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The COMMERCIAL and FINANCIAL
ESTABLISHED
1839
Reg. U. S. Pat. Office
Volume
193
Number
N. Y., Thursday, March 9, 1961
Price
50
Cents
Copy
a
as we see mm
eduor,.!
-
New York 7,
6036
'Africa for the Africans!" This cry uttered by one of the
aides of the President appears to have stirred up a small
hornets' nest when recently uttered. There apparently
-
those who feared that
by "Africans," the speaker
only the black peoples of that bedeviled con¬
tinent. The President himself after a few days, however,
; asserted in effect that the speaker obviously intended
to include all who thought of themselves as Africans no
matter what their creed or color, and on that basis added
that he did not know "who else Africa should be for,"
were
meant
or
.
The
j
and
in
President.
cans"
really
And
j
•
;
be
a
included
better
in
the
to
3
700-800
6
months.
lowering
Counsellor
around
level
second
some
should
given
able
interest
rates
long-term
yields,
postulates D-J
of
half
cor¬
1961
or
in
1962.
pected to be a net borrower of funds in the last
half of 1961 and in 1962.
(4) A major and sustained rise in the economy
be attainable if broadly based income tax
are legislated and made
permanent, but
this eventuality does not seem probable at this
juncture.
would
reductions
little
:
*
in order to pro¬
enough to keep
liquid funds from flowing into European securi¬
ties, where considerably higher returns have pre¬
vailed.
The gold outflow problem is ameliorated
when short term investment money stays in the
eaflier.,'r::
hurdles will have
certain
and
be^; surmounted:
to
(a); a
.
United States.
Table
-
.;
Edson L. Bridges
economy
capacity m
industries—tending;to dampen capital spend¬
ing; (c) a burdensome personal and corporate in¬
many
^-
tax.structure.
Treasury Bonds with
ing at their lowest yields in the present economic
cycle.
The Federal Reserve-has announced its
intention to buy bonds in the intermediate and
long termV ranges, hence these yields may work
down
somewhat
lower.
However, in order to
maintain buying interest in the long term bonds,
favorable yield differential will have to be main¬
in favor of the long term
instruments.
a
tained
.
Therefore, these yields
,
(3.) Instead of immediate tax reductions, the.
Kennedy
Administration has chosen increased
(Continued on page 24$
U. S.
.
con¬
with
come
1 shows that
maturities exceeding five years are currently sell**
amply stocked
appliances,
cars
and homes; (b) an excess of production
sumer
Short term interest rates are
—
still high relative to the ones which prevailed at
the bottom of the 1957-1958 recession — see the
in the short term money markets
vide yields which are attractive
{
(2) /The subsequent, recovery
should be of only moderate
proportions'because it will rely
heavily upon Federal Govern- •>
/merit; spending fpr stimulation, :
The Borrowed Capital Markets
Recent Patterns
yields on Treasury bills, bankers acceptances and
prime commercial paper shown on Table 1. In the
past few months, the Federal Reserve Board's
policy has been to avoid depressing interest rates
./
,
or
Africa?
term
in
trends
.
to the probbusiness and
(1) The current business re- "
cession will probably "bottom "out" by mid-1961, possibly a ;
that question is answered in ^
position,
be
Thus, before making any
consideration
governmental activities for the
next six jto 18 months./
questjon as to whom "Afri¬
once
national economy.
the
Africa would in the end
rather than
to check
expected
forecasts,
place them in a worse
such is the case in many
instances since it would leave them with many white
elephants on their hands which would soon refuse to
work. The next question is not quite so obvious, but is
equally pertinent and important. It is this: What is -to
as
of
course
light of economic outlook.
Given reasonably normal circumstances, the de¬
velopments which take place in the bond and stock
markets should reflect the changing conditions in
President—
and cjiyerse
peoples who think of themselves as Africans, and have
a valid claim to the description, there is anything but
unity of thought and purpose even when actual warfare
among them is not present or immediately threatened.
What is equally clear is that full title to all that they
claim
future
P/E at 18-20 range, and a DJIA increase from 685 high
concrete terms—not the vague terms of the
it is at once found that among the various
I
.
whether
That is the
are.
charts
price movements in
are
about
to
applied to Africa or to
any other continent or part of the earth, it does not have
very much relation to reality, however inviting it may
sound to the ardent but unthinking reformer of the day
or to the backward
peoples who feel that they are most
concerned. Take Africa as an example. Two pertinent
questions at once arise. One of them has already been
raised with vehemence^-and only partly answered by
the
as a means of fighting the current busi¬
,Programs of the type proposed
the threat of Federal expenditures exceed¬
ing revenues, and the falling corporate profits of
the last, nine months will add to any deficit in gov¬
ernmental operations.
Thus, the Treasury is ex¬
recession.
ness
:
porate earnings of $38-40 per share with recovery leaving
slogan of the times when what is known
that
spending
Qmaha, Nebraska
Impending increases in interest rates and yields in money
went up "Asia for the Asians," and
in effect shouting "Cuba for the Cubans."
trouble is
adviser
stock
market
anti-colonialism is rampant.
as
.
Investment
cry
many are now
It is a typical
Investment Counsel,
carry
words to that effect. It will be recalled that not very
long:, ago the
I
By Edson L. Bridges,*; II, Partner, Bridges
rK
the
3.25%-3.50%
are
not likely to fall below
buying support
(Continued on page 23)
Without
area.
from the Federal Reserve,
Underwriters and distributors of
PICTURES
the
of
IN THIS ISSUE:
taken at the 39th Annual Mid-Winter Dinner
ASSOCIATION OF PHILADELPHIA appear in todays
Candid photos
INVESTMENT TRADERS
Dealers in and Distributors of Securities of
Federal Land Banks
Federal Intermediate Credit Banks
Municipal
JAPANESE
Securities
STATE
AND
NEW YORK
BROAD
New
COMPANY
York
Offices
4, N. Y.
Telephone:
Teletype:
Dlgby 4-7710
BOND DEPARTMENT
Office:
/
Affiliate:
Nikko
•.
Kasai
Securities
LOS
Co.
T. L. Watson & Co.
1
*
.
FIRST
II
1832
Members
New York Stock
Exchange
'
Block
STREET
■<
NEW YORK 4,N. Y.
.
BRIDGEPORT
•
PERTH AMBOY
Rights
■
\
'•
bay the above rights
which expire on May 15, 1851
at
the
Direct
All
current
Private
market.
Wires
te
Toronto, Montreal^ Winnipeg, Calgary,
Vancouver, Victoria and Halifax
DIRECT
VIRES TO
MONTREAL *AHD
Dominion Securities
.
TORONTO
>
Goodbody & Co.
DALLAS
-
TORONTO-
We offer to
Inquiries Invited
Teletype NY 1-2270
Q
BANK
Pershing A Ce.
MUNICIPAL
BONDS
FOR CALIFORNIAvS
CANADIAN DEPARTMENT
4)OtUhfO€4t
company
—
DOMINION BANK
1
Commission Orders Executed On
Canadian Exchanges
American Stock Exchange
25 BROAD
Correspondent
HAnover 2-6000
•
canadian
securities
'
ESTABLISHED
New York
THE
Markets Maintained
Banks and Brokers
Active
To Dealers,
:
MANHATTAN
Southern
on
California Securities
Teletypes NY 1-708
Bond Dept.
o
the
ANGELES
Net
ft
,
•
Inquiries Invited
OF NEW YORK
TOKYO
UNDERWRITER
J3BJAX.BR
-
Development (World Bank)
MUNICIPAL DEALER DIVISION
•
SAN FRANCISCO
DISTRIBUTOR.
Riverside, San riiego, Santa Ana,
Santa Monica, Whittier
THE FIRST NATIONAL CITY BANK
•>
30 Broad Street
•
and
Claremont, Corona del Mar,
in
NY 1-275T U
Head
Marine Bonds and
International Bank for Reconstruction
Encino, Glen dale, Hollywood, Loaf Beach,
Oceanside, Pasadena, Pomona, Redlands,
STREET
Mortgage Association
United States Government I nsured Merchant
_
BONDS
Cooperatives
Federal National
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Securities Co., Ltd.
25
Banks for
Hope Street, Los Angeles IT,
623 So.
Members New York Stock
HAnover 2-3700
New York 15
MUNICIPAL
SECURITIES
CHEMICAL BANK
Federal Home Loan Banks
Lester, Ryonsa Co.
*
California
The Nikko
TRUST
BONDS AND NOTES
Housing,
State and
telephone:
PUBLIC HOUSING AGENCY
PICTORIAL SECTION.
U. S. Government,
Public
STATE, MUNICIPAL AND
•
MEMBERS NEW Y0RX STOeK EXCHANGE r
2;B^)ADWAY
;ilEVTYORK a*:
1
^ 1 NORTH LA SALLE ST.
;: r* •/..
CHICAGO
>
> >
,
CIVIC IMPROVEMENT
MUNICIPAL BOND DEPARTMENT
Associate Member American
Stock Exchange
Exchange Place, Hew York 5, H. Y.
Tel: WHitebaJl 4r»Wl:
Tele. NY *-7«2-3-
'40
BANK OF AMERICA
V
N.T.&S.A.
-SAN. FRANCISCO
•-
,
,
LOS ANGELES,
2
The Commercial and Financial Chronicle
(1070)
The
Dealers only
For Banks, Brokers,
"Over-the-Counter"
V. TER
CURTIS
KIJILE*
highly experienced trading
organization and extensive
wire system offers you
Orange
Rockland
and
It is not necessary
facilities, v
to
down
go
arilio,
Remember, when its
Over-the-Counter,
Lor
investor
an
politan, area and accessible to the
city
by two bridges : over the
Hudson
River.
The
population
or/Am-
Houston
-one
the
most
of
dynamic
has
I:inuing.
gone
v;.v:
.
is
Here
com¬
•vertible
panies in that
about
pp
v.
case
a
preferred
than
Stock
120
"
York
the
BOSTON
CHICAGO
•
PHILADELPHIA
Wire
System
that
knows
V.
Curtis
Kuile
ter
Orange and Rockland Utilities. In
1959
the
called
past five years the net income
has increased by
cf that company
Opportunities Unlimited
the
70.0%, and it gained 10.2% in the
25
Orange
is selling
stock
Write
for
Stock
Monthly
our
Digest, and
other reports
our
that give you a pretty
picture
the
of
economy
as
a
clear
Japanese
whole.
The Nomura Securities
Co., Ltd.
61 Broadway, New York 6, N. Y.
Telephone: BOwling Green 9-2895
This
is
not
orders
an
for
offer
any
solicitation
or
and
at
$33 Vb
into
common
share.
per
There
shares
offered
to
stockholders under rights at $100
39,165
on
April
14,
is
share
per
85%
tax
1960. The
free
to
On the balance sheet of Dec. 31,
1959, adjusted to the
the
Report Available
issuance of
convertible
above
stock, the
SECURITIES CO., Inc.
POWERS
BLDG.
ROCHESTER
.
14,
ratio
current
1.12
was
1, net working capital $965,000,
debt
$52,592,000,
$13,239,000
of
preferred
shards
stock,
of
and
1,958,910
stock, $10 par
common
The
N. Y,
earned
company
of
$3,832,441
share of
net in¬
a
$1.67
or
stock in
common
per
1960
as
against
$3,477,928, or $1.56 per
share in 1959, $2,909,746 in 1958
and $2,256,000 in 1955. Thus, the
Find
to
income
net
in
five
In
has
increased
and
years
past year
QUOTATIONS?
and
105%
70.0%
10.2%
in
FIND
THEM
cover
the
Edison
Bank & Quotation
This
company
(Only $45
per
in
This
bound
give
on
you
natural
all
Well
Over
as
-
those
-
will
monthly prices
listed
the
west
$4)
securities
"hard
to
Counter
as
find"
quota¬
bank
a
the
37
New
and
six
Hudson
miles
State
Interstate
17
run
service
along
to
the
the
River
north
Washington
York
Route
Mountains
miles
the
point
Palisades
the
The
gas.
of
George
The
derived
was
electricity and 32.4%
extends
area
publication
the
1960
from
from
year)
343,000 in
and
Sullivan
Counties, N. Y., in Passaic and
Bergen Counties, N. J., also in
Pike
County, Pa. Its operating
67.6%
—
esti¬
an
of
Bridge.
Thruway,
Parkway
Catskill
through the
com¬
pany's territory. The Tappan Zee
tions.
Bridge
Write
or
call:
WILLIAM B. DANA
25 Park Place
across
affords
easy
CO.
New York
'
bus.
:
The
the
Hudson
River
communtation
to
City by automobile and
Garden
State
Parkway
D A I WA
Securities Co., Ltd.
are
t
c o n s
ntly
a
achieve
of
County,'d I recti
go
Telephone: BEekman 3-3622-3
rate
to
on
be¬
recog¬
LAMB0RN & CO., Inc.
nized industry
leaders.
such
Richard M. Mahar
h
:
99
'y';'v
:
as
NEW
Boon-
combine
rapid
Inc.,
b
in
their
Gas
son
good
would
be
a
lies from
area
from
Hudson's
Ceneral
as
50 to
tension
lines.
public
130 miles
plant
In
other
words, it
has
whose shares
tributed,
try
to
of
concern
template,
Edison
both
for
and
stantially from such
Conservative
least
3.45%
sider the
a
preferred
Wealthy individuals, who
along
have
on
a
chased
New
and
better market if
the
York
Stock
when
develops,
should
both
of
show the
stock
at
get
pur¬
on
the
If
important
stocks
course
the
doubtlessly would
larger capital gain.
business
member
of
for
the
many
years
hy¬
The five
and
is
provided
by
Fuchs, Inc., put
control within
on
initiation
of
of the
Aeronautical
&
Administration,
a
Cornell
Engineering So¬
ciety and the New York Society of Secu¬
rity Analysts.
\ - ' ''*■ '
'J,
.
one
You
run.
Space
Helium
Ames,
Hypersonic Wind Tunnel: This fa¬
cility also attains hypersonic test
The pressure control
system supplied by Boonshaft and
Fuchs, includes a process simu¬
give
with every
to
the
world's
CARE Food
(This is under
a
no
circumstances
of
an
offer
to
to
be construed
buy,
any
as
an
offer
to
sell,
or
security referred to herein.)
send
Crusade, New York
lator
for
checkout which permits
overall
dynamic operation without
consuming the helium.
NASA—Langley
Variable
Field,
Mach Wind
26-inch
Tunnel:
The
multiple electro-hydraulic control
systems vary a nozzle shape giv¬
ing fast and precise adjustment of
Over-the-Counter
Mach # at the test section.
NASA—Langley Field, AC and
Arc
Jet
Wind
tro-Hydraulic
matic
and
control
Tunnels:
Elec¬
Electro-Pneu¬
systems
Quotation Services
for 48 Years
maintain
operating conditions for
to ultra high tempera¬
tures, such as are experienced in
re-entry from space flight.
proper
tests
up
David
solicitation
you
hungry thru the
National Quotation Bureau
Incorporated
Established
as
friendship
$1 package
conditions.
DC
♦The writer is a graduate mechanical
engineer, Cornell University. He has been
engaged in engineering and the invest¬
ment
"
Wind
attains
;
stock.
can
these
benefit, but of
common
,
Exchange.
something
facility
and
loops
second
con¬
they
stock
common
and
this
work
Labora¬
Superheater
This
Boonshaft
these
small dividend, would
a
food
most
in
of. this
personic test conditions.
Orange & Rockland 5%
convertible
facilities
Aernonautical
National
need
should
income
test
Examples
Wave
tory,
sub¬
merger.
investors
the
on
* /
Tunnel:
Rockland
&
systems
aerodynamic and hydro-
Cornell
for
de¬
of special¬
con-_ control '
systems
benefit
would
for the
are:
Consolidated
Orange
stockholders
to
they
as
control
installed
are
country.
Orange & Rockland. It
interesting situation to
an
4-2727
of its exist¬
Fuchs, Inc.,
and
responsible
dynamic
dif¬
widely dis¬
one need only
one
them
span
feedback
advanced
are
whereas
deal with
DIgby
of
method
construction
and
which
&
ficult to acquire the Central Hud¬
son,
been
ized
be
with
Boonshaft
sign
would
their
of
short
the
ence
Rockland has been held in Boston;
In
part
along
new
control of Orange
years
Futures
mature.
dated Edison at Indian Point. For
many
Exporte—Imports
recognize these firms
in their infancy and then
Consoli¬
of
to
ride
117,600
energy
Liquid
—
growth potential is an in¬
them
no
River from Peekskill and the
Refined
—
operation and management, catch
kw Tompkins
Cove plant of Orange and Rock¬
land-is
just across the Hudson
areas.
N. Y.
de¬
is
herent
danger
their service
in
power
The
is
There
trick
The
of
Raw
government
for the in¬
space
whose
connected by high
all
are
vicissitudes
the
and
vestor
serv¬
New York City. These com¬
panies
of
spending.
acquisition for Consolidated
Edison
of
Electric
and
dent
fense
5,
SUGAR
'
make a bid for the Long Island
Lighting Company. Central Hud¬
YORK
Fuchs,
service
-J;-."
-v
STREET
WALL
Many
shaft &
y
OFFICE:
YORK
growth and
come
through
jpp,
NEW
149 Broadway, New York 6, N. Y.
re¬
a
markable
New York 7, N. Y.
REctor 2-9570
space
growth through defense and space
y.' contracts an ability to spin off
Consolidated Edison is under¬
products of value to industry, thus
stood to be thinking over plans
forming a broad base for further
for its own expansion.
It could and continued growth indepen¬
area.
is
of
Orange
from
(Single Copy
serves
population
revenue
Record
when
conver¬
' and v Rockland
Orange
the
panies
the Hudson River from the
across
of
era
Company of
extend
Westchester
bond
of
2.29 times after income
was
Rockland,
■
exciting
and under the impetus of the
concerns
5%
branch offices
our
SECURITIES
Some of these
York
control
interest and preferred stock divi¬
mated
IN '
this
selling at
an
new
NY 1-1557
JAPANESE
Fuchs, Inc.
excellent
be
the
Consolidated
New
(AssocJ,
Historically
conversion.
that
taxes.
WILL
&
was
time
a
Direct wires to
technological competition between
ourselves and the U. S. S. R., new
vigorous com¬
May 27,
stock
was
Exchange
Exchange,
Exchange
springing
up
and
thriving.
should
1959.
compared with
as
1960 the overall
dends
YOU
at
stock
Stock Exchange
Stock
Mobile, Ala.
preferred at 130, thus
the
atomic
value.
come
Need Hard
Boonshaft
In
preferred
Stock
Oct.
$5.75
stock at 19%. On
at
there
preferred
to
GENESEE VALLEY
per¬
utility.
age
common
ice
corporate holders.
Quoted
Statistical
has
since 1908.
year
convertible
dividend
Sold
dividend
some
preferred stock, series E, is sell¬
ing over-the-counter at
145 to
yield 3.45%. It is callable at 105
were
-—
Standard
by
convertible cumulative
5%
stock
Bought
and
A—
paid in each
The
for 1957. The
19%-16%
Poor's
&
and
Capital Plastics Co.
excellent
On
an
a
York
American
Philadelphia-Baltimore Stock Exchange
to
company
this
chance
on
rated
is
been
for
particular securities
common
16%
American
>
1958
Members New
Members
Philadelphia, Pa.
'
.
Members: New York Stock
the New York
tible preferred stock would also
Stock Exchange at 46% to yield
•
about 2.35% on its present divi¬ be called.
In addition to the tremendous
dend rate of $1.10 per share. The
high and low prices for 1960-1961 growth potential, there is another
have been 48-35% and they were possibility in this situation. The
29%-22%
in
1959, 233/4-19y8 in properties and service area of the
stock
Steiner, Rouse & Co
Hess, Grant & Remington, Inc.,
of
the
forcing
1960 over 1959.
and Rockland
year
IN JAPAN
is
for
shares
common
is
of
New
:
Vice-President, Research Department,
issued 28,convertible
preferred stock, series C at $100
per share.
It was convertible to
1957
096
writer,
the
which
9,
of
line
any
City. (Page 2)
common
from
risen
formance
in
situations
has
46-%,
the
business
SAN FRANCISCO
•
Private
Nationwide
5
Utilities,
Kuile,
RICHARD M. MAHAR
con-
per
stock
fastest growth
Teletype NY 1-40
4-2300
ter
HAnover 2 0700
share of preferred. In
the past four years the common
New
of
V.
Bought—Sold—Quoted
19 Rector St., New York 6, N. Y.
common
three shares of
on
stock
City.
One
Exchange
Broadway, New York
WOrth
York
..
Associate Member
American
more
call
a
the
River
above
Rockland
and
Inc.—Curtis
stock, yet is senior to it and has
found
be
across
Hudson
'
1920
; Orange
yields
stock
will
Corporation
Established
Mahar, Vice-President, Re¬
Department, Hess, Grant
& Remington, Inc., Philadelphia,
Pa. (Page 2)
New Orleans, La. - Birmingham, Ala
:;y;
where, the
1.10%
just
Fuchs, Inc.—Richard
M.
36%
classification
New York Hanseatic
&
.
served
Alabama &
■during the eight years ended Dec.
31, 1958 and this trend is con-
utility,
because
Week's
search
is located in the New York metro¬
out in the Middle West
a
growth situation in a
public
Call "HANSEATIC"
Inc.
or
find
to
to
is
dynamic growth situation. A
large part of the territory served
a
Utilities,
Thursday, March 9, ,1961
Louisiana Securities
This
south.
the
from
.
Participants and
particular security.
a
in
comes
New York City
.
Their Selections
Boonshaft
the-Counter field, our
nationwide
This
Forum
different group of experts
a
participate and give their reasons for favoring
in the Overlarge
years
week,
in the investment and advisory field from all sections of the country
Experience Pays...
Our 40
Security I Like Best.
A continuous forum in which, each
.
Taylor
Model
Basin-
;
1913
VY
Wavemaker:
A
multiple actuator
Continued
on
page
28
46 Front Street
New York 4, N. Y.
CHICAGO
'
SAN
FRANCISCO
Volume
193
Number
6036
.
.
The Commercial and Financial Chronicle
.
(1071)
Our Balance of
CONTENTS
Payments
B.s.LlCHT£nSTfl^
By David Rockefeller*, President, The Chase Manhattan Bank
New
York
banker
himself to ways of overcoming our
deficit and of not jeopardizing our dollar in¬
ternationally when pursuing domestic anti-recession
finance subsidiaries to cover the gap
would
be
non-banking financial institutions.
QUOTES
Outlook for
in longer term financing. Loans
To
provide
1960
neces¬
even
than
at
in approaching our interna¬
tional financial problem to recog¬
recent years.
nize that it has two rather
new
sary,
but
vitally
related,
ele¬
ments.
separate,
fact of
in
to
con¬
our
t
in
other
vari-
taken
if
we
elimi¬
to
are
nate
the
cit.
But then
defi¬
secondly,
we
'
•
:
\
up
necessary
the
financing of trade
nations, which has been built
you
amounted
up
the
and
I
than
sure
it is widely realized
that the United States could have
a
sizable gold outflow even if
in
i
our
international payments were
own
balance;
foreign
conversely, that if
or,
creditors
gold.
both
face
is
in
the
sizable
rise
in
foreign
lars—it
about
also
and
grave
part of
to convert
value
of
the
dollar
far
There
is
cit
a
way
continued
become
over
12
that
is
our
country made a great
step forward in 1960 toward re¬
ducing
the
Our
have
increased
to
a
rate
of
near
in
billion is far larger
real
we
had
a
specialized in
opened
;
...j■
*
.
*
*
.
>!«
too
was
produced
inc.
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
.
Direct Wires to
18
Cleveland
Los Angeles
21
Dallas
Philadelphia
St. Louis
Regular Features
As
We-See It
(Editorial)
v-U' *'■> vMU
Bank and Insurance
>•>
^
Businessman's
the il¬
_.
Cover
CROSS CO.
'*>•»
_
;
Stocks
Bookshelf
"
43
Coming Events in the Investment Field-
payments
getting worse, rather
future
soon
Recommendations
'
'
;
FOTOCHROME INC.
8
___,
From Washington Ahead*of the News—Carlisle
Bargeron____
BERKEY PHOTO, INC.
14
Indications of Current Business
J
threatened to
An
outflow
26
Activity.
Mutual
Funds
PNEUMO-DYNAMICS
CORP.
22
-
of
<"*:
h
has
Certain
News About Banks and Bankers
<
Observations—A.
Wilfred
Our
18
Governments
May
4
-
J.
Reporter
on
J.F.ReiIly&Co.,Inc.
21
39
Public
Utility
Securities
DIgby 4-4970
Securities
Now
in
Registration
29
sizable
Prospective
Security
•
com-
Security
Salesman's
The Market
.
.
.
Offerings
39
Corner
and
28
You—By Wallace Streete
17
hold¬
The Security I Like Best
2
.
The State of Trade and Industry
Tax-Exempt Bond Market—Donald D. Mackey
experience, for all of us
community. "It
wise and responsible
business
Electronics
5
6
Capital Corp.
seem
a
time
when
such
the
as
the
national
on
1868
recent
Washington and You
44
interest
page
24
z
FINANCIAL
B.
Park
Weekly
Copyright 1961 by William B. Dana
Company
CHRONICLEj
DANA
.
CLAUDE
WILLIAM
Every
plete
Schenectady
Glens Falls
Worcester
J.
issue)
Other
Chicago
March
(general
and
111.
—
Editor
1961
135
'
!
(com¬
quotation
clearings,
bank
South
(Telephone
of
Canada,
$68.00
per
Countries, $72.00 per year.
Salle
STate
St.,
2-0613hr
Other
r
Bank
$45.00
and
per
year;
W!! V. FRANKEL & CO.
INCORPORATED
Publications
Quotation
year.
Record
(Foreign
39
—
Monthly
Postage
BROADWAY, NEW YORK 6
extra.)
WHitehall
Note—On
the
La
Febru¬
Dominion
Other
and "ad¬
news
market
news,
matter
Subscriptions in the United States, U. 8.
Possessions, Territories and Members of
Pan-American Union, $65.00 per year; in
<
Monday
every
issue
second-class
1942, at the post office at New
York, N. Y., under the Act of March 8,1879.
Subscription Rates
news; etc.)
Office:
3,
9,
as
25,
Y.
Treasurer
MORRISSEY,
corporation
state and city
N.
9576
SEIBERT,
Reentered
ary
Publishers
SEIBERT, President
Thursday
statistical
records,
Chicago
D.
Thursday,
vertising
TELETYPE NY 1-5
2-9570 to
DANA
GEORGE
ST., NEW YORK 4, N. Y.
COMPANY,
Place, New York 7,
REctor
Members New York Stock Exchange
TELEPHONE HAnover 2-4300
Broadway, New York 5
14
narrowed.
American
rather
Continued
Founded
"-if-*, :
44
Einzig: "Rise in Sterling Balances Requires Realistic Action" 11
date
spread in inter¬
a
rates
with
the
past,
■
BAIRD-ATOMIC, INC.
Dealer-Broker Investment
At any
some
"
■
16
,
basic
Spencer Trask & Co.
Boston
HA 2-9000
San Francisco
PREFERRED STOCKS
Newark
mackie,
&
s."
-■
n
The COMMERCIAL and
Nash villa
/*
■■
Singer, Bean
3!/2%,
as"
serious.
interest
—in
more
Albany
•'
.
25
,
Emphasis Upon Fiscal Urged by N. Y. Federal Reserve..
WILLIAM
BROAD
Face Many Responsibilities
20
Reg. U. S. Patent Office
25
"
Arizona Color Film
.
17
__
Grainger
Published Twice
have
Computer System
;
Chicago
came
close to precipir
confidence crisis for the
which might have been
difficulty with the dollar in
For many years we
15
____________
Boston Bank Questions Federal Reserve Policy____-___
hedging on for¬
.'seldom more,
flood.
a
more
would
than that of any other nation. Yet
spite of all this,
was
from this
sulting favorable balance of trade
in
Electronics Int'l
Partner
ings of short-term foreign assets
are
now
considering repatriating
at least part of their dollars..
A lesson might fairly be drawn
billion.. annually, while im¬
ports have leveled out.
The re¬
close to $5
U. S.Serviteria
12
Changes in Tax Laws Predicted by Seidman & Seidman
rates
nanies
$20
of
White Shield
?
spurred to make immediate
lation.
basic hard-core defi¬
exports in this period
cit.
which
Today, after hedging on forward
exchange, the differential amounts
to about 1%, a far less tempting
lure to foreign exchange specu¬
the
months. For the truth
past
in
ironic qual¬
this payments defi¬
unfold
\
__^r
_
'
YORK
WHitehall 4-6551
*
*
appears
certain
to
B.
•
.
,
Fortunately,' this danger now
to have passed. Not only
Americans, but foreigners holding
dollars
seem
to
have
regained
their poise and perspective.
In
the meantime, too, the differential
a
those
them
impaired.
ity in the
;
10
' |
-
shorts
much
our
modest size
est
holding dollars
into gold or other currencies, lest
the
Nadler
was
also
better.
tating
dollar,
concern
the
of
gold caused by
manage our
The result of a large
on
It
that
become
This
sharp
of dol¬
persistent deficit has been
tendency
of
ability to
our
STREET, NEW
"
the future of the dollar. A stream
a
holdings
raises
affairs.
own
>
was
in
transfers, and they were then
joined by others, including specu¬
lators, who began to bet against
both
balance of payments.
our
9
—
Trust Investments
on
Dean Rusk
—Isaac
a
were
deficit
deficit has not only led to
Cobleigh—
Gessner___:____.._^___:____:;~v
Loc£l Chambers of Commerce
rate, certain
companies that foresaw a need for
Clearly, the most urgent matter
present
as-
funds abroad at
fronts.
at
r
temptation .for, itreasurers
and international speculators with
sharp pencils. Unfortunately, the
movement in dollars set off a gold
great
than
It is important, then, to
aspects of the problem
on
to
cost
position
goods sold and services rendered,
there can be a very sizable
payments deficit with no outflow
—and to take wise action
abroad
half that amount. It
lusion
on
then
of
move
exchange
outflow.
are
willing to
acquiring dollars, and
dollar obligations in payment for
keep
to
differential-
WALL
.
Europe. In late summer,
will recall, this differential
ward
not
Obsolete Securities Dept.
99
3
—Roger W. Babson
.Never
between the United States, and
in the postwar years, and the role
of the dollar in that system.
For
am
'
Liquidity
Western
to
between
reserves
*
,•.
..
Advertising's Potential In Curing Unemployment
r
an
interest rates
term
•
,
large favorable trade
funds
a
'
.
the postwar years have
our
clearly
Rockefeller
the whole system of international
currency
of
these
David
consider
must
V—Hon.
*
balance, would have been reduced
to more manageable proportions—
perhaps to $1V2 to $2 billion.
The initial spark that induced
be
must
in
'
Our Participation in OECD Worthy of Our
Highest Aims
.
trade,
year.
,
.•
;
which
half
second
experienced
cause
actions
that
—Marcus
United
funds
related to
way
•.
.
__^.L
Impact of World Economic Events
outflow on a
similar scale. Without it, the deficit on our foreign payments, be¬
nations,
ous
the
we
with
the
and
in
told, this outflow amounted,
$2 billion or more, much of it
before
pay-
s
no
—Lawrence K.
the
'•••
v
Some Hardheaded Advice To the Paper
Industry
All
tinuing deficit'
m e n
from
of short-term
in
was
the
a
outflow
States
v,
■
Telephone:
•,
V ; '
;
'
of course, lay in a
in
the
picture; a
The reason,
element
sizable
-
First,
have
we
:
~
Rockefeller
IN THE NATION
r
Cover
-i '*
of Payments Problem and World
Electronics Capital Corp.—Ira U.
time
other
any
.
Bridges, II
•».
—David
proposal for IMF to borrow from countries running surpluses.
is helpful,
'V
monetary
agreements to hold each other's currencies instead of demanding gold;
it
.
Our Balance
borrowing from IMF and non-dollar IMF loans; and E. M. Bernstein's
think
\
.«
liquidity for expanding world trade and protection of key currencies
from strain, Mr. Rockefeller comments on: Triffin Plan; governmental
I
Business, Interest Rates and the Securities
Markets—Edson L.
.
be drawn from
sufficient
THE WACKIEST
Page
To
measures.
government guaranteed and funds would
A.
Articles and News
sales abroad, he proposes that commercial banks set up export
spur
COMPANY
AND
■S~
addresses
balance of payments
3
rate
foreign
must
account
of
of
the
exchange,
fluctuations
remittances
3-6633
in
for
subscriptions
and
advertisements
be'made in New York funds.
Teletype NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(1072)
Official
An
OBSERVATIONS...
Task
tion has compiled for us, for
SECOND
TOUGH
THAT
This
year's 9% rise of stock
new
in the face of a
again typifies,
divergence between the
the forecasters' greater
prices
economy
with
the
difficulty
Whereas
market.
stock
accentuation
the
declining
both the
two, and
of the
"Recession-or-What"
late
1960
correct¬
was
ly foreseen, the market was mis¬
takenly expected to decline, as
"motivated"
by economic, techni¬
even
"seasonal"
(with
and
cal
February
"down month")
a
fac¬
The second horserace in this
tors.
two-bet
harder
is
parlay,
to
far
by
stock
the
have
These
1920's
from
market
economic
included
through
1942
the
events.
late
Great
the
the
1929
the
the postwar
booming
business
and sliding
stocks, the
converse
in the late Korea-year
1952, and the stock rise-versusearly
war years,
business
out
slump of
the
the
did
economy
1958.
that
better
a
than
on
the
on
in 1955
four
The
about
were
tion
even.
apply to the Mutual Funds'
forecasting efforts (most of whose
adheres
to
the
of
gold outflow, and the
our
"normalization" of its market price
quite
typically, has predicted both lower
abroad. This
business
havior is
activity and stock prices
during the early part of the year,
with a pick-up in each during the
with
President
diction
February
-
contest
Market
for
the
again interesting.
With
the
Jones Industrial Average
rise
net
"bettors"
from
622
(with
13
to
of
the
of
forecasts
statements
is
in direct
not
con¬
concurrently
is
being
infla¬
policies and in¬
ascribed to the President's
tionary
Dow
programs
tensions;
and
prospective
on
re¬
valuations.
firm's
at
devaluation.
not "realized" from
was
activity
showing
649, the
the
forestalling
In any event,
DOLLAR
ON
employes included) ranged all the
way
from 395 to 850, with the
average
busi¬
"means
trast the sensational stock market
financial
by
Eastman
Dillon, Union Securities & Co. are
a
that
realization
now
previous
clear.
Pre¬
conducted
writers
in
Why this
his
to
officials
Bank
the
on
.
The results of the annual Feb¬
-
Central
our
ness"
ruary
deflationary be¬
new
being explained widely,
included,
the
half.
second
Re-examination
624.
the
cartoonist,
"happy"
utilities, the average guess
87, against the actual close of
status
was
up
The
actual
one
mium
in previous periods
considerably
more
rumored
prediction
mean
weeks
in
4%; in 1959-60 the
guess
was
rise
in
for
whereas
of
drop
of
followed
was
the
actual
guessed
as
of
dollar
over
101*4%
well
as
years.
Syverson
to
situations.
and
Saturday Evening Post cartoonist, is noted for the
can put into little cartoon figures
He is seated above.
Standing are Howard E.
Buhse,
J.
T.
chairman
executive
the firm's
of
rise
of
only 1%.
Reflecting authoritative 'skepticism
the
of
Bank
Canada,
that
bank,
it
the
radical
capital
abroad.
Also
there
is
our
Canada
from
goods
and
that
an
often look to
refuge for
and
exert undesirable
Canada's
terms
of
may
"
on
trade.
.;
V
'
.
the
;x;
Canadian currency
complex
toward
Pinpointing
dollar, with manifes-
our
harbor
we
is
an
his
instead
there
argument,
Mr.
the
Canada's
20-
dian
and
other
UNDERWRITERS AND DISTRIBUTORS
adverse balance of merchan¬
dise
aging almost $1 billion and more,
side
of
the
fence
always
has
This explanation for the "myth"
OF INVESTMENT SECURITIES
of
Canadian
financial
keynote of
Dominick
ful
conservatism
strength
interesting and
an
pamphlet
Wasserman,
by
William
investment
Exchanges
Stix
billion
5%
in
Australia.
NEW YORK
(A Study
of the Canadian Dollar
Reality, publ.
Wm. Stix Wasserman
&
Co., Inc.,
to translate information into action
pay
out,
of
75%
on
or
on
have
stake.
the
basis
a
He
of
re-invest for the
a
pleased
come
an
ac¬
should
that
new
billion
$2
time
a
of
year,
MUNICIPAL
Members Midwest Stock Exchange
Effective March
The
only
Ft. Worth
Wichita Falls
Paris
Tulsa
Abilene
Amarillo
Denton
El Paso
Sherman
Norton
Building
•
sensible
dress the balance of
and
to
way
re¬
payments, he
concludes, is through permitting
the exchange value of the Cana¬
dian
dollar
where
to
sink
to
exports
will
be
stimulated and
seas
point
a
greatly
imports and
over¬
tourist expenditures discour¬
aged.
Such
is
a
significant
devaluation!
>
/
offices
15, 1961
INC.
Seattle 4, Washington
Ardmore, Oklahoma
Telephone MAin 4-4550
at
re¬
only $1.8 billion.
BONDS
FOSTER & MARSHALL
1505
total
exchange
foreign
amount to
PARKER, FORD & COMPANY, INC. Investment Bankers
Dallas
He
occur,
this
and
Canada's
when
specialize in Underwriting apd Distribution
NAMC0
this
exchange market might have
could easily be in excess
of
ELECTRO SCIENCE □ WALLACE PROPERTIES □
investors
face
incorporation
trading markets in
surplus
potential drain that the Cana¬
announce
of
the
investment
discouraged
as
serves
a
to
investment
an
may
gold
about $1,250
.
and the establishment
to
and
this, Canada has to
foreigners,
our
own
Canadian
of
Canadian
million annually.
are
foreigners
time
that
return
count
We
RETAIL POWER
$25
a
foreign investment
securities,
corporate
banker,
calculates
~—The Myth and the
make firm
present
approximately
economist, and former chief, U. S.
Mission
by
Canada, with the result that at
the
use¬
of
this
and
Economic
14 WALL STREET
we
in
the
aver¬
counter-balanced
been
American
and
forms
payments,
to
He maintains that
annually.
looks greener.
that
in Canada
with the likelihood that
of
estimates
year
service
insists
sell and take their money out.
tion of the foible the grass on the
throughout the United States and Canada
true.
favorable than it has been
less
outgo,
cites
Wasserman
is
for investment
for years,
The 20-Year Deficit
status may be partly reflecting an
inferiority
upon
exports
But, he points out,
Wasserman
climate
realities."
sheet
The U. S. citizens' endorsement
of the favored
based
merchandise
reverse
Mr.
strength of the Canadian
is
a
surplus resulting
expenditures and an
imports.
over
illusion
that could rapidly disappear when
looked at in the light of balance-
-
Escapism
the
dollar
had
of
excess
exam¬
ever
dollars
Correspondents inprincipal cities
Canada
safer
without
not
be
difficult,
banker-economist,
if
would
the
from tourist
inflation¬
ining the facts, namely that Can¬
ada's so-called financial strength
pressure
1870
This
states
our
bor's complaint that issues of Ca¬
nadian securities payable in U. S.
Members New York, American & Toronto Stock
and
V
something
do
on
they
the
as
dollars
their
neigh¬
;.v-:
•;
think
may
embark
or
policy,
ary
to restrict the inflow of
foreign
Americans
government
cen¬
;
Street,? New York City.)
"When
become
may
''V••Vv/;.
.*v-
Pine
70
recently expounded by Mr.
James
E.
Coyne, the Governor
necessary
EST.
VC'Vc*
the Canadian side is the
on-
view
tral
&
(left)
committee,
Walker, Jr., senior partner (right).
recent
as
flotations of loans here.
*
of
Dominick
a
its
great expressiveness which he
above parity, largely be¬
Red
China's buying of
grain
Mr.
gave
contribution to
well-known
a
the past two
from
firm
banking
his
a pre¬
American
the
Henry
Syverson," nationally-known
illustrating Hornblower & Weeks ad¬
for
been
the past two
a
exactly that amount;, and
1958-1959
32%
market
a
there
de-valuation
has
The 73-year old investment
luncheon recently to honor
advertising campaign, which was designed
to promote the favorable, modern, friendly public image which
the firm wants to have with the investing public. Mr. Syverson,
is
of
cause
Canadian
6%,
dollar
Selling at
it has
risen
1011/2%
12% rise against an
of
above
for years,
unsuc¬
a
was
Canadian
other currencies.
The*tflesses
custom¬
mythical prerni$e;of correla¬
tion between the economic factors
and market fluctuations). A lead¬
ing fund management organiza¬
ary
tion and
from 85 at the beginning
the^yy^.
1960-61
of
who
vertisements for
most timely now—midst re-valua¬
of
the
of
Anniversary
"Happy
"MYTHOLOGY"
For the
cessful.
seem
to
literature
they
For 1961 this management,
stock
Split Results by the Funds
divergent results
no
more
were
same
with
prices.
pervasive difficulty in an¬
the economic data forecasts ticipating the public's reactions
accurate; in 1956 the to the economic factors, is now
market prediction was better; .and. exemplified in the sudden cessa¬
were
the
job
—.."but
stock
about
Diversified Interpretation
aver¬
last
the
forecast
to begin shortly
years,
market.
The
of
mid-year
107,
Through¬
shows
record
forecasters
each
of
interval
1946-1949
for the stock
same
In
recovery
before
Market Experts' Prediction Derby
1935-1936 period of a
bull market rise of 50%, the 1939-
Crash,
the
ages.
This is in line with most of the
accompanying
predict
the
dope.
past major instances of divergence
of
each
since
1955,
its economics
department's forecast along with
the subsequent actual results, for
each
of
50
economic
indicators;
and
economic
the
sphere (along with the President's
Council
of
Economic
Advisers),
year
BET
in
Force
Thursday, March 9, 1961
.
Hornblower, Weeks Honor
Incidentally, Professor Paul A.
Samuelson, President of the
American
Economic
Association,
and leader of President Kennedy's
WILFRED MAY
A.
BY
Line
.
.
Teletype SE 673
case
for
Voliptoe 193
Number 6036
.
.
The Commercial and Financial Chronicle
.
Steel
Production
Electric
tion
Output
Tho State of
Food
Price
Auto
Production
Business
Index
Price
Index
March
Monthly
Review
spending
of
the Federal Reserve Bank of New
to
York
decline.
includes
sessment of
the
following
as¬
the business outlook:
decline
The
year.
the
since
the
downtrend
major indicators
moderating,
has
news
mixed
turn
and
some
to
slightly
a
than
in
of
be
marked
more
of
previous
fluctuations
new
what lower. New
period—is bottoming out. The
further
inventory
slowed at the
but
total
both
as
of
durable
nondurables
in
also
goods
drawn
are
the
down.
in
capital
outlays
was
by
the
At
official
the
business
fixed
"The
underscored
In
decline only
slightly.
declines
in
in
—
month.
Department
weakening in
in
consumers'
undoubtedly
was
in
been
con¬
a
there is
1960. At this center
gain for the week end¬
a
Chicago—
gain in steel pro¬
February despite the
in
reduced
volume
automobile
orders
of
1,224,000
Eoston
Steel Industry
the cut in automobile
which
contributed
heavily to the January decline in
total output was carried further
The
show
Rise
clearings
Over
(2) Most
inventory
and
with
compared
figures
compiled by the Chronicle, based
upon telegraphic advices from the
chief
cities
of
that
Saturday,
all cities
which
it
of
opti¬
market
The
has
Iron
the
for
country,
the
second
indi¬
has
clearings for
possible
to
obtain
(3)
of
Age
But
to
up
opera¬
inch
cutbacks
operations,
tinue to
some
of
strengthening.'
c
•
magazine
the
automotive
in
the
mill people
improvement
the
eral business has
stimulus
of
have
an
been
recent
of
and
difficult.
the
in
more
tive
orders.
of
the
general
moderate
business
employment
has
levels
pace
decline,
reached
for
the
ca¬
con¬
now
In
for
the
by the
troit
continues
magazine
steel
to
be
reports.
orders
sumers'
confidence.
".
from
-Ty.-':
"Residential construction, a sec¬
tor ultimately dependent on -final
of
consumer
has
demand,
also
SPANNING 75
near-
credit.
pe¬
Private -nonfarm
-
INVESTMENT SERVICE
housing
riod;
in part, this is the result of starts
(seasonally adjusted) rose
considerable unemployment even
slightly in January, but'; outlays
at the start of the currant business for residential
construction con¬
downturn. In
January, unemploy-': tinued
to
meht
little
YEARS OF
con¬
tinued to be sluggish despite some
increase
in
the
availability
of
Various
rose
a
less
than
sea¬
sonally, but it is disquieting that
there
was
substantial
a
rise
in
longer term unemployment and in
unemployment of heads of fami¬
cut
lies.
interest
This
from
significant
welfare
a
also
is
not
'because', it i implies
cuts. >■;
in ^family
would
s
the
business.
'
a
course
■.;" •;,'v
'•In
ness
assessing the
the
,
,
trends, in
.consumer
only < because
sector
terms
of
this
final
but
is .the
also
b
also
may
flow
of
savings
by -the Federal
System. The
In
'V-"
(r.
i"y-
tend
to
-' "■
enough to
such
seen
leisurely, Victorian days of 1886 that William E. Hutton
firm, in
small Cincinnati office.
a
today's rapidly moving world, W. E. Hutton & Co.
' •'
_
>•
.i-
^
;
•'
r; '
x
,
•
.
" *
J.
T,
additional cities. It is noteworthy that the
as
upholds the traditions of the firm. The
members
of the third and
one
well
as
present
the in-
serves
..
,
public from seventeen offices
in many
affect
.
-
through correspondents
same
family still
partnership includes two
of the fourth generation.
whether the
demand Vis
strong
peiroit; a quickening
the tempo of
our
vestment
long-term, capital in
be
in the
and
•'
to
was
founded
v
thie; flow"
remains
dollar
e c a- u s e
to
dBank
largestr underlying
in
It
mortgages
of the potentials
general which; of ^cdnrse, ;irieludes
of
on
spending—-not
demand
a
allowance
of. extension of Federal Reserve open
:
market operations to longer term
issues
situation, '<a good- deal
attention has... been focussed
-Loan
•'
FHA
on
associations
Home
busi¬
current
Feb¬
cost,: including
epansiori
of funds
an
lean
Current Developments
•
through
maximum
rate
supply-
restraining
general
-
further
its
the
in
but: and
spending .which
constitute
force-.on
reduce
and
only
standpoint,
decline-
steps have been
taken recently to increase further
the availability of mortgage credit
ruary.
As-
our
firm has grown
and
our
services have expanded,
we
have been
of
increasingly identified
residential construc¬
underwriters\of
as
many
important corporate,
"
1
state
v
and
municipal issues.
Completely equipped with research and private wire facilities,
We
are
pleased to
the association
!
.
,
*
u
announce
with
us
of
a
position to
--
IndustriaI
our
s-
-•:<*
As
we
mark
newly established
the best interests of both individual and institutional
v
'
•
v•%
Development Division
our
of
75th Anniversary, it will be
our
K-
our
Members New York Stock
r
Exchange '
leading exchanges
CINCINNATI
NEW YORK
BUILDING,
SAN
Boston
distributors of securities
FRANCISCO, CALIFORNIA
Telephone YUkon 6-2332
continuing aim to merit
W. £. HUTTON & CO.
Walter C.v
RUSS
'
clients through conscientious investment service.
and other
^Underwriters, dealers and
•
-
Mergers '• Reorganizations** Financing * Real Estate'Investments
.
in
■
the respect
Director of
serve
investors.!';
-—'Ms
I RE. Vv GOODWI
as
we are
t"i
f: ^
Dayton
Columbus
Lewiston
•
*
Biddeford
Baltimore
Philadelphia
•
Lexington
•
•
Easton
Burlington
•
level
Hartford
Hackensack
•
Portland
Wayne
gloomy, the
pickup in
No
automakers
Continued
internally.
1886-1961
Federal
same
a broad base of products are
faring better in the recovery.
contrast, the news from De¬
System do not suggest
marked deterioration in con¬
any
un¬
postwar
Bureau
and
com¬
improvement for all mills. Mills
Conference
Newsweek
than
However, the pickup
has not resulted in the
Reserve
dis¬
timing
A
"Despite
record
shifts
Industrial
for
Census
genuine- improve¬
takings particularly
ments in final
the
making
between
sales
Board
conditions
important factor in
months,
tinction
National
anti-recessionary
Weather
be
pensated for cutbacks in automo¬
upward
programs.
will
Up to now, the pickup in gen¬
thrust On the other hand, results of the
continue under, latest surveys conducted by the
moderate
is likely to
orders
*
economy.
spending
have
recently consecutive month, although by
signs of leveling out or only $0.6 billion (seasonally ad¬
turning into advances, and gov¬ justed annual rate) compared with
ernment spending has been exert¬ the $2.1 billion drop in December.
a
steel
geared to the general level of the
shown
ing
however,
out.
year runs
sumer
which
'
adds,
any major upsurge
in the next
few months while the 1961 model
measuring
the term
use
an
coming in with modest orders.
(5)
The
tinplate
market
is
with
way
near
been out of the market for months
for
(as
capacity)
a
are
The
are
up,
looking
to
are
scrapped the "percent of
as
now buying
indicating that
are
plate and structural
moving up slowly.
(4) Many small users who have
quarter.
pacity"
pickup
market is
Although the industry officially
of the United States for
is
percent
a
ended
week
March 4,
advance.
mills
signs
continue to lag. This will prevent
operating rate in the 60s
an
Preliminary
ago.
steel
beginning
are
some
these
end.
that
Shows Some
modest, but do not add
tions
will
week
users
consumption,
Over-all
full-scale
a
lists
+22.2
undertone
the
strengthened,
are
20.4%
this
increase
an
in
Age
improvement:
for
9.3
Indications of the better market
Clearings
year
+12.8
729,825
Iron
5
(1) There is a noticeable
in general orders.
reports.
Corresponding 1960 Week
a
recent
mism
February."
Bank
1,085,000
-
+
Improvement
other hand,
Bank
1,339,249
891,522
____
the
production
in
The
of
The
from
On
producers.-
1,463,256
Philadelphia
to have
appears
further
duction
cate
a
week in
same
in¬
major
reason for the slackening in con¬
sumer spending. Personal income
in January declined for the third
report
lines
some
the
industrial
of
20.4%
(seasonally
decline, and there
despite the special ef¬
decline
comes
in early
March that 1961 expenditures are
expected to
in
rate
be
the
corresponding
year. Our preliminary
totals | stand
at
$31,224,862,183
against
$25,924,714,928
for
the
sales slipped
sales, after
January, also strengthened
February.
the
of
mildness
decline
some¬
February
store
time,
and
—
later
current
although
forts of dealers competing in sales
contests
but turned up sharply
manufacturers'
and distributors' stocks of finished
same
pace
goods
moved
car
early
and
vance
decline
may
other
of
the
in
the
will
last
ing Friday of 26.6%. Our comadjusted)
to partive summary for the leading
102% of the 1957 base, following money centers for the week ended
a
two-point decline in the pre¬ Mr^rch 4
(000s omitted)
is as
ceding month. A rise in steel out¬ follows:
put
was
an
1961
important
factorI960
%
underlying the smaller rate of New York__ $17,202,319 $13,583,421 +26.6
contrast to the usual seasonal ad¬
has
manufacturing level,
inventories
further,
sales
pace
liquidation
over-all
weakened
deliveries,
car
months. But it is too early to say
that the recession —-- so far the
mildest of those in the postwar
of
the
January was not quite so sharp
as
in the preceding month. Like
the October rise, the recent de¬
cline in sales resulted mainly from
business
recent
had
tone
in
seems
for
buying
in
the
of
Retail
substantially following a brief up¬
turn1 iri October,' but the decline
"Business activity has' continued
to
cushion
a
as
has been widely looked
clearings
those of
week
output has continued to slacken.
In January, the Federal Reserve's
index
edged
down
by another
point
The
weekly
above
up.
economy,
Failures
Commodity
the availability of credit is
"Reflecting the decline in spend¬
ing
in
various
sectors
of
the
Retail Vrade
TRADE and INDUSTRY
as
stepped
Carloadings
(1073)
on
page
is
27
6
The Commercial and Financial Chronicle
(1074)
level for good grade school district
bonds.
TAX-EXEMPT BOND MARKET
$2,500,000 Wake County,
(1962-1982) school building
general
obligation
bonds
were
BY DONALD D. MACKEY
In
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
C.
N.
awarded
-
Tuesday to the syndi¬
on
March 9
cate headed by The First National
The market for state and munici¬
forts
pal bonds has recently been more
sensitive to the confusion of finan¬
price
cial
economic
and
have
other
In
all,
of the bond
market. The Treasury bond mar¬
easier, never¬
theless, has been relatively steady,
largely because
of the Federal
Reserve
continuing policy of
monetary ease and its willingness
to
ket
ket, while slightly
directly
intercede in
have
moniously passed
since
now
in
resulted
dozen or more general
a
issues
market
phases
market for longer term
and
cutting when and where
important sales were effected.
than
factors
flops
were
the
been
over
advent
of
uncere¬
by investors
the
large
Unrealistic pric¬
ing has been the simple answer,
even should you place part of the
flotation.
power
City
bonds
fetching stock mar¬
and the important institutional
the
on
interest
maturities.
New
York.
(1982) bore
1% coupon and
a
Cincinnati City Sch. Dist., Ohio___
publicly reoffered. Upon ini¬
tial reoffering about half of the
issue was sold, and at press time
a balance of $1,110,000 is
reported.
syndicate
Chase
headed
district
Lima, Ohio
The
was
bonds
bond
market Vhas
but little affected
been
issue volume has
since
Awards
Recent
new
Although the
been sparse and
not
■
,
issue calendar
new
bond markets may remain steady,
this week,
there were three sizable general
obligation serial bonds issues up
for sale. The largest on March 7,
and
involved $40,000,000 Common¬
the
calendar
continues
was
relatively
light.
The
and
Treasury
corporate
improve in the
near-term, because of the paternal
Federal
policy,
because of
the
even
may
simplicity of both
technical
situations
ket
one
wealth of Puerto Rico
(1962-1981)
public
bonds.
improvement
Al¬
St.
we
totaling
to
go
Chicago
the
issue. The consolidated group was
sue
glimpses of the incipient recovery
managed jointly by The First Na¬
only tantalizingly apparent
tional
Savings
economic
distant
lags.
the
on
horizon,
The
even
City
Chase
Chemical
this' dim image is confused by the
cries of "mirage" that derive from
Co.
high political protagonists.
Ira
and
dealers
&
Haupt
Trust
Co.,
and
list,
investment
and
the
Bank,
York
New
nation-wide
a
York,
New
Manhattan
Bank
included
of
Bank
of
bankers.
submitted
was
by
the
Bank
1962-1981
11:00
a.m.
1962-1986
11:00
a.m.
—4,000,000
1962-1984
Britain, Connecticut
1,745,000
1963-1981
Omaha, Neb.
3,500,000
1963-1976
Pennsylvania General "State Auth.
o-. A V.
r
11:00
a.m.
Manhattan
Bank.;
The
as
25,000,000
_______
County
3,000,000
Santa
Monica
Authority,
Texas
U.tica
11:00
a.m.
1964-1931
9:00
a.m.
1962-1986
10:00
a.m.
.
____—
1,550,000
Women's University, Texas
Community Sch. Dist., Mich.
March 16
in 1991. After the initial
2:00 p.m.
1,000,000
1964-2001.
9:00
3,980,000.
1962-1990
7:30 p.m.
a.m.
(Thursday)
Scaled
4%, the first six maturities (19621967) and the last three maturities
available
(1979-1981) were not publicly reoffered. Upon initial reoffering the
other group, but initial orders in¬
dicate a successful placement of
Pelhain Union Free School District
entire
these
University of California
tax-exempt bond market,
however, has been recently more
susceptible to the simple factors
of
the
market
place than has the
larger taxable phase of the
ket.
Extravagant
cently
bond
lifted
a
The
re¬
new
unfolded
has
realism:
coincidental
high price structure,
issue
calendar,
in* all
heavy
situation.
basis
begins
points and
thusiastic
close
managers
or
half
en¬
to
toyield
bonds
from
were
2.40%
reported
The
balance
about
as
as
we
go
is $10,142,000.
press
also
March 7
been
the
into
came
market
seeking bids for $15,-
(1972-1999)
general
obli¬
gation water bonds. The syndicate
developing for the last few weeks.
headed
The
Trust Co. and
municipal
viously
market
in
been
had
'such
pre¬
favorable
Co.,
technical balance that dealers per¬
sisted in over competing for most
would
their
sively
prices.
—somewhere close to
4%
^t^ad.
Npw
School
closer
market
—
flexible,
prices are
necessarily rigid
they are usually a
their
and
reasonable
group
and even accustomed
pconle,
being under-rated.
The market
into
The
successful
dealers
ding for the
sizable issues.
in
to
un¬
reoffering.
over
of
At
$1,375,000
to
headed
were
sold
present
remains
bid¬
less
Here
again
ef¬
cally
adjusted
these
syndicate
half
about
their
of
came
scaled
yield from 1.50% to 3.75% and
were
other
week's
Many
the
to
and others. The bonds
placement of the
$100,000,000 New York State Pow¬
Authority issue seemingly
31
$2,940,000
Coy The Chase Manhattan
Bank, and Spencer Trask & Co.^
derwriting and
encouraged
No.
Free
Trust
has degenerated
during this past
recent
with
Union
by the Chemical Bank New York
■
ease
weakness
week.
District
awarded
to
Ycrk
(1962serial bonds. The issue was
1990)
of
"
announced California and
pricing
to
a
on
in
account.
was
realisti¬
r.ew
market
issue
flotation.
Florida
and
It
persist for
ing
now
that
appear
of
pressure,
volume
general
rather
than
vestor appeal. The
limited
in¬
a
fortune
good
exceeds the
supplying
job
requirements.
The
against
as
market
decline
a
of
California
(State)
(State)
i
Jersey Highway Auth., Gtd.__
New York (State)
Pennsylvania (State)
3%%
3%
Vermont
Noon
11:00
a.m.
3,750,000
1962-1981
10:00
a.m.
3y8%
New
Los
Housing Auth. (N. Y., N. Y.)
Angeles, Calif
Baltimore, Md.
Cincinnati, Ohio
Orleans, La._____<
Chicago, 111.
New York City, N. Y
New
——___
D strict
'
:
March
..
3.15%
3.25%
3.10%
3.15%
3.00%
3.00%
2.90%
1978-1979
3.15%
3.00%
1977-1980
3.35%
3.20%
term
1978-1980
3.70%
3.55%
three-quarters of
1980
3.35%
3.20%
1980
3.35%
3.20%
1979
-3.70%
3.50%
3%
-
1977
1980
-
'
V
(
'•
-
.
f,
r
.
.
for
the
against
week.
Index
week
Detroit
3.70%
In
the
average
the
case
prospect. '
10:00
a.m.
1982-1991
11:00
a.m.
1962-1987
10:30
a.m.
7:30
p.m.
11:00
a.m.
'
1,052,000
2,175,000
:
Port
2,6.0,030
1932-1935
"
<
6,000,000
M962-1981
1964-1983
10:00
a.m.
1952-1991
1963-1982
11:00
2:00
p.m.
10,000,000
1,750,000
(Wednesday)
Baton
30
2:30 p.m.
1982-1981
Noon
(Thursday)
Rouge
Commission, La.
2,000,000
10:30 a.m.
1962-1978
April, 3 (Monday)
Expressway
a.m.
:
2,800,000
Greater
I-,
100,000,000
3,000.000
Ohio
Jacksonville
.
1,460,000
1, Fla.__
:
Author-
„
,
ity, Fla. ————40,000,000
2; as
previous
the
of
this
longover
2000
April 4 (Tuesday)
Birmingham, Alabama
Los
Angeles
Flood
circum¬
week.
•
An
15,030.000
April 5 (Wednesday)
Austin Indep. Sch. Dist., Texas
California
-
Jefferson
2,500,000
190,003,000
County, Kentucky-1,715,000
•
-
Daytona Beach, Fla
"
Dist.,
—___—
orderly
4
6,500,000
Control
Calif——-
point. Both of
but easy market seems in immedi¬
ate
1963-1981
10,000,000
of)
five-
3.40%
i ~
a.m.
a.m.
2:00 p.m.
(Tuesday)
Mich
March
3.45%
"
11:00
10:00
(Monday)
Cakland, Calif
Dayton,
stance
the
1966-1981
6,760,000
Dist.,
March 29
week's
the decline is
a
1962-1981
1962-1981
4,000,000
March
general market
for
1,485,000
Washington Sub. San. Dist., Md.__
Wausau, Wisconsin
3.45%
a
(Sta'e
1962-1-984 " Noon
2,250,000
—
Washington...
Sch. Dist., N. J.__
Tax District No.
Port of
average! 3,74%
for
3,600,000
(Thursday)
Fridley, Minnesota
Greearborc, North Caroiina__^
Hillsborough County Special Sch.
Kentuckv
these indexes seem to well; repre¬
sent
Auth., Ohio
14-',
City Sch.
Louisiana
ended
(Wednesday)
March 28
Their
3.65%
8, 1961 Index—3.246%
*»:
Bond
pike
22
Allegheny County, Pa
The Smith, Barney & Co.; Turn¬
3.30%
3Y4%
No.
Delaware Twp.
'
School
___,_
Wisconsin
Indexes Higher
1974-1975
-
'3%%
:
Yield
1980-1982
3V2%
3%%
3%%
3V2%
_____
3.55%
1978-1980
-
3%%
;
— __
3.70%
High
Chelan County, Wenatchee School
point.
1978-1979
.
3%
____
(State)
Asked
1978-1980
3V2%
Connecticut
New
Bid
Maturity
•
-
1962-1987
March 27
1
about
a.m.
.
1962-2010
Union
average of 3.204%. This represents
a
a.m.
1,800,000
Baraboo,
Financial
last
11:00
62,547,000
Meteo
Lubbock, Texas
Palquemines Parish, La.—
Chronicle's high grade tax-exemot
bond
yield index now averages
3.241%
a.m.
"1963-1982
a.m.
11:00
March 23
investor
:
and
11:00
1964-1981
basic intent
'
Commercial
•
10:00
1966-1990
1,500,000
Toledo-Lucas Co. Port
documents
reasonable
District
March
blundering ex¬
tant in the industry. Dealer intent
in
guessing
tomorrow's
market
of
Tax
1963-1980
1,300,000
_____________
_______
District, Calif.
monumental
level far
,
1,900,000
2,000,000
High Inventory
their increased business.
School
Rutherford Ccunty North Carolina
The Blue List total of state and
the
Special
1, Fla.
8:00 p.m.
-
,;h.
____'_L_—
San
municipal bonds is $483,807,000 as
of March 8."This, we are told by
the' Blue List people, is an; alltime high. We congratulate them
extreme
Tax
North Carolina—
Ccunty,
No.
municipalities,
be gratified in receiving
Record
1,000,000 /1966-1990
Fla.-;____:_____
1,
from
come
3:00 p.m.
________
March 21 (Tuesday) /:
-
Special
No.
Massachusetts
high bids. Usually they are better
pleased with healthy distribution.
on
•
detriment/The checks
own
who may
County
Concord,
Lee
municipal bond
industry has been doing half
never
__________
Chatham County, Ga.
market has been for-several weeks
its
-
District
dependent largely on bank buying.
The
general" run of offerings is
now
priced out of investor con¬
sideration.
The ! municipal? bond
to
V"
'
market level that will attract
a
1962-1990
12,810,000
1963-1990 I Noon
/
1,750,000 ':i96^-1991
8:00 p.m.
1,650,000
1962-1981
8:00 p.m.
2,350,000
1967-1980
4:00 p.m.
___
County, u Alderwood
District, Wash—
Water
Bay
a
will
few months, suggest¬
a
a.m.
Snohomish
.
would
healthy
10:00
4,000,000
____
Sioux City, Iowa
late
Massa¬
•
Rate
!—
■.'vy
eighths of
MARKET ON REPRESENTATIVE SERIAL ISSUES
for
proposed
the
or
a.m.
1961-1988
2,275,000
____
Columbus, Ohio
Massa¬
11:00
College Dist.,
<California
chusetts, Turnpike
issues
infor¬ A
mally slated for spring or summer
initial
balance
a
Arbor, Mich.
Cabrillo Joint Union
a.m.
1962-1980
8:00 p.m.
(Monday)
genial obligation issues.- Gate^ay jynion Sch. Dist., Pa.____
not include the large Ken¬
St, Louis, Wellston Sch. Dist., Mo.
March
gener¬
reported
be back in volume when
terms
were
ating and the present balance is
as $11,425,000.
Also
on
Tuesday, the Hemp-
basis
bonds, gen¬
erally speaking. These buyers will
to
bonds
reception has been How in
quality
average
The
priced to
yield from 2.85% to. 3.60%. Initial
Gradually
a
including Drexel &
Philadelphia
National
The
issue.
the real heavy buyers lost interest
for
Guaranty
Bear, Stearns & Co., and
many others, was the high bidder
for this well regarded investment
just happen to continue
buying interest at progres¬
higher
Morgan
Bank,
issues in the hope that buyers
new
the
by
Ann
11:00
2,750,000
March 20
1961-1998
1,600,000
>
1962-1997
4,025,000
lrNew York_____
Up
issue calen¬
new
1,600,000
University, Ohio__
chusetts"
to
initial reoffering
upon
was
sold.
000,000
has
The
bankers.
Colo,
pattern
composed
The City and County of Denver,
make
Unenthusiastic
market
infrequent bor¬
Co., Shields & Co., and
issue
the
on
This
&
No.
about $500,000,000.
total, includes
the' Tecentlyv
tucky
priced
reoffering.
Buyers
an
Miami
totals
now
It does
syndicate
other
usually
are
bid
a
This
awarded $20,850,000 (1968-
Drexel
0.10
the recently
quick to hit such
State
cir-^,3.30%, and
down
at
The
market.
Jersey,
May Regional School
District, New Jersey_
•
Building
The scheduled
dar
to
>
Calendar
large
came
Lower Cape
report is currently
the balance in the
to
as
bonds.
resultant favor¬
of The
First National Bank of Chicago,
Morgan
Guaranty
Trust
Co.,
Their
inventory under current
cumstances
in account. No
1983) water development-bonds to
appetite for certain choice bits of
rare
period, $5,000,000 remained
realistically
were
the
order
the
new
a new
dealer
to
Tuesday another
on
rower,
high volume
of overpriced inventory and cus¬
tomers who fully comprehend the
untenable
1.75%
oversubscribed.
was
with
of New
its
from
deal for buyer and seller.
issue
relatively
a
a
issue
Also
Suddenly the inevitable market
yield
bonds
able
been
slowly but persistently increasing.
situation
to
priced,
municipal
high level,
and
volume has
issue
new
mar¬
bidding has
state
prices to
while
,
1962-1980
5,649,000
____
The
er
;V-
Sherman, Texas
in 1962
8:00 p.m.
1,500,000
___
Municipal Market Vulnerable
a
1964-1981
2,100,000
Parking
California
a.m.
(Wednesday)
No.
2, New York
Honolulu, Hawaii
|1J:00
1964-1988- -^NOon
Coeymans, Etc., Central Sch. Dist.
Chase
1:30 p.m.
School
March 15
Chicago syndicate offered the four,
to 3.50%
"
County,
District, Nev.
Bankers
1.60%
-
_____
Pennsylvania
a.m.
Public
Instruction, Fla.
Washoe
Trust, The First National Bank of
issues to yield from
of
New
group
Trust and
The
a..,,-
'8:C0p.m.
High Point, N. C.
,by the
and
.
8:00 p.m.
y ;•••■. .....,
15,000,000
7,983,000
Board
Hempstead, New York
syndicate
Harris
•
11:00
County
the
was
headed
still
economy
The
press.
•
1962-1981
headed by Bankers Trust Co. and
The
First National Bank of
With
general
$10,634,000
•
1,105,000
Duval
Paul, Minn, sold five issues
bonds
1961-1980
2:00 p.m.
1964-1974
Danvers,. Massachusetts
priced to yield from 1.60%
to
3.55%, and the is^ue was. less than
half sold on initial reoffering. The
present balance is $1,887,000.;'
of
.Noon
1,730,000
were
high bidder for
though advertised for public bids,, four issues totaling $9,384,000. The
only one bid was made for the winning bid for. the $1,250,000 is¬
mar-,
because
and
heavy
a
/
1962-1991
(Tuesday)
Asbury Park, New Jersey
-
The " corporate
1962-1985
3,069,000
_____
March 14
$3,300,000 Fulton County
(Atlanta), Ga. (1963-1986) school
bonds.
8:00 p.m.
2:00 p.m.
4,000,000
1,400,000
„
Valley Reg. High School
District, New Jersey
awarded
it.
1962-1986
1963-1991
Northern
The
Bank
Manhattan
by
3,250,000
1,350,000
•
*March 13 (Monday)
was
not
The
(Thursday)
Bridgewater Twp. Sch. Dist., N. J.
Key West, Fla.
The
priced to yield from
were
a
in
of
1.60% to 3.25%. The last maturity
.
answer
Bank
Thursday, March 9, 1961
.
Larger Issues Scheduled For Sale
The
'
.
.
April 6 (Thursday)
2,200,000
V-
— — —
—
>
—
___
———,_
.
;
'
—
Volume
Number
193
6036
.
.
The Commercial and Financial
.
Fridley Named to
Chronicle
Exempt from Federal, State and Local Taxation*
Acceptable at
Earl
G. Fridley, partner, Fridley
Frederking, Houston, was
elected
to
term
serve
as
j|
Security for Public Deposits and Eligible to
par as
-eeI
secure
Deposits of Postal Savings Funds
§p
three-year
a
member
a
of
7 <•
;lffllllllllllllllllllllllllllllllllllllllllllll!llllllllllllmllllllllllllllllH
NASD Dist. Board
&
(1075)
i,r
the
Board of Gov¬
of
ernors
the
National
New Issues
=
As¬
sociation
of
Securities
Dealers
$40,000,000
from
District
No.
which
6
"A
'•
prises
NASD
the
' A
■
A'" 'A:A'1.
:
V;
'•
'
'•
'
y
]
A
_
A
•
A;
*
Commonwealth of Puerto Rico
the
state of Texas.
The
A
A'■
-A,
com¬
is
largest
5%, 3V2%, 3%% and 4% Public Improvement Bonds
organization
of brokers and
dealers
Earl G.
business.
Fridley
Mr.
is
former
a
Chairman
Committee
No.
6.
the
General
of
member
of
of
District
also
the
America.
is
Dated
a
Houston
leum
Club.
Club
is
trable
to
as
City Bank of New York with respect to Series B Bonds. Coupon Bonds in denomination of $1,000 regis¬
or as to both principal and interest. Fully Registered Bonds are reconvertible into Coupon Bonds.
principal only
Country
and
Petro¬
*Exemption from Federal, State and Local Taxes. The following is
Aaa
.
an
by the Government of Puerto Rico,
of
or
any.
(Title 48, Chapter 4, Section
excerpt from the United States Code Annotated
and all bonds issued by the Government of Puerto Rico,
.
United States, or
political
by its authority, shall be exempt from taxation by the Government of the
or
or
municipal subdivision thereof,
county, municipality, or other municipal subdivision of any State, Territory,
any
Lehman
or
by
or
State, Territory,
any
possession of the United States,
or
possession,
or
by
by the District of Columbia."
or
.illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllu,
Brothers, 1 William St.,
City, members of the
New
^York Stock Exchange,, has
/
j*
\
'
,
v"'
I
'•
-;
v
.
-•
'
■
■
••.
""
;
<•*
«,
.
•
t
York
-purchased
common
&
as shown below. Principal and semi-annual interest (January 1 and July 1) payable at the office of the
Development Bank for Puerto Rico, San Juan, Puerto Rico, or at The Chase Manhattan Bank with respect to Series A Bonds
and at The First National
Lehman Acquires
E. F. Drew Co.
\
pledged.
are
a
745): ".
New
of the Commonwealth of Puerto Rico
January 1, 1961. Due July 1,
Government
Texas
He
the Lakeside
Club,
power
.
Group of the Investment Bankers
Association
obligations, for the payment of which, both principal and interest, the
good faith and taxing
/
Fridley
of
He
Chairman
-past
in
ecurities
s
all
of
stock
the
of
the
E.
F.
by
D.
A-w
company's
5'
E.
as
a
F.
board
new
'
—
A A
.
|
;
A. A-A A'
A * ;
$25,000,000 Series B Bonds
of
Due
5%
1962
Prices.
..
•
VA''
,y
A~
to Yield
Rate
V,A,',
.
'
|
=§
*
■
Rate
$1,750,000
1969
3F2%
3.30%
1,750,000
1.75%
Due
1970
3Vi
3.40
19637^5 A A 2.10 A
r?w.uo
iobo,000"i^i
|§
directors.
Due
Rate
$2,500,000
1975
33/4%
3.85%
2,500,000
1976
4
3.90
2,500,000
1977
4
,
2,750,000
1978
k'
4
;
4
100
100
1003/4
3ft
3.60 A,-
2,750,000
1979
2,250,000
1973
33/4
3.70 A
2,750,000
1980,
4
100
2,250,000
1974
33/4
3.80
2,750,000
1981
4
100
5
2.80
'
1,500,000
1967
3V2
3.00
1,500,000
1968
3Vi
3.15
.
w
A.":-
Price*
1972
(7
■/»«:.
or
2,000,000
2.65
|
v
3Vi,
Amount
Price
'A*'
'5
|
'
m
or
Y"
1.250,000^1965
E
Yield*
Yields
Amount
I1;,f l!500;000' 1^66
=
held
'
'
1,250,000
holders
a
Amount
riy«0.°0°;'-,964
-
==
promptly to elect
y!'a ■'A'
■
; "LAAvyv'A. V'
*
*
Drew,
be
A
$1,250,000
director and
will
'A•-V
■
=
chief executive officer. Mr.
CoapeArnold stated that a special stock¬
meeting
$15,000,000 Series A Bond!
Ay
§f;
Coape-Arnold,
founder
retired
AMOUNTS, maturities, coupons and yields or prices
A/A;
was
executive Vice-President of Drew.
The stock was purchased from the
who has
r
I A/A
Drew
Co., Inc. of New York, it
announced
1
outstanding
(Accrued interest to be added)
EE
.
■
■
i
1003/4
=E
4
A
spokesman
for
Lehman
Brothers stated that E. F. Drew &
—
.
=
■
——
operations, and
in
the
are
in
or
personnel
presently contemplated.
The
E.
F.
Drew
founded in 1906, is
in
&
a
EE
nominal
major changes
no
business
y
=
.
EE
-
J|
EE
"''iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiA1
m
-
-
'
-
Co.,
July I, 1976, subject to redemption, in whole or in part In inverse order of their numbers, on
any interest date not earlier than July 1, 1 976 at par and accrued interest plus a premium of V4 of 1 % for each
twelve months' period or fraction thereof between the date fixed for redemption and the stated maturity.
EE
:=:=
Co., Inc. will continue its
Bonds maturing after
..
Inc.
EE
major factor
EES
The above Bonds
,
the
processing
and
sale
of
vegetable oils and has diversified
when,
y ;
as
Commonwealth
SEE
are
offered, subject to prior sale before
and if issued and received by
us
or
after
appearance
of this advertisement, for delivery
A
I.
and subject to the approval of legality by the Secretary of Justice of the
of Puerto Rico and Messrs. Mitchell,
Pershing, Shetferly & Mitchell, Attorneys, New York City.
•
chemical
operations. Its principal
manufacturing facilities are
located
in
Boonton, N. J. and
Calif. It also operates
H
companies
near
Toronto, Canada and Sao Paolo,
Brazil.
The
company
maintains
jj|
Chemical Bank New York Trust Company
sales
H
C. J. Devine & Co.
g
Banco Popular de Puerto Rico
'
eee
Eastman
==
Continental Illinois National Bank
Lindsay,
The Chase Manhattan Bank
The First National City Bank of New York
A
subsidiary
offices
can
cities
and
in
principal
Ameri¬
Europe.
in
and
■
—
Foster, Marshall
Inc. in Seattle
A...A
fective
the
Wash.
is
March
Foster
—
&
being formed ef¬
15,
with offices
in
Norton
Building to specialize
in the underwriting and distribu¬
tion of municipal bon_ s.
The hew firm will be under the
direct'on
of
Donald
George
A.
W.
Marshall
*'
Incorporated
Reynolds & Co.
1'
=
•
-
y
Thomas
E. Pollock
E.
Li.ebermann,
representative, is
tered
sociated
with
Wm.
E.
a
regis¬
now
.
Wm. E. Pollock & Co., Inc.
W. H. Morton & Co.
Incorporated
tax-exempt
bonds.
Hervey
L.
come
general
a
Kimball
New
will
Allen & Company
Stroud & Company
Incorporated
Paine, Webber, Jackson & Curtis
Kean, Taylor & Co.
1
'
A
Hirsch & Co.
Laidlaw & Co.
Braun, Bosworth & Co.
Hemphill, Noyes & Co.
Incorporated
•
Coffin & Burr
Estabrook & Co.
L. F. Rothschild & Co.
Incorporated
'
G. H. Walker & Co.
American Securities Corporation
Gregory & Sons
J. C. Bradford & Co.
James A. Andrews & Co.
Goodbody & Co.
Spencer Trask & Co.
Robert K. Wallace & Co.
A
Incorporated
jj
Cruttenden, Podesta & Co.
U
New York Hanseatic Corporation
Wells & Christensen
/
McDonald & Company
Incorporated
A
EEE
H
J. Barth & Co.
Fahnestock & Co.
Bacon, Whipple & Co.
Bacon, Stevenson & Co.
Henry Harris & Sons
Lyons & Shafto
Fahey, Clark & Co.
"V
Incorporated
Glickenhaus & Co.
The Ohio Company
A
M
Julien Collins & Company
Baxter & Company
F. Brittain Kennedy & Co.
Boettcher & Company
'
'
Courts & Co.
Stern, Lauer & Co.
Hayden, Miller & Co.
Incorporated
The Provident Bank
J. M. Dain & Co., Inc.
Ernst & Co.
—
H. L. Kimball
New
R. W. Pressprich & Co.
-
First of Michigan Corporation
=
of
A*
W. E. Hutton & Co. ;
Incorporated
'
securities, and underwriters
distributors
White, Weld & Co.
Lee Higginson Corporation
F. S. Smithers & Co.
Francis I. duPont & Co.
C. F. Childs and Company
!=
Incorporated
.
A
=EE
"
,/
Stone & Webster Securities Corporation
"
Bache & Co.
H
and
Ahorro Ponceno
as¬
Pollock' &
Co., Inc., 45 Wall Street, New
York, dealers in U. S. Govern¬
ment
y
Incorporated
;'i
j '
Hayden, Stone & Co.
s
Blair & Co.
Carl M. Loeb, Rhoades & Co.
Equitable Securities Corporation
F. S. Moseley & Co.
A. C. Allyn and Company
s
Phelps, Fenn & Co.
.1
Mercantile Trust Company
Bear, Stearns & Co.
•
==
Meyer.
With Wm.
Banco Credito
Merrill Lynch, Pierce, Fenner & Smith
1
.
y
=
A
The Philadelphia National Bank
Hornblower & Weeks
"
Kidder, Peabody & Co.
Salomon Bros. & Hutzler
A
Company of Chicago
Dean Witter & Co.
EES
g
Banco de Ponce
'*
HI
and
Harris Trust and Savings Bank
B. J. Van Ingen & Co. Inc.
Dillon, Union Securities & Co.
and Trust
=
H
SEATTLE,
Drexel & Co.
Ira Haupt & Co.
South. America
y"
Marshall Inc.
Halsey, Stuart & Co. Inc.
The First Boston Corporation
&
York
York
no
to
Kimball,
Jr.,
partner
Stock
a
be¬
L.
Exchange, and
limited partner.
Florence B. McLellan
to
H.
Co., 50 Broad Street,
City, members of the
longer be
admitted
has
in
limited
Johnston, Lemon & Co.
EE
Admit
has been
partnership.
U
Herbert J. Sims & Co., Inc.
=
~
.
M
A. Webster
U
(!
/
Clement A. Evans & Co.
•
Dougherty & Co.
Rauscher, Pierce & Co., Inc.
;
March 8, 1961.
Granbery, Marache & Co.
Wood, Gundy & Co., Inc.
Incorporated
/
Harkness & Hill
Stranahan, Harris & Company
Schwabacher & Co.
Rand & Co.
£. F. Hutton & Co.
'
Stubbs, Watkins & Lombardo, Inc.
Incorporated
Kenower, MacArthur & Co.
Incorporated
Cunningham, Schmertz & Co., Inc.
Tripp & Co., Inc.
DeHaven & Townsend, Crouter & Bodine
Mullaney, Wells & Company
.
8
The Commercial and Financial Chronicle
(1076)
Companies
Science
DEALER-BROKER
Machine
Teaching
New York
THAT
UNDERSTOOD
THE
FIRMS
PARTIES
INTERESTED
SEND
TO
MENTIONED
THE
WILL
FOLLOWING
with
Inc.
—
Allegheny
Automotive Industry
—
Discussion
of "Investornews"
in March issue
—Francis I. duPont &
Co., 1 Wall
ration and
Kansai Electric Power
Co., Ltd.
New York
Stock Market
Japanese
Survey
—
Street, New York 5, N. Y. In the
same
issue are reports on Scott
Paper,
Weyerhaeuser
Company,
t—Nonaura Securities Co., Ltd., 61
Broadway, New York 6, N. Y.
and Union Bag Camp
Yawata Iron & Steel; Fuji Iron &
Aldens Inc.
Paper. Also available is a memo¬
randum
Bank
on
Newmont Mining.
Stocks—Analysis
of
N. Y.
Conditions
and
the
States—Review—
United
Bank of
Canada
in
Montreal, P. O. Box 6002
Montreal 3,
Stocks—Report—Thomson
& McKinnon, 2 Broadway, New
York 4, N. Y. Also available is a
report on Peabody Coal.
Chicago, New York
and Western
Banks—Comparison
of five
year
experience
of
selected
Illinois Company, Inc.,
La Salle Street, Chi¬
4, 111.
growth
—
South
231
cago
Domestic Trunk Airlines—Review
with
particular
Lines
Also
to
Air
Eastern
Airlines—
American
and
Carl M.
Wall
reference
Lines,
Air
United
Loeb, Rhoades & Co., 42
Tea
Atlantic
Great
Co.
Nestle
and
A.
Guide
Bank
Report—
C. Allyn and Company,
Incor¬
porated,
Miami Beach
Federal
Building, Miami Beach 39, Fla.
Food Companies
Hentz & Co.,
—
Analysis
Sekisui
Co.
Chemical
(plastics); Yoko¬
hama Rubber Co.; and Showa Oil
—
H.
72 Wall Street, New
York
5, N. Y. Also available are
analyses of Botany Industries and
Meat
Packers
Walston
&
is
bulletin
a
Memorandum—
—
Co., Inc., 74 Wall St.,
5, N. Y. Also available
stocks
on
selling
under 85 which earned over
$4
per
share in 1960.
Investors
—
Eco¬
designed for the
foreign investor—Bank Leumi leIsrael, New York Agency, 20 Pine
Street, New York 5, N. Y.
Meat Packers
Kidder &
York
Report
—
A. M.
—
Co., 1 Wall Street, New
5, N. Y. Also available is a
on John Morrell & Co.
report
New
York
Three
York
City
City banks
&
Meeds, 120
York 5, N. Y.
Oil
Stocks—
Bank
of ratios
pages
New
11
on
Laird, Bissell
—
New
Broadway,
ticular
reference
par¬
Atlantic
to
Re¬
fining, Cities Service, Continental
Oil
Ohio
Oil—
Skelly
25
Broad
and
Street,
New
N. Y. Also available is
Consolidated Oil
&
York
;
4,
report on
a
Gas, and data
Bell & Howell Company, Com¬
bustion
Engineering,
Electric
American
Cleveland
■
Illuminating,
Insurance,
Great
Wilson
and
Oil
N. Y. Also available is
report
a
R. J. Reynolds Tobacco
showing
&
stocks
the
used
Averages
industrial
counter
Apparatus
Mitsubishi
Communications
Manufacturing
Heavy
and
Industries
Re¬
organized Ltd.
Japanese
Market
—
Review
York,
Inc.,
Ill
Broadway,
New
York
6, N. Y. Also available are
reviews of Kawasaki Steel Corpo¬
35
compari¬
industrial
over-theused
stocks
Quotation
performance
in
Bureau
yield
to
as
Folder
over
a
and
23-
period — National Quotation
Inc.,
46
Front
Street,
New York 4, N. Y.
year
Bureau,
Puerto
the
—Yamaichi Securities Co. of New
National
market
—
Dow-Jones
the
the
Securities Co., Ltd., 25 Broad St.,
New York 4, N. Y. Also available
Shibaura
listed
in
and
Averages,, both
Tokyo
Com¬
Street,
J.
Stevens
P.
Fuel
&
Co.
&
Also
Pacific.
/
randum
Bosch
&
d
a n
Chemical
Eversharp.
\
Inc. ;r4r.:
Rico
—
Special report
Bayless
South
Baldwin
Bank
Puerto
for
Railroad Bonds
income
Comparison of
—
Vilas
&
Hickey,
Broadway, New York 4, N. Y.
—
26
&
Galvan,
Analysis ALl Joseph*
.
Markets
Piano
Inc.—An¬
.
.
120
available
Inc.,
Bought
•
National
are
Tea
surveys
;
in
cur¬
Letter"
Street, New York 4, N. Y. Also in
Company
and
Corp.
—
Diego
S.
D.
Fuller
New York
&
Co., 26 Broadway,
4, N. Y.
Sprague Electric Company—Man¬
agement Analysis
of
National
—
Memorandum
Bank
8,
N.
38th
members.
Oil
of
ABC
current
Canada—Data
Investment
of
—
"
-
,
Teletype NY 1-376; 377; 378
Report
—
Franklin
Cleve¬
&
&
Street, Boston
Also
of
Tele-
Hill,
—
Pearson
—
Company,
available
Corp.
issue
Corp.,
are
Cities
data
is
F. L.
77
Inc.,
10, Mass.
a
on
a
and
report
bulletin
Pure
Oil
Company,
Sunray Mid Continent Oil, Union
Oil Industries.
State
pany
Street
Bank
&
Trust Com¬
—
■
..-•
—
Company,
Report
44
—
Shields &
Wall
Street,
New
5, N. Y. Also available are
surveys of International Salt and
Interstate Engineering.
Champlin Oil & Refining—Report
Company,
—Ira
New
207
Corporation—Review
Haupt & Co., Ill Broadway,
York 6, N. Y. Also available
is
a
&
Electronics.
review of General Telephone
United States Life
Nu-Line
insurance
Com¬
pany—Analysis—William Blair &
Company, 135 South La Salle St.,
Chicago 3, 111.
•
''A'
Veeder
Root—Analysis—Boenning
& Co.,
1529 Walnut Street, Phila¬
delphia 2, Pa.
Western
Union—Report—Blair
is
memorandum
a
on
American
Motors.
&
Industries
dum—Kalman
&
Union—Review—Hirsch
Co., 25 Broad Street, New York
4, N. Y. Also available
of
Chain
Belt and
are
reviews
Public
Electric
Service
Memoran¬
—
Company,
Inc.,
Gas.
&
With Calif. Investors
LOS
ANGELES, Calif.—Harry A.
Copeland
with
has
become
connected
Californa
Wilshire
Investors,
3932
Boulevard, members of
the Pacific Coast Stock Exchange.
Mr.
Copeland wa$ formerly with
& Co. in Encino, Calif.
Bache
Revlon.
Securities
&
Co.—Report
Meeds,
120
•
Specialists in Canadian Securities
as
Principal foe
Brokers, dealers and Financial Institutions
Avenue, Anchorage, Alaska.
Denver 2, Colo.
Grace Canadian Securities, Inc.
Members: New York Security
25
Boat
Corp.—Analysis
Dealers Association
Broadway, New York 4, N. Y.
TELEX 015-220
•
HAnover 2-0433-45 •
Crompton
-
—
320
&
Knowles
The
Corp.—
Kentucky Com-
J^outh
Fifth
Street,
Louisville 2, Ky._ Also available is
NY 1-4722
Orders Executed at regular commission rates
through and confirmed by
Broadway, New York 6, N. Y. Also
available is an analysis of Fed¬
Analysis
&
Incorporated,
on
York
Bissell
on
Service
Company
I960, tax free dividend income.
Statistical
Northrop
Milwaukee
same
Oil
Western'
Report
—
Putnam
report—Genesee Valley Securities
Co., Inc., Powers Bldg., Rochester
nany,
in
Letter—
4, N. Y.
Nicholson File
Company, Union Commerce Bldg.,
Cleveland 14, Ohio.'
Co.
Sinclair
erated Electronics Inc.
American In¬
20 Broad St.,
New York 5, N. Y. Also available
Mur
New York
Calif.
Analysis—McDonald
Plastics
and
Darlington & Grimm, 2 Broadway,
Plaza, Los Angeles
Central
discussions
are
Imperial
—J. B. Coburn Associates, Inc., 55
74 Trinity Place, New York 6, N. Y.
HAnover 2-2400
—
Management,
Inc., 125
Street, New York 16,
Y.—$10.00 per copy to non-
East
v;:: '■%/:' Co.,
Nestle-Le
Magnavox Company.
Brunswick
issue
same
San
of
Baking
Company—
Analysis—Laird. Bissell & Meeds,
120 Broadway, New York 5, N. Y.
Troster, Singer & Co.
.
'
Speedry Chemical Products—Data
Continental
Sold
Security Dealers Association
and
:
;
prompter.
available
Capital
on
Corp.,
issue of "Investment
rent
Also
Continental
Members New York
reports
are
Ampex
Tea—Discussion
National
the
letin—Schmidt, Sharp, McCabe &
Co., Inc., 818 Seventeenth Street,
Request
a
alysis—Emanuel, Deetjen & Co.,
120 Broadway, New York 5, N. Y.
Co.—Survey—Abraham & Co., 120
New York 5, N. Y.
Eli
on
Congregation of Chicago.
is
Israel
United.Bowling Centers Inc.—An¬
Litton Industries.
Manufacturing
Consolidated Oil & Gas Inc.—Bul¬
*Prospectus
Beth
Company—
Alden's
Broadway,
Fifth
Harcourt, Brace & World, Inc.
Chemical
—
—Hayden, Stone & Co.,. 25 Broad
G. D. Searle & Co.
1
G.
A.
Harris, Upham & Co.,
Broadway, New York 5, N. Y.
Also
..
City Commerce Corporation—An¬
alysis—Paul Nichols Co., Inc., 330
Lilly & Co.
available
Also
on
Oil of California and Kerr McGee
View
Analysis
—
Broadways-New York 5, N. YA
^Screen Gems, Inc.
Glickman Corp.
Analysis-
—
.
Analysis—
—
Co.
& Fitzhugh, Inc.,
Building, Nashville 3,
Monsanto
Memorandum
—
Decker
&
Christiana
Hewlett-Packard Co.
Wis.
Underwood
Denver.
—Laird,
'
5, N. Y.
randum—Yarnall, Biddle & Co.,
1528 Walnut Street, Philadelphia
9, Pa.
U '
Co., Inc.,
Street,
Los
Spring
—
MiehlciiGoss Dexter Inc.—Memo¬
Michigan. Street, Milwaukee
2, Wis. tAlso available is a report
Strategic Materials Corp.
Grolier, Inc.
Bend,
'
\s :
Company, Inc., 85 State
Street, Boston, Mass. Also avail¬
able
is
an
analysis of Gardner
on
and
—
>'
~
-
East
ACTIVE-i
W.
R.
Ziegler
—
Russ Togs, and
Street, Chicago 3, 111.
—The
CURRENTLY
Tele¬
&
Memorandum
Krueger
14, N. Y. 7'
For financial institutions
Telephone
C.
Company, Security Building, West
Analysis — First Boston
Corporation, 15 Broad Street, New
Marquette
Cement
Review-— York
5, N. Y. /::•
A
,v*:
Vx
V:
iL. F. Rothschild & Co., 120 Broad¬ •_j"
Swingline
—Memorandum
way,
New York 5, N. Y. Also
Cowen & Co., 45 Wall Street, New
^available is a review ' of National
York 5, N. Y.
Steel.
Allyn & Co.,'122 South La
land
Rico, San Juan, Puerto Rico.
& Co., 105
Street, Chicago 3,
Electronics—Analy¬
sis—T. M. Kirsch Company, 52
Wall Street, New York 5, N; Y. •
Colby &
bara
tal—Bulletin—B.
Also in the
A.
Marine
alysis—Hill Richards &
Commonwealth—Government
Development
Tegtmeyer
—
—Wedbush & Co., .157 Santa Bar¬
on
and
Tenn.
Uy
.^Walker &:Sohs^ 30« Broad Street,
New York 4, N. Y.*
Black
Southwest Texas Methodist Hospi¬
stitute
Salle
Stahlman
available
Also
Ets-Hokin
on
Corp.,
Salle
Corp.,
Berry, Douglas
Baxter
on
Film—Data—
&
Conn.
4,
data
C.
Third National
Building, Dayton 2, Ohio.
Bank
Amott, Baker & Co., Incorporated,
150 Broadway, New York 38, N. Y.
W.
Chesebrbugh
.
f;y.
Jamesbury
A.
Finance
Memorandum—
—
Ladd,
New York
4, Calif. Also avail¬
memoranda
-
.
Hartford
J.
&
Standard
graph
Cooley & Company, 100 Pearl St.,
A.
H.
La
International
Co., 460 Montgomery St.,
are
Avien
Aetna
Mass.
Union
E. F.
—
Broadway,
Pressprich & Co., 48 Wall Street
Laboratories
are
3,
on
111.
2 Broadway, New York
San Francisco
Anken
data
Steel
Armco
South
4, N. Y.
able
Boston
are
Railroad,
—Wm.
Memo¬
Anheuser Busch—Memorandum—
Sutro
Street,
&
6, N. Y.
Co.
bulletin
Intermountain Gas—Memorandum
Missouri
—
Street,
Chart-Pak Inc.
Auchincloss, Parker &
—
Redpath,
Co.,
&
Corp.—Analysis
Atherton & Co., 50
available
,
Arma
Sunstein
Atronics
Pacific
Associates,
and
Corporation—
Gerstley
—
Congress
Phila¬
Pa. Also
Gas
Memorandum—
—
Atronics
—Schirmer,
available are
reviews of Beech Aircraft Corpo¬
ration,
Clark
Equipment
Co.,
Eastern
Greene
Company
Memorandum
—
New York
Simmons
General
Walnut
Union
Fidelity
Inc.,
&
Gas
alysis—Sutro Bros. & Co., 80 Pine
Street, New York 5, N. Y.
Seeburg
Guerin
Eppler,
—
Co.,
211
South
Broad
Philadelphia 7, Pa.
Chemical
Newburger &
—
1401
New
Southern
of
Hutton & Company, 61
Analysis
Pepp^rell
Agricultural
—Survey
on
Company.
Index
up-to-date
an
between
the
analyses of
Electric,
Fuji
American
Broadway,
5, N. Y.
General
Angeles 14, Calif.
Stocks—Report—Reynolds
Co., 120 Broadway, New York 5,
son
St.,
Finance.
tract
621
Co.
&
Pine
70
Gas,
Natural
Realty Equities Corporation—An¬
120
Inc.,
Rauscher, Pierce & Co., Inc., Mer¬
cantile Building, Dallas 1, Texas.
Manufacturing, and General Con¬
Pond's.
Companies—Report with
Japanese Market—Review—Nikko
are
Northern
Fla.
2,
Frito
5, N. Y. Also available
on
Storer Broadcasting,
data
are
and Co., Inc.,
Building, Jackson¬
Also available is a
Water Co.
discussion
Tower, Dallas 1, Texas.
Penington,
—
Company,
Bethlehem Steel
report
Report
&
Lane,, Space
son,
ville
Turner,
Mohawk.
on
New York
American
Over-the-Counter
nomic
Colket
Radiation Inc.—Discussion—John¬
Fort Worth Steel & Machinery Co.
Co., 63 Wall St.,
Data
—
delphia 2,
Maxson Electronics Corp.
"Israel
Amerada
Memorandum—
—
—Analysis
5, N. Y. Also available
memorandum
a
pany,
Co.
of
Co.
Lemur
—
Sumi¬
Rayon;
Toyo
Toanenryo Oil Company;
on
Florida
Chemical;
Oil,
Pacifio
&
(elec¬
Limited
Paine, Webber, Jackson & Curtis,
Canadian Oil Shares, Boeing Air¬
plane,
tomo
oi
Y.
New York 5, N.
available
are ; reviews
Street,
-
Hitachi
New York
Que., Canada.
Cement
banks
Steel;
analyses
are
tronics); Kirin Breweries;
1960
year-end reports—Blyth & Co.,
Inc., 14 Wall Street, New York 5,
Business
avanable
Also
is
Small Business In¬
Corp.
-Paul ~T,
V/'
V"'
'"
Title
York
Memorandum—
John H. Lewis &
St.
Florida
tion,
$
—
Building,
letin—De Witt Conklin Organiza¬
Co., 15 Broad
*
Endicott
Flour Mills of America Inc.—Bul¬
Street, New York 5, N. Y.
*
Thursday, March 9, 1961
Kinnard, Inc., 133
South Seventh Street, Minneapolis
2, Minn.
reference to
Eastman Dillon,
Union Securities &
LITERATURE:
In
Drive
Craig-Hallum,
particular
Grolier
PLEASED
BE
First Midwest
Discussion
—
of General
.
Minn.
vestment
Industry—
5, N. Y.
Machines
Teaching
analysis
.
Corp.
Study—Stearns & Co., 80 Pine St.,
AND RECOMMENDATIONS
IS
an
Hemphill, Noyes & Co., 15 Broad
Street, New York 5, N. Y.
INVESTMENT LITERATURE
IT
Review—
—
.
MtwOxrt:
The
Principal Stock Exchange* •/ Canada
National
25
Auociation
of
Security
Broadway. New York
4.
Dcaloro
N. Y.
Volume
193
Number
6036
.
.
The Commercial and Financial
.
Chronicle
and
lion
Electronics
Capital Corp.
conversion
will
tures
General
swift
A
Small
appraisal
Business
clusively
of
Investment
the
on
aims
the
early
achievements
and
which
Company
phase
financing
is
of this
has
promising
of
Electrodynamics Corp.
optic field and
con
ex¬
type of financing for young
business has emerged within the
new
past
two
Investment
Company,
Act of
provide
pools of capital, benefiting from
certain significant tax advantages,
and available
to help
deserving
young
companies
get
off
the
its existence to
owing
designed
Congress,
an
to
ground.
The
Investment
Business
Small
first
very
offer its
securities to the public was Elec¬
tronics Capital Corp.
On June 8,
1959
this
progressive enterprise
offered $18 milllion in common
stock
Company
to
public underwrit¬
ing at $10 a share. The stock was
eagerly sought and has since ad¬
through
a
vanced in the market to a
present
price of around $30 a share. So
original subscribers have had no
occasion to repine over their early
entry into this imaginative equity.
underwriting,
which
has
This
so successful and attrac¬
actually paved the way for
public offering of over $120 mil¬
proved
tive,
lion
business
small
in
brand-new financial vehicle has
attained
thus
and
acceptance
major
Program of Electronics
this
it
how
and
do
motivation
a
C.
Mr.
dent,
an
small
work?
it
Its
its
by
"There :is
Salik:
E.
Presi¬
investment potential
enormous
in
What does
best summarized in
is
statement
recent
Elec¬
pioneer,
does
and
medium
sized
pri¬
electronics compa¬
properly oriented
and possess management skills to
exploit technical and market op¬
portunities." Acting on that phi¬
losophy, E. Cl C. has screened
vately
owned
which
nies
companies
which have sought financing
from
this
list,
has
selections down to
panies
(as
which,
it
which
and,
winnowed
15
lively
its
has
the
To
C.
tial
a
in each subject
interest
stock
varying from 24% to
70% of the then outstanding com¬
stocks.
mon
The
interest
lower
conversion
formula
and
rates
bear
no
carry
whole
company,
lot
more
than
just the needed capital.
It
offers managerial
guidance, im¬
and
of this
that E.
C.
financing
C., through
receives
payments,
and as or when
particular company
shows real earning power and ex¬
the stock of
a
panded worth,
the stock
be
may
publicly offered, and E. C. C. may
be in a position to rack up a re¬
warding capital gain through con¬
version
sale.
and
As
matter of
a
fact, the whole purpose of E. C. C.
is
to
create
a
series
of capital
gains.
C.
by
financed
C,.
although asked to pay
interest, actually
secures
its capital at far lower
cost
than
it
would
through its
debenture
public
own
tion.
about
bond
20%
did
of
if
Further,
its
ticated and
young
work
analogue
on
and
Co.
is
data
electronics.
Its conversion devices
to
have
a
very
commitment
producing,
stock
are
is
Here
financing
with
two
ideas
other
missiles.
E.
C.
$600,000
in
this
to
C.
in
of
One
talents.
may prove
line
Instruments
C.
C.
E.
had
have
done
of
four
to
announcement
making its invest¬
entry
into
those
areas
offering not only
We'll
in
the
Standard
end
of
run
have promise
but tie in to a com¬
magnetic
instruments. Its sales
$2
million
at
an
in
annual
1959
rate
protective
renowned
1
diversification,
already been acquired
by a number of quite sophisticated
institutional investors. The earn¬
ings picture has not yet been de¬
veloped here, but the romance has.
States.
of
the
in
A $1
Josephthal Co. to
Admit Partners
bring
I,
|t'
;
common
Josephthal & Co.,
York
in
are
York
New
120 Broadway,
City, members of the
Stock
Exchange, on
.-/.
partnership. Mr. Malvin will ac¬
quire a membership in the New
York Stock Exchange.
Control
(electron
didn't
Corp.
beam
to
mean
details, but
bore
fastest
The
admit
Lee
with
to
offer to sell
an
nor a
solicitation of
offer
an
to
buy
any
offices
engage
in
has
at
a
of these securities.
offering is to be made only by the Prospectus.
Shell Homes Corporation
and
$17.50
per
Unit
were
and
of
and
expiring December 31, 1963.
the
Company's Warrants
may
be exercised by the holders thereof, at
any
time
prior to December 31, 1963, and each two Warrants entitle such holders to receive
unit
a
one
ten
dollar par,
9% Subordinated Sinking Fund Debenture due
November 1, 1985, and six shares
the payment
of
a
of Common Stock, 25 cents
par
value,
upon
unit price of $17.50 plus accrued interest.
around
now
$6
Stock, 25( Par Value; and
$10.00, 9% Subordinated Sinking Fund
2 Warrants
run
million.
$1 mil¬
Copies of the Prospectus
dealers
so
or
qualified
may
be obtained from the undersigned or other
which such dealers or brokers are
brokers only in States in
to act,
and in which the Prospectus
may
be legally distributed.
Aetna Securities Corporation
D.GleichCo.
Roman & Johnson
■
'
•'
-J
'
' '
Pan American Securities
Nolting, Nichol & 0'Donnell Inc.
March 3, 1961
to
Holding
business.
major in¬
R.
N. Y.— Research
Corporation
Holding
formed
Louis
Copeland
Form Research
Drive
growing
E.
GREAT NECK,
industry.
electronics
will
you
we
Debenture due November 1, 1985;
as
may
unique
management, and high
Each Unit will consist of:
Co., Inc. is
high precision
tape recording
Here E. C. C. has invested
sufficiently
stock
distributor
investments
Price
Instruments
digital
but
tion,
a
three
down
related to
each other to permit group under¬
takings for whole systems. Com¬
panies financed must not only
tials,
electronics,
common
broad representa¬
lot of
a
The
of
to
of
45,000 Units
Client Companies
manufacturer
attracted
NEW ISSUE
swiftly.
Potter
the
did want to
catalogue the extent and diversity
of E. C. C. penetration into the
The
in
a
still
find in E. C. C.
and
with
is neither
electronics, and its con¬
winnowing of the chaff
from
the
wheat, what sorts of
companies has E. C. C. actually
seeks
growth and profit poten¬
ad¬
potentiometers. E. C. C.'s financ¬
ing, to the tune of $800,000 will
produce a 68% stock interest.
single-minded devotion
in?
obsolete.
17
We
the
list
swiftly
research);
Neff Instrument Corp. (amplifiers
and telemetry components); and
Remanco, Inc.
(microwave test
equipment).
%
Electronics, Inc. makes
of multiturn precision
This
be¬
had
Malvin
Corp.
one-third
tinuous
invested
and
industry
Accordingly, investors of today,
New
■
6 Shares Common
With its
the
in
the
at
become
to
(data handling); Alloyd Electronic
portfolio,
should perform far better than the
average run
of new enterprises.
The overall mortality rate among
all new business corporations in
America is survival of only one
out
research,
their particular bright new
March
them, which
that
companies
included
30%
i.
for
mean
47%
a
United
C.
C.
Smaller
company
ultimate
adequate
contribution
or
to be an¬
Certain it is that invest¬
screening
not only by its own
talented
Board
of
Directors
but
by
the
highly
trained and experienced staff of
its investment adviser, Electronics
Investment
Management
Corp.
unusual
E.
60%
has
for
Navy Bureau
to
product
-
interest.
Duncan
full
an
leading
Communications
vanced
a
stock.
Inc. is ' an important
producer of electronic components
for
the
Minuteman,
Titan
and
leading
systems
the
and
Western
C., is an
companies
C.
E.
and
Texas
making.
ors
in
cluster
of them
technically
technical
to
Ultronix,
stock
radar
million investment here will
interest.
Polaris
Lorals; others have lan¬
faded for want of capi¬
or
it
the
then,
provided
C.,
the
million
a
is
Weapons. E. C. C. has its larg¬
single investment here—$iy2
sumer
very
believed
conversion,
Corp.
Craig Corporation is the largest
and photographic con¬
power.
$1V4
Electronics
electronic
bright future. The
here
on
of
control
of electric
tal,
Littons,
Engineerings,
interest.
Energy
Conversion
has made a major break¬
through in its new method for
years.
C.
est
Electronic
and
guished
the
become
Voltage
combination
common.
the missile and satellite
Force
million,
company
valuable, sophis¬
continuous managerial
expanding
plemented by monthly visits to
companies, and judgment
E.
of
Corp.
amounts
High
the
shares have
Air
interest.
conversion
have
Some
and
potential for capital gain. E. C. C.
$400,000 here for an ultimate 45%
stock
new
the
complete
invested
has
C.
C.
Inc.
of
tracking systems, and has designed
guidance E. C. C. is able to supply.
client
ments,
Cancga
specialist in
E.
Laboratories,
thousands
eagerly invested in
enterprises
in
this
field.
cause
$500,000, converting into
the
of
leader in
engineering
research
market
an
is
ment
45%
systems. E. C. C. stake
here is $550,000 leading to owner¬
ship of 68% of the common.
&
common.
of
Tens
investors have
flota¬
usually
cost
funds raised.
public
own
lack
would
the
the
share
or
would
This
at
Cain
con¬
of the
70%
tronics industry. Here the invest¬
Vega
storage
a
company
Corp.
Ampex
a
income,
steady
is
The
9
dustry in America today is elec¬
tronics.
urement instruments for the elec¬
makes small wireless microphones
large
privilege.
is
interest
loans
term
The attraction
finally
a
converted,
substan¬
when
or
company,
should
applicant
offers
C.
companies financed
give to E. C. C.
com¬
vestments.
E.
if
would
Jan. 5, 1961) in
actually made in¬
of
term
or
with
merly
and ad¬
new
makes frequency and noise meas¬
put
was
and
products.
verts into
together by three executives for¬
far, all have issued early ma¬
so
are
individual
600
over
either
of
form
turity (5 to 10 years) convertible
debentures, bearing 8% interest,
8%
Capital Corp.
tronics Capital Corp.?
the
Of the
loans.
The
about
of
method
debentures
convertible
E.
What
in
advanced
status.
The
C.
C.
E.
actual
financing of approved companies
is most interesting. The money is
company
shares in the 20 months since; and
a
The
Small
the
is
It
years.
Business
.
electronic
Quan-Tech
Vega Electronics Corp.
technolo¬
$645,000, lodged here,
of
sum
$400,000 invested here with a con¬
potential into 47% of the
prehensive program for electronic
development.
-v;
obscure
lead to exciting
vanced
E. C. C. has
common.
A
such
electroluminescence
as
may
Television Camera tubes used
version
enterprises.
in
molecular electronics. Its research
of the Vidi-
in the United States.
electronic
gies
electron
com¬
the E. C. C. portfolio is
Radiation, Inc. which
pany in
Electro
works
stand-out
the
Perhaps
one-third
a
produces about 75%
pioneer
concentrated
the
in
deben¬
of its
secure
interest.
stock
By Dr. Ira U. Cobleigh, Enterprise Economist
(1077)
'
Beil & Hough, Inc.
French & Crawford, Inc.
65
been
Maple
securities
10
The Commercial and Financial Chronicle
(.1078)
concurrent
Some Hardheaded-Advice
To the
saw
Even
City
to
future
is advised to
industry
paper
concentrate
to
earnings,
on
make fuli use of the research
and to consider seriously its
viable
factors
basic
such
in
record
as
nouncements
is that
real and
a
The
industry is in a pretty
position with resoe t to
fortunate
position
is
excellent.
Pulp
wood
today is abundant,
self-replenishing and relatively
cheap. The forestry programs ate
paying off and waste paper is in
good supply.
What other major
producing industry is so lucky
concerning
its
raw
materials?
material
facilities
Second—Productive
integrated
and
mated
to
are
auto¬
highly
diversified,
large,
good
a
There is a large amount
and modernized plant and
degree.
of
new
has
industry
The
machinery.
dol¬
and
spent hundreds of millions of
lars
panies
plant in recent years
quality products with
on
out
turns
Third
efficiency.
operating
excellent
In
—
than this.-
labor, also in
good shape. Labor cost is about
average for all industry and seri¬
vital
ingredient,
establishing
toward
efforts
ous
better
X-A ;
even
■
,
the
popular be¬
lief, the paper industry possesses
greater productive stability than
Also,
production.
susceptible to short-
industrial
overall
it
While
is
inventory cycles, as are most
run
major
industries,
,
has
tion
in
record
paper produc¬
consistently
better
a
ured
problems.
'
Vi.
--
.;
say
The
itself
product
—
whatever form — is a
item.
It is inex¬
pensive, it is highly adaptable,
and
it
is
generally
used
and
thrown away.
The industry does
not have the inherent problems of
the durable goods producers.
unique
Fifth
for
—
about the
How
markets
shines
Here
the
industry
again. The increasing per
capita
consumption
paper?
perimposed
tion
is
on
paper
su¬
popula¬
rising
a
in itself.
story
a
of
Paper is
indeed the most widely used manmade
product
places and
ates
our
ence.
in
number
used.
ways
entire
What
the
It
perme¬
economic
more
can
of
you
exist¬
ask?
periods.
tors, and others, the industry has
experienced
in
sales.
In
excellent
an
the
last
annual
compound
growth
has
been
10
rate
5.7%.
growth
the
sales
years
of
Quite
large number of progressive
a
com¬
1956
then, this adds up
enviable industry posi¬
the really basic
materials, produc¬
regarding
of
raw
of
others are fortuitous.
Re¬
gardless of the origin, however,
fort,
1960
You
this,
industry
and
more
3%
in
year
.1
may
does
this
1962.
be
an
But,
"There's
said,
Hamlet
as
rub."
the
around
90%
growing
Dimmed by
Earnings'
do
talk
we
and
rate
How
breath
one
Record
paper
record, in
There
is
my
no
statistics.
voluminous
10
have
industry
paper
In
the
last
net profits for the
total
years
problem
industry's earnings
book, is quite poor.
sense
in providing
grown
at
only eight-tenths of 1% annually.
Inflation alone during
this period
growing at 2.5%. The earn¬
ings per share record, a much bet¬
ter test,
is worse.
Most of the
majcr paper companies are earn¬
ing less per
share
today
than
they were 10 years ago.
There
was
has
been
no
with
even
Earnings this
whatsoever
growth
the
help
year
will
It
pressure.
inflation.
of
is
again be
an
indict¬
ment in the eyes of outsiders
that,
despite the combination of the
ex¬
of
over-expansion
next
in
company
is going to build
a
cut-backs
cent
due
years
ments
even
by
is
There
the
little
ress
or
no
economic
past
10
or
15
condi¬
general economic
that the vast
individually
is apparent.
Another serious
boom.
I
that
aware
the
vvill
subject,
I
We
Now,
know
that
I'm
of
sales.
•
When
start
pushing to replace a
lost outlet, price concession usu¬
ally comes to mind. But we can¬
not
halt
that
is,
a generally good trendintegration — merely be¬
it
cause
may
problems.
small
price
temporary
possibility is a
cause
This
to
for
mental improvement.
pay
a
The
industry
capital
more
you
only
can
in
go
funda¬
Paper prices today are still in¬
by the mistake of five
fluenced
approaching
are
limit
of
to
selfish
going to lose X
tons
internal
problem for
the
so
far
with debt capital and many com¬
have
in
a
ahead.
form
that
to
not
growth
they
of
debt
the
be
the
ratios.
were
normal.
the
;
that if the
say
industry's stocks are not
growth stocks, then what of
it?
There are precious few com¬
panies of any real size that actu¬
ally meet the criteria. Remember,
the
industry ranks with 80. or
paper
true
95%
Its
industrial
of the
operations
companies.
with
fluctuate
do
the economy and they are subject
cycles. ? This
inventory
general
If
I
cut
be
gratuitous advice I'd
YAMAICHI SECURITIES CO., LTD.
TOKYO,
JAPAN
I
operating at
a
will
want its. stocks to be selling at
least at a reasonable capitalization
of
a
COrtlandt 7-5680
it
should
states¬
manship, if
ington, D. C., would draw
from the industry.
Perhaps
111 BROADWAY, NEW YORK 6
90%
ingredient that
there is a good
earnings performance. Not assets,
not sales, not operating rates, but
good
earnings
and
over
more
than
a
one-
up
others
I. B. M.
in
and
use
that
fact
the
to
the
sure
am
can
is
there
is
lent
on
reason
two-year
or
for doing a
earnings.
It will
span.
better job
a firm.
save
For Banks, Brokers
suggest on
that outsiders,
basic
are
many agree
that
earnings record must be im¬
proved and that
unless
does
one
statesman¬
more
ship is required to
goal.
There is no
achieve
something about
That's what outsiders
ing for.
this
worrying
use
.
look¬
are
.
Conclusion
In
conclusion,
emphasize
think
will
I
may
six
items
big
pay
briefly
which
future
I
divi¬
dends.
First—It
has
already
because of, economic
it can
the
It
operate successfully
"fluff."
should
It
keep these costs down
the
costs
cut
necessity.
when
even
cycle
turns up so that the
profit margin pressure will
lessened in the coming years.
same
be
Second
Much
—
attention,
more
time, effort, and money should be
invested
in
research
development.
is
word
Third
people
and
product
In research the key
invest, not spend.
When
—
top management
consider
expansion, con¬
sider that perhaps they aren't that
much better
or
competitors.
that
one
get
can
He's
market.
smarter than their
There's
certainty
else's
no
someone
awake
too
will
and
fight back.
Fourth
sider
in
Managers
—
must
con¬
capital expenditures mainly
of
terms
return
on
the
dollar
invested.
They must, therefore,
increasingly tough in estimates
terms
of degree of certainty
and magnitude of return.
in
Fifth—If
integration really im¬
firm's
a
important
situation
achieve it—if not,
Sixth
an
to
forget it.
And last,
leadership
if these pol¬
followed,
additional money needed will
icies
the
of
—
are
be available when the need for it
arises
Wall
because
then
with
a
Street
convinced, as I most cer¬
tainly am, that here is an industry
*An
U.
S.
York
real
and
lasting future.
address
by Mr. Gessner before the
Pulp Producers Association, New
City, Feb. 20, 1961.
Quoted
MEMBERS
Exchange
LIBERTY
American Stock Exchange
STREET,
Tel.: BE 3-8880
especially
Private Wire
•
will
be
Sold
New York Stock
65
in
seek
then
way,
Alfred L. Tanden Briietk & Co.
:
and
not
The
Foreign Securities
;
the financial people, are now well
aware of these
problems and this
is
potentials
and Dealers
Bought
thing I
this subjept. That
one
or
the
excellent field
an
operate.
and
I
bemoan
industry
has
which
there,
don't
the
It
factors
Here, therefore, is another excel¬
Wash-f
screams
for¬
say
company
The
earnings.
gets the stock
It
type' of
practiced in
This
the
get the labels that Wall Street
proves
may
the
prices!
is
not the exception.
permitted to offer
case,
may
some
up¬
From
answer.
viewpoint,
industry is now com¬
pounding this error by saying that
now
do
the
business.
it therefore follows that since it is
Affiliate of
I
because
a
a
Some
financing
equity
ago when prices were estab¬
lished on the premise that 98%
seems
regard
stocks.
are
years
operating - rates
that
say
investment
be
com¬
There
from
forever.
need
years
this
prices.
evidence
thousand
Brokers and Investment Bankers
other
one
This is not
last
not
price reductions do not in¬
field
firms
YORK, INC.
Spending
present, I know other things
are more pressing in the immedi¬
ate
future.
But, and this is a
large but, these circumstances will
panies
with
fair
Howeyer, I also
knows
the
ward
is
in
any
it is for the future.
available
easily
is
it
abundant
I
of NEW
like
heavy
sources.
are
consumption.
Of course,
integration is part of the problem,
YAMAICHI SECURITIES COMPANY
researcn
re¬
trend.
So
coming
t
growth stock
continuity of earnings
per share gain on a secular basis.
Most paper companies do not fit
this requirement and actually can¬
not be expected to show steady
gains. This limitation is inherent
requires
ures
know
majority of firms
is
as
think
not
capacity costs big money.
crease
Japanese Securities
in
investment
investment just
is
quiring
our
pri¬
mary job is to build profits, but
we
must acknowledge that to an
important
degree? the
industry
years,
general earnings prog¬
It, too, should in¬
that paper is a business re¬
know
operating rates may be
again tips year barring a
pany
robust
the
and,
can
would like to comment upon.
so,
down
.
,
strict definition of
without
new
in
trend controls the individual
of
its
an
Capital
warning state¬
industry leaders.
But
cellent factors I mentioned before
the
fact, does do.
crease
to
and
tions
See what research
—it is
and
that
announce
it
in
money
,
people in the
community today do
other successful indus¬
investment.
New
The fig¬
vary
by products, but it is
plant?
not hard to invest $2 for $1
of
Yes, I think outsiders, including. sales and the outlay is consider¬
Wall
Street, may be partly to' ably higher if fully integrated raw
blame
because of their
glowing- materials are thrown in.
portrayals of the future back in
Many
paper
companies,
or
1956-1957.
Many said "Expand,
rather most companies, do not to¬
the sky's the limit!"
Yes, there
day
have
that kind of money
have been some
the
in
think
I
it.
appeal to the industry, as one
the important things it can do,
tries.
J
The
recent
number.
to observe
long
of
Any
in
is
consumption
yearly.
in
companies.
other because
operating
3.5%
a
constant stream of
improved products from
and
development
advances
look good because they are so
of
4%
additional
.
overall
snouia
we
seeing
I
seventh
The
because
few
tain
important grades.
Rapidly
rising foreign capacity should also
.
o
may
figures hide
dislocations in cer¬
fundamental—corpo¬ be considered.
rate earnings.
:
;;
y
most
to
is
tendency
product
since
see
the
item
many
not
These
greater
even
will
we
:'v
know,
one
new
In the face
capacity
least
of the
innovators
that Paper Company "A" is.
a fine job because it jusi
brought out a new product. This
is said even though the potential
for
that
item
is small,
because
everyone wants to see and expects
to see research results.
Actually,
we
should not be impressed by
yearly by 6.9%,
and 3.6%,
respec¬
at
u
doing
1956 has gone up
3.4%,
4.1%,
tively.
This
But
the 'chemical
say
poor year.
1961
and
order.
1958, up in 19o9,
and
textiles.
see
from now.
They, we
'remember,
are
product
developers
good
sixty
to be booming.
appear
tive
facilities, labor, product, mar¬
kets, and sales growth and sta¬
bility.
Some of these conditions
are
a
result of keen industry ef¬
in
to
years
first
from the high point in
the industry's earnings were
down
under
Sixth—Because of all these fac¬
hundred
and
years,
.
10
should
can
A'
moderately
a
very
a
tion
in
paper,
truly
Nineteen
down in 1957 and
Glow
—
in
AA:/
summary,
excellent.
Fourth
than
more
and
hate
indus¬
management,
years
wood
boys able to make the same boast
Reading
our
that in terms
of physical facilities and people,
the
paper
industry's position is
Yes, I would
who
ones
so
would
Call it statesmanship,
one.
this
relations
over
the
years have produced a record of
1they; shop Id, have enabled the in¬
extraordinarily
few
real
labor' dustry to demonstrate progress in
labor
good
poor
be called
to
re¬
has
What
paper
rightly
from
The
point is that acknowledgment
and identification of the problems
are
not
nearly enough.
Results
are what count and they count in
Be¬
1930 depression
phenomenon has been opera¬
In
of
effort
research
industry is proud
that with better
products they took away markets
try leadership or whatever.
ginning with the
tive in all seven recession
the
and more to
ago
importance
the
The
The
and
problems
the
only
enlightened
production as meas¬
the F. R. B. Index.
by
the
are
solve them.
than
years
recession
does industrial
problem
small; the results poor.
been
The firms in
know
industry
and
to
contrary
major
years
recognize
search.
Now, I bring no new informa¬
tion to this dilemma.
Stability
Productive
factors
another
to
regard
done
have
basic factors. First—The raw
most
The dictum made
showed
lasting future.
paper
the
on
10
headaches
company
Lack| of Research
the
in the industry today is
areas
failure
velopment, etc. At trade associa¬
tion ' meetings
this " has
been
brought out time and time again.
I
have
personally
talked with
many on these subjects.
industry faced difficulty in obtaining funds when it
no
many
people
paper
really big new markets has paper
over-aggressive expansion, pric¬ opened up in the last five years,1
ing problems, lack of product de-' the last 10, the last 15?
over-expansion tendency and failure to generate
flowing stream of new and improved products.
a
over
earnings rise
Thursday, March 9, 1961
.
the securities of the average paper
of
One
back in re¬
public pro¬
subjects of
gone
the
and
Decries
<
this
for
reasons
I have
cent weeks
facilities, product, markets, sales and stability, the industry is re¬
buked for its innate
the
years
fall
makes
should, too.
for
known
what
to
and
some
V
have
and
paradox.
productive
materials,
raw
tion
more
know
some
Though credited with an en¬
heavy capital investment needs.
cerned.
telling and baffling
is that the industry's lead¬
us
ers
dollar,
for
share
earnings
major companies.
We are quite con¬
We pay maximum atten¬
cept profits."
declines in
to 55%
25
many
per
By Lawrence K. Gessner,* Senior Analyst, Smith, Barney & Co.,
The
paradox of "Everything's good ex¬
vola¬
the
tility of earnings. Despite the re¬
sistance of production and sales
to economic downturn, in 1960 we
Paper Industry
New York
is
problem
.
.
NEW
YORK
6
Teletype NY 1-4-680
System
to
Canada
Volume
Number
193
6036
.
.
The Commercial and Financial
.
Changes in Tax Laws Predicted
In predicting liberalizing and tightening up
;
tax revenue laws, Mr. Grund doubts there will be
,
The
Kennedy administration will
the tax law to give a shot in
use
the
to
arm
spring.
business
This
in
•
f
the
Reduced
the
Alumni
e
of
bring
the Graduate
Ad-
miriistra t i
New
York
of
Benjamin Grund
predicted
encouragement
the
that
business' will
to
take the form of either permission
to charge off immediately a per¬
centage
the
of
penditures
of
cost
plant
ex¬
through the deduct¬
or
ibility of higher depreciation than
is
permitted.
now
To
make
loss,
Mr.
that
for
good on
Grund
revenue
any
predicted
also
Administration
the
elimination
the
dividend
count
65%
be
down.
cut
increased revenues can
from bringing into the tax
organizations
tax-ex¬
now
the
of
adverse
will
of
ask
the
4%
credit, the $50 dividend
with
laws
the
dollars
help
of
electronic;
tional
revenues.
On the other
of
Hutton
hand, the inequity
&
modest
Ultimately,
monthly balance of payments would
figures indicated the trend. It is.:
with
and
a
and should end
we can
more
substantially simplified
equitable tax law.
amounts
of
It
foreign
must
because
zation
size
few hundred
E.
dollars, Civil War
Hutton
organization in
on
there
are
cities;
started
this date in 1886.
Today
U. S.
offices
There
in
16
is
17
the
small Cincinnati
a
an
office
also
in
Rome, and the firm has represen¬
tatives
and
abroad
on
Two
in
Great
& Co. has
other
and
of
of
by
for
a
ence.
Stock
Ex¬
ex¬
in:-
Cincin-.
Britain
York
business
answer
to
the
of
inr-rp^P
thp
light of the
short
nf
of
increase
liabilities
term
-
pn-<
optimism.
of
nf
hi
short-term
entirely
an,
feeling
ii
Britain's
Avenue, New York City,
507 Fifth
to engage
Partners
offices
with
formed
been
in
a
securities business.
Jack L. Schaffer and
are
parity of sterling.
t0
defend
adverse
causes
no
-
with
question the wisdom of
decision
return
to
to
legal convertibility. It is arguable
that
would
it
the
have
been
right
wiser to
to. impose
in
control
change
ex-
the
outside
balances
last
Sterling
gold
from
the
Fund,
it
would
balance and
verse
; '
,
Plan
been
152
West
42nd
The firm recently increased
ness.
Partners
offices
at
Street, New York
a
securities busi¬
are
Fred Rudinger
City to engage in
confer¬
with
formed
It
Associates
Forward
largely
was
fluence of the
.
/
inflationary
absence
But
,
exnansion
caicuiated
of
the
of
ot
Its
adverse
the
and
the
sterling
Discount
a
whv
reasons
un
optimism continued in
external
was
an
sabotage
Dotage
Sterling at
of
wnnld
deterorUtioT
"
Qne
»
^n'
fact
was
decline
balance
that
liabilities,
until
quoted at
to
a
recently
premium,
discount
a
of
accumulation
short-term
may
go
towards making public
opinion realize, that conditions are
some
far
way
from
satisfactory.
The
out-
flow of gold during February fol-
lowing
of
on
the
the
gold
towards the
non-stop
increase
might
reserve,
creation
of
help
a
more
atmosphere,
Philips, Rosen Partners
*Iosen
'
Appel,
&
Broadway, New York City,
115
mem-
bers of the New York Stock Exchange
on
March
admitted
1
on March 1
dmutted
^ames A. Walden to general partnership and Ned D. Frank to limited
partnership in the firm,
'
.
;
'
'
'
'.
"
This advertisement is not and is under
buy
New
any
circumstances to be construed
no
offering of these securities for sale
an
as
solicitation of an offer to
of such securities. The offering is made only by the Prospectus.
or
a
Issue
that
250,000 Shares
Whippany Paper Board Co., Inc.
Common Stock
Sterling
under
in¬
the
increasing gold
.wages-
with
viewed
In
In
embark
"calrnlat2hTick
a
certain
of
Price $15 per
re¬
that the accentuation of the
serve
spiral
the
gold
would
reserve
share
was
complacency. In the
influx of foreign
the
of
balances
and Gerard I. Nierenberg.
to
of withdrawals
■
to
balance.
trade
adverse
Overvalued
Fore
Monetary-
camouflage the effects of the ad-
would
Area
t
official! realistic
possible
be
Council
to nave nut
to have put
more
continued
Diversified Fore Plan
have
does not appear.
Bertram A. Canter.
Diversified
act
>'•
International
ef¬
from
year
than half of the
reserve,
apart
altogether
any
decline through
the
out
wipe
steps
its
during
need.
of
case
the
of
London
-to
of
because,
thanks
to
increased
drawing facilities
the
to
j
™Da
payments
imperative,
clined
recent
taking
The trouble is that the necessity
drastic
Union
Lred
spite of the
necessary
of
balance
reserve
sterling
Parlia-
credit facilities.
for
the
warranted
far there
indications
trade
produce
not have
nut nave aarea
be
cert
with
deterioration
So
to
of
that,
^ ^rlsk"
eliminating the
balance/ before it
further
position.
It is
majority
-
convinced
am
adverse
on
not
by
trade
a
been
abroad some quarters are now inthe
it
I-
o£a^xS
,
recent
a
ex¬
of
listing .circumstances
full
a
up
disappear.
soon
an
unemployment
1.7%
allowed
wouid
wuuiu
the increase of action to that end -beyond forer.
during I960 was, shadowing
additional
export
convey
tho
came
Company
at
Investment
Balanced
has
the firm is bringing its out-
New
that
withdrawal
Form Balanced In v. Co.
to
catch
on
inwardsuch asuiestion
forward such a suggestion.
that
are
Devaluation Rejected
Rejected
.
in
financed^ the import - the
reserve
to
Tn
In
which
to
Boston, Philadelphia, Balti¬
Since,' however,, the government
more,
Dayton, Ohio; Columbus,. in its wisdom deemed it advisable
Ohio; Lexington, Ky.; Easton, Pa.;to burn its boats there is nothing
Hackensack, N. J.; Wayne, N. J.;
for it but to strengthen the de¬
Hartford, Conn.; Burlington, Vt.,
fense of sterling against any pos¬
and Portland, Lewiston and Biddesible deterioration of the position.
ford in Maine.
*
It is a worrying thought that the
Exchange.
two-day
greatly
nati,
grandsons, James M. Hut¬
partners
able
extent
means
warranted
leading
located
are
has
sary,
Street
.
bal,-
been
largely
inadequate reali-
the
>
sterling
have
the
has
reserve
Offices
the continent.
of-town
.
changes.
connection with its anniver¬
In
Wall
.
New York
of the
change
and William E. Hutton
are
senior partners, and a fourth
generation
member,
James
M.
Hutton III, is also a partner. The
founder,
has
son - James,
and
grandson, James Jr. each served
as
President
of
the
Cincinnati
Stock
14
,
E. Hutton
firm
Jr.
ton,
its
of
expanded its underwriting of cor¬
porate, state and municipal secu¬
rities since its first underwriting
venture in 1888.
It is a member
only
of
x
of
Devaluation
one
thing, -however, to suppose
vaguely that short-term liabilities
ances.
up
a
capital
'
figuring
headquarters.,
Co.,
'
the tax on year-by- have increased and quite a dif-■.
mentary question the Chancellor
earnings instead of average, ferent tning to be confronted with 0f the
Exchequer emphatically reincome will be straightened out the actual
figure. This experience jected the idea of a devaluation
to remove the present penalty on shows
conclusively the need for 0f sterling. It is not enough, howpeople with fluctuating incomes. more frequent publication of the ever,
to wish to
maintain
the
leading
underwriting
and
brokers
firm
still directed by descendents of its
founder, on March 7 marked its
75th year in the financial world.
office
I-
year
W.
W.
payments.
the change in the external value
of sterling, so that the advantage
of an undervalued exchange
the
the
been
Moreover, in existing cir-;
cumstances
British
prices
and.
soon
or¬
gov¬
calculated
a
overwhelming
.
had
extent.
would
when
to
-industries.
'
devaluation
f
a
the
Britain's
1960,
of
equipment will also provide addi¬
W.E. Hutton&Co.
veteran
of
i
„
a
"take
embarking
gold
1960, * the -Trade
costs
the
i75 Years' for
a
pay-
balance
of
of
masses
the employ¬
population, and when there
growing scarcity of labor in
fect
associations,
labor
unions,
and sterling countries increased last
farmer co-operatives now go vir¬
year by
£604 million came as a
tually scot-free of tax.
shock.
There
is no
reason
why
Improved enforcement of the this should be so, considering that
of
the gold
a
of
the
means
to
time
a
is
money.
not benefit to anything like
Billions
borrowing
With
borrowed
on
the
labor, exhorted the
down
able
4
it would be followed by a large
s>ort-term liabilities outside the; number of devaluations, so that
Sterling Area must have increased the balance of payments would
surplus
E.
balance
m.ents, during
Britain
W.
paradise of imports
sterling. But the chances
will
now
at
will
fool's
Exchequer the
Council, speaking
of
by
a
the
adverse balance of payments. This
is
dis-
In
law
benefits
fringe
r
threat to more than half of Britain's gold re¬
apart from any decline through the continued adverse trade
a
to
the
pansionary policy in spite of the
sterling balances held in non-starling
in-' considerably.-. Nevertheless,
the
come is earned annually by these' announcement that the amount of
organizations. For example, trade • sterling, balances held
in
non-
and
Grund
risk"
a
of
Unions
ganized
for., quite
memorandum
a
behalf
on
;
awaken his country to realistic measures. The
foreign
exchange expert blames overvalued forward sterling, wage and other '
domestic policies for sterling's precarious condition hidden
by the "
gold-inflow, and warns against palliatives which encourage living in
may
to
•
balance, Dr. Einzig hopes that the recertt turn of sterling at
propose
10
^rade
11
balances
In
Chancellor
countries which pose a
income tax
to
"
by
empt.
Society of Certified Public
Mr.
down
"
correct
come
Accountants.
•
Concerned about the extensive
1962,
reduction
The
and
fold
the New York
State
in
will
personal
rates
,
By Paul Einzig
..
.
serves,
addition,
Seidman &
President
-
LONDON, England—It has been
in ! generally assumed that as a result
the
of
|
;
loss because many so-called loop-
University by
Benjamin
Grund,
CPA,
Seidman
action
foreign
while.
ernment
..
boles
o n
partner
loss.
compared with the present 20 to
91%.
There will be no revenue
of
Business
in
Brackets
Tax
Administration
brackets.
School
occur
revenue
for
reducing all
ore
Conference
any
Scheduled
an' ad¬
b
a
Sterling Balances
Requires Realistic Action
by
early
predicted on
was
dress
of
of
exclusion, and for tax withhold¬
ings on dividends and interest.
Saturday, Feb.
25,
changes likely to
(1079)
Rise in
By Seidman & Seidman Partner
0
;
i
'
.
Chronicle
have declined and its material and
Copies of the Prospectus
ties in
be obtained from the undersigned only
may legally offer these securi¬
may
in those States in which the
undersigned
compliance with the securities laws of the respective States.
effect might have
gone a long way towards stiffen¬
ing
resistance
to
irresponsible
wage
demands. The authorities,
by allowing forward sterling to
psychological
This
announcement
buy
any
A
is neither
an
offer
to
sell
nor a
solicitation of offers
to
of these securities. The offering is made only by the Prospectus.
NEW ISSUE
MARCH 3, 1961
*
to
covered
extent
that
made
inward interest arbitrage
an
profitable,
are
to blame for this
result.
PALOMAR
MORTGAGE COMPANY
6/2 % Subordinated Convertible Debentures
Due
face
In
through
lines
plus accrued interest from February
1946.
1, 1961
forward
put
liabilities
Price 100%
situation
of
should
Straus, Blosser 8c McDowell
Sutro & Co.
Walston & Co., Inc.
Draper, Sears & Co.
Ferris & Company
J. A. Hogle & Co.
Heller & Meyer
Marron, Sloss & Co., Inc.
consolidated
external loan on the
big dollar loan of
an
Parker, Ford and Company, Inc.
Rodman & Rensliaw
the
While immediately after the
there
war
these
that
be
Newburger, Loeb & Co.
Albert Teller & Co.
created
by the increase of external shortterm
liabilities a suggestion has
been'
January 31, 1976
the
of
Noel & Co.
Hemphill, Noyes & Co.
remain overvalued throughout the
year,
$1,100,000
Van Alstyne.
have
may
justification
such
Herbert W. Schaefer & Co.
Stirling & Company, Inc.
some
arranging
for
been
J. R. Williston & Beane
Birr & Co., Inc.
transactions, it would be entirely
Copies of the Prospectus may be obtained in any
State only, from the .undersigned and other dealers
as
may
lawfully offer these securities in such State.
unjustified 16
would
It
Britain
dise
>
J. A. HOGLE & GO.
after the
war.
mean
that
to
simply
would
continue- to
years
be
live
encouraged
in
a
fool's
alternative
Orvis Brothers & Co.
para¬
and increase her imports
on
borrowed money.
An
Flomenhaft, Seidler & Co. Inc.
suggestion is to
Hayden, Miller & Co.
Stern Brothers & Co.
1
March 9, 1961
?
Winslow, Cohu & Stetson
Incorporated
12
The Commercial and Financial Chronicle
(1080)
the
Impact of World Economic
cal
From
The
monetary
all fis¬
now
scrutinized
fully
abroad.
multilateral
ment
shift
to
nations
The
the
have to
in their de¬
care
aid
By Dr. Marcus Nadler,* Professor of Finance, Graduate School
cisions in order not to weaken the
countries.
international standing of the
include
lar
most
The
problem confronting the new Administration is
pressing
gold.
Dr. Nadler also points
it remains at its present magnitude it will hamper
rectifying the balance of payments deficit.
out that
to
efforts
long
so
as
Galled
tries.
investment climate
favorable
the
create
to
labor
and
of
few
last
marked
by
have been
far reaching
years
many
erable
impact
the
on
world,
the
throughout
changes
had a consid¬
which have already
United
Until
a
tlie
Latin
nationalism
the
for in¬
with
sole principal convert¬
of the world and one
of the most important, .sources for
was
the
liquidity. ' Jhere
pronounced dollar shortage,
a
and it
was
generally believed that
Developments during the last
few
years
have materially
changed this situation.
The
econ¬
omies of the western world and of
have
rehabilitated.
been
Their productive capacity
greater than
before, and the
ever
and
productivity
of
their factories are high and rising.
as
Soviet
a
Union
major
has
emerged
industrial
country,
capable of competing with the free
world, not only in certain basic
raw
materials, but also in com¬
plicated
machinery
and
equip¬
ment.
been
The
dollar
converted
plus,
and
many
years
which
has
international
the
is
be
stand¬
be
to
pay¬
to
main¬
The increased competition
had
effect
pronounced
a
world
for
shortage
into
the
has
dollar
sur¬
a
first
there is
a
time
in
shadow
on
that
have
on
doubtful, the
creation of larger 'economic units
Europe is attracting an
amount of American
capital. Before the impact of these
developments on trust investments
is
considered, it is first necessary
analyze the problems created
by them.
to
of
S.
S.
$3.5 billon.
over
each
year
$22
billion
term
and
assets
an
of
of
The consequence
has been the accumulation of
American
owned
over
of
and
the
measures
to
that the
rectify the bal¬
briefly
A material reduction of
defense
expenditures
abroad;
curtailment of U.
(2)
S.
eign countries;
tariffs
the raising of
the imposition of quotas
or
imported
on
tions
(4)
restric¬
the amount of dollars that
on
tourists
spend
may
regulations on the
American
capital to
foreign countries.
over
$5
They would weaken
of
would
leading to
free
the
a
world.
and
monetary
policies
by
nomic
growth
will be
flow
a
U.
flow
of
invest¬
ensue
and
in¬
an
foreign capital to
S.
long
the balance of
as
deficit
it
as
the
of
has
the
is
standing
bring to
sionary
forces
of
influences the
Administration
take to
as
during the
it casts a shadow
international
the
may
end the reces¬
and stimulate the
an
economic growth of the country.
The
not
dollar
solely
problem
surplus
American but
an
ternational
problem
is
an
in¬
can
and
satisfactory
These
measures.
taken
the
in
be
cooperative
will be
measures
distant
not
the U.
future,
prob¬
S. will be rectified.
tries
and
strengthen
could lead to
a
nationalism
world
the
Such
a
sion of the most astute investment
officers.
S.
A
cent
years
The
the
a
free
pol¬
nobody
in
solution.
Competition
an
offer
The
to sell nor a solicitation of an offer
offer is made only by the Prospectus.
buy
any
of these securities.
>
NEW ISSUE
March 9, 1961
has
been
completed,
greater
are
and
than
ever
today
due to the
this is
Partly,
fact that
a
portion of their
had
and
modern
equipment,
COMMON STOCK
con¬
prewar
to
replaced
be
machinery
and
nations
the free
of
respects
some
those
than
more
the
U.
methods
S.
are
the rising
on
home
from
world
even
of
production
of
has
in
share
the
abroad.
and
production.
used
Manage¬
great ingenuity in
respective
substantially
be obtained from such of the undersigned only in such
ivhere the securities may be
legally offered.
may
Godfrey, Hamilton, Magnus 8c Co.
Incorporated
profits in other countries remains
high, stimulates direct investments
by American companies abroad.
Increased
Competition From the
Soviet
Union
The economic progress made by
the Soviet Union and its satellites
in certain fields has been substan¬
tial.
The
Soviet bloc is in a posi¬
compete with the free na¬
tion to
tions
the
of
world
in
m
rials.
any
The
petition
price
The
oil
in
to
its
and
structure
effect
well
are
Soviet bloc
tion
of
notably raw mate¬
impact of Russian com¬
is also
in
compete
on
known.
in
posi¬
a
certain
types
heavy equipment,
as evidenced
by the steel mill erected-in India
and
the
Egypt.
Great
Aswan
Dam !fn
In
competing in foreign
markets, it is usually the practice
the
of
Soviet
prices, to
thermore,
Government
to
cut
disrupt markets. Fur¬
the
Soviet
Union
is
countries
lower
than
are
in
effect
an
on
Direct
Investments Abroad
Direct investments
foreign
of
industries
some
corporations in the U. S.
of the U.
countries
rapidly.
have
Toward the end
1959, they amounted
billion
$10.2
in
divided
billion
S.
in¬
in
to about
follows:
as
Canada,
$8.2
bil¬
America, $5.3 billion
Europe, $2 billion in the Middle
East
and
in other
by
Africa, and $3.2 billion
Direct investments
areas.
American
corporations in the
underdeveloped countries are con¬
the
tion
of
primarily in the produc¬
materials.
raw
dustrial
nations
In
of
the
in¬
Western
and of Japan, they are
concentrated in industrial produc¬
tion. In Canada, the direct invest¬
ments
U.
both
are
in
and
in
materials
raw
manufacturing
S.
investments
industries.
abroad
have
contributed
materially to the de¬
velopment
of
foreign
but not in all of
in
of
some
countries,
lead
to
of
did
the
the
underdeveloped
these investments
did
an
ard
increase
living
benefit
countries;
them, particularly
of
in
the
majority
of
the
stand¬
people,
nor
the
people
the development of
from
the rich natural
resources.
Ignor¬
low
living
developed countries.
rate
these
of
economic
countries
in
the
has
growth
been
in
higher
U.
poverty,
standards
Since
the
end
underdeveloped
nations
crude
have
been
able
to
drastically,
when
periods
ment in
the U. S.
was
reduce
even
unemploy¬
large.
competitive position of the
European nations and of
Western
Japan is
by
the
American
being further
substantial
capital
in
direct investments.
increased
inflo\y
the
It
is
form
of
of
of inter¬
and
prevail
S., and they are
today less dependent on economic
changes in this country. All these
during
Davis, Pearson 8C Perkins, Inc.
and
The
unemployment
Roman 8c Johnson
competition, which is increasing,
extremely difficult to overcome.
ance,
The
Taggart 8C Co., Inc.
of production are
rising. The fact that profit
margins in this country are still
declining, while the margin of
S.; and with certain notable
exceptions, they have enjoyed a
high degree of labor tranquility.
than
Charles A.
greater
are
Europe
in
design and in styling, and the
quality of the goods is high. Euro¬
pean and Japanese manufacturers
are
aided by the fact that wages
Share)
Eisenberg Co.
period, when the
facilities
still
dustrial
it
of
some
U.
Paul
Eu¬
when costs
and
centrated
costs
Frank Karasik 8C Co., Inc.
in
than the present effective demand
imported
from the United States.
Thus, the
productive facilities of many in¬
ment
States
transition
a
productive
lion in Latin
still rising.
are
demand
Copies of the Prospectus
that
of
ably and
This further tends to reduce their
Price $3.00
per
become
'Competitive conditions are
aggravated by the fact
the U. S. today is in the midst
$30
being adopted based
per
to
boom
The'
before. Their productivity and ef¬
ficiency have increased consider¬
Mass
t
(Par Value $.50
the
further
creased
they
modern
200,000 Shares
'
bound
slows down.
rope
Japan
are
i
as
in
with
to
is
keener
nations of Western Europe and of
stroyed
is neither
abroad
even
has increased materi¬
rehabilitation
of the
productive facilities has been de¬
announcetnent
from
productive facilities of industrial
siderable
This
manu¬
abroad; and competition at home,
particularly in commodities re¬
quiring a great deal of labor, is
mounting rapidly. Competition
have
International competition in re¬
ally.
this country and in the free world
a
now
Soviet competition too is bound to
International
Com¬
adoption of
Obviously,
favors such
are
is
solution
return of economic
throughout
the
and
the United States
factured by American subsidiaries
willing to accept surplus commod¬
trade, from
Soviet Union and
munist influence.
com¬
petition in foreign markets. Some
products previously exported from
ities in exchange for exports. Such
could benefit.
They
hamper
the
economic
of underdeveloped coun¬
growth
develop¬
increased
fected the movement of bond and
satellites
would
further
commodities,
satisfactorily solved only through
mutually
ments-is
pay¬
S.
U.
rising.
are
The net effect of these
been
the dollar and thus
measures
Europe
equity prices and clouded the vi¬
of international
ment
eco¬
Europe,
even
past three years,
on
of
direct
Western
might
creased
the
the
in the U.
American
in
there
with
S., there
slowing down in the out¬
of
ments
that
resumption
a
their expenditures on plant
equipment at home during the
present year, their direct invest¬
ments abroad, notably in Western
duce
and
tariff
motion
U.
fiscal
and
that, whereas American
corporations are planning to re¬
general curtail¬
in
set
The result has been the
of the complete freedom over
end
possible
Europe slowly coming to
Until, however, the methods that
will be adopted are known, there
is a degree of confusion and un¬
certainty which already has af¬
icy of political isolationism in the
ance
also
est to note
this
end.
an
taken
alliance
wars
from
lem of
reaching.
the
funds
adop¬
of
billion during the past three years.
disappear¬
is
It
Thursday, March 9, 1961
the outflow
bring
the
consequences
of
They
of
leading
and the balance of payments
by the U*. S. would be serious and
far
the
of
de¬
rates
unilateral (measures
The
tion
moderate
country to other centers to
(3)
goods;
A
some
short-term
of
.
large
deficit
in
Britain, would
So
short-
by foreigners
outflow of gold
S.
the
on
economic and military aid to for¬
its
payments
U.
payments
(1)
are:
U.
take
can
of
ance
which only the
Payments
During the past three years, the
U. S. has had a deficit in its inter¬
national
effect
Remedies
The unilateral
of
somewhat
Balance
The type of
tdken will
coordinate
European countries, notably Great
ments
outflow
in
underdeveloped countries has
The
the
to
short-term
the
interest
rest'of the free world.
(5)
in Western
the
of
economies
in
on mu¬
be
pronounced
a
abroad;
become
will
interest.
of
cline
can
on
cooperation
central banks
as
world
free
rates
an
States
other.
the
on
measures
the
spend in the
may
well
as
the leading
boom in
the rest of the free
hand and
American
the
the
on
S.,
of
by
world; or they
United
the
tween
U.
discrimina¬
in
.
could
measures
the movement of their short-term
and
tually satisfactory cooperation be¬
one
American,-! foreign
investments
have
may
multilateral—i.e., based
margin of profits of many
companies.
While the future of
is today
efficiency
The
of
balance
dollar
increasing
this problem was insoluble.
Japan
the
on
the
ible currency
international
if
has
Marcus Nadler
practi¬
cally
problem
tained.
dollar
measures
Incorrect
today is confronted
serious
a
Government
a
United ' States.
the
country
ing of the
i pment.
was
of
solved
m a-
q u
times
important effect
an
ments
prod-
chinery, and
e
At
assumed
be
These developments were bound
a
The
given
independent
Africa, but
has
U,
uni¬
taken
measures
rest of the free
antiforeign character.
strong
This
t s,
and
America.
in
principal
c
Asia
this
to have
dustrial
more
Colonialism
newly
in
economy
u
being felt
home.
rampant nationalism, not
in
tion
source
also
at
has come to an end and has
unique posi¬
as
in foreign mar¬
also
en-
joyed
competition
only
is
but
more
countries
this
country
kets,
and
only
few
a
not
keen
rise to
States.
years ago,
is
the
-
econ-
of the
omy
International
of
Other
reductions
among
to
Congress, irrespective of the effect
standing
dollar.
taken
either
be
can
i.e.,
—
American
these
international
the
eco¬
underdeveloped
foreign tourists
S.
magnitude,
be
must
U.
payments
a
present
payments
the
productivity, to foster research, and to maximize consumption.
Introduction
with
the
it
lateral
increase
to
part of
and
dollar imports and an
increase in the dollar totals which
be taken to rectify the balance
can
defense
to
tion against
drastically or to elimi¬
nate it entirely. The measures that
management
cooperation of government,
close
is
for
the
measures
reduce
helping the constructive emergence of backward coun¬
and
continue
of
that
that
abroad
deficit
comfort, and the two-fold problem of safeguarding our investments
abroad
and
cannot
r
maintain
to
of
by now fully recognized at
home
the dollar's international standing.
Dealing directly with our foreign investments, the author describes
the structural economic changes that have occurred to our dis¬
and
dol¬
outflow
the
shoulders
world
.
It is
recessionary forces, to stimulate the economic
the
curb
rate,
growth
accelerate
and
free
of
burden
of Business Administration, New York University, New York City
The
the
of
nomic
great
the
agree¬
of the U. S. to the other industrial
monetary authorities therefore
use
from
an
.
that
measures
could be taken embrace
on,
and monetary measures taken
the government will be care¬
by
Events on Trust Investments
and
government
authorities.
.
in
of
most under¬
the
war,
ularly the newly established
have
been
phobia.
over
a
assets
swept
nationalism
assumed
the
The
by
a
character
ones,
wave
which
at
of
of
times
xeno¬
nationalization
billion dollars of
in
the
countries, partic¬
of
American
Cuba, the confiscation of
the Dutch properties in Indonesia,
the
nationalization of properties
belonging to foreigners in Egypt
are
typical examples of the form
which
this
crude
nationalism
has
Volume
assumed.
ments
193
Number 6036
"International
based
are
on
.
The Commercial and Financial Chronicle
.
invest-
result
strict adher¬
a
ments
to international concracis and
ence
.
the
of
American
direct
invest¬
the
large
abroad
ieaaing
by
companies,
they
respect for private property. Even
become international in
in Canada
and
ment
one
resent¬
a
developments
against the too large influx' have
American
of
detect
can
capital,
and
some
legislation has been passed to
this
tard
inflow.
American
The
danger
investments
cf the fact that the
and
social
re¬
to
arises
out
economic
same
conditions
which
impact
an
is
It
whether
of
a
the
tries
and
prevail in
number of other
a
coun¬
tries.
u
The
effects
ments
foreign
these
develop¬
reach¬
sentiment
concerned
should
in
some
investments
underdeveloped countries,
particularly where economic
political
These
conditions
countries
tial
amounts
and
and
the
substan¬
ket
require
technical
of
foreign
capital
foreign investments
Europe,
they
affect
how
the
forma¬
their
mar¬
earning
po¬
tential.
are
at present, it
yet certain what the re¬
is not
increased
Market and
the Free Trade Asso¬
ciation
be, whether two
U.
S.
of
economic
aid
Government.
countries
Union
will
for
Soviet
the
Some of these
turn
the
to
economic
economic
from
aid
Soviet
assistance.
will
lead
to
as
lationship
between
will
economic
rivals
whether
they
the
case,
first
the
Common
will
new
arise
or
combine.
will
In
international
com¬
a
strengthening of Communist in¬ petition will become even keener
fluence in the respective countries," man at present and may affect ad¬
which may adversely
affect the versely the earning power of the
status
of
American
ments in
direct
invest¬
these countries.
subsidiaries
case,
The problem before the U. S. is
abroad.
In the latter
huge market will be
a
ated with
cre¬
rising living standards,
mass
production and
twofold; namely, how to safeguard
leading
American
rising profit mar¬
gins. The investment oificer today
must consider the impact of in¬
provide
investment and
to
that the devel¬
assurance
opment of the natural
the
how
resources
of
underdeveloped countries will
the entire population and
only a small group. The prob¬
to
distribution and
ternational
benefit
earning
not
competition
companies,
lem
in
the
is
some
not
difficult
more
the
cases
social
and
because
ruling class
civic-minded
.is
and
refuses' to give up some of its pre¬
rogatives:
the
Where !the majority of
people
poverty-stricken
are
and there is
a
serious
which
potential
have
The
that
international
knows
how
such
situation.
a
classes
to
Communism
take
advantage of
Until
willing
are
proven
the
to
ruling
their
do
on
will
of
certain
have
constantly
Recent developments
watched.
have indicated that the U. S. S. R.
is
able
to'
disturbances
create
the international oil market.
in
do
can
to
private
or
Western
While there is
American
direct
Europe
investments
in
the
underdeveloped countries may
decrease, the flow of capital to the
industrialized
countries
of
this
reflects the
in
pate
desire
West¬
production,
notably labor, are
lower,
that profit margins
are
larger, and that the rate of their
economic
U.
S.
than
been
much
that
often, in exchange for exports, is
willing to accept commodities in
countries.
the
in
Once
the
obtains
respective
Soviet
Gov¬
foothold
in
old
established
Until
not
was
the
of
sources
themselves
last
the
supply.
Western
latter's
by
industrial nations in
Europe will increase the
productive
ca^a^'ty
and
productivity. They will therefore
be in a stronger position to com¬
pete with American manufactur¬
not
ers
only in the world's
kets but also at home.
it
will
benefit
expense
others.
Impact
on
Investment
Policy
Whereas until recently the econ¬
of
omy
strongly
tional
on
the
U.
S.
influenced
political
international
cant
effect
general
on
and
from
economic
business
on
interna¬
by
opments will also have
some
times
at
was
events,
a
now
devel¬
signifi¬
activity in
industries
and companies in particular.
it
a
however,
serious
forts
to
hampers it in its ef¬
the
curb
recessionary
important
an
return
effect
the
results will be
a
blessing not only to the U. S. but
currencies
of
ments deficit of the
accumulation
of
The
of
tne
the
large balance
free
of
the
to
entire free world.
the
on
convertibility
world, the
pay¬
address
*An
Investment
Winter
by Dr.
Session
Nadler
of
the
As
a
will
have
be
adopted to solve
pronounced
a
effect
the economy of the country.
U.
is
S.
forced
take
to
If
uni¬
international
On
the
trade
other
and
hand, if
to
Trust
$20
over
billion
by for¬
eigners have tied interest
Godvin; Partner in
rates m
the
countries
country
to
and
Reserve
those
have
in
other
Eastman Dillon
deprived the
authorities
of
the
com¬
Eastman
they enjoyed until the end of 1958.
Dillon, Union Securities
Co., 15 Broad St., New York
City, members of the New York
Japan, aided by the massive aid of
the U. S. Government and the di¬
Because
Stock
investments
by
American
corporations, has brought to an
end
the unique economic status
tions
duction
facilities of
nations' of
pro¬
the industrial
Western
Europe
and
rect
of the U. S.
practically the
as
sole
plete
freedom
of
action
whicn
of the large investments
by the leading American corpora¬
abroad,
keen
and
&
Exchange,
has
because of the
vin to general
international
competition,
profit margins of many American
effective
corporations
March 1, 1961.
partnership
are
becoming more
dependent on economic
products,
notably
heavy
machinery
arid
equipment.
This
development
and
plus the
gards bonds and stocks, will have
for
source
Union
important
an
goods
has
international
The
that
fact
tions
abroad,
producer
materials and
raw
ufactured
the Soviet
of
emergence
as
of certain
keen
industrial
the
man¬
resulted
in
because of
na¬
de¬
war
more
developments abroad.
investment
in
on
a
(5)
Modern
tation
and
modern
tion
of
adopted
largely
with
low
those
them
in
the
U.
S., has given
competitive ad¬
added
an
vantage
American
over
manu¬
facturers.
youngest
partner in the
also in¬
firm, will
in
charge
others.
to
based
are
mass
pro¬
raise
on
and
ef¬
living standards
are
the order of the day.,'Th'e,U. S.".ls
the foremost industrial nation of
economic units in Western Europe
fects of these1 developments.'1 The
leading
response
to
amounts
form
of
of
production
mass
has
U.
direct
attracted
S.
capital
and
large
in
investments..
The
prime motives of this flow of
ital
the
are
cerns
to
desire
of
participate
U.
cap¬
S.
in
the
con¬
these
to this challenge
American exports
ers
and
breach1
contracts in
countries
some
are
and to increase
of
international
underdeveloped
apt to have an ad¬
the
on
part of the U. S. A. should be pos¬
itive
and
required
tion
of
negative.
today
is
close
What
is
coopera¬
government, management,
and labor to create
vestment climate
a
favorable in¬
to increase pro¬
ductivity, to foster research, and
provide the consumer at home
to
and
abroad
with
high-quality
goods properly priced. The Amer¬
ican
high standard of living is
based
on
foundation
of
which
highest
and
the
wage
highly
of
high
equipment
N.
J.
scale
possible
in
the
the world
competitive prices
commodities.
In
this
of
rapidly
This is
not
and is under
offer
to
buy,
no
Godvin
staff
sales
Union
Sales
&
Sales
of the
securities
it
will
lead
these
to
an
trade.
in
impact
developments
potential
in¬
of
In
April
York
and
was
also
program.
named
New
Mr.
Godvin
City Sales
York
Manager in December 1959,
held
he
until
Finally,
many
since- the
total
(Special to The Financial Chronicle)
Westheimer and
officer
Company. He
Co.
150,000 Shares
Transportation
Common Stock
share
income
leading corporations de¬
must
with' the
familiarize
transfer
confronts
still
'
problem
various
himself
Copies of the Prospectus
may he obtained in any State only from such
this issue, including the undersigned, as may
legally offer these Securities under the securities laws of such State.
in
which
countries.
While the return to
of
the
moved
convertibility
leading currencies has re¬
this problem in Western
Europe, it still remains unsolved
in
many
tries.
underdeveloped
•
coun¬
Hayden, Stone
&
•
.
was
formerly with Gallagher Roach &
an
March 3, 1961
dealers participating
post
MIDDLETOWN, Ohio—Edward T.
Johnson has joined the staff of
on
pends at least in part on the
earnings of their foreign branches
and
subsidiaries, the investment
a
now.;•
Joins Westheimer Staff
profit margins is quite evident.
of
1957
New
as an offer to sell, or as an offer to buy, or as a solicitation
of
herein mentioned. The offering is made only by the Prospectus.
Price $ 15 per
was
Institutional
Assistant
Manager
training
was
of
The
1951.
he
placed in charge of the salesman's
capital.
increase
retail
Dillon,
in
Co.
1957
the
of
Department.
became
the
Eastman
and
1953
member
he
joined
of
Securities
Between
circumstances to he construed
any
City
(35 Church Street).
Mr.
and
made
of¬
New
(15 Broad Street; 660 Madison
Avenue); New Haven, Conn. (250
Church
Street)
and
Paterson,
a
not
has
in
York
the world is bound to feel the ef¬
distribution
fices
David L. Godvin
eco¬
distribution
and
Retail
Sales Division,
which
soon
Larger
of
Metropoli¬
tan
distribu¬
and
be
the
have
Innova¬
space.
becomes
the
of transpor¬
country
one
in
duction
forts
and
production
units
nomic
means
Godvin,
old,
years
who
re¬
as
communications
time
shrunk
tion their costs of
machinery, and in addi¬
production, no¬
tably labor, are substantially .be¬
32
in the future not only
study of domestic but
in
operate
Mr.
result,
a
ternational economic conditions.
tions
struction,
As
decisions, both
be based
competition.
industrial
admitted
David L. God¬
satisfactory agreement is reached,
ternational
the
Mid-
Association, New York City.
mutually
a
before
42nd
conference sponsored
by the
Division of the American Bankers
trust
U. S. and the
S. short-term assets
economic
The restoration of the
economic
years have
security markets.
to
leading
of U.
If
manner,
(4)
The
dramatic
changes of the last few
forces and to stimulate the rate of
growth.
in¬
and
measures, it could lead
restrictions on the movement
American
companies, will be at the
of
mar¬
This, while
some
monetary policies of the gov¬
ernment and
foreign
great opportunity.
leadership in govern¬
ment, business, and labor responds
to this challenge in a
courageous
the
lateral
the
fiscal
to
a
free
with
year,
become
that will
ods
American
investments
the
on
world
pressing problem; and the meth¬
the
firms in
limitations
economic changes throughout
offer the U. S. a chal¬
the
in
concern
Increased
direct
re¬
magnitude, it
in
economic
a
balance of payments of the coun¬
West
6.6%.
deficit
payments
the
political status of the U. S. A.
The
recently, American
general and in¬
vestment officers in particular did
on
Germany
and
While the
world.
its present
imposes
in¬
in¬
strengthened,
maintain
quite
businessmen
In
S.
with
in
world, thus depriving the latter of
has
U.
a
relations
trade
2.4%; in the Netherlands 4.5%: in
Italy 5.4%; in Japan 6.3%; and in
_
supply
surplus
this
the
of
at
the
labor
try.
in
balance
only
standing of the dollar
of the free
mains
not
losses
tion of property rights of foreign¬
the
period,, 1953-59
substantial
vestors.
thermore, the Soviet Government
Thus, the annual aver¬
of growth during the
A.
rate
age
has
growth
rapid
more
rest
depend
to
country, it endeavors to disrupt its
the
the result of the fact that costs
of
solution
with
American
productivity
ernment
growing markets re¬
sulting
from
the
formation
of
larger economic units. In part, it
is
the
and
and
be
must
crder
lenge and
foreign competition at home.
At
the same time, the flagrant viola¬
no
leaders
partici¬
to
is
pressing problem confronting
Administration. Upon its
new
tion
world
13
competition, this founda¬
revolutionary situation prevails
which, if not checked, can lead to
a
growing markets and to take ad¬
vantage of the lower labor costs
and
wider profit margins.
This
development is bound to affect
take place
In part,
Europe is increasing.
ern
deficit
payments
bal¬
underdevel¬
many
changing
creased
oped countries remain unchanged,
commodities,
such
as
paper, aluminum,
machine tools,
and others.
Costs of production or
profits are of
possibility that
a
in
Sim¬
other
Soviet
in
financial
of
importance to the
where
political
considerations predominate.
Fur¬
S.
concerns
rectify the situation.
Investments
price
commodities
ilar developments may
living stand¬
majority of their peo¬
there is little that the U.
competi¬
be
lo
recent
rely
(3) The establishment of larger
international
me
share to improve the
Government
con¬
•>'
of Soviet
ards of the
ple,
profit
exclusively ;to
consumer.
impact
structure
experience of the past has
those
the
on
cater
the domestic
tion
and
American
American
many
which
cerns
tion of income and wealth, a revo¬
prevails,
effect
an
of
lutionary
condition
of
particularly
large exporters.
Simi¬
international -competition
margin
maldistribu¬
the
on
are
larly,
will
the
(2)
conditions
As
know-how; but if
foreign private cap¬
ital is curtailed, they will demand
the inflow
most
in
Rectification of the
of
ance
eco¬
to
foreign government aid.
the social and political
American
national¬
widening of the domestic
will
events
history.
important
economic
them
cause
So long as
tions between the U. S. A. and the
the
tion of larger economic units, the
nationalization
of
industry, and
unstable.
are
nomic
and
on
had
Western
ascertain
conditions
the most
of
their
namper
growth
more
but also the entire economic rela¬
of
temporarily to substantial
the
is
one
the flow of Ameri¬
on
capital to these countries. This
will
ternational
foreign assets and thus
If
in
are
effect
verse
can
periods
in
to
Conclusion
(1) The dramatic change from a
chrcnic dollar shortage to a dollar
surplus caused by the large bal¬
ance
of paymenis deficit of
the
U. S. during the past three years
They
antiforeign
the
which
of
losses:
their
coun¬
wealth.
of
can-lead
ization
at least
ing. In the first place, American
corporations have already become
over
to
investments
located in
of
know
\'V,',- trouble
w
of
bound to be far
are
importance
lacking
political
stability
suffering from a serious mal¬
should
Cuba
their earnings.
of
company are
distribution
in
can
the investment officer to ascertain
of
properties
character,
abroad
on
therefore
brought about the nationalization
American
have
(1081)
Co.
14
(1082)
The Comrriercial and Financial Chronicle
'
.
.
Thursday, March 9, 1961
.
And the SBICs themselves have
from
supers-financed
$300,000 minimum
capital required.
\ ;
Electronics Capital Corporation
of San; Diego
began the parade
with a successful offering of $18
million, followed later by Boston
BY CARLISLE BARGERON
Capital with a $22.5 million issue.
Franklin Corporation of New York
and Growth Capital of Cleveland
have sold offerings of $10 million
The recent acquisition by
Sutro a competitive scramble among uneach; Electro-Science of Texas,
Bros.
&
Co., New York
Stock derwriters for such potentialities.
$8 million; Techno Fund of. Co¬
Exchange and investment banking
However, if the securities underlumbus, Ohio, $5.6 million, plus a
firm, of Avionics Investing Cot- writing firm already owned one host of lesser
offerings.
77 >..7-7
jporation of Washington, D7 C./ a or more SBICs licensed by the
The most salutary part of the
small
business
investment com- SBA, it would be in the prime
program is /that the; infusion of
pany licensed by the Small Busiposition of having a "feeder" sys- Federal funds to
get the program
ness
Administration, indicates an tern of passing on potential candirolling has involved. little more
increasing " interest in the forma- dates ripe for'public financing,
than $21 million, all secured by
tion of small business investment }
Back of this is the recent change
debentures of the licensees,;/and
companies" by* securities' under- in SBA regulations affecting"small a seven to one ratio of
private and
writing firms or, as in the case of businesses- eligible for SBIC; fipublic money against Government
Sutro, the- acquisition of already nancing, Earlier, companies whose funds. '
* / //-"/,. 777". .->• -7 7//-'
licensed companies.
.-7
securities had been traded overWhile still only a fledgling in
The likelihood of such a trend the-counter
or
on
national exthe world of finance, particularly
was indicated months ago by the
changes
were
not considered
licensing of Empire Small Busi- "small"
businesses
eligible for equity financing, the backlog of
more
than 120 companies await¬
ness Investment Company, owned
such financing, and were thus of
ranged
down
to
.the
the
ELY
OWEN
BY
-
...Ahead of the News
Pennsylvania Power & Light Company
&
.
...
jointly by Empire
Carl M.
a
Trust Co.
and
Loeb, Rhoades & Co., also
Stock
Exchange firm and under-
writing participant.
V
of.
profit possibilities in owning subsidiary small business investment
companies—licensed by the Small
is
vistas for small businesses other-
wise eligible and in need of outside financing. It
opened
new
possibilities at the same time, indirectly for the underwriters,
The growth of the Governmentsponsored small business investment company program to where
it could attract private capital
Business
vide
<
-
r
Administration
equity
financing
to
and
pro-^-
long-
term loans to small businesses
"farm"
as
would
organizations
supply
—
which
capital; to
growth
'West.
no
flash-in-the-pan program
The
tors' to
the
in
business
small
cate-
or
into
Undoubtedly,
many
small
>
■-
channels
business
t
such
where
they
should
level, whefe
public
cases
the
to
grow
financing would be justified, the
investment
firm
in
house
would
have
a
as the key
underwriter
financing. •/■•;/
Va a
seat
such
Such
formula
a
would
be
the
equivalent of the operation by the
York Yankees, for example,
New
"farm" for producing players
major league calibre. Some of
.the farm players never reach the
of
a
lion by SBA to, help
to
hig
leages
the
but
farm
team
even
while
supplying
coming star occasionally.
/
The
a
formula
is not new, but it
applicable twist for undervvriting firms. . Without a-subjsrdiary.
SBIC,
an ; underwriter
might logically
look
to - some
growth
small, businesses
being
has
an
along
by
candidate
for
But
would
there
public
,
funds
;
nancing but confidence
as well in
the future of the small business
segment of the nation.
7,
formed
financing,
financing commitments to 60 dif-
York
ferent types of businesses,
business.
fices
7
has
at
been
375
Park
with
Avenue,
City to engage in
a
of¬
New
securities
-7I
impressive
not been very
pared
1960
the
with
same
they
industry
the
as
figures.
$1.73, exactly
in the previous year;
earnings
were
with $1.48 in
compare
however,
1955
than doubled from
more
60 cents in 1949 to $1.25
announcement
oj
an
is neither
offer to buy
is
an
offer to sell
made
nor a
solicitation
of these securities. The offer
any
only by the Offering Circular.
NEW ISSUE
currently.
company's major problem in
recent years has been the steadily
declining rate of return on yearend
net
plant (as reported by
in
Inc.
a
November
5.76%
rate
7.1%
Opens Own
:'7,// //;/:
Investment Co.
77
(Special to The Financial Chronicle)
PORTLAND,
Lind
is
now
investment
on
the
been
share)
of
6.6%
•
*/
'
has
-
ordered
earnings
reduc¬
several
Pennsylvania
be obtained from the undersigned
may
or
from
; -
Power
should
,,
&
be
increase
an
in
appeal
rates.
be legally offered.
The company had some
in 1960. One of
the two 160,COO kw, turbine gen¬
plant
N; ■/•
at
was.-
'"the
Martins
Creek
of
Herman L. Lind
out
beiler
tial
7-~/7
NEW YORK 19, N. Y.
turned
beiY
c am
87.500
Sunbury." plant
•„of
age,
service
to
An
to a
caused substan¬
which
explosion
service
in
in
kw
was
and
was
re¬
unit
at
the
November
as
t. e
•
Build-
under the firm name of Her¬
man
ties.
L.
Lind
Mr.
Securi-
Inve tment
Lind
was
formerly
.
a
partner in Camp & Co.
Shearscm, Hammill Adds
.
•-». (Special to The Financial
LOS
ANGELES,
mid-Decem-- G.. Eaker
also forced out
"
at 610 U. S. National Bank
service
furnace
taken
m'Septe.r bef. due
ASSOCIATES, INC.
operat¬
difficulties
ing
erators
'■
•
investigating the. earnings
companies in the state
ir g
./
•
u.ility
for
.
.
value
original
on
before'the company could
680 FIFTH AVENtE
offices
perhaps
was'
have to decline somewhat further
ROBERT A. MARTIN
from
well
within the allowable range, it is
surmised,
but
earnings
-might
Share
tyour ou'ii dealer in such States nhere ihe securities
business
state
fair
a
which
about
to
Light
may
Ore. — Herman L.
conducting his own
percentage
1956
return
base,
tions.
Copies of the Offering Circular
7 7//
cost. The Commission has recently
and
Price $5.00
per
Herman Lind
in 1959 and prob¬
slightly lower
a
equal
per
,
Commission allowed the; company
Common Stock
(Par Value $0.01
.
•
1960.
In
CSP
Poor's)—from
in 1954 to 6.4%
ably
•
-
company's annual
Pennsylvania Power &- Light
has been selling recently around
30 to yield about 4.2%. Based on
the
1960
earnings of $ 1.73, the price-earnings ratio.as. 17.3, com^-,
pared with the industry,, average
of 20.4 as of.xFebruary 21./
: /
f
The company's earnings picture; n
appears likely to show improve- ;
The
Standard's &
60,000 Shares
ELESCRIPT
may
the
com¬
as
and $1.09 in 1949. Dividends have,
This
when
able
but
,
ration
March 8, 1961
information
on
further
'become avail-
1961,
-
considerable portion
operation for less than six months,
they .have made more than 850
be
in
leans
;
a
undoubtedly
' Steam /
bank
Generating Plant ment with a n
y - substantial
re¬
•
wiil go into service early in 1961.
covery- in steel and coal opera/The new plant should, raise the
.tions.. Any future decision to use A
; , company's overall generating ef¬ "flow through" Would of course :
ficiency which has been somewhat
William N.
Robertson
has been "on the low side. Thus in 19,59 aver- give, earnings a fillip. .Penn>yl- "
vania Power & Light and three ::
appointed manager of the munici¬ >nge btu per kwh generated ap¬
ether elegtric utilities, along with
pal department in the New York proximated; 13,000, the highest for
Consolidation
Coal,
and
Texas /
office of Cruttenden, Podesta &
any company in the Middle AtEastern Transmission, are study- /
Co., 37 Wall Street.;
:
lantic; area / (Potomac Elqctric ing the pract'cability of con¬
Mr. Robertson was formerly in Power's figure was 10,500, Phila¬
structing
a
pipeline
from; the
the municipal department of C. F. delphia
Electric's
11,100
and West
Virginia ani Pennsylvania
Childs & Co., Inc.
7,< 7V.777-:0'y7;-: 7Duquesne Light's 12,600). 7 777 mines to the east
coast, to carry
The company's record of share coal for use by electric utilities
Transcontinental Inv. Corp. earnings in the past five years has as- boiler fuel. - /;
/
; 7 •;
:
Investing Corpo¬
as
1959
The
1,374,000 kw.
The
300,000 kw .Brunner
million
Island
hydro.
was
was
fonhnue to rely
on-WP1
"
ment
a
peak load
The
Cruttenden Co.
companies is an evidence of confidence by the invest-
community in not only the
companies which sought such fi-
140,000 kw
-
Robertson With
^77^//7/';/
of; public
the
of
the d.
double
report appears in the near future.
/steam
Generating. capability
or
.
most entirely elec¬
are
with
•\$46
licensed
Although
(dress informal).
diversi¬
2D3
over
share
a
new
in
but
company's
plants ) approximated
I •426,000
kw ' in 1959, of which
April 7 at the Com¬
Hotel
Transcontinental
SBIC
an
to
...
attraction
Dealers
of these SBICs have been in actual
.
brought
This
Security
some
seek
of securities.
Dinner
modore
public capital and succeeded in obtaining another $100
million through the public sale
of
breaks
nual
of the SBICs began
some
York
New
of
efficient
more
company
did not do any
financing in 1960 and ap¬
parently dees not expect to do
rny in. 1961./ The last equity fi¬
nancing was a rights offering in
January
19"D.
Presumably
the
>
there
industry,
a
1959 amount.
heating * con¬
tributing about 1%. '
'
;
Association will hold its 35th An¬
of the
companies meet minimum capital
requirements. After the first few
months,
operations
:.
The
coal
of
credit amounted to about
cents
16
manufacturing
tric,
35th Ann. Dinner7
CQmpaniegyhaiye sprung into being
witjti original capital of nearly $75
million, with an assist of $21 mil-
a
location
e
II
'
benefit
interest
concerns
War
1
on
plant is fullv realized. In 1960 the
companies in
the anthracite district has prob¬
ably more than offsit: th* dT'1 in*
in co^' revenues. The company's
N. Y. Sec. Dealers
—March 19, 1959, to be exact,
stage of growth. But
reach such
would
anthracite
fied
has
Since then, more than 200 such
financed
and
continuing decline
a
the
•"
■,
World
Since
beeh
good looking oyer as a possible
adjunct by securities underwriting
firms to more rounded financing
.
-
construction ' declines
full
supply about 62%, basic steel and
coal 21%, and textile and.cement
-
evi¬
little
never
businesses
in
of the small
been
manufacturing
•
takes
trial revenues, metal products and
general
7
immediately,, whereas it usually
a
tew months v before the
terest
ex¬
■
power
interrupfioris to /
//, 7-7I
blessing because the credit for in-
products, anthracite mining,
textiles and cement, Of the indus¬
dence, too, that the small business
.17%.
investment company should get a
has
programs.
metal
are
obtain
to
.
no
were
will be the completion of
big
Brunner
Island .Plant.
However, this is always a 'mixed
metal
temporary panacea to help small
businesses. > 1 7:: '7;." 7 7/7'7''V7 V-7 ?
short of phenomenal,
and
counselling
services,
nurse The first small business investthem along to where they might ment company was licensed by
be ready for public financing,
the SBA less than two. years ago
by the infusion of funds
gory and,
revenues
there
ings
.
includes
area
/
the
industrial and min¬
Important contribu¬
ing' districts.
.
firms
service
;
tensive farm,
.
,
'/
A favorable factor in 1961 earn¬
.
.
a
And this backlog should be
include
30,
;.
However,
service..
Important
cities
Scranton, Allen-
Wilkes-Barre,- Harrisburg,
Lancaster, Bethlehem and Wil/liamsport.
•
town,
during the
costs were $360,due. to use of in-
terconnections
j
qOhe^iPhiladelphia metro*
served
7
in¬
and
000.
largely east of the SusRiver and north and
politan; .area.
costs
increased power
Pennsyl¬
in
.
ended -November
months
12
population
a
repair
creased cost of power;
rquehannai
indication that this
an
involved
It
1955-56.
in
million
2.2
over.
vania,
requirements before being
licensed is
restriction, however, opened new
Investment bankers now. see the
tional
recapitalized
was
Supplies electricity to
ing only completion of organiza¬
no concern to either the SBIC or
to securities underwriters,
The rules change lifting, this
expected to return to service
in
late
January. These outages
company
Electric
Scranton
r
.
The
1945.
electrical failure, and
an
is
Power
acquired
Pennsylvania Water & .Power and
in
.
.
'
Light System,
result of
Light,
Pennsylvania
Power
&
formerly in the National
with
has
Calif.
become
Shear son,
31:24 Wilshire
Chronicle)
—
;
.
•/•,
Robert
eonneeted-
Harcm ill
Boulevard.
&
Co .,
He was
formerly with Lester Ryons & Co.
1
Volume
193
Number
6036
.
.
The Commercial and
.
Financial Chronicle
countries
are
well
as
term
In
making
for
traverse of charges in opposition to the
a
Much
the
serts
Atlantic organization
new
for the
for
OECD
in
attack
member
countries'
balance
of
colleague,
my
signed
on
States
last
Dec.
establishing
Economic
Secretary
behalf
of
14,
the
Dillon,
the. United
with
CLganiz, •L*
bJt
opment, commonly referred
10
as
tially
OECD
historic
a
economic
as
relations
initial
poten¬
in
step
our
with-cur
friends of the Western
The
wcrU
members
Common
of
Market
appropriate
eco¬
Otherwise
we
be
deficit
and
the
merely
to
on
(France,
passing
its
the
down
rather than
and
would
path of shrinking
expanding economies.
clear, I think, that we must
attack
both
aspects—the deficit
Germany, Belgium, the Nether¬
lands,
Luxembourg,
Italy);
the
Outer
Seven
(United Kingdom,
Sweden, Norway, Denmark, Portu¬
gal,
Austria,
Switzerland);
as
well as Ireland, Iceland, Greece,
Turkey,
Spain;
and
the
two
the OECD itself take action to
North
must
American
(Canada
The
new
OECD
nor
tension
will
will
it
States).
be
not
wholly
simply be
the
of
United
the
and
countries
ex¬
an
Some
past.
13lk
my distinguished pred¬
General George C. Mar¬
shall, issued a call for mutual
cooperation among the war-torn
European^ i nations to achieve re¬
years
ago
ecessor,
.
covery
with
United
States'.
theidhelp
From
of
-
the
this a call
flowed the Marshall Plan and the
Organization
nomic
thus
for
European
Cooperation.
United
States
quickly
assistance,
became
the
tude
of
least
of
of
tasks,
objectives
have
the
of
achieved.
been
industrialized 1 nations
have
the
not
reduction
the
was
basic
OEEC
for
multi¬
a
barriers.
trade
The
it
of
The
Europe
not
merely recovered
have achieved unprecedented
but
eco¬
nomic vigor. At the same
fact
partly
America
time, in
a consequence, the
Europe and North
as
economies
of
alike
have
in¬
become
creasingly interdependent. It is no
longer simply
United
States
of "when the
all of Eu¬
a case
sneezes,
contracts influenza." We are
rope
all
susceptible to the contagion of
economic maladjustments. It was
the
recognition of this increasing
that
interdependence
Statei
United
the
initiative
the
took
cure
this problem?
Literally, it cannot,
It is an
organization
course.
of
nations which
own ' decisions.
independent
But
their
make
OECD
the
consult
provides
frame¬
nations
can
these
where
work
their
about
in
pro¬
on
policies
to
ing its decisions, is aware of the
implications
of
policies; for
its
other countries. We do not expect
countries
all
desire
or
the
policies but
same
to
follow
want to
we
that the policies are, so far
assure
possible, harmonious and help
our common goals.
as
not
of
Some
these
clearly in the OECD
first aim of the
The
I
informed
am
is
gress
letters
the
is
of
promotion
policies
de¬
and
If
and
a
are
we
time
same
the
goal—which is at
the principal new
compared
OEEC
—
is the
expansion
improvement of our financial
and technical assistance to
peoples
in other areas of the world.
to
are
but
on
to
fear.
Essen-
take
the
tariff-making
and
commercial
policy functions away from the
Congress and will cost workers
their
jobs.
are:
The
The
of
facts
course
OECD will have nothing
to do with tariff-making. It carefully recognizes the constitutional
requirements in the United States,
It is designed to expand economic
including
activity
U.
S.
export
markets, not to contract it. It is
essential instrument in
to
•
But
with
have
carefully
of
1
these
those
,
of
of
the
the
the
United
forum
in
„
the
meet
restrictions
our
critical
If we
needs
can
•we
other
the
OEEC.
which
to
our
Deficit and
of
'
One
of ^maladjustment
which has been widely publicized
in
type
is
to
months—is
recent
balance
the
S.
U.
of payments
deficit. This
not merely of concern to us but
our
European friends as well.
Why is this so? Are they simply
being asked to worry about our
difficulty
ried
to
it
about
because we once wor¬
theirs?. There is more
than
What
that.
the dollar has
a
happens to
direct effect upon
industrialized
free,
world,
the
of
many
a
reserves
providing
The
trade.
dollars
held
account
are
more
responsibilities.
The
problem of. assisting less
developed countries is so urgent
their
that
we
abroad
for
bulk
on
inter¬
the
of
they share with
and will to main¬
Hence
the' desire
by
Industrial
d.
c.,
This
is under
announcement
he considered
no
offer to sell
York.
circumstances
Mr.
.■■■■ •
Rusk
before
Conference
and
1952
1953.
He
He
and
and
served
13,
i96i.
William
\
.
the
on
T.
Meyers
The
Association
Brokers
will
hold
an
the New York
«"
Janualry
in
for
negotiations
Banking
of
&
School" of eBusiness
Littleton
is
Backward
Md. —Lawrence
business
Sycamore
from
countries- which
substantial
are
amount
of
with
&
Allen,
'
?«•»
only
long-term
Securities,
Inc.
_
i
'
...
w
.
.
and
Communities.
three
The
DAG
has
determined to do.
is,
of
course,
;
.
v
.
*
^Furthermore, the U. S. deficit
only one side of the equation'.
is
also
a
surplus — the
There
Germany
and
other
are
Price $5.50
per
Unit
had
meetings at which informa¬
on
aid
programs
has
been
exchanged
gradually
fruit.
One-Half\Common Stock Purchase Warrant
\
vSome
beginning to bear
the
European
of
Ross, Lyon & Co., Inc.
is":
i'
;
Co.
M.
securi¬
at
the
He
3224
firm
was
McFarland
Co., Inc. and American Diversi¬
One Share of Common Stock
those
providing a
of
bilateral
a
offices
under
of Littleton
name
&
Lane
Lands
consists
DAG
Administra¬
engaging in
of
Aiding
*
at
Graduate
Littleton & Co. Opens
SUITLAND,
initiated.
The
Finance
tion,'will be speaker.
'
ilfhF i'J
Offered in Units
OECD were
educational
Yorkv ,J(Jpiversity
1963, whe l the
the
Moet
Customers'
fessor
New
ment Assistance Group was estab¬
lished
to
&
Society of Security
30,000 Common Stock Purchase Warrants "
i
also
was
Dr. Jules I. Bogen, Pro¬
60,000 Shares of Common Stock ($.10 Par Value)
8
of
Analysts.
Corporation
-
in
meeting
on
'Trends
in
Pficef
Earnings Ratios" on March 16 at
NEW ISSUE
• ■
of
Secre¬
Graves
of
March 7, 1961
.
the
board
Gordon
to
...
of
as
Customers' Brokers
fied
-
the
President
was
was
formerly with
Company.
or a
'
me n-
directors in 1954 and 1955.
Board,
Feb.
Boonton Electronics
•
a
of
tary of ST ANY from 1948 through
1958, as Vice-President in 1951
solicitation
of an offer to buy any of these securities. The
offer is made only by the Prospectus which is
available only in such states where these securi¬
ties may be sold lawfully.
as an
present.
is
Association
new
and the adequacy of.
each country's aid programs and of,
the terms on which it is given have
been reviewed,; These discussions
of
address
York
Traders
Organization was estab¬
lished. Accordingly, the Develop¬
the
tion
Government
surplus
JJ
an
Nationai
Washington,
decided not to wait-until
this
is
New
formerly
"'From
the
ex-
of
Security
New
aware
tain the value of the dollar which
.
tion
mission of the European Economic
of
us
becoming
official
sterling the burden
countries.
are
held by the European
with gold and
national
acnira-
Co.,
Corporate Bond Traders Associa¬
as
human
of
until
which,
t00' 1S a universal human aspira
——-
exports
of
assistance to less de¬
veloped countries — namely,
Belgium, Canada, France, Ger¬
many,
Italy,
the
Netherlands,
Portugal, the United Kingdom, the
United States, Japan and toe Com¬
economies. The dol¬
world currency and shares
the European
lar is
well
as
dignity
^on-
pre.,..
agricultural
disease
the
He
&
'38
ber
ties
main-
still
misery,
.
,,nivprs.fll
with
States
•
of
Surplus
the
John J. Meyers
lm-
thafc^systernau
combat
can
maintaining
,
.
Problem
from
of
peoples for the help which
only come from the outside,
must form a partnership with
countries
Joint
more
demolish ate that free
ignorance and
will
This
^,,v
on
..Graves
these
posing the OECD to supersede the
■
believe
institutions
adjunct of
poli-
whicn
which
•
tain
not
aUs\y
is
economic
members.
countries
particularly
principal
«ve advantage BW it will -matin
delineated that..we, must put
m
"
'
/'• Position to act promptly and vigor-
functions
essential
an
review
cies
do
we
the confrontation of general trade
the
these
Com-
Trade
a
•
first
policies,
to
5 strength
and 'acting by compulsion rather than
entire free worldly consent heed'have a competi-
of the
it will
The
an
efforts
our
related
de¬
Gordon
major
the
develop
cohesion
the
portant than specific activities is
the spirit of cooperation which
has guided the work of the OEEC
and which we hope to see carried
forward
into
the
OECD.
By
building upon this spirit we hope
to create a forum in which,, by
consultation and cooperation, we
can join with our friends in meethig the growing challenges of the
60s,
Our aim is admittedly ambitious
and therefore worthy of our best
efforts: to reach new heights of
prosperity and to bring a part of
the large resources of the West to
-bear at critical points as the
peoples of other continents move
to improve their condition. We
believe they can do so in freedom;
by
and
will
;
mentioned
of
trading
economies
feature of the OECD as
to
OECD
have
.
corporate
partment
contribute
same
second
The
and
public
needless
the
the
♦
aims; What is perhaps
Con-
opposing
—
J
manager
being
expand at a high rate,
must
the
time
security, our
world
to
to
rising standard of living.
to achieve such a rise
the
at
need
I
tially these communications state
that
another
achieve
the
engender
provide
employment.
the
includes
the
telegrams
misinform
of
? 3ny agr<rerPe*]ts
,eaS. e*?
take account of the
intorests of < the United
States or other countries.
ties
approval of the OECD
signed to attain and to maintain
the
highest sustainable rate of
This
^li
con-
bombarded
William
Meyers, J r.
was
formerly
functions of the OECD. There will
also be a number of other activi¬
that
being
opportunity
,
.
Meyers.
John
were
P^sent at such negotiations, and
false grounds. I deeply regret that
there is apparently an attempt to
stated
Convention.
Organization
or
!
*
False Charges
functions.
goals dre
upon
are
m
tariffs.
cut
suc^ negotiations
P,™rS?e
\ Sm!I
!
!be
S.
We shall therefore
any
in any way infringe
V
trol the GATT
mittee
OECD's Goals
not
T.
resamei}> they-would-take
'
broad trade
assume
some European counbasis for a resumption
*
the Organization for Trade
Cooperation. Nor will the OECD
to achieve
.
as
securities.
Partners
vf"!?og0™atiorl? ^as H°*.yet been
multi-
a
for
a
that each country, in mak¬
assure
will
economic growth and
economic
which
but
forum
European cooperation in
in the payments situation. But can
Eco¬
into being to administer
came
^nd the surplus—of the imbalance
OEEC
The
trade
non-discriminatory basis. I
unequivocally that the
our
It is
of
re-
of the
functions.which had been planned
country
balance of
problems
be
state
other
some
aggravating
start
that
those
.substantial
adopt
payments
OECD will be the six countries of
the
suf¬
not
policies.
would
the
of
world
will
lishment
City, to act
investment
and
assume
nomic
in
tries> the
It
surpluses
dealers
J
functions. "It
the OECD. We consider the estab¬
long
been
Broad
Jrk
expand
alone, take action
important
enjoying
after
has
30
at
Meyers,;
will
has
Development
long-run
countries
1958,
Co.
&
offices
New York
John
its
OECD will not
cquauy
' jl, J,
Cooperation and Devel¬
Meyers
with
Street,
thy hopes of
DAG
as
countries—which equally presents
n. is
J.
Trade Area collapsed. Contrary to
lateral
problems,
Opens in N. Y. C.
John
Upon the inception of
beginning
Finally, 'the' Convention calls
for the promotion of policies to
payments.
ficient that we,
ex-
formed
At the end of
but
done
of
planation.
«
Assistance Committee.
Convention ko eliminate the U. S. deficit. It is
a
be
two
or
the
OECD
can
After nearly a year of negotiations
to
word
a
and intensive negotiations, the
project for a European-wide Free
constituted
the problem of deficit and surplus
upon
remains
deserves
John J. Meyers Co.
the
which, for example, is said to provide the framework
simultaneous
a
"will have nothing to do
well
as
15
been made.
the goals and function of and the need
are
providing long-
encouraging
an
Organization
and Development, successor to the OEEC
undergoing Congressional scrutiny, Mr. Rusk categorically as¬
tariff-making." Reviewed
loans and
development credits
short-term export credits.
as
Economic Cooperation
now
ports., The .second
function
is
primarily designed for the airing
of complaints about trade practices
which particularly infringe upon
other OECD countries. Tne third
making budg-
now
are
provision for such ^assistance,
now
making grants as
and
By Hon. Dean Rusk,* Secretary of State of the United States
increasing their aid
are
picgrams,
etai y
(1083)
Globus, Inc.
The Commercial and Financial Chronicle
(1C84)
16
BANK AND INSURANCE
STOCKS
LEO
BY
of sizable stock
as
many
in¬
declarations
cent
dividends
Low
dividends.
cash
R. C. Hill Director
Robert
C.
elected
a
yields will continue to character¬
ize
life
issues
since
companies
I. BURR1NGTON
continually plow-back more
must
for required legal reserves
in order to enchance growth.
money
Week
This
Insurance Stocks
—
generous
already has been
dividends
stock
of
characteristic
The
emphasized in 1961 with such re¬
SURVEY OF TRENDS FOR LIFE
INSURANCE STOCKS
cent declarations
dividend
the
During
financial
several
past
stocks
months
bank,
finance
—
fire-casualty — have
registered
strong
gains
in the
market. More recently and after
company,
a
sharp advance dur¬
short-lived
insurance
considerable
shown
have
stocks
life
1960,
August,
ing
this upward
basically to
the "servicing of money" rather
than dealing with inventory mal¬
adjustments characteristic of nonstrength.
Probably
has
trend
due
been
insur¬
Life
industries.
financial
stocks, for example,
less
affected by cyclical forces of the
economy as can be noted by the
ever-increasing
growth
of
life
company
resources.
Of course a
ance
favorable
outlook
unusual
due
not
is
all
at
fundamental
the
to
insur¬
life
for
underwriting
ance
are
growth features characterizing the
industry.
The
each
doubled
of
turn
has
force
in
some
slowdown
trend
through
the
Although
the
for
savings
insurance
life
has
been detected in recent years, one
not
must
pansive
overlook
growing
which
ings ' factor
in
Future
profitability
based
ing
as
in
the
well
present
as
operations
life
is
the grow¬
as
consciousness
social
sav¬
established
the
as
such factors
on
fast
insurance
such
involve
not
ex¬
more
term
group
does
sense.
the
coverages
of
secu¬
rity, continuing improvements in
mortality experience, ever broad¬
ening
investment
activity,
and
the
attaining of higher standards
living.
Growth is especially
of
stimulated
of
ness
by the greater
for
need
insecurity
tinues
its
dependence.
rise to the
aware¬
economy
con¬
increasing
ever
complex
more
and
inter¬
of
network
This
situation
gives
growing need for
more
insurance coverage of existing and
new forms of insurable risks.
Personal
well
be
and
a
income
is
expected to
maintained
during 1961
of such income
high level
provides
a
the
of
of
profitable
1,450 companies now servicing
life
encouraging
clude
life
climate for
insurance.
Life
premiums paid to disposable
sonal
income
presently
per¬
approxi-
met h o d s,
of
status
which does not hold life company
is
expected to be
nominal increase in
a
of the
(Reflects
80-to-l
Circular
more
companies.
Thus industry
misleading as to
the
progress
of the stock life
companies. New records are ex¬
United
Members
120
from
$113.7 billion for
about
of
gain
a
turn
The
Stock
Stock
Exchange
Exchange
in
Bank
Stocks
New
in
expected
Head
Office:
operating
in
I960
achieved
by
many
by
Federal
Bill
Tax
and
in
leading com¬
the impact of
feature
retroactive
the
in¬
Earnings
1959 were
over
aided
panies,
force
earnings.
in
gains
in
of
moves
1959.
the confusion
over
During
the
the
"threatening
as
the
industry."
ahead
expected
are
tax law
new
years
effective,
remain
to
aided
facilities
nations and other
insurance
also
by
more
the
and
ex¬
the
by
initial expenses
Stock¬
coverage.
enjoy
American and Phila¬
Life; and a 5%
stock
by Quaker City Life.
North
by
delphia
dividend
peace
it
Director
a
ferences
best
can
detected
be
individual
through
dif¬
Such
considerably.
company
analysis. For investors who do not
have
to analytical in¬
access
easy
formation, representation through
a
mutual fund which emphasizes
stocks may
insurance
serve
as
of mind
careful auditing prac¬
regulatory
authorities
of
trend
Costa
to
Rica
bassador
He
to
State
to
in
El
the
fairs
of
later
State
Relations.
He
bassador
Assistant
was
in
He
elected
was
Littleton
in
area
ANGELES,
Sutro
He
Staff
to
Calif.
—
&
Co.,
Van
casualty
London
LONDON, E.C.1.
54
PARLIAMENT STREET, S.W.I.
13
ST. JAMES'S SQUARE, S.W.I.
ADEN,
KENYA, UGANDA, ZANZIBAR
Branches
in:
PAKISTAN, CEYLON, BURMA,
TANGANYIKA, ZANZIBAR,
SOMALI REPUBLIC,
AND
SOUTHERN
RHODESIA
property
companies can be
the convenience
profitability centered around
selling.
ment
of
ager
Retail
Ross & Crisler
their
life
More
Leftwich
has
been
Ross,
Union
Bank
Building,
Leftwich,
to
changed
Crisler.
&
Ross
&
National
Planters
Principals
are
William Groom Leftwich and J. A.
Crisler
Street
and
ciated
the
Club,
past
years
666 Fifth
Co. in Memphis
Tenn. —A.
MEMPHIS,
Mr.
securities
a
for¬
was
merly Vice-President of James N.
Reddoch
&
Co.
Robert
Club Elects
has
Podesta
Ind.—The
Indi¬
L.
Biddinger, City Securi¬
Corp., President, succeeding
Meredith Nicholson
Fletcher
National
C.
ota
Oil
Company,
have
the
to
ready
For
moves.
announced
combining
Exceptionally
power
fice
in
Calif.
the
—
Life
of
earning
characterizes life insurance
assets.
Such
earning power not
only en chances stockholders
equity but ultimately the stock¬
is
also
rewarded
through
the distribution of stock rights or
stock
est
dividends.
Street.
Lloyd
He
Darvin M.
Investors, 690 Green
was
Arnold
LONG
&
formerly
Co.
with
Gerard
BEACH, Calif.—J.
LaVoie
and
and
Walter
C.
Grist
have become affiliated with Cali¬
America
direction
the
fornia
of
4376
Investors,
Atlantic
Avenue.
were
Wil¬
This fannoinicement
' -offer
.
■
is neither
only
by
offer
an
to sell nor
a
solicitation of an
these securities, . The offer is
of the Offering Circular.
of
buy" any
Lo
■
Pierce,
Inc., Vice-President; and Robert
J. Myers,
Rafl'ensperger, Hughes
& Co., Inc., Secretary-Treasurer.
Manwaring With
made
means
.
Shares
[Voy
Renewed
inter¬
by investors in life issues
pos¬
sibly has been due in part by
re¬
company
ANGELES, Calif.—Joseph R.
Manwaring has become associated
is
connected in any way with General
Corporation cr any other company)
not
and Electronics
Telephone
LOS
with
Electronics temmim
mi
E. MacCormack
Stock
Cdr»7mon
Evans
value
(Tar
-
S.25
with First Boston
The
five
for
shares
This
t
e
above
to holders of its Common Stock,
shares
held of record
on
at
the
March
rate
7th,
of three.chares
1961
at
rights to
for
each
the Offering price.
offering shall expire on March 21st, 1931 at 3:30 P.M.,
E.E.T. Both during and after the subscription period, unsubscribed
Common Stock may be offered by the Underwriter, as is more fully
Corp.
rights
forth
set
Named
Company is offering
subscribe
I
per snare}
South
453
life
companies due to their relatively
small
capital structures to total
holder
California
of
California
branch of¬
of
Bank
Building, under
Henry I. Cohen.
expansion
sales
high
Investors
—
Curtis has been added to the staff
H.
George
Calif.
Cruttenden, Podesta & Co.
DIEGO,
Jr.,
Merrill
Fenner & Smith
thereto
by
2500
III, American
con¬
such
office,
California
PASADENA,
Rainey, President, has announced.
Mr. Podesta is managing partner
of the Chicago-based investment
Griffith,
Lynch,
of
Bank.
Other officers named
liam
Mr.
the
Inc.
manager
Wauwatosa
With
the Executive Committee of Tex-
SAN
elected
has
been
New Calif. Investors Branch
1
Club
is
Vice-Presi¬
&.;<{Co.
108th Street.
Director and member of
a
Investors has opened a
Bond
Assistant
Loewi
Two With Calif. Inv.
Indianapolis Bond
Noble
an
of
Malmstone
Avenue, New York City.
A.
elected
firm of
INDIANAPOLIS,
dent
Whit¬
L.
Whitman
become
a
offices at
firm's
ties Co. with offices in the Sterick
business.
Co.,
Loewi Officer
Podesta Named Director
has formed Whitman Securi¬
Building to engage in
as¬
&
WAUWATOSA, Wis.—On March 2,
Thane
O.
Malmstone,
Jr.,
will
conducting
is
was
Co.
Kooper Opens
Kooper
joining Bache & Co. in
management consultants, and The
Cleveland
Electric
Illuminating
asso¬
was
four
securities business from
step.
for
Prior to
July, 1959, Mr. Campbell
sociated
with
McKinsey
with
Reynolds & Co., and prior to that
was
employed by Merrill Lynch,
Pierce, Fenner & Smith Inc.
Martin
Whitman Sees.
ties
for
West
Duva, a
member of the Bond Club of Chi¬
cago
City, members of the New
Exchange.
Stock
Campbell, who has been di¬
of
training,
is
now
in
charge of all personnel activities
of the firm, including training.
141
Mr.
of
Mr.
Man¬
as
Sales
office,
Boulevard.
Martin
man
J. Duva
Partner
Co., 36 Wall Street, New
rector
3rd.
example, Lincoln National
recently announced such a
expected
York
appoint¬
Securities
Chicago
Jackson
MEMPHIS, Tenn—The firm name
of
Samuel
Managing
Bache,
York
Chicago
the
announced
Now Leftwich,
MacCormack & Co.,
Spring St., members of
the Pacific Coast Stock Exchange.
Mr. Manwaring was formerly with
Dempsey-Tegeler & Co. and prior
are
with
CHICAGO, 111.—Hayden, Stone &
insurance and mutual funds.
Branches
Government in:
and
to
due
appointment of Richard C.
Campbell as Director of Person¬
nel has been announced by Harold
L.
in
Appoints
The
Nuys
formerly
was
Duva
has
John Mc-
Personnel Director
Gordon
Hayden, Stone Appoints
Co.
Secretary:
Bache & Co.
Bache &
an
Howard
Secretary:
Financial
Hayden, Stone & Co.
alternative.
John
& Dominick.
Robert
Gerber
curities Dealers.
No¬
G. Glidden has been added to the
of
Nar-
Cance, Bear, Stearns & Co.
Sutro Adds
staff
Fara-
Co.
Treasurer:
Assistant
(Special to The Financial Chronicle)
Building.
Nat
Emen, National Association of Se¬
vember, 1960.
LOS
Gerald
Trcster, Singer & Co.
General
(state legislature) of New
Hampshire
as
a
representative
the
President:
Vice-President:
Assistant
Court
from
-
Scheu, Dominick
Secretary:
I
the
to
&
done, L. F. Rothschild & Co.
aiid
resigned late last year.
Vice
2nd
Secre¬
1957
Securities
gasso, Francis I. du Pont &
Treasurer:
Dominick : L.
Af¬
Congressional
appointed Am¬
Mexico
to
year:
Pyper, Shields & Company.
of
Security
for
1st
1954.
Secretary
Mutual
and
tary
in
special Assist¬
Under
for
Am¬
and
1953
Salvador
one
.Co.
Ambassador
as
then named
was
ant
served
of
Union
Dillon,
man
Hill
term
President: John E. Jacobs, East¬
Company.
Mr.
the
elected for
52.980
between
and
and
Sales-Tabulating Divi¬
Street, Association of
Stock Exchange Firms, have been
Fruit
United
&
sion of Wall
Grady
W.
by
officers of the Pur¬
mergers
property
funds-life
expected
and
more
and
companies
casualty
mutual
and
toward
life
chases
Mr. Hill is also
the
Elects Officers
The following
Investors
of
announced
was
Clark, President.
Earning power among the many
life stocks, of course,
varies
Director
Services,
Inc.
at a
meeting of the Board of Directors,
marketable
anapolis
cost
pected decline of physical exami¬
to
Life Insurance Company of Vir¬
ginia; 10% stock dividends each
Most
gradually erasing
are
Insurance
Life
National
Liberty
Company; a 4% stock dividend by
the
companies have successfully ad¬
justed their policies to reduce the
penalty from increased tax rates.
cerns
26, BISHOPSGATE,
ADEN,
upward
premium
assets,
a
Continental
by
investment
new
insurance
come,
50% stock dividend
Assurance Com¬
pany; a 1 for 5 stock distribution
by U. S. Life Insurance Company;
a
33 ^ %
stock dividend
by
Company;
Tabulating
Div.
Diversified
to
can
older
holdings
bearing
yields.
highs can continue to be
lower
National
Already in 1961 at least two
BANK LIMITED
NORTHERN
return
replace
themselves
UGANDA,
re¬
from 3.95%
continue
of
increments
of
companies
This
to
expected
A
NATIONAL AND GRINDLAYS
KENYA,
life
by
1960.
for
rate
average
earned
4.12%
as
about 8%
rose
continued upward,
be
life
total
$542.1 billion in 1959 to $585
billion.
companies
INDIA,
up
1959.
3%,
in force
insurance
from
under
one-package
the
billion,
$119.5
2c; % stock dividend by
Life Insurance
a
P. & S.
former United
States Ambassador to Mexico, was
Hill,
with insurance companies.
Teletype NY~ 1-1248-49
to
record
a
Al¬
though new life insurance sales
exceeded $73 billion during I960,
tices
BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500
Bankers
at
of
due
Request
York
Specialists
of
total
Quoted
on
American
Bell
assets
reached
1960
of
companies
Total
life
States
end
for
Laird, Bissell 8 Meeds
New
1961.
for
pected
the
be
can
between
Members
production
profitable whole life
ordinary insurance was made in
1960, it is well to remember the
dominance
in
the
industry
of
Split)
Sold
reason¬
a
While only
ably satisfactory year.
holders
Bought
insurance industry,
life
For the
1961
split and
protection.
insurance
automation
NEW STOCK
of
population
States
United
the
that 35%
of tapping
potential
very
Securities Co.
in¬
under insurance
people and the
the
most
controls
Christiana
trend
this
family units, more
disposable income, higher stand¬
ards of living, better distribution
larger
These
sale
The attrac¬
needs.
insurance
tions
protection from
the
as
Lincoln
mutual
century.
Connecticut General
by
the life field has in¬
creased dramatically with a total
entering
figures
since
decade
the
stock
100%
a
Life Insurance Company; a 2 for 1
than
more
as
During the past
decade the number of companies
insurance
life
of
volume
coverage
only 4%.
mates
Thursday, March 9, 1961
.
well
as
in
creases
.
.
in
by Funds
the
Offering
Circular.
.
Edmund G. Young has been elect¬
ed
an
Assistant
Investors
Vice-President
Management
investment advisor
tal
to
Co.,
of
fied
Fund, Inc. and Diversi¬
Growth
Stock
Copies
Inc.,
Westminster at Parker. Mr. Young
was
formerly Assistant Secretary
of the firm and
$5.00
per
Share
Fundamen¬
Investors, Inc.;' Diversified In¬
vestment
Paries:
Inc.,
o)
the
Ofiering Circular
may
be
obtained frcm
the
undersigned.
Fund,
security analyst
specializing in the electronics in¬
dustry.
He has been
with
the
company since 1951.
Equity Securities Company
a
39
Ercaiway, New Ycrk 6, N. Y.
Tel.; WHitehail 1-1341
Volume 103
-Number
6036
.
The
Commercial and "Financial Chronicle
.
.
(1085)
THE MARKET
BY
.
.
recuperative
AND YOU
.
.
markets
WALLACE STREETS
that had
to
point
failing
many
months of
its bowling equip¬
over
ment
a
in
power '
after
popularity
carried
where
the
they
Industrial
stocks
and
intents
had
what
purposes
to
all
only
was
their second correction of the year
after
week
this
had
average
industrial
the
to
worked
its
best
posting since January 1960 even
without the help of any demand
in the rail section.
push to higher
relentless
The
prices minimized the correction
and helped a handful of special
situations
buck the trend even
when
selling was around else¬
where.
For
a
change, after a
drugs
& P. to
a
swept Quaker Oats, a
and
item,
mundane
normally
to
a
rush. Electronics '
similar top in a
of
the wider gains when the going
was
good but were among the
more obvious casualties as profitactive
were
scored
and
some
So
to
favorites
items,
proved to be resilient
and
snapped back readily after
inroads were made in them by
they
profit-taking.
of
picture
definitely
to
up
that
market
a
a
was
the sole dispute being
industrial average
climb before the excite¬
headed up,
the
where
would
down.
died
ment
far
dry
the
up
volume
had
tended
sessions when
Trouble
getting
in
a
reached
as
the
cases
Surrender by the
trust laws.
with
Electric
of
electrical
of the
one
the
as
largest
equipment,
largest families of
stockholders,
was canvassed thor¬
Not only individuals but
oughly.
the
mammoth
deeply
funds
committed
reasoned
also
GE.
to
conclusion
of
the analysts who
scan
its
been
prestige
has
are
The
most
GE is that
tarnished,
the fanciful estimates
the
of
cost
scaled
to
f Few of the market commenta¬
were
willing to argue with
the action of the market and pre¬
dictions of the eventual high ran
all the way from 725 to 1,000 for
the industrial average which had
The
conviction
reached 685 more than a
for the highest reading
only
in
ago
history.
There
over
where the persistent
demand
for it.
that the de¬
from, and the reason
came
Majority opinion was
mand was largely from
individ¬
based on inflation
fears although the odd-lot figures,
which are supposed to mirror the
taste of the public, were virtually
uals
and
was
meaningless.
The
statistics
odd-lot
the buying
showing
it
those
is
sions, followed by a sudden switch
to the buying side for an equal
interval and then reversing direc¬
The one evident con¬
clusion apparent in these statistics
was that even the odd-lot trading
was
at an abnormally high level
no
matter which side the weight
of the orders fell on.
Where last
again.
year a
not
time
high, the
activity currently
ticking off at a two-thirds of
million share level.
is
a
Conclusions
Technicians struggled with their
charts and figures
and could come
with only minor signs that the
advance was getting out of hand,
the chief one being the stubborn
refusal of the rail section to join
with the industrials on strength,
whereas
classic
market
theory
up
calls for confirming
action by both
before any important prog¬
ress
could be achieved. The de¬
tractors
were
many
and
the
groups
rails
no
line
did
was
that
the impor¬
economy they
trucks
and
planes
moving a good part of the
merchandise
around
logic
in the
before
started
of
longer occupy
tant: place
the
should
of
in
from
advance
the
of
White
dates
House
due
to
in¬
creasing the minimum wage.
my mind none of them are of
To
Any increase in its school equip¬
ment business would add
real
would
a
quarter higher than
ago.
year
just that
potential.
to its
more
a
do
not
cide
necessarily
at any time coin¬
of the "Chronicle."
presented as those of the
with
They
those
are
author
only.]
value.
put
culation
The
more
any
first
suggestion
money into cir¬
immediately, but would
reduce the amount available later.
to
increasing the minimum
As
this
wage,
will
and others
of
suddenly be stopped? Such
their
to
merchants
cause
reduce the number
employees
that
so
the
wage will not cost them
in total. This will result in
more
increasing unemployment without
increasing total purchasing power.
Well-Protected
action would create
an
panic
with
A
that,
country
has
to
to
keep
fund, accord¬
ing to Calvin Bullock, is designed
primarily for the widows and re¬
tired people.
A "balanced fund"
always
should
hold
substantial
amounts
of
bonds
and
preferred
stocks and, for that
reason,
expected
to
be
among
the
spec¬
tacular
performers.
Yet, a quick look at the Wiesenberger
1960
comparison list is
quite
startling.
Bullock's
very
seventh
funds whose
the
mostly to drop the
40%
some
to
better
bargain for
committed to
already
is not
Nation-Wide
of
ranks
given
at
in
its
records
the
out
for
Secu¬
of
132
1960
These
tabulation.
A
look
list of
investments is quite
The holdings are all of
the type that an institutional in¬
would
with
buy.
Yet, it ranks
the funds that
of
some
When
discussing
for
farmers.
factors,
which
egg?
it
is
Each
much
like
asking
first—the hen
came
is
dependent
other; but in most
purchasing must
two
sell
of
plenty
products. No one
goes to the farmer direct to
us
buy wheat, corn, potatoes, tobacco,
barley, or any product of the farm.
I
would
ting
the
down."
they
there
is
business slows up and un¬
employment.
chants
ing
it centered
tion-Wide
in store chains, but little of
on
McCrory Corp. de¬
spite the fact that it is one of the
more acquisitive chains and in the
ous
to be
of
er
important
an
interest
in
Lerner
Stores, presumably as a
prelude to a merger. The shares
of McCrory have been slow-mov¬
ing ones for the last several years,
holding in a three-point range
through all of 1958, half a dozen
points in 1959 and only recently
stretching the 1960-61 range to
half a dozen points by showing
mild strength.
Since
1959,
when it acquired
Stores, its series of ac¬
McLellan
quisitions has come fast and furi¬
ously. It picked up an auto supply
Securities
have
grateful.
Reid & Grentner
CORAL
G.
GABLES,
Reid
have
and
formed
offices
gage
reason
at
Open
Fla.—Warren
John
G.
Grentner
partnership with
63 Merrick Way to en¬
in the
a
securities business.
have
when
employment develops, these
interest show¬
reduce
of
unemployment in¬
President
Kennedy's
will help the unem¬
ployment situation in a small way,
suggestions
but his
ideas
will
not
come
—
will
accomplish
Then,
mer¬
I
like personally to help
Secretary of Defense Mc-
Namara should immediately oper¬
ate a new division to study this
problem which I
am
today urging
in this column.
their
advertising.
This is why I say that the present
Friedman Opens Office
advertising policy is "cockeyed."
It may help the temporary profits Emanuel Friedman is conducting a
of the merchant, but it is not for securities business from offices at
the nation's best interests; it is 952 Broadway, New York City.
not
economically sound.
This
especially applies to newspaper
advertising, although it also may
include radio, TV, and mail-order
advertising.
Con¬
Furthermore,
gress
would
surely be increasing
Nathan Seymour Co. Form
postal rates.
engaging in
a
securities business
from offices at 270 Park
interested
is
in
Lerner,
now
ness
way,
Seymour
engaging in
from
a
offices
New
Buchsbaum
York
is
a
&
Co.,
Inc.
is
securities busi¬
at
150
City.
William Pruslin Opens
Government
Broad¬
Should
Sometimes
Subsidize Advertising
Think
Nathan
what
employment
principal.
This
announcement
which, if absorbed, would make it
the third largest retail store chain
in
the
total
country.
of
the 305
1,358
It would have
outlets,
a
would
if
all
happen
NEWBURGH, N. Y.
—
W i 11 i
is neither
to
advertising
business
from
offices
Street, M. D. 14.
offer to sell nor a solicitation of an offer to buy
offer is made only by the Offering Circular.
an
The
NEW ISSUE
any
of these securities.
March 8, 1961
including
Lerner stores.
100,000 Shares
In the field of issues that could
importantly
bound
in
the
from
a
its sales to boat builders
were
is
looks
an
bright
since
•
Common Stock
(Par Value $.50
per
share)
Price $3.00
per
Share
important supplier of build¬
,
Johns-Manville
is
another build¬
ing materials firm that is favor¬
ably regarded both for its position
where
upturn
it
could
as
benefit
from
of
its
newer
activities
its entrance ^ the fibrous
Brunswick
Corp.
Copies of the Offering Circular
including the undersigned, as
may
may
be obtained from only such of the underwriters,
lawfully offer these securities in this State.
an
in construction, and -also
some
such
Corporation
it
ing materials.
for
Development
dis¬
appointing as that business fell off
considerably. With the spurs be¬
ing given to the construction field,
future
and
business
cycle,
Owens-Corning Fiberglas is^an in¬
teresting equity because it was,
mostly in the profit-pinch that
its showing last year was disap¬
pointing.. Despite the recession its
sales worked higher, even though
its
Space Research
re¬
showed good
a m
Pruslin is engaging in a securities
Some Rebounders
benefit
Avenue,
New York City.
unemployment by increasing
Nathan
GDI Plans Distributors
G. D. I. Plans Distributors Inc. is
chain, National Shirt Shops, in¬
holdings of H. L. Green
now
this.
would
with.
creased its
and
near
providing
"full
employment."
Only advertising—natural or sub¬
Subsidizing advertising to reduce
Merchants
unemployment is something which
growth and speculative stocks.
Indeed, the widows holding Na¬
some
adver¬
are
money, which usually
when business is good and
full
broad¬
tising space or time devoted to
promoting the sale of products
which require much labor — the
Some
of
means
newspapers and
for increasing the
volved.
have gone all-out for the glamor¬
was
to
sidized
when
advise against permit¬
government
to change
advertising
rates;
but
suggest
allowing certain temporary pay¬
before in¬
appropriations
most
the merchants to
upon
the amount of
advertising.
advertise
are
percent of subsidy depending upon
employment, and I think
Kennedy believes this
in his heart.
Hence, the soundest,
cheapest, and quickest method of
increasing purchasing is to in¬
Advertising
"upside
the
as
the
President
now
as
are
fact, the farmers
In
the
or
on
creased
crease
doing
are
nation
their farm
increased
cases
come
people
Certainly the gov¬
be as justified in
the
dependent
casters
these
national
the
would
merchants
much
vs.
are
revealing.
vestor
Purchasing Power
Unemployment
mutual
rities
flow, glass field.
the
balanced
a
half
over
subsidizing merchants selling
certain products as in
subsidizing
farmers living in certain states.
higher
The Widows Are
measure
contracyclical.
ernment
conservative
Expanding Retailer
There
day's buying or selling that
shares was
familiar,
proposition
paying veterans' insurance money
up
reached half a million
Technical
new
letting up. In fact, its pinspotter
backlog as it entered this year was
effect
stock
a
in
holdings in it.
and selling in less than
round-lot, or 100 share, units was
a
hodge-podge with selling pre¬
dominating for a couple of ses¬
tion
some
are
unemployed.
face of verification that it is hold¬
considerable debate
was
Each week
advertising expenditures
to reduce unemploy¬
ment. These vary all the
way from
will continue
net
was
the
of
where
drastically
meanwhile
grow.
of
damage suits will be
down
GE
and
price
Commentators
of
tors
year
that
promising
signs
best
our
comes
that the basic value
was
impaired despite the con¬
viction of a couple of dozen com¬
petitors for violation of the anti¬
advertising
company were the big boost
its sales in recent years and
this activity shows
no
conclusion
not
was
considers
against unemployment and criticizes its correlative cyclical behavior.
If necessary, he advises, we should
permit some subsidization so
to
[The views expressed in this article
the electrics, were
careful going over and
most
writers
the
Spots
The trouble spots in the list re¬
cently, such
of financial
much
issue posted
no
low for 1960-'61.
new
a
on
Curing Unemployment
By Roger W. Babson
Dean
of
reactions, which is
a favorable sign.
The markets are
the broadest in history, well above
1,300 issues showing for a day's
trading and new highs have been
running heavy with a long string
of
In
in¬
gov¬
plans to spur school
Since school equipment
building.
but that
added
all
action
maker
last year's selling, were
also the pacesetters when the list
firmed and selling targets later,
It
new
the
ments
through
but
point.
ernment's
is
more
General
Pacesetting by Bowling Issues
bowling
it
Brunswick
importance will currently accounts for
only around
the
industrial 6% of Brunswick's
sales, the pros¬
average if it gets back to its pre¬ pect is that this is
the segment
vious top which, at the high point of its business
where the new ex¬
of the rally so far, was only a
pansion could show up impor¬
little more than 10 points away.
tantly. The pinspotter activities of
taking moved in.
The
even
the
be
demand
in
A.
Great
Nevertheless,
minor trouble
a
Of
The
continued
carried
peak
was
Fink.
&
Foods
that
the
Plough and
favored items, notably
Lehn
in
included
were
the
siesta
protracted
somewhat
going.
economy
in
shares
weren't
exactly cheap. Part of the
terest
17
Joseph Nadler & Co., Inc.
at
Queen
The Commercial and Financial Chronicle
Oregon,
land,
NEWS ABOUT "-■
the
New
Branches
New
Revised
Offices, etc.
is
».
*
~
William
B
institu-
of the two
consolidation
John A.
and
Bateman
meeting of shareholders of both banks will be held
tan Bank, New
York.
Both are on March 28 to act upon this recin the United States department, ornmeridation.
In
addition,
the
the bank's national territorial or- proposed consolidation-w il 1 be
ganization.
subject to the approval of state
appointed VicePresidents of The Chase Manhathave
Mr. Bateman is in the
division.
and Federal regulatory authorities.
petroleum
in
bank
the
Joining
Special
tions.
been
The plan provides that holders
1947, he was appointed" an Assistant
Treasurer in
1950 and was
shares will receive two shares for
advanced to Assistant Vice-Presi-
each
in
dent
1953.
U. S.
joined the bank
appointed an Assist-
district of the
Jersey
held,
one
for each
in
1948, was
in
Treasurer
1954
and
*
1957.
in
from
,
the
Feb
department were also
They include Roy T. Ab-
U.
S.
named.
foott Jr.,
sale
to
new
(Number of shares outstanding 640,000 shares, par value
Irwin W. Bodner, James
^
$12 50
''
'
*
*
Howard
K.
and A de
McGloon,
sistant
Robert O.
Blomquist
Treasurer
Assistant
and
man
the
in
Moran
was
ninth
A
petroleum division.
Trust
Co.
under
now
*
Large
Streets.
First
National
York,
its
opened
w
of
area
branch
lished
facilities.
and
First National
Tradesmens
v«rif
isw
$500,000 by the sale of new stock,
AQ
48
Tn
cellos,
tt
'iS-
supervised
has
years
American
bank's Head Office
*
c0nsolidate
the
First
Ohio,
Amsterdam,
Company,
South
from
under
National
Bank
in
Company
the title
Trust
and
Steubenville,
*
been abandoned.
Charles C.
ted
Lehing has been elec¬
Vice-President
a
Bank
New
New
York,
Trust
York
V
*'fJ' Lehmg is with
/ Lhalrrnan
Company,
/
*
elected
Nova
a
has
Jackman
-been
r
been
tors of the Detroit Bank & Trust
the
Company, Detroit, Mich.
Headquar-
..
..
.
/
..
joined
through
...
the
the
.' "
,
bank
■
and
v
Johns, Mieh., with
was
common
•
,
PeleSCITPt GODl.
/
n
ill
—
of 60,000 shares of
Inc.
CSP
.
common
marip
wa<,
March
on
bv
7
Associates
Martin
A
Robert
Inc
The
Associates,
nc. i
stock sold quickly at a premium
+
;
\
$20
stock of the par
bank
additional manufacturing facilities; product development; expansion of sales force
loans;
additional working
and
capital.
prompting devices, rear and front
television
tape
editing
machine.
company also
provides
prompting services to television
and
motion picture studios
and
The
others.
/
Negotiations
under
now
are
way
-Quire the
exclusive world-wide
agency
products. Era
for
has
Era's
line
of
developed and
stock
making effec-
Rank
of
of an authorized
250,000 shares. For the ten months
ended Sept. 30, 1960, the company
^
rjl|if.,rniv,
company consists of 200,000 shares
c°mmon stock
"r^
*
The
value of
each
certificate has been is-
Comnaarv
bany;
New
stock
of
was
of
York,
with
effected'under
National
Trust
Aihanv
$6,282,870.
ai
common
The
merger
the title of
Commercial
Bank
,..t
capital stock of $6,597,870
into
879,716
shares
of
common
stock
of
the
par
value
divided
$7 50
'
€ach.
*
The
*
State
Street
Bank and Trust Company, Boston,.
Mass.
and4'"the?Directors
Bockland-Atlas National
Boston,
Mass.
have
voted
•
„
Manager-
"
*
".
*
Bank
to
of
rec-
^
^
The First National Bank of Ore-
form|rly President of
Spencer, Zimmerman, Pound &
S'as
Portland, Oregon, has in- Co-> Re¬
creased its common caoital stock
Form Allan Feldman Co.
from $20,100,000 to $22,612,500 by
stock
dividend, effective Feb. 15.
(Number
of
shares
1*809,000 shares,
par
outstanding
value $12.50.)
Allan S. Feldman
formed
son
...
-
> •
The Comptroller has approved the
application
of
the
United
with
gage
and
& Co. has been
offices
at
342
Madi¬
Avenue, New York City to
in
States' Partners
National Bank of Portland, Port-
vigorous
recent
or
as
and
departure
plans
to
only
of inter-
longer-term
will
in
that
issues?
mere
modest
of
the
pur¬
stimulate
buying by
long-term market
the
the
confine
that
Reserve
itself
to
System can
'nudg¬
minor
a
ing' operation?
"The
tion
to
answer
seemingly
last
should
ques¬
take
into
the
account
curve
the
pattern of the yield
just prior to the Open Mar¬
ket Committee announcement.
good
case
be
can
opinion that the yield curve
already relatively 'flat' for
period other than
mally
high
other
words,
A
for
made
the
was
any
of abnor¬
one
Expressed
rates.
investor
an
in
was
poorly
if
compensated, historically,
extending his maturity much,
beyond a period of about
Since the buying of
longer issues by the Federal Re¬
any,
years.
serve
will tend to accentuate that
'flatness,' ihow
to
much
that
hope
reason
is
institutional
investors will transfer from long-
securities
Government
term
to
municipal,
and corporate obligations?
Is it
not more likely that the transfer
will
be to relatively short-term
mortgages
or
to
state,
Government securities at relative¬
ly little loss of yield?
"These
/,
questions in turn lead to
serious
questions relating to the
financing of the Government debt.
For many years the Treasury De¬
partment of successive adminis¬
trations
has
been
trying,
with
very limited success, to 'fund' a
larger part of the debt structure
by persuading investors to move
from
short-term sector to
the
the
longer-term sector of the market.
action which increases
Is not any
attractiveness
the
a
are
Gilbert
securities
Allan
Gertner.
S.
en-
business.
1
Feldhian
the
of
sector at the expense
term
longer-term, sector
vitation
their
investors
to
holdings
in
a
short-
of the
potential in¬
a
to
part of
a
refunding.'
would
course,
'ad¬
an
The purpose, of
be
to
decrease the
total
tremendous
of
debt
ing in the next few
matur¬
This
years.
longer-term
obligations for
immediately maturing, or
ing
issues
by persuading holders of some
specific early maturities to move
into the longer-term issues in ad¬
actual
of
vance
'unfund'
manner
di-^
rectly
opposite to
long - range
Treasury objectives?
"Another
Treasury
objective
has been to increase the breadth,
maturity. Logical
this step is from the standpoint
as
ques¬
involving
hoped
of the Treasury, the recent action
of the Federal Reserve raises this
fundamental
question
the
from
standpoint of investor psychology.
If
the
new
issue being offered
falls into
a maturity sector where
yields have been recently, and ar¬
tificially,
depressed
announcement
Federal
Reserve
of
holder
be
and
both
the
by
by the fact of
buying, will the
maturity
near-term
a
will he be less, in¬
the new offering?
"Up to this point no questions
more,
or
clined to accept
have been raised
tial
as
relationship
action
Reserve
Federal
to the poten¬
recent
between
and
what
might be called the 'natural' eco¬
nomic
forces
rates.
est
bearing upon inter¬
such questions are
But
if
fundamental
lieves
in
that
logically
one
be¬
the
long run inter¬
est rates in a free society will be
determined by the general level
business activity and hence by
of
the
resultant
demand
for
credit.
premise that
the economy is now in a period of
softness, the duration of which is
uncertain,
one
can
visualize
plenty of potential pitfalls which¬
ever way he projects the future.
"Assume, for example, that the
economy
continues in the dol¬
Starting
drums
the
from
for
time
some
come.
the
tinue,
or by
either by actual purchases
an "open mouth" policy or
both,
by
rates
to
Reserve
make
and
more
vis-a-vis
a
Federal
to
Does
even
more
con¬
longer-term
unattractive
though this creates
greater and greater 'unfunding'
of
publicly
held
At what
debt?
point does someone decide that
enough is enough, and at that
mysterious point does the Reserve
System simply stop buying or
does
it
contemplate
ultimate
liquidation of what it has bought
in the longer - term maturity
range?
"An
this
new
when
the
even
more
relates
tion
to
important ques¬
what
happens
to
Federal Reserve practice
general business, and hence
demand
Does
ward.
for
the
credit, turns up¬
Reserve System
promptly stop buying longer-term
issues and possibly even consider
selling? With this artificial prop
removed from the market, what
to the speculators who
follow the lead of the Sys¬
tem, and can we expect a market
decline
at
least
reminiscent
of
happens
may
avoid another 1958,
System continue
its support operation more or less
verbially, investors like to ooerindefinitely? If so, what are the
ate in markets which are
'free'
obvious inflationary implications,
in the sense of .being subject pri¬
and is this not disturbingly close
marily to normal economic influ-'
to 'negged markets?'
depth, and resiliency of the mar¬
ket for Treasury obligations. Pro¬
ences
Z mmerman. Mr. Zimmerman
gon>
of -• the
ommend to their shareholders the
°fficiaTls °f the new bank are bnmch office m the C„us
George L- Lorimer, Jr., Manager, Ba"k & Trust Company Building
a
*
Directors of the
corner of Sutter and st°ck'ton COLUMBUS, Ga.-Johnson, Lane,
Sts' in d°wntown San Francisco. Space and Co., Inc. has opened a
theN??d John M- Vandali; Assistant
and
Company of Albany, with
of
Reserve
actual purchases
also
i
....Net proceeds from the financing
Jional SCommercial'^Bank° and the
Trust
action
This
serious
of
hopefully
it
so
FrrestFNation7a,thBeankerogfeiA0mst^ «ce" whthtiU blTn^n^ the had t0tal inCOme °f *224'260dam, Amsterdam, New York, with
bushes'wedTe^
^t
Lane, Space Brch.
N
not,
others
btOCk All OOld
of $200,000 and the State
common
*
sued approving and
purchase
bonds, the
of which would
policy? Is this, or is
simply a one-shot opera¬
chases
Ce"PreS1.dTnt Johns, with capital stock of $400,- °f the current financing outK ila„npn°?f?ent by;oo°. divided into 20,000 shares of standing . capitalization of the
Hoyt Ammidon, President.
A merger
would
new
announcement
il
,
*
it
Is
M
-
Its
Fed's
scription
vance
an¬
.
_
*
Open
..
.
of
could be done either by substitut¬
recently
years.
mediate-and
i
ft,
The St. Johns National Bank, St.
1940,
m
ranks
its
modest
n0/ makef electronic devices and
instruments with military and
Bank of commercial application, and is now
elected an Assistant Vice-Presist
Johns> st Johns> Mich
with engaged in developing and manudent in 1953.
common
stock of $200,000 have factunng scientific demonstration
consolidated as of Feb. 21, under equipment
specifically designed
^e Umted States Trust Company the title of the CIinton National for educational purposes.
n!W. U /eYa/d R/ber R; Bank and Trust Company, St.
Giving effect To the. completion
„
He
rose
Boston.
critical
and
some
Federal
tion,
Scotia.
sales
>
.
it
number
a
carry
Director of the Bank of
stock of Era Research • Inc., a
California corporation, and to ac-
*
has
Reserve
notes
five
raises
the
,s.
.
H/H.
for the company to acquire
one-fourth
of
the
outstanding
*
Carnahan
to
H'/el.n?banks
Mr
,
elected
Paul
it. was announced to-
Metropolitan Division
has
;
of
Bank
■
replace William Newberg, who
resigned. on the Board of Direc.
Chemical
of
to
of the
highly
The Board of Directors includes tions, the answers to which are as
Earl
M.
Anderson, "Jr.,
Vice- important as they are presently
unclear. •
'
President, International Bank;
"What is the extent to which
Jean Dupong, and Jean Hamilius.
„
and the Amsterdam State Banking
Wall Street.
on
*
-
rranKe
24
branches
,
that
maturity of
there
.
Federal
exceed
four
Company,
,
-../I
Mr.
years
many
Director of the
...
,
home.
honor at her New York
lor
International
for
in Steubenville Steubenville, Ohio screen protectors and an electron'c
Dora Vascon:reeeotion in his
a
is
pointed out that:
Committee
Treasury
City, designs, assembles, leases
*
*
*
and sells audio-visualcommumThe application of the First Na- cation equipment including speech
tional Bank and Trust
Minister
gave
"The
for
^
examination
Bank
Market
effective Feb. 21. (Number of/. Telescript-CSP Inc., with its
shares outstanding, 5,000 shares, principal office in - New York
tho
mart
Sof ^heYOBra2Uianma?onfu!
General,
to
The
nounced
European
.....
capital stock from $400,$450,000 by a stock diviand
f ro m
$450,000
to
dend,
Vice-President,
%L^ N,Hmfaiyrftv
rL,/
-/
common
000
.fflr
Va.,
Fairfax,
if
I,
Pa.
—
National
The
of
nn
.
Robert M. Franke,
Director
a
i V^Ul be used by. the company for
Bankv#hf, Fairfax,; various corporate purposes,: inhas Mncfeased / its Eluding repa^ent of-short-term
-w-v
firac
sj!
Swarth-
in
Bank and Trust Com-
?radesJ^^
pany, Philadelphia,
services
City was opened on
Sept. 22, 1958.
bank
its
announced by Provident
wa§
iiA
-vz
nw
WutiAnoi
more
the
of
0f
manager
estab-
Thpa^mftVnAsnnrln^ftfcanch
irct
Vice-President
Telescript
Paraguay. Thfe
has been
Asuncion
present
is
Konsberg,
T.
Public offering
New
reiurossi
extension
-an
an
as
bank's
Morris
J.
PPtffrnTsf Promotion of. L°nis F. Riehter to stock'a't'a price~of $5"per"share
ine
xxx
Asuncion,
Pettirossi
Bank,
City
Arthur
o
is
office
construction at Cottman and
*
with
associated
Phi|adeiphia
(rQm lg53 t(j ig61
named Assistant Treasurers in the
&
Industrial
provooatlve questions is addressed to Federal Reserve
a
set of provocative ques¬
pointing up disturbing im¬
plications involved in the changed
Federal
Reserve
open
market
practice.
of Wash-
Bank
of Philadelphia> Pa.
Fidelit
were
named As-
pointed
/v;/^-'-: ■'■/A-'z);;.
ington, D. C.
Mr.'
of
Treasurer
Co
Mr.
Cal-
Herr
K.
Robert
Trust
a via-
Robert F.
and
division
iron
named
was
was
Glesener,
the International
/
■
*
has been
Moran
john
Small.
•
bank
in
opened at 21 Rue
Luxembourg City, by
can-type ' commercial
Europe,
Edgar
2Q
of
of
by tile First National
tions
Credit European, the first Ameri-
of Credit European,
$8,000,000 by
stock, effective
$7,500,000
the
series
officials
Ayearst and
Supervisors,
as
ark> Newarfct New Jersey, has in- Bank, is Managing
Creased its common capital stock/new Bank.
.
Six Assistant Vice-Presidents in
-
A
the
/■'.;;
'H1''"X'v'/V from "bills preferably" policy.
Commercial - Industrial DeveJ.opment, with headquarters in Mont- In a
special supplement to its re¬ some nearby- stage
sound
debt
real. Mr. Ayearst . was fomerly cent
monthly New England Letter, management would call for an
Manager and Mr. Mercier Associ- the First National Bank of
Bostpn offering of medium- or long-term
ate Manager, Commercial-Indus- and Old
either
for
cash
sub¬
Colony Trust Company securities
trial Development. /
raised
*
*
The National State Bank of New-
was
promoted to Assistant Vice-President
while
held.
one
department.; He
ant
Bank
holders of
Rockland-Atlas
shares
will receive one and three-eighths shares
Mr. Pell is in the New York and
New
Street
State
present
of
Canada, Mont¬
C.
of
Federal Reserve Policy
-■
announced
Mercier
H.
Thursday, March 9, 1961
Boston Bank Questions
v
♦
has
appointments
G.
Pell
*
Canada,
real,
—
Co-
The effective date
*
The Royal Bank of
Capitalizations
Bank,
determined.
be
to
.
the
liabilities of
Valley
Coquille
quille, Oregon.
BANKS AND BANKERS
Consolidations
purchase
to
assets and assume the
.
.
and
mum
of
to
an
absolute| mini¬
outside
the
or
artificial
extent that Open
stimuli.
To
Market
Committee
purchases
in
the medium- or longer-term mar¬
ket
both
represent
with
the
artificial
tinkering
level and with
the
pattern of rates, is there not a
very
real danger - that investors
will
try
to
avoid
a
non - free
1958?
Or,
to
does the Reserve
"No
attempt has been made
to
of these questions for
the
simple reason that the an¬
swers are not available to the lay¬
man.
The serious nature of the
answer
any
questions
•would
themselves,,
seem
to
lead
however,
one
to
the
conclusion that,
at the
least, the recent action
of the
Open -Market Committee appears
logical
Treasury market and thereby ac¬
tually decrease its breadth, depth, to have very dubious merit and
that, carried further, that action
and resiliency?
have
potential implications
"Another logical expectation of can
Treasury policy has been that at which are highly disturbing."
.
I
Kff
In this
building
anew
first"
•'
'
i
!'•
"
i
e- "i,
i'
fe:
I
|/i
II
■
II
...in Columbia Gas
System's
constant search for progress
A number of "firsts" in the business of delivering natural gas have
m
operation of the first leg of
been recorded in the past
instituted
by companies of the Columbia Gas System.
Here is another-one of the highlights of 1960
i
On November 15, 1960, the
ral gas a
an
aircraft
1960 in Columbia Gas
source
i.v
of stationary power. In
Clementsville, Kentucky,
h
$ i
engine has been used
as
compressor
Report for 1960.
cooperation with Pratt & Whitney and
IN 1960,
were
completed
or
initiated in
new,
<
better and
of serving its customers.
of the System's
/
progress,
write for the Annual;
-
■
area
■
■
■
-
'
■
;
■
.
served by Columbia System companies in Ohio, Penn¬
sylvania, New York, Virginia, West Virginia, Maryland; Kentucky'and the District of Columbia.
the lines of Columbia Gulf Transmis¬
ft. of
gas
companies which, in 1960 delivered
a
T H E
stations with automatic controls
built
Ohiotvillage with plastic pipe
...
an
.;.
entire
began.
C O L U M B I
^
—
_
SYSTEM,
total of
COLUMBIA GAS SYSTEM SERVICE C0RP0
to homes, industry and other public utilities/ ;
distribution system for an
means
i
•
120 EAST 41ST
STREET/NEW YORK'- *'"
I NC.
JURATION • COLOMBIA -HYDROCARBON CORPORATION
^ 17,N. Y. CHARLESTON CROUP: UNITED FUEL GAS
t
,'
COLUMBIA
OAS
SYSTtM
COMPANY, AMERE GAS UTILITIES COMPANY,^ATLANTIC SEABOARD CORPORATION/COLUMBIA GAS
OF
THE SYSTEM ALSO ../ equipped more compressor and
field pumping
innovations
System's constant search for
*Thc estimated I960 population of the
stations, it"moves gas from the Louisiana Gulf Coast to
cu.
...
centralized
System subsidiary. With nine other Columbia Gulf
other Columbia System
792 billion
on
economical
For the full story
a
Cooper-Bessemer, it was installed in this compressor station near
sion Company, a
sv
more
day to help serve 15 million people.*
This is the first time an aircraft jet
*-#
microwave communications system
•
These and many more
jet engine was harnessed to help pump 666 million cubic feet of natu¬
$
a
refinements in machine accounting and
billing procedures..
operations.
10,500-horsepower thrust of
new
KENTUCKY, INC., VIRGINIA GAS DISTRIBUTION CORPORATION; KENTUCKY GAS TRANSMISSION
CORPORATION. COLUMBUS CROUP: THE OHIO FUEL GAS COMPANY, JBE OHIO VALLEY
PANY. PITTSBURGH GROUP: THE MANUFACTURERS LIGHT AND
GAS COM¬
HEAT-COMPANY, C0LUM81*-GAS OF NEW YORK/
INC;, COLUMBIA GAS OF MARYLAND,:1NC;,'> CUMBERLAND AND AILEGHENYGAS COMPANY, HOME .GAS COM-
PANY /-COLUMBIA GULF TRANSMI SSI ON-COMPANY / THE PRESTON OIL COMPANY.,
' '
: •
*
-
r
20
The Commercial and Financial Chronicle
(1088)
meantime. Is there wonder, there¬
LocalChambers of Commerce
Face Many
Responsibilities
y
VI •- •
,
>• V
"
K'V,_
By Isaac B. Grainger,* Former President, Chemical Bank
New York Chamber of Commerce
New York Trust Co. and
'
V-.
\
'• >'*
•
'
'
' ■
'
some
'
'
'
organizations of business¬
President
how
short-term
tight rope
tional obligations.
than
standard of measure.
commodity in that it is a very important
a
recognized that the primary
is
objectives of a Chamber of Com¬
merce, lie in the development of
its
community through the att
r
of
action
of
offers
every
t. Ho
w-
our
to
will
im¬
a
zeal
local
prove
situation,
I
our
national
have
a
which
intimate rela¬
affairs
international
much more
to
commerce
the
cooperation of its mem¬
the
with
welfare than we
our
A
local
chamber
of
through collaboration
local government and
suspect.
bership can add a potent voice in
the
of sound policies at
It can give un¬
molding
be
and that the ob¬
ignored
gredients which would change its
normal
course—substitutions for
time-tested economic laws as per¬
manent as the law of gravity. It
truly remarkable what
we
have
really enjoyed
is
accompanying inflation.
derstanding to the many national
mind
daily
and
which
about
read
we
from
remote
seem
occurrences
but which
of
sphere
our
However, our lives are
definitely affected by them and
activity.
therefore, have a responsibil¬
at least to know something
we,
ity
about
share
and
them
velopment
in
the
appropriate
of
tion
of
and
growth. This leads me to
element of in¬
flation about which we should all
had
good
about
chief
happen before
opportunity to
if
and
executive
have
we
make
is
one
next
our
a
se¬
new
In
necessary.
election
if
as
"No
children
of
A
of
each
I am too old
if they inflate, I
most
chamber
of
com¬
I
and
in¬
bear
beat it
for us
do believe
that its bur¬
they
would,
not
therefore,
ignore
in
our
that
urge
considera¬
can
dens
can
be borne by others. The
creeping
pattern
the
is
which, it might
be treated only at
the national level. Many of them
of
appear, should
sleep and before we know it, we
should
for
have
active
our
mention
to
concern
few,
items as
I
am
infla¬
a
thinking of such
tion, government
fiscal
policies,
management of the public debt,
monetary
policies, .international
payments, and their effect upon
stability and value of the
the
dollar, all of which touch us very
intimately.
These are all related
items
and- are,
cult to
to
therefore, diffi¬
separate, but I would like
make
a
few observations about
them
because
press
references
fully
constantly
we
see
to them without
appreciating
their
signifi¬
cance.
say, lest I be mis¬
that there is nothing
vitally wrong with our economy.
which
recent
others
because
me
are,
have
of
course,
not
months,
which
fared
and
still
segments
so
well
there
must
in
are
face
a
we
increased
that
find
who
those
the
than 41/4%
more
with
maturities
•
laws
government
on
five
of
years or over, v
Once
during the last two years
competition for money became
so
acute
that
the
government
could not borrow at this ceiling
the
of
4lA%
at
hence,
long-term;
do
to
5%
at
so
on
a
it
very
short-term basis which meant that
found Its
the
issue
into
the hands of banks,
largely
way
financial
If individuals
given to inflation.
had
bought these government ob¬
would
the
of
instead
ligations
have
been
may
market,
go
in the
borrowings
unless there
constructive
the
for
use
borrowed.
In the longmarket, where borrowings
for
are
expansion
of
and
plant
equipment, there is a tendency to
borrowers with cheaper
encourage
supply of
in
increase
that
set
in
of
periods
has
interest,
and in
low
-
been
bad,
periods of high interest, business
has
been good.
There must be
conclusions
this.
that
we
-
active
My
to
better
are
It
drawn
with
off
has
giving tem¬
relief to the Treasury. But
somewhat,
crisis
same
it
will
arise
again.
Congress should
eliminate this
does,
the
amend
situation
this
Fortunately
improved
law
to
ceiling.; Psychologically, the time
to
it
do
when
is
is
it
not
neces¬
Therefore, I hope many will
sary.
themselves
for
they
than
ness
to
interest
let
rates
automatically react to conditions.
is
It
not
generally
but
known,
1951—but that
are
lulled
income
have
know.
even
it
to have been
did
who
many
::X
.
Interest
all
Of
Manipulation
Rate
the
phenomena
is
low interest rates.
to
some
know
they
have
and
are
borrowers*
was
the
cause
sorbed
higher
only
even
government
one-tenth
absorbs
the
amount
it
tax
relief.
Actually," then, interest is
about
through
now
the only extra business cost which
has
not
first
part of the century.
sky-rocketed
the
since
would now have to earn
$12,300 just to maintain the same
economic status without improve¬
ment.
Anyone
who
bought
a
year
Bond 20
Government E
let
and
would
now
purchasing
th
e
interest
the
have
same
common
purchasing
of
the
then
total
the
without
use
investment
in
stocks at that
probability have
power
original
having the
with
to spend in
It is interesting to
time would in all
a
ago
income
that the
high-grade
less
invested
sum
the
meantime.
note
funds
power
years
accumulate
well in
sum—even
excess
of dividends in the
do
have
to be
does not
advocate of either
an
one
high or low interest rates. Rates,
like the temperature of the body,
the
are
rather
effect
than
like
also
the
the
of
condition
a
cause
of
it.
It
they
thermometer,
give warnings from which
benefit.
But
was
said
we can
many
of
the
one
tion.
Nothing
absurd.
money
When
causes
could
the
the
The
of infla¬
be
more
demand
for
becomes excessive and the
reverse
up.
When
is true, they go down.
higher
rates
become,
the
needs
in¬
and
obligations due to the
the
and
*
f
balance of payments
our
loss
resultant
of
gold.
To
back to the tight rope to
go
which I referred, the Federal Re¬
employment
subject, but the question of inter¬
est
leads
rates
policy:
The
into
monetary
-
-
when
present,
policy,
and
the
Federal
(independent
makes
;
fiscal
Reserve
of
govern¬
policy.
monetary
has
The former
to
with
do
.
are
and the Federal Reserve .must set
motion
in
if
ences
counteracting
possible.
that
If
interest
which
influ¬
>
the
rates
Board
at
are
a
discourages i further
expansion of plant and facilities,
there
is
rates
down.
is
attempt to hold these
an
the
On
much
are
higher, there
gravitation
American
the
hand
other
time rates in other
same
natural
a
from
of funds
market
to
European "markets,
important factor in this whole
an
problem and, until ours are more
countries
other
with
line
in
vice
or
flow
the
of money
from this country will con¬
versa,
awav
become
because
there
differential
interest
The
not
prior
little
was
until
accentuated
that time
exchange.
to
free
Money, therefore, did not flow to
and
England
there
cause
makes
government
;
a
stable econ¬
times, like the
business recedes
and
There
omy.
1958
this
belabor
to
it
could
and
that
positions
have
de¬
upon
economies
the
1958
reserve
countries
be¬
assurance
no
returned
be
Since
mand.
Continent
the
was
other
of
made
budg¬
free
ex¬
change a reality. 1
eting,, spending, taxing, and bor¬
Of course, there are many other
rowing. The latter operates in the elements involved in this compli¬
area
of the control of credit, the cated
question of our international
money
supply, and the most of payments which ultimately must
money.. One of these entities, the
be solved because, just as in our
is
the biggest bor¬
other, the Federal
the
biggest lem er.
government,
the
and
rower
Reserve,
is
,
family group,
own
out
than
more
we
untenable
other
country have made
This independence has been one
the
of
great and protective
truly
in
economic
our
for the financial
the
around
those
to
time
to
others; the fact
concerned about
the
of
success
other hand,
On the
must
burdens
trib¬
plans.
our
be
.
A'j
'ft
who have benefited from the will¬
which
countries
v
of these
borne by those
some
has
ingness of the American taxpayer
only
one
world
the
dollar position is a
own
ute
of
now
are
our
time
world,
at
look
to
we
system.
chaos which has
from
developed
economies
the
a
around
1945 in the rehabilitation of
since
that
We in this
tremendous
position.
contribution
history books
in the
looks
one
pay
ultimately finding ourselves in an
they
each
should cooperate with
is necessary, but it is
equally necessary that they be
independent of each other.
cannot
receive without
we
That
taxed
heavily in the in¬
disregarded this independence be¬
to
tween government and
terest of world stability.
Bank.
in
area
This, therefore, is another
which your views should
because there
be heard
in
the Central
are
many
life who would have
political
the
government itself control the
policies and functions of the Fed¬
eral Reserve System. They usually
those who
idea
offer
a
are
with
interest
rates
low
that
panacea
high
overcome
for
interest
thereof.
increasing
rates
ills
rates
and
are
Although
wage
the
be
It is
1960
of
and
had
to
is
bought.
total
greater
which
than
lion
we
and
this
have
has
and the indiscriminate increase in
investment
money
Federal
hold
are
the
Reserve
and
power
supply.
to
former
System
has
responsibility
the
check
in
The
latter, but
these
forces
the
the
have
tures
paid out $9 billion,
through many
abroad,
by
spent
money
tourists, foreign
aid to
%-
rates, and the
American compa¬
nies in/foreign plants and equip¬
ment in order to be able to com¬
m
pete with foreign labor costs.
a
at
funds
for
higher interest
by
which
The
Desire
for
Gold
World tensions have resulted
desire
by many on the
convert
in
Con¬
In my
Accomplishments
opinion, the Federal Re¬
Board has acquitted itself in
good fashion.
It is the only body
in existence which
ures
to
money
influence
and
Obviously
can
be
the
can
the
rate
no group
perfect and
take
meas¬
supply of
structure.
of individuals
errors
in judg¬
i
into
tinent
>
t
investing
American
of
the
serve
Ift
gone
High military expendi¬
to
ing.
Fed's
I
inflow,
offsetting the
total
developing countries, the transfer
put into play by deficit spend¬
Praises
p.'-A
m
favorable trade balance of $5 bil¬
American
the
billion)
sold
than we have
other hand, our
been $4 billion
we
our
that
means
big factors—big enough to be
a major national problem—never¬
theless two
important causes of
inflation are unbalanced budgets
contributes
say,
billion more
On the
outgo has
$5
channels:
of
surplus
highest
(approximately $5
years
that
their
are
the
exports over imports in many
too
benefits
so
paradox that in the year
a
we
ever-
much of the
increased
efficiency
of
absorption
all
times
during the recent political cam¬
paign that high interest rates rep¬
resent
wish
not
cause
supply limited, rates go
after
I
that
ically palatable, but
abroad
did
economic environment, the fiction
.
deficit in
tinue.
Mandatory Policy
<
of interest rates, to me,
is the most
has
which causes
a drain upon the available supply
of money here at home and hence
be-, upon our gold;
ab¬
Therefore, interest rates become
During
that
period
when the country had remarkable
growth; • the" actual net cost to
the
our
ternational
feels
much lower than
for the 40 year period
1890-1930.
are
to
enjoyed
seems
by
foregotten
domestic
between
level
years
were
If
a
Board
^
preserving a
sound
economy.
Bear in mind
that it must walk
a
tight rope
interest rates,
been
devices
sound fiscal
program.; There is nothing more
potent in the promotion of sound¬
promote
Reserve
towards
countries
and
to
shown
that will all the references to high
on
opportunity to help
every
sometimes made, but on
think
we
can
all
be
Federal
the
if at the
this matter
the
Treasury in its debt management
express
at
I
grateful for the dedication which
an
slowed-down
a
surprise
may
ment)
purchasers' reduced
deposits as a,result of their with¬
drawals to buy the bonds.
are
balance
and higher inter¬
economy
economy with
•
be
conclusion is
own
est-rates than with
deposits
the
by
ment
one
business
because the
money
with banks would have been off¬
Thursday, March 9, 1961
under an Act of Congress
■■. v serve,
reviews the economic in 1946, has certain, responsibili¬
towards
maintaining
high
history of, our* .country, it is found ties
When
Board
government's,, increased
.
.v,; '■-
money.
there
banks,
no
(there- are millions who cannot) astounding. Why a Congressman
a
Senator
should
has not kept pace with the cost or
expect
lenders to make advances to the
of
living.
As an example, after taking into government at other than the com¬
consideration both tax and price petitive rate is beyond comprehen¬
increases since 1940—23 years ago sion. I know, of course, that the
—anyone then earning $5,000 per idea of low interest rates is polit¬
having
understood,
There
all
original
Economy Held Sound
First, let
paying
existing
the
of
prohibit
bonds
cruelest
or
tions those things
and,
which
government in consort tried to
completely
control the cost of
money, they had to cope with one
of the worst crises in history in
was
and
to beat it. I think many
local
merce.
we
provisions
all right for our
grandchildren
to
brunt of this insidious thing
it
that
was
is
the
fact when asked by
Treasury
to - eliminate
the
when the Federal Reserve and the
and that there was some way
us.
would
Congress
flate!" What he was saying to me
satisfactory
channel through which to do this
one
He
sir.
ings
responsibility
he
if
worried about inflation.
said,
a
he
When
were
furthermore
a
Mr.
from
him
asked
I
"yes,"
said,
taxi
for
voted
made.
had
he
a
suspected
I
was
after
day
asked
had
he
Kennedy,
remark
termite
the
to me
when
I
expressed
philosophy
Their
economic
this
driver
who have the
inflation is a
little
a
those whom we
have elected need help. The con¬
stant voicing of opinions or warn¬
meantime,
is
of
this
ignore
Before
of Inflation
many
thing.
individually
elec¬
are
that
in
problems. However, it is not
quite that easy, and much can
the
increasing
It is strange that the
-
usually
money
some
atmos¬
an
rates
encouraged
some
from
of.
requirements
constantly
;i;
members
from
is
the
investors in
living costs.
the
Problem
There
that
our
lection
phere 1 of
the
not
are
paid is not commen¬
now
individual
porary
concerned.
be
part
our
less
there must be
power,
with
surate
no
comment upon the
de¬
representatives in Congress,
it is up to them to solve all
our
increased prices we have
say
the
in
entirely
measured
is
taken
may
have
our
terms of
idea
We
in
increase
the
if
that
growth
despite
Bear in
product
treat¬
ment.
we
with
dollars
growth record of this coun¬ institutions, and corporations. To
try stands for itself and it has the extent that banks bought these
taken place despite efforts made
obligations, the money supply was
in political
circles to inject in¬ increased and added impetus was
the national level.
problems
the
about
principal
of
resulting loss to the holder. The
had
concerned
not
am
is
but this is
The
and
with
has
growth factor, which was so often
discussed in the recent campaign.
Isaac B. Grainger
responsibility
tionship
unhealthy advice
been given so freely
orthodox means.
sometimes
in
sure
am
jectives enunciated in campaign
speeches will be sought through
we
overlook
I
mat most of the
which
in
ever,
own
that 1961
will bring
a
resurgence
in our
economy without the necessity of
government tampering. It is hoped
encouragem e n
af¬
will be for¬
managing their
prevailing,
which
climate
free
a
which, I hope,
Despite the uncertainties
ever.
business
a
of
sort
given
are
women
in
fairs
creation
the
and
hand
industry and
and through
this
had
have
we
slackening of business with strong
recoveries to ever higher levels.
It will .be that way as long as
men
and
business
but many
adjustment,
of
period
times
in
returned
interest
It
There
not.
am
the. return
as
purchasing
a
one
concerned,- but if this principal
is
> c
I
bonds.'
far
so
is
remarks
safer investment in the world,
no
Grainger makes the reminder that gold is more
dence in our dollar, Mr.
these
ment
manipulation, monetary policy,
we must walk between domestic need and interna¬
In referring to the matter of strengthening confi¬
price inflation, interest rate
upon are!
and the
States.
United
the
in
localities
but vitally affect all individual
Some of the problems commented
low
term
might
conclude that I am casting doubts
about the integrity of our govern¬
transcend
which
problems
better haven for dollars
further depreciation in
a
avoid
By
Depicted are national and
York Chamber of Commerce.
of the New
world
of
develop
to
On the other hand, no matter
ket.
be j competitive with
other investments which
provide
is
-
discouragement
or
borrowers,
it has to borrow at rates
must
value.
brought to the fore by a big city banker and recent
are
men
refunding
there
manifested in the long-term mar¬
which
to
Today's responsibilities confronting local
this
to
likely
restraint
program
those
1
"
In
individuals?
• ■
■
„
more
the Treasury is con¬
stantly having difficulty in re¬
funding its obligations held by
that
fore,
.
.
to
gold,
perfectly natural desire' on
the
a
currency
part of anyone worried by
events,, and this has re¬
m
future
flected
itself
supply.
a
feeling
the
new
in
the
drain
on
our
There has also deveioped
in
recent
months
Administration,
of its announced
that
because
objectives which
I;
i1
Volume
193
Number 6036
.
The Commercial and
,
.
Financial Chronicle
(1089)- 21
.."I'
would require excessive expendi¬
tures, might be lax in its budget¬
ary
program.
Also, there have
been
by
rency
of
would
we
gold.
devalue
marking
caused
dollar balances
V
1
*•/
•)'
"
/
•
'S'
"
•
Our Reporter on
v.
-
*■
*,»
world
our
the
up
' -
/
'1
"
cur¬
GOVERNMENTS
price
Both of these conditions
have
also
the
around
rumors
that
Cruttenden, Podesta Conference
7
withdrawal
of
BY JOHN
by foreigners.
T.
CHIPPENDALE, JR.
It is
strange that, while ours is
still the strongest and most sought
•after currency in the world, there
should
be
it.
about
stop
There
fidence.
within
and
our
in
and:
in
keep
must
we
both
at
hold
obvious
home
field—
steadfast
that the President
mitments
CHICAGO
definitely on the question of pol¬
icy on these matters. Unless he
the
idea that he
fiscal
and
with^
world
Biltrite
to
to
spending
the
partner
policies and
price
of
beyond
erosion
position
in
will
gold
our
of
subject
continue
of gold,
same
rials
are
with
suffice
a
merely
a
very
would, like stretching
everything
cause
in
with it to increase
it
express'
in
another
protective
a
arbitrarily
way,
supported
be
restraint
indiscriminate
To
to
(25% minimum)
part by gold
is
or
to
The fact that
must
currency
the
a yardstick,
relationship
in value
cheapen the dollar.
our
standard
a
important
To change its value
that.
at
for
jewelers,
few industrial op¬
and
measure
one
commodity
a
except
It is
against
issuance
increase
of
the
it.
price
of
gold would be to relax this re¬
straint by giving the government
dollars to print
The result would be
inflationary
spiral.
It
base, for more
a
and
spend.
another,
would not help us in international
transactions
because
low -suit.
investment
Security Supervisors.
(center), managing
firm, and Alvin Baum,
fol¬
The biggest benefactors
In
simultaneously facing
tic
business
recession
and
con¬
a
balance-of-payments defi¬
during 1960, the United States
cit
monetary
fronted
authorit'es
with
according
Report
Bank
of
basic
a
to
were
the
con¬
dilemma,
Annual
Federal
the
1960
Reserve
of New York.
The domestic
hope that
on
our coldRussia. I, therefore,
this additional point
Chamber
of
Commerce
members
will express themselves whenever
our
opportunity in order
will
not be
have
that
Congress
tempted
to
has
false
another
follow
which
doctrine
many
sympa¬
cal
policy
heavy burden
I
to
detail
much
too
serious
is
have gone unnecessarily
may
but
matters,
these
about
my
purpose
to
emphasize that, in addition
working hard to fulfill the hopes
and
aspirations
of
one's
commu¬
Chamber and its member¬
nity,
a
ship
should
not
interna¬
ignore
tional and national matters which
affect the country's economy and,
one's own. All who
delightful community
hence,
in
a
years,
tions
high
with
which
the
had
year
in
the
sometimes
the
upon
the
States
took
place
against
backdrop of the most persist¬
large-scale
balance-of-pay¬
ent,
ments deficit that this country has
experienced.
ever
The
in
easing of credit conditions
the sag in domestic
response to
business
tended
to
the
on
characterized
Annual
an
address
Lakeland
tal
to
weaken
rapidly,
factor
short-
for
store
them.
by Mr. Grainger be¬
Chamber
of
Commerce
Dinner, Lakeland, Fla.
tion.
Opens Investment Office
CENTRE, N. Y. -—
Fayette Thoma3 is engaging in a
securities business from
1440 California Avenue.
offices at
Securities
lem
Corporation
Rector
Street, New York City, to
engage
in
securities business.
a
immedi¬
our
payments
was
might
confidence
result
posi--
even
an
more,
in
adversely
so
in
the
affect
dollar
long
,•
massive capital
outflows
essential
that
fiscal
their
the
authorities
awareness
fundamental
It
was
monetary and
re-emphasize
of the need for
adjustment
a.
the
in
the
from
This
the
the
group
Therefore, it
the
it
au¬
growth
of
money
deficit
rates
sharply
higher
On-the other
the
credit
of
this
r
be
suggests"
better
over-all
controls
so
•
the
of
ways
fiscal
to
as
in
Re¬
least
and
meshing
tificates, notes and bonds for open
engine of inflation all
since
more
ef¬
the.
again-
over
the^e commitments are not
they be made in the short, inter¬
mediate
be taken
powers
be
pegging
price
that
as
was
World
War
inflation
of
again with the
tunate
came
put
are
the
into
very
unfor¬
results
(
policy
of
monetary ease suggests
lesson that might be applicable
of
all
the
the
industrial
clozely
now
Free World economy,
countries
integrated
the Reserve
Bank observed. Traditional
policy
may
weapon
as
be
mone¬
anti-recession
an
closely cir¬
more
cumscribed in the years ahead.
have to be supplemented by
flexible
of
use
fiscal
by more
use
and
It
a
imaginative
policy
and
subtle and
possibly
more
varied
of debt management or mone¬
tary
control
some
devices.
large, easing of fiscal policy might
cbviate the need for a sharp eas¬
ing in monetary policy and inter¬
est
Not Price
Pegging
the
this
purpose
balance
of
-
-
payments.
And, in booms, quicker tightening
policy could help to limit
extreme
rates
and
flows
from
of
the
reasons,
by
"dampen
credit
basis
For
disruptive in¬
desirability
controls
may
also
on
with
a
problem. The
higher
near-term
rates
should
tend to keep the quickly transfer¬
able
money
here,
while lower
sug¬
inflationary
is still
payments
a
should
rates
long-term
favorable- influence
tion of long-term
on
have
a
the flota¬
Merrill
FOREST
ernment
Lynch Branch
Reserve
HILLS, N. Y. —Merrill
Pierce,
&
Fenner
Smith
a
branch
to
issues that could
by
,
side
large balance-of-payments
office
der
at
the
Milton.
70-49
Austin
Street
un¬
management of Edgar G.
-
in
steady
a
the
market,
flow
of
these
Hijito the hands of in¬
There
are
no
overhang¬
these
of
securities
available
&
which
so
of
Development
at
selected
Space Research
Corp. at $3 per-
share.
Net
proceeds from the financing
a variety of cor¬
will be used for
including
purposes
of
liabilities
current
pay¬
result¬
ing from acquisition; expansion oi
engineering
enlargement
and
purchase
raw
of
balance
of
of
the
the
to
company
and
research;
inventories
and
materials.
The
will be
proceeds
working
capital
o£
and its subsidiaries.
Space Research & Development
Corp., and its two incorporated
subsidiaries, located in Portland,
Ore., are engaged in the develop¬
ment, manufacture and sale of
electronic and mechanical test in¬
struments used
aircraft
and
in the
other
automotive,
industries.
In
addition, the company manufac¬
tures a variety of specialized tech¬
nical
products including parts for
missiles, jet aircraft and manned
vehicles. The company also
space
conducts
engineering research
projects
for
Government
the
United
missile
States
and
outer
space programs.
•
Upon completion of the current
financing,
tion
of
of
outstanding capitaliza¬
company will consist
the
235,000 shares of common stock.
D. C. White
Opens
SCARSDALE, N. Y.—Dougald
White
is intended only
C.
Road.
System
long-term
"nudge"
rates
stock
common
of long-term Gov¬
bonds
by
the Federal
that
will
levels
bring
will
conducting a securities
business from offices at 42 Crane
is
interest
prevail
borrowers
into
the
side
-
Joseph Nadler & Co., Inc. offered
on March
8, 100,090 shares of the
help the economy recover from its
recession by creating employment
The purchase
Lynch,
surplus.
re¬
operation for
for those who are in need of work.
Incorporated has opened
exists
con¬
stand¬
deserve
in which
undertones
of
a
considerations."
newed
countries
Germany,
boom with
funds
broadly similar
gests that the same lesson may be
applicable to the reverse situation
a
interest
interest-sensitive
abroad.
sumer
in
advances
in
be
as
long as economic conditions here
are
adverse and the balance of
Experience
industrial
notably
the
of fiscal
the
.calling for stable to
higher short-term rates along with
lower long-term rates will con¬
program
rates, which could adversely tinue to
affect
which
long
Space Research
the
position and
Weapon
In
way
and
Stock Marketed
added
along later.
is evidently
It
done,
that
II
unfavorable
and
in
go
to
The risks in pursuing a national
Investors
the
by the so-called profes¬
readily
are
ment
the
forces
the
of
levels.
long-term
or
during
adaption -of'
term
-
when price weakness
develop, it does not bring in
important holdings of these obli¬
gations. On the other hand, buyers
price pegging operations whether,
-
rapid
and
money
market purposes does not start
ther exploration would be a more,
and
the
both
into
However, it should be remem-,
purchases of bills, cer-,
monetary; gear
utilize
short
does
may
bered that
fectively the underlying strength which
of the economy;"
Worthy of fur-*
flexible
in¬
capital markets.
for
the
around and,
which the Federal j
Reserve Board is pursuing is in¬
tended to inject a little concern.
at
as
confines its
raising and refunding
to
blocks'
ing
financial district.
be that the cur¬
the
securities
program
when
,
Bank points out, "that there
serve
.
the.
not
are
is
sectors of
porate
encourage, the Government market. It is only.
to
expansion.
"All
at a time
authorities
monetary
attempting
were
our
liquidity
and
rent
helped to drive
to
sharp -.swing
when
of
very
Government
these
element
vestors.
to
give a green light to
undertakings of any particular
previous
monetary
the
authorities
made
deficit
check
to
the
supply
mind, how-
policies
be
to
to
long-
favorable effect
a
intermediate
securities
markets.
•
supply
and general liquidity; at the same
time, Treasury borrowings to fi¬
levels.
the
the
of
on
spite
and down
,
for
interest
be borne in
that
ever,
capital
order
on
term
Governments have been moved up
the
credit,
nance
It should
>
and
monev
have
the Treasury
money
the
to
time of the changed open market
that steps- fiscal policy to the ups and downs
bring about a funda¬ of business cycle, perhaps through operations to meet the new con¬
mental
adjustment in the pay¬ more frequent review and read¬ ditions which have developed be¬
cause of the
unfavorable balance
ments position.
justment of tax rates and spend¬
of payments and the business de¬
ing policies. "In recession periods
cline. This most likely means that
No Longer the Anti-Recession
a
quicker, though not necessarily
payments
sector
as
In
op¬
appears
in
sector.
tended
over"
thorities
the
will
operations
market
concerned
are
do
effect
Buying by
open
as
that
It will not take much in
way-of commitments in the
new
the huge Federal defi¬
an
"left
to. may
as
speculative character.
a
in
has been formed with offices at 19
a
seriously
There
abroad,
Form Underbill Securities
rates
will
nudging
price-wise
have
monetary
recession.
^
b
Underhill
was
fundamental risk that any neglect
of the balance-of-payments prob¬
may
ROCKVILLE
There
far
as
classifi¬
not believed
market to have
Money and Capital
on
moderate
large.
However, it is evident
bonds and taxstill
the
it is
Banks
a
term
into
obligations
mounting
important contributing
was
bank
in 1939, a
in. -Which ."demands
hand, in 1960
from
Federal
rates- deficit to Federal surplus reduced
reduce
rates.
international
ate
more
i
bearing
change in Federal Reserve
erations
exarpple,
lower
interest
accelerate short-term capi-. the demands for bank credit and
outflows to such an extent as slowed the growth of the money
tary
the
funds
Markets
reces¬
economy were
difficult
of
*From
on 1 serve
have
of
•
the: buying which the Federal Re¬
reached by interest have thrown a bit of caution, if not
sional
inflationary periods and. some confusion, into the opera-.
there
very low rates that have tiopg.t(pf
not a few followers of
United
be
fore
much
in
and
in
cit
.
a
in
pretty
groups
"
by the Central Banks
cation
levels
rates
opened.
At the same time, the
casing of economic activity in the
to
held
these
long Governments.
Impact
major factor both in the
a
For
opments elsewhere, whether they
is
do
policy
year
are
political or economic, to ad¬
versely affect the bright future
detrimental
purchases which have
still
are
and
attraction for investors than
authorities and has been, in some
boom
they certainly do not want devel¬
which
in
obligations
exempt
more
The
sions:
picture paled as "high
stagnation," followed by an
outright though mild recession,
replaced
the
booming expecta¬
live
blessed with many advantages and
be
not
the
Reserve
made
been
areas
corporate
monetary
business
of
thizers.
into
that
inflexibility of fis¬
has tended to place a
level
that
they
income
stocks.
mon
At home the
domes¬
a
tinued
risk
give this bonanza to
F.ederal
new
distant
Emphasis Upon Fiscal Urged
By N. Y. Federal Reserve
would
want
we
the
would
The
in
been
market
t
I
certainly do not think
of
gations.
continues to be sizable in spite of,
the
the sharp upward trend of com¬
interest
enemy,
have
movement
fixed
term
to
open
intermediate
and
remained
The
Russia,
the two largest producers of gold.
would be South Africa and
war
made
Government
securities
have
'
,
the
the
been
changed
the stable side.
other
every
immediately
would
country
coast-to-coast
have
the
operations
short
of
dis¬
it to
was
that other mate¬
sense
dentists, and
erations.
of
but
that gold is not
say
in the
of the
the
which
under
market
a featured speaker at the recent
Cruttenden, Podesta & Co. Here, he
was
of
means,
my paper had the space
accomodate
the
complicated
to
Inc.,
international
our
I wish
f.
Co.,
conference
far
so
or
effects upon our economy.
astrous
;
the
sales
is welcomed to Chicago by Robert A. Podesta
will not succumb to the pressures
relating
Maurice J. Bernstein (right), President of American
—
Rubber
national
the
really supports sound
monetary
purchased
holdings
in
proceeding cautiously in putting side. On the other
hand, these
the newly adopted operl market "
portfolios are very much weighted
policy into operation.
The com¬ on the side of short-term obli¬
must assert himself promptly and
impresses
amount
long-
more
bonds
and there were no obliga¬ to the
economy either, since the
tions among the securities bought " current
position
of
the
distant
that could be considered in a long * maturities of
Government obliga¬
bond classification.
It seems as tions
by the Central Banks is very
though the Central Banks are modest and on the conservative
against efforts to change the price
of gold.
It is
Banks
the
of
Government
small
is, live
international
term
but
con¬
finan¬
our
order—that
means
the
of
tion, the inclusion
bought Government issues with a
maturity of more than five years,
to
ways
of lack
We must
house
The Federal Reserve Banks again
questions
two
are
feeling
any
cial
developing
Richard Whiting Opens
OLD BETHPAGE, N.
Y.—Richard
capital market. This is not
price pegging by a long shot and
it will not create inflation, as has
Whiting is engaging in a securities
business from offices at 5 Farra-
been contended by some.
gut
In addi¬
Road.
The Commercial and Financial Chronicle
(1090)
22
sophisticated
a
FUNDS
MUTUAL
approach
in
the
to
It is idle to suppose
such
BY ROBERT E. RICH
that, given
\
banks,
cates and
in
rush
insurance com¬
real estate syndi¬
fill
to
the
versity
first
of the
a
mutual
fund salesman learns from
dealing
with
is
things
the
public is that investing
psychology business. As any
a
recruit
the
Streeter could tell
Wall
seasoned
the
when
sales:
to
they know nothing)
best
who
their
for
prospects
Well
one-half
over
of
and
than
less
of
American
in¬
to
four
every
tions.
strangers to the marketplace have
,
J:
.,
.
in
•'
the
1961
public has
shaken off the apathy that char¬
acterized 1960 and returned in
feverish
almost
boardrooms.
the
brokers'
to
Discovery
Golconda
newestbeen
state
of
this
of
hasn't
fortune
an
always
boardroom
denizens,
have
although few brokers
to complain. As for
small investor, aside from
cause
many a
gratification at seeing his losses in
an oil, a railroad, a motor, a tex¬
tile or electrical equipper reduced
somewhat, he may be justified in
wondering what all the shouting
is
about.
He
owners
of
on
ultimate
failed the
the
frustration,
any one of
never
share
mark.
new
a
low
as
he
But
also
knows
that very day more stocks
on
declined than advanced and
others
200
made
or
his
customer,
not
fare
showed
some
change
no
N
whatever.
by
too
from
from
billion,
which
with
less filled
Wall
Street
despair
come
with
up
semblance
to
a
you
reasonable
re¬
a
top-flight mutual
by
Prudential
America. The Pru late
the
Equitable
and
filed
nowadays.
man
cliche
to
that
say
It
may
this
be
a
long has
application
sion
in
that
step
a
presently to
with
should
the sale
salesman, it
Jan.
competition
Colossus, since the Pru's assets
lions
stock
a
market.
But
to
mil¬
little
of
people across the
who
are
investmentminded, it is a situation that is, at
best, only dimly appreciated.
country,
Frequently,
these
unsophisti¬
cated, that is, in the ways of the
market) are determined to give it
a
whirl, figuring the stock of their
choice
is
bound
to
rise
with
the
rest of the market.
Oct.
another first among the
things that a mutual fund sales¬
learns
is
a
reasonable
During
Hooker
Pocket
that
it
is
the
sophisticated little people (sophis¬
ticated, that is, in the hazards of
tackling something about which
$79,901,572, equal to
Co.;
$9.66
iatest
the
share
a
Chemical;
and
Fireman's
Morgan
operating
Electronics
Hertz
name,
Inc.
Organization's "most im¬
portant expansion to date" in the
mutual fund field
were
announced
by Chairman Morton W. Goldberg
President
Carver.
Bernard
They include:
The
purchase
outstanding
of
stock
Management
of
Co.,
the
of
most
All
States
investment
ad¬
viser to the four-year-old mutual
fund.
All
Dallas
States
to
The
77
,
P. Lorillard;
Riegel Paper.
Fund
*
Insurance
preparations for
through B.
*
•
&
377,675
and
Corp.
re¬
earlier.
$7.26
a
share
C.
Morton's
*
three
February had
882,021,
with
compares
$22.17
a
net assets
of
share.
Pru,
the
Rock
Gibraltar is something more
a wall symbol.
of
$59,907,577
and
a
earlier.
year
Fund
*
that
than
Fidelity Fund, Inc.,
Still,
good salesman should
competition.
And
the
even give a lift to his
a
welcome
Pru
may
business through its promotion of
the idea of managed investment.
As for the fund managers,
they
might just
one
of the Fi¬
delity group of mutual funds, de¬
clared
a' quarterly
dividend of
nine
cents
share,
per
*
payable
■'
••!:
*
Tri-Continental
the
*
'
ers
of
Group
meeting, sharehold¬
Corp.
has
main¬
"leverage" feature
capital structure
of
by
complet¬
ing the sale of $20,000,000 of series
debentures, according to Fred
E. Brown, President.
The bonds,
sold
by an underwriting group
A
Securities approved
and
due
are
March
1, 1966. Mr.
Brown stated that "$18,060,000 of
the proceeds from the debenture
as well get used to the
competition in the 1960s
because, i barring
an
economic
the combination of 12 separate in¬
dustry classes with The Common
issue
Stock
Fund
equivalent amount of outstanding
disaster
bond
funds
idea
of
that
does
be in the cards
H6th
the
QUARTERLY DIVIDEND'
cold
war
or
not
to
appear
replacement of
with
hot
a
one,
a
BALANCED FUND
8V2 CENTS
A
SHARE
but
is
often
alone.
reluctant
Investment
for millions
represents
to
it
go
management
of
General
debt
be
used
poses."
the
outstanding
sented in person or
the
was
date
be
for
an
for
used
investment pur¬
the
While
First
On
bonds
reoffering to the public, the
are
scaled to yield from
1.75%
Miami
Securities
Credito
Banco
7
CENTS
A
SHARE'
engage
A
Goldman, Sachs & Co.; Merrill
Lynch, Pierce, Fenner & Smith;
Eastman
Dillon, Union Securities
&
Co.; The Philadelphia National
Bank; Bear, Stearns & Co.; Mer¬
cantile
Weld
Trust
&
;
•
•
"
*
•
■
'
Dividends payable March 24
to shareholders of record
Investment objectives of this Fund
possible -long-term capital- and
P.M.,
10,'. 1961.
growth
for its
Prospectus
shareholders.
upon
request
•
Incorporated; R. W. Pressprich &
Co.; Allen & Company; Dean Wit¬
ter
& Co.; Hornblower & Weeks;
Equitable Securities Corporation;
Higginson Corporation; Stroud
Company Incorporated.
&
Boonton Elect.
Ross, Lyon & Co., Inc., manager,
and
Globus,
Inc.
offered
on
March 7, 60,000 shares of Boonton
:
j
New York
Lord, Abbett & Co.
—
Atlanta
—
Chicago
—»
Los Angeles
—
to
price
$5.50
of
stock
for
purchase
stock
$5.50
and
year
share
a
at
at
second
applied
ward
ties,
Partners
Fass,~ Henry
Kavanau.*,.
with
Avenue,
15
M.
.
;
at
York
Monroe
Wolf son,-and
common
the
during
first
the
from the sale will
the company to¬
expanded production facili¬
a
larger research and de¬
by
velopment
additional
program,
advertising
and
and
augment
as
an
sales
capital.
promotion,
to working
.
CORRECTION
1
In the Financial Chronicle of Feb.
in
the formation of
Corporation of
reporting
Equity;
Angeles, it
J.
was
Puma
officers
were
corporation. We
this is in error.
indicated that
Joseph G.
and
Keenan
are
of
the
informed that
Financial
Equity
is a wholly-owned
subsidiary of Currier & Carlsen,
Inc., 210 West Seventh Street, -of
Corporation
dent.
Puma is manager
Carlsen's, 639 South
Mr, ; La
Ira
.
Mr. Jack Mahakian is directing
Financial
are;
of
war¬
which Mr. Keenan is Vice- Presi¬
-v
offices
New.
a
year.
Net proceeds
be
unit
required
of
$6.50
Spring Street, office.
formed
Fifth
of
during
a
share
rant. One full warrant is
to
30,000
at
one
one-half
and
common
stock
common
purchase
common
has
City.
San Francisco
Corp.
warrants
shares of
of Currier &
been
White,
Illinois
Phelps, Fenn & Co.; Carl M.
Loeb, Rhoades & Co.; Blair & Co.
First Real Estate Investment Fund
604
24 Federal Street
First Real Estate Inv,
are
-income
Boston, Mass.
offices: at
Common Stock Investment Fund
at 4:30
March
with
securities business.
a
Company;
Continental
Co.;
National Bank and Trust Company
of Chicago.
•
John
Street, New York City, to
in
Pon-
Salomon Bros. & Hutzler; Kidder,
Peabody & Co.; Kuhn, Loeb & Co.
La
formed
Ahorro
y
de Puerto
de Ponce; Harriman
Rico; Banco
16
been
under¬
Ripley & Co. Incorporated; Smith,
Barney & Co.; Blyth & Co., Inc.;
Financial
William
the
Popular
Banco
ceno;
office at 20 Pine Street (c/o Bruce
First Northeast Securities Inc. has
STOCK FUND
of
members
syndicate include:
The
First Boston Corporation; Halsey,
Stuart & Co. Inc.; Lehman Broth¬
ers; Bankers Trust Company; C. J.
Devine & Co.; Drexel & Co.; B. J.
Van Ingen & Co. Inc.; Harris Trust1
and Savings Bank.
Corpora¬
tion has opened a New York City
Form First Northeast
Affiliated
according to matu¬
to 4%,
writing
Los
QUARTERLY DIVIDEND
a
to the
measuring equipment.
118th
EATON & HOWARD
representing
borrower.
Armstrong).
people
5s,
as
interest cost of 3.894%
net
bid
a
bonds
corporation
designs
and
manufactures precision electronic
New York Office
combi¬
nation is to be March 15, based on
present values the plan will result
the
The
-;' V
:■
were repre¬
by proxy—the
approved by 98%.
effective
refund
to
obligations, and the balance
in
plan
country's commerce,
The
will
of shares
the
with
specialized
With the largest vote
fund's history—about 72%
stake
in
two
will
Bond Fund.
society whose living standards are
rising
wants
a
larger
steadily
EATON & HOWARD
and
submitted
for
3V2s, 3%s and 4s,
and
by Eastman Dillon, Union
Securities & Co., will pay 37/s%
At the annual
syndicate
100.1162
Electronics
earlier.
headed
March 25.
Rico,
due
Bonds,
the
at
February total assets were
$1,750,066, equal to $18.36 a share,
against $668,351 and $12.66 a year
its
Puerto
of
Sees. Offered
:'fi
reports
close of
tained
ijt
high
$65,This
$24.38
or
'
the
At
wares.
the
Lee
Niagara Share Corp. at the end of
This compares with $32,-
months
na¬
investment offices.
:!:
quarter, net assets were at a
high of $37,653,050, or $8.17
share.
main
distribution of shares of
fund
Revere
Sj:
Investment.
Morton's
in Boston.
final
tionwide
Management from
C.
B.
headquarters
the
The
of
De¬
the
Corp.;
record
a top-drawer
job of pub¬
licizing and marketing these new
the
■
ports that at the close of the Jan.
will do
under
Inc., an
company
"
Guaranty Trust and
*
a
distribu¬
and
Fund,
investment
Pullman Incorporated.
company
Star
Morton
at
year.
quarter
purchased
are
31
Organization
tails of the nationally represented
with
compared
and
Books
It sold
means
assumption that this
insurance
now
assets
31, end of the fiscal
company
as
second largest
quarter
Guar¬
issue of $40,000,000
Improvement
Other
The B. C. Morton Fund,
and
Morgan
Co.—was
&
an
Commonwealth
❖
Morton
Lone
.,
put together.
the green
❖
management
of
and
net
year,
share,
a
$68,300,450
all of the mutual
When it gets
light from the SEC, it's
big
as
*
of the first
fiscal
$10.85
corporate
a
erid
amounted to
,
Well,
man
nearly
funds
from
31,
the
of
lead
than
*
Colonial Fund* Inc. reports that at
annuities.
For the fund
share,
Oct. 31,
a
The relocation of both the fund
■.'.•A .'-c'.y
of variable
been, is now and figures to go on
being a market of stocks, rather
Gas; General Electric
Telephone & Elec¬
General
Holdings of Northern Na¬
tional Gas and Rohm & Haas were
the
•
company
C.
open-end
reduced.
Securities and Exchange Commis¬
an
The
tronics.
last month
Here, it seems to us, is a big
selling point for the fund sales¬
Gas;
Gulf
Utilities; Socony Mobil Oil;
States
Telephone,
B.
tion
Haupt
Co.; the
The
Chase
rity.
ment
meanwhile eliminated holdings of
Those
fund portfolio.
on
#
38,239
Consolidated
Will Ross, Inc.
and
long
a
$13,306,924,
each of 599,074
1960.
Southwestern
time ago
Insurance Co. of
recognized
was
to
$9,018,414, or $18.58
and
488,844 shares on
Elizabeth-
purchases:
new
States
please, this sampling of hardy souls who bought at de¬
performers: Ameri¬ pressed prices in 1960 now have
can Photocopy, American Seating,
much cause to congratulate them¬
Bell & Howell, Clark Equipment, selves.
Commercial Credit, General Pre¬
With
the
little
people
once
cision
Equipment,
Hackensack again in a mood to seek out in¬
Water, Northrop, Peabody Coal, vestments,
the
fund
salesman
Sterling Drug.
should thrive. That he has had,
Diverse
enough for the most now has and will continue to
cosmopolitan taste! And if you add have a good thing going for him
peak-setters,
to
Bank,
bidder for
re¬
has acquired control of the invest¬
these
standout
in the other 122
Inc.
This compares with assets
year-end,
rose
Trust
by
managed
Public
The
town
Note,
the
Fund,
of
Total
Ira
York
New
July 1, 1962 to 1981, inclusive.
Mutual
equal to $22.21
Trane Co.; Transconti¬
nental Gas Pipe Line. There were
were
than
fiscal
Incorporated.
amounted
shares.
in¬
mission;
hardly
professionals.
the
at
assets
in the final
quarter included additional shares
of
Beneficial
Corp.; Walter E.
Heller & Co.; Texas Gas Trans¬
record
little investors
many
earlier.
year
Rich-
ports that at Feb. 28 (four months
of
the
current
fiscal
year)
net
to $18.13
year
of
r}5
net
shares
Corp., and
Director
and
ardson-Merrell
35,974.
•
•
Stocks purchased
spells death for the salesman. Ob¬
viously,
Economist
from
1959, volume still toted up to well
$2
during the
Piedmont Advisory
of
sharehold¬
of
the
of
a
total
City
anty Trust Co. of New York and
ber of shareholders
most Wall
sales
dropped
$200,000,000
number
$16.18
highs in net
National
Manhattan
six
29th year
First
by
other
Guardian
its
headed
Bank
31, were $257,615,686, against
$211,907,980 a year earlier. Num¬
dour year for
While
last
Bank of New York and Chemical
Jan.
in
even
and
assets
net
large,
and
badly-
the
share,
per
Value
creased
By contrast, the fund salesman
over
underwriting syndicate formed
An
by the merger of two groups—one
adviser, and a Director
Co.; and Donald B.
Woodward, President and Director
'$
-
closed
value
ers.
-
did
*
Fund
assets
their
up
in
$1,208,000
it:
asset
at
or,
with $4.60
compares
with record year-end
selecting
star
.
to
Boston
again to venture into
the stock market.
a
Bonds Offered
of P. Lorillard
31, 1960, end of the fiscal
Total assets of the fund
'""Vy'''"
.
have turned to
thousands. of invest¬
clubs
minds
I960;
and
for¬
President
vestment
months.
many
ment
almost
to
000
least, advance moderately.
And
being people of modest means,
they could
not
afford
many—
sometimes any—mistakes. In their
issue
dropped
test:
would
that
issues
-
Securities, Director of Research of
have gone up in value from $858,-
yourself
-
grief even though they
reasoned, accurately enough, "the
market
will
go
higher."
They
Streeters.
trading approached the 6-million-
it
-
to
come
typical day last month 132 stocks
set new highs and not a -single
a
that
do
and
knows, for example, that
year.
$10,000 annually.
Millions
This
$5.23.
at July
have incomes of less
fund
Here
a
;
$40 Million
Distributors Group, the fund's in¬
Fund
rise in net asset value per share
a
year
a
Growth
reports
for, the six months ended Jan. 31
pur¬
have
$7,500
of
three
nearly
wares.
public is in the mood to buy
stocks, the Big Board ticker sim¬
ply can't keep abreast of quota¬
than
Administration, Uni¬
Michigan,
member of
Puerto Rico
Advisers; Harold X. Schreder, Ex¬
ecutive Vice-President of Group
The Funds Report
the
are
the
chasers of mutual funds
comes
Mc-
Thursday, March: 9, 1961
the
W.
.
Eisenhower's Council of Economic
Life of A Salesman
One
of
merly
service.
a
at
v
Paul
Dr.
were
Business
of
such
for
need
Fund.
Cracken, professor at the School
host of others will not
a
$135,000,000 for
re-elected
Directors
•
of
Stock
Common
meeting
conditions*
panies,
assets
total
The
solution of their problem.
.
.
its offices
Corporation,' a
operation, which has
Equity
mutual fund
at
3450
Wilshire Blvd.,
.
Volume
193
Number
6036
...
A
.
\
.
Supplement to The Commercial and Financial Chronicle
Thursday,
March
9,
1961
(1)
''
'
1
»
\
'A
■■■
A:
'
'
.
;
.
'
'
»
'
INVESTMENT TRADERS ASSOCIATION
OF PHILADELPHIA
ANNUAL MID-WINTER
At Bellevue Stratford Hotel
%
J
DINNER
FEBRUARY 24, 1961
President
First
Second
Vice-President
V ice-President
Treasurer
Secretary
Willard F. Rice
Eastman
Union
Jack Christian
John E. Knob
Drexel
&
Dillon,
Securities
&
Co.
H. E.
Janney, Battles &
E. W. Clark, Inc.
Co,
H.
A.
Beattie, Jr.
Rieche
&
William R.
Radetzky
New
Co.,
Inc.
Hanseatic
York
Corporation
f
~\
GOVERNORS
Edgar A. Christian
Suplee, Yeatman,
Mosley Co., ,
Incorporated
Stanley W. Jeffries
Newburger & Co.
Spencer L. Corson
Elkins,
Stokes
Morris,
&
James G.
Mundy
Kennedy
Yarnall, Biddle
&
Suplee, Yeatman,
Mosley Co.,
Incorporated
Merrill
Co.
Newton H. Parkes Jr.
Gerstley,
&
Sunstein
Co.
Stroud &
Lynch,
Pierce, Fenner &
Smith
Incorporated
Brooke & Co.
Co.
Samuel M.
Robert N. Greene
Harry F. Green, Jr.
Joseph J. Cummings
John F.
Klingler
Goldman, Sachs
&
Co.
Wallace H.
Hemphill.
&
Runyan
Noyes
Co.
Company,
Incorporated
Thomas J. Love
Geo.
E.
&
Snyder
Hardy
Corporation
James J. McAfee
Butcher & Sherrerd
Co.
Thomas Suski
Bache
Rubin
The First Boston
&
Co.
John D.
Wallingford
Hecker
&
Co.
John M.Hudson
Thayer, Baker
& Co., Inc.
James B. McFarland
Stroud &
Company,
Incorporated
E. Coit Williamson
Schmidt, Roberts
&
Parke
(2)
Thursday, March
9,
1961
Volume
193
Number 6036
...
A
Supplement to The Commercial and Financial Chronicle
Jack
Barker, Lee Higginson Corporation, New York; Edgar Christian, Suplee, Yeatman, Mosley Co.,
Incorporated, Philadelphia; A1 MacCart, Drexel & Co., Philadelphia; Ed Knob, Drexel & Co., Philadelphia
Bill
John J. Meyers & Co., New York; Jim Mundy, Suplee,
Yeatman,
Incorporated, Philadelphia; Casper Rogers, Casper Rogers Co., Inc.,
York; Dave Ermer, Chas. W. Scranton & Co., New Haven, Ccnn.
Meyers,
Mosley
Co.,
New
Harry Green, Merrill
Lynch, Pierce, Fenner <fi Smith Incorporated, Philadelphia; Bill Radetzky, New
Corporation, Philadelphia; Ed Knob, Drexel & Co., Philadelphia; Willard Rice, Eastman
Union Securities & Co., Philadelphia; Jack Christian, Janney, Battles <£ E. W. Clark, Inc.,
Philadelphia; Herb Beattie, H. A. Riecke & Co., Inc., Philadelphia; Bob Greene,
York Hanseatic
Dillon,
Stroud
&
Company, Incorporated, Philadelphia
Harry Undy, Suplee, Yeatman, Mosley Co., Incorporated, Philadelphia; Don
MacAlpine, Goldman, Sachs & Co., New York; Jack Klingler, Goldman, Sachs
& Co., Philadelphia; Sol
Bass, Bear, Stearns & Co., New York
WARNER, JENNINGS, MANDEL & LONGSTRETH
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING EXCHANGES
121
SOUTH
BROAD
STREET,
Klngsley 5-5567
NEW
YORK,
REctor
N.
Y.
2-5477
■
PHILADELPHIA 7, PA.
Teletype PH 305
NEWARK,
MArket
N.
J.
3-6480
HONOLULU
6-6191
Sidney Jacobs, Sidney Jacobs Co., New York; Cliff
Remington, Hess, Grant
Remington, Inc., Philadelphia; Sid Siegel, Sidney A.
Siegel & Co., Inc., New Yorl
Nat Krumholz,
Ogden, Wechsler & Krumholz, New York
"t'Z'C"V7,"TT
Volume
193
Number
6036
.
.
.
A
Supplement to The Commercial and Financial Chronicle
"""-"■""■"■■■'I' »n....pir ii. 11
March
Thursday,
1961
9,
i)r. [f .. v, r y
(3)
Blyth 8. Co., Inc.
Public Utilities
Primary Markets
With
Industrials
Complete
Bank and Insurance
Trading Facilities
Bonds
NEW YORK
Mike Kinsella, Robinson & Co., Inc., Philadelphia; Fred Knob,
Naylor, H. N. Nash
&
Co., Philadelphia;
Jack Murphy,
White, Weld & Co., Philadelphia; Robert
Hornblower & Weeks, Philadelphia
BOSTON
•
PASADENA
Preferred Stocks
SAN FRANCISCO
•
PHILADELPHIA
•
DETROIT
•
•
MINNEAPOLIS
•
Municipals
PALO ALTO
CHICAGO
•
PITTSBURGH
SPOKANE
•
•
•
Common Stocks
LOS ANGELES
CLEVELAND
•
SAN DIEGO
•
•
•
OAKLAND
•
•
SEATTLE
LOUISVILLE
•
INDIANAPOLIS
•
EUREKA
.
SAN JOSE
PORTLAND
•
•
SACRAMENTO
FRESNO
•
OXNARD
DREXEL & Co.
Established 1838
We Maintain Markets in the Following
Delaware
First
Stocks
County National Bank
Pennsylvania Banking & Trust Co.
Girard Trust Corn
Exchange Bank
Philadelphia National Bank
Leonard Butt, Mead, Miller & Co.,
Baltimore; Fred Carter, De Haven & Townsend, Crouter & Bodine,
Philadelphia; Bill Townsend, De Haven & Townsend, Crouter & Bodine, Philadelphia;
Perry Selheimer, De Haven & Townsend, Crouter & Bodine, Philadelphia
Provident Tradesmens Bank & Trust Co.
American
Dredging Company
Chesapeake Instrument Corporation
General Devices, Inc.
The Hanover Shoe, Inc.
Rese
Engineering, Inc.
Teleflex Limited
Glebe
Security Systems, Inc.
Members
New York Stock
American Stock
Exchange
Exchange (Assoc.)
Philadelphia-Baltimore Stock Exchange
Philadelphia
KIngsley 5-4100
Lawrence
Penington, Colhet & Co., Philadelphia; James Musson, Newburger, Loeb
York; Walter Fixter, J. W. Sparks & Co., Philadelphia; John W. York,
Western Savings Fund, Philadelphia
Illoway,
New
&
Co.,
New York
DIgby 4-6100
ijujmimnnm,
I
(4)
Thursday,
March
1961
9,
Volume
193
Number 6036
...
A
Supplement to The Commercial and Financial Chronicle
Securities Markets
William
Hammett,
Jr.,
Boenning
David
suit every need
to
& Co., Philadelphia; Barry Weller, Boenning
Conary, May & Gannon, Inc., Boston
&
Co.,
Philadelphia;
of Institutional
Investors
Securities of the United States
The
Government and its Agencies
State, Municipal, Revenue and Housing
FIRST BOSTON
Securities
Bonds, Preferred and Common Stocks
of
Industrial, Public Utility and
Railroad
CORPORATION
Corporations
Bank Stocks
15 Broad St.
Casualty, Fire and Life Insurance
Boston
Company Stocks
Bankers'
•
NEW YORK 5
Pittsburgh
San Francisco
Acceptances
•
DIgby 4-1515
Chicago
Philadelphia
Cleveland
Jim
Securities of the International Bank for
Reconstruction and Development
binderwrite*
SiMrilutor
Stealer
McAtee, Butcher & Sherrerd, Philadelphia; Walter E. Johnson, G. A. Saxton & Co., Inc., New York;
George Richardson, Vilas & Hickey, New York
Canadian Securities
dJnvedtmerit
External Dollar Securities
NEED
HARD TO
&*ecuritie&
FIND
QUOTATIONS
YOU
WILL
FIND
THEM IN
Bank & Quotation Record
(Only $45
per year
(Single Copy
—
—
$4)
This bound publication will give you the monthly
prices
"hard
all
on
to
find"
listed
Over
securities
the
-
Write
WILLIAM
or
B.
-
as
as
those
quotations.
call:
DANA
25 Park Place, New York
well
Counter
CO.
7, N. Y.
REctor 2-9570
Doug Beck, Hess, Grant & Remington, Inc., Philadelphia; Jim
Walsh, Newburger & Co., Philadelphia;
Nick Hano, Newburger &
Co., Philadelphia
UNDERWRITERS AND
DISTRIBUTORS OF
CORPORATE AND MUNICIPAL
SECURITIES
EST. 1914
Boenning
&
co.
Members
1529
WALNUT
STREET
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System Teletype PH 30
Telephone
American Stock Exchange
LOcust
115
Philadelphia-Baltimore Stock Exchange
PHILADELPHIA 2y PA.
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BROADWAY
NEW YORK
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York
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N. Y.
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Volume
Barney
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193
Carl
Number
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&
6036
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...
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A
New
Supplement to The Commercial and Financial Chronicle
York;
Charles
jerry
Golkin,
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Henry Krieger & Co., New York;
Golkin, Bomback & Co., New York
Thursday, March 9,
Saul
1961
Jack Fant» Partington, Colket & Co., Philadelphia; John Lamb,
Golkin,
Penington,
Colket
&
Co., Philadelphia
We Make Markets in Over the Counter Securities
Private Wires to:
Budd & Co.
Atlanta
Charleston
Johnson,
Coleman,
Manning & Smith, Inc.
Wyllie and Thornhill
Chicago
Wm. H. Tegtmeyer & Co.
Cleveland
J. N. Russell & Co., Inc.
Dallas
Dallas Union Securities Company
Denver
Lowell, Murphy & Co., Inc.
Detroit
Baker, Simonds & Co., Inc.
Grand Rapids
King and Company
Hartford
Cohurn & Middlebrook, Inc.
Charlottesville
For Banks, Brokers
Dealers & Financial
Houston
Institutions
A. G. Edwards & Sons
Kansas
City
Kansas City
Los Angeles
Barret, Fitch, North & Co., Inc.
O. Peet & Co.
Currier Carlsen & Co. Inc.
The Kentucky Company
Mason & Lee, Inc.
Louisville
Lynchburg—
John W. Yeaman
Martinsville
Your
Minneapolis
Philadelphia
Pittsburgh
Portland (Ore.)
Orders Invited
San Francisco
St. Louis
Piper, Jaffray & Hopwood
H. A. Riecke & Co., Inc.
Arthurs, Lestrange & Co.
Black & Company, Inc.
Walter C. Gorey Co.
Fusz-Schmelzle & Co., Inc.
Troster, Singer & Co.
Members:
74
New York Security Dealers Association
i
Trinity Place, New York 6, N. Y.
Telephony HAnover 2-2400
(5)
Teletype NY 1-376; 377; 378
(6)
Thursday, March
9,
1961
Volume
UNDERWRITERS AND
193
Number
6036
A
...
Supplement to The Commercial and Financial Chronicle
DEALERS
CORPORATE —MUNICIPAL
SECURITIES
UNLISTED
TRADING DEPARTMENT
Established
1865
Bioren^ Co.
MEMBERS
York
New
Stock
Exchange
American
Stock Exchange
Philadelphia-Baltimore Stock Exchange
v1424 Walnut Street
120
Philadelphia 2, Pa.
Broadway
New York 5, N. Y.
]nnypacker 5-9400
BArclay 7-9300
Hal
Murphy, Commercial & Financial
Philadelphia; Walter Filkins,
Interstate
Butcher
1500
WALNUT
2,
CORPORATE
James J.
Sherrerd
&
PHILA.
ST.,
Chronicle, New York; Bud Hardy, First Boston Corporation,
Troster, Singer & Co., New York; Louis Volkomer,
Corporation, New York
Securities
ESTABLISHED
PA.
TRADING
1910
DEPT.
McAt^€T^anager
Walter E. Gemenden
Alvin W. Jordan, Jr.
Fred
Chris G. Keller
T.
Seving, Jr.
MUNICIPAL
TRADING
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John
B.
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Heward, Manager
Richter
Henry P. Glendinning, Jr.
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•;
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Philadelphia; S. Grey Dayton, Elkins, Morris, Stokes &
Co., Philadelphia; Ed Opper,
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v'
,
:
-■
•
7
■
-
: •;
:
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.
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Volume
193
Number 6036
...
A
Supplement to The Commercial and Financial Chronicle
w*«w,WWTWr®M/'Wii'»1wwe«iw»ii**e*w™e
Thursday,
March
9,
1961
(7)
J. W. SPARKS 6c CO.
ESTABLISHED
1900
MEMBERS
NEW
YORK
STOCK
EXCHANGE
PHILA.-BALTIMORE
AMERICAN
STOCK
STOCK
EXCHANGE
EXCHANGE
Brokers in
LISTED and UNLISTED SECURITIES
Dealers in
STATE, MUNICIPAL and REVENUE BONDS
DIRECT
■
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120
T.
WIRE
T.
&
Broadway
New
York
worth
5,
TO
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N.
NEW
Y.
4-0220
Savings
Chestnut
&
Philadelphia
v--,-
- r-v
---
622
Western
Broad
KIngsley
Frank
YORK
TELETYPE— PH
7,
Fund
Bldg.
Sts.
Pa.
6-4040
Trimble, Lewis C. Dick Co., Philadelphia; Robert Donovan, Blyth & Co., Inc., Philadelphia;
Duble, Parrish & Co., Philadelphia; Jim Gahan, E. F. Hutton & Company, New
York; Mike
Pinto, Blyth & Co., Inc., Philadelphia; Bob Plante, White, Weld & Co., New York City
Forrest
90
of
YEARS
combined
securities
experience
pertinent
and the eastern
Still
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Ed
*
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in
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trading
Philadelphia
to
Pennsylvania market.
Eager
*
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to
Serve
CALL
*
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Mosley
You
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Christian
Harry Undy
SUPLEE, YEATMAN, MOSLEY CO.
INCORPORATED
1500
Walnut
Telephone:
New
Joe
Street
Philadelphia 2, Pa.
•
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Teletype:
York Telephone:
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CAnal 6-7207
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Brennan, Blyth & Co., Inc., Philadelphia; Norman Hamer, Blyth & Co., Inc., New York;
Bill McGovern, Blyth & Co., Inc., New York
Charles
Thayer, Baker & Co., Inc.
WALLACE M.
McCURDY, CHAIRMAN OF THE
JOHN
members
M.
philadelphia.baltimore
ESTABLISHED
TRADING
M.
stock
exchange
1920
,
DEPARTMENT
ALFRED J. WILLIS
JOHN
BOARD
HUDSON, PRESIDENT
RICHARD
HUDSON
VIRGINIA
R.
CAMPION
D.
ELLERHORST
over
50 issues
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1
Active
Try
Trading Markets maintained in
our open
end Telephone Wire to New York
WORTH 6-3262
824
Philadelphia National Bank Bldg.
New York Telephones:
Philadelphia 7, Pa.
LOcust 3-0254
James
Porter,
Warner,
Jennings,
Mandel
&
Longstreth,
Philadelphia;
Andrew
Jennings,
Warner,
Jennings, Mandel & Longstreth, Philadelphia; Tom Call, Woodcock, Moyer, Fricke & French,
Philadelphia; John Jennings, Warner, Jennings, Mandel & Longstreth, Philadelphia;
Francis
Bagnall, Warner, Jennings, Mandel & Longstreth,
Philadelphia
Inc.,
•
CAnal 6-5322
WOrth 6-3262 (Trading)
Teletype PH-1026
DOYLESTOWN
OFFICE:
40 E. Court
St.
•
*
Fillmore
8-5464
1
'
(8)
Thursday, March
9,
Volume
1961
193
Number 6036
...
A
Supplement to The Commercial and Financial Chronicle
Dealers in
Municipal Bonds
THE PHILADELPHIA
NATIONAL BANK
Organized 1803
Richard Church,
Warner, Jennings, Mandel & Longstreth, Philadelphia; James Flanigan, Warner,
Jennings, Mandel & Longstreth, Philadelphia; Walter Gemenden, Butcher & Sherrerd, Philadelphia;
Joseph Baumer, Warner, Jennings, Mandel & Longstreth, Philadelphia
Active TRADING MARKETS
In All
and General
Pennsylvania Authority Issues
Obligation State, County and Municipal Bonds
Primary Markets
in
Pennsylvania Tax-Free
Preferred and Common Stocks
Kidder, Peabody
Fidelity-Philadelphia
and other Principal Exchanges
Truit
Teletype: PH 249
Co.
1865
FOUNDED
Members New York Stock Exchange
Bldg., Phila. 9, Pa.
Telephone: KIngsley 5-1600
Baltimore
Reading
Scranton
Wilkes-Barre
Plaza 2-4870
Altoona
Windsor 4-9405
Franklin 4-3153
Diamond 3-1261
Valley 3-1166
David
Warner,
Warner,
Jennings, Mandel & Longstreth, Philadelphia;
Bernard Mandel, Warner,
Philadelphia; Dick Cass, Singer, Bean & Mackie, Inc., New York;
William Brown, Bache & Co., Philadelphia
Jennings, Mandel & Longstreth,
Underwriters
Primary Markets
Bank and Insurance Stocks
i
Dealers
Christiana Securities
Distributors
Unlisted Securities
Corporates & Municipals
Laird, Bissell
&
Meeds
Members New York and American Stock
Exchanges
Philadelphia National Bank Building
Philadelphia 7, Pa.
Telephone LOcust 7-6226
WILMINGTON, DEL.
ZURICH,
SWITZERLAND
Bell Teletype PH 1386
NEW YORK CITY
SALEM,
N.
NEW
J.
HAVEN,
CONN.
DOVER,
DEL.
Charles
-
A. Taggart, Charles A.
Taggart & Co., Inc., Philadelphia; Albert J. Caplan, Charles
Taggart & Co., Inc., Philadelphia; Thomas Krug, Bioren & Co., Philadelphia; William Lawrie,
Sheridan Bogan Paul & Co., Inc., Philadelphia
i
A.
Volume
193
Number 6036
...
A Supplement to The Commercial and Financial
Chronicle
;\
Thursday, March 9,
1961
(9)
t
We maintain
an
active position in
AVERY ADHESIVE
PRODUCTS
EDGCOMB STEEL CO.
HOUDRY PROCESS
(PA.)
CORP.
KINGSPORT PRESS
MILES
LABORATORIES, INC.
LEEDS &
NORTHRUP
PHILADELPHIA LIFE INSURANCE
NASHUA CORP.
PHILADELPHIA
SUBURBAN
WATER
QUAKER CITY LIFE INSURANCE
WILLIAM H. RORER INC.
SORG PAPER
SCHMIDT, ROBERTS & PARKE
123
SOUTH
BROAD
STREET,
Philadelphia Phone: Klngsley 5-0650
Jack
Weller,
Goldman, Sachs & Co., Philadelphia; Leighton McIIvaine,
Philadelphia; Carl Necker, Schaffer, Necker & Co., Philadelphia;
Goldman, Sachs & Co., Philadelphia
Goldman, Sachs
Jack Klingler,
&
PHILADELPHIA
9,
PA.
• New York Phone: REctor 2-1695
Co.,
DEALERS
AND
UNDERWRITERS
Obligations of the
COMMONWEALTH OF PENNSYLVANIA
and its Political Subdivisions
Specialists in
CITY
OF
,..
PHILADELPHIA
BONDS
PENNSYLVANIA SCHOOL AUTHORITIES
TURNPIKE, WATER AND SEWER ISSUES
SCHAFFER, WECKER & CO.
Packard Bld£., Philadelphia 2
LOcust 7-3646
from
NEW
from
•
Teletype PH 864
YORK—phone Enterprise 6289
/
PITTSBURGH—pHine Zenilh 0821
Russell
Jim
Schaffer, Schaffer, Necker & Co., Philadelphia; Harry Grabosky, Newburger & Co., Philadelphia;
Heward, Butcher & Sherrerd, Philadelphia; Ned Phillips, Elkins, Morris, Stokes & Co., Philadelphia
Alside, Inc.
I
Anheuser-Busch, Inc.
Growth
Avon
|
Baxter
Laboratories, Inc.
Houdry Process Corp.
Brockway
Lestoil Products, Inc.
Glass Co. Inc.
Bruning
(Charles) Co., Inc.
I Eeyfiolds & Co.
Members New York Stock Exchange
and, other principal Exchanges
Brush Beryllium Co.
|
Products Co. Inc:
,
NEW YORK
120
E
Marking
System
=
=
=
E
=
E
MorningstarPaisley Inc.
Cook Electric Co.
S. B. Penick & Co.
Pioneer Finance
j=
Pioneer Plastics Corp.
=
Machines, Inc.
High Street
CHICAGO
39 S. LaSaJle St.
HUbbard 2-6600
Financial 6-7600
PHILADELPHIA
SAN FRANCISCO
1526 Chestnut St.
425 Montgomery St.
LOcust 4-0505
SUtter 1-5451
87
Offices From Coast To Coast
=
—
=
Detroiter Mobile
Homes, Inc.
125
Dexter, Inc.
=
Control Data Corp.
Broadway
WOrth 4-6700
BOSTON
Carl Necker, Schaffer, Necker & Co., Philadelphia; Stan Jeffries,
Newburger & Co., Philadelphia; John Groves, Bache & Co., Philadelphia
Broadcasting Corp.
Miehle-Goss-
Monarch
Clifton Precision
Trading Departments in:
E
Tom Suski, Bache & Co., Philadelphia;
Metropolitan
Dashew Business
EE
E
Heublein, Inc.
Beryllium Corp.
and invite your inquiries
E
Capital, Inc.
Products, Inc.
Hallicrafters Co.
INTERESTS
| in these unlisted securities
I
General
Merchandise Co.
WE HAVE TRADING
Dictaphone Corp.
Diebold, Inc.
Dorsett
Laboratories, Inc.
Electronic
Associates, Inc.
Sanborn Co.
Speer
CarbonJ)o.
Systron-Donner Corp.
Thermo King Corp.
=
E
=j
' =
Virginia Dare
Stores Corp.
=
Warren Brothers Co.
=
~
^lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllm
(10)
Volume
Thursday, March 9, 1961
•i',t
'
"'
/
■"
'
:
•'
•
193
Number 6036
...
A Supplement to The
Commercial and Financial Chronicle
"•' •
Clearance
maintained for
special department is
A
facilities
a
large
Security Dealers. We
clientele of Brokers and
specialize in settling and handling all types of
securities transactions locally and nationwide.
Redeliveries
promptly
are
handled by
mes¬
collections through our network
as
or
senger
Correspondent Banks. The cost is moderate.
of
Inquiries invited.
1
The
First Pennsylvania
Banking and Trust Company
&
Mambor Fadtral D«poiil Iniuranc* Corporation
38
OFFICES-SERVING MORE PEOPLE MORE WAYS THAN ANY OTHER
PHILADELPHIA BANK
Henry Sandkuhl, Sandhuhl & Co., Inc.,
Elmer E. Myers,
Newark, N. J.; Donald Devine, Freeman & Company,
Sandkuhl & Co., Inc., Newark, N. J.; William Madden,
New York;
Freeman & Company, New York
1916
EST.
MAINTAINED
MARKETS
Dealers in over-the-counter securities
We
are
especially interested in
retail.
for
situations
special
CO.
HECKER &
Members
New York Stock
American Stock
Exchange
Exchange (AssociateJ
Philadelphia-Baltimore Slock Exchange
Liberty Trust Bldg., Broad and Arch Sts.,
Phila.'Phone LOcust 4-3500
Philadelphia 7, Pa.
N. Y. 'Phone DIgby 4-6792
Teletype PH 767
Saul
common
and
1
preferred shares
PENNSYLVANIA
market
UTILITY
AND
INDUSTRIAL
Golkin, Mai Chodes, Fritz "Red" Johnson, Michael Osheowitz, and Murray Forman,
All of Golkin, Bomback & Co., New York City
AND
GENERAL
municipal bonds
WOODCOCK, MOYER, FRICKE & FRENCH, INC.
Fidelity Philadelphia Trust Building
123 South Broad
Street, Philadelphia 9, Pa.
New York: WAIker 5-0312
Phila.: Klngsley 5-7200
Telephones
Teletype PH.-I60
,
Members
1
New
Phila.-Balto.
York Stock
Stock
American
Stock
BRANCH
OFFICE
Exchange
Exchange
Exchange
(Associate)
Business Founded 1842
-
ARDMORE, PA.
Tom
Morrissey, F. J. Morrissey & Co., Philadelphia; Ed Davis, Rambo, Close & Kerner, Inc.,
Philadelphia; Bill McCulIen, Hess, Grant & Remington, Inc., Philadelphia
;
Volume
193
Number
6036
...
A
Supplement to The Commercial and Financial Chronicle
Thursday, March 9, 1961
(11)
Janney, Battles & E W. Clark, Inc.
1401
WALNUT
STREET,
PHILADELPHIA
2
Members
New York Stock
Exchange
Phila.-Baltimore Stock Exchange
American Stock
Exchange (Associate)
U nderwriters—Distri but or s—Dealers
UTILITY
AND
BANK
INDUSTRIAL
AND
MUNICIPAL
Direct
Phones
—
Trading Wire
AND
J.
Caplan, Chas. A. Taggart & Co., Inc., Philadelphia;
Rawley Watson, Mason & Lee,
Lynchburg, Va.; Don Williams, Burnham and Company, New York
City; Tom Love,
Geo. E. Snyder & Co.,
Philadelphia
SECURITIES
STOCKS
REVENUE
to A. M.
Philadelphia, LOcust
Bell
Albert
INSURANCE
BONDS
Kidder &
8-3400
N
Teletype PH
ew
Co., New York
York, WOrth 6-5646-7
80
Inc.,
Dealers in
Corporate Stocks
and Bonds
Municipal Bonds
TRADING DEPARTMENT
KIngsley 5-3115
Hess, Grant
&
Remington
Incorporated
Top of Fidelity-Philadelphia Trust
Building
123 South Broad
Street, Philadelphia 9, Pa.
KIngsley 5-7474
Teletype PH-829
HAnover 2-4120 (New
York)
Members New York Stock Exchange,
Harry
Green, Merrill Lynch, Pierce, Fenner& Smith Incorporated, Philadelphia; Rcbert Greene,
Company, Incorporated, Philadelphia; Herbert Beattie, H. A. Riecke & Co., Inc., Philadelphia;
Capen, Kugel, Stone & Co., New York; H. N. Nash, H. N. Nash & Co., Philadelphia
Philadelphia-Baltimore Stock Exchange, American Stock
Exchange (Assoc.)
Stroud &
Robert
Hopper. Soliday & Co
Established 1872
Members
Philadelphia-Baltimore Stock Exchange
Brokers and Dealers in
LISTED
AND UNLISTED
SECURITIES
Trading Department
Joseph A. McNamee
1420 Walnut
Telephone
Coit
Williamson, Schmidt, Roberts & Parke, Philadelphia; Ed Stein, Asiel & Co., New York; Robert
McDowell, Adams & Peck, New York;tFrank McKee, Beneficial Savings Bank, Philadelphia;
Wallace Runyan, Hemphill, Noyes & Co., Philadelphia
^
—
John
Gibson, Jr,
Street, Philadelphia 2, Penna
PEnnypacker 5-4075
Teletype
—
PH
593
(12)
Volume
Thursday, March 9, 1961
193
Number
6036
...
A
Supplement to The Commercial and Financial Chronicle
Dealers and Brokers in
Public
Utility
Railroad
'
Industrial
"
Securities
New Jersey and General Market Municipal Bonds
Stocks
Bank and Insurance
Mutual Funds
Shares
.
Charles A. Taggart & Co., Inc.
Member
Philadelphia-Baltimore Stock Exchange
Boston
"
Stock
Exchange
(Associate)
Investment Securities
1516
Street.
Locust
Philadelphia 2, Pa.
New York Phone WOrth 4-7333
Teletype PH 677
KIngsley 6-0900
Ed
McCarron, American Securities Corporation, Philadelphia; Tim Hutchinson, White, Weld & Co.,
Philadelphia; Clifford Grey, American Securities Corporation, Philadelphia; William H. Doerr,
American Securities Corporation, Philadelphia
Investment Securities
LOCAL
—
LISTED
—
UNLISTED
h. a. riecke & co.
INCORPORATED
Member
York
New
1433
Stock
Exchange
WALNUT
PHILADELPHIA
LOcust
SINGER
WE'D
—
Private
Direct
other
Exchanges
2, PA.
8-2400
Trading Department
TROSTER,
and
STREET
Wire
&
"LUV"
LOcust 3-8120
to
CO.,
TO
NEW
YORK
HELP
Edward
Elkan,
Cowen & Co., New York; Charles Miller, Eastman Dillon, Union Securities
Michael Schneider, Burnham and Company, New York; Don Williams,
Burnham and Company, New York
&
Co.,
New York;
Brokers
•
Dealers
•
Distributors
INDUSTRIAL, UTILITY & BANK STOCKS
Markets Maintained in Unlisted Stocks
Albert Teller &. Co.
Members
Philadelphia-Baltimore Stock Exchange
Boston
123
South
Broad
KIngsley 6-2551
|
W:
Stock
Exchange
St.,
(Assoc.)
Philadelphia 9,
Direct Trading Wire to New York
Pa.
New York Phone CAnal 6-3304
"
Robert
H
Lienhard, Troster, Singer & Co., New York;
Newt
Parkes, Gerstley, Sunstein
Philadelphia; Sylvester Bies, E. S. Ladin Company, New York; "Duke" Hunter,
Wellington Hunter Associates, Jersey City, N. J.
&
Co
*
Volume
193
Number
6036
...
A
Supplement to The Commercial and Financial Chronicle
Thursday, March 9, 1961
For
(13)
Banks, Brokers and Institutional Investors
NEW YORK MARKETS
IN PHILADELPHIA
Try "HANSEATIC"
If it's
Over-the-Counter and the market is in New York,
nationwide
our
touch
with
private
wire
primary markets
system
in
keeps
500
over
in
you
OTC
issues.
New York Hanseatic Corporation
Established
Associate
Member
1920
American Stock
Exchange
PHILADELPHIA 7, PA., PHILADELPHIA NATIONAL BANK BLDG.
Phone: LOcust 7-6773
Teletype: NY 1-40-1-2
Trading Department
William
R.
Radetzky, Ass't Vice Pres., Gerald
Santucci
&
Richard
Owens
H.
Ed
Kelly, Carl M. Loeb, Rhoades & Co., New York; Willard
Rice, Eastman Dillon, Union Securities &
Co., Philadelphia; Daniel J. McCauley, Jr., Securities &
Exchange Commission; Joseph Smith,
Newburger & Co., Philadelphia; Charles Bodie, Stein Bros. &
Boyce, Baltimore
UNDERWRITERS
•
DISTRIBUTORS
•
BROKERS
Effective Distribution in the Nation's
Third
Largest Trading Area
Newburger
&
Company
Members:
New
York
Stock
Exchange
•
American
Stock
Exchange
Philadelphia-Baltimore Stock Exchange
1401
New
Walnut Street,
York City
Philadelphia 2, Pa.
Lebanon
•
LOcust 8-1500
Atlantic City
Vineland
Albert
Teller, Albert Teller & Co., Philadelphia; Joe Corby, Allen & Company, New York City; Peter
Cardamone, Albert Teller & Co., Philadelphia; Casper Rogers, Casper Rogers & Co., New York
1930
1961
TRADING
MARKETS
in
OVER-THE-COUNTER
SECURITIES
SreenecrniCompanvj
Members New York
37 Wall
Security Dealers Association
Street, New York 5, N. Y.
Teletype
I
Telephone
NY 1-1126 & 1127
PRIVATE
HAnover 24850
WIRE
SYSTEM
CHICAGO—First Securities
Company of Chicago
DALLAS—Parker, Ford & Co., Inc.
LOS
SAN
Bob
Henderson, Francis I. du Pont & Co., Philadelphia; Ray Morris, Stroud & Company, Incorporated,
Philadelphia; Jim McFarland, Stroud & Company, Incorporated, Philadelphia, Ted Eckfeldt,
Stroud & Company, Incorporated, Philadelphia
Direct
ANGELES—Mitchum, Jones & Templeton
FRANCISCO—Mitchum, Jones & Templeton
private telephone:
Philadelphia-WAlnut 2-1514
»
(14)
Thursday, March 9, 1961
Volume
193
Number
6036
...
A
Supplement to The Commercial and Financial Chronicle
JOHN J. MEYERS, JR.
and
!,'
WILLIAM T.
MEYERS
Formerly With GORDON
Announce The
GRAVES
&
CO.
Formation
°f
John J. Meyers
&
Co.
Bill
INVESTMENT
SECURITIES
WHitehall 3-2850
30
Broad
St.,
N.
Radetzky, New York Hanseatic Corporation, Philadelphia; Harry Niemeyer, Robert Garrett
Sons, Baltimore; Frank Ronan, New York Hanseatic Corporation, New York; Willard Rice,
Eastman Dillon, Union Securities & Co.,
Philadelphia
&
Y. 4
r
m
Colkin. Bomback & Co.
Members
New
I
York
Stock
Exchange
•
.
UNDERWRITERS—DEALERS—DISTRIBUTORS
67 Broad
Street, New York 4, N. Y.
Telephone: WHitehall 4-4567
_
Teletype: NY 1-1658
Joe
Trading Dept.: WHitehall 4-0884
Cummings, Brooke & Co., Philadelphia; Barney Nieman, Carl Marks & Co., Inc., New York;
Jchn Fitzgerald, W. C. Pitfield & Co., Inc., New York; Joe Scheidecker, Coif in & Burr,
Incorporated, New York
SERVICING
BROKERS AND DEALERS
SINCE 1878
ASIEL & CO.
Members
Members
20
BROAD
New York
American
STREET
Telephone HAnover 2-5000
Stock
Stock
Exchange
Exchange
NEW
YORK
5, N. Y.
Teletype NY 1-1110 & NY 1-1111
Volume
193
Number 6036
...
A
Supplement to The Commercial and Financial Chronicle
Thursday, March 9, 1961
(15)
Rambo, Close & Kerner
Incorporated
1518 LOCUST
Phila.
ST., PHILADELPHIA 2, PA.
Telephone
New York Telephone
Teletype
REctor 2-2820
PH 63
PEnnypacker 5-2800
Corporate and Municipal Securities
EDMUND J. DAVIS
CHARLES G. PRIGGEMEIER
Vice
President in Charge of
Corporate Department
Assistant Manager
Corporate Department
RUSSELL M. DOTTS
Manager of Municipal Bond
A1
Tisch, Fitzgerald
& Company, New York; Dolores Dougherty, Bishop &
Hedberg;
Suplee, Yeat man, Mosley Co., Incorporated, Philadelphia
Jim
Department
Mundy,
ROBINSON & CO., INC.
of
members
american
&
new
stock
york
stock
exchange
philadelphia-baltimore
ROBINSON
15TH
LOcust
8c
stock
exchange
BUILDING
CHESTNUT
STREETS
Philadelphia
8-1100
MIKE
exchange,
(associate)
2.
Pa.
KINSELLA
Manager.
Trading
Dept.
1
Herbert
<&
Fitzpatrick, Dick & Merle-Smith, New York; Charles Preller, Eastman Dillon, Union Securities
Co., New York; John McCormack, F. S. Smithers & Co., New York; Sam Weinberg,
S. Weinberg, Grossman Co., Inc., New York
Geiistley, Si
\sti:i.\
& Co.
Members New York Stock
Exchange
American Stock Exchange
Philadelphia-Baltimore Stock Exchange
211
So.
BROAD
STREET, PHILADELPHIA
Telephone KIngsley
TRADING
Newton H.
6-3600
DEPARTMENT
Parkes, Jr.—William F. Feather
Direct Wire to New York City
Frank
Murray, Laird, Bissell & Meeds, New Haven, Conn.; Don Gerstenzang, Abraham & Co., New
York; Bob Topol, Greene and Company, New York; Sal Cerruto, Walston & Co., Inc., New York
*
Bob
Hart,
Volume
Thursday, March 9, 1961
(16)
Euler
&
Philadelphia;
Hart,
Fricke
Moyer,
&
French,
Inc.,
Fred
Devoll,
Woodcock,
Carl Necker, Jr., Goldman,
193
Number
6036
...
A
Supplement to The Commercial and Financial Chronicle
Sachs & Co., Philadelphia; Henry Warner,
Arthur Horton, Penington, Colhet & Co., Philadelphia;
Laird, Bissell & Meeds, Philadelphia
Philadelphia
Samuel A.
Crozer, Stroud & Company, Incorporated, Philadelphia
I
*
;Vi"
Service
•
Basic analysis
Market facilities
•
Singer, Bean & Mackie. inc.
Members New York
Security Dealers Association
New York 5, N. Y.
Exchange Place
40
HAnover
NY 1-1825 & 1-4844
2-9000
'
FIRM TRADING MARKETS
IN OVER 450 STOCKS
V
A -A ■
;
'
'
Direct
Burton
J.
Vincent
&
Saunders,
Co.
Evans
1
MacCormack & Co.
Los
-
•»
•
-
v
.
A.:-.."',-
■
-
Dallas Rupe & Son, Inc.
.1
Dallas
V
--
■
Warner, Jennings, Mandel & Longstreth
Stifel, Nicolaus & Company, Incorporated
•
Co.
Stone & Youngberg
San Francisco
%
Angeles
St. Louis
1
to
Stiver &
Cleveland
Chicago
'
.
Wires
'
Philadelphia
;
...
'
c
.
.
_
-
Volume
193
,
Number 6036
•
The Commercial and
Financial
...
Chronicle
(1091)
4
certain deficit in the Federal Government
tion
operations.
s
will
be
the
year
the
extent bf
it
is
doubtful
bond
yields
if
the
should
long
term
decline
would
edge up to higher levels
by late 1961 and continue on »n
ward during 1962. This conclusion
even
that far.
is
There
is
no
apparent
ship
as yet between
Reserve's action to
long
interest rates down and the
action of yields on
corporate borrowing.
Dwing.
Exhibit
n.xnioit
1
shows ythat
that
High Grade Corporate bonds are
term
States' gold
rt
ly the
weeks
for
the
ago.
of
-
higher
bankers
"ies are not
mficant-
W<The ^ideraTRe^e^'
^
■
years, if the" growth in corporate
cash flow is taken into account.
fAA renun- of the outlook, which result
have al-
buy sig-
amounts
of
nriopf rnnimUtW be exPected>
of
the
~nf"~th7"nnrmsTi~%nn"nlv"rf*
normal
sunnlvdJ' ?nCe °f 0nly
i"m';
Some
quality bonds have been
heavy recently; and the yields on
io
markets in the
Assuming this conclusion
realistic
a
recovery
as
readine
situation
should
i^truments.^as evidenced ings
and
the
demand
borrow-
for
oSerf
to
in^^he mo?ie^
rent
(2) The mild economic
increase business
Dermltted
likelv to be
ate
future.
Treasury
should
influence
curve
the
move
forced
the
a&fn
ud
term
"v
for
borThe
debt
normally
'
1
'
n\
JLr<3IlS.
11
A
Pi
l
i
IvOHlHlOR All bOlu
Hay den, Stone & Co. offered and
on March 3,
150,000 shares
of Leaseway Transportation Corp.
common stock at $15. Of the
75,000 shares
75,000
the
shares
for
sale,
offered for the
were
of
account
and
company
the
account
of
S}AcAhoAders-, Coinpany
proceeds
from
the
sale
will
be
"
(3) During the post World War
period, the year-to-year ad-
II
in
vances
cur-
interest
intensifies
'
long
on
of
term
demand
funds
yields
rates
be
overall
rowed
short
lobe
T
and 196°'s experi- added to its general funds to exa 17% variatiori be" pand its operations by acquisition.
tween the annual hiSh and low or otherwise and to enhance its
or otherwise and to enhance its
borrowing power. No part of the
pr,ce was unusual smaI1x
andvipld
mand
^re
„S°nse?,ufn1tiy!."_wAle
"X«wP'nf*lswings in prices should
th*
an
rapid change in stock prices
the actual movements in
t?es XeXhanXcomplete rel
hond
in
alteration of the price-earnings
ratios, tend to create a mucn
more
term
T
Jb0aSeWay
' .<?> Shifts.ia.investors' appraisal sold
clatlon of a bllls oaly policy in
S operations seems to
Mil*
yielding,
average
these
S.
economic
m°netary authorexpected to
.
-/r.
Purchases
United
Hence, the
Treasury
acceptances, and
U.
on
cevcty "I66" ?.et f°r
are Vlrtua "
they were six
as
'
"
yields
P«me commercial paper
CdyCle' and.
^
same
highs
"the"*
of
.reserves.
bills,
'
-
their
deficit, but
$5-$10 billion
versinn'To
protection
lowest
,
~
near
following
a
not
the 600-700 range for the past two
* Ilexible trading policy of deal- than
,
1
the
as
Despite widely held opincontrary, the DJIA was
"overpriced," when it sold in
the
Federal
e"
"nudge'
selling
by
closely
(l)
ions to the
factors:
(1) Federal Reserve Board noli
cies will continue to emphasize
relation-
the
supported
such
situa-
to-determine
progresses
deficit of between
a
Continued from,v page 1
This
watched
23
the
earnings
share
per
-
,
-
proceeds of the shares of selling
stockholders will be received by
the company.
-
-
of the DJIA averaged nearly 20% \ \ Leaseway Transportation Corp.,
with the gains in three instances was incorporated in November;
exceedingfc. 30%.
Therefore,
it 1900, and in March, 1961 acquired
would seem proper to infer that the outstanding stock of 79 cor-
?nnadvance °f 1150^2,5% ,in. earn" pora"ons' The
company is prinbove the 1960 level is pos- marily engaged in the long-term
Economy and the "nudging" of sible and Probable when the econ- leasing of trucks and other comrelation to the normal spread besecurities, so that moderate in- the Federal Reserve during the
recovers in late 1961 or in mercial vehicles and the intratween
top and; average quality creases in demand
could
mate- next three to six months, but the
bonds. The closeness of the
s^9 operation of trucks,
yields rially stiffen
the
interest rates impending rises of interest rates k ^ ^ Earnings of $40 per share on
The company believes that, oM
now should
spur renewed buying
asked by lenders.
and yields in short term money
the °JIA would represent a 20%- companies engaged in its field, it
yieids^n: the. Hifh
(3) Demands upon the available markets should eventually push 25% advance from the levels re- is one of the four largest purGrade
Corporate issues in the
supDly of ghort term
win
tbe lon^ term yields UP to their 9?
d .or the past five years. If chasers of commercial vehicles 124
weeks ahead.•
^
supply of snort term money will |normally higher levels.
V
the stock market discounted this the United States.
Future Courses
Interest rates probably be intensified by Treasjn dosing, it should be noted
mucb of an increase at 18 or 20
Leasing operations are carried
and yields on most classes of debt
ury borrowing to cover an almost that the
really sharp advance in times earnings, the DJIA would on east of the Mississippi River
by the Dow^-Jones 40 Bond
IndeX|
have-declined to a low level in
term
are
The
money.
interest
particularly volatile
lower in
to
resoonse
may
slack
a
these
on
,
mnnev
.
—
TABLE
interest
I
will
Interest and Yield Rates
on
Government, Municipal
—Low and
-Borrowers and Issues-
Low
June, jyno-?
High
Low
>
*.
0.58%
4.62%
2.18%
9
months
2.38%
2.58%
maturity*
1.14
5.00
2.58
3.11
2.86
years
maturity
maturity
2.25
4.92
2.73
3.47
3.01
2.30
5.05
3.34
3.94
3.42
rent
10-20
2.75
Over 20 years
4.50
3.76
4.06
3.23
maturity
4.07
3.13
__
3.66
4.37
3.85
4.01
3.85
2.85
maturity.:
years
4.72
3.81
3.31
3.58
3.32
V
Bankers
Acceptances
1.75
5.06
3.00
3.68
3.00
4.00
3.50
5.25
4.12
4.75
4.12
High Grade Corporate Bonds 3.62
4.60
Dow-Jones 40-Bond Index__ 4.52
*9
months
or
J.
longest
4.43
5.57
4.87
4.92
•5.45
:
Except for February, 19(i1 month-end figures, the data shown
from
quotations
variance
2.
The
mately
with
Treasury
reportel about
the
actual
Notes
the
middle
daily high
and
Bonds
or
bear
of
low
each
month.
points
interest
may
Therefore,
some
occur.
in
coupons
is taken
above
to
a
8% %
range.
SOURCES:
"The
Wall
Street
Journal."
TABLE
—Weeks
Ending—
I ()-,'»r>-(>()
2-28-(il
Dow-Jones Averages
19(M>-19<»1
$
Railroads
685.47
146.01
Up 18.2
160.43
-
108.49
Up 18.9
108.49
-
Utilities
SOURCE:
"The
Wall
Street
Low
1/60
10/60
123.37
1/60
Calculated
2/61
2/60
III
of
Levels
DJIA
Using Earnings and
Ratio
'-Earnings
.
1954,
1958
___
$28.00
_
:/
14
■
'
:
30.00
,vi
-V.
1956,
:i
1960
.
r
496
512
528
594
600
576'
462/
33.00
f
34.00
-
558
638
-
660
476
:
620
682
640
"
•
544
v
>
:
'
;
35.00
1955,
1957
36.00
^
._
•
•
,38.00
612
;
•
575
648
666
532
609
-
•
748
770
normal
625
-
P/E for
World
_
War II
_
_
Early Postwar.
Korean
J934-39
18
1940-46
13
640
/
; J.
■■
•••:
-v
y\'f
'-■■
/,
Corporate—
Cash
for
Future
advance.'
ratios
share area;
per
price-earnings
remain in the neigh-
will
borhood of 18 to 20 times earnings.
If
\
the
.
market
"oversold"
last
DJIA
fell
good
reason
to
comparable
had
Fall
become
when
the
566, there would be
to
feel that,
as
in
World
post
War
II
periods, the current rise of stock
prices
or
a
would
less
new
carry
in
on
a
more
uninterrupted manner to
cyclical peak whenever the
expansion phase of the economy
showed signs of diminishing force,
However, because new rises in
stock prices must^ start from a
base which is within 10%-15% of
the next foreseeable top for the
Dow
Jones
it would
Industrials
seem
For
Oct.
the
this »iratio .nbuld
flow
.
54-GO
the
three
95
cor-
rections' are still in order for the
large number of companies which
Aver-
its
continue do experience
may
share
Recenf
be
Period
l'J instead
«psuihv
were
of
equal
soring
the
all
I960"
of
^he ®Pri"g o
9
ended
•••"• r
income
>*
gain
27
cents
per
number
same
of
July
31,
1960,
revenuea
$1,201,000 equal to $1 per share, oxj
1,199,142 shares outstanding corapared with revenues of $18,956,000
ancj
92
net
of
cents
$1,105,000
share on
per
equal
the
to
same
of shares
number
outstanding for
fiscal
year
ended
the
previous
jujy 3^ 1959 The company's sub-
sidiaries
have
retained
substan-
tially all their earnings to finance
expansion
tias
0£
no
and
the
management
present plans for payment
cash dividends,
prQ
forma
company
feri
capitalization of tbe
giving effect to the of-
consists
debt and
of
j 274 142
$11,565,659
shar'es
downward
movements
■.
of
m
cora-
I960 has not terminated, and in-
decJf1y? prme
will
fluctuations
months of 1961
unless
—
yalue
M. Eisenstein
in : the
P^es, of stacks which began in
'
stQck
difficulties.
Therefore, the
period of alternating upward and
,
e^HseTn sto^kpidces.1^Although
below
still
their
cyclical
most
old
high points,
have
stocks
well
vanced
above
their
ad-
lowest
In summary, stock prices should
continue to trade. in the broad
540-700 range on the DJIA for the
short term, but a potential exists
for
Criteria
Level
has
the
for
the
Evaluating
Stock Prices—Table III
been prepared to show:
(a)
of
calculated
when
levels of the DJIA
earnings per share and
price-earnings ratios are varied
in
a
the
700's
average
in
in
or
range
for
the
move
half
second
into the
of
1961
The
for the
DJIA
normal
next
1962.
the
to
.
Opens
Morris S. Eisenstein is conducting
a
securities business from offices
at 1440
Broadway, New York City.
Isaac Freilich
Opens
Isaac
Freilich is engaging in
a securities
business from offices at 562 Cedar
wide
number
of
combina-
Form Media Inv. Co.
LOS
Hollywood
in
a
major "hot"
war
a
and accelpractices pnd~acce mt
porate
1
in
■
on
cash
and
cor¬
flow
during selected periods of the post
War ^11 era.
A study
of
19
45. ;/
after taxes
-earnings
cash
plus
v*
__
Hispns-
t,reak
in
stock
prices if
a
shooting war develops.
following conclusions with respect
to
the
present
level
of
stock
West
f£*
Street. He was tormerly with Fre4
^
•.
B. N. Frederic
Opens
;
a
securities..business
from offices at 377'Fifth Avenue,
New York City.
•
.
Webber
Special to The Financial Chronicle)
CLEVELAND, -Ohio
/
B. N. Frederic Associates, Inc. is
conducting
With Paine,
i
_
these and other factors suggest the
prices.
tHic
&Co^3
_
__
„
in
L.
(Special to The Financial Chronicle)
O. Yager Inc.
cncrcfoctAd
f'«ure.s suggested inthe risk of a
this, discus
ion do not reflect
Jack
DAYTON, Ohio—Bruce M. Brower
Zn^g^oL e0^oJ
history for the past ,,26
^c; ine impact ux
(c) the impact, of new,
business.
engage
principal of the firm.
den, Miller
ana
and
6381
at
to
Hayden, Miller Adds
<
a
offices
Boulevard
secUrities
Stoll is
should
ing involved in
with
formed
610-680.
This nation has avoided becom¬
;
ANGELES, Calif. — Media
Company has been
investments
three months
be roughly
price
the
55-GO
52
-adjusted" for the
to
the
on
mgs
below
aot likely to develop during the
depreciation
v;/. -68
18. ?. Net
ended
totaled $24,412,000 and net of
earn-
Xd
World
now
months
are
shares for the three months ended
Oct. 31, 1959. For the fiscal year
probably continue until the cconstrongly stimulated by
favorable prospects for substan-
market
_•
28'38
__^___ 325
Tbe
31, 1960 combined results of
$319,000
Average,
probable that
(in the beverage, finance,
food, insurance, retail, and other
service industries)
have enjoyed
investor popularity and price increases—especially during the last
four months.- The electric utility
since
since
coast.
approximately
6,700 vehicles, of which 5,200
trucks, tractors and trailers.
Course—Sometime dur-
plateau in $38-$40
and that normal
3%
only
market
Pacific
owns
the
79
companies, acquired " by
Leaseway
Transportation
Corp.
its present all time high of 685 and included total revenues of
$6,move into the 700-800 range.. This 872,000 and net of $413,000 equal
conclusion, is predicated upon the to 34 cents per share, based on
likelihood that reported earnings 1,199,142- shares, compared witli
per
share will
rise to
a
new-revenues of $5,233,000 and net of
Industrials
Stocks with "defensive" charac-
years,
years;
'7 4*7®®'
Depreciation
880
-% Gain
Earnings after taxes
18
-eaual^
800
.
Since 1.947
;
11
Z depreciation
858
Impact of Depreciation.
..
.•
14
raiio
780
720
War__-: 1951-54
P/E
836
702::
f
Korea.;! 1955-57
Recent /___:_2 1958-60
NQTE:... If- the
760
8'
1947-50
Post
flow since 4954,
684
;■*'
foreseeable
the
on
the115^^! thbeyaC^nvLtVoar1sUadurin°g t^plici^of pofentill'trouWe s^ots
Price-Earhing's Ratio of DJIA
Ratio
/j.Years.'
J
792
814
v
-
i9(M.
Period—
Depression
720
740
•:
of
teristics
726
680
700
-
630
593
„
*Probablo
560
518
39.00 • - >•546
560
40.00,;
,
-
504
37.00
•;<
;
490
resumption
"704
660
"
V"
Mean'
:
434
448
•-
$626
.580
"
540
•
32.00
•:
1959
.
$560
522
480
company
area should apthe ; top
side of any
stragsti.snn.gigg:...
-
20
$504
:
464
/
420
•"
!"1H
$448
-:
: ^ 406
'
31.00;
.
16
$392
C
•
29.00
v
—Price-Earnings Ratios
—;—'—
-i
Per Share
-»
wide
a
high
Variables
'
Level of
Earnings
the
Jones
stood
time
mand
•
issues in
Having reached the 662
by the end of February, 1961,
Dow
9/60
85.02
Factors Determining Level of Stock Prices and Their Present Value
^:-\V;.:in Relation to Other Periods
-
have
advances
recent
over
age
High
566.05
Journal."
TABLE
level of industrial
risen approxisince late October,
lesser extent, a renewed
a
the
—Reached—
S
-
1960s.
(3) sponsored by anticipation
early economic recovery
Month
S
Up 17.0
123.51
_____
%
662.08
the
an
level
Range
Change
566.05
_*
been
inflation.
4 Months
91.17
Industrials
have
in
far
that many
sense
and, to
Stock Market Price Performances
the new
on
(1)
concern
■j
the
variety of industries participated;
of
II
show
accompanied by large
volumes of daily trading—usually
a sign of technical strength in the
market; (2) broadly based in the
and
"Barrons";
:
has
17%
most
been
maturity issue.
thus
prices
The
4.92
this
general
stock
4.82
to
which
attitudes
The
3.12
his-
by
economic environment and finan-
3.06
4.88
The
II.
covered
defined
was
evidenced
2.25
Table
developments bearing
cial
i,-./
Prime Commercial Paper__
Prime Commercial Loans._
NOTES:
f
in
period
Table
3.76
Municipal:
High Grade Bonds
Business:
The
—
rally and the past 14 months
torical
3.69
and
720 a.nd 800.' This
proximate
ing the early stages of the next
economic recovery, the Dow Jones
Industrials Average should break
Markets
Performances
shown
are
maturity.
years
Stock
"Recent
r*se to a point somewhere between
es¬
Jones
Treasury Bonds—
5-10
well
changes in prices of the DowIndustrials, Railroads, and
Utilities Averages during the cur-
Treasury Notes— -vVV:
years
expan¬
adequate
an
become
to
The
maturity
1-2
had
•
months
3-5
have
19G1
?
'
ahead
until 1962
tablished.
Feb.
High
3
<
will
opportunity
High for Economic Cycle
Aug., '57-May, '(JO
U. S. Government:
Treasury Bills—
sion
lies
occur
economic
the- next
when
and Business Debt
which
rates
probably not
Greenwood
is
now
—
Harlow
Paine*
with
tinio^
Webber, Jackson & Curtis
—
Commerce,
Building.
—
■
He
waa
formerly with Fulton, Reid & .Co.
24
Chronicle
The Commercial and Financial
(1092)
.
.
.
Thursday, March 9, 1961
'
■*
AS WE SEE IT
Continued from
page
capital
1
school child knows what the maps show
as Africa and what the elementary geography text books
describe under that heading. But that is no answer to
our question.
forms of the
thing; what
man has added to what nature created is
quite another.
There are in several places on that dark continent various
types of enterprises placed there by human beings who
were
able to build them by reason of saving either on
their own part or of others far removed from Africa. Is
this part of ■'.%Africa" which now must be conceded to the
Africans? It may be true that these enterprises have been
erected upon land which belonged to Africans and upon
terms and conditions which were wrung from Africans
by subterfuge, force or simple exploitation of primitive
is
area
minds.
:
But
equally
l.'
as
consequences
"Asia for the Asians," "Cuba for the Cubans" and in real¬
ity
slogans without a great deal of practical meaning,
except perhaps for propaganda purposes.
easy
Another
But there
are
Question
other aspects
Stevenson in the United Nations touched
on
one
of them
pointedly the other day when he said: "To the Soviet
Union I would say: There are laws of
history more pro¬
found, more inescapable than the laws dreamed up by
be written in terms of the rise and fall of
upon mass
empires—em¬
migrations of peoples,
upon mass
migration of capital and control of resources. They have
usually precipitated wars, less between the exploited and
the exploiters than
among the exploiters themselves. We
fancy that we have now arrived at a time when there will
be
no
more
exploitation,
no
empire building
bases.
the old
of land is
on
The status quo, so far as the
occupancy
concerned, is to be made permanent and occupants
to
be conceded full control of the land
all that is
on
they
occupy
are
may be an admirable concept. But this is a real
world in which we live and that real world is inhabited
by human beings with about the same shortcomings they
have always had. Such a
concept would, if given practical
effect, have had vastly different consequences depending
upon when it was adopted. Think of the
meaning of such
a
slogan as America for the Americans in the early part
of the
seventeenth
century! Of course, in those days no
one would have
paid it the least heed. The question is
whether mankind is
really willing to live by it in the
twentieth century—all
mankind, that is, or a sufficiently
preponderant part of it to be certain that it actually is
effective. And that is much more of a
question than is
commonly supposed. We say that we have no interest in
any sort of imperialist venture—and we are sincere in
what we say. But we also
say that we must supply back¬
ward peoples with
capital and various other assets such
know-how. Only such of these contributions will be of
lasting value which are placed upon a strictly business
as
basis
-and
can
they be placed upon such a basis without
a
considerable degree of what is now
regarded by many
backward peoples as a relic of
"colonialism"? That is a
vital question.
Continued, from page 3
clearly
is
restraint
<
involved —to
«
»■
V
exercise
in
responding to a dif¬
ferential in foreign interest
rates,
particularly when the gains are
incidental
to
business,
and
small
a
the
on
Here,
in
as
company's main
loom
relatively
income
so
statement.
pertinent question is really quite an old
one,, in but slightly disguised form. If we do not do for
these peoples what
they want and expect—and, of
course,
we
can
not do it all
ourselves—will not other
peoples and
proceed to fill the vacuum as in the
past even if
the form or procedures are different?
There are a number
powers
of the older colonial
powers which
now
are
accumulating
of
the
govern¬
active interest
examining it with us.
in
that
I wish
an
could rely com¬
we
increase in
balance of
payments problem. Unfortunately,
pletely
it
on
further
a
solve,
to
would
our
unrealistic.
be
Our.
already is large, and
and should stretch
we can
further, there is
To
of
A
that
The
likely
way,
,
will quarrel
an
consistent
with
of
short-term
come
with that.
Nor is any
disagree with, the
to
world
or
will still
we
deficit in
trade
the
at
present
have
hard¬
a
fact
that
in
cumulative
our
the
past
amounted to $17
10
years
voice
It's
them.
out.
All
I
can
responsibility
the
business
the
to
to
over
Export
turned
or
logical limit.
a
try to press beyond this would
call
vigorous
forth
Credit
exploring
help.
are
con¬
Terms
have
problem
to
ways
Our
give
primary
bankers,
commercial
business
nate
tomers with short-term credit.
keep
altogether—or
it
within
at
least
modest
to
propor¬
I
know
with
the
trade
many
basic
cit—the
familiar
are
of
cause
fact
that
this
balance, large
defi¬
favorable
our
it is,
as
still
is not great enough to finance the
sizable
very
military,
economic
have
political
We
know, however, that certain types
commitments
abroad.
One
of
billion
eign
or
Another is the
of
so
investment
aid, including
loans,
which
also
$2V2-$3 billion.
government
amounts
private for¬
by
American
a third is our
business, and still
foreign economic
to
available
favorable
on
terms
manufacturers
American
for
it
as
is
for manufacturers in certain other
countries, such
France
as
Canada, Britain,
This is the
and Germany.
particularly with
we
the
support of military establishments
in other countries.
exports
require
longer-term
financing which is hot as readily
case
major
outlays, of course, is the $3 billion
we spend on the maintenance and
$2%
to provide our cus¬
course,
of
tions.
and
i$, of
.as
medium-term
respect
credits
to
to
finance
of machinery, equipment
capital goods. The pro¬
exports
and other
vision of such credit
volves
It
unusual
might
pared
if
of
this
adequate
insurance
were
risks.
that
would
banks
provide
to
credit
added
expected
be
commercial
obviously in¬
and
the
be
In
heavily
mestic
committed
with
Aid
Essential
than
has
generated
light. There
the
solve
ments
with
not
do¬
term
heat
more
than
those who would
are
imbalance
in
our
pay¬
by
going after such
broad-edged axe.
I
a
it
aid
per¬
sonally would be opposed to such
action, as a serious disservice to
national
our
political
vided
of
world
life,
is
It
in
this
,a
di¬
live in, that a
foreign aid pro¬
would gravely threaten the
we
wrecking of
gram
interest.
fact
our
position to expand to
a
considerable extent credits
ports, which tie
I
convinced
am
this
erate
a
the
throughout
balance
the
sheet
of
of
on
seven
that
credit
investors
our great
—
be
induced
to
co-operate.
They, rather than the commercial
banks,
have
the
requisite
economic
is
ments
The fact is
that
slashing
nomic «tid would
small
part of
cit. Most aid
ly
80%
goods
is
tied
to
services,
To cut back
hence
feating.
runs
policy
we
a
defi¬
exports
rather
on
aid
the
to
trade
I
cir¬
see,
that, under present
cumstances, the United States has
no
other
alternative.
President
Eisenhower headed in that direc¬
covered
by
probably
and if they
handle
they
arrangement that will result
an
facilities.
What is needed
bringing together institutional
funds
(under
ernment
an appropriate gov¬
guarantee) with the in¬
ternational
banking facilities and
services
the
banks.
be
international
'Vi'
ance.
all
-
-
■
these
of
to¬
U
If this
bal¬
into
payments
o?
•
Two-Way
is
Street
must examine
first, whether
movement of long-term pri¬
vate
capital
abroad
should
be
so,
further
two
we
areas:
the
curbed;
secondly,
and
large
our
abroad
military
could
whether
expenditures
be
reduced.
To
choose between these
if
indeed
would
alternatives,
were required,
choice
a
pose
task.
most
a
Certainly,
to
United
avoid
unwelcome
all
we
would
the
to
States has
controls
had such
never
in
peacetime, and they
completely
counter
to
the
run
type
of
economic
world
we'Tire
striving for.
Moreover, it is im¬
perative to realize that what we
have done" in7 the past to build up
our investment abroad acts
today
as
favorable
a
of
ance
factor
payments.
in
bal¬
our
Last year the
inflow of
earnings from these in¬
(not counting earnings
reinvested abroad)
amounted to
almost $3 billion—a larger sum,
actually, then our investment of
new
capital abroad in the same
vestments
period.
And
this, I don't
yet,
in
spite
of
all
would
suppose anyone
hesitate to place controls on private
capital,
if
the
only alternative
seriously the na¬
tional security of our country. V
to
were
weaken
This leads
us directly to one of
toughest elements to gauge in
whole
problem.
balance
Just
of
how
payments
essential
are
military expenditures, and is
our
it necessary for the United
States
to
as
carry
so
great
a
burden
we
carry? It is almost impossible
anyone
not involved in the
now
for
military picture to judge whether
total
outlays in this field
reduced
be
can
and, indeed, the mili¬
tary services themselves divide on
the
—
question.
And
yet
tering another period
tionary technology in
thing
one
clear: the world is
seems
en¬
now
of
revolu¬
the
art
of
defense and aggressive warfare. It
would appear that future emphasis
will
be
.placed
on
long-range
missiles
rather
aircraft.
In
than
manned
on
these
circumstances,
might hope that over a period
of time the revolutionary changes
now
underway would tend to re¬
one
duce the size and cost of
seas
our over¬
forces.
of
I
major commercial
believe
this
could
In
the
which
meantime,
would
For
abroad
example,
could
much
as
nually
supplies
with
sources,
was
$200
ordered
and
President
With
a.
local
saving
an¬
by President
Eisenhower
chased
the
in
from
million
tained
by
be
necessary.
possisble
a
as
steps
military
reduction
a
of
has
been
sus¬
Kennedy.
total bill for supplies pur¬
overseas
best
accomplished through the es¬
tablishment of specialized export
finance
companies which might
our
fairly quickly, if
purchase
of
certain
reduce
expenditures
taken
the
investigations, the servicing
no
linking
to
are
in
guarantee,
and the collections for which
this
like
extraordinary
have
in
believe
funds
lending.
encountered
government,
required to
not
credit
is
ex¬
the
financing
our
are
exports
to
if
reasonable
by
self-de¬
on
directly
counter
should
of
than
aid would
on%
frequently
export
a
whether
they will make such invest¬
risks
be
would
Although
economic
ports
eco¬
only
payments
merely to cut back
—and
of
our
our
away
today—approximate¬
—
and
dollars.
cut
sound
as
pen¬
funds, and the savings banks
loss.
measures.
such
companies, the
But
strictly
terms, however, there
argument against such
gen¬
in suffi¬
available for longer-term
in
years.
to
history, there is no economic gain
that
weighs more than such a
Even
ex¬
the order, say, of
billion dollars a year,
institutional
the insurance
—must
nations
kind
cient volume
of
On
on
funds for pe¬
riods of from three to
strength—and darken the hopes—
free
any
Favors Export Finance Companies
sion
world.
up
yet—in the final analysis—I
doubt
our
hazards
be in
own
our
gether will be enough to bring our
or
point
loans, that even if
of
lending abroad
There
has
been
much
public
were
eliminated, it is doubtful
debate on this economic aid; but
that most commercial banks would
I believe more often
Economic
And
the
fact, however, we are already
so
the
example,
country, and the removal of for¬
eign restrictions on the flow of
capital
into
the
United
States.
of
guarantees
available.
For
expansion of tourism in
pre¬
type
taken.
be
can
end, if pos¬
sible, the imposition of exchange
controls on private capital.
The
we
this
of
competitors in
course, there
additional steps that
several
are
want
Manhattan,
conscious
and
It's
government.
Chase
been
people
be pushed
can
fellow
next
Longer
At
that ,the
on
community.
something that
on
is
say
them
tinuing hard-core deficit is too
large.
We should aim to elimi¬
it
to
much
a
carry
falls
constructive
billion, this
to
in
competitive
more
to
easy
balance of pay¬
our
costs,
markets, and above all,
tougher proposition to
in
continues
cut
to
home, in good order. These are
all appealing sentiments, and it is
not
favorable
our
need
keep our economic house, here at
funds,
sooner
become
Assuming
deficit
best
of course, to
solve
our
payments problem is
further to expand exports. No one
But this will only tend to conceal
the real problem, just as last year's
outflow tended to exaggerate it.
the
^
manner.
same
in the
on
corollary: that to expand
has
later, will, of course, temporarily
help
our
balance
of
payments.
of
carry
we
return
core
to
exports
which is bound to
level,
plans
obvious
behavior
balance
it
op¬
areas,
growing role in the world.
our
new
even an obligation, to
nation in a rational pat¬
community
the
tern
the past two years, and
Administration indicates
over
the
one
business
lead
- tion
the
many
portunity,
be
But another
that
say
taking
undoubtedly
the
It
}
v
•
whole
counter-reaction by
world markets.
Of
Foreign
A Real World
to
is
ment
though
Our Balance of Payments
•*
The
is one
currently
happy
•'
•
subsidiaries
as
banks.
we in ; Chase are
exploring, .and
I'm
problem
this
and
it.
commercial
*
,
organized
trade balance
Marx and Lenin—laws which
belong not to class relation¬
ships or stages of economic development, but to the na7
ture and the
destiny of man himself. Among these laws
is the
certainty that war follows when new empires thrust
into collapsing ruins of the old." Recorded
history could
be
exports
ments
in
the
neighborhood of
$l1/2 to $2 billion a year. In view
°
of this matter, aspects of
vital concern to the whole
world, which are not even
touched by such catchy but often
empty slogans. Adlai
pires built
same
one
much to the point are other matters of
to Africans. It is now quite gen¬
erally conceded—outside Russia and the other Communist
countries at any rate—that such properties should not be
confiscated by Africans (or others as the case may be)
but paid for at some reasonable rate. But who in "Africa"
(or other similar places on the earth) is able to make any
such payments or to give promises for the future that are
worth very much? And who
among these various peoples
are able to
operate such facilities in such a way that they
will provide the profits
necessary to their further growth,
and to induce the inflow of savings from other parts of
the world? It is thus seen that "Africa for the Africans,"
practical
they
general idea may be good propaganda,
they hardly solve very many practical problems.
but
What Is "Africa"?
placed in this
Whether
have dreapied the same
dreams that have come to us is
something of a question.
And
communistically organized and controlled countries
have wholly different ideas which do not fit into our
concepts at all! "Africa for the Africans" and the other
Of course, every
What nature
again.
probably
1960,
it
need
be,
the
by
exceeding
would
to
seem
shift
a
military
billion
in
possible,
if
$1
still
larger
Volume
Number
193
6036
.
.
The Commercial find Financial
.
proportion of
our buying to United
States sources.
Allies
Must
the
Since
common
nations
free
Share
is
who
Costs
all
at
stake, it also
seems reasonable to hope that our
allies might absorb a part of the
present dollar cost of our common
defense. This particularly should
the
be
with
case
respect to Ger¬
which devotes
only about
5% of its national product to de¬
many,
fence, as against 10% in our own
country. The reports of the recent
meeting between President Ken¬
Foreign
and
nedy
Brentano
their-
Minister
Von
encouraging
were
recognition i- of
principle—that' the
'in
broad
the-
large
surplus
which Germany has been
running
its balance
on
bearing
of payments has a
deficit, and that
neither their surplus nor our defi¬
cit
is
of
on
the
our
good
for; the sound health
World
Free
as
whole.
a
role
in the
to provide
agreement
foreign aid
on a continuing basis
(although not yet clearly spelled
out) • and ^er recent plan for-an
upward l /aluationof the mark,
coulu
both
contribute
toward
an
improvement in this situation^
Still
what
dollar
has
these t
dominant-
a
military expenditures.- These
to $650
million
Germany
or more
alone.
All
a
run
in
year
of
us
can
recognize
strong
objections
to
Germany financing the pay and
living costs of American troops.
But
there
tionals
the
also
are
who
work
American
forces
and
should
not
extent, it has
of
other
tribution
and
our
which
facilities.
Germany
to
she
Why
offer
facilities
come
con¬
defense
clearly has such
a
in
all
do
not wish
of
corners
to
the
world
hold gold
serious"
settling
problems requires
than
between
the
of
these
vision broader
a
simple
any
Today other countries
through their citizens, businesses,
and official
institutions, hold more
than $19 billion worth of
liquid
purpose.
dollar
assets
here
in
the
short-term instruments. If
fulfill
to
role
our-
reserve,;, currency,
holdings
safe
must
as
lion of
bilateral
United
view
States
and
balance
of
pay¬
ments
considerations. They
also
get into the thorny question of
how the burden of economic and
military aid should
be
shared.
It
unfair
manifestly
to
single out Germany exclusively in
this regard, for the United States
pays out dollars for the use of
in
countries
many
of
Western Europe and all must par¬
ticipate,
the
in
varying
solution
of
problem.;
We
degrees,
'
the
forget
early '50s, at
the/world
that
had
the
economics
ering
from
Now
the
were
the
still
at
whole
the
look that
smooth
functioning of
national
monetary
British
with
still
their
^
best
can
the
newly
The
fact
is
war.
has
fresh
a
situation—a
be
carried
out
in
OECD.
concert,
the
strain
of
on
the
balance
single mem¬
ber, including the United States.
But
to
do so, there must
be a
based
and
desire
any
to
recognition
terests.
work
mutual
on
This
is
of
understanding
common
in-'5
job
a
As I suggested earlier,
the deficit in
our
for
quiet
however,
foreign
pay¬
ments is not the sole problem that
confronts
the
We have in addition
us.
question
of
the
adequacy of
monetary system of the Free
World to provide sufficient liquid¬
ity for the growing volume of
trade
and
to
protect key cur¬
rencies
pound
like
the
from
pressures
economic
and
speculators.
dollar
extreme
which
velopments,
dis¬
center has its drawbacks,
its compensations. A
currency
well
as
to
be
are
and
far
as
above
reproach
as
?
the
tue is
the
issue
Once its fiscal
vir¬
doubted, rightly or wrongly,
damage could be fatal. There
Rico
international solvency.
dent,
There
such
for
is
pressure
it
places
the
on
those
are
who
all
feel
to
States
and
indeed
there
is
to this argument.
is
to
lead
much
•
by
•
Secretary of the
view,
home, countercyclical
from
may
interests
events
At
outside
buffet
may
central reserve
a
country.
rency
creditors
perfectly
point of
contrary to our
run
as
are
domestic
a
such
our
us
clamoring to
step. Even
our
be induced
to
cur¬
time,
a
control
own
and
—
drive
the
door¬
our
citizens
own
may
their belong¬
ings abroad. No better illustration
of
this
move
dilemma
is
needed
than
the
found ourselves afflicted
with
moderate recession, took a dose
easier money to cure it, and
soon
began reaping the whirlwind.
It is
fact of life that in
a
certain
a
its
for
Monetary^ Fund,
would
and
mod¬
a
every
na¬
freedom
domestic
of
econ¬
hold
tions.
In
the
held
now
banks.
terest
this,
system
while
af¬
fording the flexibility, liquidity
and
safety, that is needed in a
tral
ly inadequate. It places too heavy
a
burden
on
the
dollar
and
the
it restricts action on
the domestic scene, often at the
expense of American and British
pound,
and
citizens.
The
More
Triffin
and
more
Plan
this
fact
is
banks
tain
Pro¬
fessor Robert Triffin of Yale Uni-
In
Prof.
the
Triffin
would
transform
International
into what, in
Mone¬
tary Fund
effect,
""mid
bo
a
super-central bank.
He would set up procedures to
lead member countries eventually
present
transfer
most
of
their
official
dollar,
In
addition,
further
of
this,
they could
transfer
they
of gold.
would
make
a
For all
receive
de¬
would
earn
in¬
"create
de¬
under cer¬
to
necessary,
doing
rules
this,
and
the
procedures.
Fund
would
added foreign exchange
needing it—exchange
provide
to countries
in
a
form acceptable to most other
Thus,
in
"lender
the
would
Fund
the
international
field
of
last-resort," just as
the Federal Reserve System is in
the United States today.
a
seeing
seems
to
far-
much
me
in Prof. Triffin's pro¬
sense
posal, but it does involve the ex¬
treme
measure
of turning
over
to a central organization immense
indeed a
share of our national sovereignty.
Among other features, there is
one
that might make the United
States
in particular take pause.
For
the Plan would require all
member nations to give an
ex¬
and
resources
change
power
—
in
guarantee,
rate
relation'of their
the
of
terms
own
cur¬
to gold, on all assets of their
the Monetary
essence,
this means
country
In
by
held
Fund.
the
United
would
States
guarantee the gold content of the
dollar,
cersity.
central
assets, but it also
interest to the cen¬
their deposits with
Fund
strict
that
by
on
Monetary
posits," if
reaching of these is the so-called
developed
the
of
unique feature of the Triffin
would be the ability of the
rency
Plan,
Rico; Jose
Treasury
Barnett,
Develop¬
R.
Noguera,
of Puerto
Rico
Vice-President,
and
First
Na¬
tional City Bank; standing left to right: Donald
C.
Patterson, Vice-President, Chemical Bank
Puerio
Shown left
to
New York Trust Company and William G. Car-
Vice-Presi¬
rington, Jr., Partner of Ira Haupt & Company.
Francis
Bowen,
could be accomplished, I be¬
lieve, in other, more simple ways.
The least complicated method, if
for
it
did
insofar
Monetary Fund
as
not
serious
encounter
ob¬
stacles, would merely involve an
agreement among major central
banks
hold
to
rencies
each
other's
cur¬
certain
under
conditions,
rather than demand gold. Unfor¬
tunately, such an agreement runs
counter
to
present policies and
regulations
of
many
central
banks, and it is highly doubtful
that we could expect its adoption.
As a practical matter, I believe
we
may do best to look to the
Monetary
Fund
in
its present
form
A
Plan
gaining recognition among econ¬
omists, bankers and government
officials. ; A number of proposals
have
now
been
put forward to
rectifv it. Perhaps the most farTriffin
Fund
such
There
The international monetary me¬
as it now stands is clear¬
na¬
it.
currency.
chanism
gold
other
foreign
by
The
on
nations.
a
Fund
both
on
case
would pay out
become
is
the
and
claims
dollar,
for
example,
the
Fund
might
eventually take over most of the
$12 billion of Treasury bills, time
deposits and other liquid assets
What is required of
world
Bank;
Most nations
assets
as
liquid
finance
permit
7.
Milhau,
official foreign exchange reserves
in the form of deposits with the
omic policy.
will
De
would then hold the bulk of their
international
that
W.
Manhattan
posits in the Fund.
pattern of recent events, when
we
of
Chase
John
E.
Government
Puerto
a
merit
But the trouble
which
seated:
of
for
that
thajt, during periods of economic
recession at
Commonwealth
Vice-President,
Bank
the good,
discipline
certain
a
United
$40,000,000
Bonds, Tuesday, March
right,
pound and other foreign
currency balances into the Fund.
de¬
of
be, in a word, a run on the
bank, threatening the country's
to
intensified
George
Senior
Company; The Morgan Guaranty Trust
Company and Ira Haupt & Co., was awarded an
Caesar's wife.
pressures—
by
ment
Trust
role has
a
induced
psychological
often
A
banking group headed by the First Na¬
tional City Bank of New York; The Chase Man¬
hattan Bank; The Chemical Bank New York
as
country fulfilling such
together,
diplomacy and patient negotiation.
the
British
long time ago, the re¬
sponsibility of being a reserve
maneuver
military and economic, with¬
genuine
the
as
n
a
Euro¬
commitments,
undue
role
modest'
more
a
needs
recov¬
propsed
that,
payments
on
industrial society,
nations of the West should be able
to
meet
all
their
of
.The
similar
a
sterling .balances,-air
But,
covered
inter¬
our,
system.
tion
picture
whole
and
out
play
now
scale.
through organizations like NATO
both
>
Large reserves such as those we
have-described are essential to the
ern,
of
ravages
changed, and it is time for
look
$12 bil-
some
dollar
time when
a
serious
a
shortage, and when Western
pean
dollar,
as V
-
considered
reserves,
are
immediately ";
redeemable into gold, j
V
\
a
;
,
sometimes
in
common
our
allocation of mutual costs for de¬
fense was set, for the most part,
in
are
bank
sound
only
facilities
we
them* representing central,
volve
be
'
central-'
a
these
.
be
gold. Indeed,
as
measures,
would
United
States, JnA the, form of bank de¬
posits, Treasury bills and^otherg
Germany. The issues at stake in¬
not
who-
for this
sound, conservative economic life,
interest?
The
-
pound sterling as a store of value
accumulated and held by nations
such
a
as
mutual
our
fill
large
to replace the
a
can
forces;
manpower and,
vital
na¬
support
German railroads, tele¬
use
graph,
in
German
in
to
come
postwar years. To
though
more
progress,
however,
be possible with regard to
should
Win Puerto Rico Bond Issue
people
many
.
Germany's
25
specialists, in
realize
the
(1093)
the Dollar
on
whether
not
are
matters
of
cause
Burden
doubt
I
Chronicle
for
effective
more
help
—
making only moderate changes in
its
rules
and
This
procedures.
not provide the ultimate an¬
swer, but it would go a long way
toward
meeting
the a immediate
may
dilemma.
line
In
with
this
proposal, the
United States itself might do well
to contemplate borrowing freely
from the Fund at an appropriate
moment. Under existing rules, we
have a theoretical capacity to bor¬
row as much as $51/2 .billion
I use
the
term
"theoretical," because
the
Fund
at
this stage doesn't
the equivalent of $5^ bil¬
posses
lion
the
of
United
the
And,
of
really
much
no
would require.
$5%
as
routine matter for
why
Fund
the
to
go
we
as
much
as
as
There is
billion.
however,
reason,
shouldn't
borrow
to
us
would
one
no
course,
expect
currencies
of
types
States
as
$1
paid into the Fund.
it
borrowing
a
a
would
carry
should
no
arouse
concern.
At
the
same
tainly would hope and expect that
use
currencies other than the dol¬
the
lar in
price
reason
gold
of
and
for such
seeable
to write
future.
a
not
is
earthly
no
step in the fore¬
Yet
one
hesitates
blank check for future
generations
pletely in
a
be
would
there
on
our
a
matter not
own
com¬
control.
Much that the Triffin Plan calls
which
surplus.
It
making
British
they
new
For
have
might
to
borrow
in
borrow
if
the
again,
marks
rather than in dollars.
If
the
dollar
will
Fund
is
to
buttress
a
flexibility
with
a
lot of
sense.
greater degree
the Fund, and
a
for
better position to deal
a
emergencies.
One
over
these
riding " conclusion
-
from any consideration of
emerges
twin
of
ance
member
running, a
very
simple
problems
payments
of
the
and
the
bal¬
gold
outflow; that is the need not only
for discipline
at home, but for
understanding
and
co-operation
from
other
those
of
peoples,
the
West.
particularly
The
United
States would find it very difficult
to erase the deficit in its foreign
by acting alone—espe¬
cially where heavy commitments
for mutual defense and aid
volved.
the
By
to realize
we are
same
restraint
and
if
stability in world
mutual
arrangements,
currency
in¬
are
token,
co-ordinated
action
imperative
are
For this reason,
Dillon's
belief
I share Douglas
the great im¬
OECD,
the
newly
proposed Organization for Eco¬
nomic Co-operation and Develop¬
ment. In OECD, as well as NATO,
portance
of
have
we
forums
these matters
politics
in
can
where burdens
There
a
to
is
of
our
be shared.
here, then, than
payments deficit
matters
wisdom,
of
many
be
can
more
gold outflow or
challenge us.
These
where
faced, where
be co-ordinated, and
can
challenge
our
patience,
common
and the
purpose binding
all free peoples.
We
treat.
We
For
can
no
We
never
can
respond
For isolation
never
means
a
re¬
respond by panic.
strength is born of fear.
can
respond only by acting
—ourselves and with
in
by
evasion.
manner
both
our
allies—
mature
and
imaginative, to show the world the
capacity of free nations to think
anew
and to act together.
the
against extreme swings, it
need to have
is
assure
put it in
loans to deficit
example,
This
would
of
time, the Fund ought to
countries.:
curren¬
of
are
proposal that makes
small service charge, and
holdings were concerned. We cer¬
raised,
currencies
countries
sense
only
other
matically
ly the amount of gold which the
Such
of
Bernstein, former Director of Re¬
search of the Fund, that the Fund
be given the right to borrow auto¬
a
billion, since that is approximate¬
United States
supplies
cies. It has been proposed by E. M.
payments
Fund
Monetary
From
Borrow
larger
at its command
♦An
the
T
address
Econcmic
1 Qfil
by Mr. Rockefeller befcre
of New York, March
Club
'
26
(1094)
The Commercial and Financial Chronicle
Indications of Current
The following statistical tabulations
latest week
Business
Activity
week
Latest
IRON
AMERICAN
operations
cent capacity)
(per
month ended
or
Previous
Week
STEEL INSTITUTES
AND
steel
Indicated
Week
Mar. 12
Month
Steel
oil
Crude
42
(net tons)_
to
(bbls.
ALUMINUM
f
Residual
Feb.
oil
(bbls.)
output
8,447,000
8,401,000
8,108,000
28,794,000
28,689,000
29,480,000
28,633,000
24
2,764.000
2,917,000
3,113,000
2,032.000
24
15,725,000
15,935,000
15,001,000
13,188,000
7,207,460
7,166,910
7,197,910
7,294,760
.,r
6,170,000
6,676,000
6,980,000
218,003.000
209,954,000
215,623,000
Feb.
24
23,805,000
23,944;000
28,375,000
21,878,000
Feb.
24
96,716,000
97,329,000
115,571,000
108,815,000
Feb.
24
43,147,000
42,777,000
44,391,000
45,299,000
freight loaded (number of cara)
Feb.'25
freight received from connections (no. of cars)—Feb 25
Revenue
468,482
502,334
476,403
55$,882
Revenue
475,059
492,804
445,210
V 526,608
at
(bbls.) at
AMERICAN
OF
ENGINEERING
U.
CIVIL
Bituminous
(U. S.
coal
Total
$397,200,000
$346,400,000
$505,600,000
244,600,000
225,100,000
176,700,000
266,200,000
STORE
SALES
2
161,000,000
172,100,000
169,700,000
239,400,000
2.
117,400,000
145,200,000
148,100,000
202,200,000
2
43,600,000
27,000,000
21,600,000
37,200,000
output
FAILURES
6,575,000
*7,330,000
7,025.000
BRADSTREET,
100—
25
445,000
430,000
419,000
25
122
115
103
14,226,000
14,239,000
15,072,000
steel
INC
14,370,000
Pig iron
(per gross
steel
Scrap
Mar.
2
408
27
6.196c
Feb.
27
$66.44
Feb.
.—.
27
$34.50
:
|." 348
363
ton).
,
6.196c
•
-
$66.44
S66.44
$31.83
Electrolytic copper—
Domestic
Export
Lead
(New York)
at
Mar.
28.600c
28.600c
28.600c
32.725c
Mar.
27.650c
27.475c
27.725c
31.275c
Mar.
at
11.000c
11.000c
11.000c
(St. Louis)
Zinc
Mar.
10.300c
10.800c
10.800c
Mar.
12.000c
12.000c
12.000c
13.500c
(East St.
Straits
Louis)
tin
(New
MOODY'S BOND
S.
at
Mar.
(primary pig, 99.5% ) at
at
York)
PRICES
Government
11.500c
—.Mar.
Mar.
11.500c
11.500c
26.000c
"26.000c
101.625c
7
101.625c
89.23
38.96
-
•
101.875c
corporate
Mar.
Aaa
•
7
83.13
88.13
87.32
92.79
91.77
84.17
U.
7
88.27
90.91
90.77
89.92
86.38
87.59
87.45
86.91
83.66
of
A.
7
81.90
81.90
81.29
78.66
Mar.
7
84.31
84.81
84.55
81.90
—
S.
Government
Average
corporate-
pounds)™
of
&
M.
Aa
months,
84.17
86.38
7
3.65
3.63
3.71
4.05
§§Prime
4.55
4.55
4.61
4.85
ttLondon,
prompt
4.22
4.22
4.29
4.54
ttLondon,
three
4.63
Silver
Zinc—
long
Mar.
Railroad
Public
Utilities
Group—
Group
_
_
Orders
PAPERBOARD
received
_
Percentage
of
_.
AND
Silver,
New
Silver,
London* ! per
7
4.30
4.80
4.82
7
4.44
4.46
4.53
period
.
4.41
4.48
7
367.8
367.3
362.3
purchases
Feb.
_
297.119
310.323
308.026
37
90
91
389,973
lINew
307,798
298,124
399,320
25
282.504
305.151
25
Other
388,200
Mar.
3
110.80
110.97
110.66
*•'
'!'
,
99%
■
110.77
Other
on
the
277,650
1,764,990
10
3,388,940
3,657,110
3,377,080
2,042,640
10
530,340
427,730
437,000
397,150
10
53.700
74,800
45,600
34,700
10
405,830
396,000
431.520
340,700
459,530
470,800
477,120
375,400
Total
Market
value
954,752
1,060.020
983.460
704,910
Market
value
10
10
.
2,043,210
10
178,250
251,360
132,220
10
1,011,174
1,096,680
1,064.580
10
1,189,424
1,348,540
1,196,800
Total round-lot transactions for account of members—
Total purchases^
Feb.
Sales
5,061,690
1,157,470
5,037,894
5,476,450
dealers
(customers*
other
total
■
5,051,000
1
Cash
1,007.080
10
:
-549.520
2,875,600
Stocks
3,425,120
2,409,760
$138,631,125
$118,129,733
,
sales)—
Feb.
10
2,493,142
2,502,156
2,160,538
10
11,241
11,576
14,059
18,227
10
2,481,901
2,490,580
2,146,479
$116,733,341
$118,594,515
$103,199,337
oT shares"
THE N. Y.
Short
Other
Sales
Farm
.
537,830
274,810
77L270
686,100
587~830
Other
274~810
631,940
912,700
836,310
733,960
foods
*"
-
1.066,960
10
22,782,180
24,159,030
22,149,040
23,955,940
25,485,600
23,216,000
-
.
-
II
All commodities other than farm and fooda__
28
Feb.
~
___
28
Feb. 28
*119.8
83.5
89.3
109.9,.
-
96.9
■
"**128.1
119.4
90.5
,
109.9
96.7j
128.2 % ^
120.0.
..
109.7
87.7
.
''
93.0
'
128.2
106.7
94.6
''
on
$3,33Q,000
not reported since
freight from East
introduction of Monthly investment Plan." JPriine Western Zinc
St.
Louis
exceeds one-half
cent
a
pound
$1.40000
V
$1.50000
$1.75000
.
$3,317,000
77,000
-
S
**95,000
•
'•$3,333,000
"
%366.000
-390,000'
1,269,000
%
1.135,000
-
107,980,508
108,256,818-
326,598.425
306.967,079
S.
Govt,
issues
670,000
collateral
OF
134.00.0'
■
:
413,000
balances
«
.$—363,000
825,000 r-
••
'
'2,069,000
998.000
,106.287,439
/ 287,976.727
2,334,000/
J
2:357,000
MINES)—
(barrels)
month
.31,449,000
32,931,'000
,—;
(barrels)
31,130,000'
,
*,
33,601,000
-
'%32\282.0Q0
GlyjlS^OOO
28,725,000
30,509,000
87
89
89
$731,516,764
$756,526,848
$845,662,161
613,594,319
cent)
(per
603,416,822
654,579,411
75,873,631
i
ROADS
23,913,000
(AS¬
'
ITEMS
OF
U.
34,288,798
88,788.597
47,011,817
,
53,000,000
CLASS
S.
76.587.943'
34,000,000
h
94,000,000
I
/
income
,
income
Federal
:
deductions
available
for
from
fixed
after
income-
,69,400,931
charges^-
:
37,912,696
5,017,914'
90.130,025
'31.407,412
58.722,613
__
76.367,702
•
31,501.082
44.866,620
3,979,101
3,905,850
*
33,933,595
54,816,763
40,652.663
& structure & equipment)
52,801,646
52,805,062
51,699,943
.
.
taxes
:
4,213,957
«
11,884,823
23,026,322
13,221,464
58,266,63-7
33,885,741:-;
75,973,373
appropriations:
common
stock
i.
1
'
preferred
of
25,121,239
81,385,616
5,627,642'
31,488,235
fixed
$56,264,377
25,975,729
95,757,667
^
5,763,398
charges-
_—
(way
$69,781,938
28,152,514
-75,164,329
;_—
charges
income
Dividend
$47,011,815
—
—.
deductions
On
■
RRs.)—Month
November:
of
stock
income
to
4,213,263
fixed
charges——
1,407,755:
2.20
2.87'
6,983,307
*
*
:
-2.42
"a-.-,
;
"
>
96%
end
*Revised figure..
of
primary,
ol 1957-.
.
where- freight
0,,M<,ReiSi!d flxUle' ,+Number of orders
delivered basis at centers where
$2 25
'
-
$1.50000
•:
:
Feb.
__
:
bonds
(BUREAU
mills
of
income
On
28
'.
(Interstate Commerce Commission)—
fixed
Ratio
119.8
•
$82,000
$1.6000b
$1.50000
.
Feb.
IIII
777,960
' *
■
■
;
$1.50000
SI.60000
(barrels)
from
Depreciation
13,810,920
28
74.000c
$2.25
$82,000
October:
INCOME
Income
3,032,960
10
~ ~~~~
^
'. Meats
■
'
•'
shares
listed
U.
end
Income
1,326,570
26.000c
'
credit
other
Miscellaneous
Other
Feb.
•
listed
of
of
income
Total
1,173,760
;;
products———
$2.25
$1.50000
—
;
in U.
banks
free
railway operating
Total
Feb!
~~Feb
""*
sales.^
Processed
,,
10
686,100
10
PRICES, NEW SERIES —U; S. DEPT. OF
LABOR —(1947=49=100): <
Commodity Group— ■- • • •
.
10
771,270
Feb.
commodities.
in
and
on
used
Month
STOCK
WHOLESALE
All
lots)
-
•.
74.000c
accounts—
on
December:
Net
sales
ton
28.100c
23.250c
.
$82,000
.___
balances
borrowings
at
RYS.
10
II Feb.
IIII Feb.
29.500c
26.000c
74.000c
expenses.
-
,
Total
debit
net
borrowings
of
SELECTED
EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
FOR ACCOUNT OF
MEMBERS (SHARES):
•
%
revenues
Net
10
29.000c
23.250c
to customers—,
operating
$62,103,373
Feb.
32.590c
29.000c
29.500c
omitted):
operating
1,276,116
10
Feb.
32.590c
26.000c
lb.)
railway operating before charges
Net income after charges
(estimated).
1,294,343
peb.
dealers—Number
(per
Net
III—III
Total round-lot sales—
32.590c
$83,323,951
-Feb.
ON
$35,000
$212,211
29.500c
.'
Total
1,760,240
$118,942,380
Feb.
SALES
$35,000
53,734,603
of
10
—
TOTAL ROUND-LOT STOCK
; "
$209,000
—
pound)
Total
sales
purchases by
101.000c
29.000c
SOCIATION OF AMERICAN
>
2,699,047
Sales
Round-lot
79.500d
$2.80329
100.408c
__
RAILROADS EARNINGS CLASS I
2,363,116
sales.
:
pound)
delivered
(per
CEMENT
Capacity
10
value
sales
:'*•:91.375c
91.375c
79.375d
•>
customers'
Shipments
0
-
Other
of
Production
3,145,270
-
hand
on
PORTLAND
COMMISSION
Round-lot sales by dealers—
Number of shares—Total sales
Short
£88.920
'
$2.80641
$35,000
carrying margin
extended
Member
II Feb.
by
£78.452
£88.857
EXCHANGE—
customers'
Credit
Member
Feb.
of- orders—Customers'
Customers' short sales_.
13.500c
-t:
$2C8.056
pounds)
pound)
(000's
31
firms
Total
purchases)—t'
value__
Customers'
,
4,263,240
shares
purchases
13.000c
<
12.029c
101.042c
lots)
grade
STOCK
Jan.
769,910
787.760
4,318,980
Feb.
Number
of
As
237,170
v
.
4,528,050
939,390
4,098.504
•TOCK TRANSACTIONS FOR ODD-LOT
ACCOUNT OF ODDLOT DEALERS AND SPECIALISTS ON N. Y. STOCK
Dollar
4,904,732
10
10
sales
Dollar
10
Feb.
.Feb.
—SECURITIES EXCHANGE
97%
YORK
Month
sales
Odd-lot
Cobalt,
NEW
floor—
(customers'
•
11.529c
'
Feb.
by dealers
£73.774
79.625d
pound)
(per
small
609,940
2,767,140
3,107,590
Feb.
of
pound,
830,810
2,826,300
3,573,940
Feb.
EXCHANGE
£73.863
:
.£79.140
•91.375c
pound)
pound,
707,440
Sales
Number
(Per
(per
2,681,500
3,419,640
sales
Odd-lot sales
11.800c
%
$2.79991
76
of
(per
refined
10
Member
sales
Total
"•
£81.966
ton)
pound)
(per
10
Other
Other
long
weighted avge.
primary pig export
10
•
purchases
Short
"
12.000c
£82.763
—
Cadmium
Short
Total
grade
Platinum,
Feb.
initiated
£64.920
11.500c
♦♦Nickel
Bismuth
Feb.
transactions
;£66.3C0
12.000c
£63.798
pound)
ingot
Feb.
'
floor—
!
—__
sales
Total
grade
Feb.
the
£245.875
Aluminum—
Feb.
off
/;'-£263.369
.
10.800c
£65.334
ounce)
(per
(per
Feb.
Other sales
Total
boxed
Feb.
initiated
Sales
.MO.800c
price)
S.
boxed
bulk
Feb.
:
purchases.
Short
York,
Laredo,
441,069
INDEX—
7
:
transactions
Total
11.000c
31,994c
—
,
"
ounce)
flask
(per
99%
;
sales
(per
U.
ounce
Laredo,
'
•'
_
sales
Total
(per
Quicksilver
Feb.
,
Sales,
Other
,
York
Gold
370.6
TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Short
£220.637
11.000c
:
ton)
(per
4.68
%
ROUND-LOT
Total
£224.550
ton—„'
32.976c
26.746c
£220.030
Antimony—
PRICE
...
—
29.057c
.
v.
(per
long
4.85
314,694
REPORTER
100
=
of
:.
.
pound)
Sterling Exchange (check)
Tin, New York Straits
5.03
e.;
39
end
at
28.600c
27.040c
"
_
DRUG
AVERAGE
4.89
5.30
_Feb.
(tons)
68,550
Sterling Exchange—
4.64
5.03
—
activity.
Unfilled orders
194?)
and
4.60
5.03
-
_
(tons)
PAINT
4.42
4.59
5.03
ASSOCIATION:
(tons)
Production
OIL,
4.36
7
7
4.41
-
...
MOODY'S COMMODITY INDEX
NATIONAL
4.35
•
months
Mar.
Group
Industrials
7
102,829
'
139/272'
;
(per
Mar.
_
86,491
91,163
.
£223.619
long
(per
delivered
Mar.
._
__
76,334
.
•
—______
pound)
(per
Mar.
_
99,794
ton)
(per
'
-
Louis
Western,
Mar.
_
_
,v
152,211
(tons
pound)—
pound).
York
88.09
_
_
$664;000
QUOTATIONS)—
(per
London
"
New
88.40
_
A
Baa
J.
(per
89.37
7
*111,777
144,697
___
pounds)—_.
2.000
prompt
90.C6
Mar.-
' $1,252,000
108,515:
pounds)
(per
90.06
Aaa
$1,404,000 ;
January:
144/132
(E.
89.64
—
of
A.—
..V'■-
St.
4,672,202
:
!Mar.
_
omitted)—.
S.
stocks at end of period
7
East
4,706,550'
YORK—
NEW
Month
U.
2,000
(tons
7;
-
OF
(000's
in
2,000
Mar.
Bonds
(net tons)
6,163,300
6,070,900
'1 92,400
50.610
;
OUTSTANDING—FED¬
_
U.
51,825
4,757,579
—
Common, East St. Louis
(per pound);
ft London-, prompt ,(per long ton)
ttThree months, London (per long ton)
MOODY'S BOND YIELD DAILY AVERAGES:
*3:537,680
*3,487,070
3,376,*725
4__.
BANK
of
Mar.
-
3,428,550
refinery
Common,
Mar.
.2
_
,
tons)
31
Lead—
7
Utilities Group
Industrials Group
5
118,000
352
tons)
refinery
t+Three
7
Public
42,146
8,817
tons)
pounds)
t+London
Mar.
_
Group
S.
Export
Mar.
r~
A
110,590
40,013
505,000
fabricators—
copper
92.79
Aa
152,741
126,640
tons)
tons)
(net
(tons
to
2,000
-n^T^-Mar.
.
Railroad
(tons
Copper—
84.79
175,828
78.122
31,888
(net
:
PAPER
February:/
100.750c
88.69
235,000
110,010
.
America
INSTITUTE—For
"
"
641,000
-
■
tons)
(net
METAL PRICES
"
Average
(net
coke
Domestic
Mar.
779,000
623,000
525,000
._
OF MINES)—
(net
(net
January
of
In
DAILY AVERAGES:
Bonds
876,000
88,000
____
tons)
RESERVE
of
26.000c
$1,402,000
785,000
613,000
tons)
America
coke
Refined
13.000c
26.000c
~
747,000
•
__
(BUREAU OF MINES)—Month of Dec.:
Refined
•11.800c
at
li
.„
-
Central
(net
(net
Delivered
12.000c
at
Aluminum
U.
at
(delivered)
Lead
tZinc
Asia
Crude
refinery
refinery
South
COPPER
-
$1,661,000
of
___
Europe
Copper production
-
77,440
176,157
of Pennsylvania anthracite (net
and
As
$34.50
62,346
65,183
190,288
EN¬
—
Month
—
r_
(BUREAU
ERAL
$66.41
$33.50
;
63,005
68,980
$1,360,000
RECORD
Oven coke stocks at end of month
6.196c
M. J. QUOTATIONS):
(E. &
60,841
182,149
(tons).
municipal
exports
North
Oven
299
of
December:
COMMERCIAL
6.196c
(tons
■
of
Beehive
Feb.
:
(per gross ton)
METAL PRICES
and
Production
A
lb.)
(per
S.
COKE
DUN
NEWS
Undesignated
110
4
grades
construction
To
370,000
Feb.
INDUSTRIAL)
4,915,536
pounds)™
CONSTRUCTION
construction
To
IRON AGE COMPOSITE PRICES:
Finished
U.
8,496,000
Mar.
AND
4,818,280
344
construction
To
25
Feb.
(in 000 kwh.)
(COMMERCIAL
111,638
(000's omitted):
S.
To
Feb.
=
all
period
tons)
ELECTRIC INSTITUTE:
Electric
U.
Month
INDEX—FEDERAL RESERVE
AVERAGE
162,996
i=—
of
COAL EXPORTS
OF MINES):
lignite
SYSTEM—1947-49
EDISON
$405,600,000
2
Mar.
and
by
Federal
2
—Mar.
BUREAU
transport
output
ENGINEERING
Private
Mar.
(tons)
Pennsylvania anthracite (tons)
DEPARTMENT
end
at
February
Mar.
municipal
freight
(tons of 2,000
State
Federal
COAL OUTPUT
161,208
257,061
Dec.
of
INSTITUTE, INC.—Month of
GINEERING
Mar.
and
165,504
259,511
4,354,528
end
tons) —
smelter
Public
construction
State
(in
zinc
Stocks
CONSTRUCTION—ENGINEERING
construction
Public
Ago
December
of
(short tons)
2,000 pounds)
RAILROADS:
construction
S.
Private
tons)—Month
general
Shipments
NEWS-RECORD:
Total
Year
Month
Month of December:
Slab
?•
Kerosene
ASSOCIATION
Previous
MINES):
November:
6,933,000
Residual fuel oil
short
OF
primary aluminum in the U. S.
AMERICAN ZINC
221,098,000
pipe lines—
gasoline (bbls.) at
(bbls.) at
Distillate fuel oil (bbls.)
of
carriers
24
unfinished
and
(BUREAU
Intercity
24
Finished
r
(in
—Feb.
Stocks at refineries, bulk terminals, in transit, In
CIVIL
8,376.000
24
Feb.
(bbls.).
24
Feb.
(bbls.)
average
24
Feb.
Feb.
oil output
fuel
2,654,000
Feb!
stills—daily
of that date:
AMERICAN TRUCKING ASSOCIATION, INC.—
output (bbls.)
Kerosene output (bbls.)
fuel
1,524,000
1,582,000
of
Gasoline
Distillate
1,580,000
as
Latest
91.1
Stocks of aluminum
output—daily average
each)
runs
Mar. 12
either for the
are
Month
Ago
52.0
INSTITUTE:
condensate
and
gallons
Crude
castings
PETROLEUM
production and other figures for the
cover
Dates shown in first column
Production
ingots and
Thursday, M^rch 9, 1961
that date, or, in cases of quotations, are
on
Equivalent to—
AMERICAN
.
Year
Ago
54.0
54.0
month available.
or
.
.
included.
session
of
tEstimated totals based
95%
of
secondary
liDomestic five tons
from- East
S."
ttAverage of daily
Lohdon
Metal
or
Louis
mean
tin
on
reports fronv companies-accountingK.fOr
consumption in-1957 and
more
but less
exceeds
0.5cv
•**F:d^
Fort
and bid and ask. quotations
Exchange,
"
97%feofr'.total istocks-
thair carloaid-lot
*
•
"
boxed.'
§1?D«liviered-
Colbtfriie^'U;
per
S/^dtity
lohg ton at morning
:
Volume
Number
193
6036
.
.
.
The Commercial and Financial Chronicle
STATE OF TRADE AND INDUSTRY
Continued from page 5
Instead, and effective Jan. 1, 1961,
*
the output, figures are given as
an index of production based on
15 to 20% lower than in January,
coverage weekly production for
with no improvement expected in
1957-59.
March.
The revised method of reportTo make matters worse, auto]n£ presents the following data: makers are still trying to adjust
Production for week ending
their steel inventories. They are March 4, 1961, was 1,580,000 tons
at this time. One mill's
February automotive tonnage was
sight
in
t
(*84.8%), previous week's output
1,582,000 tons (*84.9%).
,*
Production this year through
have placed some automakers in
March 4, amounted to 13,568,000
a long position on steel stocks.
tons (80.9%), or 44.1% below the
February
production
of
cars
24,265,000 .tons (144.7%) in the
was about 400,000. March producperiod through March 4, 1960.
exception to the rule that in-
the
cutbacks are at an end.
Cutbacks in production schedules
ventory
-
■
is
tion
the
at
Jfe-1" ''
couple of weeks ago.
For
steel
automotive
some
buying
for
the
just about
year has
in terms
divisions,
1961
concludes
^
1
-
with
North
East Coast—
88
in
ferrous and nonferrous metals
convincing
producers
they
are
Steelmakers
keep
from
production
customers
on
gradually
a
year,
output
week
but
in
every
not
are
mounting
When they
using steel at a faster rate,
there will be £t» immediate impact
start
1
for
84.8
New
major metals,
particu-
larly aluminum, is also improving.
If strength in copper sales continues, it may indicate the direction the economy is taking. The
on
average
'
metal
is
used
by
broad
a
cross
Car
section of industry.
Bellwether
s
*
continuing
posit price on
steelmaking
prices
scrap
to
are
Steel's comNo. 1 heavy melting
scrap
is
at
the
rise.
in over a year. It
jumped $1,67 to $35.67 a gross ton
last week. Copper
scrap
prices
/are also gaining.
•
Look for gradual acceleration in
steelmaking as spring approaches,
says
the magazine. Buying will
increase slowly as milder weather
spurs construction, railroad trackhighest
■
v
*
'
*
level
^
eraBy apparent. Close-out of
?everal sales contests was a factor
.
.
?e010an ,C service said the
Feb. 21-29 sales rise would serve
-n,
balance^out market weaknessess
earher }n the m™th> bringing entire February daily rate of sales
abreast of the entire January
teyel.
Whether the recent improvement in the auto market signals
the beginning of a progressive
and continuing upturn can not be
pinned down at this time? Ward s
.
1.560,000 ingot tons that Steel estiturned out in the week
was
ended March 4.
consecutive
(It
week
the fourth
in which ingot
was
production topped the 1.5 million
ton
level, highest since October.)
Output
March 4
the
in
was
ended
week
down 1.4%
from the
preceding week (largest output in
any
week since the one ended
June
25,
does
not
reflect
in over-all
back
in
resulted
the decline
weakening
demand. A sharp cutBut
1960).
the
when
"^ber of plants " for ad_
justment of dealer tnve tones.
one
district
steelmaker
banked furnaces to revamp finish-
ing facilities.
Week Ended March 4
As
page
announced (see
issue Dec. 22) the
26 of
our
in
U.
S.
Ward's
estimated by
and 19,515 trucks
this week following 100,331- and
21,400, respectively last week,
In the same week of 1960 some
138,513 cars and 28,149 trucks
cars
assembled in U. S. plants,
Ward's estimated Feb. 29 new
car inventories to be parallel to
the 1,027,000 Jan. 31 level,
were
^
.
_
Freight Car Loadings 15.4%
Lower Than in 1960 Week
Loading of revenue freight in
the week ended Feb. 25, 1961,
totaled 468,482 cars, the Associa¬
American
of
nounced.
This
was
Railroads ana decrease
of
15.4% below the
corresponding week in 1960, and
a
decrease
of
106,852 cars
or
85,400
previously
was
at 92,530
tion
Steel Production Data for the
production
Vehicle
plants
any
Youngstown
cars
or
the
corresponding
American Iron and Steel Institute
18.6%
has
week in 1959.
Loadings in the week of Feb.
25, which included the Washing-
materially changed its weekly
report on the steel industry operations.
The
revised
formula
no
below
Holiday, were 33,852
longer relates production- totals as
a percentage of the industry's op-
ton Birthday
on the Jan. 1,
1960, over-all productive capacity.
week.
There were 10,028 cars reported
erating rate based
class
cars
or
in
I
totaled
874
current
cars
or
cars
corresponding
There
1959.
U.
ignating
56
were
railroad systems or-
S.
this
type traffic in the
compared with 51
.week
one
year ago and 45 in the
ponding week in 1959.
level
far
so
Tin March 7 it dipped
$6.07
from
the
week
year.
to
3.9%
up
from
the
$5.84
corresponding date
Commodities
wholesale
corn,
and
were
the
week
in
were
milk,
in price
Lower
The
Dun
Wholesale
&
6.7% below the preceding
trade
Price
total of the price
sum
pound
of
5.5% From I960 Week
and
meats
a
ended
tonnage
in
the
the
Feb.
25,
5.5%
was
corresponding week of
the ^American
Trucking
31
is
this
level.
Rises Into
March
3, when it stood at 270.19
(1930-32 = 100). In addition, this
was
the highest since the 270.48
of
July
13,
1960. On
Monday,
week-
March
the ATA De¬
report
at
terminals
truck
carriers
mon
The
handled
of
general
269.67
re¬
Lumber
United
prior
freight
board
feet
the
in
feet
in
in
the
by
ended
dropped
with 196,718,000
previous week,
but
of
feet
board
for
Feb. 25,
Feb. 18,
the
195,463
stocks
1%
Lower
K
of
amount
The
distributed
electric
energy
the electric light
and power industry for the week
ended Saturday, March 4, was es¬
timated
at
14,226,000,000
kwh.,
1960
levels
percentages*
Middle Atlantic +8 to +12; West
North
Central1 +5
to
+4
to
+9;'. South
East North
+8;
and Mountain
South
New
England —2
b
1
to
Pacific
+2;
+1;. East South Cen¬
tral —6 to —2..
"s
+2 to +6;
+3;
Central ,—1 ,to
Coast —3 to
.V
t.
„
*
■'
w-
.
'
>"•'/'
*
Nationwide Department Store
Sales Up 11% From 1960 Week
Department
store
sales
on
a
prices
reduced in some mar¬
were
be made
taken from
as
for the week ended Feb. 25, 1961,
showed an increase of 11% above
the like period
week
7%
end
gain
last year. For the
Feb.
18,
reported.
was
weeks
ended
Feb.
an
the
18, 1961
four
2%
a
was
Systefn,
serve
in
sales
week
New
ended
York
increase
riod
last
Federal
City
the
In
year.
week ended Feb.
the
18
store
same
Feb.
while
showed
same
For the four weeks
25
2%
increase
the
a
above
Jan.
an
pe¬
preceding
sales
increase of 23% from the
ended
the
for
showed
25
over
week in 1960.
Re¬
department
Feb.
18%
an
increase of
For
reported.
According to the
1960
to
1
Feb.
was
period,
25
2%
a
decrease occurred.
sales
soon
IBA Announces
Adv. Contest
WASHINGTON, D.C.—A national
Advertising and Sales Promotion
Contest is being conducted by the
Investment Bankers Association to
give recognition to those members
who develop the most outstanding
advertisements and sales promo¬
tion
ideas
securities,
in
selling municipal
according to an an¬
nouncement by George A. New¬
ton, G. H. Walker & Co., St. Louis,
President of the Association.
is
This
initial step of a program de¬
an
signed to broaden the market for
expected municipal securities sponsored by
are
to Pakistan, In¬
the Special Committee for Public
by
Education
Sugar trading slackened during
the week and prices finished the
week fractionally below a week
The Committee recognizes the vi¬
tal role that advertising and pro¬
earlier.
greater
A
in
curred
decrease
oc¬
prices, despite
slight
coffee
Despite
steady trading.
slight
a
motion
in
play
can
public
stimulating
interest
in
state
ments
as
the
investment media.
week, cocoa
rise at the end of the
prices finished moderately on the
down side; cocoa trading for the
week was close to the prior pe¬
to
week's total of 14,239,000,000 kwh.
Municipal Securities.
of
Institute.
to the Edison Electric
Output was 13,000,000
below that of the previous
on
bonds
according
kwh.
comparable
following
donesia, and India.
1960 Week
in
rye
sizable
kets;
to
Output
Than
light, and sup¬
was
.
161,743
Electric
year
export buy¬
held steady as do¬
mestic
and
export buying was
at
a
sustained
high level and
237,664
197,443
and
this week.
1960
__181,321
the
prices moved up ap¬
preciably
on
improved volume.
Fears of depleted stocks and in¬
creased
export sales of soybean
oil
helped boost soybean prices
in
New orders __198,352
Shipments
domestic
contrast,
253.63*
196,718
as
plies, though not excessive, were
ample; this resulted in a moder¬
ate decline in wheat prices.
In
Feb. 27,
1961
1961
prices,
corn
unchanged from
were
Rice
Production __196,703
in
were
ing of wheat
indicated.
weeks
a
estimates
spot
up
markets
Both
new
figures
the
are
a
preceding week."'
22.6%.
Following
thousands
23.7%,
fractional rise from
was
earlier
prices
Compared
with
1960
levels,
output declined 22.4% and ship¬
rose
corn,
reflected
rye, hides,
and supplies in
light. Trans¬
actions in oats were sluggish and
feet.
ments
the
the
reported
week
most
according to
reports
from
re¬
gional associations. A year ago,
the figure was 253,634,000 board
orders
it
The rise from the
on
trading edged
the
196,703,000
week
ago
cotton.
There
a
totaled
Feb. 25, compared
board
and
production
year
a
primarily
week
higher prices
Volume
States
date
at 272.14.
stood
On the
earlier.
week
com¬
Shipments 23.7% Below
1960
a
was
corresponding
throughout the country.
Lumber
of
receded to
up
from the
index
the
but it
6,
270.17,
more
of
Ground
Bradstreet, Inc., rose to another
new
high for the year on Friday,
findings are based on the
of 34 metropolitan
tonnage
New High
&
survey
Economics.
to
country-wide basis
decrease.
conducted by
areas
the
review
the Federal Reserve Board's index
Washington
by many busi¬
to
under
higher than
general trend of food prices at the
the
contributed
week
6%
wholesale
year.
of
1960
by Dun & Bradstreet,
Regional
estimates
varied
from
the
show
to
similar
collected
foodstuffs
raw
general use. It is
cost-of-living index. Its
function
chief
to
according
ago,
in
not
Inc.
Index rep¬
the
to
in. the
2
was
West
Bradstreet,
Food
per
truck
showed
The total dollar volume of-retail
wheat,
and potatoes.
resents the
Intercity
linens
and
close
barley, beef, Atlantic
cottonseed oil, cocoa, Central
flour,
eggs
mained
Inc.
higher
cheese,
<
hogs.
lard, sugar,
corres¬
this
hams,
rye,
beans
of
year ago.
a
quoted
cost
Intercity Truck Tonnage Down
.
,
mates
the
above
than 400
•
Production this week will prob-
lowest
the
to
0.3%
the corresponding
below
period
flects
said, adding:
Apparently the auto makers did
n°t catch the scent of a sales gain
strong enough or early enough to
forestall assembly plant shutwork, shipbuilding, pipelines, and downs this week.
tcink fciforicstion
In addition to suspension of
Improved demand for the major entire U. S. Chrysler Corp. car
steel
products is most apparent making this week, Ford output
in structurals, with sheets, bars,
was
idled at Loraine
(Ohio),
and plates following in that order.
Chevrolet at Norwood (Ohio) and
Tin plate and galvanized sheets Studebaker - Packard at South
continue in strong demand.
Bend (Ind.) bringing to 10 the
ably be slightly higher than the
47.3%
port
Sales
Automotive Reports on March 3.
,In estimating the: brightturn in
sales Ward's said the final results
to
of
the
appliances,
new
major
cars;
week.
partment of Research and Trans¬
Reported
mJre Saia-
1961
decrease
a
for
period of 1960, but 22,154
weekly
order books
other
1.3%
to-week
would not be known for several
Copper sales have been gaining ^ays
^ut a thorough survey
over the last few weeks. Demand
sh°ws improvement to be §en"
mill
on
68,996 for
or
of
weeks
seven
nesses
™
inventory adjustments
first
loadings
Birthday holiday
88
?1Venew13cS
many* wser^have
Cumulative
apparel,
down
Price
earlier $6.09, which was the prior
1961 low. The current index was
1959 week.
men's
passenger
year-to-year declines. Interest in
draperies and floor coverings re¬
Food
above the
Observance
weekly production for 1957-59.
in
row
a
in
used
27
Index,
compiled by Dun & Bradstreet,
Inc., dipped this week, and it was
Wholesale
The Daily Wholesale Commod¬
ity Price Index, compiled by Dun
industry
Increase
orders
Steel
risen
has
in
week
and
the volume for the previous week
100
""Index of production based
two.
corres¬
third
volume
Low
this
These
Total
the
the
Index
1961
of
~
rising plane in spite of automotive
cutbacks. Since the first of the
decrease of 691
a
below
For
the
Price
New
to
Wholesale Commodity Price Index
108
Western
to
over-all
Food
Again
ponding w^elCoFT960 but an in¬
crease
of
3,205
cars
pr
47.0%
84
_
Southern
getting enough
are
business
_I
II
III
I
IIIIII_II
Cincinnati
gt. Louis
was
6.4%
or
week's
Down
92
II~35'
I
Chicago
passed the low point in the recession
Steel,
the
metalworking
magazine, said on March 6.
new
cars
Wholesale
revenue
Associations,
Inc.,
announced.
Truck tonnage aws 3.1%
behind
71
Detroit
have
more
86
Cleveland
•
or
that
total); This
1960;
69
for
in
below
pit^woV*
in Row
orders
one
week
!
gains
included
Mar. 4, mi
Steel Production Tops 1.5 Million
Continued
loaded with
highway trailers or highway con¬
tainers (piggyback) in the week
ended Feb. 18, 1961 (which were
weJkEndin0/
course
of major steel buys.
Tons for Fourth Week
Institute
Index of Ingot Production by
District, for week ended March 4,
1961, as follows:
*index of ingot
model
its
run
The
about
figure, although a 450,had been predicted a
level
000
scheduled
now
same
(1095)
and
local
govern¬
The first annual contest is open
entries used from September,
1960 through September, 1961, ac¬
cording to Walter H. Steel, Drexel
and
144,000,000 kwh,,
riod.
& Co., New
low
that
trading moved up at
the
week
end,
prices on hogs
were
down moderately from the
of the Special Committee. Contest
Week".
of
;
the
or 1%, be¬
comparable 1960
~~
Business Failures at New Postwar
High
Commercial and industrial fail¬
climbed
ures
to
March
ended
2
408
in
from
the
348
week
in
the
preceding week, reported Dun &
Inc. At a new post¬
casualties
exceeded
considerably
the
299
occurring
last year and the 288 in 1959. As
well, the toll turned up steeply
from the prewar level of 254 in
Bradstreet,
high,
war
the
similar
Failures
$5,000
300
a
week
of
prices, as transactions were
Sales
dipped
Liabilities
ran
38
from
48above $100,000 for
to
99,800 bales in the week
24, compared with
ended
Feb.
139,700
a
Retail
With
week
earlier.
were
the
preceding week,
even
able
with
week
the
34
in
last year.
but
the
holding
compar¬
Gain Over
consumer
retail
over-all
ended March 1 was
many
than
higher
when
cities
a
occurred
women's
furniture,
and
and
in
moder¬
year
were
with bad weather. Gains
year
buy¬
trade in the
ago,
plagued
from last
purchases
children's
of
aooarel.
food products, but
York, Chairman of the
awards for 1960-1961 will be made
in
three
categories for those
tries which best create
new
tor interest:,
jj
(1)
>j
<■;w
Newspaper
advertising,
,.,
and
en¬
inves¬
%
.
;t
magazine
excluding
original
new-issue
advertisements;
Brochures, mailing pieces,
pamphlets, or other printed liter¬
ature on municipal bonds;
(3) New sales promotion ideas
(2)
initiated, including outstanding
innovations
in
new-issue
adver¬
tising format.
Regional contests
will be
con¬
ducted
simultaneously by each of
throughout the
country.
Winning entries at the
Group level will then compete for
the 17 IBA Groups
awards
pleasant weather in some
ately
Canadian failures
recorded, falling from 59 in
Thirty-four
Shows
1960 Week
stimulating
areas
the
as
week earlier.
Trade
Poor
ing,
week
on
by exporters un¬
1960-61 export program
the
totaled
51 of the businesses
failing during
against 40 a week
prices
cotton
of
small casualties with losses under
$5,000
lower.
the New York
Cotton Exchange moved within a
narrow range this week, but they
finished slightly on the up side.
Cotton
more
in the
year
prior
week;
hog
supplies ex¬
panded somewhat.
There was a
slight dip in prices, on steers,
reflecting lower volume and in¬
creased supplies. A moderate de¬
crease
also
occurred
in
lamb
der
1939.
involving liabilities of
rose to 370 from
previous week and 261
ago. On the other hand,
or
Although
on
the national level and
will be displayed at the Associa¬
tion's Annual Convention in No¬
vember, 1961.
ners
The national win¬
will be announced during the
Convention
and
awards
will
be
presented at one of the open meet¬
ings, said Fred D, Stone, Jr., The
Marine Trust Co. of Western New
York,
Chairman
mittee conducting
of the subcom¬
the contest.
V
^•"•03*^,'
28
The Commercial and Financial Chronicle
(1096)
from
call
coast
to
coast)
I'd
see
SECURITY SALESMAN'S
that they got that information.
>
And last but not least, I would
CORNER
language that I
let
them
People Want From Their Brokers
time
volved
in
have been buy¬
the
during
people
decade.
past
writing
people are prac¬
tically novices as investors. As the
nation has grown, and the rela¬
tively unattractive interest rates
Many
on
of these
the
these
to
has
this
interest
reawakened
stocks
common
has been
And
those
who have started
procured
and
firms
also
been
bilities
faster
through common stock
vestments. Once again we are
look
at
them
it
"Brother,
a
help
I
tell
like
I'd
busy.
am
Just be
them
you.
and
enough
in
week
a
killing
help
two
or
in
this
the
common
is also
vestments. It
make
and
they
offices
all
to
crowds
today
to
on
country,
how to
so
that
fat
his
securities
come
wisely,
and
them constantly. I'd
good
my
profits that
customers
correct
confirmations; execute their orders
the
properly;
wanted
one
it
to
see
their
when
securities
they
delivered
their
to
bank, or mailed to their
home, or kept in safekeeping ac¬
stock
count
catches
that
the
bowling, boating,
public's
forget
and such great
educational
popular
and
tainment
T.V.
and
comes
gets
back
If you
where
"kilt"
is
going to help
tomorrow's winner, you
to
nutty
the
as
Bowie
should
be
hero
on
able
a
the
and
are
and
won
would
be done,
why.
reason
or
balance
accounting
department
about
were
do
information,
When
or
statistical
a
re¬
port, I'd get it for them. If they
wanted
last year
the
be
added
to
knew of
track,
or
special information, and I
someone
in this
(even if it meant
same
a
long distance
It
and
owns
nr.niwi.n
^oiiv
op-
mills, with
X*
nononitv
^
others
of
the
used
are
fabrication
by
container, folding and
and also for many
boxes
set-up
other
products
in
board
oaner
the sale
of
stock
common
consists
today
offered
of:
$2,028,061
in
short-term obligations; $17,816,383
in long-term debt; 740,000 shares
of
stock;
common
shares
the
class
of
and
1,686,700
and
stock.
in
company
year were
B
the
Sales
of
fiscal
1960
approximately $48,680,net earnings were
President and
The
r
t-t
j
.Election
Au
Chairman of
as
as
Treasurer of Riser,
officers
top
new
c5°?fni
of Melville
*
ant
were
£e recent
Cohn, one of
S.
President
as
Riser!
was
Cohn &
founded in
in
gaged
the
1947
since
Shumaker, Inc.
1933
and
has
underwriting
the
distribution of
tax
39
local
and
en-
and
national
Broadway, New York 6, N. Y,
Teletype No. N.Y. 1-5237
space
systems;
control
ample>
at
Budd
by
le
For
ex-
Manufacturing
its
As
(the
STATISTIC)
•
products
has
acceDtance
already
here
Tt
fined wae acceptance nere. it
pas
?
fua coj^ract from du
.
the
for
construction
of
a
computer for
*ucbs bas completed
a Frequency
?esponf Ana}y™ fof testing of
Redback .control systems
This
}tem 18 beinS manufactured under
kcense from Shell Development
Company. It has already been in
USE
i1. American Aviation
.
?nd a* Westinghouse.
being marketed on
a
It is now
national
is
approximately
hopes
com¬
$650,000
close
management
the
Both
the
President
the
have
with
Edward
nance
of
the
company's growth. Neverthe¬
less, in consideration of the ca¬
pabilities
of
the
company's
11
graduate
engineers
of
areas
in
critical
this
country's defense
program, there is every reason to
believe that this dynamic concern
will continue to grow and
prosper
at a rate far in excess of that of
the
whole.
economy as
a
much of its work
with
the
control
With
closely allied
developments in
new
systems
technology,
company
should
vanguard
the
of
ments
in
deavor.
ments
the
As
are
these
the
in
develop¬
industry,
new
accepted
company's
should
remain
promising develop¬
its unique field of en¬
by
sales
and profits
substantially.
increase
The stock is traded in the Over-
the-Counter
Market
and
is
pres¬
ently quoted at about 9.
Chemsol, Inc.
Public
Inc.
9)
Offered
offering
of
200,000
stock
common
of
shares
Chemsol,
is being made today
at
a
price of $3
per
(March
share by
underwriting group managed
by Godfrey, Hamilton, Magnus &
Co., Inc.
an
Headquartered in Elizabeth,
J., Chemsol, Inc. is engaged in
buying, selling and refining of
by-products of the chemical and
N.
the
petrochemical
industries;
in
the
manufacture and sale of lime and
the neutralization and disposal of
chemical and acid wastes; and in
the reprocessing of used thermo¬
plastics resins for extrusion
manufacturers.
Net
from
proceeds
shares
will
be
the
used
sale
to
of
con¬
struct
and equip a kiln plant in
Jersey for the conversion of
New
to
limestone into quicklime, and to
ending July
purchase
additional
equipment
backlog of over $1 mil¬ and
inventory for the reprocessing
lion. Sales and earnings are in a
of
thermoplastic materials.; Bal¬
strong uptrend. In the company's ance of the funds will be used for
a
firs£ fuB fiscal
year,
ending July general
30> 1960j sales am0Unted to $407,~
701 on which a nominal profit of
about $11 000 was realized. In the
current
30>
fiscal
1961>
to
ear
sales
range between
end
Jul
expected
are
to
$750,000 to $1,000,-
000 with net income dependent
For
31,
Nevertheless,
net
earnings
are
expected to show an improvement.
company
js budgeting for
the
fiscal
in¬
purposes,
1960,
year
Oct.
ended
Chemsol, Inc. reported
$1,792,995 and net in¬
net sales of
come
per
on
how much the company amortizes
for
research
and
development,
corporate
cluding working capital.
of
$140,997, equal to 27 cents
share
common
Upon completion of the current
financing,
company
term
capitalization
will consist of
bank
loan
of
715,000 shares of
the
of
a
short
$80,000
common
and
stock.
sales of $1.5 million in fiscal 1962
seem
outstandingly bright.
For
a
small
company>
albeit in
the, |^™r category, Boonshaft
aJJd,
f96Q
000
curreat asset*
V
totate(P$30()
totale<? *3??f
compared with current liabil-
Telephone & Elec.
Common Offered
Equity Securities Co. is offering
52,980 shares of common stock of
Telephone & Electronics Corp.
Holders
are
of
its
common
stock
offered rights to subscribe for
each
of
on
been
and
associated
Pa.—Milton Fine
A.
Per low
have
Building
stock
extremely
speculative at this early stage of
shares for
since
in
ac¬
Pen810n
Eund
shares
record
at
the
rate
five
March
of
shares
7,
three
held,
1961
at
and 256»650 shares of common $5 per share. The offer expires
stocK of which only 108,000 shares Marclj 2U 1961. During and after
~
Associates
offices
efforts.
wide
common
consisted, of $200,000 of deben-
Form Associates Securities
and
a
^ Obviously from the investment
standpoint, the
^urf bcmcis held by Aerojet Gen-
1937, excOpt
for four years of military service
during World War II.
PITTSBURGH,
to
Boonshaft and Fuchs is
has
company
Chairman
new
firm
points
Since
bonds.
exempt
1950
sign
advertising
ucts.
the
backlog of the
and
ceptance of its services and prod¬
of the
these
of
Every
has expanded
company
sales
" Stock
kr?ad<nf \
products of two
marketing
One
its
agencies,
resulted contracts for indus-
trial
ends, the
the
Exchange
formed
Dlgby 4-2370
have
fu_
near
^is background
membership in the Midwest
*
'^*..•
Aiso 0ld
ture
the
in
sev-
ri?er' ^ice-resident & Assist- and future prospects for earnings
Stock
fJUneu si SIEGEL
items
with. military and
30 with
Cohn
&
Shumaker, Inc.
Circle
Tower, has been announced.
with
*r
basis, its systems sales
increase.
the current fiscal year
*
.
other
It
programmers.
expects to be able to release
and
the Board and Gordon K. Cohn
held
t
electronic), and
pany
of Julian A. Riser
January,
'
cators, controllers (pneumatic and
The current
nrnr/iATAnrnTo
and
for Banks, Brokers, Institutions
and
bails*
securities,
including mutual investment funds
QUOTED
a
of„the»r Pr°d!ictl0"
Finally Boonshaft and
over-the-counter
-
pneumatic-hyhigh
pressure
pressure
drop indi-
as:
Debt and capital stock outstand- c?n«nuous statistical
ing at Sept. 30, 1960, adjusted for use on on|.
a
plan of recapitalization and for^ Er0<^fssJfs'
Treasurer; Thelma .A. Minton,
Secretary
and
Josephine
Egan,
SOLD
of
host
a
actuator,
filters
Pont
uses
were Roy
Rodabaugh,
and
Loren
O.
Hodges, Vice-Presidents; Richard
-
draulic
U. S. A.
Its
Other officers elected
BOUGHT
and
abfe°°"sl.^ucds ,has,
States
erates five paper board
R.
NEW
above
United
served
all
listed
costs and time in brake testing.
one
founders of the company, who had
PRIME SOURCE FOR
far, out of the major proj¬
mafulcturerTfn'theTa sh er'n
business,
somewhere else in this country
Fuchs, Inc.,
constructing automatic evalua-
^on equipment for measuring and
Company, a Boonshaft and Fuchs
controi system will greatly reduce
is
and
corrected.
and
ol the
company
f
mi
to
will
ic
^
i
000,
good customers asked me for
my
pick
believed
muddy
it
board machines,
paper
Names Officers
think
you
my
mistakes
the fellow who went
race-track
that the horse that
at
the
balance sheet or
a
its
Kiser, Cohn
villian
the
and
income account, and you
this
as
enter¬
again next week.
look at
of
com-
sPend about
conversion work on
book- $1,904,934.
keeping
messed up
any of my accounts (as is bound
to
happen
in
days
when
the
volume
of
business
is
running
high and orders are flying thick,
and fast) I'd see to it that these
If
"wildwest
as
that
I'd know the
not
us
medium
shorts"
always
an
let
js
Boonshaft
.
eral
good
my
stocks, the next day the cosmetics,
then it's some electronic or drug
fancy,
$1,600 000 for
one
o
who selects and diver¬
reviews
who
send
gathering, the ticker
day it's the vending
are
late;
the
of the
anyone
sifies
1946
over
to
can
some
highs (this is a
Meanwhile, in
brokerage
fact).
you
protect themselves from
today's great risks and also enjoy
stock in¬
still selling
are
their
of crln nnrwC S
principally
look at the record closely you
will find a healthy percentage of
below
a
market,) I'd do it
hold
com-
stock at $15 per share.
Of the net proceeds, the
investments, who know
diversify their holdings
you
stocks that
would
Inc.
mon
board.
fact that if
a
offering today
^
Paper Board Co.
customers who want to buy sound
Nothing
past
made in certain
sell
celebrate."
me
I
decade, it is
true that great fortunes have been
During
^0-
&
was
stocks you can buy today and
Wants Something
For
Noel
which
know
to
to
ya
Lab, Dahlgren,
Weapons
products
,
headed by Van Alstyne,
group
takes
if I could, but if I
you
smart
worry
them
to
it
if
care
24 hours to do it,
as
myself and then I'd invite
Everybody
runs
don't
let
polite
in
long
as
don't
in¬
be¬
worse.
Not
rich
and -who
nation that
has forgotten the excesses of the
twenties, when the elevator boys
and
stenographers were buying
stocks and a man like Andy Mel¬
lon was called an "old fogy" or
ginning to
A
«.
.
,
(March 9) 250,000 shares of Whip-
get
Naval
minor ones, this company has been
able to develop and market such
.
people who want
the stock market,
and
submarine
programs
under realistic loading conditions,
ects
Whippany Paper
pany
of
elec-
hydraulic
and
model for long time fatigue testing
Thus
Stock Marketed
PIECE:
beginning to become
horde
a
to
explaining the possi¬
making money grow
of
THE
here's
free
m
bogged down with trying to serv¬
services have
financial
and
stock
am
Customers
Your
should
combined
A
Dive:
Deep
tronic, pneumatic
system precisely
could
they
ice
The
investment
of
I
that
And
THIS
If you are
financing
millionaires.
are
advertisements
OF
Pick
small business,
public
some
now
a
POINT
individuals
fortunate
"two-bit"
bought,
securities.
their
licity which has flooded the press,
and
widely
read
publications,
about
phone is so busy
trying
to
answer
be¬
ginning to wonder whether or not
I should be touting race horses or
trying to advise investors about
in
investments;
as>.
be
broader
a
Continued from page 2
enterprise, whorec0rding
peak
pressure,
peak
have confidence in the integrity of
rate-of-pressure rise, etc., of cartour
business
organizations, and
r^ge actuated devices. These in
who
don t
want
something for
^.urn are used for pilot seat ejecnothing. And may the Good Lord ^
missile
booster
separation,
help us if this isn't so!
etc
my
some
should
they didn't want to do
me
on
that basis,
with
believe
pencil pushers and
us
0
,
controls pressures on a
now.
i°Hy well go
somewhere
else, because I still
think there are millions of people
who believe in America, who still
long suffering,
Although like
my
if
then
get
to
any
from
business
not
am
just
column
takers,
days
not
or
steady stream of pub¬
a
I
or
year
a
people who think I know whether
increased its appetite
for this type of investment with
almost enormous intensity. Adding
public
this.
of
chest.
of
rest
order
more
this
salesman's
desirable, the
stocks
all
something off
taxable investments have made
common
in
.
a
particular stock
today, tomorrow, next month, or
ing stocks and bonds for the first
this country who
of
only
am
going to happen to the
what is
market,
thing at Hialeah because he had
a flamingo on his back.
There are some problems in¬
millions
are
uncertain
no
,.
unique
electro-hydraulic system cornproduct
capability
becomes
manded by a precise programmer
known, its product sales should
can,
and that I don't have any established wave conditions for
increase
substantially.
To these
crystal ball that is going to tell ship model testing,
me
There
in
Thursday, March 9, 1961
.
I
^
human
being, trying to do the best job I
BY JOHN DUTTON
What I Believe Most
know
,
.
.
Securities
the
to
securities business.
Law
engage
&
ay^,.a ^ ha^of the investmg
There are about 500 stockinPf8'
The
P K
company's plant is located
Hatboro, Pa. Total plant floor
space will be double the present
5,500 square feet with the comple-
tion of
a new
building
planning stage.
now advancing
Fi-
of
a
subscription
the
stock
may
period
unsub¬
be offered by
underwriter.
in
Co.
in
the
scribed
control
The
on
systems
a
now
HoIIeyman
V.-P. of
AValdron & Co. Inc.
in the
company is SAN
broad front.
sales,
O.
and
of
product sales. As its record of
complishment becomes known
acon
FRANCISCO, Calif.—Darrell
HoIIeyman
Vice-President
has
been
elected
of Waldron &
Inc., ftuss Building;
a
Co.,
f
Volume
193
Number
6036
.
.
.
The Commercial and Financial
Chronicle
(1097)
t
Securities
Now
&
NOTE
Because
of
the
large number of
high degree of
a
the
in
index
and
in
accuracy.
the
as
firm
2:30
•
Access©
Corp. (4/3-7)
V
30, 1961 filed 40,000 shares of common stock and
40,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
share
one
of
general corporate purposes.
Bagley Avenue,
Office
—
&
launching platforms.
—
N. Y.
Sept.
and
installation
Village
Electronics
Avenue,
of
Rockville
—
19, 1961
which 75,000
(4/10-14)
For
salaries
common
stock,
warrants,
of
additional
to
•
periods
of
over
one
year,
(managing).
Feb.
stock
Electronics, Inc.
1961 filed 160,000 shares of
20,
common stock, of
110,000 shares will be offered for the account of
the issuing company and 50,000 shares, representing out¬
standing stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment. Proceeds
For working capital. Office—
which
statement
$10)
(par
W.
is
(P.
Rixon
&
..Common
Co.,
Inc. >
W.
(Auchincloss,
&
Co.,
&
Redpath)
shares of
preferred
of
used
home
March 13
Albee
(G.
Corp.)
(Monday)
sales.
Underwriter—G.
H.
stock. Price
common
Proceeds—
Office—931
Walker
&
Summit
St.,
Co., Inc., New
City (managing).
Co.,
Inc.)
by the company and
holders
amendment.
hair
Price
The
—
toiletry
field.
care
130,000 outstanding shares by the
thereof.
Business
and
—
To
be
supplied
manufacture
preparations,
Proceeds—For
and
by
(Karen
the
Corp.)
Investment
Feb.
Credit
Corp.
21,. 1961 filed 200,000 shares of class A stock. Price
per share. Business—A sales finance company, spe¬
—$5
cializing
from
in
the
furniture
New
and
purchase
conditional
of
sales
contracts
and
appliance dealers throughout the
City area. Proceeds—For the repayment of
York
debt
for
(Sandkuhl
&
Hindly & Co.;
Investing Co. and H.
Bristol
Co.)
Inc.
of
notification)
70,000 shares of
common
stock (par 10 cents). Price—$4 per share. Pro¬
ceeds—To repay a bank loan, retire a chattel mortgage
and
for
Class A
M.
Kirsch & Co.; Cortlandt
Crandall & Co.) $300,000
T.
B.
Corp.
(William,
(Drexel
Motti,
&
Bruce
&
working capital.
writer—Robert L. Ferman
$700,000
Inc.
Co.,
Inc.)
Co.,
$300,000
Co.—
Stroud
and
co.
Limited
&
Inc.)
Common
&
Plaza
Common
_
David
(Richard
&
Common
Co.)
100,000
shares
Partnership
and
Forcite,
Inc.
Fund of
Investor
Interests
Service
Securities
America, Inc
L-.
—:
(Myron
Inc.)
Lomasney
A.
&
Address—Miami, Fla. Under¬
& Co., Inc., Miami, Fla.
Common
Co.)
$750,000
Common
(Ladenburg, Thalmann & Co. and Minis & Co., Inc.) $5,000,000
Gold Medal Packing Corp
Preferred
(Capital
Investment
Co.)
$400,000
Honey Dew Food Stores, Inc
Common
Jensen
Industries
$290,000
Planning Corp
(Espy &
Inc.)
$200,000
Common
and Thomas,
$300,000
Winston & Co.)
Jay
Mercury Electronics Corp
Schramm
(S.
Minitone
Mohawk
Insurance
(R.
.—Common
Co. Inc.)
&
Electronics,
(No
Common
$555,000
Co
Dowd
F.
$300,000
Inc
underwriting)
Common
&
Random House, Inc
(Allen
Units
^
Wanderer,
—
(Maltz, Greenwald & Co.
Inc.)
Co.,
$900,000
..Common
—
&
Co.)
shares
121,870
Renwell Electronics Corp. of Delaware—Common
(William David & Motti, Inc.) $400,000
Simplex
Corp
Lock
(Cnarles
Stelma,
Plohn
Pizzini & Co.)
W.
Treat
14
&
Co.,
200,000
Inc.)
shares
(Tuesday)
Class A
Leasing System, Inc.—
Darlington
(Hill,
Grimm)
&
$1,000,000
Common
Industries, Inc
Securities)
(Lloyd
General
$300,000
—...Common
(Amos
March
(Paine,
—_—__—Common
and B.
& Co.
Inc.
Air Metal
(letter
Common
$266,800
Dynamics, Inc
Colber
if All-Tech Industries,
1961
/
Common
—
Astronautics, Inc.—
(Edward
A-Drive Auto
23,
S.
U.
$50,000,000
Laboratories, Inc..—__.i
working capital. Office—71 West Merrick
Blvd., Valley Stream, N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc. Offering—Expected in late April.
Feb.
$226,217
in
Securities, Inc
additional
working cap¬
Office—2525 Armitage Ave., Melrose Park, 111. Un¬
derwriter—Shields & Co., New York City (managing).
Offering—Expected in early April.
All-State
shares
......Common
Securities
for
^
of
sale
particularly in
ital.
•
172,500
______
Income
filed 155,000 shares of common stock, of
shares are to be offered for public sale
1961
25,000
present
j
CommTon
.
&
(Capital Investment Co.)
Alberto-Culver Co.
15,
$175,000
$480,000
building materials.
credit
shares
'
Inc.—
Fund
Benbow
115,000
Common
Walker
H.
Amity Corp.
Atlantic
Capital
Parker
Philadelphia
Homes,
(Hodgdon
by the company's wholly-owned subsidiary
future
$900,(300
Inc.)
Corp.
Automation
16,333
shares
Bonds
Brooks
(Capital Counsellors)
shares
100,000
Electronics, Inc
Government
being withdrawn.
8,308
and
Brooks
Plastics, Inc
supplied by amendment. Business—The sale of
packaged
O.
Feb.
offices in Philadel-f
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill, Darlington & Grimm, New York City
Ad'er
be
which
Price—$10 per share. Busi¬
business of leasing
for
the
Vending Diversified, Inc.
(letter of notification)
finance
York
ness—The company is engaged in the
trucks
that
(Friday)
(First
1961
be
Niles
personnel,
Proceeds—To repay loans; open new
(P.
Colorite
Co.,
Akbee
To
and
Leasing System Inc. (3/14-15)
filed 100,000 shares of class A stock, of
are to be offered for public sale by the
the present holders thereof.
•
Trust
Creamery Products,* Inc.
(letter of notification)
cosmetic
automobiles .and
York
10
Plastics, Inc.__
Falls
pre-cut
and 25,000 shares, being outstanding stock, by
company
New
Homes, Inc. (3/13-17)
Jan. 24, 1961 filed 172,500 shares of
A-Drive Auto
Jan.
Bank
Colorite
Colonial Mortgage Service
•
Centre,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriter—Robert Edelstein Co., Inc., New York City.
•
Chemical
ISSUE
NEW ISSUE CALENDAR
March
Sitka, Alaska. Underwriter—None.
missile
75,000 series II common stock purchase warrants, to be
offered in units, each unit to consist of two common
shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
Proceeds
14,
—To
Corp.
28, 1960 filed 150,000 sriaies. of
series I common stock purchase
ment.
the
REVISED
Proceeds—For the unpaid principal due on con¬
tracts, and for working capital. Office—315 Lincoln St.,
Underwriter—None.
75,000
Southern
ITEMS
•
PREVIOUS
shares.
Proceeds—To selling stockholders.
Office
ACR
at
stock. Price—(Common) $10 per
share, for the first 3,000
shares; $12 per share for the next 8,333 shares and $14
per share for the last 5,000 shares.
(Preferred) $2 per
share for the first 2,000 shares; $2.40
per share, for the
next 4,166 shares and $2.80
per share for the last 2,142
3425
Construction
construction
North
23
and
Underwriter—Paul Nichols Co., Inc., Anchorage,
Note—March 2 the underwriter advised this
common
—
43
March
on
stock
1960
if Alaska
Feb.
Corp. (3/15)
Jan. 6, 1961 filed 30,000 outstanding shares of class A
common stock.
Price
To be supplied by amendment.
Business—The
19,
newspaper
Seattle, Wash.
Missiles
bonds
preferred
ADDITIONS
SINCE
Techmation
Alaska
Alaska.
Underwriter—Ralph B.
Leonard & Sons, Inc., New York City (managing).
Acme
at
p.m.
Alaska.
preferred stock.
Price—$15 per
unit.
Business—The company is engaged in the
design,
manufacture and sale of fluorescent lighting
systems,
acoustical tile hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and
the
the
130,000 shares of
common siock
(par $1). Price—$2.25 per share. Proceeds
—To purchase
equipment, and other necessary materials
for distribution of dairy products.
Address—Anchorage,
Jan.
and
for
noon
for
a.m.
10th floor.
Dec.
mon
11:00
Services, Inc., Room 1600, 250 Park Ave., New York
City. Information Meeting—Scheduled for March 20 at
offering dates.
•
to
up
12
to
up
underwriter
not, in general, to be considered
are
(jointly);
Eastman
received
The dates shown
items reflect the expectations of the
but
man
accompanying detailed
Registration
Morgan Stanley & Co.; First Boston
Dillon, Union Securities & Co., Equi¬
Securities Corp. and Drexel & Co.
(jointly); Leh¬
Brothers; Halsey, Stuart & Co. inc.
Bids—To be
table
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with
Co.
Corp.;
issues
if 1 NDBCATES
in
29
$300,000
Preferred
Telephone Co. of Florida
Webber,
Jackson
March
15
Stone
Curtis;
&
Webster Securities
&
Jones & Templeton) 400,000 shares
Corp. and Mitchum,
(Wednesday)
—
New
Rochelle, N. Y.
Underwriter — Carl M. Loeb,
Rhoades & Co., New York City (managing). Offering-Expected in early April.
Advanced
Investment
Management Corp.
13,1961 filed 300,000 shares of common stock. Price
—$3.50 per share. Business—The company was organ¬
fice
service
secondary
gaged
in
of owning investments in entities en¬
insurance business.
Proceeds—The com¬
the
use
furniture
sales
an
purpose
for the
reserve
for
and
the
will
pany
insurance home of¬
management company with the related
October, 1960 to operate
proceeds
estimated
at $851,895
as
a
acquisition of interests in life insurance;
fixtures; for the establishment of a
and
organization and for working capital.
Office—The
Building, Little Rock, Ark.
Underwriter—Ad¬
vanced Underwriters, Inc., Little Rock, Ark.
A'e*
Jan.
Rfetal
27,
Industries,
1961
common
stock
inc.
(3/14)
writers
share.
and
-,
of notification) 75,000 shares oi.
(par 10 cents) of which 12,500 shares are
(letter
to be offered by stockholders, 12,500
the
balance
Business—The
shares to the under¬
by the company. Price—$4 per
makes and sells steel metal
firm
ducts utilized
in heating systems. Proceeds—To increase
inventory, for research and development and working
capital. Office — Miami Beach Federal Bldg., Mmrni
Beach, ,Fla.
City.
•
Underwriter—Lloyd
Steen
Acceptance Co.
Jan. 17, 1961 (letter of notification) $200,000 of 6% sink¬
ing fund debentures, 1975 series to be offered in denom¬
inations of $1,000 and $500 each.
Price—At face value.
Proceeds
For working capital. Office—28 S. 8th St.,
Terre Haute, Ind. Underwriter
Indianapolis, Ind.
®
Securities, New York
3,
common
working
23, 1960 filed 125,000 shares of common stock, each
of which carries two warrants to purchase two
a
shares in the next issue of shares, at
common
discount of 25% from the
offering price.
Price—$4 per
Business—The,
share.
prospecting and exploration for
phosphate mineral resources in Israel. Proceeds—For
general business purposes.
Office — 82 Beaver Street,
New York City.
Underwriter—Casper Rogers Co., New
York City
(managing).
^ American
Feb.
1961
10,
common
Eagje Mining Co.
(letter of notification) 50,300 shares of
oar ($1 per share). Proceeds—
stock. Frice—At
1961
this subsidiary of the Southern
Co.,
$13,000,000
of
first mortgage bonds due
1991
and 80,000 shares of cumulative preferred stock
(par
$100). Proceeds-^—For expansion. Office—600 North 18th
St., Birmingham 2. Ala. Underwriters—To be deter¬
13,
filed
mined
bonds
by
competitive bidding.
Previous bidders on
Blyth & Co., Inc., and Kidder, Peabody
included
(C.
Walker
American
Dec. 5,
Life
Educational
Storer
Insurance
Co.
allied
lines
life
insurance
For
capital and surplus. Office
and
one
share of class
unit. Business—The writing of
per
Co.)
Towbin
17
.Common
of
insurance.
Proceeds—
shares
Securities
Common
$180,000
Co.)
(Friday).
...Common
——
$300,000
Co.,, Inc.)
&
.Common
Telephone Co
by
Courts
March 20
Air-X
Co.)
(Monday)
...Common
Industries, Inc...
$300,000
Associates)
Woli
(Lewis
Common
American Molded Fiberglass Co
Automation Development,
(The
&
Johnson,
(C.
W.
A.
Co.,
&
Co.,
$450,000
Inc.)
Corp
Inc.)
Jet-Aero
Corp
Inc.)
Co.,
&
$1,400,000
Inc.)
$250,000
—Common
—
—
(Netherlands
Inc. and
..Class A Stock
Blauner
D.
Common
— _
& Co.,
$300,000
Amos Treat
Inc.;
Eastern Can Co., Inc
(Milton
Securities
Co.,
Municipal Investment Trust Fund, Series
National
Food
Haupt
&
A—Units
$20,000,000
Co.)
Marketers, Inc
(Robert
and
Courts & Co.
$1,650,000
Inc.)
—..Common
&
Benson
Instrument
Lewis
Co.,
Inc.—
Skyways,
Common
Corp
Corp.;
Space
Lane,
Robinson-Humphrey
Copter
$150,000
Corp.)
Capital
Southern
Common
Inc
Philadelphia
(First
Citizens
$148,172
Corp.)
Securities
(Vestal
—
Bldg., Nashville, Tenn.
Securities, Inc., Nashville, Tenn.
&
465,000 shares
(Ira
Third National Bank
Underwriter—Standard Ameri¬
shares
Common
stockholders—underwritten
to
Co.
$2,500,000
100,000
263.000
Hydro-Electronics Corp
(Ordering
&
Debentures
Laboratories, Inc
(Jacey
March
Co.)
Inc.)
Co.,
Bruno-Lenchner,
1960 filed 960,000 shares of class A common vot¬
Price—$25
Wegard
C.
$285,000
Co
&
(Reynolds
Color
Sunset
(T.
stock (par $1) and 240,000 shares of class B non¬
voting common stock to be sold in uints, each unit to
stock.
L.
Co.)
&
Towbin
Unterberg,
Broadcasting
Dynamic
ing
B
Co.;
&
Sherman
D,
Unterberg,
E.
E.
mining expenses. Office—West 1611 8th Ave., Spo¬
consist of 4 shares of class A stock and
Feb.
L.
share
including electrical plumbing and heating work. Office
—1210 Randall Avenue, Bronx, N. Y.
Underwriter —
Lewis Wolf Associates, New York, N. Y.
(3/23)
and
Inter-Mountain
kane, Wash. Underwriter—None.
Power Co.
Kleinzahler,
Lafayette Radio Electronics Corp..
(Amber,, Burstein
America-Israel Phosphate Co.
Industries, Inc. (3/20-24)
Jan. 31, 1961 (letter of notification)
100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds—For purchase of machinery and equipment and
for furniture and fixtures and leasehold improvements,
Alabama
(Rodetsky,
Common
Lafayette Radio Electronics Corp._
inventory, development of new
capital. Office — 41 Edgewood
Ave., Jacksonville, Fla. Underwriter—Darius Inc., New
York, N. Y. Offering—Imminent.
additional
Common
shares
30,000
Circle Controls Corp..
increasing
and
underwriting)
(No
City Securities Corp.,
Fetro-Froducts, Inc.
1961 (letter of notification) 150,000 shares of
stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—For
Dec.
Acme Missiles & Construction Corp.—
(C.
products
For
Air-X
—
A died
Feb.
Rector
•
&
—
Jan.
ized in
Allen
Edelstein
Co.,
Common
„
$400,000
Inc.)
can
Nytronics,
American
Jan.
17,
Machine
&
Foundry Co.
ordinated
debentures
being
,
offered
Continued
on
page
30
Personal
Capital
Inc.
(Norton,
convertible sub¬
to common stock-
1961 filed $39,911,100 of 414%
Fox
Sc
Co.,
Inc.)
100,000 shares
Capital
Property Leasing Co—
(Dempsey-Tegeler
&
Co.)
$975,000
Continued
on
page
30
30
The Commercial and Financial Chronicle
(1098)
Continued
American
from page 29
(McClane
Common
Rego Insulated Wire Corp
(Russell
$900,000
Inc.)
Saxe,
&
(Biana
.•
Inc.) $480,000
Allyn
C.
(Araen
tsarouu
,
$300,000
v,o.i
6i
•" •'
-
Instrument
(A.
(Tuesday)
21
March
.
Economics Laboratory,
(W.
&
Hutton
E.
Co.
*
;
.
.Debentures
$4,000,000
Inc.)
& Co.,
Kannan
and
April 4
(A.
Resitrion
Edwards
G.
(Russell
Southern Bell
&
.Units
11
——
$30,000,000
PST)
a.m.
(Bids
■ -
Longstreth) 60,000 shares
-
Bonds
(Tuesday)
16
May
(Bids
22
March
(Bids
11
li:«u
(Plymouth
Read
(Dillon,
March
23
Alabama
(Thursday)
(Bids
Alabama
11
(Bids
_
12
(Blaha
Dekcraft
Michigan
$299,950
Inc.)
March 24
(Friday)
New
273,437 shares
Corp.)
Boston
C.
(W.
Langley
Consolidated
Electro
Grumet
(Brand,
Inc. and Kesselman & Co.,
$600,000
L.
&
Fr.ne
Noel
&
Chalco
"'Jn
&
Common
Inc.)
Co..
(Burnham
Co.,
Treat
White,
shares
92,000
to
be
Co.,
&
shares
100,000
Inc.)
(Bids
received)
:
$45,000,000
to
March
V.
(Bios
28
g!
Virginia Electric & Power Co.—
(Bids
Fund,
$300,000"
Inc._l
"(Offering
;
L.
(Bids
to
be
:—Common
Brothers)
70,000
Union
&
Securities
7
(Bids
!
received)
11
(Bids
'
•
Endevco
April 3
(Monday)
zi
Leonard
B.
&c
Sons,
(Olfering
stock
Continued from page 29
&
offered
subscription
for
by
v.7
Gulf
March
the
on
shares of
basis of
common
16.
one
held
Price—At
of
$100 debenture for each 20
record Feb. 28.
Rights expire
for
Proceeds—To reduce
working capital
for domestic and foreign expansion. Office—261 Madison
Avenue, New York 16, N. Y. Underwriter — Eastman
Dillon, Union Securities & Co., New York City (man¬
aging).
par
value.
short-term loans and furnish additional
•
American Molded
Dec.
27,
1960
—
canoes
Fiberglass Co-
(3/20)
of
and small trailer bodies and other custom molded
fiberglass products. Proceeds
purposes.
Office
—
—
For
general
corporate
Lane St., Paterson, N. J. Under¬
40
writer—Vestal Securities Corp., New York, N. Y.
Mortgage Investment Corp.
April 29 filed $1,800,000 of 4% 20-year collateral trust
bonds and 1,566,000 shares of class A..
non-voting com¬
It
stock.
offered
for
vestment
is
proposed that these securities will be
public
sale
units
(2,000)
—To be used
them
disposition.
Price—$1,800 per unit.
market
Office
—
conditions
are
210 Center St.,
convertible
nominations
of
$100.
debentures
favorable
Little Rock
for
Ark.
•
to
Proceeds—To
be
offered
held
in
in
de¬
reserve
against options and to increase production facilities. Of¬
Street, Natick, Mass. Underwriter—None.
fice—215 Oak
American
Jan.
Telephone & Telegraph Co.
27, 1961 filed 11,225,000 shares of capital stock be¬
ing offered for subscription by stockholders
of
one new
with
on
the basis
share for each 20 shares held of record Feb
rights to expire April 14. Price—$86
ceeds—For advances to
Der
17, 1961 filed 88,739 shares of common stock (par~
Price—$3 per share. Business—Land development,
including the building of an air Strip, a marina, and a
This is the issuer's first public fi¬
housing cooperative.
Proceeds—For general corporate purposes, in¬
construction and $12,000 for debt
reduction.
Office^—Equitable Building, Baltimore,'.. Md.
Underwriter—Karen Securities Corp., New York City.
cluding
•
$170,000 for
Ampoules, Inc.
Feb. 28,
—$4
(4/24-28).
23
share. Pro¬
subsidiaries, for the purchase of
.»■
....Bonds
be
to
receive^)
$15,500,000
share. Business—The design and development
disposable hypodermic ampoules for adminis¬
..Preferred
...
.
be
received)
$8,000,000
'
(Thursday)
—_—Bonds
to
be
received)
$5,000,000
in
Corp.,
five
shares
common
shares
class
of
—
consisting
units
To
be
cla.s B
$100
one
7
>
Natural Gas
debenture
and
unit for each 70
stock of Union Texas.
of record
organized under
Aug. 15, 1960 and later entered into an
supplied by amendment held
Business
Delaware law
on
one
the basis of
and/or
A
of
on
—
The
company
was
agreement with Union Texas and others to purchase
the properties of Anderson-Prichard
Oil Corp., for a
total of $25,200,000 pius its share of Ander.on-Prichard liabilities. Proceeds—The company will u^e the proceeds,together with $12,000,000 to be borrowed from banks, to
purchase the business and properties of Anderson-Prich¬
ard. Office—811 Rusk Avenue, Houston, Texas. Under¬
writers—Carl M. Loeb, Rhoades &
,
1961 filed 100,000 shares of common stock. Price
per
$5,000,000
Co
Power
March 8.
ney
Co., and Smith, Bar¬
& Co., both of New York City. Offering—Imminent.
Aqua-Chem,
March
Inc.
bentures due
1961 filed 340,000 shares of common stock,
(par $1), of which 227,000 are to be offered for public
sale by the company and 113,000 outstanding shares bv
Cleaver-Brooks Co., its parent. Price—To be supplied
by amendment. Business —: The company, formerly
Cleaver-Brooks Special Products, Inc., is engaged prin-.
cipally in the development, manufacture and sale of
equipment used for desalting and purifying sea 'and
brackish water. Proceeds
For research and develop-1
ment and working capital. Office — 225 North Grand
stock to
Ave.,
tering medication. Proceeds—For general corporate pur¬
poses including laboratory
equipment, salaries for en-7
gineers, moulds and dies, and working capital. Office—
St., Hudson, Ohio. Underwriters—Brand,
Grumet & Seigei, Inc., and Kesselman & Co., Inc., both
238 North Main
of New York City.
,
Angeles Crest Development Co., Inc.
Feb.
filed $1,500,000 of 7% subordinated de¬
April 1, 1971 and 75,000 shares of common
offered for public sale in units consisting of
1961
27,
be
Price—$632.50
per unit.
Business—The company was organized under
California law in April, 1960, to acquire land for the
development of residential lots, a golf course and related
$500 of debentures and 25 common shares.
$300,000 of five-
be
$1).
Proceeds
„
★ American Radiotelephone Corp.
March 2, 1961
(letter of notification)
8%
In¬
as
principally to originate mortgage Joans and
until
Underwriter—Amico, Inc.
year
known
Certificates, each representing $900 of bonds
and 783 shares of stock.
carry
in
(3/13) ~
Amity Corp.
Preferred
received)
of class A, and class B stock of Union Texas
Price
•
Jan.
of sterile
American
mon
writer—None.
nancing.
nouiication) 37,043 shares of
stock (par 40 cents). Price—$4 per share. Busi¬
Manufacturers of fiberglass swimming pools,
common
ness
(letter
Office—195 Broadway, New York City. Under¬
..-^7.:/"/ \ '7- -v
\;'V'
purposes.
to
(Bids
expansion of its own facilities and for general corporate
holders
December 7
,
companies,
such
be
to
(Bids
3,150,000
approx.
—Bonds
$5,000,000
recei.ed)
be
to
(Bids
Com.
Telephone & Telegraph Co
stockholders—no underwriting)
to
•
(Thursday)
Georgia Power Co
//*7 7
125,000 shares
7
•
...Common
Co.)
Bonds
$27,000,000
EST)
Georgia Power Co.
Inc.)
, 7
:-i :-
,
(White, Weld
New England
Units
$600,000
Inc.)
•;
(Tuesday)
Corp....
../";7
Corp
(Ralph
a.m.
(Wednesday)
18
October
& Co.,
Common
April 25
by
shares
Mississippi Power Co
.
..Common
Int. ana Kesselman
$400,000
Dempsey-Tegeler
Co. and
shares
150.000
Co.)
Mississippi Power Co.
$12,000,000
1.
Grumet & Seigol.
(Brand,
&
Southern Electric Generating Co
Bonds
Inc
Ampoules,
by
shares
&
100,000
Co.)
s.ockholders—unclerwri ten
to
Sherman
D.
..Common'
(Monday)
April 24
Common
Inc..
stockholders—underwritten
to
.Bonds
(Thursday)
Photropics Corp.
0
Orange & Rockland Utilities, Inc
Common
,
. —
to $35,000,000
$30,000,000
EST)
a.m.
2,000,000 shares
Ohio Co.)
(Thursday)
April 20
shares
50,000
Peck)
11
15
June
Common
$2,200,000
Inc.)
i
u
&
Co.,
&
Mississippi River Transmission Corp
Accesso
—Bonds
$20,000,000
lete.vea)
oe
to
September 28
Common
Roth
and
shares
170,000
Co.)
&
securities' cb.',' Tnc.)
(Distributor—The
(Tuesday)
L"hman
Dillon,
$30,000,000
(Tuesday)
June 13
Common 7
oecunt.es
150,000 shares
Co.)
&
Inc.
Instruments,
(Offerings
(Eastman
Debentures
Inc
received)
oe
Brooklyn Union Gas Co......
(Bids
^
$15,000,000
received)
(Thursday)
8
June
& Telegraph Co.__Debs.
°Mfsts§foad:,|treet' Corp.) $600,000
,
'
inc77lll_7_-__r_._J7Common
Ohio-f^anklin
Inc.
Co..
&
(Adams
•
Bonds
service, Inc.
be
to
Columbia Gas System,
(Monday)
17
.ru.
shares
150,000
Union
(Albion
Common
Shield Corp
Beckman
200,000 shares
(Thursday)
1
June
.Common
Kreisler-(Charles)
$3,000,000
Inc.—
Industries,
(McDonnell
os
Weill)
6c
Engineering Corp
nujif.i
—Common
Co
Sutro & Co.)
and
Co.
April
.Common
$300,000
Presidential Realty Corp
•'
(Bids
Inc.)
'■
Publishers
Poionu
of America
Dillon,
(Eastman
V
"
Inc.)
Co.,
Lake Arrowhead Development
Mansfield
EST)
a.m.
New Orleans Public
(
(Wednesday)
Selas Corp.
Common
Corp
Seigei,
&
(L.
Alstyne,
C.
(Tuesday)
April 12
—Common
shares
60,000
Co.)
&
Irvington Steel & Iron Works
(Van
Common
Co..
11
(Monday)
Precision Products Co., Inc
Clifton
L.
s..a»es
England Telephone
(Bids
27
March
$j,oou,jwj
,
(Thursday)
May 25
Corp.; Rodetsky,
Wegard & Co.)
securities
and
Co.
Utilities Co.________
Peabody
April 11
Common
Corp
Telephone
(The First
xjGa
c..u,
Common
Berlind,
Gas
(Kidder,
Rochester
(Bids
Corp
(Carter,
Common
Corp
Co.,
&
.Bonds
$13,000,000
EST)
noon
Radar Measurements
&
IvO.UuO
Co
Power
Giayo n
Co.;
<te
Walker
Kleinzahler,
■
Common
80.000 shares
EST)
a.m.-
,
Bonds
j.1
Power
Interstate
units
75,000
Inc.)
Co
Greenwald
(Maltz,
Preferred
Co
Power
(M.)
Co.,
Edelstein
(Robert
Blatt
-
V;.-
.Bonds
$25,000,000
received)
we
•,:
& Gas Corp
Co
(B.as
Units
ACR Electronics Corp..
shares
120,000
Co.)
&
to
Interstate Power
Preferred
Southwestern Public Service Co
—Bonds
$xx.,0Uu,u0J
g,.i )
_,.n.
(Thursday)
May 18
$600,000
Corp.)
Securities
(Monday)
April 10
$15,000,000
Co.)
&
Bonds
Co
Service
Read
(Dillon,
(Bids
Common
Dodge Wire Corp
Bonds
:
$10,000,000
EST)
a.m.
Public
Southwestern
(Thursday)
April 6
(Wednesday)
City Electric Co
'«
<
Light Co..—
Arkansas Power &
,
$4,800,000
EoT)
noon
$6,500,000
7
New York State Electric
Atlantic
shares
Bonds
Sierra Pacific Power Co..—
(Bids to be received)
.
Equip. Trust Ctfs.
Co
Pacific
Southern
$70,000,000
EST)
a.m.
8:30
:(Bids
Telephone & Telegraph Co.__Debens.
(Bids
underwriting)
(Thursday)
11
May
..Capital
$200,000
Inc.)
..Common*
—
to stockholders—no
Approximately 132,570
(Offering
(Tuesday)
Southern California Edison Co
.....Common
Ltd
aaxe,
Power Co
Pacific
Sierra
7/7
$675,000
Instruments, Inc
(Warner, Jennings, Mandel &
$3,500,000
Sons)
&
Laboratories,
Elion
Corp
Asbestos
Lake
Jefferson
shares
500.000
Co.)
&
shares
Corp.5_1.v-Common1 77
Inc.)
Co.,
&
$12,000,000
fctt.T)
a.m.
11
(Thursday)
May 4
.
Greenfield Real Estate Investment Trust—Ben. Int.
(Drexel
Sloss
(Marron,
,,
(xiius
v";
Bonds
—
■■
—..Common
100,000
Inc.)
Co.,
&
Washington Gas Light Co
Fenner
|
$5,000,000
received)
be
to
Common
Gas Co.-i
Natural
(Bias
u
...Common
Corp..——
Co., Inc..
Becker
G.
$9,995,000
Washington
,
$50,000,000
receivea)
be
10
(Wednesday)
May 3
$300,000
Curtis)
Progress Webster Electronics
.
lnc
Inc.;
&
*
Packard
(gius
..Common
1
Co. anu mei-rul.>yneh,'.'Pierce,
Smith, Inc.) 150,000 shares
Forgan
&
Supplies, Inc.——..Common
Van Dusen Aircraft
.
Pennsylvania...Debentures
Telephone Co. of
Bell
120,000 shares
&
^
(Tuesday)
May 2
Common
Car
—Common
200,000 shares .-
Co.)
&
Langley
G.
•*';
$300,000
Corp,,)
£0.)
Jackson
Webber,
American
(Glore,
$300,000
Inc.)
Co.,
&
rerm
(Paine,
North
—Common
IT. S. Components, Inc.——_—
6c
Securities,
(* Ontario
shares
100,000
Co.)
&
Common
Marine Capital Corp
—Common
_______
■(•w;
$500,000
..Common
Dickson
S.
(Monday)
1
May
1961
Thursday, March 9,
.
Sigma Instruments, Inc
Inc.——^...Common
xiic. )
go.,
Supply, Inc.
110,000 shares
(Burnham & Co.)
(A.
Home Lab
Common
:—
&
WuU.OOO
xnu. t
v>o.
Inc
iR.
$900,000
Co.)
&
Lomasney
Shoup Voting Machine Corp
Thermogas Co.
Dynatronics,
Common
Inc.—
A.
(Myron
Seigei,
&
Grumet
(Brand,
Industries
Shinn
6c
Dixie Natural Gas Corp..
"... (Vestal Securities
Class A
Roblin-Seaway Industries, Inc
7
Fidelity Building & Loan Assn.... Com.
Customline Control Panels,
.
.
Proceeds —For
facilities.
the
payment
of
derwriters—Dempsey-Tegeler & Co., St. Louis, Mo., and
Lester, Ryons & Co., Los Angeles, Calif.
V
'
-
.
.
r
•
■»
•'
i
-
-
■»
>
•
f
;
»
.
13,
1961
debentures,
common
filed
due
stock
to
$10,102,100 .of
April
be
1,
1981
offered for
5%%
Waukesha,
subordinated
and 505,105 shares of
subscription by holders
Wis.
Underwriters
—
Carl
M.
Loeb,,
& Co., New York City and Loewi & Co., Inc.,'
Milwaukee, Wis. (managing). Offering—Expected some¬
time in April.
Rhoades
Associated Traffic Clubs
Dec.
Insurance Corp.
1960, filed 250,000 shares of common stock (par
80c), to be sold to the Associated Traffic Clubs of Ameri¬
ca
and their members. Price—$2 per share. Business—
Provides
insurance coverage to
the - members of the
5,
above club.
tain
Apco Oil Corp.
Jan.
—
mortgage
a
note, for development expenses and for working capital.
Office—3436 North Verdugo Road, Glendale, Calif. Un¬
•
3,
it
at
Proceeds—To be added,to ,surplus ta
the
main-;
amount required by law and to carry on
develop the business of the company. Office
—900 Market St., Wilmington. Del. Underwriter—A. T.
Brod & Co., New York, N. Y.
and further
Volume
193
Number 6036
.
The Commercial and
.
•'
,
;
,
Atlanti^ City- Electric Co. ■.••_(3/22,/V- s
,•:
•
repayment oi
construction.
Office—4600
Pacific
Ave.,
notes
Financial Chronicle
(1099)
ii
industries with hydraulic valves and regulators and related mechanical components. Proceeds—For additional
• <
100K-? •filed $10,000,0uu ot nisi mortgage bonds*
Proceeds
For the
j
due 1991.
,
and lor
working capital
and
for
research
and
projects. Proceeds—For the repayment of loans and for
expansion. Office — 11 Tillman Place,* San Francisco,
t
Calif. Underwriters—William R. Staats & Co., Los An¬
geles and J. Barth & Co., San Francisco. Offering—Ex¬
pected in early April.
in
development
Atlantic
City, ^ the fields of cryogenics and high temperature pneumatf: J: Underwriters—To be determined by competitive
ic systems. Office—Culver City, Calif. Underwriters—'
bidding. Probable bidders: Halsey, Stuart & Co.
Inc.;
Edward Hindley & Co. (managing); T. M. Kirsch & Co.;
A
A™encan Securities Corp., and Wood,
Cortlandt Investing Corp., and H. B. Crandall & Co.
Struthers &, Co.
(jointly^; White^ Weld & Co. and Shields
•
Beryllium Manufacturing Corp.
& Co. (jointly); First Boston
Corp. and Drexel & Co
Feb. 27, 1961 filed 105,000 shares of common stock. Price
(jointly); Eastman Dillon,
★ Capital Realty Trust
Feb.
o
Union Securities & Co. and <
& Co. (jointly); Lee Higginson
Corp.;
Blyth & Co., Inc. Bids
Expected to be received on
March 22 up to 11:00 a.m. (EST) at the office of
Irving"
Trust Co., 47th floor, One Wall
St., New Xork City..
■
Smith,
—$4.50
Barney
—
I.
Atlantic Fund for Investment in U.
Securities, Inc.: (3/13-17)
V;
Tlli„
share.
per
beryllium
Business
components
The
—
other
and
fabrication
materials.
of
investments. Office—Premier Bldg., Suite 216,
1725 Eye
St., N. W., Washington, D. C. Underwriter—None.
pure
Proceeds—
Caribbean
inventory, with thevbalance for work¬
ing capital. Office—253 W. Merrick Rd., Valley Stream,
L.
I.r< N. Y. Underwriter—Eldes
City."
'•
Securities
Corp.,
York
■
• Bicor Automation Industries,
V
Inc. •;
Sept.
whinh
will
^
r.
;
~CapitaL-Counsellors, ;•50,. .
Rrnnri
?r^friv tbP'J
IrmJfpnf securities, inc. *
S?'
ernment
®
.C0™p^Py^was
*
t
/?*.».vy.•
«
^
i
Burnside & Co., Inc., New York City.
'iM y
j/-
stock. Price
common
and
sale
/
of,
Feb.
;
25
f!oce®ds~To estab-
M
ifrtc
f
nf
and
Offering
Feb.
7,
*rice.
1961
filed
127,725
of
America y
outstanding
/
'
_,
28, 1961 filed 100,000 shares of common stock (par
Price—To. be supplied by amendment. Busi-
r
'£:
common
shares.
;
precision components for fluid control and
regulation systems for the missile industry; Stellardyne
Laboratories, Inc., which sells testing and cleaning serv¬
ices to the missile industry; and Central Explorers Co.,
which owns oil leases and develops the leases. Proceeds
—To the selling stockholders.
Office—596 North Park
Rodet—
Borman Food Stores, Inc.
*
Avenue, Pomona, Calif.
shares of common
stock. Price—To be related to the current market price
.
Centriblast
rgone.
'
•
Underwriter—None.
Corp.
March
1, 1961 (letter of notification) 42,500 shares of
capital stock (par $1). Price—$2 per share. Proceed:—
on the New York Stock Exchange at the time of the
.' ' / ■
: offering. Business
Operates a chain of "Food Fair"
Automation Development, Inc. (3/20*24)
1 y -» supermarkets in the Detroit area. Proceeds — For the
Jan. 27, 1961
(letter of notification) 40,000 shares of
selling stockholders. Office — 12300 Mark Twain Ave.,
common stock (par 5 cents).
Price—$3.75 per share. Pro- \ Detroit, Mich. Underwriter —- Shields & Co. New York
ceeds—For further development of the "Skyjector."
OfCity. Offering—Expected sometime in May.
fice
342 Madison Ave., New. York CRy/jUnderwriter—u.
Boston Equity Exchange Fund, Inc.
First /Philadelphia Corp., New York,
Ny Y. , *
y <-..... /March 2, 1961 filed 100,000 shares of common stock to 5*e
• Automaton
Laboratories, Inc.. (3/13-17)
; i
offered to those who wish to exchange securities owned
Jan. 26, 1961
(letter of notification): 66,700 shares of
by them for shares of the Fund, with the minimum dc>
common stock (par 10 cents).
Price—$4 per share. Busi- s posit of securities to have at least $5,000 of market value
ness—The company is engaged in the research and deon the day of deposit. Business—An open-end diversivelopment of1 infra-red devices used for the alignment;
fied investment company organized in Massachusetts in
of ballistic missiles and; space
vehicles, for automatic - January I960. Proceeds — For investment. Office — 31
positioning of machinery; operations and:: for-geodetic
Milk Syi Boston; Mass/Underwriter—F. L. Turgeon Asderwriter
manu¬
factures
fi?SG ^^^ervicing of r Feb. 44,4961 filed 52,000 outstanding
vendmg machines. Propeeds
To the seUmg .stockholders.
Pit1®6
Merchandise Mart-Plaza, Chicago,
JlLyUn-
for
Hadley, Inc., which designs, develops, tests and
equipment,-the repayment of debts and for working
sky, Kleinzahlee, Walker & Co., Jersey City, N. J.; and
L. C. Wegard & Co., Levittown, N. J.
-lf°. be suPP11^ by. amendment. Business—The
and
Jan.
City (manCanteen Co.
wilL pay 5^%' in¬
offered in units
Hadley Corp.
27, 1961 filed 41,829 outstanding shares of 5% cumutative convertible preferred stock
(par $10), and
481,450 outstanding common shares. Business—A holding
company with three wholly owned subsidiaries; B. H.
i a \
ass."
Automatic
years, and $225,000
in nine years, to be
Central
d/1in
cents).
11 ew
six
mature
Price—$100 per unit: Proceeds—To retire
working capitals Office—-1901 Winter
Street, Superior, Wis. Underwriter—None. *•
notes
ness — The;, issuer-manufactures and installs bowling
lanes and related equipment. Proceeds—For expansion,
component,
in
mature
terest and
Ex-
—
„
.
of $100 each.
v.;, pected in late March.
^
Audiographic Inc.'
-
site in Atlanta,
a
.
equipmentand working/capital.
Office —333 Bergen
Boulevard, Fairview,
Underwriter—Mortimer B.
Investment in U. S, Gov-
SppiiWtW
development of
Inc. / %
Feb. 28, 1961 (letter of notification) $250,000 of promis¬
sory notes of which $25,000 of notes wilL pay 4% interest
principal businessis-the importation and/,sale of em-'
/ broidery^ manufacturing machinery. Proceeds—For new >
®Wlcf~~5^BrPaf stre®^
Proceeds—For investment in land
^.Central Cooperatives,
"
/
q
Development Corp.
shares of common stock.
140,000
and the balance for general corporate purposes.
Office—4358 Northside Drive, N. W., -Atlanta, Ga. ' Un¬
derwriter—To be supplied by amendment.
; "
thp
rT
Southeastern
filed
Ga.,
^
fJj
rSiw YrS-riH?i!„j!CU
&
1960
per share.
in the Caribbean area,
*2^' C°mmon- stocky,Jan..'23, 1961 filed 110,000/shares of class A common
mint
torfrf
diversified invest-stock. Price-^$4 per share,. Business—The company: was a/irK rpHppmihlei charni
an f,p^nd company
organized ia December, 1960, to acquire all the capital
'sharp? bpfnrt
t s^e nndissuanqe bf ; gtock of four/corporations * in Fairview, N. J., whose
rnmnanv
28,
Price—$5.25
New
-'
.
21, 1961 (letter of notification) 27,000 trust shares,
Price—$10 per share. Proceeds—For real estate
series A.
For expansion and
Government
31
/
For
organizational
Office—620 W. Warrington
Underwriter—None.
expenses.
Avenue, Pittsburgh, Pa.
•
Cerel-Perint
Associates, Inc.
27, 1961 filed 200,000 shares of common stock. Price
be supplied by amendment. Business—The com¬
pany is engaged in the business of acquiring and de¬
Feb.
—To
veloping land for
use as industrial parks. Proceed:—For
acquisitions, preparation of land and the construction of
buildings for lease.. Office—17 Strathmore Road, Natick,
Mass.
Underwriter—Bear, Stearns & Co., New York City
(managing). Offering—Expected in mid-to-late April.
.
Chalco
,
Engineering Corp.
(4/17)
*
Jan. 30, 1961 filed 100,ObO shares of common stock.
—$6
per
share.
Business—The
company
Price
is engaged in
the business of
590
M.- C.
*A B.
Industries,"Inc.
j>ly 1961 filed 50,000 shares Of 7% non-cumulative: ■
preferred stock (par $7,50); and 200,000'Shares of com¬
mon
stock
(par one cent), of which 50,000 shares are
to be offered for public sale* by the company and 150,000
outstanding shares by the present holder thereof.
The
offering will be made in units, each unit to consist of
March
J
one
r
^
a
««
d»f7
C A \
<T
"
-1
share and four
preferred
OA A
A A A '
«1-.
w
shares.
common
Price%-
distributes
use
in
a
diverse
Corp.; manufactures, assembles and
line
electronic
of
components
guidance and communication systems. Proceeds—
Bas-Tex
Dec.
0:3
1960
Co.
Baruch
oj
(R.)
«n
»
'l;.
4.x
i*
issuer
is
a
broker-dealer
Jith
with
member of the NASD. Proceeds—To take
a
and maintain markets in
nents and
and
systems, including precision analytical instrucomputers, precision potentiometers, jradiaUqn
medical instruments. .Office
Fullerton,
York
•
Calif.
City (managing)..
class A
ness
r—
2500 Fullerton Road,
.
;
Brothers, New
,
"
-
,
/-« v>
nL
n
of
stock,
common
electronic
tools.
and
Proceeds
missile
components
1961
(letter
of
company
also manufactures special
sold for military use. Proceeds—For
loans
purchase
March
raw
28,
1961
ment.
toilet
7,
1961 filed 215,000 outstanding shares of com¬
(par $1). Price—To be "supplied by amend¬
Business—The firm makes and sells cosmetics and
preparations for
makes and
spe¬
comoany will use its por¬
bank loans, expand inventory
material, acquire new and .larger
(letter
products.
,
stock
(par
radio
of
Proceeds—For
and, through
a
subsidiary,
ball point pens and related
selling stockholder.
a
E. 58th Street, New York
Office—
Underwriter—White,
5,
Co'
New
York
New York
N
N.
Brooks
Feb. 16,
—To be
known
television
purposes.
Y
i
:
z
investment
management type.
Bailey Avenue,
Fort Worth, Texas. Distributor—Associates Management,
•
Circle Controls
Oct.
:pt.A
Inc.
28,
electro-mechanical and mechanical controls.
stock. Price
Business—Formerly
common
For general
Of¬
Boulevard, Vineland, N. J. Underwriters
Kleinzahler, Walker & Co., Jersey City,
—Rodetsky.
N.
J.; L. C. Wegard & Co., Trenton, N. J. and L. D. Sher¬
& Co., New York, N. Y.
man
Circle-The-Slghts,
stock and $330,Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C. Underwriter—None.
000 of debentures
Finance Corp.
5,^1960
(letter of notification) 195,000 shares of
(par 20 cents). Price — $1.50 per share.
expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
stock
Proceeds—For business
...i
t-,
,
•
a
Citizens
Dec.
,
N. Ridge Road, Little Rock, Ark.
#
California Financial Corp.
G
•
23, 1961 filed 88,977 shares of capital stock, of
which" .35,000 are to. be offered for public sale by the
company and 53,977 outstanding shares by the present
holder thereof.-Price—To be supplied by amendment.
Business—The company,
through
a
(10-year 8% redeemable).
Acceptance Corp.
1960 filed $500,000 principal amount of series
five year subordinated debentures.
Price —At
29,
6%
100%
.
Feb.
Inc.
March 30 filed 165,000 shares of common
City. Offering—Expected in late March.
T
Proceeds—
corporate purposes and working capital.
fice—204 S. W.
opment, and working capital. Office—407 West Vine St.,
Hatfield. Pa. Underwriter—Andresen & Co., New York
common
(3/15)
Corp.
1960 (letter of notification) 95,000 shares of
,-common
stock (par 10 cents).
Price — $3 per share.
Business
Manufacture ' and
rebuilding of electronic,
Harry
Brooks Rotameter Co., the firm manufactures
Business
Office—501
Inc., Fort Worth, Texas.
variable area flow meters, generally called "rotometers."
Proceeds—For European expansion, research and devel-
Aug.
the
of
company
investment.
—
Instrument Co.,
1961 filed 150,000 shares of
supplied by amendment.
as
6, 1961 filed 50,000 shares of common stock, series
Price—$5.50 per share. Business—A closed-end diver¬
Proceeds—For
of
share.
programs.
—
'
Feb.
2.
Office—120
Underwriter
Y.
Offering
Church Builders, Inc.
shares
per
City.
,
sified
and
corporate
•
■
women
sells pencils and
Co., Inc., New York City (managing).
—Expected in late April.
:
.
v
r
Inc.
notification) 60,000
five cents).
Price—$5
of
South
Broad
stock
mon
for
Odzer
..
purpose
products
the repayment of
for
^ Charles of the Ritz, Inc.
of
The
—
and
working capital. - Office —15126
Broadway, Gardena, Calif. Underwriter — First
Street Corp., New York City (managing).
assem->
and
electronic, electro-mechanical and mechanical
and devices for ground support facilities for
missile and space programs of the U. S. Government. The
Jin
a
of
bentures.
Business—General finance company.
debentures
Citizens
Proceeds
working capital and to retire outstanding
they mature. Office—Georgetown, Del.
as
Underwriter—None.
•
outstanding de-
principal or in exchange for
—To increase
subsidiary is engaged
Inc. (3/13-17)/•
; :
\\v. in the savings arid Joan business in the San Francisco
notification). 100,000 shares of ; area. It also conducts an insurance agency business,
(par 5 cents). Price—$3 per share.- Busi- - renders management services to its subsidiaries and parThe company supplies the missile and aircraft
ticipates in the financing of real estate development
Benbow Astronautics^
Jan.- 18
---.
Underwriter—Lehman
shares
" uazer °° - wew *orK- *• *•
positions
the basis of one share for
each 20 shares held. Price—To be filed by amendment.
Business—Manufactures^electronic instruments,/compo-,
m
(3/13-17)
100,000
Broadway,
the SEP.'
SEC,
on
filed
Proceeds—For; general
securities, participate in under-
holders of record March 28,
Dynamics Inc.
1961
Business—Producers
th„
Beckman Instruments, Inc. (3/28) V"
Feb. 21, 1961 filed 70,000 shares of common stock (par
$1) to be offered for subscription by common stock¬
tf* O
AA
^ Broadcast International,
nf
writings, and the balance for working capital. Office^—
1518 K St., N. W., Washington,,D. C. Underwriter—Same:
ments,
,
(letter of notification) 15,000 shares of
;
7,
common
ov.or.~o
IIH«
working capital. Office — 219 Alabama Ave.,
Brooklyn, N. Y. Underwriter—William, David & Motti,
Inc., New York City.
/'
nnn
^.1 J
11
and
300,000
\
r
u
Weld &
Feb.
"r. -
*
facilities for business and for research and development
'/•.
"v..
of notification)
M
and
& Co.
/i
Business—The
and
(letter
^
tion of the proceeds to pay
Corp.,. New York, N. Y.
shares of
class A common stock.
Price—At par ($1 per share).
Proceeds—For expenses for
development of oil and
gas properties.
Office — First National Bank Building,
Pf-nver Coin
T'nderwriter-Equity General Investment
Corp.,, First National Bank Building, Denver,' Coloy "Note
—This offering has been suspended.
•/.-: n.,.; '
:
/
:22,
Brirtol
cial
—
;
m
Ky.;./::-;//,;
blies;
Enclosures, Inc.•/"' '
Dec.-27, 1960 (letter; of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness
Manufacturers of elevator cabs for apartment
Securities
~l<\
-
ducing and selling of electrical and mechanical
Baldwin
®
>.-1^ "• 1' £?
whiqh 70,000 shares will be offered for public sale by
the company and 30,000 by a selling stockholder. Price—
$7 per share. Business—The designing engineering, pro¬
expansion and working capital. Office—1101-110Q
U-tica Ave., Brooklyn, N. Y. Underwriter—International
Services Corp., Paterson, N. J. * • y
> \
Offering—Expected in late March.
tems and
systems
-
/
for
houses and office buildings. Proceeds^—For general cor¬
porate purposes. Office—59-33 55th St., Maspeth, N. Y.
M A'm
Feb.
For
Underwriter—Acme
engineering, research, development, man¬
ufacturing and installation of custom communication sys¬
of
class A common .stock (par $2.50) to be offered for subscription; by stockholders on the basis of one new share
for each 16 shares held.' Price—$8 per share. ProceedsFor construction/and working capital. Address—Indus¬
trial Park, Shelbyville, Ky. Underwriters—J. J. B. Hilliard & Son and Stein Bros. & Boyce, both of Louisville,
•
$11.50 per unit. Business^—The company/ formerly Beakatron Manufacturing
shares
,
& Southern
■
;
0
■
-
:
Capital Corp.
V
.
(3/20-24)
1960, filed 300,000 shares of common stbek.
Price—$5.50 per share. Business—A small business in-
»Dec;' 21,
stock
■
_
4
;
,
-
-
.
Continued
on page
32
32
The Commercial and Financial Chronicle
(1100)
•
Continued from page 31
Consolidated Activities,
Feb.
vestment company and a subsidiary of
Citizens & South-
enTNational Bank of Atlanta. Proceeds—For investment.
Office—Marietta and Broad Streets, Atlanta, Ga. Under¬
writers
The
—
Johnson,
Lane, Space Corp., Savannah-
Courts & Co. and Robinson-Humphrey Co. Inc., Atlanta
(managing).
if Claude Southern Corp.
27, 1961 (letter of notification) 70,000 shares of
common stock
(par 10 cents) of which 60,000 shares, are
tc be ottered for the account of the company and 10,000
Feb.
shares
by
selling stockholder.
a
Price
—
$4
share.
per
Proceeds-r-To retire bank loans, purchase machinery and
equipment, and for expansion and working capital. Of¬
N. W. 31st Ave., Miami, Fla. Underwriter—
fice—3950
Blaha & Co., Inc.,
Long Island City, N. Y.
Clifton Precision Products
Co., Hnc.
(3/27-3i)
28,
of the principal amount. (Stock) $3.50
Business—The issuer is principally engaged
in
the construction and operation
of bowling alleys.
Proceeds—To retire a mortgage and outstanding deben¬
101%
benture)
tures, for construction of a new bowling alley, y ^
general corporate purposes. Office—26 West North-
field Road,
Livingston, N. J. Underwriter—G. F. Nicholls
Co., Inc., 1 Mailden Lane, New York 38, N. Y.
•
Consolidated
struction of custom
or
commercial
The
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little Rock. Ark.
is engaged in the design, development,
produtcion and sale of synchros,
ins: rument servo¬
motors and certain servo-mechanisms for use primarily
in aircraft and missiles. Proceeds—For the selling stock¬
company
.
Office
holder.
Marple
—
Ave.,
at
Underwriter—W. C.
Heights, Pa.
York City.
Broadway,
Langley
Clifton
& Co., New
-A Coastal Acceptance Corp.
1, 1961 (letter of notification) $175,000 of 10-year
7% registered series notes to be offered in varying de¬
nominations of $100 to $1,000.
Proceeds — For general
corporate
chester,
36 Lowell Street,
Underwriter—Shontell & Varick,
purposes.
N.
H.
Office
—
Man¬
Man¬
chester, N. H.
Coastal
Dynamics Corp.,
30, 1961 filed 125,000 shares of class A stock. Price
$3 per share.
Business — The company (formerly
Coastal Manufacturing Corp.) merged with Wesco Plastic
Products, Inc., and is principally engaged in the develop¬
ment, manufacture and sale of edge-lighted instrument
and control panels for use in the aircraft, missile and
electronic industries.
Proceeds — For new equipment;
Jan.
—-
of
payment
component
debts; to increase inventory of electronic
parts; and for working capital. Office—219
Avenue,
Venice,
Calif.
Underwriter — V.
K.
Osborne & Sons, Inc., Beverly Hills, Calif, (managing).
•
Coiber
Jan.
(3/13-17)
Corp.
common
ness—Manufacturers
chase
resistors.
of
Proceeds—For
pur¬
and equipment, leasehold improve¬
working capital. Office—26 Buffington St.,
of machinery
ments and for
Irvington, N. J. Underwriter—Richard Bruce & Co., Inc.,
80 Pine Street, New York 5, N. Y.
•
Coleman
Engineering Co., Inc.
development, manufacture and sale of missile ground
handling equipment, electromechanical parts, products
and systems. Proceeds—To retire bank borrowings, with
the
balance
purposes.
Calif.
for
working capital and general corporate
South Flower St., Los Angeles,
Auchincloss, Parker & Redpath,
Office—1010
Underwriter
—
Washington, D. C. (managing).
Colonial Mortgage
—
•
Co! o rite
Plastics, Inc.
(3/10)
Dec. 22, 1960 filed $900,000 principal amount of first
mortgage bonds, 6%-% series, due 1976 (with detach¬
able
common
stock
purchase warrants)
and
100,000
shares of common stock. Price—For the bonds; 100% of
face amount plus accrued interest. For the stock: To be
supplied by amendment. Bi|siness—The manufacture of
plastic garden hose, tubes, rods, strips, gaskets, and re¬
lated items.
Proceeds—To
purchase land, buildings and
equipment and for working capital. Office—50 California
Ave., Paterson, N. J. Underwriter—P. W. Brooks & Co..
Inc., New York City (managing).
Commerce
Oil Refining Corp.
16, 1958 filed $25,000,000 of first mortgage bonds due
Sept. l, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
Dec.
offered in units
follows: $1,000 of bonds and 48 shares
of stock and $100 of debentures and nine shares of stock.
Price
To be supplied
by amendment. Proceeds —To
as
—
construct refinery. Underwriter—Lehman
Brothers, New
York. Offering—Indefinite.
Commonwealth International & General
Fund, Inc.
Dec. 19, 1960, filed 400,000 shares of common
capital
stock. Price—$12.50 per share. Business—A
diversified,
open-end, managed investment company. Proceeds—For
investment. Office—615 Russ Bldg., San
Francisco, Calif.
Underwriter—North American Securities
Co., San Fran¬
cisco
(dealer-manager).
Community Research & Development, Inc.
Feb. 27, 1961 filed 620,445 shares of common stock
to be
offered for subscription by holders of its common stock
and 6% convertible debentures due Jan.
1, 1972 on the
basis of
one new
share for each two
shares held
and 105: shares for each $1,000 of debentures held.
Price
be sqpplied by amendment.
Business—The devel¬
common
fice
—
Sons,
Baltimore, Md. (manag¬
3505-50th
Fla.
Tampa,
Street,
Underwriter
—
Skyways,
(3/20)
Inc.
1961 filed
16,
15,000,000 shares of no par common;
stock. Price—3 cents per share. Proceeds—To acquire the
equipment, real estate and other materials necessary to
business. Office—Penn-Sheraton Hotel, Pitts¬
burgh, Pa. Underwriter—C. A. Benson & Co., Inc., Pitts¬
burgh, Pa.
commence
Life
Cortez
Co.
Insurance
Jan.
12, 1961 filed 500,000 shares of common stock
Price—$3 per share. Business—The company is engaged
in the business of writing life insurance, annuity policies
re-insufance. Proceeds—For general corporate pur¬
and
poses.
Office—304 Main St., Grand Junction Colo. Under¬
writer—None.
—
(4/6)
Dec. 7,
1960, filed 100,000 shares of common stock. Price
—$6 per share. Business—The manufacture of woven
aluminum screeqi cloth.
debtedness and general
Proceeds—The repayment of in¬
corporate purposes. Office—In¬
Covington, Ga. Underwriter—Plymouth
Securities Corp., New York City.
dustrial
Blvd.,
Dolomite Glass Fibres, Inc.
Cumberland
Shoe Corp.
stockholders of the
the
right
purchase
to
of record Jan.
company
one
share
held.
Rights expire on March
Price—$3.75 per share. Office
for
22
each
five
with
1
shares
4:30
p.m.
(CST).
Margin Street,
Franklin, Tenn. Underwriter—Clark, Landstreet & Kirkpatrick, Inc., Nashville, Tenn.
• <
' *
'
<
*•' •
•
Custom
Components,
—
at
North
Inc.
24, 1961 filed 165,000 shares of common stock (par >,
cents). Price—$3 per share. Business—The company
designs, develops and produces high quality components
microwave and electronic systems. Proceeds — For
expansion, acquisitions and working capital. Office—
Passaic Ave., Caldwell, N. J. Underwriter—Manufactur¬
ers
Securities Corp.* 511 Fifth Ave., New York, N. Y.
(managing); Bioren & Co. and Wm. Stix Wasserman &
Co., Inc., New York City, Chace, Whiteside & Winslow,
Inc., and Draper, Sears & Co., Boston, Mass.
for
Cuslomiine Control
(4/3-7)
120,000 shares of
common stock
(par 10 cents).
Price — $2.50 per share.
Business—Manufacturers of control panels for central¬
21,
(letter
1961
ized control
Panels, Inc.
of notification)
of chemical
industrial
and
Pro¬
processes.
ceeds—For
a training program for additional engineering
personnel; additional capital equipment; payment of a
bank loan; opening of a Los Angeles sales and engineer¬
ing office; research and development and working capi¬
tal. I Office—1379 E. Linden Avenue,
derwriter—Blaha
•
Dalto
record
for
Dynamic
&
Co.,
Inc.,
Long
Linden, N. J.
Un¬
Island City, N. Y.
filed
for
Oct.
each
59 New
York
(3/20-24)
Ave., Westbury, L. I., N. Y. Underwriters
W. Lewis &
—T.
both of New York
Co., Inc., and Amos Treat & Co., Inc.,
City and Bruno-Lenchner, Inc., Pitts¬
burgh.
■
Dynatrcnics, Inc. (4/3-7)
Feb. 3, 1961 filed 120,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany is engaged in the design, manufacture and sale of
electronic equipment and systems, including antenna,
digital and timing systems. Proceeds—For repayment of
bank loans, new equipment and working capital.
Ad¬
dress—P. O. Box 2566, Orlando, Fla. Underwriter—R. S.
Dickson & Co., Charlotte, N. C.
•
Eastern Camera
29,
1960
Exchange, Inc.
(letter
noulicauon)
of
75,000
shares
of
stock
(par 10 cents). Price—$4 per share. Busi¬
ness—Operating a chain of retail stores and concessions
common
photographic supplies and
prints black and white
photographic film. Proceeds—To reduce indebtedness in¬
curred by acquisitions, to pay notes due, and for general
corporate purposes.
Office—68 W. Columbia Street,
Hempstead, N. Y. Underwriter—Casper Rogers & Co.,
Inc., New York, N. Y.
selling cameras,
equipment; also
•
Eastern Can
Jan.
film
and
and
processes
(3/20-24)
Co.* Inc.
23, 1961 filed 200,000 shares of class A stock.
—$7
per
the
share.
business
of
Price
Business—The company is engaged in
manufacturing tin plate cans for the
packaging and marketing of different types of food,
petrochemicals and other products. Proceeds—For new
equipment; completion of a new manufacturing plant at
Passaic, N. J.; the moving of metal container manu¬
facturing equipment from Brooklyn to Passaic, and for
Office
working capital.
649 Kent Avenue, Brooklyn,
—
Underwriter—Milton D. Blauner & Co., Inc.. New
N. Y.
431,217 shares of common stock to be
subscription by holders of such stock of
7
at the
share
rate
then
held.
of
one-and-a-half
Price-v-$ 1.25
per
new
shares
share.
Pro¬
•
City.
Economics Laboratory, Inc.
Feb.
due
Business—The
manufacturing and selling of detergents
for commercial dishwasning and
Proceeds
For the repayment of notes,
for new facilities and for working capital. Office—914
Guardian Bldg., St. Paul, Minn. Underwriters — W. E.
Hutton & Co., Cincinnati, O., and Kalman & Co., Inc.,
St. Paul, Minn, (managing).
t
-
ing capital. Office—Norwood, N. J. Underwriter—Ster¬
ling, Grace & Co., 50 Broad St., New York City. Offer¬
ing—Indefinitely postponed.
household
Dekcraft
Corp.
(4/10-14)
Feb. 15, 1961 filed 92,000 shares of common stock. Price
To be supplied by amendment. Business—The company,
formerly Supreme Ribbon Corp., manufactures, converts
and packages gift wrappings. Proceeds—For the repay¬
ment of bank loans and for woking capital. Office—15
Burke Lane, Syosset. New York. Underwriter—Carter,
Berlind, Potoma & Weill, New York City.
Delanco
Electric
Machine
Co.,
Inc.
(letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Busi¬
ness—The company operates three retail stores selling
sewing machines and electrical appliances. Proceeds—
For expansion and general corporate purposes. Office
—Ill Delancey Street, New York, N. Y. Underwriter17,
Michael
Delta
1961
Pariser Corp., New York,
N. Y.
Electro
Detroit Tractor,
27,
Calif. Underwriter—None.
Ltd.
May 26, 1960 filed 1.375.000 shares of class A stock. Of
this stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
agents
use.
—
Consolidated
1961
filed
Corp.
(3/27-31)
100,000 shares of
common stock, of
public sale by the
issuing company and 50,000 shares, being outstanding
stock, by the present holders thereof. Price — $6 per
share. Business—The company and its subsidiaries are
engaged in the design, manufacture, distribution and
sale of fluorescent and incandescent lighting fixtures for
which
50,000
are
to
offered
be
for
commercial and industrial use, and the manufacture and
sale of household appliances including broilers and foodslicers. Proceeds—For the repayment of bank loans, new
equipment, ,and working capital. Office — Spruce and
Water Streets, Reading. Pa. Underwriters—Brand. Grumet & Seigel, Inc., and Kesselman & Co., Inc., both of
New York City.
Electro
and tooling; inventory and working capital. Office—
Adams Ave., San Diego,
cleaning
Jan.
Design, Inc.
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share.
Business — Development of vacuum
system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machin¬
(3/21)
10, 1961 filed $4,000,000 of convertible debentures
April 1, 1976. Price—To be supplied by amendment.
and
Jan.
Irssirunierat Corp.
1961 filed 150,000 shares of common stock (full
registration). Price—$2 per share. Business—The com¬
pany is engaged in the design, manufacture and sale of
electro-magnetic clutches and brakes and in the machin¬
ery of precision instrument components on a sub-con¬
tract basis. Proceeds—To repay loans, complete and de¬
velop new products and for working capital. Office—
ceeds—For the retirement of notes and additional work¬
•
Business—The
shares.
glass fibre for
of
sale
Corp.
29
offered
and
Jan. 27,
York
March
common
insulation and
glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For working
capital and the purchase of additional equipment. Office
—1037 Jay St., Rochester, N„ Y. Underwriter—None.
manufacture
Dec.
Jan.
Feb.
Dec. 27,
•
Jan. 3, 1961 (letter of notification) 37,115 shares of com¬
mon stock
(par 50 cents) being offered for subscription
3163
&
notification) 10,000 shares of
Price—-$15 per share. Proceeds
issue- and manufacturing facilities. Of¬
stock (par $10).
Copter
Jan.
opment, ownership and management of income produc¬
ing real estate projects.
Proceeds —For construction.
Office—14 West Saratoga Street,
Baltimore, Md. Under¬
Brown
7.
i
ery
writer—Alex.
March
on
of
(letter
1961
withdrawn
was
None.
—To
ing).
(4/3)
notification) 75,000 shares of
common stock
(par 2 cents). Price—$4 per share. Busi¬
ness—Develops oil and gas leases in West Virginia. Pro¬
ceeds
For general business purposes. Office — 115
Broadway, New York 6, N. Y. Underwriter—Vestal Se¬
curities Corp., New York City.
share for the class A and
28,
—For expense of
•
(3/13-17)
Jan. 31, 1961 filed 100,000 shares of common stock (par
$1).
Price — To be supplied by amendment.
Business
—Originating and servicing mortgage loans for insti¬
tutional investors.
Office
141 Garrett Road, Upper
Darby, Pa. Underwriters—Drexel & Co., and Stroud &
Co., both of Philadelphia, Pa. (jointly).
Service Co.
Corp.
of
if Certracl Battery Manufacturing Co.
10
Feb. 28, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The design,
Gas
(letter
Feb.
by
(letter of notification) 100,000 shares of
stock (par 20 cents). Price—$3 per share. Busi¬
1961
26,
Natural
1960
5,
1960 filed 200,000 shares of 7% preferred stock
(cumulative - convertible); 200,000 class A common
shares (voting) and 1,000,000 common shares (non-vot¬
ing). Price—$10 per share for the preferred and $1 per >
Rose
Offering—Expected sometime in April.
sub-division and shopping center devel¬
Note—This statement
common
March
share.
per
Dodge Wire Corp.
pre-fabricated type residential oi
buildings and facilities upon properties to
be acquired for
$3
Dixie
Dec.
Investment Corp.
Realty
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund for initial and intermediate financing of . the con¬
16, .1961 filed 60,000 outstanding snares of common
stock. Price—To be supplied by amendment. Business—
Feb.
holders thereof. Price—Not to
Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.
exceed
share.
for
&
1961
Thursday, March 9,
.
be offered for sale by the
Inc.
1961 filed $l,G00,0u0 of 6Vfe% convertible sub¬
ordinated debentures, due April 30, 1976, to be offered
by the company and 50,000 shares of common stock (par
5uc) to be ottered by a selling stockholder. Price—(De¬
per
.
.
July
19,
class A
Industries,
1960
common
tional class A
writers.
(letter
Inc.
of
notification)
75,000
stock (no par) and 20.000
common
Prices—Of
stock to be offered
class
A
common,
$2
of
to the under¬
per
additional class A common, 2M> cents per share.
To
shares
shares of addi¬
share; of
Proceeds
into the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter — Carleton Securities
—
expand
the
company's
Corp., Washington, D. C.
inventory
to
go
Volume
193
Number 6036
.
.
The
.
Commercial and Financial Chronicle
(1101)
Electro-Nuclear
Metals, Inc.
(letter of notification) 250,000 shares of
stock. Price—At par ($1 per share). Proceeds—
To purchase new equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd.,
common
Underwriter—A. J. Taranto
•
&
Roseville, Calif.
Co., Carmichael, Calif.
Elion
Instruments, Inc. (4/3-7)
Oct. 28, 1960 filed 60,000 outstanding shares of capital
stock (par, 50 cents), together with five-year warrants
for the purchase of 6,000 new capital shares, to be of¬
fered
for sale
tenth
of
units
in
of
warrant. No
a
one
sale
share
will
of
be
stock
made
and
one-
of less
than
10 such units. Price—To be related to the price of the
company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes
sells instruments and equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬
and
ing stockholders, who are two company officers who will
lend the net proceeds to the company. Office—430 Buck¬
ley
St., Bristol, Pa. Underwriter
& Longstreth,
Philadelphia,
^ Endevco Corp. (4/25)
-V
March 1, 1961 filed 125,000 shares
no
par
common
electronic equipment. Proceeds—
working capital. Office—161 East
California Blvd., Pasadena, Calif.
Underwriter—White,
Weld & Co., New York City
(managing).
and
^ Essex Fund, Inc.
March
offered
; •"/;/:>
■
6, 1961 filed 1,000,000 shares of capital stock to be
for a period of three months to Massachusetts
residents
then
and
Price—$1C
to
share
per
be
offered
(net)
and at net asset value
to
the
general public.
Massachusetts residents,
sale charge of 8%% to the
to
plus a
Business—The fund was organized under Massa¬
chusetts law in March, 1961, by
Fidelity Management &
public.
Research Co. to seek possible growth of
capital
through
portfolio over-the-counter securities.
a
—For
investment.
Mass.
primarily
Proceeds
Distributor—The
•
Fabien
Office—35/Congress Street, Boston,
Crosby Corp., Boston, Mass.
Corp.
27, 1961 filed 60,000 shares of outstanding common
stock.
Price—$6.75 per share.
Business—The company,
the
Fabien
printing
materials.
Textile
Printing Corp.,
colored
of
Proceeds
designs
is engaged
various types
on
in
of
To
selling stockholders. Office—
Lodi, N. J. Underwriter—Goodbody & Co., New York
City (managing).
'
•
Falls
Dec.
Plaza
—
Limited
Partnership
Fulton
inter¬
Price—$1,000 per unit. Business—The building and
operation of a shopping center on Broad Street in Falls
Churih, Va. Proceeds—For the purchase of land and the
ests.
of
shopping center. Office
a
—
1823
Jefferson
Place, N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., and Investor Service Securities
Inc., both of
Washington, D. C.
stock.
1961
30,
filed
Business—The
and
of 6% convertible sub¬
Price—100% of principal amount.
is engaged in the manufacture
high reliability materials and basic
company
distribution
of
electronic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the
Office—471
payment of debts and for woorking capital.
Street, Belleville, N. J.
Under¬
Cortlandt
Inc., Atlanta, Ga., and Walston & Co., Inc., New York
City (managing).
•
America, Inc. (3/13-17)
Jan. 6, 1961 filed 500,000 shares of common stock.
Inc.
Feb. 18, 1961 (letter of notification) 500 shares of com¬
mon
stock.
Price—At par ($50 per share).
Proceeds—
For operational expenses and an accumulated reserve
merchandise
for
purchases
Office—200 N. 85th Street,
manufacturing
and
Seattle 3, Wash.
Un¬
Shell
Homes,
^ Fillra-Sonic Corp.
stock
(letter of notification) 51,250 shares of com-
Price—$4 per share. Office
—120 W. Providencia, Burbank, Calif.
Underwriter —
Gregory-Massari, Inc., Beverly Hills, Calif.
First
Oct.
(par 50 cents).
American
formerly
company,
Fund, Inc., is
Office—60
an
open-end
East 42nd Street,
York, N. Y. Underwriters—Ladenburg, Thalmann
Co., New York City and Minis & Co., Inc., Savannah,
Georgia.
&
G-W
Jan.
Ameritronics, Inc.
shares, to be offered for public sale in units, each
sisting of
share of
one
con¬
stock and two warrants.
common
Each warrant will entitle the holder thereof to
one
share of
purchase
stock at $2 per share from March
common
to
August 1961 and at $3 per share from September 1962
1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
to February
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For
general
Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
—
corporate
purposes.
Investment
Corp.
General Telephone Co. of.Florida
(3/14)
First
Small
Business
Investment
Company
of
Tampa, Inc.
Oct. 6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
Florida
Nov.
Guaranty Title & Trust Co.
(letter of notification) 83,125 shares of
common
stock
(par 50 cents). Price—$3.60 per share.
Proceeds
To pay a second mortgage instalment, for
advertising, and for working capital. Office—1090 N. E.
79th St., Miami, Fla. Underwriter—Floyd D. Cerf Jr.
Co., Inc., Chicago, 111.
29,
1960
—
•
Forccte, Inc. (3/13-17)
Jan. 26, 1961 filed 150,000 shares of common
—$5
per
stock. Price
share. Business—The manufacture and sale of
1961
filed
•
Greenfield Real
Estate
Investment Trust
(3/21)
Dec. 21, 1960, filed 500,000 shares of beneficial interest.
Price—To be supplied by amendment. Business — The
organized
company was
Dec. 20, 1960 to provide in¬
on
interest in diversified
an
income-producing
properties consisting principally of real estate interests.
Proceeds—For investment. Office
Bankers Securities
—
Bldg., Philadelphia, Pa. Underwriter
Philadelphia (managing).
ic Guaranty National
Feb.
27,
1961
(par
—
Drexel
&
Co.,
Insurance Co.
(letter of
stock
common
50
notification)
cents).
120,000
Price—$2.50
shares
of
share.
per
Proceeds—For investment and the operation of the com¬
Office—916 Broadway, Denver, Colo.
—Copley & Co., Colorado Springs, Colo.
Underwriter
ic Holyoke Motor Lodge Associates
28, 1961 (letter of notification) $270,000 of pre¬
form limited partnership interest to be offered in units
of $5,000.
Proceeds—For payments of allowances of all
Feb.
charges and expenses incurred in operation of a partner¬
ship; for working capital and improvements. Office—
c/o Samuel Seigel & Ann Seigel, 51 Flower Hill, Poughkeepsie, N. Y. Underwriter—None.
Home
Feb.
Lab
15,
Supply, Inc. (4/3-7)
(letter of notification) 100,000 shares of
cent). Price—$3 per share. Busi¬
1961
stock (par one
common
ness—Manufacturers of educational and scientific equip¬
ment for boys and girls. Proceeds—For general
corporate
—
Petroleum, Inc.
stock. Price
share. Business—Development of oil properties.
general corporate purposes. Office—5245
W. Irving Park Road, Chicago, 111. Underwriter—The is¬
per
Proceeds—For
suer
intends to become
a
licensed
broker-dealer in the
states in which this offering is to be
made, and to offer
338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered through
licensed
broker-dealers
on
a
"best
efforts"
basis.
^ Geriatric Pharmaceutical Corp.
Feb.
28,
(letter
1961
of
shares
Boulevard,
Feb.
of
Busi¬
geriatric pharmaceuti¬
Proceeds—For general corporate purposes.
Commonwealth
45
50,000
Price—$4 per share.
ness—The distribution and sale of
cals.
Office—
Bellerose, N. Y.
Under¬
Co., New York, N. Y.
technological
30,000
— $10
fields.
Proceeds —For
general
corporate
Office—30 Broad Street, New York, N. Y.
Un-
derwirter—Kidder, Peabody & Co,, Inc., New York, N. Y.
Gizmo
Records, Inc.
1961 (letter of notification) 74,997 shares of
common stock.'; Price—At par
($1 per share);. Proceeds
—For general corporate purposes.
Office—63 Amsden
Street, Arlington, Mass. Underwriter—None.
March
2,
it Gold
Feb.
Eagle Mines,
27,
1961
•
notification)
300,000
shares
of
($1 per share). Proceeds—
Office—225 Harmony Drive, Long-
Underwriter—None.
Medal
Gold
it Hopewell Investment Corp.
21, 1961 (letter of notification)
Feb.
•
Packing Corp.
(3/13-17)
17, 1960 filed 100,000 shares of 25c convertible pre¬
stock
(par $4). Price—At par. Proceeds—Ap¬
18,150
shares
of
(par $1) to be offered for subscription by
stockholders of the company.
Price—$3
per
present
Va.
—
stock
common
share.
Of¬
Grange Road, Teaneck, N. J. Underwriter
Co., Newark, N. J.
Investment
Proceeds—To repay a
note.
Address—Petersburg,
Underwriter—None.
Hydro-Electronics Corp.
21,
(3/17)
1960
(letter of notification) 150,000 shares of
common stock (par one cent). Price—$2
per share. Busi¬
ness—The design and manufacture of precision measur¬
ing equipment, automation equipment and general pre¬
cision fluid controls.
Y.
Proceeds
Office—691
purposes.
N.
Underwriter
—
Merrick
For
general corporate
Road,
Lynbrook, L. I.,
Amber, Burstein & Co., Inc., 40
—
Exchange Place, New York City.
Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of common stock.
share.
per
Business—The firm, which
was
Price
organ¬
ized in
February, 1957, makes and wholesales products
the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex
and
services for
pansion.
Office
1750
—
South
8th
St., Salt Lake City,
Underwriter—Whitney & Co., Salt Lake Citv-Utah.
Inc.
June 29
filed 600,000
shares of
common
stock
(par $1)
Price—$2.50
per share. Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate
and
enfranchising of bottlers, the local and national pro¬
and
advertising of its beverages, and where
necessary to make loans to such bottlers, etc.
Office—
704 Equitable
Building, Denver, Colo. UnderwritersPurvis & Co. and Amos C. Sudler & Co., both of Denver,
motion
Colo.
•
Income
Dec.
Planning Corp. (3/13-17)
1960 (letter of notification) 5,000
29,
cumulative
Price—At par
develop property.
view, Wash.
Inc.
(letter of
stock.
common
.Capital
I C
of notification)
10 cents).
Price
(letter
Proceeds—For general corporate1 purposes.
fice— 811
Scientific Corp.
1961
purposes.
Honey Dew Food Stores, Inc. (3/13-17)
27, 1961 (letter of notification) 116,000 shares of
stock (par 10 cents).
Price—$2.50 per share.
Business—The company operates a chain of 10 super¬
common
Utah.
shares of
common
stock (par
per share.
Business—Research, development and manufacturing in
27,
•
—$5
notification)
stock (par 10 cents).
common
non,
Nov.
Nov. 10, 1960 filed 838,718 shares of common
—$1
purposes.
markets.
;
preferred
stock (par $25). Price—At par. Business—This subsidiary
of General Telephone & Electronics Corp;, operates a
telephone system in Florida. Proceeds—For the repay¬
ment of bank loans. Office—610 Morgan
St., Tampa,
Fla. Underwriters
Paine, Webber, Jackson & Curtis,
New York City (managing); Stone & Webster Securi¬
ties Corp., New York City, and Mitchum, Jones & Templeton, Los Angeles, Calif.
ferred
Phoenix, and to organize subsidiaries. Office—2222 N
Underwriter—None.
Bowling Corp.
$1,250,000 of 6% convertible sub¬
debentures, due 1976. Price—$1,000 per deben¬
ture. Business—The operation of
bowling centers with
adjoining refreshment facilities in Michigan. Proceeds—
For construction and working
capital.
Office — 6366
Woodward Ave., Detroit, Mich. Underwriter—None.
24,
ordinated
Jan.
June
16th St., Phoenix, Ariz.
Great Lakes
Feb.
Ave., Passaic, N. J, Underwriter — Godfrey, Hamilton,
Magnus & Co., Inc., New York City (managing). Offering—Expected in late March.
:=u
.,n„^
Z,'.'*<* ........
To
filed
—
Office—511 Homestead Avenue, Mount Ver¬
N. Y. Underwriter—Fontana Securities Inc., New
York, N. Y.
of
1960
—
Supermarkets, Inc.
17, 1961 filed 110,000 shares of common stock. Price
—$3 per share. Proceeds—To be used as working capital
to expand the number of supermarkets. Office—200 Main
Jan.
2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.
14,
(par $1) to be offered in units consisting of
$100 of debentures. Price—$200
For working capital. Office
1012
Market St., Johnson City, Tenn. Underwriter—Branum
Investment Co.. Inc.. Nashville. Tenn.
unit. Proceeds
per
pany.
1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
25,
Giannini
350,000 of 9% convertible subordinated debentures (par
$10); and 135,000 1964 warrants to be offered for public
sale in 135,000 units, each unit to consist of five common
shares, one debenture and one warrant,. Price—To be
supplied by amendment. Proceeds—For general cor¬
porate purposes. Office—225 West Carolina St., Talla¬
hassee, Fla. Underwriter — Pierce, Carrison, Wulbern,
Inc., Jacksonville, Fla. (managing).
Feb. 27, 1961
The
—
Price
New
Inc.
Feb. 23, 1961 filed 675,000 shares of common stock; $1,-
mon
Business
Industries
writer—T. M. Kirsch
derwriter—None.
Federal
Southern
I
ic Fashion Originals,
credit.
share.
per
stock
mon
50 shares of common and
vestors with
Fund of
other
writer—To be named.
fund
filed
Price—To
—
Genie
$1,500,000
ordinated debentures.
1961
233,955 shares of outstanding com¬
be supplied by amendment. Busi¬
ness—Produces textiles, automotive
parts, metal cast¬
ings, cotton ginning equipment and pre-engineered steel
buildings. Proceeds—To selling stockholders.
Office—
Atlanta, Ga. Underwriters
Robinson-Humphrey Co.,
Faradyne Electronics Corp.
Jan.
Industries, Inc.
21,
mon
Feb. 21, 1961 filed 400,000. shares of cumulative
(3/13-17)
1960 filed 480 units of limited
partnership
erection
a
General
.
Feb.
formerly
•
Feb.
associated
and
equipment
of
City, Chi¬
working capital. Office—117-20 14th Road, Col¬
lege Point, L. I., N. Y. Underwriter—Myron A. Lomas¬
ney & Co., New York City.
balanced investment trust.
of
York
and for
named
Price—To be supplied by amendment. Business—
The design, manufacture and sale of
piezoelectric trans¬
New
111., and Los Angeles, Calif. Proceeds—To repay
loans, discharge outstanding 7% debentures due in
March 1962, finance the opening of new retail outlets
—$10
>
and the operation
in
stores
cago,
Warner, Jennings,
stock.
For
chain of retail furniture
Pa.
—
Mandel
ducers
specialized line of furniture,
a
31, 1960
Aug.
33
pf class A
preferred
(no par)
stock
shares of
and 10,000 shares
stock (par 10 cents)
to be offered in
preferred and two
shares of common. Price
$40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa.
Underwriter—Espy & Wanderer,
units
common
consisting
of
one
share
of
—
Inc., Teaneck, N. J.
proximately
portion
of
$150,000 will be used to discharge that
its obligation to Jones & Co. pursuant to
which certain inventories
Index-Daley Mines Co.
17, 1961 (letter of notification)
Feb.
pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on
June 15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
share).
be
Street, Salt Lake City, Utah.
used
for
the
are
construction
of
an
additional
smoke¬
house, and the balance will be used for general corporate
Office—614 Broad Street, Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialists. It also sells certain dairy products. Under¬
writer—Capital Investment Co., Newark, N. J.
purposes.
Grayco Credit
Corp.
Jan. 16, 1961 (letter of notification) $150,000 of 10-year
7% sinking fund debentures and 75,000 shares of com¬
assessable
debts
common
stock.
Price—At
2,331,348 shares of
par (10 cents per
Proceeds—For taxes, licenses, the repayment of
and
for
Industrial
Office—114V2 N. Main
Underwriter—None.
working capital.
Instrument
Corp.
Feb. 27, 1961
filed 60,000 shares of 6% second series cu¬
preferred stock (par $10) to be of¬
fered for subscription by the holders of its outstanding
common and first series preferred stock on the basis of
mulative convertible
one
mon
new
and
share of preferred for
one
Price—To
be
new
each eight shares of com¬
held.
share for each share of preferred
supplied
by
amendment.
Business—The
"
Continued
on
page
3i
34
(1102)
The Commercial and Financial Chronicle
l
derwriter—Netherlands
Continued from page 33
N. Y.
manufacture and sale of instruments used to measure and
Jodmar
control the flow,
liquids and gases.
level, pressure and temperature of
Proceeds—To repay loans, buy new
equipment and for working capital.
Office—8400 Re¬
search Road, Austin, Texas. Underwriter—None.
23,
1961
be offered for
of
one
ceeds
17.
trial
each
three
•
held
'
City (managing).
■
AV'.r'y" ■■'■•i'.
•
v
Corp.
.y
v
July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible preferred stock (par $8). Price — $8 per
share.
Business—Makes
establish
of
sells
diodes.
to
a
in
company
March
1960
was
and
is
.
operations
organized
Fpr the general conduct of business and the setting
of
up
Mosaic
International
28,
1961
common
and
Price
stock.
facturer
chemicals
ment,
and
of
Bernadino
ness,
1961
due
June
30,
1965, 1966
Price—$4,315; $4,190 and $4,079
Business—The
and
per
1967,
$300,000
respectively.
$5,000 of debentures.
wholly-owned subsidiary of
New York was organized
under New York law in June,
1960, to purchase, invest
in and sell real estate
mortgages. Proceeds—For invest¬
Investors
company,
Funding
a
Corp.
ment. Office—511 Fifth
of
•
Irvington Steel & Iron Works
13,
1961
ness—
general
(letter
stock
common
of
(par 50 cents).
Fabricators
corporate
purposes.
150,000
Price—$2
structural
of
(3/27-31)
notification)
per
steel.
Office
—
share.
L.
Fane
of
Busi¬
Proceeds
Brunswick, N. J. Underwriter—L.
Inc., Plainfield, N. J.
Israel
shares
Somerset
New
—
For
Israeli
businesses.
East
City. Underwriter—None.
•
Jefferson
,71st
St.,
New
York
(3/21-22)
Jan. 9, 1961 filed
$2,625,000 of 6x/2% series A subordinated sinking fund debentures due 1972 (with series A
,
warrants to purchase
262,500 common shares), and 175,000 shares of common stock to
be offered for public
sale in units
consisting of four common shares and a
$60 debenture (with
a warrant to purchase six common
shares initially at $J per
share). Price—$80 per unit.
Business—The production and sale of
asbestos/Proceeds
—For
construction
ing capital.
York
and
working capital.
Office—1408
Whitney Building, New Orleans, La. Underwriter
A
& Sons, St.
Louis, Mo. (managing).
—
Jensen
Industries
(3/13-17)
notification) 75,000 shares of com¬
Price—$4 per share. Proceeds—For
Feb. 9, 1961 (letter of
mon stock
(par $1).
expansion.
Office—165
So.
Mission
Rd.,
Los Angeles
Calif.
Underwriters—Maltz, Greenwald & Co., New York
City and Thomas Jay, Winston & Co., Los
Angeles, Calif.
•
•
•
.
Jet-Aero
Feb.
:
Corp. (3/20)
(letter' ofmotification)
10,<1961
62,500 Shares of
common stock (par 10
cents). Price—$4 per share. Pro¬
ceeds—To purchase new
machinery and equipment, in¬
crease inventory, research and
development and working capital. Office—950 S. E. 8th St., Hialeah, Fla. Un¬
due
Sept.
Israel.
Underwriter—
-y.
.
Inc.
notification) 150,000 shares of
cent). Price—$2 per share. Busi¬
of
(par one
Homes,
sale and distribution
stock
(par
debentures
100
bentures.
to
$300
shares
notification)
of
50
cents)
due
of
March
common
and
100,000 shares of
100,000 of 9% con¬
1, 1971
stock
to be offered in
and
1-$100
of de¬
Price—Of
stock, $2 per share; of debentures,
unit. Proceeds—For working capital. Office—
per
7001
Inc.
(letter
units of
W.
Broad St., Richmond, Va. Underwriter—Bellamah, Neuhauser & Barrett, Washington, D. C.
Lockwcod
Feb.
Grader
Corp.
1961 filed $500,000 of 6% sinking fund deben¬
tures, series A (with warrants for the purchase of 15,000
shares of class A common stock), and 30,000 shares of
1,
Underwriter—Emanuel, Deetjen & Co., New
2,
class
A
ment.
common
stock.
Price—To
be
filed
by
amend¬
Business—The manufacture and sale of field agri¬
cultural
machinery
and grading, sorting and handling
primarily for use in the potato industry.
working capital. Office—Gering, Nebr.
Underwriter—First Trust Co. of Lincoln, Neb. Offering
ishings and
—Ejected
Knapp & Tubbs, Inc.
13, 1961 filed 150,000 outstanding shares of com¬
mon
stock. Price—$4 per share. Business—The selling
machinery,
Feb.
are
Proceeds—For
furniture, interior decorative furn¬
objects. Proceeds—To the selling share¬
holders. Office—Merchandise
Mart, Chicago, 111. Under¬
Johnson, Fort Lauderdale, Fla.7 (man¬
writer—Roman &
cells
and
used
for
the
Office—300
West
43rd
Street,
Dec.
Feb.
27,
common
ness
1961
and
cars
salesroom;
and
Office—241
Underwriter—Albion
Y.
writer
sales
promotion
Park Avenue,
Securities
and
Inc.,
Dec.
30,
common
&
1960
27,
common
(3/27)
31, 1961 filed 150,000 shares of common stock of
50,000 shares will be offered for the account of
the issuing company and
100,000 shares, representing
outstanding stock, will be offered for the account of the
New
holders thereof. Price
To be supplied by
amendment. Business—The manufacture of motion
pic¬
ture projectors and related
equipment. Proceeds — For
Co.
(letter
of notification) 66,500 shares of
(par $1).
Price—$4.50 per share.
Pro¬
general corporate purposes.
Office — 232
East North Island Street, Appleton, Wis.
LP Gas
Federman, Storiehill & Co., New York, N. Y.
present
Root
ceeds— For
Sept.
—
For general corporate purposes.
Place, New York 5, N. Y. Under¬
—
which
for
corporate purposes,
Office—1227 West Loyola
writer—McDonnell
Underwriter—
aging).
Co., Milwaukee, Wis.
Savings Stamp Co., Inc.
(letter of notification)
1960
stock
Price—At par
—For purchase of
($10
per
30,000
shares
logs, stamp booklets, advertising and for working
&
including working capital.
Ave., Chicago, 111.
Under¬
Co., Inc., New York City (man¬
;
★ Marconi Electronics Corp.
Feb. 27, 1961 (letter of
notification) 30,000 shares of com¬
mon stock
(par $1).
Price — $10 per share.
Business —
of
share). Proceeds
creative design and printing of
—
general
stock
Milwaukee
Proceeds
Jan.
New York,
Co.,
(letter of notification) 60,000 shares of
(par 10 cents). Price—$5 per share. Busi¬
Mansfield Industries Inc.
Proceeds—Acquisi¬
acquisition of additional
-York, N. Y.
Kurz
1960
stock
Offering—Imminent.
automobiles.
advertising
working capital.
N.
of
for rental purposes;
.
Consulting services and installation of business
Office—40 Exchange
(4/17)
(letter of notification)" 66,000 shares of
(par $1). Price—$5 per share. Business
rental
—
machines.
(Charles),, Inc.
stock
28,
common
New York
City. Underwriter—None.
Kreisler
March.
Management Assistance Inc.
company
stockholders.
late
ladies' sportswear coordinates.
Office — 2530 Superior
Avenue,_ Cleveland, Ohio. Underwriter—Hayden, Stone
& Co., New York City (managing).
purpose of blood grouping and
also operates blood donor centers
in New York and Philadelphia. Proceeds—For the selling
testing. The
in
it Majestic Specialties, Inc.
March 7, 1961 filed 140,000 outstanding shares of com¬
mon stock.
Price—To be supplied by amendment. Busi¬
ness—The firm is chiefly engaged in making and selling
Knickerbocker
G. Edwards
•
notes
'
manufacture, research,
vertible
City. Offering—Imminent.
tion of
Corp.
4%%
Tel-Aviv,
(letier
1961
19,
common
The balance of the proceeds will be added to work¬
—Sale
Lake Asbestos
company's
stock
Le-Wood
Biologicals, Inc.
23, 1960, filed 100,000 outstanding shares of class A
stock. Price—$6 per share. Business—The manufacture,
packaging and distribution of a line of diagnostic serums
State of Israel bonds. Business—The
Office—17
the
of
1960
Jan.
ment stores in the New York City area.
Proceeds — To
purchase from the Prudential Insurance Co. of America,
1969.
joint venture. Proceeds—
of oil lands. Office—
N. Y. Underwriter—H. B. Crandall Co., New York, N. Y.
Business—The company operates four depart-
$1,350,000
a
vertising and promotion; engineering research and for
working capital. Office—470 Park Ave., S., New York,
price related to the cur¬
outstanding shares at the time of the
for
as
Communications
28,
ness—The
Dec.
company is
a
closed-end investment company which
makes funds available for the economic
development of
Israel. Proceeds—To invest im
establishing ; or existing
„
market
Ltd.
of communications equipment and related products. Pro¬
ceeds—For payment of bank loans; new equipment; ad¬
aging).
Co.,
$500, $1,000 and $5,000,
or
are
Lee
Nov.
offered for public sale at a
offering.
.
offering price and 58,000 shares
Blvd.,
.
common
(£.)
&
Development Corp.
payable in cash
•
Klein Department Stores, Inc.
23, 1961 filed 130,000 shares of common stock, of
which 72,000 shares are to be offered
directly to five per¬
be
Rothschild
None.
Jan.
at the initial
Corp.
For exploration and development
Marbledale
sons
Prospectors
partially in Israel bonds. Business—The com¬
organized in October 1959 as a consolidation
or
was
ating in the oil business
22
the
of
Street,
Nov. 21, 1960 filed $3,000,000 of 5y2% convertible
sinking
fund debentures, series
A, due 1975, and 100,000 shares
of common stock
underlying such debentures. Price—To
be offered in denominations of
.
days from the date
Oil
at wholesale of home
Avenue, New York City. Under¬
writer—None.
Feb.
•
registered subordi¬
nated debentures to be offered in three series of
each,
totally
pany
frequency connectors. Proceeds—For expansion,
working capital. Office—
Road, Tuckahoe, N. Y. Underwriter—
Ross, Lyon & Co., Inc., New York City (managing).
Offering—Expected in early April.
40
rent
of 6%
60
Israel
of individual and corporate licensees who had been oper¬
the repayment of loans and for
Corp.
filed $900,000
"Lapidoth"
Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
of rddio
International Safflower Corp.
Aug. 3, 1960 filed 60,000 shares of class A common stock
(par $2). Price—$5 per share. Proceeds—To retire out¬
standing loans, buy seed, buy or lease land, building, and
machinery, and for working capital. Office-—350 Equit¬
able Bldg., Denver, Colo. Underwriter — Copley & Co.,
Colorado Springs, Colo.
6,
27, 1961 filed 30,000 shares of $5 par common stock.
Price—$10 per share.
Proceeds—For construction, cost
of land, office equipment, and working capital.
Office—
212 W. Jefferson St., Fort Wayne, Ind.
UnderwriterFirst Security Corp., Fort Wayne, Ind.
;
principally.jp^the. design, development and manufacture
working capital. Office — 564 W. Randolph St.,
Chicago, 111. Underwriter — J. J. Krieger & Co., New
York City.
March
Landmark Corp.
Offering—Expected in March.
time after
any
indebted¬
Jan.
company's offering. Business—The company is engaged
and
• Invesco Collateral
at
reduce
—
Kavanau Corp.
listed
Proceeds—To
■
stock. The outstanding shares will be offered at the
prevailing market price on the over-the-counter market
or on any securities
exchange upon which they may be
photocopying equip¬
Proceeds—For expansion
Mountains.
.
with the balance for general corporate purposes,
including working capital. Office — Lake Arrowhead,
Calif. Underwriters
Van Alstyne, Noel & Co., New
York City (managing) and Sutro & Co., San Francisco.
new
office
paper.
New York, N. Y.
Broadway,
Kings Electronics Co., Inc.
27, 1961 filed 295,187 shares of common stock, of
which 250,000 are to be offered for public sale
by the
company and 45,187 shares, being outstanding stock, by
the present holders thereof. Price—$4 per share for the
100,000 shares of
share. Business — Manu¬
$3 per
—
32
•
notification)
distributor
Co.,
Jan.
Photocopy Corp.
(letter of
&
(3/27-31)
Development Co.
300,000 shares of common stock. Price
—$10 per share. Business-— Managing and developing
the Arrowhead property, which is located in the San
Investors Corp., New York, N. Y. Offering—Expected in
early April.
Corp.
1960
International
Lake Arrowhead
Jan. 10, 1961 filed
company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
Lexington Ave., New York, N. Y. Underwriter—Ira
—
•
dolls, toys and similar
415
(letter of notification) 99,333 shares of
common stock
(par 10 cents). Price—$3 per share. Busi¬
ness
Manufacture of glass mosaics by machines and
processes. Proceeds — For general corporate purposes.
Office—45 East 20th St., New York 3, N. Y. Underwriter
—B. G. Harris & Co., Inc., New York, N. Y.
Feb.
of
purchase
ment
against policies as written. Office—310 Dela¬
Ave., Buffalo, N. Y. Underwriter—None.
Sept. 30,
the
share."
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
reserves
ware
Stern
Meadow, N. Y.
but has not
of the filing date. Proceeds—
as
manufacture
subordinated
short-term loans and for working capital. Address—Sanford, Maine. Underwriter—Mann & Creesy, 70 Washing¬
ton St., Salem, Mass.
: a '
•
shares of
per
Jungle Juice Corp.
Oct. 28, 1960 (letter of notification) 120,000 shares of
common
stock
(par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors Service, East
licensed to
insurance business in that state,
an
H.
1961
Offering—Imminent.
y
conduct
commenced
The
—
Proceeds—For
ward
Life Insurance Co. of Buffalo
law
■//-y-.'.vv'
i'
"
(letter of notification) $300,000 of 6V2%
debentures,
series
A, due
March 1, 1981. Price—At face value. Proceeds—To reduce
14,
convertible
and installation of
and molds and for working capital. Office
Carroll Street, Brooklyn, N. Y.
Underwriter—Ed¬
346
1961 filed 350,000 shares of capital stock. Price
New York
under
Lake Aircraft Corp.
Feb.
machinery
production and sales engineers,
—$5 per share. Business—The
re¬
Brooklyn
(letter of notification)" 150,000
stock (par five cents). Price — $2
Business
Offering—Imminent.
International
fidelity sound com¬
and in the engineering, designing, assembling
distributing of electronic'equipment in kit and wired
form. Proceeds—For the repayment of loans, for new
equipment and for working capital. Office — 165-08
Liberty Avenue, Jamaica, N. Y. Underwriters—C. E. Unterberg, Towbin Co., New York City. *
and
Proceeds—
28,-1960
items.
Proceeds—To
City, N. J. Underwriter—-T. M. Kirsch Co., New York
City, is no longer underwriting.
New underwriter is
Hamilton Waters & Co., Inc., Hempstead, L. I., N. Y.
Feb. 21,
Road,
Jouet, Inc.
common
fi¬
new
product development, buy equipment, and
working capital. Office—90 Forrest St., Jersey
nance
add
staff
and
tronic parts and equipment and high
36,"
Securities, Inc., 82 Beaver
Underwriter—Fontana
Nov.
company and its subsidiaries are engaged in
business of distributing an extensive line of elec¬
ponents,
Street, New York, N. Y.
Diode
International
Office—8801-11w Farragut
serves.
supplied by amendment. Busi¬
ness—The
the
air-conditioning systems.
Thursday, March 9, 1961
.
thereof. Price—To be
ers
■
,
Industries, Inc.
heating and
N. Y.
Co., Atlanta, Ga. and New
.
v-'
posed manufacturing business; sales promotion and
of record
be
Tenn. Underwriter—Courts &
York
shares
.
For the purchase of inventory for current business; pur¬
chase of machinery, equipment and inventory for pro¬
supplied by amendment. Pro¬
the repayment of loans.
Office—Bristol,
For
—
for
Price—To
/.
;
—Design, lay-out, installation and maintenance of indus¬
Telephone Co. (3/17)
filed 465,000 shares of common stock to
subscription by stockholders on the basis
share
new
March
Co., Inc., New York,
Feb. 24, 1961 (letter of notification) 75,000 shares of com¬
mon stock (par 10 cents).
Price—$4 per share. Business
Inter-Mountain
Feb.
Securities
:
/
.
.
Manufacture
Proceeds—For
cata¬
of
electrical
purchase
and
of
electronic
equipment.
equipment
and tooling, re¬
development and working capital. Office—
199 Devon Terrace,
Kearny, N. J. Underwriter—Meade
& Co., New
York, N. Y.
search
cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
Sales & Investment, Inc., 4501 North
—International
and
Blvd.. Baton Rouge, La.
Marine
•
Lafayette Radio Electronics Corp.
(3/15-16)
company,
and 100,000 outstanding shares of common
stock, to be offered for public sale by the present hold¬
Capital Corp.
(4/3-7)
Feb. 16, 1961 filed
Jan. 27, .1961 filed $2,500,000 of convertible subordinated
debentures due 1976 to be offered for public sale by the
667,000 shares of common stock. Price
share. Business—The company is a
closed-end,
non-diversified management investment
company
organized under the Small Business Investment Act of
—$15
'
per
1958, and
a
wholly-owned subsidiary of Marine Corp.,
a
Volume
193
Number 6036
t.
.
.
.
The Commercial and Financial
;
'
bank
holding company. Proceeds—For investment. Of¬
fice—622 North Water St., Milwaukee, Wis. Underwriter
—Paine,
Webber,
(managing).
&
Marine
Jackson
&
Curtis,
New
York
Clay County, 111., to St. Louis County, Mo.,
City
about 94 miles.
Electronics
capital.
Manufacturing Inc.
1961 -(letter
1,
ferred stock. The stock will be
Corp.
by
of
of
for
retire
share.
the
for
basis
$10
subscription
of
two
shares
common
one
shares
case being Sept. 1, 1960.
share; for preferred, $100
per
Business—The
38.81
purchase
contracts from dealers in property so
of
conditional
sold, such
sales
mobile
Proceeds—For
homes, trailers, boats, and motorcycles.
as
working capital. Office—100 E. Michigan Ave., Jackson,
Mich. Underwriter—None.
loans; purchase new equipment
caiptal.
Office—12923 Cerise Street,
Model Finance Service, Inc.
May 26 filed 100,000 shares of second cumulative pre¬
ferred stock—650 convertible series, $5 par—and $1,000,000 of 6%% junior subordinated debentures, due 1975.
Hawthorne, Calif.
Underwriters—Holton, Henderson &
Co., Los Angeles, Calif., and Sellgren, Miller & Co., San
Francisco, Calif.
'
V
Price—To
it Max Factor & Co.
March 6, 1961 filed 400,000
on
preferred for each
new
Prices—For common,
bank
working
record
offered
and
pre¬
for each three such shares held and
common
of
of
held, the record date in each
per
it Matthews Corp.
Feb. 28, 1961
(letter of notification) 200,000 shares of
common
stock (par $1).
Price—$1.50 per share. Pro¬
ceeds—To
shareholders
new
share
.
'and
Credit
Corp.
'
Sept. 14, I960 filed 25,874 shares of common stock
1,000 shares of $100 par 6% cumulative convertible
notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, advertising and for
'working capital, Office—-204 E. Washington St., Peta-luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.
\v
,V V
'
Clayton Road, St Louis, Mo. Un¬
Dillon, Union Securities & Co.,
City and Dempsey-Tegeler & Co., St. Louis,
(managing).
Mobile
Address—Hagerstown, Md. 'Underwriter—Batten & Co.,
Washington, D. C.
•Feb.
Proceeds—For construction and working
Office—9900
•
York
Mo.
metal parts for missiles, rocketis, radar and marine items.
Marine Structures
repayment of loans, working capital and other
purposes. Office
152 Market St
Paterson, N. J. Underwriter—Granbery, Marache & Co'
New *ork City (managing).
Offering—Expected in early
April.
general
distance of
a
be
supplied by amendment.
Proceeds—To be
1
corporate
National Food
—
Marketers, Inc.
(3/2D-24)
Jan. 27> 1961 filed 100,000 shares of
common stock.
Price
$4 per share. Business—The company is engaged in the
processing and packaging of quick-frozen, prepared
seafood meat and poultry for use by restaurants and in¬
stitutions
and frozen ready-to-heat meals for distribu¬
through vending machines. Proceeds
To repay
loans; purchase additional machinery; establish a food
tion
—
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
Edelstein Co., Inc., New York City.
National Western Insurance &
Jan.
27,
which
1961 filed
Growth Fund,
111,000 shares of
common
11,000 will first be offered to not
more
lnc„
stock, of
than
25
and the remaining 100,000 will be offered for
public sale. Price — $9.15 per share (for the 11,000
shares), and $10 per share (for the 100,000 shares). Busi¬
persons
ness—The company was organized
in August I960 to invest in
under Delaware
law
companies believed to have
growth possibilities, especially in the life insurance field.
Proceeds—For investment. Office—737 Grant
St., Den¬
ver, Colo. "Distributor — National Western Management
stock, of
which 200,000 are to be offered for public sale by the
company and 200,000 shares, being outstanding stock, by
the present holders thereof. Price—To be related to the
company's general working funds. Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
Corp., Denver, Colo.
C. Kimball &
Feb.
current market price of the stock on the American Stock
Jan.
Exchange immediately prior to the offering. Business—
The development, manufacture and sale of a general line
class A
of cosmetics.
added to the
shares of class A
•
McCadden
North
Place,
Investment
/")•"
&
of
subscribe for the minimum
to
needed
debentures
of
•
and
25
shares
of
stock.
unit of
—
At
$750
300,000 shares of
($1 per share).
par
Bldg., Denver, Colo. Note—This offering
Broadway, New York City. Underwriter—R. F.
CoM Inc., 39 Broadway, New York 6, N. Y.
Mokan Small Business Investment
Corp., Inc.
17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under Kansas law in October 1960 and is applying to
...
the Small Business Administration for
Price—100%
a
Federal license
to operate as a small business investment company. Pro¬
ceeds—For
Walnut
•
property; retire debentures due 1961, and to construct
acquire income producing properties. Office — 1625
St., N. W., Washington, D. C. Underwriter—None,
•
effective Feb. 20.
(3/13-17)
(letter of notification) 100,000 shares of
common stock
(par five cents). • Price — $3 per share.
Business—Manufacturers of testing equipment. Proceeds
—For
L.
1960
30,
Mortgage Guaranty
a
supplied by amendment. Proceeds—To es¬
for 1960 tax payments. Office — 452
reserve
Fifth Ave.,
Feb.
1
it
New York City. Underwriter—None. Note—
reported that the company is awaiting a
was
ruling, subsequent to which a decision will be
offering will be made. ;
tax
made
to whether or not the
as
Metropolitan Securities, Inc.
17, 1960 (letter of notification) 100,000 shares of
class A common stock (par $1).
Price—$3 per share.
Proceeds — For working capital.
Office — 919-18th St.,
Nov.
Underwriter — Metropolitan
Brokers, Inc., Washington, D. C. Offering — Expected
N
W., Washington, D. C.
sometime
Michigan Gas
—The distribution of
localities in
total popula¬
natural gas to some 50
southern and western
,
Michigan having a
Proceeds—The net proceeds, to¬
gether with the private sale of $3,500,000 of first mort¬
gage bonds, will be used to repay short-term bank loans
incurred for construction, and other corporate purposes.
Office—6 South Monroe St., Monroe, Mich. Underwriter
—Kidder, Peabody & Co. Inc., New York City (man¬
aging).
'
—
interim
ceeds
—
Business — The company will do
financing in the home building industry. JPr®*
To start its lending activities. Address — P. O
$1
per
Box 886, Rapid
•
Minitone
Jan
11
unit.
City. S. D.
Underwriter—None.
Electronics, Inc.
1961
filed
185,000
(3/13-17)
of common
shares
^
Price—$3 per share. Business—The
organized last March for the purpose of making
and selling small DC motors and certain consumer prod¬
ucts using such motors. Proceeds—For debt reduction
and general corporate purposes, including working cap¬
ital. Office—55 W. 13th St., New York City. Underwriter
for
public offering.
firm
was
—None.
•
River Transmission Corp. (3/28)
17, 1961 filed 100,000 shares of common stock. Price
Mississippi
Feb.
To
be
supplied
17,
by amendment.
Business—The com¬
North American Car
Inc.
Corp.
(4/3-7)
shares at the time of the offering. Proceeds — For re¬
financing equipment trust notes, with the balance for
working capital. Office—Chicago, 111. Underwriters—
Glore, Forgan & Co. and Merrill Lynch, Pierce, Fenner
& Smith Inc., both of New York City.
it Nuuanu Associates
Feb. 23, 1961 (letter of notification) $130,000 of pre-form
limited partnership interest to be offered in units of
Proceeds—For expenses of a lease; removal of an
building; sewer; a building contract; payment of an
Office—Room
Stangenwald Building, Honolulu, Hawaii.
Under¬
$5,000.
old
architect and for miscellaneous expenses.
506
writer—None.
Inc. .(3/2D)
Jan.
27, 1961 filed 100,000 shares of capital stock. Price
—To be supplied by amendment. Business — The com¬
pany is engaged in the development, design, production
and sale of electronic components for use in communica¬
tions equipment, missiles, commercial computers, servos,
commercial radio and television, data-handling, naviga¬
tional, and industrial control equipment. Proceeds—For
expansion, new equipment, and working capital. Office
—550 Springfield Ave., Berkeley Heights, N. J. Under¬
writer—Norton, Fox & Co., Inc., New York City (man¬
aging)-
1961
filed
190,000 shares of common stock, of
Ohio-Franklin Fund,
which
178,000 are to be offered for public sale by the
company
and 12,000 shares, being outstanding stock,
by the present holders thereof. Price—To be supplied by
amendment.
Business — The company manufactures,
packages and sells many food items such as
chips, salad dressing, pickels, honey, tea and
spices. Proceeds — To build and equip two additional
manufacturing plants and warehouses. Office — 6333
Denton Dr., Dallas, Tex. Underwriter—Eppler. Guerin &
Turner, Inc., Dallas, Tex. (managing).
potato
Feb.
1961 filed 2,000,000 shares of common stock to
a tax-free exchange of
a selected list of companies. Ex¬
change Price—Net asset value (expected to be $10 per
share). Business—A new fund which provides a medium
through which holders of blocks of securities may obtain
3,
shares for securities of
diversification
Ira
City.
Haupt & Co., Ill Broadway, New York
was effective on Feb. 14.
Note
liability
upon
holders of the outstanding common
basis of $100 of debentures for each 18 common shares
tion by
Price—To be supplied by amendment.
international
transport of
Business—
persons,
prop¬
erty, and mail. Pre ceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
for
general corporate- purposes. Office — Miami Inter¬
Airport, Miami, Fla.
Underwriter — Lehman
national
Brothers,
New
York
City
(managing).
Offering—In¬
definite.
National
Bowl-O-Mat Corp.
1961 filed 220,000 shares of common stock (par
$1). Price—To be supplied by arhendment. Business—
The company was organized under New Jersey law on
Jan; 10, 1961 for the purpose of owning and operating a
national chain of bowling centers.
Proceeds — For ex¬
Feb. 24,
the exchange. Proceeds—For investment.
Columbus, O. Distributor—
O. •
*
;
i
Maiden Lane
Fund, Inc.
file 300,000 shares of common
Business—This is a new mu¬
tual fund. Proceeds — For investment, mainly in listed
convertible debentures and U. S. Treasury Bonds. Office
Maiden Lane,
Nicholls
& Co.,
New York 38, N. Y. Underwriter—G.
Inc., 1 Maiden Lane, New York 38,
N. Y.
subordi¬
subscrip¬
stock on the
and
investment
stock. Price—$3 per share.
Sept. 21, 1960 filed $10,288,000 of convertible
nated debentures, due 1975, to be offered for
held.
professional
North High St.,
Ohio Co., Columbus,
One
—1
Airlines, Inc.
continuous
March 2, 1961, expected to
F.
National
and
management without incurring Federal capital gains tax
The
Sept. 1, 1960 filed $20,000,0Q0 of interest in the Fund to
be offered in 20,000 units. Business—The Fund will pur¬
chase
tax-exempt securities of states, municipalities,
counties and territories of the United States. Sponsor—
(4/17)
Inc.
offered to investors through
be
Office—51
Municipal Investment Trust Fund, Series A./
(3/20-24)
Domestic
stock
•
Feb. 21, 1961 filed 150,000 shares of common stock. Price
—To be related to the market price for the outstanding
.
Feb.
—This statement
Acceptance Corp.
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sal«
in units of one share of stock and 850 of debentures.
Price
Underwriter
City (managing). Note—This
stock is not qualified for sale in New York State..* The
offering has been temporarily postponed.
*
Foods,
shares for each 100 shares sold.
Nytronics,
West Wisconsin Avenue, Milwaukee, Wis.
Morton
Bldg., Wichita Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15
Insurance Co.
—Bache & Co., New York
tion of about 287,500.
Midwestern
Co., 240 Montgom¬
processes,
in March.
Utilities Co. (4/10-14)
Feb. 23, 1961 filed 100,000 shares of common stock (par
$2.50). Price—To be supplied by amendment. Business
•
Securities
17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans,
principally
on
single family non-farm
homes.
Proceeds—For capital and surplus. Office—606
offered
tablish
Coast
Oct.
Iron Co.
Price—To be
Inc.
San Francisco, Calif., and Russell & Saxe,
Inc., New York City. Offering—Expected in March.
10, 1961 filed 180,000 shares of capital stock, to be
for subscription by the company's stockholders.
Jan.
719
Street,
ery
City.
Mesabi
purposes.
Monarch Electronics International,
derwriters—Pacific
corporate purposes.
Address—Mineola,
Underwriter—S. Schramm & Co. Inc., New
general
I., N. Y.
York
Office —
St., Coffeyville, Kan, Underwriter—None.
corporate
31, 1960 filed 200,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany, organized in 1958 under the name Arrow Elec¬
tronics International, Inc., imports and sells electronic
and high fidelity parts and equipment.
Proceeds—To
retire bank loans and for working capital. Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un¬
Mercury Electronics Corp.
Dec.
general
Oct.
Eye
was
—
Office—620 Oil & Gas
&
Jan.
debenture and $10
per
share of stock.
Busi¬
principal assets of the company are an office
building at 1910 K St., N. W., Washington, D. C. Pro¬
ceeds—To retire certain obligations; make improvements
Note—This statement
plied by amendment.
Proceeds
For expansion and
working capital. Office—513 West 166th St., New York,
N. Y. Underwriter—Van
Alstyne, Noel & Co., New York
City (managing). Offering—Expected sometime in April.
fice—198
Dowd
per
or
the account of the company and
125,000 outstanding
shares by the present holders thereof. Price—To be sup¬
Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds — For general corporate purposes.
(3/13-17)
ness—The
on
Inc.
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
1960
capital stock held of record Feb. 10. Thirty-five rights
are
stock. Price
Mohawk Insurance Co.
Associates,
filed $969,000 of debentures and 32,300
shares of stock being offered for subscription by stock¬
holders upon the exercise prior to their expiration on
March 22 of- rights evidenced by subscription warrants
to be issued on the basis of one right for each share
17,
common
has been suspended.
Inc.
Nov.
Furniture, Inc.
(letter of notification)
1961
National Bank
•
Development
12,
—
working capital. Office
Hollywood, Calif. Un¬
derwriter—Blyth & Co., Inc., New York City.
Mensh
Modern
Nedick's Stores,
21, 1961 filed 185,000 shares of common stock (par
20 cents), of which 60,000 shares are to be offered for
Co., Chicago, 111. Offering—Imminent.
Proceeds—To purchase furniture and for working cap¬
ital. Office—First National Bank Building, Denver, Colo.
Underwriter
Equity General Investment Corp., First
Proceeds—For construction, expansion, ad¬
ditional plant equipment arid for
—1655
,
35
pansion,
derwriters—Eastman
New
Proceeds—For expenses in the fabrication of sheet
share.
subsidiary of Mississippi River Fuel Corp., is con¬
a natural gas pipe line which will extend from
structing
(letter of notification) 100,000 shares of
stock class A (par 10 cents).
Price—$3 per
common
(1103),
•
pany, a
1960
Sept. 22,
Chronicle
■
Packard Instrument
Inc.
Co.,
(4/3-7)
1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment.
Business—The firm is
Feb. 13,
engaged in the development, manufacture and sale of
scientific instruments. Proceeds—For general corporate
including research and debt reduction. Office
— A.
G. Becker & Co. Inc.,
Chicago, 111. (managing).
purposes,
—Lyons, 111. Underwriter
•
Palm
Sept.
8,
Developers Limited
1960,
filed
100,000
shares of
common
stock
(par 1 shilling). Price —$3 per share. Business — The
company intends to deal in land in the Bahamas. Pro¬
ceeds—To buy land, and for related corporate purposes.
Office—6 Terrace,
Centreville. Nassau. Bahamas. Under¬
New York City.
writer—David Barnes & Co., Inc.,
Continued
on page
36
36
The Commercial and Financial Chronicle
(1104)
holders
and optical scanning devices. Proceeds — For
working capital, research and development, and new
equipment.
Office—134-08 36th Road, Flushing, N. Y.
Underwriter—L. D. Sherman & Co., New York City.
Business—The
metry
Panacolor, Inc.
24, 1961 filed 200,000 shares of common stock (par
20 cents).
Price—$4 per share. Business—The company
Feb.
plans to engage in the business of developing and print¬
ing color film primarily for the motion picture and tele¬
vision industries. Proceeds—For the construction of two
print color film by the Panacolor Process;
sales promotion, market development and officers'
machines
for
to
salaries; for / mortgage and interest payments; and for
working capital. Office—6660 Santa Monica Blvd., Holly¬
in
April.
some¬
y'
„•
:■'
Panoil Co.
Feb.
filed 3,000,000 shares of capital stock to
subscription by stockholders in units
1961
23,
offered
be
for
(each unit consisting of four shares) on the basis of one
for each share of capital stock held. Price—To be
unit
supplied by amendment. Business—The company, form¬
erly Pan American Land & Oil Royalty Co., was organ¬
ized in 1956 to acquire petroleum concessions in Cuba.
It obtained stock in certain Cuban royalty and conces¬
which stock is now considered
without value. At present the company has petroleum
concession
rights in Colombia, Turkey and Trinidad.
Proceeds—To repay debts and for working capital. Office
—1130 Republic National Bank Bldg., Dallas, Tex. Un¬
sion holding companies,
derwriter—None.
Manufacturing Corp.
Pantex
,
27, 1960 filed 513,299 shares of capital stock, of
which 307,222 shares are to be offered for the account
of the issuing company and 206,077 shares, representing
outstanding stock, are to be offered for the account
of the present holders thereof. The stock being offered
for the company is a rights offering; one new share will
be offered for each three capital shares held. Price—To
Dec.
be
supplied by amendment. Proceeds—For the purchase
of
200,000 shares of Tel-A-Sign, Inc. for $450,000, said
to be distributed as a dividend to shareholders,
shares
with the balance for
general corporate purposes, includ¬
ing working capital. Office—Central Falls, R. I.
Under¬
writer—None.
100 shares.
of
a
Plastics
9,
Corp. of America,
Dec.
Inc.
1961
share. Business—The company was organized
under Minnesota law in November 1960 to provide a
vehicle for the acquisition of companies engaged in
per
of plastics, rubber and related materials. Pro¬
the fields
ceeds
To retire the above
—
Minneapolis-St. Paul
for
area
notes, open
a
plant in the
and provide working capital
newly acquired companies. Office—1234
any
1960 filed $20,000,000 of collateral trust notes,
12,
1960 to invest in real
York, N. Y. Underwriter—None.
Baker
30, 1961 filed 200,00p shares of common stock, of
which 180,000 shares are to be offered for public sale
by the company and 20,000, being outstanding stock, by
the
thereof.
Price — $4.50 per share.
is engaged in the manufacture
of insulated wire and cable, garden hose and garden
supply items, television antennas, plastic toys and doll
bodies; and has recently commenced the production of
thermoplastic compounds for use in its own manufactur¬
ing operations, as well as for resale to other manufactur¬
ers.
Proceeds—For the repayment of loans and for work¬
amendment. Business—
Underwriter—To
Fla.
Miami,
be
supplied by amend¬
Renwell
filed 100,000 shares of common stock. Price
share. Business—The company was organized
December, 1960, to acquire all of the outstanding stock
Renwell Electronic Corp., a manufacturer of electronic
in
of
per
assemblies
For
17, 1961
mon
stock.
Del.
Museum, Inc.
^ Presidential
Feb.
(letter of notification)
Price—At
Clermont, Fla.
($100 per
par
499 shares of com¬
share). Address—
Presidential
Realty Corp.
(3/27-31)
1961 filed 150,000 shares of common stock.
Price
Laboratories, Ltd. (3/21)
(letter of notification) 200,000 shares of
stock.
Price — $1 per share.
Business — The
^ Rssitrion
Feb.
Underwriter—None.
1961
16,
,common
manufacture
Pecos
debenture holders.
Office—2295
Street, Miami, Fla. Underwriter—None.
and
stock
Land &
be supplied
Plains, N. Y. Underwriter—Burnham & Co., New
(managing).
York
City
1961 filed 4,000,000 shares of common stock, of
which 500,000 are to be offered for public sale by offi¬
cers
of the company at $1 per share; 1,897,661 shares
are to
be exchanged for various assets and businesses,
and may be offered for sale by the holders; and 914,574
shares may be issued by the company from time to time
in the acquisition of additional properties.
Business—
The acquiring, holding, developing and selling of land,
and oil and gas and mining properties, all located prin¬
shares of
common
stock (par 10 cents).
Price — $2.50 per share.
Business—Producers of dye markers and shark repellants. Proceeds—For general corporate purposes. Office
45 John Street, Yonkers, N. Y.
Underwriter — Frank
Karasik & Co., Inc., New York, N. Y.
cipally in the Southwestern and Rocky Mountain regions
States. Proceeds — For general corporate
sidiaries
Jan. 31,
of the United
purposes.
Office—207 Shelby St., Santa Fe, New Mexico.
Underwriter—None.
(3/20-24)
1961 filed 150,000 shares of capital stock. Price
—$6.50 per share. Business—The company is engaged in
the business of leasing a
variety of equipment and
machinery to industrial and commercial firms to meet
their specific requirements. Proceeds — For additional
working capital. Office — 6381 Hollywood Blvd., Los
Angeles, Calif. Underwriter—Dempsey-Tegeler & Co.,
St. Louis (managing).
Building Corp.
Feb. 24,
1961 filed $630,000 of 5V2% leasehold mortgage
sinking fund bonds to be offered for public sale in de¬
nominations of $1,000 and $500. Business—The company
constructing
business
district
building on leased premises in the
Lincoln, Neb., which will provide
a
Progress Webster Electronics Corp.
of
—$4.50
parking
garage.
Proceeds—For
construction.
Holyoke & Co., and
Co., both of Lincoln, Neb.
Commerce
-Ar Pharmaceutical Vending Corp.
Feb. 17, 1961
(letter of notification)
common
stock.
Price—At par
($1
Office—
Lincoln, Neb. Under¬
writers—Ellis,
ment
per
per
Invest¬
300,000 shares of
share). Proceeds
engaged in the business of manufacturing,
are
components
developing electronic equipment and
products for residential, com¬
military use. Proceeds—For working capi¬
and
and related
and
machinery and equipment, plant facilities, in¬
ventory and working capital. Office—100 W. 10th Street,
Wilmington, Del. Underwriter—Pacific Coast Securities
.
..
Avenue, Chester, Pa.
Underwriter—Marron, Sloss & Co., Inc., New York City
•
Publishers
Company,
Inc.
Jan.
27, 1961 filed 220,000 shares of common stock. Price
per share. Business—The company and its sub¬
are engaged in the business of selling and fi¬
nancing books sales. Proceeds—To acquire the assets of
Books, Inc., 1140 Broadway, New York City; to invest
in a new District of Columbia company, Books, Inc.; to
invest additional funds in a subsidiary; to finance instal¬
ment sales contracts receivable and for working capital.
Office—1116 18th St., N. W., Washington, D. C. Under¬
writers—Amos Treat & Co., Inc., New York City and
Roth & Co., Inc., Philadelphia, Pa. (managing).
sidiaries
Puerto Rican
6,
class
A
Airlines, Inc.
notification) 100,000
(par 10 cents). Price
shares of
$3 per
payable, to purchase
equipment and for general corporate purposes. Office—
c/o F. J. Perez-Almiroty, 1764 Ponce de Leon Ave., San
Juan, Puerto Rico. Underwriter—Investment Securities
Co. of Maryland, Inc., Baltimore, Md.
share.
(letter
1961
common
Proceeds
of
stock
—
For
—
accounts
circuit
closed
relays
television
tubes,
circuit
high powered
for
Richmond-Eureka Mining Co.
one
1961 filed 103,133 shares of capital stock, to be
stockholders for subscription on the basis of
share for each three shares held. Price—To be
to
new
by amendment. Business
The operation of
—
mining properties near Eureka, Nev. Proceeds—To repay
loans from U. S. Smelting, Refining & Mining Co. Office
75 Federal St., Boston, Mass. Underwriter — None.
—
Note—This statement
•
Rixon
was
withdrawn Feb. 28.
(3/10)
Electronics, Inc.
Dec. 30, 1960
filed 115,000 shares of capital stock. Price
supplied by amendment. Business—The com¬
pany is a custom electronics engineering and develop¬
ment concern engaged in the development and produc¬
tion
of
specialized electronic equipment for use in
modern communications, instrumentations, data process¬
ing and other electronic systems. Proceeds—To repay
indebtedness and
for working capital.
Office — 2414
be
—To
Reedie
Underwriter—Auchin-
Drive, Silver Spring, Md.
closs, Parker & Redpath, Washington, D. C.
Roblin-Seaway
Industries, Inc.
(3/20-24)
1960 filed 80,000 shares of class A stock. Price
—$6 per share. Business—Organized under New York
law in December 1960, the company will be consolidated
Dec.
(3/27-31)
—$10
Feb.
•
•
(managing).
29,
with, and carry on the business of Roblin, Inc., which
buys and sells scrap steel and other ferrous and nonferrous metals and Seaway Steel Corp., which operates
a rolling mill producing bars, rods and other shapes of
nickel.
steel and
The
company
will also have interests
ranging from 50% to 76% in a demolition contractor, a
lessor of demolition equipment, a stevedoring business,
a
metals broker and a manufacturer of rolled nickel
and other rolled nickel products. Proceeds—For
general corporate purposes. Office—1437 Bailey Ave.,
Buffalo, N. Y. Underwriter — Brand, Grumet & Seigel,
anodes
Inc.,
York
New
City
(managing).
Rochester
Telephone Corp. (3/24-4/10)
Feb. 21, 1961 filed 273,437 shares of common stock (par
$10) to be offered to holders of the outstanding common
of
March
record
24
on
basis
the
each five shares then held.
of
one
new
share
Rights expire April 10.
for
Price
of notification) 85,700 shares of
Price—$3.50 per share. Business
—Manufacturers of electronic equipment. Proceeds—For
be supplied by amendment.
Business—The com¬
is an independent telephone company serving with¬
out competition the city of Rochester and the adjacent
areas.
Proceeds—To be applied to the repayment of the
company's 1960-1 borrowings from banks of about $6,-
corporate purposes.
Office —190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
N. Y.
—For
Co., San Francisco, Calif.
filed 150,000 shares of common stock. Price
share. Business—The company and its sub¬
distributing
street level space for retail tenants and a six-level, selfNational Bank of Commerce Bldg.,
(4/3-7)
Jan. 13, 1961
tal. Office—10th Street, and Morton
Jan. 24,
is
1961
27,
mercial
Personal Property Leasing Co.
Peterson
Feb.
of
communications
systems. Proceeds—To repay bank loans, purchase new
equipment and for working capital.
Office — 2908
Nebraska Avenue, Santa Monica, Calif.
Underwriter—•
Russell & Saxe, Inc., New York City.
supplied
Dyechem Co., Inc.
r
(letter of notification) 110,000
ic Presto
Development Co., Inc.
by amendment.
and
breakers
offered
14th
and
expansion
plant
York City.
White
selling
components.
electronic
equipment,
new
Office—129 South State Street, Dover,
Underwriter—William David & Motti, Inc., New
Jan. 24,
W.
—
other
various
and
Proceeds
projects of various types. Proceeds—For construction;
acquisition of properties; development of projects; and
reduction of bank debt.
Office—180 South Broadway,
N.
Corporation of Delaware
Jan. 9, 1961
—$4
72,500 outstanding warrants for the purchase of common
shares and a like number of underlying shares. Business
—The manufacture of radio telephones.
Proceeds—To
the
Electronics
(3/13-17)
working capital.
ment.
—To
—
(managing).
debentures; 145,938 outstanding shares of common stock;
30, 1960 filed $1,800,000 of outstanding 6% convert¬
ible debentures due April 1, 1970; 200,000 shares of com¬
mon stock reserved for issuance upon conversion
of the
company
Office—830 Monroe Street, Hoboken, N. J.
Russell & Saxe, Inc., New York City,
Underwriter
Business — The com¬
pany was organized under Delaware law in January,
1961, to acquire the outstanding stock of the Shapiro Co.,
which is
engaged in the development of real estate
Dec.
holders
present
Business—The
ing capital.
Distribution, sale and installation of building, insulat¬
ing and acoustical products. Proceeds—For plant con¬
struction; expansion of its distribuiton of Perma-Glaze
and working capital. Office—2501 Northwest 75th Street,
(3/20)
Rego Insulated Wsre Corp.
Jan.
Popell (L. F.) Co.
I,
Nov. 18, 1960 filed 99,996 shares of common stock to be
offered for subscription by common stockholders at the
rate of one share for each three shares of common stock
Price—To be supplied by
property mortgages insured under
Proceeds—For gen¬
Office—444 Madison Ave., New
business purposes.
Bldg., Minneapolis, Minn. Underwriter—None.
held.
Ave., New York City. Underwriter—Allen
series A, due 1981. Price—To be supplied by amendment.
Business — The company was organized in September,
which
—$1
by amendment.
Co., New York City (managing).
eral
filed 800,000 shares of common stock, of
650,000 shares are to be offered first in exchange
for outstanding 5% notes on the basis of one share for
each $1 principal amount of 5% note with the remaining
150,000 shares, together with any of the 650,000 shares
not issued in the exchange, to be offered publicly. Price
Feb.
supplied
Title II of the National Housing Act.
Underwriter—None.
Building, Seattle, Wash.
be
company
Realty Collateral Corp.
shares of
Office—1411 Fourth Avenue
restaurant and ski shop.
Jan. 30,
Inc.
300,000
(no par) to be offered in minimum units
Price—$1 per share. Proceeds—For pur¬
installation of ski-lifts, a tobaggan slide, and
and
chase
•
Pearce-Simpson,
stock
common
& Co.,
wood, Calif. Underwriter — Federman, Stonehill
York City (managing). Offering—Expected
New
time
^ Pilichuck Park Lefts, Inc,
Feb. 24, 1961
(letter of notification)
books.
—457 Madison
&
Thursday, March 9, 1961
and its subsidiaries are in the
of publishing and distributing a wide variety
Proceeds—For the selling stockholders. Office
business
of
.
Price—To
thereof.
aerial reconnaissance, photo-interpretation, photo-gram-
Continued from page 35
.
.
Radar
Jan.
19,
common
Measurements
1961
Corp.
(3/23)
(letter
stock (par $F).
—To
pany
000,000
for
Aquarium, Inc.
1960 filed $1,700,000 of 6% debentures due 1975
and 170,000 shares of capital stock (par 50 cents) to be
offered in units, each consisting of one $100 debenture
general
41st
Avenue, Long Island City 1, N. Y. Note—This is a
refiling of a letter that was originally filed on Sept. 28,
(managing).
and 10 shares of stock.
1960.
Jan. 19, 1961 filed
Philadelphia
Oct. 14,
Price—$150 per unit. Business—
Operation of an aquarjum in or about Philadelphia.
Proceeds—To acquire ground and to construct an aquari¬
um building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud & Co., Inc., Philadelphia, Pa.
Photronics
Corp. (6/15)
Feb. 24, 1961 filed 150,000 shares of common stock
(par
10 cents), to be offered for subscription
by stockholders
on
the
basis
of
three
held. Price—To
The
and
new
shares
for
each
four
shares
be supplied by amendment. Business—
design, development and manufacture of optical
electro-optical systems and components used in
•
Ram
Dec.
Electronics, Inc.
1960
(letter
for television receivers and other electrical circuits. Pro¬
ceeds—For
general corporate purposes. Office—600 In¬
Ave., Paramus, N. J. Underwriter—Planned In¬
vesting Corp., New York City is no longer underwriting.
New underwriter to be named. Offering—Early April.
dustrial
•
Random
Jan.
mon
House,
Inc.
(3/13-17)
outstanding shares of com¬
stock, to be offered for public sale by the present
27,
1961
filed
Rocket
Research
121,870
purposes.
Office
—
Rochester,
Corp.
stock. Prioe
is engaged in
high energy propellant systems, the de¬
velopment of a miniature rocket for application to
satellite and space vehicles and in the preparation of
proposals which have been submitted to certain govern¬
—$2.25 per share.
of notification) 75,000 shares of
common stock (par 10 cents). Price—$4 per share. Busi¬
ness—Manufacturers of electronic and replacement parts
28,
construction
Underwriter—First Boston Corp., New York City
research
on
300,000 shares of
Business—The
common
company
new
mental agencies.
Proceeds—For general corporate pur¬
poses.-Office—233 Holden Street, Seattle, Wash. Under¬
writer—Craig-Hallum, Kinnard, Inc., Minneapolis, Minn.
Roulette Records, Inc.
Aug. 29, 1960 (letter of notification)
100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
ness—The manufacture and distribution of long-playing
common
Volume
193
Number 6036
...
The Commercial and Financial Chronicle
records. Proceeds—For debt retirement and general
.
Industries Corp.
(letter of notification) 40,000 shares of com¬
Price—$7.50 per share. Busi¬
stock (par one cent).
mon
ness—The sale of home-freezers and refrigerator-freezer
Proceeds—To purchase real estate, equipment,
and for working capital.
Office —238
materials,
West
•
(letter of notification) 100,000 shares of
(par $1). Price—$3 per share. Business—
Selling a new type of security device called the Push
Button Lock. Proceeds—For expenses of offering and
to
pay
Scovill Manufacturing Co. for initial costs of
tooling up for production/Office—150 Broadway, New
York, N. Y. Underwriters—Charles Plohn & Co., and
B. W. Pizzini & Co., both of New York, N. Y.
Co., San Diego, Calif.
37
Point
Avenue,
College Park,
Ga.
*
Underwriter
None.
1961
8,
common
unit.
raw
(3/13-17)
Simplex Lock Corp.
Feb.
per
Mass.
Bramtree,
New
it San Diego Chargers, Inc.
Feb. 28, 1961
(letter of notification) 100,000 shares of
capital stock (no par). Price—$3 per share. Proceeds—
For working capital.
Office—2223 El Cajon Boulevard,
San Diego 4, Calif,
tnderwriter— Norman C. Roberts
Feb. 24, 1961
capital. Office — 170 Pearl St., South,
Underwriter—W. C. Langley & Co.,
York City (managing).
and for working
cor¬
purposes. Office — 1631 Broadway, New York
City. Underwriter—A. T. Brod & Co.. New York, N. Y.
porate
Seacrest
(1105)
stock
Storer
Broadcasting Co.
(3/15)
Dec. 30, 1960 filed 263,000 outstanding shares of common
stock. Price—To be supplied by amendment. Business—
The
company owns and operates five television broad¬
casting stations, seven radio stations, six F.M. radio
broadcasting stations and a daily newspaper. The com¬
through a subsidiary also owns a majority of the
voting stock in The Standard Tube Co., Detroit, Mich,
pany,
of
manufacturer
steel
it Smith Kline & French Laboratories
7, 1961 filed 200,000 shares of outstanding com¬
mon stock.
Price—To be supplied by amendment. Busi¬
—Reynolds
purchase of Westchester Foods, Inc. stock; current liabil¬
ities; building improvements; advertising, promotion and
ness—Tne company
expansion and for general corporate
Proceeds—To
tubing and other tubular prod¬
selling stockholders. Underwriter
it Stratton Corp.
Franklin
354
Avenue,
Franklin
N. Y. and Williamson Securities
Square,
Long
New York
Island,
Dec.
19,
class
A
Southern Bell
(letter of notification)
1960
stock
(par
Search
150,000 shares
of
10
—$1
per
share.
investment
and
common stock. Price
•
Business—A non-diyersified closed-end
Proceeds—For working capital
March
company.
Office—1620 Rand
for investments.
Fifth
it Season-All Industries, Inc.
March 8, 1961 filed 100,000 shares
of
Price
To be supplied by amendment.
—
Proceeds
—
To
Jart.-27, 1961
series A subordi¬
filed $3,000,000 of 6%
nated .'debentures.
Price—100%
of
Sunset Color
principal
amount.
Business—The company and its subsidiaries are engaged
in the retail financing of new and used automobiles, mo¬
advances
-—For
,
subsidiaries
to
bile homes, appliances, furniture and farm equipment for
City, Utah.
25
shares
of
stock.
Price
Proceeds—For
ment.
To
be
supplied by amend¬
working/.capital and
Office—Washington, D. C.
•
—
expansion.
Underwriter—None.
Corp. of America (4/12)
28,; 1961 filed 170,000 shares of common stock,
"
/
Price
'
■
ioot
.
.
.
Coast
Securities
Co.,
/
filed 2,000,000 shares of common stock.
per share.
Business —- The company was
1961
$2.50
—
San'
"
in
March, 1959 to develop real property at the
Superstition; Mountain nearApache Junction,
It has developed part of the property to form the
of
•
.
;
it Synco Resins, Inc.
March 1, 1961
(letter of
common
Underwriter—Dillon, Read & Co., New York City
/•
Pacific
'
—None.
$25). Price—To be supplied by amendment. Pro¬
ceeds—For the repayment of bank loans and for con¬
struction. Office — 720 Mercantile Dallas Bldg., Dallas,
t
—
-
Apacheland Sound .Stage and Western Street, architect &
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro¬
ductions. Proceeds—To purchase and develop additional
property. Office—Apache Junction, Ariz. .Underwriter
(3/22)
//V//'/;/<•;/ //■
30,
Ariz.
(par
(managing).
Underwriter
formed
and
1991
*
of
Superstition Mountain Enterprises, Inc.
1961 filed $15,000,000 of first mortgage bonds due
120,000 * shares of cumulative preferred stock
Feb. 9,
Tex.
Selas
Feb.
*'
'V
:
(letter
1961
Francisco, Calif.
Jan.
Inc.
Southwestern Public Service Co.
20,
Calif.
capital.'.;
March 23, 1960 filed 700,000 shares of common stock.
lending to con¬
Price—$2 per share. Proceeds—For the drilling of three
sumers, and the writing of automobile, credit life, and
/ wells and the balance for working capital. Office—2720
other types of insurance. Proceeds—For working capital.
West Mockingbird Lane, Dallas. Underwriter—Elmer K.
Office—1100 Bannock St.,'Denver, Colo. Underwriter—"
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
it Security Acceptance Corp.
7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7%% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
(3/15)
Inc.
notification) 90,000 shares of
common
stock (par 25 cents).
Price—$2.50 per share.
Proceeds—To acquire assets of Crown Outdoor Advertising. 1 Office — 9171 Sunset Boulevard, Los Angeles,
purchasers, and the wholesale financing of dealers' in¬
March
Laboratories, Inc.
it Sunset Outdoor Advertising,
Feb.
ventories of such automobiles and direct
None.
Under¬
City, Professional Executive Planning Inc., Long Beach,
Sunshine Securities, Inc., Rego Park, N. Y.
Bldg.y Atlanta,
Southwestern Oil Producers,
Vt.
N. Y. and
Corp.
working
and
on
finishing and photographic accessories, and
Proceeds — For general corporate purposes.
Office—83 Rockaway Ave., Rockville Center, N. Y. Un¬
derwriter—Jacey Securities Co., 82 Beaver St., New York
Ga.
UnderwriterFirst Fidelity Securities Corp., Atlanta, Ga.
•
Mark
Office—424
resort
Proceeds—For
supplies.
100,000 shares of
(par $1). Price—$1.50 per share. Proceeds
stock
common
Vermont.
ness—Photo
(letter of notification)
1961
recreational
summer
Jan. 30, 1961 (letter of notification) filed 80,000 shares
of common stock (par lc). Price—$2.25 per share. Busi¬
(PST).
8,
and
debentures, due 1975. Price—At par. Office—New
City. Underwriters—John R. Boland & Co., New
City and Paul C. Kimball & Co. (Chicago). Offer¬
ing—Expected in late March.
St.,
Feb.
winter
a
Mountain in southern
York
(4/4)
Southern States Investment & Mortgage
Securities Credit Corp.
of
York
Blyth & Co., Inc. Bids—To be received at the
company's Los Angeles office on April 4, 1961 at 8:30
writer—Moore, Leonard & Lynch, Pittsburgh, Pa.
(managing).
nated
& Co. Inc.;
I a.m.
City
Straus-Duparquet Inc. •
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
Los Angeles 53, Calif. Underwriters—To be
by competitive bidding. Probable bidders:
First Boston Corp.; Dean Witter & Co.; Halsey, Stuart
stock.
common
York
Office—South Londonderry,
writer—Cooley & Co., Hartford, Conn.
filed $30,000,000 of first and refunding
1961
1,
Edison Co.
New
construction.
(3/21)
determined
purchase new equipment, retire bank indebtedness and
add
to
working capital.
Office—Indiana, Pa. Under¬
•
eration
mortgage bonds, series N, due 1986. Proceeds—To retire
short-term debt and for construction. Office—601 West
Tower, Minne¬
Underwriter—None.
apolis, Minn.
Southern California
Inc.,
filed $650,000 of 5% convertible subordin¬
debentures, due Dec. 1, 1981. Price—At 100% of
Business—The development and op¬
Stratton
Halsey, Stuart & Co. Inc.; Morgan Stanley &4|(L Bids—
To be received in Room 2315, 195 Broadway/New York
City on March 21 at 11 a.m. (EST).
Investments
Corp.
Jan. 4, 1961 filed 1,000,000 shares of
Telephone & Telegraph Co.
Co.,
principal amount.
1961 this subsidiary of American Telephone &
Telegraph Co., filed $70,000,000 of debentures, due March
1, 1998. Proceeds—To repay advances from the parent
company and for general corporate purposes. Office—67
Edgewood Ave., S. E., Atlanta, Ga. Underwriters—To be
determined by competitive bidding. Probable bidders:
Md. Offering—Imminent.
more,
ated
Feb. 24,
cents).
Price — $2 per
share.
Proceeds—To start operations in manufacturing
and selling boats. Office—2228 McElderry Street, Balti¬
more 5, Md.
Underwriter—Robinette & Co., Inc., Balti¬
common
Yale
Underwriters—Smith, Barney & Co. Inc. and First Bos¬
Corp., both of New York City (managing).
V
Inc.
&
March 3, 1961
and
ton
Corp., 92 Liberty Street
6, N. Y.
SeaLander,
makes and sells ethical drugs, chiefly
central nervous system stimulants.
University, the selling stockholder.
Office—1500 Spring Garden Street, Philadelphia 1, Pa.
tranquilizers
Office—
Underwriters—A. J. Gabriel Co., Inc., New York,
N. Y.
•
purposes.
ucts. Proceeds—To the
March
combinations, home delivery of food plans, and manu¬
facture and sale of swimming pools. Proceeds—For the
stock
to
holders of record
'
shares held.
be
on
"
•
'
•••«'
it Spray-Bilt, Inc.
ing capital.
1, 1961 (letter of notification) 16,000 shares of
outstanding common stock (par 10 cents). Price—Aggre¬
notification)
offered
for
the basis of
For
dustrial gas heat
Hialeah, Fla.
47,338 shares
of
subscription by stock¬
one
share for each seven
Proceeds—For work¬
writer—None.
Business—The engineering, manufacture and sale of in¬
/;
.
f
Price—$1 per share.
of
which 20,000 will be offered publicly for the account of
the company and 150,000, being outstanding stock, by the
holders
Price—To be
filed by
thereof.
amendment/
; .»
^
processing and fluid processing equip¬
company
will use the proceeds
Proceeds—The
ment.
from its share of the offering for working capital.
Office
—Dresher, Pa. Underwriter—Eastman Dillon, Union Se¬
curities & Co., New York City (managing).
Shareholder
Properties, Inc.
Dec. 2, 1960 (letter of notification) 40,000 shares of class
A common stock (par $1). Price—$7.50 per share. Pro¬
ceeds—For working capital. Office—2540 Huntington Dr.,
San Marino, Calif. Underwriter — Blalack & Co., San
Marino, Calif.
•
Shepherd Electronic Industries, Inc.
Jan.
1961- (letter of notification) 78,000 shares of
common stock
(par 10 cents). Price—$2 per share, . Proceeds—For working capital. Office—9821 Foster Avenue.
18,
March
gate
•
offering price not to exceed $300,000. Proceeds—
the selling stockholder. Office—3605 E. 10th; Court,
cisco, Calif., and Russell & Saxe, Inc., New York
Offering—Expected in March.
Industries
Nov. 29, 1960 filed
—$6
per
share.
Inc.
(3/20-24)
—To
of
industrial
components and the con¬
Proceeds
and research facilities.
inventory,
Office—Wilmington, Del. Un¬
derwriter—Myron A. Lomasney & Co., New York City.
repay
and for
a
bank- loan, for expansion and
working capital.
offered1 for
F.
York
City
A.
H.
ceeds
(5/1-5)
1961 filed 200,000 shares of common stock (par
$1), of which 78,540 are to be offered for public sale
by the company and 121,460 outstanding shares by the
present holders thereof. Price — To be supplied b*-'
Sigma
Instruments,
Inc.
amendment.
Business
—
The
company,
formerly The
Fisher-Pierce Co., is engaged in the develooment, man¬
ufacture and sale of sensitive electromagnetic relays,
photoelectronic
tronic
control
lighting controls and
devices. Proceeds—To repay
street
oth^r pW_
bank loans
$1,000 principal
registered invest¬
engaged principally in the purchase of
guaranteed mortgages. Pro¬
For investment.
Office — 28 North Minnesota
—
Underwriter—None.
15.
Proceeds — To selling stockholders.
Office—
Stamford, Conn. Underwriter—Amos Treat & Co., Inc.,
New York City (managing).
"
Stephen Realty Investment Corp.
will be publicly offered and
for real estate ven¬
tures. Price—$5 per share. Office — 1930 Sherman St.,
Denver, Colo. Underwriter — Stephen Securities Corp.,
710 American National Bank Bldg., Denver, Colo. ./■,
1,000,000 shares
400,000 shares are to be exchanged
.
it Stephenson Chemical Co., Inc. ;
27, 1961 (letter, of notification) 230 shares of
Feb
common
stock
common
stock
share
class
of
(par $10)
(par
A
and
and 2,299l/z
organized under Delaware law in 1959 to
exploitation and sale of "Tassette," a patent¬
was
finance the
ed feminine
hygiene aid. Proceeds—For advertising and
market development, medical research and
administrative expenses. Office—170 Atlantic St., Stam¬
promotion,
ford, Conn. Underwriter—Amos Treat & Co., Inc., New
York City (managing). Offering—Expected in April.
Tax-Exempt Public Bond Trust Fund
16, 1961 filed $5,000,000 of interests (5,000 units).
computed on the ;basis of the .trustees eval¬
uation of the underlying public bonds, plus a stated
Jan.
Price—To be
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business —The trust was
formed by
John Nuveen & Co., Chicago, 111., to invest in
tax-exempt obligations of states, counties, municipalities
and territories of the United States.
Sponsor —- John
Co., 135 South La Salle Street, Chicago,
111.
Tax-Exempt Public Bond Trust Fund, Series 2
Feb.
23,
1961 filed $10,000,000 (10,000 units) ownership
Price—To be filed by amendment. Business
bearing obligations of
certificates.
—The fund will invest in interest
counties,
states,
municipalities
and
territories
of
the
S., and political subidivisions thereof which are be¬
to be exempted from Federal income taxes. Pro¬
ceeds— For investment.
Office —135 South La Salle
U.
Street, Chicago, 111.
cago,
•
Sponsor—John Nuveen & Co., Chi¬
111.
Tech-Ohm
Electronics, Inc.
(letter of notification) 99,833 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds
For general corporate purposes. Office — 36-11
33rd
Street, Long Island
City, N
Y
UnderwriterEdward Lewis Co., Inc., New York, N. Y. Offering—Im¬
Sept.
6,
common
1960
stock
—
class
shares class B
to be offered in units of one
10 shares of class B. Price—$110
$10)
15, 1961 filed 200,000 shares of class A stock. Price
be supplied by amendment.
Business—The com¬
lieved
16, 1961 filed 1,400,000 shares of beneficial interest,
which
<>
Tassette, Inc.
Feb.
1961 filed 200,000
systems.
A
•
Nuveen &
(3/13-17)
Inc.
shares of outstanding common
stock. Price—To be supplied by amendment. Business—
'The manufacture of products used in communications
Feb.
of
Feb. 27,
of
insured and V. A.
Street, New Ulm, Minn.
Jan.
(managing).
units
company
Ste'ma
(3/20-24)
stock. Price
—To be. supplied by amendment.
Business—The com¬
pany is engaged in the assembly, manufacture, sale and
repair of voting machines and toll collection devices and
auxiliary equiprtfent. Proceeds — For the reduction of
debt and for working capital. Office—41 East 42nd St.,
New York City/ Underwriter — Burnham & Co., New
Shoup Voting Machine Corp.
Jan. 27, 1961 filed 110,000 shares of common
in
sale
Business—The company is a
amount.
ment
public
—
—
Co.
1961 filed $1,000,000 of series 205 Investment
Investment Certificates to be
17,
Ltd.
Underwriter—None.
pany
Leasing Corp.
(letter of notification) 240,000 shares of
common stock (par $1). Price—$1.25 per share. Proceeds
—For working capital. Office—2855 Highland Drive, Salt
Lake City, Utah. Underwriter — E. H. Coltharp & Co.,
Salt Lake City, Utah.
State Bond & Mortgage
Industries
The company produces, in Israel, a poultrysupplement, and pharmaceutical and chemical prod¬
ucts. Proceeds — $750,000 for expansion; $170,000 for
equipment and working capital; and $130,000 for repay¬
ment of a loan. Office
P. O. Box 4859, Haifa, Israel.
—To
Certificates and series 305
150,000 shares of common stock. Price
Business—The manufacture, assembly
arid sale of aircraft and missile
struction
City.
1961
14,
Feb.
Shinn
Price
—
Standard-American
Chemical
25, 1960 filed 2,500,000 ordinary shares. Price—
$0.60 a share payable in cash or State of Israel Bonds.
food
Sept. 30, 1960 filed 150,000 shares of capital stock.
Feb.
"Taro-Vit"
Under¬
Nov.
Business
Stancil-Hoffman Corp.
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equipment..
Office
921 North Highland Ave., Hollywood, Calii
Underwriters — Pacific Coast Securities Co., San Fran¬
Brooklyn, N. Y. Underwriter — D. Klapper Associates.
Inc., New York, N. Y. Offering—Imminent.
•
Underwriter—None.
Office—Henry Street, Bethel, Conn.
minent.
Continued
on
page
38
38
Continued from page 37
•
Techmatcon
('3/10-14)
Corp.
(letter
Jant 17, 1961
of notification) 87,500 common
shares (par one cent). Price — $2 per share. Business—
The company designs and develops automation machin¬
through systems of "hoppers," "feeders," and other
ery
design innovations for the manufacture of industrial,
cosmetic, toy, plastics and other products. The company
proposes to adapt its oriented feeding devices to minia¬
and sub-miniature electronic components
ture
Proceeds—To
ture.
develop
manufac¬
proprietary line of auto¬
a
matic
machinery products, for working capital, to fill
orders, for oriented seeding and automation machinery,
and for patent applications and the prosecution thereof.
Office—19-79 Steinway St., Long Island City, New York.
Underwriter—First Philadelphia Corp., New York
City.
Tele-Graphic Electronics Corp.
%y
16, 1960 (letter of notification). 100,000 shares of
Dec.
stock
common
(par $1). Price—$3 per share. Business—
Patent holding, development, and manufacture of its
patentable products in the fields of air conditioning, ar
pollution control, electronics and plastics. Proceeds—Fc
general corporate purposes. Office—514 Hempstead Av<
West
Hempstead, N. Y. Underwriter — Lee Hollingi
worth, 514 Hempstead Ave., West Hempstead, N. Y
Offering—Expected sometime in March.
•
Tensor Electric
Jan.
1961
5,
common
Development Co., Inc.
(letter
of
stock (par 10
notification) 100,000 shares of
cents). Price—$3 per share. Busi¬
ness—The manufacture and sale of electronic components
and instruments.
Proceeds—For general corporate pur¬
poses.
Office—1873
Eastern Parkway, Brooklyn,
N. Y.
Underwriters—Dresner Co., Michael & Co. (managing),
and Satnick & Co., Inc., all of New York City. Offering
—Imminent.
r
•
Industries, Inc.
1961 filed 1,728,337 shares of common stock of
which 557,333 shares are to be offered for the account
of the issuing company and 1,171,004 shares, represent¬
lerry
Feb. 28,
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The
balance
the
of
proceeds
will
be
used
to
past
pay
du£,lejjal anc( ..accp.unting bills, to reduce current indebt¬
edness/and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc., New
York City.
Terry phone Corp.
24, 1961 filed 200,000 shares of common stock (par5 cents), of which 80,000 are to be offered for public sale
by the company and 120,000 outstanding shares by the
present holders thereof. Price — To be supplied by
amendments Business — The company manufactures,
leases, sells and services
a line of internal communica¬
in business and industry. Proceeds
—For working capital and expansion. Office—4409 Car¬
use
lisle
Pike, Camp Hill, Pa. Underwriters—Stroud & Co.,
Philadelphia, Pa., and Warren W. York & Co., Allentown, Pa. (managing).
•
Thermo Dynamics, Inc.
Dec. 27, 1960 filed 315,089 common shares of which
000
will
shares
and
be
offered
for
the
285,-
distributes German made Stihl chain
Kart"
and
saws
and Stihl "Go-
gasoline engines; U. S. made tractor attachments
saws; makes cryogenic gas reclamation and
power
transferral
systems, L-P gas thermo-shock weed control
devices, portable furnaces, etc. Proceeds—For the repay¬
ment of debts, for expansion and for working capital.
Office—1366 W. Oxford Avenue, Englewood, Colo. Und^rwr'ter—Lowell, Murphy & Co., Inc., Denver, Colo.
Offering—Imminent.
Thermogas Co. (3/20-24)
Jan. 30, 1961 filed 100,000 shares of
—To
be
supplied
stock. Price
Business—The com¬
loans, purchase additional distribution
plants and for working capital. Office—4509 East 14th
St., Des Moines, Iowa. Underwriter—A. C. Allyn & Co.,
Chicago (managing).
•
repay
Thrift Courts of
America, Inc.
28, 1961 filed $800,000 of 10-year 8% convertible
subordinated debentures, 100,000 shares of common stock
Feb.
and 50,000 warrants to purchase
mon
50
a
like number
com¬
Business
—
The
manufacture
and
sale
of
mobile
Proceeds
bank
loans, provide funds for the issuer's
subsidiary, and add to working capital. Office — 1630
West Bristol St., Elkhart, Ind. Underwriter
Myron A.
Lomasney & Co., New York City (managing).
repay
—
Time
Dec.
30,
Finance Corp.
1960
subordinated
underlying
amount.
registered
debentures
common
The
Jan.
of 6% convertible
1, 1976 and 150.000
shares. Price—At 100% of principal
debentures
ranging from.$7.50
$1,000,000
due
per
will
be
share
in
convertible
January
at
1961
prices
to
$15
share in January 1970. Proceeds—$96,560 to increase
volume of accounts receivable financing: $24,145 to in¬
crease volume of direct industrial loans and dealer con¬
per
.
Thursday, March 9, 1961
Washington Street, Newark, N. J.
•
Ave., Silver Spring, Md.
Inc., Washington, D. C.
March.
"y' "
Pharmacal
Totts
,
Corp.
YY
: ~
Feb.
1, 1961 filed 125,000 shares of common stock. Price
—$4 per share. Business — The company was organized ,
under Delaware law in September 1960 to acquire the,
business and properties of Lucente Enterprises, Inc.,
which
the
manufactures
"Orbit
of
name
and
distributes
Cream"
Dental
dentifrice under
a
in
novel
a
container with primary appeal to the children's
Proceeds—For new equipment, the repayment
and
working capital. Office
—
plastic
market.
of loans
3757 Mahoning Avenue,
Youngstown, O. Underwriter — International
Corp., 7 Church St., Paterson, N. J.
Services
if Tronomatic Corp.
Feb. 27,
1961 (letter of
notification) 65,000 shares of
common stock (par 10 cents).
Price—$4 per share. Busi¬
ness—Manufacturers of various types of machines. Pro¬
ceeds— For
general corporate
purposes.
Office — 25
Bruckner Boulevard, Bronx, N. Y.
Underwriter—Ply¬
mouth Securities Corp., New York, N. Y.
•
United
International
Fund
Ltd.
—This is
a
open-end mutual fund.
Proceeds—Foi
Office—Bank of Bermuda Bldg., Hamilton,
new
investment.
Bermuda.
&
Underwriters—Kidder, Peabody & Coy Bache
Co., and Francis I. du Pont & Co., all of New York
(managing). >. y'Yyyy v,Y. .' v-_.:Yy;'Y.Yy
City
•
U. S, Components, Inc.
Feb.
(3/20)
(letter of notification)) 75,000 shares of
(par TO cents). Price—$4 per share. Busi¬
ness
Manufacturer of precision electronic connectors;
and related assembly devices. Proceeds—For repayment
of loans payable, payment of accounts payable, addi¬
tional machinery and equipment, tooling, advertising,
research and development and working capital. Office—
1320 Zerega Ave., New York 62, N. Y.
Underwriter—
stock
—
Arden
Perin
U.
S.
Jan.
&
Co., Inc., New York, N. Y.
Mfg. & Galvanizing Corp.
(letter of notification)
1961
3,
stock
expire
•—For
100,000 shares of
cents). Price—$3 per share. Pro¬
ceeds— To reduce current liabilities, sales promotion,
purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah, Fla.
Underwriter—Arm¬
stock (par 10
$19 per share. Proceeds
Office—417 W. Main
Pont
Inc.,
'V
St., Charlottesville, Va. Underwriters-^-Francis L du
& Co., Lynchburg, Va. and C. F. Cassell & Co.,
Charlottesville, Va. Y y.yy
'• Y
Y:' ■ YY'Y'
Visual
Jan.
YY;Y:YYY Y'
notification)_ 100,000 shares of
cents). Price—$3 per share.
Dynamics Corp.
(lener
19oi
12,
stock
common
(par
or
five
of
Business—Manufacturers
an
audio-visual
device for
Proceeds—For
S. 15th Street,
educational and entertainment purposes.
general corporate purposes. Office—42
Philadelphia, Pa. Underwriter—District Secu¬
rities, 2520 L Street, N. W., Washington, D. C.
Suite 204,
if Vitarnix Pharmaceutical, Inc.
March 6, 1961 filed 100,000 shares of common stock. Price
be supplied by amendment.
Business—The issuer
—To
compounds, makes, packages and sells ethical and pro:prieiary drhgs and vitamins throughout the country. Of¬
fice—-Philadelhpia, Pa. Underwriter—Bache & Co., New
York
City (managing).
Y'Y
Weinschel Engineering Co., Inc.
27, 1961 filed 50,000 shares of capital stock (par
Price—To be supplied iby amendment. Business—
$1).
The
en$fcged in research, and the develop¬
company is
ment, engineering, production arid sale of high quality
precision microwave calibration and testing equipment.
Proceeds—To repay loans and for working capital. Of¬
fice— 10503
Metropolitan Ave., Kensington, Md. Under¬
writer—Alex. Brown & Sons, Baltimore, Md.
'
Factors, Inc. v June 29, I960, filed 700,000 shares of common stock. Priet
—$1.50 per share. Proceeds—rTo -be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.
Office —1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K.
Corp.
/
Aagaar$f ^e.whouse Bldg., Salt Lake City, Utah.
if Western Reserve Life Assurance Co. of Oiilo
March 1, 1961 filed 120,000 shares of common stock to be
of juried for subscription by stockholders on the basis of
three
ers
shares for each five shares held.
new
to
vote
the
at
annual
meeting
Stockhold¬
in April
on in¬
creasing the authorized stock to provide for the offering.
are
Business—The
company issues and sells life insurance
policies in the State of Ohio. Proceeds—For expansion.
Union Commerce
Underwirters
Container
Universal
—
construction plan for 1961.
Office—1
strong Corp., 15 William St., New York, N. Y.
•
Price
March 14.
on
a
Western
••
1961
9,
common
i
1961
10,
Jan.
Oct. 20, 1960 filed 1,000,000 shares of common stock (par
Bermuda pound). Price—$12.50 per share. Business
one
•,
(letter of- notification) 7,414 shares of
(par $10) being offered by subscription
by stockholders of record Feb. 24 on the basis of. one
new share-for each
15 shares then held, with rights to
Feb.
Underwriter—Hodgdon & Co.,
—
Expected in late
y-yy y-^YY > ;'■
«
Virginia Telephone^ & Telegraph Co.
common
Offering
Underwriter—Omega,
Corp., New York, N. Y.
Securities
—
McDonald
—
Annex, Cleveland 14, Ohio.
Co. and Ball, Burge &
&
Kraus, Cleveland.
" y
Feb.
28, 1961 filed $1,000,000 of convertible subordi¬
debentures, due 1971. Price — To be supplied by
amendment. Business
Converting and reconditioning
nated
—
barrels
wooden
and
steel
drums.
Proceeds
—
retire
To
bank
indebtedenss, with the balance for working cap¬
ital and general corporate purposes. Office—8318 Grade
Land, Louisville, Ky. Underwriter—Michael G. Kletz &
Co., New York City (managing).
if Universal Manufacturing Co.
23, 1961 (letter of notification)
Feb.
135,000
to be offered for the account of the company
outstanding
Price
$2
—
and 100,000
stock, by the selling stockholders.
share. Proceeds — For working capital.
shares,
per
®
Write Shield Corp. (3/27-31)
Feb. 23, 1961 filed 50,000 shares of common stock (par
10 cents), Price;—To bte supplied by amendment. Busi¬
ness—The sale of health and beauty aids, vitamins and
drug sundries to retail stores and wholesale jobbers.
Proceeds—For working
capital. Office — 317 East 34th
St., New York City. Underwriter—Adams
Peck, New
City.
York
Wilier Color Television
shares of
stock (par 10 cents) of which 35,000 shares are
common
Office—516 W. 4th Street, Winona, Minn.
Naftalin & Co., Inc., Minneapolis, Minn,
System,
Inc.
;
Jan. 29, 1961
(letter of notification) 80,890 shares of comstock (par $1). Price—-$3 per share. Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y. Underwriter—Equity Securities Co., 39
Broadway, New York City. Offering—Indefinite.
man
Underwriter—
Wilshire
Insurance
v
Co.
Feb.
Urban
Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock (no
par). Price—$10 per share. Proceeds—For general cor¬
porate purposes, including debt reduction. Office—Mem¬
Investment
"
^ Vagabond Motor Hotels, Inc.
Feb. 14, 1961 (letter of notification)
100,000 shares of
common stock* (no par).
Price—$3 per share. Proceeds
—To construct additional motor
hotels, and for working
Office—3555 Fifth Avenue, Suite B, San Diego,
capital.
Underwirter—Norman
Calif.
C. Roberts Co., San Diego,
Y
Calif.
17, 1861 filed 313,000 shares of common stock, of
which 187,000 \vill be offered for subscription to stock¬
holders on a= share for share basis and the remaining
126,000 shares, together with any of the 187,000 shares
not purchased by stockholders, to be offered publicly.
Price—$5 per share to stockholders and $5.50 per share
to the public.
Business—The writing of workmen's com¬
pensation, common carrier liability
and
automobile
(physical damage) insurance.
Proceeds-—To increase
capital funds to provide for the writing of additional
policies in all lines of its business and to expand its cov¬
erage into other classes of insurance.
Office—5413 West
Washington Boulevard, Los Angeles, Calif. Underwriter
—None.
.
if Valley View Stadium, Inc.
Feb. 8, 1961 (letter of notification) $200,000 of 8% unse¬
cured preferred debentures/ together with 200,000 shares
©
Wilson
.
of common stock
in
(par lc). The debentures are to be sold
denominations of $100, and for each such amount
purchased the purchaser
—
homes, and the pre-construction of motel units.
—To
of
shares, to be offered in units of $400 of debentures,
shares, and 25 warrants. Price
$800 per
common
unit.
Beneficial Trust Certificates in
Price—$2,500 each.
Business
The company will purchase an apartment
project of not less than 242 units on 10 acre site in Prince
Georges County, Md. Proceeds—To purchase the abovementioned apartment project.; Office—2215 Washington
8, 1960, filed 209
,
by amendment.
pany is a distributor of propane and tanks and acces¬
sories for the storage and handling of propane gas. Pro¬
ceeds—To
Dec.
The Toledo Plaza Investment Trust.
phis, Tenn. Underwriter—Union Securities
Co., Memphis, Tenn.
common
.
—
the
of
account
30,089
shares,
representing
outstand¬
ing stock, are to be offered by two officers of the
company.
Pripe—$3.50 per share. Business—Formerly
known as Agricultural Equipment Corp., this company
company
.
tracts; $24,145 to increase volume of small loans; and"" ^ Vector Engineering, Inc
lviarch 3, 196jl
(letter of notification) 50,000 shares of
$700,000 for the reduction of notes payable. Office—Salt,
common stock (par 10 cents).
Lake City, Utah.
Price—$6 per share. Busi¬
Underwriter—Whitney & Co.,< Salt
ness
provides engineering and design services.
Pro¬
Lake City, Utah.
ceeds— For general corporate purposes.
Office — 155
Toledo Plaza Investment Trust
common
Feb.
tions systems for
Chronicle
The Commercial and Financial
(1106)
mon
may
purchase
100 of the
com¬
shares at the par
structing
Idaho.
and
value thereof. Proceeds—For con¬
equipping a stadium. Address — Boise,
Underwriter—None.
Dec.
/ YY- '■*-> •y-,.~Y:-~
-J*-1,- -y
; / ■
/; -y;
y
(Lee)
Engineering Co., Inc.
30, 1960 filed 67,500 outstanding shares of common
stock. Price—To be supplied by amendment. Business—
The company produces equipment for treating flat rolled
steel and wire in
change
through
through thermal
variety of ways, including chemical
alloying
and
physical * change
treating. Proceeds—For the selling
a
gas
stocknolder.
Office—20005 Lake Road, Rocky Road, O.
Underwriter—Prescott, Shepard & Co., Inc., Cleveland.
Offering—Imminent.
if'Value Engineering Co.
Feb.
28,
(letter of notification) 20,000 shares of
common
stock (par 10 cents).
Price—$2.50 per share.
Proceeds—For improvement of electro facilities; research
1961
and development and working capital. Office—2320 Jef¬
ferson Davis Highway, Alexandria, Va.
Underwriter—
None.
Winston-Muss
to be offered for public sale in units
principal amount of debentures and
mon
stock.
ness—The
•
Van
Jan.
Dusen Aircraft
16, T961
Supplies, Inc. (3/20)
(letter of notification) 100,000 shares of
stock (par $1). Price—$3 per share. Proceeds—
expansion. Office—Minneapolis, Minn. Underwriter
—Stroud & Co., Philadelphia, Pa.
Y
common
For
Corp.
Jan. 30, 1961 filed $9,000,000 of convertible subordinated
debentures due 1981 and 400.000 shares of common stock
consisting of $22.50
one
share
of
Price—To be supplied by amendment.
com¬
Busi¬
under Delaware law
1961 to engage in the conception, planning
and execution of large scale property'Hevelbpment and
construction projects throughout the U. S. Proceeds—
For the acquisition and
development of real estate prop¬
erties. Office—22 West 48th St., New York City. Underin
company was organized
January
Volume
193
Number
6036
....
„
The Commercial and Financial
writer—Lee Higginson Corp.,. New York
City
ing). Offering—Expected in late March..
Winter
(manag¬
American
_
Feb. 13,
1961 filed 33,638 shares of common stock, to be
the holders of the outstanding common on
the basis of one new share for each three shares
held,
with the unsubscribed stock to be publicly offered
by
the company.
Price — To be supplied by amendment.
Proceeds — For plant and
equipment, with the balance
'for general corporate purposes. Office
132 East New
England Ave., Winter Park, Fla. Underwriter—None.
offered
rel'iie
of
in
law
Appalachian. Power Co.
1, 1961 it was reported
A.merican
Office
10
—
East
40th
1961 ,(letter
of
St., New York
:
notification) "150,000
Sunset
—7805
Price—At
be
Angeles, Calif.
writer—None.
preferred
Feb.
and adequacy
racy
the
company
of this
reported
The
it 'is
and
that
with
another
been
indefinitely postponed.
company
ers
or
mobile
of
early
Chestnut
or
was
in
March
expects
Third
to
that
this
in
in
the
spend
company
©
Vreeland
named.
some
and
fourth
some
Department
that
we
can
would
like
item
similar to those you'll find hereunder.
Would
write
you
telephone
us
at
REctor
at 25 Park Place, New York
us
2-9570
or
&
Bell
Feb.
it
reported
that
Airwork
March
Corp.
it was reported that this
1, 1961
company
plans
the sale of about
$1,500,000 of debentures. Business—The
company is engaged in overhauling aircraft engines, in¬
struments and accessories; also sells aircraft engines,
instruments and electronic equipment. Office—Millville,
N. J. Underwriter — Auchincloss, Parker & Redpath,
•
Alamo
Gas
Supply Co. :
•
~,
r
Jan. 24, 1961 it was reported that this company is nego¬
tiating foi the sale of about $18,000,000 to' $20,000,000
expansion of facilities. Office—
San Antonio, Tex. Underwriters — White, Weld & j£o.,
New
York
City and Underwood, Neuhaus
& Co., Inc.,
Alberta
Sept.
new
l;
Gas
I960
A.
Trunk
G.
Line
Bailey,
Co., Ltd.
President,
announced
Sept. 28, 1960 it
that
financing of approximately $65,000,000 mostly in the
early in 1961.
form of first mortgage bonds, is expected
Office—502-2nd St., S. W., Calgary, Alberta, Canada.
^ American Fidelity Building & Loan Assn. (4/3)
March 8, 1961 it was reported that this company plans to
offer
publicly 100,000 shares of common stock (par 10
Price—$5 per share. Proceeds—To increase capi¬
properties. Office—36 E.
Lanvale Street, Baltimore 2, Md. Underwriter—McClane
&
Co., Inc.," 26 Broadway, New York City. Note—This
offering will not be registered with the SEC pursuant to
an
exemption granted under the Securities and Exchange
Act of 1-933.
.
American. Investment
Co.
California
(5/2)
to
conditions
2885
1961
writers—To
$6,000,000 of capital notes and
the money
needs
financing.
Foothill
Proceeds
—>
is¬
Stuart
&
Co.,
Av^, Du-
stock in 1962 to finance its $45,000,-
Interstate
Gas
'
\
:
Co.
Oct. 17,
1960 it was reported by Mr. A. N. Porter of the
company's treasury department that/ the company is*
awaiting a hearing before the full FPC with reference
,
to
approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
Office—P. O. Box 1087, Colo¬
rado Springs, Colo.
•
Columbia Gas System,
March
to
8, 1961 it
sell
was
$30,000,000
of
Inc. (6/1)
reported that this
debentures
in
company
June
and
is
plans
con¬
sidering the sale of either $20,000,000 of debentures or
$25,000,000
East 41st
,
of
stock
common
in
the fall.
Office—120
Street, New York 17, N. Y. Underwriters—To
by competitive bidding. Probable bid-
determined
be
ders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.;
Lynch, Pierce, Fenner & Smith Inc., and White,
Weld & Co. (jointly). Bids—To be received at the com¬
Merrill
on
June 1.
Columbus & Southern Ohio Electric Co.
Sept. 22, 1960 it was reported the company will sell about
$10,000,000 additional common stock sometime in 1961.
Proceeds—For expansion purposes. Office—215 N. Front
St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.
Commonwealth
Edison
Co.
Jan.
10, 1961 it was reported that this company plans to
sell
Co., Beverly Hills,
$30,000,000 of bonds in the second quarter of 1961.
Chicago, 111. Underwriters
Office—72 W. Adams Street,
—To
:
market than
be
s
by the
com¬
pany's early need for long-term financing. <With its 1961
construction program tentatively-scheduled at $20,000,000, the company can wait at least until fall before it-
Nov. 3, 1960, Donald L. Barnes, Jr., executive vice-presi¬
dent, announced that debt financing is expected in early
in the form of about
of
common
pany's office
18, 1961 it was reported that this company's plans
offer $8,000,000 of bonds will be governed more by
the
St.,
last
construction program. Office—Fourtin
Colorado
For construction.
Office—
Boulevard, San Bernardino, Calif. Under¬
be determined by competitive bidding. Prob¬
determined
by
competitive
bidding.: Probable
bidders:
Halsey, Stuart & Co. Inc.; First Boston. Corp.;
Kidder, Peabody & Co.; White, Weld & Co,; Blyth & Co.,
Jan.
•
Halsey,
vately to employees in August, 1960.
this
Corp.
Electric Power Co.
Main
The
on
& Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co.* Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W.' E. Hutton & Co. (jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬
'
Calif. Registration—Indefinite.
tal funds and
improve existing
415
—
named.
con¬
16, 1961 it was stated in the company's 1960 annual
bonds and
000
reported
Calif. Underwriter—R. E. Bernhard &
cents).
deben¬
report that this utility plans to sell both first mortgage
that discussion is under
way concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Reg. A." Business—The company,
which is not as yet in operation
but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
was
is
or
Cincinnati Gas & Electric Co.
June 8.
on
California Asbestos
1961. Office
company
bonds
2, Minn. Underwriter—Jamieson & Co., Minneapolis,
Registration—Expected in early March.
Feb.
3,
received
be
Houston, Tex.
bonds
of
Minn.
termined by competitive
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp., and Har¬
riman
Ripley & Co., Inc.
(jointly); Merrill Lynch,
Pierce, Fenner & Smith Inc.; White, Weld & Co^LBlyth
& Co., Inc., and F. S. Moseley & Co. (jointly). Bids—To
of bonds. Proceeds—For
the latter part of
Inc.
uie
ceeds—For expansion. Office—525 South Lake
luth
(6/8)
^
1961 it was reported that this company plans
to sell about $20,000,000 of mortgage bonds. Office—176
Remsen. St., Brooklyn 1, N. Y. Underwriter—To be de->
Washington, D. C.
Electric Co.,
,
Brooklyn Union Gas Co.
March
(jointly).
Louisiana
Chroma-Gio, Inc.
' j,
14, 1961 it was reported that this company plans
a "Reg. A" covering 90,000 shares of common stock
(par 50 cents)., Price—$3.30 per share. Business—Manu¬
factures pressure sensitive emblems for industry.
Pro¬
American Telephone &
Prospective Offerings
Co.
to file
subsidiary of
Telegraph Co., plans to sell $50,000,000 of debentures.
Proceeds—To refund $30,000,000
of 5%% debentures due 1994 on or about June-2, and for
construction.
Office—1835 Arch St., Philadelphia 3, Pa.
Underwriters—To be determined by competitive bid¬
ding. Probable bidders: Halsey, Stuart & Co. Inc.; First
Boston Corp.; White, Weld & Co., and Eastman Dillon,
Union Securities & Co. (jointly); Morgan Stanley & Co.
Bids—Expected to be received on or about May 2, 1961.
was
Plaza,
Feb.
Co., and associates.
1961
Co.
Fenner & Smith Inc. (jointly);
Inc.; White, Weld & Co.
Corp.
Telephone Co. of Pennsylvania
23,
publishing.
Office—9
Rockefeller
City. Underwriter—To be named.
April 21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
(jointly); Harriman Ripley
Co., Inc. and Alex. Brown & Sons (jointly). The last
Weld
7, N. Y.
in
of
sue
able bidders: Halsey, Stuart & Co. Inc.; White, Weld &
prepare an
be
,
Pineville. La. Underwriters—To be
sale of debentures was made to stockholders on May
8, 1959 through subscription rights and was underwritten*
by First Boston Corp,, and associates. The last sale of
preferred stock on Aug. 13, 1940 was handled by White,
News
&
tures
Baltimore Gas & Electric Co.
Our Corporation
To
reported
21, 1961 it was reported Uiui,
sidering the issuance of $6,000,000
Underwriter—To be determined by com¬
&
so
Corp.
was
Feb.
(5/16)
Do you have an issue you're planning to register?
to know about it
House
1960 it
Central
Corp.
Boston
24,
brook
Feb."21, 1961, F. E. Rugemer, Treasurer, stated that the
company is considering the issuance of $15,000,000 to
$20,000,000 of non-convertible debentures or preferred
stock in the second quarter of 1961 and about $20,000,000
of bonds in late 1961 or early 1962.
Office—Lexington
and Liberty Streets, Baltimore 3, Md.
Underwriters —
(Bonds) To be determined by competitive bidding. Prob¬
First
250
—
—
2, 1961 it was reported that the company is con¬
sidering the sale of $5,000,000 to $7,000,000 of preferred
stock in the second quarter. Proceeds—For
expansion.
Office—South Road, Poughkeepsie, N. Y. Underwriter—
To be named. The last public sale of preferred in
April
1949 was made through Kidder,
Peabody & Co., and Esta-
(jointly); Lehman Brothers, Stone & Web¬
ster Securities Corp. and
White, Weld & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc. Bids—To
be received May 16 at 11:30 a.m. (EST).
and
Office
Feb.
Office—501
Witter & Co.
Co.
expansion.
Central Hudson Gas & Electric
petitive bidding. Trobable bidders: Halsey, Stuart & Co.
Inc.; Eastman Dillon, Union Securities & Co. and Equi¬
table Securities Corp. (jointly); Blyth & Co, and Dean
UNDERWRITERS!
For
—
Paterson, N. J. Underwriter
Registration—Imminent.
New York
$320,000,000
sources.
Proceeds
Ave.,
ness—Book
quarter.
also handled by Blyth & Co.
Arkansas Power & Light Co.
;;
,
„
.
that a full filing of this
company's stock, constituting its first public offering,
will be made. Price—Approximately $3 per share. Busi¬
Sept. 20, 1960 it was announced thai un& subsidiary oi
Middle South Utilities plans the issuance of approximate¬
ly $12,000,000 of 30-year first mortgage bonds, some
new
'
..
Caxton
Ave., Phoenix, Ariz. Underwriters—To be
last sale of bonds was made privately
time in March.
'
Industries
construction.
plans
May
about
from outside
was
Office—540
1, 1961 it was reported by Mr. Casavena, Presi¬
dent, that registration is expected of approximately $10,000,000 of - common stock and $11,750,000 of 6% deben¬
tures. Business
The company makes polystyrene and
polyurethane for insulation and processes marble for
The
May 24, 1959)
on
expansion.
Feb.
Jan.
period 1961 to 1965 of which
come
15.
Casavan
St., Columbus, Ohio
of bonds
stocks
common
Proceeds—For
St., Miami, Fla. Underwriter—R. F. Dowd &
Co., inc., New York City. Registration—Expected aoout
Co.
reported
$38,000,000
leasing.
N. W. 79th
$35,-
—
Service
and The First Boston
equipment, the
repayment of loans, and working capital. Office—Erie,
Pa. Underwriter—Lee Higginson
Corp., New York Citv
(managing). Offering—Postponed.
:
^
ATTENTION
sell
March 26, 1959 through Blyth & Co.,
Inc., and The
First Boston Corp. The last sale of preferred stock on
June 18, 1958 and the last sale of common (to stockhold¬
Industries, Inc.
Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are
be jeered for the
account
of
the
issuing company and
100,0.00 .shares '
representing outstanding stock, are to be offered'Tor the
account of the present holders thereof
.Price—Tp^be^^q^^;,
plied by amendment. Business —The manufacture oi
'mechanical power transmission equipment, fluid control
devices, building plumbing drainage products and re¬
search and development of a synchro-gear assembly for
Proceeds—For
to
on
Zurn
i'atoftiic submarines.
it
about
determined.
•
;
1961
company
South
Jan. 5, 1961,
negotiating a merger
financing plans have
;
Public
$250,000,000 will
Gables, Fla. Under¬
challenged the accu¬
••
E.
construction in the
on
stock. Price—
statement. ;On
that
8,
issue
to
essing of ore; $60,000 for rails, ties, rail cars and related
equipment;' $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
Note—The SEC has
Office—39
Arizona
$1 per share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬
Office—6815 Tordera St., Coral
subsidiary
Underwriter—Vercoe & Co., Columbus, Ohio.
Yuscaran
com.
this
reported by Paul O. Sebastian, Vice- '
President-Treasurer, that the company is considering a
rights offering to stockholders of additional common
stock via a Regulation "A" filing, possibly to occur in
mid-1961.
ital.
Plan System, Inc.
1, 1961 it was reported that this company plans to
file a "Reg. A" covering 100,000 shares of common stock
(par 10 cents). Price — $3 per sfiare. Business—Auto¬
determined
★ Wynnco Investment Co. A
Feb. 27, 1961 (letter of notification) 2,500 shares of class
B common stock to be offered for subscription
by orig¬
inal stockholders. Price—At par ($100 per share). Pro¬
ceeds—For investment.
Address—Venice, Fla; Under¬
writer—None.
Car
Nov. 11,1960 it was
Blvd., Los Angeles, Calif. Underwriter—
Mining Co.
May 6, 1960 filed 1,000,000 shares of
that
Co., Inc.,. plans
tne
Feb.
Approved Finance Inc.
par
Standard Securities Corp., Los
Power
expansion of
Ave., Woodhaven, N. Y.
Underwriter—R. F. Dowd & Co., Inc.
Broadway, New York City. Underwriters
by competitive bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston
Corp.;
Ilarriman Ripley & Co., Inc.;
Kuhn, Loeb & Co. and
Eastman Dillon,. Union Securities & Co.
(jointly).
shares of
($2 per share). Proceeds
—To discharge a contract* payable, accounts
payable, andnotes payable and the balance for working capital. Office
stock.
Electric
will be made. ProceedS^For
business. Office—97-02 Jamaica
1962. Office—2
—To
Wonderbowl, Inc.
6,
warrants
^
090,000 to $40,000,000 of bonds late in 1961
investment and
City. Underwriter—None. ;'
common
.
Feb.
in
estate properties. Proceeds—For
working capital.
Feb.
operate an amusement and
of land near Liberty, N. Y.
Co., Inc., New York City. Registration—Expected in late
' ■
'
January 1961 "and proposes to
construction, investment and operation
the
8, 1960 it was reported ihat a full filing of about
$300,000 of units, consisting of common stock, bonds and
acres
.
Delaware
engage,
to
196
be
March.
.
15, 1961 filed 30,000 shares of class A stock. Price
•—$10 per share. Business—The company was organized
of real
intends
company
recreation park on
Carbonic Equipment Corp.
Dec.
covering 300,000 shares
a full
filing. Business—
Proceeds—For development of the land. Office—55 South
Main St., Liberty, N. Y. Underwriter— M. W. Janis &
Feb.
under
statement
This will
stock.
common
The
—
Corp.
Halsey, Stuart &
Lynch, Pierce. Lea¬
& Smith Inc.
ner
Playlands Corp.
registration
a
39
able bidders: Kidder, Peabody &
Co.;
Co. Inc.; First Boston Corp.; Merrill
Dec. 21, 1960 it was reported that this
company plans to
to
Wolf
(1107)
$4,000,000 to $6,000,000 of subordinated notes. Office—
St. Louis, Mo.
.
Pfirk Telephone Co.
Chronicle
"
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.
Community Public Service Co.
1961 it was reported that this company plans to
sell $5,000,000 of first mortgage bopds. " Office—408 W.,
7th Street, Fort Worth 2, Texas. Underwriters — To be
Feb. 6,
•
Continued
on
page
40
40
The Commercial and
(1108)
Continued from page 39
determined
by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Paine, Webber, Jackson & Curtis; First Southwest
Co.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly). Offering—Expected in May.
of
Co.
Edison
Consolidated
Jan.
New
York,
Inc.
ders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Mor¬
Stanley & Co.
gan
•
Gas Co.
Natural
Consolidated
Jan. 31,
1961 it was reported that this company expects
to
sell about $25,000,000
of debentures in late 1961.
business—A holding company for six operating concerns
engaged in the natural gas business. Proceeds—For con-Underwriters
To be determined by com¬
ctruction.
Stanley & Co., and First Boston Corp.
(jointly); White, Weld & Co., and Paine, Webber, Jack¬
son
& Curtis (jointly).
Morgan
Inc.;
Dynamic Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of its $1 par common stock. Proceeds—To pro¬
General
New
Lime
Eastern
Corp.
reported that this company plans
to sell about $800,000 of 15-year convertible debentures.
Business—The company produces chemical grade lime¬
stone for cement plants, crushed stone and black top for
road building. Office — Kutztown, Pa. Underwriters—
Stroud & Co., Philadelphia and Warren W. York & Co.,
Allentown, Pa.
•
1, 1961, it
Elk
Jan.
was
6,
1961 ii
Underwriter—S.
D.
Office
debt.
Proceeds
Stephens, Ark.
Co. Note—This filing
&
Fuller
—
both
15, 1961 it was reported that this company may
$20,000,000 of preferred and $30,000,000 of bonds
mid-year. Office—212 West Michigan Ave., Jack¬
sell
about
Mich. Underwriter—(Bonds) To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; White, Weld & Co. and Shields & Co. (jointly);
Harriman Ripley & Co., and First Boston Corp, (joint¬
ly); Morgan Stanley & Co.
The last sale of preferred
stock, on July 21, 1955, was handled by Morgan Stanley
son,
Continental
Inc.
Industries,
tiating for the sale of $5,000,000 of convertible
Feb.
On
tures.
authorized
stockholders
28
to
common
provide for the
deben¬
increase
to
voted
debenture
the
issue
change corporate name to Continental Vending
Machine Corp. Business — The company manufactures
to
automatic vending machines dispensing
cigarettes, coffee, cold drinks and food. Office — 956
Brush Hollow Road, Westbury, L. I., N. Y. Underwriter
—It was stated that exploratory discussions have been
held with Shields & Co., New York City.
and
operates
Daffin
Corp.
Jan.
20, 1961, it was reported that a registration is ex¬
pected to be filed covering 150,000 outstanding shares of
common
stock (no par).
Price — To be supplied by
amendment. Business—The company makes agricultural
implements, feed grinding and mixing equipment for the
livestock
industry, and conveying and seed cleaning
equipment. Proceeds—To the selling stockholders. Office
—121 Washington Ave., South, Hopkins, Minn. Under-"
writers—Lehman Brothers, New York City, and Piper,
(managing).
Jaffray & Hopwood, Minneapolis, Minn,
Reinsurance
Dakota
Nov.
it
1960
28,
was
Corp.
reported
by
Walter H.
Johnson,
President, that the company plans its first public offer¬
ing
of
of
undetermined
yet
as
an
stock.
common
field
Business—The
reinsurance
on
of its
amount
will
company
an
O.
par
Office —?
Box
underwriter.
V
-
.
.
:
-
.
?
•
,
'•
,•/?
Power & Light Co.
Dallas
SEC
the
1961, with
no
indication
as
to type and amount. Office—
Street, Dallas, Texas. Underwriter—To
Commerce
be determined by
•
Exploit Films,
Light Co.
Feb.
7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock., The offering would be made to com¬
stockholders first
shares
v
held.
on
Based
the basis of
on
the
share for each
one
number
of
shares
out¬
standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000. ' The last of¬
to stockholders in June, 1956, con¬
sisted of 232,520 shares offered at $35 a share to holders
fering of
common
June
record
the basis of one share for each
Proceeds—For construction.
Office
6,
eight
—600
on
shares held.
Market
Street; Wilmington; Del. / Underwriter-rTo v be determined
by competitive bidding, r- Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers; First Boston
Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
Diversified
Automated
Nov.
16, 1960 it
President, that a
constituting
the
firm's
discussion. Business—
flashbulb
sell
Sales
Corp.
reported by Frazier N. James,
"substantial" issue of common stock,
was
first
The
vending machine
public
company
called
offering,
makes
DASCO,
a
is
under
film and
which will
prices,
Office
many as 18 products of various sizes and
and will also accept exposed film for processing.
as
—223
8th Ave., South,
Nashville, Tenn. Underwriter—
Negotiations are in progress with several major under¬
writers.
..
Diversified
Feb.
9,
with
the
Finance Corp.
a
about
the company reported that it had filed
Florida Securities Commission its first
public
offering of 300,000 shares of
carries
the
a
warrant
holder thereof
$1.25
per
company
common
to
purchase
one
share. Price—$1.25
per
and its subsidiaries
are
stock.
Each share
expiring in December, 1963/? entitling
additional
share.
share
at
Business—The
engaged
in the small
Kidder, Peabody
&
Inc.
to
was
in
was
River
(N. J.)
March 22, on increasing the authorized stock to
provide for the payment of a 66%% stock dividend and
sale of 20,000 new shares of common (par $5) to stock-
basis
held
shares
about
of
of
record
one
July
new
share
with
17,
each
for
rights
to
None.
-
20
expire
i
Lynch, Pierce, Fenner & Smith Inc? Salomon Bros.
& Co: (jointly); Equitable Secu-'
rities Corp.; Kidder, Peabody &rCo. and White, Weld
& Co. (jointly). Bids—Expected to be received on Dec.
7, 1961.
/.'v.'
.?.?':?;
&
/;'? ■?
directly or through subsidiaries in manufacturing, min¬
March 8,
named.
The last sale of de¬
Office—900 Richards:
bentures on
April 3, 1957
was
r/
,
/.
v-.-:.,-
^
Street; Honolulu; Hawaii.
Under-
-
Telephone'C©i:;;?/5>.-^
^Hawaiian
.;
•
handled by Lehman Bros.,
and associates.
New York
Co., Ltd.
writers—Dillon, Read & Co./. Inc.,/New--York City, and
Dean Witter & Co., San Francisco. ^ V??//'? J;,
T- * Z
.
construction. Office—30 Rockefeller Plaza, New York 20,
Underwriter—To be
Electric
1961 it was reported that this company has ap¬
plied to the Hawaiian Phblic ^Seryice Corbfhissian for
permission to sell $12,000,000 of first rhbrtgage. bonds.
ing, distributing, and selling various products for con¬
struction, industrial, and.consumer use. Proceeds—For
Y.
Hutzler and Drexel
Hawaiian
was
plans to borrow $30,000,000 this year, possibly through
sale of debentures? Business—The company is engaged'
N.
/;?/?-
1
rill
reported that stockholders are to
vote March 22 on. authorizing the company to increase"
its funded debt to $56,000,000. If approved, the company
it
1961
(12/7)
reported that this subsidiary of The
Co., plans to sell $5,000,000 of 30-year bonds.
North Pace Blvd.,- Pensacola, Fla/
Under¬
writer—To be determined by competitive bidding. Pre¬
vious bidders included Halsey, Stuart & Co? Inc.; Mer¬
.
7,
was
Office—75
17. Price—$22 per share. Proceeds—To in¬
capital. Office—Toms River, N. J. Underwriter—
?
.'
Ftintkote Co.
1960 it
Southern
Aug.
crease
Inc.
jointly with Curtis Publishing Co. Office
York City. Underwriter—Blyth
Co., Inc., New York City (managing).
Jan. 4,
vote
the
18.
Inc.
Broadway, New
Gulf Power Co.
reported that stockholders are to
on
Oct.
pective issuer owns Treasure Books, Wonder Books, and
&
it
1961
on
Farms
early March.
—1107
Chicago 3, 111.
27,
(jointly);
Bantam Books
Office—105 West Adams Street,
First National Bank of Toms
& Co.
23, 1961 it was reported that this firm is contem¬
plating its first offering of common stock. Business—This
is a publishing firm owned by Little Brown, Harper's,
Random House, and Book Of The Month Club, witn the
last-named firm owning the largest interest. The pros-:
file, at some future date, an SEC registration statement
covering 1,500,000 trust shares to be offered for public
sale. Business—General real estate. Proceeds—For gen¬
Feb.
Shields
Stanley & Co.; Halsey, Stuart
Jan.
reported that this company plans to
eral corporate purposes.
received
Grosset & Dunlap,
Estate Trust
Real
& Co., and
5, 1960 it was reported that 100,000 shares of the
company's common stock w.ill be filed. Proceeds—For
breeding trotting horses/ Office—Goshen. N. Y. Under¬
writer—R?F. Dowd & Co. Inc. Registration—Expected
named.
6, 1961 it
Harriman
Oct.
Publications,
First Continental
be
Goshen
Inc.
it was reported that this family-owned?
publishing business is contemplating its first public of¬
fering. Office—Greenwich, Conn. Underwriter—To be
Jan.
included
bonds
preferred were First Boston Corp.,- Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
1961
20,
for
Inc.; Equitable Securities Corp., Eastman Dillon,
Securities & Co. (jointly). Previous bidders for
Co.
Union
was
April 1. Offering—Expected in late May.
Fawcett
Jan.
bidders
Previous
First Boston Corp.; Morgan
share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
New York City (managing). Registration—Expected on
or
—
plant modernization or refunding of
Office—Electric Bldg., Atlanta 3, Ga.
To be determined by competitive bid¬
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
per
March 8, 1961 it was reported that'this, company plans
to sell about $5,000,000 of common stock to stockhold¬
ers through subscription rights later this.year? Office—
1130 Alakea Street, Honolulu 13, Hawaii/?. Underwriter
Light Co.??/.
—None.
-v
?//?.■?■ Z? -:???/•/ /:' v?
24, 1960 it was-... reported that an undetermined
:??/• Heath (D. C.) & Co.?r.':
7 Z?
'}K:/'' ;•/?'?
amount of bonds may be offered in the Spring of 1961. '
Feb.. 8, 196i it /was reported /that registration/ is expected
Office—25 S. E. 2nd Ave., Miami, Fla.. Underwriter—
in March for an undetermined numoer of common Shares
To be determined by competitive bidding. Probable bid¬
(par. $100)? of which part would be offered: for the ac¬
ders:
Merrill Lynch, Pierce, Fenner & Smith Inc; and
count of the company and part for selling stockholders..
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co?
Business—-Publishes/a nd /sefisZtexthboks. tbF/sehodls'ahd
Inc.; White, Weld & Co.; First Boston Corp.;. Blyth A
colleges. Office—285 Columbus Avenue, Boston, Mass..
Co., Inc.
Underwriter—Kidder, Peabody & Co., New York City.
'
Florida Power &
..
_
Oct.
*
-
Ford Motor Credit Co.
Oct. 17, 1960 it was reported
oping
elude
plans for borrowing
issuance
the
of
that this company is devel¬
operations, which may in-:
debt
securities,
and
possibly -
/,
Houston■ Fearless
Feb.
27,
Corp.*?/???\•
Barry J. Shillito? President, stated that
plans to expand ,its?Western/Surgical and
1961,
the company
?
in the first quarter of 1961. Office—Detroit. Mich
General Resistance,
Inc.
Sept. 19, 1960 it was reported that the company will file
a letter of notification, comprising its first public offer¬
ing. Office—577 East 156th Street, Bronx, N. Y.
Sales
Corp.
Westlab divisions into
a
pital
occur
General
1961
Underwriters
reported that this company plans
full filing covering 100,000 common shares. Price—$5
1961 it
8,
this
1960
construction,
ding.
(managing). Registration—Imminent.
March
29,
outstanding debt.
growth.
Feb.
of
For
Office—New Jersey. Underwriter—M. H.
Meyerson & Co., Ltd., 15 William St., New York City
competitive bidding. Probable bidders:
Power* &
Delaware
10
Inc.
1961 it was reported that the company plans its
public offering of 40,000 shares of common stock.
Price
$10 per share. Business — The manufacture of
drugs. Proceeds—The research and synthesis of certain
hormones that may be helpful in revitalizing dormant
To-.be named?
mon
(10/18)
subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
Jan. 27,
hair
Vista, Va. Underwriter—Sandkuhl and
Georgia Power Co.
Dec.
Office—Pittsburgh, Pa.
shortly.
Epoderm
holders
Sept. 14, 1960 it was stated by the company's president
that there may possibly be some new financing during
1506
tax free exchange of shares for Corporate
is expected that a registration statement
covering this "centennial-type" fund will be filed with
enter the
multiple line basis.
a
$1
669, Yankton South Dakota. UnderwriterMr. Johnson states that the company is actively seeking
P.
It
,
Company, Newark, N. J., and New York City. Registra¬
tion—Expected in late March.
—
21, 1961 it was reported that the company is nego¬
and
a
Securities.
?'
..
Bonded Fibers,
N. J., and Buena
first
& Co.
Feb.
it Empire Fund, Inc.
March 8, 1961 it was reported that the Federal Internal
Revenue Service had granted this fund's application for
approval of
City.
York
New
of
Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
indefinitely postponed.
been
of
$15,000,000
Georgia
has
Consumers Power Co.
Feb.
reported that this subsidiary of Gen¬
Electronics Corp., expects to offer
bonds in November. Office — 610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson & Curtis,
about
long-term
of Florida
Telephone Co.
Feb. 8, 1961 it was
eral Telephone &
of 135,000 shares of common stock.
reduce
—To
,
Securities Corp.
General
reported that this company plans a
was
subsidiary of
&
Telephone
& Webster
Roofing Co.
full filing
that this
reported
was
Electronics Corp. plans to sell
about $20,000,000
of bonds in the first half of 1961.
Subsequently, it was announced by the company that
it plans to sell $10,000,000 of preferred in April, without
underwriting. Office — 2020 Santa Monica Blvd., Santa
Monica, Calif. Underwriters—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp. and Equitable Securities Corp.
(jointly); White, Weld & Co. and Kidder, Peabody & Co.
(jointly); Paine, Webber, Jackson & Curtis, and Stone
writer—To be named.
March
it
1961
1,
E. 42nd Street,
'
.
Telephone Co. of California
General
Feb?
products, purchase new equipment,
working capital. Office — Norcross, Ga. Under¬
and for
York, N. Y.
Co., Inc., 41
&
writer—Joseph Nadler
—
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Thursday, March 9, 1961
.. .
.
loan, consumer discount and retail instalment sales fi¬
nancing business in southeast Florida. Proceeds—For
expansion. Office—615 W. Broward Blvd., Fort Lauder¬
dale, Fla. Underwriter—None.
mote the sale of new
it was reported that this company plans
to sell about $75,000,000 of mortgage bonds in the fall.
Office—4 Irving Place, New York City. Underwriters—
To be determined by competitive bidding. Probable bid¬
1961
27,
Financial Chronicle
He
supply
concern.
new
national medical and hos¬
added :that80%.
of
the
new
/firm's stock would be retained by Houston and the re¬
maining 20% sold to the public.
Office — 11801 W,
Olympic Blvd., Los Angeles 64, Calif.
Houston
Lighting &
Power Co.
,/ Oct. 17,
1961 it was reported that "Reg. A" filing will
be made shortly covering 120,000 shares of common stock
1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
(par $1).
ferred
Feb.
28,
operates
-centers
working
Price—$2 per share. Business—The company
"members only'" discount merchandising
two
at
Portland
capital,
and
Salem,
inventories
Office—1105 Northeast
and
Ore.
Proceeds
additional
—
For
facilities.
Broadway, Portland, Ore. Under¬
and
pending
on
debt
securities, with the precise timing de¬
market conditions. ProceedSr—For construc¬
tion
and
repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter
Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dilr
—
.
Volume
193
Number 6036
.
.
The Commercial and
.
Financial
Chronicle
(1109)
Union
Ion,
Securities
&
Co.
and
Salomon
Hutzler.
Bros.
Lanvin
&
Jan.
.
.
added that plans for such
fire
and
be
to
not
chain of
Idaho
of which
are
franichised, and
Power Co.
10, 1961 it
Jr
,
reported that this company plans to
sell $10,000,000 of bonds and about
$5,000,000 of com¬
mon in
the third quarter of 1961.
Proceeds—To repay
loans and for construction.
Underwriters—To be deter¬
was
mined by competitive
bidding.
bonds: Halsey, Stuart & Co.
Probable bidders
the
on
Inc.; Blyth & Co., Inc.;
& Co., and First Boston
Corp. (jointly);
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman
Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities
Corp. Prob¬
Lazard
Freres
Merrill
able bidders
the
on
Blyth & Co., Inc.; Lazard
Freres & Co.; Kidder,
Peabody & Co.; Merrill Lynch,
Pierce, Fenner & Smith, Inc.
Illinois Terminal
Jan.
common:
RR.
16,
1961 it was reported that this company plans
$8,500,000 of first mort¬
bonds.; Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co.
Inc., Chicago.
gage
Indianapolis Power & Light Co.
According to a prospectus filed with the SEC on Aug.
25, 1960, the company plans the sale of about $14,000,000
additional securities in
Circle,
file
per
Office
25
—
Monument
Indianapolis, Ind.
Industrial
Jan.
1963.
Control
Products,
Inc.
24, 1961 it was reported that the company plans to
165,000 shares of 100 par class A stock. Price—$3
share. Business—The design and manufacture of con¬
trol systems and subcontracted precision
firm has recently begun to make
machining. The
double-diffused, broad
base
silicon
diodes, but is not yet in commercial
pro¬
duction of these items. Proceeds—For
expenses of semi¬
conductor production, research and
development, adver¬
tising and selling, inventory, and general funds. Office—
78 Clinton Road, Caldwell
Township, N. J.v Underwriter
—Edward Hindley & Co., 99 Wall Street, New York
5,
N. Y.
(managing).
:-y
Industrial
Gauge & Instrument Co.
business, and for the manufacture of
product by a
subsidiary. Office—1947 Broadway, Bronx. N. Y. Under¬
writer—R.
F.
about March
Dowd
&
>
Co.
15.
Inc.
25, 1961 it
a new
Registration—Expected
;
Macrosc Lumber & Trim
Co., Inc.
20, 1960, it was reported that this
company plans
public offering of about 500,000 common
shares (par
$1) in early 1961. Office—2060 Jericho
a
to sell
1961 it
Interstate Power Co. (5/18)
March 8, 1961 it was reported that this
company plans to
sell
$9,000,000 of bonds and 200,000 shares of
in May.
The stock will be offered to
stock
shareholders
the basis of
on
one
common
common
Trust
(Bonds) To be determined by competitive bidding.
bidders: Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody &
Co.; White, Weld & Co.; Salomon Bros. & Hutzler. Bids
■—To be received on
May 18, 11 a.m. (EST) at the office
—
Probable
The
Chase
Manhattan
Bank, One Chase Plaza, New
York 5, N.
Y., 23rd floor. Information Meeting—Sched¬
uled for May 8, 3 p.m.
(EST) at the office of Chase Man¬
hattan Bank, 28th Floor.
Bldg., Philadelphia, Pa. Underwriter—Stroud
& Co.,
Philadelphia, Pa. Registration—Expected in early
March.
'
; '
•
Mr.
7, 1961 it
Donald
000,000
to
that
the
$15,000,000
of
utility expects to sell $10,first mortgage bonds in the
second
is
quarter of 1961. The 1961 construction program
estimated at $18,00p,000. Proceeds — To repay bank
loans
and
for
construction.
Davenport, Iowa.
Office
Underwriters—To
—
206
be
E.
2nd
determined
competitive
bidding. Probable bidders: Halsey, Stuart
Inc.; .Merrill Lynch, Pierce, Fenner & Smith Inc.;
First Boston Corp.;
Glore, Forgan & Co. and Lehman
Brothers (jointly); White, Weld & Co. and Blyth &
Co., Inc. (jointly).
& Co.
; I
Japan Telephone & Telegraph Corp.
Oct. 27, 1960 it was announced that this governmentowned
business
United
States.
plans
$20,000,000
a
Proceeds—For
issue
bond
expansion.
in
the
•
La
Salle National Bank
(Chicago, III.)
March 8, 1961 it was reported that stockholders voted on
March 2 to increase authorized stock from 135,000 to
165,000 shares
(par
to
$25)
provide
for
a
11.1%
dividend and sale of 15,000 shares to stockholders
basis of
March
one
2,
per share.
South
La
new
with
on
was announced that registration is ex¬
company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common
stock. Proceeds
—For expansion,
including a new warehouse and addi¬
L.
er
rights
to
—
Street,
Bacon,
Whipple & Co.
Co., both of Chicago.
Office—153-22 Jamaica
Avenue, Jamaica,
I., N. Y. Note—Hill, Thompson & Co.,
Inc., is
underwriting this issue.
expire
March
30.
Price—$75
To increase
capital. Office—-135
Chicago 3, 111. Underwriters—
(managing) and McCormick &
Masters
6,
Inc.
1961
it
Laclede Gas Co.
$33,000,000 externally for
but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo.
program,
be named. The last issue
River Fuel Corp.
parent
underwritten by Eastman
Dillon
Union Securities &
Co., and associates.
'
Monroe Mortgage &
nf'
?f debentures by Mississippi
in
March
1958
was
Investment Corp.
r
Cecil
Carbonell, Chairman, announced
company is preparing a
"Reg. A" filing covering
.150,000 shares of common stock.
Price —$2 per share.
Business—The company is
engaged in first mortgage
financing of residential and business
properties in the
Pr<>ceeds—To expand
company's business.
Office—700 Duval
~
Street, Key West, Fla.
—None.
Monticello
Lumber
&
Mfg.
Underwriter
Co.
3,A»9?n.i1: 'was ^Ported
that this company plans a
filing covering 75,000 shares of
common stock.
Price
$4 per share. Proceeds—For
equipment, plant ex¬
pansion and
working capital. Office—Monticello N Y
Underwriter—J. Laurence
New York City.
&
Co., Inc., 117 Liberty St.,
Registration—Expected shortly.
New England Power
Co.
Jan 24, 1961 it was
reported that this
England
re^urtdd that this corporation is
pu^ic financing. Business—The
operation of
a chain of disdounChouses.
Avenue, Flushing 54, L. l(, N. Y.
38th
McCulloch Corp.
Jan. 9, 1961 it was reported
its
initial
time in
some
public
that
this
financing
Office—135-21
subsidiary of New
$20,000,000 of
St., Boston 16
by competitive-
corporation
for
late
will
1961
or
Business—The corporation manufac¬
tures Scott outboard motors and McCulloch chain saws.
West Century
Boulevard, Los Angeles 45,
Calif.
Metropolitan
1,
Edison
it
1961
Co.
reported that this subsidiary of
General Public Utilities Corp., plans to sell about
$10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville
was
Pike, Muhlenberg Township, Berk£ County, Pa. Under¬
writers
To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld
& Co.; Kidder, Peabody & Co. and Drexel & Co.
(joint¬
ly); Blyth & Co., Inc.
—
11,
1961
it
that this
reported
was
company
$30,000,000 of bonds in the first half
plans
of 1961.
Proceeds—To repay notes and for construction. Office—
415 Clifford St., Detroit 26, Mich. Underwriters—To be
determined
White,
by
Weld
Stuart & Co.
competitive bidding. Probable bidders:
& Co.; Lehman Brothers; and Halsey,
Inc.
Telegraph Co. (4/11)
subsidiary of American Telephone &
$45,000,000 of 38-
announced plans to sell
year debentures.
Proceeds—To redeem
or about
May
Sept. 1, 1994 in
St., Boston 7,
Mass. Underwriter
To be determined
by competitive
bidding. Probable bidders: Halsey, Stuart & Co.
Inc.;
First Boston
Corp.; Morgan Stanley & Co. OfferingExpected on or about April 11.
12,
outstanding 5%%
the
same
amount.
debentures
Office
—
185
on
due
Franklin
—
New England
Feb. 21,
Telephone & Telegraph Co.
1961 this
(4/25)
subsidiary of Ani&dd&h Telbphdne &
Telegraph Co., announced plans to sell additional com-1
mon stock to stockholders
through subscription rights on
of
basis
of
one
new
share
for
each
seven
shares held
record
April 25. Based on the 22,047,305 shares out¬
standing on Dec. 31, 1960 this would amount to about
3,150,000 common shares. Proceeds—To repay short term
and to pay at
maturity $40,000,000 of 4%% first
mortgage bonds due May 1, 1961. Office—185 Franklin
St., Boston 7, Mass. Underwriter—None.
New Orleans Public
Service,
Nov. 10, 1960 it was reported that
—317
Inc.
(5/25)
issue of $15,000,000
mortgage bonds is expected in May, 1961. Office
of first
an
Baronne
St., New Orleans, La.,Underwriter—To
by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
table Securities Corp. and Eastman
Dillon, Union Securi¬
ties & Co.
(jointly); Kidder, Peabody & Co. and Stone
& Webster Securities
Corp. (jointly): White, Weld & Co.;
10,
1961
it
reported
that this subsidiary of
Co., plans to sell about $30,000,-
was
American Natural Gas
bonds
of
in
the
construction^ Office
Mich.
first half of
bidding.
Probable
1961.
Proceeds
—"
For
500
Griswold Street, Detroit 26,
determined by competitive
bidders: Halsey, Stuart & Co. Inc.;
—*
Underwriters—To
First Boston
be
Corp.; Blyth & Co., Inc.
Mississippi
Business
&
Industrial
Development
Nov. 28, 1960 it was reported that the company will issue
$1,000,000 of $10
par
common
stock, of which $500,000
$500,000
will be subscribed for by utility companies and
will be sold to business and industry and the
other
general
Business—To assist via loans, investments, and
transactions, in the location and expan¬
business
of
businesses
in
Mississippi.
Mississippi Power Co.
(9/28)
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and, $5,000,000
of preferred stock
(par $100).
Proceeds—For
construction and
expansion. Office—2500
St.,
Gulfport, Miss. Underwriter—To be deter¬
by competitive bidding. ... Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Bids—Exnected
to
Brothers
be
&
Hutzler.
Offering
Expected
—
it New York State Electric & Gas Corp. (5/16)
March 6, 1961, Joseph M.
Bell, Jr., President, stated that
the company plans to sell
$25,000,000 of first mortgage
bonds. Proceeds—To repay bank loans and for
construc¬
Office—108 East Green St.,
Ithaca, N. Y.
writers
—
To
be
determined
&
Under¬
competitive
Halsey,
by
Stuart
bidding.
Inc.; Kidder,
Peabody & Co. and Salomon Bros. & Hutzler (jointly);
Blyth & Co., Inc.; Harriman Ripley & Co., First Boston
Corp. and Glore, Forgan & Co. (jointly). Bids—To be
received on May 16.
;
'*
Probable
bidders:
Co.
Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬
a letter of notification.
Office—St.,Paul, Minn. Un¬
derwriter—Irving J. Rice & Go./St. Paul, Minn. *
-
der
Northern
Feb.
Illinois
8, 1961 it
received
on
Sent. 28.
Gas
Co.
reported that this company plans to
raise about $25,000,000 of new money in 1961.
The type
of security to be sold has not been determined but it is
thought that it might be common stock iwhich would be
sold in the late
Corp.
public.
Salomon
May 25.
Northern Fibre Glass Co.
Michigan Wisconsin Pipe Line Co.
sion
Telegraph Co.,
tion.
Michigan Consolidated Gas Co.
Jan.
Offer¬
New England
Telephone &
Feb. 21, 1961 this
be determined
Feb.
000
(jointly); First Boston Corp.; Lehman Brothers.
ing—Expected in October.
loans
1962.
/>■ Office—6101
—
the
was
contemplating its first
14th
Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise
1961-65. construction
long¬
System into Worcester County Electric
Co., also a sub¬
sidiary. Latter will change its corporate name to Mas¬
sachusetts Electric
Co., and issue about $17,500,000 of
first mortgage bonds due 1991. Offices—939
Southbridge
St., Worcester, Mass., and 441 Stuart St., Boston, Mass.
Underwriters—To be determined by competitive
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; First Bos¬
ton Corp.; Merrill
Lynch, Pierce, Fenner & Smith Inc.;
Kidder, Peabody & Co., and Coffin & Burr, Inc.
Offering—Expected in May.'
mined
its
no
Massachusetts Electric Co.
Jan. 24, 1961 it was
reported that the SEC has approved
the merger of six subsidiaries of
New England Electric
the
share for each 10 shares held of record
Proceeds
Salle
stock
Underwriter—To
Proceeds—For
Clayton Road'
tional stores.
Aug. 29, 1960 it
Underwriters
—Dillon, Read & Co., First Boston Corp., and Smith,
Barney & Co. Offering—Expected in the Spring of 1961.
1961.
Me.ntT?±i)ank.?ebt- Offi<*-9900
bidding. Probable bidders: Halsey, Stuart &
Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities
Corp., and Blair
& Co.
(jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and
White, Weld & Co.
Wallpapers
St.,
by
JLv!♦
of
sell about $6,500
pected of the
Paint &
to sell about
reported by the company treasurer,
was
Shaw
or
Electric System plans to sell
first mortgage bonds.
Office—441 Stuart
Mass. Underwriters
To be determined
Martin
Jan.
Iowa-Illinois Gas & Electric Co.
Feb.
—
Co.
share for each 16 shares
held of record May 18, with rights to
expire June 2. Office—1000 Main Street, Dubuque, Iowa.
Underwriters
of
reported that this company expects
common stock. Business—Manu¬
copying machines. Office
Commercial
was
200,000 shares of
factures office
K^fdS! tVer Fuel,bonds in late to
000 of debentures
Cop-» Plans
Reg. A
Magnefax Co.
Feb. 21,
* Mississippi River
Transmission Corp.
19^b it; was reported that this subsidiarv
Turnpike, New /
Hyde Park, L.. I., N. Y.
schedule
•
was
Dec.
Jan.
Oct. 5, 1960 it was reported that 100,000 shares of com¬
mon stock will be filed. Proceeds —
Expansion of the
about
reported by Fred C.
Eggerstedt, Jr.,
Assistant Vice-President, that the
utility contemplates
the issuance of
$25,000,000 of 30-year first mortgage
bonds probably in the second or
third quarter of 1961.
Office—250 Old Country
Road, Mineola, N. Y." Under¬
writers—To be determined by
competitive bidding. Prob¬
able bidders:
Halsey, Stuart & Co. Inc.; First Boston
Corp., and Blyth & Co., Inc. (jointly); W. C.
Langley &
Co. and Smith,
Barney & Co. (jointly).
"
•
the sale later this year of about
of
Jan.
—
.restaurants, most
of
is
an
$6,000,000 of common stock. Office—767
Avenue, New York City.
Underwriter—Goldman,
Sachs & Co., New York
City (managing).
Long Island Lighting Co.
offering "are still hanging
yet because so many things have
Business
Operates a nationwide
Ave., New York City. Under¬
writer—Blyth & Co., Inc., New York
City (managing).
Jan.
issue
an
packs a line of Howard Johnson frozen foods for
supermarkets. Office—630 Fifth
Inc.
was
Fifth
definite
Considered."
Parfums,
24, 1961 it
reported that this perfume firm
contemplating its first public financing, to consist of
^ Howard Johnson Co.
March 3,: 1961, Howard B.
Johnson, President, stated
that
this privately held
company is considering the
possibility of making a public offering of securities. He
41
was
Spring to stockholders through subscrip¬
tion rights. Office—50 Fox St., Aurora, 111. Underwriters
—To be named.
The last rights offering in April 1954
was
underwritten by First Boston
gan &
Corp., and Glore, For¬
Co., both of New York City.
Northern States
Power Co.
Jan. 10, 1961 it was reported that this company plans to
sell $20,000,000 of bonds in the third quarter of 1961.
Offices—15 So. La Salle Street, Chicago 4, 111.;
15 So.
Fifth Street, Minneapolis 2, Minn.; Ill Broadway, New
Yrork
6, N. Y.
Underwriters — To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith,
Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First Boston Corp.
and Blyth & Co., Inc.
(jointly).
Offering—Expected in August.
it Northwestern Public Service Co.
March
8,
1961
to sell about
it
was
reported that this company pl?ns
$2,500,000 of bonds in August
or
September
Office—Huron, S. Dak. Underwriter—To be determined
Continued
on
page
42
42
The Commercial and Financial Chronicle
(1110)
Continued from page 41
is low, the financing will probably include either
1
mon
by
Probable
bidding.
competitive
bidders:
Halsey,
Stuart, & Co., and Kidder, Peabody & Co.
N. J. Underwriter—To be named. The last sale of
mon
stock
Dec.
^ Northwestern Public Service Co.
on
March
stockholders, on July 8, 1958, was underwritten by A.
C. Allyn &
Co., Chicago, 111.
Offering—Expected in
April.
' -
•
•
1961 it
was
reported that this company plans to
$12,000,000 of first mortgage bonds, series G, due
April 15, 1991. Proceeds—For redemption of $6,442,000
first
mortgage bonds, series B, due May 1, 1961; for
repayment of bank loans and for construction. Office—
10
North
Broadway, Nyack, N. Y. Underwriters—To be
determined
by competitive bidding. Previous bidders:
Stuart & Co. Inc.; Equitable Securities Corp.;
W. C. Langley & Co., Glore, Forgan & Co. (jointly);
First Boston Corp.; Merrill Lynch, Pierce, Fenner &
Smith Inc., Eastman Dillon, Union Securities
& Co.,
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly). Bids—Expected to be received on April 20. Informa¬
tion Meeting—Scheduled for 11 a.m. (EST) April 13 at
Halsey,
Bankers Trust
Radiation
tronics
Co., 16 Wall St., New York City.
Lighting Corp.
Jan. 3, 1961 it was reported by Paul A. Miller, Treas¬
that
the
will probably go to the market
for $30,000,000 to $50,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
ing.
Office—600 California Street, San Francisco 8,
company
Calif.
Pacific
Telephone & Telegraph Co.
1961 it was reported that this company, con¬
trolled by American Tel. & Tel. Co., plans to form a new
Jan.
30,
subsidiary to operate in Washington, Oregon and Idaho.
new concern will acquire the business and proper¬
ties of the present
operating division, known as Pacific
Telephone-Northwest, established in February 1960. All
of the stock of the new company will be issued to Pacific
Telephone, but "as soon as practicable" it will be offered
for sale to Pacific Telephone shareholders at a price
to be fixed by the Board of Directors. Office—140 New
Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders on Feb. 25,
1960 was not underwritten. However, AT&T, which
owns
over
90% of the outstanding stock, exercised its
rights to subscribe to its prorata share of the offering.
March
Eastern
Pipe Line Co.
reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters—
8,
Merrill
it
1961
was
Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City
Pennsylvania
Jan.
1961
24,
General
of
and
missile
Electric
Public
recently handled
stock.
was
—
222
a
Levergood
Corp.
Jan. 24, 1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
construction.
For
Underwriter
To
—
be
determined
by competitive bidding. Probable bidders: Halsey, Stuart
&
Inc.; Kidder, Peabody & Co., White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman Dillon, Union Securities & Co.,
and Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp
'
Sierra
Pacific Power Co.
Feb.
16,
offer
(5/4)
:
reported
that
common
1961
the
company
it
plans
to
stockholders the right to subscribe to ad¬
ditional stock on the basis of one new share for each 12shares
held.
Based on the 795,416 common shares out¬
Nov. 30, 1960 and the proposed 2-for-l stock
split expected to become effective March 29, 1961, this
offering will involve about 132,570 new shares, and will
standing
on
be made
on or about May 4. Office—220 South Virginia
St., Reno, Nev. Underwriter—None.
Sierra Pacific Power Co.
Feb.
16,
the
1961
$6,500,000
struction.
company
of first mortgage
Office
(5/11)
stated
that
bonds.
it plans to
Proceeds—For
sell
con¬
South
220
Virginia St., Reno, Nev.
by competitive bid¬
ding. Probable bidders: Halsey, Stuart & Co. Inc.; Stone
& Webster Securities Corp.; Dean Witter & Co.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly). Bids—
Expected to be received on May 11.
—
Underwriters—To
Discount
Silo's
determined
be
House
First
Boston
Corp.;
Equitable
May
or
June.
Pennsylvania Power Co.
Dec.
14, 1960, it was reported that this company has ap¬
plied to the SEC for an order under the Holding Com¬
pany Act, authorizing the issuance of $878,000 of first
mortgage
bonds, 3%% series, due 1982. Proceeds—For
sinking fund purposes. Office — 19 E. Washington St.,
New
Smith
Brothers; Merrill - Lynch, Pierce, Fenner
Inc., and Dean Witter & Co. (jointly).
&
Peoples Gas Light & Coke Co.
Jan. 10, 1961 it was reported that this company plans to
sell about $35,000,000 of first mortgage bonds in 1961.
Proceeds—To retire maturing bonds and for construc¬
tion.
Office—122 So. Michigan Avenue, Chicago 3, 111.
Underwriters
To be determined by competitive bid¬
ding. Probable bidders: Halsey, Stuart & Co. Inc.; Glore,
—
Forgan & Co.; First Boston Corp.
Power Chem Industries
Oct.
18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The com¬
pany
is in the
process
of organizing and will manufac¬
ture additives for fuel oils. Proceeds—For
expansion and
general corporate purposes. Office — 645 Forrest Ave.,
Staten Island, N. Y. Underwriter — Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration
—Indefinite.
Jan. 9, 1961 it was reported
that this retail chain is
templating its first public financing.
phia, Pa.
;■
...'
;
Corp.
,
con¬
Office—Philadel¬
^7
V;
..
v-!r,r;, vV
Feb. 21,
1961 it was reported that the company expects
registration statement shortly, covering 150,000
shares of common stock. Office—501 Madison Ave., New
York 22, N. Y. Underwriter—Russell & Saxe, New York
City.
to
file
a
Corp.
21, 1961 it was reported that this company plans
2,000,000 common shares in the U. S., this sum¬
mer. A registration statement covering the proposed of¬
fering will be filed with the SEC. Business—The com¬
sell
pany
such
sets.
major producer of electronic consumer goods
transistor radios and television
Office—Tokyo, Japan. Underwriter—To be named.
is
Public Service Co. of Colorado
2, 1960, W. D. Virtue, treasurer, stated that com¬
pany plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription rights
in mid-1961. Proceeds—For expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston Corp.
Public
Service
Feb. 23,
Electric
&
Gas
Co.
1961 it was reported that this utility expects to
sell about $100,000,000 of new securities this year.
It
was stated that since the equity position of the
company
that " stockholders
reported
was
voted
tape recorders,
Southern
Electric
Gas Co.
Natural
Oct. 28,
1960 it was reported by Mr. Loren Fitch, com¬
pany comptroller, that the utility is contemplating the
sale of $35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the precise timing depending on
conditions.
market
Proceeds
—
To
retire
bank
loans.
Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).
(4/4)
March 6, 1961 it was reported that this company plans
to issue about $4,800,000 of equipment trust certificates.
Office—165 Broadway, New York 6, N. Y. Underwriters
—To -be determined by competitive bidding. Probable
bids: Halsey, Stuart & Co. Inc.; Salomon Bros. & Hutz¬
ler. Bids—To be received on April 4 at noon (EST).
ic Southern Pacific Co.
bid
on
Railway Co.
1960
the bonds.
Jan. 11,
1961 it was reported that this company plans to
$10,000,000 to $15,000,000 of bonds in the third quar-
ter
of 1961.
17,
reported
that
financing
is
being
considered for this year, but details have not been de¬
cided upon. Business—The company is engaged in the
was
Office—416 West Third
Street, Owensboro,
Underwriter—Dillon, Read & Co., New York City.
Ky.
Traid Corp.
.
Jan.
4, 1961 it was reported that this company is con¬
templating some new financing.
No confirmation was
available. Business—The company specializes in airborne
photo instrumentation and manufactures aircraft motion
picture cameras and accessory items. Office — Encino,
Calif. Underwriter—Previous
financing
Uomasney & Co., New York City.
D. Ai
was
handled by
^Transcontinental Gas Pipe Line Corp.
,'v.77
March 8, 1961 it was reported that registration is ex¬
pected shortly of $35,000,000 first mortgage bonds. Office
—3100 Travis Street, Houston, Texas.
Underwriters —
White, Weld & Co., and Stone & Webster Securities Corp.,
both
of
New
York
City.
Offering—Expected in May.
Trunkline Gas Co.
March
1961. it
8,
reported
was
that this subsidiary of
Co., expects to sell about
Panhandle Eastern Pipe Line
$50,000,000
Office—120
of
bonds
or
preferred
stock
Broadway, New York City.
in
September.
Underwriters—
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder,
Peabody & Co., both of New York City (managing).
Union
Jan.
19,
Electric
it
1961
Co.
reported that this company plans
$20,000,000 to $30,000,000 of preferred in late 1961,
Proceeds—For* expansion of facilities. Office
315 N.
was
—
12th
Blvd.,: St. Louis, Mo. Underwriter
—
To be deter¬
mined by competitive bidding. The last sale of preferred
in>>November 1949 was underwritten by First Boston
Corp.;
Dillon;
Read
&
Co.,
Lehman
Weld & Co. and Shields & Co.
Brothers; White,
(jointly); and Blyth & Co.
United Aircraft
Corp.
j
15, 1961 it was reported that this company is con¬
sidering issuance of $50,000,000 of bonds to replace a
seven-year term loan.
Office—400 Main St., East Hart¬
ford, Conn. Underwriter—To be named. The company
Feb.
has
never
issued
bonds, but its last offering of preferred
17, 1956 was underwritten by Harriman
Ripley & Co., Inc., New York and associates.
stock
Sept.
on
Universal
Jan.
17,
1961
Oil
it
Products
Co.
that this company may
require financing either through bank borrowings or the
sale
of
was
debentures
in
major field which the
reported
order
further expansion in a
would not identify. No
to
company
decision has been made
on whether the
product, named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process development concern. Office—30 Algonquin
Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before. However, the
last sale of common stock on Feb.
5, 1959 was handled
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City.
'•77.7/\
;
;7;
Vinco
Corp.
-
,
Feb.
20, 1961 it was reported that this company plans to
sell $2,000,000 of convertible bonds. Business—The man¬
ufacture of precision parts and subassemblies for air¬
craft, missile and other industries.
The company also
produces guages and measuring instruments. Proceeds—
For
expansion and acquisition. Office
—
9111
Schaefer
Highway, Detroit, Mich. Underwriter—S. D. Fuller &
Co., New York City. Registration — Expected by late
March.
""
~
'
:
:
'■
Virginia Electric & Power Co.
/
(6/13)
Jan.
17, 1961 the company announced plans to sell $30,000,000 of first mortgage bonds. Office—Richmond 9, Va.
Underwriter—To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Stone. &
Corp.; Eastman Dillon, Union Secu¬
Co.; Salomon Bros. & Hutzler; Goldman. Sachs
Webster Securities
rities &
& Co. Bids—Scheduled for June 13 at 11
Waldorf
Auto
a.m.
(EST).
Leasing Inc.
Jan. 16, 1961 it was reported that this company plans a
"Reg. A" filing covering 100,000 shares of common stock.
$3 per share. Proceeds — For general corporate
—
purposes.
Office
2015
Coney Island
Ave., Brooklyn,
Co., 79 Wall St., V. K.
Exchange Place, First Atlantic
Securities Co., 160 Broadway, New York City. Registra¬
—
N. Y. Underwriters—Martinelli
&
Osborne & Sons, Inc., 40
tion—Imminent.
Washington Gas Light Co. (5/3)
27, 1961 it was reported that this company plans
sell $12,000,000 of refunding
mortgage bonds. Pro¬
Feb.
to
Spiegel,
Jan.
Inc.
1961 it
7
Transmission Corp.
Gas
sell
Price
stockholders approved the issuance of
$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate pur¬
poses, including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will
21,
'
Hutzler, New York City.
Texas
Office—Watts
Southern
from
ital. Office—Union Stock Yards, Chicago 9, 111.
Under¬
writer—To be named. The last issue of debentures in
October
1958
was
placed privately through Salomon
a
as
Southern
Nov.
Dec.
it
to sell
June 15.
(jointly);
1961
6,000,000 to 8,000,000 shares to provide
underlying shares for the proposed conveftissue. Proceeds—For expansion and working cap¬
ible
•
Lehman
Co.
7,
Jan. 26 to authorize the company to issue up to $35,000,000 of convertible debentures, and to increase authorized
Co.
Castle, Pa. Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Kidder, Peabody & Co.; White, Weld & Co.;
Equitable Securities Corp. and Shields & Co. (jointly);
&
Securities Corp.; Kidder, Peabody & Co.; Halsey, Stuart
& Co. Inc.; Kuhn, Loeb & Co. Offering—Expected in
securities
& Co.
Swift
Feb.
Electric
&
Generating Co. (6/15)
Jan. 4, 1961 it was reported that this company, jointly
owned by Alabama Power Co., and Georgia Power Co.
both in turn controlled by The Southern Co., plans the
public sale of $27,000,000 first mortgage bonds due June
1, 1992.
Proceeds—For expansion.
Office—600 North
Eighteenth St., Birmingham 3, Ala. Underwriters—To
be determined by competitive bidding. Previous bidders
included Merrill Lynch, Pierce, Fenner & Smith Inc.,
and Blyth & Co., Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬
pected about May 8. Bids—To be received at 11 a.m. on
Ripley
of
sale
$15,417,500 of 5% convertible debentures,
due 1984,. which were sold to stockholders through sub¬
scription rights in June 1959.
The offering was under¬
written by Wertheim & Co., New York.
Bros. &
Gas
Feb.
of de¬
St., Johnstown, Pa.
Underwriters—To be determined by competitive bidding.
Probable
bidders:
Blyth & Co., Inc., and Harriman
Office
Hayden, Stone & Co., New York,
private placement of the company's
-
Rochester
to
30-year first mortgage bonds and $12,000,000
bentures.
performs extensive
atomic energy,
writer—To be named.
Sony
(managing).
Co.
reported that this subsidiary of
Utilities Corp., plans to sell $10,000,000
it
industries, and
last
The
named.
be
of
common
Simulmatics
Panhandle
Underwriter—To
additional
The
•
Inc.
plastics, and electrical insulation.
Schenley Industries, Inc., owns about 36% of the out¬
standing stock. Office—Long Island City, N. Y. Under¬
Pacific
urer
Applications,
basis. Office—1061
consisted
Jan.
17, 1961 it was reported that this company is con¬
sidering a public offering of stock in 1962. Business—
Develops plastic and chemical materials for the elec¬
Thursday, March 9, 1961
.
by mail, principally on a monthly
W. 35th St., Chicago 9, 111.
of merchandise
payment
extractive metallurgy,
sell
of
&
sale
research and development in the fields of
Is'■!.
(4/20)
Orange & Rockland Utilities, Inc.
Jan. 6,
..
com¬
Dec. 15, 1959 and the last sale of preferred
on
14, 1960 was handled by Merrill Lynch, Pierce,
Smith, Inc., and associates.
.
:
Fenner
8, 1961 it was reported that this company plans
to seii about $1,200,000 of common stock to stocknoiders
through subscription rights. Office—Huron, S. Dak. Un¬
derwriter—To be named.
The last rights offering to
com¬
preferred stocks. Office—80 Park Place, Newark,
or
.
.
ceeds—To repay debt and
H St., N.W.Washington
for construction. Office—1100
5, D. C. Underwriters—To be
determined by competitive
bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.;
?
Volume
193
Number
6036
,
.
The Commercial and Financial Chronicle
.
(1111)
First Boston
Corp.; Eastman Dillon, Union Securities &
Co.; Kidder, Peabody & Co. and Merrill Lynch,
Pierce,
Fenner &
Smith Inc., and Stone & Webster Securi¬
ties Corp.
(jointly). Bids — Expected on May 3 at
11 a.m. (EST).
•
Washington Natural Gas Co. (5/3)
6, 1961 it was reported that this
—
the
basis
of
one
about
share for
new
common
stock
each
May 3. Proceeds—To
shares
10
bank
repay
•
held
•;
r
Scientific Corp.
Weeks,
V"
Penn Power Co.
West
Feb.
&
New
York
of
1961, J. Lee Rice, Jr., President of Allegheny
System, Inc., parent company, - stated that West
Sta. Shell Homes
Israel
Businessman's
ors
Public
offering of 45,000 units of
securities.. of
Homes
13
.Standard
Corp.
&
Shell
made
on
March
was
by Aetna Securities Corp. and
associates. Each
unit, consisting of
stock; one
subordinated
sinking
fund
9%
debenture
($10),
due
Nov.
1,
1985, and two warrants expiring
Dec. 31, 1963, was priced at $17.50.
shares
six
of
common
.
Net
proceeds
from
the
financ¬
ing will be used by the company
'for
the
shell
for
construction
homes
the
in
of
certain
construction
model
homes in
Palm
model
locations;
of
finished
Beach,
the
of
>
Hollywood, West
Jacksonville,
and
St. Petersburg-Tampa
areas
Florida; • and for. additional,,
offices
Street
to
capital
to
be
-
in
used
construction
ance
to
operations. The bal¬
of the proceeds will be used
hold
homes
first
mortgages on shell
and- junior mortgages oh
finished homes.
•
Standard & Shell Homes
Corp.,
Miami, Fla., directly and through
its
subsidiary, Standard;Homes,
Inc., is engaged in the customized
home building and
mortgage busi¬
ness 1' in
the
southern
part
of
Florida.
The
two
warrants
in
each
unit
being offered may be exercised
by their holders, prior to Dec. 31,
.1963, With each two warrants
titling the holders to receive
unit
one
$10,
9%
a
subordinated
sinking fund debenture due Nov.
1, 1985, and six shares of common
stock, 25 cents par value, upon
payment of
.
will
annual
sinking
fund,
of
an
beginning
Nov. 1965, and will be redeemable
for
the
sinking fund at
plus
accrued
also
be
100%,
They will
interest.
redeemable
at
offices
in
the
Southland
Center
Officers
William
are
E.
Read,
President;
Charles M. Read and
Charles B. Read, Vice-Presidents;
and G. M.
urer.
with
Read, Secretary-Treas¬
William Read
formerly
Company
Dallas Union Securities Co.,
First
and
was
Southwest
P. Snyder Opens
Clinton B.
Snyder is conducting
a
securities business from offices at
41^ East 42nd' Street, N. Y. City.
ENCINO, Calif.—Van Home In¬
vestments, Inc. has been formed
offices
with
Boulevard
at
to
engage
business.
ties
16218
in
Officers
Ventura
a
securi¬
Ray
are
Van Gelder, President and Treas¬
Thomas
Vice-President,
urer;
M.
and
Hawthrone,
Frank
B.
Oberhansley, Secretary.
have
announced
with
them
of
the
ridge as manager
department.
of
.
Harry Burko Opens
PITTSBURGH, Pa.
Securities
formed
Building to
business.
—
offices
engage
H.
Lang¬
Officers
Pittsburgh
has been
in
in
are
a
Thomas
J.
,
Prudential Inv. Corp.
MIAMI,
Fla.—Prudential Invest¬
Corporation has been formed
offices
at
775
Northeast
113th Street to engage in a secu¬
rities business. Officers are Nich¬
the
Middle
Saudi
East
and
505
Park
"
N. Y.
Avenue, New York 22,
'
-
•
Bituminous
Research
Ann
Coal
Atlantic
The
—
American
East
Comparison
nance
Commercial
Banks
Loan
Status
and
Associations
of
Savings
—
United
Savings and Loan League,
Street, Chicago
2, 111. (paper).
Cumulative
Financial
dex
U.
to
450
Index—In¬
S., Canadian
English financial publications
and
—
Council
28, N. Y.
(paper), $10
(also available
copy
on
way,
Inc.
York
—
16
22,
Finance
Proceedings
Convention
National
Study of Travel Patterns—Down¬
—
Inc., 120
York 5, N. Y.
is
Johnson
ties
S.
Silk—Committee
nomic
Development,
Avenue,
New
York
for
William
engaging in
from
a
Position—Chamber
of the
Wage
Behavior
Commercial
of
J.
Fi¬
at
50
East Broad Street under the firm
of
name
Capital
Co.
Securities
States, Washington
6, D. C. (paper), $1.
in
securities
22,
N.
the
Postwar
analysis—
Bowen
Industrial
Relations Section, Princeton Uni¬
—
versity, Princeton, N.
Inc., 29 Broad¬
New York 6, N. Y., $10.
Selected
omy:
H.
Slichter
Press,
$7.50.
—
Essays of Sumner
Harvard
DIVIDEND
J.Jp^er),
NOTICES
Allegheny Ludlum Steel Corporation
University
Mass. (cloth),
Cambridge,
Pittsburgh,
At
of
meeting
a
of
Profitable
Marina
—
Cobleigh
Ira
for
need
share
the
new
marinas, and tells how to locate,
and operate a profitable
marina—Publishers Incorporated,
of
Directors
24,
1961,
of Busi¬
Common
was
Corporation,
31,
1961,
of
business
declared
Stock
(cloth), $19.50.
Energy
Fuels
Ark.—
business
Oaklawn. Of¬
America's Fu¬
and
Glen
Lawhon
Parker—
National Coal Policy Conference,
Inc., 100 Sixteenth Street, N. W.,
Washington 6, D. C. (paper).
Federal
ciation
National
—
Mortgage Asso¬
Report
and
financial
Roy
•
of
Forms Financial Services
Mr.
Co.
the
at
close
Sperling
was
an
Government
Opens
ROCHESTER, N. Y.—Peter Fran¬
cati
is
conducting • a
securities
business from offices in the Tri¬
angle Building. He was formerly
with George D. B. Bonbright &
Co.;
C.
B.
Whitaker,
and A.
J.
Zappa & Co.
A.
McCASKEY,
NOTICES
JR.
Secretary
SPRAY-BILT, INC.
DIVIDEND
Corporation
DIVIDEND
The following
NOTICE
declared by the
dividend
■hare
dividends have been
Board of Directors:
Preferred Stock—A
regular quarterly
dividend of $1.0625 per share on
of
Board
15,
at
cents
ten
corporation,
1961,
the
of
declared
an
Sprayinitial
($.10)
per
the Class A Common Stock
on
the
of
of
NOTICE
Directors
Bilt,, Inc.,1 has
payable
stockholders
to
close
of
business
of
April
record
March
31,
1961.
Dr.
David
H.
Richman,
the
Cumulative
$4.25
Stock,
Preferred
payable April 1, 1961, to
•
S605 E.
10th Ct.
President
Hialeah, Florida
stockholders of record at the close
of business
on
March 15, 1961.
Stock—A
Common
dend of $0.25 per
mon
per
quarterly
divi¬
shareon the Com¬
Stock, of the value of
$1.66%
share payable April 1,1961, to
stockholders of record at the close
of business
on
March 15, 1961.
Transfer books will i>ot be closed.
Checks will be mailed.
J. W. Reilly, Vice Pres. & Secy.
Pa. —Doris
V.
Pimley
Committee
of
the
U. S. Government
Washington
25,
87th
Printing Office,
D.
C.
(paper),
$1.50.
Economy—Bert
G.
Hickman
Brookings
1775
Institution,
Massachusetts
Avenue,
N.
W.,
Washington 6, D. C. (cloth), $6.
is
Growth and Taxes:
Steps for 1961
—Committee for Economic Devel¬
L. F. Torelli, Secretary-Treasurer.
York
nue."
'
•
*
"
SUNDSTRAND
CORPORATION
Cash Dividend No. 163
Board
The
Cerro
Cerro
at a
opment, 711 Fifth Avenue, New
22, N. Y. (paper).
of
Directors
of
Corporation (formerly
de Pasco Corporation)
on March 7,
cash dividend
meeting held
1961, declared
a
of twenty-seven
cents
Growth and Stability of the Post¬
war
CERRO
CORPORATION
—
Congress of the United States—
Superintendent of Documents,
—
Open$ Investment Office
ERIE,
Statistics
Price
Hearings before the Subcommittee
oh Economic Statistics of the Joint
Economic
Peter Francati
of
1961.
10,
Gold Problem—C. J. Devine Insti¬
officer of Columbian
Financial Development Co., Inc.
formerly
the
shareowners
Herman Sperling
Services
on
payable March
to
record
March
on
S.
Canada Dry
and one-half
( 2 7 V2 ^) per share on the
Common
Stock of the
Cor¬
DIVIDEND
clared
able
March
G.
300 Park Avenue
New York
Secretary
22, N. Y.
regular quarterly
24,
shareholders
March
-Michael D. David
a
dividend of 25^ per share
on the common
stock, pay¬
1961, to stockholders of
on March 17, 1961.
30,
NOTICE
The Board of Directors de¬
poration, payable on March
record
a
dividend of fifty cents (50c)
U.
finance
DIVIDEND
Board
February
per
Shows
—
Dr.
Penna.
the
Allegheny Ludlum Steel Corporation held
today,
Y.
E.
Hardcastle, statement of the secondary market
President;
Raymond B. Fewell, operations — Federal N a t i o n a 1
Vice-President, and R. J. Hard- Mortgage Association, 811 Ver¬
mont Avenue, N. W., Washington
castle, Secretary.
25, D. C. (paper).
are
in
Empirical
G.
'
Diversified Securities
ROCK,
An
William
Eco¬
Finance—A
ture—Dr.
LITTLE
Commerce
of
United
Potentials of the American Econ¬
sub¬
dictionary of financial words and phrases and a
business encyclopedia — PrenticeHall, Inc.; Englewood Cliffs, N. J.
ness
securi¬
offices
New
Conference
Fifth
711
Fncyclopedic Dictionary
Ohio—Raymond A.
business
Associa¬
Broadway,
Education of Businessmen—Leon¬
Capital Sees.
COLUMBUS,
Manhattan
tion,
Period:
Commercial
Conference
Drake,
NATO,
on
New
W.,
United States Balance of Payments
Organiza¬
Handbook
cov¬
ering period August through No¬
vember,
1960—Financial
Index
Company, 1295 Madison Avenue,
New York
NATO
Street,
(paper).
Annual
the Tax
Behavior,
Treaty
50th
Y.
National
of
Human
on
Arbor, Mich, (paper).
North
tion
N.
;
olas M. Torelli, President; Joseph .conducting a
securities business
F.
Donato,
Vice-President,
and from offices at 1126 Chelsea Ave¬
1958—Complete and detailed ex¬
planation, including amendments
—in the Fall Issue of the Federal
Bar Journal
Federal Bar Asso¬
town-Lower
Franklin W. Neff—Foundation for
6,
Small Business Investment Act
of
The
Forms
York
Managing Major Change m Or¬
ganizations— Floyd C. Mann and
(paper).
securites
Asti, Secretary-Treasurer.-
with
and
of
the story of the Aramco Venture—
Arabian American Oil Company,
Avenue.
Gulf
the
Schuchert, President, and Joan L.
ment
Arabia
Leb-
is engaging in a tute of Finance, Graduate School
of Business Administration, New
the foreign securities business from offices at
509 Fifth Avenue, New York City, York University, New York, N. Y.
(paper).
under the firm name of Financial
Corporation
with
the
on
ard
from offices at 4827
Form Pittsburgh Securities
■
book
—
Roy
—
Rentz, Max
Lavishly
illustrated
history, culture, cus¬
toms,.. development
BRONX, N. Y. — Harry Burko is
conducting a securities business
from
offices
at
1005
Esplanade
ficers
association
Albert
Steineke
per
a
Exchange,
Atomic
S. Atomic
New
scription).
gaging
of the New York Stock
George
221 North La Salle
Securities, Inc. is en¬
& Co., 67 Wall
Handbook
States
Van Home Investments
Diversified
Granbery, Marache
Aramco
kicher,
and
in each
Street, New York City, members
the
U.
Street,
ciation, 1737 H Street, N.
Washington 6, D. C., $1.50.
tion, Coal Building, Washington 6,
D. C. (paper).
NORTH
Appoints. A, H. Langridge
in
—
Church
Documents, U. S. Gov¬
Printing Office, Wash¬
ington 25, D. C (paper), $1.75.
Facts,
1960 —
Brochure—National Coal Associa¬
Inc.
prices ranging from
105% to par, plus accrued interest
-
Activities
6
N. Y., $2.
ernment
to engage in a securities business.
■.redemption
Granbery, Marache & Co.
Bank
York
Energy Commission—Superin-
';
DALLAS, Tex.—William E. Read
& Co., Inc.. has been formed with
optional
case.
—
New
Energy Programs
Wm. E. Read Co. Formed
$17.50,
have the benefit
le-Israel,
Major
William
.
_
tendent of
•
plus accrued interest. The deben¬
tures
.
unit price of
a
securities
are
third
Underwriters
—
Agency 20 Pine Street, New York
5, N. Y.
Commerce
a
in
Partners
:
Achtel and David Gladstein.
en¬
as
24
engage
business.
,
working
at
-
of
plans
the
CoM Inc., Milwaukee (jointly).
Investors ^Report
Leumi
Planning Co. has been formed
with
sale
—For expansion.
preferred stock in
Wisconsin Southern Gas Co.
;
Dec. 12, 1960 it was reported in a
company prospectus
that an undetermined amount of
capital stock or bonds
will be sold in 1961-1962.
Proceeds—For the repayment
of short-term bank loans
incurred for property addi¬
tions. Office—Sheridan
Springs Road,.Lake Geneva, Wis.
Underwriter
The Milwaukee Co.,
Milwaukee, Wia.
(managing). '
*
r/
giving American Securities ownership of approximately
NEWARK, N. J.—Prudent Invest¬
last
W. Baird &
In addition, American Securities
Corp., New
City, would purchase from Western Union Inter¬
Jt^ttSSSSL
1961*
May, 1958 was
handled by Smith, Barney &
Co., New York and Robert
organized company, Western Union Inter¬
Inc. The plan provides for the issuance by
national about 133,000 additional shares of class A stock
10,
Power
-—The
stock.
York
"
.
of
graph Co. in units of $100 of debentures and ten shares
City;
,
in
was
Western Union International of about
$4,000,000 of sub¬
ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬
Fe,b. 15, 1961 it was reported that registration is expected
shortly, on an undisclosed number of common shares.
Underwriter—Hornblower
Wisconsin Power & Light Co.
I
19, 1961 it was reported that this
company
to sell about
$6,500,000 of preferred stock
Jan.
Telegraph Co.
newly
a
national,
.v'.
r
...
.
to
,/v.
■..
Union
(managing).
reported that the FCC has approved
the company's plan to transfer its Atlantic cable
system
loans
t
Western
Feb. 28, 1961 it
and for construction. Office—1507 Fourth Ave.,
Seattle,
Wash. Underwriter—Dean Witter &
Co., San Francisco,
Calif, (managing).
Welch
of the
outstanding class A stock of WUI. Then
Western Union Telegraph would
purchase 250,000 shares
of class B stock for
$100,000 and WUI would sell $4 500,000 of debentures or bonds. Office—60
Hudson St
New York City.
Underwriter—American Securities Corn'
Dillon, Union Securities & Co. and First Boston
Corp. (jointly); Harriman Ripley & Co.; Kidder, Peabody & Co. and White, Weld & Co. (jointly).
plans
(par $10). To be offered for subscription by stockholders
on
25%
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; W. C.
Langley & Co.; Lehman Brothers,
company
about 110,000 additional shares of
of record
in 1962.
Township, West¬
Underwriters—To be determined
moreland County, Pa.
Eastman
March
to sell
Perm expects to sell about
$25,000,000 of bonds
Office
800 Cabin Hill Dr., Hempfield
43
10,
of
1961,
to
record
1961,
J. LANDSTROM
Vice President-Secretary
Rockford, Illinois
February 21, 1961
Financial Chronicle \
The Commercial and
44
;
Thursday, March 9, 1961
.
(1112)'
(Richmond,
April 29-May 3, 1961
Va.)
WASHINGTON AND YOU
National
Federation
Analysts
Societies
convention
behind-the-scenes interpretations
.
May 1-3, 1961 (Philadelphia, Pa.)
National
Association
of
Mutual
,
WASHINGTON, D. C. —Every¬
What
bears
a
Washington or across
nation. Some good news is com¬
It
pertinent
of
number
May 8-9, 1961 (St. Louis, Mo.)
The
Exchange
Stock
of
meeting of the
Spring
—
-X-'
Board of Governors.-
agri¬
in
incomes
lower
Firms
here.
will be pointed out
news.
Association
them
of
Some
agriculture.
of
„
;VV
Hotel.
points concerning the problems
ing in along with the unfavor¬
able
Choices "
the
Are
either in
our great
in
(New York City)
Association
of
New
15, 1961
June
Corn
Belt
the
culture
stirring
from
the
adjustment of farm resources to
York
winter with preparations
for
Spring
plantings.
The
farmers
are
ready
to
begin
changes.
Approxi¬
mately 800,000 persons have left
the
farm
annually
in recent
Hollow Country
Club.
June 22-25, 1961
(Canada)
the
in
Out
farmers
are
cribs
-corn
holding
bins
and
their
with
crop: year
another
declined
a
clined 2.3%
before
more
*
Grande
Louisiana,
South
early
started
tion
finished.
or
the
While
grunting and squealing out
are
cack¬
ling in Indiana as the early mist
of greenness appears in those
regions, Congress is wrestling
in Iowa, and the hens are
.
with
fresh farm problems.
some
Senator
Ellender,
J.
his
and
Committee,
culture
Agri¬
Senate
the
of
committee colleagues reported
out a price support bill for corn
.
and
President
similar legis¬
sorghums.
grain
favors
Kennedy
lation.
bill, which is being speeded up !
because planting operations in !.
the Corn Belt are so near at
bushel. For all
purposes
this is the ;
practical
bill.
Administration
his
cut
of
acreage
sup¬
grains,
to
and
corn
such other
grain sorghums and
feed
for
farmer would have
the
by
designated
as
Secretary of Agriculture Orville
1959-1960
cutback could not
planted to some other crop.
The
Secretary of Agriculture is
authorized to obligate $500,000,-
payments to retire
000 for such
umbrella
for
from
sorghums
of nonfarmers
posals
to
the
corn
has
past two
the open
on
as
price
support
-
the
surplus
such
are
of the
all
in
sources
of
least
There
American
from
percentage
ments
a
kept
ing the
wide
farmers,
few
a
standpint,
with
pace
the
for
bacon
and
ham
and
eggs
and steak and roast beef because
of
the' tremendous
hogs
and
beef
cattle
this
in
The legislation points
up
the
crops
farmers
piling
that
New York
up
sur-
age
is be¬
of
and
70%
uniques. From these techniques
production has doubled and
tripled.-
/
since
tion
tech-
has
price
made
supports.
Security Dealers Asso¬
worse
business
ties
Association
annual
Ballroom
Grand
by
H.
dinner
of
the
at
of
the
The
larger-than-ample
;
:
Farm Problem Analyzed
No
one
or
no
anywhere
group
•
apparently has the perfect an¬
swer
to the farm problems in
this
country.
No
Waldorf
Attention Brokers
pute that incomes in agriculture
are
;
low compared to incomes in
TRADING
.
)
Louis
view"
in
its
printed
marizing
a
"Monthly
an
series
article
of
Re¬
:
many
rates
in
:
•
heading of "The Farm Problem.
Our New
r,ARL Marks &f!o. Inc.
farmers, nonmonetary
It
FOREIGN
SECURITIES
20 BROAD STREET
-
HANOVER 2-0050
SPECIALISTS
LERNER & CO.
NEW YORK 5, N. Y.
•
TELETYPE NY 1-971
.
..
is
estimated
that
the
P
the
program
that would reduce
number
of
commercial
;
l
vw.o'l /-
-vvCv/'V,*
jf,
£$..
a
v/vi'f«yv
'&■
■>
Investment
Securities
10 Post Office Square,
WM
cost:
^
a
is
York telephone number
'
Support Principle Ineffective
of
King
CAnal 6-3810
sum¬
the
Botany Industries
Waste
benefits of country living, strong
ties in rural areas, and lack of
separate
all —under
■
on
AS
studies -—13
1
Official Films
birth
TEL:
;
MARKETS
American Cement
W. L. Maxson
factors,
of
ings.
The Federal Reserve, Bank of
St.
num-
training for available job open¬
-
nonfarm areas.*
and Dealers:
farms, in¬
crease
in optimum size of individual farms, lack of krtowledge of nonfarm opportunities
by
dis¬
will
one
•
offices at
Boulevard.
including
number
^high
'
.
Courtright is conducitng a
Astoria.
in-
jber of farmers is a result of a
picture in this country.
Chronicle)
Calif. —Her¬
HILLS,
9908 Santa Monica
/
tural
Courtright Opens
securities business from
"S
problems of the whole agricul¬
at 304
from offices
StreetA
(Special to The Financial
Hil¬
(New York, N. Y.)
Traders
York
New
Street.
BLOOMSBURG, Pa.—Kenneth J.
Edwards is engaging in a securi¬
nando
Security
at
offices
Seay & Thomas
BEVERLY
April 21, 1961
than
from
(Houston, Tex.)
Hotel.
ton
business
West Fourth
nual convention at Shamrock
prac¬
They have
•
Eighty-Third Street.
Salle
La
Group Investment Bankers
Association of America 26th an¬
1937-41. This condi¬
been
Hotel Statler.
K. E. Edwards Opens
(New York City)
12-14, 1961
April
grains, for
yields for feed
1963
&
Commodore.
crops
example, have risen more
just too many
the ever growing
Finance
of
ciation annual dinner at the Hotel
are
number of production
the
.
remained
has
harvested
School
April 7, 1961
tically constant since 1920, aver¬
reasons
are
there
cause
chickens,
country.
;•
.plus
of
amount
consumed by the
corn
of
One
acreage
1
BEACH, N. Y.—How¬
Form
Texas
Although
:
,
CHICAGO, 111.—Seay &* Thomas,
Inc.
is engaging in a securities
business from offices at 30 North
Commerce.
support
of farmers.
new
between them and
gap
(Philadelphia)
Banking,
1961
Investment
of
Wharton
products, and over-supply
farm
Group of the In¬
Association of
conference
annual
26-31,
Institute
problems of over-production of
farmers.
other
March
have proven conclu¬
sively that they cannot handle
among
.
Goldstein is conducting a se¬
157-17
Bankers
25th
at the Drake Hotel.
programs
place.
indirectly affects the price the
housewife will pay in the future
America
ard
curities
(Chicago, 111.)
1961
States
vestment
adjust¬
needed in the industry.
price
at the
HOWARD
Analysts Society Mid¬
15-16,
Central
are
They
and
1,
27-May
ference
Forum.
west
March
promote
than
\
(Boston,
N'';-' '•
National
Association of Mutual
Savings Banks 43rd"'' annuals- con¬
(Chicago, 111.)
1961
9,
Investment
in¬
price-raising devices
Storage
of
production methods, thus widen¬
It
economy.
his
course,
Only
have
part
income
in
farmers.
important
is
on
of
are,
variations
the
at
had
raised
He
stuffs
food
his
fact,
;
Howard Goldstein Opens
March
provide
temporary relief and, in
actually tend to impede
rather
(Atlantic City,
N. J.)
nual convention.
and
little advantage on his
one
cousin.
city
farmer
the
However
as
Savings Banks 42nd annual con¬
ference at the Olympic Hotel.
American Bankers Association an¬
IN INVESTMENT'FIELD
support
price
May 6-9, 1962 (Seattle, Wash.)
National
Association
of Mutual
April;
in 1958 was
programs
agriculture.
only
people.
non-farm
for
average
105%..
legislation
in
are
meeting.
.■V Mass.)
nonfarmer groups.
storage
efficient
less
averaged
agencies
program
facts
The
$1,000, only about half the
years
corn
000 went to
the
five
COMING
$271,000,000, of which $110,000,-
of farm
than
market
instead
storage
as
15th annual mid¬
Savings Banks
:
construction companies. The cost
and
from
with
designed
mainder
ported crops.
people
Hollywood
1961 (New York City)
Association of Mutual
Sept. 23-26, 1962
the
program
went
to farmers.
The re¬
went to other groups
directly
price-sup¬
The per capita income
Association
re¬
support
price
programs
of
part
huge storage costs that the
Federal Government is paying
store
of
cost
designed in part to cut down on
to
the
and may or may not coincide
the "Chronicle's" own views.]
<;
primarily for farm price stabili¬
zation was $2.66 billion.
Only
*
years,
•
•
-
to
prices in recent years. The 1958
30% of the
been planted,
remove
that
acreage
17% below the 1961
low
the
to
net reduction of
a
intended
flect the "behind the scene" inter¬
pretation from the nation's Capital
in
have become more
more
expensive and less
less effective in supporting
and
Incidentally, the pending pro¬
govern¬
at
in
39%.
rose
get
•
year
is
commodity loan and storage
and
only about 15% during the
period while per capita income
non-
ment stocks
to
National
-
column
[This
be
agriculture
Dec. 4-5,
reducing
time
same
consumption.
programs
farm
in
out
Meantime,
and
population, per capita income of
farm
people-"from all sources
past
support
The
decline
major
■
1,000,000.
population growth, total
from farming declined
between 1950 and 1959. Despite
participants. It would permit
the Secretary to sell corn and
normal
pro¬
exceeding the
income
permits the Secretary of Agri¬
culture
to
remove
the
price
as
increasing
rate
a
rate of
bill
Under the legislation the
of
must
farmers
moved.
order
acreage.
grain
commercial
production
greater
while at the
would amount to
about $1.25 billion a year. It is
also assumed that 1.25 million
period
year
still
duced
1,500,000 over a five-
farmers to
the
acreage.
The acreage
be
the
from
30%
by
Freeman,
per per¬
Income Down
farmers
Bankers
Beach Hotel.
prices rise.
duction at
•
(Hollywood,
Annual Convention at
little when
very
Riviera Hotel.
1, 1961
26-Dec.
Investment
prices decline and, conversely,
consumption declines little when
the
Security
Fla.)
.
capita
per
Consumption
increases
compromise."
income
farm
production
as
increases.
rose
eligible
become
To
port
total
that
son
Asso¬
at the
Nov.
is
commodities
farm
most
they finally reached a
the cover—but
states that the nature of demand
hand, the price support for corn
would be $1.20 a
wanted to be on
"The Chairman and the President both
"Monthly Review" article
The
for
Traders
ciation Annual Convention
than popu¬
Palm Springs
With
Committee
Senate
the
Under
(Palm Springs,
16-20, 1961
has
commodities
farm
ing,- of
been growing faster
lation.
"
Oct.
an¬
•
Calif.)
declined
Allen
•
Chairman
nual convention.;.
National
such
■Legislative Scene
Association
American Bankers
voted to farming, output of farm
pigs
little
frisky
Calif.)
de¬
cropland
and
labor
in
(San Francisco,
1961
Oct. 15-18,
has
dollars,
Despite
1940j
meeting of Board of
the Brown Palace
at
Governors
1.5% per year
the reduc¬
about
increased
since
planting has already
corn
Firms, Fall
,
-Stock. Exchange
Association;; of
capital
hand,
constant
in
ured
Texas and
for instance,
of
Valley
since 1940.
is
down
Hotel.
other
the
1961 (Denver, Colo.)
Oct. 9-10,
investment in agriculture meas¬
Rio
the
in
down
but
States,
of
Park Lodge.
de¬
1919.
as
On
the Great Plains
under away in
.
same
Sleepy
at
meeting at Jasper
Canada annual
from the 1950 level to about the
planting gets
corn
per year
harvested
outing
annual
Investment Dealers Association
year.
a
have
worked
Cropland
Perhaps it will be a month or
-
100,000
about
hours
Man
next harvest.
the
Investment
The number of farms has
years.
-plentiful amount to carry them
through and perhaps more before
lag
the
from
stem
technology
long
.
con¬
Penn-Sheraton
the
at
annual
41st
Banks
Savings
ference
thing is not bad news
Marshall
John
Hotel.
capital
from the nation's
annual
14th
the
at
Financial
of
-
v -
•
.
..
Boston 9, Mass,
TelephoneHtJbhard; 2rl990
..
•
L;y,;>
Teletype
, BS
@FedFRASER