasonable cur¬
rent
of the year.
Z-ZZ
back and waited for the public to
seek out its unique talents?
Balanced
Fund
reports
marking the half¬
way point in its fiscal year, net
asset value per share was $6.13,
against $5.87 at July 31j 1961, end
Gas
annual revenues
lion,
Growth
/■::///'
interesting
interesting
,
Louisville
62%
*
that at Jan. 31,
ment
thought.
thought:
a
American
lian
an
Louisville
1961.
of money—institutionalized in the
it's
'
.
#
*
through professional management
form of. mutual funds."
Anyhow,
—
Philco.
un¬
"Mutual
He thinks
8% CENTS A SHARE
a
education
dertaken, built" around
Fund
It eliminated National Biscuit'and
salesman. As he explains it:
"For
those
SECURITIES
of
Dur¬
the
company
added to its portfolio Continental
the
nia
Thursday, March 8, 1962
year,
the close of the fiscal year.
ing
.
PUBLIC UTILITY
Jan.: 31,
at
.
as¬
compared with
$804,149,201 on Oct. 31, 1961. Net
asset value at Jan. 31 was equal
to $8.38 a share, against $8.83 at
Debt To A Salesman
Probably one of the least appre¬
ciated fellows in our society is
$801,933,769
of the
close
the
had total net
Fund
.
years
earning
the
an
company
average
of
New
Incorporated, 8 Pine St.,
City, has announced
of the following of¬
York
the election
ficers:
Arnold R.
Schultze, manager of
trading department has
the firm's
been
elected Vice-President.
Schultze
has
since 1958.
firm
he
Merrill
been
with
Mr.
Darius
Prior to coming to this
spent
two
years
with
Lynch, Pierce, Fenner &
Beane.
Thomas
elected
the
corporation.
been the
joining
Jr.,
-
has
been
Treasurer
Mr.
Lynch
of
has
acting comptroller of the
company
Mr.
Lynch,
Secretary
since, 1959.
the
Lynch
Darius
was
Prior to his
"organization,
with
Eastman
Dillon, Union Securities & Co.
$
.
•
Volume
Number
195
6140
.
.
The Commercial and Financial Chronicle
.
the sort of
SECURITY SALESMAN'S
CORNER
(1173)
salesmanship
Step right
BY JOHN DUTTON
long
He Buys
as
Securities Too!
many
different types of individuals.
He
is faced with the challenge, of liv-
ing with, and working with, many
extreme and complicated types of
personalities.
Some
of
these
people
can try the patience of a
saint, others must be handled with
the
following day
telephone him again.
me
I
did
not
Proposed
Taxpayer f
on
Account
I-Wi-"""
Numbers
enough, true to form, my
";T
telephone rang promptly at 10 a.m. ProP°sfd regulations on taxpayer
the next day. "What's the market '
KnU1^
f ?ave ,bc2n pub"
now?" he asked. I had
previously
checked and the market
part of the
tnat I
could
now
was
bid,
technique of security
salesmanship that can only be
Issues
Regulations
Sure
9%ths
salesman. This is
kinds, just as
by the rules
abide
him. Knowing that he would call
firm and controlling attitude on
the part of the
a
they
and honor their commitments.
IRS
security salesman meets
Complete Mass. Turnpike Offering
ladies and gentle¬
Exchange opens at
morning except Satur¬
day, Sunday and holidays, and we
up
men, the Stock
10 every
do business with all
A
you won't
learn in the book.
'
offered at 97/8ths. I
quoted the market and told him
him 9%ths NET
pay
i,sn
by the Internal Revenue
Service ac9?r4*.n§ to a
Gen®ral Bulletin just issued by the
frmeTri-?nT
Convention and
tbe .fe insurance Association of
.
Taking part in the formal closing ceremonies completing the
$180,000,000 Massachusetts Turnpike Authority were (1. to r.)
O. V. Cecil* Merrill Lynch, Pierce, Fenner & Smith Inc.; James
S. Abrams, Allen & Co.; William F. Callahan, Chairman of the
Mass. Turnpike Authority; and Jerome C. L. Tripp of Tripp &
Co., Inc. Proceeds from the sale of the bonds will be used for ac¬
quiring the right of way and construction of the 12-miltf Boston
Extension, a long-needed, high-speed expressway, which will run
from the existing Mass. Turnpike at Route 128 in Weston to down¬
America. The identification number for the individual -'taxpayer
When I offered him 9%ths NET *s
his Social Security number
not only the fair, just, and under(which was right on the Street while the business taxpayer will
standing client that can provide a bid) you should have heard the USe
Employer Identification
salesman with profitable business; exnlosion.
He accused me of tak- Number, the Bulletin states.
nonociannlltr
v./-. i
i
i
a
Under
occasionally the individual who is ing advantage of him
I should
"Under the regulations," the
the rafjl ll n tl nn "
learned by those willing to profit
from their own experience. It is
+
A
n
rln nl
th
c,
motivated
by
self
interest,
cupidity, and neurotic compulsions
since I knew that I could eventu—
allv
use
jr
it
*
-i
for
retail
«
x
nurnoses
,
t
i
,
.
ji
town Boston.
c
4LC
and
;
The offering was ^initiated Feb. 13 by an underwriting group
managed by Allen & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc. and Trifcp & Co., Inc.
LIAA
Bulletin; conJ*n9ed\ "taxpayers must include
of which he is unaware, can also
fumbled his orders—I could have their
identification numbers in
become a profitable account,
if gotten him 9%^-etc. etc He thT <>wri returns c0™™ncing
you know how tomandle him.
ended
up
by saying,
"That he Wlth returns filed after March 31,
Incidentally, it may be interest- wouldn't forget it" and reluctantly 1962. Persons required to file ining to note, that last week the sold me the stock at 9%ths NET. formation and other returns with
in
newspapers
carried: a
southern
a
item
news
8,000 people have
the loss of
of
their
obscure mort-
an
,
-
**
wx
clerical
assistants.
lure of 10%
was
As
usual,
the
the bait that at-
the
greedy — there are
of these people and some of
buy securities too. If you
them
want to handle their business you
must
understand
their
motiva-
tions, control their decisions, and
make certain that they offer you
emotional
blow
tear
and
wear
on
tional and physical
emo-
your
resources.,
off
tirade
took
steam,
the
up
returned
it,
but
that
phone
I
had
the
stock
allowed
and
the
i/Xit-
check it7 Pick
also
your
^uux
have
you'll
have
500
You'll
up
friend
ixxexiu
and
Co.,
account
an
shares
find
it
sell
to
out
this
you'll
be
9%ths
for
pay
of
and
stock
ex-
a
change commission in addition." I
knew he wouldn't do it.
best
continued.
"One
the
of
won't admit is that in
you
have done busitogether you have had the
possiple service I could give
you. I am sure that you are aware
of this, but you want me to forget
who had accumulated
it.
Otherwise we wouldn't
be
transacting business together—you
tune.
fall
I
would
into
above.
been
that he would
category described
say
the
He
brokerage
has
several
accounts
able
large for-
maintain
to
large
I
and
have
profitable
relations with him because I have
kept
tight rein
a
the situation
on
and sometimes my sense of humor,
The other day he asked
for
me
L" an over-the-counter
?
security which I knew he wished
too
are
would
his
little
chisel
immediately,
that
sure
handle
the
his
other salesmen who
do
account
the
same
thing, otherwise they, would never
any trades with him;
He
make
would take his account
other
how
securities
to
make
over
to
an-
who
knew
put the
chisel
man
him
back in his pocket.
what?"
time I goofed
and quoted him the actual market
which
True
9y2 bid, offered at 10.
was
to
form, he queried, "See if
get
you, can
replied, "I
9% ths
will
for
it
NET?"
I
be able to get you
the
leave,
97/8ths
me
may
500
shares
with
afternoon."
I
agreement
and
you
for
me
if
the
finally obtained his
after
making
several calls to clients I could not
.find a buyer.
I then
telephoned
him about
me
himl
told
the
hour
an
thettrm
offer
could
after
at
he
gave
9% ths
and
sell the stock in
market at 9%ths, less a
stock exchange commission. "No "
he replied,
"You can do better
1-
open
■
than
1
•
.
t
-
that.
I
want
-
.
.
'
9% ths NET." I
kept the order for the rest of the
afternoon
stock
at
and
a
could
9% ths
not
NET
use
price
the
to
said
afford
it
There
is
9%ths
me
it
he,
once
"I
—
know
you
doing business with
but
I'd
like
something
nounced.
AL-
X11C.^
^
AS
.
proposed regulations will
u
117uv;c.u,
with you at
you, his firm,
I
can't make
efforts
reason
with
in
have
many
your
Then
Internal# Revday period
n
within
enue
allowed
for
the
such
30
comments," the
Bulletin concluded.
something
Exactly that!"
>
been
is
does
their
CHICAGO,
President
111.—John
of
the
Meeting
M.
Coates,
Masonite
Cor-
tal
Room
March 14 in the Crysthe
Union League
of
'
RacV,e IJntown Offir»
Dacne Uptown UlTlce
Bache & Co. has opened
770
Murphy'ls
caog
office.
also worked at the Boston bureau
with
of
Avenue
United
well
Press
International, as
at The Worcester (Mass.)
as
Gazette.
:
:
manager
■ \
,
>■ •
of
•
■
Roy L. Greene Opens
CEDAR
RAPIDS, Iowa —Roy L.
from
offices
Lexington
a
Ass0"
n?Te o£ Roy L' Greene &
clates.
branch
Avenue,
with
Mr.
Greene
Francis
L.
was
du
formerly with
Pont
&
Co.
to
at
that
for
securities
George W.
in
a
are
and
D'.
H. Blair
n-
& Company.
i
^
Feb
oam„
„
6
Bernard
nartner
in
B.
tjon Qf Jay ^ Hayneg_
mond Bassock, Arnold & ^asion,
26 Broadway, New York City,
Exchange,
Smith.
All
this
these
announcement
shares
appears
having
only
been
as
a
sold,
matter of record.
March 6, 1962
New Issue
1
85,000 Shares
'
boston
.
•.
.?
pneumatics, inc.
Class A Stock
^
—
(Par Value 100 Per Share)
Offering Price: $2.00 Per Share
it's
•
'
'
,
■ i
"
(
■
•
"
his only recreation, avocation, and
his entire life. He needs
too.
The
meek
as a
next
he
a broker,
called as
lamb and eave
other orders
complaint.
day
—
this time without
is
profitable
again. The account
but
it
does
54 Wall Street
New York 5, New York
way
for about two weeks then I'll have
to whack him
T. M. Kirsch Co., Inc.
me some
He will stay this
require
BOwIing Green 9-5975
beDia-
came a partner in nerman ijia
nothing?
accumulate money
Lax
Herman
—
But
\J-U
Herman Lhamona /\amii5
Qn
New York city_ under the direc_ Merrill Lynchi pierce, Fenner & members of the American
are
was
Chi-
the
■'-•'v
Nostrand
3165
engage
Officers
u
136
at
offices
business.
Greene is conducting a securities
will work
paused
.
Mazur, President and Treasurer,
and
Benjamin D. Mazur, VicePresident.
Both
were
formerly
i
Cherry Hill road under the firm
at
firm's
having served as an editor
in the Sunday Department of The
Harrison Sees. Opens
and as a Wash¬
ington correspodent and editor of BROOKLYN, N. Y.—Harrison SeUnited Press
International.
He curities,
Inc. has
been formed
business
club.
office
the
in
W
He joined RCA in 1955
p0ration, will be guest speaker at
the meeting of the Stock Brokers'
Associates of Chicago to be held
at 3;30 p m
headquarters
Los Angeles office; Mr. Kutitschek
is located in Pasadena; and Mr.
"
The
pretty rough, I'll ad¬
I knew my man.
At
heart he isn't a bad fellow. All he
it.
.
brokers
behalf.
I
get
This
street, member of the New York
Exchange, on March 15,
^
rwill elect Kopert t
will elect Robert I. Higgins, ur.
i. mggins, G.
stock
after
"Do you know what you get when
mit
1000 Locust
New York Times,
Chicago Stock Brokers
To Hear at
America.
.lowered my voice again andasked,
~
,
and special events.
a
is very simple—I
other
accounts
profitable."
you
Dempsey-
—
Inc.,
Co.,
while."
a
or anyone else. If
a
profit on your
will not obtain my
you
,
be considered by the Convention U1 v,Mr,Nplap.has been manager of
and Ass?clatl™> and if necessary, editorial and publication services
comments will >be made to the for
Radio
Corporation
of
pnrnrnpn1'c wiii-.v^o
ti™ w the -Rori,^ rnmnratmn nf
Commissioner
of
loss, or for no
profit—look out! He's no good for
best
LOUIS, Mo.
grp
Tegeler &
.
to
remind
you
of
anytime you find a
willing to do busi¬
—
broker that is
ness
Pc
10 XjIGCI V .-JlS.
"Your firm
in
called him by his first name, and
in a friendly confidential tone I
said
the
at
Thoroughly enjoying the set-too
by this time I dropped my voice,
business
At any rate, this
paid
I answered: "And
to
"So
out
to
ft that price I wouid have been
working for nothmg and maybe at
<>r to me.
loss
my firm,
a
could
If«I say one-half he automatically
says get me seven-eighths. I am
have
for the stock."
he
Knowing the account, when
a
bid I usually lower
the quoted
bid an eighth or a
quarter (depending on the price)
knowing full well that he will get
businessman
a
"Is that so," he had the temerity
to reply, "If this were the case
to sell.
desires
good
give your orders to someone who
doesn't look out for your interest."
you
P°sed regulations provide that director of public relations of the
L P?y?t5
request the num- Chase Manhattan Bank, George
ber of the payee, and the payee Champion, Chairman, has anmust
years we
Several years ago I started doing
business with a retired individual
a
OllclSG IVl&HHEll&Il
turns covering payments made on
or ajter Oct. L 1963. The pro- Joseph T. Nolan has been namod
furnish
V
TV
P^esen^ time no specific form f
for
In his new post, he will have Donald Murdoch, Raymond E.
V,
p .ThY
v
iviuraocn,
itaymona
r,.
these requests, but it is expected over-all responsibility foy, press Kutitschek and James H. Murphy,
the
o-uoilahlp !Service will make forms
Rations relations, services,com- Vice-Presidents of the firm. Mr.
editorial public affairs
munity
Higgins and Mr. Murdoch make
S en"
to
ness
e P 7ee °? re~
iJGHipSGy-1 GgGlGT
Vmffon
lllct°1'
lucky
^ne
PVioc/y
for
stock.
j
TV}w*r\ci/vt7 Termini*
it),
it).
Jet fo™
Then
Trkir»a
price
you
you
things
XTrvlon
knew
a
and ask them what is the best vou
can
>* -'.v
"T
top
got
Skip-Noodle
at
over,;,
_
believe he
(I
telephone axxu uaxx
icxcjjxxuiie and call
where
call and
sure you don't know
suie yuu, uuiu Miuw
you
500
nJtht
Jj™1°*
,
J OS# JN Ol&H J 01I1S
inph^fhp
other* must
with him
his telephone
am
Why don't
aR
Sample
day-
time
him to relax for 10 minutes. Then
sufficient incentive to pay you for
the
first
knowing his nature I let him
I
mortgages.
-
ness
for only eight years, it did
y
no
practically
advertising, and
was run by one man a couple of
many
but
I said'"I
t.Sdlu'
,
pmvious
the
could have become embroiled
an
estate
had been in busi-
company
tracted
I
in
the
not
was
that offered them
real
on
This
this
soldit
investments, which they-hung
company
10%
fear
considerable portion
a
acquired through
gage
over
to
reason
have
city,
that
21
Stock
22
The Commercial and Financial
(1174)
Commission. There is
Regulatory Process Poses ~
Threat to Our Economy
Xtintinued from page 1
defined
arrive
we
jurisdiction be¬
regulatory bodies,
a
final mixture of
of
areas
various
tween
at
this
that
Detroit
in
lead
would
action
defensive
widespread confusion as to pre¬
cisely what a businessman or a
corporation properly can or should
do, as to what body has legitimate
authority to make and enforce
decisions regarding such conduct,
and as to where one can effec¬
gasoline
of
handful
price to a
wholesalers
straight to nearly two decades of
litigation, I suspect we might have
weighed the matter in a somewhat
different light—although I doubt
which
tions,
fully
justified, .y:/; •r
Nevertheless,.! submit that this
questioned ruling.
/;/,
is the kind of thing #that can g.'ye
My own company has had suf¬
any responsible businessman
ficient first-hand experience with
nightmares at high neon.
In our
this process to give us a certain
status as experts on what the re¬ instance, the continuing threat to
our ability to compete also threat¬
sults of such a system can be. Let
appeal
for
turn
tively
from
a
can now or could
in the future escape the regulatory
yoke. If existing agencies should
somehow be found-to lack author¬
ity, I have no doubt that new ones
promptly created. Neither
is there any need to belabor, the
point that this relentless exten¬
sion of Federal control.presents a
problem of serious dimensions..; •
will be
Other Non-Federal Controls .;/■
Please
••••-•
largely
trols
of
to
single area
a
Federal
While
ened the interests of our thousands
give just one example of what
happen in the business area.
\can
stockholders
of
lest
And
Stopped from Meeting
employees.
be tempted
anyone
individual
an
or a
because the extent of its in¬
area
fluence 'is
by
little .comprehended
so
public,; it is
the
still
member* that
'to
that this is the extreme to
assume
which
Competition
and
corpora¬
tion is likely to
be forced, let me
sorrowful assurance that
of. con¬
activity—that
regulatory bodies'.
singled out this
have
I
also
have been
business
over
the
that
confined
in-mind
keep
remarks
my
.
me
tions
contfiols
and
steadily
well
from
■
to re¬
regula¬
other
nate
e m a
other '
-in
sources
Washington, while many of these
bodies
This problem originated in the
again have their counter¬
give my
parts at the state level.
r
1930s, at a time when competition
it is little more than a taste of
Well what is the moral of this
was
especially rugged, and our
what lies ahead unless the course dismal
tale? I am not certain that
competitors' began trying to win
of
events
can
somehow
be I am
over some of our best wholesale
fully qualified to answer
' *
customers in Detroit by offering ;hanged.:
,t"\ that question. Obviously the situ¬
ation is studded with morals of
them a lower price on gasoline for
Opposes Proposed New F.T.C.
various sorts, depending on your
resale. When several of our most
Power
viewpoint. We have at issue the
important
wholesalers
actually
This is not merely an idle opin¬
started to buy from competitors,
steady erosion of individual lib¬
ion. There is presently before the
our
erties, the increasing substitution
company
finally agreed to;
.
Wall Street's first major textile
sumated
.
meet this threat
of the reductions
all
or
a
Federal
com¬
our
proposal to grant to the
Congress
by matching part
Trade
Commission
new
action
our
constituted
discrimination
unlawful
an
desist"
unfair
amounted
and
should
injury to competition.
saw it, either
have
not
price
to
these
salers
or
we
reduced
selling
were
retailers^-:'
We
of
outset
Such
a
order
an
1940
in
our
company
would have left us under
a serious
competitive disadvantage in a ma¬
jor market for 17
including all
/,; ■V
■'■■/HI
—
•
the
against
reduced
it to everyone in the area to whom
we
at
Commission.
the
particular ^whole¬
should have
order
complaint, compelling an individ¬
ual or a corporation to discontinue
any
practice questioned by the
to
As the Commission
we
bureaucratic
of
dividual
pending
years,
ultimate vindication.
•/I
pointed chit that neither of
could with
ease
present other
place.
in
The: whole
which
the
involved. It
whether
the
is not easy
to
theory of government,
of economics, of philosophy or of
morality. How much regulation of
our
private
affairs
is ; needed?
How much is justified? How much
-cah^we undergo 'Without drastic¬
ally altering some of our oldest
concepts about a free, society? V.
Instead
of
attempting; to an¬
questions of this complexity,
swer
examples
let
oetroleum
purely
two
rather, conclude
with
sition of the
United States
world
I think it
news-to any of
competitive price, we would have
these jobbers as customers,
they would have received the
lower price anyway. On the other
hand, had we lowered prices to
would
have
the
and
industry.
has
become
uneconomic.
become
the
have
year
conceivably
with
low
so
that
have
been
;;
charged
The
finally
got
to
the
Supreme Court, which ruled on it
in 1951, agreeing with our conten¬
tion that meeting competition in
good faith is an absolute defense
to a charge of price discrimina¬
case
tion. Eleven years may strike you
as
long time to wait to find out
a
whether
a
tice
is
this
was
"
In
not
permissible, but
only phase
the
tion,
business prac¬
common
is
or
second
the
then
had
not
in "good faith" in meeting
competitors' price. Once again,
we
started the climb up the ladder
to the
again
not
Supreme Court, which once
decided in our favor, but
until
early
in
1958.
In
the
preserve a
competitive system for
effect
to
was
»,:American business, but it took 17
costly and trying
tion to do it.
And, to
right to compete,
off
Federal
a
years
we
of litiga¬
preserve our
had to fight
originally
established
to
insure
the
con¬
tinuance of collective competition.
not
to
indict
Commission.
that
sume
I
am
its
.which
is
Trade
willing to
as¬
attempting
this seemed
as
are
history
to
in
.
example
we
in
responsibilities
as
it
saw
them,
give you this
an
in going back
Federal
was
situation
paradoxical
as
I
it
out
carry
this
the
case
of
all
independ¬
until
the
many gas pror
commit
re¬
their- supplies
periods of up to 20
; into
the
future
years
more
or
without
knowing the price they will ulti¬
mately receive for their product.
This uncertainty has led, among
other things, to increasing sales
of
natural
for
gas
industrial
producing states, since
the pricing authority of the Fed¬
moving into inter¬
Whatever
commerce.
be
said
limited
of
else
this
development,
to be in the long
to
us.
history only
the
extent .to
wandering in
a
me
is
our
when
on-
own
railroads
since
have
the
under
the
had
turn
of
their
the
Interstate
Commission—and
them. The
share
century,
Commerce
many
are
near
bankruptcy. As commercial avia¬
tion developed, a
mounting num¬
ber
of
activities
of
the
airlines
have fallen under the
of
the
Civil
jurisdiction
Aeronautitfs Board
and the Federal Aviation
We are all. familiar with
difficulties
tively
the
new
Agency.
current
involving the
rela¬
television industry and
Federal
Communications
should be
gas.:
A.
Gilhart
D.
&
Co., Inc., 141
York.: City,
is
making
a
public
offering ,, of
$240,000; principal a m o u n t
of
trying to step
■i;■' Broadway,
,
New
.
Proper.
Regulatory
Criteria
Please understand that I
-
am
-;
Acrylic Optics Corp, 6% converts
not
subordinate
ble
condemning all government regu¬
oUprivate affairs as such.
Jan.
lation
debentures/ due
1, (1977,, at, par and accrued
interest ..and 40,000
.
is
.
;
economy.
'
:
•
•
..
In
•
the
men,
in the development of a
national product of at least
gross
to
bills in the next fiscal year.
Unless
the
poses—will
and
more'
matters
more
in1 the
regulation
more
whether American
retain
can
the
in¬
freedom of decision and action to
the
challenges
directly ahead. If
permit
which1 lie
sit
we
by and
the
increasing encircle¬
ment of business by bureaucratic
regulation, we cannot in all com¬
mon
fruits
of
panding
As
continue to expect the
sense
faced
we
with
at this
met
beyond. They
without
butions
of
a
the
can
re¬
free
be
contri¬
economic
sector, yet we stand in danger of
witnessing American business be¬
ing little by little painted into a
corner
so
small
that
it
pur¬
small
leaves
Stock
members of the New York
their; office at 250
Avenue, New York. (City.
C
Exchange, ;in
Fark
v
;
Paul Benitz Opens
V !
■
y
Evans MacCormack Adds
(Special to The Financial Chronicle)
LOS
--
(Special to The Financial Chronicle) "
LA
is
has 'been
added
to
the staff of Evans MacCormack &
members
of
the
Pacific
erlv
with Walston & Co.,
Inc.
ANGELES,
Calif.
—
Theo¬
hanian
with
have
Holton,
621 South
of
the
Henderson
Coast
for
6515
form-
Mans¬
:: ;v':;•!
been
appointed as¬
& Co.'s
sociate manager of Bache
Philadelphia office.
C.
Steven
.
is
Kraus
the
nut
Street.
-
...
.
:
manager
'
of
1336 Chest¬
branch located at
.
connected
become
&
Stock
New
Co.,
Spring Street, members
Pacific
was
Bache & Co. Names
r
dore T. Sackett and Leon G. Sha-
He
vice-president
Mills, Inc.
Petrosky has
r
offices; at
Drive.
Be¬
securities
PHILADELPHIA, Pa.Jacob B.
With Hollon, Henderson
(Special to The Financial Chronicle) -.'.
a
a
field
Coast
Stock Exchange. He was formerly
from
Murilands
Co., Inc., 453 South Spring Street,
LOS
conducting
business
ANGELES, Calif.—Willis H.
Doetschman
Calif—Paul A.
JOLLA,
nitz
-
own
never
creative
dynamic
"
Joseph E. Bitterly is now associa-ted with McDonnell & Co. Inc.,
really be
/
' ; ;
by Mr. Swearingen before
Rotary Club of Los Angeles, Ca-if.,
February 23, 1962.
\
mo¬
tremendous
sponsibilities, both to our
people and to the entire
world
with
can
'/
-*An address
2
are
that
its
r";
With McDonnell & Co.
•
ex¬
economy.
nation
a
ment
vitally-needed
a
in
busi¬
necessary
.
?
beneficial
the
daily conduct of
halted, it is ques¬ /.
can
be
find
corporate purposes.;
Stuart
trend
nronounced
and
more
John
instruments
for
great thing
accomplished."
-
toward
of
no
men
:
,
docile
hands—even
the Government's
pay
words
"A state which dwarfs its
in order that they may be
more
$570 billion to develop enough tax
revenue
meet
can escape
we
the
mover
own
undertaking
Acrylic Optics
another
what we're doing is apply¬
ing pointless regulatory brakes tobusiness in many important ways
.
increasing rate in every area
of enterprise in the
country. No
which to
it
way,
Meanwhile, American business
Mill,
being looked to as the prime,
ness
that
state
,
in
But while I have discussed
some
of the problems
only
facing my
industry,; please remember
they are being duplicated at
in
room
To
.,
tionable
Aviation
insurance
\v.;'
,
in the
business
and
and
-
volved
Rails
bank
.
of
y
;
turn around.
a
community.
the
t
hardly enough
pragmatic observation. qr
light of the present po¬
in
it hardly appears
term interest of the many residen¬
tial users of natural gas outside
producing states,
which includes a $10 million
loan. * ' : ;
5 * v.* ' •;;-
shares of coiA1 think wt would all agree that
mon stock at $1.25 a share,
vtr ^
regulation is proper when ; the
The debentures are convertible
need is clear, .the effect determ¬
by now no
us
into common at. $1,50 a share and
inable, and the people consent.
that we are in the midst of a
gi-T We are hearing the, point, how¬ are redeemable,.at 105% before
gantic economic struggle with the
ever,! " where; these esentials are Jan. 1, 1964, and at prices rang¬
Soviet Union. In so many words,
fast; disappearing. We are sur¬ ing downward from 104% to 100%
Khrushchev
has - declared
eco-.
rounded by seemingly numberless .thereafter.,',•!
y) ;•.!
nomic war upon us, and through
The company, based in Detroit,
regulations of debatable need, un¬
this
means
expects .to wip. the certain
is
engaged • in> research, design,
effect, and arbitary origin.
world for Communism without the
manuiacture:
and,, sale, at
both
As for the element of public con¬
need for direct armed conflict. >> J
wholesale
and retail
of contact
sent to-this.'process, 'the public
Still another factor tp be reck¬
eye-glasses and various
hardly comprehends what is tak¬ lenses,
oned with is the emerging Euro¬
tyeps of optical instruments.
; J
ing place.
j'J
pean Common Market, from which
Net proceeds from* the current
Here, perhaps, lies the greatest
America
can
expect - increasing
danger—the danger that individ¬ 'financing will.be used for ex¬
competition in international trade, ual i xi d
t. i a t i v e ,• w i 11 become panding; laboratory and manufacthe answer to which can only lie
facilities, opening
neW
swamped
by
government
edict luring
in
the direction of still
greater before
enough., people awake to retail offices, purchase of inven¬
efficiency and productivity with¬ 'the threat.;.
tories an i equipment and other
use
within the
an
agency
Now my purpose
over
this
chapter
its
cases
our
judgment,
net
reach
not
understanding^
to sales of gas
of
acted
our
in
meantime,
to
litiga-" state
sought to
we
would
2043—assuming its staff were
tripled.
--/V "V*
luctant
can
that
it
status
are
for
that
stated at the end
eral Power Commission is
one.
round
FTC
demonstrate
be
In the
.
complicated
producer rate
ducers
*...
.
to
segment of
the situation
Here
so
that
current
ent
could
we
trying to destroy competition
there.
a
I960
Commission—
gas
Commission
of
company
been
natural
our
in
would have lost
money, and, what's more, our gen¬
eral price level in Detroit might
The
Power
Detroit
marketing
everyone,
Federal
check'from
a
of
say
of the
one
interesting
the
Krusen
problem is basically
the
met
we
all
at
was
Unless
underwriting in 11 years is con(left), President of Graniteville
cratic country is moving seems to
be
lost
courses
reasonable.
Townsend
program
company
demo¬
and
two
Francis A.
leading cotton textile manufacturer/receives
Stanley
in
in
involving
only
the
industry. There is the
tragedy of errors in¬
volving another Federal agency—
these
-
market
the
direction
world's leading
a
as
Shearson, Hammill & Co.*, the managing
underwriter. The net
proceeds were $12,504,457.62 on 796,716
shares sold to the public last week. At the closing this morning,
Graniteville acquired all the stock of McCampbell and Co., Inc.,
an independent commission agent in the textile field, and merged
McCampbell into Graniteville. This is part of a $22 million financ-
-
for /in¬
planning
decisions
Co.,
;
IH.
•
petitors had offered. The result powers even more, far-reaching
than any seen thus far. In effect,
was a complaint from the Federal
this proposal would empower the
Trade
Commission, issued on a
Commission to issue a "cease and
chill November day in 1940, that
Complete Textile Underwriting
,
say.
unborn, which
our-- ac¬
considered
we
.
enterprise, including those yet
of
-
altered
would-. have
we
.
that it would
be difficult to envision any form
,
regulatory maze^ If we had real¬
ized at the time we reduced our
sufficient to
is
need to
no
down the interminable list. It
run
.cinorhC 8, 1962
Thursday, March
Ex¬
Quinby Office
!
N, Y—Quinby & Co..
Incorporated has opened a branch
NEWARK,
office
at
change. Both were formerly with
the
Dempsey-Tegeler & Co.
Healey.
520
East Avenue
management
-
/ •
under
Gene
of
•
G.
*'
Volume
195
Number
ASE Names
Charles
Phillips
Franklin
Phillips,
the
.
National Plan¬
ning
Assoqia-,
tion, has been .
appointed, a
public
A
N#^ Rrakrii
new
m
am
fund
g e
'
McCabe & Co., Inc;
The
branch office at 138 South Wolcott
followed "
ment
the
Street
of
approval
Glen Dugan.
appoint¬
ment
under
the
ers'
cold
new
.
accured:
r
..
turity.
The
priced at $28.75
/ v
and
dinner
party
Way; has been
pork
other
processor
ma-;
is
fruits
of
and
and
it
three
:
frozen
ranks
vegetables,
the
among
canned
largest
nies in the field.
Interamerica Sees. Opens
Interamerica
compa-
New
securities
•
Securities
offices
opened
.
..
changed to Finan-
com-
York
at
City,
Mr.
Posner stated,
"The
entire
>
ability
will .represent
the
on
American
cated
He has indi-
interest
keen
a
in
challenge and
a
ppportunity to
5Qth Annual Report
public
Stock Exchange
Board of Governors.
feels is
the
••
what
-
he
/
splendid
a
of COMMERCIAL CREDIT
-
economic
system, the public, corporate en¬
deavor and the securities industry." >
Dr.
*
New
serves
as
England
a
.Life
Stores,
W. T.
and
Council and
director
*
Maine Power
tual
COMPANY AND SUBSIDIARIES
Phillips is Board Chairman
the
of
serve our
of
Central
Insurance
Inc.,
Co.,
Stores
Diana
Grant
Co.
and
the
of
Committee
of
State
the
B.
Bond
the
also
•
a
gaged
who
of
elected
not
may
be
t' I
and
Dr.
finance -a/;'
Business Loans
one-year.
They are ;
terms, have /
and
gover¬
are
Phillips
Feb.
r
had
their
HIGHLIGHTS
for
not
to
be
....
/
•
/' /
i
-;
Wholesale Financing /:A
in
1934 to
insurance
A.B.
Common shares
reserves:
///
1
■
'
'
/,
Indii
and
and
.
*
and
the/.
he
international
Pakistan
:
10 658 933
.........
./
-....
;/.
$2 86
the
Puerto Rico
confer-
Commonwealth
in-1957.
1
'
.juirt >-.-J '; v-
Brass
Pipe Fittings A
>
/
-
Metal.
V
'
1
•/
of
College.
Phillips is
■
the
-
.
v
.
/
/7,
/
,
Pyrotechnics
,
'/
:
.
-
\
.
Problem"
'
>
.
•
*
Factoring,
open
238 475 075
/./
-
.7
•'/
Commercial
Company,
159 580 806
accounts, .leases, other wholesale notes and mortgages../.....
'
'
'
512 191 215
$1 935 147 246
......1..
Total..//........!
1
5_267J51
Companies
$1 940 415 097
;!
%
reinsurance.../......,..:/...,
$
20 781 035
insurance companies:
Written premiums, prior to
•;S
Earned premiums/.;...;.....;..;
.
.
,
39 098 362
/
39 944 036
Net income (including Cavalier Life Insurance Co.)...
/,;
,/•
WRITE:
603 299 091
421 601 059
/.,<•
Bearing
"
Valves..
$
*
other retail..,-.....
.....;
Net income of Finance
y
/Toy Specialties; ■' y yy
„
-.;
*
'
-
•.
$3 965 331 917
.7.
'
'A
,
Equipment
books,
including "Marketing"
(1938),,.
"Government Spending and Eco¬
nomic
Recovery'' (1938), "The
Neutrality
184 001 488
;
v-><
Printing Machinery
Roller and Ball
co¬
author or-editor of-several
32 553 677
$
Loan receivables
;// "'• /'
M
Maine,
author,
127 392 284
Sundry (principally unclassified items).........;
.
College and
Nasson
24 055 527
$
briefly:
'•./.'.-A'*"*..
r
.
are,
Motor wholesale
Specialties
Pork Products
/
Colgate University, Co'by College,
Bowdoin
College, Northeastern
University
^
receivables.. ./
JtA-'s/'/A'AV Farm equipment, mobile homes and
Metal Products
honorary degrees from
Western New England
on
Motor retail
T// >•■•
--
-
of
'
.
'/
;
Receivables outstanding December 31
participated in an.,
economics
$1 60
.//•Gross Receivables acquired..,.
at
American
.'.
Available for credit to future operations...
Operations shown separately
/■
• /
Malleable, Gray Iron and.
Department
Zurich, Switzerland,/in
1956. v Dr. Phillips aided in ,the development of a tax revision pro¬
.
32 162 730
$
L
.
..
Machine Tools
y
a
on
Castings /
/
Administrator
State
/.:
finance companies:
Heavy Machinery
Advisory- Comof Price Ad/
Teputy
mission
■
59 270 857
27 108 127
/« :/
Unearned income'on instalment receivables.......
///'//
manufacturing t
In May, 1944, he was
States
Dr.
.;...
...;
Insurance .AVA;;/: AAA
•
Office
United
-
63 407 135
-
-
rationing and placed in charge
rationing in the U. S.
During the winter of 1953-51 he
University,
-
Unearned premiums-Insurance Companies,......:.,
Health and Accident
of all
has
I....,....:,.'.. /
outstanding at end of period./....
Reserve for losses
•
Credit Life -insurance
for
for
122 677 992
•
'
i
/
1931
War II Dr. Phil-,.
Defense
and
ministration.
appointed
229 573 967
$
:"
charges......;'.........,
Net income per share on common stock;
Commercial Credit Insurance"
from
in Washington with
National
$
v/-
••'Net-income credited to earned surplus.,............;...........
;/
Automobile Insurance
economics
1941.> ;
Luring World
He
ACTIVITIES'.
Dividends paid per share:.....................
taught reco-.
nomics at Hobart College inv 1933and 1934 ?n^
Colgate University
•
'
-
Administration. /He
gram
1961
United States and Canadian income taxes
»:
vard (Graduate .School of Business
ence
*'
_
Net. income from current operations, before taxes.........^.5;,.5;,;;...;,.^...?,$
$
/
-
// /-
ate School of Economics and Har-v-
in
.
Interest and discount charges..,....,.
m *
University in 193* fol¬
lowing study at the Harvard Grad¬
was
OF
Net income before interest and discount
;/A ;
Harvard
mission
j •
_
//'
net income:
Rediscounting
reappointment.
Ph.D.
was
.
con¬
Phillips received an
from .Colgate University;,in
lips
•
1961
Personal Loans.
previously indi-!
desire
Dr.
from
n
..
...
Zeckendorf
a
..i.
gross income....................................................
•
George R, Collins and Mr. William
and
.
;
Instalment Financing
the
is
Leasing
Factoring'
three former: public governors,,/
G. Roebling, JPean
sidered
■
•
...
Mrs.. Mary
cated
y
1;
Fleet Lease Financing;
13, 1962, the day after the
exchange election.
The
annual
^
Equipment Financing/
first public /
governor to be .appointed to the.
present board which was organized
on
SS
;zl
en¬
equally entitled to
one
vote.
Their major resp.onsi-:
bility is to b^ing a public point of
view to board discussions!"
*
..
Governors."
to
equal standing with other
nors
.
RESOURCES OVER $2,000,000,000
YMCA/ /
in the securities .business A
represent the public on the •
Board
.
Executive
Maine
American Stock Exchange,
constitution
provides -that three
shall
wide variety of services and products that contribute to
a
CAPITAL FUNDS OVER $290,000,000
ANNIVERSARY
The
individuals
provide
growth of American business and the well-being of American families
Sperry
is
primary areas-Finance, Insurance, Manufacturing—Commercial Credit
subsidiaries
-
Corp.,
The
Hutchinson .Co.v He
member
In three
Co., The Union Mu¬
10 781 987
Credit
Baltimore
2,
Maryland for copies of
our
50th Annual Report.
manufacturing companies:
v
*
V
:
Net sales ...;.//.....-....
128 652 573
'
Net income.......:.....;;....
320
to
business.
Charles F. Phillips
by the
board is extremely pleased that a
man
of Dr. Phillips' caliber and
May 23.
on
Now Financial-Programs
Exchange Board of Governors, at
its regular
meeting,.-'
VA/Y
/
their
field
DENVER, Colo.—The firm name
of FIF Associates, Inc., 950 Broad-
pany in the U' S* and that> ;as a
share. '/■■/'/
per
any
at
stock
common
than
beans
to
priced
Bank¬
hold
will
_
a
interest
Investment
Association
day at the Omaha
Country Club.
The
Field Day
will be preceded
by a cocktail
Headquartered in Indianapolis,
Ind., the company and its subsidiaries are principally engaged
and
and
j_*
"
.
Nebraska
annual
storage warehouse in
;
.
.
OMAHA, Neb.—On May 24, 1962
company's
the
Minnesota.
1,
yield approximately 4y4% to
Cv
of
/;/.
-
-.
The company may use $750,000 of
the proceeds for construction of
a
r\
1
1
j[ 0 JlIOiCL Ull 11R2
operations.
a greater amount of canned
has opened-a' 100%
direction
the
to be sold for the account of
Sharp,debenture^' ark
Wyo.—Schmidt,';
of
manufacturing
can
23
Inv. Bankers
TT
business
gtokely-Van Camp common stock
Chairman.
announce--x
July
expansion
of
,-Sroup are,80,000,.shares ,of lieves that it packs and distributes
fnr Srhmirlf '
Sharp, McCabe &vCo.
CASPER,
*
commencing
volume
m
,
prancn ror ^cnmicu,
.
and
capital.
The
required to finance
are
increased
an
1971,
calculated to ,retire $11,0.00,000 of
:
working
funds
A;#16 *ssue PU°r to maturity, ;
,
in processing.. and distributing a
^ ^ Also being offered by the Rey^ Variety of food products. It be-
direction of Harrv R
Gorhv
direction of Harry B. Gorby,
Stock Exch. by
Edwin Posner,,
Exch
new
..
.
2355 East Platte Avenue unddr the7
the
President i and
r
-r^
Inc; has opened a branch off ice at
gover-v
of
nor
company's
Q
^
Q^l/I
O^vUX lllvzb 0010..
(1948),; "A Tax-Program to Encourage
The Further • Economic'^Reynolds & Company, Inc., New
York City, heads a group offering
Growth of Puerto Rico" (1958)/
for public sale a new issue of $15,000,000 Stokely-Van. Camp, Inc.,
Schmidt, Sharp Branch
*
•
-• 4/4%
. convertible
subordinated
COLORADO. SPRINGS,
Colo.—- debentures due .1982. They are
Schmidt, Sharp, McCabe. „& :.Co.,. entitled to a mandatory■; sinking
College, Lewiston, Maine, since ,1944 and mem¬
ber of the Business Policy Com-:
of
(1946), "Market-.
Principles and Methods",
ing:
t
President of Bates
mittee
(1175)
Stokely-Van Camp *,5x8 .JwwtflK 2 K Neb.
;
,
Manufacturers"
Dr. C. F,
Dr.
Financial Chronicle
The Commercial and
6140
''
599 707
Corp. has
Park
engage
Ave.,
in a
24
ity in
Outlook for Business and
the
a
a
from page 3
$q4 5 billion in 1961 to
$34.5 billion in 1961 tn
risp from
rise from
ffii'c?
nUA11i
„
TVio
vonr
XI1C
™
of his enthusiasm for automobiles
lines
many
may
moderate
inventory rise this year.
in total corporate profits
.
.
Thursday, March 8, 1962
.
busi-
as
possible that
the year goes on
as
ness# activity
expands. Corporate the government may be required
(8) A prime objective of the profits before taxes moved up to direct its fiscal, monetary, and
Administration is to achieve full
A seasonally.adjusted annual debt management policies mpre
employment of our national re- r^te of1 ,$39.6 billion in the first toward protecting the value of
sources and a faster rate of ecoQuarter of 1961 to $47.2 billion in the dollar and somewhat less to■
Interest Rate Structure
Continued
The Commercial and Financial Chronicle
/'
(1176)
nomic growth. The target is to
reduce
l"UUtC
the rate U1 unemployment
tilt; Idtt: 0f UI1CII1JJ1Uy 1I1CI1 b
0
_
in
•
o
..
the third quarter, and the .rate ward encouraging general busi*
undoubtedly nimrfpr _T " billion
reached Tn
$50
tnp
final
fi'vof
ness expansion.
xx\*>?&
\
ir»
✓
v
»
conducted
last af our civilian labor force from
final quarter. In the first
(4) As the economy expands, I
van'
esaertheit detscurrent 6.1% to 4% or pos- phase of a business recovery, as expect that we shall witness SOI^e
cniet "t£ esels
erally, but during the latter part y.ear suggested tnat tne increase
little lower by mid-1963, unemployed capacity is put to use UDward nressure«? on r>rire<? and
and durable consumer
of
his
1961
goods gen-
appetite
goods expanded
in
for these
hne with the
usual cyclical pattern.
The
expan-
&be 1 vTbout
""'„„rshowsthat
™ut
4%
on
'a
in
ex-
mriod
tosnS*
acSfve
S government
and ttan to
a sustained and productivity, improves, the
concern about
growth of GNP at a rate of some- nse of pr°£lts ls always Pro" such pressures will also reduce
thing HHe 4-5% per annum, as MMfrt.Weny expect a fur- the enthusiasm for pursuing
f i
;ry
s c a
1,
management
,
and go" without heavy-handed
government measures.
up
,
At the end of 1961 the tempo of
the business expansion seemed to
be
rising,
especially
consumer
spending.
Practically all of the
leading indicators used by economic forecasters
are now pomtmg toward a continuing improvement of business
The question
today is not whether the level of
this year, but rather
how far the
will go.
expansion
The General Business Outlook
For
of
Rest
the
Turning,
the
general
This
of
then,
Year
to the question
business outlook
a
—— — —
,
C3
—r *
-•!/
—
-
_
I*
A. U.
—.
.
I
_
_
—
4.U.
L*
III •
^
sta(rt>
be
can
moderatelv
this
KefolZme
of
,
h
My
Last
vear
private
is that housing
1962 will
run
moderate
vear
non-farm
?otaled
starts
gu|ss
housing
of
expected to increase
1i275,000.
^tart's in
This
about 1,400,000.
is
jncrease
based
on
thought that the rising level
personai income will bring a
larger number into the
market
for
new
homes despite
the fact that the comparatively
the
f
somewhat
low rate of family formations exPected this year tends to place
<«>sTheSlume of
expenditures
Ind "oca
TOvernment
the first half of this year, and
possibly somewhat longer. This is
8-9%.
a characteristic development in a
The principal forces
which I cyclical expansion, and it is esanticipate will power an expan- peciallly likely in view of the
sion of our economy this year are threat of a steel strike at midas
of
„
follows**
'
(1) Federal expenditures may
be expected to continue the rise
experienced in 1961. Total Fed-
*
■
•
%/*/ I— %/ «
rate
a
of
I
»-« "V
■
(
I
I
I
V.M
I
I
I
1
•
•
ST 1
•
t
plant capacity becomes more fully abouT$5To billTon, as fhave xug^crea"" iUs likely^hlt geited. there wU1 s'iU be acon"
flscal> monetary, and debt man- uemanas: increase, it is nicety that slderable amount of unemployed
agement policies will continue for the; prospect for profits wiU dirm resourceS and this remaining
s?me weebs to exert an expansionary influence on business.
Based on these forces I have set
forth,
general
my
™t^u^°^df^n/u4Lr expansi^i
tkof
that general business
activity will continue to expand
at a substantial rate this year,
with the rate of increase greater
in the first half and probably ta-
rieintf
o
conclusion is,
therefore,
rJofinR
balance of
pressures on prices. There is evidence,
mm
nLments
fiseal
t
monetarv
and
concern
reasons, some
of which have been
Sbed
a
Sonallv Lifted
that unemploy
certaln industrles and in certain
areas of the country- Wltb gen"
eral business activity rising to
debt
business
enCourage
however,
ment4ends to be concentrated in
"*er at onal balance of Payments
whfch
high leve,ls' there is a real„ pos®iblllty tbat many areas °f th®
Labor and product markets will
ex-
was
SSrd
prke
pSures Cer!
talnly there is no reason to doubt
that the general business climate
an
^
was^run- £?y ^VisVew'to1 fe'mode'rthe
S mTh'reduLd9 and
ning at an annual rate of $1.4
billion. In the second quarter, due
iargeiy to a substantial advance
payment of debt by West Germany, our balance of payments
showed a surpfus at an
annuai rate of $992 million. From
there on, however, as imports
rose with our recovery, the U. S.
tb's
samf
the
time
I
be
L
S
the
Slrnment will be reouired to
fPTn„r it? exnansionarfSlicies
n
^'
th^
the
5u'
.
actuyjly
on
vrar
nf
inairnainine
stabiUty
leasonaDie price sxaDiiixy.
The possibility that the rate of
business expansion will taper- off
balance
again moved
into
a m.
.second half of
y a
deficit position in the third quar- raises the :mtngui:ng Quies^tnan of
rate of inventory accumulaiton ter at an annual rate of $3.4 bil- what lies beyond in 1963 I would
Thus, there is a good chance that Jjon
in the fourth quarter the suggest only that the piospect fo
a
.stepped up rate of inventory deficit
reached
still
further
and a renewed expansion in 1963 will
annual rate of about depend very heavily on whether
rose
an
$5 billion. This latest rise seems
not to have stemmed from rising
Sources and Uses
,
taken
®tePs
in
taK^ ^
field
the
*°
of
Federal tax revision to encourage
flow of short-term funds to take a much higher rate of private
imports but rather from an out-
advantage
of
higher
short-term business
It is diffi-
ini-ereg^ rates abroad.
ertste
cult to foresee
unused productive capac- now in the midst of the usual rise coming months,
nearly $60 billion in;
in
bnysionIn th^fourth quarter of
pering off in the second. Why does p|60 when great
a
^wtag domm, in the mprove- i^'e^^abo^f the Sow of
the latter part of the year? My natkmal"5 balance 'of °pavments
accumulation will impart a
marked stimulus to business expension in the early part of the
year. If a steel agreement can be ye&r which will be weaker as the
reached well in advance of the year goes on.
t *
contract termination, the buildup
(2) By the second half of the
®f inventories will be dampened, year we are likely to hear more
ence
slack will aid to moderate upward
enthusiasm for further ^pansion.
increased "from^an^nnual troTTteVenteries 'anTte
ices
rate (seasonally adjusted) of $54.7
billion in the first quarter of 1961
to
■
combined impact of government
goods^and'seSces bT
will probably increase in the
order
I—«-■ ■
g-ady foreshadowed, are as fol-
output of goods and services this
year
V
balance of payments situation, the
of
state
(1) Although I am hopeful that
and loCal government rose from labor and management in the steel
the year progresses By the final an annual rate of $50.3 billion in industry will reach a settlement
quarter (5 the year GNP wfll the first quarter of 1961 to $53.2 without a strike, it seems unlikeprobably be running at an annual billion
in the fourth quarter, ly that such a settlement will be
rate of $575-$580 billion
as comSince these expenditures keep reached early enough to prevent
pared with $542 billion ^n the °ast marching upward there is little a bulge in the accumulation of
quarter of 1961. For the year as doubt that they will increase an- steel and other business mvena whole
GNP will probably aver°ther $3-4 billion this year.
tones in coming weeks. After the
age out' at about $565 billion, as
(7) Some further rise in the steel settlement, especially if it
compared
with $521
billion in rate of accumulation of business }? slow in materializing, we are
1961.
In other words, the total inventories is likely to occur in likely to witness a cooling in the
andwiththerLetaperingoffas
.
higher
^5) ThttumLt
SatUlt<he^tllh,?eyrcoLS
''half
—
and
invest-
industrial
ment spending, and along with it
developments in a higher rate of saving to finance
but it is quite the increased rate of investment
of Funds in the Money and Capital Markets,
1952-
the fourth quarter. On the basis of
budget figures and appropriations,
(In
it is certain that this rate will in¬
crease
further
in
first
the
(2) Commercial bank credit is
likely to remain readily available
during the year despite the fact
that as the weeks pass, the Federal
Reserve authorities may be obliged
to
shift
credit
from
away
toward
ease
more
re¬
strictive
policy. Ready avail¬
ability of commercial bank credit,
probably at rising rates, is pretty
much
assured
by the fact that
between May, 1960 and Decem¬
ber,
1961
the
banks
increased
their holdings of government se¬
curities
with
and
year
maturities
under
These securities
in
sufficient
to
meet
volume
the
of
Estimate
the
1955
1956
1957
Life insurance
u.u
U.7
5.0
5.3
5,0
U.7
3.1
3.7
U.2
5.7
U.9
U.9
6.3
8.U
1.7
1.8
2.0
2.1
2.0
1.7
1.5
1.5
1.7
1.9
1.9
2.1
2.6
2.U
2.6
9.1
U.l
10.2
U.8
U.U
5.1
15.2
U.2
0.9
1.2
-1.0
-0.1
0.1
-0.7
2.1
0.3
Mutual
companies
and loan ass!ns
Savings
savings banks
Corporate pension funds
billion.
liquidated
if
necessary
$16
expected increase in
expenditures which de¬
last year, especially in
quarter, should extend
through much of this year.
prospects
for
automobile
The
sales
on
excellent
that
the
and
level
of
it seems likely
sales this year
approach 7 million. Similar¬
ly, the demand for appliances has
been strong and should continue
so.
During most of 1961 repay¬
Commercial banks
Federal
Reserve
Banks
consumer
credit, with a levelling
outstanding. Stu¬
in the total
dents of the
consumer
credit
mar¬
anticipating a sizable rise
this year in the outstanding vol¬
ume
f
**
State
U.S.
and local
funds
investment
Federal
■
2.1
.2.5
2.9
1.9
2.3
2.7
3.6
2.U
1.3
2.1
2.3
1.2
-0.9
-0.7
0.9
•
accounts
loan agencies
0.2
-0.1
0.6
0.9
1,6.
.0.6
2.5
2.5
2.9
2.U
0.3
11.2
-1.0
2.2
3.0
10.1
1.2
1.3
1.2
0.9
0.5
0.8
0.9
1.5
1.0
0.6
0.6
1.3
0.5
*
*
li.9
5.1
1.6
8.U
8.0
6.5
u.l
1U.3
36.9
Corporations
31.9
30.0
U6.2
32.2
33.3
U2.7
57.6
U.8
3.8
U.2
U.7
7.1
5.9
U.l
5-0
5.1
1.9
1.8
1.9
2.5
2.7
2.1
2.U
1.8
2.2
5.2
'
Fire and
casualty
cos.
Foreigners
Individuals
Total
Uses
and
others
sources
U.5
of funds
State
local
and
■
Mortgages:
credit
Consumer credit
All other credit
Total
(4) ^Plant and equipment ex¬
penditures by business and industry will probably increase in the
10%
this
year
as
com-
pared with last. This would
mean
-
m-mnnn
-Note?
rtoi*3j
uses
U.2
3.5
3.3
U.8
5.9
5.1
3.8
7.8
3.5
2.0
-U.l
-1.7
8,0
7.9
-0.6
*
*
1.5
0.6
2.1
-0.5
2.2
7.6
9.6
12.6
10.8
10.1
13.2
10.9
12.5
2-3
2.3
2.8
3.6
3.8
3.5
5.2
6.0
U.7
6.5
-1.8
l.U
9.5
7.U
3.0
3.1
8,2
7.5
3.9
'1.1
6.U
3.6
2.8
0.3
6.U
5.8
(■
8,6*
»
1.6
1.9
1.9
0.9
-0.U
0#
2.7
2.1
36.9
31.9
30.0
U6.2
32.2
33.3
U2.7
57.6
p
ox
l.Q
6.8
nr
because
6.5
*
•v'..V 2.9
t.8
Other
Business
3.5
*
1-h family
3.1
8.0
gov't issues
Federal agency issues
of consumer credit.
of
2.h
U.S. Government issues
are
order
li.9
Corporate bonds
Corporate stocks
ments matched new extensions of
ket
3.0
the basis of recent trends
will
out
.
final
itself
are
1962
U.9
195U
(3) The pronounced increase in
veloped
U.9
for
1959
1953
loan demand.
consumer
1958
1952
one
be
by
can
dollars)
policy
a
a
of
of funds
Sources
quarters of this year.
of
billions
three
rounding, components
-
Preliminary,
—T
may
not add to totals shown.
U.5
,
56.8
Volume
195
Number 6140
,
.
.
The Commercial and Financial Chronicle
.
(1177)
without
generating
.
The
Outlook for the Money and
Capital Markets in 1962
What
be
can
said
about
the
moderate in character. Short-term
porations. This is characteristic of
rates
inflationary
consequences.
an
will
probably show more
strength than the long-term rates.
The accompanying table provid¬
ing data on sources and uses of
funds
in
the
money and
capital
during the period 19521961, with the rough forecast of
outlook for the money and
capital
markets
in
the balance
of
this
markets
year?
possibilities for 1962, will help to
crystalize my views. The figures
My view is that increasing
and capital demands dur¬
the year will press against
money
ing
the
supply
from
of
funds
savings
available
institutions,
com¬
mercial
banks, business concerns,
government agencies, and individ¬
uals.
This
will
be
especially
if
true
the
thorities
weeks
to
credit
shift,
to
in
think
At the
same
seem
demand-supply
be
au¬
coming
less
a
I
as
it does not
ever,
to
Reserve
required
policy,
the case.
the
Federal
are
easy
will
be
time, how¬
likeiy tnat
pressures need
moderate, espe¬
cially in view of commercial bank
So,
position is that
my
the general level of interest rates
will be firm this year and
prob¬
ably trend upward, but the rise is
likely to be fairly moderate.
The
extent
interest
pend
of
rates
this
greatly
achieved
in
the
stiffening- of
will
year
de¬
the
holding
success
the
upon
general
price level stable. If prices should
move
upward
the
as
expands and public
inflation
economy
about
concern
should
be revived, the
stiffening of interest
will
be
greater
than
if
prices remain fairly stable. The
extent of the
rates
,
for
reasons
this
general price level
expectation of it)
the
total
dollar
demands.
causing
At
funds
it
of
amount
the
same
shift
a
level
would
in
rise
payments
in
In
addi¬
the
general price
aggravate the deficit
because
to reduce
of
purchase of inter¬
international
our
by
toward
flow
est-bearing investments.
tion,
credit
time,
reduces > the
into the
rising
a
(or the public
tends to inflate
investor
an
equities,
that
are
balance
it
would
of
tend
our
exports and increase
not to mention the
outflow of "hot
money" it would
our
imports,
provoke.
in
In
turn,
rising deficit
a
balance of payments would
our
likely necessitate
very
strictive
credit
a
more
re¬
by
the
policy
monetary authorities.
Most
economists take the view
that any rise in the
general price
level
this year is likely to be
mild.
very
the
They base this
argument
fairly
high
ment
of
that
level
price
labor
moderate.
fact
that
that
of
unemploy¬
plant assures
and
will
be
stress
the
pressures
They
upon
continued
a
also
competitive forces
have
strengthened, especially competi¬
tion
from
foreign
products, and
that this will aid
greatly to hold
down price increases.
Beyond this,
they contend that the mainte¬
of reasonable price
stability
for successful defense of
nance
is
vital
the value of the dollar in
foreign
exchange so that the government
must
assign
maintaining
the
other
high
a
resurgence
of an
of prices this year
prices
As
of
upward
year
an
drive
earlier,
the
have**** been
for
the
to
growth
point
could
of
upward pressures
Beyond this, it is by
creating
on prices.
some
certain
that
not
be
is that
guess
year
and
as
labor
becomes
power
does
these
means
pressures
this
expands
economy
bargaining
strong.
How
all
no
cost-push
revived
be
one
balance
possibilities?
My
upward pres¬
sures
on
the general price level
will develop as the year goes on
but
that
check
some
they
by
will
be
held
government
in
policy
measures.
My
general
therefore,
of
interest
firmer
that
that
as
anv
which
the
rates
year
rise
does
the
of
take
conclusion
general
will
moves
become
on,
interest
place
but
rates
will
in
be
from
that
$:J /'' if':. V'",'
year.
Turning
the
to
of
uses
funds
in the lower half of the
Table, it
is
that
interesting
total
to
think
we
note
the*
be reached
for 1962 amounts to $56.8
billion,
as compared with
$48.5 billion in
1961.
Reviewing the individual
items for
of
1962
may
briefly, the figure
$5.1 billion for the net increase
of corporate bonds is about at the
level
same
the
in 1961.
as
We believe
net
increase
of
corporate
outstanding will be around
stock
$2.2
billion
below
this
local
somewhat
figure of $5.2
year,
The
1961.
billion for
issues of state and
net
bonds
this
is not
year
ex¬
pected, to depart greatly from the
amount
in
On
the
budget estimates
we
have
the
of
increase
net
this
1961.
basis
of
placed
Federal
$6.5 billion,
at
year
debt
as
com¬
pared with $6.1 billion last year.
The next item, Federal
agency
issues,
rbfers to the issuance of
by such agencies as the
Federal National Mortgage Asso¬
bonds
ciation
the
and
Banks.
We
Federal
expect
Land
modest
a
in¬
this year in the net amount
of such issues. Based on some rise
crease
of
housing starts we are guessing
that 1-4 family residential mort¬
gage
credit
billion
this
increase
will
$12.5
moderately
more
than
in
1961.
Likewise,
trends in apartment and commer¬
cial and industrial mortgage fi¬
nancing suggest a rise of "other
mortgages" this year to $6.5 bil¬
lion as compared with $5.4 billion
year,
in 1961.
The item "business cred¬
it" refers, of course, to credit ex¬
tended
by
commercial
this year
somewhat
attractive
interest
U.
more
are
S.,
rates
in
the
guessing that net
investments
by
foreigners
will
rise. moderately.
We are expect¬
ing a substantial increase in funds
we
available
from
others."
This category includes
individuals but also a
not
incorporated
bonds
.
and
securi¬
casualty-insurance
of
miscellaneous
corporate
credit
available
and
only
and
that
"individuals
in
rienced
1959
and
such as un¬
business
concerns
group
investment
companies!
this
Note
category
expe¬
pronounced rise.
a
y
Coming back, then, to the com¬
banking system, we are
guessing that in 1962 the Federal
$500
Banks
pared
the
add
about
million to
their holdings of
securities,
as
com¬
$1.8 billion in 1961.
government
This
will
with
is,
of course, a measure of
we
anticipate in Fed¬
Reserve policy to less ease
shift
eral
in bank
We
reserves.
are
guess¬
ing that the net increase in
com¬
mercial
bank funds (or total de¬
posits) will be considerably lower
this year, about $9 billion as com¬
pared with nearly $16 billion in
1961. Here again the lower figure
is
a
measure
of &n
expected shift
in monetary policy.
The makeup
of the $9 billion figure for this
year will be of interest to bank¬
We
ers.
are
the result
anticipating that,
business, borrowers on
mortgages
and
all
other loans will aggregate about
consumers,
estate
$10.4 billion. We
are also expect¬
ing that the banks will add ap¬
proximately $2.2 billion to their
investments,
mostly
state
and
local government bonds. In order
to
accomplish this expansion of
about $12.6 billion in loans and
investments,
we
are
expecting
that
to
the
will
banks
liquidate
be
little
a
required
more
than
$3.5 billion of government securi¬
ties.
The
bank
figures
producer of molded
extend
demon¬
be
can
itself
into
It sells to depart¬
stores, various large chains
of variety, hardware, grocery and
drug stores and to wholesale dis¬
tributors
expected to
the
balance
pany's
of
to
of
believe
expansion
the
that
will
be
the
eral
in
mands
place
year than in;
Based on the gen¬
mail-order
company's items
available
on
of
funds.
Interest
rates
should be firm this year, but de¬
in
supply
forces do not
than
a
moderate
more
Cruttenden, Podesta & Co., Chi¬
cago, and Splaine, Frederick, Inc.,
Milwaukee, jointly head an un¬
An address by Dr. O'Leary before the
derwriting group which is offer¬
Mid-Winter
meeting
of
the
Vermont
Bankers
Association,
ing $600,000 of Metalfab, Inc., 6%
Burlington,
Ver¬
mont, February 8, 1962., V >»'rv
sinking fund convertible deben¬
tures due Dec. 1, 1976, and 100,000
rise
in
the
general level of rates.
*
shares of its
Columbus Plastic
.
E.
Hutton
group,
has
public
sale
Columbus
&
of
manager
of
Co., Cincinnati,
underwriting
the
common
initial
stock
the
total
100,000 shares
proceeds
from
the
of
its 100,000 shares will be used by
the company for the purchase of
Proceeds
priced
billion
in
We
are
to
ing capital.
Metalfab
of
Beaver
Dam, Wis.,
a vari¬
designs and manufactures
ety
of
products
metal
automotive
and
credit
consumer
this
t
spending rises.
Finally, the category "all other
credit," which includes loans on
securities, life insurance
policy
loans,
and
so
forth, has been
placed at about the same level
year
this
as
(Special to The Financial Chronicle)
Headquartered
the
in
Columbus,
designs and
injection and blow
company
manufactures
plastic hoursewares, mak¬
ing
over 300 different items, sold
mainly under the "Lustro-Ware"
of
year
as
LOS
ANGELES, Calif.—Jack B.
Mackey has joined the staff of
Calvin
Bullock
Spring
Street.
with
Merrill
&
ner
Ltd.,
He
the
finance
in
funds
in
Table,
Lynch, Pierce, Fen-
Smith Incorporated.
As
this
uses
will
the
you
of
part
that the funds
from life in¬
year
companies, savings and
associations, and corporate
the
associations
loan
this
funds
will
increase
There is some question
whether
year
as
savings
will
in
last
do
as
view
and
well
-
•_
.
"
|
.
•
"
■-
•
.
•
mercial
banks
and
Banks
for
anticipate
little
the
a
Federal
minute^-we
change
our
CANADIAN COMMON STOCK ISSUE
mon
5
stocks
years
this
up
★
or
an
on
up-to-date
resume
of Canadian listed and unlisted
which cash dividends have been
com¬
paid uninterruptedly forc
longer. It includes corporations and banks which have paid
to 133 years of consecutive cash dividends.
Don't
miss
the
opportunity to
advertise
your
Firm,
Corporation
or
the
of
recent
change in Regulation Q
permitting commercial banks to
pay a higher rate on savings de¬
posits.
The figure for savings
banks
is» placed
slightly lower
than in 1961. Skipping the com¬
Reserve
Spring edition of
will present
surance
to
<
come
various
upper
expect
we
money
the
1962?
the
available
loan
• •
.
year
Bank
before
in
this
important issue.
Please
reserve
your
space
closing date of March 16, 1962.
requirements
av;.;
Regular advertising rates will prevail
for space in this
important issue.
in the amount available from state
and
U.
local
S.
funds.
The
figure
for
investment accounts
(OASI,
Retirement
Fund,
Railroad
is expected to be
positive
a
Largely
year.
on
the
basis
of
FNMA's activity, we expect a rise
in the amount supplied by Fed¬
eral
loan
agencies.
Note,
we
expecting
a sharp increase in the
supplied this year by cor-
funds
:
are
'
:■
;
'
r
:
THE COMMERCIAL & FINANCIAL CHRONICLE
25
PARK
PLACE, NEW YORK 7, N. Y.
RECTOR 2-9570
South
formerly
510
was
Will Be Published March 29, 1962
★ The 1962
last.
will
to
note
"
•
.
the
indus¬
Joins Calvin Bullock
working
consumer
Where
from
•.
for
electrical
tries.
THE CANADIAN COMMON STOCK ISSUE
net increase of $5.8
a
at $9.75
the company will
redemption of. out¬
standing preferred and for work¬
c&pital.
molded
is
common
be used for the
machinery, plant and office
additions,
repayment
of
short-
Ohio,
at
holders.
new
term bank loans and for
con¬
share. Of the 100,000 shares^,
20,000 are being sold by the company and 80,000 by certain stock¬
are
sale
*
stock
per
being sold for the company, and
63,600
for
certain
shareholders,
who will own approximately 74%
of the outstanding stock following
the offering.
Net
are
common
per
The
of
Plastic
Products, Inc.,
through the offering of 163,600
shares, at $15.75 per share.
Of
interest,
into
share on or prior to
Dec. 1, 1966; at $11.25 per share
on or before Dec.
1, 1971, and at
$11.75 per share thereafter until
maturity.
an
announced
accrued
vertible
$10.75
Common Offered t
as
The debentures, priced at 100%
and
Products, Inc.
W.
stock.
common
:
banks,
inventories.
to
the
Securities Sold
expansion, especially the in¬
crease
and
use
Metalfab, Inc.
sup¬
plies
tions, and the like.
We are ex¬
pecting some rise in this item this
year in view of the general busi¬
anticipating
are
houses,
premiums.
as
trade credit extended by corpora¬
ness
carry
Substantial sales
to
other manufacturers who
expansion,
it
is
and capital de¬
rise
markedly and
will
and
S.
money
pressure
mand
made
U.
com¬
50,000
over
the
trading stamp companies,
business
likely that
products.
also
com¬
The
that
in
the
independent
kinds.
outlets
its
sell
to
estimates
retail
frr^t half of the
the latter half.
then
all
of
pany
rate
brisker
who
products
retailers
this year, with GNP rising to an
annual rate of $575-580 billion in
the fourth
quarter.
There are
reasons
piastre house¬
products.
ment
In
summary,
the strong and
broadly based expansion in gen¬
eral business
activity which took
place in 1961
The company believes
the
largest domestic
is
it
ware
Summary
as
of the
general business
expansion, the net increase of
loans by commercial
banks to
real
that
coming weeks.
suggest
mercial
Reserve
trademark.
trade
government
sum
fire
of
strate, of course, the key impor¬
tance of Federal Reserve
policy in
corporations,
consumer
of
The
standing
amount of about $500 million this
is,
ties.
corporate bonds in 1961 indi¬
cates
the
net
increase
in
out¬
etc.)
level
as
purchases
by
anticipation
increase
net
well
as
form
tne
basis;
for
the
Firming of Interest Rates
the
take
supplied
under
net
a
figure
capital funds from life
companies was $5.3 billion. Simi¬
larly, under uses of funds, for ex¬
ample, the figure of $5.0 billion
as
seems
on
the
available
pension
slightly.
pushed
out
creep
are
of funds for life insurance
year
economic
faster
the
that
some
time,
unlikely to
exception. Beyond this, the
for
full
employment and
this
will
a
be dis^
cannot
noted
trending
be
upward
of
Table
example,
sources
On
danger
services
and
to
dollar.
hand, the
regarded.
priority
stable
a
this
would
credit
companies we expect will be a
little less than last. Based on the
companies in 1961 indicates that in
than
more
liquidity.
in
for
expanding rate of business ac¬
tivity.
A large part of the rise
25
26
The Commercial and Financial Chronicle
(1178)
of
sociation
Taking Another Look at' S
:
Investing in Real Estate
Continued from page
15
possible,
syndicates in limited part¬
nership form, along with the lack
of liquidity, plus the lack of di¬
estate
versification
done would be to pay a
return to
the investor that is entirely "tax
usually one-shot deals
avoid being taxed as
an
active real estate corporation,
one would wonder if, indeed, the
disadvantages do not outweigh the
advantages..
ships
are
order
in
free." This tax
to
Heal
The
Law
1961
January,
Investment
Estate
Trust Act which became effective
in
has been care¬
1961
January,
fully evaluated by those in the
multiple ownership field to deter*
whether
mine
this
not
or
new
of
vehicle retained the advantages
and eliminated
most of the disadvantages of the
limited partnership form/Without
the corporate form
into
getting
ment Trust Act,
that it
is
item
technical pro¬
the
of the Real Estate Invest¬
visions
the all important
not be taxed
will
as
a
corporation if it is properly
organized and operated.
The increase in syndicated in¬
despite
vestments,
the
fairly
that
fact
the
:
confusion.
or
investors
the
dollars
not
are
re¬
ceiving, which is the opposite situ¬
ation which most investors desire.
of
operation, indicates that the
public still feels that syndication
in
limited
partnership form is
here to stay. Indeed, because of the
uncertainty about what the final
regulations will contain when the
terminology
Commission, and "blue-sky" offi¬
cials who attended the conferences
services
So, as of this writ¬
areas.
others
ing there is nothing substantially
deterrent
to .the
forming of a
Syndicators Avoid
Experienced
Trusts
Forming
'/<>
One
enced
syndicators,
formed
have not
.
experi¬
example,
ask why the
may
for
trust. The
a
an¬
Further, if conventional methods
of financing are used and sensible
ratios of land to improvements are
of
annum
i
the years
precisely as has
been the income tax that the,
o
a
n
n
expense
v
to
comes
^
has
in
hand. To be
its
portfolio
sure
it
large
amount
of Treasury obliga¬
there are
shortcomings in this and all tions—but it is the Treasury
the other portions of 4'social which is responsible for the
security" which are regularly fund. In short, the funds have
been invested by the Treas¬
overlooked ' by
many
and
probably not even known to ury ;in its own IOU's. Any
the great rank and file. In his payments made by the funds
way of thinking
other very serious
our
a
in the
future as in the present
Congress, the Presi-.
will have to be raised either
one point
says that,
"under our Social Security by taxes or by the sale of the
System, a retired person re¬ obligations of the Treasury.
How much better it would
ceives cash benefits to help
dent
at
meet the basic cost of food,- have been had the President
shelter and clothing—benefits and all the others who talk
* to which he is entitled by rea¬ about the matter said simply
trustee, he must share in - a
three-quarters of one
per
are
plea, to
maximum of
percent
i
l:.t
expended in the various
projects of the Treasury over
of
son
the
contributions
that
he
shall
we
lay additional
all
those who are:
during his working
years." And a little later he liable for so-called social se¬
proceeds to say that he is curity taxes, .and in consid¬
eration of the fact that these
a
g a i n recommending "the
competitive enactment of a health in¬ taxpayers have made an addi¬
of depreciation. To be
a
b t
to
many
page
been
g individual has to pay. It is not
of allocated in any way, but isof the provider of used .for whatever
purpose
or
But to
tends
that
at. the
such services,
trust..
as
fact
the
individuals
helped in the clarification of these
problem
which
obscure
Exchange
Securities
Treasury,
preciation is taken on older build¬ swer is painfully simple — the
ings which have shorter economic emoluments to a promoter of a
life. It can also occur in situations
trust are not as extensive as they
where the cash down payments
are when, all things being equal,
on buildings are small and the re¬
a
syndicate is formed. The pro¬
payment of the mortgage is on an moter cannot be both trustee and
interest-only basis or the mort¬ independent contractor, which he
gage requires little repayment of most
handily can be in a limited
its principal. This slight disadvan¬
partnership. That is, he may be
tage is specious inasmuch as the both
general partner and he or
majority of the leaders in the his company can act as managing
industry
are
not
particulary agents. Secondly, his personal tax
charmed with ultra rapid depre¬
position is not as attractive. In
ciation of older properties because
a
trust he will receive ordinary
of the speed with which such de¬
income either as trustee or as the
preciation forces them to dispose independent contractor. While in
of the property.
a syndicate, if his "fee" is taken
The speedy depreciation ulti¬ as interests in profits, his income
mately causes taxable income on is subjected to the tax advantages
in its second full year
now
This event usually oc¬
extremely rapid de¬
new.
where
doubt
Thursday, March 8, 1962
.
:Continued from
1961, helped to pinpoint schemes
incorporating what
and clarify some of the areas of
used to be called charity in
hap--
rarely
returns)
however, in properties that
well capitalized and that are
are
Estate Investment Trust
Real
Act is
cash
actual
AS WE SEE IT
in No¬
.
vember of
(in excess of
loss
pens,
curs
Present Tax Position Under
to. own
example,
for
property in trust form and create
tax loss. The best that could be
partner¬
limited
as
disadvantages, too. It is not
some
Invest¬
Estate
Real
ment Funds in Washington
.
the
gross
made
taxes
p ro gr am for the
elderly under the Social Se¬
curity System. By this means
tional contribution to the gen¬
eral needs of the Treasury,
the cost of health services in
the proper
surance
on
the
government will — when
time arrives—pay
followed, such losses as may be syndications.
later years can be spread over these taxpayers certain bene¬
developed through fast deprecia¬
fits which, within limits, will
A Fine Investment
the working years."
tion usually
occur
only at the
Internal Revenue Service issues outset, and usually last for only
Opportunity
b e
proportionate
to
the
Again he says that "it
them, many syndicate managers a year or two. Additionally, while
amount
of special contribu¬
However, the investing public should be
emphasized that we
and others experienced in the mul¬ a speedy tax depreciation may be has
a fine investment opportunity
tions made by them fo the
tiple ownership field have been desirable for iq,particular property ; in a properly organized and man¬ are discussing a gap in our
hesitant to form real estate invest¬ when( this property is mixed witm,
self-financed contributory so¬ general, needs of the Treas¬
aged trust and it is the responsi*
ment trusts. Under the new Real the other properties
held.by':the •bility of the ethical real estate, cial insurance
system. These ury. The borrowingi-vpower;
Estate Investment Trust Act' Coii-'1 trust, it is highly improbable that
and the ta*ih'gnpbtftef"rdf WW
industry to provide'this.'"
are all insurance benefits
assets. This is somewhat less than
what is par for the course in realty
,
,
possible a tax loss in excess of actual cash
of the distributions could be developed.
owning
real
My original thoughts in early
gress endeavored to make
the
elimination
disadvantages
of
many
.of
estate in either corporate form or
the
in
1961 were that the most successful
limited
partnership form.
Initially, the trust may be worked
such
a
way
as
to virtually
guarantee its perpetuity as trus¬
tees may
name
their
own
would be those which
of
rate
therefore
eliminating
the
ending that trust business in the
of
event
borrow
to
the
of
monies from time to time
with
desirable
income-
upon
of
trust
and
the
holders.
trusts
be
number
Some
eventually
traded
the time
of
New
over-the-counter markets.
raise
trust
diversified
held
properties
posed
....
number
a
such
depreciation
producing
new
as
immediate
investor,
as
to the "blank check"
trust,
which
funds
properties.
of
the
merely
and
then
op¬
type
seeks
search
to
for
diversification
and
its
little
very
start
this
"mix" that could cost
We
properties
to
would
the
trust
be
most
certificate
'
is
much
as $20,000 in a series of
pur¬
chases in limited
partnerships.
partnerships
avoid
generate
are
the
some
still
a
now
do,
way
a
real
estate investment trust. While the
professionals who
ing the
new
.
the
trinsic
curtain
one
sponsored by the National As¬
is
values
of
experi¬
persons.
opens,
the
the in¬
properties
promise to
pay
Such would be
or
b
$4,800 to $5,200
a s
a
e;~
from
year.
.
Compulsory, of Course
general
on
No
is
Time will disclose
revenues
tails
involved."
A
less
we
Costly Fallacy
one
of
the
have been
reasons
so
.
more
de¬
from
says the man
the street—and apparently
gardless of whether it appears
to
in
to
trust
him
fund,
this
miraculous
the individual that his
terests
entry
were.
into
best
the
served
system.
in¬
by
The
"present value" of future lia¬
trust
bilities of the
fund is somehow able to prov i d e
enormously expensive
benefits to
already
preferable coverage in
.private industry and quite re¬
a
made
he
that
has
again to the "benefits"
provided by it. These pay¬
all
believed
he
that
free in years
and
are
President's
the
V
past to add again and again
ments
about:
Treasury
grow¬
ing out of the social security
'
great many peo¬ system and a half dozen other
ple without burden to any of .types of so-called insurance
select and operate them will
gov¬
ern
the
ultimate
value
of
the them. Now this trust fund is,
are
almost beyond measure.
shares. You may be sure the hold¬ of course, technically jn ex¬
One hardly has need to won¬
ings of any trust will be ultimately istence, but beyond that the
whether
the
Treasury
less said about it the better— der
examined by technically
compe¬
and
the
tent
realty personnel. Those trusts
wisdom
organized
of the
men
and" operated
this
was
and
mastered
a
feild
by
will
get-
...
but
;
•,
learned
certainly
by perhaps
unhappy
public.
easily
a
a
who
rich-quick promoters who thought
wise
the
trusts
underwrit¬
by
responsible
briefing conferences
as
are
operated
re-valuated
such
machinations
merely the
curtain that covers the stage
upon
which
must
be
sound
incomeproducing property, carefully se¬
Internal Revenue Service regula¬
tions have not become
final, the
from
Utopia, however, as the new Real
Estate investment Trust Law has
something occur
(1961) which
Very few ex¬
year
porations, have developed
corporate tax
"tax-free" in¬
long
seen
indeed.
perienced realty promoters and
especially those with multipleownership backgrounds, such as
syndicators or heads of realty cor¬
Tax-wise, nhe trust would do
the same things for the investor
that limited
have
curious
the
> With
respect to the new real
estate investment trust, the hulla¬
baloo - caused by the stock market
When
during the past
as
:
properties, and could
depreciation at the cost of
course,
of
market, and all the manipulations
of the corporate realty stocks, and
all the exchanging of limited
part¬
nership interests will not alter
this fact.
'*'j::j: ■'
.*■' 7:;. '■ ;yr '
and
could
vested. In
fact, for as little as $25
they could achieve the diversifi¬
All
of the real estate investment trust
and
of
to realize the true
patiently wait until such
enced
which
holders.
in¬
sold.
lected
beneficial
owners
cash
one
a
trust
such
represent
For
purchase
Ideally,
certificates
would
or
value
well selected
We
earnings
mum
all.
public must be told, how-
he must
of the
shopping centers,
apartment
houses, and office buildings, the
and
us
real estate is eventually refinanced
that the market value
the
of
come.
The
a
original trans¬
fers. However, the exchange type
of trust, even though it has its
disadvantages, has the major ad¬
could
the
on
at
the
of
extent
would be quoted in the less formal
is,
eligible for Social Security
advantages of owning real estate
for
that
publicly
years.
income
or
by
■
mately benefits
new
Exchange, some on the
American Exchange, while others
cation
administered
plans, but it is apparent that
the system would be compul¬
This
fallacious
idea" that sory just as is the social se¬
this gigantic social security curity system. That is to say
everyone who has income
program is financed by some
taxable under social security
sort of legerdemain, and with¬
laws would have to pay that
out burden or danger to the
much more taxes of this sort
general position of the Treas¬
—quite regardless of whether
ury of the country is doubt¬
exceeded
York Stock
have
nation will stand behind this
to
65 who is
nership, or real estate investment
trust,.: real estate is a long-term
investment, usually eight to 12
of
need
available
over
burden
vantage
the
be
ever, that no matter in what form
—that is, corporate, limited part¬
the
course, this would
the total cash worth
If
on
will
everyone
-
ously, the new investors would be
taking on potential capital gains to
Of
depend
probably
be taking
trusts
on a tax free basis, but
trust, although exchang¬
ing certificates at market value,
would necessarily have to carry
the properties on its books at their
then depreciated value. So, obvi¬
producing
properties
and
with
large numbers of investors could
larger
invest¬
exchanging
was
result of sadly paying
as ,a
the
through transfer agents, just
readily as stocks and bonds. It
entirely probable that shares in
the
real estate
a
that
which
in the future.
a very much
more
accurate
known names who are unoriented
way
of : ex¬
Railroad Retirement benefits.
and inexperienced in real estate,
They would be entirely self- plaining social security : in
you may count on Congressional
increase in general and also these new
indignation and action against the financed by an
entire industry. Surely those of us Social
Security contributions plans the President has made
to add health "insurance" to
who have earned a little in this of
one-quarter of• 1 % each on
field can put a little back in terms
the
load
the
system must
employers and employes, and
of slightly lesser incomes for the
carry.
'■
y/'
good of the industry, which ulti¬ by an increase in the maxi¬
heavy
be made
dled
certificate
of
trust
Congress gave, they can
If the stench grows
away.
investment trust certificates could
responsibilities, the
The transfer and mobility of the
certificates would be easily han¬
traded.
law.
new
which, in
truth, they had no right to shoul¬
der. The exchange of - a limited
partnership interest for real estate
the trustees.
be
or
corpo¬
future capital gain load
lenders looking at only the physi¬
cal assets of the trust and not
trusts
in
prior to the
properties would
meet
their personal
is
shares
ment
emergencies and such
borrowings
would
not
become
as
form
held
were
changes that the cash purchasers
in limited
trustees could
partners
partnerships,
mergers
Since that time, however, we have
concluded
with
respect to * ex¬
trustee's death. Unlike
a
general
are
existing limited partnerships
those which
succes¬
sors,
the
real estate investment trusts
new
in
What
take
be
dollar-
re-educated
or
perhaps
about
it
the
more
the better
said
provided
always, of course, the truth
is spoken and not the balder¬
dash that has been fed to the
public with such assiduity.
The truth
is, of
course,
that
the income of this "fund" has
will be able to meet all these
one
obligations, but
is
entitled
to
-
.certainly
be
troubled
about whether it will be able
to
do
so
without
serious
jury to the nation's fiscal
tem—with all that it
insys¬
implies.
Volume
195
Number 6140
.
.
i
The Commercial and Financial Chronicle
..
(1179)
STATE OF TRADE AND INDUSTRY
Continued from page 16
agents from
broad
a
ment,
fnetalworking' say they will
continue to lay in steel supplies
during the next three months.:
users
deferring
are
some
that March
w
cipally
from
service
In
automakers
-
t
centers. A
and
A.
,.
:
^ng may be out of the question ior.
;
In negotiations
Pittsburgh, producers of hot
rolled
down to
go
the
vanped by 23.9%.
Following
v
bars
$100,000
at
remained
279,
the
un-
same
in
as
aP~
28.7%
year
wjlen
agQ
357
0f,+|>is
size
succumbed,
American BookStratford Press
Common Offered
Wholesale
Food
J Shows
Price
Little
Index
Bear, Stearns & Co., New York
City, is manager of an underwrit-
Change
'in the past four weeks. On Mar.6
it was 2.8% lower than the $6.07
7
in
r
"
n?
will
tim wmpu^We day'last fear. ^
™i-A
!*ne
'houfnds of board feet" A the
indicated:
*-
weeks
holdersyand none^o/The'moceeds
STha™
snares
nave
139 500
io»,ouu
l0iai»
that
admit
"substantial"
some
***£ Ended iLrch
reasons.
_
215,67s
3, 1962
198>35~
w%,
cottonseed 'oil and
hogs/ These
increases offset dipping prices for
Dour barley, hams, bellies,
>
1961 Weeks
Volume
•
Y
181,321
A
^ompared
.
two
Were
under
changed
the- figures
are
they have wire, or if there eventually is a
adjust- '..-Strike, imported
ments in the March bookings.'.moving, into the
In the East, steelmakers report celerated
rate
Even conversion
233,352
that some customers have pushed* deals will not be out of the
ques^^l.^.^^^!:
March orders into April and April tion.
tonnage into May.
^
Steel Production Data for the
Orders have been trimmed for: ;
had
Stude-
„
setbacks,; prin-fApril and May. Inventory build-
and
2.2%.
Ike steel they need in the second regional associations. A year ago, straight*week^t^
ing group wnich is making the
quarter. But flat-rolled products the figure was 181,321,000 board Price Index
compiled by Dun & S 1? cnPU?J1C^ Sd
American
will be a different matter. For tne feet.
'
,r:
Bradstreet
Inc
edged fraction- Book*Sfratford Press, Inc., cornlate-comers, it will be a -difficult.
Compared with 1961-levels nut. Jit
an
2.
m.°P. _stock>. through the offering
shipment of mill products
will
climb
to
the
highest
level in two years
(7.4 million
tons or more),
S r.
In
Chicago
they arev already
concellations
and
Corp.
into holding off on their ^
Higher Than in 1961 Week
advance ordering.
Lumber shipments in the United
U late-comers are users of a States in tne week ended Feb. 24,
wide range of products—struc- totaled 233,362,000 board feet comturals, plates, wire, or tubular pared with 215,618,U00 in the prior
of
While
6.8%
Lumber Shipments
had been
users
Corp.
baker-Packaid
lulled
section
cross
steel
many
Motors
27
and lambs.
Leading of
75
Varirk
prunes hard-bound books including
^
^
]ndex represents the sum
t*1® Prjce per pound of
/
.
of
comnanv
St
Nir yo?k^ C§tv?';mannfi^ure4
sets
of encyclopedia and similar refbooks, adult and juvenile
f|cti0n, textbooks and other nonerence
revenue freight in ^al
week ended Feb- 24, which 91 ra™ foodstuffs and meats in fjcti0n, for book clubs and pubeHtntt
r/t
wlfir lncluded the Washington Birthday general use. It is not a cost-of- i|sher customers. For the first
dealer
inventories
with
sales, ->®*
*»' F ° 'iqro
9'Q«Tnnn holiday, totaled 511,040 cars, the Jlving index. Its chief function is 10 m0nths of 1961 the company
(Despite good sales in mid-Febru- f
7 J y
??
i
Association of American Railroads to show the general trend of food manufactured an average of apary,
inventories
climbed
from
^
2,405,- announced. This was a decrease Prlces at the wholesale level.
proximately 120,000 books each
944,000 cars on Feb; 1 to 998,000
toiw^ ( 129-1%) in the week 0f; 27,333 cars or 5.1% below the Wholesale Commodity Price Index business day, including the bindon Feb. 21.)
:
:
;
^
According
(1) Automakers have cut their
production schedules to balance
,,
.
g„
.
to
data
romnilpd
hv
t™
/
Tn
,
9
e
nnn
.
(2) Other
,
users
tVipir
at
that
..
•
,
w
/
n
/
,^ v*
™.
o
their March 3,
tVipir
am
•
this
year
through
91 407
unted to 21,437,
r..'A-,^ AT
through March 4, 1961.
The scrap market continued itsThe
decline last .week. nSteeVs price index
Institute concludes with
of Ingot Production,, by
Districts for week ended March 3,
1962, as follows:
composite on steelmaking scrap
eased $1.50 a gross ton to $34.17,
despite a moderate purchase by
a Japanese cartel for second
quar¬
ter delivery.
PWeek Ended
Week Endedrk
Labor
As
Contract
Abruptly Recess
The steel
.
;
sumed
a
new
\
^
inventory buildup
Youngstown
re-
sense
of urgency;
Detroit
The li on
v'
*
steel
negotiations [scneduled to
-
reports] forced steel users
into quick evaluation of their in-;
.A
Western
cars
(which
week's
was
-
were
over-all
increase
an
14.8%
.
of
cor-
;
above
>
,
loadings
weeks
seven
the
;
.
Cumulative piggyback
of
1962
of
"
14,292
cars
20.7%
or
cars
There
were
19.2%
or
126.7
above
the
on
5—
ing
,.
,
continued
.
decline
nnshpH
nripps
,
.
customers
—--A-J
printed
those
cfpnprai
sc£aP Pri°es pushed the general
number
..
S? Hi*? through acquisition
Sports PDun S&C Bradltrelt,
e start o
w^ek
March 5
Mondav
272:2$'fFdm 27114^ bh
the
day of the prior week and
same
from 270:17° a-year ago.
;
-
:
Retail
the
purchases
week
bogged
ended
Washington's
Common Offered
Feb.
Birthday
down
28
Bub^n' Bfnne.rt
Clty' 1S °ffermg 200,000
Tidewater
shares of
York
common
wx
This
Inc. at $5 per share.
the
is
first public offerin the New Hyde
Island,
wholesale
ing of stock
Park,
Long
Consumer Buying
in
of Duenewald-
Tidewater Lumber
-^tmiber Co
-o
;
Inclement Weather Slows
.
_
the Dailv
Wholesale Commodity Price Index
edged td
,
Monday of
on
KSeS'S stert'oi
q
^
_
Konecky Lithographers, Inc.
this week in several commodities
this
t—
by others.
approxi-mately 200 and include many well
known publishers in the United
states.
Recently it entered the
color
offset .lithographic
field
steel
in
thp
-*
of
Its
Dipping
as
lumber company.
■
Tidewater plans to
provide its 50%
lost "" the
.
use
proceeds
ow^ned
sub—
'
-
*in«iex. of production based
After
,
The
above the
corresponding period of 1961, and
"
Totah
rr>u
ran
totaled 83,288 cars for an increase
107
Up
To Low for Year
However, advances
22.7% above the
or
13,418
ventory plans. The inevitable resuit is a rush to get on .the books
•
This
for the first
—Ali8
,
:
that
1960 week.
press
■
reported
cars
17, 1962
in
cars or
1,585
LA 126
Southern
•
12,3°4
--
-
; •St/Loui^l>-A.^ AT 128
resume
early in May, according to current
were
^
133:
Cincinnati
>
r
-
160
___
9.1%
or
ta^ers^(piggyback) hiftheyweek
2,276
'
151
Chicago
*
labor o
i
132
...
There
total).
: I:
r
119
:
Cleveland
■
again tnis week, but with
Age reports. ■
1 ;
C The
breakoff
of
126
---
42,558",cars
Edges
in-
an
week in
1961, but a decrease of 42,842 cars
or 7.7% below the corresponding
week ..in, I960..-I A
;•
included
117
Buffalo
Pittsburgh • _I__
■?;
Talks
crease,of
ended Feb.
March 3,1962
North East Coast__
Steel Inventory Buildup Resumed
preceding week.
The loadings represented
inci6 ?boye the corresponding
,
the period
overstocked.
v
A*
Production
have discovered
rwArpctimntPfi
they;; overestimated
and
are
fast
becoming
needs
+
,
average
58 Class I U. S. rail-
road systems
trade"dipped
an retail
originating this typer:year's
level.
Buying
below last
women's
of
Co., Inc., with additional working
capital,
and
to
repay
a
$400,000
W€ek,y prodl,ctlon 'or is51-?9->traffic in this year's week com- wear slackened '.although
the debt.
June.
•;
Electric Oiitmit 14% His-hcr Than
Pared with 56 one year ago and holiday helped men's furnishings
Unaudited income from sales in
A For many users, this will be too
v
Jn^sei We^
^ ^ v^: 51 in the corresP°nding week in and children's apparel. Mild de- the six months ended Dec. ,31,
late to have a satisfactory inven- : °
^;1960;!A-,'.v:>'AAn::':clines were registered in home 19-1, was $5,198,610 compared
tory of steel by the end of June.-V'.®
/:
> V
goods activity in most areas, and with $2,092,237 in the similar 1960
Tne
for
large
tonnages
for?-May
and
w
•
..
.
-
i
-
points 7 out ;- that dls^1buted'by^the. electric light.; -^Volume of Intercity Truck
now will be for aPd P^wet mdustry for tr.e week .Tonnage 8.3% Higher Than in;
May delivery for the critical mill
was ^ j;: v ;>;?;^1961 Week
,
w,
products. 'With March and April • ^timatea at 16,514,000,000 kwn.,, ;
jntercity truck tonnage in the
books already full for most flat^■
..to the-iF-dtson jLlectric wee^ ended Feb. 24,, was 8.3%
rolled products, this leaves only -*
T_was^4U4,U0U,UOU ahead of the volume in the cor-May and June for added accumuthat of the previous, responding week of 1961, the
.lation of steel.
:
J
American Trucking Associations
.*■^
Th e
national > metalworking
/iu + * vi
'
7n
announced. Truck tonnage was
•weekly noces that most of the big above that of the. comparable 19ol 4 3% behind the volume for the
: ; users had not abandoned plans for
week.
previous week of this year.
}
a
big buildup of stocks. Even at
outuut in First Quarter to1
Observance of the Washington
;
the height of the optimism that
Volume in 1961 Period
Birthday holiday by many busiprevailed through most of the
^xceett volume m^l9bl,period
nesses contributed to the week-toBy 1.5 Times
short
negotiation
period,
they
*; week
decrease
as
did
adverse
held to tueir plans. .
' - •
%
The nation's
auto^ industry so weather conditions at a number
These users had their require- L>r in
1962 is producing 'about of p0ints>
;°
ments
pretty well blocked; out 9,600 ^ more ; passefrger cars
per
through the first half. There had working day than it did in 1961,
AV®=e nnaings are oasea on tne
been some cancellations and set- Ward's Automotive- Reports said
-
magazine
-tonnage: placed
■
,
^w^above
•
i
_
,
^
ucutniJC
ai3
,
w
^
^uS'S'0I^arf tf«"
^
:-AwT
•line,, with, current,-needs, such as,,
-The statistical agency said that
some
autoproduction schedule February output of 535,797 cars
changes, rather than changes in. was a rise of 47% - over 364,385
inventory plans.
units
assembled
in
the
same
..
.
For
not
month
only
did
change their own
kept the pressure on
output
1961.
was
automakers
not
but
nort
F.ronomif";
Thp
rpnort
tonnage hanXri
than
490
truck
terminals
„._K"ck;/r™LnaIs,
_
length of .time
i
51.1% higher tnan
HiS^^i^^^r?1 car
is also slated for
m
tail
^
higher than
mercial
o
relatively
and
from
varied
com-
failures
of
,
May
through
v
,
to
..meet
,,
-
.
their
,
September.
expected to add
million
2.4
tons
a
conserva-
of
steel
m
ended March
ouiit
meir
mmion
tons.,
In the
over
a
"
own
st®el?aal^ers. Uvehad
stocks up to
...
^
recent
wave
year.
>
-
of
was
estimated
by
the
reporting service at 138,611
units,
a
slight
increase
from
134,617 cars turned out the pre.pious uferek. In the corresponding
,
the first three months of this year.- session
?n..,a^1.
-
,
Factory production in the week
buildup, or plans for a
buildup, were well underway at
the end of February. Steel users
tive
.
needs, the, period last
The
were
j
.
were
Of
last
V^ur, only 92,024 cars
assembled.
the
General
recent
Motors
week's
i '
output,
accounted
for
optimism 55.2%;
Ford Motor Co. 26.5%;
possible early steel settle--Chrysler Corp. 9.3%; American
the preceding week, reports Dun
Bradstreet, Inc. Considerably
&
fewer concerns failed than
ago
when the toll
corresponding
was
a
year
408 in the
week.
However,
casualties remained slightly above
the
299
above
in
the
1960
and
pre-war
22%
ran
level
comparable
of
254
in the similar week of 1939.
Failures involving liabilities in
170111111011
1
*
Frank
Karasik
&
Co.,
--
Inc., New
1961 levels by the following per- York City, has announced the
centages: New England —18 to initial public sale of common
-—14; Middle Atlantic —10 to —6; stock of Technibilt Corp. through
East North Central —7 to —3; the offering of 150,000 shares, at
West North Central —5 to —1; $4 per share.
East South Central —1 to +3;
Headquartered in Glendale, Cal.,
Mountain 0 to +4; South Atlantic the
company
principally msnu+2 to g; Wegt South Central +5 factures and distributes shopping
to-4-9; Pacific +8 to +12.
carts and related products for use
.
Nationwide Department Store
«:a!p«
riown
9%
From
I9fii
Wpck
•fe,^^ark^e ° con^any ^
businesses. The company ^ s
rf
5
manufactures industrial hand ing
Department store sales on a equipment for transporting elec.
.
,
instrumentation
tronic
and
other
Feder^^se^e^s ior wholly
reporiea a z /0_ aecrease in- g^^pm^gd^o
owned
compared with the like period in
17,
For
over
the week
ended
Feb.
sales
were
higher by
6%
the corresponding 1961 week,
sales
•
,,
;]4-
JLGCllIllDlluV OOfD.
Bradstreet, Inc. Regional estimates
'U
m_
according
year,
-week
„
re-
to spot-estimates collected by Dun
1961.
even,
industrial-
last
under
lower to 1%
3%
from
was
country-wide basis as taken fr9m
Ended March 1
'
Holding
trade in the week
view
•
pr?"':
tr
ram
Business Failures Steady in Week
sub-
a
of
remained dull. Car sales, months. Net income for the 1961:
however, continue to:z gain Sub- months *- Was ^ $92,959, "equal
to
stantially from the comparable 29 cent's a common share, comperiod a year ago.
;
* • ;
pared with $57,790, or 18 cents,
The total dollar volume of re-'' °.
^;
v/r °v,a
,frei®ht the
/
after the June!30. duction
rp-
mo?e
at
of
example,
plans,
P^tment of Research and Trans-
linens
over
the
period
ended
advanced
4%
^or
subsidiaries
tunc
shopping
equipment and
as
an
electro-plating
operation
with
the
majority of ' its work
directed to chrome-plating corn-
facility
servicing
similar
carts
and
pany
products.
corresponding period in
Birely Opens Branch
1961.
According
to
saje(,
in
week
Federal
Citv
York
New
ended
the
department
System
serve
Feb
24
for
For the week ended Feb
l961.
17
registered'
of 3% was
a
ST>
MICHAELS,
de-
when
Md. —Birely
&
Company has opened a branch of-
tt
the
5%
were
beTow tof samf period fn
crease
Re-
store
Clr
Rnildiri?
fmHor fhP ^na^ment oflCdward
^der the management of Edward
^onKlul»
*
a.
i7J,A,ai.Je
vju
D„.nrL
tdwardS orancn
$100,000 edged to 32
from 30 a week earlier but were
off sharply from 51 of this size
week in
1961. For the four weeks ending
CRESTWOOD, <Mo.
Feb.
was
wards & Sons has opened a branch
comparable
office at 27 Crestwood Plaza under
last
period in 1961.
excess
of
year.
Casualties
with
losses
compared with the
24,
reported
1962,
a
same
gain of 3%
the
above
"
—
A.
G.
Ed-
the management of Paul M. Shatz.
>
28
The Commercial and Financial Chronicle
(1180)
Indications of Current
Business Activity
week
or
or
steel
Equivalent to—
Steel ingots and castings
42
(net tons)
Mar. 3
output
Kerosene
output
Distillate
fuel
oil
fuel
Residual
oil
i
oil
Residual fuel
7,171,360
7,471,060
8,582,000
8,519,000
8,376,000
29,417,000
3,568,000
INCORPORATIONS
16,074,000
15,725,000
3,811,000
14,800,000
3,599,000
15,879,000
STATES—DUN
INC.—Month
of
(NEW)
&
IN
Previous
Year
Month
Ago
THE
BRADSTREET,
January.—
13,343
*14,802
16,350
$1,065,400
$2,750,500
$1,003,200
$1,806,000
$1,501,000
$1,360,000
CASH DIVIDENDS—PUBLICLY
REPORTED BY
U.
S.
CORPORATIONS—U. S. DEPT. OF
COMMERCE—Month of January:
28,794,000
(000's
omitted)
.
2,764,000
Feb. 23
6,009,000
6,488,000
6,615,000
Feb. 23
Feb. 23
213,528,000
206,491,000
CIVIL ENGINEERING
ENGINEERING
6,933,000
217,111,000
221,098,000
of
.*
25,638,000
26,036,000
27,110,000
106,484,000
122,610,000
43,147,000
40,544,000
40,539,000
43,492,000
Feb. 24
(no. of cars)__Feb. 24
511,040
538,373
532,955
468,482
502,200
512,927
508,187
U.
S.
Private
96,716,000
NEWS
RECORD —Month
construction
construction
Public
1,016,000
Federal
613,000
661,000
municipal
797,000
613,000
525,000
129,000
and
704,000
790,000
construction
State
475,059
CONSTRUCTION-
February (000's omitted):
Total
23,805,000
101,955,000
——^—— Feb. 23
(bbls.)
BUSINESS
UNITED
30,313,000
at—~— Feb. 23at
(bbls.)
oil
1,580,000
lines—
at...—1
(bbls.)
fuel
2,446,000
7,449,760
8,755,000
Feb. 23
Stocks at refineries, bulk terminals, in transit, in pipe
Finished and unfinished gasoline (bbls.) at
Kerosene
2,361,000
2,405,000
7,420,110
of that date:
are as
Month
54.0
30,097,000
FeP'
of quotation^
cases
Ago
83.5
Feb. 23
23
(bbls.)
average
output (bbls.)
output (bbls.)
Distillate
Ago
.....
(bbls.)
(bbls.)
in
or,
Latest
23
stills—daily
to
runs
Gasoline
that date,
on
82.5
(bbls. of
output—daily average
each)
gallons
Crude
Week
«
condensate
and
oil
Thursday, March 8, 1962
Year
Month
81.0
Mar. 3
PETROLEUM INSTITUTE:
AMERICAN
Crude
capacity)
cent
(per
operations
Previous
Week
STEEL INSTITUTE:
IRON AND
.
cover production and other
figures for the
Dates shown in first column are either for
the
month available.
month ended
Latest
Indicated
t
The following statistical tabulations
latest week
AMERICAN
.
184,000
88,000
ASSOCIATION OF AMERICAN RAILROADS:
freight loaded (number of cars)
Revenue freight received from connections
Revenue
NEWS-RECORD:
Total U.
and
Federal
Bituminous
231,700,000
179,300,000
244,600,000
156,600,000
285,400,000
161,000,000
109,000,000
264,500,000
117,400,000
47,600,000
20,900,000
43,600,000
8,000,000
*8,230,000
335,000
8,225,000
435,000
6,849,000
389,000
Mar.
1
206,700,000
1
131,600,000
Mar.
1
75,100,000
Feb. 24
.___—Feb. 24
$388,300,000
$381,700,000
175,000,000
—.
.—————
municipal
__
COAL OUTPUT
—
Linters—Consumed, month
Stocks—December
Cotton
and
lignite
anthracite
SERVE
(tons)
(tons)
:
664,095
Dec. 30___
of
December
STORE
726,023
130,127
*117,644
SALES—FEDERAL
*600,125
17,295,000
17,471,400
151
30
523,004
17,181,000
150
145
113
Dec.
SYSTEM—1947-49 Average
February:
Month
1,511,708
12,010,486
559,000
of
as
114
109
RE¬
100—
=
of
Adjusted for seasonal variation
445,000
875,443
1,711,864
10,730,061
1,794,720
11,719,825
108,656
30
spindles active
DEPARTMENT
(U. S. BUREAU OF MINES):
coal
Pennsylvania
OF
—
Consumed, month of December..
In consuming establishments
as of
public storage as of Dec. 30
$405,600,000
l
1
—-
———.——
.
construction..
State
$464,700,000
Mar.
Mar.
„—______
construction
Public
LINTERS
In
•
:-
Mar.
construction
S.
Private
f.r;
■
•
AND
DEPARTMENT
COMMERCE—RUNNING BALES:
CONSTRUCTION—ENGINEERING
ENGINEERING
CIVIL
COTTON
747,000
Without
seasonal
....
adjustment
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
ELECTRIC
EDISON
Electric
FAILURES
AVERAGE=100
BRADSTREET,
INDUSTRIAL)
AND
(E.
copper—
>
Lead
(St.
JZinc
York)
Zinc
Louis)
Straits
tin
MOODY'S
—._
309
345
408
9.500c
Utilities
EMPLOYMENT
27.725c
10.000c
.
11.000c
9.300c
9.300c
9.800c
12.500c
12.500c
12.500c
All
24.000c
|
86.43
89.13
86.11
88.13
89.92
92.79
88.13
88.13
90.77
85.85
85.59
87.59
81.29
83.53
83.91
83.40
6
87.18
87.18
87.32
88.07
88.13
87.86
■
3.97
6
4.68
4.68
4.70
4.41
4.42
4.42
4.22
Unfilled
1949
6
5.06
5.04
5.08
6
4.90
4.87
4.91
4.62
.4.61
4.55
4.57
4.41
6
368.8
365.7
373.1
Feb. 24
353,540
331,537
331,122
345,363
345,837
305,151
at
DRUG
REPORTER
of
Feb. 24
period
PRICE
96
460,067
FOR
96
••
464,077
455,418
89
Silver
110.31
110.62
ACCOUNT
OF
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stocks in which
registered—
purchases
Feb.
2,606,750
520,220
2,580,870
9
Feb.
9
2,220,550
9
2,740,770
sales
sales
transactions
Total
initiated
off
the
Other
Other
the
on
sales
382,760
530,340
18,600
31,300
39,310
53,700
9
296,960
264,610
407,235
405,830
round-lot
~
1
transactions
purchases
Other
for
of
account
315,560
295,910
446,545
459,530
Bismuth
9
Feb.
9
1,158,420
9
1,289,620
131,200
•
884,198
73,720
1,002,233
178,250
1,011,174
1,076,003
969,882
1,101,332
954,752
1,189,424
9
3,816,310
4,904,732
3,806,316
678,210
4,146,018
670,020
4,052,588
939,390
4,098,504
where
3,541,332
—I Feb.
9
3,345,950
4,219,542
4,593,038
5,037,894
session
"III
other
sales
Feb.
2,046,060
2,041,422
2,275,155
2,363,116
Feb.
$106,222,899
$116,188,056
$130,429,979
$118,942,380
1,905,241
1,921,264
2,493,142
1,941,880..
13,674
21,169
21,701
1,884,072
1,899,563
Feb.
$95,631,256
$100,606,739
$106,060,254
2,481,901
$116,733,341
551,390
550,238
IIIIIIII Feb.
"of sharesIIIIIII Feb!
sales
Other
sales
REAL
771,270
All
55L390
510!870
680,270
696,650
837,060
V
77L276
Meats
All
trim
told
nnelSMlf^UIe't
delivered basis
on
farm
834,090
902,480
706,220
18,629,240
18,459,020
18,525,503
24.000c
24.000c
26.000c
22.875c
23.250c
23.250c
81.250c
$2.25
$2.25
$2.25
$82,000
$82,000
$82,000
$1.61667
$1.60000
'$1.50000
$1.71667
$1.70000
$1.60000
32.590c
29.000c
i
19,361,500
19,231,723
23,955,940
74.000c
East
St.
Louis
.—
exceeds
0.5c.
AVERAGE
**F.o.b.
Fort
per
Colburn,
3.02
__________
Amer,
Tel.
& Tel.)
(24I.¬
;
•
duty
•'■ '
3.04
4.79
'
4.77
2.93
3.21
2.81
,r
2.94
3.15
4.9.9
3.33
.
3.51
2.13
FINANCING
U.
S.
loan
—
of
2.50
3.03
3.22
$1,131,839
$1,209,130
$961,106
NONFARM
IN
HOME
Dec.
2.20
2.99
__.—.__
OF
and
S.
?%:
YIELD—100
:
incl.
U.
long ton at morning
,
of February:
—
(10)
LOAN
(000's
BANK
omitted):
associations
—
companies
trust companies
96,133
1;
95,440
439,562
360,793
156,056
173,116
285,421
— _—
97,256
399,167
savings banks
295,426
131',• 876
300,528
510,740
488,319
$2,753,615
$2,338,062
33,910
lending institutions
539,125
$2,579,356
33,760
33,390
TIN—CONSUMPTION OF PRIMARY AND SEC¬
ONDARY
119.1
119.3
119.5
119.8
88.8
89.3
88.9
88.5
Feb. 27
109.3
109.1
109.7
109.9
95.0
94.9
95.7
127.4
127.5
127.8
Introduction of Monthly Investment Plan.
Louis exceeds one-half cent
a
pound.
fPrime Western Zinc
THE
UNITED
of
STATES
December
in
beginning
of
period
8.895
Stocks
at
end
of
Total processed
Intercompany
Consumed
Primary
Secondary
in
1
scrap
38,690
33,910
33,485
6,540
7,000
5,210
5,115
200
!_
120
200
6,340
transactions
manufacturing
1
40,910
36,265
period.:
7,150
42,805
L
Supply
128.2
where freight from East St.
IN
MINES—Month
Receipts
96.7
-Feb. 27
TIN
OF
long tons):
Stocks
Feb. 27
Feb. 27
II
foods
—_
22,782,180
19,463,330
II!
°* orders not reported since
centers
29.500c
Total
1,173,760
\
at
33.000c
STOCKS—Month
ESTATE
(in
and
from
Miscellaneous
Feb.- 27
than
36.250c
32.500c
33.000c
(25)
BUREAU
;
other
36.250c
Insurance
OF
...—_,
commodities
$35,000
$208,056
32.500c
Individuals
IIII
foods
101.042c
$35,000
$190,000
pound)
Banks and
631,940
IIIIII
products
120.318c
$35,000
pound)
pound)
(200)
Savings
'v
550~238
'
Feb
~I
S. DEPT.
commodities
Farm
79.625d
$2.79991
$191,500
(per
BOARD—Month
—
Processed
(per
(per
(125)
AREAS
510,870.
peb
IIIIII
U.
91.375c
87.080d ,*
$2.81096
121.076c
.
(15)
Mutual
Feb.
sales
»85.363d
$2.81458
pound)
(not
Average
ROUND-LOT STOCK SALES ON THE N. Y.
STOCK
EXCHANGE AND ROUND-LOT
STOCK TRANSACTIONS
FOR ACCOUNT OF MEMBERS
(SHARES):
Total round-lot sales—
Total
ounce)
(check 1
WEIGHTED
Insurance
TOTAL
WHOLESALE PRICES, NEW SERIES
LABOR
(1947-49=100)1
Commodity Group—
£81.966
ttAverage of daily mean and bid and ask quotations
Metal Exchange.
' ;;;;
• ■
Utilities
Feb.
_
6hort
£71.443
104.284c
Londcn
of
Railroads
11,241
1,928,206
of
by dealers—Number
freight
included,
COMMON
by dealers—
shares—Total sales
sales
sales
11.500c
12.000C
£82.763
£69.534
refined
Industrials
Feb.
HI
sales
(per
MOODY'S
Feb.
value
Round-lot purchases
540,450
Feb.
Other
12.000c
12.500c
£70.213
102.472c
grade ingot weighted average (per lb.)
grade primary pig export
Banks
II
Short
12.000c
12.500c
.
Feb.
sales
Customers'
£66.300
$1.50000
$1.50000
$1150000
*Rev'ised figure.
tEstimated totals based on reports from companies accounting for
96%
of primary, 95%- of secondary tin consumption in 1957 and 97%
of total stocks
end of 1957.
UDomestic five tons or more but less than carload lot boxed.
§§Delivered
3,675,930
purchases by dealers (customers' sales)—~
Number of orders—customers' total
sales
Number
943,986
131,450
9
_
value
Odd-lot
short
£60.290
£68.784
(per pound)
1
Cadmium (per pound, delivered ton lots)
(Per pound, small lots)
Cobalt, 97% grade (per pound)
9
STOCK TRANSACTIONS FOR ODD-LOT
ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N.
*.
STOCK
EXCHANGE — SECURITIES EXCHANGE
COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t
Number of shares
Dollar
887,290
Feb.
I
Customers'
boxed
Platinum,
9
Feb.
1
sales
Round-lot
99%
99%
~~ Feb.
sales
Dollar
281,460.
members—
j
sales
10.800c
£65,334
£59.334
:
**Nickel
9
322,270
Feb.
i
sales
Short
11.000c
9.834c
£59,102
81.250c
9
Feb.
Other
Total
York,
9
Feb.
sales
(per
boxed
floor—
purchases
Total
bulk
Laredo,
ilNew
Feb.
initiated
10.034c
9.383c
Aluminum—
;
transactions
Total
Laredo,
3,388,940
Feb.
Short
Total
2,681,500
3,070,490
Feb.
sales
Total
9.583c
U. S. price)
(per flask of 76 pounds).
2,822,300
'1
sales
£224.550
Antimony—
Feb.
,
sales
__
Total
£230.545
£58,678
ounce
2,306,840
707,440
£234.306
ounce)
(per
Straits
York
(per
3,419,640
floor—
purchases__-.______
Short
New
York
2,879,060
427,420
2,643,070
515,460
27.040c
£223.619
(
Exchange
Quicksilver
Feb.
Other
Total
London
Gold
9
28.600c
28.060c
£230.449
Sterling Exchange—
New
Tin,
Feb.
sales
Other
and
Sterling
Total
30.600c
28.620c
Louis
Silver,
111.80
115.30
Transactions
Short
St.
Silver,
2
27,690
(£235.031
>
(per pound)
delivered (per pound)
ttLondon, prompt (per long ton)
ttLondon, three months (per long ton)
399,320
.
.
30.600c
■.
§§Prime Western,
INDEX—
Mar'.
TRANSACTIONS
95
,
pound)
*
•
East
Feb. 24
(per
prompt
New York (per pound)
Common, East St. Louis (per pound)
Zinc—
1
refinery
refinery
Common,
314,694
354,730
*31,210
QUOTATIONS)—
ttLondon, prompt (per long ton)
t+Three months, London (per
long ton)
367.4
Feb. 24
J.
M.
&
$54,070
Lead—
4.45
4.54
Domestic
ttLondon,
4.79
4.62
Mar.
23,190
*$55,190'
31,250
(E.
(per pound)
(per long ton)..
ttThree months, London (per
long ton)
5.03
6
i
(tons)
$55,950
Export
4.59
ASSOCIATION:
end
$30,880
2!),960
Copper—
4.36
4.74
6
_
AVERAGE=1U0__
ROUND-LOT
4.55
4.72
Mar,
-
activity
orders
4.55
Mar.
___——
(tons)
(tons)
OIL, PAINT AND
4.54
4.72
Mar.
:
____•
of
*$31,230
dollars):
February:
4.55
6 \
Mar.
of
Sales
3.66
4.08
3.94
6
Mar.
Mar.
,
&
(millions
|
METAL PRICES
Baa
received
January
90.06
6
.!
INDEX
of
Total
89.51
6
Month
84.94
Mar.
.
6
Percentage
$31,830
SALES—
81.90
'
Mar.
PAPERBOARD
7,066,000
Nondurables
81.78
:
81.54
6
Orders
8,867,000
*7,257,000
24,120
Durables
85.85
—
Production
15,933,000
*9,303,000
7,141,000
...
Inventories—
'
•
NATIONAL
*16,560,000
9,222,000
goods
MANUFACTURERS' INVENTORIES
87.56
6
Mar.
Group
COMMODITY
goods
Nondurable
89.92
6
Mar.
____
....
MOODY'S
98.9
avge. = 100)—
manufacturing
Durable
101.875c
86.38
86.38
Mar.
,
■
Group.
Group
goods _;
indexes (1957-59
99.06
87.40
Mar.
,
;
corporate
Railroad
5,291,000
*112.2
of
workers.)
goods
88.27;
-
.
.
__
Public Utilities Group—
Industrials Group
,
6,449,000
*5,460,000
16,363,000
(production
of employees in manufac¬
turing industries—
26.000c
120.000c
24.000c
121.375c
—Mar. 6
Mar. 6
—
___
Aaa
11,740,000
*6,853,000
DEPT.
manufacturing
All
11.500c
12.000c
12.000c
12.000c
24.000c
121.000c
S.
SERIES—Month
Estimated number
12.000c
Feb. 28
PAYROLLS—U.
REVISED
manufacturing
Payroll
10.800c
Feb. 28
Feb. 28
AND
LABOR
Nondurable
28.600c
28.625c
9.500c
—Feb. 28
—
MOODY'S BOND YIELD DAILY AVERAGES:
U; S. Government Bonds
Average
30.600c
28.650c
_
_
Group______
*12,313,000
6,769,000
5,351,000
January:
28.625c
-
__
Public
OF
$34.50
30.600c
-——
P
.
58,665,885
12,120,000
at Dec. 31
AVERAGES:
——.___
Industrials
$66.44
Feb. 28
«
'
Aa
Railroad
6.196c
$66.44
$36.83
6.196c
30.600c
_j._—Mar.. 6
!
Mar. 6
-
6.196C
$66.44
$34.83
6.196c
—Feb. 28
^
-
corporate
$975,024
59,869,782
57,491,067
of
...
customers
60,121,124,
$1,008,969
59,920,197
customers—Moinh
62,103,824
$1,038,410
108.5
ultimate
Number of ultimate
$66.44
Feb. 28
Feb. 28
s
at
from
Durable
_____
(primary pig, 99.5%) at
(New York) at
A
Revenue
$33.17
Feb. 26
Feb. 26
Feb. 26
;
______
_
INSTITUTE—
sales to ultimate consumers—
of December (000's omitted)
December
—:
*
at
ELECTRIC
Month
All
;
-
Aaa
Baa
1
311
EDISON
'
.
at—
PRICES DAILY
S. Government Bonds—
U.
—
——
BOND
Average
14,487,000
.
————'—————
at
(East St. Louis)
Aluminum
;
at
(delivered)
122
16,440,000
&
Mar.
t
refinery
refinery at
(New
117
16,110,000
M. 3. QUOTATIONS):
&
Domestic
Lead
DUN
—
INC.
Finished steel (per lb.)
Pig iron (per gross ton)
Scrap steel (pei: gross ton).;
Export
Mar.
—
IRON AGE COMPOSITE PRICES:
Electrolytic
122
16,514,000
Kilowatt-hour
kwh.)
000
(COMMERCIAL
METAL PRICES
119
3
-Feb. 24
INSTITUTE:
(in
output
6,880
4,915
3,990
2,350
4,460
2,420
2,845
2,070
1
Volume
195
Number
6140
.
.
.
The Commercial and Financial Chronicle
(1181)
Securities
Now
* INDICATES
in
Registration
stockholders.
men's and
NOTE
—
Because of the large number of issues
with
high degree of
The dates shown
the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
a
the
accuracy.
Air
index and Jin
Packaging Corp.
Feb. 28, 1962 filed
80,000^ common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y.\
Electronic
Products
Co*
July 17, 1961 filed 155,000 class A
Business
n;
Price-T$2.
Manufacture of transformers for electronic
electrical equipment. Proceeds—For relocating to
and
equipping
a
terial. Proceeds
new
For
Alaska
All
in the general contracting business. Proceeds—•
Office—St. Petersburg,
Fla. Underwriter—B. C.
Malloy, Inc., St. Petersburg.
For general corporate
purposes.
it Amerada Properties Trust.
V
28, 1962 filed 112,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
,
Feb.
Proceeds—For
—6363
Price—$2.50.
working capital. Office
American
—
Admiral Automotive
Products, Inc.
ma¬
July
11608
properties.
^ Admiral Business Systems, Inc.
1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
additional sales
personnel, moving
and
other corporate purposes. Office—233 W. 42nd
St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y.
The
Corp.
100,000 common shares. Price—$5.
importation and distribution of Italian
marble and mosaic
tiles.
Proceeds
—
Aerodyne Controls Corp.
29, 1962 ("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the
missile, rockets and aircraft
industries.
Proceeds—For equipment, debt
repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co., N. Y.
^
working capital.
Office—522 W. 29th St., N. Y.
Under¬
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common. Price—$4.25. Busi¬
ness—Manufacture of aluminum and fiberglass awnings
aluminum
doors.
Y0DR PRIME SOURCE FOR
Proceeds
Pittsburgh, Pa.
-
SOLD
windows
and
acquisition, debt repayment
Office—5007 Lytle St.,
Underwriter—First Madison Corp., N. Y.
—
an
Capital Corp.
(3/19-23)
Underwriter—Allen &
,
First
Arrin
for Banks, Brokers, Institutions
Co., N. Y.
* Allied Doll & Toy Corp.
Feb. 27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture
QUOTED
and
sale
of
dolls.
Proceeds—For
equip¬
advertising, and working capital. Office — 4116
Ave., Brooklyn, N. Y. Underwriter — Theodore
& Co., Inc., N. Y.
••
v
■ v
Allied
Entertainment Corp. of America,
Inc.
Jan. 23, 1962
Sidney, d SJJEGEL,
F*
'(j'f-., tfyic.
-
Dlgby 4-2370
Teletype No. N.Y. 1-5237
r
Direct Wire to
Holton, Henderson & Co., Los Angeles
("Reg. A") 125,000 common.
Price — $2.
Business—Music publishing; the manufacture and distri¬
bution of phonograph
records, and the development and
production of TV jingles. Proceeds—For debt repayment
and working capital. Office—9171 Wilshire
Blvd., Bev¬
erly Hills, Calif. Underwriter
Ellis Securities, Inc.,
Great Neck, N. Y.
—
39 Broadway, New York 6, N. Y.
corporate
pur¬
Proceeds—For general corporate
purposes.
Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
American Development Corp.
-
Nov.
29, 1961 filed 60,000 common. Price—$6. Business
—Development and sale of vacant land. Proceeds—Debt
repayment and other corporate purposes. Office—1068
Broad St., Newark, N. J. Underwriter—To be named.
American
Diversified, Inc.
Dec. 21, 1961 filed 110,000 common. Price—$7.50. Busi¬
ness—A holding company whose three subsidiaries are
Alloys & Chemicals Corp.
Dec. 27, 1961 filed 225,000 common.
life insurance
and
loan
a
and
company, a broker-dealer-underwriter,
finance company.
Proceeds—For gen¬
eral corporate purposes. Office—930 Grant St., Denver.
Underwriter—Nation-Wide Underwriters, Inc., Denver
(a subsidiary).
American
April
<
21,
.
Finance
1961
filed
:
' ^
Co., Inc.
$,500,000 of
6%
convertible
ordinated debentures due 1971; 75,000 shares of
sub¬
common
stock, and 25,000 common stock purchase warrants to
be offered for public sale in units
consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries
primarily engaged in the automobile sale fi¬
are
le nance
business. One additional
subsidiary is
a
Maryland
savings and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬
bentures, and capital funds. Office — 1472 Broadway,
Y. Underwriter—Myron A. Lomasney &
Co., N. Y.
N.
Note—The SEC has instituted "stop
challenging the
accuracy
and
order" proceedings
adequacy of this state¬
ment.
• American Laboratories, Inc.
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and work¬
ing capital. Office—660 S. Bonnie Brae, Los Angeles.
Underwriter—California Investors, Los Angeles.
Feb.
small business investment company. Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave., Bethesda, Md.
ment,
-
For
storm-screen
Oct. 20, 1961 filed 213,427
common, of which 200,000 will
be offered to the public and
13,427 to stockholders on
a
l-for-10 basis.
Price—By amendment. Business—A
««NEW
BOUGHT
combination
and general corporate purposes.
Allied
other
and
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee &
Co., Inc.,
N. Y., and
Hallowell,
common.
debt repayment,
equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
J. R. Williston & Beane, N. Y.
and
equipment
"(3/26-30)
boards, etc.
By amend¬
—For
Ainsbrooke Corp. (3/26-30)
Jan. 8, 1962 filed 200,000 capital shares, of which
100,000
are to be offered by the
company and 100,000 by the
ISSUES
;
Price—By amendment. Busi¬
ness—Manufacturing and distributing Pepsi Cola and
Pepsi Cola syrup. Proceeds—For an acquisition. Office—
1601 Guilford
Ave., Baltimore. Underwriter — Suplee,
Yeatman, Mosley Co., Inc., Philadelphia.
^ Alison Ayres Inc.
Feb. 28, 1962 filed 100,000 common.
Price—$5. Business
—Design and manufacture of women's dresses, Proceeds
writer—International Services Corp., Paterson, N. J.
(4/16-20)
.
rants) and 312,500
Price—$2.50.
repayment,
:
a
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt payment, new
products, sales pro¬
motion and advertising, new office and warehouse and
Under¬
Jan. 5, 1962 filed 150,000 common. Price—$3.50. Business
—Manufacture and sale of cardboard boxes, display
if Allegheny Pepsi-Cola Bottling Co.
March 5, 1962 filed $1,250,000 of 61A% subordinated
sinking fund debentures due 1977 (with attached war¬
(3/26-30)
W., Toronto.
Manning, Ltd., Toronto. v.
American Cardboard & Packaging Corp.
toiletry preparations, particularly in the hair care field.
Proceeds—For selling stockholders. Office—2525 Armitage Ave., Melrose Park, 111. Underwriter—Shields &
Co.,
N. Y.
../V..
..
Price—50
exploration,
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co., N. Y.
^
'
ment. Business^-Manufacture and sale of cosmetics and
Jan.
common.
—
shares.
American Bolt & Screw Mfg. Corp.
debt
PL, Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C.
Alberto-Culver Co.
(3/26-30)
'
Jan. 12, 1962 filed 68,000 common. Price
common
poses.
penses. Office—14-20 Dunham
For the purchase
and installation of new moulds,
machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road,
Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.
Agency Tile Industries, Inc.
Sept. 6, 1961 ("Reg. A") 120,000
•
Albert Voigt Industries, Inc.
(3/12-16)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store
fixtures, show cases and
related items. Proceeds—For
repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
Aero-Dynamics
Aug. 7, 1961 filed
—
,
,
400,000
Dec. 15, 1961 filed 150,000 common. Price —
By amend¬
ment. Business—Manufacture of standard and
special in¬
dustrial aircraft and missile fasteners.; Proceeds—For
debt
construction and working capital, f Office—614
Equitable
Bldg., Portland, Ore. Underwriter—Dempsey-Tegeler &
Co., Inc., St. Louis.
■
*
expenses
filed
Office—80 Richmond St.,
penses.
• Alaska Pacific
Lumber Co. (3/26-30)
Nov. 17, 1961 filed 250,000 common.
Price—By amend¬
ment.
Business—A
lumber
company.
Proceeds—For
Feb. 28,
1961
writer—E. A.
repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
Denver. Underwriter—None.
cessories and supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
31,
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
Petroleum
Proceeds—For
Underwriters, Inc., (same address).
cents. Business—The company is engaged in
Corp.
Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas
(3/26-30)
acquisition of a shopping center. Office
Blvd., Los Angeles. Underwriter—Real
Wilshire
Amerel Mining Co. Ltd.
Feb. 15, 1962 filed 2,000,000 common.
Jan. 11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
Inc.
engage
Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San
Francisco, Calif. Offering—In
April.
delphia.
Business
—
Alumatron International,
Under¬
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
Ventura
and
Underwriter—Roth & Co., Inc., and Janov & Co., Phila¬
—For
•
Estate
Business—Distributor of pens and other
advertising
plant, purchase of inventory, re¬
development, advertising, promotion and
merchandising, repayment of debt and other corporate
purposes. Office—119 St. Mihiel Dr., Riverside, N. J.
search
common. Price—$4. Pro¬
equipment, repayment of loans and working
Nov.
,
common.
Collings & Co., Inc. and Harrison
capital. Office—2690 N. E. 191st St.,
Miami, Fla.
writer—Albion Securities Co.. Inc.. N. Y.
Lauderdale, Fla. Underwriters
cf-Stein Bros. & Boyce, Baltimore and Vickers, McPherson &
Warwick, Inc., N. Y.
—
.C.
Co., Philadelphia.
ceeds—For
Alan-Randal
and
filed 155,000 class A shares. Price—By
Business—Wholesaler and distributor of
•
Airtronics International Corp. of Florida
(3/14)
July 29, 1961 filed 186,625 common, of which
150,000 are
to be offered by the
company and 36,625 by stockholders. Price—By amendment. Business—Manufacture
of
electronic, mechanical and components. Proceeds—Re¬
Co., Inc.
Oct. 27, 1961 ("Reg. A")
120,000
& Miller, Inc.,
Alson Mfg. Co.
(4/16-20)
Aug. 28, 1961 ("Reg. A") 75,000
payment of loans, expansion and working capital. Office
—6900 West Road
84, Fort
(3/12-16)
common.
&
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This
offering has been tem¬
-A-Accurate
ISSUE
1961
Underwriters—C
products. Proceeds—For working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
,
REVISED
electronic parts manufactured
by others. Proceeds—For
working capital. Office — 412 N. 6th
St., Philadelnhia.
minum
'
27,
amendment.
Master Corp.
porarily postponed.
ITEMS
Almo Industrial Electronics Inc.
Nov.
sale by the company and
150,000 outstanding shares by
the present holders thereof.
Price—To be supplied by
amendment.
Business — The manufacture and sale of
aluminum storm windows and doors, and other
alu¬
•
PREVIOUS
Underwriter—Joseph, Mellen
Cleveland.
May 26, 1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
...
i< A. E. C. Electronics*-Inc.
Feb. 28, 1962 ("Reg. A") -100,000 common. Price--$1.25.
Business—Design, development and sale of transistorized
ignition systems for engines* Proceeds—For equipment,
leasehold improvements, advertising and working'capi¬
tal. Office—80 Wall St., N. Y. Underwriter — Bertner
Bros., N. Y.
Aero
Cleveland.
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce
& Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
awaiting processing by the SEC, it is becoming
increasingly .difficult to predict offering dates
in
Price—$10.
Business—Manufacture
of
boys' underwear and pajamas. Proceeds—For
ADDITIONS
SINCE
•
29
American
ible preferred. Price—$10. Business—A management in¬
vestment company which plans to acquire firms in the
insurance and finance fields. Proceeds—For general cor¬
porate purposes.
Office — Warner Bldg., Washington,
D. C. Underwriter—None.
•
American
Price—By amend¬
Business—An aluminum smelter and refiner en¬
gaged in the production of aluminum alloys. Proceeds
—For selling stockholders. Office—4365
Bradley Road,
Micro
Devices, nc. (3/13)
filed 1,500,000 class A common shares.
$1.15. Business—The manufacture of electronic
components. Proceeds—The purchase of equipment and
Aug.
Price
2,
1961
—
materials, operational
> search.
expenses,
working capital and
re-
Underwriter—Naftalin & Co., Inc., Minneapolis.
American Modular Manufacturing Corp.
Nov. 27, 1961 filed 200,000 common. Price—$2.50.
ness—Manufacture of
home.
ment.
Management & Investment Corp.
Dec. 20, 1961 filed 500,000 7% non-cumulative convert¬
Proceeds—For
working capital.
Park, Fla.
a
Busi¬
type of component constructed
debt
repayment, equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
Continued
on
page
30
30
The Commercial and Financial Chronicle
(1182)
Continued from page
capital.
29
•
American
Mortgage Investors
•
1962 filed 1,3011,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Kd., Palm Beach, Fla.
U nderwriter—Hay den, Stone & Co., N. Y. Note—This
Feb. 8,
•
•
American
.
•
Phoenix
Corp.
be
and
offered
60
for
in
sale
repayment of loans, acquisition and
Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
ington, D. C. Offering—In
and
equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Confine., N. Y.
•
Aronoff &
Richlcng,
27, 1961 filed 108,000 common. Price—By ^amend¬
(max. $5).'Business-i-Design and manufacture of
women's junior sizes. Proceeds—For selling stockhold¬
ers. Office—1400 Broadway, N. Y. Underwriter—Carreau
& Co., N. Y.
Dec. 20, 1961 filed 400,000 common. Price—$5.50. Busi¬
ness—Writes life insurance in Florida. Proceeds — For
expansion and legal reserves. Office—307 S. Orange
Ave.,
/
American Pipe &
water mains, sewers and storm
work¬
American Realty & Petroleum Corp. (3/12-16)
Sept. 28, 1961 filed $2,000,000 of 6%% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
and also the oil and gas business; Proceeds—For repay¬
ment of debt, sales and advertising, property improve¬
ments and possible acquisitions. Office—16 W. 61st St.,
N. Y. Underwriter—Troster, Singer & Co., N. Y.
•
American Realty & Petroleum Corp.
American Southwest Realty Trust
Arts &. Crafts Materials Corp.
Dec. 20, 1961 filed 150,000 common,
are
fice—32550 Pulaski Dr.,
Pacific Coast Securities
of which
100,000
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Expected in May.
■
stockholder. Price—By-amendment. Business—Im¬
porting and sale of arts and crafts materials. Proceeds—
For general corporate purposes. Office—321 Park Ave.,
Baltimore.
Underwriter—Federman, Stonehill & Co.,
N. Y. Offering—Sometime in April. .
"
•
Business
Price—By amendment.
of custom made castings.
ment.
Office--r321. W.
r
•
Inc.
29, 1962
>.
103,000 common.
Price—$2.
Business^-Publishing of a bowling magazine:; Proceeds
and metal tube assemblies. Proceeds—For selling stocky Y —For general corporate purposes.
Office—14 W. 55th
holders. Office—342 N. Fourth St., Libertyville, 111. Un¬
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y.
derwriter—Paine, Webber, Jackson & .Curtis, N. Y. Of¬
fering—Expected sometime in April.
Ascot Textile Corp.
Anchor Industries Corp.
Feh. 23, 1962 filed 100,000 common. Price—By * amend¬
ment. (max.- $7.50). Business—Converter of linings and
Nov. 24, 1961 filed'38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
interfacings used in thb manufacture" of clothing.- Pro¬
ucts. Proceeds—For machinery research, sales promo- . ceeds—-For expansion, debt repayment and
working capi¬
tal. Office-—335 W. 35th St., N. Y. Underwriter—Rittmastion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
ter, Voisin & Co., N. Y.
ft
; New York.
\
if Ashland Oil & Refining Co.
*
' -
1961 filed 60,000 common. Prices—By amend¬
Business—Development and manufacture of chem¬
electrical
and mechanical instruments, precision
special purpose tools. Proceeds—For sell¬
ing stockholders. Office—200 N. Braddock Ave., Pittsburgh. Underwriter—Arthurs, Lestrange & Co., Pitts¬
burgh.
•
Bal
Harbour
Diagnostic Service, Inc.
- I
1961 filed 2,000,000 common. Price—$1. Busi¬
ness—Company will operate a medical examination
Oct. 18,
:
("Reg. A")
15,
ical,
Underwriter—
Ascot Publishing Co., Inc.
Jan.
I
.
center.
Proceeds—For
a hotel acquisition and working
Office—10101 Collins Ave., Bal Harbour; Fla
Underwriter—J. R. Holt & Co., Denver. Note—This reg¬
capital.
istration
r
Price—$2. Business—
—By
Development, sale and distribution of specialty chemi¬
cals and detergents. Proceeds—For sales promotion; hew
product development and general corporate purposes.
Office—Industrial West, Allwood-Clifton, N. J. Underwriters—Glass & Ross, Inc. and Globus, Inc., N. Y.
~
amendment.
Proceeds—For
debt
repayment
Associated Baby
-
Services,
Inc.
*
Jan. 17, 1962 filed 160,000 common, of which 60,000 are
to be offered by the company and 100,000 by stockhold¬
Sept.
common.
Price—$4
Business—Aeronautical research and development. Pro-
•
—
address,
nesses.
Proceeds—For
investment.
expansion and
working capital. Office—120 North Ave., N. W., Atlanta,
Ga. Underwriter
The Robinson-Humphrey Co., Inc.,
Atlanta, Ga. (;v
■
■■.'
Argus Financial Fund, Inc.
1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment
company
which plans to participate in the long-term
progress of
savings and loan associations, and allied financial busi¬
•
Atlantic Capital Corp.
':/;'vY'V'
postponed.
.
'
.
;
t
fice—127-09
i
.
Barth
G.
Richmond
Kletz
Hill, N. Y. UnderCo., Inc., and Rittmaster
&
Co., N. Y
.
v
.
*
-
—
^
j
,
..
,
Vitamins Corp.
Jan. 23, 1962 filed 180,000 class A shares. Price — By
amendment: Business—The mail order sale of vitamins
and
dietary products." Proceeds—For selling stockholdW. Merrick Rd., Valley Stream, L. "I.,
N. Y. Underwriter—H. Hentz & Co., N. Y.
Office—270
ers.
if Barton Instrument Corp.
March
1962 filed 120,000 common, of which 50,000
by the company^ and 70,000 by stock¬
Price—By amendment (max. $li).. Business—
Design, development, and manufacture of 'differential
pressure-measuring devices
and
related
instruments.
Proceeds—For working
capital. Office—580 Monterey
are
to
5,
be offered
holders.
Pass
Rd., Monterey Park, Calif. Underwriter—E. F. HutCo., N. Y.
'
;
ton &
•
Basic Inc.
Proceeds—For
plant
Baxter
Laboratories, Inc. (3/26-30)
$10,000,000 of convertible subordinated
debentures due 1982, and 120,000 common shares. Price
—By amendment. Business—Manufacture of pharmaceu¬
tical supplies and equipment. Proceeds—For debt repay¬
ment and working capital. Office—6301- Lincoln
Ave.,
Morton Grove, 111. Underwriters-r-Lehman Brothers and
Merrill Lynch. Pierce, Fenner & Smith
Inc., N. Y.
'
Mexico
•
Bay State Electronics Corp.
(4/16-20)
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and Ionospheric phenomena. Proceeds
—For
.
.
91st-Ave.,
writers—Michael
Voisin &
Jan. 22, 1962 filed
—
.
-
.
refractory
expansion. Office—845
Hanna Bldg., Cleveland. Underwriter — First Boston
Corp.," N. Y. Offering—Imminent.'
.
Atlantic Utilities Corp.
S/J'.
Development Corp.
Jan. 26, 1962 filed 200,000 common.
Price—$6. Business
Jan. 3, 1962 ("Reg. A") 300,000 common.
Price — $1. 1 —Construction and
operation of water-treatment and
Business
Development of underground caverns as a
sewage-disposal- plants.,: Proceeds—For / construction,
tourist attraction. Proceeds—For debt repayment. Office
plant expansion, and a loan to a subsidiary. Office—
—Suite No. 9—4344 E. Indian School
Rd., Phoenix. Un- 1 17850 N. 29th Court, Opa Locka, Fla.- Underwriter—
derwriter—Preferred Securities, Inc., Denver. Offering
Hardy & Co., N. Y.
•
- ••'v.' y *
y
y
—Expected sometime in April.
Atmosphere Control. Inc.
//.
'
\ - Armstrong (A. J.) Co., Inc.
V
Feb. 5, 1962 ("Reg. A")- 86,000 common.
Price—$3.45.
Feb. jl2, 1962 filed 279,000
common, of which 150,000 - Business—Manufacture and sale of Mist-I-Cone humidi¬
are to be offered by the
company and 129,000 by stock¬
fiers. Proceeds—For equipment, advertising and work¬
holders. Price—By amendment. Business—General coming capital.
Office—668 Jenks Ave., St. Paul.
Under¬
mercial financing and factoring. Proceeds—For
working
writer—Pewters, Donnelly # Jansen, St. Paul.,
Arizona-New
•
Barr
materials.
general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Note — This offering was indefinitely
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address).
St..
—The production of basic granular and brick
For
Pines
38th
Dec. 27, 1961 filed 70,000 cumulative convertible prefer¬
ence shares
(par $50). Price—By amendment. Business
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment
company: Proceeds—
Office—1118 Torrey
E.
Co.y: N» Y,: Off®ring-»-Ih»
sheeting. Proceeds—Expansion and working capital. Of¬
•
—
Feb. 12,
.
For
—
same
Office—224
,
—
EST) at
working Vcapital.
Corp.
/Feb.- 27, 1962 filed 150,000 commotio Price—$4. Business
—Manufacture and sale of quilted and laminated Vinyl
.
p.m.
*„
Associates, Inc.
("Reg. A") 50,000
,'definitely, postponed.
if Appalachian Power Co. (4/17)
N
1, 1962 filed $25,000,000 of first mortgage bonds v ers. Price—$7.50. Business — Operates diaper services,
due Apr. 1, 1992. Proceeds—For the prepayment of bank
supplies linens, and publishes "Baby Talk" magazine
loans and other corporate purposes. Office—Roanoke,
which is distributed in U. S. and Canada. Proceeds—,
Va. Underwriters
For equipment and working
(Competitive)., Probable bidders: :
capital. Office—149 Madison
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harri- i- Ave., N. Y.
Underwriter—Brand, Grumet & Seigel, Inc., Y
man
N. Y. Offering—Expected sometime in April.
Ripley & Co., Inc.; Kuhn, Loeb & Co.-Eastman
Dillon, Union Securities & Co. (jointly). Bids—Apr. 17 Astro-Science Corp. (3/19-23)
c
/'• *
(11 a.m. EST) at 2 Broadway, N. Y. Information Meeting
Sept. 27, 1961 filed 232,500 common, of which 150,000
—Apr. 12 (3 p.m. EST) at same address.
are to be offered
by the company and 82,500 by stock¬
holders. Price—By amendment.
ir Appalachian Power Co. (4/24)
Business—Design and
Mar. 1, 1962 filed $20,000,000 of sinking fund debentures
manufacture of ground systems and equipment for the ;j
due Apr. 1,
1992. Proceeds—For prepayment of bank
support and servicing of electronic systems, aircraft and
loans and other corporate purposes. Office—Roanoke, •<'. missiles.
Proceeds—Repay debt and increase working'
Va. Underwriters
(Competitive). Probable bidders:
capital. Office—9449 W. Jefferson Blvd., Culver City.
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
Calif. Underwriter—W. C. Langley &. Co., N. Y.
.../Ripley & Co.-Inc.; Kuhn, Loeb & Co.-Eastman Dillon,
• Atlanta
Motor Lodges, Inc.
(3/19-23) " "
r Union Securities & Co.
(jointly). Bids—Apr. 24 (11 a.m.
Oct. 30, 1961 filed 150,000 common.
Price—$10. Business
EST) at 2 Broadway, N. Y. Information Meeting—Apr.
—Operation of motels. Proceeds
(3
*
1961
Y.* Underwriter^-Gianis. 8c
Mar.
12
1,
ceeds—For
and
.
.: *
-
amendment. Business — A mortgage lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haa"m St., Tel-Aviv, Israel. Underwriter—Adanim
Barish
^
2, 1962 filed $25,000,000 of>s.f. debs, due 1987. Price
working capital. Office—1409 Winchester Ave., Ashland,
Ky. Underwriter—Eastman Dillon^ Union Securities &
Co., N. Y. and A. G. Becker & Co., Chicago.
;
-
r;Am^cMhtoaiel^yc»tihent^Di^
.
Jan. 5, 1962 filed 95,000 common.
/
~1
•:
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares. Price—By
,,
*•: Mar.
withdrawn.
was
Bank"Adanim" Mortgages & Loan^ Ltd.
,
Industries, Inc.
Instrument Co.
'$ products and
Bear, Stearns & Co., N. Y.
Jan, 26, 1962 filed 488,00Q cpmmpn^ Price tt By, amendment. Business—Manufacture of pressure hydraulic hose
Nov.
ment.
Business—Manufacture
St., N. Y.
Offering—
(3/26-30)
Proceeds—For plant improve¬
44th
Co..- San Francisco.
Bacharach Industrial
Arwood
holders.
capital. Of¬
Underwriter-
Hayward, Calif.
Expected sometime in April, "f
Corp. (3/13)
Nov. 21, 1961 filed 230,000 common, of which 110,000 are
to be offered by the company and 120,000 by the stock¬
—Company plans to manufacture digital voltmeters, di¬
gital chonometers and solid state counters.
Proceeds—
For general corporate purposes. Office—3910 S. Kalamath St., Englewood, Colo. Underwriter—Preferred Se¬
curities, Inc., Denver. Offering—In
yr
Anscott Chemical
Inc.
'
to be offered by the company and 50,000 by a sell¬
ing
investment.
Anchor Coupling Co.,
Controls,
Proceeds—For debt repayment and working
Inc., N. Y.
•
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
^
Automatic
1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
automatically operate indus¬
trial machinery and processes.; Proceeds—For general
•
side & Co.,
(3/19-23)
American Space Exploration, Inc.
Jan. 22, 1962 filed 250,000 common. Price—$2.
and
Office—4
Inc.
A") 70,000 class A. Price—$2. Busir : corporate purposes.'Office—3601 Merrick Rd., Seaford,
ness—Design, manufacture and sale of clear plastic,, I N. Y. " Underwriter—S. Schramm & Co., Inc., N. Y. ,.
vacuum formed "blisters" for packaging.
Proceeds—For
Automatic Marker Photo
Corp. : y
* y it
equipment, inventory and working capital.
Office—126
Dec. 1, 1961 filed 150,000 class A
shares, of which 125,Greenpoint Ave., Brooklyn, N. Y. Underwriter—Ber¬
000 are to be offered by the
company and 25,000 by
nard L. Madoff, N. Y.
stockholders. Price—By amendment. Business—Sale and
Artlin Mills, Inc. (3/19-23)
; distribution of a photocopy machine and supplies.. Pro¬
Sept. 28,1961 filed 135,000 class A common shares. Price
ceeds—For equipment,
expansion, and working capital.
—$5. Business—The purchase, conversion, decoration,
Office—153 W. 36th St., N. Y. Undeiwriter—None.
gift packaging and distribution of terrycloth towels and
Babs, Inc.
cotton pillow cases. Proceeds—For inventory, repayment
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
of loans and working capital;
Office—1030 Pearl St.,
—Sale of dairy products, through
"Dairy Drive-ins."
Long Branch, N. J. Underwriters-Mortimer B. Burn-
ing capital. Office—390 S. Atlantic Blvd., Monterey Park,
Calif. Underwriter—Dean Witter & Co., San Francisco.
-
research
purposes.
■;
Art Packaging
Construction Co.
used in construction of
equipment,
corporate
Jan. 26,1962 ("Reg.
Jan. 15, 1962 filed 300,000 common. Price — By amend¬
ment. Business—Manufacture of reinforced concrete pipe
drains. Proceeds—For property improvements and
other
Dec. 28,
■
Orlando, Fla. Underwriters—A. C. Allyn & Co.. Chi¬
cago* and Goodbody & Co., N. Y. Offering—In April.
Proceeds—For
and
St., N. Y. Underwriter—Arthur J. Rosenwasser
Co., 95 Broad St., N. Y.
ment
;
devices.
development
Nov.
Life Insurance Co»
:
W. 58th
(4/2-6) •;
Inc.
o
Inc.
Sept. 18, 1961 ("Reg. A") 30,000 common.
Price—$10.
Business—Manufacture
of
self-instructional
materials
parts for the aircraft and missile industries, etc. Pro¬
ceeds—For debt repayment and the purchase of addi¬
Underwriter—
early April.
Automated Teaching Systems,
—
tional
Office—320 Park Ave., N. Y.
Interamerica Securities Corp., N. Y.
Price—$3.50.
common.
For
—
working capital.
units
Price
warrants.
Thursday, March 8, 1962
.
Atmospheric Controls, Inc.
("Reg. A") 40,000
Proceeds
of one $1,000
By amendment.
Business—Manufacture of hydraulic system devices and
to
.
Aug. 22, 1961
29, 1961 filed $600,000 of 6% convertible subordi¬
debentures
and 36,000 common stock purchase
warrants
*
purposes.
Pioneer
Underwriter—
Y.
(3/28)
Industries, Inc.
debenture
Jan. 24, 1962 filed 315,000 class A shares. Price—$10.
Business—General real estate. Proceeds—For corporate
American
N.
nated
American First Mortgage
company was formerly named
Investors. Offering—In May.
Arnav
Dec.
Third Ave.,
Co., New York.
Office—850
Dean Witter &
.
,
product development and working capital. Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co
New York. >Y7,r-Y
''
Volume
195
Number 6140
.
.
The Commercial and Financial Chronicle
.
(1183)
31
,i4/'
Beacon
Investing Corp.
Bestform
Dec. 20, 1961 tiled 3u0,uu0 shares of capital stock; Prict
—Net asset value. Business—A mutual fund.
Proceeds
■
—For
Office—22 The Fenway, Boston.
investment.
derwriter—None.
.
Jan.
29,
1962
Un¬
Inc.
,
("Reg. A")
75,000
common. Price
color photographic
$4.
Production of
prints,
slides, transparencies and photo-animations. Proceeds—
For equipment, sales promotion,
leasehold ifcnprovements, a new product, and working capital. Offrce—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
,
Business
,
'
—
-
Engineering Co.
filed
be offered
Big
"C"
—»Fer
possible acquisitions and
working capital. Office
Cuttermill Rd., Great
Neck, N. Y. Underwriter—D. H. Blair &
Co., N. Y.
130
Stores, Inc.
Jan. 22, 1962 ("Reg. A")
markets
18,000
Price—At-the-
common.
Brown
Business—Company plans to operate superin
Washington and Oregon.
Proceeds—For
Jan. 22,
,
ment.
selling stockholders.' Office—1845 S. E, 3rd Ave., Port¬
land, Ore. Underwriters—J; Barth & Co. and First Cali¬
fornia Co., San
Francisco; Hill, Darlington & Grimm,
(3/15) 7:;'
-.Seattle.
Nov. 30, 1961 tiled 135,uuu commuri, ot which 95,000 are
to be offered by the company and 40,000 by a selling
•
to
market.
/77".,>,c
Bechtold
Briggs Leasing Corp.
^eb. 8, 1962 filed $650,000 of 6%% convertible subor¬
dinate debentures due 1972 and 65,000 common to be
offered in 6,500 units, each
consisting of $100 of deben¬
tures and 10 shares.
Price—By amendment (max. $150).
Business—Long-term leasing of automobiles.. Proceeds
,
—
N. Y.
1962
23,
Inc.
185,000 common, of which 36,500
by the company and 148JiD0 by stock¬
holders. Price—By amendment (max.
$20). Business—
Design and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I.
C., N. Y. Underwriter—Smith, Barney &
Co., n. y.
■
• .•/:.?:
v??:?u
are
'
• BebeSB & Bebell Color Laboratories,
(3/26-30)
' : /
;
(
Feb.
Foundations,
Big Drum, Inc.
-' ;
,
• ^
.
stockholder. Price—By amendment. Business—Manufac¬
Dec. 29, 1961 filed 100,000 common;
Price—By amend¬
ture of specially designed thermosetting plastic fabriment. Business
Furnishes packaging materials and
eating machinery. Proceeds—For debt repayment and V equipment to
producers of frozen confections. Proceeds
other corporate purposes. Office—631 N. E. 45th St., Fort
—^i+^1
For debt repayment and
working capital. Aff{«n:iipQ
Office—1183
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
Essex Ave.,
Columbus, O. Underwriters—Merrill, Tur.Lauderdale. Fla.
ben & Co., Inc., Cleveland and The
Ohio Co., Columbus.
• Bilnor
Becton, Dickinson & Co. (3/26-30)
Corp. (3/26-30)
Jan. 26, 1962 filed 480,000 common, of which 200,000 are
Jan. 8, 1962 filed 100,000 class A
capital shares. Price—
to be, offered by the
By amendment ($11 max.).; Business—Manufacture of
company and 280,000 by stockholders.
Price—By amendment. - Business—Manufacture of
wading pools. > Proceeds—For the selling stockholders.
Jan.
-1
Bede Aircraft,
Inc.
sale of
14, 1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
,
porating
radical -concepts
Proceeds—For
in' design
purposes.
v
Underwriter—Consolidated Securities Corp.,
•
—For
-
debt
mond, Ky.
.':
*ville, Ky.
;
.
"
'
-
-
• ■
.Underwriter—Godfrey,
N.
anri
Bell EEectronic Corp.
>
debentures:
■>
At
payment
and
For
par.
stock:
>
amendment.
By
of electronic parts and equipby others. Proceeds—For debt re-
other
corporate
;
'
7
'
purposes.
ment.
ence
2465
15, 1961 filed 50,000 common. Price—By amendBusiness—Publication of scientific texts and refer- /
books. Proceeds—For working capital. " Office—.
Broadway, N. Y. Underwriter—None.
Z: N. Y.
/
'
"•
j;
p
Securities
Co.,
San
Chica
BernaSen, Inc.
*
* 4 " ■ ^
Jan. 12, 1962 ("Reg. A") 70,000 common.
vpov;
Jirf
y ;
manufacture
r,
.
,,
,
-
..
..
.
mm
Oct.: 27,
w
.m
rh?ai!
•
Z :C.
1961;; X Reg. A .1 85,000 compion. ;-'»TOy
Manufacture of handbags and related ltepis.
.^
—
Proceeds—For* debt repayment and ^working capital. Of
^nitab"of*
lice—1621 S. San Pedro St., Los Angelesi Underwrite?
Business
—Pacific
Coast
Securities
Sept.
;
«
,
'
"
—
j---
.
'''
'
'
-n
ment.
Feb.
payment and
-i
o
Podesta
^
1
O-
Price
—
(4/9)
&
n*
Co.,
7
nui««
Chicago.
Cable
-
-rr.
commercial
Price
use
industrial and
company-owned patents. Pro¬
working
based
on
capital. Office—Kirk Boulevard,
Greenville, S. C; Underwriter—Capital Securities
Corp.,
Greenville, S. C. Note
This offering was
—
indefinitely
postponed.
-Caldwell
Oct.
uct.
27,
zy,
Vi;:./Z;./'7';/,
Publishing Corp.
1961
i»ei
>
filed
med
i3Y,ouu
137,500 capital snares.
shares.
Price—$5.
rrice—so.
Business—Publishing of text books and general educational works. Proceeds—For general corporate
purposes.
Can¬
Office—339 W. 51st St., N. Y.
Underwriter—S. B.
Co., N. Y. Offering—Expected in April.
Calev Photolabs, Inc.
tor
Inc.
Jan.
29,
ness
common.
•
are
Carriers, Inc.
ceeds—For
—
1962 filed 93,000 common. Price—$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
Business—Publishing
»
„
—$1.15. Business—The
company which began operations
in 1954, is engaged in the
research and
development of
special material handling ; systems for
•
Underwriter—Goldman, Sachsr &
28, 1962 filed 150,000
Underwriter—Pistell,
Corp.
March 23,1961 filed
196,109 shares of capital stock.
Business—Manufacture of popular priced candies.
selling , stockholders.-• Office—4656 * W.
Chicago.
expan¬
Office—118
ture of electronic and
electro-mechanical components.
Proceeds—For prepayment of 4% notes
and working
capital. Office—1142 W.
Beardsley Ave., Elkhart, Ind.
Underwriter—Goldman, Sachs & Co., Nt Y.
Price—By amend-
common.
By amend¬
by stockholders.
-y/':7
expansion". ; Office—1328 Washington St., Calif./ Underwriters—Kleiner, Bell ? & Co.,? N. Y.
n/r„„
Offering—Expected sometime in May.
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y...
Bridge Electronics Co., .Inc.
Best Plastics Corp. (3/15)-V
Nov. 29, 1961 filed 225,000 common, of which
200,000 are
Sept. 26, 1961 filed 125,000. common, of which 100,000
to be offered by the
company, and 25,000 by the stock¬
will be sold by the company and 25,000
by stockholders.
holders. Price—$4.
Business—Design and manufacture of
Price—$3. Business—Manufacture/ of plastic novelties
electronic equipment and communication
systems. Proand party favors.
Pjant and equipment , ceeds—For general corporate purposes. Office—201 Lauand-working vapital. Office-945 39th St .-Brooklyn,. ;' rel
St., Beverly, N. J. .Underwriter—Roth & Co.,: Inc.,
H.A j Underwriter—.S.-B. Cantor &
po., N. Y.
Philadelphia: Offering—Expected in April;'
*
'
Oakland,
.V
common.
Price—By amendment (max. $28). Business—Manufac¬
Price—By amend¬
of trade magazines. Proceeds—For the selling stockholders. Office—770
Lexington Ave., N. Y. Underwriter—A. G. Becker &
Co., Inc.,
ment.
n.
Corp.
V
Feb. 21, 1962 filed
125,000 common, of which 35,000
to be offered
by the company and 90,000
1
whose sub¬
P.
C T S
proceeds—For
Publications
company
M.
Inc-» N. Y.
*—
holding
—
sion, working capital and debt repayment.
Santa Barbara, Santa
c,ani
Paula, Calif.
.
Business—A
Corp.
Business—Manufacture of molded plastic
products,
principally melamine dinner wear. Proceeds—For
Brentwood Financial Corp.
sidiaries operate jewelry and photography departments
in discount v.-t—
department stores. Proceeds—For debt re-
Funding
manage¬
C.
,
amendment.
Growth
1961
of
Jan. 19, 1962 filed 70,000
...
^
Proceeds—For
counseling. Proceeds—For working capital. Office
Lexington Ave., N. Y. Underwriter—Darius
Inc.,
N; - Y.
Offering—Expected in late April. ; ■ ;
7
(3/22)
Beryllium International, Inc.
; ' , r
Dec. 13, 1961 filed 150,000
common, of which 30,000
1, 1962 filed 1,000,000 common. Price—$5. Business
,are to be offered by^the
company and 120,000 by the
.11:,.^
—Company plans to manufacture various type beryllium
stockholders; Price—By amendment. Business—A holdproducts. ^Proceeds—For land and buildings, equipment,.
jng company for a savings and loan association. Proceeds
and working capital.7 Office —- 528 Union Trust
Bldg.,
—For acquisition of two insurance
agencies and expanWashington, D. C. Underwriter—None. "•-.//' r.:" ;
sion., Office
^^
12G01 San Vincente
T __
A
1_.
Blvd., Los Angeles.
• Besco
Enterprises, Inc. (3/12-16)/
/ :
•'
Underwriter—Hayden, Stone & Co., N. Y.
/
/
Oct., 27, 1961 filed 150,000 capital shares.
Price—By
• Breskin
1
facilities.
—527
Feb.
"
railroad
ment
Bowey's, Inc.
St.,
Co;,;N; -Yv
r
manufacturing
and
filed 75,000 class A shares and a
like
class A warrants.
Price
$4.
Business——Making of loans to small business
concerns, purchase
of machinery for
lease, and the providing of
At-thecommon. Price
market. Business—Air transportation of
persons, prop¬
erty and mail. Proceeds—For selling stockholder. Office 7
—McCarran
Field, Las
Vegas,
Nev.
Underwriter—
Kinbie
Co.," San Francisco.r
20,
number
Feb. 14,1962 ( Reg. A ) 40,000
Brach (E. J.) & Sons
Feb. 7, 1962 filed 210,000
t
piers
drawn.
Underwriter—
Flower
—
Cruttenden,
offering—Imminent.
Business
Office—2147
ment.
Underwriter
.
inventory, sales
purposes.
working capital. Office—48 43rd St..
Brooklyn; N. Y.
Underwriter—None. Note—This registration was with¬
30, 1961 filed 80,000 common, of which 40,000 are
to be offered by the company and
40,000 by a stock¬
holder. Price—By amendment.
Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
to food industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
of
m
buildings,
Oct.
e^ipmenL/P^eeds—For general-corporate purposes.
Office—9821^Foster Ave., Brooklyn, N. Y.
UMerwnter-Amber^^Burstem &.Co.,^iC^ N. Y, . , .
of debt,
corporate
Bush Terminal Co.
Nov. 7, 1961 filed 92,320 common
to be offered to stock¬
holders
on
a
l-for-10 basis.
Price—By amendment.
Business—Operation
of
warehouses,
St., Los Angeles. Under¬
writer—Bregman, Cummings & Co., N. Y. > -;
•
Price—$2.62V2.
and. installation
S.
other
•
Fran¬
Oil
Office—612
and
Jerichp Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn &' Co., N. Y.'" *"
/
'
Crowell, Weedon & Co., Los Angeles.
;
Business—Design,
photographic
•"
Coast
_
Bolsa Chica Oil Corp.
29, 1962 filed $1,000,000 of 6% conv. subord. deben¬
tures due 1977.
Price—At par. Business—Prospects for,
ment.
$24.50). Proceeds—For debt repayment. Office—20 Elm
•
U.y*
,
Corp.
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi¬
nated debentures due 1977, to be offered for
subscription
by stockholders at the rate of $100 of debentures for
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
■5
•*
Proceeds—Repayment
promotion
Office—11933 Vose St., North Holly Wood, Calif.
Bolsa
Feb. 20, 1962 filed 26,500 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
•
--
S. Flower St., Los Angeles.
Bregman, Cummings & Co., N. Y.
(W. A.), tnc
Berkshire Gas Co.
.
supplies.
«
1962 ("Reg. A") 100,000 common.- Price — $3.
Business—Importation,- sale and distribution1 of Italian
cosmetics. Proceeds
For advertising, inventory and
each 65 shares held. Price—At. par.
Business—Prospects
working capital. Office—114 W. 13th St., N. Y. Under- % for, develops,- produces, and markets oil and gas. Pro¬
writer—Granite Securities, Inc., N. Y.
ceeds—For debt repayment, exploration and
Z^7/7/?.//,
developNov.
!
poses.
■
fice—612
Cosmetics, Inc.
Benjamin
Sept. 22, 1961 filed 100,000 common.
Price—$6 Business
Importation and distribution of copying machines and
develops, produces, and markets oil and gas. Proceeds—
For debt repayment,
exploration, and development. Of¬
.March37
.•
Underwriter—Rodetsky,
Walker & Co., Inc. N. Y.
Offering—In early April.
Burton Mount Corp.
(3/19-23)
Business—Design,, constrqction
*
are
stockhold¬
Proceeds
Jan.
Office—306 E.
Aldondra
Blvd., Gardenia, Calif. Underwriters—Mitchum, Jones & Templeton,'Los Angeles and Walston &
Co.; N. Y.
Bene
inctaiiati™
by
—For repayment of debt and
general corporate purposes.
Office—111 W. 19th
St., N. Y.
Inc.,
cisco.
distributor
manufactured
ment
•
Price—$4.
Underwriter—Pacific
Dec. 20, 1961 filed $1,250,000 of convertible subordinated
debentures due 1977; also 75,000 common shares. Price—
Business—A
Co.,
30.000
Price—By amendment.
Business—Designs, manufac¬
tures, imports and distributes artificial flowers.
Pools
~
,
For
offered by the
company and
ers.
g
*4£Inc., N/Y.
•
Blue Haven
stockholders.
•
.**-<
Oct. 30, 1961 filed 70,000
common, of which 40,000
to be
(3/15)
Nov. 1, 1961 ("Reg. A")
75,000 capital shares, of which '
40,000 are to be offered by the company and 35,000 by
Lithographers, Inc.
4 Feb. 5, 1962 filed 130,000 common. Price—$4.50. Business—Engaged in commercial offset lithography. 1 Pro¬
ceed^—For debt repayment and working capital. Office
^-225 Varick St, N. Y.
Underwriter-Market Values,
'
Hamilton,
Taylor &
Y. Offering—Expected sometime in
May.
^
Color
t
'
—
•
Bell
; "
/.7 Burros Corp. '••;/;/
Corp.
1962 filed 120,000
common. Price—$3. Business
processing of plastic raw materials into com¬
pounds for extruding and moulding into plastic
prod¬
ucts. Proceeds
For debt repayment, equipment and
working capital. Office—35 Pequit St.,
Camden, Mass.
Office—201 E; Irvine St., RichUnderwriter—J. J. B. Hilliard & Son, Louis-
&,
27,
1961 ("Reg. A") 62,500 common.
Price A— $4.
Business—Real Estate. Proceeds—For
working capital.
Office—309 Main St.,
Islip, N. Y. Underwriters—Albion
Securities Co.,
Inc., N. Y., R. E. Investors
Corp., Levittown, N. Y., and Great Eastern
Investment Co., Queen's
Village, N. Y. Offering—Imminent.
—The
repayment.
*
-
Building Ventures, Inc.
Oct.
BEane Chemical
Begley Drug Co.
7 s
Feb. 5," 1962 ("Reg. A")
19,900 common. Price—$15.
Business—Operation of a chain of drug stores. Proceeds
•
26,.1962
Jan. 29,
-
•
/V;
working capital, debt repayment and equipment.
Roetzer St., Buffalo, N. Y. Underwriter—S.
D. Lunt & Co., Buffalo, N. Y.
Fompano Beach, Fla..
;
Manufacturing Corp.
Office—35
corporate
Deerfield
'
,
>
tory,
construction.
and
debt
repayment and general
Office—201 N.-Federal Highway,
Beach,.Fla.
Bison
Fifth Ave.,
Brothers, N. Y. Offering—
Expected in early May.
("Reg. A") 25,000 .'common.
Price—$5.
Business—Design, manufacture and sale of merchandis¬
ing equipment for outdoor use. Proceeds—For inven¬
Feb.
.
■
Price—By
importing and
Cutty Sark Scotch Whiskey. Proceeds—For debt
repayment and working
capital. Office—620
N. Y.
Underwriter—Lehman
Underwriter
C. Allyn &
Jan.
7
"
-
-
Morgan Ave., Brooklyn, N. Y.
Co., N. Y.
Calif. Un¬
19, 1962 filed 500,000 class A
common.
amendment (max. $25). Business—The
.
'■/
^
—
Feb.
j
.
.
;/;f:'-r J
Address—Vernon,
•
—A.
.
derwriter—William R. Staats &
Co., Los Angeles. Offer¬
ing—Expected sometime in April.
'
Buckingham Corp.
•<
Office—300
manufacturing
15, 1962 filed 85,000
~
<
.products used in the medical profession. .Proceeds—For
j expansion and working capital. Office—East Rutherford, N. J. Underwriter—F. Eberstadt & Co., N. Y.
By amend¬
—
common. Price
By amend¬
ment. Business—A wholesale
drug distributor. Proceeds
—For selling stockholders.
—
i.
Price
and custom
;>/ Brunswig Drug Co.
..
T^„
Business—Engineering
V
.
common.
activities pertaining to the
space and missile programs.
Proceeds—For debt repayment and
working capital. Ad¬
dress—P. O. Drawer
917, Huntsville, Ala. Underwriter—
Goodbody & Co., N. YM
:
v.;-'
/'?/'
-
Engineering Co., Inc.
1962 filed 80,000
equipment/ Proceeds—For
•_
sales
promotion,
equipment
and repayment of loans.
Office—21-20 45th Rd., L. I.
C.,
N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y.
•
Calumet
Industries, Inc.
(3/27)
Jan. 8, 1962 filed $1,550,000 of
6%% s. f. subord.,deben¬
tures due 1982 and 100,750 common
shares to be of¬
fered in units, each
-
•
and 65 shares.
,
•
consisting of $1,000 of debentures
Price—$1,032.50 per unit. Business—Mar'
^
.>•••
v
;
;
'
7
v
*•
'
Continued
-'
r
on
page
32
32
Continued
(1184)
jrom
The Commercial and Financial Chronicle
page
struction purposes. Proceeds—For
'
31
and
keting of lubricating and fuel oils and asphalt products.
Proceeds—For
debt
repayment and working
capital.
Office—10
S.
La
Salle
St., Chicago.
Underwriter—
Cruttenden, Podesta & Co., Chicago.
expansion/equipment
working capital. Office—344 Duffy Ave., Hicksville,
Underwriter—Singer, Bean & Mackie, Inc., N. Y.
N. Y.
Champion Parts Rebuilders, Inc.
2, 1962 filed 150,000 common, of which 90,000 are
be offered by company and
60,000 by stockholders.
Price—By amendment. Business—Rebuilding functional
Feb.
ment.
Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named. Offering
—Expected sometime in May.
Cameo
Lingerie, Inc.
Feb. 12, 1962 filed 190,000 common, of which 120,000 are
to be offered by the company and 70,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's arid
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
Puerto Rico.
Underwriter—Schweickart & Co., N. Y.
Cameo-Parkway Records, Inc.
Dec. 29, 1961 filed 200,000 class A common, of which 40,000 are to be offered by company and 160,000 by a stock¬
holder. Price—By amendment. Business—Recording and
distributing of phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—1405 Locust St., Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. Offering—Expected sometime in March.
Campbell-Lurie Plastics, Inc.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
be offered by the company and 74,250 by a stock¬
to
holder. Price—$2.50.
the plastic business
as
Proceeds—For
repayment
Business—Company is engaged in
debt
a
of
converter
materials.
raw
and
working capital.
Office—5440 Highway Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
Capital
Management Corp.
Dec. 27 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer—Pacific Underwriters, Inc., Scottsdale, Ariz.
Caprico International, Inc.
Jan. 22, 1962 ("Reg A") 52,000 common. Price — $3.
Business—Design, manufacture and wholesaling of a
proprietary line of sporting goods. Proceeds—For gen¬
eral corporate purposes.
Office—76 Madison Ave., N. Y.
Underwriter—Douglas Barr, Zrike, Hart & Alkazin, Inc.,
New York.
± Caribbean Capital
Feb.
Corp.
28, 1962 filed 400,000
common.
Price—$3.60. Busi¬
ness—A
small business investment company. Proceeds
general corporate purposes. Office—23 Dronningens Gade, St. Thomas, Virgin Islands. Underwriter—
—For
Richard
•
JjJBuck & Co., N. Y.
Carmerlndustries, Inc.
(3/19-23)
Nov.
28, 1961 filed 185,000 common,
to be offered by the company and
are
of which 135,000
50,000 by a stock¬
holder.
Price—$3. Business—Conversion of raw plastics
shapes such as rods, tubes and sheets. Proceeds
new
plant, repayment of debt, and working
capital/ Office—22 N. 26th St., Kenilworth, N. J. Under¬
to basic
—For
a
writer—Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
• Carolinas
Capital Corp. (3/12-16)
parts
for
motor
vehicles.
Proceeds
—
For
equipment,
working capital and other corporate purposes. Office—
4301 W. 69th St., Chicago.
Underwriter—Straus, Blosser
& McDowell, Chicago.
'
it Charter Credit Corp.
28, 1962 ("Reg. A") 100,000
Feb.
Price
common.
—
$2.
Business—The construction and financing of motion pic¬
ture theatres. Proceeds—For
general corporate purposes;
Office—234 W. 44th St., N. Y. Underwriter—M. R. Zeller
Co., N. Y.
and
semi-tropical
climates.
Proceeds—for
ordinated debentures due 1967 and
50,000 common shares
to be offered in units of $100 debentures and 50 shares.
Price—$200
Proceeds
per
unit.
Business—Home
food
catering.
For debt repayment and general
corporate
Office—500 N. W. 22nd Ave., Miami, Fla. Un¬
derwriter—Street & Co., N. Y.
—
purposes.
Church
Builders, Inc.
Feb. 6, 1961. filed 50,000 shares of
2.
Price—$5.50
per
sified management investment
investment.
common
stock, series
share. Business—A closed-end diver¬
Office—501
company.
Bailey Ave.,
Distributor—Associates Management,
Proceeds—For
Fort Worth, Tex.
Inc., Fort Worth.
• Cinema Studios
Inc. (4/2-6)
Dec. 14, 1961 ("Reg. A")
75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
working capital. Office—309 Ainsley Bldg., Miami, Fla.
Underwriter—Dalen Investments & Funds, Inc.,
Miami,
Cineque Colorfilm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The production of slides and color film
strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
•
Citizens Life Ins. Co. of New York
(3/26)
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the
company and 47,000 by a stockholder.
Price—By amendment. Business—The writing of or¬
dinary life, group life and group credit life insurance.
Proceeds—For investment in
ties. Office—33 Maiden
income
producing securi¬
Nov. 22, 1961 filed 500,000 common.
Price—$10. Business
—A small business investment
company. Proceeds—For
Lane, N. Y. Underwriter—A. G.
Becker & Co., N. Y. (mgr.).
general corporate purposes. Office—1200 North Carolina
National Bank Bldg., Charlotte, N. C. Underwriter—R.
Dec. 21,
S. Dickson &
Carolina
Co., Charlotte.
Telephone & telegraph Co.
(4/13)
Feb. 16, 1962 filed 195,039 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each 10 held. Price—$20. Proceeds—For
repayment
of bank loans.
N. C.
Office—122 E. St. James
Street, Tarboro,
Underwriter—None.
Carrols, Inc.
Feb. 21, 1962 filed
688,375 common to be offered for sub¬
scription by stockholders of Tastee Freez
Industries, Inc.,
parent company on the basis of one such share for each
two shares of Tastee Freez held.
Price—$6. Business—
Franchising and supplying of stores and mobile units
selling a soft ice product and certain selected food prod¬
ucts. Proceeds—For expansion. Office—176
W. Adams
St., Chicago.
Casavan
Underwriter—Bear, Stearns
Industries, Inc.
& Co., N. Y.
land
other
corporate
purposes.
Office—250 Vree-
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
Central
Business—A sales
finance
Office—526
company. Proceeds—For
North Ave.
East,
ex¬
Westfield, N. J.
Underwriter—To be named.
•
Century Brick Corp. of America (3/12-16)
("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for
producing
simulated brick facing for
buildings. Proceeds—For gen¬
Nov. 9, 1961
eral
Pa.
•
corporate purposes. Office—4506 W.
12th
Underwriter—Sandkuhl & Co., Inc., N. Y.
Certified
St., Erie,
Industries,
Inc.
(4/16-20)
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
nated
debentures
due
1976
with
attached
warrants
to
purchase 15,000 class A shares to be offered in units
(of
one $250 debenture and a
warrant to purchase 5
for
subscription by holders of class
at the rate of
$250
per
(Francis H.) & Son, Inc. (4/2-6)
July 3, 1961 filed 1,000,000 common shares. Price—$1.50.
Business — The manufacture of farm and
industrial
equipment. Proceeds—For materials and inventory, re¬
search
one
shares)
A and class B shares
unit for each 50 shares
held. Price—
unit. Business—Production of concrete for
con¬
0/;
and
1303 Elm
development and working capital. Office—
St., Rocky Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver.
• Coastal
Acceptance Corp.
St., Manchester, N. H. Underwriter—Eastern
Computer Concepts Inc.
Dec. 29, 1961 filed
100,000 class A common. Price — $5.
Business-^-Development and sale of advanced program¬
•
Computer
Control
Co.,
Inc.
(4/16-20)
Jan. 24, 1962 filed
157,500 common, of which 62,500 are
to be offered by the
company and 95,000 by stockhold¬
ers.
Price—By amendment. Business—Design and manu¬
of digital equipment.
Proceeds—For debt re¬
facture
payment.
Off ice—983
Concord
St.,
Underwriter—Kidder, Peabody
Framingham, Mass.
& Co., N. Y.
Computer Oriented Research & Engineering, Inc.
23, 1962 filed 135,000 common, of which 100,000
offered by the company and
35,000 by a stock¬
holder. Price-r—$4. Business—Electronic data
processing.
Proceeds—For computer systems
development, additional
personnel, and working capital; Office—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Feb.
are to be
»
Pittsburgh."
....
Concord
Products, Inc.
Nov. 28, 1961 filed 120,000 common
warrants
year
to
purchase
(with attached 360,000 shares
additional
an
at $2 per share) to be offered in units of
one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics,
toiletries/ cleaning chemicals, jew-
elery, etc. Proceeds — For general corporate
Office—525-535 E. 137th St., New York City.
purposes.
Under¬
writer—To be named.
•
Concors Supply Co., Inc. (3/26-36)
Oct. 19, 1961 filed 100,000 class A common.
Price—$4.
Business—Sale of food service and kitchen
equipment.
Proceeds
For equipment, debt repayment and other
corporate purposes. Office—110 "A" St.,
Wilmington, Del.
Underwriter—Roth & Co., Inc., Philadelphia.
—
t Coroductron
Corp. (3/26-30)
20, 1961 filed 125,000 class A
Dec.
Price—By
common.
amendment. Business—Research and
development in the
general field of electromagnetic radiation for the U. S.
Government. Proceeds—For debt repayment and other
corporate purposes. Office—343 S. Main St., Ann
Arbor,
Mich. Underwriters — McDonnell &
Co., and Halle &
Stieglitz, N. Y.
-jAr Consolidated Edison Co.
of
New
York, Inc.
(3/29)
Mar.
5,
1962 filed 947,924
cum.
convertible
preference
shares to be offered for subscription
by common stock¬
holders on 'the basis of one new share for each 17 held
of record Mar. 29, with rights to
expire Apr. 16. Price
—By amendment. Proceeds — For repayment of bank
loans, and construction. Office—4 Irving Place, N. ,Y.
Underwriters—Morgan Stanley & Co., and First Boston
Corp., N. Y.
Construction Design, Inc.
Feb. 12, 1962
("Reg. A") 60,000
Price—$5. Busi¬
common.
ness—Remodeling, modernizing and expanding residen¬
tial and commercial properties. Proceeds—To make
struction loans to customers. Office—451 N. La
con¬
Cienega
Blvd., Los Angeles. Underwriter—Thomas Jay, Winston
& Co., Inc.,
Beverly Hills, Calif.
Consultants
ment
and Designers, Inc.
(3/22)
29, 1961 filed 180,000 common. Price—By amend¬
($12 max.). Business—Furnishes technically skilled
personnel
to
industry and
government.
Proceeds—For
selling stockholders. Office—650 11th Ave., N. Y. Under¬
writer—Shearson, Hammill & Co., N. Y.
Consumers
Mart of
8, 1962 filed 72,000
America, Inc.
common.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
common.
Price—By
—
—For
equipment, possible acquisitions and working cap¬
Office—1900 N. River
Rd., River Grove, 111. Under¬
writer—Divine & Fishman, Inc., N. Y.
Columbia Bancorporation
Ave., N. W., Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
• Commerce
Drug Co., Inc. (4/17)
common.
Price—By amend¬
Business—Manufacture, packaging and
distribution of proprietary
drugs. Proceeds—For selling
stockholdes. Office—505 Court
St., Brooklyn, N. Y.
Underwriter—Shearson, Hammill & Co., N. Y. '
ic Compumatix, lijc.
Feb. 26, 1962 ("Reg.
A") 296 units, each consisting of
one
$1,000 6%
Office—4701
Underwriters—Rittmaster,
Voisin
&
Co., N. Y. and Midland
Kansas City, Mo.
Continental
Securities Co., Inc.,
>
Industrial Electronics Corp.
Nov. 21, 1961 filed 200,000 common.
ture
$30,000,000 of convertible subordinated
debentures due 1987 and
1,500,000 common to be offered
in units.
Price—By amendment. Business—A bank hold¬
ing company recently formed to acquire stock of
First
Western Bank & Trust
Co., Los Angeles. Proceeds—For
acquisition of First Western stock, and
working capital.
Office—1000 Vermont
125 common stock
purchase warrants and
ceeds—For expansion and working
capital.
N.
Harlem Ave.,
Chicago.
ness—Development
Feb. 23, 1962 filed
100,000
Expressway, Jamaica,
Co., N. Y.
N. Y. Underwriter—Jay W.
Kaufmann &
Jan.
amendment. Business
Distribution of special types of
electric wire and cable, and the manufacture
of insulated
wire and cable for electronic and
electrical use. Proceeds
9, 1962 filed
ment (Max. 22).
—
Dec.
company. Proceeds—For debt repayment. Office—
Investment Corp.,
Manchester, N. H.
Coleman Cable & Wire Co.
Jan. 18, 1962 filed 120,000 class A
Feb.
Price—$3. Business
Manufacture of miniature
coils for relays used in
computers, aircraft, missiles and
guidance systems. Proceeds—For general
corporate pur¬
poses.
Office—88-06 Van Wyck
•
(3/14)
Dec. 11, 1961 filed 80,000 class A
common, of which 68,000 are to be offered
by the company and 12,000 by
stockholders. Price—$12.50. Business—A small loan fi¬
ital.
Acceptance Corp. of Delaware
150,000 class A common. Price—$5.
Nov. 29, 1961 filed
pansion.
Clute
36 Lowell
—
and
porate purposes. Office—307 N. Eutaw St., Baltimore.
Underwriter—Stein Bros. & Boyce, Baltimore.
nance
Aug. 21, 1961 filed 350,000 capital shares. Price
$7.
Business—Production of plastics, marble and ceramics
for the packaging and
building industries. Proceeds—
For
expansion, leasehold improvements, repayment of
loans
City Finance Co., Inc. (3/26-30)
1961 filed 110,000 common. Price—By amend¬
ment. Business—Engaged in the consumer
loan and fi¬
nance buisness in
Maryland. Proceeds—For general cor¬
of which 90,000 are
30,000 by stockhold¬
ton, D.C. Underwriter—Doft &,Co., N. Y.
Underwriter—To be named.
• Chestnut Hill
Industries, Inc. (3/26-30)
Nov. 29, 1961 filed 300,000 class A
common, of which
225,000 are to be offered by the company and 75,000 by
Inc. (3/19)
Jan. 15, 1962 ("Reg. A") $100,000 of 7% convertible sub¬
ers.
—
equipment
Chez Milhet,
Computer Components, Inc.
Dec. 6, 1961 filed
120,000 common,
to be offered by the
company and
porate purposes. Office—1012 14th
St., N. W., Washing¬
working capital. Address—Santurce, Puerto Rico.
stockholders. Price—$7.50, Business—Design and manu¬
facture of women's, misses' and junior
sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
Thursday, March 8, 1962
.
ming systems, for solution of business problems
by the
use of digital
computers. Proceeds
For general cor¬
Chemical Coatings Corp.
Dec. 27, 1961 filed 75,000 common.
Price—$5 BusinessManufacture of paints particularly for use in tropical
and
.
subordinated debenture due March
15, 1972. Price—$1,012.50 per unit. Business—Electronic
data processing in
scientific fields. Proceeds—For
equipment, and working
capital. Office—440 S. Brentwood
Blvd., St. Louis. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
to
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
.
tubes.
and
corporate purposes.
geles. Underwriter
Continental
Price—$2.50.
manufacture
Proceeds—For
debt
Amos
repayment
Treat
&
Continental
are
26,
1962
other
Co., Inc., N. Y.
Price—By amend¬
($3 max.). Business—A mortgage and
derwriter—To
and
Investment Corp.
investment company. Proceeds —
Office—Scottsdale Savings Bldg.,
Jan.
Busi¬
television pic¬
Office—2724 Leonis Blvd., Los An¬
—
Dec. 29, 1961 filed 2,000,000 common.
ment
of
be named.
filed
estate
working capital.
Scottsdale, Ariz. Un¬
.
Investment &
130,000
to be offered by the
real
For
Mortgage Co.
common,
of
which
100,000
and 30,000 by stock¬
holders; also $600,000 of 6J/2% convertible
subordinated
debentures due 1974. Price—For stock:
$5; for deben¬
tures: at par. Business—Company was
formed to hold
the stocks of a mortgage
company, an insurance
agency
and a real estate development
company. Proceeds
For
debt repayment and working capital.
company
Office—44 Forsyth
Volume
•
Number
195
\■/,
6140
Commercial and Financial Chronicle
./ The
.
' '7/'./;
\
.
■ ■/■/ ■'
'/./•
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville,' Tenn.
;■
/< v
■
.
Continental Leasing Corp.
June
"
.
("Reg, A") 75,000 common.
Price — $4.
Proceeds—For purchase of new automobiles, advertising
and promotion, and working capital. Office—4 Gateway
Center, Pittsburgh, Pa. Underwriter — Cambridge Securities, Inc., N. Y.
•
19, 1961
.
Continental
Mortgage Investors
(4/2-6)
Dec. 21, 1961 filed 1,700,000 shares of beneficial interest,
Price—By amendment. Business—A business trust which
plans to qualify
ceeds—For
as
real estate investment trust.
a
investment.
Office—50
State
St.,
Pro-
Webber, Jackson & Curtis, Boston. Note—This firm
named
Federal
Mortgage
Aero
was
hs.
Cooke
Inc.
Co,,
Albert Voigt
and
Janov
Barnes
&
Inc.)
Capital
(Netherlands
(Andy)
(Van
&
Co.)
$5,000,000
Co., Inc.)
Securities
Mills,
Atlanta
Corp
Papekote,
Inc.
Lewis
Co.,
(Fialkov
&
Co.,
(Hill,
Darlington
(Flomenhaft, Seidler & Co.)
Steel Plant
(Hirsch
Widmann
-
&
Co..
Inc. )
13
•
Arwood Corp.
&
Co.;
Macco
♦"International
Strecch
(F.
230,000
Co.)
L.
•'
shares
Inc
300,000
Narrows
■
a.m.-
&
Redpath)
Co.)
&
PCS
Data
(Lenchuer,
,
(Paine,
Class A
Haven
&
&
Co., Inc.)
Co.,
200,000
Inc.,
Co.-
—-Common
Plastics
and
Harry Odzer
,
Wiatt
+
,
Capital
Co.,
.
1
Mills
&
250,000
<Grace &
Co.)
(Carl
Medex,
Common
Inc.)
M.
Loeb,
1
&
(Globus,
Atlantic
(G.
A.
Inc.)
&
Co.,
Inc.)
131,500
(White,
Weld
Rockower
•
.
Shenk
•
&
Co.
and
(Drexel
McDonald
Co.)
&
Inc.—
&
Co.)
<
150,000
284,586
Industries, Inc.
Inc.)
&
16
Inc.)
130,000
Mfg.
•
Co.)
$900,000
March
-Common
Marsh
$175,000
&
:
21
Co
—
—.Common
(Offering to stockholders—underwritten by Blyth Sp Co., Inc.,
:-•"'First Boston Corp., and W. C. Langley & Co.)-421,472'Shares
March
22
Brentwood
*v
41'""
Japan
Class A
J-/.;/.A
:
"
;
M.
Fund,
&
Co.,
&
■'■.7.777/''
Inc.)
7'.
$286,875
.
7,
———..Common
&
Co.)
shares
53,829
Common
Inc
Paine,
and
Webber, Jackson & Curtis
Co.. Ltd.) $25,000,000
Securities
Units
Liederman
E.
,7
Inc.)
Common
Stearns
Co.;
Inc.)
Common
$300,000 7
Securities.
inc..
&
Co.,
Inc.)
$1,700,000
Common
_i—
,
Planned
Inc.)
$100,000
Lithoid,
&
Garey
Inc.)
Co.,
$1,000,000
Hamilton,
(jr.),
(L.
F.
Inc.
Taylor
&
Co.,
.
(T.'-J.
P-G Products
(Thursday)
t.Kahn
$360,000
Rothschild
&
Co.)
103,000
Common
shares
Capital
Bowling Corp.____———
New World Laboratories, Inc
.
Inc.)
—
—
(Jennings, Mandel & Longstreth)
7;
/
—Common
Inc.—
(Godfrey,
Michaels
Common
Homes, Inc
(Best
Nationwide
Common
Lee
7/^777/7/*;' ^.7/7/7"
and Reuben Rose & Co.,
Inc.
(Globus,
Kraft
/
shares
L.
'
145,000 shares
Co.)
Common
and
Inc.
Jaylis Industries, Inc
Kogel,
Units
—Common
&
Co.,
Co.,
:
$444,000
$700,000
Vending Co
(D.
673,215
$279,000
Inc.)
—
Nikko
——Capital
Financial Corp.
Stone
&
fv
—Common
—
Co.,
Common
'
(Bache
(Wednesday)
*<Hayden,
100,000 shares
Products, Inc.
(Richard Bruce &
$718,750
Co
(Morgan Stanley & Co.)
$10,000,000
—Common
underwriting)
Blauner
D.
(Bear,
McLennan, Inc.—;
:
Metal
Interstate
$650,000
Inc.)
Inc.)
77/777
100,000 shares
Co.,
Co..
&
.
(Friday)
Long Island Lighting
v-7
A
and
$600,000
—
..—..Common
(To be named)
'
units
47,000
-Class
'■•;7;'/,f/;7'// $1,800,000
Honig's-Parkway, Inc.
;
Common
&
Units
—
Co.)
&
Seymour Blauner Co.
Inc.;
Corp
(No
•
(Milton
f777
Comm jn
,
(Hodgdon
Wham-O
$460,000
!
Securities
shares
Shopping Center Limited
Partnership
shares
^
-
Units
Lieberbaum
and
Becker
G.
Leasing
$2,500,000
Inc.)
$332,500
Inc.)
Co.,
Corp.-
r
West Falls
A
Co.
&
(Sunshine
Co.,
Corp.)
shares
..Common
Realty Trust of Philadelphia—_Ben. Int.
.
$300,000
Realty Corp.——
&
125,000
I
Parks &
Honora, Ltd.
Films, Inc.
Stieglitz)
Happy House, Inc.—
(Tuesday)
Sc Co.)
7
;
—Class A
&
Investors
Everett
(Midland
Hillside
Class A
Co.)
>7;
—
Halle
and
Sprayregen, Haft & Co.)
■'
Capital
Inc
<fc
Common
$400,000
(Federman, Stonehill & Co.)
General
-Common
Curtis)
-Common
—
Inc.)
Co.,
4c
E.
R.
(A.
$287,500
(Midland Securities Co., Inc.) 75.000 shares
ft.
•
,.
shares
147,000
Gateway Chemicals, Inc
140,000 shares
Jackson, &
Co.
Cohon
A
.Common
Lighting Products, Inc
(Globus,
March
$600,000
Class
Co.)
Co., Inc.—^
Scientific
'7 Franklin
157,500 shares
Group,
&
(Netherlands Securities Co.,
Recco, Inc.
Common
___
shares
(Rodetsky, Walker & Co., Inc. and Boenning
Universal
(Morris
First
Common
Planning
(Balogh
shares
Class
Brothers,
•
f.
shares
100,000
| First Republic Corp. of America
units
175,000 shares
Inc.)
Becker
Corp.
&
(G.
Common
Policy-Matic Affiliates, Inc
—Common:
Ridge Tool Co
-
Lunar
shares
110.000
9,000
(Ehrlich, Irwin & Co., Inc.)
sharees
Industries, Inc.——
Saxton
Co.)
&
Fastline Inc.
Co.——————Common
(Putnam
5
Common
150,000
Co.)
;- f
—.Common
Industries, Inc.———
shares
Kollmorgen Corp.
,
.Common
-
North
Rhoades
100,000
Units
Motti,
G.
(I.
—
(Putnam
*
Inc.
20
First Hartford
Common
"-'(Lehman Brothers) 349,590 shares
Hayden Publishing Co., Inc
:
Delford
units
Common
Webber,
March
Common
Manufacturing Co.—
'
,
j
.
7
(Stein Brothers & Boyce) 110,000 shares
(McDonnell
'
(Offering. to stockholders of Waltham Precision instrument
Co.', Inc.T-^-168,250 shares underwritten by Sterling,
Franklin
Allyn
Concors Supply
Units
Plastics, Inc.
(Paine,
shares
Electro-Mec Instrument Corp.
„
$300,000
& Co._
(Roth
;
David
Youthcraft Creations,
.Common
Co.)
&
7
,
Laboratories, Inc._!rCommon
Finance Co« Inc..-w
City
'C M
f Conductron
O'Connor,
Inc.
(Investment
$300,000
Corp.-
(Drexel
-
-
■
$375,000
-
(Norman)
"Wiggins
'
Diamond
Debentures
;
and Merrill Lynch, Pierce,V
Inc.) $10,000,000
Smith
&
■
•
.4
(Schwabacher & Co.; J. Barth & Qo.;<and Bear, Stearns &
Co.) 135,000 shares
Common
—
Inc.)
Inc.--
"
Class A
C.
$310,000
Inc.)
100,000
(Laren Co.)
$375,000
Pools
&
Pierce,
shares
Corp.
(A.
Common
Wade, Wenger ServiceMaster Co.
Common
(Alessandrini
Lynch,
120,000
(Stevens, Hickey & Co.)
(A.
Co.»
Corp.
135,000 shares
-
Common
Inc.)
Chestnut Hill Industries, Inc._—-Class A
(Clayton Securities Corp.) $2,250,000 ",//•v'7 .;/f
Citizens Life Insurance Co. of New York—Common
.
Inc
(Ezra Kureen Co.)
Homes, Inc.—
shares
(F. Eberstadt & Co.) 480,000 shares
,
Bilnor
shares
Inc..
Ahalt
(William,
Ultra
(Pacific Coast Securities Co.) $300,000
DeLuxe
/
Common
Trygon Electronics Inc
$165,485
Best Plastics Corp
Blue
Common
60,000
'
*
Webber, Jackson & Curtis and American Securities
Univend
Co.)
Co.)
Merrill
and
Laboratories,
Becton, Dickinson
■
&
Smith
&
Bebell & Bebell Color
Common
(S. D. Fuller & Co,)
Common
-Common
b. Cantor
Common
shares
68.000
Co., Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
}
Brothers
Fenner
.
(Clayton Securities Corp.)
(Thursday)
(g,
&
Lestrange
Fenner
Class A
Texas Tennessee Industries, Inc
Inc.) $700,000
(Roman & Johnsort)
<•
shares
250,000
!
(Lehman Brothers
Planning Corp. and E. J.
Co.) $200,000
(Edward Hindley & Co.)
,
' 1
.
Common
Tel-A-Sign, Inc.
.Debentures
^
Engineering
&
Baxter
Inc
Cos.,
Plastics
(Searight,
& Co.) $40,000,000
Spartan International Inc.—
Bechtold
Inc.)
Co.)
Laboratories, Inc,
(Lehman
.^-Common
Seg Electronics Co., Inc
Eq. Tr. Ctfs.
(Bids 12-noon MT) $4,830,000
March 15
Baxter
Murphy & Co.) $400,000
Corp.)
$1,000,000
(Continental Securities Corp.)
Co.,
&
&
Sulzberger,
(Arthurs.
^
Processing, Inc.--—-——-Common
Covato
Jomar
shares
Coastal Acceptance Corp
U-Tell Corp.
Common
Co
Blauner
D.
Hallowell,
Ripley Industries, Inc., and
Boyce and Vickers, McPherson & Warwick, Inc.)
(M. H. Woodhill,
Inc.)
Co.,
&
Bacharach Industrial Instrument Co
120,000 shares
(Arnold Malkan & Co.,
South European Pipeline Co.—
Morgan Stanley & Co. and Lazard Freres
Rose
American Cardboard & Packaging Corp.—Common
Executive.
Finance
(-Wednesday)
(Eastern Investment Corp.)
Reuben
and
.
$65,000,000
Denver & Rio Grande Western RR
Inc.
(Dempsey-Tegeler
250.000 shares
-
Common
Pacific Lumber Co
(Milton
Jones
Inc
Capital
Co.,
Alberto-Culver
,
.
.
.Common
$400,000
$2,000,000
——-Debentures
&
&
Bruce
T
(Blair
Bonds
199,000
(Richard
$616,0(30
$660',000
Industries, Inc.———
&
Products, Inc.—
Ainsbrooke Corp
Alaska
Corp..
$375,000
(Monday)
Agency Tile Industries,
.
-
Co
Corp.)
(International Services Corp.) $300,000
v
-
Common
Securities
(Shields
-r --
120,000 shares
Inc
.Common
Redpath)
W
Co.,
Automotive
'
.
shares
—
&
-
Roberts
Oxford
Airtronics International Corp. of Florida—Common
(Stein. Bros. &
Admiral
Common
Pir-O-Wood Industries,
'March 14
$35,000,000
Common
(Baruch Brothers & Co., Inc.)
shares
100,000
& Co. and Mitchum,
Templeton) 150,000 shares
(Professional
1
100,000 shares
PST)
Debentures
:
Common
Camera
shares
-Common
200,000
Parker
^^
shares
- _
8:30
Parker
Premium
"
'(Bids
165,000
Common
(Pearson,
Common
Pacific Gas & Electric Co
"
Common
Noel & Co.)
Orlando Paper Corp.
-
Common
i.
—
Rossman & Co.)
$306,000
(Friday)
March 26
Co.) $200,000
(Street & Co., Inc.)
$1,725,000
Products
(Burnham &
Miss Elliettej Inc.-
23
v
Co.)
Co.)
Corp.
(Underhill
Units
Peabody
Motor Parts
Inc.)
&
(Clayton Securities Corp.)
;
—
Alstyne,
Realty
Common
&
Kine
(Kidder, Peabody & Co. and Mitchum,^ Jones &
Templeton) $4,000,000
1—Common
—
Stearns
Decorel
$600,000
(George K. Baum & Con
(Kidder,
-
(Bear,
March
!
Common
JVlacco/ Realty Co.-
Common
Devices, Inc
Co.)
&
Common
America
of
$255,000
(Eastman:Dillon, Union Securities^ & Co.)
(Tuesday)/
(Naftalin
Co.)
Common
Inc
Krylon, Inc.
.
,
Common
Securities
Westmore, Inc
-4:;
shares
(L. F.), Inc
March
$1,500,000
Corp
(Auchincloss,
(Godfrey, Hamilton, Taylor & Co.) $486,000
American Micro
Corp
(Goldman, Sachs & Co.) 454,000 sharese
King Louie Boiling Corp.-———Common
-Common
150,000
Common
Hardy
by
(Goldman, Sachs & Co. and Lehman Brothers)
Kay Foods Corp.———————Class A
Scientific & International Corp..--Com.
.
180,000 shares
$620,000
(Hardy
Corp.
34
page
...Common
Co.)
National Dairy Products Corp
Common
Inc.)
Palm-Aire
Printing
011
Corp.__
stockholders—underwritten
to
$600,000
$250,000
(Joseph Wv Hurley & Co.) $208,980
Struthers
Florida
shares
Inc
Hammill &
■
$675,000
(Brand, Grumet & Seigel, Inc. and Kesselman & Co., Inc.)
.--.Common
Equipment Corp..
•
Inc.)
232,500
Industries, Inc
House of
$3,000,000
._
(Shearson,
(Hemphill, Noyes & Co.) 185^000 shares
..Common
,
——
Continued
Palm-Aire
(Offering
Price
holding
For expansioii and workihg capital,
i
Florida
Common
Coast
(Bache
137,500 shares
Grimm)
&
Spiral Metal Co., Inc,
Co.,
Corp
Glass-Tite
Common
,____
Puerto Rico Capital Corp.-—
Burnside
Lodges,
(Auchincloss,
Common
Inc.)
,,
$2,000,000
Family Record Plan, Inc..
$300,000
Inc,)
Paramount Foam Industries
Milhet,
(Van
152,500 shares
_____
(Edward
Co.)
Industries, Inc
Cosnat
Common
—_
Co.)
A financial investment and
-
comPany* Pr°ceeds
Debentures
District Photo, Inc
Capital
&
Brines*
*
Common
(Street &
^.Common
duPont
I.
Corporate Funding Corp. (4/10-12)
("Reg. A") 75,000 class A common.
(Godfrey, Hamilton, Taylor & Co., Inc.) $555,000
(Jennings, Mandel & Longstreth) 125,000 shares
(Francis
#
Jan. 9, 1962
shares
(Reiner, Linburn & Co.)
Chez
Inc.) $300,000
Industries, Inc
&
Langley & Co.)
Mount
.
Common
Johnson Electronics, Inc
Melnor
Singer
(Robinson-Humphrey Co.,
Carmer
...Common
(B. G. Harris & Co.,
C.
Motor
Burton
shares
:
Rental
213,427
Corp.
(Pacific
(Offering to stockholders—underwritten by Edward D. Jones
& Co.) 99,288 shares
Haltone
& Co., Chicago, 111., and J. R. Williston & Beane, N. Y.
Offering—Expected in late April,
Common
—
Co.)
>
fice—716 N. Federal Hwy., Fort Lauderdale, Fla. Underwriters—Cruttenden, Podesta & Co. and A. C. Allyn
,
copy machines,
etc. Proceeds—For
Inc
B.
\ •
f. subord. debens.
s.
due
elec-
,
Berne of Calitornia, Inc
$500,000
200.000
Coral Ridge Properties, Inc.
Feb. 5, 1962 filed $5,000,000 of 6V4%
Consultants and Designers, Inc
Corp.——
&
.....
,
Corp
Co.
and
.
Realty & Petroleum Corp
(W.
Common
Inc.)
systems
office
of
7'
.
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
(Monday)
(Mortimer
$300,000
Co.,
Alstyne, Noel & Co.)
Griesedieck
19
Astro-Science
Fidelity America Financial Corp.——...Common
Gard
distribution
(Troster,
Artlin
Capital
Century Brick Corp. of America
(Sandkuhl &
the
Capital
American
...Common
Dickson
S.
Inc.
125,000 common.
of high vacuum
laboratory equipment,
March
Allied
$320,000
Corp
■
33
1977 (with attached 10-year warrants to purchase
1,100,000 class A common). Price
By amendment. Business—Development and saie of land. Proceeds—For conPrice—$3.75. Busi- / struction, possible acquisitions and working capital. Of-
nhS&v
,
(R.
J.),
machines and
Kleiner, Bell & Co. and Rittmaster, Volsin & Co.) 150,000 shares
Carolinas
.7
For expansion and
—
%%
$310,000
——
Unseeds
„
Common
Co..
Besco Enterprises, Inc
<
Co.)
&
'
■
tronic equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Norwalk, Conn. Underwriters—John R. Maher Associates and Bull>& Low, N. Y.
; -
Common
Industries, Inc
(David
(F.
Dec. 29, 1961 filed
ness—Manufacture
(Monday)
&
7,
9340 James Ave., S., MinneapoUnderwriter—Brandtjen & Bayliss, Inc., St. Paul.
photographic
Investors.
Co
7' '."'-f
V'''
(Allen
Electronic Products
,(Roth
'
V
and training devices.
working capital. OWice
NEW ISSUE CALENDAR
March 12
'' v
7
:
Control Dynamics, Inc. (5/2-6)
Oct. 24, 1961 filed 500,000 common. Price—$1.15. Business—Development and production of electronic testing
Boston.
Underwriters—Hemphill, Noyes & Co., N. Y. and Paine,.
formerly
-
'"'f
'
(1185)
&
McDonald &
100.000 shares
Common
'
Co., Inc.)' $300,000
Manufacturing Co., Inc
Peck
and
Cohn &
Co.)
110,055
Common
shares
Common
150,000
shares
V-L.
—.
*
Continued
on
page
34
34
The Commercial and Financial Chronicle
(1186)
Co.
&
Underwriter—R. F. Dowd
Broadway, N. Y.
Office—39
80,000 common. Price—$3.
■ cosmetics.
Proceeds—For
debt repayment, working capital and other corporate
purposes. Office—15 Clinton St./Yonkers, N. Y. Under¬
Jan.
A")
("Reg.
29,. 1962
Business—Manufacturer
writer
-
of
in
April.
-
'
.
'
■
Z
(3/19-23)
Cosnat Corp.
May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale by the company and 66,444
outstanding by the present holders thereof/Price—To be
supplied! by amendment.-Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital.- Officer—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Southwest
<D.
&
Co.,
Rico
Land
(Milton
RF
(Bids
Common
Interonics, Inc
(Arnold
Malkan
——Common
:—
C.
(A.
Southern
Growth
Securities
Sterner
Lighting, Inc.
(Finkle
:
Thomasville
Furniture
(Hornblower
$299,000
Co.
&
and
(Milton
D.
Blauner
United
Hamilton,
Taylor
(McDonnell &
(Globus,
Inc.
and
First
Philadelphia
'.i
—
Calumet
Molecular
&
&
Co.
Units
Co.,
&
:
,
Inc.)
(S.
Fuller
D.
&
&
Co.)
&
150,000
Co.)
21
160,000
♦
shares
Brands,
541,000 shares
March
28
■
.
Co..
Inc.)
(Gianis
&
Co.,
Inc.)
600
units
Cryplex Industries, Inc
(Herbert
Maul
Bros.
International, Inc.Langley & Co.)
550,000
shares
Inc.)
Inc.)
(Kidder, Peabody & Co.) 100,000 shares
National
Cash
(Offering
Ten-Tex
stockholders—underwritten
Read
National
Common
Cash
&
Co., Inc.)
Register
Dillon,
by
(Bids 11
'
v,
319,090 shares
April 11
;Boston
to
Corp.
Southern
stockholders—underwritten
common
end
Morgan
Stanley
&
Pacific Co
(Bids 12
Co)
by
947 024
April 12
First
shaves
EST)
]
i
Clute
Dalen
(Offering
Common
108,000 shares
&
Co..
Alson
Inc.) $75,000
& Son, Inc
Altman
Inc.)
(Hemphill,
Noyes
&
Co.
000
$1,500,000
(S.
{
(Singer.
underwriting)
(Kidder,
$330,000
General Battery & Ceramic
Corp
Fastpak,
.Common
Ar
Co
and
Distributors, Inc
(General Securities Co., Inc. and
>
Kiddie
Lincoln
(Carl
C.
Hannett
Common
Kasdan
& Co..
Co.)
1,000
Fund, Inc
Orion
units
Corp.)
951,799
.(Ira
-
National
Haupt
Co.)
$6,375,000
Equipment & Plastics • Corp
(Cortlandt
Investing
Corp.)
■
v/
•-
'
.
Co.)
&
■J-',
.
,
shares
$750,000
v;:■
t.,
i-*,: 'V-c;
-
•
•
.
/
Common
$800,000
Common
.
& Co.)
>'■;
■
•
$247,500
'
■
'.-V-
.....
*■
,
r
^
/
Co.)
157,500
shares
I
v
&
Inc.)
Co.,
>
,.
&
Co.,
Inc.)
Securities
Co.,
$300,000
&
Co.,
.
•
June 7
Inc.)
-
'
<
$350,000
i
-
(Thursday) ;;
^
——.Bonds
(Thursday)
-
-
—.Debentures
$25,000,000
^
.
•
Bonds
—t,——
(Bids to be received) $23,000,0001--.-'-
November
.
,
-
(Wednesday)
28
Southern Electric
-
•
.
-
——Preferred
(Bids to be
$325,000
Casualty & Surety Co.^__—_____-CapitaI
(Offering to stockholders—underwritten by Kidder
Peabody
Co.) ^87,50.0 shares
Common
'{
*
Georgia Power Co
-
—.Common
.
(Tuesday) "
November 7
-
/.
Common
$300,000
.—Common
$600,000
Inc.)
—_—_—_—
Georgia Power Co.„
•
Inc.)
,>
Co.,
(Bids 11 a.m. EST)
I—
200,000 shares
———
&
Columbia Gas Systems, Inc.—
--...Commo^
& Co.)
(Monday)
(Bids to be received) $17,000,000
,
...Common
—
Co.,
—
Common
Corp.
^.Bonds
$20,000,000
be deceived)
{Alabama Power Co._
shares
-————Common
Inc.)
Corp._____
Gilhart
May 31
—--Capital//
200;000
•;
New England Electric System^——.
Common
(Offering to stockholders—^bid$ to be received) 872,876 shares
$625,000
Inc._!
Productions,
•
(Tuesday)
(Troster, Singer & Co. and Federman, Stonehill & Co.)
175,000 shares
"
May 29
_____Common
(Arnold Malkap;& Co., Inc.)
■
$575,000
Inc
•Sportsways, Inc.
Western
Common
Inc.)
Great Eastern Foods Corp._______
Units
Inc.)
Spears (L. B.), Inc
.Common
.Commoto
—
Bayliss,
Inc
■
(Switzer
Common
(Terrio .&
-F-i
(Bids
;
May 28
:
Common
—Common
Mackie,
Rhoades
■
■
shares
160,000
Industries, Inc.—
D.
shares
150,022
Utah Power & Light Co
——Common
"J'—— (Bias to be received) $10,000,000
.
Seashore Food Products, Inc.
(Pacific Coast Securities Co.) 550,000 shares
1
150,000
(Kidder, Peabody <fc Co. and Dean Witter
$525,000
National Vended Ski Insurance Corp.
5
.-
Co.)
&
Malkan
Electronics
Inc.)
"
$300,000
Producers Cotton Oil Co
shares
Municipal Investment Trust Fund, Pa. Series—Ints.
■
Loeb,
(A.
—Common
(Horizon 'Management
;
Inc )
(Scott, Harvey & Co., Inc.) $450,000
Units
&
:
■
-
—Common
Co
Peabody &
Nigeria Chemical
$425,000
Kimball
M.
(Albion
Inc.)
Rides, vine
(Paul
.
S.
$3,900,780
_—
Hanna-Barbara
Robinson-Humphrev CoM Inc.) 17 000 units
Interworld Film
j
Inc.
(Arnold
(Dempsey-Tegeler & Co., Inc.) 200,000 shares :
.International Airport Hotel Systems, Inc.-^Units
«Barhe
Fuller &
Beane
&
(Meade
.
•
May 22
underwriting)
Computer Control Co., Inc.__
—Conftnon
►
.—Capital
/ Utah Power & Light Co..—.—
Securities
Fuller
D.
Co.,
Debs.
Co
(Tuesday)
Books,
'
$6,000,000
Certified Industries, Inc
$300,000
Vending Co., Inc
(No
(S.
;•
^
(Monday)
V
received)
(Bay State Electronics Corp
Common
(Seymour, Bernard & DeBoff, Inc.)
Folz
Mercury
stockholders—no
D.
&
Enterprises,
May 15
$35,000,000
(Monday)
Manufacturing Co
shares
Electronic Controls, Inc
to
$276,000
$75,000,000
(Switzer & Co., Inc.)
American Bolt & Screw Mfg. Corp
-Ben. Int.
Paine, Webber, Jackson & Curtis)^
and
1
May 7
(Friday)
(Albion
Common
Continental Mortgage Investors
•
Common
April 16
Capital
Investments & Funds,
(Stone,
*
Bonds
be
Weld
(Brandtjen
shares
— ■—'-v,
..Common
Inc.)
Control Dynamics, Inc
Carolina Telephone & Telegraph Co.Common
,
Inc
(Francis H.)
to
—
__Bonds
EST)
a.m.
=
.Common
shares
(Wednesday)
May 2
'
{Hargrove
$7,995,000
Richling, Inc.—
Studios
<
$20,000,000
Mississippi Power Co
(Bids
(Monday)
(Carreau & Co.)
Cinema
'
Bonds
(Thursday)
April 13
April 2
Aronoff &
11:00
-.
$1,250,000
Corp.)
(Bids to be received)
(White,
Common
shares
250,000
-
"Wiley (John) & Sons, Inc
Pref.
Equip. Trust Ctfs.
noon
CST)
$300,000
Southern Bell Telephone & Telegraph
(Wednesday)
(Bids
■
(Offering
$300,000^
Pacific Power & Light Co
Consolidated Edison Co. of New York, Inc
V
(Tuesday)
May 1
$300,000
320,000
(White, Weld & Co.)
$50,000,000
29 {(Thursday)
March
T-r )
Pepsi-Cola General Bottlers, inc.:
.Debentures
Co
(Dillon, Read & Co., inc.)
Inc.)
Securities
(Irving J. Rice & Co.,
Class A
Co.)
a.m.
r
Common
—
Inc.)
Corp.
'
&
Co.,
&
800,000 shares
Northern Indiana Public Service Co
Register Co..
to
French,
Dowd
(Blair & Co., Inc.) 230,000
(Tuesday)
(White, Weld
Debentures
Shearson
$6,359,900
■Sperti Products, Inc
—Capital
&
F.
(Standard
,
.First Lincoln Financial Corp
.Common
-Debentures
$20,000,000
EST)
a.m.
(Monday)
(R.
-.-Common
(R. F. Dowd & Co.,
$300,000
:
-
'Morse Electro Products Corp.——1 _-_-Debentures»■
$637,500
_—
Fricke
11
Jaap Penratt Associates, Inc.
Common
Moyer,
—■
iCapital
stockholders—underwritten by
to
April 30
,
Capital
'Corporate Funding Corp
Common
Young & Co.,
Inc
April 10
Units
$300,000
!
Hammill & Co.)
$325,000^
Specialties Co
(Woodcock,
(Wednesday)
Industries, Inc
/
$2,450,000
Inc.)
(Friday)
April 27
*
Arnav
•
Class A
Co.,
.Livingston Oil Co
Common
(A. C. Allyn & Co. and Hornblower & Weeks)
Vitamin
/
Co.___
(Bids
Common
Inc
&
{
Co.)
&
Common
250,000 shares
(Sandkuhl & Co.,
shares
Penzell
and
(Tuesday)
(Offering
Turbodyne Corp.
—Class A
Co.
&
Appalachian Power Co
$300,000
Inc
C.
(W.
Joshua
Pioneer
-—Class B
Co.)
Harvey &
Taylor
(Kidder, Peabody & Co.) 371,750 shares
Common
Inc.)
Common
Inc
Hamilton,
April 24
$750,000
Co.)
&
shares
65,000
'
Capital
(Scott,
,
$990,000
[Power Industrial Products Co
Western
•
i'•
,
Co.)
&
(Shearson, Hammill & Co.)
Common
and Irving Weis
Inc.
Co.,
Towers Marts
-Common
Estabrook
and
Co.,
(Roth & Co.. Inc.)
Taylor
$7,500,000
Lestrange
(John
.Common
.
& ;CO>.)
Co., Inc
Tec-Torch
-
Noyes
—
Allyn
(Burnham
$150,000
^Garden State Small Business Investment Co.__Com.
(Hemphill,
C.
$452,008
Common
Co._
Voron Electronics c,oip.__
$325,000
Common
underwriting)
Presidential Realty Corp
(Tuesday)
Hamilton,
;
(Monday)
Livestock Financial Corp.___
367,000 shares
Dielectrics, Inc.—
(Street
(Cruttenden, Podesta & Co.) $1,600,375
(Godfrey,
Corp.—.Bonds
166,666 shares
—Common
(Switzer & Co.,
PneumoDynamics Corp.
$5,925,000
(Wednesday)
Fashions,
(Godfrey,
Common
Multronics, Inc.
—Common
Industries, Inc
.
Lee
Kidder, Peabody & Co. and
'Model, Roland & Co.) 56,225 shares
'Publishers
March 27
1
Ctfs.
Equip. Trust
Duro Pen Co., Inc
Common
(Godfrey, Hamilton, Taylor & Co.) $500,000 {—
.{Lehman Brothers;
:
$306,000
Corp.)
Co.)
Coast Securities
$300,000
.
Common
Loral*.,.Electronics Corp.——
,
;
-Common
-
Pacific
RR._
(Arthurs,
stockholders—no
to
70,000 shares
Co., Inc.)
Welcome Baby, Inc
100,000 shares
Common
and
Inc.
(White, Weld & Co. and Stone & Webster Securities Corp.)
$40,000,000
V { f
Debentures
Corp
& Sons
(A.
..Common
Inc.)
Co..
&
Co.,
Transcontinental Gas Pipe Line
Foods, Inc
(Offering
$1,590,000
Packaging Co., Inc.———
(Godfrey,
April 18
—Common
Gulf American Fire & Casualty Co
Co.)
&
(Hill,:Darlington & Grimm) 47,000 shares
Valley Metallurgical Processing Co._
-Common
.1
&
April 23
Industry Capital Corp.
Inc.)
^ —Vvn
$25,000,000
(Bids.to be received)
,
(Monday)
™Common
Co.,
&
Moore
(Missouri Pacific
$90,000,000
Light Co
Employees
(E. J.)
*Extrin
Trans-Pacific Research & Capital, Inc.—-Common" /
.
&
(Burnham & Co.)
shares
150,000
Airlines
$8,000,000
(Hay, Fales & Co. and McLaughlin, Kaufman & Co.)
Magnus
Trans-Alaska Telephone Co.
Bonds
Dialight Corp.
shares
343,551
Bonds
EST)
a.m.
'
(Goldman, Sachs & Co.) 210,000 shares
[-.—Common
Taylor
Hamilton,
?Brach
'
^
Common
Industries, Inc
Tork Time Controls, Inc.
(Godfrey,
April 9
——..Common
Weeks)
&
(Bids 11
>.y
$440,000
Co.)
&
35
page
,
—Common
Sun City Dairy Products, Inc
on
(Tuesday)
"Jiffy Steak
—Common
(Midwest Planned Investments, Inc.)
Continued
Commerce Drug Co., Inc._^
;
(Shearson/ Hammjll & .Co.)
(Offering to stockholders, no underwriting) $2,675,000
$600,000
Corp.)
Government
75,000 shares
Industries, Inc
(Capital
<
—Common
Allyn •& Co. and Bioren & Co.)
April 17
repay¬
Office—626
Underwriter—B lank,
Appalachian Power Co.—
(Friday)
April 6
300,000 shares
(Federman, Stonehill & Co.)
Southeastern Propane Gas Co
/
:
.
(Offering to stockholders—bids 11 a.m. EST) 670,000 shares
$2,000,002
Co., Inc.)
(Robinson-Humphrey
Royaltone Photo Corp.
Y.
N.
Inc.,
Proceeds—For
•
(Thursday)
Pacific Power
Class A
Co.,
Debentures
April 5
$200,000
Co.)
&
*
Republic-Franklin Life Insurance Co,_
received)
be
to
&
other corporate purposes.
Brooklyn, N. Y.
Co., Inc., N. Y. '
Ave.,
Futura
Co
(First Boston Corp. and Lehman Brothers)
115,000 shares
Blauner & Co., Inc.)
D.
precise'"tolerances.
Lieberman &
300,000 shares;
Ohio Oil Co
——Common
Publications, Inc.——
to
{(Raymond
Orleans Public Service
$5,000,000
(Lieberbaum & Co. and Morris Cohon & Co.)
Pyramid
New
Kahn
Products, Inc.
,
Development Corp.—-Units
&
Atkins
(Wednesday)
April 4
$676,500
Group)
hardware
Common
Inc
Corp.)
Metal
ment Of debt and
Common
(Standard Securities
M.
Nov. 20, 1961 filed 100,000 common. Price—$4. Business
—Manufacture
of
metal
components *and
electronic
shares
124,900
Beane)
&
Proceeds
Broadway, N. Y.
Office—1775
Bernard
—
—
Custom
shares
120,000
—
Willislon
R.
World Scope Publishers,
-Capital
.
Island, Inc.—Common
(Investment Planning
Puerto
(J.
125,000 shares
(Lehman Brothers and J. Barth & Co.)
Product Research of Rhode
Corp.
$810,000
Inc.)
Co..——
Instrument
Precision
„.__Common
Corp..
Liederman
E.
Co.)
sales finance company.
repayment.
Cryplex Industries, Inc. (3/28)
v. V '
Oct. 10, 1961 filed 80,000 common. Price—$3.75. Busi¬
ness
Manufactures plastic jewelry, dress accessories
and novelties. Proceeds—For product 'development, mov¬
ing expenses and working capital. Office—37 E. 18th St.,
N. Y. Underwriter
Herbert Young & Co., Inc., N. Y.
-Common
Pipe & Foundry Co
(First
Finance
consumer
debt
Thursday, March 8, 1962
—
Department, Inc.
Jan. 26, 1962 filed $1,200,320 of 7% conv. subord. de¬
bentures
due
1974 and 54,560 common
shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures and 20
common
shares.
Price—$550 per unit.
Vassar
.
•
'Credit
Continued from page 33
Parker
—For
.
Offering—Expected in late April.
Coyle's Voting Machine Co.
>
Aug. 31, 1961 ("Reg. A") 10,000 common. Price—$14.75.
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, O. Underwriter—John
A. Kemper & Co., Lima, O. Offering—Imminent... / *
UnderhiU "Securities* ^
—
Sometime
v:
;
ic Country Set, Inc.
Mar. 2, 1962 filed 150,000 common.' Price—By amend¬
ment (max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—F"or selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
'
Inc.
Yours,
Cosmetically
Business—A
the
as
Underwriter
Y.
N.
Inc.,
formerly
Co., N. Y. Note—This firm was known
Cosnat Record Distributing Corp.
;
Continued from page 33
.
received) $7,000,000
(Wednesday)
•
Generating Co._...
(Bids to be received) $6,500,000
-
7
.
,
.
•
s
^^.Bonds
.'
Volume
195
Number
Continued from page 34
Cut &
Dec. 20,
6140
;.Wi
,
.
The Commercial and Financial Chronicle
.
'■ $-i\)\• -'"v'vC;■
/■'
■
Radford
St., North Hollywood, Calif.
Costello, Russotto & Co., Los Angeles.
.■
Curl, Inc.
Icommon. Price—$4.
1961 filed 100,000
^ Dextra
Business
&
-:t
y
9,
1961 -filed
—To
100,000
&.Dashy Inc.
7:
,t,
^
(
share and
and
:
and
Diversified Collateral Corp.
28, 1961 filed 78,000 common/Price
Dec.
'•
—
Denie's
'Jan.
(John
A.) 3 Sons
15, 1962 filed 200,000
ment.
•
Price—By
Sept.
small
plant.
Devco
unit
for
to
class
10
B
start-up
expenses
for
Lexington
Inc.
Cohon
Device
Seels^ lnc*:2,j 1962 ("Reg. A")»-100,000
Business—Manufacture
tronic and
ment.
missile
equipment
*^r
Price—$2.25.
common.
of hermetic
seals
for
indi$stry.\ Proceeds—For
and
working
capital.
the
elec¬
debt repay¬
Office—7235
tures, $1^000; for stock, $10.
tate.
Business—General real
development of
real properties, repayment of debt and
engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be
named.
'
-
in March.
v/-- •/
Econ-O-Pay, Inc.
Oct.
26, 1961
Valley
are
filed
sness—A dealer
General
offered
es¬
Proceedis—For the acquisition and
1,000,000
recourse
corporate
City,
/
common, i
purposes.
N." D»
Price—$3.
finance business.
J
P
Busi^.
r o cee
'• Office—164 E.
Underwriter—Reserve
•///;■'
v''
d
s
Main
St.,
Funds, Inc.,
Valley City, N. D.
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer owners. Proceeds—For
gen¬
eral corporate purposes.
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
ness
,
,
—
For
Manufacture of formula feeds for livestock and
debt
repayment,
equipment
and
working capital.
Address—New Richmond, Wis. Underwriter—Kalman &
Co., Inc., St. Paul, Minn. /
V
-
Dover Construction Co.
/ Dec.
21,
1961
debentures due
amendment.
filed
$750,000 convertible subordinated
1972, and 100,000 common. Price
By
and
For
Office—2120 Green Rd., Cleveland.
working capital.
Underwriter—Mer-
-
rill, Turben & Co., Inc., Cleveland.
:•
—
Economy Food Enterprises Corp.
29,
debt
repayment
sale
of
and
100,000
common.
Price—$3.'
Office—180 Babylon Turnpike,
101
Cedar
Edu-tronics, Inc.
Oct.
27,
1961
filed 80,000 common.
Price—$4.
Business
—Distribution of electronic parts and equipment.
also
plans to
teaching/ machines.
.
manufacture
and« sell
Proceeds—For-
ment and other corporate purposes.
Com¬
electronic
product
develop¬
Office—136-05 35th
Ave., Flushing, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. /(mgr.). and Earle Securities Co., Inc., N .Y.
/
Educational Aids
Co., .Inc.
filed 100,000 common. Price—$5. Business
—Sale of school supplies, toys and notions. Proceeds—
For equipment, inventories and working capital. Office
—1125 Okie St., N. E., Washington. D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C. Offer¬
Dec.
26, 1961
ing—Sometime in April.
Educator
Nov.
Offering—Expected sometime
in June.
/■//
& Executive Co.
30, 1961
filed 174,900
common.
Price—By amend¬
ment. Business—An holding company for insurance con¬
cerns. Proceeds—For general corporate purposes. Office
—3857
Du!any Industries, Inc.
Feb. 26, 1962 filed 400,000 common.
Price—By amend¬
ment (max. $6.25). Business—The
canning and freezing
of foods.
Proceeds—For debt repayment. Office—850
Third Ave., N. Y. Underwriter—Blair &
Co., Inc., N. Y.
Food
A")
Planning Corp., and Bassior & Co., both of
St., N. Y. Offering—Imminent.
homes.
•
Dunhill
1961-("Reg.
—
Business—Construction
■Proceeds
•
Nov.
pany
convertible subordi¬
debentures due 1977. Price—By amendment. Busi¬
poultry, semolina and durum flour for spaghetti making,
swimming pools and inflatable toys, and machinery for
beat sealing and labeling plastic containers. Proceeds—
Business
Note—This company formerly
was named Diversified Small Business Investment
Corp.
Offering—Imminent.
//;/.- ;/v.//' "■:}'J'"/"'■*- " ;7''■ '
Feb.
be
nated
laboratory and
Ave., New York.
Co., N. Y.
Eastern Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debenture?
due 1981 and 250,000 common shares. Price—For deben¬
:Price—$5.
.
business investment
&
common.
Doughboy Industries, Inc.
Feb. - 23,
1962 filed $4,000,000 of
Investment Corp.
■
'Sept. 27," 1961 filed 600,000 common;. Price—$5. Business
ris
60,000
,
a
company.'. Proceeds—For
general corporate purposes. Office—214 Engle St., Engle/woodi N. J. Underwriters—Lieberbaum & Co. and Mor¬
Proceeds—For investment in, a subsidiary
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
Inc., N. Y. Offering—Expected in April.
Donnkenny, Inc.
Feb. 20, 1962 filed 90,000 common. Price—$9. Business—
Design, .manufacture and sale of -misses' snortswear and
casual dresses. Proceeds—For selling stockholders. Office
—1407 Broadway, N. Y.
Underwriter—Brand, Grumet &
Seigel, Inc., N. Y
•
r
Small
subsidiaries.
and
N. Y.
shares
ment and working capital. Office—Stark Industrial
Park,
•Charleston County,/ S. C.; Underwriter—Johnson, Cole¬
man, Manning & Smith, Inc., Charleston, S. C.
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
by the company and 100,000 by stock¬
Price—By amendment (max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
J. 115 Broadway, N. Y.
Underwriter—Goodbody & Co.,
•
each
Investors,- Inc.
27, 1961 filed 10,000 common shares and $625,000
of 6V2% con. subord. debentures due 1972. Price—For
Curtis, N. Y.
holders.
1962
—A small
A")
Inc.
Eastern
Proceeds—For
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000
common, of which 50,000
unit. Business—Company plans to
Office—360
Developers
("Reg.
Washington, D>. C. Offering—Expected
("Reg. A") 10,000 common. Price—$12.50.
Business—Design- and manufacture of boats, marine
equipment and related products. Proceeds—For equip¬
•
1961
Manufacturing Co.,
Dec.
Mills, Inc.
27,
Aluminum
dows, doors, etc. Proceeds—For debt repayment, plant
expansion, and working capital. Office—910 Line St.,
Camden, N. J. Underwriter—H. A. Riecke & Co., Inc.,
Philadelphia.
$25).;- Business—Design,
cleaners.
corporate
purposes.
Office—Red
Rock Bldg., Atlanta. Ga. Underwriter—Stan-Bee &
Co.,
Underwriter—None.
Jan. 18,
air
—
19, 1962 ("Reg. A") 100,000 common.
Price—$3.
Business—Manufacture and distribution of screens, win¬
1,and
/Proceeds—General
Price—By amend¬
manufacture and sale of
manufacture and utilize all kinds of chemical materials.
•Proceeds—For
of which
company
:
one
per
of
W.
Inc.
Business—Financing of shipments of business machines.
one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
Price—$20
sale
Office—1801
("Reg. A") 56,000 common.
Price
$3.
Development and manufacture of electron-
—
Eastern
working capital. Office—1400 W. 94th St., Minneapolis.
.share and
field.
and
stockholders.
Feb.
Inc.
Underwriter—Paine, Webber, Jackson &
Offering—Expected sometime in May.
iSept. 28, 1961 filed 140,000 common with attached warr
-rants to purchase an additional. 140,000. shares to be
.offered for subscription by stockholders in units (of one
and
Co.,
selling
Ave., Chicago. Underwriter—H. M. Byllesby
Co., Chicago. Offering—Expected in April.
optical devices. Proceeds—For equipment, leasehold im¬
provements and working capital. Office—14745 B. Kes¬
wick St., Van Nuys, Calif. Underwriter—None.
Acceptance-Corp.
amendment> (max.
manufacture
Deuterium Corp.
held
Donaldson
filed 190,000
common.
Price—By amend¬
Business—Design, manufacture, and sale of elec¬
equipment, antennas, and microwave devices.
Business
Feb. 26, 1962 filed 80,000
common, of which 35,500 are
to be offered by the
company and 44,500 by stockholders.
and
stock
By amend¬
and general corporate purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.
Co.
.
and
and
Corp.
1962
if Dynetics,
Feb. 26, 1962
shares by stockholders. Price—50c. Business—
exploration and production of ores. Proceeds—For
The
building materials. Proceeds—For debt repay¬
working capital. Office—r373 Adams Ave,,
Memphis, Tenn. Underwriter—M. A. Saunders & Co.,
Inc., Memphis.
c". . /
j
A
&
'salaries
various
ment
&
Dolphin-Miller Mines Ltd.
3, 1961 filed 1,600,000 capital shares,
200,000 shares are to be offered by the
common.
Business—Purchase,
Underwriter
-—
29,
Proceeds—For
13,
Don
Homes, Inc. (3/15)
Dec. 11, 1961 ("Reg. A") 60,000 common. Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital.
Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y.
.
Discoiant
Oct.
DeLuxe
circuits
Belle Plaine
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis.
Atlanta,
common/ Price-
development
new
Dynascan
400,000
/corporate. purposes.
Office—Atlanta Airport,
Ga.
Underwriter—Courts & Co., Atlanta.
i g n,
production
of
sub-systems.
Pro¬
products and working capital.
Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
1961 filed 125,000 common.'Price—$4.50. Busi¬
ness—A small loan investment company. Proceeds—For
expansion. Office—707 Northwestern Federal Bldg., Min¬
.
sons,
electronic
Offering—Expected in early April.
Diversified
Dec.
Airlines, Inc.
7, 1962 filed 203,687 common. Price—By amend(Max. -$45). Business—The transporting of per¬
property and mail by air. Proceeds—For general
•ment
"packaged"
ment. Business—-A mortgage investment
company. Pro¬
ceeds—For general corporate purposes. Office-r-420 Lin¬
coln Road, Miami Beach, Fla.
Underwriter —• To be
Delta
-Feb.
e s
ceeds—For
—Auchincloss, Parker & Redpath, Washington, D. C.
/»
V
.
tronic test
-
../!"•
Electronics Corp.
("Reg. A") 143,000
22,31962
ment.
•
Delford Industries, Inc.
(3/26-30)
1
iSept. 28,v 1961 filed 95,000. common. Price—$3.50. Busi-ness-^-Manufacture of precision rubber extrusions. Pro¬
ceeds—Plant expansion, equipment, debt repayment and
working capital. Office—.82-88 Washington St.,. Middle-town, N. X. Underwriter—I. R. E. Investors Corp,;
Levittown, N. Y.
Jan.
(3/19-23)
Wisconsin Ave., N. W., Washington, D. C.
i
(4/23-27)'/ '
Co., Inc.
Business—D
Un¬
photographic
film
and
distributes ; wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
framed
,
Pen
Jan.
named.
•
Inc.
—
Dyna-Mod
■
Office—417 Fifth Ave., N. Y.
Co., Philadelphia.
$3.
5,
prints
pictures, wood utility
.frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—Clayton Securities Corp., Boston,
.Mass.
outdoor
develop¬
1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment,
equpiment and working capital,
Office—573 Broadway, N. Y. Underwriter —
Godfrey,
Hamilton, Taylor & Co., N. Y.
80,000 are
by a stock¬
Fla. Underwriter—Bayes, Rose
metal
(3/15)
Duro
holder. Price—By amendment. Business—Processes and
-are to be offered by the
public and 30,000 by a stock¬
holder. Price—By amendment., Business—Production and
wood
&
District Photo,
Office—1191
purposes.
;
Jan.
Nov. 16, 1961 filed 100,000
common, of which
to be offered by the company and 20,000
Interiors, Inc.
corporate
working capital.
derwriter—Drexel
DecorelCorp.(4/23-27)
-Dec. 29, 1961 filed 120,U00 common, of iwhich -90,000
of
product
Mass. Underwriter—None.
"
Diamond Mills Corp.
Price—
warrant.
one
Underwriter
Co., N. Y.
and
erasers
Jan. 23,/1962 filed 250,000 common, of which 150,000 are
to be offered by the company and
100,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt
repayment
•
-sale
For
—
gum
stockholders.
personnel,
advertising and working, capital. Office—-77 Searing
Ave., Mineola, N. Y. Underwriter-s-pMagnus & Co., N. Y.
>
;Feb. 26, 1962 ("Reg. A") 52,000 class-A common. Price—
$2.50. Business—Manufacture of draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
other
porch furniture. Proceeds
Feb.
if Diamond Dust Co., Inc.
<$3.25 per unit. Business—Manufactures educational toys
Proceeds—To repay debt and increase working capital.
Office—794 Union St., Brooklyn, N. Y. Underwriters—
.Hampstead Investing Qorp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
and
aluminum-frame
ment, equipment and working capital. Office—2 Barbour
Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
man Inc., N. Y.
-Feb. 27, 1962 filed 102,000 common,-Price—$3. Business
v—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional
(H.) .Toy Corp.
Nov. 27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be
expansion
of
cleaners. Proceeds
For advertising and
working capital. Office—325 Marginal St., East Boston,
—Burnham &
Underwriter—Morgan
,
•N. "V^. 22hd St.,. Miami,
& Co., IncI, N. Y.
Price—$4. Business
common.
★ Durasol Drug & Chemical Co.
23, 1962 ('Reg. A") 100,000 common. Price—
Business—Manufacture and sale of rubber and
instruments. -Proceeds—For selling
Office—60 Stewart Ave., Brooklyn, N. Y,
Davis
Decorative
and
Price—By amend¬
Business—Design and manufacture of precisionengineered indicator lights for aircraft, missile and elec¬
capital
Inc., 50 Broadway, N. Y.
one
:
Dialighf Corp. (4/9-13)
22, 1961 filed 367,000 common.
Proceeds-^For debt repayment and
general corporate purposes. Office—2445 N. Miami Ave.,
.Miami, Fla. Underwriter—Stirling, /Linder & Prigal,
offered in units of
named.
purposes.
A-Kendall, " Miami, Fla. - Underwriter
3'/
7;;;/,
Dec.
'decorative* fabrics.
.
be
corporate
Co.
Duraiite Co., Inc.
ment.
Oct. 25, 1961 filed 108,000 cottimon; Price—$5. Business
.—Designing, converting, importing and distributing of
•
and
general
and
Carroll
—
tronic
California St., Ontario, Calif.
Co., Los Angeles.
David
manufacture
expansion
Address—Drawer
shares... Price—By
amendment.
Business—Publishing of technical reports
.and manuals covering electronic equipment.
Proceeds
—For debt repayment and
working capital. Office—945
JE.
filed 128,000
—Design and
-
Data-Design Laboratories,■ Inc.
Oct.
Nov. 29, 1961
St., N. Y. Underwriter—Jay W. Kaufmann
Co., n. y.
St., Brooklyn, Underwriters
Eisenberg Co., Inc., N. Y.
repayment,
Systems Corp.
Dec. 5, 1961 filed 100,000 class A shares. Price—$4. Busi¬
ness — Company plans to operate a service to furnish
advice, assistance and skill in the field of data process¬
ing. Proceeds—For general corporate purposes. Office
—71 W. 23rd
worth
Paul
Corp.
28, 1962 filed 300,000 common. Price—By amend¬
(max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
*
35
—For development and working
capital. Office—79 Wal¬
ment
Cybernetic
.
Underwriter—
Feb.
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y. Underwriter—M.
J. Merritt & Co., Inc., N. Y.
(1187)
Donald
N. High St., Columbus,
& Co., Cleveland.
/
Ohio. Underwriter—Mc¬
■
'
Ehrenreich
Photo-Optical Industries, Inc.
Jan. 26, 1962 filed 150,000 common, of which 100,000
are to be offered by the company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
distribution of cameras, lenses, accessories and optical
instruments.
Proceeds—For debt repayment, expansion,
.
:
,/
//
Equipment Corp.
Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
■
-/
:
■
Continued gn page
35
36
The Commercial and Financial Chronicle
(1188)
Fastline
Continued from page 35
and
working capital.
Office—111 Fifth Ave.; N. Y. Un¬
Corp., N. Y. Offering—April.
derwriter—Lee Higginson
it Eisier
Feb.
28,
Transformer Co., Inc.
1962 ("Reg. A") 75,000 common.
Price
—
$4.
Business—Manufacture of transformers and inductors for
equipment.
Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
electrical
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allentown, Pa,
Components,
Inc.
Feb. 5, 1962 filed 100,000 common, of which 75,000 are
to be offered by the company and 25,000 by a stock¬
Business—Manufacture,, assembling
and processing of metal parts and products. Proceeds—
For equipment, construction of a building, and working
capital. Office—187 N. Water St., Rochester, N. Y. Un¬
derwriter—Charles Plohn & Co., N. Y. Offering—Late
Price—$4.
holder.
April.
•
Instrument Corp.
(3/15)
15, 1961 filed 168,250 common to be offered for
subscription by stockholders of Waltham Precision In¬
Electro-Mec
Sept.
strument
the basis of one new share
for each 20 Waltham shares held, with oversubscription
privileges. Business—Design and manufacture of po¬
tentiometers, digitometers and goniometers used in air¬
borne computing devices. Proceeds—For selling stock¬
holder, Waltham Precision Instrument Co. Office—47-51
33rd St., Long Island City, N. Y. Underwriter—Sterling,
Grace & Co., N. Y.
Co., Inc., parent,
on
Engineering Co.
Jan. 8, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Design, manufacture and sale of disposable
thermocouple lances. Proceeds—For equipment, debt re¬
payment and general corporate purposes. Office—5619
Tulip St., Philadelphia. Underwriter—Harrison & Co.,
Philadelphia.
Electromagnetics
Corp.
17, 1961 filed 75,000 common. Price—$5. Business
;—Design and manufacture of precision nuclear magnetic
Nov.
Proceeds—For
general
corporate
pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
& Co., Inc., N. Y.
poses.
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks & Co., Inc., N. Y. •
Electronic
Controls, Inc. (4/2-6)
Nov. 29, 1961 filed 100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
computer
controlled
drives
and
systems,
helicopter
check-out, flight control and landing control systems and
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate purposse. Office—67 Southfield Ave;, Stamford, Conn. Un¬
derwriter
—
Seymour, Bernard & DeBoff, Inc., N. Y.
& Pike, Inc.
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc. Hempstead, N. Y. Offering—Mid-April.
Enviro-Dyne, Inc.
13,
1962
("Reg. A")
300,000
common.
Price
—
$1.
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For
equip¬
ment and other corporate purposes. Office—24447 Haw¬
thorne
Business
fastening
*
Blvd., Torrance, Calif. Underwriter
—-
Garat
&
,
Underwriter—Netherlands Securities
Forrest Electronics Corp.
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
Co., Inc.,, N. Y.
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas,
Nev. Underwriter^—Elmer
K.
Aagaard, Salt Lake City.
Fortune
Feb.
N. Y.
•
Chicago. Underwriter—Allen
Offering—Expected
Extrin
Foods, Inc.
&
Co.,
sometime in April.
(4/9-13)
Nov. 29, 1961 filed 100,000 common.
Price—$3.25. Busi¬
ness—Creation and manufacture of flavors for the
Underwriter—Stewart, Eurbanks, Meyerson & Co., San
Francisco.
•
First
Oct.
ness
Realty Corp. (3/20)
1961 filed 250,000 common. Price—$10.
30,
—
Real estate
investment.
Proceeds
f-
nated
ness—A
22, 1961 filed 349,590 common. Price—By amend¬
Business—Design, manufacture and sale of house¬
hold freezers,
refrigerators, automatic
washers
and
driers. Proceeds—For a selling stockholder. Office—6522nd Ave., N. E., Minneapolis. Underwriter — Lehman
Brothers, N. Y. •
•
(3/26-30)
3, 1962 filed 800,000 shares of beneficial interest.
Price—$12.50 per share. Business—A real estate invest¬
Distributing Corp.
ment
trust. Proceeds—For investment. Office — 1616
Walnut St., Philadelphia, Pa. Underwriter—A. G. Beck¬
er & Co., Inc., Chicago.
>
:
'
J ' }
,
Frazier-Walker Aircraft
2,770,000 capital shares.
investment
Office—1295
Jan.
26, 1962 filed 140,000 common. Price—By amend¬
Business—Company plans to produce its Gyro jet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance g e n e r a 1
overhead and operating expenses. Office—10 E. 52nd St.,
Price—$1.
company. Pro¬
Northern Blvd.,
N.
Manhasset, N. Y. Underwriter—None.
and confectionary industries. Proceeds—For
tional personnel, new
products and
Office—70 Barclay
&
addi¬
possible acquisitions.
St., N. Y. Underwriters—Hay, Fales
Co., and McLaughlin, Kaufman & Co., N. Y. f
Fabco, Inc.
1962 ("Reg. A") 86,000 common.
Price—$3.45,.
Business—Manufacture of fiber glass and other
plastic
Jan. 23,
products.
working
Proceeds—For
capital.
equipment,
Address—Stillwater,
writer—Pewters, Donnelly
Manufactures
purposes.
—
specialized
Minn.
Under¬
/
Price—$3. Businessmachinery and
equipment.
For debt repayment
and
general corporate
Office—Walnut St., M D 23, Newburg
Madison Corp., N. Y.
Underwriter—First
•
and
& Jansen. Inc„ St. Paul.
Fairbanks Wire
Co., Inc.
1961 filed 54,000 common.
Oct. 30,
Proceeds
inventories,
N
Y
Family Record
Plan, Inc. (3/19-23)
1961 filed 200,000 common.
Price—By amend¬
ment. Business—Sale of
photographic portraits and al¬
bums. Proceeds—For
selling stockholders. Office—2015
W. Olympic Blvd., Los
Angeles.
Underwriter—Bache
& Co., N. Y.
Nov. 20,
• Fashion
Industries, Inc.
Feb., 26, ,1962 ("Reg., A") 63,000 common/
Price—$4.75.
Business—Manufacture of blouses. Proceeds—Debt rev
payment, equipment, inventory and working
capital. Of¬
St., Tuskegee, Ala. Underwriter—Wright,
fice— Gauthier
Myers
&
Bessel,
Inc.,
Washington, D. C.
.
Office—141 North
Further
Processing, Inc.
11, 1962 ("Reg. A") 150,000 common. Price—$2,
Business—Rendering of various services to the poultry
industry and to food preparation companies. Proceeds—t
For working capital and general corporate purposes.
Office—1800 West C St., Russellville, Ark. Underwriter
in
47,000 units, each consisting of $200 of debentures
and 4 class A shares. One right will be issued for each
class A share held, and 40 rights will be needed to pur¬
chase one unit. Price—Ey amendment. Business—Gen¬
—To
Corp. (3/26-30)
Dec. 6, 1961 filed 200,000 class A stock. Price—$3. Busi¬
ness—Company plans to acquire, invest in, and finance
Gard
housewares,
Co., N. Y.
N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y.
Offering—Imminent.
•
common.
.
(A. J.)
ness—Manufacture
Mfg. Corp.
A") 80,000 common.
and
sale
of
metal
&
Price—$3. Busi¬
for .ladies
handbags. Proceeds—For debt repayment, equipment
and working capital. Office—2024
Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional
&
Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &
Co., East Orange, N. J.
r
• • >>"<. ■
'
•
(3/12-16)
custom
molding
—
By amend¬
plastic toys and
of other plastic
Underwriter^Van Alstyne, Noel
Pa:
Co., N. Y.
,
• Garden State Small
'
V
Oct.
(3/27-28)/;\'':V
Business Investment Co., ;
/'/■':
;
27, 1961 filed 330,000 common.
—A small
^
Price—$3.
Business
business investment company.,.Proceeds—For
Office—1180 Raymond
Blvd., Newark, N. J.
Hamilton, Taylor & Co., N. Y.
ic Gaslight Club, Inc.
28, 1962 filed 100,000 common. Price—By amend¬
(max. $7) Business—Company operates four "key
clubs." Proceeds—For
expansion, debt reduction, and
Feb.
ment
working capital. Offiee—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N.' Y.
.
•
frames
the
Underwriter—Godfrey,
Price—$10. Business—
Distributor of Electronics Investment
Corp., Contrac¬
tual Plans and broker-dealer
registered with NASD.
Proceeds—To increase net capital and for investment.
Office—44 Wall St.. N. Y.
Underwriter-—General Securi¬
ties Co., Inc., N. Y.
Offering—Imminent.
Fleres
Corp.
products. Proceeds—For general corporate purposes. Ad¬
investment.
Fleetwood Securities Corp. of America
Feb. 2, 1962 ("Reg.
and
dress—Leetsdale,
14,
Aug. 8, 1961 filed 50,000
(Andy)
ment. Business—Manufacture of molded
Cards, Inc.
1961 ("Reg. A") 74,667 common.
Price—$3.
Business—Manufactures greeting cards, greeting card
trays, dishes, note paper, etc.
Proceeds — For debt re¬
payment and working capital. Office—537 W. 53rd
St.,
(4/17)
Dec. 15, 1961 filed 200,000 common. Price
Proceeds—For
general corporate purposes. Office—375 Park
Ave., N. Y.
Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner Co., and Sprayregen, Haft &
Nov.
Airlines
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
First Scientific
Flair
named.
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business — Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general corJ-
corporate purposes. Office—375 Fifth Ave., N. Y. Under¬
writers—Morris Cohon & Co. and Lieberbaum & Co.,
N. Y.
technology.
be
Futura
eral real estate. Proceeds—For debt
repayment and other
scientific
Ave., Bridgeport, Cdnn. Underwriter
Offering—In April.
Jan.
convertible sub¬
ordinated debentures due 1982 and 188,000 class A shares
to be offered for subscription
by class A stockholders
new
Price—By amend¬
—Van Alstyne, Noel & Co., N. Y.
(3/26-30)
19, 1961 filed $9,400,000 of 6Y2%
common.
Business—Construction and operation
of various
type apartment, industrial and office buildings* Proceeds
—For an acquisition, construction, and working capital.
common.
First Republic Corp. of America
and
Underwriter—None.
ment.
Price—$10. Business
estate investment trust. Proceeds—For general
corporate purposes. Office—477 Main St., Hackensack,
patents
Y.
Frouge Corp.
Jan. 26, 1962 filed 700,000
New
Jersey
4, 1962 filed 67,750
Corp.
ment.
First New York Capital Fund, Inc.
filed
Franklin Realty Trust
Jan.
ment, working capital and other corporate purposes.
Office—505 Park Ave., N. Y. Underwriter—Internation¬
al Services Corp., Paterson, N. J.
investment.
(3/15)
Dec.
Business—Production, distribution and sale of TV
motion pictures and tapes. Proceeds—For debt repay¬
1961
Manufacturing Co.
ment.
—$2.
27,
Busi¬
.
Jan. 29, 1962 filed 200,000 class A capital shares. Price
ceeds—For
par.
finance company. Proceeds—For debt
consumer
Franklin
filed 320,000 common, of which 13,250 are
by the company and 306,750 by stockhold¬
ers.
Price—By amendment.
Business—The company
owns the stock of a savings and loan association, oper¬
ates an insurance agency, holds conditional sales con¬
tracts on real estate"and,acts as trustee under deeds of
trust. Proceeds—For debt repayment and other corpo¬
rate purposes.
Office—628 W. Sixth St., Los Angeles.
Underwriter—White,' Weld & Co., N. Y.
Oct.
capital notes due about 1970. Price—At
repayment and expansion. Office—105 N. Sage St., Toccoa, Ga. Underwriter—None.
(4/10)
Jan. 26, 1962
to be offered
Business—A small business
,.
Feb. 9,1962 filed $500,000 of 8% subordinated debentures
due serially 1969 to 1973 and $500,000 of 8% subordi¬
Busi¬
For prop¬
acquisitions, debt repayment and other corporate
Office — 380-390 W. Middle Turnpike, Man¬
chester, Conn. Underwriter—Putnam & Co., Hartford.
First National Television
.
.
erty
First Lincoln Financial Corp.
.
Franklin Discount Co.
Hartford
purposes.
bak¬
ing
Price—$6.50.
electronic
of
Ave., Lodi, N. J. Underwriter—Sutro Bros & Co., N. Y.
Dec.
St.,
■
Proceeds—For selling stockholders. Office—199 Garibal¬
North, Minneapolis. Underwriter—None.
State
'
di
N. J. Underwriter—None.
S.
■
capital.
components and equip¬
ment.
Proceeds—For debt repayment, inventories and
working capital. Office—2280 Palou Ave., San Francisco.
tures due 1965. Price—At par. Business—The
investment
in mortgages and the
making of construction loans to
builders .and property owners.
Proceeds—For repay¬
ment of debt and working
capital. Office—430 First Ave.
—36
Electronics, Inc.
1962 ("Reg. A") 46,150
Chemicals, Inc.
Nov. 29, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Manufacture of vinyl plastic sheeting.
—Real
—
6,
Business—Sale
&
First Real Estate Investment Trust of
130,000 common, of which 20,000 are
to be offered by the
company and 110,000 by stockhold¬
ers.
Price—By amendment. Business
Retail sale of
wearing apparel. Proceeds—For working capital. Office
For general corporate
Dec.
Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond St., Toronto. Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
'
Jan.
1962 filed
—
..
Fidelity America Financial Corp. (3/12-16)
3, 1961 filed 100,000 common. Price—$5. Business
—Commercial
finance
company.
Proceeds —- Gen¬
eral corporate purposes. Office—42 S. 15th St., Phila.
Equity Capital Co.
Nov. 29, 1961 filed $3,000,000 of 8% subordinate deben¬
Evans, Inc.
repayment and
N. Federal
1790
—
• Folz
Vending Co.' Inc. (4/2-6)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties; candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
Oct.
Plastics
debt
Office
Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman WiHiams & Cantwell, N. Y.2
—
Fields
Proceeds—For
purposes.
purposes.
• Federated Business Forms, Inc.
26, 1962 ("Reg. A") 67,500 common. Price — $4.
Business
Publishing of business forms and related
activities. Proceeds —- For equipment, sales promotion,
inventory and working capital. Office—1125 Globe Ave.,
Mountainside, N. J. Underwriter—None,
Polonitza, Los Angeles.
Jan. 23,
corporate
foliage^, and flowers. Proceeds
,
..
activities.
—
Arnold
—
Palm-Aire
Flower City Industries, Inc.
V
>.yNov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture : of plastic
artificial
by others. Proceeds—For. debt
general corporate purposes* Office-r-8
Y. Underwriter
Thursday, March 8, 1962
Highway, Pompano Beach, Fla. Underwrite*—Hardy &
Co., N. Y.
^7^; V'?
V -
Feb.
Eflner
Dec.
Feb.
and
.
1961
related
manufactured
repayment
19,
general
(4/16-20)
Inc.
Benson Place, Freeport,. N.
Malkan & Co., Inc., N. Y. -
—Gianis
•
Fastpak,
Nov. 80, 1961 filed 125,000 common. Price—$5,
distribution of nuts, bolts and other
—The
.
Corp. (3/22)
filed 463,000 common, of which 310,000
shares are to be offered for subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
opment and sale of undeveloped real property and
cealed
•
Florida
Oct.
.
Electro-Nite
instrumentation.
•
(3/26-30)
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered
devices
Eldre
•v
Inc.
.
(3/2S-30)';v
Nov. 22, 1961 filed 100,000 common, of which 50,000
to
Gateway Chemicals,
be
Inc.
are
offered
by the company and^ 50,000 , by a stock¬
Price—By amendment: Business-^-Compounding
and packaging of- chemical products,: primarily deter¬
gents. Proceeds—For working ^capital. Office—8136 S.
holder.
Dobson
hill &
Ave., Chicago. Underwriter—Federman^ StoneCo., N. Y. • v
•* r"v-;.
Volume
195
Number 6140
The
Commercial and Financial Chronicle
(1189)
•
General
Battery & Ceramic Corp.
(4/2-6)
•
.
and spark
plugs; design and production of subminiature
hermetically sealed relays and glass-to-metal seals; man¬
ufacture of voting machines and toll collection devices.
Proceeds—For selling shareholders.
Office—Reading, Pa.
Underwriter
Dempsey-Tegeler & Co., Inc., St. Louis.
General
Devices! Inc.
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price-—By amend¬
ment. Business—Development and manufacture of elec¬
•
arid
electromechanical components and systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and .working capital. Office
—Ridge Rd., Monmouth Junction, N. J. Underwriter
—Hess, Grant & Remington, Inc., Philadelphia. Offer¬
Price—$4.50.
Estate
Baruch
formerly
ment
\
•
Mortgage Trust
&
was
Jan.
Foods
Corp.
29, 1962 filed 150,000
trust.
Office—3325
ceries, etc. Prcoeeds
investment. Office—1221 Harney
Underwriter—General Investor's Services
Switzer &
address).
Great
Research, Inc.
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the
company and 150,000 by stockholders.
Price—By amendment (max. $8.50). Business—Di¬
debt
—179 N.
Milwaukee.
Michigan Ave., Chicago.
Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
1407
cott
•
E.
&
Inc.
common. Price—$10. Business
discount department store chain.
expansion and working capital. Office—
Proceeds—For
40th
a
First National Bank ' Bldg.
Underwriter—Courts & Co., Atlanta.
Greater New York Box Co., Inc.
Glass-Tite
Inc.
(3/19)
filed 185,000 common, of which 135,000
are to be offered
by the company and 50,000 by a stock¬
holder. Price—By amendment.
Business—Manufacture
of
glass-to-metal hermetic seals. Proceeds—For pur¬
board
Nov. 3,
Brooklyn, N. Y. Underwriter
syth, N. Y.
—
Treibick, Seiden & Forr
Industries,
Inc.
Nov. 29,
h
ceeds—For debt repayment and working
capital. Office
—1784 Stanley Ave., Dayton, Ohio.
Underwriter—Mc¬
Donald & Co., Cleveland.
corporate
Office—1707
purposes.
N. W., Washington, D. C.
H
ness—Manufacture
of
paper.
Proceeds—Expansion and
general
corporate
purposes.
•
Office—370
rine
and
ment and
/
Corp.
Price—$4.
mobile
25,000 by a selling
Business—Manufacture of ma¬
communications
and
electronic
military transmitter-receivers.
equip¬
Proceeds—For
(4/6)
nationwide
basis
to
gov¬
Price—$2.25.
anesthetic cartridges
common.
—
714
saies
Boston
V
Bldg.,
*
Casualty Co.
common
on
to
(4/9-13) i,
be
offered
the basis of three
Fla.
Underwriters
—
Morris
Cohon
For
Co.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To be named. Offering—Expected in late
new
April.
Office—350
Seventh
:';V;
Hill Aircraft &
Jan.
Leasing Corp.
29, 1962 ("Reg. A") 100,000 capital shares. Price—
$3. Business—General aviation. Proceeds—For working
capital, equipment, advertising and inventory. Office—
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.
Hill Street Co.
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
and
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles. Under¬
writer—None.
Price—$2.
Ave., N. Y.
writer—B. G. Harris &
Co., Inc., N. Y. ^
'
;
.
Hillside Metal Products, Inc. (3/26)
Dec. 15, 1961 filed 300,000 common, of which
Proceeds—
inventory, equipment, advertising and leasehold
provements.
i
&
v
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
models.
;
for
Co., Inc., N. Y.
Business—Rental of furs and fur garments.
Underwriter
^
Office
Haltone Rental
Corp. (3/12-16) >:
Dec. 18, 1961 ("Reg.
A") 150,000 common.
products. Proceeds—Production, advertising
promotion of disposable needles.
Office—129-21
N. Y.
equipment, inventory,
promotion, expansion and working capital. Office
-10-20 47th Rd., Long Island
City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite,
"-V"'v
at
Street &
Merrick Blvd., Springfield Gardens,
i—Paul Eisenberg Co. Inc., N. Y.
?
to be
—
and related
Gulf American Fire &
Miami,
dental
common
the rate of $200 of debentures for
each 60
shares held; Price—At par.
Business—Company
is engaged in the
development of planned communities
in Florida. Proceeds—For debt
repayment and general
corporate purposes. Office
557 Northeast 81st
St.,
Graham Chemical
of
f
,
common
writer—None.
Business—Manufacture
Appley, Inc.
27, 1961 filed 100,000 class A common. Price—By
amendment. Business—General real estate. Proceeds—
For
'
(3/12-16)
Underwriter—None.
holders
employees and military officers. Office—Govt.
Employees Insurance Bldg., Washington, D. C. Under¬
Corp.
Jan. 22, 1962 ("Reg. A") 100,000
Herman &
Oct.
if Gulf American Land Corp.
28, 1962 filed $11,000,000 of 6&% conv. subord.
debs, due
1977, to be offered for subscription by stock¬
At par.
Business — Com¬
provide automobile and mobile
a
/
Feb.
—
on
Proceeds—For debt repayment. Office—850-3rd
Ave.,
N. Y. Underwriter—Carl M. Loeb, Rhoades &
Co., N. Y.
Price—$5.25. Busi¬
Price—$2. Business—Writing of
casualty insurance. Proceeds—To increase capi¬
tal and surplus.
Office—25 S. Perry
St., Montgomery,
Ala.
Underwriter—None.
the basis of $100 of debentures for each
record Apr. 6 with rights to expire
Price
£ For working capital. Office—170 Varick St.,
shares for each 10 held.
ernment
and
stockholder.
fire and
of
30.
common.
Sept. 28, 1961 filed 226,004
suoscription by stockholders
Jan. 8, 1962 filed $2,675,000 of 4*&% conv. capital deben¬
tures due 1977 to be offered for subscription
by common
pany and its subsidiary
home financing service
80,000
11, 1961 filed 99,288
Denver.
Lexington Ave., N. y. Underwriter—Stanley Heller &
Co., n. y.
:u
Government Employees Corp.
1961 filed
Proceeds—For investment.
.
about April
.
,
„
Gryphon Fund, Inc.
Gould Properties! Inc.
Jan. 26, 1962 filed 200,000 class A shares. Price
•—$10.
Business—General real estate. Proceeds—For debt re¬
on
.
Electronics
Oct. 27, 1961 filed 100,000
common, of which 75,000 are
to be offered by the
company and
,
J an. 11,! 1962 filed
1,000,000 shares of capital stock/Price
—Net asset value (for first 30 days, thereafter an addi¬
tional 8Y2% sales charge). Business—A mutual
fund.
working capital. Office—Lyons Falls, N. Y. Underwriter
—To be named.
'
held
Marine
.
St.,
Underwriter—Rouse, Brewer,
'
shares
Hartman
investment. Office—16 Court St., Brooklyn, N. Y.
offered for $ Underwriter—Arnold, Wilkens & Co., N. y. Offeringsubscription by stockholders on the basis of one new
Imminent.
/ •'
share for each three held. Price—By amendment. Busi¬
Hickory Industries, Inc.
r
ness — A closed-end investment
company. Proceeds —
Aug. 31, 1961 ("Reg. A") 40,000 common. Price—$5.
General corporate purposes. Office—314 N.
Business—The manufacture of barbecue machines and
B'way, St.
Louis. Underwriter—Edward D. Jones &
allied equipment. Proceeds—For
Co., St. Louis.
Gould Paper Co.
Sept. 28, 1961 filed 140,000 common.' Price—$11: Busi¬
7
—
Greenman Co., N. Y.
containers. Proceeds—For general corporate
Office—149 Entin Rd., Clifton, N. J. Under¬
Griesedieck Co.
Sept.
Bryant, Inc., Washington, D. C.
stockholders
For expansion, debt
repayment, and working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
ness—General contracting for landscaping and construction work. Proceeds—For debt
repayment and other cor¬
•
Investment Corp.
and
ceeds
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. Y!
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For
working capi¬
payment
Harper Vending, Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending machines. Pro¬
/ agency for sale of TV and radio spot time. Proceeds—
N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering—scription by stockholders of Bowling Corp. of America,
Expected in early April.
parent. Price—$3. Business—Company will operate an
indoor amusement and recreation area in Green Acres
Hayden Publishing Co., Inc. (3/15)
Nov. 29, 1961 filed 150,000
Shopping Center, Valley Stream, L. I. Proceeds—For
common, of which 20,000 are
to be offered by the
general corporate purposes. Office—120 Broadway, N. Y.
company and 130,000 by stockhold¬
ers.
Underwriter—R. L. Warren Co., St. Louis.
Price—By amendment. Business—Publishes "Elec¬
tronic Design," a trade magazine in the electronic field.
Green Valley Construction Corp.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the
company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of miniature electric
motors, powdered metal products
and devices for the missile and aircraft industries. Pro¬
Becker &
amusement
Springs, Md.
Green Acres Funtown Inc.
J an. 23,1962 filed 225,000 common to be offered for sub¬
,
other
an
—
Products Corp.
compartments.
Proceeds—Debt repayment and
general corporate purposes.
Office—10014 Avenue D,
and
Price—$5. Business
operate
.
toilet
tal
and
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont
Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Atlanta.
v
common.
—
Steel
Gotham
Distributors, Inc.
general corporate purposes.
Office—30-30
Northern
Co., N. Y.
1
Blvd., Long Island City, N. y. Underwriter—Charles
Pittsburgh Capital Corp.
Nov. 14, 1961 filed 250,000 common. Price—$11. Busi¬ ,Plohn & Co., N. y. Offering—In early April.
ness—A small business investment
Harwyn Publishing Corp.
/; / ■;iy
company. Proceeds—
Jan. 29, 1962 filed
For investment. Office—952 Union Trust
300,000 class A common. Price
By
Bldg., Pitts¬
/ amendment. Business
Publishes illustrated encycloburgh. Underwriters—Moore, Leonard & Lynch and Sin¬
pedic works for children and operates an advertising
ger, Dean & Scribner, Pittsburgh.
1961 filed 68,000 common. Price—By amend¬
Business—Manufacture of prefabricated metal
Globe
Price—$3.
Greater
equipment, investment in a subsidiary, research
and development,
moving expenses, and working capital.
Office—725 Branch Ave.,
Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
ment.
Annex,
writer—D. H. Blair &
chase of
Global
and
purposes.
common.
to be offered
8, 1961 filed 160,000
—Company plans to own
29, 1961 filed 100,000 common. Price—By amend¬
ment ($7 max.). Business—Manufacture of
corrugated
Industries,
(4/16-20)
100,000
Co., Inc., N. y.
Happy House, Inc. (3/26-30)
July 28, 1961 filed 700,000 common shares
.Price—$1.
Business—The marketing of
gifts, candies and greeting
cards through franchised dealers.
Proceeds—For equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Dec.
1961
A")
Dec.
T
i
("Reg.
Fabrication of components for
missiles, jet
engines, aircraft landing gears and precision machines.
Proceeds
Machinery, research and development and
working capital. Office—40 Sea Cliff
Ave., Glen Cove,
N. Y. Underwriter—Albion
Securities
—
/Co., N. y. Offering—Expected sometime in April.
J# Hargrove Enterprises, Inc. (5/7-11)
Underwriter—The Milwaukee Co.,
-
fice—200
St., Cleveland, Ohio. Underwriter—rPres-
Co., Cleveland.
Sept. 27,
gro¬
For general corporate purposes.
Rd., Baltimore. Underwriter—
Great Southern Real Estate Trust
Nov. 30, 1961 filed 320,000 shares of beneficial interest.
Price—By amendment.
Business—Real estate invest¬
ment. Proceeds—For general purposes of the Trust. Of¬
1962 filed 140,000
—Company operates
Price—$4. Business
freezers, frozen foods,
repayment and for working capital. Office—She¬
Falls, Wis.
(4/16-20)
filed 200,000 common, of which 100,000
by the company and 100,000 by a stock¬
Price—By amendment; Business—Retail sale of
housewares, hardware, lighting fixtures, automotive <?/
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and - working
capital.
Office—1416
Providence
Highway, Norwood, Mass. Underwriter—McDonnell &
Co., Inc., Silver Spring, Md.
boygan
Inc.
holder.
Lakes
mail selling of vitamin mineral
products to eld¬
erly customers. Proceeds—For working capital. Office
Stores,
—
Keswick
Industries, Inc.
11, 1961
Hardlines
Jan. 26, 1962
Business—Manufacture of custom-designed, factory built
/"house packages"
consisting of basic carpentry for
houses, and construction of shell homes. Proceeds—For
rect
Mar. 2,
Investment Trust
Homes, Inc.
26, 1961 filed 93,000 common. Price—By amendment.
Dec.
Geriatric
Feb.
ic Giant Tiger
<
(5/28-6/1)
common.
—Retail distributing of food
Proceeds—For
Hannett
are
Feb. 8, 1962 filed 35,000
non-voting shares of beneficial
interest. Price—$10. Business—A real estate investment
Productions,
—
Trust.
Great Eastern
Office—
Underwriter—Fulton,
Co., Inc., Cleveland.
Business
Continental Real Estate Invest¬
as
investment.
,
Place, Baltimore. Underwriter
Co., Washington, D. C. Note—This firm
known
Busi¬
plans to
which
.
•
Grayson-Robinson
—R.
&
Hanna-Barbara
Aug.
Real
trust
building and
working capital. Office—3501 Cahuega
Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades &
Co., Inc..
n. Y.
• '
r ■
ment. Office—530 St. Paul
Business—General leasing of equipment. Proceeds—For
working capital. Office—1719 Gage Blvd., Topeka, Kan.
Underwriter—Midland Securities Co., Inc., Kansas City,
Omaha.
(same
•
.
Great Continental
'
Price—$10.
common.
investment
Dec. 29, 1961 filed 200,000
capital shares. Price — By
amendment. Business—Production of television
cartoons
and commercials. Proceeds — For
a new
convertible subordi¬
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
teasing Corp. (3/26-30)
Jan. 29, 1962 ("Reg, A") 62,000 common.
Corp.
•
apparel and photo¬
graphic and audio equipment. Proceeds—For expansion,
diversification, hnd working capital. Office—550 W. 59th
St„ N. Y. Underwriter—Bear, Stearns & Co., N. Y,
General
St.,
Reid
Retail sale of women's and children's
ing-—Expected sometime in April.
closed-end
become open end. Proceeds—For
2100 East Ohio
Bldg., Cleveland.
Stores, Inc.
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. Business—
for
General
ness—A
stockholders
common
land./'/;
Jan.
\
Hampden Fund, Inc.
24, 1962 filed 500,000
Jan.
1982, to be offered for subscription
on the basis of
$100 of deben¬
tures for each 12 shares held.
Price—By amendment.
Business—Operation of a retail drug chain. Proceeds—
For expansion and
working capital. Office—2400 Superior
Ave., Cleveland. Underwriter—McDonald & Co., Cleve¬
by
Proceeds—For general corporate purposes. Office
—672 Hanna
Bldg., Cleveland, O. Underwriter—Merrill,
Turben & Co., Inc., Cleveland.
..
Ltd.
nated debentures due
firm.
.
Co.,
Gray Drug Stores, Inc.
Jan, 2, 1962 filed $5,230,000 of 5%
Corp. of America
Dec. 7, 1961 filed 266,000 common.
Price—By amend¬
ment. Business—A holding company for an insurance
,Mo.
Development
Expected sometime in April.
General
tronic
Bahama
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort
purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—-Allen & Co., N. Y. Offering—
—
•
Grand
.
Jan. 11, 1962 filed 200,000 common. Price — By amendment. Business—Manufacture of
replacement batteries
37
im¬
shares
are
to
be
offered
by
the company and
200,000
100,000
Under¬
i
•;!
^
Continued
on
page
38
38
The Commercial and Financial Chronicle
(1190)
Inland Underground
Continued from page 37
Facilities, Inc.
7, 1961 filed 100,000 common. Price — $10. Busi¬
ness—Mining of limestone and the operation of under¬
ground freezer and dry warehousing facilities. Proceeds
Price—$6. Business—Manufac¬
stockholders.
by
ture of steel office furniture. Proceeds—For debt repay¬
Office—300
St., Newark, N. J. Underwriters — Milton D.
& Co. and M. L. Lee & Co., Inc., N. Y.
ment, plant expansion and working capital.
Passaic
Blauner
—For
ing
fund
debentures
convertible
due
197.7
March
25,650
and
-
—
"
,r:'
•
of
repayment
170,000 common shares to be
$100 debenture and 10 shares.
Business — Establishment and
Feb.
near
or
27,
Stretch
Products
1961 filed 300,000
,lnc.
son
(3/13)
to
expansion.
Office—3700 N. W.
Underwriter — Bregman, Cum-
,
Price
—
are
by the company and 32,000 by stockhold¬
By amendment. Business
Development of
—
weapons training devices, for U. S.. Armed
Forces and the manufacture of electronic control
equip¬
ment. Proceeds—For general
corporate purposes. Office
—102 Dorsa Ave.,
.Livingston, N. J. Underwriter—Sea-
March
tal.
Feb.
ment
Co., Inc., N. Y.
Interstate
Vending Co.
(3/26-30)
shares and
vending machines, and operation of industrial catering
Johnson
"acilities in the New England area and Brass Rail restaurants in New York City. Proceeds—For selling stock¬
selling bicyclesj electric trains, toys,
household appliances, etc. Proceeds—For general cor¬
porate purposes.
Office — 2717-25 White Plains Rd.,
Bronx, N. Y. Underwriters—Richard Bruce & Co., Inc.,
and Reuben Rose & Co., Inc., N. Y.
'
.
Sept.
(3/26-30)
("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls- in Japan and
their distribution in the U. S*. Proceeds^-For general
corporate purposes. Office—42 W. 48th St., N; Y. Under¬
TheatricaY distributl6h> and
29, 1961
and
domestic
feature
co-production
films.
Proceeds—For
dan &
Westmore, Inc.
Jomar
See
•
Co., Inc., N. Y.
5; 1962 filed 370,000 common., Price — By amend¬
(max. $55). Business—Operation of a chain of res¬
•
Proceeds—For selling stockholders. Office—39,.
Co.,
lona
Longstreth, Phila.
'
,
'
Kann-Ellert
.
Dec.
29,
1961
filed
(3/19-23)
88,000
'
class
A
common
shares,
of
which 44,000 are to be offered by the
company and 44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For
general corporate
purposes. - Office—241 N. Franklintown Rd., Baltimore.
Manufacturing Co.,
Jam 26; 1962 filed 140,000 common, of; which
125,000 are 4
to be .offered by the
company, and 15,000/ shares
-
Underwriter
stockholder.;
Pr ice-f$6.
Business—-Manufacture
of
household electric appliances and electric motors. Pro-
Hudson Wholesale
&
Plastics, Inc.
'
Ripley Industries, Inc., below.
Kay Foods Corp.
by a
Inc., N. Y.
and
Baltimore. Underwriter—Rubin, Rennert &
Co., Inc., N.Y.
Offering—Imminent.
1
'
"
Office—630 Fifth Ave.,; N.- Y. Underwriter—IFC Securi¬
ties Corp., N. Y.
j
^
March
commercial
and equipment. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Office — 2050 Rockrose
Ave.,
19,
.
ic Howard Johnson Co.
the
Electronics, Inc.
Oct., 24, 1961 filed-108,000 common, Pribe->-$6.50. Busi¬
ness^—Wholesaling ? of electronic parts and components
Funding Corp. ; '
'
1962 filed $6,000,000 • of 10:% registered sub- [
Sale and distribution of cosmetics. Proceeds—For sell¬
ordinated debentures, of which $1,000,000 - will: mature
1966 and $5,000,000 from 1971
ing stockholders. Office—120 E. 16th St., N. Y. Under¬
through 1975 (with war¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman... rants).. Price:—$1,000 per unit. Business—Purchase; sale-"
& Co., Inc., N. Y.
and investment in real estate. Proceeds—For investment. ;
Feb.
components for
Underwriter—Jennings, Mandel
of foreign '
acquisition,
Investors
Business
Inc. (3/12-16)
'
filed 125,000 capital shares.
Price—By
Business—The design and production of
special electronic
i co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kas-
writer—Sunshine Securities, Inc., Rego Park, N. Y.
Electronics,
1961
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box
7, Casselberry, Fla.
Interworld Film
Distributors, Inc. (4/2-6)
Sept. 29,^ 1961 filed 106,250 common. Price—$4. Business
Honora, Ltd.
8;
amendment.
holders. Office—251 East Grand Ave., Chicago. Underwriter—Bear, Stearns & Co., N. Y.
•
(max. $10).
working capital. Office—1200 Zerega Ave.,
Bronx, N ,Y. Underwriter—Hayden, Stone & Co., N. Y.
Offering—Expected sometime in May.
Jan. 10, 1962 filed 53,829 common. Price — By amend¬
ment. Business—Sale of products through coin-operated
stores in the Bronx
14,1962 filed
160,000 common. Price—By amend¬
Business—Operation of a chain of re¬
tail stores selling low priced
housewares, toys, etc. Pro¬
ceeds—For redemption of- all
outstanding 6% preferred
debt repayment, construction, and working capi¬
Park Ave., N. Y. Underwriter—Kuhn,
Office—320
Loeb &
Kim &
St.; Wollaston, Mass. Underwriter—Blyth &
Business—Operation of discount appliance
Proceeds—For
St.,
simulated
»
general corporate purposes. Office—148 Madi¬
Ave., N. Y. Underwriter — Burnham & Co., N. Y.
—For
Honig's-Parkway, Inc. (3/26-30)
Dec. 1, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Company owns and operates three discount
Beale
Price—By
be offered
ers.
Price—By amendment. Proceeds
buys, sell and trades in mort¬
®
ment
shares.
^•International Telephone & Telegraph Corp.
' right, Ahalt &
O'Connor, Inc., N. Y.
7, 1962 filed $50,000,000 of sinking fund deben¬
John's Bargain Stores
I tures due
Corp...
April 1, 1987.
^
Co., 11 Broadway; N. Y.
Offering—Expected in early ApriL
taurants.
<•
capital
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
Joanell Laboratories, Inc.
;
',j 7 *
Dec. 21, 1961 filed 114,500
common, of which 82,500
Price—By amend¬
common.
110,000
ment.
working
and
filed
-
Jiffy Steak Co. (4/23-27)
5, 1962 filed 65,000 common.: Price—By amend¬
Business—Processing,.,, packaging and sale of
frozen meat and meat products. Proceeds—For
redemp¬
tion of 2,910 $50 par preferred
shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
and
one
1962
Miami, Fla.
mings & Co., N. Y.
ment and
and real estate. Proceeds—For working capital.
Office—-409 North Nevada St., Colorado Springs, Colo.
(3/19-23)
Oct. 27, 1961 filed 150,000 common. Price—$4.
62nd
ment. Business—Production and sale of extruded rubber
thread and braided elastics. Proceeds—For debt repay-
gages
House of
debt
International
Nov.
1962 refiled 800,000 common. Price--$1. Business—-Company makes home improvement,, construction
•
*
Atlanta.
9,
Nov.
Inc.
airports. Proceeds
capital. Address—
Miami International Airport, Miami, Fla. Underwriters
—Bache & Co., N. Y. and Robinson-Humphrey Co., Inc.,
—For
Builders Acceptance Corp.
W.
stores.
amendment.
operation of hotels located in
ic Hollingsworth Solderless Terminal Co.
Feb. 27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products* Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia*
J.
1977
units
Price—By
Phoenix. Underwriter—None.
—
in
25,
Stores, Inc.
amendment.
4, 1962 filed $1,700,000 of convertible subordinated
offered
—
and subdivision loans and
Jefferson
Jan.
Inc.,-N.Y.::;^
debentures due
ness—Development and operation of mobile home re¬
Proceeds
For debt repayment, expansion and
capital. Office—4344 E. Indian School Road,
Underwriter
Co.,
International Airport Hotel Systems,
(4/2-6)
Jan.
working
Feb.
W.
general corporate purposes. Office—161 E. 42nd
St., New
York. Underwriter—To be named.
Price—By
amendment. Proceeds—For
debt repayment and general .corporate purposes. Address
—P. O. Box 299, Boise, Idaho.
Underwriter—White, Weld
v..:;
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common arid 5-year war¬
rants to purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 per unit. Busi¬
Home
share.
common
•
Jan.
sorts.
7,
&
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
"
Office—514
purposes.
-
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Wis.
corporate
Diversified Industries, Inc.
29, 1961 filed 200,000 common. Price—$3.50. Busi¬
ness—Company plans to acquire and operate concerns
engaged in diversified business activities. Proceeds—For
1962 filed $3,400,000 of subordinated deben¬
68,000 common to be offered in units,
consisting of one subordinated debenture and one
each
general
Dec.
v*
tures due 1987 and
shares; to be offered in units consisting of one
common
Thursday, March 8, 1962
Jefferson
Underwriter—Scherck, Richter - Co., St. Louis.
Gas* Co.
.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman &
Co., Inc., N. Y.
"• "'V;
debt
^ Intermountain
and
ment
repayment, equipment and other corporate
purposes. Office—6500 Inland Dr., Kansas City, Kansas.
ic Hoffman House Sauce Co., Inc.
Feb. 28, 1962 filed $250,000 of 6V2% subordinated sink¬
.
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
Dec.
shares
.
—
Auchincloss, Parker & Redpath, - Wash¬
ington, D. CX
*
Groceries, Inc.
Keeko, Inc5-:'
23, 1962 filed 100,000. Price—$8. Business—Pro- f ceeds-—For new products and working capital.
Dec. 1,1961 ("Reg. A") 100,000 common. Price—$3. Busi¬
Office
—Regent St., Manchester, Conn. Underwriters—Richard
curement, storage and wholesaling of groceries and non¬
ness—Company plans to establish service stations and
Bruce & Co., Inc., and Reuben Rose &
food items.
Proceeds—For debt repayment and work¬
Co., Inc., N.. Y. r vending machine outlets in the Denver area. Proceeds—
ing capital. Office—Lyndhurst, N. J. Underwriter—J.
Offering—Expected sometime in May,.
For debt repayment and general
corporate
Jan.
purposes.
R. Williston & Beane, N. Y. Offering—In
April t
•
Hydra-Loc, Inc.
Oct.
10,
1961
Iowa
("Reg. A") : 60,000 common.- Price—$2.
development and manufacture of a.
Proceeds—For debt repayment and gen¬
Office—101 Park Ave., Hudson,
eral corporate purposes.
N. Y.
Underwriter—McLaughlin, Kaufman
Office—4970
Packers, Inc.
* >,*
; \
1962 filed $1,500,000 of 6% %. subord. s. f. debentures, series A, due 1977 (with attached warrants). •
Price—$1,000. Business—Meat packing. Proceeds—For
debt repayment, plant
construction, and equipment. Of- >
fice—Denison, Iowa. Underwriter—First Nebraska Se¬
curities Corp., Lincoln, Neb,
; '
-
Business—Design,
braxe control.
Beef
Jan, 24,
v
& Co., N. Y.
•
Jaap Penraat Associates, Inc.
nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of common.
Price—By amendment.. Business—The operation of coin
children's amusement equipment, i Proceeds—
For repayment of loans, equipment and general
corpo¬
rate purposes. Office—2557 W;. North Ave., Chicago. Un¬
operated
(4/30)
Jan. 30, 1962 filed 100,000 common.
Corp.
Price—$3. Business
—Industrial designing, the design of
Dec. 22, 1961 filed $1,500,000 of 10%
teaching machines
registered subordi¬
and the production of
nated debentures to be offered in five series due
teaching programs. Proceeds—
1966 to :
For expansion, new facilities and
1970. Price—At par
($1,000). Business—Purchase and sale
working capital. Office
—315 Central Park
v£ real estate
W., N. Y. Underwriter—R. F. Dowd
mortgages. Proceeds—For investment. Of¬
& Co., Inc., N. Y.
fice—630 Fifth Ave., N. Y. Underwriter—None.
' ^
I. F. C. Collateral
derwriter—Paul C. Kimball
.
•
Jan.
29, 1962 filed 125,000
Business—Publishes
common.'
ment.
other
indexes and
• Jamoco
Systems, Inc.
"The
Feb.
Price—By amend¬
Financial
Index"
and
Ahalt &
St., Woodstock, Vt.
O'Connor, Inc., N. Y.
(The)
Industrial Finance & Thrift
Corp.
Oct.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures due 1974. Price—At,
par. Business—A
consumer
•
common.
Price
$3.
—
.
and maintenance of heat¬
19,
Japan Fund, Inc.
1961 filed 2,000,000
Price
—
,
$12.50.
Denver.
*,*.•.
(
Japanese /
,
-
*
-
-
•
-
•
King Louie Bowling Corp. (3/19-20) "
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt and
for other corporate purposes.
Office—8788
securities. Underwriters—Bache &
Co., and Paine, Web¬
,
•
King Island Cosmetic Co.
-Feb. 13, 1962
("Reg. A") 100,500 common. Price—$2.
Business—Company plans to market a therapeutic clay
for use in manufacturing cosmetics. Proceeds—For debt
repayment and other corporaet purposes.. Office—73417th St.," Denver.
Underwriter—Birkenmayer & Co.,
(3/26-30)
common.
Co., Chicago.
derwriter—Underbill Securities Corp., N. Y.
Business—A diversified investment
company. Office—25
Broad St., N. Y. Proceeds—For investment in
ex¬
St., New Orleans, La.
Underwriter—None.
40,000
—
Underwriter—Searight,
finance firm. Proceeds—For
repayment of debt and
pansion. Office—339 Carondelet
("Reg. A")
ing, plumbing and/air conditioning systems. Proceeds—r
For inventory, equipment and other
corporate purposes.
Office
954 Jamaica
Ave., Brooklyn, N. Y.. Under¬
writer—Martin-Warren Co., Ltd., N. Y.
abstracts.
River
1962
Conditioning Corp.
Business—Design, installation
'
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
—19
28,
Air
&
Kine Camera
Co., Inc. (3/23)
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 .Broadway, N. Y. Un¬
.
Index & Retrieval
St.,
Denver. Underwriter—Amos
Offerings-Expected in April.
• Kiddie
Rides, Inc. (4/2-6) ~
;
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
.
Offering—Imminent.
Jackson
C. Sudler & Co., Denver.
<
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan. ■
.
Industry Capital Corp.
26, 1961 filed 500,000
Dec.
(4/9-13)
Price—$15.
Busi¬
ness—A small business
investment company. Proceeds—
For general corporate
purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A.
C.
Allyn & Co., Chicago.
Information Systems, Inc.
Nov. 13, 1961 filed
1,266,000 common to be
preferred and common stockholders of
offered
to
Ling-Temco-
Vought, Inc.: (parent) of
record Nov. 30, 1961.
amendment. Business—Furnishes industrial
handling and control systems. Proceeds —
Price—By
information,
For
selling
stockholders. Office—10131 National
Blvd., Los Angeles.-
Underwriter—None.
Metcalfe Rd., Overland Park, Kan.
Jayark Films Corp. t if. ; :
.V'-r '
Aug. 24, 1961 filed 72,000 common, of which
50,000 are
to be offered by the
company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television
films. Proceedsh-For *
.
common.
production of films and working capital. Office—15
48th St., N. Y. Underwriter—Pacific
Coast Securities
San Francisco. Offering—Sometime in
•
Jay lis Industries, Inc.
Oct.
18,
due
1971
fered
in
shares.
1961
filed $850,000
and
units
one
Price—$200.
$100
Underwriter—George
/
;
King Pharr Canning Operations, Inc.
Jan. 23, 1962 ("Reg. A") $300,000 of 15-year 6%% sub¬
ordinated convertible debentures.
Price—At par.
Busi¬
ness—The canning and shipping of fruits and
vegetables.
Proceeds—For acquisition of land and working
capital.
'
Co.,
Address
Cullman/ Ala.
Underwriter
Mayes, Inc., Birmingham, Ala. :
A^ril.
(3/26-30)
—
.—
Hendrix &
"
of 6^2%
212,500 class A
of
E.
K. Baum & Co., Kansas City, Mo.
suboru.
common
debenture
debentures!
shaies to
and
25
Business—Manufactures
be
class
of¬
A
patented
Kogel, Inc. (3/26-30)
;i
1961 filed 100,000 common.. Price—$1. Business
—A holding company for three subsidiaries in
the wall
and floor coating business. Proceeds—For
product deDec." 8,
Volume
195;
Number
velopment, advertising,
6140
.
.
.
The Commercial and Financial Chronicle
working
and
26-32 Second St., Long Island
sion.
capital. Office—
City, N. Y. Underwriter—
Office—Herman L. Bishins Bldg., Riverside
Ave.,
Bedford, Mass. Underwriter — J. R. Williston &
Beane, N. Y.
" * - .'*■
New
Globus, Inc.
(H.)
Feb. .21
Kohnstamm & Co., Inc.
food,
Lincoln
1962 filed 160,000 common. Price— By amend¬
ment/Business—Manufacture
of
colors
and
flavors
March
9,
—347
nam
Proceeds—For debt repayment.,
King St., Northampton, Mass.
Co., Hartford.:
•>.r,;"•
Inc.
Homes,
W.
Broadway*
Krylon,
Inc.
Office
Underwriter—Put¬
tems
(3/26-30)
Girard,r Ohio.
Underwriter—
capital.
(3/19-23)
Drug Co.,
Price—By amendment (max. $9). Business—Manu¬
of an extensive line of industrial, /hospital and
clinical laboratory instruments. Proceeds—For debt re¬
payment, • construction, and working capital. Office—
Chicago.
Underwriter—R.
-
W*
'
•
Laboratory Procedures, Inc.
("Beg. A") 100,000 capital shares. Price—
$2.50. Proceeds—For debt /repayment/ equipment, ad¬
vertising, leases, and working capital. Office •— 2701
Stocker St;, Los Angeles. Un derwriter—Pacific Coast
facture
Lamb
-
<
—
This letter
sure
new
related
aluminum products. Proceeds—For debt repay¬
ment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair & Co.,
N. Y. Offering—Expected sometime in April.
•
ers
Lee
Fashions, Inc. (4/23-27)'
'
Dec. 27, 1961 filed 1166,667 common: Price—By amend¬
ment./Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and working
capital/ Office—2529 Washington Blvd., Baltimore. Underwrtters-^GcJdfrey,. Hamilton..!Taylor^ & Co:, N/* Y*
the basis of $100 debenture for each 34 common
held. Price—By amendment.
Business—Explora¬
development of oil and gas properties.; Proceeds
—For,debt repayment, expansion and working/capital.
Office -/Mid-Continent Bldg,, Tulsa. Underwriter—
Shearson, Hammill & Co., N. Y.
:
.
„
-
„
Office—41- E/ 42nd St.. N/ Y. Undemriter—None; /
(4/27)
tion and
the sale of a domestic water system
equipment manufactured/ by a subsidiary. Proceeds—
For sellihg stockholders. Office—2943 Vail Ave., Los
Angeles, underwriter—Crowell, ' Weeden & Co:, ' Los
Angeles.
,*
*
»
Price—$5
Business—Real estate. Proceeds—For repayment of debt'
on
shares
pumps and
common.
Livingston Oil Co.
Feb. 26, 1962 filed $6,359,900 of convertible
sinking fund
debentures to be offered for- subscription by stockhold¬
Amendment. Business:—Manufacture and sale of vertical
Leader-Durst Corp.
1, 1961 filed 405,000 class A
the lives .of all .types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson,, Hammill & Co., N .Y.
Layne & Bowler Pump Co..
; f;/
Pec. 22, 1961 fi.led^ 108.666/capital .shares. Price;-- By
Dec.
Offering
Livestock; Financial/Corp. / (4/23)
•
Lockfast Mfg. Co., Inc. / t
Jan. 11, 1962 ("Reg. A") 85,000 common. Price —
$3.50
Business—Manufacture of furniture- hardware-for sale
'
to furniture
manufacturers.
Proceeds—For
debt
repay¬
ment, steel .inventories had plant expansion. Office—
Boarman Ave., Baltimore* Underwriter—R, & D
Investors Corp., Port Washington, N. Y.
'
" /' ' /
3006
,
Lockwood Grader. Cor p.
,
.
«
Feb. 20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants).-Price^-$I,Q00 peh deben¬
.
ture,
29, 1961 filed 2,000,000 class A common;. Price—By
amendment/' Biisinessr-A holding: company/ for i.three
Business—Design/ manufacture? sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and
general corporate
purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities -Corp., Lincoln, Neb*.
subsidiaries which operate utilities; engage in construc¬
tion/^M^istribute^ electronic part^/ProceedST^For; debt
Feb.
and Perizell & Co..'Miami
Lehigh Industries
''/
/
Investing.Corp.
Dec.
repayment, construction and working capital. Office—
71st St., Miami/Beach, Fla? Underwriter—To i be
named "(a newly^formed'subsidiary)-.
N -.?•
'800
Leighton Mobile Homes/ Inc.
Jan.
li,'1962 50,000 classA/shares. Price — $5. Busi¬
Sale of mobile homes and development of real
property for lease to owners of mobile homes. Proceeds—
For debt repayment, expansion, and working capital. Of¬
fice—Route 25 Lake Grove, Brookhaven, L. I. N. Y. Un¬
derwriter—George M. Curtis Co., N. Y.
ness
—
Lembo .Corp.' -y
////;:.* >vy;'
y////////://///;
Dec. 21,. 1961 filed 100,000 common/
ness—Manufactures
steel
Price—$3.50.
re-inforced
concrete
Busi¬
utilities,
sanitary structures/fallout shelters and play sculptures
Proceeds—For
debt
repayment/ sales promotion and
working capital./ Office—145 W, 11th St.; Huntington
Station, L. I...N. Y. Underwriter—Blank, Lieberman &
"Co., Inc., N. Y///-/y :////;/;// y-V;/ •//
Lily/Lynn,
Inc.
Feb; 23/1962 filed 150,000 common, of
which 86,000
are
to
be offered by the company and
ers;
64,000 by the stockhold¬
Price—By amendment (max. $12). Business—Design,
manufacture
and
ceeds—For debt
sale of
women's
casual
dresses.: Pro¬
repayment, working capital and
expan¬
Lunar
expansion
Films, Inc.
and
debt
Pro-»-
Address—- ;
repayment.
C. Wheat &
Co., Rich¬
(3/20)
Price—$5.75/ Busi-»
common.
ness—The production of television films.
Proceeds—For
named
was
Lunar
Enterprises, Inc.
/
;
z
Lustig Food Industries, Inc./'//.':?/'Z;^/Dec. 29, ,1961 filed 100,000 common.
Price—$6. Business •—-Processing and packaging of frozen foods and the can->,
ning and bottling of fruits and vegetables. Proceeds—■
„
For
debt
repayment
and
working capital. Office—48
High St., Brockport* N/Y. Underwriter—None. •
//
■
MRM
Co., Inc.~
29,', 1961/ ("Reg. A") : 150,000
Business—Design and manufacture
Nov.
common.
Price—$2;r
of automatic filling;
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry
St.,
Brooklyn, N. Y. Underwriter—A. J. Gabriel Co., N/Y.
Mac-Allan
Co.,
Inc.
Feb. 23/ 1962 filed
130,260 of class A common, of
65,130 are to be offered by the company and
which
65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume
jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas
City -.
>
V
/
—
Macco
Realty Co.
(3/19-23)
Dec. 21, 1961 filed $4,000,uou of conv. subord. debentures*
due
1977;
also
150,000
common
shares.
Price—By
amendment. Business—Construction and sale of homes./
debt repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,
purposes.
Calif.
Underwriters—Kidder, Peabody & Co., N. Y. and;
Mitchum, Jones & Templeton, Los Angeles.
'
★ MatSway Main Line Homes, Inc.
March 6, 1962 filed 50,000 common. Price
—
By amend¬
$10). Business—Production, sale, erection
financing of manufactured homes. Proceeds.—For.
the financing of credit sales of homes. Office—315 E.
ment
(max.
and
Manchester Ave., Wayne, Pa.
Underwriter
Drexel
—
Co.,, Philadelphia.;
Magazines For Industry, Inc. •
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
.
Feb 23, 1962 filed 245,000 common:
Price—$10. Business
—An insurance holding
company whose; subsidiaries -in¬
pluming, fixtures,-water .softeners; sugar, cane agricul¬
tural equipment; aluminum doors, storm windows and
*
of electronic
Brothers and Clark,. Dodge & Co.,. Inc., N. Y.
—Expected in some time in Early April.
Industries, Inc.
Price—By amendment
Canning and marketing of vegetables and meats.
Proceeds—For
debt repayment and working
capital*, Office—336 Foothill Rd., Beverly Hills, Calif.
Underwriters—Lehman
was
'
Dec. 28/ 1961-filed $2,200,000 of s. f. subord. debentures
due
1977
(with attached warrants). Price-^At" par
Business—Manufacture of gas and electric.water heaters/
turbine
"
systems and components, business
machines, commercial electronic1 -.equipment'*?- nuclearpowered submarines, and-other vessels.. Proceeds—For
>
San Francisco. Note
industries.
Litton Industries, Inc.
Jan. 8, 1962 filed $50,748,100 of conv. subord. debentures
due 1987 to be offered for subscription by holders of
outstanding - common arid: securities convertible into
common on the basis .of
$100 of debentures for each
10 shares held. Price—By amendment. Business—Manu¬
c
,
Business—Manufacture
Offering—Expected in April.
Sent. 29. 1961
'
100,000 common,'. of - which z 50,000:
the company and 50,000 by stocks
products for the electronic,; automotive and
Proceeds—For
equipment,:.; and
working/capital.; Office—1865 Miner St., Des Plainest
111. Underwriter — Cruttenden, Podesta &
Co., Chicago.
electrical
ers.
*
filed
of various
Instruments, Inc.
Co.,
34th St., N. Y. Underwriters—
Samson, Graber & Co., Inc., N* Y.
holders.. Price—By. amendment
facture
Securities
1962
to be offered by
are
Feb. 23, 1962 filed 142,860 common, vof which 122,168 are
to be offered by the company and 20,692 by stockhold¬
withdrawn.
W.
Littelfuse,lnc;
Jan;- 26,
.
W. Grand Ave.,
Pressprich & Co., N. Y
Office—112
ties, college pennants, etc.; and distribution of medical,
nursing andt law books. Proceeds^-For 'debt repayment
and working, capital. Office—-128. Oliver.
St., Paterson,
N.- J.i Underwriter—Andresen & Co., N* Y.
—This registration was withdrawn.
8070-82.
photographic data processing
general corporate purposes. Office—232
Adams & Co..
Dec. .28, ,1961 filed. 150,008' common. Price—By amend-*
ment ($5 maximum): Business—Publication and sale of
paperback' school books; manufacture -of stuffed novels-
-
'
be offered by the
company and
Aug. 31, 1961 filed 125,000
Litt lefield,
Inc...,
to
filming and production and working capital. Office—
543 Madison Ave., N. Y.
Underwriter—Wright, Myers &
industry. /* Bessel, Inc.* Washington, D. C. Note—This firm formerly
Glass & Ross, Inc.. and
July 26, 1961 filed 100,000 common /shares. Price—$4.50
Business — The manufacture ofi pharmaceuticals/. Pro-*
ceeds-—For repayment of a loan, purchase of equipment,
research and< development,, advertising: and working
capital. Office—1, Bala Ave., Bala-Cynwyd, Pa. Underwriter—Stevens Investment Co., Bala-Cynwyd, Pa. Note
Lab-Line
the
are
•
Little Ruffy Togs, Inc.; /
V1'* "L*
:
Nov. 29,-1961 filed 165,000 common. Price—Byy amend-;
ment. Business — Manufacture and sale of
children's*
clothing. Proceeds.— For debt repayment and working y
i961 uleu Zdu.uoo common. Price—By amend-:
Business — Manufacture of aerosol spray, paints,
L.
secondary, income
of put and call options. Proceeds—
Ave., Highland Park, N. J. UnderwriterGodfrey, Hamilton, Taylor & Co.* Inc., N. Y..
derwriter—Eastman DiUbm-tlhion Securities & .Co., N. Y..
L.
and,
Cleveland
protective, coatings and other aerosol products. Proceeds
—For_ selling stockholders. Office—Norristown, Pa. Un^
•
for
Proceeds—For
ior
ment.
appreciation
Lithoid, Inc. (3/26-30)
NoV/22, 1961 filed 12U,0U0 common. Price—$3. Business
—Development and manufacture of equipment and "sys¬
Best & Garey & Co.,.Inc;, Washington, D. C. ~
Nov.
capital
•
14, 1961 filed 200,UU0 common. Price—$5. Business
—A holding company in "shell homes" field. Proceeds—
For debt repayment and general corporate purposes. Of¬
:
of which 142,500
139,996 by stock¬
(max. $5). Business—
Seagrove, N; C. Underwriter—J.
mond,. Va.
is
E.,
common,
ceeds—For
St., New Britain, Conn
Distributor—Horizon Management Corp., New York.
Dec.
fice—126
★ Lucks,. Inc.
28/ 1962 filed 282,496
Feb.
•
holders.
derived from tne sale
&
Planned
•
For investment. Office—300 Main
(3/20)
1961 filed
Kraft
y/;- 11'./
...*•
Office—317
purposes.
jective
sold
tical equipment.
•.
—
loO,OUO common, of whicn 40,000 are
by the company and 60,000 by stockholders
Price—By amendment. Business—Manufacture of i op-y
be
(4/2-6)
filed
—
and cosmetics; also - industrial chemicals. "
general/corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter— Kidder,
Peabody & Co., Inc." Offering—Expected in May.
■;/.■•->/
to
1961
corporate
39
Capitol St., Jackson, Miss. Underwriter—None.
type investment company wiiose primary investment ob¬
for
drugs
Nov.
Fund, Inc.
30,
Proceeds—General
951,799 shares of common stock
Price
Net asset value plus a 7% selling commission;
Business
A non-diversified, open-end,
management-
Proceeds—For
Kollmorgen Corp.
(1191)
/
Long Island Lighting Co«/<(3/16)
16, 1962 filed 421,472 common/ to- be- offered for
subscription by stockholders on the basis of one new
icals/Proceeds—For
promotion, a new publication and"
working capital. Office—660 Madison Ave., New York./
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer-"
ing—In late April/
//
/-./
■
* Magellan Sounds Corp./
Feb. 28, 1962 filed 60,000 common
(with attached oneclass A warrants to purchase 60,000 common shares
at. $4 per share and two-year class B warrants to
pur-:
year
chase 60,000 shares at $4.50 per share) to be offered in/
units (each consisting of one share, one class A warrant:
and
one
class:B
warrant). Price—$4 per-unit. Business-
—Production of educational and recreational devices and
games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius
Office
Inc., N/Y../
Magic Fingers,
Inc.
/
Dec. 29,''4961.filed 75,000
common. Price—$4. Business
electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
—Production of
a
new
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
* Mandrel Industries, Inc.
Feb. 27, 1962 filed 303,900 common, of which 220,000 are
to be offered by the company and 83,900 by stockhold¬
ers/Price—By amendment (max. $20).; Business—De¬
sign and manufacture of specialized photo-electric color/
sorting machines and geo-physical exploration-devices^
Proceeds
For debt >repayment, acquisition of 90,000
shares of its own stock, and working capital. Office—800.
Welch Rd., Palo Alto, Calif. Underwriter-;—DomiD^k &
Dominick, N. Y/
/.
/
—
.
,
share
for each 20
held
of record March
16, with rights
(max. $55),
Proceeds—For a new plant.* Office—250 Old Country
Rd.* Mineola, N. Y. Underwriters—Blyth &• Co.* Inc.,
First Boston Corp., and W; C. Langley &
Co., N. Y..
to
•
•
expire April 2.:
Loral
Price—By. amendment
Electronics Corp.
ment/
—
By amend¬
Business—Research, development and production
military products/ Proceeds—For ; selling
of' electronic
stockholders. Office—825
Bronx River
Ave.,-N/ Y/Un¬
derwriters—Lehman Brothers, Kidder, Peabody &
Co.,
and Model, Roland & Co., N. Y. ,
, .
:
/ Lowell Toy. Manufacturing Corp. ;
27, 1961 filed 120,000 common, of which 100,000 are
to be offered by the company and
20,000 by the stock¬
holders. Price—$5. Business—Design,; manufacture and
sale, of toys and games. Proceeds—For
equipment, ad¬
vertising, and working capital/Office—1074 Brook Ave.,
Dec.
NVY. Underwriters—H. M. Frumkes & Co. and
Eaton & Co., N. Y.
• Lucius
-
Corp/„~
.
.
/
/.'
>•
V
Design & Mfg. Corp.
Nov. 14, 1961 ("Reg. A") 55,000 common. Price—$4. Busi-»
ness
Manufacture of waste water filters and filtering;
systems. Proceeds — For debt repayment. and working
capital. Office—610 W. „18th St., Hialeah. Fla. Under-*
—
writer—Terrio &
Co., Inc., Washington, D. C. Offering
—Imminent/
Marine & Animal
(4/9-13)
Feb. 28/1962 filed 56,225 common/ Price
Marie
Batchker,
,
Feb., 23, 1962 ("Reg. A") 60,000 common. Price
—$5.
Business.—Purchase and sale, of negotiable. securities.
By-Products Corp.
Jan. 26, 1962 filed 90,000 common. Price—$5. Business
—Distributes fishmeal and animal by-product proteins.
Proceeds—For
ital.
expansion, machinery, and working cap¬
Underwriter—Arnold
Office—233 Broadway, N*Y.
Malkan
&
Co., Inc., N. Y." Offering—Expected
in
late
April.
Marks
Polarized Corp.
27, 1961 filed 95,000 common shares. Price — By,
amendment. Proceeds — For expansion, acquisition of
new facilities and other corporate purposes. Office—15316 Tenth Ave., Whitestone. N.. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.). Glass & Ross, Inc., and Globus,
Inc.. N. Y. C.
June
Marquette Capital Co.
Dec*. 1, ,1961 filed 250,000 common. Price—By amend-'
ment. Business—A small business investment company.
Continued
on
page
40
40
The Commercial and Financial Chronicle
(1192)
.
Thursday, March 8, 1962
.
,
v
Metropolitan
Continued from page 39
Realty Trust
■.
.
Dec. 20,
Proceeds—For
South
corporate
general
Seventh
Minneapolis,
St.,
Office—91r
Underwriter—
purposes.
Minn.
None.
•
(3/21)
Feb. 7, 1962 filed 673,215 common, of which 225,000 will
be offered by the company and 448,215 by stockholders.
Price—By amendment. Business—Insurance brokerage.
Proceeds—For general corporate purposes. Office—231
So. LaSalle St., Chicago. Underwriter — Morgan Stan¬
ley & Co., N. Y.
Marsh
&
Inc.
McLennan,
Nov. 1, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Manufacture of rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
research and development, and working capital. Office
Ave,, Newark, N. J. Underwriters—Richard
Co., Inc., and Reuben Rose & Co., Inc., N. Y.
<*—54 Summer
Bruce &
Offering—Imminent.
Mastan
I
Co., Inc.
King, Libaire, Stout & Co., N. Y.
Michaels
of four stores. Proceeds—For construction of
Masury-Young Co.
Dec. 4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures commercial arid industrial floor mainte¬
products.
nance
For repayment of debt,
corporate purposes. Office—76
Proceeds
—
equipment, and other
Roland St., Boston. Underwriter—Townsend, Dabney &
Tyson, Boston.
•
Maul Bros. Inc.
Jan.
(3/28)
filed 100,000 common, of which 60,000
are to be offered by the company arid 40,000 by share¬
holders. Price—By amendment. Business—Manufacture
of component parts and accessory equipment for ma¬
chines used in production of glass containers. Proceeds
—For
debt repayment, construction, equipment,
and
working capital. Office—111 South 15th St., Millville,
N. J. Underwriter —Kidder, Peabody & Co., N. Y.
•
15,
1962
McWood
Corp.
Feb. 8, 1962 filed $3,100,000 Of 6% subordinated con¬
vertible debentures due 1974 and 310,000 common to be
offered in 31,000 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $160).
Business
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners.
Proceeds—For debt repayment and working capital. Of¬
fice—Oil & Gas Building, Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis. Offering—May.
—
Medex, Inc. (3/15)
Sept. 27, 1961 filed 110,000
common.
Price—By amend¬
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
ital. Off ice—1488 Grand view Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N, Y.
ment.
Medical
Oct/ 26,
Fund, Inc.
1961 filed 2,000,000 capital shares.
Price—$10.
Business—A closed-end diversified investment company.
Proceeds—For
investment
in
firms
serving modernc
medicine.
Address
New York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall St., N. Y.
—
Medical Industries
open-end.
Proceeds—For
Business
plans
investment
in
to
the
medical
industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter—Medical
As¬
sociates, Inc., Denver.
\'
Medical Video Corp.
Nov. 13,
Proceeds—For
Studio
of
Price—$10.
common.
medical
electronic
Busi¬
equipment.
general corporate purposes.
O f f i
c e—
City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles.
Brooklyn, N.
new
store.
Y. Underwriter—
L. F. Rothschild & Co., N. Y.
Micro-Dine
Feb.
Corp.
1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines; Proceeds—For debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
Louis Park, Minn. Underwriter—Irving J, Rice & Co.,
Midwest
w
ffi®.;;^
Medical
which
plans to own interests in medical office
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West/ Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind. Offering — Expected in
April.
Midwest Technical Development Corp.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
shares held. Price—By amendment (max.
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
for- each two
—
2615
First
National Bank Bldg., Minneapolis.
Underwriter—None.
\
Midwestern Investment Corp.
Oct. 16, 1961 filed 200,000 common.
Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
nance and factoring business. Proceeds—General corpo¬
rate purposes. Office—1730 K St., N. W., Washington,
C.
D.
Underwriter—Affiliated
Underwriters, Inc.
Midwestern Mortgage
Investors
Feb. 26, 1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment com¬
pany. Proceeds—For investment and operating expenses.
Office—1630
Welton
St.,
Mel nor
'
n
Industries, Inc.
(3/12-16)
Denver.
Underwriter—Boett-
• Mil
National Corp.
Feb. 28, 1962 filed 100,000 common.
—Distribution of dry cleaning and
Price—$5. Business
laundry equipment.
Proceeds—For sales promotion, inventory and working
capital. Office—1101 E. Tremont Ave., Bronx, N. Y.
Underwriters—H. M. Frumkes & Co., Abraham & Co.,
and Berman, Sterling & Vine Co., N. Y.
Miller Brothers Hat
Co., Inc.
1961 filed 126,000 common, of which 100,000
will be sold by the company and 26,000 by certain stock¬
holders. Price—By amendment. Business—Manufacture
of men's and boy's hats. Proceeds — For purchase of a
buildirig; plant equipment, arid working capital. Address
—2700 Canton St., Dallas. Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.
Dec.
18,
Dec. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of switches and other elec¬
Proceeds — For general corporate
Office—1400 Mill Creek Rd., Gladwyne; Pa.
Underwriter—Seymour Blauner
Co., N. Y.
holders.
lawn
Price
and
—
garden
$11.
Business
sprinkling
52,500
by
are
stock¬
Manufacture
—
equipment.
of
Proceeds—
For general corporate
purposes.
Office—Moonachie, N. J.
I. duPont & Co., N. Y.
• Metal Marking Industries, Inc.
Feb. 26, 1962 ("Reg. A") 20,000 common to be offered
for subscription by stockholders on the
basis of one new
Underwriter—Francis
St., Chicago. Underwriter—A. G. Becker & Co., Chicago.
Offering—Expected sometime in May.
T-fy
•
Electro Products Corp.
(4/30)
29, 1961 filed $1,250,000 of .6convertible sub¬
ordinated debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp., N. Y.
Morse
—
Morse
Components, Inc.
("Reg. A") 150,000 class A shares. Price—
$1.
Business—Manufacturer of precision metal com¬
ponents, assemblies and sub-assemblies. Proceeds—For
repayment
and working
capital.
Office—9-11
St., Valley Stream, N. Y. Underwriters—T.
Co., Inc., N. Y. and I. R. E. Investors Corp.,
Levittown, N. Y. Offering—Imminent.
Cleveland
Kirsch
Miss
Ellsette, Inc. (3/13-14)
10, 1961 filed 100,000 common. Price—By amend¬
ment. Business
Design, manufacture and distribution
of women's
dresses.
Proceeds—For debt
repayment, in¬
ventory and expansion. Office—1919 S. Los Angeles St.,
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
Missile
Nov.
Valve
24, 1961
Business
valve.
—
monwealth
Ave., Boston. Underwriters — Blyth & Co.,
Brothers, N. Y. Offering—In April.
Inc. and Lehman
Motor
Oct. 30,
Parts
1961
Industries,
filed
("Reg. A")
300,000
purchase
of
Price — $1.
type butterfly
common.
Production and sale of
new
the
patent and pro¬
development of the valve.
Office — 5909
and
(3/19-23)
Inc.
120,000 class A shares. Price
amendment. Business—Distribution
Proceeds
For
—
derwriter—Street
debt
repayment
—
By
of automobile parts.
and
working capital.
Hicksville, N. Y. Un¬
& Co., Inc., N. Y. .»
Electronics Co.,
Mountain
Inc.
16, 1962 filed 140,000 common. Price—$3.50. Business
distribution of radios, television sets and
other electronic products and parts. Proceeds—for debt
repayment and working capital. Office—708 Bigley Ave.,
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Jan.
—Wholesale
Co,. N. Y. and Clayton Securities Corp., Boston.
•
Multronics, Inc.
(4/9-13)
Jan. 5,
1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D„ C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
•
Municipal
Investment Trust Fund, First Pa.
(4/2-6)
April 28, 1961 fiied $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill
Broadway, N. Y. C.
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
—
investment.
Sponsor—Ira Haupt &
Co., Ill Broadway,
N. Y. C.
Music
Fair Enterprises, Inc.
24, 1962 filed 100,000 common. Price—$5. Business
—A theatrical holding company.
Proceeds—For con¬
struction, equipment, and working capital. Office—124
S. 18th St., Philadelphia.
Underwriter—Suplee, Yeatman, Mosley Co., Philadelphia.
N.
T.
W.
Missile
Engineering,
Hollywood Blvd., Hollywood, Calif. Underwriter—Pre¬
Securities, Inc., Denver. Offering—In April.
common.
and
Inc.
Price-—$8. Business
missile
industries.
Pro¬
ceeds—For debt repayment, inventories and research and
development.
Office—4820
Alcoa
Ave.,
Los
Angeles.
Underwriter—None.
Narrows Premium Corp.
(3/19-23)
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State. Proceeds—General corporate purposes. Of¬
fice—9805 Fourth Ave., Brooklyn, N. Y. UnderwriterPearson, Murphy & Co., Inc., N. Y. »
National
Capital Acceptance Corp. j
1961 ("Reg. A") 150,000 class A common, Price
—$2. Business—Purchase of second trust notes and other
Oct. 20,
securities.
Proceeds—For
working capital. Office—8719
Silver
Spring,
Md.
Underwriter—
Guardian Investment Corp., Washington, D. C.
—Colesville
Corp.
Proceeds—For
duction
Price—By amend¬
common.
ment. Business—Retail sale of popular-priced foot wear.
Proceeds—For selling stockholders.
Office—1047 Com¬
29, 1961 filed 250,000
—Engaged in the aircraft
Nov. 17,1961
•
Shoe, Inc.
1962 filed 630,000
26,
Dec.
Milo
M.
Co.
ment and general corporate purposes. Office—932 Dakin
Offering—
April.
•
R.)
Jan.
Milli-Switch Corp.
purposes.
(E.
1962 filed 150,000 common, of which 60,000 are
to be offered by the company and 90,000 by stockhold¬
ers. Price—By amendment
($14 max.). Business—Manu¬
facture, sale or rental of girls' gym suits, academic caps
and gowns, and choir robes. Proceeds—For debt repay¬
Series
—
Nov. 15, 1961 filed 152,500
common, of which
to be offered by the
company and 100,000
Moore
cher & Co., Denver.
Oct.
•
•
Feb. 23,
Office—900-908 S. Oyster Bay Rd.,
Feb.
Office
working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Acker& Co., Inc., (mgr.) and Heritage
Equity Corp., N. Y.
Jan.
Investment Trust
Dec. 11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
terests. Price—$20. Business—A real estate investment
trust
velopment and
man
Dec.
13,
debt
1961 filed 250,000
ness—Manufacture
St.,
a
tronic components.
Fund, Inc.
Oct. 23, 1961 filed 25,000 common.
Price—$10.
—A closed-end
investment company which
become
Smith
inc., st. Paul,
,
20,600 are
stockhold¬
ers. Price—By amendment. Business—Retail sale of fur-,
niture, major appliances, bedding, etc., through a chain
Feb.
9/ 1962 filed $5,000,000 of 5Vz % senior notes due
1977 arid 170,000 common. Price—By amendment (max.
Notes; 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
porate purposes. Office—350 Fifth Ave., N. Y. Under¬
writer—F. Eberstadt & Co., N. Y.
(3/26-30)
(J.), Inc.
Dec. 20, 1961 filed 103,000 common, of which
to be offered by the company and 82,400 by
Office—182
Co.
Electronics
Marshall
1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate purposes. Office—1700
K St., N. W., Washington, D. C. Underwriter—Eisele &
National
Feb.
Rd.,
Cash
Register Co.
(3/28)
1962 filed $50,000,000 sinking fund debentures
due 1987 to be offered publicly; also 319,090 common
to be offered for subscription by stockholders on the
21,
share for each
ferred
basis of
By amendment (max. $115 per share for common). Busi¬
ceeds—For
Mississippi-Red River Transport Co.
Jan. 22, 1962 filed 200,000 common. Price —
By amend¬
2Vz held. Price—$3.50. Business—Design,
development and manufacture of specialized marking
products for the electronic and missile industries. Pro¬
Pecos
Meteor
Oct.
general
31,
Business
purposes.
Office—4675
S.
Enterprises, Inc.
1961
—
("Reg.
of
purposes.
common.
electric
debt
Price—$3.
barbecue
repayment
Office—5356
motors,
and
Riverton
Hollywood,
Calif.
Underwriter—Kolb
rence, Inc., Las Vegas, Nev.
&
gen¬
Ave.,
Law¬
Metropolitan Acceptance Corp.
tail
sales.
Western
Baruch &
per
unit. Business—Financing of
Proceeds—For
Ave.,
Chevy
working
Chase, Md.
Co., Washington, D. C.
($2.50 estimated). Business — A motor carrier of
petroleum products. Proceeds—For purchase of tugs and
and
construction
of
docking facilities. Office—
2809 N. Main St., Fort
Worth, Tex. Underwriter—Wil¬
liam N. Edwards & Co., Fort
Worth, Tex.
Molecular
Dielectrics, Inc.
(4/9-13)
150,000 common, of which 135,000
by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of
high-tem¬
Sept.
are
1,
1961
filed
to be offered
perature
Oct. 2, 1961 filed $300,000 of 6% subordinated
convert¬
ibles due 1967 and 60,000 common shares to
be offered
in units consisting of $100 of debentures
and 20 common
shares. Price—$150
ment
barges
100,000
Proceeds—For
corporate
North
A")
Manufacture
igniters, etc.
eral
corporate
St., Englewood, Colo. Underwriter—None.
capital.
re¬
Office—5422
Underwriter
—
R.
electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
Molecular
Dec.
Systems Corp.
12, 1961 filed*140,000 common. Price—$3. Business
of
polyethylene
materials
of
varying
—Production
grades.
Proceeds
—
For
equipment,
research
and
de¬
one
new
share for each 25
shares held. Price—
ness—Production, distribution and servicing of business
machines. Proceeds—For expansion and working capital.
Office—Main
& K Sts., Dayton,
Dillon, Read & Co., Inc., N. Y
Ohio.
Underwriter—
ic National Dairy Products Corp. (3/22)
March 1, 1962 filed $35,000,000 sinking fund debentures
due March 15, 1992. Price—By amendment. Business—
Purchase, manufacture, processing and distribution of
diversified dairy and other food products. Proceeds—For
general corporate purposes. Office—260 Madison Ave.,
N. Y. Underwriters—Goldman, Sachs & Co., and Lehman
Brothers, N. Y.
•
National
Equipment & Plastics Corp. (4/2-6)
Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
Sept. 28, 1961 filed 105,000 common.
Proceeds—For
debt repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
ated
stores.
pansion
and
,1^.
Volume
195
Number
6140
.
and Financial
The Comn
...
Chronicle
(1193)
—Writing of automobile insurance.
tional capital and
For
Price—$5. Business
Office—2147 University
reserves.
National
Nov. 9,
1961 filed
ness—A
V
■
Realty
real
1
Ave.,
v
V
V,
•
1,000,000
Price—$15.
common.
Busi-
Proceeds—
company.
by amendment.
and sale of
systems. Proceeds—For
inventory, debt repayment and
working capital. Office—718 Atlantic Ave.,
Brooklyn,
N. Y. Underwriter—Ezra Kureen
Co., N. Y.
National Vended Ski
Oct.
Insurance Corp.
(4/2-6)
Price—By amend¬
:
coin-operated insur¬
30, 1961 filed 550,000
ment.
ance
common.
Business—Distribution of
vending machines to brokers
at
sporting centers.
Proceeds—For inventory,
advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y. UnderwriterPacific Coast Securities
Co., San Francisco. ★ National Work-Clothes Rental
MarchJJ, 1962 filed 500,000
ment
Business
•/
,,
common.
Price
t
,
—
By amend¬
Compa ny rents and j 1 aunders work
Proceeds—For selling stockhold¬
ers.
Office—Elizabeth, N. J. Underwriter—Hornblower
& Weeks, N.
.
clothes
and
—
uniforms.
Nationwide Bowling Corp.
(3/26-30)
Oct. 19, 1961 filed 100,000 capital shares
amendment.
Business—The
ation of bowling centers. Proceeds—For
sition and working
capital. Office — 11
-
-1
-ji.-V.v-'V
realty acqui¬
1
Nebraska Boiler Co., Inc.
Dec. 29, 1961 filed
fund bonds
a
oper¬
Commerce St.,
Mandel & Long-
Newark, N. J. Underwriter—^Jennings,
streth, Philadelphia.
Atlantic
Price—By
cision
.
^
$400,000 of first mortgage
due/1977 (with warrants)
f
\
sinking
and 15,000 shares
of 6%- series A convertible'
preferred (par $10). Price—
At par.
Business—Design and manufacture of steam and
hot water boilers.- Proceeds—For
construction and debt
•
Finance Cos., Inc.
(3/19)
28, 1961 filed 200,OuO common. Price—By amend¬
ment. Business—A finance company. Proceeds—For ex¬
pansion and debt repayment. Office—6701 N. Broad St.,
Philadelphia. Underwriter—Blair & Co., Inc., N. Y.
•
N. Y.
(4/10)
•
&
Witter
Co.
Co.
Blyth
-
Smith
—Manufacture of wooden
appliances. Proceeds
New
Hope Academy of the Arts, Inc.
150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
and young adults. Proceeds—For
general
poses. Office—152
Whitemarsh Rd.,
derwriter—Mayo & Co., Philadelphia^
New
Orleans
Public
Service
Un¬
St.,
New
—
kitchen
cabinets and
ark, N. J.
24, 1962 filed 95,000 common, of which 60,000 are
to be offered by the
company and 35,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture,
warehousing and distribution, of a diversified line of
glass containers. Proceeds—For debt repayment, plant
Realty Corp.
24, 1962 filed 150,000 class A shares. Price—$11.
Business—A real estate management
company. Proceeds
corporate
purposes.
working
Office—369
capital, and general '
Lexington Ave., N. Y.
Underwriter—None.
-New
World
Laboratories, Inc. (3/26-30)
13, 1961 ("Reg. A") 100,000 common. Price
Business—Manufacture of cosmetics and hair
Nov.
tions.
—
$3.
prepara¬
Proceeds—For
debt
repayment and general cor¬
porate -purposes^ Office^rl610 14th St., N.
W„ Washing¬
ton, D. C. Underwriter—T. J. McDonald-r&
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant
relocation, equipment,
and
working capital. Office—47 West St., N. Y. Under¬
writer— Robbins, Clark &
Co., Inc., N. Y.
/■/
Electronics
Corp.
Jan. 17, 1962 filed $2,000,000 of convertible
subordinated
debentures due 1982 and 110,000 class A shares. Price—
Debentures: At
par;
Stock:
By
amendment.
Business—
Distribution of electronic parts and equipment and elec¬
trical supplies. Proceeds — For
general corporate pur¬
poses. Office—223 W. Madison St., Chicago. Underwriter
—H. M. Byllesby &
Co., Chicago.
★ Newnam
Feb.
26, 1962
—$1.50.
&
Lunson,
("Reg. A")
Inc.
100,000 class A
common.
Price
Business—Company plans to establish a coinself-service dry cleaning business. Proceeds—
operated,
For
replacement
debt repayment,
share for each 20 held of record
ceeds—For
—
5
S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
units
Sponsor-
representing
Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
and
to
political
be
repayment
rights to
(max. $30). Pro¬
construction. Office—
and
a.m.
EST)
in Room 2033, 2 Rector St., N. Y.
Power &
Light Co. (4/11)
$35,000,000 of first mortgage bonds
due 1992. Office—920 S. W. Sixth Ave.,
Portland, Ore.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Lehman
Brothers; Eastman Dillon,
Union Securities & Co.; Blyth &
Co.-White, Weld &
Co.
(jointly)/ Bids—Expected April 11 (11 a.m. EST).
Information Meeting—April 2 (3:30 p.m.) at 2 Rector
St., N. Y.
Feb.
Tax-Exempt Bond Fund, Series 4
of
(11
Pacific
Chicago.
17, 1961 filed $15,000,000
fractional interests in the Fund.
debt
S. W. Sixth
Ave., Portland, Ore. Underwriters—
(Competitive). Probable bidders: Ladenburg, Thalman
& Co.; Kidder, Peabody &
Co.; Lehman Brothers-East¬
man Dillon, Union Securities &
Co.-Bear, Stearns & Co.Dean Witter & Co. (jointly). Bids—Scheduled for
April
interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and municipalities of the
Nuveen
26 with
920
Tax-Exempt Bond Fund, Series 3 A:
Oct. 17, 1961 filed $15,300,000 of units
representing frac¬
investment. Office—Chicago, 111.
John Nuveen & Co., 135 So. La Salle
S,t„
Mar.
expire May 1. Price—By amendment
Nuveen
tional
at the com¬
Power & Light Co.
(4/5)
27, 1962 filed 672,299 common to be offered for
subscription by stockholders on the basis of one neW
expansion, and equipment. Office—5801 Fast Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
Co., San Francisco and Pacific Northwest Co., Seattle.
/
(PST)
a.m;
Feb.
subdivisions thereof which are believed
exempted from Federal income taxes. Proceeds—
investment.
Office—Chicago, 111. Sponsor—John
27,
1962 filed
Pacific
States
Steel
Corp.
June 21,
Nuveen & Co., 135 So. La Salle
St., Chicago.
1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For
For
tures
6,
(4/4)
due
1987.
$90,000,000 of sinking fund deben¬
Price—By amendment. Business—Pro¬
duction of oil and
•
cisco
gas. Proceeds—For general corporate
Office—539 S. Main St., Findley, Ohio. Under¬
Oklahoma
Gas
&
Elective
scription by
share
for
expire
common
each
Mar.
held of
20
27,
1962.
Office—321
Underwriter—Merrill
record
Westates Land Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200
per unit. Business—
on
the
basis
of
one
Mar.
Price—$38.
8, with rights to
Proceeds—For con¬
General real estate.
Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif. Underwriter — Morris Cohon & Co.. N. Y.
N.
Harvey St., Oklahoma City.
Lynch, Pierce, Fenner & Smith
Inc., N. Y.
Note—This company was formerly named Westates Land
Development Corp. Offering—Expected in April.
-
.
,
•
'
Olympia Mines, Inc.
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35
Business—The exploration and development of mines.
Proceeds—For mining operations. Office—44 Court
St.,
Brooklyn, N. Y. Underwriter— Gaumont Corp., Ltd.,
Toronto.
"'AAV'"
'
A;r A
A'
A," • AAA/AAA/ /
Pal-Playwell Inc.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
Nov.
• Pan American
Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Feb.
Feb.
ment
Proceeds
writer—To
Optech, Inc.
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used
in optical
electronics. Proceeds—For equipment
and working capital. Office—246 Main
St., Chatham,
J.
Electronics
Corp.
Aug. 28, 1961 filed 100,000
ness—The
manufacture
of precision
,
r..,
Office—200 W. 57th St., N. Y. Underwriter—
Curylo Co., 2166 Broadway, N. Y.
Papekote, Inc. (3/12-16)
1, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Development and sale of chemical processes used
in the field of paper
coating. Proceeds—For general cor¬
15th St., N. Y. Under¬
Lewis Co., Inc.,^ N. Y.
Price—$3.50. Busi¬
porate purposes. Office—443 W.
electronic
writer—Edward
tems
.
Inc.
•
sub-sys¬
for the
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and
working capital. Address
—Tuckahoe, N. Y. Underwriter—A.
Inc.^.N, Y. C.
named,
Productions,
Dec.
(4/16-20)
common.
repayment, equipment, and other
purposes.
R. J.
Equity Corp., N. Y.
Orion
debt
Dec. 15, 1961 filed 100,000 common. Price—$3. Business—
Production of films. Proceeds — For general corporate
Underwriters—Stone, Ackerman & Co., Inc., and
•
be
Pan-Video
Dec.
Heritage
For
corporate purposes. Office—39 Broadway, N. Y. Under¬
—Auchincloss, Parker & Redpath, Washington, D. C.
N.
(mgr.). Offering—Indefinitely postponed.
debentures
being offered for sub¬
stockholders
selling stockholder. Office—35124 Alva-
Pacific
Co.
Feb. 8, 1962 filed 328,912
common,
the
rado-Niles Road, Union City, Calif. Underwriters-^-First
California Co., Inc., and Schwabacher & Co., San Fran¬
1962 filed
Operations Research, Inc.
14, 1962 filed 100,000 common. Price—By amend¬
Inc.,
(max. $9). Business—Furnishes research and de¬
Washington, D. C.
.,/A^/AA velopment services in the field of operations research.
New York Testing
Proceeds—For debt repayment and
Laboratories, Inc.
working capital. Of¬
Jan. 29, 1962 filed 50,000 common.
fice—8605 Cameron St., Silver Spring, Md. Underwriter
Price—$5. Business—
Co.,
Newark
appliance
—
Pacific
.
struction.
Jam
repayment,
Manufactures
Bids—Expected Mar. 13 at 8:30
pany's office.
Jan.
writers—First Boston Corp. and Lehman Brothers, N. Y.
debt
—
derwriters—(Competitive). Probable bidders: First Bos¬
ton Corp.; Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc.
Co.
purposes.
Inc.;
Kidder, Peabody & Co. - Stone & Webster Securities
Corp. (jointly). Bids—April 4 at 2 Broadway (28th
floor), New York City.
—For
Business
19, 1962 filed $65,000,000 of first and refunding
mortgage bonds, series HH, due 1994. Proceeds—For ex¬
pansion.
Office—245 Market St., San Francisco.
Un¬
\
Glass
bidders:
Plan
Manufacturing Co., Inc. (3/26-30)
110,055 common. Price—By amend¬
filed
Feb.
related
For
Orleans, La.
Underwriters — (Competitive).
Equitable Securities Corp.-Eastman
Dillon, Union Securities & Co. (jointly); First Boston
Corp.; White, Weld & Co.; Halsey, Stuart & Co.
New
1961
expansion and working capital. Office—230 E. 162nd St.,
N. Y. Underwriters—Kahn &
Peck, Cohn & Co., N. Y.
(jointly);
debt repayment, expansion,
working capital. Office—201-221 Godwin Ave., Paterson, N. J. Underwriter—United Planning Corp., New¬
March
(4/4)
Feb. 20, 1,962 filed
$8,000,000 of first mortgage bonds due
1992. Proceeds—For construction.
Office—317 Barrone
Probable
10,
• Ohio Oil Co.
corporate pur¬
Philadelphia.
"
Office—75 W. St.,
&
Oct.
Jan. 17, 1962 filed
Business—Furnishing of
training personnel, new equip¬
parts and accessories. Proceeds
and
ment and
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter-A. C. MacPherson &
Co., Toronto.
•
;
Proceeds—For
Inc.
ceeds—For
-
to
Co.-American
475,000 common, of Which 400,000 are
to: be offered by the company and
75,000 by a stock¬
holder.
Price-~50c.;
Business—Exploration, develop¬
r<
are
Pacific Big Wheel
Co., Inc. - Merrill Lynch, ;
Oct. 26, 1961 filed 100,000 common.
(jointly); Kuhn, Loeb &
Price—By amend¬
Securities Corp.P (jointly). Bids—April
ment. Business—Sale and installation of automobile ac¬
10, 1962 (11 ami. CST) at Harris Trust & Savings Bank,
cessories. Proceeds—For expansion and working capital.
Chicago.
'
Office—6125 El Cajon Blvd., San Diego. Underwriter?-^
^ N. C. Roberts &
Northern Wood Products
Co., Inc., San Diego.
Corp.
Nov. 29, 1961 filed 78,000 common.
• Pacific
Gas & Electric Co.
Price—$5. Business
(3/13)
Pierce, Fenner &
New Campbell
Oct. 13, 1961 filed
Island Mines Ltd.
25,000
Underwriters—Lenchner, Covato & Co., Inc., Pitts-
ment.
•
&
(3/19-23)
by stockholders.
statistical infor¬
P-G Products
Oct.
Ind./Underwriters—
Stearns
Inc.
burgh, Pa., and Harry Odzer Co., N. Y.
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; White, Weld & Co.; Equitable
Securities Corp.; Eastman Dillon, Union Securities &
Brothers-Bear,
Processing,
ment, expansion and working capital.
/AAfAAfAA'AA?
6, 1962 filed $20,000,000 of first mortgage bonds
Co-Lehman
Data
Price—$3.75.
mation.
series L due 1992. Proceeds—For
working capital. Office
—5265
Hoi man
Ave.,
Dean
PCS
Oct. 6, 1961 filed 100,000 common of which
be offered by the company and
75,000
Business—Manufacture of pre¬
instruments. Proceeds—Repayment of
Hammond,
Oxford
Nov.
U.
x
J-
Mining Co., Inc.
28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
March
corporate
• Outlet
(3/15)
A Northern Indiana Public Service Co.
general
Feb.
Underwriter—None.
Inc.
and
repayment
Office—Oceanside, L. I., N. Y. Underwriters—
Professional & Executive
Planning Corp., Long Beach,
N. Y., and E. J. Roberts &
Co., East Orange, N. J.
amendment.
electronic
repayment. Office—235 N. 9th St., Lincoln, Nebr.
Under¬
writer—First Nebraska Securities
Corp., Lincoln,. >
■u
Industries,
debt
purposes.
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the
company and 11,500 by a stockholder.
Northwestern
(with attached
warrants). Price—By
production
distill and sell
writer—G. A. Saxton & Co., Inc., N. Y.
Tele-Systems, Inc.
Feb. 27, 1962 filed
82,000 common, of which 65,000 are
to be offered
by company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
Pri
Ave., N. Y.
North
quality transistors
—•
Proceeds—For
Business
for
Proceeds—For acquisition of property and
working cap¬
ital. Office—475 Fifth
military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza
Bldg., Danbury, Conn. Under writers^Lee Higginson
Corp., N.Y,C|^
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
Offering—Sometime in April. National
plant
a
-
stock. Price
Business—The design,
for
j
construct
North America Real Estate Trust
Nov. 13, 1961 filed 2,000,000 shares of beneficial
interest.
Price—$10.
Business—Real
estate
investment
trust.
Semiconductor Corp.
development, manufacture
to
St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
1961 filed 75,000 shares of capital
—To be supplied
Paper Corp. (3/19-23)
11, 1961 ("Reg. A") 80,000 common. Price—$2.50.
Business—Manufacturer of miscellaneous paper products.
Oct.
fice—1060 Broad
...
A:A";
Orlando
ethyl alcphol and deiivatives and to
industrial and potable alcohol in Nigeria.
Proceeds—For
equipment, debt repayment, and working capital. Of¬
investment.
Office—20 Broad St., New York City.
Underwriter—Lee Higginson Corp., N. Y. Note
This
company
formerly was named National Real Estate
Trust. Offering—Imminent.
v.;,:National
filed
1961
—Company plans
For
•
7,
Corp. (4/16-20)
90,000 common. Price—$5.
of
investment
Indian
Nigeria Chemical
Dec.
;
Investors
estate
general
corporate purposes. Office — 4800
Head Rd., Oxon Hill, Md, Underwriter—None.
Proceeds—For addi¬
St. Paul, Minn. Underwriter—None.
•
41
i/
National Family Insurance Co.
Dec. 26, 1961 filed
200,000 common.
D.
Gilhart
,'V
&
•
Paramount
Foam
Industries
Sept. 25, 1961 filed 137,500
ment.
Business—The
(3/12-16)
common.
manufacture
Price—By amend¬
polyester foams.
of
Co.,
•>
"■■■;/
.-<.^7
r_
Continued
on
page
42
42
The Commercial and Financial Chronicle
(1194)
Continued from page
41
Plasto-O-Tron, Inc.
26, 1962 ("Reg. A") 84,666 common.
Price—$3.
Business—Design and manufacture of vacuum thermoforming machinery for production of plastic packaging
materials.
Proceeds—For inventory, equipment, expan¬
sion and working capital. Office—60 Park PI., Newark,
Jan.
1;
Proceeds
Additional
—
equipment, debt repayment and
Locu,
working capital. Ottice—Mercer and Arnot Sts,
N. J. Underwriter—Fiaikov & Co., Inc., N. Y.
(3/26-30)
Corp.
Finance
Farker
,
N. J. Underwriter—To be named.
Oct. 27, 1961 tiled 135,OOu common. rrice—$6. Business
11—Financing of commercial accounts receivable. Pro¬
Silver
Spring,
Office—8650 Cameron St.,
Underwrher-^D. E. Liedermarl &
Md.
Co., Inc., N. Y.
.;
.? v
t
-,..
J./
.«.
/,1
Parkway Laboratories, In©.
'
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
%.—Manufacture of drugs and pharmaceuticals./Proceeds
-For an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y,
Offer¬
ing—Expected sometime in April.
.
,.
Patent
to be offered
Price—By
Port
Reading, N. J. Underwriter—Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postponed.
•
common,
•
Feb.
21, 1962 filed 500,000 shares of beneficial interest,
Price—$10. Business—A real estate investment company.
Bldg., Philadelphia. Underwriters—Stroud & Co.,
Inc., Philadelphia, and Walston & Co., N. Y.
..
.
Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Nov.
D.
Office—1613
C.
Eye
Underwriter—Sidney
Washington, D. C.
Proceeds- -For
St., N. W., Washington,
Z. Mensh Securities Co.,
Pictronics Corp.
Jan.
18,
1962
filed
80,000 common. Price—$5. Business
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
—Manufacture
ment and
of
working capital. Office—236 E. 46th St., N. Y.
Underwriter—Bayes, Rose & Co., Inc., N. Y.
Pierce Proctor Schultte & Taranton
corporate purposes. Office—1807 N.
Underwriter—None.
Ave., Phoenix.
Pioneer
Dec. 21,
Restaurants, Inc.
1961
filed
125,000 common, of which 75,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
Price—By amendment. Business—Opera¬
tion
of
six
restaurants
in
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J
St., Sacramento. Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco.
'•
Pir-O-Wcod
Nov.
28,
Industries, Inc.
of
resistant
1961
Instrument
Co.
N. Y. and J. Barth &
to
be
Proceeds—For debt repayment and
of stock in subsidiaries. Office — 180 S.
Broadway, White Plains, N. Y. Underwriter—Burnham
& Co.., N. Y. *
Prestige Capital Corp.
19,
\
p.
filed 200,000 common. Price—$5. Business
—A small business investment
company. Proceeds—For
investment. Office—485 Fifth Ave., N. Y. Underwriters
—To
be named.
Equities Corp.
Nov. 27, 1961 filed 400,000 shares of 60c cumulative con*
vertible preferred, and 400,000 of class A
common, to
Business—A
one
real
share each.
estate
firm.
Pro¬
property acquisitions and working capital.
Office—66 Hawley St., Binghamton, N. Y. Underwriter
and
protective
Proceeds—Forf
—None.
0
Printing Corp. of America
Dec.
28,
1961
filed 454,OuO
(3/22)
common.
Price—By amend¬
Business—Printing of t^ade and business periodi¬
—Goldman, Sachs & Co., N. Y.
Producers Cotton Oil Co. (4/16-20)
Jan. 18, 1962 filed 200,000 common. Price—By
ment.
:
V .v
;•
amend¬
Business—Growing cotton, operating cotton gins,
processing cottonseed and selling raw cotton and cotton¬
Co.",
Note
,
This
—
7 /
v
offering/was temporarily
•
Inc.
(3/26-30)
common.
Price—By amend?
and " sale
man's magazine.
a
of
pocket-size
Proceeds—For
Madison
Ave..
N.
Y.
Underwriter—Milton
D.
Industries,
Inc.
Brake
Rebuilders,
Inc.
("Reg. J; A") 300,000 common.
Price—$1.
Business—Rebuilding and reconditioning of automotive
brake shoes.
Proceeds—For general corporate purposes.
Office—94 Gazza Blvd., Farmingdale, N. Y. Underwriter
—Meadowbrook Securities, Inc, Hempstead, N. Y.,
•*",
O
f
3,
1962
RF
Oct.
Interonics, Inc. (3/26-301 '/' "/iZ
1961 filed 40,000 common! Price—$5. Business
of radio frequency interference filters
capacitors. Proceeds—For
etygpment, working cap¬
30,
—Manufacture
and
ital and other corporate
N. Y.
purposes^P&ice—15
//{■;-'-'/o
Racing Inc.
Neil Court,
Malkan & Co!,
'//
'
Oct.
16, 1961 filed 1,250,000 common. Price—Up to $4.
Business—Company plans to build and operate an auto¬
Proceeds—General
mobile racing center.
poses.
Office—-21 N.
7th
corporate pur¬
St, Stroudsburg, Pa.
Under¬
writer— None:
Price—By amend¬
investment
.
Business—Publication
Quality
Jan
,■
Primex
be offered in units of
Co., and Morris Cohon &
Oceanside^ N. Y> Underwriter—Arnold
1961
Business
—
28, 1961 filed 87,500 common. Price—$4. Business
—Design and manufacture of metal cabinets,, boxes,
boiler and radiator enclosures.
Proceeds—For
equip¬
ment, aadvertising and working capital. Office — 234
Russell St., Brooklyn, N. Y. Underwriter—M. J. Merrit*
& Co, Inc., N. Y.
Price—By
Business—Acquisition and development of
the purchase
Oct.
-
Quaker City
Presidential
real estate projects.
unit.
Nov.
debt repayment
Realty Corp. (4/9-13)
1962 filed 250,000 class B common.
Francisco.
—444
New Broad
29,
per
Blauner & Co., Inc., N. Y.
and working capital. Office.
St., Port Chester, N. Y. Underwriter—
Van Alstyne, Noel & Co., N. Y.
©
de¬
expansion, debt repayment, and working capital. Office
offered
ceeds—For
—33
subord.
For general
Office—San Juan, Puerto Rico. Un¬
paperback books and
of which 75,000
by the company and 75,000 by stock¬
holders. Price—By amendment
(max. $12). Business—
Design and manufacture of microwave components. Pro¬
are
coating
Pfice—$200
Pyramid Publications,
24, 1961 filed 115,000
• Premier Microwave Corp.
Feb. 28, 1962 filed' 150,000 common,
of
plastic
conv,
200,000 class A shares to be ofT
York.
ment.
Co., San Francisco.
A capital
Price
San
manufacture of instrumentation magnetic tape re¬
cording equipment. Proceeds—For debt repayment, con¬
struction and working capital. Office—1011 Commercial
St., San Carlos, Calif? Underwriters—Lehman Brothers,
Business—Manufacture
solution.
and
eight shares.
postponed.''
and
—$3.50.
proofing
and
1971
Nov.
cals and textbooks by lithography. Proceeds—For selling
stockholders. Office—71 W. 35th St., N. Y. Underwriter
—
water
filed $4,000,000 of 5%
1961
25,000 units, each consisting of $160 of deben¬
Price—$5. Business
—Development of pulping and bleaching, devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg;,
Seattle, Wash. Underwriter—Wilson. Johnson & Higgins.
(3/26-30)
Plasticon Chemicals, Inc.
Feb. 7, 1962 filed 150,000 class
—
a
and, Development Corp.
.,
1/
ment.
of
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth
Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y.
Land
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common.
Dec. 28, 1961 filed 125,000 capital shares of which
111,000
are to be offered
by the company and 14,000 by stock¬
holders. Price—By amendment. Business—Development
ment.
shares.
Rico
due
in
tures
stainless
ceeds—For
(3/19-23)
a
24,
fered
parts.
Proceeds — For debt repayment, retirement of
6% pfd., and working capital.
Address — Ballwin, Mo.
Underwriter—G. H. Walker & Co., Inc., N. Y.
Precision
S
fPj
Darlington
/;;(3/26-30)
Nov.
Dec. 28, 1961 filed 100,000 common, i
Price-PByf amend¬
ment. Business—Manufacture of carburetor replacement
•
■
Address—San Juan, Puerto
& Grimm, N. Y,
purposes/
derwriters—Lieberbaum &
Components Co.
P:
■
Puerto
bentures
filed 62,000 common. Price—$5. Business
prefabricated wood and plastic specialized
components. Proceeds—For general corporate
purposes.
Office
1182 Broadway, N. Y. Underwriter
Arnold
Malkan & Co., Inc., N. Y.
—Sale
general corporate
Rico./ Underwriter—Hill,
13/27)
corrosion
•
/-.vrvvi'
:
>
Sept. 13, 1961 filed 300,000 common. Price—$10. Business
New
amendment.
Investment Co., Inc.
20, 1961 filed $465,000 of 10-year 8% debentures.
Price—$15,000 per debenture. Business—The company
plans to organize and sell real estate syndicates. Pro¬
Central
distribution
,
r
general
Products Co/
•l<^
—A small business investment company. Proceeds—For
corporate purposes.
Jan.
Dec.
ceeds—For
Industrial
precision Automotive
Inc.
/
>
154,800 common. Price—By amend¬
ment (max. $20). Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies. Pro¬
ceeds—For selling stockholders.
Office—4747 N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
N. Y. Offering—Expected in late May.
investment.
Potomac Electric Power Co.
Power
.
quisition and other corporate purposes! Office—rl 106 Con¬
necticut Ave.; N. W., ^Washington, D. C. UnderwriterRoth & Co., Inc., Philadelphia.;
Puerto Rico Capital Corp. (3712-16) '
pipe, tubing, valves, etc. Proceeds—For repayment
debt, expansion, and working capital. Office—352
Harrison St., Passaic, N. J. Underwriter—S. D. Fuller
& Co., N. Y.
im¬
•
Business—A real estate investment trust.
.
—Real estate and construction. Proceeds
ment
.
Publishers Co., Inc. (4/9-13)
Nov.* 28, 1,961: filed. 541,000 common. Price—By amend¬
ment. BusiiiesS—Book publishing, Proceeds—For an ac/
steel
,
.
■
of
Pepsi-Cola Genera! Bottlers, Inc. (4/10)
Feb. 16, 1962 filed 250,000 common.
Price—By amend¬
.
J.
•
Warehouse
Fund
Perfect Photo,
.Feb. 14, 1962 filed
,
Inc.
Feb. 7, 1962 filed 85,500 common.
Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and .main¬
tenance' of dry cleaning and laundry .equipment., Pro*
ceeds—For real' estate, sales promotion, acquisitions, and
working capital. Office—2484 W, Washington iBivd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. SZ
Wickett & Co., Inc. and Thomas; Williams & Lee, Inci,
N.
Y.y/Z~ p* '//y//y':y7
22, 1961 filed 160,000 class A common/ of which
133,333 are to be offered by the company and 26,667 by
present stockholders. Price—By amendment. Business—
and acquisition and
2220 Philadelphia Saving
(max. $17).
Business—Bottling and distributing
Pepsi-Cola in Chicago and three neighboring cities.: Pro¬
ceeds—For selling stockholders.' Office—1745 N. Kolmar
Ave., Chicago. Underwriter—White, Weld & Co., N. Y.
/'
Prosper-Way,
Nov.
repayment
—
/•
Prices P-< By
Barret, Fitch, North & Co., Ihc., Kansas City;
15 held of record'March 7, with rights to ex¬
pire March 21. Price—$39. Proceeds—For debt repay¬
ment and expansion. Office—929 E St., N.
W, Washing¬
ton, D. C. Underwriters—Dillon, Read & Co. Inc.; N: Y.
ahd Jolifnstotf, -Memory
Washington, "D. C.
Pennsylvania Real Estate Investment Trust
capital. Address
•••
'X, 11
amendment (max. $10). Business — Company owns and
operates "a'motor hotel. Proceeds—For expansion* Office
—6th and Main Sts., Kansas City, Mo,
Underwriter—
for each
ing and catering club and a motel. Proceeds—For ex?
pansion and working capital. Office—15th & Locusts
Sts., Philadelphia. Underwriter—To be named.
working
y
common..
Feb.
Feb. 15, 1962 filed 536,221' common being offered for sub¬
scription by stockholders on the basis of one new share
of which 70,000
are to be offered by the company and 10,000 by stock¬
holders. Price—$5. Business-r-Operation of a private din¬
debt
repayment of debt,
'/Prom Motor Hotel, Inc. *
1
19/1962 filed 50,000 class A comnqoh/
cap¬
holders. Price—By amendment. Business—Research and
development, engineering and production of certain
electronic devices for aircraft/ missiles, oscilloscopes/
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely.
;
Branch, N. J. Underwriter
Co., Inc., New Brunswick, N. J.
Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
For
Price—$2.05.
viriyF aplastic product!
and household fields;
■
—$5.
—
and working
company
Polytronic Research, Inc.
filed 193.750 common shares, of which 150,*
000 will be sold for the company and 43,750 for stock¬
Pellegrino Aggregate Technic©, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
Proceeds
a
77th
June 7, 1961
Office—35 Third Ave., Long
•
E.
Policy-Matic Affiliates, Inc. (3/20)
16, 1061 filed 200,000 capital Shares. Price—$3.25;
Business--~Leasing of insurance vending machines. Pro*
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington, D. C. Underwriter—Balogh & Co.,
Inc., Washington, D. C.
various fields. Proceeds—For general corporate purposes.
Club, Inc.
filed 80,000
acquisition of
Office—3781
•
Development, Inc.
15, 1962 filed 150,000 common. Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
1962
by the company and 50,000 by stockholders.
Business—Manufacture of pre¬
Oct.
Patent Research &
28,
of
marine
Price—$3.50/ Busi¬
computer programming and
the
operation of electronic data processing machines".
Proceeds—For expansion. Office—45 W. 35th St., N. Y.
Underwriter—D." M. Stuart &" Co., Inc., 'N/;Yv
ton.
Feb.
Penthouse
manufacture
automotive,
Programming and Systems, Inc.
St., Cleveland. Underwriter—
Hemphill, Noyes & Co., N. Y. and Estabrook & Co., Bos¬
withdrawn.
•
The
Proceeds—For
hydraulic, pneumatic and mechanical equipment
marine, aircraft, ordnance and industrial use. Pro¬
ital.
plans to market
patented products, or products which it considers to be
patentable. Proceeds—For general corporate purposes.
Office—521 5th Ave., N. Y. C. Underwriter—Hampstead
Investing Corp., N. Y. Note—This registration will be
Feb.
—
the
in
y/../
working capital?
amendment.
ceeds—For
unit. Business—Company
&
used
cision
for
Merchandising Corp.
—Louis R. Dreyling &
Business
1
Pneumo Dynamics Corp. (3 / 27)P
/vP/y/■':!//'* Oct. 11, 1961 filed 40,000
Dec. 22, 1961 filed 150,000 common, of which 100,000 are ' ness—Instructs classes in
22, 1961 filed 100,000 common (with attached fiveyear warrants to purchase an additional 100,000 shares)
to be sold in units of one share and one warrant. Price
per
Island/Inc.
: •
(3/26-30)".
"
-pPy.:./"//
July 28, 1961 filed 330,000 common shares.
•
Nov.
—$3.50
Product Research of Rhode
Associates, Ltd., 50 Broadway, N^Y.
v
•
Office—2907 S.
Maple Ave., Fresno, Calif. Underwriters—Kidder, Pea?
body & Co.j N. Y. and Dean Witter, Sah Francisco/;, 7\
new equipment and
Office— 184 Woonasquatucket Avenue/
payment of notes and working capital. Office — 2211. North Providence, R. I. Underwriter—Investment Plan¬
Church Ave., Brooklyn, N. Y. Underwriter—M. Posey ir ning Group, East Orange, N:i'
H' •Z
1-
-
Thursday, March 8, 1962
.
.
seed products. Proceeds—For expansion.
v
Plymouth Discount Corp. •
Aug. 28, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
deot (repayment.
ceeds—lor
M; -ti
yy/'/V-i'';;P'-iyV
.
Radio
Electric
Service Co.
of New
Jersey, Inc.
Jan. 23, 1962 ("Reg. A") 75,000 common, of which 67,500
will be offered by the company and 7,500. by stockhold¬
Price—$4. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel'ity and stereophonic equipment and components. Pro¬
ers.
ceeds—For debt repayment,
and
N.
expansion, moving expenses
working capital. Office—513-15 Cooper St, Camden,
J.
Underwriter—D.
L.
Greenbaum
&
Co, Phila.
~
Raiford's, Inc. '
7
*
1
Feb.
6, 1'962
("Reg. A")
75,000 common./Price—$4.
Business—Operation of stores which sell prescription
shoes.
" Proceeds—For
■capital.k
Office—62
debt
'Monroe '
writer—M. A. Saunders &
repayment
and
Ave, * Memphis.'
Co, Inc., Memphis.
working
.
Under¬
i|
Volume
195
Number
6140
.
.
The Commercial and Financial Chronicle
.
(1195)
'
■
•
Recco, Inc. (3/20)
19, 1961 filed 75,000
amendment.
expansion.
class
A
Business—Operates
tionery departments
in
/
?
Oct.
shares.
record,
discount
Price
—
ized
press room supplies
to
the
graphic arts -industry.
Pro¬
working capital. Office—4140 W. Victoria
Ave.,--Chicago, 111. Underwriters—Blunt Ellis & Sim¬
ment.
'
equipment
Office—1211- Walnut
St., Kansas City; Mo.
Underwriter—Midland Securities Co., Inc., Kansas
City,
Mo.
_v*,
V'
•; ' '
mons,
.,
.
School
Chicago.* and Schmidt, Roberts & Parke, Phila-
delphia.
•
/-■
\ Feb.
l;
-
(Red Wing Fiberglass
Products, Inc.
July 28, 1961 ("Reg. A") 260,000 common.
Price—$1.15.
Proceeds
Debt repayment,
building improvements,
equipment, research and development, and working capital. Office—Industrial
Park, Red. Wing, Minm Under¬
writer—rYork &
Mavroulis, Minneapolis. Note—This let¬
ter was
temporarily postponed.
'•
-
will
nated
equipment, and
to
schools,
hotels, hospitals
7,
Proceeds—For
ac¬
,
Pictures, Inc.
1962 filed
offered
60,000 common and 40,000 class A
41,864 common are to be offered by
entire class A and 18,136 common
by stockholders.
Price—By amendment
develops, prints, and
—
For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St.,
Jackson,, Miss. Underwriters—Equi¬
table Securities Corp.,
Nashville, and Kroeze, McLarty
max.).
finishes
•••j.
sup-
be
($35
'
plies
43
'
<
common, of which
the company; the
Rochester Capital Leasing Corp.
Oct. 30, 1961 filed $625,000 of 6% convertible
subordidebentures due 1972 and 100,000 class A to be
/
offered in 12,500 units each
consisting of $50 of deben-/;
'tures and eight shares. "Price—$90
per unit. Business— Manufacture and sale of furniture,
•
—
'V
Business—General real estate.
derwriter—None.
..
,
'
quisition of property. Office—67 W. 44th St., N. Y. Un¬
ceeds—For
card and sta—
Proceeds—For
stores.
photographic, plate making and
and
By
'
•'
:
Business—Company
"school
pictures."
Proceeds
industrial com& Duddleston, Jackson,
panies. Proceeds—For working capital. Office—8' Jay
Miss.'//
y.
• Rego, Radio & Electronics Corp.
/ St., Rochester; N. Y/
Seashore Food Products, Inc. ■ (4/16-20)
Underwriter—Saunders, Stiver &
March 1, 1962
("Reg.,A") 80,000 common.' Price—$3.75.
Co., Cleveland..//'.Ay, -w,,L^/;/j,7//V%,;';/,//// Aug. 29, 1961 ("Reg; A") 75,000 common.
Price — $4.
Business—Wholesales .distribution of automobileradios', ?/-v. Rockower Brothers, Inc.
Business—The manufacturing and processing of assorted
(3/15)/./"*,
replacement parts, air-conditioners, etc. Proceeds—For
Jan. 19, 1962 filed 150,000
food products.
Office—13480 Cairo Lane, Opa Locka,
common, of which 50,000 will'/-/
inventories, research and development and working
be sold by the
company and 100,000 by stockholders. w Fla. Underwriters—Terrio & Co., Washington, D. C.
capital. Office—46-25 58th St., Woodside
77, N. Y. Un¬ / Price—By amendment.:
Season-All Industries, Inc.
Business-fRetail sales of men's
derwriter—General Securities Co.,
Inc.,;N. Y,, / - -9- „•;•/
and boys' clothing. Proceeds—For additional
Feb. 26, 1962 filed 100,000
inventory
common, of which 50,000 are
Regulators, Inc.
I
:/;r
/ s\. < *1 /and working, capital. Office
160 West
Lehigh Ave./^ to' be offered by company and 50,000 by stockholders.
Jan. 29, 1962 filed
75,000' c6mirion, of wihicli 50,000 are t Philadelphia. Underwriter.—Drexel &Co., Philadelphia. / Price—By amendment (max/ $30). Business—Manufac¬
to; be offered by the company and 25,000 by Electronic :/v Rona Plastic
ture and distribution of aluminum combination > storm,
Corp.
'
•
Specialty Co:, parent. Pfice—$5. Business—Design and
Dec. 15, 1961 filed 200,000 common.
screen windows, doors,
Price—$5. Business
railings and handrails. Proceeds
manufacture of regulating arid control
devices used in
—Manufactures plastic housewares, baby products and
—For debt repayment and expansion. Office—Route
119,
the electric and electronic
fields, Proceeds—For debt
other plastic items. Proceeds—For debt
Indiana, Pa. Underwriter — Moore, Leonard & Lynch,repayment and repayment and working capital. Office—455 W. Main
other corporate
purposes.
Office—1517 Jarrett Place,
Pittsburgh.
St., Wyckoff, N. J. Underwriter—Myron A.
Lomasney &
Bronx, N. Y, Underwriter—Arnold Malkan & Co., Inc.,
Sea-Wide Electronics, Inc.
Co., N. Y.
N. Y.
Offering—Expected sometime in April.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
• *
Republic-Franklin Life Insurance Co. (3/26-30)
•
Royaltone Photo Corp. (3/26-30)
—Importing of goods from Japan. Proceeds—For debt
Feb. 15,-1962 filed 266,667-class/A' common.
Price—$7.50.
Nov. 29, 1961 filed * 300,000
repayment. Office—Stokely St., and Roberts Ave., Phila¬
common; of which 100,000
Business—A legal reserve life insurance
company. Pro¬
are'to be offered by the company and
delphia, Pa. Underwriter—Janov & Co., Philadelphia.
200,000 by stock¬
ceeds—For debt
repayment, operating expenses and in¬
holders.
Price
•
By amendment.
Business
Develops
Security Acceptance Corp.
vestment. Office—-12 N. Third
St., Columbus, Ohio. Un¬
and prints color, and black and white
March 7, 1961 filed luu,000 shares of class A common
photographic
derwriter—Robinson-Humphrey Co., Inc., Atlanta.
film. Proceeds
For equipment and working
stock and $400,000 of 7M>% 10-year debenture
capital.
bonds, to
Research Products, Inc.
Office—245 7th Ave., N. Y. Underwriter —
be offered in units consisting of $100 of debentures and
Federman,
Dec. 28, 1961 filed 250,000 common.
Stonehill & Co., N. Y.
Price—$9. Business
25 shares of stock. Price—$200
per unit. Business—The
—Manufacture of lithographic blankets used in
Rubber & Fibre Chemical
printing.
purchase of conditional sales contracts on home appli¬
Corp.
Proceeds—For debt repayment-and
working .capital.
ances. Proceeds
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
For working capital and expansion.
Address—Hato Rey, Puerto Rico.
Underwriters—Gross
Office—724 9th St., N
—Exploitation of a new process for reclaiming unvulW.. Washington, D. C.
Under¬
&Co., and Elmaleh & Co., Inc., N. Y.
canized rubber. Proceeds—Purchase of
writer—None. Note—This registration was withdrawn.
equipment and
-Ar Resin Research Laboratories, Inc.
existing plant building, repayment of debt, and working
Security Aluminum Corp.
Feb. 27, 1962 filed
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
105,000 common. Price—$3.50. Busi¬
Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ness
Operation of a laboratory for contractual re¬
writer—To be named.
ment. Business—Manufacture of alumnium sliding win¬
search, development and engineering in the chemical
dows and doors. Proceeds—For equipment, moving ex¬
Ruby Silver Mines, Inc.
field. Proceeds—For
expansion of facilities, debt repay¬
Jan. 2, 1962 ("Reg. A")
penses and working capital. Office—503 E. Pine Ave.,
2,400,000 common. Price—12V2
ment and working
capital. Office—396-406 Adams St.,
cents. Business—Exploration and
Compton, Calif. Underwriter—Vickers, MacPherson &
development of mineral
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
deposits. Proceeds—For debt repayment and general- Warwick, Inc., N. Y.
Rex Craft
Associates, Inc.
"
corporate purposes. Address-<-Box 1088;"Wallace, Idaho.
Security Equity Fund, Inc.
Dec. 27, 1961 ("Reg. A")
100,000 common. Price
Dec. 14, 1961 filed 400,000 capital shares. Price—Net
$3.
Underwriter—Pennalung & _Qo., .Spokane, /Wash,
Business—Design, installing and constructing packaged
)Rucker Co#
1*7*>!)b/,w / • -Jiir
'A-• ->iS .vo : asset value plus 6%* Business—A mutual fund. Proceeds1
and
•
'
-
,
.
—
—
—
—
*
.
'
—
—
commercial interiors and exteriors
ceeds—For general corporate
for
buildings. Pro¬
Feb. 16, 1962'filed 129,000
common, of which 43,000 are
.v.
•
•
..
Richmond Corp.
,,
;
Dec. 21. 1961 filed 142,858 common.
Price—$7^.Business
—-A real estate,
investment company. Proceeds-r-For debt
repayment and general corporate
purposes. Office—220
K
repayment
of
bank
Sart Pablo
bacher
Ave., Oakland, Calif.
Co., San Francisco.
-S. M<; Si
Co., Silver, Spring,- Md./Offering-r-Expected in April.
/
loans.
Office
—
700 Harrison St., Topeka,
Management Co., Inc., To-'
Seg Electronics Co., Inc.- (3/19-23)
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Design and manufacture of networks
Office—4700
Underwriter—Schwa-
for data and program transmission,
filters, transceivers
and related electronic equipment. Proceeds—For
equip-;
Instruments, Inc.
ment, research and development, repayment of loans and
working capitaL Office—12 Hinsdale St:, Brooklyn. Un¬
NovV 28, 196X filed 190,000 common. Priee—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments'
Ridge Tool Co. (3/15).
^
Dec. 28,. 1961 filed
284,586 class A
investment.
peka.
.
Proceeds—For
St., N. W., ..Washington, D. C. Underwriter—Hirschel
&
Kan. Underwriter—Security
by the company and 86,000 by stockhold¬
ers.
Price—By amendment (max. $13). Business—De¬
sign, -development, manufacture and sale of electronic,
electric,
hydraulic
and; pneumatic
control
systems.
St., Avoca, Pa. Underwriter—M. G. Davis & Co.,
Inc.,
—For
to be offered
purposes. Office—Route 315
&; Vine
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
common. Price-—By
and accessories. Proceeds—For
equipment, debt repayarhendment.. Business-rrManufacture .of
pipe working yment, and other corporate purposes. Office — Idlewild
tobls and machines. Proceeds—For
International Airport, Jamaica, N. Y. Underwriter—
selling stockholders.
Office—400 Clark St.,
Elyria, Ohio. Underwriters—White, r To be named/ "
:
* / .
^
■: Weld &
ic Selective: Financial Corp.
Feb.. 28, 1962 filed 500,000 ;common,
.
are
to
be offered
for
of which 405,000
subscription by holders of the A,~
B and C stock of Selective Life Insurance
f
.Go.,. JsT. JY, anil McDonald
Co., an affili¬
Co., .CleVelahd.^ /://
Saladmaster Corp.
^
ate, on the basis of 4 company shares for each class A or
.Ridgerock of America, Inc. >t >/^
.U
Jan.' 3, 1962 filed $700,000 of 6% subord. cony5
B share and two-thirds share for each class C share of
deben-:
Dec.
29, •/ 1961
filed/10Q,000
common.
Price—$2.50. i tures due 1972 and 126,030 common
Selective Life held. Remaining 94,822 and any unsub¬
(of which 15,399
Business—Production of stone facing for "buildings. Pro¬ /
shares are to be offered by the company and
110,631 ' scribed shares will be offered publicly. Price—To public,.
ceeds—For debt reduction and general
corporate pur¬ X shares by
$6; to stockholders, $5. Business—Company plans to en¬
stockholders); Price—For debentures, at par;
poses. Address
.-Sebring, O.. Underwriter W. Baruch
for stock; by amendment. Business—Sale of
kitchen ware, J gage in the consumer finance, mortgage, -»general fi-;
Brothers, & Co., Inc;,vN. Y. - 7 >
:
tablewear and a food cutting machine. Proceeds—For
^/^'n:7/7;
'rfe'.H'
nance
and related businesses. Proceeds
For general
debt repayment and general "corporate
•/Ripley Industries,Inc.,and Jomar Plastics, Inc.
corporate purposes. Office—830 N. Central Ave,, Phoe¬
purposes. Office
nix. Underwriter—None.
;:■////; (3/19)
/■ —131 Howell St., Dallas.
v
Underwriter—Parker, Ford &
Oct. 27, 1961 filed 100,000 common shares
Co., Inc., Dallas.
of Ripley and
Shaver Food Marts, Inc.
100,000 of Jomar to be offered in units consisting of one
Dec. 19, 1961 filed 170,000 class A common, of which
^ Sampson Enterprises, Inc.;
share of each company.
Price—By amendment. Business ; Feb.
28, 1962 filed 450,000 common. Price — By amend30,000 will be sold by the company and 140,000 by cer¬
—Manufacture of wood and plastic heels for women's
ment (max. $8). Business!—Atain stockholders. Price
By amendment. Businessholding company for a
shoes, metal molds and dies,/bowling pins, bowling
real estate
Operation of seven supermarkets in the Omaha-Council
concern, motor inn, shopping centers, bowlshoes and related products. Proceeds—For
general cor¬
ing establishments, etc. Proceeds—For debt repayment
Bluffs
area;
Proceeds—For expansion.
Office—139 S.
porate purposes. Office—4067 Folsom Ave. St. Louis and
and working capital. Office—222 E. Erie
40th St., Omaha, Neb. Underwriters—J. Cliff Rahel &
St., Milwaukee.
Rio Piedras, Puerto Rico.
Underwriters—Paine, Webber, •/ Underwriters—
Straus, Blosser & McDowell, Chicago
Co., and Storz-Wachob-Bender Co., Omaha.
Jackson & Curtis and
American Securities Corp., N. Y.
and Dempsey-Tegeler &
Co., Inc., St. Louis.
/
Shelley Manufacturing Co.
Rising's Inc.
«
,,
*
/
,
Save-Mor Drugs, Inc.
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business:
Jan. 18, 1962 filed 100,000 capital shares. Price
r—
$3.
Dec. 28, 1961 ("Reg. A") $300,000 of 6%
—Manufacture
of7 automatic'equipment
15-year subord. /
for handling;
Business.—^-Distribution of electrical and- electronic
parts,
conv.
debentures./ Price—At par. Business—Operation of
packaged foods, and various food serving devices. Pro¬
components and equipment. Proceeds—For debt
repay¬
a chain of
ceeds—For equipment, advertising, plant expansion and1
drug stores. Proceeds—For general corporate
ment and working capital. Office—151 N.
Vermont Ave.,
} purposes. Office—3310 New York Ave., N. E., WashingLos Angeles. Underwriter—Garat &
working capital. Office—3800 N. W.f 32nd Ave., Miami*:
Polonitza, Inc., Los
/ ton, D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
"•
Angeles/Offering—Expected sometime in April.
-
-
7
.
—
-
'
.
—
,
-
"
.
s
-
*
.
.Rite Electronics, Inc.
Jan. 29, 1962 filed 62,000
Schenuit
,
'
Rubber
Co.
Shenk
Industries,. Inc.
(3/15)
t.,
/ Feb. 26, 1962 filed 240,000 class A common. Price
Nov. 28, 1961 filed 150,000 common, of which 135,000
By
Price—$6. Business
amendment (max. $17).7Business—Manufacture of tires
shares are to be offered by the company and 15,000 by
receiving: tubes, television
f and tubes. Proceeds—For selling stockholders. Office—
a stockholder. Price—$6. Business—Manufacturer of re¬
picture tubes, and electroinc components,
parts
and
& Union
built automobile parts. Proceeds—For debt repayment
Aves.,
Baltimore.
Underwriter—
equipment. Proceeds—For an acquisition, equipment and / Railroad
Robert Garrett & Sons, Baltimore.
and working capital. Office—2101 S. High St., Colum¬
working capital. Office—1927 New York Ave., Hunting¬
ton
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
Station, N.'Y. Underwriter—Bobbins, Clark & Co.,
★ Schlitz (Jos.)' Brewing Co.
; i
N Y. and Boenning & Co., Philadelphia.
Inc., N. Y.
March 2, 1962 filed 347,543 common. Price
/•,/// / /:////'/
'
/:/
By amend¬
ment (max. $35).
Siconor Mines Ltd.
Roadcraft Corp. '■
Business—Brewing of "Schlitz" and
v
"T1/ / '/■"■'
V":
/r"'1
"Old Milwaukee" beers. Proceeds—For
Dec. 26, 1961 filed
Sept. 18, 1961 filed 250,000 common. Price—By amend¬
selling stock¬
400,000 common. Price—By amend¬
holders. Office—235 W. Galena
ment.
Business—The exploratory search for silver in
ment. Business—Design, manufacture arid sale of
St., Milwaukee.;■.-Undermobile
writer—Glore, Forgan & Co., Chicago.
homes and office trailers. Proceeds—For
v
.// > .northern Ontario. Proceeds—For general corporate pur¬
—Sale
and
distribution
—
common.
of
—
..
.
general cor¬
porate purposes. Office—139 W. Walnut
Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson &
—
Inc., N. Y.
;
-
Roberts & Porter, Inc.*
Nov. 20.
to
be
ers.
'
■'
,
•
/
■''r/; •/.•
/.'.■:
/^r /
special¬
poses.
(Walter J.)
Corp.
Feb. 28, 1962 filed $5,500,000 of
QVz% subordinated con¬
vertible debentures due 1977 and
110,000 5-year warrants
to ^purchase a like amount
of, class A common.
The
Warwick,
1961 filed 80.200
common, of which 16,680 are
offered by the
company and 63,520 by stockhold¬
Price—By amendment. Business—Sale of
Schneider
;
debentures due 1976. Price—By amend-.
,
,
-
„
Jan.
29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
as indicators and circuit components. Proceeds—
(each
consisting of $1,000 of debentures and warrants to purchase 20 shares) for subscription bv holders of its class
A stock;,and 10%
.
Signaiite Inc.
company plans to offer the securities in 5,500 units'
•
Office—62 Richmond St., West, Toronto, Canada.
Underwriter—None.
for use
■
-
Continued
on
page
44
»v
44
i»»vs* :.i• J v rw
»wr
Chronicle
The Commercial and Financial
(1196)
Continued from page 43
,
.
Thursday, March 3, 1962
.
House Distributing Corp.
14, 1962 filed 120,000 common. Price—By amend¬
ment (max. $20).
Business—Mail order sale of general
Sunset
Spencer Gifts, Inc.
Jan.
For. debt
Heck
and
capital.
working
Ave., Neptune, N. J. Underwriter—
Milton D. Blauner & Co., N. Y.
■I
•
—
D.
e./gg;;ggg;;'^
Price—By amendment. Business—Manufacture
of drug
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
—Company plans to qualify
as a real estate investment
general corporate purposes. Office
Office—730
%
Brothers
Solid State Products, Inc.
Feb. 1, 1962 filed 110,000 common.
'
r
i
:-■■
ment.
Price—By amend¬
Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For
plant, debt
repayment and working capital. Office—1 Pingree St.,
Salem, Mass. Underwriter—Tucker, Anthony & R. L.
Day, 1ST. Y,
*
Solon
Industries,
a
new
Inc.
Dec. 28,1961 filed 75,000 common. Price—By amendments
Business—Installation of its coin operated laundry equip¬
ment
at designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E, Washington,
D.
Underwriter—None.
C.
,
Development Corp. of America
Oct. 27, 1961 filed 56,000 common, of which 30,000 are
to be offered by the company and 26,000
by stockhold¬
ers. Price—$5. Business—Design, development and man¬
ufacture of devices using sound or fluids as a source of
energy. Proceceds—For general corporate purposes. Of¬
fice—260 Hawthorne
•
Ave., Yonkers, N. Y. Underwriter
Securities Inc., Hempstead, N. Y.
For
construction, interest costs, and working capital.
Office—Paris, France. Underwriters—Morgan Stanley &
Co., and Lazard Freres & Co., N. Y.
Southeastern
Propane Gas Co. (3/26)
30, 1962 filed 75,000 common. Price—By amend¬
ment. Business—Sale of liquefied petroleum
gas and re¬
Jan.
lated
products.
Office
poses.
Proceeds—For
—
617
Underwriters—A.
&
Co.,
du
C.
general
corporate
pur¬
ing—Imminent.
Center, Miami, Fla.
Co., Chicago and Bioren
&
Proceeds—For debt repayment, conversion of
a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
Southern
28,
Growth
1961
Business—A
filed
Industries,
100,000
small
business
ceeds—For investment.
Inc.
•
Sportsways, Inc.
$7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E. Compton
Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
Building,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. •
■
•
Southwestern Insurance Co.
26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile
casualty insurance in
Oklahoma and Arkansas. Proceeds—For
redemption of
surplus fund certificates and expansion. Office—5620 N.
Western Ave., Oklahoma
City.
Dec.
Guerin
&
Underwriters—Eppler,
Turner.
Oklahoma City.
•
Star Tank &
Southwestern
1
•
Inc., Dallas and R. J. Edwards, Inc.,
Public
Service
in
transmission
the
Texas
payment
and
distribution
Panhandle
area.
of
electric
Proceeds—For
energy
debt re¬
working capital. Office—720 Mercantile
Dallas Bldg., Dallas, Tex.
Underwriter—Dillon, Read &
Co., N. Y.
Boat
Inc.
(3/14)
showers, baseboard
radiators and rope and twine.
Proceeds—For
in Canada. Office—52-55 74th
a
new
Ave., lVIaspeth, L. I
Underwriter—M. H. Woodhill, Inc., N. Y.
• Spears
(L. B.), Inc.
plant
N
Y
derwritei^A/>G.
—In
GOV Inc., Chicago. Offering
—
For
working Capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan &
Co., -Inc., N. Y.
Inc.
Szemco,
Dec.
29, 1961 filed
ment ($1.50 max.).
of
ordnance,
66,666 common*..Price—By amend¬
Business^Design and manufacture
automotive, air cr afP^and^guided missile
parts and components. Proeeeds^Fqr selling stockhold¬
ers/Office—4417 Okechobq.Rdr,- West*;Palm Beach, Fla.
Underwriter—None.
21, 1961 filed
ment.
gg.
Business
.152,000
common.
Price—By amend¬
Production and distribution of school
—
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex.
.
Taylor Wine Co., Inc.
15, 1962 filed 210,312 common, of which 170,000
to be offered publicly by stockholders, and 40,312
shares for subscription by the stockholders for the ac¬
Feb.
are
of
the
Pri$fePy
company.
amendment
(max.
May.
u
.
-
i
,
Starmatic
Nov. 3,
Industries,
common.
Manufacture
Price—By amend¬
of
boxes, brochures,
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
Office —252
W.
—
30th
St.,
N.
Y.
Underwriter
—
To
be
named.
Steel Plant Equipment Corp.
(3/12-16)
("Reg. A") 69.660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
Oct. 2, 1961
Stelber
•
Technical
Animations, Inc.
Nov. 30, 1961 filed $211,400 of 7%<c'onv.
due
1972
subord. deben¬
(with warranty to
be-offered for sub¬
scription by holders of class A and cJass B common at
^
Inc.
1961 filed 100,000
Business
ment.
$25).
tures
Cycle Corp.
the rate of $100
of debentures for each 280 shares held.
Price—$100
unit ($100 of debentures and one war¬
14 class A shares). Business—Design
rant
and
to
per
purchase
manufacture
of
animated
transparencies and other
technical training aids and displays. Proceeds—For debt
expansion, research, and working capital.
Office—11 Sintsink Dr., East Port Washington, N. Y.
Underwriters—Bull & Low; John R. Maher Associates;
and R. Topik & Co., Inc., N. Y. Offering—Late March.
repayment,
•
Tec-Torch
(4/9-13)
Co., Inc.
T
g-
Nov. 28, 1961 filed
100,000 common. Price—$3.25. Busi¬
Design and manufacture*/ of inert gas welding
equipment. Proceeds—For debt repayment, expansion
ness
—
Jan. 5, 1962 filed $240,000 of 8%
and
erford,
convertible debentures
60,000 common shares to be offered in
units, each consisting of one $200 debenture and 50
shares. Price—$500 per unit.
Business—Manufacture of
bicycles, tricycles and toy automobiles. Proceeds—For
debt repayment, moving expenses and a new
product
1972
and
line. Office—744 Berriman St.,
Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
Industries, Inc.
Feb. 21, 1962 filed 115,000 class A, of which 40,000 are
to be offered by the company and 75,000
by stockhold¬
ers.
tion of fish foods and distribution of various
types of fish
and aquarium supplies for hobbyists.
Proceeds—For a
new plant and working capital. Office—52
Cottage Plaza,
•
•
Sterner
Lighting, Inc. (3/26-30)
("Reg. A") 260,000 common. Price—$1.15.
Business—Manufacture of outdoor fluorescent lighting
devices. Proceeds—For working
capital, equipment, in¬
ventory. Address—Winsted, Minn. Underwriter—Mid¬
west Planned
Investments, Inc., Minneapolis.
Jan.
2,
1962
Scientific
&
International
Corp.
(3/12-16)
Oct.
23, 1961 filed 150,000
class A
common.
Price—By
amendment.
Business—Company was recently formed
by Struthers Wells Corp., to take over latter's recent de¬
velopments in saline water conversion and certain
man¬
ufacturing, international engineering and sales activities.
Proceeds—For general corporate purpose. Office—111 W.
St., N. Y. Underwriter—Hirsch & Co. Ihc., N. Y.
50th
(3/19-23)
Tel-A-Sign, Inc.
Oct. 30,
1961 filed $900,000 of convertible subordinated:
debentures due 1974 and 180,000 common to be offered
in units consisting of $100 of debentures and 20 common.
Price—By amendment.
minated
Business — Manufactures illu¬
signs and other advertis¬
non-illuminated
and
ing material.
Proceeds
working capital.
Office
—
For
debt
—
3401
W.
repayment and
47th St., Chicago.
Underwriter—Clayton Securities Corp., Boston.
TgIO^CII'IC*
Dec.
29, 1961
InCa
("Reg. A")
100,000
common
and
$100,000
of 6% 5-year subordinated debentures. Price—For stock,
$1; for debentures, at
of
Allendale, N. J. Underwriter—Andresen & Co., N. Y/ /
working capital. Office-^ 1-5# Union Ave., East Ruth¬
N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N. J,
Price—$6. Business—Manufacture, sale and distribu¬
television
repayment
—Turnbull,
($100). Business—Production
Proceeds—For equipment, debt
corporate purposes. Office—1017
par
programs.
and
New Jersey
other
Ave., S. E., Washington, D. C. Underwriter
Deter & Sullivan, Inc., Charlottesville, Va.
Tellite Corp.
Jan. 29, 1962 filed
—Manufacture of
nection
with
...
125,000 common. Price—$3. Business
"Tellite," a new material used in con¬
electronic
circuits.
Proceeds—For
expan¬
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
•
Ten-Tex
Corp.
(4/30-5/1)
Jan. 31, 1962 ("Reg. A") 120,000 common. Price—$2.30.
Business—Manufacture of a machine for production of
tufted
textile
products. Proceeds—For debt repayment
capital. Office—4813 Tennessee Ave., Chat¬
Underwriter—Irving J. Rice & Co., Inc., St.
and working
tanooga.
Directory Publishers, Inc.
28, 1961 filed 90,000 common. Price—$3. Business
—Publishing and distributing telephone directories. Pro¬
Paul.
ceeds—For repayment
ment.
Dec.
of bank loans, additional equip¬
ment, expansion and working capital. Office—60 N. State
St., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., N. Y.
Sun
City Dairy Products, Inc. (3/26-20) *r '
*
27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
.
Oct. 30, 1961 filed 65,000 common.
Price—$5. Business
Operation of retail furniture stores. Proceeds
sometime
gg;':
Corp., N. Y. Offering—Expected in mid-May.
Price—By amendment (max. $18). Business—Manu¬
and fiberglass pleasure boats. Pro¬
ceeds—For working capital. Office—Goshen, Ind. Un-
'
(4/16-20)
Curtis, N, Y. Offering—Expected
May.
count
Co., Inc.
Suburban
International
Dec. 22, 1961 filed
175,000 comjnon. Price—$4. Business
—Manufacture of metal shower
receptors, precast con¬
crete rceptors, prefabricated
metal
^
in
facture of aluminum
Struthers
and
Spartan
,
•
ers.
Co.
30, 1962 filed 442,362 common shares being offered
for subscription by stockholders on
the basis of one new
share for each 20 shares held of record Mar. 6 with
rights to expire Mar. 21. Price'—$30. Business—Genera¬
tion,
of which 294,000
31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment and
gen-,
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
:
.g
Business—Production of various type wines. Pro¬
ceeds—For plant expansion and working capital. Office
—Hammondsport, N. Y.
Underwriter—First Boston
Jan.
,
(max.
Feb. 27, 1962 filed 307,000 common, of which 27,000 are
to be offered by the company and 280,000 by stockhold¬
Sternco
Office—Poinsett Hotel
•'./ i'/•/'''
common,
to be offered by. the company and
are
Dec.
(5/28-31)
Price—By amendment,
(3/26-30)
shares. Price—$6.
investment company.
Pro¬
common
Cienega
Weedon &
• Superior Bakers, Inc.
Feb. 28, 1962 filed 325,000
due
Philadelphia.
Towing & Transportation Co., Inc.
Nov. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Construction and operation of towing boats.
June
Blvd., Los Angeles. Underwriter—Crowell,
Co., Los Angeles.
g
\
g'
/Taylor Publishing Co.
Feb. 20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.
Pont Plaza
Allyn
Southeastern
•
^
South
European Pipeline Co. (3/14)
Feb. 1, 1962 filed $40,000,000 of
sinking fund debentures
due March
1, 1982. Price—By amendment. Business—
Company is constructing a 474-mile 34-inch crude oil
pipeline from Marseilles, France to refining centers near
Strasbourg, France and Karlsruhe, Germany. Proceeds—
•
Sportsmen, Inc.
29, 1961 filed $100,000 of 6% subordinated con~
vertible debentures due 1977 and 50,000 common to be
offered in units, each consisting of $20 of debentures and
10 shares. Price—$60 per unit. Business—Design and
manufacture of fishing and archery equipment and fiber
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers, N. Y.
Underwriter—William, David & Motti, Inc., N. Y. Offer¬
N. Y.
,
Sonic
—Meadowbrook
(3/12-16)
Inc.
Nov.
For expansiui
—
'(\g, $2
Co.,
(Woodbridge), N. J. Underwriter—Flomenhaft, Seidler
and modernization of
buildings, repayment of debt an<
working capital. Office—253 Columbia St., Brooklyn,
N. Y. Underwriter—To/ be named.
Proceeds;
La
Jackson &
Metal
and other non-ferrous metals. It also does processing and
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. William St., Hopelawn
Co., Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2*50 Busi¬
ness—The instalment retailing of furniture,
alliances
goods. Proceeds
Underwriter—
Dec. 7, 1961 ("Reg. A") 100,000 common. Price — $2.50.
Business—Broker and dealer in gold and silver bullion
Furniture
and other household
N.. J.
S.
Symington Wayne Corp.
Feb;,23, 1962 filed $5,005,700 of convertible subordinated
debentures due 1982, to be offered for subscription by
common stockholders
(and warrant holders) at the rate
of $100 of debentures for each 38 commotn (or warrants)
held. Price—By amendment. Business—Manufacture of
gasoline dispensing, pumps, service station equipment,
specialty steel castings for raihrpads/and mechanics hand
tools. Proceeds—For. debt repayJhentr.and working capL
tal. Office-^—Salisbury, Md. Under writer—Paine, Webber,
Spiral
Recreation Corp.
Sokol
St., Hoboken,
Blair & Co., N. Y
Jan. 29, 1962 filed 120,000 class A common (with war¬
rants). Price—$4.45. Business—Development and opera¬
tion of a skij and year-round resort. Proceeds—For con¬
struction of the resort. Office—Sheridan Springs Rd.,
Lake Geneva, Wis. Underwriter—To be named.
"
Grand
Office—3485
•
Bldg., Providence, R. I. Underwriters—G.
H. Walker & Co., Providence'and Blair & Co., N. Y.
&
•
selling stockholders.
& Co., N. Y.
—909 Howard
Ski
(4/30-5/4)
and food
Feb. 28, 1962 filed 350 common. Price—$1,000. Business
Proceeds—For
Sperti Products, Inc.
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
^ Sixty Realty Trust
trust.
merchandise and operation of two retail stores.
—For
of general merchandise. Proceeds—For
debt repayment and working capital. Office—1601 Al¬
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
Potoma & Weill, N. Y.
ic Site-Fab, Inc.
/',■/:'■ jV' ■/g:/:
;.t;g
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (max. $4). Business—Construction of homes. Pro¬
ceeds
For debt repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
I
Feb.
Mail order, sale
equipment
repayment,
Office—1933
29, 1962 filed 135,000 common, of which 15,000 are
to be offered by the company and 120,000 shares by a
selling stockholder. Price—By amendment., Business—
Oct.
other
southeastern
states.
Proceeds—General
Office—3601 N. W. 50th
derwriter—Finkle & Co., N. Y.
purposes.
St.,
corporate
Miami,* Fla. Un¬
_
Texas
Oct.
Electro-Dynamic Capital, Inc. '■v..;,
Price—By amend¬
16, 1961 filed 250,000 common.
Business—A small business investment company.
Proceeds—General corporate purposes.
Office—1947 W.
Gray Ave., Houston. Underwriters—F. S. Smithers & Co.,
N. Y., and Moroney, Beissner & Co., Inc., Houston.
•
Texas
Oct.
Tennessee
Industries,
Inc.
(3/19-29)
175,000 common, of which 150.000
shares are to be offered by the company and 25,000 by
stockholders.
Price—By amendment,': Business—Manu-..
26,
facture
1961
of
beverage
filed
water coolers, water cans and portable hot
dispensers.
Proceeds—For debt repayment
.
0
Volume
and
195
Number
general corporate
Houston.
6140
—
.
.
The Commercial and Financial Chronicle
(1197)
Office—6502 Rusk Ave.,-. ceeds—For debt repayment. Office—30 E.
42nd St., N. y.
Co., N. Y. /
- - Underwriter—Adler Securities
purposes.
Underwriter
.
Corp., N. y.; '
• Tri-Point
Furniture Industries, Inc. (3/26-30) :
Industries, Inc.
Jan. 16, 1962 filed 343,551 common.
Price—By amend-;1 Sept. 28, 1961 filed 160,000
common, of which
:
,
.
'
Business—Manufacture
Proceeds—For
of
"
household
furniture.
selling shareholders. Office—401 E.
Main St., Thomasville, N. C. Underwriter—Hornblower
& Weeks, N. Y.
>
•
Thompson Manufacturing Co., Inc.
Dec. 22, 1961 filed 90,000 commQn, of which
80,000 shares
are to be offered
by the company and 10,000 by stockholders.
Price—$4. Business—Design and manufacture
of special machinery for the paper
industry and the
construction of bowling alleys. Proceeds—For
expansion
-
2,
1962
International
Hotel Corp.
,
Trygon Electronics Inc.
(3/19-23)
48,000 by stockhold¬
Price—$6. Business—Design, manufacture and sale
i ers.
of
power
supplies. Proceeds—For debt
repayment
Sepulveda Blvd., El Segundo, Calif. Underwriter—-VickMacPherson & Warwick, Inc., N. Y.
/■'./'
Feb.*23, 1962 ("Reg.
Tokyo Shibaura Electric Co., Ltd. ("Toshiba")
1961 filed 50,000,000 common shares to be of¬
Dec. 8,
fered
to
stockholders
on
the
basis
for each two held of record Dec. 30.
ness—Manufactures
tronic equipment.
of
one
new
For expansion.
—
elec¬
Office—
Feb. 16, 1962 filed 300,000 common, of which
100,000 are
to be offered by the company and 200,000 by stockhold¬
Price—$6.
Business—Design, manufacture and sale
Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., N. Y. Offering—Expected sometime in May.
Rubber
Co.,
Inc.
Jan. 26, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Manufacture of waterproof rubber footwear. Pro¬
ceeds—For equipment, moving
expenses, expansion and
working capital. Office—1302 Inwood Ave., N. Y. Un¬
derwriter—Carroll
Tork
Time
S.
&
—
are
Corp.
12, 1962 filed 150,000 common. Price—By amend¬
ment (max. $9).
Business—Design and sale of special
cameras for scientific
photography. Proceeds—For gen¬
of
Office—17136 Ventura Blvd.,
Underwriter—J. A. Hogle & Co., Salt
(3/26-30)
Proceeds—For selling stockhold¬
Rd., Swan, Texas. Underwriter—
First Southwest
Co., Dallas.
v /
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage, Alaska.
Price—$5. Business
—Research and development in the
data and image
processing and transmission field. Proceeds—For debt
repayment and other corporate purposes. Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego. '
:
; h ,:
Uneeda
Dec.
expansion, working cap¬
ital, and possible acquisitions. Office — Pacific National
Bldg., Bellevue, Wash. Underwriter—Hill, Dar¬
lington & Grimm, N. Y.
Transport Industries, Inc.
Feb.
16.
1962
("Reg.
A")
75.000
common.
Price
—
$4.
Business—Design and manufacture of truck and auto¬
mobile brake systems. Proceeds—For inventories, ad¬
vertising and working capital. Office—Pearl & Elk Sts.,
Albion, Pa. Underwriter—A. J. Davis Co., Pittsburgh.
Tremco Manufacturing Co.
.!
Feb. 26, 1962 filed 150,000 class A common. Price
Underwriter—McDonald &
Trenton
Foods,
Co., Cleveland.
;
..
' /*•••.
—
j
•
'.V,
used
Feb. 26 ,1962 filed 275,000
common, of which 25,000 are
to be offered by the company and
250,000 by stockhold¬
Price—By amendment (max.- $16). Business—Re¬
tailing of men's and boys' clothing. Proceeds—For work¬
ing capital. Office—15 Linden Ave., East, Jersey City,
ers.
n. J.
Underwrite^—Hornblower & Weeks, n.
Products
y,
Corp.
-^■
and
nuclear
industries.
Proceeds—Debt
repay¬
ment, research and development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writer
Hess, Grant & Remington, Inc., Philadelphia.
Note—This offering was indefinitely
postponed.
—
Exchange, Inc.
pansion and general corporate purposes. Office—25 W.
43rd St., N. y. Underwriter—M. G. Davis &
Co., Inc.,
N. Y.
'
15,
1961
filed
562,500
unit.
Office
410
—
Fourth Ave.,
Brooklyn.
associated
sidiaries.
1961
books. Proceeds—Debt repayment, expansion and work¬
ing capital.
Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
per
share. Business—A
new
investment. Office—20 W.
mutual fund. Proceeds—For
9th
Street, Kansas City, Mo.
Inc., Kansas City, Mo.
Offering—Expected in late April.
Underwriter—Waddell
&
Reed.
• Uncvend
Corp. (3/19-23)
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink. Proceeds — For expansion and working capital.
Office—28
O'Brien
Place, Brooklyn, N. Y. Underwriter
Co., N. Y.
—Ezra Kureen
;
•
Universal
Foods
Corp.
Jan. 25, 1962 filed 104,196
common, of which 47,248 are
to be offered by the company and 56,948
by stockhold¬
ers.
Price—By amendment.
Business—Production of
yeast and other food products. Proceeds—For possible
diversification
and
acquisitions.
Office—221 E. Buffalo
St., Milwaukee. Underwriter—Smith, Barney & Co., N. Y.
Offering—Expected in mid-March.
Universal
Lighting Products, Inc. (3/15)
common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
Sept. 21, 1961 filed 175,000
merchandising
equipment for use in gasoline service
Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J.
Underwriter—Globus, Inc., N. Y.
stations.
Proceeds
—
Inc.
Feb. 14,1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—
$5.05
unit.
per
foams.
Business—Manufacture
Proceeds—For
of
urethane
equipment,
working
capital,
and other corporate purposes. Office
leasehold expenses
—2300 Republic National
Bank
Bldg., Dallas.
Under¬
writer—Rowles, Winston & Co., Houston.
'
Utah Concrete
Pipe Co.
Feb. 8, 1962 filed 110,000 common. Price —
By amend¬
ment (max. $10). Business — Manufacture and sale of
concrete pipe, masonry
products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working
capital., Of¬
fice—379
17th
St.,
Ogden, Utah.
Underwriter—Schwa-
bacher & Co., San Francisco. Offering—In
•
May.
U-Tell
Corp. (3/14-16)
Sept. 18, 1961 ("Reg. A") 33,097 common. Price
Business
Operation of a discount department
—
$5.
—
store.
Office—3629 N. Teutonia Ave.,
Milwaukee, Wis. Under¬
writer — Continental Securities
Corp., Milwaukee, Wis.
Feb.
Valve
Co.
"
12, 1962 filed 100,000
common.
Price—$5. Business
—Production of valves, and regulators for
oil, chemical
and
nqissile industries. Proceeds—For acquisition
of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter
California Inves¬
—
Vahlsing, Inc./
Jan.
with
the
common,
parent
company
29, 1962 filed 100,000
common.
Price—By amend¬
Business—Grows, packages, and ships fresh frozen
Proceeds—For inventory, and working capital.
Office—Easton, Maine. Underwriter—Pistell, Inc., N. Y.
ment.
potatoes.
Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated
buildings and build¬
ing components. Proceeds—For working capital. Office
—765
River
St., Paterson, N. J. Underwriter
—
To be
named.
Valle's Steak House
Dec. 22, 1961 filed 78,812 common, of which
55,736 are to
be offered by the company and 23,076 shares
holder.
Price—By
amendment.
by a stock¬
Business—The opera¬
tion of four restaurants in Maine and Mass.
For expansion, debt repayment and
Proceeds—
general corporate
Office—646 Forest Ave., Portland, Maine. Un¬
derwriters—H. M. Payson & Co., Portland, and R. W.
Pressprich & Co., N. Y.
purposes.
Valley Metallurgical Processing Co.
(3/26-30)
Oct.
of which 472,100
shares are to be offered for subscription by stockholders
of Waddell & Reed, Inc., parent, on the basis of
one
United share for each two Waddell shares held.
The
remaining 90,400 shares will be offered to certain per¬
sons
per
Publications, Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
•
United Investors Life Insurance Co.
Dec.
(each consisting Y>f two
warrant). Price—$4.50
one
tors, Los Angeles.
Inc.
Jan. 29, 1962 filed 105,000 common?
Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
Scherck, Richter Co.,
three discount department stores. Pro¬
Unishops,
United Camera
Tri-Department Stores Associates
Feb. 9, 1962 filed $2,436,000 of limited partnership in¬
terests.
Price—$6,000 per interest. Business—Company
was formed for the purpose of acquiring for investment
"th^fee title to
t •
tronics
—
Inc.
Underwriter
and
precision machined parts for the aircraft, missile, elec¬
firms and the large scale breed¬
ing of pigs. Proceeds—For debt repayment, plant ex¬
pansion and working capital. Office—4733 Belleview,
City, Mo.
new
conv. subord. deben¬
tures due 1971. Price—At par. Business—Manufacture of
food products for other
Kansas
of
Sept. 28, 1961 filed $600,000 of 6%
Jan. 26, 1962 filed 100,000 common. Price—By amend¬
ment.
Business—Preparation and packaging of meat
St. Louis.
Purchase
—■
United Aero
By
amendment (max. $15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land.
.
new
Electronic
26,
Vacco
$3.
coin-operated
—
vending and recreational machines. Proceeds—For gen¬
eral corporate purposes. Office—166
Clymer St., Brook¬
lyn, N. y. Underwriter—Capital Consultants Corp., N. y.
common.
Bank
Vending Service, Inc.
("Reg. A") 73,500 common. Price
14, 1961
Business
Trans-Pacific Research &
—
Inc.
(3/19-23)
Sept. 19, 1962 filed 175,000 class A common. Price—$4.
Business—Manufacture of urethane foam board and the
production of new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
tal. Office—875 North 28th
St., Philadelphia. Underwriter
—Edward Hindley & Co., N. y.
Transdata, Inc..
and accessories. Proceeds—For
Office—Lindale
Ultra Plastics
Underwriter—Milton D. Blauner & Co., Inc., N. Y.
ment. Business
Price—By amendment. Business—Distribution
imported and American wines and whiskies. Proceeds
of cast iron products.
holder.
"
(4/9-13)
800,000 common, of which 550,000
to be offered by the company and
250,000 by stock¬
ers.
shares and
Urethane of Texas
Brands, Inc.
22, 1961 filed
Tyler Pipe & Foundry Co. (4/2-6)
Jan. 25, 1962 filed 120,000 common.
Price—By amend¬
ment. Business—Design, development and manufacture
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
Capital, Inc. (3/26-30)
Price—By amend¬
Manufacture of high pressure valves
St., Chicago. Underwriter—Bacon, Whipple
debt repayment, expansion and working
capital.
Office—23 W. 52nd St., N. y. Underwriters—A. C.
Allyn
& Co., and Hornblower & Weeks.
''
:\
purposes.
1961 filed 47,000
Salle
—For
Lake
27,
Un¬
holders.
Traid
common.
com¬
S.
Sept.
Co., Chicago.
Dec.
Feb.
Nov.
La
21
Langley & Co., N. Y.
29, 1961 filed 100,000
and
Price—By ftpiend-
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd* St., N. Y. Underwriter—W. C.
Nov.
devices
ment. Business—A small business investment company.
Proceeds—For general corporate purposes. Office—134
(4/9-13)
Feb. 1, 1962 filed 550,000 capital shares. Price —
By
amendment. Business
Company builds and operates
Trans-Alaska Telephone Co.
Corp.
Price—$4.
common.
Twentieth Century Capital Corp.
Nov. 24, 1961 filed 250,000 common.
International, Inc.
For
—
United Variable Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
Co., Inc.J
Co.? Inesj Phila.
repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y.
Encino, Calif.
City.
&
ponents. Office—209 Glenside Ave., Wyncote, Pa.
derwriter —• Valley Forge Securities
trolled switches. Proceeds—For debt
corporate
A
Sept. 27, 1961 ("Reg. A") 75,000
Business—Manufactures electronic
Inc. (3/26-30)
Dec. 12, 1961 filed 150,000 common.
Price—By amend¬
ment. Business—Design and manufacture of time con¬
eral
one
Sandkuhl & Co., Inc., Newark, N.
J., and N. y. C.
Turner Engineering & Automation
Co., N. Y.
Controls,
Towers Marts
and
Turbodyne Corp. (4/9-13)
/
May 10, 1961 filed 127,500 shares of common stock. Price
—$5 per share. Business
The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W.,
Washington, D. C. Underwriter—
Y.
Torch
shares
n. y.
repayment, equipment,
leasehold
improvements
and
working capital.
Office—703 Bedford Ave., Brooklyn,
N.
common
Washington, D. C. Underwriter—Sandkuhl
Proceeds—For debt
Price—$3. Business
machinery, debt repayment and working capital. Office
—4511 Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
U.
if Turbodyne Corp.
March 2. 1962 filed 127,500 common.
Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt
repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut
Avenue, n. W.,
Tomorrow's Industries, Inc.
ers.
/
'
additions, inventory and debt repayment. Office—
St., Meridian, Miss. Underwriter;—McCarley &
Co., Inc., Asheville, n. C.
Tokyo, Japan. Underwriters—None.
of women's and children's footwear.
two
2000
Price—$0,125. Busi¬
broad line of electrical and
a
Proceeds
Inc.
A") 12,500
Plant
share
(3/26-30)
Inc.
common.
general packaging business. Proceeds
^working capital.
units, each consisting
(par $10) 7% convert- v
ible subordinated debenture due
April 1, 1972, Price—\
$20 per unit. Business — Steel
fabricating. Proceeds—
of
Co.,
Underwriter—Darius, Inc., N. Y.
* Tucker Steel Co.,
ers,
Packaging
of
automatic
control
systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
and
N. Y.;
—
United
—A
Business—Manufacture
capital. Office—111 Pleasant Ave., Roosevelt,
I., N. y. Underwriter—William, David & Motti, Inc.,
L.
175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office
525 N.
•
Nov. 29, 1961 filed 102,000
common
Vi."'." working
V.
filed
ment
St., Kansas City,
Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex-,
pected in late April.
• U.
S. Controls, Inc.
Sept. 28, 1961 filed 40,000 units
Dec. 22, 1961 filed 100,000
common, of which 52,000 are
to be offered by the
company and
Office—Canal St., Lancaster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y,
Thunderbird
stockholders.
—
and general corporate purposes.
Jan.
80,000
by the company and 80,000 shares by 1
Price—By amendment. Business—Manu¬
facture of precision, plastic
components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd.,
Albertson, L. I.,
n. y. Underwriter
Hill, Darlington & Grimm, n. y.
Note—This registration was withdrawn.
;v
to be offered
are
the
life insurance company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th
Mo. Underwriters—Waddell &
.
Thomasville
•
ment.
'
serve
S. D. Fuller &
45
or
its
23, 1961 filed 70,000 common. Price—By amend¬
ment. Business—Production of metal powders for the
rocket, munitions and pyrotechnics industries. Proceeds
—For debt
repayment and general corporate purposes.
Conn. Underwriter—McDonnell & Co.
Office—Essex,
Inc., N. Y.
sub¬
Price—By amendments. Business—A- legal ..re-:
™:
,
Continued
on--page
46-
46
The Commercial and Financial Chronicle
(1198)
Continued from page
Warlick
45
Van
Hout Associates
Der
Ltd.
ment. Business—National distributor of
in
Proceeds—For selling stockholders. Office—
Shore Rd., Toronto.
Underwriter—Rosmar
Canada.
1480
Lake
Vapor Corp.
Feb.
2, 1962 filed 156,762 common. Price
Business—Manufacture
ment.
—
By amend¬
for.
generators
steam
of
diesel locomotives; temperature
control systems for rail
cars, buses and aircraft; and door control devices for
rail passenger cars. Proceeds—For selling stockholders.
Office—80
Jackson
E.
Chicago.
Blvd.,
Co.> Chicago.
William Blair &
and
which 55,000
are
by the company and 69,900 by stockholders,
amendment.
distribution
of
Office—585 Gerard
aids
Ave., N. Y. Underwriter—J. R. Wil-
liston & Beane, N. Y.
Vendex, Inc.
Proceeds—For
$1.
ma¬
acquisition and general cor¬
porate purposes. Office—1290 Bayshore Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
San Francicso. Offering—Expected sometime in April.
an
Victor Electronics,
Inc.
Jan. 23, 1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
known
purchase of vessels, and working cap¬
Joseph St., Mobile, Ala. Underwriter—Shields & Co. Inc., N. Y; (mgr.).-Offering—Ex¬
pected sometime in late May.b/Vy' : : 1:
>
y
Golfit. Proceeds
Weinkles Liquor Stores, Ipc.»
.
,
BarHi
12th-
W.
Charles Plohn & Co.,
For
debt
Ave., Miami, Fla. Underwriter— 4;
N. Y. .Offering—In April.
Arts Industries,
Visual
Dec. 26,
1961 filed 95,000
Inc.
Price—$2. Business
—Design,.assembly, production and sale of creative arts,
common.
payment, and
Shopping Center Limited Partnership
Development of a shopping center at Falls Church, Va.
general corporate purposes. Office—1411;
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
California Telephone Co.
18, 1961 filed 84,000 common, being offered for
subscription by preferred and common stockholders on the basis of one right for each two common shares and-
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
adelphia.
•
Voi-Shan
Feb.
28,
Industries, Inc.
Business
—
Volt Technical
Corp.
Jan. 29,
1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro-.
ceeds—For selling stockholders. Office—241 Church
St.,,
N. Y.
Underwriter—Andresen & Co., N. Y.
Volume
Distributors, Inc.
;Nov. 24, 1961 filed 90,000 common. Price—By amend¬
ment. Business—Operation of a self-service
family shoe
store
chain
and
shoe
departments
in
discount
depart¬
and other
stores. Proceeds—For debt repayment
corporate purposes. Office—115 W. Crane St., Topeka,
Kan. Underwriter—Stern Brothers & Co., Kansas
City,
ment
Mo.
./■
■:
:
•
—
$3.
Business—The manufacture of electronic test
equipment,
the sale, installation and servicing of industrial and
commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for
working capital. Office — 1230 E.
Joshua &
Lane, Wyndmoor, Pa.
Co.,' Inc., N. Y.. "
..
Underwriter
,
28,
1961
filed
140,000
capital
—
John
:
Wade, Wenger ServiceMASTER Co.
Dec.
porate
purposes. Office — 2117-29
Underwriter—Laren Co., N. Y.
shares.
N.
Wayne, Chicago.
electrical
and
equipment. Pro¬
repayment and other corporate pur¬
Office—1005 First Ave., Asbury
Park, N. J. Under¬
writer—Amos Treat &
Co.,
Inc., N. Y.
Co.,.
Wolf
Corp.
;
-
.
'
,
.
?
f
:
Western
Land
Corp. "
Oct. 24,
1961 filed 400,000 common. Price—$2.25. Busl-,
ness—Acquisition, construction and leasing of shopping
centers. Proceeds—For general corporate, purposes. Of-.
fice—2205 First National Bank Bldg.,, Minneapolis. Un¬
derwriter—None.
"
Western
common; Price
By amend¬
(max. $6.50).
Business—Processing andf manufac¬
turing of aluminum building products.
Proceeds—For a
new
building and equipment. Office—1650 Howard St.,
Lincoln Park, Mich.
Underwriter—F. J. Winckler & Co
Detroit.•
Price—By amendment (max. $42). Business—
by first liens on real estate.debt repayment.
Office
—
3243
.
.
McDonald
&
Co., and
.
•
;
Ball, Burge &
•
13,
1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
company.*
Proceeds—For investment.
Office—403
St., Aurora,
Aurora, Colo.
Colo.
Mfg. Co.
Underwriter—Westco
:
•
sale
of
El
Monte
San
real estate
loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stocklmlders.
Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co., N. Y.
._
, .
. ...
Walston Aviation, Inc.
Oct. 30, 1961 filed 90,000 common, of which
60,000 are to
be offered by the company and
30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and
sup¬
plies; also repairs and services various type
airplanes.
For expansion and
general corporate pur¬
Office—Civic Memorial Airport, E.
Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
White
.
T
.
..
'■f.i
Parking Systems,
13,
Dec.
Inc.
1961
28,
Gabriel, Calif. Underwriter—To
:
1961 filed
Business—Development
-
Electromagnetics, Inc.
'■
:
-:V
Youthcraft
Dec.
•
'
Creations, Inc.
are
holders.
Price—$3.75. Business
consulting services pertaining to elec¬
tronic system analysis.
Proceeds—For expansion, pub¬
lication of technical papers,
marketing, product develop--'
ment and working capital. - Office—4903 Auburn
Ave.,
Bethesda, Md. Underwriter—Weil & Co., Inc.. Washing¬
ton, d. c.
:;
Lighting Co.
—
ment and working capital. Office—5221; W.. Jefferson
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., Los Angeles.-
'
A
to
manufacture
women.
of
foundation
Proceeds
—
To
Business—Design
and
garments for "juniors"
and
finance increased
accounts re¬
ceivable and for other corporate
purposes.
Borden Ave., Long Island
City, N. Y.
Paine, Webber, Jackson &r Curtis, N. Y.
Zenith
Feb. 26, 1962 ("Reg. A") 75,000 common. Price
$4.
Business—Manufacture and distribution <5f'electrical and
lighting fixtures. Proceeds—For debt repayment, equip¬
Z-
V"-
(3/19-23)
6, 1961 filed 130,000 class A shares, of which 20
000
be offered by the company and
110,000 by stock¬
Price—By amendment.
Oct. 5, 1961 filed 65,000 common.
of
:
Inc.
125,000 common. Price—By amend¬
and manufacture of
phar¬
maceuticals and medical products.
Proceeds—For general
corporate purposes. Office—91 Main
St., Madison N J
Underwriter—Andresen & Co., N. Y.
*
'
!
ment.
—Rendering
* White
'
-
Wynlit Pharmaceuticals,
toys
St.,
Ltd.
Offering—Expected sometime in April.
(3/20)
and games, sporting goods and
housewares. Proceeds—For working
capital. Office—835
E.
Fund
tions and increase working capital. Offi,ce—370
Seventh
Ave., N. Y. Underwriter—Ehrlich. Irwin &
Co., Inc., N. Y.
(
26, 1961 filed 145,000 common, of which 72,500 are
to be offered by the company and
72,500 by stockhold¬
ers. Price—By amendment.
Business—Design, manufac¬
and
•
("Reg. A") 75,000 common. Price—$4
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift."
Proceeds—To open loca¬
Dec.
ture
■
v
Wulpa
Oct.
Corp.,"
'
•
Sept. 19, 1961 filed 100,000 common. Price—$100. Buslness—The Fund plans to invest
primarily in equity se¬
curities of foreign issuers.
Office—Bank of Bermuda
Bldg., Hamilton, Bermuda. Underwriter — Burnham &
Co., N. Y. Note—This, offering was postponed indefinite¬
ly.; /
Vy-e.y .V ,„//-.•
-
Western States Real Investment Trust
Wham-0
.Worldwide
;
Ohio/"
Kraus, Cleveland.
Nov.
-
Proceeds—For repayment of
working capital and general corporate purposes.
Office—290 Broadway,
Lynbrook, N. Y. - Underwriter—
Standard Securities Corp., N. Y.
,
—
/
-
and other reference books.
29, 1961 filed 213,734 common to be offered for
subscription by stockholders on the basis of two
new;
shares for each 3 held. Price—By amendment. Proceeds
—For expansion. Office—335
Euclid. Ave., Cleveland.
Underwriters
••
debt,
Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y.
; ..v
...
./ ;
Western Reserve Life Assurance Co. of
-
World Scope
Publishers, Inc.; (4/2-6),
July 31, .1961 filed 300,000 common snares.
Price—By
amendment. Business—The
publishing of encyclopedias
-
The making of loans secured
Proceeds—For
—
ment
Pioneer Co.. (4/23-27)
Feb. 19, 1962 filed 371,750 capital shares of which 175,000
are to be offered by the
company and 196,750 by stockholders.
March 5, 1962 filed 100,000
f
•
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22).
Business—Company makes short-term
test
'
Price—By
Feb.
—
and
debt
poses.
Investments, Inc.
poses.
Price—$4. Business
precision
Western
be named.
Proceeds
of
measuring devices
ceeds—For
share. Price—$25. Proceeds—For construc¬
San Jose-Los Gatos Rd., Los Gatos,.
Ursula
(3/19-23)
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures
and sells
cleaning equipment
and supplies to franchise holders.
Proceeds—For debtrepayment, new building and equipment and other cor¬
■'
common.
manufacture
Jan. 26, 1962 filed
$4,500,000 of 6.5% convertible sub¬
Casualty & Surety Co. (4/16-20)
ordinated debentures due 1977
(with attached warrants)
Feb; 16, 1962 filed 187,500 capital shares to be offered for ;
to be offered for
subscription by stockholders of class
subscription by stockholders on the basis of one new
A stock on the basis of
$500 debentures for each 100
share for each four held. Price—By amendment (max.
class A shares held.
Price—$500 per unit. Business—
$58). Business—Writing of automobile, general liability
/Real estate. Proceeds—For debt
repayment and realty
and other types of insurance.
Proceeds—To increase
acquisitions. Office—10 E. 40th St., N. Y.
Underwriter
capital funds. Office—916 Walnut St., Kansas City, Mo."
—S. E. Securities,
Inc., N. Y.
j
,:>./■
Underwriter—Kidder, Peabody & Co., N. Y.',
• Wolverine Aluminum Corp."
•
amendment. Business—Sale of franchises for
on-location
Wallace
and
electronic
Dec.
4
Voron Electronics Corp. (4/23-27)
•
July 28, 1961 filed 100,000 class A shares. Price
Mermaid
offering
Electronics, Inc.
1961 filed 125,000
-—Design
Office—15900
Calif. Underwriters—Dean Witter & Co., Blyth &
Inc., and^Schwabacher'& Co., San Francicso.
Office—180
,
1962 filed 100,000
common. Price—By amend¬
Design and manufacture of specialty
engineered industrial components. Proceeds—For selling
stockholders. Office—739 E. Walnut St., Pasadena, Calif.?
Underwriter—A. G. Becker & Co., Inc., Chicago. Offer¬
ing—Expected sometime in May.
♦
ment.
Winslow
Dec. 28,
right for each preferred share held.
Record
for the offering is Feb. 15 and the rights expirationMarch 12. Two rights are required to subscribe for
common
;
indefinitely postponed.
was
one-fifth
tion.
purposes.
textile products.
Proceeds—For repayment of loans.
Office—2357 S. Michigan Ave.,
Chicago. Underwriter—
D. E. Liederman &
Co., Inc., N. Y. Note—This
Western
one
Vitamin Specialties Co. (4/9-13)
Nov. 6, 1961 ("Reg. A") 100,000 capital shares. Price—$3.
Business — Sale of vitamin products and proprietary
corporate
Windsor Texprint, Inc.
Aug. 25, 1961 filed 265,000 common, of which
250,000 are
to be offered by the
company and 15,000 by stockholders.
Price—$2. Business—The printing of towels and other
Proceeds—For
Underwriters-^Globus, Inc.,.and Ross, Lyon & Co., N. Y.
general
iV;;1./,../;,;-
(3/20)
date
of retail
Wiley (John) & Sons, Inc. (5/1)
Feb. 21, 1962 filed
150,022 shares of capital. Price — By
amendment.
Business—Publication of text books for
college, post-graduate and adult education
courses, and
professional books, encyclopedias,
handbooks, etc. Pro¬
ceeds—For selling stockholders.
Office—440 Park Ave.,
N. Y. Underwriter—White, Weld &
Co., Inc., N.'Y.
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
date
chain
a
equipment and work¬
•
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Business—Operates
JKingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J.
Dec.
•
and
company
'
'
102,000 are
60,000 by stock¬
Wiggins Plastics, Inc. (3/19-23)
i
20, 1961 ("Reg. A") 100,000 common.! Price—$3.
Business—Custom compression, transfer and
injection
molding of plastic materials. Proceeds—For debt re¬
eral corporate purposes. Office—210-07 48th Ave., Bay-*
K
the
Oct.
•
Inc. (3/26-30)
28, 1961 filed 75,000 common. "Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
&
—
purposes.
by
ing capital. Office—738 Bellefonte
Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Welcome Baby,
repayment and
general corporate
offered
Proceeds—Expansion,
..
Dec.
West Falls
be
holders. Price—$3.
drug stores.
-
about Miami, Fla. Proceeds—For
N.
&
• Widman
(L. F.), Inc. (3/12-16)
O.ct. 27, 1961 filed 162.000 common, of which
to
Price—$4.50. Business—Retail sale of liquor in and
working capital. Office
ers.
—2305
gen¬
Olympic Blvd.,
Underwriters—Schwabacher & Co., and J.
Co., San Francisco;.and Bear, Stearns & Co.,
Los Angeles.
*
y
■
Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia.
as
Saint
Office—71
manufacture of ladies' dresses. Proceeds—For
corporate purposes. Office—124 E.
eral
of retail stores. Proceeds—For debt repayment and gen-'
Jan. 12, 1962 ("Reg. A") 300,000 common. Price
Business—Manufacture of coin operated vending
chines.
and
Proceeds—For the
ital.
Underwriter— /
Business—?Design, manufacture
for hair styling, and the pro¬
duction of eyebrow pencils, lip liners, etc. Proceeds—
For debt repayment, equipment and working capital.
price—By
equipment, and
Valdina St., Dallas. Un-_
derwriter—Eppler, Guerin & Turner, Inc., Dallas.
working capital. Office—2263
Dec. 27, ,1961 filed 165,000 common, of which 80,000 are
to be offered by the company and 85,000 by stockhold-.
Vassar Corp. (4/2-6)
Dec. 27, 1961 filed 124,900 common, of
to be offered
(Norman) Co. (3/19-23)
28, '1961r filed 135,000 common, of which
45,000
are to
be offered by the
company and 90,000 by
stockholders. ;Price—By amendment.
Business—Design
Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend- '
ment.
Business —The carrying of liner-type cargoes.
Corp., Ltd., Toronto.
Thursday, March 8, 1962
shares
Proceeds—For debt repayment,
ments.
.
Nov;
ment.
1961 filed 100,000 common. Price—By amend¬
automotive parts
:Nov. 29,
.
Wiatt
Press, Inc.
25, 1962 filed 180,000 common. Price—By amend-;
Business—Printing of legal and financial docu¬
Jan.
.
Laboratories,
Nov. 22,
Office—21-09
Underwriter
.
; -
y*
.
Inc.
1961 filed 120,000 common. Price^-$4.5o.
Busi¬
ness—Development and manufacture of -ethical
pharma"
^.ceuticals,. non-prescription drugs, vitamins, etc.
Proceeds
—For repayment of debt and
working capital Office—
150 S, Dean
St., Englewood, N. J. Underwriter—Sul™
Securities, Inc., N. Y.
OU1CO
.
Volume
Number
195-
The Commercial and Financial Chronicle
6140
(1199)
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
of
On Jan.
ATTENTION UNDERWRITERS!
the Southern Co.
mortgage
'
Do you have an issue you're planning to register?
«■'
Corporation
Our
News
Department
to know about it so that we
can
would
prepare
an
Would
<
write
telephone
you
at
us
at 25 Park Place,
us
REctor- 2-9570
ruling from the IRS. Business—Manufacture of various
Office—New Bond St.,
Worcester, Mass. Underwriter—To be named.
Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled
for
similar to those you'll find hereunder.
t
or
New York 7, N. Y.
Oceania
Office—Brooklyn,
-
N. Y. Underwriter—Baruch Brothers &
25, 1962 it was stated that Harwood Cochrane,
President, plans to offer publicly about 140,000 < shares
plans to offer $7,000,000 of preferred
of his common stock holdings. It is
stock in November.-Office—270 Peachtree Bldg., At-:
expected that the of- fering would be made in late March, subject to approval
lanta, Ga. Underwriters—(Competitive). Probable bid¬
iOf the ICC.
Business—Company is motor carrier of
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
freight in Virginia, the Carolinas, Georgia and Tennessee.
Stanley & Co.; Eastman Dillon, Union Securities & Co..Office—1100 Ninth St. Rd.,
Richmond, Va. Underwriters:
Equitable Securities Corp. (jointly); Lehman Brothers.—Hornblower & Weeks, N. Y., and J,
C. Wheat & Co.,
Bids-^Expected Nov. 7.
Registration—Scheduled for
Richmond..
Oct. 5^.;.
?-r
v, "
•••?
••
,
,
(5/31)
18th St., Birmingham, Ala. Underwriters—(Competitive)
Probable
bidders:
Blyth &
Co. Inc.-Kidder, Peabody & Co,
(jointly); Morgan Stanley & Co.; First Boston Corp.;
Eastman Dillon, Union Securities & Co.-EquitAble Secu¬
;
rities
Corp.-Drexel
& Co.
..
(jointly); Lehman Brothers,
Assembly Products,:Inc.
vote
Mar.
12
■
House of Koshu, Inc.
Nov.
.•
March 8, 1961 it was reported that this
company ex¬
pects to sell ahout $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
13, 1961 it
was reported that this company plans
registration covering 65,000 common. Price—$5.
Business—Importers of Japanese liquors and liqueurs.
Proceeds—For expansion.
Office—Beverly Hills, Calif.
to file
"
/../v.-?.,■??
was reported that stockholders are to
proposals to . change the company's
a
Underwriter—P. J. Gruber
on
&
Office—120
Broadway, New York City. Underwriters—
Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).
Merrill
Co., Inc., N. Y.
to
Japan Development Bank
API, Inc., and to authorize the issuance of
Jan. 10, 1962 it was reported that the Japanese Finance
of convertible debentures. Business—Manu¬
facture of electro-mechanical instruments and equip-.Ministry had authorized the bank to issue $30,000,000
of Guaranteed External Loan Bonds, preferably in the
ment. Proceeds—For working capital. Office—75 Wilson
U. S., in fiscal 1962. Business—The bank was incorpor¬
Mills Rd., Chesterland, O. Underwriter—To be named.
The last-public financing by this company (sale of com¬
ated in 1951 as a Japanese Government financial insti¬
mon
on
tution to supply long-term funds to Japanese industry
Sept. 25,
1957) was underwritten by L. B.
Schwinn & Co.,- Cleveland.,
' rf-v'v for promotion of economic reconstruction and industrial
development. Office—Tokyo, Japan. Underwriters—To
Baltimore Gas & Electric Co.
name
Pennsylvania Power & Light Co.
20, 1962 Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
$1,250,000
/
Feb.
,
f-.t
:/:???■
Aug. 30, 1961 it
issue
about
first
half
$25,000,000 of first mortgage
of
be named. The last sale of
reported that this company plans to
.was
bonds
Office— Lexington
1962.
and
in
Mississippi
3, Md. Underwriters—To be determined
by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White,' Weld & Co., and First '
Boston Corp.
(jointly);' Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).
'
'
'
' "
:
.
Dec.
11,
196i
Capital Corp.
;
" *•
it was reported that this newly formed
■
..
Small Business Investment
million of common
Co., plans to sell $10 to $20
stock in the late spring. Office—297
sM South
; High
St;,: Columbus,vh named..-?;, c--? ? *.
O.'
Underwriter—To
be
Merrill
Lynch,
ders:
Pierce, Fenner
&
Smith
:
,
Mar.
For general corporate purposes. Office—New York
.
.
Underwriter—flampstead Investing
Denver &
;
Rio Grande Western
Corp.,
RR
City.
N.r Y.
(3/14)
-
&
Coy Inc.
Bids—March
Denver.
-yC
14
(12
noori
MT)
?yj/'•>••:•?•:
:
v
>
New York City
(managing).
—■
v
;
on
a
pro
:
1
.:y;:.
Feb.
.^Diversified Vending,
Inc.,).' 5 v?
reported that a registration stateshortly covering ; 100,000 common.
? mPrice—$4. Business—The servicing of vending machines
Jand coin operated kiddy-rides. • Proceeds—For equips
yment, inventory and general corporate purposes. Office
iSept. 13, 1961 it
to
^additional
was
''
jment
-
will
be
filed
-.
:
reported that this company plans
offer stockholders in June the right to subscribe for an
13, 1962 it
was
shares on a l-for-15 basis.
St., Boston, Mass... Underwriters—
(Competitive),.Probable bidders: Blyth & Co.-Lehman
872,876
Office—441
common
Stuart
Brothers-Bear, Stearns & Co. (jointly); Carl M. Loeb,
Rhoades & Co.-Ladenburg, Thalmann & Co.-Wertheim
y.?)^PhiladelpJaia,:Pat Underwriter—T. Michael McDarby V& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
& Co., Inc.. Washington,
;.:y.;? • ','• ;>-•'- - Inc.-Kidder, Peabody & Co.-White, Weld & Co.. (joint¬
ly). Bids—May 29. Registration—Scheduled for April 12.
V
? ^Florida Power Corp. -y
r
r
V •/"./!
.
y
•
-yPeb. 28, 1962 it
sell
-
$25,000,090
•additional
was.
of
common
/Northern Illinois Gas Co.
reported that the company plans to
first mortgage bonds in May, and
stock in the fall. Stockholders have
^
28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
.f
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in
Eastern
.bonds
615
&
named.
on Oct. 21, I960 was made through Halsey, Stuart
Co., Inc. Other bidders were: Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
y;y"\ -Lehman Brothers-Blyth & ,6o.- (jointly); Eastman Dillon,
\\
Union Securities & Co.-Harriman Ripley & Col (jointly);
First Boston Corp. The last rights offering of common
v?on May 14, 1959 was underwritten by Kidder, Peabody
& Co., and Merrill Lynch, Pierce, Fenner & Smith, N. Y.
;
y
Florida
Power &
'Sept. 18, J 961, it
'
sue
was
Light Co. /
may
^
-
is-
of
Underwriters—To
111.
bonds
be
1960, was
bidders were:
Inc-Equitable
& Co.
14,
on
Northern Natural Gas Co.
Neb/Underwriter—To
$25,000,000 of bonds in the second half of 1962; Office
iPeabodv & CQ>.v(jointIy) ; Halsev.- Stuart & Co.; Inc.;
White,.Weld & Co.; First Boston Corp.; Blyth & Co., Inc.-
Bellwood,
sale
28, 1962 it was reported that the company's 1962
expansion^ program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223
Dodge St., Omaba,
*
bentures
E, 2nd Ave./Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Meryrill Lynch. .Pierce. Fenner & Smith, Inc.; and Kidder,
-"
last
Feb.
—25 S.
;v:
Ave.,
1962. Office—
of
July
by First Boston Corp. Other
Halsey, Stuart & Co., Inc.; Blyth & Co.,
Securities Corp. (jointly); Glore, Forgan
,
reported that the company
The
half
second
handled
.■■■*•
:
.
the
on
Nov.
be
16, 1960
basis by Blyth & Co.,
named.
was
The
handled
Inc., N. Y.
last
sale
on
-
a
.
of
de¬
negotiated
.
'
>
Norton Co...
.
-
Jan. 17, 1962 it was reported that this closely held com-
-
pany
had postponed until at
least
the
second
was
V
;
(5/1)
reported that this A. T.4 & T. -sub- :
Proceeds—For construction.
Ave.,
S. E.,
Office—67 Edge wood
Atlanta, Ga. Underwriters—(Competitive).
Probable bidders: Morgan Stanley & Co., and Halsey,
Stuart & Co. Inc. Bids—Expected May 1. /
.
Southern
,
quarter
.
Electric Generating Co.
(11/28)
On Jan. 12, 1962 it was reported that this subsidiary ol
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able bidders:-First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly);.Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Nov. vl.
-jAr Southern Pacific Co. (3/29)
Mar. 8, 1962 it was reported that this company plans to
sell $7,995,000 of 1-15 year equipment trust certificates.
Office—165 Broadway, N. Y. Underwriters—(Competi¬
tive). Probable bidders: Salomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—Mar. 29 at 12 noon
(EST).
■
■■ ;;
•.
Transcontinental
Feb.
1962
28,
to issue
1982.
Feb.
preemptive rights. Office—101 Fifth St., South, St. Peters-burg, Fla, Underwriters—To be named. The last sale of
1962 it
2001.
be offered
<rata basis to common stockholders. Business-
,
'
Brothers & Hutzler.
Southern Bell Telephone & Telegraph Co.
h/sidiary plans to sell $75,000,000 of debentures due May 1,-
Manufactures parking meters, truck winches, fiberglass
boats, steel towers, .etc. Proceeds—For debt repayment
and working capital. Office—350 5th Ave., N. Y. Under¬
writer—Bear, Stearns & Co.. N. Y.;;:.,;„■,",-■.-.■•.4.
in
of additional rail equipment. Office—3600
St., Richmond, Va. Underwriters—(Competi¬
Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
Broad
Feb. 27,
•
Lehman Brothers,
V
W.
V
sell;$3,000,000 of convertible debentures to
r
<•/? 'r •?
;
Seaboard Air Line RR.
tive).
-
.rr:
San Diego Gas & Electric Co.
Sept. 12, 1961 it was reported that this company plans
to sell about 500,000 common to stockholders in mid1862 to raise some $17,500,000.
Office—861 Sixth Ave.,
San Diego, Calif, Underwriter—Blyth & Co., Inc., N. Y,
mon
,
^Louisville, Ky. Underwriter—To be named.?
Service Co. of Colorado
$13,929,533
J
Lehman
-
;
com¬
this year.
This is the final installment of a $11,130,000 issue which will help finance the purchase of
-
;
at
later
Nevada Morthern Gas Co,
Raynoids Co., Inc.
•Feb. 28, 1962 it was reported that 400,000 shares of this
Feb. 28, 1962 it was reported that this subsidiary of
Southwest Gas Corp,, plans to sell $2,000,000 of common
firm's stock would be offered publicly, of which 100,000
/ ~
shares would be sold5 by the company and 100,000 by
stock publicly in May.jOffice—2011 Las Vegas Blvd.,
v;
jjMerritt-Chapman & Scott Corp., which now holds 96.9%., /South, Las Vegas, Nev, Underwriter—Eastman Dillon,
:
Union Securities & Co., N. Y.
ipf the total outstanding;'Business—Manufacture of in¬
;
1
;
dustrial finishes -and paints. Office—401 W. Main St.,
New England Electric System (5/29)
-
won
Denver, Colo. Underwriter — To be named. The last
equity financing was handled on a negotiated basis by
First Boston Corp.
.
Devoe &
•
was
&
stockholders through subscription rights had been
postponed until about June 1962. Office—900 15th St.,
/Nautec Corp.?; ;
•'v'".-;.**,:
Nov. 6, 1861 it was reported that the company plans to
,
Stuart
1961
were
to
"• '■
..y
$4,830,000 of equipment trjust certificates.. Office—1530
StOut
St., Denver. Underwriters—(Competitive). ProbCable
bidders:
Salomon
Brothers
&
Hutzler; Halsey,
v
iy
Halsey,
public sale of bonds, Underwriter
■
Jan. 31/ 1962 it. was reported that this road plans to sell
,
Public
is expected that the pipeline will be financed in part by
ness—A small business investment company. Proceeds—
V'-y
29,
Other bidders
Aug. 22, 1961 it was reported that the previously an¬
nounced plan to sell about $20,000,000 of common stock
Brothers, had formed this new: company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies. It
Corp. V?
5,' 1962 this company reported that it plans
early registration of 150,000?units, each consisting of?
one common share and 1/5 warrant;-Price—$2.25. Busi-1
■
.
Co.
Jan. 23, 1962 it was reported that this
company plans to
sell $5,565,000 of 1-15 year equipment trust certificates
and
Creative Ventures
/
Nov.
White, Weld
Monterey Gas Transmission Co. v?
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
Inc.-;.;'
,
On
?
on
by
Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—Expected Apr, 17.
p
V?-?,'
Halsey, Stuart & Co.,?Inc. Bids —r Expected. June ,7
(11:00 a.m. EST) at the company's office. ./?>'?
•
-
Corp., Dillon,
Inc.
21,'/1962 it wasllrqptorted that this.cdhipany plans to
$5,925,000 of equipment trust certificates due "An¬ ,f
nually Mar. 15, 1963-77. Office—Missouri Pacific Bldg.,?
St. Louis. Underwriters—^(Competitive). Probable bid¬
White,; Weld & Co., (jointly); Morgan Stanley & Co.;
;,y
j(4/17)
bonds
Co., and Kidder,
Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co.
(jointly).
Feb.
JS. 41st St., N. Y. Underwriters—(Competitive). Probable
^bidders:
RR
of
bidding
Peabody &
Power Co.
Pacific
sale
petitive
-issue
Gas Systems,' Inc. (6/7) ^>'.4
On Mar. .7, 1962 it was reported that this company plans
to sell $25,000,000 of debentures, due 1987. Office—120
-
last
($20,-
^.
Missouri
>
ic Columbia
.
3, 1961
retirement of $17,000,000 of maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
On Jan. 12, 1962
the Southern Co.
.
Columbus
Oct.
on
Proceeds—For construction and the
(4/12)
it was reported that this subsidiary of
plans to offer $6,000,000 30-year first
mortgage bonds in April. Office—2500 14th St., Gulfport,
Miss. Underwriters— (Competitive). Probable bidders:
Eastman Dillon, Union Securities & Co.-Equitable Se¬
curities Corp. (jointly); Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. Bids—Expected
April 12. Registration—Scheduled JEor ,Mar. ^6.:, .
;
Streets, Baltimore
/
bonds
000,000) was underwritten by First Boston
Read & Co. Inc., and Smith, Barney & Co.,
the
Liberty
? Panhandle Eastern
Pipe Line Co.
•
'"'I:
Halsey, Stuart & Co. Inc. Rids—Expected May 31.
EjTeb, 19, i962 it
.
r
Office—600 N.
bonds in June.
mortgage
Jan.
Co., Inc., N. Y.
Transportation Co.
the Southern Co.
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $17,000,000 30-year first
;
Overnite
Georgia Power Co. (11/7)
On Jan. 12, 1962 it was reported that this subsidiary of
Prospective Offerings
Power Co.
International, Inc.
Dec. 27, 1961 it was reported that this
company plans to
file a registration covering about
150,000 common shares.
Price—$5.50. Business—Manufacture of simulated peari
buttons. Proceeds—For a new plant.
Oct. 5.
Alabama
original plan to make a public offering of"
to the inability to obtain a favorable tax
abrasives and cutting machines.
Bldg., Atlanta, Ga.
like
item
its
its stock, due
•
plans to offer $23,000,000 30-year first
in November.
Office—270 Peachtree
bonds
1962
47
Gas Pipe Line Corp.
(4/18)
it was reported that this company plans
$40,000,000 of first mortgage pipeline bonds due
Proceeds—For expansion. Office—3100 Travis
St.,
Underwriters—White, Weld
& Co., and
Stone & Webster Securities Corp. Registration—Expected
Tex.
Houston,
March 13.
Utah
•
Power & Light
?
Co. (5/22)
Jan. 17, 1962 it was reported that subject to approval of
directors, the company plans to sell about $20,000,000
of mortgage bonds and $10,000,000 of common stock in
May. Office—1407 W. North Temple St., Salt Lake City.
Underwriters—(Competitive). Probable bidders on the
bonds: First Boston Corp.-Blyth & Co., Inc. (jointly);
Kidder, Peabody & Co.; Halsey, Stuart & Co., Inc.;
Salomon Brothers & Hutzler; White, Weld & Co.-Stone
& Webster Securities Corp. (jointly); Eastman Dillon,
Union Securities & Co.-Smith, Barney & Co. (jointly);
Lehman Brothers-Bear, :Stearns & Co.
(jointly). The
•last issue of common on Sept. 17, 1957 was underwritten
by Blyth & Co., Inc.-Kidder, 'Peabody & Co.-Merrill
Lynch, Pierce, Fenner A Smith, Inc. (jointly). Other
bidders were First Boston Corp., and Lehman Brothers.
Bids—Expected May 22.
<>■
The Commercial and
48
Financial Chronicles
(1200)
.
Thursday, March-8, 1962
May 14-15, 1962 (Detroit, Mich.)
of
Stock
Exchange
f
Association
WASHINGTON AND YOU
Firms Board of Governors spring
meeting at the Dearborn Inn.
behind-the-scenes interpretations
May 17-18, 1962 (Nashville, Tenn.)
capital
Nashville Association of Securities
from the nation's
Dealers
annual
spring party.
May 19-23, 1962 (Detroit, Mich,)
WASHINGTON, D. C.—On Satur¬
evening, March 17, the big¬
one
night stand
ballroom
show
in
America—it could not
songs.
day
the
the
ner, as
"stand
ups"
the
around
those
in
will
It
strictly
be
best of white tie
their sartorial
in
stag show,
a
there will be only 546 guests
and
shindig is the an¬
The
tails.
and
to
function
no
where
that there
Washington
all
invitation is
an
cher¬
more
ished.
Heading the guest list is Presi¬
Kennedy.
dent
and
great
The
the
country will be there for the big
from
great
near
of
Most
blowout.
all
them
seeing
enjoy
doubt
no
the
field,
publishing
in
names
politics will be there for the high
The
Gridiron
Club, which is composed of 50
Washington correspondents and
editors, will begin assembling at 6
p.m. at the Statler Hilton Hotel
for
of
round
a
the
of
guests
pre-dinner recep¬
called the
thousands of
center
of the
dinner
red
the
of
roses
roses
as
in the
are
long specially ar¬
The flowers alone
ranged tables.
about
cost
$1,600, and the next
day they are sent to the hospitals
of the Washington area.
The
has
is
a
a
Washington Gridiron Club
couple of traditions. There
saying: "Ladies are always
present; reporters
The 1961 dinner
are never pres¬
chieftain
the
attend
din¬
Thus, this is merely to point
the fact that nothing is said or
the1
at
be said
or
dinner
that
cannot
done before wives
and
mothers.
Although reporters are
present always, nevertheless, what
the guest speakers say is off the
record.
Customarily, the Presi¬
dent
the
of
some
United
remarks,
States
there
and
has
is
a
speaker for the Democrats and
speaker
with
the
usually
for
talks
Their
a
Republicans.
are
marked
will
Chief
Every
scar.
be
rison, with
Executive
the
for
was
or¬
cared
have
them
ments to the effect that he wished
that he had
The
and
so.
four-hour
wonderful
which
done
are
songs.
supplied
food
dinner
and
served
three
its
traditions,
by
States
official
band
the
story
a
to
the
Roosevelt
President
objected to the Club inviting for¬
mer
Governor
Thomas
of New York to
he
E.
Dewey
make the Repub¬
lican "off-the-record"
speech, but
invited just the same.
was
Harold
the
Ickes,
in
Interior
Roosevelt
the
of
Secretary
of
the
clad
Band,
the
President,
and the Marine Band Orchestra.
One
of
the
purposes
of
the
Gridiron dinner is to shrink
heads
in
politics.
some
Occasionally,
the club does some lampooning of
the field of journalism, too.
The dinner not
attendance
by
Cabinet members
only commands
the
President's
if
they are in
the country, but members of the
United States Supreme Court and
Ambassadors
from
around
the
world. Not many members of the
Senate and House can attend for
the simple reason there are-not
enough seats. The leaders do at¬
tend, of course, and sometimes
Board
chorus
the
skits
because
the
and
N. J.)
backstage for
the
next
During the dinner the
ready
scenes.
Oct, 8-9, 1962
see why official Wash¬
ington should stand for what it is
sometimes called upon to stand
COMING
Association
EVENTS
Official
Washington—the rank
and
file—regard
the
Gridiron
Dinner as the top social function
of the year. They would not miss
it, if they could help it.
IThis column is intended
"behind the scene"
may not
11-12,
Firms
IN INVESTMENT FIELD
(Philadelphia, Pa.)
Investment Traders Association of
may or
Corp.
States
vestment
(Special to The Financial Chronicle)
America
OAKS, Calif.—
Corporation has been formed
at
Janss
with
offices
March
West
(Chicago, 111.)
Group
26th
of the
In¬
Association
Bankers
annual
conference
Raton
30, 1962 (New York City)
H.
Annual
Secretary-Treasurer.
April 8-10, 1962
Tex.)
much
time.
on
"Captives"
There is
about
the
one
Lampooned
the
of
Gridiron
Club dinners. The humor is
because
targets
there,
people that are the
the
lampooning are
the
of
there, and the situations
is
extremely
impossible
cold
to
put
.President
plays
if
not
humor in
the
'
ripe.
are
difficult,
type.
silent
,
of
United
the
leading role
a
"actor"
in
as
a
Gridiron
the
likes the barbs
opposition party
his
or
for
the
has
a
limited
number
guests,
of
who
so-
are
real
top-quality singers, who can
sing solos with words put to fa¬
miliar
York
sociation
Palmieri,
President;
Edwin
Janss, Jr. and Donn C. Odell, VicePresidents; and R. G. Dallman,
Security Dealers
36th
Annual
As¬
Dinner
LOS
ANGELES,
Calif.
—
North
April
27-May
April 27, 1962
Security
Wilshire Boulevard to engage in a
securities business.
Officers are
Astoria..
Galuppe
Investors,
members
Stock
Savings Banks 42nd annual con¬
ference at the Olympic Hotel.
ANGELES, Calif.—Sherman
Andrew
and
have
joined
3544
of
the
Exchange.
C.
D.
California
Olympic
Pacific
(Pittsburgh, Pa.)
May 6-9, 1962 (Seattle, Wash.)
National Association
of
Mutual
Two With Calif. Inv.
May 9-12, 1962
(White Sulphur
Investment
Coast
guests
will
from
be
Down
who,
no
first
Gridiron
doubt,
and
rightfully:
a
"It
East
will
Club
will
number
■
Bankers
Association
meeting of Board of Governors.
be
able
%JF
this
to
the
would
In
be
Russia
sent
to
Siberia and beyond.
The
late
"Old
at
1308
Franklin St.
Attention Brokers and Dealers
TRADING MARKETS
American Cement
Botany Industries
■
Electronics
Official Films
;
>v.i
■
Waste King
Our New
York telephone
number is
CAnal 6-4S92
LERNER & CO., INC.
10 Post Office Square, Boston 9, Mass,
Telephone
Teletype
BS 69
Cove Vitamin & Pharmaceutical
can
being spoofed.
spoofers
offices
Common and Warrants
say
only happen
in this country."
No other coun¬
try would stand for their bigwig
leaders
from
of
their
dinner
BOISE, Idaho—Willis H. Coffin is
conducting a securities business
HUbbard 2-1990
..
Dixie
to
attend
v.;-> ;
Mutual
of
Investment Securities
Springs)
Blvd.,
(Boston,
■
•
Pittsburgh Securities Traders As¬
sociation Annual
Spring Outing
at the Oakmont Country Club.
Stanley Goldblum, Secretary and
were formerly with
Equity Securities Corp.
;V ./
Association
Maxson
Treasurer. All
Haimwertz
(New York City)
Traders Association of
May 4, 1962
;
Savings Banks 43rd annual con¬
ference at the Hotel Statler.
New York Dinner at the Waldorf-
Eugene R. Cuthbertson, President;
Michael R. Riorday and J. Arthur
Buckwalter, Vice-Presidents; and
1963
1,
-/■
'
of
Hotel.
American Equity Corporation has
been formed with offices at 5150
LOS
Association
America, an¬
nual meeting at the St. Anthony
ers
Equity
Hollywood
Opens Inv. Office
Texas Group of Investment Bank¬
North American
Association
Bankers
Convention at
at
(San Antonio,
music.
There
year,
New
Victor
party,
own
for that matter, as well as the in¬
dividual barbs
club
securi¬
thing to remember
satire
Boca
Beach Hotel.
the Waldorf Astoria Hotel.
pretty
runs
a
the
at
Hotel & Club.
National
The
usually
Convention
ciation
Mass.)
Officers
are
Exchange
Governors meet¬
of
tjpe Drake Hotel.
engage
business.
in
Ventura
1962
14-15,
Central
THOUSAND
1
of
(Boca Raton, Fla.)
Security Traders Asso¬
National
Investment
at
Angeles)
(Los
Stock
of
Nov. 25-30, 1962 (Hollywood, Fla.)
Bellevue-Stratford.
March
Form Janss
1962
Philadelphia annual dinner at the
coincide with the "Chronicle's"
views. 1
Boulevard, to
dinner
Board
Nov. 4-9, 1962
March 9, 1962
ties
back
are
Exchange
the Mark
ing at the Ambassador Hotel.
reflect
to
Oct.
Association
interpretation
from the nation's Capital and
own
Stock
Hopkins Hotel.
for."
the
(San Francisco)
of
Firms Fall Meeting at
stage changing
costumes and putting on make-up.
members
an¬
nual convention.
principals
not get to enjoy
necessitates, getting
Governors Meeting.
American Bankers Association
do
it
of
Association
Bankers
Sept. 23-26, 1962 (Atlantic City,
Ad¬
ministration, did not care for
everything in the Gridiron and
said so in his diary.
There are
probably others who have and do
feel that way, but summed up it
is a tremendous evening of fun
for nearly everyone.
The
scarlet
Marine
up
Roosevelt
Mr.
and
also
was
that
called
is
write
that
and I don't
There
skits
menu
correct
conformed.
wines
between
The musical
United
includes
you'd
about me—I sell SHORT not SHORTS!"
repeatedly tried to change
Nevertheless, the club stood by
it.
President
he later made state¬
wish
Bugle?—I
and he
Cleveland did not attend, but club
says
"Daily
Curmudgeon," (the
Secretary Ickes) may have
.
been correct when he penned in
his secret diary: "These affairs of
the
Gr i d i r o n
Club
wouldn't
amount
to
a
damn
if
official
Washington did not attend them,
Versapak Film & Packaging
Common & Warrants
^ Carl Marks & Co. Inc.
m ll»l
FOREIGN SECURITIES SPECIALISTS
20 BROAD STREET
tel: HANOVER 2-0050
•
Bought—Sold—Quoted
NEW YORK 5, N. Y.
teletype NY 1-971
■■
.
■
Investment
the traditional white tie and
history
President Grover
Calif.)
abandon
tails,
to
(Santa Barbara,
Sept. 19-21, 1962
lampooning. For
is a story in the
get
(Chicago, III.)
Municipal Bond" Club of Chicago
outing.
.
presidents
to
Association
Bankers
Sept. 13-14, 1962
all
in
Club shows. The guests constantly
turn
at
angles to see how the
ganized in 1885.
Investment
(Chicago, 111.)
Municipal Conference at the Pick
Congress Hotel.
that President Roosevelt
sought
States
tended the dinner since it
imposing,
as
there
instance,
exception, lias at¬
one
.
Sept. 11-12, 1962
Gridiron
The
Benjamin
just
all
Not
Har¬
President
since
Outing at the Westchester
Country Club.
*
probability, this year.
It
witticisms.
The Gridiron Club rarely leaves
a
Annual
elder states¬
now an
Hotel.
8, 1962 (New York City)
Municipal Bond Club of New York
Mine
United
the
of
Clubs
Investment
of
Seville
the
June
guest list from industry and labor
it
ner.
done
guests outside the
in the union labor field. The
man
in
never
at
Lewis, the longtime
L.
Workers, and
The
Strictly "Off the Record"
up
John
and
ent."
Ladies
Fla.)
Spring Conference of the National
government, as an example in¬
cluded Roger M. Bloug'h of United
States Steel, and Henry Ford, II,
of the famed automotive family,
effect
When the guests walk into the
presidential ballroom they will
see why this dinner is sometimes
a
June 1-2,1962 (Miami Beach,
Industry Well Represented
tions before the dinner bell starts
ringing.
Day at
Club; pre¬
cocktail and
Country
May 23 by
on
Bankers
dinner party.
Association
club
jinks.
Omaha
ceded
enjoy the one in 1961.
with
along
foremost
the
of
some
the
Annual Field
the
over
leaders of
this
great
nation
lampooned.
Leaders of business, industry, and
will
Investment
Association
This
Kennedy
has attended as
Chief Executive.
He appeared to
say
in
Nebraska
revolve
quips,
attendance.
Hotel.
(Omaha, Neb.)
dent
"public" dinner of the Wash¬
ington Gridiron Club.
It is an
understatement
May 24, 1962
year's St. Patrick Day dinner will
mark the second time that Presi¬
nual
is
din¬
skits and the
for
world—will
this
make
songs,
happen
anywhere
else
in
be presented in
Nation's capital.
Hilton
Statler
attendants
The
gest
1
Financial Analysts Federation
15th Annual
Convention at the
they are the subjects of skits and
HILL, THOMPSON & CO.,
INC*
70 Wall Street, New York 5, N, Y.
Tel; WH 4-4540
Tele, NY 1-0154
•
)"
i
@FedFRASER