The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The COMMERCIAL ared FINANCIAL
1839
Established
Reg. U. S. Pat. Off,
C
Volume
Number
195
EDITORIAL
A
a very
instructive controversy has arisen
wage
10.2
concerning the
increase
proper
By Professor Edward E. Edwards,* School of Business,
rates of non-operating railroad employes. The
cents
hour
Indiana
increase is regarded as much
too low by the labor unions involved and very much too
high by the carriers which would have to foot the bills.
an
to
statement
a
Disagreeing with doleful forecasts as to S&L Assns.' pros¬
remarks
(1)
1
erroneous
sound
and
or
to
say
affect
.
first
loan
business
of
course
petition
from
'
U. S.
THIS
Security Traders
Government,
Public
IN
Municipal
to
make
changed
and
a
an
at least to me, that the
of greatest growth are
gests,
years
still ahead. :
High Cost of Money
•
.\
■
A ; Let's consider these so-Called
unfavorable developments, and >
their
Edward E. Edwards
probable effects. First, the
high
ern
of
cost
money
—4%
or
nearly every city, and up to 43A% in South¬
California—has resulted primarily from com¬
in
more
petition between associations, not from other sav¬
ings institutions. Rates have gone up in part be¬
taken
ISSUE—Candid photos
Association
of New York,
Inc., appear
side.
ever
before
BANK LIMITED
London
54
,V;
Office:
BISHOPSGATE,
2(1,
STATE
AND
623
that
savings
investment
and
needs
savings bonds,
in
accounts
many
cases
now
serve
.
better
far
trust
than
securities of
U. S. Government
ever,
ferent
or
I assume
kinds
of funds.
One- reason money costs
high is that the same rate of dividend
is paid on small or large accounts, active or inac¬
tive, short-term or long-term. If an association
could pay a lower.rate for
(Continued on page 22)
have been
so
.
State,
■
Municipal
the
Government
BONDS
Members Pacific Coast Exchange
Offices
.
in:
in
Agency
,
Bonds and
Encino, Glendale, Hollywood, Long Beach,
ZANZIBAR
FIRST
in:
PAKISTAN,
CEYLON,
BURMA,
TANGANYIKA,
ZANZIBAR,
ADEN, SOMALI REPUBLIC
NORTHERN AITO^OUTHERN RHODESIA
NATIONAL CITY
BANK
Inquiries Invited
INDIA,
KENYA,
UGANDA,
on
Southern
California Securities
Bond Dept. Teletype: NY 1-708
Net
To
T. L. Watson &Co.
Active
Markets
Dealers,
Notes
New
York
Municipal
Bond Division
Claremont, Corona del Mar,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
ADEN,
New York 8, N. Y.
Branches
Street, Los Angeles 17,
Members New York Stock Exchange
Branches
UGANDA,
So. Hope
Associate Member American Stock Exchange
13 ST. JAMES'S SQUARE, S.W.I.
KENYA,
loan
for that matter any securities. How¬
in my forecasts that people with
money, to invest, either for themselves or in trust
for others, and, professional
investment advisers
will not permit their prejudices to overcome their
reason.
Hence I foresee, as a result of high yield
with safety, the largest inflow of funds ever into
the savings and loan business.
f
I might add here that the savings and loan busi¬
ness is just beginning to experiment with—in fact
is just beginning to > get the right to experiment
with—payment of different rates of return for dif¬
any
kind,
or
California
LONDON, E.C.3.
PARLIAMENT STREET, S.W.I.
Bankers to
1-457
into savings
;
Lester, Ryons & Co.
MUNICIPAL
BOM) DEPARTMENT
770-1234
to pour their money
Before
Dinner of the
in today's Pictorial Supplement.
CHEMICAL BANK NEW YORK TRUST COMPANY
NY 1-1246, NY
rate.
Housing
Chemical
telephone:
higher
loan.
Annual
26th
the
at
the
leaving this point I would like to remind
members of the investment community that they
can no longer ignore savings and loan accounts as
an appropriate investment medium for their clients.
When yields on Federally insured obligations pay¬
able on demand push up to 4% and beyond, there
just isn't much in the securities market that is any
better.
With yields on common stocks at a low
level, and price-earnings ratios as high as they are,
the chances have lessened that appreciation in price
of common stocks vyill exceed the gains through
compound interest on savings accounts. This is one
of the facts in the market place, and a hard one
for securities-minded investment advisers to accept,
but they cannot serve their clients honestly if they
do not recognize it.
Loyalty of investment officers of trust funds to
commercial banking may blind them to the fact
apparently less desirable envi¬
ronment for savings and loan.
But more careful analysis sug-r
GRINDLAYS
NATIONAL AND
Head
teletype:
com¬
than
and
afford
could
the high cost of money has its favorfSavers and investors are more likely
and Public
Securities
NewYork
Copy
me
Housing,
State and
P. O. Box 710,
increased
combine
substantially
(Continued on page 26)
PICTURES
money,
all
taxes
thumb formula of this sort valid
this
for which it is being
.
savings and
banks, unsatisfactory
progress in the home building
'industry, the likelihood of with¬
holding taxes, and the almost
certainty of new corporate
a
the purposes
A '
commercial
when it has the backing, as
popular national Administration at %Washington.: It would be exceedingly unfortunate if the course
of future events should permit or stimulate the public
to take any such attitude concerning this bit of statistical
procedure.
The measure is wholly unsuitable on many counts for
does, of
and
Author
figures.
A A ;•
p
High costs of
in the weeks and months ahead. And such it
Unfortunately, the general public is all too
matter
situations"
.
dimmer than at any time since
seem
World War II.
should be.
a
.
glance, the prospects for the
merely to observe that the board has taken that rule
guide or at least one of its guides.
It now appears all but inevitable that this rule of
thumb by which the Administration would measure the
inflationary effects, or lack of them, and hence the ac¬
ceptability of any settlement in wage and price matters
will itself be a matter of increasing scrutiny and con¬
as
.
value
equity owners—not savers—unless offset by operat¬
A
At
would not conform to the Administration rule,
apt to regard a rule of
many
book
capital and surplus to accompany asset
its
troversy
in
compelling proper financial accounting
but
as
alerted to such serious problems as
ing economies and loan portfolio yields.
•
settlement
proposed
the
and
growth. Says withholding tax on interest and dividends will
let it be carefully noted, has not
whether
in
rise
Analysts
companies.
holding
earnings, and
favors new measures
party to the dispute and what the outcome of the
undertaken
and
leverage
"tremendous
(2)
controversy will be remains for the future to disclose.
could
stock
investors are, however,
commending the board for holding the
The President himself,
Idwards predicts great opportunities lie ahead
selected
for
proposed increase within the broad rule set out by the
Administration relating wage increases to increases in
productivity — or at least within limits which it itself
considers imposed by that rule. Of course, the report,
and recommendations of this board are not binding oh
either
Thus, to
able
pects, Prof.
associations
cause
University, Bloomingt/on, Indiana
wage
has been careful to confine his
The President
a
The Savings and Loan Industry
1
the recommendations of the President's emergency
board recommendations
50 Cents
Price
7, N. Y., Thursday, May 10, 1962
® 'rospects Are Far From Dim for
As We See It
sharp but not
over
in
New York
6158
Correspondent
—
Pershbig & Co.
THE
CHASE
MANHATTAN
BANK
Maintained
Banks and Brokers
DIVERSIFIED
CANADIAN
Canadian Securities
CALIFORNIA
ESTABLISHED 1832
Block Inquiries
Members
New York Stock
American
Stock
.
.
.
*
i
Exchange
Exchange
Commission
.
Invited
Executed
BONDS & STOCKS
On
All
Tourism-
Canadian Exchanges
•;
CANADIAN
Disneyland
DEPARTMENT
.
/
25 BROAD
Orders
STREET
NEW YORK 4, N. Y.
-
•
MNCT
/.
Teletype NY 1-2270
VIRES TO
Dominion Securities
HONTREAL AND TORONTO
Goodbody
&
Co.
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
:
1-
BRIDGEPORT
* '
PERTH AMBOY *
2-BROADWAY-: "
NEW YORK
,
-
•<
1" NORTH LA SALLE ST.
,
-
CHICAGO
.
J
■
40 Exchange Place, New
Teletype NY
1-702-3
York 5, N. Y.
WHitehall 4-8161
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
.
N.T.&S.A.
SAN FRANCISCO
»
.
LOS ANGELES
5
.
F-l
■
v
2
The Commercial and Financial Chronicle
(2206)
The Security I
Brokers, Dealers only
Tor Banks,
week, a different group of experts
A continuous forum in which, each
in the investment and advisory
500 Reasons
Louisiana Securities
participate and give their reasons tor favoring a particular security.;.
Taylor
WILBUR
We
position
Over-the-Cou trier
ing
than 500
more
issues,
the broadest
you
IIOLLY
H.
giv¬
Over the past five years, Taylor
spent; for
greater competition
the
HANSEATIC
||||
New York 5
120 Broadway,
WOrth
seen.:
ever
•
CHICAGO
•
SAN
BOSTON
Nationwide
of
System
Wire
Private
of
of
W.
the
and
new,
S.
WEINBERG,
This
& CO.
engaged
INC.
—
Phone:
NY
which
mechanical
elec-'
and
in
stated
'March
•
tion policies.
high and the
continuing into
1961.
of
portion
of
local
For the year
These
earnings
payments5'have
The
a
to
Line
their
serve
businesses
Direct wires .to
our
branch offices
JAPANESE
SECURITIES
DAIWA
Securities Co.9 Ltd.
as
is
on
with
-
J.
comple¬
/;.
NEW YORK OFFICE:
149
Telephone:
■
;
Broadway, New York 6, N.Y.
BEekman 3-3622-3
of
specialized
are
opposite
members.
consolidation
"The
avail¬
made
a
greater product mix, gave
depth ip. management, experience
and ability'and enabled the effect¬
ing of many economies.
;
been ad¬
and ,1960.
Dividend
around
of
38
Market
LAMBORN & CO., Inc.
9 9
WALL
STREET/
NEW YORK
5, N.Y.
;
in
the
/'/'///
includes
Policy
SUGAR
United
company,
American Life, is
and
selling
compared to a high
as
earlier
49
Predecessor
less than
seven
years old, and has reported operat¬
ing losses during these formative
years. These losses were
largely
year.
occasioned
FRANK J. MYERS
by the
written
surance
Virginia Securities
.
„■
able
-
Commercial
two
insurance
recent
5% stock dividend ih
The-Counter
Blood pressure
medical profession.
NY 1-1557 /
undertakings. Both types of agents
develop leads that are beneficial
share.
1957
volume
—
Refined
—
Liquid
Exports—Imports—Futures
in¬
of
the
and
Raw
initial
thermometers, barometers, altim¬ Vice-President, J. H. Hilsman & Co.,
expense involved
in writing an
eters,
compasses,
rain
gauges
Atlanta, Ga.
-unusually large volume.
and
hygrometers. These instru-;
United Family Life Insurance
ments are sold through wholesale
Predecessor company,
Company
Family
DIgby 4-2727
,
Call
American
Bassett
First
us
Furniture
Furniture
Craddock-Terry
retail
and
Industries
Of all
Shoe
outlets.
Family
Life
Insurance
Company (Atlanta, Georgia) com¬
most extensive line of instruments
R. F. &
P.
for
STRADER and COMPANY, ln\
LYNCHBURG,
LD 39
-
VIRGINIA
Victor 6-1333
-
New York
food
Co.,
them
all
consumer
'"1 v'.; "*/V-' *"
chemical,
''
himself
v-
the
petroleum,
paper,
processing, rubber
tile
the
and
fity
In order
in
to
its
serve
purchasing
power
of the
seven
wholly-owned
sub¬
sidiaries in foreign countries. Two
of these are in England and -manu¬
SERVICE
of
Talcott's
the
4
growing
automatic
strumentation
controls
in
demand
thg
Kingdom, Western Europe, Africa
and the near East, Taylor Controls
Financing
Service to American business and
industry is reflected in the growth
tions
billion
...
dollar
stantial
now
mark.
well
A
over
very
part of this growth
Stevenage
the
miles
own
to
has
labor
these
customers
in
force.
provided
growth or financing problems. We
are
is
north
to
town
a
about
the
new
with adequate
future expansion.
always ready to cooperate in
James Taicott, Inc.
I feel all
ac¬
degree should
life insurance
United
name /•
American
Company
In^
and
/
chartered
ability to capitalize on
opportunity. Family
Fund
Life
was
the
June
21,
1940,
company succeeds
to
Seisa-s
is
" "
Since
kusho, Ltd., under which the Jap¬
ware,
old. United Family Life
licensed ih Alabama, DelaJ
District
of
aspects.
its
years
now
in
(This is under
as
a
no
circumstances
solicitation of
an
offer
to
to
he construed
buy,
any
these
in
and
and
points, I
business
do
to
Progress
1957
the
Columbia>
1961
r.
gain
marvelous
?•
to
by
so
.
N. Q. B.
*'
OVER-THE-COUNTER
has
company
as an
offer
security referred
to
to
sell,
or
herein )
over
a
were,
almost
over
$29
20%
$900,000,
M:
million,
a
1957.
Life Insurance .In
INDUSTRIAL STOCK INDEX
in
23 -Year Performance of
Investment
over
was
all
80% gain over 1957. Assets in
1961,
./
Net
in
Income
$6 million,
1957.
over
Income in 1961
.an
progress
Net Premium
was
60% gaiji
221 PARK AVENUE SOUTH, NEW YORK 3, N Y.
OReion 7-3000
Other offices or subsidiaries: CHICAGO • DETROIT • MINNEAPOLIS
BOSTON • ATLANTA • LOS ANGELES • SAN FRANCISCO
service
valuable.
being
money
shown
and
charter, thus giving the combina¬
tion the advantages of a charter
22
,.
goals.
-
founded
new
of
**•
rendering a good service to the
communities in which we operate."
■
marked
our.
more
summarize
make
(D-Ga.) and licensed Jan.
3,
1956,
has
shown
sustained
■//"growth, improved position and the
pro¬
make
stock
and
American,
board
7, .//';/•
(I)' Make a profit.
V
*
'
(2) Pay
modest,
but
regular
;•.%•' dividends.
v.
(3) Plough back all other profits
the approval of the ,,;"
madge
for
/,;/./.
...
'
'
/7 /;
\.y'y.
./
new
/
VI have three main
■
July 15, 1955, under the leader¬
ship of Senator Herman E. Tal-
subsidiary companies are
in
Canada.,
Australia,
Mexico,
Germany
and
France.
The company also has a
licensing
-
of
directors that:
.
believe
Other
Simadzu
upon
United
located
r agreement; with
y
first address to the
,
v
Family
,."/ "To
Fund Life Insurance Company...
man¬
ufacturing facilities will be
...
surance
vided.
any way.
good
some
merger
20
one-
land
Complete
varying
adopted
of
When
Frank J-. Myers
/
United Family Life is the
.
Stevenage.
story plant is complete, approxi¬
mately 50% more space will be
by Investment Men who desire
assist
London
London, composed
primarily of light industry with
a
highly /skilled
and technical
sub¬
resulted from referralslif custom¬
ers
from
in
stock.
Ltd.,t a wholly-owned industrial
subsidiary, is moving its opera¬
of client sales volume processed
annually
of- the
counts
future earnings.
upon
sv Orientated for Profit / .. / v
Raymond B.. Nelson, President
; of United Family, stated in his
-'
such protection, and
United
of
/•
.
are
best media for
in¬
and
ent
uous
growth,"
O n e'
for
meet
dividend policy
//"
their
tin
c o n
cash
be¬
of
cause
the
/this predecessor company, depend¬
insurance
stocks,
...product
V
States.
To
value
distribute
Vlt is anticipated' and announced
policy of the management to con-
•tinue
dollar. "Life
lines comparable to those made by
the Company here in the United
billion dollar
The
and
y
erode'the
customers'
foreign markets, the Company
facture
1961—5%; 1962—5%; 1962—100%.
continues to
has
Talcott's
;1950.
which
-
new
having been paid..1948 through
Family Fund Life paid the
following stock dividends in 1946
:—100 % ; „1954—50 %1960—100%;
from
ever
tion
are
on
Life Insurance
gradual infla¬
tex¬
the principal
outlets for the company's products.
industries;;
has ' paid
modest
cash, equivalent to 5/
the
United Family
Company stock in
each of .the years since
1951,. with
-the
equivalent of
a
share
mon
fi^ld,
with
industrial and
v'
■
The
TWX LY 77
Private wire to Shields (ft
both
use;
instrumentative
leads
share
a
should protect
Taylor
Life,
amounts of
stock
is
my
favorite for
nearly- all
types.,of investors.
Everyone
:" » '
scientific
All Issues
Fund
United
//'
companies engaged in the
.
Y.;
1957,-3%" in 1960, and 2-for-l'split
instruments used in the home and
Markets
directors
funeral
monthly payment
plan
relatively higher premiums.
The stock is traded in the Over-
and
/
-
agents. All of this business
1958 —$0.58; 1959-L $0.58;
1960—$0.58; 1961—$0.72.;
I,
pany's business.
thermometers
///
-
a
$0.46;
Com¬
the
/
life
in
major
Exchange
Birmingham, Ala.
Mobile,Ata. //.
Georgia and Tennessee by which
.
the
3-7830
1-2762
'Exchange
HAnover 2-0700
Through its industrial division,
it
utilizes
unique
contracts
in
Dividend payments for the past
five years were as follows: 1957—
The Medical Line includes fever
Continuous
recently
received
this year could approximate $2.40
are
Stock
Stock
New Orleans, La. -
retirement,
income
and
contracts,
together
with
group life and mortgage redemp¬
ment each other —^ both forms
3 These
York
term
and it is conceivable that
been
have
American
ment,
all-time
an
justed for
tronic,
WHitehall
at
manufactured for in¬
dustrial use ahd constitute by far
★—
Teletype No.
orders
per
New
Life operates
types of business with
ended July 31, '1961, Taylor re¬
ported earnings of $2.06 per share
110-year-old company is
in the manufacture "of
products,
Place, New York 5
Exchange
these
Instrument
designed and developed by the
Company's technical staff. These
(To Broker* and Dealer*)
,
the/company;
six months
instruments
Odd Lots
on
main
.
BONDS
Bids
through
ing,
recording
and
controlling
temperature, pressure, humidity,
flow, liquid level, and of kindred
Dealers Ass'n
Security
companies
the
be Taylor
scientific instruments for indicat¬
Members
Y.
will
the
.
Companies.
GROSSMAN
N.
of
one
benefit
will
that
efforts
em¬
company
improvement. is
April.
;
Earnings for six months ended
Jan. 31 were $1.15 per share as
compared with $1.22 for the first
/%/:/••■../ /-///•:
automation of plants, both old and
Meiubers
Members
paralleled agency field forces. In
its ordinary division, it writes all
forms/of ordinary - life, endow¬
million to $35 mil¬
people and
were
H. Holly
Co!
Steiner, Rouse &
//z v,
Family
two distinct
10 years have
The
1961.
that
reducing costs
will be by
United
plant is located in Rochester, N. Y.
Mr. Raymond Olsen, President
the
One
FRANCISCO
in
ploys 3,350
•
methods
-
PHILADELPHIA
the past
risen from $23
lion
has
country
NY 1-40
Teletype
4-2300
Sales in
this
that
,}H>- ;//-
■
Method of Operation
•
industry
by
Myers, Vice-President.,
Hilsman & Co., Atlanta,
(Page 2)
k
in the amount of $20,915,000
and current liabilities $7,013,000.
to reduce costs
Exchange
Ga.
were
drive
J.
H.
stock. "The current assets
common
lead to the
Member
Stock
J.
Florida/ Georgia,
Kentucky,
Louisiana; Maryland,. Mississippi,
New; Jersey, Pennsylvania, South
Carolina, Tennessee and Virginia.
yearended
consisted of only 818,443 shares of
profit'
greatest
fiscal
31/ 1961, sole capitalization
Taylor Instrument Companies
of
and
will
inevitably
Established 1920
the
Bought—Sold—Quoted
19 Rector St., New York
6, N.
July
squeeze
CORPORATION
of
As
Common
Market
YORK
—F.
industries that they serve.
ous
the
European
and
rapid expansion and these men
are highly specialized in the vari¬
short-lived increase in steel prices,
from
development
—
United Family Life Insurance Co.
design
of
new : products.
The
7
sales organization has
sho w n.
threat of
the
Companies
H. Holly,
Vice - Presi¬
dent, Sage, Rutty & Co., Inc.-,
Rochester, N. Y. (Page 2)
:<
has doubled the amount of money
victory of the
rolling back the
Instrument
Wilbur
certain
instrument lines.
The recent decisive
the
Associate
manufactures
Taylor Instrument Companies
coverage
in Over-the-Counter markets.
American
firm
anese
of the industrial
Rochester, New York
Administration in
NEW
Alabama &
Participants and
Their Selections
field from all sections of the country
Vice-President, Sage, Rutty & Co., Inc.,
Thursday, May 10, 1962
.
This Week's
Forum
.•
call "HANSEATIC"
to
40
Like Best...
...
35 Industrial Stocks
■
*
<•
.
POLDER
ON
REQUEST
National Quotation Bureau
Incorporated
Force .j-at the
Continued
on
page
4
46 Front Street
.
-
New York 4, N, Y.
,
Volume 195
Number 6158
New Market
/;.
(/;*' r.
'■;/
-■*;
.
.
'•*
'.
•'•-
*1''
(2207)
'
./'.•/•.
,(
•
•
;
.
•
•'
•
...
' •"
LlCHTfllSTEin
B.S.
'r
COMPANY
AND
By G. Walter Woodworth, Professor of Banking and Finance,
Amos Tuck School of Business Administration, Dartmouth College,
■•/7.'
*
y,.
*.
v i
/'
//.V
\
•/.
v
,
''//C
Hanover, N. H.
;>
:-~i'yv
.
.
"Negotiable" bankers' certificates of deposit
—
Articles and News
•
•:/;//?/
year old.
are
4.
</''•/
now
more
a.
^
said to be the
rise
■'
regulatory ceiling
at
/, —G.,
success in
non-bank/liquid assets.
Indicated
certificates
holdings.
which
what
are
and
there be
as
The
on
be done by way of changing rate
can
the
repercussions
result of shifts from
a
could
arise
from
adaptability of
the
market to changing conditions is demonstrated by developof
entirely
negotiable
•
in
an
market
new
of
deposit during
1961 and early
1962.
In
sence,
these
bankers'
-es¬
cer¬
.
tificates
a r e
equivalent to
'borrowing
funds
of
notes
less
the
G.Walter Woodworth
is-
'y'/7v
bankers'
for
market
This
enlists, keen
meteoric
its
of
because
accept¬
more importantly because
potentiality for substantial
further growth.
u
V ./
rise but
of
its
,.
Development of New Market
Credit for devising and
launch¬
the new "bankers' certifi¬
cates" belongs to the First Na¬
tional
City
of
Bank
announced
New
in
York
February,
1961/that /'We are prepared to
accept time; deposits for nonfinancial corporate customers, ipa>
turing on any date from 90 days
approximately a year, and will
to
evidence thereof a
Negotiable Certificate of Deposit
payable to the order of the named
depositor, or to bearer. The de¬
posits
will
be
established
in
minimum units of $1 million and
provide
as
will pay interest, at maturity cal¬
the
actual
days to
.
culated "for
maturity and based on
year.
•
a
360-day
Interest rates will vary from
changes in the
tiine-to time with
cates
<
The" Continued Expansion of Control
,r
—Richard Linde
Federal
1958,
p.
Taking
//-/J
Reserve
EQUIPMENT
10
Skeptical View of Joint Ventures by Giants
a
one
inclu¬
year
Bankers'
;
HYDROCARBON
Bulletin,
November,
"The End of An Era??-—Robert Tysoni_^_^w_ 14
DYMO INDUSTRIES
Investment
Fundamentals—Roger W. Babson.___.____
__I5
Aid to Mass Transit Systems.
KING'S DEPT.
25
STORES
Regular Features
As
?
We
Bank
See It
and
.
^
KELLY GIRL SERVICE
(Editorial).
Insurance
Cover
___
Stocks..
23
,
J. F. Reilly&Co.Jnc,
/businessman's/Bookshelfv
three-fourths
of
From
specialized in
Indications
Market
..
.
in
the
Mutual
•
and You
.
Funds
•
to individuals1
*
.
" 7 7.
■.
'r
i•./•./
y
Observations—A.
/
////;/y/'//
•.
■
-•.
/y^V-V. /%.'>'■.
'
feature.
In
addition,
Continued
on
Electronic Intl Cap. Ltd.
'
./*"'
'
'
•
■
■1
';
/•
'
'•'-
? 7 '/
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May..
-
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and
Published
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-v -
HA 2-9000
.
York Stock
Chicago
Schenectady
Glens Falls
Worcester
/.' 7
_
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U.
18
WILLIAM B.
25
DANA
Park Place,
WILLIAM
D.
2-9570
jg
7
/;/:•'/ ,/
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J.
/:;//:.-
SEIBERT,
>■
In
United
members
j
per
year;
United
members
vertising
plete
state
issue)
statistical
records,
and-city
Other
and
Office:
Chicago 3,
111;
news,
135
—
and^ad-
Monday
every
issue
corporation
marfoet
news,
of
etc.).
\
La
i
Salle
(Telephone STate
per
year;
St.,
2-0613).
New
at
EDITIONS
Possessions
of
and
Union
$65.00
Canada
$68.00
$72.00
per
year.
1
U. S. Possessions $nd
American Union $20.00
Dominion
E. F. MacDonald
Marcft 8, 1879.
EDITION ONLY
issues per year)
other
»
year)
S.
countries
Pan
in
,
'
of
countries
Canada
$23.50
per
m l FRANKEL 8 CO.
INCORPORATED
$21.50
year.
*
Other
(cdm-
quotation
bank clearings,
South
office
American
States,
year;
• i
Dana
THURSDAY
(52
■
Rates
per
U.
Dominion
other
*
matter Febru¬
THURSDAY
Pan
in
year;
Editor
news
post
Act of
issues
States,
of
per
per
(general
AND
(104
In
Thursday
second-class
Subscription
MONDAY
Treasurer
MORRISSEY,
•''
..i
.
43
25, 1942, at the
York, w. Y., under tne
SEIBERT, President
DANA
GEORGE
/.•/•.
as
V
6
ary
9576
to
Washington
2
Copyright 1962 by William B.
Company
New York 7, N. Y.
Los Angeles
San Francisco
.
St. Louis
Reentered
COMPANY, Publisher
Philadelphia
4(5
Weekly
CHRONICLE
Cleveland
Chicago
28
Patent Office
S.
/
'
Direct VPires to
/____
The COMMERCIAL and
24
■
INC.
40 Exchange Place,, N, Y.
Teletype NY 1-1825 .& 14844
v
/ /•"•_•-:
(The)..
Exchange
TELETYPE NY 1-5
14
: ■/ •:/ / - /' ■/
You..
Twice
mackie,
4
7/'7^77/77/v7^
.
Washington
the
page
•:
-
Singer, Bean
20
Tax-Exempt Bond Market—Donald D. Mackey
.
;
American Safety Equipment
.7?
&
Wilfred
1868
ST., NEW YORK 4, N. Y.
Newark
.
'■■//.../v.7"•
•"
State of Trade and Industry
//'.;
Thus,
-
Nashville
20
_
arid
institutions, and the remain¬
billion belonging mostly
TELEPHONE HAnover 2-4300
Boston
Electronic Capital
18
26
/
Every
Albany
Espey Electronics
27
NeWs About Banks and Bankers
ing $1.8
Founded
BROAD
Elco Corp.
13
....
Thursday, May 10, 1962
25
11
NSTA Notes
•
PREFERRED STOCKS
New
.'//••V-;
(The)—Wallace Streete
77'■.'■G
;7 «•>/'/. v
total
middle
Spencer Trask & Co,
Members
R
^' 7//■
CLAUDE
•
/
____
Current Business Activity..^
of
REctor
■
Broadway, New York 5
DIgby 4-4970
_
Washington Ahead of the News—Carlisle Bargeron
Reg.
Fcj/r many years we
39
48
.
income groups. Other time
Our Reporter on Governments.
deposits amount to less than one/•
'
.-7 /'
7
7
./ •'/" ; .• •
•':"v„ ;:v
fourth of the total, and are com-/
Public Utility Securities
posed largely of temporarily idle
balances of business enterprises,
institutions,
and
wealthy
indi¬
/Securities Now in Registration
viduals. They fall into two cafe-/gories: (1) time deposits on open/
Prospective Security Offerings
account which amounted to $1.4
billion in member banks at mid¬
Security I Like Best (The)...
year 1958; and
(2) time certifi¬
cates of deposit, which were $3/
Security Salesman's Corner
billion
on/ the
same
date—$1.2
billion belonging to corporations
tiable
I
12
,___
Certif¬
FINANCIAL
'
MONROE AUTO
1
1
lower
1278.
have
9
..
Systems Industry V
lLII
—Paul Rand Dixon
-
will
individuals
Whitehall 4-6551
CHEMICAL
These
over
STREET, NEW YORK
,j
in offering time certifi¬
cates of deposit to domestic cor¬
of the Federal Reserve Board. At
porations in early 1961, the New
this
time, we are quoting the York
City banks were not pre¬
maximum rates payable: 2,1/2% for
senting something that had no
maturities of 90 days to less than
precedent in American banking.
six months and 3% for maturities
The new ingredient was the nego¬
1
.'
_____
•
deposits, and -are composed;/1
chiefly of long-term savings of/
and
WALL
Telephone:
time
subject to the
ceilings imposed by Regulation Q
.
99
/
r
was
sent
market,
money
Savings and Loan Shares—Ira U. Cobleigh....
reliably estimated to be
$2.5 billion—$1.2 billion issued by?.
New York
City banks and $1.3
billion by major banks in Chicago.,
Philadelphia, Boston; San Fran¬
cisco and other leading cities.
////
:>
As background it should be re-/
called that time deposits in the
broadest sense are those subject/
to 30. or more days' notice before
the bank is obliged to pay. Regu¬
lar savings (book) accounts repre¬
ing
which
~
5
.
leading banks,
equal to the long established mar¬
kets for dealer-placed commercial
interest
.
\>
_
•
secondary trading by dealers has
been instituted, and the
size of
the market has become roughly
ances.
.
Federal
-
'
Investors — principally
nonfinancial
Coming Events in the Investment Field
:
corporation's — re¬
sponded promptly with substan->
tial purchases of the new, certif-y
Dealer-Broker Investment Recommendationsj,__ 1
icates, and dealers soon" created ;
fv/■.V//// :',,/ ^
';'■/■ ..///,/'/ ■/ '
a secondary market, in February,;
Einzig: "Britain's E. C. M. Membership Does Not Mean
1962,' one • year after launching,
Devaluation"
the amount of outstanding eertifir--
a
and
,
!
offerings.
sued in volume by
paper
in bank
*
SpahrJ-
E.
y
major
banks
in
New
York City and in other leading
cities soon followed with similar
new
been
/7
Other
instrument
has
possible
months to
.
tificates."
In
than
-
year
r—Walter
give the holder the
advantage of a time deposit, plus
the liquidity resulting from po¬
tential sales to interested parties"
because of their negotiable form. :
Negotiability may
be arranged
through several of the govern¬
ment bond dealer firms, including >
Discount Corporation, Firsc A60- r
ton Corporation and otners, who
are actively
dealing in these cer¬
de¬
or,
bentures.
six
icates
short-term
of
and
policy changes.
sive.
sale
by
changes
Treasury and other short-term
certificates-growth
and fiscal
great
certificates
,
Tiffany's"
*
3
_
'
Professor Woodworth also discusses other developments
money
ment
upon
significant shift from demand deposits to
a
Reserve
;
/
f
_
Sound Currency and Economic Equilibrium
under the existing rate-
ceiling.
credit should
.
Certificates
Walter Woodworth.
If money rates were to
in 1959, the new market would die
as
rates.
regulatory policies,
■
May Buy "Breakfast
..Cover
_
New Market Instrument: Bankers'
Threatening the healthy development of this new medium's growth is
1
Your Obsoletes
,
Professor Woodworth assays their fast rise, now roughly
competing for corporate funds going into
•
;
7
.•
,
chances for viable growth after first recounting their
;
1
:
//Industry—Edward E. Edwards
than
equal in volume to commercial paper and bankers' acceptances, and
;
Page
Prospects Are Far From Dim for the Savings and Loan
''■:/"//:<
r.
3
CONTENTS
Instrument:777
;
iftjl wa&kt.ww
The Commercial and Financial Chronicle
.
Bankers' Certificates
■
■
i
Bank
$45.00
and
per
Publications
Quotation
year.
extra).
Note—On account of the fluctuations in
the
rate
of
exchange,
remittances
for
foreign
must be
/
subscriptions
made
in
New
39
BROADWAY, NEW YORK 6
Record—Monthly,
(Foreign) Postage
and
York
advertisements
funds,
WHitehall 3-6633
Teletype NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(2208)
those
OBSERVATIONS..
""-.'■ ".'a
''BY
WILFRED MAY
A.
*
small-
which'the
in
years
sector
business
scale
rapidly
was
In other words,
part of
the;.so-called .'.'growth"
f i g u r e s
merely constituted - a
transfer from the existing small
being
A'-;
,0 *
"*
*
although it would continue getting
relatively closer.
To exceed us
relatively
does
not
necessarily
"GROWTH" FICTION
the confusions
In the forefront of
imply superior performance.
; -
than* two-fifth? of fhe stated -per¬
the
>
lion,
Serving as a carrot for
higtj pol¬
this week emphasized
nist
nations
of the
that
a
gain of 50%
their
ages,
namely
remains unchanged.
The
her
as
by
Press,
percentage of growth during
706
in
the
important
in recent years, the U. S. S. R.-
U. S. A. gap in
absolute industrial
production has grown steadily.
\ In
total "value added" by in¬
dustry, measured in the prices of
$15).
Particularly
value, they
badly-needed service
either
size
WALL
•
Nutter-National Bureau's findings
although
has1 indeed in
job (with the bill footed by the
shareholders) by way of putting
withholding into effect, and then
carrying it on quarter after quar¬
ter.
As
a
specific example: a
AND
the effect of
trary,
absolute quantitative
with the United
the lead, have actually
the
industrial
States
total
*
in
the
mechanization
that
Soviet
.
increases
unem^
*
THE TESTIMONY FROM
.
author
industry
In
companion
a
booklet,
Industry in the
Soviet Union," the National Bu¬
"Small-Scale
1955, the latest period for
Such
employment,
from
spur
mechanization
SMALL BUSINESS
would, for exam¬
ple, result from a proposal ema¬
nating from expert John Thiebold
for
further
automating the Stock
.
availability of those data, still
about
United
four
behind
decades
Rockefeller
States.
direction
P/hat's Ahead?
frequently
answer
to which is
fashioned
to
grant
a
from
the
Foundation, under the
of
Professor
Adam
Kaufman analyzes the role of the
U. S. S. R.'s small business sector
,
What about the future—that 864
question the
with
reau,
the
vis-a-vis the growth question.
"To assess a country's industrial
so
further
growth
correctly
needs
one
some
know the
the
to
in workshops as well as
predetermined theory? First
author, highlighting the dif¬
ference between" percentage rates
of growth and quantity of output,
points out that even if Soviet in¬
dustry
continues .indefinitely
industry
the
level
of
the
case
illusion
of
growth
magnified by
further
been
overtake United States
in
developments
factories,"
is
the
volume's
correctly selfascfibed reason for being.
It is
pointed out that in the Soviet's
growing faster percentage-wise, it
may never
of
course
has
the
former official
ing
output,
only
policy of publish¬
large-scale output for
100
of
receives
Exchange ticker to record changes
in
the
Dow-Jones
minute-by-minute
the
share,
bank
A
.
v e r a
instead
g e
at
of
hourly interval. This
would enlarge on other mechani¬
cal
devices, as the $3 million elec¬
tronically automated quotation
speed-up for the American Stock
in
of 10 cents
with
merely
dividend
the
of market
the
in
GUI
U U I
OVERHEAD
YOUR
y !
i »•
*
> if
,
4
■
I
■
the
volume
trading, both off and on
floor, would swell
Exchange
the employment of Street person¬
nel including customers'
brokers,
margin clerks and floor!employes.
By Eliminating Your CAGE and BACK OFFICE
We will clear for
You
over
you
at
a
proven,
economical rate.
important money by letting us take
responsibility for all office work
and use
executive time for the all important task of
can
save
.
your
.
.
BUSINESS BUILDING!
THE
Almost
ment
MUTUAL
all
of the
the
investment
companies.
by the fund
themselves.
the
This
Hence
managements
the
to
venture
we
recital
a
potential effects
ful
of
some
may
investment
be
to
of
use¬
company
shareholder.
SERVICES
AVAILABLE:
Quotes and execution of orders
For
OTG
listed
•
Billing • Bonded
Pick-up and Delivery • Storage Space •
Full Trading Facilities •
Major Reporting Service • Portfolio Analyses • Syndicate Partici¬
pations • Special Situation Reports • Advertising and P. R.
—
or
dividends
or
phone—Martin II. Meyerson, Pres.
20%
his
automatically deprived of
of
his
would
pay
pocket,
the tax
"the
under
ML H. Meyerson & Co., Inc. sskk
reinvestment
be
plan.
operative despite
willingness to reach
other
HA 5-6270
(for which there
plans in existence)
930,000
are
will be
This
Write
example, the fund share¬
who is reinvesting his in¬
holder
come
into
Sponsors
time
-
will
tin*
he does now, to)
(which he has to do
as
existing
voluntary
'
system).
ments
invest¬
the
traded
for
appreciation
long-term. The stock is
in
Market.
the
Over-the-Counter
;
dollars that should be paid is not
being paid by those who owe it, it
merely means that the rest of us
who
don't
it, have to make
owe
good.
I
don't
from
think
we
are
suffering
ignorance.
Our
taxpayer
greater
difficulty
by far
is
tax¬
craftiness.
payer
J.
S.
SEIDMAN
Seidman & Seidman
Certified Public Accountants
New
York
City
'-*
'•"•• '
v"'
<
American S. E.
Appoints Kolton
of
Etherington, President-
the
American
Stock
Ex¬
holders would have to be revised
change,.. has
with all the
Board of Governors has approved
his
appoint¬
IBM
equipment regeared to make the changed cal¬
-
counts,
each
name
Revenue
ment
separate tax acr
reports on
supplied to the Internal
Vice
Service.
funds and
number
vide
the
Mr.
in
payment
charge), the
such
of
a *
withholding of
income
permanently
dividends
deprive
shareholders
post
in¬
this
without
sales
a
S t
20%
far
such
be
the
will
effect of veering
fund
managements as well as the
stockholders
to
seeking
capital
gains in lieu of ordinary income—
in
replacing
investment
❖
the
Etherington takes
Board
Posner, Chairman of the
of
Governors
of
the
Ex¬
change, joined Mr. Etherington in
calling the appointment to the
newly-created post "a key move
the
Exchange's program
to
strengthen its management struc¬
in
ture."
Under the ASE new system of
management, key administrative
and operating officials of the Ex¬
*
FROM OUR MAILBOX
TAXPAYER
posi-
at
with
;
•].
n
office.
that they
objection-in-depth
have the overall
will
Mr.
new
tio
time
He
assume
his
Paul Kolton
charge.
shadowing
Ex¬
4.
will
oppor¬
Investment
drawbacks
of
until
Sept.
Edwin
Deterring
detailed
crk
o
change
would
same
Sabotaging
Vice-
the New York
sales
tunity to add to their sharehold¬
ings
present
as
President
planholders
of
Kolton
continue
his
pro¬
of
as
Presi¬
-
will
dividends at net asset value
(without
and
themselves
reinvestment
Paul
dent.
substantial
very
of funds
for
come
of
a
of
Kolton
Executive
Further, since all constractual
plans for the accumulation of mu¬
tual
the
-
year-end
ana
that
announced
culations—with
com¬
perhaps for strategic reasons,
has even applied to material pub¬
suggest that
NO MINIMUM VOLUME
recommended
over
Elect
change will report directly to Mr.
CRAFTINESS
Kolton.
The
following communication
refers to our column of last week
(May
and
be
other
manage¬
burdened
consuming
and
with
a
expensive
3)
"Hitting
the
'Morons'
Kolton
Mr.
York
1955.
Stock
He
With
Public
we
tions
gap,
lished
overlooked
an
the
withholding tax pro¬
posal,
strangely,
has
omitted
mention of its potential impact on
on
.,
opportunity and its purchase
Edwin D.
FUNDS
critical
to
reporting to the share¬
WITHHOLDING'S IMPACT
ON
0.03
Family is
" /
,
76:47 - ^
5,655,185 S
1.76
;3,220,000
••>'-i" ■"
> 244,571 < ' * 0.08
8I/4-91/4
246,244,000
.
v.
...
Forms for
Exchange, promoting hn increase
speculation at the expense of
investment attitudes. Resulting in¬
creases
in
market
"liquidity,"
amounting
speculative aims.
BROKERS-DEALERS
a
which
is
of
increases
•;
16V2-171/2
$26.58, 20% ($5.32) must be with¬
held 'and the balance reinvested.
current
spelling
^,.547,000 j .,0.29
.
3,245,492
100,412
r
-
Fund
XYZ
shares
dividend
a
ployment.
titative level of output, the
calculates
in
*
output.
gaps
continued to widen. In the quan¬
was
industrial
holder
simple case the
required to set
aside $2 in a special account, and
nineteen
thirties, is now being
remit
a
check
for
$8 showing
vigorously
rekindled
with
the
thereon the retention of the $2—
progress of automation. The ques ¬
a
simple operation. But in an
tion ("Automation and Technical
accumulation account — of which
Change")
was
typically
high¬
there are 1,650,000 as well as a
lighted this week at the meeting
dividend reinvestment plan, with
of Columbia University's Ameri¬
a
hypothetical case of the share¬
can
Assembly at Arden House.
holder owning say 265.79 shares,
While there was no unanimity of
the
in
is
States'
1
$8.33
'
1.89 W.
■
Technocrats
the
of
0,24
•••3.40
•
Share 1
,
and
improved production methods on
employment, smoldering since the
time
H,030,704
■
the
or
EMPLOYMENT
over
"1;49
245,673,000;
is
STREET
SPECULATION
Controversy
attempt has been made
or
$26,826,000
1 - 6,076,000
,
,
Per
:
U
Life Ids. Co.
i.r-
,
4
written, the rate of growth of
quality of agency plant, I Conclude
that of the new young aggressive
forward
looking life insurance
companies of this region, United
1954, the lead of the United States opinion, a substantial number of
stated at $30 billion in 1913, the participating experts voiced
the Soviet Union
By 1928 the gap widened to $56 agreement as to the existence, of,
recent years achieved higher rates
billion,
and v by r 1955
to
$115 automation's serious potential to¬
of growth than the United States,
billion. Thus, over the long-term, ward unemployment.
in absolute figures the annual in¬
too, the U. S. S. -R. despite her
In
any
event, the Stock Ex¬
creases have continued
higher in
higher growth rate, instead of change community will evidence
the United States.
Consequently,
catching-up, has been progres¬ a complete, if not unique, contra^
invalidating the widespread fic¬
sively falling behind the United diction
of
the 'i principle
that
tional
assumptions to the con¬
is the demonstration that
'
same
Company,
Share
v
$22,209,000
l> 4,833,000
774,000
"J
ment
Soviet
*
Insurance
,*$6.84
'•:»/
...
no
Life
can.
.v.)...;!..;.
While
the
'CompanyPer,.? United Family
Share
,
in
shows the* following" comparisons:
Per
Company
; ua"-
organized
region, of relatively the isame age
as the predecessor, United Ameri¬
herein to value insurance in force
perform a
in warning
relative
the
panies
...
'jw
contro¬
against superficial comparisons of
Study
the
University
Princeton
pages.
face
•
studies'
this
AUTOMATION,
also debunks com¬
mon
assumptions about Russia's
long-term performance. Actually
Re¬
Published
these
on
-;
$4.81*
$8,626,033
Premium income...v.' «> 2,341,065
1.31
Investment income
0.20
352,076
Insurance in force.?;
143,558,000 "
80.04;
Capital and surplus;.'
5;383,087 '<•' •--3.00
Shares outstanding...
1,793,500 ;
Net operating income
(848,874)
Approximate market; ;•
161/2-171/2 •
Assets
.
not
or
bearing
versial growth topic are; accepted
at
20
last half-century of the Czarist
Growth of Industrial
Production" by G. Warren Nutter. regime was greater than it has
A Study of the National Bureau been since, with a complete ab¬
sence
of growth between
1913
of Economic Research; published
and 1928. And since this period,
by the National Bureau of Eco¬
Research.
Whether
1957.
>'•;A \.
over
■
.1-
' comparison between United Fami¬
ly,and two other insurance com¬
Is United Family Life Insurance
Company ' stock undervalued? A
trends
- scale
production.
statistics
Debunking Over the Long-Term
search ("The
nomic
the, basis Of
solely to large
on
absolute differ¬
in
ence
years,
Chairman of
Economic
of
Bureau
by
grows
Nevertheless the
lished under the aegis of
tional
age
growth
confined
2 "j.t v.,;:
almost $250^ mil¬
was
centage growth, in the 1913-1933
period resulted from the release
currently entering his 61st year, relative growth
of
the son ages at a 5.% rate, and.
U. S. industry.
his father at a mere 1.6% rate.
*
*
yv,
commu¬
Virginia, pub¬
the Na¬
University *of
the
his father between 40 and 41 con¬
The gap in the hard facts con¬
cerning the Russians is now filled
to
an
important
extent
by a
voluminously documented
study
the
catch up. (A
of one and
never
100%, coincidental
father's 2Vz%
increase.) During the year follow¬
ing the son's 20th birthday, with
systems.")
by G. Warren Nutter,
between
two
challenges
presents
to the American
son
with his 40-year-old
appraisal. (Columbia
American Assembly
Meeting on Automation at Arden
competition
will
the
son
University's
"the
diminishes and hence
in age never
thorough
House
his father's in every
but the absolute difference
exceeding
year;
Thursday,. May 10, 1962
.
•
Conclusion
,
icy leading us to New. Frontierism, and serving to worry the
private
investor
as
well, the
premise of the U. S. S. R.'s supe¬
rior industrial progress has long
called for objective, factual, and
4,
Continued from page
end of 1961
Here the author brings in the
far-flung discus¬
of resources shrinking from the
sions of growth ranging irom the analogy of the father-son age re¬
"small-scale sector; Thus the!voir
economic
to
the
stock
market lationship. A son's age gets ever
ume ris additionally.. yalua-ble
inj
closer to his father
percentage¬
areas, is the specter of the Soviet's
pointing out the misleading cus¬
industrial output
surpassing us. wise, wittt his percentage increase
tom of; assessing Soviet industrial
pervading
A
'
business sector,
ANOTHER POPULAR
.
THE SECURITY I LIKE BEST
absorbed.
which had previ¬
ously not been taken into account.
This new study finds that more
.
Higher Calculus," in which
argued that the taxpayers who,
alleged by Commissioner Cap-
as
lin
and
interest
-ivill
be
are
unable
complex
taxable,
surely
fulfill their
to
adjustment
obligations
under
withholding. Furthermore
we held that the defense of with¬
holding on the ground that selfgypping by the taxpayer is ex¬
cusable
on
the
ground of
Treasury's need, is immoral.
Dear
I
Mr.
have
the
v
observation
regarding the proposed withhold¬
ing on dividends and interest.
director
1957,
and
of
Rela¬
appointed
a
1960.
Before joining the Exchange Mr.
Kolton spent nine years in adver¬
tising, public relations and news¬
work. He was an account
paper
executive with Cecil & Presbrey
Advertising from 1950 to 1954, and
was
with
Newell
Emmett
Adver¬
tising between 1947 and 1950.
Mr. Kolton was on the editorial
staff of the New York Journal of
serving
your
named
Commerce in 1946 and
May—
read
was
Information-Press
in
Vice-President in
and
Secretary Dillon, are too
ignorant to realize that dividends
joined
the
New
Exchange
staff
in
between
in
the
Army
1947
Air
after
Corps
1943-1946.
Forms Investment Co.
My views run counter to yours. Sam Richman is conducting a se¬
I don't think that anyone is en¬ curities business from offices - at
titled to a sporting chance to evade 550 Fifth
Avenue, New York City,
taxes—whether
otherwise.
he
be
When almost
dumb
a
or
billion
under the firm
Syndications.
name
„
of Excellent
.*
V; /;• *..-.'_
Volume
195
Number
6158
.
.
Financial Chronicle
The Commercial and
.
widely
Sound
>
•
By Walter E. Spiiiir,' Execiitive Vice-President
.
Economists' National
:
•V
Committee
-
•'*./: •/' v."V
V
'
Well
j
economist
?
V.*.'
V
*-
'
known
nomic
slogans with
level"
compares
and
1930's
the
"mature
a.
price level
•
..
*
economic
popular
disdain
labels
and
sound currenoy,
a
are
slogans,
-
\
and
though
maladjustments
Equilibrium
equilibrium is that state
affairs
of
ate
that we
which
in
the
'the
best
ernment
de¬
known
to
hu¬
beings. It
the
high¬
pro sp e
will occupy
Ends
The
of
level
est
of
forces
supply
and
the position
enforce fair practices
and to obtain from monopolies the
consequences
produced
by free
and fair competition.
health
is
which perpetu¬
in exist-
or
of umpire to
nomic
man
economic
create
demand will be operating freely
*° determine prices, and the gov¬
of eco¬
gree
The
ence
various
forces comprising an economy are
in the best possible balance.
It is
The
rity
day
ends
to
possible, con¬
sidering pop¬
ulation, intel¬
quate
ligence,
tion
be
re¬
arlti-communist
growth,
produc¬
employment, and
tech¬
nical skill, and
governmental
system.
It is
beneficial
a
rea¬
sonable stability of prices.
end
the
to
Walter E.
be
Spahr
in an.
economic system; and, insofar as
it can be attained, every reason¬
should
effort
stitute
expansion
or
maintain it.
Manifestations of
The
Economic Equilibrium
economic
If
necessarily
from
flows
—
be
economic
prelude to
a
foi"
need
readjust¬
contraction.
economic
an
same
of
is true of high levels'of
production and employment.
equilibrium
a
Economic growth
can
subsequent
a
ment
Some Important
is
it
element
an
maladjustment.
to
made
be
these
unless
high degree of economic equilib¬
rium.
Any one, or all, of these
allegedly desirable ends can con¬
sought
able
of
None
The
word "sustained" implies t h a t
pre-
overexpansions and necessary re¬
adjustments can be eliminated
capacities. All employable labor an assumption without validity in
will be employed.Products will
.m
affairs. A stable index of
vails, all major industries will be
running at their normal maximum
channels of trade. Instalment buy-
adjustments as was the case, toi
ing will be on a normal scale both
for the industry concerned and for
V
47
the size and certainty of the in¬
~
..
and payments
comes
chasers.
The
level
I Q9Q
1929
.
..
onH
and
oo
10
is
as
years.
thr*
naoo
the
case
in
in
.
thio
this
country today.
of the pur-
of
prices will Slogans Versus Careful Analysis
be oscillating gently up and down
The so-called desirable economic
All the principal factors of pro¬
aims of today are essentially slo¬
duction will be moving along to-"
gans; and pursuit of one or all of
gether in harmonious relationship ?r—' *— f *7——— _w* r~*
will be
There
distribution
in
rdK- them^apait from an understandin- mg-i°£•
.concePf' pf- economic
employees, equilibrium can. lead to serious
noticeable
no
the
shares
'of
come going to owners,
lenders, and government.
exchange will be sound and
will.not.be inflating or deflating
factors
in
affecting prices.
All
money, all bank deposits, and all
other
credit
will
be
liquidated
when payment is demanded or at
stable index of prices, generally
excluding prices for real estate
the time of maturity.
The burdens
public debt^and* of taxes, will
not
be
political
Apparently a pronounced characteristic of our people is a tendency to embrace slogans and to
become slavish users of words
which are fostered as a means of
popular appeal. In the 1920's, a
of
of
and
"maladjustments,
ments to and by foreign countries
will be nicely balanced. The media
■J-y.'
social,
economic.
Pay-
and, securities; was: .the common
test of-economic well-being. In
sufficient, to,"disturb -in, a
-marked-feehaftdpr5' the4&3Q?s/ee©hdii^
of
production, consumption, ex- widely believed to bej the
change, anjd distribution of income
as
these idlrces
librium.
other
toward
move
There will be
no
or
such
maj«r catastrophes
as
droughts, o^op failures, famines,
floods, or pestilence. The govern¬
price level.
ment wiW not
tization
be
engaging in
and
commonly
defined
able
ac-
proper
The use of irredeem¬
and heavy mone-
currency
national
of
with
used,
debt
are
to
life"
AF-GL Agency
The
toms
fairs
of
a
in
this nation.
with
on
major symp¬
dangerous state of af¬
are
and Dealers
write
we
much of national
ture."
of
ship,"
Sold
and
•
/
'
.
MEMBERS
'
V
\
•'
'
Association
Brokers
will
meeting
•
hold
and
dinner
.
12S
Tel.:
MAIDEN
HA
LANE,
^-7300
Private
°
NEW
YORK
System to Canada
dent
Wal¬
member
of
of
ernors
the-
the
of
Board
Federal
ad¬
and
vertising
dorf-Astoria, Thursday,; May 24.
Guest
speaker will be Matt S.
Szymczak, for eighteen years a
count
visor
in
the
New
head¬
York
Reserve
C.
at
present
J.
consultant to
a
Devine &
Co.
Georgetown University
Business
and
should
be
He
was
Vice-President in 1952.
the
School of
Gordon Bros, to
Administration.
Reservations
a
ac¬
super¬
agency's
Frank W. Hall
Gov¬
is
Presi¬
made
Admit McCormack
with
Wentz to Be V.-P.
1929.
in
foolishness
The
in
the
Minsky, Hardy & Co.; Leonard L.
Marshall, Jr., Harris, Upham &
during the depression years Co.; T. Alvah Cowan, Peter P. Mcof the 1930's should be thoroughly Dermott
& C.o.,
and Joseph A.
economic maturity fos¬
notion of
tered
obvious.- And how we are rushing Maceda, Moore & Schley.
along With a series of dangerous
ecoriomic slogans as' political
First Calif. Office
guides
without
any
important
First Cali¬
amount of awareness being mani¬ MODESTO, Calif.
Company has opened a
fested in influential circles that fornia
Of Hooker & Fay
SAN
May
come
Calif.
FRANCISCO.
On
—
17
Kei^h E. Wentz will be¬
a
Vice-President of Hooker
Fay, Inc., 221 Montgomery St.,
members of the New York and
&
Stock
Coast
Pacific
Exchanges.
—
serious trouble for this
very
tion
ultimate
the
is
na¬
consequence
that should be expected.
The
Question
of
becomes
matter of
a
,
office
currency
it is
concern,
the
in
McHenry
Mitchum, Jones Branch
RED: BLUFF,
sound.
a"
as
branch
Shopping Center, under the direc¬
tion of Joseph W. Alexander/
Sound
a
Currency
Insofar
popularly associated with a rela¬
tively stable index of prices at the
level that happens to prevail.
In
that respect we are repeating the
fallacies of the 1920's which pro¬
&
Jones
Templeton has opened a
on
Doane
Way
under the
management of William
Dal by.
lar
discussion.
pursuing
We
are
busy
so
rior
who stress
wisdom, at those
fundamental
What is
importance
A.
joined the firm
as
Cloverland Drive under the
of Norbert F.
man¬
Lochner.
ROCHESTER, N. Y.—George D. B.
Bonbright
branch
Tower
has
&. Co.
office
under
the
in
opened
nongoid
Warner
Securities
Raymond J. Bantel.
Corporation.
T rading
into,
standard
mone¬
GERMAN
-
at the parity
liquidating at maturity.
nation's
is its
currency
nomic bloodstream,
Eastman Dillon Branch
SALINAS, Calif.
—
Eastman Dil¬
lon, Union Securities & Co. has
opened a branch office at 2 Midtown Lane under the management
of
Ralph W. Wood.
in Foreign Securities?
touching
though
even
since,
its
of
be
monetary
highest
in the case of
as
the
body, there can be many,
deadly,
afflictions
-
ENGLISH-you name it
MADRID
AMSTERDAM
FRANKFURT
MONTREAL
GENEVA
every
the
DUTCH
With direct cable connections to offices in—
eco¬
PARIS
HONG
is not sound.
national economy can suffer
ROME
KONG
SAN
LONDON
JUAN
TORONTO
we
feel
particularly well-qualified to provide
help and information when it comes to
or selling
foreign securities.
buying
"even
arising from
nature
of
causes
the
For
other than the
a
direct
call
trading desk, just
bloodstream.
to
our
foreign securities
dial—WHitehall 4-4732.
-
reveal
of
have-been
credit.
a
Midtown
management of
the
It is
rate, and
with all credit automatically self-
and
that
Peter
and
Hatton
have
of a
a.-fixed; stand-*
with" all
unit
tary gold
a
announced
City,
M.
freely redeemable in or
convertible
A
York
Edward
Leonard
correctly defined.
sound currency?
a
gold
currency
Co.,
our
sound currency,
ard
Securities
District
Inc., One Chase Manhattan Plaza,
New
Bonbright Branch
currently-popular
slogajns of economic* growth, high
Now Frank Warner Sees.
levels of production and employ¬
ment, and a general stability of MINNEAPOLIS, Minn.—The firm
name
of Frank Warner Corpora¬
prices—"moving ahead"—that we
do little more than smile toler¬ tion, Northwestern Bank Building,
been
changed
to
Frank
antly, in allegedly new and supe¬ has
the
Names Officers
Transwestern Office
agement
.
Assistant Treasurers.
Stable
fined, falls largely outside popu¬
2nd Dist. Sees.
Second
Mitchum,
—
office
branch
T.
Calif.
Money Associa¬ COVINA, Calif. — Transwestern
tion and the collapse of 1929-1933. Management C o r p o r a t i o n has
A sound currency, properly de¬ opened a branch office at 21028
duced its
causes
Wire
the
at
Hall
-
is
a
woeful
lack
of
condemned while the fundamental
•'
Mr;
Vice
a
annual
both
38
•»
tions agency.
Customers
their
national
advertising &
public rela¬
czak
understanding in this country in
respect to these facts. Again and
again the gold standard has been
,
.
"
t)f '
of
Board
4, h e
To Hold Dinner
The
of"
the
elected
Teletype NY 1-4686
■
.
'
W.
Calkins,
Gordon Bros. & Co., 74 Broad St.,
as
New York City, members of the
commonly shown in advertis¬ tee are: John C. Howatt, Harris, New York Stock
Exchange, on
ing procedures, would seem
to,
JJpham & Co., Chairman; Frank
May 17, will admit John C. Mc¬
reveal that we are a highly super¬ Dunn, 'Jr., Merrill Lynch, Pierce,
Cormack to partnership.
ficial
and
volatile
&
Smith
people,
and Fenner
Incorporated;
seriously lacking in sobriety and Albert F. Frank, Ladenburg, Thal¬
a
high degree of responsibility. mann & Co.; Leon Herbert, HayReady adherence to popularized den, Stone & Co.pDonald Randell,
slogans led us into serious trouble E. F. Hutton & Company; Sam
order
American Stock Exchange
'
by
or
We
New York Stock Exchange
an¬
Howard
..."
-
has
nounced
prior to May 17 with Albert F.
Frank, Ladenburg, Thalmann &
such _Co. Tariff is $13.50.
those frequently
Members of the dinner commit¬
manifestations
human
—
been
tendencies
along
Albert
Inc.
Chairman
shrinking
characteristic
of
Law,
as
The
not
"leader¬
"the
of,
people,
our
illness
linden llroeek, Lieker & In.
Committee
Frank-Guenther
of
speak
and
national
our
bloodstream
Quoted
member
quarters, 131
Cedar Street.
joined AF-GL in 1946 and
military "pos¬
or
globe."
But
Bought
and
Customers Brokers
the nation's currency
Foreign Securities
Executive
push
we
economic
of serious trouble ahead.
major aspect of the social fabric.
An economy cannot be healthy if
For Banks, Brokers
But
deceptive
our
election of Frank W. Hall
director
a
System and formerly Comptroller
of the City of Chicago. Mr. Szym¬
generally
are
understood;
rarely
are
precision and their
implications
oftetMt rests upon
term to apply to our nation. Now
the common slogan is economic
growth, high levels of production
and
employment, and
a
stable
equi¬
wars
not take the time
ao
accurately; "inflation" and "gross
product," though widely
PJlce? can rest upon a congeries
°f Pnce a"d other economic mat¬
moving smoothly through the
be
by
national
These
commonly stated to¬
desirable are an ade¬
anti-
or
employed
try to describe that "way of
of
rate of economic
high levels of
and
an
are many
expression
Sought Today
sustained
sources,
by
common
eccentuate those
or
ahead
onrushing
one can move
crushed
be
those who
Economic
depth"; ' "moving
impliedly ■" desirable
a
socialist
which
tivities
Hall Director of
monetary gold,
,
"in
.
is
■
refer¬
ences to "our free society" despite
the many nonfree elements in it;
"the American way of life" is a
careful economic analysis.
The Concept of Economic
which have
that "image"; studies
locomotive; there
practically ignore today's danger signals,
and neglect
ahead"
even
high degree
notes,
manifests
slavish tendency to
a
or
made
are
economic aims of> /
Spahr
Dr.
analysis
various words
this,
over
busy pursuing our currently-
so
economic
.
care¬
argument is prevalent in this
5
Country today.
V
*.
V
Our heavy and mounting
gov¬
ernment
expenditure and
debt,
and
our
persistent loss of, our
political slogans and practi¬
temporary popular appeal.
Our
population4s "exploding"; this or cally ignore the danger signals
which * should
be clear warnings
that is."built in"; there is cpncern-
•
•
to substi¬
and
and
■i'r w'-..
the serious troubles
economy" and
tendency
slogans and 'labels for
utilize
of..production and employment, and a
equilibrium. We
deceptive
>"•
which
"desirable economic ends."
itself also in
*"r * /\aV "
great deal of harm since they do not flow from a
of
ful
1
essentially plausible slogans capable of doing
are
tute
accepted as
features of
is to yield
necessary
tOur strong
\
1920's "stable price
that today's noble
out
economic growtlv high levels
stable
•. r •
or
economy
those
present predilection, for eco-
our
past addiction to the
our
they caused.-He points
;
•
the
MOneidry Policy,-N.
oil
'
v
;
Economic Equilibrium
•
.
'
Currency and; ttf
generally
or
desirable
(2209)
economic
abuses
That
in
variety
catastrophes
the uses of
of
thinking
WZ1
U
MERRILL LYNCH,
PIERCE, FENNER & SMITH INC
70
PINE STREET, NEW
YORK 5, N. Y.
1
6
The Commercial and Financial Chronicle
(2210)
S^Mav
about
the
much
in the
headlines
during
the past few
days, as well as innuendo between
the lines, that has had important
meaning for the financial mar¬
kets.
The
President's
carefully
worded
language before the
been
Workers
Automobile
United
was
not reassuring < to the
financial
community. Chancellor
Adenauer's
remarks
concluding
certainly
States'
United
the
that
package
Berlin agreement is unwork¬
able has added to the confusion.
for
a
while
talking
boom, have been to some extent
policy
makers,
expecting bust.
One
' ;:
has
published figures
what
dicating
col¬
in¬
point tax
financial
Washington
umnist
five
a
cut would mean to a married man'
would
from
run
to
income
$15 for
$250,000
indicate
$11,130 for a
figures
These
income.
$3,000
a
tax cut represents no
threat to the market for
that suc"h
a
1962
>
A
Austin, Texas
seems
Recent Awards
14,000,000
§
1963-1987
1,895,000
2,500.000
1933-1981
2,600,000
__——
15)64-1983
P1S^> N* J--— —
Co bo .county, ua.
Golden
Valley, Minn.__
.
Humboldt Community S.
Manitowoc,.' Wis.
___
D., Iowa
Chester
,
Area
Joint
that
is.
Commercial
The
New Frontier Politics
Ominous
Casting
The new issue calendar for the
past, week has been as sparse as
any such period to date this year,
The volume, of new
issues sold
at competitive bidding totaled but
$108,500,000. Of this total, there
have been only, eight issues of a
'
Clouds
too, be investors,
preoccupied
with
may,
seriously
are
the
evidence of almost fierce political
contention
sionally
ton
that
than
more
from
capitals. As
direct
of
some
occa¬
Washing¬
emanates from
and
state
our
recent example, the
a
Presidential
appeal
for
political support to the U. A. W.
at Atlantic City has been discon¬
certing
to
has
as
the
thoughtful
the
been
1
received
and
Financial
so-called
citizen
Administration's
"Medicare"
about 200
group
of
rural
New
should
than
just
in
do
talk
objecting
•
v.
1,325,000
1962-1980
1963-1980
10:00
a.m.
1963-1977
11:00
a.m.
2,000,000
1,380,000
1963-1982
>8:00 p.m.
1963-1982
11:30
_i_.il—
./.
;
*
••
•
May 14 (Monday)
V .'1 200000
./
.
wauenuia, ria.
A
something other
themselves in
medicine
bill
medical
in
for
care
the
particular.1..'
This
tiny,
bond
market.
,
.
TT
.
.,
0
Inventory
obvious
state
and
Trust
the
by
Co.
group
inferentially condemned
1963-1967
and
the
through 1987
from 2.20%
of
Initial
balance
technicalities,
the
municipal bond market
with
in
the
'
1992)
bonds
to
the
g
3.0267% net interest
Halsey, Stuart &
for
mu¬
nicipal bond offerings, the current
$565,864,000.
Al¬
There
this
cost-
14
were
by
bids
in
3.037%
9:00
a.m.
11:00
a.m.
1962-2001
7:30 p.m.
1663-1992
3:00 p.m.
Orleans,; La.
25J)00,000
1972-1997
2:00 p.m.
—
New
- ••
Ind. S. D.
No.
:
■
-
#1, N. Y.
City,
D
5:15 p in.
•"
'•
'
a.m.
8:00 p.m.
1963-1981
10'30
1933-1991
10:00
a.m.
1963-1982
9:00
a.m.
1963-1977
a.m.
Noon
May 16 (Wednesday)
•
1,235,000 .1963-1999
Richmond, Ky.
Castle, Pa.
2:00 p.m.
6,875,000
V/-, *'•
*v
••
•-
•
Dist., Mich-i
..-
....
-.•••
1963-1997
1:00 p.m.
2,150,000
2,000,000
2,481,000
_
Sch.
Westwood Consol. Sch. Dist., N. J.
.
2:00 p.m.
10:30
KerituVkV"State"^College,
Warren Woods
3.091%.
8:00 p.m.
•?
1963-1984
4'890'C00
~
Benton Til
Eastern
made
7:00 p.m.
1.963-1982
^
283,
-
Lake
-
the,
interest
to
a.m.
1963-1987
Willougnby-Eastlake City S. D.,
U mo "
"^uuu%""
Co., Inc.- group;
other
ranging
issue
from
made
a.m.
11:00
7,000,000
1,240,000
'____
wuinnaVp" Citv""s~'~
The second bid,'a 3.033% ne^
was
•11:00
1965-1980
*
cost,
1963-1990
1963-1975
1953-1987
*
a
8:00 p.m.
1934-1981
syndicate
Chicago at
of
Comm.
a.m.
Noon
Utah—
•
11,500,000
South Plainfield Sch. Dist., N. J.—
2,030,000
Springfield, Mass.
1,325,000
Tucson, Arizona—20,390,000
totalinp-
p.m.
2:00 p.m.
1963-1991-
-
1,250,000
headed by the First.National Bank
of
10*30
1963-1982
1X80,000
Salt
has
.
10:00 a.m.
2:00
1964-1973-
N. Y.,._
.-
District,
Minn
present
account
higher than they have ever
appeared to be..According to the
about
demand
1963-1992
1963-1987
Salina & Clay, Cent. SD
variety
a
064-2001
.
n_
1,130,000
2,250,000
8,850,000
1,200,000
Calif
Water
Louis Park
offered to yield
were
modest,
Port
1A
2,300,000
Y
-----
D., Calif—-
Nashville, Tenn.
1968
1,935,000
City,
Pendleton
pre-sale
maturing
to 3.05% for
coupons.
been
sold
were
bonds
.
onn1
4,845,000
Tenn.____
Mountain View,
a
ties
County,
Morgan
runner-u
Fresno,
Calif,
sold
$2,000,000
general obligation sewer (1963-
Problem
are
is
?
„nb/1
1965-1988
1,800,000
13, N..Y.
^os ApSeles ,Unified
Meridian^Miss __
2.821% pet-interest cost, w^s
by the Northern Trust Co.
syndicate. The first five maturi¬
bid,
interest
total
No.
Knox
made
*\as deteriorated somewhat during 'cost.
few
weeks.-Inventories
\
cant
high
cost,
Boston
First
The
group.
the
the-last
insignifi¬
has now
been
the
interest
net
a.m.
7:30 p.m.
v
"
,
District No. 273, Minn.:.
.___•
Eustis, Fla.
1
Huntington Union Free Sch. Dist.
ma¬
$1,900,000.
*
Viewed from the traditional and
more
aged
.
relatively
of doctors
with
1963-1987
2.8145%
a
Blue List of current state and
general and to the Administra¬
tion's
turing
bid,
2:00 p.m.
1963-1992
i,zuu,uuu
/
$3,000,000
Corp., Bank of America N. t." &
S. A., Mellon National Bank
&
No
to
socialized
to
for
ligation 20-year bond Index aver¬
ages out at 2.965 %. This average
yield is unchanged from a week
ago. Some of our component of¬
ferings have differed from a week
ago but the mien is almost iden¬
tical. Although some of the dollar
issues
were
off
slightly during^
Monday's session and during most"
of Tuesday's session, investor in¬
terest appeared late Tuesday fol¬
lowing the
day's spirited new
issue bidding and an improved
government
physicians in
decided that
Jersey
they
bill.
bids
general obligation road bonds
submitted
political action in connection with
the
20
a.m.
7:30 p.m.
_
Chronicle's high grade general ob¬
Moreover, most thinking citizens,
who
Index Unchanged
11:00
School
£ Authority, Ph.
Worcester, Mass
™
Yield
a.m.
8:00 p.m.
1,500,000
4,755,000
_j.
Syracuse, N.
West
10:00
;
1983-1992
,
The market for tax-exempts lias
varied little during the week past.
V-
for which specific sale dates have been set.
or more
May 15 (Tuesday)
actual
,
'
'
V
■
''.
All
this
while
Anzcrra ^te Unw^ty
Secretary
Rusk tax-exempts even at today's rela.
-2,500,000 y
2,724,000
faces up to problems in Australia
tively high
levels. However,
it
;5rc^kJjav<Ln
ee J?.' P*JK'
2.000,000
and
while
Secretary McNamara does represent a negative of some general - market nature and we Cook Xlo,,Forset Prese^o Ehst., 111.
1,275,000
will briefly comment about these
is
somewhere in
southeast Asia psychological impact.
y V0;'.
■
' v? C"~7
loans. The State of West-Virginia
with our troubles and while Sec¬
a"^®nSchool
retary Freeman may be up a tree
somewhere—near Odessa, Texas,
.
list the bond issues of
May 10 (Thursday)
volume
issue
of
likely to break records, when as-'
sociated with other pertinent financial and economic criteria, the
record
carries
but little
signficance.
It simply involves no un¬
derwriting
pain
or , strain, " all
things considered..
10%. The tax cut
deductions total
new
assuming his
with two dependents
we
.
half
first
the 'following tabulations
$1,000,000
totals
volume
$575,000,000.
Although, the
for
has
:
rently13 anticipated
D. MACKEY
:
There
Thursday, May 10, 1962 ;
.
Laager • Issuer Scheduled/ For Sale
Tax-Exempt Bond Market
By DONALD
,
.
1964-1988
7:30 p.m.
8:00 p.m.
;;
-
••
-
•
1964-1988
•
Other major members of the win' v •
vX' Y Y
May 17 (Thursday)
ning group include Glore, Forgan Berlin .(City) .etc., Joint School.*
& Co., Burns, Corbett &
Pickard, :
District No:-1, Wis._'_-^_1______
1,200,000,
-
the President of the United
though this is
by
it
States,
does'not
lot of inventory,
a
represent
a
load
that
called a "disgrace to the nation"
by Secretary of Labor Goldberg,
alluded to as blackmailers by Sec¬
may per se generate a bear mai>
ket trend. It -does have traditional
retary
market
of
Health,
Ribicoff,
Welfare
Education
Governor
moderate
terms; all of this politi¬
impact lambasted to coast-to-
coast
in
TV
audiences
question not
with
the, Bill
out
of Com¬
even
continues
by
on
Steel
company
is
case,
of
•
generating
within
negative
the
attitudes
business sphere and
directly
affecting
financial
is
nation's
markets.
the
This,
in
circuitous
a
manner,
little closer to the
a
us
qualities.
stocks
and
ments
in
While
of
the
other
have
face
markets
equity
continued
the
to
the
news,
suffer
markets
tax-exempt bonds have
but
little
shaken
the
this
week
President
for
invest¬
for
though
on
been
even
May
8
asked
Congress again to give him
standby authority to cut income
taxes
as
reports
it
could
be
inferred
that
our
and
all
types
net return available
bonds.
Although
prices for state and mu¬
bonds are unwelcome to
investors,
there
for
compelling,
are
...
even
economy.
With
is
but
further
market
.
issues
when
big
dealer
that
many
move
more
.
of
the
slowly
relatively priced. Easy
credit facilities have made it
prac¬
ticable and advisable for dealers
to carry qriore bonds and to
peddle
them
rather
Business
The
.more
than
issue
nearly
schedule.
kick
them
out.
Immediately Ahead
new
Rate
State
31/4 %
♦Pennsylvania (State)
______
3%%
Delaware
(State)
2 90%
Housing Auth., (MY, N.Y.)__ 3M>%
Los Angeles, Calif
3%%
New
Baltimore, Md.
Cincinnati, Ohio (U. T.)___^
Philadelphia, Pa.
♦Chicago, 111.
York, N; Y
-
.
.
Last
calendar
reflects
week
a
the
now
normal
volume
(1964-1993) bonds to the syndicate
headed by the First National City
Bank
at
a
net
interest
cost
of
3.018%. The runner-up bid, desig¬
nating
a
net " interest
cost
of
Maturity
1982
Bid
3.30%
Asked
3.15%
1981-1982
3.15%
1981-1982
3.00%
2.85%
1981-1982
3.00%
2.85%
1974-1975
2.85%
2.70%
1981-1982
3.00%
2.85%
1981-1982
1981-1982
3.00%
3.00%
2.85%
3.30%
3.15%
31/4%
1981
3.00%
2.85%
1981
3.15%
3.00%
3V2%
1981
3.30%
3.15%
3V4%
3-% •
1981
3.25%
3.10%
1980
3.10%
3.05%
:
2.965%
and
about
1990-1993
out
offered
of
account.
maturities
tenth of 1%
.I^aukauna, Wis.
Madison, Wis.
bore
and
coupon
The
a
' "
;
;
,
Griffin
one-
were
of
re-
to
I
-
Spalding
Education,
County,
The
of
First
Carolina, Charlotte, bidding alone.
Their
bid
2.6788%
runner-up
bid
a
2.6881% net interest cost
was
made
cost.
by
the
Trust Co.
reoffered
1965
to
The
Wachovia
group.
to
a
The bonds
yield from
2.40%
Bank
in
1971
with
the
maturing
1972-1981
sold
pre-sale. Press time - balance '-is
$1,000,000.
-;x^
Tuesday's final sale of note in¬
$2,000,000 Mobile County,
Hospital Board (1965-1992)
which
were
bought by the
Pierce,' Fenner &
.
Lynch,
•
^Continued
on
page
1:00 p.m.
1933-1082
10:00
a.m.
1,750,000
1963-1982
9:00
a.m.
1,250,000
3,000,000
1984-2001
10:00
a.m.
1965-1982
8:00 p.m.
13.270,000
1967-2002
'11:00 a.m,
3,440,000
1968-1980
11:00
a.m.
1.900.,000
4,500,000
•
1963^1992
2:00 p.m.
1963-1982
Noo
1971-1982
10:00
a.m.
1964-1987
*10:00
a.m.
8:00
p.m.
1
-
54,500,000
Paul-Maplewood Indep.
'
1,000,000
1965-1990
2,500,000
1952-1982
10:00 a.m.
2,930,000
196.3-1987
7:00 p.m.
County
...
/
■
MaineState
.
^
15
"
'
:
.
"
May 24 (Thursday)
Teachers
College
(Augusta)
Salt
RiverX Project
2,600,000
1965-1992
1^0,000,000
1965-1994
2,100,000
1965-1999
11:00
a.m
11:00
a.m
Agricultural
•
Improvement & Power D., Ariz.
University of Illinois—
May 25 (Friday)
volved
bonds
7:30 p.m.
1933-1980
2,000,000
(State of)__
Water
;'
in
bonds
Ala.,
'
2:00 p.m.
1963-1982
Easley - Central
District, S. C
Warren, Conscl. Sch. Dist., Mich.__
Pierce
iv
19F3-1982
&
were
1.85%
St.
Sch. Dist. No. 622, Minn
net
interest
of
figured
York
North
a.m.
10,000,000
:
Mississippi (State of)
New Orleans, La
North
1C:30
Board
Ga
New
to
1962-1966
May 23 (Wednesday)
%
(1965-1981). bonds
Bank
11:00 a.m.
6,700,000
Henrico County, Va.__
National
8:00 p.m.
1962-1990
2.000.000
.1
yield 4.40%.
Forsyth County (WinstonSalem), N. C. sold $4,000,000 serial
;
\
winning syndicate
a.m.
8:00 p.m.
1963-1981
.
$6,750,00t) of the bonds
sold
were
availability.
11:00
May 22 (Tuesday)
County Indsp. SD, Texas
1,500,000
County, Fla
9,000.030
Denver, Colo. "(City & County), 1,170,090
Hudson, North Hudson, Troy, St.
r VJoseph
& Somerset Joint Sch.1,250.000
.Dist. No. 1, Wis
Indianapolis School City, Ind
1.000,000
Dade
Torrance Unified Sch. Dist., Calif.
Sayings Bank, Lehman Bros., Univ. of
Minnesota, Regents of
First National Bank in
Dallas, and ...(Minneapolis, Minn.)
Dominicic & DominiCk. The bonds,.
Washoe Coamty, County S. D., Nev;
were
reoffered
to
yield ,from
Wayne County, Michii1,85%. in 1964 to 3,30% in 1989 West New York, N.
Merrill
apparent
Noon
1963-1987
1963-1988
Calhoun
and
Union
3V2%
IVlay 9, 1962 Index:
1963-1982
.
members of the
the
normal
lesser
even
.-
day, however, several issues of
>
May 21 (Monday)
importance came up tor sale. The
,Atlant
Ga
1,900.000
Washington
Suburban
Sanitary
'
t
()__________95,000,000
District, Maryland, awarded $15,Lower Merion Sch. Dist., Pa
3,800,000
000,000 sewer and water .supply
Trust Co., Bankers Trust Co., The
Northern Trust Co., Harris Trust
...
*No
•
:r
throughout the country aggres¬
sively interested in purchasing the
larger general market issues, it
(State)
3%%
•Connecticut (State)
3%%
New Jersey
Highway Auth., Gtd.. 3%
New
to
^include Chemical'Bank New York
.
York
<
banks
California
New
yield from 1.6*0%
balance of $1,000*000
gains, not the least of' which is
-3.028%,.was made by Phelps, Fenn
the struggling state of our
politico- & Co. and associates. Other major
MARKET ON REPRESENTATIVE
SERIAL ISSUES
o
1 :Q0 p.m.
•
Birmingham Southern College,
.
;
Birmingham,. Ala?—
1,487,000 ' 1964-2001'.'110:30 a.m.
3.20%, a
re*
Kettering City Sch. Dist., Ohio_i_ >>2,550,000 * 1963-1986
Noon
mains in account.
; Metropolitan Seattle, Wash.
16,000,000 ;- 1964-2000
11:00 a m.
Richifeld, Minn.
2,500,000 ; 1965-1984
3:00 p.m.
Friday, May 4 and Monday of
this
week
were
devoid
of any Sapramento Mun. Utility D., Calif, 10,000,000-1966-1982 11:00 a.m.
1,125,000
1963-1977
Noon •interesting new issues. On Tues- 'Utica, N. Y.__
to
.
tax-exempt
nicipal
an
emergency measure
should economic recession
appear
to be in the
making. From
•
a
variously satis¬
seem
with the
higher
mar-
ket for state and municipal bonds
and
their
valuable
tax-exempt
,
available
investors
reasons
Tax-Exempt Market Unaffected
gets
therefore
In
terms
of
today's financial
factors, however, the bullish trend
in tax-exempt bonds
may not be
easily upset by this symptom. In
generality, an abundance of credit
fied
exemplified
the
is
psychologically.
.
mittee. This type of intense politi¬
cal action, weeks ago
•
and
factor
1963-1982
and Hannaford & Talbot. Re-
offered
t,
and
IHughes has criticized them in im¬
cal
significance
and
Inc.
University of Washington.^.
■
-
3,000,000
1933-1992
1:30 p.m
1963-1987
9:30
May 28 (Monday.)
Santa'Barbara High Sch^ Calif.
Vanclerbilt Univ., Nashville, Tenn.
3,400,000
3,775,000
'*
1965-2002.
a.m
10:00 a.m
Volume
195
Number
!
6158
\
The Commercial and Financial Chronicle
:
.
Production
Steel
Electric
The State of
■
Retail
Aufo
here. from
Production
Index
•
..
mill to mill. Here is how
one ma-!
reach 147,521, Ward's estimated, a
jor mill sees it, admittedly a more decline of
3.9% from the year's
optimistic viewpoint than most,
peak
session
last
week, which
For this mill, the market botyielded
153,436
new
cars,
but
tomed out last week. Until then,
18,.5 % above 124,454 cars turned
the point of leveling had been out in the
corresponding session
in doubt. This mill says its order of a
year ago.
flow has shown progressive imThis week's decline is attributed
U. S.,
sheets and bars
Trade
Price
Business
higher priced steel mill
are being imported into
Steel reports. Stainless
products
the
-
.
Food
TRADE and INDUSTRY:
•' More
.
1>
Output
Carloadings
(2211)' 7
being shipped
in increasing
are
Japan
quantities. Alloy bars are making
their appearance. Imports of galvanized
sheets
are
expanding
fairly;.rapidly: - v |v-v; provement. Individual--days last
Biggest import items-continue week were within shooting disto be wire products (this foreign tance of the
consumption rate of
steel
is
priced on the average, users.-*
1 —._
around* $30 v a
ton below U.* S. '
Indications now. are that May
Failures
Commodity Price Index
to
"
Steel Production Data for the Week
Inventory accumulation has played
smaller role
a
in the
rise
in
Ended
5, 1962, Show* 7%
Decline Against Previous Week
eco¬
nomic activity since the low point
reached
over
previous
a
than
ago
year
in
May
steel); reinforcing bars (the price
difference
is
$15 to $30); and
heavy structural shapes (the difference, at least $20 a ton)*
J
While the Japanese, West Ger-
*
the the American Iron and Steel In¬
Federal Reserve Bank of Chicago
stitute, production for the week
noted in the May issue of Business- ended
May 5,. 1962- was 1,820,000
Conditions.
J/J-!
' V
tons (*97.7%), as against 1,957,About $11 billion, or less than- 000 tons
(**105.0%), in the week
one-fourth, of the rise in total; ended April 28.
*
spending on goods and services
Production
this
year
through
between the first quarter of 1961
May 5 amounted to
41,522,000
and the first quarter of 1962 was tons
:(*123.8%), or 43.2% above
recovery
periods,,
-
.
•
and. Belgians continue to be
the major competitors, the Australians,
Souths, Africans,'1
and
Italians are stepping up efforts.
•'
to
switch
a
from
in¬
Districts
lier postwar: upswings,, inventoried
had accounted for
one-third or
of
activity.
With
steel
in
first-yearrise
the
-.
a
line,
creased
of
less
strike,
end
the
bank
.
noted.
At
v
corresponding month
sates of
these firms in .March were 19%
higher than a year earlier. As a
result, the y inventories of these
firms
equal
were
to
only
sale
a
two
earlier.
year
stable
growth in
according to
the
-
;
Reserve
Nevertheless,, past
zine
trends
rise in
substantial
Retail
price
at
inflation.
in. the
sales
were
•
first
record
a
period
same
a
What's
second
tons
roughly the
two preceding
for
same
stage
when
the
introduced.
(3)
Service
dating
a
year
models
■
Preliminary
telegraphic
chief
cities
cate
that
of
which
the
May
the
it
is
5,
last
for the
States
stand
at
in
1961.
mary
(3)
all
same
Our 'comparative
some
of
from
as
May 5-
the
1962
Philadelphia
.v
City
week
'Estimated,
to vary more
are
steel prices tend
than domestic prices,
imported
When the market eases,
steel
declines.
The
order
by the end of last week
until
1,157,000
908,044
said .that
car
corresponding week in
decrease of 65,794 cars
10.2% below the corresponding
or
than
week
a
in
There
1960.
were
loaded with
cars
reported
more
revenue
13,267
one
or
highway trailers or highway con¬
tainers (piggyback) in the week
ended April 21, 1962 (which were
,
the first week of August last year,
:_WWs
the
1961, but
that
-
included
assembly
in.
that
week's
varies from
This is
NEW
not an
1SSFE
.
totaled
~
Factory
output
this
week
204,619
cars
Continued
will
for
on
offer of these securities for sale. The offer is made only by the Prospectus.
.
!
44
J','
'
v
Dated
first
it
,
)
44
V
''
■;
J
.
May 8, 1962
4
the
as
peak.packing
5.0
4 10.8
J
Due May 1, 1977
May 1, 1962 ; '
Interest
'
•
pavable Mav 1 and November 1
r
-
:
-
the
Corp4will
at
a
high
inventory
Structural
step
up
they move
Copies of the Prospectus
announcement
season.
fabricators
the
and
accelerates
Decline
be obtained in
undersigned}
as may
any
State in which this
only such of the underwriters, including
lawfully offer theje .securities in such State.
seasonally'.
Until
Ill-4''/
Kidder, Peabody & Co.
August
.
The Dominion Securities
Blyth & Co., Inc.
Goldman, Sachs & Co.
Harriman Ripley & Co.
Incorporated
for
less than the
1,850,000
that
the magazine estimates'
poured last week, the fifth:
are
Lazard Freres & Co.
1
•
Merrill
t
Lynch, Pierce, Fenner & Smith
Incorporated
Smith, Barney & Co.
V
White, Weld & Co.
Incorporated
Paribas
Corporation
.at their lowest
in eight years. Steel's scrap;
price 'composite' is at $28.33
a
gross toil; down $2 from, the pre¬
vious week.
Corporation
ingot production this
level
-
may
is circulatedfrom
builders will increase orders
Scrap prices
7:8
+
V
$25,000,000
was
of
- 4:<.
•
'V
over-all
total). Thi^.'was an increase of
to rise above
1,744 carsf,or' I'Jj.l % above the cor¬
second-best on
responding week of 1961 and 2,921
record for the month, and possibly
cars
or
28.2 %
above
the
1960
the peak month of 1962 model
week. '
making. April output, of 616,945
J,
Cumulative piggyback loadings
units, similarly was the secondfor
the
first
16
weeks
of
1962
best for that month, exceeded only
.in 1955.
.•
-
pattern
will
week-to-week decline.
8.8
515,676 —19.9
crease
sixty - one model
not concluded until
was
preceding
fall.
releases
week to be
1961-
'* *1,477,455 4-
4-,.
Nineteen
the
The loadings represented an in¬
of
33,155
cars
or
6.1%
4
Re¬
above
more
increase of 8,041 cars
above
*
of
announced.
week.
•
■
..
agency said
an
1.4%
or
will
was
28
Association
Railroads
Price 97.50% and accrued interest
'Canmakers
Look
sum¬
$17,846,789
-
steel
imported
down.- Imported
-
looks for production
to
through June, bottom out :
in July, rise slightly in August,
then gain. upward- momentum in !
September.
tons
*1,215,000
412,917
to steel service centers,
of
liqui¬
they
Steel
principal
1.006,140
Boston
Kansas
go
Prices
the
decline
•(000s omitted )-
York.,. $19,424,043
Chicago*—
1,593,141
months
building cars
postponing
work
were
New
.
three
Production
money centers follows:
Week End.
statistical
to -obtain
$33,751,579,828. .against
for
(2)
into
preliminary totals
$31,398,238,174 for the.
are
while
their plate
corresponding week
Our
year.
This
April
the
in
totaled
^ordersfor ' in May is slated
;*thlat; normally April and also be
~-J
*.
centers
quarter' than-
adjustments
1
-weekly figures will be 7.5% above
those
in
is falling
entirely un¬
General Motors
continue
road
possible
instances, some exdropped to get business•
10%. Reasons:
rate
week V ended
United
American
pas-
Automotive
ended
cars,
■
freight
.
(1)
,
the
from
first
the
than
figures
from
data
of
week
577,534
revenue
(25 million tons vs. 30.6 mil¬
lion), shipments won't drop more
the .country,, indi¬
for
Saturday,
cities
of
advices
this
year
Week
compiled by the Chronicle, based
on
the
overtake the industry's 1961 model
run
of 5,408,500
before the end
making
isolated
are
would
Even if ingot production is 18%
>
increase compared! with
ago.
of 1962 model
in U. S. plants
of
including
inventories that
accumulated
during
the
quarter. "
!'
!! ' '
B.ank- clear ings- this week will
an
Loading
6.1%
Week's Volume
19 million
tons
big
in
show
cars
1961
Increase
Fifteen Year 5V4% Bonds
-
No¬
'% - 4; <4/
1961
Above
Expected to Equal All of 1961
senger
/;
Carloadings
long ago!
they melted
Clearings Increase 7.5%
Above
area.
Mills -are n&king
J
second
J
'J;J..
4.,;J
j'
Auto Output by End of This May
steel .labor
normal trade
small "* torinages'
'
week.
June
well into the third quarter,
Production
1
.
Government of New Zealand
lower
Bank
the
any case,
the possibility is strong that inventory liquidation will continue
.
cut
15,369,000,000 kwh., ac¬
the
Edison
Electric \
Output was 315,000,000
during the first quarter,
V
Mills are supplying part of
the
market's
requirements
by.
processing semifinished steel that
boosted
last
1962
their
(2)
units, the
since
of. the
likely,
.
"
"
have
energy
to
Institute.
economic, outlook:
.•
vember
,
at
cording
tection
recoveries,
,;by a rise in deliveries of new cars
to
a
seasonally adjusted annual
performance
the
.
More
total.
J
(1) - Users areJtrying- to digest
part of. the inventory surplus that
they accumulated for strike pro¬
in¬
consumer spending had risen
more than income, the bank noted.
-rate of about 6.9 million
to
are
.
electric
earlier
with
were
that
reasons
related
-total;
March retail sales
17.3 million
.
mated
4,880,000 cars of 1962 model vintage will have been completed,
equal* to 90% of the 1961 model
tras
like period a year ago).
Steel said production
rate
is
metalworking
symptoms of
market:
they predict that
shipments of fin¬
more,
quarter
(vs.
steel
settlement
In
t.' •'
-;
expect
ished
steel
products,
imports, will be about
income. How¬
at
analysts
,
these
notes
■
freight: equalizing on orders out-
*
"
,
annual
line
in personal
creases
•were
4
consumption to be 7 to
higher than that of the first
quarter.
;
quar¬
year
about "'in
was
best
1959.
-
average
10%
of over $228 billion.
This repre¬
sented' ah increase of 6.5% from
the
on
quarter
upturn. Successive, an•nualgaihs in spending, approach¬
ing 10%, probably-would reflect
ever,
based
.
national
f
♦
contract, this had been the strongest product.
;
.jJ
Mills are studying orders carefully
before ' they
turn
down
9717
reported this week.
Market
business
-
_______y,_ 105;.
production
soft
the
is -rising even though steel VptfOr
duction is dropping/Steel maga¬
the first 12 months of the current
the
of
level
25% decline
win be down. But in
May, -Ward's
prices of cold-rolled sheets. Until .ports predicted.
Steel + consumption,
the
true
barpmeter of the iridustryjf H^altti,
that any future
sales will be less rapid than
increase achieved during
and
a
Rising Steel Consumption 4
produc¬
suggest
total
Index
the
<[. Steel * .warehouses-
side
the 10%
ter
Western
,
The-
weekly
101
_________
weekly production for J 957
invfehtory picture
prospects
for J con¬
strengthens
Bank.
-
118 'J
Total'
4
This favorable
-
99
1
107
4
indication
4
sales,f compared with 2.2 CoincidesWith Production Drop
months'
tion,
90 1
112
*
'
tinued
93
__
in'the
months'
no
higher than anticipated. This
rough selling well into the
third quarter at best. - !
•
Southern.i_J__i_J^ 107
•
*
*1"
;The market has touched bottom
andHis finding solid ground. But
there's
rate.
reported raj;e
,
•
a
•
of
kwh. less than that of the previous
inventory will have been liqui-. week's total of 15,054,000,000 kwh.
dated in the second quarter—if and 1,163,000,000 kwh., or 8.2%
June
shipments continue at the above that of the comparable 1961
means
Chicago ____x.__.J_
Cincinnati :
J__
-
v
year' £tg;o.; However*
in
•
Age
.
any
St. Louis
,
the
March, inventories of all
durable goods manufacturers were
only $2.1 billion, or 17%, higher
a*
Ijon
—
„
of
than
q
74'
;
!
i
Cleveland
Detroit
prolonged
a
ivr
'
Pittsburgh J_J_;_Youngstown
a
mediately preceding
'
,
Buffalo
than in the
:period im¬
1959,
5,
March.,*
amount
by the electric light
and power industry for the week
ended Saturday, May 5, was esti¬
continued to add to user inven*onesi only
500,000 tons of
4-
,
^
Mayo, ISfiS
East Coasts93
♦
North
■
the
mpch
half
first
.
' j!;?..:-
.
Week Ended
■
;4'44>.4/
.•
being reached far
midyear dead¬
steel, inventories were in¬
44
'
,,
-Alb the
signs of a prolonged
period of tough competitive selling are present in the steel mar-
.
'4
in the
settlement
May
* /
* Index of Ingot
i
,
...
:
Production for
in
industry
of
-
*
j
4y
wage
ended
week
1962, as.follows:
,
advance
for
J
The
distributed
considering that the April rate
Competition for Steel Sales
period through May 6,1961.
The Institute
concludes; with
index
of
Ingot: Production
by
■
pi ore
"
figures out to about
Electric Output 8.2% Higher
Than in 1961 Week
v
p^oached- eight million tons. This
since
*4
Iron Age Predicts Keen
.
the
ventory liquidation, at a $4 billion
annpal rate, to accumulation at
a rate of about $7 billion. In ear¬
Co., which last week had 11
eight
plants,
respectively,
assigned Saturday sessions.
and
shipments will total about six milliori tons.
\
' ,y
:'*• /■ :
/ April
shipments
were
about
seven million tons and in March,
the peak month, shipments ap-
mans,
•
attributable
tor
.
According; to data compiled by
changes in overtime operations
by General Motors and Ford Mo¬
Hallgarten & Co.
Ladenburg, Thalmann & Co.
Swiss American Corporation
an
page
in-
22
The Commercial and Financial Chronicle
Forbes Glass Co.
Aerological Research Inc.—Memo¬
Col,
Weld &
York
New York 5, N. Y.
Cyanamid
American
1
New
York 5,
Plaza,
Manhattan
Chase
Co.,
N. Y.
compari¬
son
of 20 leading banks stocks
outside New Y6rk-—•Laird, Bissell
&
Meeds,
1201 Broadway, New
Bank Stocks— Earnings
York 5,
International
Canadian Balance of
Payments — Study—Greenshields
Inc., 507 Place d'Armes, Montreal,
Que., Canada.
Canadian Oil
Review
—
—
With
particular reference to Union Oil
of Canada—Ross, Knowles & Co.,
West
Street,
Adelaide
25
Toronto, Ont., Canada.
Stocks
Conservative
list
—
A selected
Co., 11 Marietta
&
Courts
—
Street, N. W., Atlanta 1, Ga. Also
available
is
memorandum
a
on
Minnesota Power A Light.
Equipment Stocks—Review
Farm
—Hemphill, Noyes & Co., 8 Han¬
over
Street,
with
5, N. Y.
York
New
Also available is
TFX
review of the
a
(Tactical Fighter) Program
particular
reference
to
Boeing and Grumman.
—Comparison
and
analysis
of
leading companies—Laird, Bissell
&
Meeds,
120
Broadway, New
York 5, N. Y.
Stocks—Attractive
Insurance
particular reference to Con¬
available
Also
Y.
Dover
Corp.,
Pacific
Heller
Co.
Tea
Co.
A
of
Walter
Japanese
a
showing
listed
the
Folder
compari¬
industrial
Dow-Jones
the
in
used
stocks
—
up-to-date
an
between
son
and the 35 over-thecounter industrial stocks used in
the
National
Quotation
Bureau
Averages
Riegel Paper.
American Photocopy
Report
—
—
Colby & Co., Inc., 85 State Street,
Boston 9, Mass. Also available are
data on Breeze Corp., Genung's
and Timkin Roller Bearing.
Inc.,
Report—Public Relations
American
Viscose
Corporation, Philadelphia 3, Pa.
Department,
.
Thursday, May 10, 1962
with
fornia
Utility
Stocks
Electric
—
Co.,
Power
Hart¬
ford Electric Light Co., and Union
Electric
F. Rothschild
Co.—L.
N.
York 5,
Y.
Hentz
Bulletin
Reform
•—
Co., 72 Wall Street,
5, N. Y. •
Transportation—Sur¬
for
Oils
Christiana
—
211
Co.,
&
Street, Philadelphia
Broad
South
Analysis
—
Sunstein
Qerstley,
Mackay & Co., 524
Street, Reading, Pa.
Bulletin
—
Washington
Japanese
Savings
Securities
Co.
—
Bul¬
with
reference to Fi¬
nancial Federation, First Charter
particular
Financial and California Financial
—Shields
&
Reviewv—
—
New
is
Co., Ltd.,
York 6, N.
61
Y.
review of the
a
Department
Store
Brothers
New
&
60 Wall St.,
Hutzler,
York 5, N.
*
Y.
*
Memorandum
& Co.,
Walston
—
—
N. Y.
Continental Investment— Memo¬
randum
& Co.,
J. C. Bradford
—
Union
414
Transport.
Terminal
-
f
Controls Co. of America—Mefriorandum—A.
C.
Allyn & Co., 122
3,
Market
Yamaichi
Securities
—
Review
Co.
of
—
New
111.
—H.
New
B. Crandall Co.,
York
dum
Report
79 Wall St.,
5, N. Y.
»
Co., 52 Wall Street, New York
stock
Co.
A
—
Review—Fahne-
Co., 65 Broadway, New
6, N. Y. Also available is a
York
Department
Interstate
of
Drackett
R.
Company
Dickson
S.
chovia
Bank
Analysis
—
&
—
Wa¬
Charlotte
Co.,
Building,
Vandenbroeck, Lieber
—
&
125 Maiden Lane, New
York 38, N. Y. Also available are
reviews of Lance, Inc., and Vanity
Corp.— Analysis—Hill
Electrolux
& Co., Inc., 621 South
Street, Los Angeles
14,
''
*
Co.—Analysis
—Hornblower & Weeks, 1 Chase
Manhattan
Plaza, New York 5,
1
''\3
•*'
-
'.
'
Bulletin
—
Seaboard
C.
D.
Life
Insurance
America
—
Taggart
& Co^Hnc.,
Analysis
Co.
of
Charles A.
—
1516 Locust
Philadelphia 2, Pa.
Street,
\
Accident Insur¬
Memorandum
Janney,
Inc., 1401
Walnut Street, Philadelphia 2, Ra.
ance
—
—
Battles & E. W. Clark,
KDI
Corp.—Analysis—R. A. Hol-
man
Seatrain Lines
Coburn
&
Memorandum—
—
Middlebrook
Co., Inc., 54 Wall Street,
5, N. Y. Also available
study of Bradford Industries.
is
Co.,
Analysis—Free-
•—
& Co., 350 Washington Street,
Boston
35, Mass.
Y.
Corp. — Analysis
—Glore, Forgan & Co., 45 Wall
Street, New York 5, N. Y.
Texas Industries—-MemorandumFirst
Th'okol—Memorandum—Edwards?.
Analysis—Street
—
4, N. Y.
Tom
—^
& Co., 30 Broad
Street, New York 4; N. Y.v
Schweickart & Co., 29
York
New
D
National
Credit
Bureau
—
sonville 2,
Fla.
federal
current
original
available
issue
'
.
;
Booklet*
-—
giving
state
stock
and
and; transfer
tax
rates
I paper
Oxford
on
Mohasco
Industries,
—Abraham & Co.,
Steel
Bulletin
—
—•
York
New
6, N. Y.
survey
a
Joins Proctor,
Utilities and Puritan Fashions.
NAC
Charge
Plan
A
Corp. — Analysis —
Newhauser & Barrett,
Inc., Investment Building, Wash¬
BOSTON,
rick
ington 5, D. C.
fice
Corp.
Distillers
A
Montgomery
Francisco 6, Calif.
Chemical
Street,
H.
My-
joined
the
staff
of
Proctor, Cook & Co., 10 Post Of¬
Square, members of the New
in
been
San
in
Boston
and
for
many
Ex¬
who
investment
the
Boston
Stock
Myrick
Mr.
changes.
Analysis—Dean Witter &
—
45
Mass.—Leroy
has
York
National
Cook
(.Special to The Financial Chronicle)
Northern
Bell amah,
has
business
years,
was
formerly with Schirmer, Atherton
&
Norwood-Young America, Minn.—
Co.
Independent School District Bonds
Brothers
&
Co.,
Avenue,
1009-15
With Eastman Dillon
City
Kansas
(Special to The Financial Chronicle)
5, Mo.
BOSTON, Mass.—David Sheets is
Edison
Ohio
Co.—Annual
Report
I'
now
the
tive
■'
•
which
area
Pacific
—
Union
Wells,
Co.,
&
He
Street.
22
was
formerly with Schirmer, Atherton
attrac¬
appear
Northwest
Securities
Battery march
#
Pacific Northwest—Selected-issues
in
connected wtih Eastman Dil¬
lon,
Edison
—
Building,
Corp.
Jacques Coe & Co., 39 Broadway,
5, N. Y. Also available
of Montana Dakota
York
S.
U.
Inc.—Survey
120 Broadway,
Co., L. I.
Secretary, Akron 8, Ohio.
Morrison & Mor¬
Inc., Penobscot
26, Mich.
Co.—Memo¬
(on request) ^-Registrar and
Co., 90 Church Street,
Co., and U. S. Plywood., Qorb. —.
"New York 7, N. Y.
Mobile Rentals Corp.—Analysis—
21 Brands Inc.—Bulletin—DeMott
Century Securities Co., 8421' WilAssociates, 600 Old Country Road,
shire
Boulevard,
Beverly
Hills,
Garden City, N. Y. ,<
Calif.
comments
m
Memorandum
Peanut
Transfer Taxes
a
tja —Broadway,
6, N. Y. Also
Huston
randum—Johnson, Lane, Space &
Co., Inc., 16 Laura Street, Jack¬
dum—Andresen
—
Hanley, 100 No. Franklin Street,
Hempstead, N. Y.
McDonnell Aircraft— Memoran¬
McDonnell. Aircraft
Southwest
Co.j Mercantile
Building, Dallas 1, Tex.
Bank
Co., Inc., 30 Broad Street, New
York
Crane Packaging Inc.—An¬
Susan
alysis^—Parke*, Ford & Co., Inc.,
Vaughn Building, Dallas 1,1 Texas.
&
&
Co.—Report—Dreyfus &
Broadway, New York 4,
2
Stewart-Warner
Togs, Sprague Electric and State
Street Investment.;
Korfund, Inc.
-■
„
—
Simmons
N.
Kilbanon Corp.
Corp.
Analysis—Eastman
Dillon, Union Securities &
Co., 15 Broad Street, New York
5, N. Y."
&
a
~
Conn.
York
New
—Ohio
Y.
& Co.
Com¬
Pacific 7 Building,
Seattle 24, Wash.
>
United
pany,
POSITION WANTED
Reg.
tion
Rep
as
(NASD)
posi¬
seeks
assistant to top Security
Diversified
Radio
ground prior to entry
into Se¬
curities Business. Scientific and
Technical
Article
Magazines
and
Studied
N.
at
nance.—Best
M51C.
nancial
The
Writer
News
Inst,
Y.
Synds.;
of
References.
Commercial
Chronicle,
Place, NeW York
25
for
Fi¬
Box
A
Fi¬
Park
7, N. Y.
<
EXPERIENCED
&
Co., 25 Broad Street'.
York 4, N. Y.'Also available
reviews
are
America—Review.
Corp. of
—Hirsch
tories
and
Abbott
of
TRADER
AVAILABLE
Labora¬
Kodak.
Eastman
back¬
Analyst.
'■
\
~
Freehling,
—
New
Teletype NY 1-376; 377; 378
' Washington 6,
^^
dum—Brooke, Sheridan, Bogan &
Co., Inc., 2 Penn Center Plaza,
Philadelphia 2, Pa.
Baltimore
El Paso Natural Gas
Transmission, Production
Trinity Place, New York 6, N. Y.
:
V'v'*■ f ■''; ^
Scope, Inc.—Memorandum—Jones,
Kreeger & Co., Cafritz Building,
Pulp A Paper—Memoran¬
—Stern
'
Detroit
IIAnover 2-2400
—
Street, Chicago 4, 111. Also avail¬
able is a memorandum on Piper
Aircraft.
Railroad
Savings A JLoan Industry—Anal¬
ysis — F. S. Moseley & Co., 50
Congress Street, Boston 2, Mass.
Sincere & Co., 208 South La Salle
Co.,
MillsT
rison,
74
Memorandum
—
Co.,
Manufactur¬
A
Pacific
Company. '^;
Avenue, New York 22, N. Y.
llallicrafters
"Ro-
Inc., 300
Co.,
Inc.,
First
Members New York Security Dealers Association
&
Missouri
Acceptance
C,
Pont of Canada Limited—Re¬
Co.,
N;
Truster, Singer & Co.
Evans
—
Inc.,
Calif.
& Distribution
randum
is
Spring
(b) Natural Gas Companies
Great Atlantic A Pacific—Memo-,
Merchants
and
on
Mining
data
are
Homestake
United
ers
Park
available
beco,"
Carrier Corp.
New
Richards
(a) Operating Utilities
Also
Co.,
&
Fair
U
Royal Dutch Petroleum Co.—Data
—Oppenheimer, Neu & Co., 120
Broadway, New York 5, N. Y.
Borg-
on
Coal
of
Transfer
5, N. Y.
view
brokers and financial institutions
data
are
Consolidation
Warner,
are
Courtaulds —Bulletin—Georgeson
&
Du
Trading1 Markets in—
memoran¬
a
Mary Carter Paint.
oh
2, N.
For banks,
available is
Also
Stores.
—
available
Also
Mon¬
Corp.
Associates,
of
Shearson, Hammill & Co., 14 Wall
Street, New York 5, N. Y. Also
available are reports on Pittston
Co., Radio Corp. of America, Ruso
Producing
Gas
States
Coastal
review
*
Co.
Analysis — Paine,
Webber, Jackson .A—Curtis,
25
Broad Street, New York 5, N. Y.
—
Broadway, New York 5, N. Y.
5, N. Y.
Market—Review—Salomon
Adelphi Electronics Inc.
Japanese
Street,
Insurance
Radio
Boeing Co., and Creole Petroleum.
King's Department Stores—Data—
Deere
Stock
In¬
dustry.
Wall
44
Co.,
American
York
Chemical,
America,Electronic
letin—Laird, Bissell & Meeds, 120
South La Salle Street, Chicago
Stocks—Survey
Loan
A
Great
vjnan
7, Pa.
Christiana
and
—
Co., Inc., 20 Broad
Street, New York 5, N. Y.
General
Corp.,
.
Electronics,
A
SeJ-Rex
4, N. Y.
Industry
chure—Blair &
New
FMC
oh
Telephone
santo
Interstate Life A
of the rails—Thomson & McKinnon, 2 Broadway, New York
Rubber
reports
Analytical Bro¬
—
Building Products Limited—Anal¬
Street,
Nashville
3,
Tenn. Also available are memaranda on Life Insurance
stocks
vey
Corp.
&
Incorpo¬
rated, 49 Pearl Street, Hartford 3,
&
New York
Company—Analysis—Rey¬
Co., 120 Broadway, New
York 5, N. Y. Also available are
nolds
MeyerhOff & Co.,
120 South La Salle Street, Chicago
3, 111.
Co.,
&
Pershing
—
Inc., 74 Wall Street, New York 5,
Railroad Highlights—H.
&
Ritter
120
Broadway, New York 5, N. Y.
randum
23-
Review
particular reference to Cali¬
Public
Franklin
International Silver Co
Baldwin - Lima -Hamilton —Memo,-;,
Memo¬
—
Raffensperger, Hughes
Co., Inc., 20 North Meridian
Street, Indianapolis 4, Indiana. ;
—
&
Hudson
Corporation-
Viscose
and
Comparative Figures—G. A. Saxton & Co., Inc., 52 Wall Street,
New York 5, N. Y.
Nevv York
Market
Firm
Steel
Latrobe
ysis—Royal Securities Corp., Ltd.,
244 St. James Street, West, Mont¬
real 1, Que., Canada.
Also avail¬
year period— National Quotation
able
are
analysis of Dominion
Bureau,
Inc.,
46
Front Street,
Foundries and Steel Limited and
New York 4, N. Y.
Interprovincial Pipe Line Co.
Public Utility Common Stocks —
Averages, both as to yield
market performance over a
Daiwa Securities
Broadway, New
Securities
Broadway,
4, N. Y. Also available
bulletin on Rohr Corp.
Over-the-Counter Index
E.
selected
149
Also available
Greyhound,
lock,
Annual
York 6, N. Y.
Nomura
eral-Mogul-Bower Bearings, Gar-
is
A
and
discussions of Fed-
are
American
on
Atlantic
available
,
corporations —
Co.,
Ltd.,
149
Japanese
Insurance
Broadway,
Co.—Purcell & Co., 50
Japan—Analysis of financial state¬
ments
Insurance
States Life
Philadelphia
Street,
New York
for
data
are
Great
Life
General
Company, Travelers Insurance Co.
capital gains—A. M. Kidder & Co.,
Inc., 1 Wall Street, New York 5,
N.
—
Co., 120 Broadway, New
Casualty Insurance Stocks
Fire A
Insurance
United
Walnut
2, Pa. Also
Review
Life
with
and
Discussion
—
—Newburger & Co., 1401
and
necticut
N. Y.
Stocks—Quarterly compari¬
son
of leading banks and trust
companies of the United States—
New York Hanseatic Corporation,
120 Broadway, New York 5, N. Y.
Bank
Ltd.,
Inc., 111 Broadway, New
York 6, N. Y. Also available are
data on Chuo Kasetsu Koko Co.,
Fujita-Gumi,
Nishimatsu
Con¬
struction Co. and Sato Kogyo Co.
York,
Stocks
Inc.—Analysis—
Theatres,
mount
Laird, Bissell & Meeds, 120 Broad¬
way,
Airlines—Survey—E. F. Hutton &
Broadcasting-Para¬
American
THE FIRMS MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
THAT
INTERESTED
SEND
TO
—Memorandum—White,
20 Broad Street, New
5, N. yf.
Aeroquip
RECOMMENDATIONS
UNDERSTOOD
IS
randum
D. Gilhart & Co., Inc.,
14DBroadway, New York 6, N,. Y.
INVESTMENT LITERATURE
AND
Foster
randum—A.
DEALER-BROKER
IT
.
.
(2212)
8
Well-known from coast to coast
Radio
Corp.
in
sion
way,
the
America—Discus¬
of
current
ter"—Carreau
"Investment
Let¬
&
Co., 115 Broad¬
New York 6, N. Y. Also in
same
Standard
United
Reheis
issue
Oil
are
of
discussions
California
Fruit.
Co.,
Of
—
Analysis
York
York
New
and
position
with
Stock Exchange
New
house in
City—prefers salary
bonus arrangement.
and
Box
L
Inc.
—desires
426, Commercial &
Financial
Chronicle, 25 Park Place
—
Boenning & Co.," Alison Building,
Philadelphia 3, Pa.
v
New
York
7,
N. Y.
r
,
Volume
195
Number
6158
and Financial Chronicle
The Commercial
...
(2213)
loan associations
Savings and Loan Shares
By Dr. Ira.U. Cbbleigh, Enterprise Economist
>
A swift
':
,,y
'
.
Western
some
of
and
have
swooped > in on
during the.-past five
growth
contoured
pleasingly
Monroe,
fastest growing thrift
our
institutions,
loan
shares
market
Pro-
the
years.
as
curves
Marilyn
as
several-issues
have
re^
-
is
Schirmer, Atherton
investment
Trans-World
.
'
currently, however,
now
has
-
BOSTON, Mass.—The 75-year-old
counselling firm based in Los An-
New England investment firm of
geles,
over
Schirmer,
rarely has
„1V
and
snri
ana
hronH
moinaieu,
tutional
uiuaa
„nv
scaie
..
1M
lnsu-
If stock prices
the slaves of earning power,
are
then California S & L shares have
been jri
happy bondage. The big
questions today are (1) will Jieir
steep and steady rise in net earntags continue, and (2) will these
earnings,
after
longer
market
seasoning, command higher price
multiples? We'll endeavor to field
thA
the<?A
tn
nmwprc
forthwith
foreclosure
higher
,
buying.
rates
less) and Fedless> and Fed"
eral
proposals, which
eral tax rwrctfiMn' /+nv c«Vi nl f might
tax ProPosals> which might
wAi^AtrA:
'
remove
existing tax shelter of
earnings and call for a tax rate of
or
01'
ov
lirk
^.0
up
20.8%.
rate,
This
,
at
the
inhibit
long term growth.
*15
fh
eafpn
p
hot
.
,
.
the
Chairman
the
' like to Present for
your
.
_
current
economist,
and
Investment
Committee.
fabulous populav
'
(2)
an
incessant
home/building program, financed
by mortgages,
(3) high rate of
mortgage interest, (4) ability to
a
'
ofer
savers
-
'■
$2.46 and
was
timate
we
es-
figure of $2.75 for 1962.
a
.
.
aggressive
with
1961/2
and
Population Explosion
document the foregoing,
To
we
a
was
Price
net.
1962
expected
between
a
in
-
/Cnnn
S
-Clair W.
has
to.afm'
a
S
Ql
rr\
Fahr,
rT> tTrr>
f
WrTtT
Clair
are
a
W.
Joseph
N.
tvtatar
'
Leadership .in
L
t
at
■j
burgeoning
4020
Fal'k
Minnetonka
under
...
■
5^ °
raie
growth
N. J Y.—Grant,
Company,
Inc.,
has
u
R fT/
A1
we
b£en
has
**
.
the
a
required
4% for commercial
the
commercial banks
share
Thus, the S & L companies have
able to assemble the mer-
been
need—money, and
profitable v and- growing
so
fast,
new
converted
were
split,
has
so
been
increased
-
,
88 cents in 1960, to $1.85 per share
in 1961, on the 1,449,573 average
shares
outstanding.
Assets
in-
be
depositors'
interest
dollars
rates.
If
Cali-
fornia home building construction
were
-
to
Musekamp
a
member
contract
sharply,
then
competition
for
needed
loans
might hotten up, with a resulting
reduction - in
mortgage
interest
of
all
Forms Beasley Associates
HOUSTON,
Texas —
Beasley is conducting
business
at
5423
Co., Tutherglenn under the firm
&
from
James W.
securities
a
offices
name
members of the of Jim Beasley Associates. He
an
offer
to
sell
solicitation of
nor a
The offering is made
an
offer to buy these
only by the Prospectus.
MAY
NEW ISSUE
7,1%2
80,000 Shares
CqcL
Corporation
Acceptance
•'
■
CLASS
A
i
NON-VOTING
ri
.
'
1
COMMON
STOCK
(Par Value $1.00 Per Share)
Price $12.50
to
and
top-grade mortgage loans, at
to
the banks,
favorable
is
and
lished its third annual report. It
makes fascinating
reading. Net
bound
tion. Tbis has come,
the
H.
£arew Tower
a
outstanding
which have just raised
their interest rates, but from other
S & L companies, which also com-
was
for
G.
& with
financing.
Trans-World Financial Company
pete
It
one
competinot only from
there
Reis, Jr. Now
With G. H. Musekamp
o£ at
per
Share
Copies of the Prospectus are obtainable from the under¬
signed only in states in which the undersigned are qualified
to act as dealers in securities in which the Prospectus may be
legally distributed.
Eastern Investment Corporation
building expansion in the San
Francisco Bay area. A 5% stock
dividend policy is indicated.
put it to work on an attractive
earnings basis. In a business so
<
James
securities.
shares^JThese trade in
the Over-the-Counter Market, at
aroimd 14%, but application has
ajready been made for NYSE listing -p|le attraction of California
Financial lies in the low multiple
(around 15 times 1962 estimated
earnings
of
$1.10) - managerial
competence, and the solid home
Competition
they
active
principal security and com¬
modity exchanges of the nation.
2,538,000
the thrift business.
•
stock
common
the Savings and Loans
chandise
tion
the business. FFI
sizable
Debentures
S & L companies
substantial edge in
the
so
is
underwriting and distribu¬
of corporate and municipal
the
year
would expect a net
iowest
attracting depositors. There are no
mutual
savings banks
in Cali-
:
Co.
in the
,n
banks.
now
so
still ' have
■
Francis I. duPont &
the
This advertisement is neither
Arf
even greater
ra^e at,Financial Federation is
permissive savings account
interest is
and
Jones
to its security and
brokerage
business,
cost conscious and the foreclosure
•
loan companies in
ho«k«
interna-
Lausanne,
Southern
.
fornia,
an
in
addition
commodity
securities.
CINCINNATI, Ohio — James J.
Reis, Jr. has become associated
opened
common trades on NYSE. It has
against 12/o for range(j
1961/2, between 57 and'.
Also in 1960'
165, and sells currently at 103.
the average monthly interest on
It has been substantially bought
new-mortgages was 7 % and aver¬ by investment institutions.
age interest paid in savings was
California Financial
4V2%. That spread (2^2%) has
narrowed somewhat recently
(to
Smaller, but up and coming, is
around
2%j
with loan interest California
Financial, which con¬
now around
6.7% and interest to centrates its business ardund San
depositors currently 4%%. MaxiFrancisco. Its rapid
growth has
banks,
affiliate
less)
or
commercial
mum
Columbia. It also has
IieW\
a
($20,000
u-
least $5/25 per'Share for the full;
year.
Management % is energetic,..;
Home
x
in
^r share"so^far thi^
1960, accounted for
in
^,Yemie;\ Nf.w York City
the
direction
of
H.
J.
Wachtel.
Grant, Jones Branch
business
^
and
,
Savings and
i-
J1*? the7ddltl0S of Schirmer,
In
(Special to The Financial Chronicle)
California, through 23 ofices. Here
again, the growth rate is exciting,
with net earnings in the single
Mortgages
California,
i
aa
+u
■■
has opened a branch office at 445
formed
been
1
-
.
ROME,
Port-
Atherton offices, Francis I. duPont & Co., now operates a nationwide network of 82 offices in
30 states and the District of
tional
Walker, Wachtel & Company Inc.
Secretary.
Federation
Hanmpshire;
that of Francis I. duPont & Co.'s
A
W., under the management of
North-
office is to be consolidated with
Walker, Wachtel Branch
PunrtMrPTPl
.
*,
New
Worcester
jan(j an<j Bangor Maine. Its Boston
Boston office.
WASHINGTON, D. C.—Sandkuhl
& Company, Inc. has opened a
branch office at 1725 K. Street,
W
P- Fahr' Inc-
has
Inc.
offices
with
Chester,
has
-
offices
and
M?! Reis'i^fformSly
: :
&
♦
New Sandkuhl Branch
UiWlul
ST. LOUIS PARK, Minn.—George
P.
branch
Edmond duPont
Robert
Lustgarten.
its
office
Atherton
'
u7enUe'
w
I16, mana^eme
t
been
;
in
Boston,
Schirmer,
.
state, by the end
of this year.
Further, this population has a
very *: high i per
capita
income,
at
*"
"
duPont
Co.
was
vears^s bra"Ch °HiCe at 133 Gle" R°ad' Exchanges.
'orraerly ,with Security Planniivg
Organized only three 3^ars. Jt ls South, under the management of in the sales department of Season- Services, Inc. and Schmitt, Berry
e c01P iate shepherd
.&a
Richard D Nadeau
good & Mayer.
& Co.
ings and loan associations, doing a
,nes and loan a^iations. doing a "icnara u. JNaaeau.
gooa « mayer.
California, with a I960 census of
15.7 million, is expected to overtake
New
York as our largest
permits Californians
~
has opened a branch office at44a
(Special to The Financial Chronicle)
Another interesting holding
between 1955 and the end of 1960.
which
*
I.
Fran¬
Switzerland.
Form
high of 69.
Financial
"*** *
'
of
main
various
Gilbert Lochrie.
Should
point, out / that Calif ornia
,t
pTow.ng
is just about our fastest growing
state, gaining 20% in population
in
7,
a-securities
President*
Burgener
32
of
States
A.
Part¬
With
w+u
,
range,
low
cis
&
in
Blvd., to engage in a securities
business.
Officers are George P. Fahr,
President; M. N. Fahr Vice-Presthrift not seai" over-priced at 17 times ident and Frederick W. Thomas,
merchandising.
*
Opens N. Y. C. Branch
higher than other savings media, °n thnUlass, First Charter listed
(5) outstanding managerial com- on NYSE and now selling at 47 A,
petence in real estate develop- ?PPears attractive. A 6% dividend
ment
and
mortgage
lending, m stock is indicated
FC1 does
coupled
United
"
Treasurer.
would
the
duPont'
ners
Mr. McCully spent
with the Foreign Service
years
-
Chronicle)
Company
business
growing
share
the
vv''
and
Senior
formed with offices at 3045 Rose-
the San Francisco area where it
t>as 29 branches. It has h-en
consistently
rate
a
of
This holding company majors in
at tne rate of about 30%
annually in net. For 1961, per
of
by
du-
Pont
Board,
member
was
Rhett
-
Previously
Suffudy, ' Vide—President;
and
Douglas O Hafgfi Secretary and
First Charter Financial
The plus factors going for the
savings and loan industry in Caliare
(1)
increase,
i&peciai to i he finance
Officers
inspection.
tion
(special
(Special to The Financial
the finance
are a
few specific companies wed
••
the
Form C. W. Burgener Co.
engage
,
,
-
of
-it
Edmond
Lustgarten,yMautner & Company
Having thus ticked
salient points about S & L s there ;,crans to
_
•
Co
&
announced
after
tary and Financial Affairs Officer.
Burgener
„
Atherton
&
Co.
has
been acquired by Fancis I. duPont
a
eight years with the
Kemper Insurance
Organization,
where he served as Assistant to
com-
"
on
SAN DIEGO, Califor*ma-
'
Factors Favoring* Growth
fornia
rfhinc
as
'ttennkedM
all the
cover
N.
;
growth, gains in earnings power,
and
eager
management,
which
shares in the field have displayed.
(Often
as
couldn't
Edward
.panies; here today, " but have countries. He last assignment was
selected those which seem to be with the U. S. Embassy in Rio de
representative
of
the
unusual
representative of f" the unusual Janeiro, Brazil, as Second Secrerfl*AixriVi
-'■*
worst, would moderate earnings a
should not significantly
nuestions
.
We
possible clouds in the sky might
elected
year
Y.Tv^V-w'. 10
jnciU(je
has
Vice-President. Mr.
McCully joined First'Investment
Company, Inc. on March 1 of this
several
•
.any innttran+S" (presently 2%
(Presently 2%
attracted,
Boulevard,
4,200 stockholders in 47 states, and McCully
.
persists,
DuPont Acquires
E
early..* investors with ex- rates) are amortized and renewed pears as an animate and attractive
citing market gains. Even after a *at
the
higher current'' interest member of the S & L group. Its
king-size shake out in this group levels.
first
quarter net;, for 1962 was
(along with hundreds of other-is50 cents per share.
Modifying Factors
cwif+iv
dustrial group so swiftly
'
•
V.-i. of First Inv. Co.
Wilshire
m
-foreign
countries.
The
little evidence of any slow-down -stock was listed' on NYSE, April
in building.
;
23, where it is attracting a subFurther, the Savings and Loans stantial following. Dividend policy
are gleaning major interest gains,
is 5% in stock, and current quoi
*
1
«»«»'«* m
w-wiJ
as > older
mortgages
(at
lower tation^is 321/2.VTrans-World ap-
7
M^Pnllv
^
\
warded
sues) during the past-few months,
broad devotion to S & L stocks
NT
'
P^d this year) which-resulted
?33o,677^m income for 1961.
i.
rates. There
p
to
.
V
savings
pelled i >by
gage
appraisal of the risks and rewards presented by shares in
•
and, in addition,develop its mortpackaging business,
by a
much
does
9
This
company
earnings
creased
a
new
116%,
from
all-time
of $136,876,182, and savings
high
deposit surged ahead 27% to $102%
million. Trans-World is a holding
company
for* three savings and
on
324 Central Ave.
Manchester, N. H.
123 South
Broad
Depot Square
Barre,Vermont
Dover, N. H.
Albert Teller & Co., Inc.
has recently pub-
increased
to
45 Market St.
Lane, Lourie, Wolff & Company
SS
Street
Charles E. Thenebe & Assoc.
/
'/
.
Kilby Street
Boston, Massachusetts
Philadelphia, Penna.
S. W. Gordon Company
117-17 Newport
-36 Pearl St.
Avenue
Rockaway Park, Long Island, N. Y.
Hartford, Conn.
Brown &
Company
8 Beacon Street
Boston, Massachusetts
'
The
10
(2214)
struction and installation.
The
stantial
of
Industry
of Technical and Management
Executive Vice-President of C.F.C. Funding, Inc.,
By Richard Linde, Director
manufacturers
tend
short time and
.;
to take its
to
component
Lack
companies
some
often
companies
small
placed humeri labor as a means
taste buds and
and actuating
in the brain-and nervous
system, and muscles connected to
limbs and other organs which take
organs
production. In
addition, the
development
of
c
the
action,
s|eel,
h emic'a
pressure,
.
nature
pre¬
direct
cludes
specialize in control
system work. The fixed assets of
the
han¬
human
the
processed
of
dling
the companies which
concentrate their activity in the
construction and installation area.
pressure.
control'
materials, has
been
depend¬
ent upon the
any
;In most
range.
and
a
•
.
cases
field
systems
sentatives
unde
increasing
the; industry.
caught
with
up
taken.
•
-
-
significant
break-throughs in elec¬
tronics and -physics which have
radically - changed
•the
control
the
From
there have been many
technical
Firms'
Larger
view,
<
as quickly in
other way. Direct mail, ad¬
vertising is also used by many.
A number of design and construc¬
any
and
tion companies
reaching
Trade
to
Competitiveness
point
will
continue
business
to
.
more
can
.
■
elements
to
present in machinery and
equipment, to judge the
correctness
of
these
conditions,
tions
other
and to act to correct any
deficien¬
cies is considered* by many
to
novel—it
be
continuation
is
of
really
people
just
efforts
past
a
to
regulate the operation of mechan¬
ical equipment. The control sys¬
tems industry was founded upon
these
efforts
and
continues to
of
because
developments.
grow
these
new
*
Elements
of Control
Control,
whether
human
ox
-machine, involves three essential
activities: the sensing of the exist¬
ing conditions, comparison with
desired
the
if
mine
and
any
the
correct
Each
the
of
which
to
deter¬
change is necessary
of action to
deficiencies so as to
effecting
any
achieve
conditions
the
desired
conditions.
indivdual
perform
these
elements
functions
must be connected to the next one
In
the
chain
so
that
the
output
|rom one goes into the next.
A
be installed by a semi¬
skilled workman such as a plumber
parts,
or
can
an
electrician
without
any
the
when
case
of sound
and. components
business management
entists
trol
of
different
technical
involved
various
in
kinds
the
of
an
re¬
innate business sense, but qsuT
The
marketing
'
J
methods used
with the
within the industry vary
Size
and
panies.
ment
turers
orientation
of the com¬
Some of the larger instru¬
and
component manufac¬
have
their
own
opera¬
tions,
entirely upon it to
produce sales. The smaller com¬
panies usually rely solely upon
manufacturers' representatives.
and
depend
firms have a small sales
and sales engineering staff which
is used to contact major custom¬
Many
to assist the manufac¬
representatives who con¬
tact-the
bulk
of
the potential
ers
and
turers'
.
.
-
Technical obsolescence also pre¬
town
warehousesand/or
sents a problem to many of-these*,
system., new companies; especially instru¬ distributors placed at key: {loca¬
design, instrument and component ment and' component mahufac-r tions around the c ountry.. • -"'~-y::
fall
into
three categories:
.
than
the
Systems
Federal
which.account for
tion
of
Gov¬
the
major por¬
a
the
industry's sales.. The
industry, which was-one of"
power
earliest
users
of
control
sys¬
tems, and the. so-called "process"'
industries,
(chemical,, petroleum
metallurgical), are -estimated,
purchase at least 5.0%."of the-
and
to
industry's
non-Government
out¬
put./. The plastics, fabrication, food-
processing
dustries
machine tool in¬
important cus¬
and
also
are
tomers..
;
It is not
possible to obtain any
which would,
indicate the industry's importance
hard and fast figures
in the
ecoriomy since none of .the
industrial
standard
classifications;
industry or com¬
pletely isolate any of its elements.
However, a rough estimate of the
the
encompass
total
the
ah
contributed
value
it
by
to-
Gross National Product and
indication (of its" future growth
potential is possible; • /: ;
The
-staff
of
McGraw-Hill's:
-
Electronics
sales
the
control
of
of
magazine '/ estimated,
electronic industrial
apparatus at $171 million,'
nuclear
trols
at
and
instruments
con¬
$85 million, of electronic
testing and measuring instruments
at
$449 million and of all types,
computers
at
$964
million.
Sales in these categories for 1962:
of
projected at $189 million,,
million, $513 million and
$964 million and for 1965 at $275
million, $149 million, $638 million,
and "$1,470
million respectively.
,.
$113
Items which fall in all these cate¬
gories go into control systems.
salesforce
ally if ,a business-oriented part customers. In addition to these
ticipant • is not brought into .the, channels of distribution- many of
firm very quickly, the company
the
instrument
and
component
does not prosper long.
firms sell standard items through
con¬
several distinct types of
company activity' have been built
up within tne control systems in¬
dustry. The functions performed
engineers and sci¬
who 'have
developed- a
are
technical capability but
very
little managerial capacity.
Sometimes one of .the group has
complexity of control systems
quirements
•
strong
Because of the varying degrees
the
,
is
Methods
Marketing
situation
Very often the founders of these
,
Make-Up of the Control Systems
Industry
and
a
!
Control
were
As is usually
such
often overlooked..
companies
of
new
occurs/over-capacity results and ,
of the new firms fail. This
is especially true in this type of
endeavor, in which technical skill,
is acknowledged as a prime ne¬
cessity, but where the importance,
training and
installed
by
highly drained workmen under
careful
supervision. More often
than not unique or at least modi¬
-
many
many
ized
required.
great
sign of diminishing.
ticular process involved by engi¬
neers who have had very special¬
are
ability will be the vital fac¬
ment
.
special
supervision.
The
more
complicated systems must be
designed specifically for the par¬
instruments
■
companies
tor in success; or failure in most
have entered the industry" in re¬
persons capable
in
cent years because of the growth eases; - arid
these t areas
should be obtained
possibilities which it • seemed to
.• V
present and this trend shows little immediately.
The simple control system is of
standard
.design,v uses
standard
v
fied
Basic
ties.
the equipment.
not.
or
ernment, which is the largest cus¬
tomer, there are a few industries."
.
using non-human
measure
the condi¬
but.
a ^company,
effective.
Other
*
of
impor¬
over-done
Markets for
,
concept
for
is
this
very
_
the
of
means
extensively..
all
tnese
programs are properly
of /related to^the general marketing,
be strategy of the company, they are
easily than their smaller competi¬
tor S/beeaus^
•
this
another
are,
properly followed through. When,
react to ,, any' systems industry >&nd,: 'in-.'tfact, ■ service, and completeness of prod¬
condition which develops much
Richard I. Linde
established; it "as an important uct line. However, in cases where
faster than a human and thereby
use
of mefactor in our economy. Almost all specialized component design is
more
efficiently optimize the re¬ -the control instruments and de¬ required, some of the better small
chancial devices and equipment.
Rut machines could not be al¬ sults obtained from the equipment vices-sold
today were not in firms will still have an advantage;
under control in terms of both
lowed to act on their own free
are
equipped
existence before the war and over especially if they
yield
and
quality as well as half of them have been developed • to handle the design of complete
•will and some means of regulating
achieve safety of operation.
their behavior was necessary be¬
within about the last five years. systems. There has been a trend
Since
all
modern
for the plant design and/or con¬
production
fore
each new
type of device
Partly as
a
result of these
struction
could be used practically.
equipment requires power for its technical
companies
to
set
up
developments w'hi c h;
their own control systems groups
Starting with simple things such operation, control systems gen¬ made it
practical and partly be¬
so that they do not have to sub¬
erally perform their functions by cause of the increased
as the governor for steam engines,
pressure on
contract the control work to other'
numerous
meabs have been de¬ regulating the power or sources
profits from various forces within1
vised over the years to perform of power going into and/or com¬
specialized firms.
This trend is
the
economy,
greater Vemphasis
these
regulatory functions. Not ing out of the various pieces of has been
expected to increase in the future;.'
placed on achieving ;
only
has the
need for human equipment it controls. A system better control of industrial,
particularly with regard to design.
proc-,
will
undoubtedly
make
physical effort been reduced, but can be a relatively simple one, esses. The success of the-Fed- This
the
dependence
upon
human consisting solely of a thermostat eral
Government
programs
in things tougher for the specialized
(which performs the sensing, com¬
response for actuating the control
atomic energy, missiles, space ex¬ design companies.
elements
has
been
constantly parison and the action functions)
'In order for the smaller and
ploration. - and a host. of other
which acts to open Or close the
lessened until there now exists the
more specialized firms in all three
fields have also been greatly de¬
switch on the motor pumping fuel
areas of activity to enhance their
possibility of almost completely
pendent upon and supplied much
eliminating the need for human into the burner of a furnace. Or
chance for continued growth, they
of the impetus toward the devei-/
it can be a very complicated array
must broaden their scope by de¬
operators of equipment by :what is
opmerit Of' better Control sylteiffif.'
of thermocouples, pressure gages,
commonly called "automation."
These .factors have been largely' veloping added capabilities in the
The
term
"automation,"
was pH
meters,
gas
analyzers,
etc.
systems field either internally, by
responsible for the - very rapid".
coined to denote the great tech-, which sense values which are fed
with firms performing
growth which the industry has merging
nical advances which have been
(as electrical signals) into compm
similar or complementary func¬
experienced. This growth is ex¬
made, in the last few years, in the ter elements which evaluate the;
pected* to continue at almost the tions, or by entering another field
development of the devices which conditions indicated and actuate
requiring similar 'talent and fa¬
same rate
over at least the next
can
perform almost all the func¬ whichever of the numerous
cilities. w Technical
,competence
"five years because of the con-'
tions for which human operators switches, valves, motors] etc. are
will continue to be important, but
tinued expansion of these acttvi-''
had been thought essential. While required to adjust the operation of
marketing and -general manage¬
these, systems
image
often
marketing
use
prospects
shows
tant factor in building a market¬
ing
•
obtain
they
able
not be built up
can
these
specialists
The image of a.
technical, competence
company's
the field, have
technical
smaller
o em¬
various
of which have, at times, had
entrants into
repre¬
.
salesmen
Advertising, and promotion in
trade
publications play
an important part in the market¬
ing program of all the firms in
will - find
r
through
by
or.
ployed by the firm. { Both means
are often used in conjunction with
each other.
\«.vv
The
generally
During and since. World War II
are
their
veloped L either
*
.
gaps in their product-line as
result of technical advances by
new
?
salesmen
company
.
•
Growth of the Control Systems
Industry
long¬
through competitive bid¬
;-.V\ • s v; ;':r
/,./ /h .'../(YY
Construction, and• installation
firms bbtain, a(great portion" q£
•
'.
usually
are
some cases, represen¬
obtained
capital in the form of fixed assets will probably be able to maintain
than do "the design companies, but or better their positions as a re¬
of
the
increased
research
often considerably less than do ; sult
<
most manufacturing firms. -:
'
> activitiesj which they have under¬
-
or
ding.
some
specialize in control sys¬
works, but many, have a
broader scope of activity.
Thes.e
companies typically have a some¬
what
greater
portion of their
person¬
salesmen, -A significant por¬
of their work
is generally
own
tion
larger instrument
component
manufacturers,
•
many
Some
temperature,
'
_
themselves
tems
•
key
employed.
The
general
design
.companies which have their own
•systems groups, usually have their
sources
*
voltage, acidity, and like
desired
the
tatives
industry and have few or no
of income outside of the
type are * normally rela¬
tively small. - ' "The .widest variety in size. is
either
conditions • detected
and determined by the .other ele¬
ments of the system to be outside
correct
small
a
future, those com¬
panies which have specialized in
only one of the three functions of
which
ones
perform the "thinking" or nervous
system functions and actuate any
change and valves, switches and
like devices which take action to
very
to
In the near
of the design of a pro¬
duction facility or rather
small
aspects
conditions, computing elements to
similar
industries
and
•
.
system has
control
devices which sense
1,
petr o leum,
whose
a
so
established,
standing. In
financing
contributes
the
work; through competitive
probably'become increasingly bidding. Other contracts are der
large organizations which provide yWill
engineering
^assistance
on
all so.
various comparative
of
Financing
adequate
between
nel of each firm is the key selling
method. These relationships once
1
function,
sensing
also
contact
ready
V
,
other organs which
" the
perform
of
one
,
*
found among
Since the start of "The Industrial
Revolution," machine labor has, to
a
constantly greater degree, re¬
,.
outside the control field or
human has eyes, ears,
a
as
new
rather firm's difficulties, but in the last
which ...have few years, this has not been a
entered the field;on the basis of .rnajor factor .since public, financ¬
a
limited product line which has ing-has been relatively easy to
been the result of some technical obtain due to the "glamour" at¬
advance.
A large proportion of tached to companies in this field
the invested capital of these firms by the investing public. However,
is in tne form of fixed
assets. this situation is changing, It has
Those firms which are basically already become more difficult to
designers v; are
generally ; either raise funds' from the public and
burgeoning control
systam industry, conservatively estimated now at $5.8 billion gross
sales,Js especially tailored to the financial community. A quick re¬
view shows how the addition of automation to the industrial revolu¬
tion supplants the human operator in what heretofore were throught
to be irreplaceable operations. Noted are the forte of both large and
small companies due to the post World War II breakthroughs in
electronics, physics, etc., pressured by the driving need for profits
U:.
and the Federal Government's success in atomic energy, missilery,
space exploration and many other activities requiring better control <
systems. Problems of small companies which have done well by
specializing in a limited product line based on technical advance,
and the increasing competition they face from larger companies, are
depicted as well as advice on assuring their continued growth. Tech- :
nical competence is not enough, Mr, Linde points out, to take the
place of equally important marketing and general management
ability —aided but apparently still not supplanted by automation.
account of the relatively unknown
Just
no
place..,
Need for Adequate
either
be
which have at
products which lie
large
least
Descriptive
two
companies which are pri¬
The
marily instrument and
York City
New
operate
or
but many encompass at least
of them in an important way.
.
Services and
of firms
primarily in only one
tneseV tnree areas of activity,
solely
Control Systems
number
The
technology in this
The firms
which
are
strictly
changing so rapidly tnat systems designers frequently sub¬
contract work from general de¬
many1
companies
which
were
formed
to take advantage
of a sign and/or construction organi¬
new
technical success drnd tneir zations.
Very
often the
job is
product out-dated within a very obtained by bid. If not, personal
con¬ .turers.
A sub¬ field is
system
and
manufacture,
Comrhercial and Financial Chronicle,, ."f Thursday, May 10, 1962
Assuming that 90% of the sales
that
fied
classi¬
staff
Electronics
the
industrial control
as
appara¬
tus, 70% of the testing and meas¬
uring instrument sales,
50% of
instruments and
the nuclear
trols
of
sales
and
computers
tronic
of
the
con¬
sales
used in control
value of the elec¬
going into these
were
the
systems,
15%
hardware
1961
systems
in
million.
It
percent
of
counted
for
is
was
about $655
expected
that
the
computer
sales ac¬
by
control' system
application ;will increase mark¬
edly
in the
future,Therefore
electronic
hardware
systems, should
be
for
control
valued
to
at
Volume
Number 6158
195
least $780' million in
$1,050 million in 1965.
Of
v
the, Federal
1962
.
.
in
v
Government's
1961
of
ations"
Britain's E.G.
$7.56 billion for electronic
equipment, a major portion was
for
which
items
could
*
•
-
esti¬
an
mated
fied
,
,.
,
(
proportion
70%.
.
Assuming
last
control
to the
'
'
<
bil¬
billion
industry sells many mechani¬
cal
and
pneumatically ■ operated
products. An estimated $1.2 bil¬
lion worth of this type of control
should
1962
increase
in
about
and
About
1965.
billion
75%
these
of
Oyer and above the
in
sales
sales indi¬
cated above, some system design,
construction; and
installation
added
be
must
charges
to
com¬
plete the economic picture of the
industry. The Government sales
figures include these charges, but
the industrial figures do not.. A
reasonable /-.
evaluation
of. these
to be 25% of
charges would seem
hardware sales
the
million,
.,/
t-
While
v.
about $248
or
-
:
one.must
country were to devalue it would cancel out the
recognize that
in
compiling these figures a num¬
ber
of
assumptions have been
made, it is farily- safe to say that
the control systems industry rep¬
resents
gross
revenues
in the
range of $5.8 billion.
It is ex¬
pected that this figure will almost
double by 1965../
"/
*
LONDON, Eng.—The negotiations
British
the
between
sterling
Government
is that the British
erriment
and the European economic com-
is
munity are, approaching their &e* -from being
cisive phase. It is no wonder that continental
there
is
increasing interest in
an
British
question of how the conclusion of an agreement would effect
sterling. Needless to say, the longthe
industry,
Bond)
associated
come
means
ment
increased
.afraid" of
c o m p e
tial
t i t i
with
has
wel-
lmmectiaie readjustment
extent
of
of
the unfit in
survival
order
to
the
of
payments
-
favorable
balance
the
and
strongly
the
:.v
according to Chester
Laing, President.
/
.
/•'«
Mr.. Reece
of
Storz
has been
Wachob
-
-
a
member
Bender
Com-
pany«=Qmaha, since 1946. Prior to
that time he served for five years
in
the
War
S.
U.
II and
tim.e
Army during World
was
a
Captain at the
his V release
of
to
inactive
countries,
Market
considerable
at
the
cost
/.
*■ .*■
"
'
'•
Now
" '
»
....
-
/
.
V
&
T
Funding
Co.,
4
West
Mineola Avenue.
PHILADELPHIA, Pa. —Janov &
Co., 1510 Chestnut Street, is now
doing
business
Officers
are
as
a
corporation.
Samuel Janov, Presi¬
dent; Elma Janov, Treasurer; and
Euler> Secretary.
Arthur F.
Branch
:
AMERICUS, Ga. — Rankin &
Company has opened a branch of¬
fice in the Flowers Building, un¬
der
the management' of Ernest
H.
Peavy.
=V-.v\^:f:
governments
Maple Lane under the firm name
of E. P. Dorosh Co.
Joins K. J. Brown
(Special to The Financial
(•
>
.
whatsoever
reason
.
thing, the balance of pay-
ments
position need not remain
unilaterally adverse to Britain
so
it
as
proved to be unfounded, it seems
may^appear.to be on the
of the figures of the last
basis
reasonable
•
.
restraint
policy in Britain should be even
partly successful, the r over valuaof
sterling
in
relation
>
—
& Share Corporation.
,.
-
suggest
t0
that' the
.
German
itself
to
to
be
serve
committee
of
the
oldest
men.
.
organization of
'^/fC/; .■
allowed
Government
persuaded
last
year
"revaluation .to end revalu-
Mr.
Pease
In
Newman," board
chief
executive
Bradstreet
officer
Inc.,
This announcement is wot
ernment is
the
in terms of devaluation in
who
stimulate
,
-
■
<
NEW ISSUE
Vice-Presidents
Bank
International
no
inducement
ficient.
at"
a
to
had
:
" /
Now that employment is
high
very
level,
it
is sheer
waste of manpower to allow these
Chosen
Vice-President to
as
industries
the
their
former executive committee chair-
blood."
While
it
would
the
out
was
result
of
joining
the
Market, there would be
deterioration
great
ernment
by.
to
means
correct
of
a
ian
possibility
of
the
man
the
W.
late
i
would
from
;
either
Common
have
pany.
situation
Form Midwestern In v.
LINCOLN, Neb.—Midwestern In¬
vestment
a
Company
securities
ficient
or
out
business.
of
tion
they would have to
in the Anderson
would
The
entail
latter
step will
in
any
until
certainly
not
be
taken
conceivable circumstances
after
practical
has shown that it
experience
inevitable.
was
are
Billy
Lester
and
B.
E.
that
would
in
the
heavily
from a national
President;
Vice
Emra
President;
Butler,
Secretary
L.
and Treasurer.
an
offer to sell nor a solicitation of an offer to buy
The ojffcr is made only by the Prospectus.
any
of these securities.
May 9, 1962
,
Fidelity America Financial
Corporation
per
share)
Offering Price: $5.00 Per Share
solu¬
much
Whether
this
long
run
Copies of the Prospectus may be obtained from the vndersiyned and
from such dealers as may legally ojffer these securities in this state.
gains
outweigh : losses,
point of view.
line
of
NETHERLANDS SECURITIES COMPANY, INC.
NEW YORK 4. N. Y.
argument
is
sound
may
be a matters of
opinion. What is important from
the point of view of the future of
-
•
/
•
.
offices
Wright,
Jones,
go
painful
loss
of invested
capital, but it
would release manpower for the
benefit of progressive industries,
conducting
Building. Officers
to
ef¬
is
business from
Market
to become
Jones,
the
devaluation, that
(Par Value $.10
is lowered
tariff wall
Alton
of Cities Service Company,
Henry U. Harris, board chair¬
of Harris, Upham
& Com¬
Common Stock
of much-needed
*
re¬
place
industries to deprive the more ef¬
ficient
of
Machines
ing parities "with the last drop of
100,000 Shares
ef¬
chairman
Business
A N CING
little
become
James
Corp.
competition.
industries
These
wall.
were
of/Ne-vy York, and Thomas J.
Watsonj./Jr^.t board
FAFCO
During the '30s it was necessary
fignt unemployment by en¬
couraging some inefficient indus¬
tries
to
develop under a tariff
&
named
Stillman, Rockefeller, board chair¬
man
of the First National City
connec¬
to
was
and
Dun
Also elected to four-year terms
as
confidence in their ability and de¬
termination to defend their exist¬
joining the Common
Market. The main argument which
has .influenced the government in
faVfr of joining has been the de¬
to
of
Vice-President of the Chamber.
a
with
sire
Wilson
chairman
*
British'.Gov¬
definitely not thinking
case,
any
V,/ ' '
J.
succeeds
•
several of those counbecoming accentuated.
is
Ralph
execu¬
business¬
,
rising trend
the
since
*
American
/'
Common Market currencies would
especially
Cham¬
..
revaluation into which the West
three years. If tne wage
tion
even if they are unwith the object of reinternational
disequilib-
until May 1963.
Champion succeeds
Reed, Chairman of the
the
rium. - Althoughthe claim i put British balance of
payments and
forward by Allied statesmen dur-/
that its chronic character would
ing World War 1; that it was a
"war to
end
wars"
has
since eventually force the British Gov¬
that the British Gov-
suppose
ernment is thinking on such lines,
so
Chronicle)
W a I t e r C.
Davis, Jr. has become associated
with K. J.
Brown & Co., Inc.,
of Muncie. He was formerly Rich¬
mond Manager, for
Indianapolis
RICHMOND, Ind.
,,
the
of
committee. //Both
countries, the inefficient industries
MEAElOW, N. Y—Edward
P. Dorosh is conducting a secu¬
rities business from offices at 884
EAST
Bond
no
offset
to
come
•
law
was
Express Company. He is the 58th
President in the 194th-year his¬
tory of the Chamber, the nation's
.
changes
in
parities are antici¬
pated, by abstaining as far as
possible ; from
m a k i n g v such
changes
and
by
strengthening
a
to
imports
Opens
sacrifice,
Common
is
There
seeking
to
Chairman
executive
tive
'•
;;
■
Sterling,
Mr.
T.
conclusion that the right policy is
to
reduce
the
extent
to
which
dertaken
•.
Sees No Need for Devaluation
If
E. P. Dorosh
have
major crisis
-
.
is
disturbing effect of such an¬
ticipations. In the circumstances,
ducing
-
<
elected
tial
a
/>
;
cause
funds
Walter F. Pease
rV
Pease, partner of the
firm of Shearman &
of
Therp
cooperation
as
;
might
F.
/'/*'•.'.
-
■
effect? of the anticipations of
changes in parities has made good
progress.
Its
progress
has not
been sufficient, however, to make
up for the increase in the poten¬
that,
Market
the
from
George Champion
ter
the
rule
imported
goods
manpower.
/- ■'/
^
the'' meantime in¬
in
to
or
Rankin Opens
true
rash
tion
Janov Incorporates
is
revaluation of the D. mark shows
that they are liable to result in
VALLEY
A
and
of,
a
tries
STREAM, N. Y.—Erwin
Anholt is now sole proprietor of
risks
effect
payments,
worsening of Britains balance' of
payments.
•. •
••
*
•
the
of wages in
Proprietor
has
high degree of liquidity in
countries, which facilitate
ternational
of
}
1:
Devaluations Do Not Succeed
\
AnY Longer
immediately, seeing that the
decline and might even disappear,
duty.
War
disturbing
transfer
It
and
Common
the
- In any case, changes of parities
have become very unfashionable.
The experience with last year's
Nu¬
Chicago,
since the
of
refuge from devaluation.
hoped to derive from joining the
of payments of
Market
Common
For one;
W.
center to another-
will
a
most
by * means, of a ; devaluation of
sterling the main advantage" it
perennial
the
in
one
ber's
now
the
ensure
view of Britain's
adverse
balance
of
ex-
that, in
gested
to
department
the
Woods
commercial
continental
change parities in connection with
BrUain's admission into the 'Common
Market.
It
is
widely sug-
*
company's^ sales
have
that
"leads" and "lags" in international
.prosperity
of the
fittest. It would be contrary to
elementary common sense : if the
government were to cancel out
an
be¬
John
antici¬
parities
off Bretton
abroad
extent
the i creased
o n,
would
ducement to British industries to
become more efficient and would
prevent the process of eliminating
lowering, of British tariff barriers
Co.,
ago,
poten¬
hedging to a mul¬
tiple of its pre-War extent. The
expansion in the volume of inter¬
national
trade .has greatly
in¬
Gov-
thinking on
that,-so far
Government
the
duce
entirely in the realm of con-
be
135 South La Salle
Street, national investment bank¬
ing organization, as a member of
&
veen
Bank,
than before the War. In addition,
such competition with open
arms.
Now if sterling were to be
devalued it would materially re-
jecture. What realistic people are
more interested in at the present
moment is whether there would be
Common
nicipal
of
Manhattan
was
years
extent
Chase
the spectacular increase of invest¬
to the Common Market on the- competition on ther British'marBritish balance of payment's must kets. It would cancel out the in-
able
CHICAGO, 111.--John L. Reece, a
the Public Bond (Mu¬
of
the
elected President of the New
York Chamber of Commerce. Wal-
Agreement is
anticipation
of
changes
in
parities is now many times larger
come
effects of Britain's adhesion
term
fact
in
such' lines.- It
degree of devaluation
of
sterling might be deemed ad vis- ;T
veteran in
of
was
led, to..an increase iot.the
some
John Nuveen Co.
George Champion, board chairman
under
in
.
J. L. Reece Joins
Elects Officers
safety-
for
Agreement
an
•
shifted from
con¬
in
billion
$1.9
N. Y. Chamber
could not be expected to foresee.
The volume of liquid funds which
are
now ? available
f for
being
the
valuation inevitable. /With, labor' wag^ restraint, heseesno reason
to adopt; devaluation.
;L :v $'■
This
1961.
$1.3
the Federal Government.
to
were
to
to
negotiators
cludes, Britain would not pursue such a step unless there is such a
chronic deterioration in the balance of payments. as to make de¬
-
that
changes
increased
said
are
reminds
Woods
since
pated
Today's
for seeking Ei G. M. membership. Therefore, ha
reason
very
iinfashionable. 'Dr. Einzig
devaluations
made
reader that if His
items,
the
hardware was sold
have
to
f.
electronic
to
cures.
Bretton
the
provided
•
negotiated nearly 20
disturbing effects
last year's
impressive international volume and mobility of liquid funds
be $4.8
"•
addition
In
difficulties than
West German revaluation, cause -more
as
resort' to
the
exchange authority refers to the growing realiza¬
parity changes even for noble reasons, such,
to
device
that,
European Common Market will be,,accompanied by devaluation.
tion that
billion
lion in 1962 and about $6.7
in 1965.
are.
Einzig disagrees with those who believe that Britain's entry into
The international
Federal
$3.78
were
and should
year
Dr.
to
11
govern¬
a
through irresistible pressure.
reason
why governments
becoming
increasingly
re¬
valve
the
matter,
well—unless
as
upon
The
the
by
that
forced
are *
luctant
and
40
for
or,
devaluations
ment
By Paul Einzig
conservative
systems
a
figure, the
industry's sales
Government 1
Mr
between
50%
s
classi¬
be
accounted
as
end
they
Does Not Mean Devaluation
control systems equipment.
Various sources
have
estimated
these" items
f'
*,
as
the
(2215)
and
*
expenditures
The Commercial and Financial Chronicle
.
G. E. C.
SECURITIES, INC.
NEW YORK 22, N. Y.
,
f
The Commercial and Financial
12
(2216)
investment owned 55% by Cities Service and became a junior partner in this
that there' 45 %! by Continental Oil, operates joint venture. By;1950- CJ.L. had
.is a lack of ready capital.".The' a petrochemical complex at Lake grown to be. .a $100 million con¬
emphasis appears to have shifted Charles, ,La., comprising a.buta¬ cern. :;... rj.i-'Z
In 1921 Du Pont arid TC.Lv (No¬
to certain intangible values arising diene, plant, an ethylene plant, and
out of the corporate partnership an ammonia plant. The same own¬ bel) created Cia Sud Americana de
a
for
available
funds
Taking
Chronicle"..,; Thursday, May 10, 1962
;
that it is difficult to say
Skeptical View of
.
'
ership situation exists with respect Explosives in Chile. Since Atlas
to Mid-South Chemical Co., im¬ Explosives
Company also supplied
portant in the area of ammonia this important market, it was per¬
Examples of and Rationale for . } for
direct
application fertilizer. mitted a junior partnership status
Their Existence
Cities Service, directly, and Con¬ in the Chile
operationv fc>^; .,.;v
In many' instances it is difficult tinental Oil each have an approxi¬
In. 1934 D,u Pont and,I.C.i; .cre¬
which do not flow* from mere ac¬
By Hon. Paul
Rand Dixon,* Chairman Federal Trade
cessibility of funds.
Commission,
Washington, D. C.
»
*..
.:T
,
Spelled out Is F. T. £.'s interest in domestic, foreign and overlapping*
industry joint ventures which lessen, discourage oiy more importantly,
create literal monopolies. Doubt is expressed as to whether business
can competitively vie against ^each other in one market when they are
allies in another 4>r united in one stage of the production process.
being determined any longer
markets populated by rival competitors or not, Mr. Dixon
serves notice to joint ventures inside or outside the country that the
Administration is gunning for "old trust techniques" no matter their
espousal and protection of
monopoly. Further,
to financing and other reasons
jurisdiction
The
Trade
justify joint ventures among vast
Commission is very broad,
both substantively and geograpni-
Authorized by
act to proceed
against unfair
cally.
organic
its
or
charged
with
the
most
bound¬
less
al-
economic
not
only
petitive
which
the
a n
but
in
Hon. Paul R. Dixon
Moreover, the mandate of
Commission, by the terms of
both the FTC Act and
the Webb-
Pomerene Export Trade
Such
a
the combinations
used by the big oil companies in Canada, Mexico, Ja¬
companies for exploiting the oil pan, Australia, and South Africa.
resources
of
the
Middle East.' •As you can see, it gets Aa, bit com¬
Whatever their origin, joint ven¬ plicated, : but;therq is even, rqore.
this country was
Act, au¬
plexing
;
major
shares
respects
the
its
obligation
with other agencies, including, of
course, the Antitrust Division of
the Department of Justice. Despite
this, the Commission's area of re¬
much with us, and
interesting and per¬
tures are Very
in export trade.
.
which they
It also owns a
Pittsburgh
Corning
Export Corp., through which is
funneled the export trade of the
two
parent corporations in this
field. Pittsburgh and Corning have
also joined forces in glass produc¬
ing plants in Argentina and Brazil.
subsidiary,
ship of 64% controls the joint
venture, which in turn, holds a
controlling interest in fiberglass
this
some
in
interest.
a
ing 31%. Clearly, this joint owner¬
thorizes it to perform its function
In
field
as
successfully
also
Commission
a
common
a
flotation material.
and
latively recent and very substan¬
tial increase in joint ventures in
is
com¬
is
for
chambers
haps the real impetus for the re¬
sys¬
which
tem
fair.
of
task
promoting
—
raises
mission
questions
and
for
other
Com¬
the
government
ageneies concerned with the main¬
tenance of competition.
Prevalence
and
Political
that the iron
produced annually is prorated
among the several owners on the
basis of their interest in the joint
enterprise. More recently, in 1957,
a professor at Michigan State Uni¬
versity looked at all joint ventures
involving members of the iron and
steel industry.
As to joint ven¬
tures in which alj corporate part¬
Situs
Corning Glass and Dow Chemi¬
cal
each
has
a
half
interest
in
This company
plant in Michigan for the
Dow Corning Corp.
has
a
manufacture of electrical insulat¬
ing
resins,
greases,
arid1
fluids,
elastomers resembling natural or
artificial rubber, generally known
as silicones. Dow Corning, in turn,
the
is
presently of interest to
Commission
is
younger
and
sophisticated. It is the off¬
spring of two or more giant cor¬
more
Another array of joint ventures
Cities
Recently there seems to have
a
tendency not to assign the
financing function as a reason for
Service
establishing
through
been
many
and
banks,
private
joint
ventures.
investment
So
in this field exists between
have
(either
directly
or
Co.
&
its
subsidiary,
Empire
Fuel) and Continental Oil
Petrolferim
Chemicals,
Inc.,
important firms
could not fail to take
.
a
Very
prominent part in the industrial
development of the Argentine and
the
unified
effective
tive
effort
would
almost
power
be
so
make its competi¬
to
as
invulnerable."
Du Pont and I.C.I.
subsequently
insulated themselves from foreign
competition by granting Europe's
leading: textile manufacturer,
interlocking ownerships in mind tors.
Du Pont and I.C.I. also under¬
talk about prices being
determined in open markets in took a joint venture in England in
.
when they
which
rivalry
among
behavior.
'determines
competitors
1926
in
another
and
1935.
However,
Australia
Du
Pont
in
subse¬
quently sold its interest in these
companies in, accordance with an
agreement giving I.C.I. exclusive
Referring to the intricate array of rights to these markets.
The Du Pont-I.C.I. joint ven¬
joint ventures in steel, he stated:
tures were
integral parts of a
"I will certainly henceforth [hesi¬
world - wide cartel, and were
tate] about describing, the steel
woven
into a fabric of arrange¬
industry as an oligopoly dominated
ments
which, in their entirety,
by six to ten large, integrated, but
economist, Profes¬
Cornell University,
has made it clear that he does not.
At
least
Kahn
sor
1 "Joint
one
of
Michigan
Economic
2,
In The Iron And
Daniel R. Fusfeld,
University,
•American
Review, May, 1958, Vol. XLVIII,
by
578.
p.
Kahn, Comment on Daniel
"Joint Subsidiaries In The
Industrv." American Eco¬
nomic Review, May, 1958, p. 601.
2 Alfred
R.
were
found to violate the Sherman
Act in
a proceeding filed in 1944
by the Antitrust Division of the
Department of Justice.2 Included
in the relief sought and granted
was
the requirement of divorce¬
ment of Du Pont and I.C.I.'s inter¬
with
ests
ventures
to
Canada,
respect
in
their
joint
Argentina,
and Brazil.
American
Have
firms
learned
.
Subsidiaries
Industry"
State
Steel
No.
houses, Gas
corporations
Co.
.
.
of such
Pont
Du
as
Comptoir Des Textiles Artificiels,
a
15% interest in their joint ven¬
ture. By 1948 the Du Pont-I.C.I.
the steel industry in such activi¬
controlled operations in Argentina
ties as metal fabrication, titanium
had assets of about $67 million;
production, and chemical manu¬
In 1934 Du Pont and I.C.I. cre¬
facturing.1
ated Duperial Brazil. As was done
in Argentina, they admitted junior
Free Price Mechanism Myth
After even leafing through these partners to their Brazilian joint
studies it is difficult to believe venture when doing so insured the
that economists can have iron ore elimination of vexatious competi¬
.
which
.
and I.C.I., supported
by the unequalled experience of
local conditions arid* practice as
that possessed by Bunge & Born
...
But the kind of joint venture
I.CX'£. Argentina
and
The two companies fur¬
ther entrenched themselves in this
resources
.
v
Pbrit's
ore
First, let me raise some of the
How wholly owns Processed Surfaces,
sponsibility is very large, indeed. questions that trouble us.
To; f unction effectively the prevalent are joint ventures which Inc., Dow Corninjg^ilicones, Ltd.
vast
corporate
estates
at of Canada, and Dow Corning A. G.
Commission must do more than unite
Are the which was organized in Switzer¬
merely challenge old practices. It some point or other?
must
also observe and evaluate unions
primarily
of enterprises land and which in turn owns Dow
new ones which may be develop¬
doing business within the confines Corning International S. A., a cor¬
of the United States? Or do they,
ing so that, if necessary, prompt
poration in Panama.
essentially distinct companies; or
action may be taken against them. to a considerable extent, join the
Now let me return to Pittsburgh to concern my students as much
These new practices may include leading firms in an industry ir¬ Plate
Glass. Some
time
ago
it henceforth with the familiar ques¬
some
old ones which sometimes respective of national .boundaries?
joined fifty-fifty with the Kop- tions about whether the industry's
Or are they a mixture of both,
reappear in
their original guise
pers Company in the ownership of pricing behavior is or could have
but often in a somewhat different varying with the nature and con¬
Koppers
Pittsburgh
Co.
which been the reflection of collusion or
one, as is now the case with re¬ duct c? the industry, as well as produces materials for resins in of noncollusive oligopoly — ques¬
spect to joint ventures, which is with the extent of the penetration paint manufacture.
In addition, tions that seem almost laughably
of
American
the subject of my remarks.
companies
abroad
Pittsburgh Plate Glass has a '51% irrelevant in the light of .the per¬
In connection with its observa¬ and Of foreign firms in our do¬
interest
in
Southern
Minerals vasive web of interlocking con¬
tion and evaluation of business mestic market? I don't think any¬
."2
Corp., and Southern Petroleum trols and relationships.
one in government can give con¬
practices, the Commission is aided
Corp., with American Cyanamid
Among classic examples of in¬
clusive answers to these questions,
by two important provisions of
holding the remaining 49%. South¬ ternational joint ventures were
the FTC Act.
One of these is and I doubt that any businessman ern Minerals
operates oil and gas those created by Du Pont and Im¬
section 6(a) which authorizes the can, except, perhaps, with respect
producing wells, and has a 100% perial Chemical Industries (I.C.I.)
Commission to investigate the or¬ to his own industry.
interest in Southern
Pipe Line of England. Du Pont and I.C.I.'S
Let's
ganization,
look
now
at
a
related Corp.
business,
conduct,
'
spirit of cooperation extended back
practices and management of cor¬ question. What are the real func¬
to 1897 when Du Pont and NobelPetrochemical Ownership Maze
porations and their relationship tions or purposes of these modern
Dynamite Trust, I.C.I.'s predeces¬
to other corporations and to in¬
joint ventures?
It is said that,
I could go further with these sor, signed their first international
dividuals, associations and part¬ roughly,
these
fall
into
four companies on this subject, but I agreement, an agreement which
nerships. The other Is Section 6(h) categories:
want to get into the petrochemical was reaffirmed in 1907 by another
Which authorizes the Commission
(1)
To
provide
the
large field, where there is also a fine agreement. These and subsequent
to investigate trade conditions in
amounts of capital needed for the maze of joint ownerships. One of agreements divided up world mar¬
and with foreign countries where
exploitation
of
raw
material our young economists started with kets between two vast complexes,
associations,
combinations,
or
Chemical
Co., concerned first with explosives
sources,
particularly natural Sinclair-Koppers
practices of manufacturers, mer¬
resources,
jointly owned by Koppers and and, later, with chemicals.
chants, or traders, or other condi¬
(2) To supply security in a new Sinclair Oil, for the construction
To perfect their union, Du Pont
tions, may affect the foreign trade industrial
development, of border¬ of a styrene monomer plant in and I.C.I. established joint ven¬
of the United States.
line concern to the major business Houston, Texas.
He then moved tures in areas which initially had
As I have indicated, the joint of the
the
involvements
between
corporate partners, where into
been designated "free" territories.
venture is both an old and a new
considerable
financial
risk
is Cities Service and Sinclair through
Their first
and most important
device in the business world.
In involved.
their wholly owned subsidiaries,
joint venture was established in
simplest terms, a joint venture is
Sinclair Delaware Corp. and Em¬
(3) To establish one large, joint
Canada in 1910. This was Cana¬
formed
whenever
two
or
more
facility which is more economical pire Gas and Fuel Co. These two dian Industries, Ltd. (C.I.L.). C.I.L.
people pool their financial re¬ in
operation than would be small¬ latter companies each have a 30% subsequently acquired
14 other,
sources and
skills and engage in
er,
separte installations by the interest in Richfield Oil. A little chemical companies, thereby cre¬
some
business activity.
It is in partners.
more
work revealed
that Rich¬
ating Canada's largest and most
this sense that the joint venture
(4) To undertake research, or field and Stauffer Chemical Co. diversified chemical company. In
undoubtedly has its source in an¬ other
experimental work, on a each have a fifty-fifty interest in 1923, Atlas Powder Company, one
tiquity.
scale too vast to be
American Chemical Corp., a vinyl
of Du Pont's court-created rivals,
conducted/by
and ethylene products producer.
single companies.
»
Today's Totally Different
"Joint Ventures"
Du
facilities.
steel producers and
venture
goes
by
many
Jointly-owned subsidiary,
50-50 corporation, business coop¬
ners were members of that indus¬
erative, and corporate partnership.
Another
large glass company, try, he found 40-odd engaged in
In America joint ventures
of
this more sophisticated class date Owens-Illinois, ,is a partner with iron ore mining and another 10
back at least to the 1880's when Corning Glass in Owens-Corning concerned with coal mining, coke
the railroads used them in ways Fiberglas Corp. which is engaged production, shipping and the like.
which were to their advantage, in the development and manufac¬ In addition, there were about 20
ture
of
fibrous
glass
products. enterprises which joined steel pro¬
although probably not always to
the benefit of the public.
Per¬ Owens has a 33%% interest; Corn¬ ducers with companies outside of
Commis¬
sion is
which
another—want to con¬
or
jointly through it an enter¬
joint
practices,
the
duct
frigeration
one
names:
deceptive acts
o r
resources,
reason
have
competition
unfair
cial
prise
methods of
and
corporate entities.
ing blocks and also cellular glass
products (Foamglas) used in re-Federal porations, each with vast finan¬
the
of
interest
■
disguise. Paradox is drawn between our
to
30%
Chemical
In the early
development, perhaps unequalled
50's the Federal market by permitting a local firm
in any other American industry of Trade Commission
published a re¬ to become a junior partner, A,Du
similar size. Two of the leading
port on joint ventures of the .steel Pont official predicted the result¬
firms, Pittsburgh Plate Glass and companies in iron ore deposits, ing invulnerability of this part¬
Corning Glass, jointly own Pitts¬ not only in the U. S. but in Canada nership. He said:
; : v
burgh Corning Corp. Organized in and Venezuela.
It revealed that
"A merger or amalgamation hav¬
1937, this corporate partnership there'is a labyrinth of corpora¬ ing at its disposal the combined
manufactures hollow glass build¬ tions jointly owned by the major
technical research arid business
competition within our borders and our export of
advanced
ated Duperial Argentina; this Was
/accomplished; by .the .rrierging of
reasons - for their
existence. The glass industry is an
open
skepticism is voiced regarding access
in' Calcasieu
joiht ventures to the fre-
quently--asserted
Posing the question whether prices are
in
mate
Corp. which • owns an
ethylene' glycol plant
in" Lake
intriguing case in point. Joint venr Charles which is operated by Pe-K
troleum Chemicals, Inc.
tures here have reached a stage of.
to relate
something from this experience?
I
hope so.
Certainly a country
which espouses and protects com¬
petition within its borders can ill
afford to export monopoly
Amalgamation and Not Expected
Competition
In
1961,
January,
Depart¬
ment of Justice brought an action
involving Penn-Olin Chemical Co.,
a
joint venture formed in 1960.
Violations of Section 1 of the Sher¬
man
Act
and
Clayton Act
of Section
are
alleged.
7
the
of
The
eco¬
nomic
context, as revealed in the
allegations of the complaint, are
of significance. Prior to the for¬
mation of the Penn-Olin Chemical
Co.,
try
the
was
sodium chlorate indus¬
highly concentrated, with
three companies engaged in manu¬
facture.
Prices
flexible.
A
were
high and in¬
number of companies
considering independent
were
trance
into
en¬
the
business.
Among
Mathieson, a com¬
pany which had engaged in some
developmental work in this area
them
were
Olin
and had close ties with pulp mill
consumers. Another candidate was
Pennsalt,
of
the
sodium
and
an
dominant
chlorate
ambitious
in
producer
the
West
newcomer
in
this field in the East.
For
E.
a
time it appeared that both
Fusfeld,
Iron
and
Steel
,
J* U" S" v" ImP%r}al
F. Supp. 504
100
Chemical Industries,
(1951),. i
,
v.
.
/w^rvivXl;-UU
«Ji
*-
WWfcunfi
M^M^WNWtbAtoiWMPHi*^^
^^
^ttx
*<
Volume
195
Number
6158
4»
:?■
supply
some much - needed
Instead, in February,
competition.
.
Financial Chronicle
The Commercial and
.
'.H*
'
.
However, if two firms each with
sizable share of the market for
•
a
commodity,
a
into
pool this business
joint venture, the effect—
a
1960, the Penn-Olin Chemical Co.
for all practical purposes—is simi-
formed, owned fifty-fifty by
lar to that of a merger.Alt is really
was
Pennsalt
and
initial the old "trust" technique in mod-
Olin.»*_ The
project of the joint venture was
ern
the construction of
a
sodium chlo-
dress. The damage to
compe-
there
struggle,
sided
few,
are
13
if
FROM WASHINGTON
have: the; temerity to
role
of". Jack the
who
any,
take
the
on
Giant-Killer.^ The. effect: of joint
ventures in such cases as this, then,
could well be to damp down, or
even extinguish, the fires of
petition.
: ■'
tition is clearcut, and, if possible,
rate
(2217)
•"..
.
vS-
Olin Mathieson and Pennsalt might
enter the sodium, chlorate- field
and
.
i
...Ahead of the News
com¬
Al:. ri
Often the chief restraint on the
BY CARLISLE
BARGERON
<
plant
market
on Pennsalt's property *the .move should be quickly halted,
power
of
entrenched,
City, Ky* In effect, the The particular device used to oligopolists is the existence of po¬
alleged^ .result'of the iotmatforf of achieve the result is irrelevahti It' tential entrants. But this restraint While the controversy over socialthe joint'company is that.Pennsalt is the effect upon competition that of potential competition is diluted,«
security-based medical care to the
engages in
or
even
lost forever,
production and Olin counts.
when the' aged continues, a plan that has
\-"v;V£r
leading potential competitors be¬ been
in
effect
since
1960
is
m^hete the prodxict.' • *
gut what is the nature of the
But the ultimate impact is more
problem where unity in ownership come .partners, ip j.pint, ventures operating in.24. states, Five, more,
at Calvert
,
far-reaching. Olin had been working on new technologies for the
production of sodium chlorate
cheaply
more
than
by
standard
methods: these projects have been
the
in
by both
par-
within
seller.
new
uses
product;
Olin's
do-
In
that it goes
accomplish that purpose but no farther. At this point,
the joint venturers allegedly go
their
separate
ways,
independspecific
a
purpose,
fact, Pennsalt's
plans to increase its competitive ently, to their individual final desactivity in other lines-—chlorine, tinations, just as travelers do at
caustic soda and ammonia—as part terminals after arrival
by common
of
as
developing
sodium
a
chlorate
sales program were simply abandoned when the joint venture was
formed.
-
least
not
And
policy to be followed
chlprate by the newly
marketing
sodium
for
formed
important is the
All decisions
relative to prices, sales territories,
company.
methods
of
the like,
tion
packaging,
consumer
customer services, and
discounts,
are
matters for consultathe
between
joint
owners,
expect that in
joint interest, such
as expansion into related products
and the development of new technologies, the partners will also
proceed jointly.
Certainly
other
may
we
of
areas
Basic
All of which
Question
gets
ntes
at some point in the
productive process, but that when
they reach the market place they
can vje for business like strangers,
such
is
the
answered
in
the
whether
Obviously,
cannot
case
The question is:
be
however,
that
students
many
of
the
problem have raised serious
questions as to the likelihood of
maintaining the vitality of competition where intimate family rela-
tionships, in the form of joint ventures, exist behind the front lines,
There is justifiable doubt that business
strategists can treat one an¬
other
as
belligerents in
one
market
they are allies in another.
;
What is
the
probable effect upon
tition in the industry?
What's
Carried
Home?
Back
C
■
Substantially the
■-Y'.V :
compe-
and
joint-venture
find
want to
problem.
out how
We
joint
many
Act which
provides for
ance
passed
was
bill
State operation
Government
of 50 to 80%
The
the
on
Administration
of the
with Federal
the Federal Trade Commission in
the
lieu
based
assist-
of the costs.
Administration contends
is
inadequate and reduces
recipient of aid to a pauper.
it
the
no
.
states
the Kerr-Mills
from comprehensive coverage comparable with
Blue Cross-Blue Shield (upgraded
with no limit of length of stay or
readmission) to limited hospital
and nursing home benefits: Some
program
is
It
but
..the,,,24
a^iopg
participating
Kerr-Mills
Interest
F.T.C.'s
visions,
states will implement the program
1962.
—
.
du.ring
I hope these remarks give some
understanding of the interest of
states
in
extends
started
modest
a
on
basis
and have gradually added additional
features,
drawing
upon
Of the 24 states using it, it is. other relief programs,
functioning as originally planned
Significant growth was reflected
in 15 states, while in six states in a few states a few months after
volved in them and what func¬ too short a time has elapsed to medical services became available,
tions they serve. It may be that evaluate the results. Three other In
Pennsylvania 53,500 are exthis economic phenomenon is so states—California,
Michigan and pected to receive benefits during
ramified that our concepts of the West Virginia—reported partici- the current year. New York restructure
of
American
industry pation in the Kerr-Mills provisions ports that 80% of current monthly
require substantial change. Or it may have been "partially respon- number of new applicants for
there
ventures
in
and
are
what
industries they exist. We want to
know
what
companies
are
in¬
be less prevalent
commonly supposed.
may
I don't want to
sion that
bers
is
give the impres¬
num¬
provide the answers.
After all, the concern of the anti¬
trust agencies is the maintenance
and continued
vitality of competi¬
extraordinarily com¬
plex business structure that exists
today. The number of joint ven¬
tion
the
in
tures
sible"
give a clue to the regard in
they are held by business;
statistics
tell
cannot
which they
and extent to
manner
the
us
to fundamental
contributing
troubles,
factors
concurrent
con-
tributed to the problems.
Eligibility
greatly from
requirements
vary
state to state, with
value of the home exempted
in
half
the
states
with
operating
programs.
.
Allowable
monthly incomes for
a couple range from $125 to $325,
depending
upon
the
state and
servicesvrequired.
welfare
State
which
but
fiscal
state
for
Other
exercise in
mere
a
than
will
observamade '.concerning
same
channel their activities into
joint
when they move
Such activity may involve
enterprises
abroad.
independent grocery stores. They
quickly faced with the alternative of constructing cooperawere
buying arrangements or extermination.
Certainly many intive
ported
toward
directors
favorably
the operation of
to
where^Kerr-Mill
programs
provisions have
"
been used.
re-
are
inclined
be
medical assistance
not pre-
were
viously in receipt of public assistance?
In over half of the 24 states
where the value of the home
occupied is not disregarded, the
range extends from Hawaii with
a
limit of $14,000 to Arkansas
specifying $7,500. In
many states
home valuations are exempt from
need
consideration.
Differences
exist in the amount of personal
property allowable and that permitted to be used for business or
.
.
...
.
T
„
.
Overlapping Activities of Joint
Ventures
policy
public
tures.
In
'
toward, joint
.
ven¬
'
■"
,
of
Chicago,
as
reported by
the Wall Street Journal on March
14, 1957, the Chairman of U. S.
Steel,
Mr.
Roger
M.
Blough,
stated:
-
"Our
/
producing
income
single
person
may
A
purposes.
retain
a
cash
corporations are
rapidly getting too small to do all
the
biggest
that are expected of
development of raw
things
them.
The
this
.
Small
Big
vs
The
Federal
Commission
foods
a
an
because, fundamentally, the parent
companies are not in competition.
How then, it is asked, can compe-
tition be restrained?
I wish the
canning
are
indus¬
multitude of small,
companies
vulnerable in
survey
a
and
Here again
tries in which
specialized
Merger
Firms
Trade
frozen
industries.
r
conducting
currently
the
—
highly
intensively
com-
as
it
is
answer
maoe
to
were
as
appear.
fortunately it is not. There
many considerations:
Large
porations, for example, do
easy
Un¬
are
cor¬
not
petitive market—are battling with
giant companies possessing the security that arises from diversified
operations and product demand
have a monopoly on economic
opportunities that lie around the
corner waiting to, be
exploited,
They can, however, secure:-that
national
advertising,
monopoly if they move in as one.
Clearly, mergers or joint ventures
Smaller corporations are naturally
most reluctant to pit their skills
and financial resources against a
two-headed or three-headed giant
created
by
by these small companies
-little
upon
adverse
effect
can
have
nationally
competition, though conceiv-
ably; their regional effect might decked out in the garb of
require
a
program
are
exclusive
state-local
programs or have not seen the
need for such action. (Two addioperating
tional
later this year
Connecticut and Vermont).
states
24
are
companies have had to band
together to develop far-away iron
ore
;deposits,
and
to
establish
utilizing
Kerr-Mills funds in their Old Age
and
plants
materials
nace
*
*
processes
for
the
of usable blast fur¬
•*
ores."'-;
of
out
•
■ •
h'
AF,
low
;■
grade
or
*>
...
•
comply with Federal program
business
from
hard
look.
' "
1
venture.
In
this
kind
of
a
joint
a
one¬
a secu-
offices
Vice-President,
*r
nnpnc
p
1. I\. reierson upens,
BEAUMONT, Texas—Theodore R.
requirements is deemed necessary Peterson is conducting a securities
in 19 of these states, plus a con-.,, business from offices at 3625 West
stitutional amendment in Texas. Calder under the firm name of
Blough also called attention
to
other fields, such as atomic
power and oil, where he thought
that
even
g rant
corporations
aren't big enough. Then he asked,
was
this
was
passed in
This announcement ia under no
Peterson & Co.
to
sell
The
or a
solicitodion of
circumstances to be considered as an
an
offer to buy any of these
offer is made only by the Prospectus
offer
securities.
which is available only
•
'
'twsuch States where these securities may
NEW
be lawfully sold.
May
ISSUE
-
7.
19G2
100,000 SHARES
;
Kogel, Incorporated
"Would it be
one:
COMMON STOCK
possible to prevent such organiza¬
tions from becoming literal mo¬
(Par Value $.01 Per Share)
nopolies?"
If
both
of
the
questions
♦Including 10,000 shares reserved for sale to
just
and to certain persons who
quoted are rhetorical, and I be¬
lieve they are, then they clearly
suggest
the
ultimate
problem
which, is inherent in joint ven¬
tures.
for
Had
I used my
this
own
and I
♦An
am
Club
by
of
have indicated
employees of the company
interest in the affairs of
an
of shares offered to the general public will be
reduced to the extent that these persons
purchase the reserved shares.
some
convinced it will
address
Economic
the company. The number
words
might havewas seeing ghosts.
In any event, if the Commission
is to function as it should, it must
deal with the problem
of joint
ventures long before it matures-
task,
thought that I
Mr.
Dixon
Detroit,
do
so.
before
the
Detroit, Mich.
11
President; Edward R. Lewis, Secretary;
and
Evelyn - Bazarniek,
Mr.
which
at
East 48th Street, New York City,
Officers are Daniel A. Brener,
proposed for- the next legislasession.
Specific legislation
Enabling legislation
3.-
to
tive
to
amount
In securities Business
rities
for instance,' has be-- Assistance program. In nine of the
24 states Kerr-Mills participation
come
so
expensive, and involves
such risks, that a number of large is being considered, contemplated
steel
"reasonable"
Namlu, Inc. is engaging in
However, at least six of the re-
maining
a
Is.
fn ar}°the^"A?d UP to
$1'500 may 1bife*a™d by a sin.glJ
Pers(jn .and $2,000 by a married
C0UPIe 111 other states,
scheduled
have
states
materials,
domains. Somewhat akin to these business enterprise than our prosare enterprises jointly established ent-day organizations?"
cially desirable when sponsored to exploit new technologies in inIn an editorial comment on this
by smallS companies usually has dustrial fields in which the partspeech, the Wall Street Journal
markedlv different economic con- ners have peripheral interests. It
repeated Mr. Blough's question,.
sequences when
engaged*. in by is frequently argued that, in these but instead of answering
it^ asked
industrial giahts; - "
'
v. areas, there .can be no complaint seme
questions
itself,
among
of
Federal
outside
either
But what may be so-
wholesalers.
is
states,
>
;
The remaining 24 states
jointly-owned
such
with
reserve
-
,.
participation
«
.
tures required.
-
speech before the Economic
a
Glub
■:;
'
competitive threat of large chains
Also of particular interest are
had'thejV-no-L formed -retailer^ the joint ventures created, to en-. but did not answer, this question: 3
owned cooperative: Wholesalers,;rgage, ia overlapping -activities of -'Does this joint development idea/T'
'stores with combined -retail sales-major corporations which operate -perhaps, • presage; ;f the
birth': of >
"of over $7 billion are now affili-' -in different* but.-allied industrial even
larger "joint5- ventures
in
•
ated
•
,.
.
interesting matter for specula- manufacture
tion, but what is needed to determine the answer are detailed facts
of events and behavior,
the
before
withered
have
would
an
ago
long
stores
food
dependent
-
we
in
The
are
fobviously, neither the Depart- foreign manufacturing plants and
ment of Justice nor the Federal marketing facilities, or it may be
Trade
Commission
is concerned limited to the establishment of an
about mergers or joint ventures export subsidiary.
The claim is
between or among companies made that restraint of trade, if
whose" share of the market is too any, is confined exclusively to forsmall to make any real impact eign countries and thus is beyond
upon
the competitive conditions the jurisdiction of our antitrust
within the industry. Indeed, com- laws. Again the implicit assumpbination in one form or another tion is that the togetherness of
by small firms may- be essential joint ventures has rigidly defined
to
their survival, particularly in" boundaries; that corporations may
those industries characterized by stand as one in foreign countries
massive aggregates bf corporate or markets, but that within the
power.
The growth of the giant territorial confines of the United
food chains, for example, revolu- States, they are vigorous rivals in
tionized the behavior of the small the competitive-struggle.
This is
•
Can
completely such elimina¬
of potential competition?
Iowa
—
qualifying appropriation was
made.
f
The range of medical care pro-
of-.$300 to $2,000 dependchanges in the' industrial fabric.
tions
may
beTwo states—Ohio and Wyoming inS uporfhis residence; .a married
This can be accomplished: only by
foreign joint ventures. It appears the
painstaking analysis. We must —indicated Kerr-Mills participa- couple from $600 to $3,000. Face
posed by mergers currently under to be a particularly common pracmake realistic economic under¬ tion would be disadvantageous be- or surrender value of life insurstu.dy by the Federal Trade Com- tice for American companies to
standing the foundation of our cause of the increased expendi- ance policies is exempt in three
mission.
-
fields.
another's
one
tion
It should be pointed out,
abstract.
question presented by joint ven¬
tures, and I point out that it is
exactly the same question that is
*
be members of an indus-
can
trial family
to the basic
me
It is asserted that compa-
carrier.
when
The
in
ignore
The argument, of course, is
-that such a partnership is limited
to
falls
now
conduct of business
inter-
or
vital
are
far enough to
in
customers for its
this
materials
ties?
developing
terested
and
main
raw
which
mediates
Pennsalt had been in-
abandoned.
new
in
occurs
another state
PRICE
$1.00
PER
SHARE
*
."
GLOBUS, INC.
^ Vfy -L
14
The Commercial and Financial Chronicle
(2218)
that .all
"The End of
Era?
an
law.
States Steel Co.
^
r
sion
people
But under
none.
the pressures of
By Robert C. Tyson,* Chairman, Finance Committee, United
v% yvOur Reporter on
Special privilege
accorded to
was
treated ...equally,
be
men
the
under
the great depresdeliberately
especially
GOVERNMENTS
were
classified by occupation,
-
Thursday, May 10, 1962
...
in
Mr.
driving
our
and tax inflation
against wage
remonstrates
strongly
Tyson
which he blames for
agriculture and unionized la¬
bor, and deliberately given un¬
equal treatment under the law in
terms
of
privileges, immunities
and subsidies. Perhaps the deeper
significance of this is that where
cost structure to crisis proportions
they must be checked or we must default on the dollar's
where either
employing the descriptive phrase "fiat wage
international integrity. In
started with the substitution of
failure to solve
inflation era," which is said to have
we
collective for individual bargaining, he warns that
ety,
problem will abort another and better American era.
cost
our
boasted
once
strife of class
and
A certain matter which is of
deep
and, I think, of
some
importance to all of us, is
whether we are nearing the end
to
concern
of
me
certain
a
The
era.
era
refer
ited,"
began
about
a
of
ter
unique
in
era
I refer to
what
some
ture
historian
fu¬
well
might
call "fiat wage
inflation
R. C. Tyson
in
America," in the course of which
the buying power of the American
dollar has faded away to less than
half of what it
A
to
era may
is
end
other
and
That
other
United
of
a
I,
the
upon
financial
the
States
and
this sense*! have
given myself
sort of "anchor to windward"
a
the
foreseeing
because
there
end of
really
neither
is
to
economists
that
measures
to
by suddenly
money or
nothing
the
in
fiat
of
certainty know which of
nearing its end; but it
quite unlikely that both can
continue. They are fundamentally
incompatible
for, as more and
more people are becoming aware,
two is
massive
the
as
em-
-
Initiated Half Monopolistic and
inflation if unchecked must
wage
seriously handicap
commercial
international
in
capability
our
com-
thereby undermine
stability of the
dollar as manifested in gold losses
and
recurring
balance ot paypetition
the
and
international
ments
In short
crises.
either
up
dollar's
the
We
rity.
we can
give
inflation
cost
our
international
cannot
or
integboth,
keep
a
•
than
vertically
;
..
When,
made.
so
realize
experiment.
short of seeing
hing
no
£
tion.
bv
de-
If
in
we
wisely
then
this
with
fiat
need
we
achieve
can
—how
it
Today,
we
land
deal
wage inflation,
the insight we
all
into
to
are
its
basic
nature
started, how it works,
have the advantage of
thp
.
.
,to
power
thp
nf
of
life
crtnld
one.
We
should
hp
cannot
said
be
to
rp-ilitip-
"
•
cause
*N/:.
•
As
f'„
.
W|lation
?s,r.
or
P,a*u^e
inflation*;
wage
and
distasteful
When
said
about
however
the
fiat
rueful
task.
Individual
.
would,
Bargaining:
think it goes back to the 1930s
the
nation
was
with
to
the
in
Leapfrog Pressures
•'
price
increases.
body
now
m' a
economic
ment
costs
constitute
decisions
than
the
that long
of
made
were
might
depression
more
otherwise
hastily
have
been
case
and, I think it fair to
assume, without full evaluation of
all
the
consequences that would
flow from them. Amon? them was
the
historic
decision
determining of
conditions
wages and
individual
in
the
working
ters
or
?
7; v-'
„
appear
erally
gaining
an
that
bargaining with Fed-
certified
agents.
expansion
those
"exclusive"
There
of
agents
company and
this
bar-
followed
concept
spanned
so
both
industry boundaries,
important
of
appear
we
breached
warks of
I
do
very
importance
forerunner to
length
.
a
not
token
established
mentioned
it
to
great
wage
where
been
the
almost
solely - by
and
offer
In ^drawing at-'.
tention t°. this I do not seek
condemnation of labor leaders'
e^or^.s- I seek, instead, under-;
stan(Rng of what I regard as
long-
needs
be
only
it
to
a
their
recognized.
predicament,
whether
at
would
be
anyone
act
problem
I
refer to the freedom requirements
the
yield
much
does
in
their position
differently.
not
lie
'
'
Continued
The
with
people who exercise the
:
question
and
the
spread
ratings
on
page
it
47.
between
of
the
non-Federal
quality in order |o get
favorable
more
development
that
means
is
at
level
a
yield. This is
which
the
for
senior
a
sometimes
market for
where
it
stay too long before
bonds
will
not
it will be
in
setback.
a
Erickson Elected
Boston-Fund Dir.
BOSTON, Mass.—Joseph A. Erick¬
has been elected
son
director of
a
Boston
Fund, large balanced mu¬
tual fund, it has been announced
by
Henry
Vance,
dent
'
since
>
have
advance
•
.
/
Erick¬
is
son
T.
Presi¬
Mr.
dent
Presi¬
of
New
•England
f Council, Inc.
.He formerly
served
of
as
President
41 h
,
Bank
Boston
1.943
to
He pre¬
viously
Joseph A. Erickson
been
of
Federal
e
Reserve
was
Executive
refund-
Vice
President
-
Shawmut
a
trustee
of
of
-
Bank
National
the
of
Boston.
Boston
He
Five
is
Cents
Savings Bank and a director of
Sprague Electric Co. and Liberty
Mutual Insurance
refundings.
Co.
Fidelity America
Treasury, in using only the
and
intermediate
care
term
of the
Financial Corp.
May
June
Stock Offered
Netherlands
long-term bond had
been part of the deal. There would
and G. E.
most
common
a
surprise if
likely
amount of
a
have
been
a
York
modest
exchanges into such
The
market
money or
for
refunding
either
•;
of
Financial
Inc.,
100,000
Fidelity
Corp.,
company
at
$5
-.
•
of 42 South
St., .-Philadelphia,
is
15th
engaged
financing
in
involving
advancing of funds primarily
to'.business
capital
new
purposes.
shares
commercial
the
Co.,
Inc., Now
offering
are
share.
per
there is not likely to be any early
.test of the long-term Government
bond,
Securities
C. Securities,
City,
America
an
obligation
clients
purposes,--,
for
working
against
the
se¬
curity of accounts receivable^ in¬
,
ventory,
equipment, " real
estate
'
G. Future
The
.new
Treasury
Financing
1
Treasury will be raising
during July which is
money
the. start
cf
the
1962-1983
fiscal
unless- there will have to be
-some new fu^ds obtained just as
the current-fiscal period is ending.
year
power;
non-Federal
being considered.
of
maturities, gave
the
financial community pretty much
what .it had been talking about,
although it would not have been
the
oer of inflation."
inflation
expound
in
are
going
pattern
case
list
maturities to take
is
success
Portions they hold. Each leader's
becomes the minimum
target of the next leader's efforts
of the great bul-
to
The-
that
various
success
others
As
selective
bonds
of
long-term
short
other, lest they be superseded bv
individual freedom,
have
for
to
indeed.
fiat
one
our
not
but
be
1961.
The
m°re. determined aspirants to the
in
observation that to many may not
time
of collective
costs
down to levels where it is
advisable to not only be attracted
to Government
bonds, but also to
from
forward
°btain additional benefits for the
emPloyees they represent. They.
af® thus compelled to outdo each
every-
employthree-quar-
all
of the corporate bonds have
gone
foreseeable
even though
commer¬
cial banks—important holders of
union power over this biggest of
the maturing - issues — are
not
all costs in the search for inflation ~an<* s0 the wage inflation spiral
usually interested in taking posi¬
scapegoats?
w is .perpetuated. It has been termed tions
in
long-term Government
Historical review yields another
'^e ga^e Of leapfrog up the lad- bonds./. As matters stand now,
employment would
legislatively displaced in favor
of
most
situation
of' the in¬
some
Treasury will, confine its maturity
extending ventures to the shorter
e^tent to which they are able to
industry.
Can such
really
ignore
labor
economists
may
terms
of
more
consolidated
bareainino
over
be
that
are
the
of
' v',
r
.
measured
understands,
great economic distress. Under the
pressures
As
bearing
some
field.
in-
Labor
on
Leaders
~
.
profession preoccupied with attempting to establish oligopolistic
explanations of cost-covering
suffering
when
has
a
attitude
buyers of fixed income
obligations.
Yields
on
area.
through
^ave sometimes termed it—,
situation in which the administra;?rs °/
PL1um?.n power find
diffidence, themselves. They find themselves
due
those
among
still
is
stitutional
the
the
We might start by noting the
extend
Ended
I
I
appearing
is
there
Administration has been
office, the only additions to
in
,
.
bonds
present
cost-push inflation,
\think- we can gam a better
sight into how it functions
to avoid the final push, beit might be later than we
that
be
the
maturity
com--,
-
As a corollary to this observation there is an admonition that
to
bonds
be added to in
lowed
Gov-
cautious
long-term bonds in the just com¬
pleted spring refunding, but fol¬
a
With this brief review of the
P1^1*1. a
think.
need
non-Federal
could have made
each
mise0nception of the.
gross
npfitivp
have
historical
perspective. From that
viewpoint there are certain things
in
...
way
more
future by either new money or re¬
funding operations. The Treasury
.
nrndnntinn
thing-
H
Kis
_
inter¬
attractive
ings. Whether there will be more
these long-term forward
worked well if it edges us towards
re¬
and
the status of a second-class indus- ®pe.P
us towards decisions af-; funding appears to be an open
question, but for the foreseeable
trial and financial nation.
And tectmg our nation s destiny.
*
future it seems as though
it cannot be too soon to find a. .:,
the
It
somewhat
We-have .inadvertently let loose■ not going out any further than
such a power jn 0Ur land through 1971, or just under the
10-year
this
sideration.
decision
case
■
offsetting
searchingly ask ourselves whether
nation could endure half monopolistic and half competitive—mo-
might be the wrong one, the
matter is worth thougntfui con-
Since in This
:
_
maievolenf
was
if
produce the good
life
a
benevolent
of
t/rpvpnt
many
It
to
Its
hopolistic with respect
to
the
main
ingredient, namely labor,
that goes into products; competitive with respect to their disposi-
fault
the
Government
"
initiating
were
we
historic
an
enterprise in
an
in
to
thing3
years
ago, we instituted an enlargcd labor union power in colleetive bargaining I guess we did
not
of
power
for
though
even
-In addition, it appears as though
the
most
distant ^maturities
of
themselves
Pirfniti/ionr
be
is
interested
are
bearing obligations.
longer. - term
Government
which people voluntarily associate
.
Through historical retrospection
ponAnd
nhmrtTOTiAn
second significant observation
may
return
who
income
bonds
the
across
nation's production lines.
Economy
,
is
Employees are also bonds also are being bought by
other rather t; institutional investors since the
than against employers. In short, yield - which is available in these
competition here, as elsewhere, securities makes them more at¬
than
the
safeguardingly runs horizontally tractive
comparable
V The
....
market
matched against each
yather
Competitive
those
to
demand
sizable
a
Government
date and the
It is, in fact, the
or
the
of
areas
market.
sacrifice in
choice.
un-
balanced
a
are
currently so close to¬
gether that there appears to be a
by
man's
a
ployees that giv.es /the employees
job
security, aqd - freedom
of,' The
employment and visit bankruptcy
American enterprises.-
Half
Eschewed
digesting the refunding issues and
•
fixed
on
m.
Bonds
Treasury
The
employer
an
for
bonds
Long-Term
seems
,
The
$1,199,-
would-be
their employees.
nature or the
inflation to
create
of
amount
<
followers.
other,
.competition of employers for
suggest that it would thereby be
halted.
It seems more likely we
rather
the
except
prosper
It is not
threatens
another
wage
could
the
job—only' there are indications that the in¬
employer / can vesting public has taken kindly
do that.
Employers are matched to the -3%%- due 1971 since it is
against each ' other—not against an obligation with a good maturity
who
ing our home markets to a flood
foreign-produced goo,ds. There
is
in
made
■
without
can
other does.
of
record
survive
can
Neither
call
Yields Narrowing
were taken in exchange for
maturing issues in the amount
the
The fact is, of course, that employers and employees are indispensable to each other.
Neither
For
open-
ernment
they,
that
-
,
are
Treasury estimates
mediate-term
.
example, it cannot be stopped by
tight
•
still/ Sub-
may
many
still
September
amounts
be borrowed in the short-
The 3% % note also
was well received by the holders
of the May-June maturities since
as ever.
some ways
which/
with
which
come
may
line
These
budget. Again, unless there is a
change in policy, these funds will
scribe. T refer to the very wrong 000,000 which was also considered
notion that the fundamental in- to. be not. only better than ex¬
^terests of employers and employ- pectations but also was indicative
ees
are. conflicting rather
than of the -trend which is towards
mutual in nature, and that in lengthening of maturities.
The
some
way the
parties involved attritions of $833,000,000 or 7.1%
should therefore be equally armed was in the area that had been
to do battle.
predicted by most money market
'
often
pull out of their tool chests.
the
during
up
October.
great
in-
its
for
ponders
one
in
to the star- / of.: $3,110,000,000.
This
is
con¬
frightening— sidered- to be a favorable showing.
conclusion that a monstrous, mis- The. turn-ins
of
the
maturing
conception was involved, and one obligations for the 37/s% bond was
nor dealt with in terms
ordinary
concepts
and
the
he
tling—in
be
eras
fident
the
it
con-
two
with
cannot
in
era—
an
are
One
involved.
that
analyzed
War
World
obvious
an-
when, largely
ago
of
it
industrial leadership of the world,
In
matter
simple historical account
supplies us with our first important observation: We should wipe
right out of our minds any notion
that fiat wage
inflation is primarily an economic phenomenon
as
such.
It is, instead, primarily
a power phenomenon. That is why
it can be accurately described as
"fiat" wage inflation, That is why
it has been inexorably persistent
year
after
year,
regardless
of
peace or war, boom or bust, tight
money
or .soft money.
It seems
era.
about
almost thrust
was
of
American
started
one
result
the
there
doesn't
termination
better
century
a
it
if
that
the
threatens
half
why the
be coming
reason
inflation
an
as
to be.
used
principal
wage
of
This
his¬
our
tory.
As
price stability, economic
equity and growth, and individual
independence.
traordinary
and
sanction
taken
were
picked
and
in
short-term liquid obligations is as
reviewing the beginnings of
auguration.
be
the
amount of $6,540,000,000. This was
not unexpected since the need for
wage
intellectual
3V4S
that $5 billion will
are
borrowed
during July
and
August with another $5 billion to
exchange issue for those
owned
The'
inflation one is cornpelled to wonder what were the
popularly held ideas that afforded
wage and
e x-
an
in
fiat
Indications
be
obligations that
maturing this month and next,
are
Interest
which
maintenance
who
privilege
government,
seeking
in
reliance
upon
favorite
False Assumption of Conflict of
competitive
the
historic
been
automatic
for
tury ago. It
proved to
has
be
had
forces
market
there
cen¬
bounty, from
results of the May-June re¬
funding operation showed that
334%
certificate
was
the
the
„
Unlim-
"Power
as
displaced
labor
quar¬
a
became established, a process enhanced by labor union immunity
from laws which others had to
obey.
This labor power, which
Professor
Sylvester Petro has
rivalry
and
tremendous power centers
so
characterized
I
which
to.
and
CHIPPENDALE, JR.
The
soci¬
door to oldagainst class
opened the
we
world
classless
a
BY JOHN T.
;
and
other
from
the stock
to
for
general
-
assets.. Net
-
sale will be added
funds
to
be available
general^ corporate
principally
/clients.*
for
proceeds
purposes,
making
V 'V
loans
-/.-
to
)
.{
'
'
■
Volume
195
'
■;
Number 6158
.
.
*V
,
The Commercial and Financial Chronicle
.
(2219)
Seek professional
guidance in
formulating an'investment pro¬
Investment Fundamentals
gram.
;v Tell your adviser that
want to
By Roger W. Bahson
TAX-EXEMPT BOND MARKET
you
diversify according to the
Continued from page 6
basic fundamentals—but that
you
incorporating certain
one's
diversified" program
financial
adviser
points
discoveries
new
"gamble"
big
need
to
capitalize
the
on
the
by
Mr.
value
of
with
up
Babson.
from
come
future,
keeping
of real estate
and
compound
in
The
ideas:,
new
willingness
joying into companies which
fhe
Stressed, is
out
"big profits"
forecasting
tunds by
some
future.
and
spelled
are
out
types
and
will call it
"gambling."-But every
forward-looking man has been a
a
"gambler"
have spent the day
remarkable
book —
TORIAL
lr:"
HISTORY
STREET"*
those
coming scarcity oi fresh water, and in/L
reading
OF
Provost' Charles
•
slump with most of the companies
going .into receivership. - Most of
a
PIC¬
WALL
the stocks in the
368 pages—-size W
—
—
from Columbus to
scientists who, like M.I.T.'s
H. Towries, are
now
working on condensed light
rays and masers and lasers! For¬
the
developments in^sun's heat, cellulose of wood and cotton, and science.
I
casting the future.- Some bankers
-
to
have
may
interest,
willing to do some "gambling"
by buying now into companies
which may have a
big future.
-'/Profits must come from fore¬
fer more
less
or
same
group suf¬
together; but dif¬
by 9". This history shows eiearly
ferent groups can act very differ¬
that the fundamental facts under¬
ently.
lying, investing during, the' past
decade apply equally today.
(This
-is an anniversary of the New York
Stock Exchange founded just 170
'l. ■::'
1;?
years
'?
ago.)
Let
describe
me
:(l.
,
Stock. Yields
vs
almost
nonexistent
until
some
75*
from
bonds began to be issued. A study
of quotations shows that the bond
market
is
usually going. down
come
'careful! selection and supervision
of your' investments.- Profits- come
'
years
when
when
ago
the
stock
corporation
market
is
going
hold;
usually from-"gambling" although
your
total investment will rise
up.
and decline in "value" along with
the Dow-Jones^ Averages. Rut big
portion Varying according to .con¬
ditions.' For' instance, good cor¬
poration bonds can now be bought
profits
buying into
discoveries, and
new
big
Careful
both
from
come
ideas;
new
scientific developments;
to
the
the
_
Newton's
Law
of
Opposite
Reaction
pended upon when
involved
This
are
was
Equal
be
de¬
the
noticeable'
"commodities"
only
traded
lieve
that
have
we
periods
oh
since
150 years.
and
while
the- demand
railroad
■
'
stocks
for
was
gold
today
they had
—
who
*Price
$17.50 postpaid
76
Chestnut
St.,
the
was
Street
later
had
invested
We
living
are
in
a
new
ion
and
good
too
bacteria.
much
time
Don't
White, Weld &
Co., ClementEvens & Co., Inc.,
Arnold
"Derbes,Inc.,
&
;
are
&
Co.,
worth.
Wulbern, Inc. and the Cumberland
Securities Corp. The bonds were
offered
to
yield from 2.10% to
and upon reoffering about
were sold.
3.50%
50% of the bonds
First
Boston
secticides.
using
The
,
pay
Thomas
3.0872%
as
com¬
tional Bank of Dallas and
The
balance
on
Dominick,
Francis
I.
duPont & Co., Hallgarten & Co.,
Paribas Corp., L. F. Rothschild &
Co. and Shearson, Hammill & Co.
The
securities
reoffered
are
at
to* 3.25%
turity
was
in
1982.
bore
sold
at
demand
this
1983
ma¬
and
coupon
3.40%
a
for
The
2%%
a
yield. Initial
well
good,
was
with
the1' Viatiohdr ately and with the over-all bal¬
repfosifdrjyffoF: "gera*s"! in' Wa'sh- ance in account ' amounting to
irigtortf'D. C.y is planning to build about $15,000,000.
v
?'/
facilities to house its expand¬
scientific
Gersten is
•The
Y.
N.
now
Robert W.
headed
Bank
by
—
pose
syndicate
unlimited
(1963-1987)
Miss
some slight
improve¬
during the past week accord¬
ing to
our
revenue
The Chronicle's
dex
stands
3.769%
bond
revenue
at
Index
3.743%
average
about
a
eral
at
market
I.
bidding.
and
bonds
The
of year sev¬
important
bond
negotiated
type
issues are well on
exceptional
as
May
calendars include no
nated
net
a
The
2.7745%.
of this
and
taken
the
cash
MOSES
LAKE.
Janecke
is
four
and
1 Such
view,
a
ties
business
East
Hill
from
Avenue
as
Room
of
bonds
yield
you
offices
the
M;I.T.-
1-281,
Technology
Massachusetts
Technology,
columns.)
;
Cambridge,
Mas?.,-
winning bid
interest
,
branch office in the Lawrence ;;
Welk Union Bank Building under
the
management of Andrew De
a
the
Graff Berkey
II.
pur¬
tax
Sidney Call Opens
CHICO, Calif.—Sidney J.
desig¬
conducting
of
cost
second best
&
close
very
bid,
??/???????;?
from
a
offices
a
securities
at
2230
offer of these securities for sale.
The offer is made only by the Prospectus.
May3,1962
■'•■";//'./;•
/
330,000 Shares
;
★
opinions and forecasts of the nation's public utility leaders
economy.
on
the outlook for this vital segment of the
-
perspective
on
this year's prospects and the future trends of
public utility industry.
;
Do not miss
Bank
Common
#
ANNUAL PUBLIC UTILITY ISSUE will pre-
non-industry authorities
Get your
the
★
BOWLIIMG
our
CORPORATION
before
in
this
the
opportunity to advertise
important issue.
Please
closing date of June 12th.
your
reserve
Firm, Corporation
your
or
requirements
space
>
Stock
($.25 Par Value)
Regular advertising rates will prevail
Price $2.00
Copies of the Prospectus
dealers
as
may
may
Per
Share
for space
:
in this important issue.
be obtained from the undersigned and such other
legally offer these securities under applicable securities laws.
GEORGE
K.
BAUM
THETOMMERCIAL & FINANCIAL CHRONICLE
& COMPANY
25
1
/
»■'
PARK PLACE, NEW YORK 7, N. Y.
RECTOR 2-9570
'•
•
'
; —<
Call
;'-
is
business
North
.
nation's
New Issue
'::
The 1962 edition of
.
MONICA, Calif.—Blaiack
Wells,^Incorporated, has opened
Will Be Published June 14, 1962
★
Securi¬
Blalack Wells Branch
Insti¬
^price $4.00. (Read its "Trend of Affairs"
411
SANTA
THE CHRONICLE
Re¬
at
the firm
Basin
THE PUBLIC UTILITY ISSUE OP
only
C.
securi¬
a
under
of
Columbia
ties Sales.
name
and
half per cent.
is¬
Wash.—David
engaging in
it
if the
even
June
notable
type to date.
A.
few
a;
>
Forms Columbia Basin Co.
City
limited
in
manager
Grafstrom Co., 330
If the
bet¬
half-point.
center—was
$24.00.
a
This
ago.
greatest in¬
its
average.
Bond In¬
against
week
a
Usually, at this time
revenue
the
was
high bidder for $10,000,000
of Cincinnati, Ohio, various
Syndicate Mgr.
.
syndicate
First National City
.
Named
showed
sues
ment
the
Culture' Collection,
?
Financing
Sight
The
toll road
issues and the
other lohif-tefiri revenue
type is¬
1963-1968 maturities sold immedi¬
BROOKLYN,
Road
in
regarded
obligation
more
Toll
sues
&
in¬
other microorganisms is now
high that the American Type
'
was
their way to market. This
year is
so
news!
9
$5,600,000.
by
prices to yield from 1.60% in 1963
Interest
ing activities. Read
Con¬
others.
May
of
-
^
Other
are
necticut
an
the Blyth & Co., Inc.Humphrey Co., Inc.
Other major members of
cost.
Bank & Trust
Co., Phila¬
delphia National Bank, First Na¬
terment
and
new
interest
of a
net interest cost which was.
are
new
dealers
net
,,
nick
to improve quality of
in good bacteria
same
seeds.
seed
of
Danbury,
winning account include Werth'eim & Co., Ladenburg, Thalmann
& Co., A. G. Becker & Co., Domi-
chemists
raising bacteria for
are
cost
the
"gambling" for you!
■In closing, let me say the U. S.
Navy is supporting a project at
Santa Fe Springs, Calif., to make
The
2.853%
indicates
group.
But these drug companies
bacterial, batteries!
Co. submitted the better
of two bids for this week's
largest
issue of note
$8,900,000
major members included
/No
Weld &
to
3.00%.
Conn. School
Building (1964-1982)
bonds which went to the
Morgan
Guaranty Trust Co. group at a
Week's Major Sale
Robinson
great "gamblers"; if you own
their
stocks
they, will
do
the
,
involved
A group headed
jointly by the
Corp. and White,
to
This week's final
^
offered
were
1.50%
3.11%
are
.,
Fox,
Pierce,- Carrison,
bonds
made
based
great power of compound interest
and
Rmg Louis
ning syndicate
Reusch
from
pared to the runner-up bid
on
courses
and
an
Leach. OtheF members of the win¬
interest
spend
present edu¬
only upon
memory. Rather, learn to forecast
the future by reading scientific
magazines. Just now^drug stocks
may be selling for all they are
cational
sent the official
This is not
age,
"television," fuel cells,
engines, harnessing gravity,
at 6%
interest,, com¬
quarterly,
this
$24.00
would
today amount to around
$16 billion.
So don't forget the
active.
from Score* and
Boston, Mass.
group" of Alabama
dealers headed by Sterne,
Agee &
a
issue,
$26,600,000
State
School
Building
Authority
of
Georgia
(1963-1983) revenue bonds. The
winning bid figured to be a nef
the age of
pounded
tute
Script,
byr
The
He replied "Tne man who
Indians
terrible
a
be t
over
companies.
many
at
quantity will al¬
gold"!•
asked
once
trinkets- valued
Then, being over-popularized—as
the' electronics? and/ space stocks
are
neverwill
bought from the Indians.for
1860-65
very
West
you
Flatbush Avenue.
I
Wall
has
the;" past
from
made
cate.
yield
invented compound interest." The
lower Manhattan Island — with
The demand- for slaves
declined
land
in
"liquid
Edison
stocks' have
of
;the
can
fundamentals, although
diversify your holdings
for
ventor.
*
groups
wood and cotton, to give us
cellophane, plastics, and fibers;
and ;(4) science.
Stick to these
especially insured savings to
fairly steadily upyward, standing around 670 today.
Special
be
41/2%.
climbed
acted'd iff ereritly during
on
a
of
I believe in African gold stocks
—also
good Mutual Funds and
yet occurred following World War
The D-J Industrial Average
and
water
most
JI.
1942
South
and
There
fresh
always followed great wars, from
Napoleonic Days through World
War I. No such bear market has
in
until
land.
If you can get
enough rent for pasture rights to
pay taxes, buy such land.
When
buying land, be willing to pay for
adjoining fresh water. Someday
come
100
Street
more
any
unexpectedly,
without warning.
This was true
when slaves, gold, or stocks were
selling abnormally'high — as at
'present; Such bear markets have
around
Hence,
Wall
on.
continue
West
"terrain."
study of Wall Street history
during the past 170 years shows
that; dips in the stock market
,was
less.
or
will
-
$75- per acre. One must pay more
lot get land in an oil ©romineral
A
always
3%
will
Central
to
De¬
'involved.
have
stocks
money in stocks or bonds.
estate can be bought in the
your
pression
during
the " next
few
years. Congress can legislate only
'to temporarily postpone declines;
but
cannot
change the AREAS
•
the
pro¬
yield equals the bond yield.
Real
will" continue
a
Naturally,, everyone who knows
Street. will advise diversi¬
fication of all kinds. Don't put all
I be¬
of Decline and
in
Wall
when
gold^erd the
.Wall Street 200 years ago.
it
stock
properly considered.
first
African slaves and
while
begun
now
and
AREAS
bonds
corporations
same
today
will
switching of stocks into bonds
has
and
cart
stocks, and
yield
money,, read
investors
yield -4-%%
of
To make
scientific jour¬
nals1 along with financial news.
,ilv
capitalize
big things: (1) The heat of
the km; (2) the com ing
scarcity
of fresh water; (3) the cellulose
four
.
Bonds—other than governments
—were
_
Safety and income
.
but
moon;,
four
group at a 3.366% net
cost/ The second bid of
3.375%
net
interest cost was
interest
.
Bonds
facts.
'■'
.
the
get
2.78% net interest cost, was made
by the First Boston Corp. syndi¬
Smith Inc.
are
Some facts the investor should know
ranging from
the science news ta
15
Ave.
16
The Commercial and Financial Chronicle
(2220)
-
Stock
Bih* Adds to Staff
Co.,
155 Sansome Street,
Inc.,
Coast
Pacific
the
of
members
'
C^Lif.—-Birr
FRANCISCO,
SAN
-
NOTICES
DIVIDEND
_
added to
Gilbert
have
Exchange,
James C. Graziani, Rus¬
Tanner,
and James E.
All were formerly with
Reynolds & Co. except Mr. Blyth
who was associated with Eastman
Brown,
a
CORNER
**1
ACF INDUSTRIES
DOME MINES LIMITED
April
INCORPORATED
DIVIDEND
|§
Common Dividend No. 170
A dividend of
It
I
share
62V^ per
the
on
1962
30,
179
NO.
There
find
confidence has been badly shaken
help
them adjust their invest¬
to changing conditions if
is
29,
1962,
MICHEL,
W.
CLIFFORD
Chairman and Treasurer.
common
stock of this
I
has
been
able
1
Corporation
declared
June
15,
pay¬
1962,
to
stockholders of record at
8
close of business
i
I
there
who
looks
his
upon
work
as
the
Allan Fee,
the
Vice President and Secretary
a
May 4, 1962
I
Board
The
declared
B
dend
of Seventy-five Cents (754)
share
per
divi¬
second-quarter
a
has
Directors
of
this
the capital stock of
on
payable
Corporation,
June
is
question about
no
8, 1962 to stockholders of record
129
Dividend No.
•
FWe
th<j
Slick
Stock
mon
been
has
M. W.
ofTwenty-
129
No
_,i
1
Dividend
2
URQUHART,
Corn.
declared,
May 2, 1962.
M.
LOEB,
B.
is
this
—as
COLORADO
IRON
Dividend
of
Board
Notice
Directors
of
The
and
DIVIDEND NOTICE
-
Colorado
Fuel
and Iron
Corporation today (Monday, May 7th)
the
regular
quarterly
dividend
of
per share on
the series A $59 par
preferred stock and 68% cents- per share
on
the series B $50 par value, preferred stock.
These dividends are payable June 30 to holders
declared
cents
62l,2
value
of
record -at
Board
The
respect
to
the
of
the
close
of
Directors
business
took
no
stock for
common
June
on
action
this
8.
with
quarter.
Kirk, Secretary
:
Colorado Fuel and Iron Corporation
C,
The
The 720,000
ard
Oil
of Stand¬
owners
the
in
ings of the Company by
v
earn¬
a
This
by
on
May 3, 1962 and
shareholders of record
the
share of capital stock.
rate
The Board of
1962
year
has declared
in
which cash dividends
have been
paid.
share
on
the Common Stock of
the
close
of
business
on
May
1962.
1
GEORGE
SELLERS,
this
Secretary
retain
1962
will
Esso
of
the
you
and
customers
a
i
York
at
550: J^ifth,
.
train and
one
ROCHESTER, NEW
DIVIDEND
1962
poration
Refcord Date: May 9, 1962
May
on
at
1,
quarterly
per
Transfer Agent:
don't
formed with offices at 401 Broad¬
con¬
way, New York City, to engage
in a securities business.
Partners
said, "Mr. if
you
have
or
she
not
will
just lost my job,
company,
my
I
home
daughter
losses
too
is
—
not
only try
to
keep
what
in
N.
A.
City, Utah
Federal Resources Corporation
Salt Lake
West St.
City, Utah
Corp.
securities
a
is
New York
City.
en¬
business
offices at 6 Harrison
Officers
Street,
are
Her¬
bert
Weinberger, President; D onWeinberger,
Secretary and
Treasurer; and Charlotte Wein¬
berger, Vice-President.
ald
you
not the only one. This is the
time to get busy, keep busy, and
good
Commodities
gaging
from
are
you
Mutual Fund In v. Opens
have but build for the future. You
bpt also
^and Arthur
Form Marc Commodities
Marc
Remember, the other fellow has
with
been
live,
my
having a baby and we don't know
who* is the father, now go ahead
—just make trouble for me!"
customers
has
Lichtman.
is being taken back by the mort¬
gage
Nathan Lichtman
are
is in the hospital and I don't know
Associates
SUMTER, S. C.—Mutual Fund In¬
NOTICE
vestments
a
Incorporated is con¬
securities business from
Robert
are
B.
Moise,
Jr.,' Secretary-Treasurer.
,
YORK
„
375th
NOTICE
stock
to
share
a
meeting
held
1962, declared
dividend
on
payable
of
Ithe
75 cents
Quarterly Dividend
■
share
per
stockholders
of
Payable: June 13,
1962
Form Ling Associates
42nd
^Declared: May 7, 1962
\
Record date: May 18, 1962
; ■
Associates,
formed 'with
in
;
D.
H.
Officers
ALEXANDER,
$0.10
Secretary
lias
been
11
West
at
City, to
business.
C. Ling,
securities
are
Ling,
Inc.
offices
New, York
Street,
engaged
President
a
2,
1962,
a
James
and
S.
Lee
Treasurer;
Vice-President
N.
Secre¬
and
tary.
record
on
HOUSEHOLD APPLIANCES
L
'
•.
'
vt
'
-
"
•
•
<
•
-
-
-
...
O'Brien-Williams
Partner
at
June
INDUSTRIAL
EQUIPMENT
MONTREAL, Canada
-
C.
8, 1962.
E. K.
Vt
Ling
common
July
the close of business
South Third
.
Form Summit Associates;
from him. After
across
The Directors of Xerox Cor¬
1370
-
President; and Francis M. Moise,
COR POR ATI O N
Five Cents Per Share
P. O. Box 720, Salt Lake
offices
from
Avenue, New; York
offices at 27 West Calhoun Street.
CASH DIVIDEND
First Security Eank of Utah.
:
of his children
XEROX
-
28,
of
President: William M. Jones, Vice-
SEMI-ANNUAL
May
the
City,-, under,the firm, name of G..L.
Officers
Payable
of
r m
.Schulman /Co;
^ -
equities. '
RESOURCES
;
f i
City.
securities, business
a
CORPORATION
ii
President
Schulman Forms Coy
:
ducting
Notice of
is
banking
Summit
DIVIDEND
FEDERAL
Co.
Kellen
Gerald L. Schulman is conducting
way
constantly aijnoying the lady
whether
will not only
confidence
your
of Robert J. Levy
formerly Chairman
Arnhold and S. Bleichroeder Inc.,
New
ductor and make trouble for you."
The man replied, "Lady, my wife
and
changing pano¬
of "ups and downs" that are
approach
Mr.
as
control that child I'll call the
regarding the
their
values .behind
part of the business of investing,
that "emotional swings" in
the minds of millions, of people
are
always self correcting. With
Company
Electric
was
to him and
in keep¬
and
{New Jersey)
14,
<
May 4,
Standard Oil
One
in the aisle
new
rama
the
Company, payable on June 1,
1962, to stockholders of record at
advised
firm
much restraint the woman turned
fluctuating
regular quarterly dividend of 22c
per
services
change
& Co. He
con¬
developments,
(either
favorable
or
unfavorable).
You
must also emphasize to them that
general market conditions are a
the 80th consecutive
is
in
was
investments such as, current earn¬
ings,
OHIO
Directors
them
your
fundamental
LIGHT COMPANY
DAYTON,
offer
ing
May
per
a
and
of 604
1962
at
continue to
Robert J. Levy
Ex¬
(3) Meet new people. During
Sinclair Securities in N. Yperiods„ when people
are
un¬
certain, fearful,
arid
concerned Sinclair
Securities, Inc. is con r
about their securities, they >foave
ducting a securities business from
problems. It is something like the offices "at 120 West
57th. Street,
old story about the fellow who sat
New York City.
tact'them, disbiiss their securities,
14,
159thCommon Dividend
T
Keep in- touch with clients.
You should
the
York
Stock
competitors in this
keep control of your
future reinvestment in
is not the time .to stop con¬
because they may
fade.
payable June 12, 1962
DAYTON POWER
are
have losses. If you do not keep in
touch with your clients, their con¬
fidence IN YOU will
begin to
Hoard of
the
New
to do it, and
still retain their buying power, is
to sell them some good bonds that
will qualify as a reserve funfl for
Now* For The Suggestions ' T
(1)
div¬
of
ner
is
Part¬
investment
accounts.
This is the business
millions of people.
it
reserve
nd
a
Senior
We all have
tacting people
Directors
THE
of
founder
and President of Standard Gas arid
business
engaged~-it is
steeped in human emotion( and it
is. dominated by the "hopes"."and
"fears"
idend,
declared
AND
you
Company (New
Jersey) will share
to
.way.
them
to
Levy is
timing of future commitments.
they ultimately swing too far
in: ' which
safeguard
Di¬
a
i
Mr.
do you,
or whose judgment may be
at a
variance
with
yours
as
to the
a
jthb 'other
elected
rector.
regard for their welfare
itself—prices always go too highl¬
CORPORATION
Kelbeen
has
buying power is in the form of a
highly marketable good bond than
in
cash.
Then
they
won't
be
tempted to listen to someone else
who may not have the same high
may be in store for
period of months or
years. Markets do not go up for¬
AND
FUEL
a
an¬
that
Stephen
short-term
some
sometimes better that this
ever—-confidence always i overdoes
THE
into
Keifer
also
len
pects to keep these funds in cash
and you have
through previously
years,
what
for
you
funds
J.
was
nounced
quality and of high
marketability. Don't advise your
more gullible customers and pros-?
present clientele and gradu¬
acquire new ones; because
ally
President
late
to
■' the
■
Newman, " Jr.
It
bonds of good
example, you may be obliged
realign the amount of work and
your
N. *•
Brooklyn.
these
effort you must contribute to keep
stock-
t
to
succeed
weather
and
Director
a
an¬
elected
President
customers would be wise to
hold
excess
buying, power, put
for
Treasurer.
been
has
company,
that Robert J. Levy has
nounced
periods of uncertainty,
you honestly
believe that,
when
depressed markets, you may be in
for a few surprises. Quite possibly,
May 23, 1962.
\
12
lived
never
until the
Shares, Inc. (the former
investment
your
lured billions of dollars of savings
into the securities markets during
past
shore
the
Standard
Standard Power, and Light Corp.,)
During
one
thing: if you have been enjoying
a
relatively high income,
and
have
partaken of the feast of
"new issues," advancing markets,
and general confidence that has
the
Standard Shares
clears.
«+
i
Levy Pres. of
a
future,
near
years.
There
$
times when
there are also times
when he must repair the roof of
his house (nourish his clientele),
and there are years when business
just rolls in without much work,
DOn't sell yourself out of business
just to make a production record
when
you might be much better
off telling your customers to stay
who
and
are
month
one
or a
security salesman must build, for
may
"ups" and
of
■
busi¬
your
upon
week,
EFFORT. There
security busi¬
find the next few
months somewhat trying, there is
no need for overdoing the current
pessimism.
Following are some
practical suggestions that can be
helpful to the security salesman
that
lot
is indicated.
course
(2) Don't look
the
to
newcomers
a
ness as a one
are
seriously desires
to remain in this highly volatile
and fluctuating business through
CORPORATION
C.
such
such periods, and, although
many who are relatively
pects
career
1962.
1
DODGE
PHELPS
May 25,
ments
the prevailing situation to¬
day. This is nothing new.
The
experienced security salesman ex¬
ness
I
when
have had before.
we
had a
have
"downs", and some of us are still
selling securities and making a
good living doing it.-'-K^-V 7 :"v
opportunities to continue to
a
June
times
are
day again
a
stock
We
>»
Bear Markets
in
investor
as
meeting of the Board of Directors of
Dome Mines Limited, held this day, a quarterly
dividend
of
Seventeen
and
One-Half
Cents
<17^0 per share
(in
Canadian Funds) was
declared payable
on
July 30,
1962, to share¬
holders of record at the close of business on
At
one
vestigations,
..
.
?5>
but
prices are attractive
and the public will recognize that
fact. Then,
and only then, will
confidence gradually restore itself.
Politics, threats, examinations, in-
JOHN DUTTON
BY
Sales Procedures That Are Productive
I
NOTICES
more,
or
when
Dillon, Union Securities & Co. in
Angeles.
DIVIDEND
year
certain: there will be
K.
sell
Ryan.
for
for
thing is
may not make as much money
the next few months, or even
Los
The
Thursday, May 10, 1962
.
SECURITY SALESMAN'S
S. Blyth,
their staff John
(Special to The Financial Chronicle) :
&
.
.
j
DAMON
Treasurer
MILITARY PRODUCTS
.
'
-
Hicks
SINGER MANUFACTURING
been
Raymond
admitted
to
in O'Brien & Wil¬
liams, 635 Dorchester Blvd., West,
partnership
V
members
THE
has
—
COMPANY;
of
Exchange
17! YV*h
the
Montreal
and* other
Stock
leading*
Volume
195
Number
6158
.
.
'. The Commercial and Financial Chronicle
(2221)
In
America,
17
you
have the
opportunity
same
Angelo Braccio
Southern
Italy
boy of nine.
The last 36 years,
the
to America from
came
as a
he has worked for
private club in Los Angeles,
same
raised and educated three
children, and^
bought 53 shares of Union Oil stock
of his
out
savings.
The latter entitles him
(along with
63,000 other share owners) to
a
some
report on
business in 1961—our 71st year.
our
Our
We
customers
spent
paid
$546,342,000.
us
59% of this
$320,231 $00—with
amount
—
18,000
over
other
or
companies and individuals with whom
do business.
we
More than 1,500
local, State and Fed-
erahtax collecting agencies took another
5%
$27,497,000. And
or
$94,252,000—in fuel
from
also handed
we
governmental agencies 17% — or
Over to
taxes we collected
our customers.
Wages and other benefits for
our em¬
ployees and their families amounted to
12%—or $67,427,000—of our income.
This left 7%—or
$36,936,000—as net
profit. Slightly less than half of these
earnings—or $17,463,000—the Braccios
and
our
other share
cash dividends. In
a
owners
received in
addition, they received
2% share dividend.
The balance of our
to
net
earnings—equal
4% of our customers' dollars—we rein¬
vested in
the
business
to
expand ahd
modernize facilities.
We
are
proud that Angelo Braccio
chose to become a part owner of Union Oil.
Even
more
important is the fact that
in America any man can
owner
of
a
become
a part
compahy by investing his
savings.
This
opportunity will continue to exist
for all of
us
long
as
as
our
economy
remains free and competitive.
your comments invited.
Oil
Write: Chairman
of the Board, Union
Company, Union Oil Center, Los Angeles 17, California.
PIONEERING
;
OF CALIFORNIA
FROM 1890
...FORWARD
.
18
The
(2222)
Commercial and Financial Chronicle
.
.
Thursday, May 10, 1962
.
"V
back
The Market... And You
its
well-covered
PUBLIC UTILITY
the 5%
over
line again as it carved out a niche
the
on
A
WALLACE STREETE
BY
where
to
dividend had worked
unbroken dividend
back
61
years
road,
is
an
It
chain
which,
running
for
least
at
an
SECURITIES
rail¬
a
achievement.
unusual
it
makes
It has
lists.
lows
new
statistical
a
,5
,
Any notions that the urgent selling in industrial shares had ended
out swiftly if there is any vigorous
rally.
month
when
Until this year's dreary market
performance, as an illustration,
there was a spirited debate raging
to
over
the
with
of
dawn
new
a
rudely shattered this week
more liquidation showed up
drive the Dow industrial aver-
were
only to a new low for
but also to its poorest
age
not
this
year,
being that
brief recessions of the 1950s was
Poor's
only a 20% reversal, and breaking
the 600 line would fit within that
&
wider Standard
far
the
them
average
which
issues
or
industrial
prises 425
—
com-
395 more
showing far
resistance to selling.
the
than
more
The
there
Dow—was
obvious fact
more
general unloading of
no
was
securities
and
ume
held to
that
lack
a
trading vol¬
daily
low level to indicate
buying support con¬
importantly as light
of
tributed
that
was
as
offerings to the way prices eroded
easily.
The
block
large
showed
distribution
as
a
secondary offering, the block pie-
sumably involved in the divesti¬
ture
in which
Du
ultimately will dispose
proceedings
Pont alone
of
other
are
GM
million
66
shares.
blocks
large
There
will
that
reach the public market both from
holdings
and,
of
valid
Du
the
presumably,
If
the
Pont
family
Du Pont
from
held
by the company
market price is' af-
GM
similarly on all"the block
+w«
offerings, the shares are;in for a
rocky road and for a long time.
Up to the end of March, Gen¬
fected
„
Motors
eral
the
of
pet
whOj
something
was
of
a
investment
obviously,
that there
will
companies
well aware
are
be
much
distribu¬
of heavy blocks of the issue
several years. Massachusetts
tion
over
Investors
Trust, for one, one of
giants of the mutual fund
the
Industry, was a prominent buyer
of 94,200 shares in this year's first
quarter to give it a mammoth
holding of 894,200 shares which,
at the price prevailing then made
it a $50 million bundle and third
largest holding in the oldest of
the
mutual
funds.
Other
funds
similarly active in acquiring
were
GM shares.
V;'
The funds
paratively
so
far
that
which
market
since
seen
the
to
a
hasn't
have
would
1946
confined
be
1929-32.
guarantee
no
latter-day,
20% limit. And it doesn't apply to
individual issues at all since some
already have retreated 40 to 50%
from their, peak prices, a few cut
harder.
even
in
their
com¬
brief life span have
been unperturbed
by
Quality Issue
.
individual
For
debate
bUys
situations,
the
whether
v
was
those
were
that
the
better
have
been
showing independent strength, or
the quality items already forced
well
below
recent
peaks. Pitts¬
Glass is one of the
burgh
Plate
latter,
having
1955
but
In
the
was
sold
down
this year.
it
to
90
in
as
low
of Pittsburgh
case
reversal
a
above
as
60
,
of
its
Plate
earnings
that
the
well
$61 million in the
$61 million in
to
to
up
up
was
year
under
hit
stock
peak was
million last year.
$35
The company made
a
for the
turn
what could be
in its profit
better
picture late last
year.
Supplying automobile glass was
of the lines in which a pinch
developed, after its peak year to
help shrink the profit margin of
Pittsburgh
is
company
contract
glass
Plate.
for
the
auto
shares
since the cost to the fund of these
less
was
than
hplf of the price
prevailing in this week's markets
despite the pressure on the stock.
How
Far
Down?
merger
hubtfubin
is
surviving
the
usual
the
of
The
company.
haven't
haven t
heen
been
d
is
coal
has
use
a^^S'S
,
well.
its
increased
The
opened
Management
mar-
kets to Consolidation where utility
custom e r s loom importantly.
More than half of the company s
output already is for its utility
customers. The company has also
leader
a
in
pipeline transslurry, which
portation of coal,
could
more
coal
is
work
as
out
as
of
one
the
important innovations in the
business in a generation. It
available
at
yield
a
.a.
earnings
The
good
increase
share this
per
of
well
They
4%.
presented
are
author
as
those
of the
oni
nunii.-i"
than
The
tc aimci ac
pttv
-i\/r„
wiLrt I ! '
Saw If +uaST? ^
of the Board
man
l
of
the
on
far
heavier
list
of
Over
com_
ab0ut
double
that
of
the
utility. Had adequate
supplies been immediately availabie, the rate would have heen
average gas
panies
for
several
held
about
pipeline
back the
two
gas
years.
revenues
about
$50
for
$150 in
over
compared
homes
not
cusan-
12 tipies indicated earnings,
a
more
modest price-earn^-
of:
are, esti-
comparable to that of other
Illinois companies and it is not.
expected .that there will be any
to reduce service rates.
ffas .supply, including
liveries this
de-
new
will be adequatemeet the growth foreseen,
with
year,
Earnings
Gas
of
Northern
Illinois,
$2.24 for 1961 compared
with $2.04 for the prior year. Durwere
the present time close to 67% of ing the five years ended 1961,.
22s.
S1?gle ±amily dwellings are heated which includes the period of rapid
lr7 W1th gas, 47% of the commercial buildup of heating load per share,,
Continental
T
,
,
..
of
Annr\
n/-»
h
^r\v»
in-
vestment
of
manager
United
Inc.,
Funds,
it has
bee
n
n-
a
nounced.
Mr.
Herbert
will
make
his
of-
fices
at
the
Kansas
City, Missouri
headquarters,
,20 West Ninth
Street.
United
Funds, Jnc., is
the
nation's
..lit
1*
! 1
-
the
for this
gas
of
i
_
O 1-1
r>-f
use
Interruptible
comprise only
now
the load
\
__
customers
purpose.
industrial sales
20%
11 i
.1
industrial
earnings
advanced
provement
several
71%.
*
will
years
•'
The
the
over
be
im-
coming
somewhat
smaller,
to
but" could well be close
that of the leaders in the util-
and
increments
ity field. For 1962 earnings may
being added slowly, tinder advance to
$2.40 (assuming norpresent circumstances the: :com-\ mai
weather) , and annual impany expects to add about 35,000
provements ? of
about
7%
for
new customers
this year, practiseveral
vears
thereafter sppm
a
cally all of whom will use gas "reasonable
are
heat. Including conversions from
other fuels, customer additions this
could approach 55,000. Increments of this magnitude seem
year
to be a reasonable expectation forthe several ensuing years. A major
sales promotion:program is
being
undertaken
to
secure
also
new
mutpaj fund group, markets/ (and, to protect against
mutual funds com- encroachment from, c o m p e t ing
prise the United Funds, Inc. group: fuels.
,
'
-
fourth largest
Four separate
United
storage,
securities. In view of the comPany s high equity ratio (48%),.
additional sale of common stock
does not seem likely for t'fie next,
three to four years. While Northern earns a -fairly high rate of
retu,rn
investment the rate is.
heated
,
some
enlargement
and
pressure
heating
poration,
Thomas J. Herbert
.
ifh^ted at $210 million.. For: 1962,
capUM outlays will be about $43
PaiUion -and financing will con*sist ofp$20 to $25 million of senior
addition of 125,000 in
an
years,,
expenditures,
underground
1958,
r<53,000,
...
.
com-
needed
five
coming
tlon
significantly higher, but litigation
between
ihn
pri¬
marily for expansion of distribu-
the territory
which includes all of sub-
Chicago and central Illinois,
customers were being added at a
the
construction
Common-
urban
rate
^nvinb
npr
per da^urin® the heating
season.
Edison,
served
pf
occurred.
In 1954 at the time ,of the
wealth
linn
^f
the
by gas, the effect of connecting the
heating load was indeed large. At
firm's
lows. The shares, available at
they
as
"of 260'm"ii-
company with a total
interests
well
establishments
(including
small
multi-family dwellings) and 37%
LP
its
brief
best
as
Research Cor-
year.
their
the period
pany.s separation from
nual
Names Herbert
Fischbach
&
electrical
con¬
shares Hn
the
when
consumer
tomer' provides
T?pQpQT*pV)
case
of an independent
favorite in lagging markets could
tractor.
in
of the stockholder
As each residential
Y^UHIL.i XVGOC'ClI Ull
,
be
.newly-listed
Moore,
a
large
present in
the period.
only.]
1
* bej«:
.
anusual .e'fme"hts that of its flerscher underground storf.= a?iTJa^." ™ P^ide. the
to
top
in
were
Subsequent
however, the company
[The views expressed in this article added 196,000 heating customers
do not necessarily at
any time coin- bringing the 1961 total to 474,000,
vide with those of the "Chronicle." and total customers now aggregate
above
been
hai
P^is'. and
as
Truax
the midwestern
strengthened and most profit projecfions for this basic enterprise
suggest
re-
dividend
with
merger
up
.
and
increasing, earnings
cen«y
new prospective
Natural Gas Pipeline
has applied for a 25% expansion
hpfn rironnfns hut'that*!, Wt a?S agement> nonetheless, used these
dropping but that hasn t at- advantages
been
Another
s,tance3 in the utility field. While dertaken.
there
been
the
's
indus
per day.
sevfah
fLt Ihat
a
A
at
Crescent City should have an ultlmate caPacity °f 350-450 mcf
sPeptacular aa Past growth. The
even
it
taIt
^ the rfCl0(se
' f?ven years of capacity of 650-750 million cf.
^ePendent opCTation, the future smaller underground field
the latter wWch
however
1
however,
shares,
new*
f
new
the
merger
a
.
maker.
.
Northern Illinois Gas
had
CoaTand of. Nor them Illinois Gas continues
stirring
So
'
f
g
pe,rhaps "ot as
wav
Cu^renpy "the
working opsupply most
to
even
Coal
the
one
cern
of
has
its
trading life have been far more
prominent on the new highs list
800,000
in
trend that apparently dropped ij..
from public favor, since net profit r^ryrj-j-
generally
flips in the market prices of their
holdings. In fact, of M.I.T.'s big
bundle, there need be little con¬
over
mue
been
'
shareholders who will receive the
GM shares
is
bear
been
of
convolutions
there
a
shares
430,000
of
for
apart
But
Co^oUdation
,
re¬
between 40 and
from the far more
triggered by
was
selling in General Motors when
1
Merger
that
group
betweenTruax' Trllr
ranged
violent
back
low
new
GM
by
Sparked
50%,
old-time
The
measurement.
versals
to
Profitable
following tomil romD^ieV
markets were a thing of the past
definitely precluded in the
era of modern controls. The fact
is that the more severe of the
and
recent market declines during the
chief of
A
Another
whether the traditional bear
standing in more than a year.
The
cheering
items that the
technicians could dredge up were
minor,
BY KENNETH HOLLISTER*
bargain in current markets for,, a
high-quality item -with a high
yield.
prosplct*The
dividend
of
$1.52
is
annual
63%
last
of
year's earnings and a payout of
55% to 65% of earnings in anticipated.
The dividend has been
raised,
however, each
1958.' At
.the
the
shares,
current
are
year
price
since'
of
64
selling
at
26 5
times estimated 1962 earnings and
27.5 .times last year's
figures. The
dividend yields <2.4%. In compariwith
son
.
other- utilities
.having-
Income
Fund, United Ac- V For 1961, the company sold 1.092 .comparable growth
prospects, the
.cumulative Fund, United Science • billion cubic fe.et .of gas of which Issue remains attractive^ • <
£
ings ratio; than many companies Fund and United Continental
62% was obtained from pipelines
which, at least, doesn't indicate Fund, all of which are basically and
37% from storage facilities.,
*Pinch-hitting for Owen EIy.LT
excess
optimism working on
th^ common stock funds.
■
By 1963, it is expected that 50%
market price.
Mr. Herbert has been President of
peak-day
requirements
will
of Hugh W. Long and Company come from
underground storage.
All Rails Ignored
Incorporated and prior to 1951 was Peak-day sales increased 130 milThe cases of downright neglect
a Vice-President of the American
lion cubic feet in 1961 and are
v.,_
and
widespread disinterest are (National Bank and Trust
Company expected to rise another 130 milthose in the rail section. Investors, of
lion
Chicago.
for
1962.
In
addition, the BOSTON. Mass.—The
Boston Inapparently, are not interested in
coirtpany
anticipates
adding 10 vestment Club will
show
.
-
As for the other major sections
-—rails and utilities — the story
was
token
for
on
mixed
a
one.
Rails with only
selling sold off to
the
a new
low
they have done
previous declines, while utili-
ties
year
continued
with
fair
as
to
buck
the
trend
In
success.
fact, the
poorest price shown by the Dow
utility average so far this year
a
late January achievement
it has resisted well most of the
was
/
so
recent
,
ard
selling. The broader Stand-
&
Poor's
however,
lows
in
has
utility
been
barometer,^
posting
new
the recent downdrifts.
Pessimism, easily generated by
declining markets, was rife. Not
only
was
there much talk
getting
average
down
of
to
the
last
year's low around 610, some half a
hundred points below its
standing
when it posted a new low for the
year
talk
this
of
week,
but
even
some
it
"breaking 600" which
would more than wipe out all the
progress hiade last year. The
flaw is that such
talk, is
only
normally
far from the mark,
and would die
Boston Inv. Club
differentiating between the
overall
industry
profit
showing
last year, and the quality roads of
the west That, in general, were
able to show higher profits last
.
year.
The general expectation is that
industry as a whole will show
a
good earnings turn this year
particularly since last year was
the
the sixth in
a
row
when the
in particular jeopardy and yields
available running up to 6%,
including financially-strong Gulf,
Mobile & Ohio,
are
&
many, as one
6aily sales
f°i' Tfll? million cf per day from
,,-USe' Purchfes "ow'
total 690
D. B. Marron Co.
May
17
Warren W. Nissley
and
Archibald Taylor,
Jr. will
become Vice-Presidents of D. B.
Marron
&
Western
which, to
of the nation's best
Gas Pipe Line of America. Assuming approval by the FPC of
Co., Inc., 63 Wall St.,
City, members of the
pending
York
New
York
Stock
ceive
'
Northern
from
KrammetoBeV.-P.
_
)f
I
(
an
construction
expects to readditional
40
million
Midwestern
Hpn nprson
and
additional purchases
60
are
or
million
contem-
1965.
j
talk,
Midwest Stock Exchanges.
had
settled
Building
CU;b
John
p.
a
of
the
chairman of
n
W.„.IH
„
the
P..,Chase, Inc., who
wjj] address the group on
;
the
Fort
Guest speaker wiu be
cha£e>
Board of John
in„
dinner
in
10
"Invest-
F„nnnlT1„ „
mg ln a Une WorW tconomy-
QTp-plipjO*
.KJ LGl Illlg,
-r-i
i
k
Ai'VlTTQ
?
•
iA.LxYlllp
m
i
01*1116(1 111 TOFQIltO
TORONTO,
Canada
—
Sterling-
The company's underground
storage Tield at Troy Grove is
Vice-President of T. C. Henderson" cf per day during the recent cold
&
Co.,
Inc.,
Empire
Building, spell. It is to be tested for 350
members of the New York and million'per day next winter and
week
Travelers
Hill
May
on
Atkins Limited, member of the
VA*
Toronto Stock Exchange, has been
DES MOINES, Iowa—On M&y 17 operating in a most
.satisfactory, formed to engage in a securities
Walter B. Kramme will become a -manner and provided 250 million
business from offices at 55 Yonge
,
managed railroads, had a recent
runup in part due to much merger
but This
meetjng
request,
Illinois
plated before 1964
_.
.
(
suppliers,
Northein Natural Gas, Midwestern Gas Transmission and.Natural
New
Exchange.
n
pipeline
„
On
CUT1C
JT1
Two V.-Ps. for
over-
all total profit showed a decline,
Few of the regular dividends are
Norfolk
hold
east-
ern roads,; that dragged down the
:
is
expected
to
have
an
ultimate
Street; principals are Theodore
M. Sterling, George S. Atkins and
Exley B;;Calvert. All were formerly partners in Watt & Watt. ■'
,
Volume
Number
195
6158
.
.
and Financial
The Commercial
.
Chronicle
ADVERTISEMENT
(2223)
ADVERTISEMENT
UNION
PACIFIC
ADVERTISEMENT
RAILROAD
COMPANY
(INCLUDING ITS LEASED LINES)
SIXTY-FIFTH
OF
REPORT
ON
THE
THE
BOARD
YEAR'S
OF
REPORT
—
YEAR
DIRECTORS
York, N. Y., April 26, 1962
STOCKHOLDERS:
OUR
Net income for 1961
fore, but it
was 3.6
per cent better than the year be¬
still substantially below the level of earnings in each
was
of the four years
preceding the steel-strike
year
of 1959.
Net income
share represented about 56
dividend requirements. •
;
per cent,
DECEMBER
31,
1961
through normal and legitimate competition would not have received
Congressional consideration. The disturbing fact is, however,
per share of common stock was $2.84, or 11 cents more per share than
in 1960. Dividends declared on the common stock at the rate of $1.60
per
ENDED
fj
inequities caused by discriminatory over-regulation and over-taxation
of the railroads and governmental subsidization of
competing trans¬
portation agencies. On the other hand, protests by railroad repre¬
sentatives with substantial outside support were effective in dissuad¬
ing a Senate committee from progressing Federal legislation which,
if enacted, would
seriously interfere with the railroad's right to
publish reduced freight rates merely because such rates might de¬
prive highway and water carriers of some traffic. It might be
supposed that such an attempt by sponsors of this legislation to
deprive the public of the benefits of reduced transportation costs
BUSINESS
New
TO
ANNUAL
19
serious
that the motion to defer action
of net income after preferred
sustained
was
by
by the Senate Commerce Committee
margin, and the proposal will prob¬
a very narrow
ably be revived in this session of Congress. It is up to all of us—
employes, stockholders, and informed citizens
generally—to let our representatives at Washington know of our
opposition to all such discriminatory railroad legislation.
railroad management,
The net from
statement
was
transportation operations as shown in the income
$1 million less than in 1960, but transportation earn¬
ings before Federal income taxes, which include taxes on income
from all sources, were $6 million greater than in 1960.
The main
reason for the disproportionate increase in income taxes in i961.^was
the further drop in allowances for tax purposes in connection with
amortization of the cost of emergency facilities, to, which attention
has been called in previous years. Apart from the income tax factor,
transportation income after lagging in the early months showed
steady improvement as the year progressed, because of the gradual
rise in general business activity.
••
,
. ■
' > %
The
better
this
There
representing the railroads, while expressing some dis¬
appointment, accepted the recommendations contained in the report,
but the five labor members
is not
ber 1,
binding
were
completely dissatisfied. The report
the industry or its employes, but the Commission
public service in bringing to light many inequitable
on
performed
and
a
obsolete
working rules and its recommendations
tionably designed to serve the public interest.
E.
decrease, of $1.4 million in aggregate income
investments, but this
on
1960.
...
.
was
$
*
.
..
L
:
...s
ROLAND
HARRIMAN, Chairman of the Board
ROBERT A.
LOVETT, Chairman of the Executive Committee
A. E. STODDARD, President
y
■
INCOME
rolling stock, and
other transportation property were $49.9 million in 1961, or $6.4 mil¬
lion less than the year before. Capital expenditures for oil and gas
facilities, on the other hand, were somewhat greater than in 1960—
the largest such undertaking being a plant constructed in Patrick
Draw field for processing gas produced concurrently with oil, to
render it marketable and extract natural gasoline and other valuable
liquid products.
.
.
\
;
expenditures
_
for
investment in.
.
.
new
-*■
TRANSPORTATION
Operating
and to
an
undertaking(by the Company to pool its lands in this area
by a chemical company under joint arrangements for
their development.
This joint arrangement was formalized during
1961 by the organization of Stauffer Chemical Company of Wyoming
to mine and process the trona, and Union Pacific acquired 49% of
its capital stock and $4,299,750 of 5-year promissory notes, issued to
finance the project. It is anticipated that production of refined soda
ash will start in 1962. Royalties will be paid to Union Pacific for
with those held
The Calnev
lands.
$494,184,464
360,798,813
359,741,036
1,057,777
*"$138,525,635
$134,443,428
$4,082,207
79,342,574
6,636,951
Revenues
Taxes*
over
_
Joint
in
made
Income
from
income
19,029,381
from
oil
and
in obtaining Federal
urgently needed by the railroad industry to. remove
legislation so
was
1,689,588
$31,813,873
$32,835,294
$22,098,416
$3,932,399
410,702
408,957
1,745
,
made during 1961
Operations.....
Dividends
Interest
Other
on
leases
stocks owned..
bonds
on
operations'"
gas
gas
interest
and
notes
income
Rents from lease of
;
1,546,591
$13,266
'
$1,021,419
and
fixed
for
-
charges
Total........
Per
INCOME
share
stock
on
R.R.
Common
"Federal
and
12,964
,
CO.
$1,055,936
$2,407
UNION
$4,065,156
$65,312,512
$2,357,977
,,$2,840
$2,734
$.106
$3,981,724
$1,053,529
common
PACIFIC
STOCK
Stock
Stock
(4% )
...
35,886,776
U.P.R.R.
Co.
taxes
on
$6,716,600
$25,444,012
,'
income
In
$39,868,500
$27,801,989
dividends..
35,886,776
$39,868,500
...
Total dividends declared
in .4961
$4,052,192
$67,670,489
SOURCES
Union Pacific Railroad Co.
less
$2,996,256
$3,981,724
ALL
DIVIDENDS DECLARED ON
Preferred
$1,304,448
$3,011,627
FROM
outstanding (after preferred dividends)
On
383,957
$69,377,668
49,982
CHARGES
funded debt..
on
$1,688,405
503,662
$70,682,116
charges
$69,881,330
.887,619
deductions
$2,709,824
$71,569,735
other
98,424
$37,046,036
15.371
accruals
available
fixed
122,579
"*56,687
3,350,494
$39,755,860
1
Income —L
FIXED
Other
923,235
347,057
806,669
____________
Interest
$796,548
3,448,918
Total
tax
201,720
.
122,579
income
Total
4,892,089
548,777
;
rents
Miscellaneous
5,215,094
3,968,854
Gj
road
Miscellaneous
4,418,546
owned....
_i—
.
progress
20,575,972
1,702,854
$26,030,815
....
Transportation
Royalties from oil and
Net income
Little
$2,554,744
$55,100,854
"sources
Net
On
of interest
investment advances made to it by Union Pacific early in
:
s
"V-V'
through receipt of dividends over and above the amount
1961.
(debit)
$5,139,984
INCOME PROM INVESTMENTS AND OTHER
Western, for the reasons outlined in last year's report, had the in¬
cidental result of a substantial rise in Spokane International income
on
$52,546,110'
facility rents (debit)
Pipe Line Co. completed construction of its Colton
Acquisition by Spokane International Railroad Co. of holdings
common stocks of the Western Pacific and Denver & Rio Grande
paid
85,979,525
...
Equipment rents
NET
of
expenses.
Railway Operating Income
Miscellaneous
Vegas pipe line for refined petroleum oils and it was placed
operation in May, 1961. Additional interest-bearing loans were
to the company during the year for financing this project.
■
Decrease
Increase
$499,324,448
Income
—Las
1960
revenues
made in last
trona removed from its
\
1961
.
year's report to the investigation of
deposits of trona (raw soda ash) northwest of Green River, Wyoming,was
ACCOUNT
OPERATIONS
Operating expenses
Net
Reference
unques¬
_
*
Gross
were
By order of the Board of Directors,
from
partially com¬
pensated for by the drop of $1 million in fixed charges for interest on
debt, reflecting primarily the redemption of $46 million of OregonWashington R.R. & Navigation Co. 3% bonds at maturity on Octo¬
was a
em¬
the
showing resulted from expanded development of
and interest
study
five members
Patrick Draw oil field.
dividends
Commission appointed to
report on February 28, 1962. It
represents the unanimous views of the five public members. The
has
Income from oil and gas operations rose by $3.9 million before ;
income taxes and by $2.8 million after such taxes. Practically all of
Presidential Railroad
working rules issued its
ploye
;
$2,357,977.
ij,
from
1960
are
oil
and
included
gas
in
operations,
"Taxes"
which
under
were
.
approximately
"Transportation
$7,818,900
Operations."
20
The Commercial and
(2224)
$10.68
FUNDS
MUTUAL
to
Investments
quarter
POTTER
JOSEPH C.
BY
$10.30
the
in
quarter
made
consisted
holdings reported previously;
Emphasis was on common stocks
of major oil companies, including
Profit and Growth
Ohio
Oil; Standard Oil of Cal¬
ifornia; Standard Oil Co.
(New
Jersey); Texaco and Union Oil
'
Co. of California. Common stocks
non-operating railroad employes, of Brunswick, Republic Steel ana
The President has expressed gra- Kansas City Southern Railway
tification that the panel remained were eliminated.
within the economic guide lines
of his advisers. He added: "It is General Investors Trust reports
G
.
.
BANKS AND BANKERS
Consolidations
New
•
Branches
•
*
New
Officers, etc.
—
to bottom) in this still
young year and other growth and
glamour issues losing much of
their appeal, the investment com- now the plain duty of both parties that at March 31 net assets were
munity has been engaged in some to negotiate a
responsible and $16,116,136, or $6.99 a share, comunderstandable portfolio - search- non - inflationary
settlement in pared with $16,106,957 and $7.36 a
jng>
their own and in the public m- share tnree months earlier.
After
all,
appetities
can
be terest"
During' the quarter the comwhetted
for stocks that sell
at It has been estimated that the pany established no new
portfolio
even 50 to 60 times earnings
and panel's finding entails an addi- positions* while
eliminating the
provide yields of less than 1% as tional $100-million-a-year labor corporate bonds
of
Food
Fair
long as the shrewd slide-measure cost for the railroads.
Here we stores and Republic Steel and the
men can <hte an historically hefty" have
industry-wide bargaining in common stock of Gillette; Jay
only JJn{^Statesbank now op-
chines
the
stocks'
down
daddy
growth
the
of
nearly
points
150
(from'top
.
.
growth in net per share with the
promise of more to come. But inis inevitable
digestion is inevitable in the pres¬
in the ores-
Hicrpstirm
Government-created
ent
Chicago-based
and
'
*
The railroads, unlike the steels,
can't
raise
they
try Shares, which has few stodgy
prize portfolio, is out
with a report for the six months
that notes "more
31
down at the heel.
their
thought
prices
it
if
(even
desirable)
was
than the usual
proportion of current savings" has ben diverted by
folks to savings institutions. Barland H. Allen, Chairman of the
And
unions
the
served notice that the committeeapproved increase is too little.
aii-time
high of $31,620,286.
:I.
Mr.
Kennedy probably put his
finger on the small store of con-
Keystone
fidence
March
that
investment
within
survives
stock
the
when
community
...
31
was
$14.55, down from the
$15.40 at Dec. 31, 1961. Total net
assets at latest report were at an
have
already
*
Johnston Mutual Fund reports that
net asset value per share at March
Indus- without obtaining official sanction.
Growth
stocks in its
ended March
field that includes companies Manufacturing; Southern Railway
which are bankrupt, decrepit and and Wisconsin Electric Power.
a
atmos-
phere of misunderstanding
suspicion about profit.
.
,
he
Fund
31
444 and
convinced that the
attraction of high yields on deposited funds is phasing out as
that
But there is
"abnormal'
between
the
net
assets
$23.18
or
that
Boards and Philip Mullenbach, its
President,
are
competition
for
his
Administration
business well since
it
wish
wished
was
and
Rx>hm
Haas.
&
(G. I. S. sold 1,100 Magnavox m
first quarter of 1962
retaining 25,000 shares at March 31.)
the
w^ch is marking its
•
sixteenth
JL l\0
£
share. This
a
#
it has acquired
$37,819,831
anniversaiy,
value
of
$6.67
share
a
in
*
assets of Munasca,
cash
and
com-
As-
marketable
Boston
reports that at March 31 total net
assets
amounted
to
$296,335,000,
to $16.26 a share.
Value
share at the close of 1961 was
$17 05
and
a
vear
IwAT.
earlier.
earlier
it
was
iviarcn
on
stood at $22.19.
last
At March 31,
1962, the-asset vlaue was down to
d
vest
in
the
share
new
held, at
to
for
stock-
the
on
basis
each
three
a subscription price
share. This will re-
Capital Funds,
Capital, Surplus
con-
the
in
bank
1929
and
be-
*
Personal Trust Officer in
a
aPd
Assistant
an
Anderson
Vice-Presi-
ica,
G
the
New
u r o c
*
inter-
clude
Other
in Manhattan were pro+r> Assistant Treasurers.
Accdont
and
jj
investA. Joseph
were named
They
are
Ronald
the
I.
and
have
Brown
M.
|>mith,
*
stands at 111.
now
Francis A.
Marille
Smith, President of the
Trust
Company
New York,
era
of
West-
died May 8 at the
o£ 63.
After, service
appointed
cor-
he
in World
War I,
^ineH Vha Riiffal'o Trust'
•
pany
-inoo
mu
i->
1922.
The
ln
Cnrn-
Bank
1922.
in
pany
*
company
,net assete
pared
with
months
$65 234 376 comthree
$60,610,511
earlier.
Net
asset
Manhattan
Bank,
New
Yolk, electedRober?^!'Hills!
of
succeeds
the
and
mem-
_
fi-
blans and staff demrtmpnt
Director
in¬
George
age
was
associate economist in the
norate
L.
Donald
Betts,
bership
•
W. Giles Mellon
an
Wallace
who
of service
years
John F. Weidner. Total club
nancial planning department, and
Alexander Schiavone of the Trust
department.
members
new
Lockwood,
investments
and
County Trust
Company,
White
Plains, N. Y. inducted five new
members,
including the Bank's
President, John A. Kley.
to
of
Louis
The Quarter Century Club of The
branch
Thre^men
elected
Vice-President
completed 25
ment officers.
of
*
York
k,
national department and Robert
H- Kaupe of the Grand Central
moted
and
excess
Controller.
department,
of
in
Commercial Bank of North Amer¬
derd in 1958The bank also announced the
promotion of Clifford I. MacCullou8'h to Assistant Vice-President.
Mr- MacCullough joined the bank
in 1924.
too is in the custody
division of the trust
Profits
Warrants will be issued to the
stockholders
of
record
as
of
May 18, and will expire June 19.
o
joined
of
Undivided
Mr. Lyter has been in charge of
the csutody division of the bank's
trust department since 1960.
He
*
Trustees of Shareholders' Trust
headquartered in Cleveland.
...
one
of $24.00 per
suit in total
pro-
poi ate plans and staff department
of Boston report that at March 31
nounces
e n
offered
Bank
i
Bank
The
was
was
merged with Marine Trust
Causes to reacn $i»,zy
anpauses to reach $1829 oTMarch Broad Street Investing Corp
aCquisition of Inland InlatfalfS&d $Inc' a/iversified closedment
iviarcn
be
$11,000,000.
Chase
later and at the end ot
*
*
*
will
announced May 3.
equal
per
its
The additional 131,286 shares of
holders of the
sisting
both
of
and
increase of the canital
an
Chase
Manhattan
Bank,
New
York, President David Rockefeller
Debe
*
*
*
Putnam Fund
George
$12.50
a
$37,300,897 and
year
reports
'
or
a
Corp.
securities.
ports that at March 31 net assets
were
Investors
of
j
\
shares
Munasca, put at $1,300,000,
consist
iA/0pOl*L
!;:
moted
Bank
$5,251,440 and the number'of
shares from 393 858 to 525 144
of
*
*
Trade
0f the company from $3 938 580 to
Assistant .Manager.
George
private investment
incorporated in Maine.
sets of
'
*
a
pany
Blue Ridge Mutual Fund, Inc. re-
has
a share,
against
splendid record of growth. From $12.55 per share
asset
T)
inCt>
share at Sept. 30,
*
National
deed,
of $30,485,-
'
50%
a
assets
a
the
and
1111(1 S
$22.94
wide gap
a
growth issues.
And that's what the stock market,
They base their hope on the concerned about profit and
good first-quarter sales and earn-. growth,
has
been
saying
this
ings of such growth equities as spring.
IBM, American Hospital Supply
1V1
M agnavox,
naoio
uorp.
01
Radio
Corp.
of rr\-i
tt\
t
America
with
compares
at
were
1951.
partner.
reports
total
$32,597,799,
said, in his address to the United
States
Chamber
of
Commerce,
S-l
apProve
Gonzales
M. Lyter has been
to Vice-President of
*
of
in-
and
Trust Company, New York, voted
at a special meeting
May 8, to
st0ck
Harry
analysis
respectively,
*
h, ls Thomas J
ko
beenManager of
branches in Puerto Rico. David
is
credit
stockholders
b ?a £c
1949
Common'
and
vestigation
The branch, is at the corner of
Mercedes and Isabel la Catolica
Streets.
The Manager of the Santo Do-
came
*
High-Grade
fice
™i£fJ!jLanch in'the Domini"
can Republic.
£
'
—
The Chase Manhattan Bank, New
York, May 7 opened a branch office in Santo Domingo. It is the
Ma-*
Revised Capitalizations
•
■
hourly pay rise for some 450,000
Business
International
With
Thursday, May 10, 1902
.
NEWS ABOUT
during the
additions to
of
Chronicle
'
March 31.
ended
.
Financial
in 1925. Mr. Smith had been
pany
President
a
Chase" International
late Charles
New
of
1956.
R.
Cox.
value
Marine
"
since
Trust
v:
England
Boston,
...
Corn-
Merchants
Mass.
elected
Bank,
Frank
S.
^
mintaist^d
the
to
ItocksTnotieasC
in the weeks
growth stocks)
sinrp the
latest renort
asset
value
additional'shrinkage.
underwent
The G. IS. people argue that in
neriod ahead" "it will be the
the
top-quality growth stocks that
have
relatively
low
operating
costs"
that
?^in^t7ift^oatr^o3i„saA^0R.26'
will
make
the
dur-^154
*n8 *ke ^irs^ .Quarter of this year
stock
common
purchases
J'
_
Stem Roe
totaled
att
end of 1961...
Farnham
&
Balanced
$14,288,000 and sales amounted to
$11,873,000.
;
total rietPassetis111^!-^1
m* ^l™^^!4'160;956!
"
*
*
or
$38-46
share, against assets of
a
Colonial Growth & Energy Shares, $59,510,865 and $38.38
during the first three months of year earlier
share
a
a
Mr* NicelY retired
issues
r.
A
r
C'0-' A-
favorpd "
rjt
Rank
This, of
course,
annroa'ch^tolihe^market ni^ce
But
term
—
selectivity — is being rested these
days.
Rather, the talk is about-
bread-and-butter
fare
as
Armco Steel.)
What
we
the
time it sold Atias Chem-
same
Chemical; Sony,-Southern Co.,
and
Texas
» ' ♦
De
Vegh
for many weeks is a retreat in the
stock market on a
broad
front
De
that has carried hundreds of issues
ports
the lowest levels in
to
a
year.
Confidence
ministration is at
Chicago
fund
a
Utilities.
than
more
in
this
Ad-
low ebb.
The
nevertheless
man-
share
'
Vegh
that
ended
of
1962
have
opportunities to invest
desirable securities
in
I
S.
may
find
been
the
new money
at
its
us
k
Administration
present
present
nyinoHTr'o
path
patn.
Inc.
31
het
net
March
31
Inc.
asset
re-
more
continues
on
Since rresiaeni
bince President
nvonlr/iAtim
i^i d^ t y^whtclT nad
inaustry, wnicn had
rf nnl
share
a
a
of
New
.
reoorts
share'of'$8
$9 05
Total
net
62^
on
three
assets
Investment
.
!n
324
shares
of
_
_
In
of
^
tir
■#-*,
^
^
was
^oint statement by Hooper S.
,
T
as
Trust
a
Officer
and
President
of
The
Montgomery
vice^Pr^ident mf Mo^an^Guar' C^l,ntL^a®i°"al announced that
Bank of Kock"
! ^
^ville, Md., it was
.
.
..
^g'^p®^,ally of New York
■'(,
Mr
irl
by Directors the respective Boards"
action of of the two
of
banks, a
of Directors of the tw« banks,.a
,
tho
m e r
.
_
.
.
.
_
_
»••»*• - »•
in Morgan Guarreal estate department. He
was
formerly
Corn
Bank
with Girard Trust
Exchange Bank in Phila-
to
has
been agreed to, subject
approval of the Comp-
the
troller^of
the
stockholders
n
^
both
>
the
..
bolders^ of Montgomery County
National Bank for the 14,000
?hares of-i-s stock
mg' TrovldinS a ra
a
8S
,
two banks contemplates the issuance of 28,000 shares ot Maryland
National Bank stock to the stock-
,
i
.
the
banks.
between
,
The Bankers Trust Company, New
York.' ann°unced on May 7 the
?nR01o+meii
Goldsick,
^
Sce'
jar|ila.
Broadway Office;
°®ald F'°UI"'nan?1n7a?
rwaS
i
was
Currency and
of
agreement
^
vice-Presfdents
The
Montgomery
County National Bank of Rockvine
with
Maryland
National
^
Brazer is
s
of
g e r
stant> °ne'
named Trust
-,
■
Central
National
•
1961.
Newton
^
a
t\/tJJf^ 7i0Wei
Officer, and Harvey G. Burney 111., elected
Manchester^N.JI^ aiad^its subsidi- and Ben F. Wilder Assistant Trust ^Director.
hh"','"! the quarter stock
,the ,fund aJies %% engaged solicitation and Officers in the personal trust diin the making
added
the
common
of
of small loans, the
end
serve
Miles, Chairman of the Board of
Maryland National Bank, Baltiof Thontas J.. „re Md„ and Reuben Riggs,
Arthur Dixon
.
and
to
Roxbury,
s ^ ^ass* at The Hancock
?8e Shopping Center, West
The
Corp.,
common
compared""with $6,439,327 aFthe
T
r
City
delphia.
Coastal Acceptance Corp., at $12.50
Per shareof the total- 68,000
shares are being sold for the comPa"y and 12'000 for certain stockv
Y
York.
Appo.» t-« e
,,
Central Avenue, Dover, N. H., and
associates are offering 80,000 class
A" nonvoting
Inc
against
.
York,
^umpany
oi
Company of
rS NaHo.ial'' Bank^of6?^
of the
m*
Eastern
in New
Firsl National Bank
Mr.
value
office
West
of
opened early this month by State
-siwasap
Stock Offered
year
$6,082,897 at the end of March
even
$7.13
ar*""
from
*
America
assets
were
CoastalAcceptance
Fund,
*
*
of
total net assets
with
compares
re-
*
during the fiscal
bargain months- earlier..
"opportunities ' and,4 bargains" it
the
Co.,
decreased
*
Mutual
March
March 31
$21,732^^0^38^
from $67.36 to $65.68.
The
decline "in the final quarter of the
fiscal year was from $68.49.
prices
G.
at
fell
find a bright ray. It says:
gratifying during the early Fund
"Most
of Commerce
Guaranty Trust
*jru»t-inn.y
huh
anty
*
ages to
months
and
Brooklme
National
7rT fofirf *nftpr'hnvJITtf
^
$21,599,122
per share at March 31.1961.
Wisconsin Fund, Inc. reports that
-
♦
Investing
per
;
witnessing $18.84 to $17.88.
been
with
compares
First
banking
new
residents
Senior
a
Sweeney
value
have
total net assets amounted ^ $33,to
ic^ls Industries; Florida Power & J33JJ7
whether" ttiey8be^glamour'toS
such
Fund reports that at March 31
aC0o+c
is the selective
thaT much^overworked
or
Peanut
Huston
as a
Clty Bdnk m 1960 afterNational — — and — Company
havmg SPtr*et Bank — Trust
period with the
the
Nielsen; Rank Organ-
Jf
Vice-President
served
'
^dtomerd?ohcre ^.es^My ChZcals/ Tom
yield
mediocre
recently
A
Bank, New York.
Bank
year, bought American Metal
best
Christian Vice-President-Marketing.
James M- Nicely, has been appointed to the Trust Advisory
City
Board
of
First National
Bank,
Burke
B.
Chicago,
Roche,
a
~
-
-
•
❖
*
vision
v aoiv/ii.
Yii ,5' AGraca ^ ^°- while elimin- placing of insurance, and the op- John Niebojewski was ap- President of The D^oitBank^aiid
and Uniadded labor costs he has received vl'^aiAMfFhan VlSC°Se and Uni"
eration of a realty office. Net Pointed Assistant Secretary in the Trust Company, Detroit, Mich., reDie report of Ws
CTnergency rafl- VCTSal MatF:
proceeds from this financing will c0»a Wnqr division
tired April 30, after 42 years serconfm htee^proDbsed Twl'cJntt Fu"damenteIshare declined asset be used by the company for the A. Strauss were named^ssfstant "Sr. Lee joined the .Bank
committee proposed a 10.2 .cents
Jinvestors' net from reduction of
value
per
s
r
incurred
incurred
atmg Anierican Viscose
.
4,^^
^
_
—n..
"
nnint^d
Acoidani
iv,
,
^
^
,
as
indebtedness.
Treasurers in the 39th Street Of-
teller
in
1920.
Subsequently
a
he
Volume
195
Number 6158
*
was assigned to the Business De¬
velopment
Department
and
in
1925
Mr.
Lee
ficer
in
X
The
2
of
merger
•.
Governors
of
System
Keith
New
»,
of
approval of the
Broadway
National
k,
a n
President
of
the
Stock
Exchange,, has
Exchange's oppo¬
the
income.
Mr.
Nashville,
J.
nounced
of the
Saxon
C
•
Funston
declared
first
in
quarter
the
report
remedy of with¬
holding is far from the best solu¬
tion" to the problem of under¬
u r r en c y
April
24
an¬
reporting
of
new
a
na¬
of
While
preliminary approval to
establishment
These would include continuing
educational
effort
the
Exchange has
the
dividend
income.
worked
Funston's report also
sion
connection
in
rent
natives.
liam
H.
The
Board
First
Dial
Directors
of
Kan.,
Bank
Maurice E. Fager to the
eral
Governors
of
the
predicted
Bond
notified
Bond Club Stock
its
The
New
and
those
York
completed
members
returned.
very
An
Exchange-recommended
for registered
course
Stock
a
Now
Exchange,
of
stock."
As
the
be
same
as
last
year—$10
—
The Thomas In¬
John
President
"H.
and
Thomas,
ViceHarry D. Strouse,
Jr., Secretary. "
a
reports improved operations in 1961
System on May 2
the ^application of the
Commerce Union Bank, Nashville,
Tenn., for prior consent to merge
Broadway National Bank of
SALES AND EARNINGS—In the latter part of 1961 there was excellent
Nashville. Nashville, Tenn., under
the charter and title of Commerce
improvement
in
the business of American Viscose. Sales in the last half of
Union Bank.
the year were $118 million compared with $98 million in the
Election
period of 1960—an increase of 20 percent. This increase, however, was
offset by somewhat lower shipments
during the first six months of the year.
of
Assistant
Robert
Vice
B.
Seal,
President
an
as
Sales for
the
of
per
share
of
San
The
Bank
Francisco,
his
assumed
of
new
company
Mr. Schmitt had been Acting
Manager since the untimely pass¬
12 of Fred B.
Chemstrand dividend.
a
"•
.'
used in quantities second
ager.
ing on April
berg".
nit
only to cotton—has greatly improved this
modity through research since production
Man¬
as
in 1935. One of the
market in
1961.
be in
blends
or
with
Bank
of
America,
San
in 1961
Fran¬
cisco, Calif, has established
a
rep¬
Spain, it
polyesters and other fibers in
rayon
The
has
had
Mateo
El
office
uses
grade
use
of
were
handling,
wide
a
safety and strength of
economy,
of
range
uses.
improved during 1961 and their
were
progress
was
made toward the
Corporation's newest product, Avicel—a micro-
crystalline cellulose. This product, developed through basic research, is
available in sufficient
is
The fiVst unit of
d y,
improved by the
together the strands of high-tenacity
VICEL*—During 1961* considerable
Delaware, will
o u
-
expanded. A special coated cellophane for wrapping fresh meats is
Robert
G
,
rnmmm
year.
Manager
George L. Lorimer, Jr., Assistant
Manager Alfred G. Gunsten and
J.
of
ease
commercialization of the
Real.
staff
•'
staple shipped
preferred by major chain stores throughout the nation.
A
now
official
light weight,
Polymer-type coated cellophanes
April 27, at
on
Camino
rayon
\
The Bank of California, N. A., San
Francisco. Calif, will open its new
&
and
CELLOPHANE—Avisco cellophane shipments were again ahead of the
Europe and Latin America, will
be in charge of the office, located
at No.
3 Calle del Marques de
Valdeiglesias.
The
yarns
New lines of hand, pneumatic and automatic tools
yarn.
previous
in
San
for Avril will
for high
higher than the previous year.
Avistrap have placed it in
extensive foreign trade experience
4th
use
cloth
designed and produced.
bank.
who
19 percent
better chemical formulations to bind
April 30 by S. Clark
Beise, President.
Located in Madrid, this will be
the first representative office to
be opened in Spain by an. Ameri¬
Simon,
was
AVISTRAP"—This rayon cord strapping was
was
announced
Michael
produced with tensile
exceeding cotton. The immediate
'
resentative office in
can
our
staples, Avril", entered the fabric
It is the first rayon staple ever
strengths equal to
Hall-
new rayon
com¬
first undertaken by
was
apparel. The quantity of rayon and acetate
The
Earnings
$2.06 in 1961 including $.69 from Monsanto dividends—
were
:
officially
duties
$207 million in 1960. Earnings
versus
FIBERS—American Viscose, the largest producer of rayon staple—a fiber
California,
Calif.,
$219 million
were
$1.45 in 1960 including $.49 from
versus
Wilbur E. Schmitt, Assistant VicePresident of the San Leandro K>f-
fice
1961
corresponding
increased 43 percent to $9.8 million from $6.8 million in 1960.
Republic National Bank of Dallas,
Texas, was announced.
1
quantities to permit its
use
by food manufac¬
turers in calorie-controlled foods.
Assistant
a
commercial
plant to produce Avicel, located at Newark,
be completed.
soon
Cashier. *
RESEARCH AND DEVELOPMENT-A
Fred B.
Bank of
California's San Francisco
new Tyrex*
rayon tire yarn
developed with tensile strengths' 10 to 12 percent stronger than any
rayon tire yarn previously available. Also in development are a high-
Hallberg, Manager.of The-
was
i
&
Calif. San- Leandro
April 12. He was 64
Mr.
of
office,
years
Hallberg joined
California
in
1956
died
The
as
strength filament
old.
He
Manager
in
vanced
high-strength, low-elongation
Bank
tenacity ribbon-type
Assistant
and
yarn
rayon
fiber for
for tear tapes
Among developments in packaging films
Manager in 1959.
to
1958
with properties siinilar to Avril
with
ad¬
was
improved printing properties;
batteries; and
a
new
desired flavor and
The Bank of Nova Scotia, Toronto,
Canada, announced the appoint¬
of Miss
of
ager
branch
the
in
Jean
Nova
Halifax
garet Mullan
Begg
•Tyrex is
a
a
Miss
HIGHLIGHTS
aroma
LOOK
Bank
April
of
Montreal,
30
opened
Canada,
three hew
TO
1
AVISCO
FOR
NEW
r <lx$
yarn
Bank
were
of
in
on
Dorchester
Boulevard;
and in the 20-story Standard Life
building op Sherbrooke Street.
$6,800,000
$2.06
$1.45
$2.00
$2.00
(a)....,
$288,800,000
$287,800,000
$60.93
$61.01
If you would like to have a
copy of our
Annual Report, write to the Public Rela¬
-
,
(a).
Number of
Employees.
tions
Department, American Viscose
Corporation, Philadelphia 3, Penna.
25,500
.
*
.
13,400
13,100
(a): Includes $78,092,000 representing investment in Mon¬
common
stock.
the
34-story' C-I-L House and the 20story Hydro-Quebec building,
both
1960
$206,700,000
..
Per Share
Book Value Per Share
santo
Montreal
established
silver-zinc
$9,800,000
Earnings Per Share
Dividends
Note
new
branches
1961
Earnings.,......;,,,.......
Number of Shareholders
YEAR
-
$219,000,000
Net
at Year-End
THE
in
and cord.
Capital Invested in Business
IDEAS
branches.
The
o TI
use
associated with many foods.
Net
Mar¬
as
r>ariw **5 e*cx
on
V:.:*V
a
high-
polymer-coated cellophane which retains longer the
Net Sales
Hotel
Manager of Uni¬
versity branch, Vancouver.
The
a
polymer-coated cellophane
cellophane for
collective trademark of Tyrex Inc. for rayon tire
Man¬
as
Scotian
and
staple;
cardboard cartons.
on
were a
✓
ment
rayon
applications;
paper
Assistant
Cashier.
became
yarn
AMERICAN
VISCOSE
CORPORATION •Philadelphia
3,
to
on
Corporation
American Viscose Corporation
^
close
corporation. Officers are Robert
W. Thomas, President and Treas¬
urer;
inflationary gesture, the price will
rep¬
will
Company, 5430 Foster
Street, is now doing business as a
non-
a
up
allotted in full
books
vestment
2,500 shares of "not
common
subscriptions
SKOKIE, 111.
once-a-year
of New York's annual Field Day,
is making its annual offering to
Exchange
been
Club
conducts
members have been
that
Subscription
May 24.
trading session at the Bond Club
distributed
Stock
have
Bond
which
Exchange Committee,
oversubscription.
two shares will be
■
Exchange Offers-
cur¬
an
Club
Fed¬
Reserve
with
of the Stock
of
approved
•
Exchange
June 1. Robert A.
Powers,
on
Smith, Barney & Co., Field Day
Chairman, and John W. Callaghan, Goldman, Sachs & Co.; head
office of
.
of
with
try Club, where the outing will be
The
Vice-President in charge of Busi¬
ness Development
Board
noted
Trading in the shares will
take place in the Stock
Exchange
tent at The Sleepy Hollow Coun¬
Topeka,
election
the
announces
of
of
to
said,
he
training
President.
as
National
alter¬
in
"refresher^ programs.
try. Among several questionnaires
issued by the SEC as part of the
The Bank will be headed
other
21
share.
held
enrolled
were
during the quarter
training and
study of the securities, indus¬
holding, Mr. Funston said, it will
support
where such
are
representatives
during the quarter to the
Securities and Exchange Commis¬
National Bank". It will open with
initial capitalization of $800,000.
to
cities
of
offered; in New York,
traineers and 126 registered
292
material
specialists
continue
number
courses
firms have furnished considerable
difficulties and hardships inherent
in
dividend and interest with¬
by Wil¬
the
that the Exchange and its member
for the ne\V Bank is "East Orlando
approved title
and
dividend gap.
study,
lando, Florida. The
was inaugurated dur¬
ing the quarter at Florida's Uni¬
versity of Miami, the Exchange
President said, bringing to eight
industry to en¬
courage
the
public
to \ declare
dividend and interest income, and
applying
the
Internal Revenue
Service's new taxpayer number¬
ing and automatic data processing
systems to reduce any remaining
with the Treasury Department in
an effort to iron out
many of the
tional bank to be located in Or¬
resentatives
the
Mr.
that "the drastic
Comptroller
(2225)
,:v"
*
Exchange's
'
James
the
B
York
1
sition to Administration proposals
for tax withholding on dividend
its
Union
Tenn.
Funston,
reiterated
the
May
on
Bank, Nashville, Tenn.,. into Com¬
merce
'
.
Makes Report
President.
"x
Reserve
announced
The Commercial and Financial Chronicle
Government
and
*
Board
Federal
.
N.Y. Stock Exch.
appointed an of¬
in 1952 was
was
1948,
Assistant Vice
named
.
branch manager.
named
was
.
.
Pennsylvania* New
York
1,
New
York
22
(2226)
>
-A-.S-o
-
.
dividend rate
Prospects Far From Dim for
Savings and Loan Industry
Continued from page
the
in
and
-
than
funds
it
term, large sum investments, its
competitive position for the latter
could be improved
at no higher
Bank
While
tion
Competition
is
it
that
true
commercial
from
competi¬
banks
for
interest
accumulated
the
dends—some may not ever
institutions
savings
As
may
in
accumulations
che
tax"by
reduce
payment of the
it—hence
counts.
cost.
average
to pay taxes on
or divi¬
report
savings accounts
1
unpredictable
pays
for
longer
out,
-
expressed
have
some
ac¬
savers
it, interest will not be compound¬
ed
at the full rate, but only at
80% of the full rate.
Fears have also been expressed
convert
savings accounts to
other
not divert
and loan institutions.
Whatever types of investment to avoid hav¬
their interest or dividends
growth commercial
banks have ing
savings
is
increasing, this may
any funds from savings
will
come
out of in¬
saving. After all, the
business is just now be¬
probably
that
will
savers
many
their
This of course reflects
understanding of with¬
reported.
of
lack
higher
the
do
in
not
expect too
bank
much growth
savings.
Many people, including quite a
few savings and loan managers,
/that
forget
neither
much
want
nor
well
as
of
afford
can
the
as
thumb
banks
our
savings growth.
tions
ruies
of
most
very
The tradi¬
supervisory
in
tended
each
to
of
dollars
thousand
savings with
of
hundred
one
new
dollars
capital.
If the banks are
to compete for savings with sav¬
ings and loan associations on a
new
of
and
no
growth,
loan
estimate
to
way
I
or
predict what they will be. I have
at
-
savings
know
banking re¬
quire commercial banks to match
-
withholding
to the effects of
As
on
doubt
to
whether/ with¬
holding will make any difference
all, and in fact I have suggested
some of my friends in the busi¬
that they not
ness
it
only not oppose
actually work for its pas¬
but
report, however,
accepted my
should
I
sage.
that
of them has
none
rate
basis, they cannot squeeze
suggestion.
enough earnings to justify the*"
Corporate taxes, of course, are
increase in capital.
Or if they a different matter since they di¬
can,
they think they cannot, or vert
earnings to the U. S. Treas¬
they don't wish to add to their
ury that otherwise might be avail¬
capital because of other consider¬
out
Our
the
home
stock
third
unfavorably factor,
unsatisfactory
progress
In
building, seems to me to be
temporary
a
wait
marrying
to
still
and
II
babies
and
reach
prosper.
remember
effect
be
dividend
on
that will
rates
paid to savers, but only
cations
savings
units, although the lar¬
element in the home mort¬
to
equity
and
reserves
allo¬
on
return
to
This is contrary to
owners.
the views expressed
by spokesmen
for the savings and
loan business,
for the
and
that
loan
gest
earnings*. Note that J do not ex¬
pect the corporate tax to have any
we
until the
for house-building
again, savings and loan
grow
Let's
if
even
years,
War
devel¬
age,
boom
can
few
a
World
post
short-run
or
However,
opment.
must
in the case of
companies, for the owners,
either as dividends or as retained
able for reserves or,
ations.
home building
indus¬
try, and I dori't want to get into
argument with
any
them
the
lending
has had to
"in-and-outers"
by such
be
done
as
com¬
mercial banks and Fannie Mae, or
by
life
insurance
savings
banks
preferred
companies
who
and
would
corporate
bonds
have
under
conditions with slightly less yield
differentials.
My guess is that
the
most
able
will
in
narrowing of spread be¬
mortgage and bond yields,
hence
better
a
opportunity
andt loan
increase
their
for
associations
Notice
of
also
that
to
the
asso¬
have
been and are being
to' permit mortgages
multi-family housing and com¬
broadened,
on
mercial
building; to provide for
development loans; to permit
land
lending at greater
the home
through
to
office, both directly and
participations; and
down
payment require¬
savings and loan asso¬
today can compete with
A
ciation
conventional
FHA
distances from
loan
relax
ments.
and
loans
against
alternative
new
that makes
serves
me
believe the
proposed change is unwise.
had
panies; Even here, however, it is
my opinion that much of the tax
be
can
covered
by
steadily
but
investment
before.
that
While
it
these
Taxes
The enactment of
on
could
the
interest
slow
down
savings
Many
savers
and
do
mu¬
substantial
asso¬
investment
of
their
holding
invite
'members
of
stock
ratios of savings capital to stock¬
holders equity in stock company
for
serves
companies
losses,
have
above
and
over
a
re¬
approximating
that of commercial banks, I would
be inclined to put more real con¬
savings and loan associations with
deposit-to-capital ratios in banks.
Many years ago I told a president
fidence in the
But
mutual association.
investor
an
as
or
invest-;
an
of one of
our
large banks that ment counsellor, I would not over¬
commercial banking was the big-* look the tremendous leverage in¬
gest shoe - string business in the herent in the stock of a stock com¬
world.
He
moment
nodded
string
then
and
insurance
is
his
head
for
the
a
savings and loan field.
few
thousand
of
dollars
dollars
performed
"borrowed"
by
Association
some
a
ac¬
to
operate efficiently and
profit to the fullest ex¬
of
some
the stock companies
and
really capital and
included
with
a
withholding
the
growth
loan
not
industry.
touch
of
their
their
earnings
to
their
savers.
equity stockholders are to
receive more on their investment
Thus if
than
surplus
in
value."
But
either
All of which
valuation
and
reserves,
run,
non-taxable.
The
truth
7
page
21.5%
above the corresponding period of
1961, and^ 38,715'cars or 23.3%
above the corresponding period in
undoubt¬
36,158
cars
run
er,
hence
and
taxes—do
well
careful
on
hold
not
up
analysis.
very
That's
Now
this
my
year
of their
profit objective may come
ahead, but unless the tre¬
mendous leverage they now have
out
is
it
can
billion
the
problems,
reach without
Indiana
by
no
for
that
we
if
most
the
of
reserves
i960. There
the
leverage still is
■
v%::
analysts
and
other
'.
Security
great.
railroad
traffic
type
•
were
systems
58
this
in
I
class
U.
originating
year's
S.
this
week
members of the
"valuation
"capital
reserves"
retained
or
and
earnings."
They should also find out whether
they actually represent either, or
merely reflect the bad accounting
practice of putting assets on the
books
at
Some
associations
the
than
more
loan
fees
and
cost.
adopted
taking
fees
into
than
spreading them
of
their
have
practice of charging substan¬
tial
income
current
the loan.
Thus
values
come,
asset
over
when
reflect
values
these
rather
the life
and
you. ana¬
any
unearned
the
reserve
or
capital accounts to which this in¬
come
was
mine
as
credited.
best
as one
Next, deter¬
can
how much
of the
With
University to be reached
1970.
I
have
maintained
for
is ready to
adjust
earnings by eliminating
difficulty the
at
one
an¬
Truck
Gains 3.7 %
Tonnage
solution, and for that
rea¬
provide the opportunities for
continued growth. '
What
worries
me
about
the
business is that some associations
son
will
continue
to
rely
solely
on
reasonable
more
a
of them
may
tion of stock company and holding
stocks. Also, there is un¬
company
limited
to
opportunity for investors
4%
earn
States
*
on
United
a
insured,
de¬
obligation.
address by Professor Edwards be¬
An
fore
better
or
government
mand
the
Chicago
Investment
Analysts
Midwest Forum, April 4, 1962.
Moves
There
Slightly
Up
was
;
rise
mild
a
in
the
•
g e n e r a 1
set
Over 1961 Week's Volume
1
in
-
tonnage in the;
April 28, was 3.7%
Intercity truck
week' ended
ahead
of
the
volume
in
the
cor¬
responding
week
of
1961,
the
Trucking Associations
Truck tonnage was
1.2% ahead of the volume for the
American
announced..
.
this' year. The
gain
was
influ¬
enced
by religious observances
during the preceding week. The
previous
week
week-to-week
of
and
fees
a
a
capital,
taken
in
one
are
to
recent
reports
On
earlier although continuing
slightly lower than in the previous
month
meeting
reserves
find
that
required
than
mon
tonnage
400
truck
carriers
The report re¬
handled at more
terminals of
of
general
com¬
freight
current
few
of
Lumber Shipments Drop
Below 1961 Level
have
no
in¬
current
index
with
compared
the similar date of 1961.
on
Wholesale
Food
Price
Index
at
Lowest Level in Two Years
The Wholesale Food Price
Index,
in the preceding week
down 2.5%
was
;
Substantial
3%
230,592,000
board
feet,
with 241,810,000 in the
prior week, according to reports
from regional associations. A year
ago
the. figure was 237,832,000
board feet.
.Compared with 1961 levels, out¬
put fell 3%, shipments were 3.9%
less, and orders gained by 1.2%.
Following
thousands
weeks
of
are
the
board
figures
feet
for
toes.
Actually
creased
in
in
the
during
April 21,
1.962
April 89,
'
1961
Production
.„_230,592
241,810
237,832
—.253 105
o- ->
OOO
Orders
47,671
^ "V
269,451
-11
244,618
more
in
the
foodstuffs in¬
price
than
week,
the
but
slightly higher in cost
oats,
-lard,
steers
The
and
•
rises
Edging
were
wheat,
beans,
hogs.
&
Bradstreet,
Inc.
Food
resents the
Price Index rep¬
sum
total of the price
pound of 31
raw
general
cost-of-living
function
declined
the
cocoa,
sugar,
Dun
Wholesale
meats- in
*
size.
fractional
of
were
per
1968'
year ago.'
a
declines
hams, bellies and
eggs, were largely responsible for
the
week's
downturn.
As
well,
there
we're
slight "dips
in the
prices quoted for beef and pota¬
indicated:
April 28,
and
from $5.92 on the
corresponding day
compared
allocations
unearned
2C8.37
wholesale cost of
throughout the country. ••>.. %
Shipments
out
hence
a
In
$5.85
Economics.
totaled
very rosy indeed. But
when it stood at 272.78.
week so far in 1962, how¬
ever, a mild1 upward trend from
last year's level has persisted—-the
every
port
flects
States in the week ended April 28
,also
Daily
compiled by Dun & Bradstreet,
Inc., dropped to $5.77 on May 8,
hitting the lowest level since Feb.
16, ' I960; It was off 1.4% from
prior-years.
are
7, the
May
week
ago.
earnings figure
"book" value of
can
Monday,
These findings are based on the
weekly survey of 34 metropolitan
areas conducted by the ATA De¬
partment of Research and Trans¬
corrected
one
the strong declines registered
tin, steel scrap and rye.
Wholesale Commodity Price Index
inched up to 272.04 from 271.71 a
by
proper
will
come,
.
other
Lumber production in the United
begin to compute
earnings per share, price-earnings
ratios, market price to book value,
ciations
week's
cur¬
rent fees and adding back the
ap¬
propriate annual credit to income
from
estimated
to
some
This combination of increases off¬
capital,
that
nor
reduced
ratio,
tween
even
are
nual
outlook
mean
more
investment world, cqpnpared with 58 one year ago
should be on guard not only to .and 52 in the corresponding week
classify reserves properly as- be¬ in 1960.
but
Now
Problems
favorable
does not
business has
$165
Run
borrowers
serve
wholesale commodity
price level last,- week, reports Dun
& Bradstreet, Inc., but it remained
below its' month-ago level.
Sub¬
stantially higher in wholesale cost
were
wheat, corn and oats," while
prices for flour, lard, sugar, steers
and hides edged up fractionally.
edly falls somewhere in between,
remaining reserve or capi¬
why I confidently expect 1962 to
tal accounts is "valuation"
be another year of
reserve,
great growth,
and
how
much
is
"net
sound
possibly not $10 billion, but close
capital."
to it.
Longer
to
effectively. In this long-run com¬
petition, stock companies, because
or
year
banks, poor, home building year,
rapidly, but that in the long
continued growth will depend
being able to get money cheap¬
to operate at lower costs, and
grow
Wholesale Commodity Price Index
from
Of
crease
such
as
a
money,
increased
from
commercial
up, I believe,
the short
associations will continue to
sums
in the prediction that, for
Continued
the Treasury that
for/losses are really
their reserves
then reduce accordingly the
of
must
efficiently
more
than, the mutual, or pay less for
savings-
pick-up in volume .at this time
costs
operate
company -
and
a
high
stock
institu¬
their
in
savers
the
determining
"book
they insist to Con¬
to
and
gress
stock
during
competition
the
tions,
should, be
capital
in-
generally cited—
are
substantial
a
supervisory authorities, and to in¬
that reserves for losses
are
as¬
elements
stock
required to main¬
capital base,
they will have an important com¬
petitive disadvantage as against
mutuals, which can pay out all of
tain
vestors,
set
able of
and' dividends
companies
Society's
termining the extent to which
Thus I conclude that the unfav¬
\
.
however, thatt if
their holding companies are among
stock company, I suggest first de¬
orable
companies.:
Notice,
tent from the leverage. That's why
claim to their
owners
to
hence
money.
lot of double-talk.
a
the
on
all, where there is
great leverage but also
ment
The leverage question has been
confused
else
tual capital there is great induce¬
initial
millions
support
can
of
anything
board. After
Here
of
loan associations' stocks out¬
and
wrong, for we didn't realize then
what was beginning to happen in
investment
stock
misbe¬
have and, get into trouble. In the
its holding company, nor meantime, there .is abundant op¬
would I be surprised to find out portunity for rapidly appreciating
after a
few years that savings investment through careful selec¬
"No; life
biggest
shoe¬
We were both
business."
managed
That's
pany or
a
said:
the
best
of all associa¬
why, in my opinion,
we
should have
an
appropriate
law for the Federal chartering of
on
capital base,
the
compare
assets.
Until
invest¬
the
to
in
situations.
company
community
own
too much
year-to-year change was
diminished
from
that
reflected
powers may
tax
a
lyze the financial statement of
some
..
against
as
tual, but only where the owners
of the corporation have made a
deal
be used unwisely many years that the business pays
instances, they neverthe¬ ,too much for its money, has too-, and the like.
One will find, I am
less will make it possible for high
operating
expenses,
and, sure, that earnings for most com¬
associations to continue to
grow hence, cannot
provide the home panies are quite
satisfactory, that
during the interim between house¬ mortgage lending services that the
leverage is great if not actually
building booms.
public wants and deserves. But
terrific, and that prospects for
these are long-run
problems, cap¬ the stock of well-managed asso¬
in;
enterprise
ness
busi¬
as
slowly rising yields on loan port¬
folios, and increased economies of
the
VA
financing that its
competitors used so effectively in
the boom years for
housebuilding
of 1950, 1955 and 1959. And it has
never
cutting
than
way
dividend rates. In fact it is my fear
that taxes will come out of re¬
investment
of savings and loan
ciations
other
some
expense
corporate form
operation.
proportion
mortgage business.
powers
in
unwill¬
or
tax
new
The most important tax effect
probably will be the reduced earn¬
housebuilding ings for stockholders of stock com¬
a
savings
be unable
ing to meet their
likely effect of foresee¬
conditions
be
tween
ciations will
and
this
on
point at this time. But I just can¬
market, are still far short of
not believe that very many asso¬
doing all the business. Much of
gage
ordinary
I
Capital
capital in the enterprise. Too
damage to the business as a whole. many stock companies today rep¬
resent a very
There are too many solid, capably
small, investment
managed institutions, serving their by their owners, plus a windfall
accumulation of tax-free capital
communities well, to allow a few
self-dealing or poorly managed they have mislabeled "reserves for
associations to discredit the sav¬ losses." *1 hope that with a new:
tax law either the investing public
ings and loan idea.
or the supervisory
authorities, or
Leverage
both, will insist on a proper ac¬
I have been especially worried
counting of 'earnings, and a pro¬
about
the
tremendous
leverage portionate build up of. capital and
that exists in many stock
company surplus accounts to match growth
ment
I
of Tax-Free
a
tem,
the
tions.
believer in the profit sys¬
I have a preference for the
As
v
tremendous
;y\" V;\"A,
Misuse
adequate
Such policies
only
but
leverage.
risky
more
ciations before they do
I
practical matter, there may be less
emphasis on reporting under'with¬
holding than there would be if
withholding is defeated.
earnings
into
build
age** and the authority to
effectively with any such
without
a
and
to
obtain
hope that super¬
visory authorities have the cour¬
savings
coming respectable, after years
being treated by our bankers
as a
sort of step-child. However,
as
fail
or
business.
holding. The reporting of interest
and dividends is essential with or
but
to
move
.'reserves, or both,
are the opposite of those required
.to secure the long-run growth of
a
withholding,
yielding
loans
creased total
of
increases
growth and. will either
is
to
,
foodstuffs and
use.
index.
show
It is not
Its
the
a
chief
general
Volume
trend of food,
sale
'
level;
195
Number 6158
.
The Commercial and Financial Chronicle
.
(■2227)
prices at the whole¬
BANK AND-INSURANCE
.
Business Failures Lowest in
-
.
Nine
director
Chase
of
John
eleceted
This Week
—
Bank Stocks
International
to^ 314
in
the
v
-
<
or
One may riaturallymssume that there must be
involving liabilities of
more took am upturn
from
37
last
but
week
tion
between
loans
did'
at
an
population
increase
and
deposit
correla¬
some
growth, and with
historically high rate relative to deposits and
in-
no
•
reach
not
the
concentrated'
a
was
casualties
among
with losses under $100,000, which
fell to 272 from 298 a week ear¬
lier and
349 in
the
of 1961.
week
'
The
toll
152
lanta District
his
i
{
i
construction to
all
59 from
failed
concerns
56 from
to
rose
than
49
ana
industry and1 trade
groups.
t
Post-Easter
.'
tional board formerly
S.
*
.
Surprisingly
<
Tlie
in
Strong
Citizens
expected
postTEaster
buying did not!
consumer
terialize
iri
the
week
a a
director
total
ma-
erided' this
retail
a
gave
Hot'-
ago-.
year
strong
a'-
on
pur¬
and
to
at
move
autos all
strong
a
The total
-
dollar
But,
volume of-
re¬
in the week ended* this
-
from
comparable
by the following per¬
New England —4 to 0;
varied
1961- levels
centages:
Middle
Atlantic
Central- —2
and
to
East
West
+2;
South
4-1 to
South
Atlantic
+2
North
Central
+3\ to
Norm
Central
cific
;
4-16
to
to
4-10
to
Syndication Investors
4-6;
-f-7;
basis has
share
per
this is due.to the
On the basis of
long
Up 12%* From 1901
Week Ending April 28
Federal
dex
reported
the
week
regarded
-f 5;
West
-a
.
asset of the bank.
as an
'
IbtiL-tig
Dividend
Yield*
91-50
$1.70
Year End—
on
'
as
% of
Deposits
(Millions of Dollars)
a
1931—
for
period ended
sales were 6%*
42,052
8.6
3.558
3,731
2,971
r
System
New
less
than
1961
week.
department
York
April
Loans
as
Gross
Fed. Reserve District
in
the
For
9.2
were
week
a
an
2).
been
developed
larity. For the
the
factor
justed'
"United
is
increase
of
Adjustment factors have
for this calendar irregu¬
week
+14%;
ending
April
21
this yields an 'ad¬
change
for
the
46.0
50.1
46.4
-
Edison's
W.
Sammis
H.
Power
Plant.
'
-_T
new
Rice
industrial enterprises announced
Loans
as
a % of
51.3
Kansas
48.9
City__\
Dallas
49.2
San Francisco
office
58.5
,
Comparison & Analysis
expenditures of approximately SI 20,500,000 and*-€ontemplating the employment of about 3,100 workers. These
brought the total of such developments in the past seven
additional workers when in full production. Only plants
with
capital expenditures of $1,000,000 or mbre are in¬
cluded in tliis total.
To
keep ahead of the growing requirements
Leading Fire-Casualty
Insurance Stocks
Bulletin
City,
on
Request
partner¬
a
to
engage
in
-
New
a
York
securities
business. Jay Bacharier is general
Laird, Bissell & Meeds
Members-American
120
partner
in
the
firm.
'
"
Stock
to
its facilities each year.
generating unit
A third 173,000-kilowatt steam-
was
placed in service at the W. H.
A fourth unit of the
same
Telephone:
BArclay
Teletype
nia Power
into operation in the
Company,.ground will be broken for
kilowatt addition to the New Castle Plant in
Thus
.
.
.
electric power
keeps
pace
a
120,000-
June, 1962.
with growth, here in
The Center of Industrial America.
For
Ohio Edison Co
a
copy
of the annual
report, write l. i. Wells,
7-3500
General Offices
NY
size will go
of 1962. For Ohio Edison's subsidiary, Pennsylva¬
Exchange'
Exchange
BROADWAY, NEW YORK 3, N. Y.
Bell
partner and George Blau, limited
for electric¬
ity, the Ohio Edison System continues to add substantially
summer
Members New York Stoek
Street,
107, involving expenditures of approximately
to
(1961)
165
at
ship, has been formed with offices
Broad
new
Sammis Plant at Stratton, Ohio, on the Ohio River in 1961.
Form Partnership /
50
plans to establish
plants,«or materially expand existing facilities, involving
Deposits
Dec. HI, 1!)G1
Minneapolis--
B
Broadway, Room 2508, New York
City. % :7B B/
T
: .■
at.
pointed
S918,705,000 and offering employment to about 35,500
49.2
J. Rice & Company, In¬
corporated, of St. Paul, Minn, has
>
as
stockholders, 16
years
Opens N. Y. C. Branch
Jay Bacharier & Co.,
of 1961,
30.0
49.1
brach
year
the Company's annual report to
in
50.5
Chicago
53.0
a
Ohio; Edison System* continues to
industry. During the
40.2
Gross
period in 1961.
year-to-year
States of 1%."
industries. Directly
Cumberland Locks. On the right, Ohio
electric
v
April
47.3%
St. Louis
Atlanta
ended
^According
to
the
Federal
Reserve
Beard, "Interpretation of the weekly per¬
centage changes during the Easter season
is
affected
by the shifting date of the
holiday
(this year, April
22
and
last
year,
(Payout)
57.9
Richmond
the
reported atf against sales
in the comparable
many
the U. S. Government's New
are
1,500
;.
58.5
opened
1962,
% of
as
Earnings
4%*
For.the four weeks end¬
was
products of
ahead
in the
Ohio River "tow" transports
1,500
Fed. Reserve District
52.5
in
6%*
Dividends
-
$2,400
2,310
2,025
1,650
% of
Irving
ing April 28,
the
of the busiest waterways
an
The area served by the
60.7%
,
Cleveland
April 21, sales gained 19%* when
compared with the same week
1961.
$5,072
Deposits
Dec. 51, i!n>l
Boston
New York
store
corresponding
the
Goldman,
■
•
Re¬
City for
28
Vice-Presi¬
M.
the;
;
Philadelphia".
Federal
Cash
486,613
corresponding period in
ended
one
nation,
attract
Declared
1959__
-
1961.
in
Rockier,
William
;
16.5X
Dividends
5,018
4,040
week.
four-week
Net
46,226
7.2
week
G.
and
P/E Ratio
Opcr.
504,246
7.3
sales
*
,
(Millions of Dollars)
9.0%
31.405
serve
'
*
Earnings
$46,750-
31,792
the
M.
Secretary.
City.
"out
$522,250
•33,838
According to
-
$4.60
1960
in¬
increase
Reserves
•
470,052
•
dent;
past few,
"
Earnings
-—Capital Funds-—
"Excluding
433,416
■435,321
1962,
York
Federal
i
'
.
(
2.24%
19574——
28,
the
over
,
$76
'1956-1—
above the
New
1-1248-49
Specialists in Bank Stocks
•
Akron
8, Ohio
a
Rockier, President and Treas¬
urer;
Est. & Cons.
1961. For the week ended
April 21,
sales were up 1%.*'compared with
April
sixth
'
•
April 28, 1962,
compared with the like period in
the
Avenue,
as
Vernon
In addition to the quantitative fac-
7.2
In
the
B
Price
taken from
1961
Madison
J.
are
As is shown beiow, the figures
growth in capital funds to the .point
Range
ended
corresponding
securities business1 from offices at;
527
business
Florida.
been favorable
not
1958-—_
the
in
bank
(Excluding affiliates)
Board's
12%
a
Manage¬
engaging in a
is
now
B tors mentioned, the qualitative factor of management is generally
for
sales
Reserve
Investors
Inc.,
Down
consolidatedbornirigs; dividend treatment-over
Deposits
the
Co.,
doing
is
corporation.-. Officers
necessity for additional ,capital which has
should be favorable.
run
East
4-1'4; Pa¬
Sales
as
ment
Co., Soo Line Build¬
unfavorable impact on earnings as elsewhere re¬
the cnange in Regulation Qv Although earnings growth
Nationwide Department Store
store
Syndication
was
Citizens and Southern National Bank
country-wide basis
Minn.—vemon
J. Rockier &
same
-f-20.
Department
largest
encompasses
South
Central and Mountain
.
consolidated earnings are not shown, but if "ihcluded, the bank shares are. now selling; at a: reasonable multiple
of earnings. In aaditioh to this,"tlie. stock sells well beldw .its recent
high. Currently, loans- are. 49% of deposits—a ratio that can, in¬
crease.
fchown below, are loans of ail Federal • Reserve;"Districts,
showing a relatively low loan-to deposit, ratio for Atlanta.:1 With
an increase in
demand for loans, the banks in this area have the
capacity to expand appreciably. Although payout is reasonable at
47.8%, this does not take into* account, me.consoiiaated earnings.
Bradstreet, Inc. Regional esti¬
mates
B
A-"'.vYA A
Generally,
continued
pace,
the
(nonconsolidated) indicate
Wednesday ranged from 4 to 8%
higher, than last year, according
to spot estimated collected
by Dun
&
Corporation
Drought about dilution in 'earnings;
home'furnishings fared poorly.
tail trade
Now
Minneapolis,
Copper
.
Southern'is
in;
ing,
5 Corporation.
growth banks.
where further dilution is not expected.
garden equipment, building
ware,
a
years
to
chases of women's sportswear and
men's lightweight, clothing; .Hard-materials
Kennecott
the bank
sulting from
weather
impetus
and
impiy the
volume
appreciably above the comparable
week
of
Although earn¬
(excluding;, holding company earnings) were off
approximately 5% in the first* quarter, it is not anticipated that
consoiiaated earnings for the year 196*2 will be lower. Total time
ueposits are estimated at 17 %—which is a low ratio and does not
ings of
High
temperatures
coupied With traditional clearance
boosted
as
:
Reserve Listrict which also
lull
Wednesday.
sales
occupied by
j the late Charles R. Cox, who was
With combined deposits of $645 million at the year-end
1961,
Purchases
.
business
is President of Milwaukee
under the firm name
Freeport Sulphur Company, fills
of John A. Toennessen & Co.
the position on the Chase Interna-
are a total of 48
offices—giving the bank broad geo¬
graphic representation in a state where state-wide branching is
not permitted.
In addition, offices are maintained jn New York
and Chicago.
..7
"A
44
;-'j-
in
year
A.
n
banks there
51. Fewer
last
investment
own
Hill,-who
incorporated in
1887 and has acquired through
merger many banks.
There are
currently 27 offices in Georgia. Ten are located in Atlanta, six in
havannan, four in Macon, three in Augusta, and two each in Atnens
and Valdosta. In addition, the bank holds
beneficially the stock of
the Citizens and Southern Holding
Company, which in turn has a1
majority interest in nine other banks. With the holding company
manufacturing
contrast,
be classified
may
The Citizens and Southern National Bank
173,
and commercial service to 16 from
casualties
h
increase in population of 33% in this period. Assuming that
deposits will continue to follow population, the banks in the At¬
accounted for
most
of the week's dip, while
milaer decreases pushed the
wholesaling toll to 3i from 40,"
22. fin
those banks with the greatest
deposit growth, over the long run, should turn in the best earnings
performance. The recent Kiplinger Study on population indicates
that greatest growth in the period 1960-1975 will occur in the
West,
Southwest, and Southeast. The Atlanta District is expected to show
retailers, down
among
from
o
an
corresponding
~
.
to
in interest rates in prospect,
crease
size
The week's decline
ago.
year
of' this'
50
Wis.—J
.
y'Mr.
.
42
Co.
has become associated
feller, Chairman. Chase Internaticnal is a wholly-owned foreign-- with The Marshall Company, 765.
North Water Street.
Mr. Toen¬
financing subsidiary of the Chase
nessen for many years conducted1
Manhattan Bank,
v
4; .B
.
4 Failures
Marshall
Toennessen
ended May 3 "'frorri 335 in
preceding week,, reports Dun
CITIZENS AND SOUTHERN NATIONAL BANK
& Bradstreet, Inc. At the lbwest
level
sirice March " I,
; The Atlanta Federal Reserve District had a population increase
casualties
of approximately 21% in the decade 1950-1960. This increase was
dropped -considerably from
the
399' Occurring in the comparable- ; exceeded only by the San Francisco and Dallas Federal Reserve
Districts. Looking* at total deposits of all reporting member banks
week a year age" and* were off
slight!^ from the 327' in I960; ; in the FederaTReserveSystem, those in the Atlanta District had
an increase of 70%
during the same decade. The only district with
However, the toll; remained' 12%
a greater increase was San Francisco
with an increase of, 80%.
above the pre-war level-of 281 in
The third greatest increase was enjoyed by the Dallas District.
the-similar week of 1939.
;
*
to
Toennessen
(Special to The Financial Chronicle)
week
$100,000
A.
With
B Investment Corporation, it has
B been announced by David Rccke- MILWAUKEE,
s
failures' declined
Robert C. Hills has been
a
Weeks
Continuing to fall for the second
week, commercial and industrial
the
Dir. of Chase International
i
23
Secretary of the Company.
24
v
(2228)
The Commercial and Financial Chronicle
'
.
.
.
Thursday, May 10, 1962
.
in fact, can a viable en¬
vironment for the new certificate
How,
New Market Instrument:
CERTIFICATE
NTD
"X"
Bankers' Certificates
Continued
most
jrojn page 3
New York banks reversed
policy in force since the 1920's
Million
a
of
time de¬
posits of domestic corporations.
paying
interest
no
on
Motivation for establishment of
the
market
new
declining
from the
nation's
sprung
share
the
of
total commercial bank
deposits in
during and
since the Second World War,
At
New York City banks
the
their
1941
of
end
share
was
25%, but by the end of 1960 it was
only 15%. In part this decline was
a
consequence o£ the lower rate
of economic growth in the New
York
trading area than in the
rest of the country.
But in larger
it
measure
marked
the
was
result
of
a
in administration
of liquid assets of large corpora¬
change
ly sophisticated in regard to real¬
of maximum
ization
income from
assets, and their efforts in
this direction were spurred by the
liquid
uptrend of interest rates. Deposit
balances which paid no interest
to
pared
were
working
a
remainder
and
the
liquidity
mum,
needed
At the
estimates of holdings
assets by business corpo¬
1961
of
such
of
of
in
kept
was
short- term earning assets.
end
mini¬
were in the neighborhood
billion—$19 billion in short
rations
of $30
York
New
City where
multiples of $5,000,000 and $10,000,000 are not uncommon. A high
is
minimum
certificates
the
since
there
set
in
interested
be
not
smaller
Also, the high minimum
provides some protection against
undesired
an
deposits,
be
shift
paid,
demand
outside New
Smaller banks
issue
occasionally
units
from
which no interest can
to
time
certificates.
on
York
certificates
in
$100,000 and multiples
thereof, but these are rare and
are regarded as odd lots on which
the
is somewhat
rate
The
In
typical original maturity of
early
in
1962
the
two-thirds
about
of six
range
to
in
ernors
few
seven
classification.
issued
were
six
to
this
months"
in
the
in
and
Only
"three
"over
the
year" maturities. It should be
one
emphasized
the
that
entire
scale
of
freely in order to meet customer
requirements as precisely as pos¬
tions, $1 billion in Federal agency
sible. In fact, the feature of care¬
securities, the rest in commercial
finance
and
bankers'
company
paper,
short-term
acceptances,
corporate obligations, and loans to
bond
dealers
and
government
others
under
repurchase agree¬
ments.
Indeed, these extensive lending
operations of nonfinancial corpo¬
;
rations
popularly known as
the "second banking system." The
were
of New York City,
depositaries
of
large
corporations, suf¬
fered most severely from
these
developments.
In addition to be¬
ing unwilling participants in the
major
banks
chief
as
nation
wide
-
general reduction of deposits that
accompanied
these
operations,
New York banks also lost
other
to
deposits
throughout the
banks
tivation
Thus, the principal mo¬
for
initiating the
new
bankers'
certificates
country.
reverse
and
to
was
stem
reserves
ative
on
deposits
that had been oper¬
two
decades
in
New
for
York
City banks.
In this
way
it
hoped that their lending ca¬
pacity and their, earning power
might be materially improved.
was
in 4 bankers'
Investors
cates
during
tificates to
with
son
..mainly
domestic
rations.
Major banks
Rates
variety
of
others
held
cer¬
tificates, including states and po¬
litical subdivisions, pension funds,
insurance
companies,
institutions.
dowed
mercial
and
preferred
the
in
but
of
en¬
com¬
banks
also
they
generally
time deposits
keep
to
form
Foreign
central
them
owned
and
open
accounts.
Features of New Bankers'
of
the
form
certificate
erence
men.
of
may
to the
In
the
new
bankers'
be gained by ref¬
accompanying speci¬
it is a receipt for
essence
deposit
of
bank
given date, together
promise to redeem this
with
on
a
a
stated
sum
"in
the
a
plus interest at the indicated
rate on a
designated date. The
sum
instrument
is
is
negotiable since it
bearer or to
payable either to
the
order
of
the
depositor.
The
is
rates
basically
determined
of
by general conditions
and demand for loan¬
supply
able
funds.
But
this
in
setting
the
rest
certificates of
typical trans¬
in
supply of certificates in the mar¬
came
in large part from in¬
on
in
vestors
rates
kept in
are
company
repurchase
paper,
Government
relation
agreements
on
securities,
and
to
by banks on original
indicated, quoted
rates offered
certificates.
As
rates
are
point
above
about
percentage
bill
Treasury
somewhat
and
proper
Treasury bills, finance
paper,
commercial
on
rates,
those
below
on
finance
company paper of com¬
parable maturity. Also, rates usu¬
ally rise directly with maturities.
For example, in early March, 1962
rates
certificates
on
the
in
to
90
179-day and the 360-ddy catego¬
ries were 21/2% and 3Mj%, respec¬
tively, and they rose by grada¬
within
the
this
However,
range.
yield-maturity
relationship
kept in step with that of
must
be
the
in
market
money
general.
Who
funds
needed
before
maturity date, but also from
who' sold
ers
tives.
For
who
for
sell
about
$1,000,000
for
months
certificates
could
a
then
new
cate,
and accrued in¬
the yield on six-
when
month
in
in
one-year
for
six
$1,004,900
terest,
it
mo¬
investor
an
original
an
certificate
could
own¬
speculative
example,
bought
3V2%
the
proceeds
3V2% certifi¬
one-year
in
or
some
2%"%".' He
was
reinvest
alternative
attractive
other
addi¬
In
investment.
tion to transactions of these types,
there
was
a
inter-dealer
Dealers
moderate
of
amount
trading.
make
usually
sold
certificates
of
delivery
the
on
next
business day. Clearing of certifi¬
cated is largely handled by Manu¬
facturers
Trust
Hanover
but
pany,
Com¬
large dealer does its
one
clearing. Payment for certifi¬
purchased by dealers is
in Federal funds, and it is
customary for banks to re¬
own
also
remain
several weeks at
a
unchanged
for
time. Rates
are
limited
by the rate ceiling set by
Regulation. Q of the Board of
Governors, but below that limit
they
set
are
other
competitively
instruments
market.
When
in
the
with
money
the
ceiling is in¬
usually about
percentage point above the
yield
on
Treasury
bills,
and
slightly below the yield on finance
operative, rates
company
are
Different
paper.
quoted for
different
yields
maturi¬
ties in rough correspondence with
the yield-maturity curve
of the
market.
money
ture
The
yield
maximum
and
struc¬
rates
per¬
or
Rates
quoted
somewhat
vary
number
Current
Maximum
Rates
Rates, Reg. Q
%
90-179
2»/2%
2'/a%
180-269
3y8%
3V2%
270-359
3 Vi %
factors
that
also
on
a
deserve
For
one
thing, quoted
apply to certificates of major
banks;
rates
on
smaller
bank
names
are
up
to
percentage
point higher. For another, quoted
rates
apply to standard units of
$1,000,000;
they
are
somewhat
higher on smaller denominations
(oud lots) which are occasionally
traded.
chased
a
shad&
cates.
that
Last,
from
more
This
certificates pur¬
usually yield
than original certifi¬
dealers
arises
from
the
fact
the
maturity of original is¬
can
be
precisely matched
investor
needs,
Dealers estimate that
Days to
Maturity
1
by dealers
depending
mention.
Regulation Q in early sues
March, 1962 were as follows:
with
89__
of
sloping.
rates
mitted by
30-
downward
even
volume
of
trading
aggregate
in the
vicinity of $2 billion during the
new markets' first year, and that
was
cates
deem
maturing cerificates in Fed¬
3
over
-No
»/2 %
4
%
Maximum rates
quote.
open
on
rise
interest
of
rates
Secondary Market
account, and
on
ers'
development
certificates
is
of
time
healthy
a
ondary market. Since
a
Dec.
31/56
2%
1
sec¬
bank
Dec.
2
_
364
year
or
1%
_
days
1/62
1%
-r-
re-sale
on
market
was
to
initi¬
veals
Aubrey
G.
Lanston
New York Hanseatic
and
Salomon
These
&
Co.,
Corporation,
Bros.
&
Hutzler.
3
turities
of
six
4
months
and
dealers
stand
ready
to
quote "bid" and "asked" rates,on
various
maturities,
and
they
maintain
ing rates
certificates
could
not
Thus, it is clear that the mar¬
small chance of survival,
and
none
whatever for healthy
development, under the present
philosophy
of
rate
regulation.
Banks and dealers can justify the
outlays
required
for
promotftm
in
of
and
ten
basis
points. That is, when the bid rate
is 3.10%, the asked rate
may be
3.05 to 3.00%. Rates
a
regular
yield
are
basis,
quoted
but
on
on
a
,
only
under
as¬
their
months
six
certificates
since
in
less
yields
on
ceilings the new market would die
if a cyclical rise in money rates
five
certificates.
development
issuance
is
between
and
than
Treasury bills and other compet¬
ing instruments were well above
21/2%.
Moreover,
with
existing
as
on
ket has
surance
inventories
(though
yet) to meet investor re¬
quirements. The dealers' spread
small
over
re¬
the maturity range of six
months and over, but precluded
tion
comparable to that of 1959 should
develop/In
competing
that
event,
yields
instruments with
of
ma¬
time
deposits there should
significant repercussions. It
is unlikely that regular
savings
accounts would lose to certificates,
since the former belong princi¬
no
pally to small individual savers.
However, there might be some
shift from time deposits on open
account
to
certificates,
since. a
large
such
of
part
be¬
accounts
longs to business corporations and
institutions.
other
Second, if growth of time cer¬
tificates comes from demand de¬
several results of impor¬
follow.
The
initial
effect would be a reduction in de¬
posits,
tance
may
mand
be
that rate ceilings will not
permitted
to
interfere
with
opportunity
to
compete
throughout
the maturity
range.
Competitive rates cannot be of¬
fered by banks unless the amount
of certificates is
to
sufficiently stable
permit
profitable
investing of funds.
All
ruary,
raises
this
2 Source:
1962,
the
180.
an
time
of
policies.
against
fiscal
and
direct
deposits to
safeguard
a
from
demand
denomination
minimum
very
of
high—$1 million
York
New
City.
this
In
way
ing
demand
have
already
ances
to
level.
Of
a
course,
certificates
paid,
the
growth
which
on
the
at
balances, and who
reduced such bal¬
minimum
working
expense
interest
of
is
demand
of
deposits on which no interest is
paid, would be a most unwelcome
development to the banks.
I
While direct shifting of demand
deposits
be
a
son
to
serious
to
certificates may not
hazard, there is rea¬
believe
that
such
shift
a
in the bank¬
ing system. For example. Bank A
may
indirectly
occur
would welcome the decision of its
customer,
Corporation X, to
con¬
question:
Bulletin, Feb¬
vert
$10 million of Treasury bills
into
time
bills
lending and
Federal Reserve
p.
deposits,
crease
expect to confine the. prob¬
lem to large customers who un¬
derstand the need for compensat¬
paper
the recession of 1958. Upward ad¬
justment of the ceiling in January,
1962, opened the way for competi¬
commercial
of
forms
other
be
in
commercial
that
from
bank
they
bills
a
Nevertheless, it is of in¬
analize possibilities and
to estimate the most likely course
of events. First, insofar as growth
of certificates represents a shift
to
terest
21/2
3
quidity
depends
tificates.
certificates
would also stand well above ced¬
by Discount Corporation of have cdmpeted with these alterna¬
New York, and by
investments
between v midMarch, 1962 tive
1955 and mid-1960, with the ex¬
five-additional security
dealers
had entered the field—C. J. Deception of a few months during
be
since they depend on amount and
character of asset shifting to cer¬
the
.
prohibited from redeeming certif¬
icates before maturity, quick li¬
ated
The actual effects
accurately anticipated
banks.
cannot
31/2
2i/2
?
21/2
more_-
Jan.
31/61
1%
Comparison
of
the
foregoing
ceilings with yields on Treasury
dealers. Such
management policies of large
city
certificates, major banks have set
Effective
is
and
certificate
new
the
Federal
As
to
180 to
bank¬
the
may
on
shifts
Jan.1/57
Jan.1/36
Less than 90 days___.
90 to 179 days
One of the essential elements in
successful
Market
Money
on
of
have„ significant ef¬
money
market, on
Reserve operations, and
market
tary
to
in:
Effects
Growth
fol¬
as
\'T~y
lows:2
time deposits on
certificates of deposit payable
The
Gov¬
of
and
adopt
equivalent in¬
deposits, and re¬
lease of required legal reserves,
owing to lower reserve require¬
The Rate Ceiling: Regulation Q
ments
against time deposits.
The most threatening obstacle
Assuming that the banking sys¬
to development of the new market
tem subsequently utilizes the re¬
has been, and continues to be, the
leased
reserves
to
support ex¬
regulatory ceiling on rates. The
pansion of credit, the ultimate
Banking Act of 1933 directed the result would be an increase in
Board of Governors to set limits
total deposits but a reduction in
on
interest payable on time de¬
demand deposits. Whether such a
posits, and the Board has done so
change, involving a decrease in
under Regulation Q. No change
the active money supply, would
was made in the schedule of max¬
tend to reduce spending for out¬
imum rates during the 20 years
put
is. indeterminable
although
preceding 1957 when rates actu¬
many
economists would
expect
ally paid were almost universally this
result. In such an event, lev¬
below the ceiling. But in 1957 and
els of employment, income, and
again in 1962, upward adjustments
prices would be depressed unless
were made in line with the gen¬
countered by expansionary mone¬
eral
eral funds rather than in clearing
house funds.
3V2%
360-and
Board
the
along indicated lines.
fects
ket
to those
if
would
ernors
for $2 to $3
was
dealers adjust quotations to those
competing sections of the
money market. More specifically,
a change in regula¬
It would doubtless be
by
sufficient
BANK
million in
units of $1 million, although many
large
corporations would not
trade for less than $5 million. The
flat
tion,
more'tangible understanding
of
banks,
action
•
be solved
tory policy.
York, N. Y.
about 25 others. The
sometimes
vine & Co., First Boston Corpora¬
Certificates
A
level
year.
repeal is not deemed wise or po¬
litically, feasible, the problem can
made
persuaded
A
360-day
a
paper
discount
a
Consequently, in periods of tight¬
money the yield curve may be
certifi¬
investments.
basis and
on
er
purposes
instead of short - term
Treasury securities,
commercial
and financ£ company paper, and
alternative
commercial
quoted
are
proach, and indeed there is much
to recommend it as a step in the
direction of freer markets. But if
imple¬
ment a new policy of keeping rate
John Doe, Vice-President
ceilings on time deposits in all
Authorized Signature
maturity classes sufficiently hi#i
to
permit relatively free bank
competition for
money
market
funds. Space precludes discussion
activity
was
materially
higher of methods of administration, but
during the first quarter of 1962.1 this should present no serious dif¬
The bulk of trading took place in
ficulties.
The prime requisite is
certificates of some 25
leading
a
change
in regulatory
policy
conditions; however, like rates on
c o m p a n y
paper,
they
finance
purchase certificates for liquidity
wide
original issues
on
and
which
tions
quoted
change rather flex¬
ibly with general money market
of their large customers to
other
compari¬
Government
of certificates
•
many
cer¬
securities.
first year were
business corpo¬
the
investors in
short-term
of
one
significant advantages of
are
the drain
and
fully tailored maturities is
the
comparing them with rates
Treasury bills, bankers' accept¬
ances,
The
months, inclusive, and one-fifth
in the eight months to one year
category. None was issued with
maturity of less than three
months, owing to the 1% rate
ceiling set by the Board of Gov¬
a
on
higher.
bankers' certificates is six months.
fell
360-day year. Hence, adjustment
of
quoted rates must be made
when
of
Government
$1.5
"X"
New
amounts.
billion in shortterm state and municipal obliga¬
States
United
securities,
1962
1,
are
maturities between three
months and one year, is utilized
term
September
designed to appeal
large corporations that would
to
tions.
jFinancial officers became high¬
in
,
"Y" Corporation
at the above office of this
bank upon presentation and surrender of this certificate
properly endorsed with interest at 3% per annum (com¬
puted on basis of 380 days and actual days elapsed). No
payment before and no interest after said date.
On
repeal
provisions for rate regu¬
Many advocate this ap¬
lation.
Payable to the order of
$1,000,000. In fact, this is the mini¬
mum
denomination
of
leading
banks
of legal
__—Dollars
—
most
The
straightforward solution is
March 1,
1962
CERTIFIES that there has been deposited in this bank
THIS
is
denomination
common
$1,000,000
created?
be
market
DEPOSIT
OF
BANK, New York, N. Y.
One
major
TIME
NEGOTIABLE
are
certificates.
purchased by
But
a
if
the
ntinbank
investor, it is likely that he will
by drawing down demand de¬
pay
posits
in
other
banks.
That
is,
Volume
195
Number 6158
balance
.
.
The Commercial
.
Financial Chronicle
and
the
consolidated
the
banking system would in this pact. In fact, since the rest of the
case
show
decrease
a
deposits and
an
certificates.
The
of
of
demand
increase
of
release
time
of
re¬
requirements would in part
serve
the
save
sheet
day provided attractive
loan and investment opportunities
existed. But even after full utili¬
zation
of
released
reserve,
de¬
mand deposits would remain well
below
their
former
amount,
and
their ratio to time deposits would
decline.
tionwide
distribution
shed
mand
tears
loss
over
of
de¬
deposits by other banks, it
not, as a member of the
could
system, avoid for long the impact
of a pervasive development such
this.
as
later
Its
when
tears
might
another
of
come
its
large
customers,
Corporation Y, drew
deposits to pur¬
Treasury Bills which were
down
demand
chase
being
to
converted
cates
of Bank
time
certifi¬
B.
Thus, since the
largest potentiality for growth of
certificates appears to be through
shifts
from
Treasury securities
other
and
short-term
invest¬
ments, it is
likely that develop¬
the
certificate market
of
ment
would
in
be
degree at
some
of demand deposits.
expense
the
This
conclusion assumes, however, that
tile total amount of member bank
legal
was just sufficient
requirements before the
shift to certificates occurred, and
to
im¬
Bond Club of N. Y. Field Day June 1
country
has been growing de¬
posit wise more rapidly than New
York
City, the practical result
would
be
than
Last,
more
development of
Annual
this year
Day of the Bond Club ofJMew York will be
Friday, June 1, it was announced by W. Scott
Cluett of Harriman Ripley & Co., President of the club. This year
will mark the 38th outing for the Bond Club. It will take place
at the Sleepy Hollow Country Club, Scarborough, New York.
a
commercial
the
company paper,
demand
for
ket.
rise
the relative
this
bills.
The
banks in
influence
most
certainly
invested
in
New
make
the
all
would' find
forms
be
for
such action would be most likely
if
the
monetary authorities in¬
terpreted the shift from demand
deposits to certificates
sirably deflationary. ;
Other
Possible
as
unde¬
be
Field
acceptance market.
(2) Most of these bankers' cer¬
tificates were issued in denomina¬
tions
of. $1 million of more by
banks in New York City
other
leading cities and with
ranging
months and
one
six
between
year.
checks
drawn
their
on
at Reserve Banks.
increase
an
holdings and
of deposit.
cess
of
Treasury
time
.
existed,
would
be
bill
certificates
In the event that
reserves
amount
effect would
of
Bawl
investors.
For the bank¬
ing system the net
be
balances
ex¬
their
decreased
(4)
Six
New
large
York
make
market
a
quoting
"bid"
at which
and
bond
City
dealers
undertook
in
to
John
"asked"
W.
Stevenson,
less
by
new
the
Federal
Reserve
available
came
or
be¬
other
from
Third,
tem as
a
while
the
banking
sys¬
whole would be affected
along the foregoing lines, what of
the distribution
of deposits and
reserves?
The probabilities
are
high that successful growth of the
certificate
would
market
deposits and reserves
large banks in money
move
toward
centers
—
particularly
toward New York
City—and away from smaller
banks
that
do
issue
not
the
certificates.
However, this
ment would
not
the
form
of
be
new
move¬
likely to take
direct
shifts
of
de¬
of
maximum
market
new
is
interest
time
on
York
City, which will conduct a
general investment banking busi¬
regulation
rates
deposits
pay¬
by
ness,
the
Governors
of
Fed¬
the
development
When
for
appears
allowed
banks
tificates
securities
the
lie
to
that
to
provide
nonbank
investors
and
place¬
in certifi¬
cates. After the initial stage, the
process might most often involve
decisions of large customers in¬
itially to buy certificates rather
•than Treasury bills.
4.
of
But
the
the
proceeds
regardless
effects
on
of
the
smaller
process,
many
,
an
attractive
com¬
(1)
information
Robert
from
two
Govern¬
490%
the
in
$289 billion, while
same
period
to $71.7 bil¬
and that the proposed pro¬
would require taxpayers in
areas and small towns to pay
lion;
gram
rural
city
transit
facilities
Federal funds ob¬
mass
the
the
na¬
Wad¬
investment
Funds,
and
to
Anchor
1951
the
-
pp.
1-9.
for, United
that
of
had
he
Hugh W.
Long
(which recently changed its name
Reierson, "A New Money
Instrument," Bankers Trust
Company, Economically Speaking,
1961,
Before
of
Corporation,,
Company, Incorporated
12.
24,
manager
Inc.
President
been
L.
March
recently
Chairman of the Board
he
Corporation),.
was
American
Trust
a
Prior to
Vice-President
National
Bank
Company of Chicago.
of
and
Federal
proposed
grant
to aid city mass transit
adopted, the Investment
Bankers Association urged certain
program
is
be
to
changes to make it more effective
and avoid certain difficulties, as
Bonds Offered
follows:
Kidder, Peabody & Co., New York
City, is head of an underwriting
group which is offering publicly
$25,000,000 Government of New
mass
is needed
for
transit, local government
can
If
(1)
Zealand
4977,
514 %
at
terest
to
bonds
due May
1,
97.50% and accrued in¬
yield
approximately
maturity.
to
5.50%
.
interest on the
payable
in
United
States
currency.
The bonds are
entitled
to
semi-annual
sinking
Principal
bonds
of $850,000,
payments
mencing
Nov.
1,
culated to retire
1964,
85%
(2)
would
areas
at
will
bonds
(a)
cal¬
tne
ceeds
(b)
to
(d)
for fiscal year 1963 provides
development, land de¬
for electric
The
based
New
Zealand
essentially
dairying
and
•
is
pastoral,
economy
upon
agricultural
activi¬
by
The portion of project cost
payable from revenues
should
be
determined
by
supported by
expert
independent engi¬
neering
opinions,
rather
than by the administrator.
program
•
company
equipment
or
the applicant,
of the sale toward the gov¬
projects.
private
publici bodies.
(c) No Federal loan
program
should be provided.
of
capital
works and expenditures. This pro¬
gram
of
facilities
intention of
apply the pro¬
velopment, housing construction,
public and education buildings,
rolling stock and capital improve¬
ments
for
railways
and
other
participation.
grants should not
used to finance acquisi¬
Federal
tion
redeemable
present
Zealand
ernment's
is to be adopted:
Federal participation should
not exceed 50% of net proj¬
ect cost to assure maximum
local
of the issue
option of New Zealand on
May 1, 1972, at 101% and there¬
after at prices decreasing to the
principal amount on or after May
1, 1976.
is
urban
(3) If the proposed Federal grant
the
It
in
program
be
be
facilities
transit
mass
prior to maturity.
The
The proposed program
require taxpayers in rural
and small towns to pay for
areas.
com¬
and
subsidy
Government.
and
are
a
provide it better than the Federal
,
United
excellent
B.
p.
was
Continental Research
Brown, "Certificates of
Deposit — Their Market and Fu¬
ture,"
The
Commercial
and
Fi¬
nancial
Chronicle,
November
23,
Roy
Federal
debt during the
only 258%
pal
New Zealand
New
elected
the certificate market:
on
Herbert
Mr.
Market
»
Inc.,
of
dell, Chairman.
1961,
(2)
Reed.
nouncement by Chauncey L.
liquidity, safety, and
earlier articles
banks
throughout the country would be
inconsequential.
This follows
from the small proportion of total
deposits likely to be represented
by certificates, and from the na¬
of
&
Funds, Inc., United International
Fund,
Ltd.,
and
United Funds
Canada Ltd., according to an an¬
cer¬
3 In
preparation of this article I am
particularly indebted to Mr. Joseph Fleiss,
First National
City Bank of New York
and to Mr. John Lawson,
Vice-President,
Discount Corporation of New
York, both
of whom generously provided current in¬
formation
by
interviews.
I
have
also
utilized
the
increased
increased
Government of
fund
—
underwriter
tional
ma¬
investments
investors with
Waddell
of
tor
freely
issue
Director
a
Thomas J.
Herbert has been elected a direc¬
ahead.
compete
able
are
Elected
KANSAS CITY, Mo.
new
market funds the
money
jor
to
of
yield.3
to
originator
underwriter,
a
(7) If the barrier of rate ceil¬
ings is removed, a promising fur¬
bination
Treasury
as
and
do
market
of
has
the total bonded state and munici¬
for
participating dealer, and also
brokerage business in United
Reserve System.
Repeal of
States and foreign securities, par¬
rate
regulation, or a policy of
setting t h e ceiling sufficiently ticularly those of Italy, Germany
high to permit bank competition and Switzerland, specializing in
with alternative investments, is a banking, railroad and steel shares.
of
the firm
is Dr.
prime
requisite
to
growth,
or Proprietor
even survival, of the
Leopold von Grun.
market.
of
of
ment
debt
through
eral
growing out of sale
other
lic
ment
last 20 years to
tained from Federal income taxes.
the
Instead, the process would
probably
be
an
indirect
one,
posits.
and
the
they stood ready to buy
of
ther
its
along with the users of
transit system. Also, the pub¬
support
If
able
system would assume
the financial responsibility for
sell.
Board
sources.
that the benefici¬
so
aries of the
by
released
were
it would be fairer and
locally
sidy
y
reserve
reserves
on
efficient to provide the sub¬
more
rates
(5) The rate level on certificates International
requirement of
Brokerage
stood at about l/4 percentage point
$500,000.
But if legal reserves
Co. Opens in N. Y. City
above the rate on Treasury bills,
were just sufficient at the outset,
and somewhat below the rate on
Announcement
is
made
of
the
a
reserve
deficiency would de¬
finance company paper,
formation of the firm of Interna¬
velop. This in turn would initiate
a
multiple contraction of bank
(6) The principal, obstacle to tional Brokerage Company wvith
offices
at
170
credit to repair the deficiency un¬ substantial
Broadway, New
further
development
the added
subsidized
of^emphill, Noyes & Co.;
Jr.
proposed "Urban Mass Trans¬
Banking and Currency
portation Act," which would pro¬
vide
$500
million
in
Federal
grants for city mass transit facili¬
ties, the Investment Bankers As¬
sociation of America pointed out
that if a city mass transit system
is not self-supporting and must be
Assisting him will be four Gen¬
W. Dayton, Jr. of
Journal
Street
Commit¬
House
on
the
& Co. has been named
Smith, Barney
evening.
certificates by
in
and
effi¬
more
tee
(circulation)—Rollin C. Bush of The First
National City Bank of New York; Trophy—H. Lawrence Parker
of Morgan Stanley & Co.; Publicity—William H. Long, Jr. of Doremus & Company; Tennis—John Wasserman of Asiel & Co.; Trap
Shooting—Nelson R. Jesup of Clark, Dodge & Co., Inc.
Arrangements for the outing were completed at a dinner for
committee chairmen at the Racquet and Tennis Club, Thursday
(3) Investors in the certificates
were
principally large business
corporations, but they were also
held by a wide variety of other
paid by
to commercial banks who
of
Day Chairman this year.
Journal—Walker
given to another possible devel¬
opment. Assume in the foregoing
example that Corporation X sold
the $10 million of Treasury bills
Powers
Virgil Sherrill
Clark, Dodge & Co., Inc.;
Sydney G. Duffy of Blyth & Co., Inc.; Avery Rockefeller, Jr. of
Dominick & Dominick, and H. Virgil Sherrill of Shields & Co.
Heading the 13 committees appointed to supervise sports, en¬
tertainment and other activities at the outing are the following
chairmen: Attendance—Fred L. Heyes of Dillon, Read & Co. Inc.;
Arrangements—Andrew F. Peck of Clark, Dodge & Co., Inc.;
Stock Exchange—John M. Callaghan of Goldman, Sachs & Co.;
Entertainment—James M. King, Jr. of Francis I. du Pont & Co.;
Special Features—Richard E. Boesel, Jr. of Hayden, Stone & Co.;
Golf—William S. Goedecke of Smith, Barney & Co.; Food and
Beverage—Harold D. Barnard of Dean Witter & Co.; Bawl Street
was comparable in
activity to the commer¬
cial paper market and the' bank¬
ers'
A.
eral Chairmen:
York
and
maturities
also
New
size
and
Developments
the
Robert
market
money
large
Consideration should
of
of the
Number 3
H.
Avery Rockefeller, Jr.
deposit, was offered by
major banks beginning in Febru¬
ary, 1961.
Within one year this
division
and
by investment bankers. At
hearings before the Subcommittee
tificate of
new
fairer
as
cient
ities would not permit additions to
if the
Federal Reserve should respond
by releasing a new increment of
legal reserves, bank credit ex¬
pansion could replace the extin¬
guished demand deposits; In fact,
Stock
,
WASHINGTON, D. C.—Local aid
city
mass
transit
systems,
rather than Federal aid, is recom¬
ex¬
(1) A new money market in¬
strument, the negotiable time cer¬
course,
York
New
Transit Systems
Conclusions
and
the
on
Aid to Mass
and
also that Federal Reserve author¬
Of
agreed
to
application to list the new
mended
Summary
the
of
has
IBA Favors Local
their
loans
of
22.1%
or
Exchange.
Presumably
guess.
a
funds
into
Zealand
Al¬
investments with the possible
ception of real estate loans.
reserves
reserves.
Dayton, Jr.
tax-exempt
even
new
way
meet
bank
John W.
Robert A. Powers
W. Scott Cluett
pounds
Zealand
bonds
munici¬
pals, thereby causing a relative
decline in tax-exempt yields. Be¬
yond this, visibility is too poor to
justify
New
national product.
gross
major
would
part
a
of
gross
Zealand
committing funds gained
from certificates is less clear.
of
exporter
tion amounted to 289 million New
re¬
respect
of
largest
wool.
national product in¬
by 88%
during the 10
year period ended March 3d, 1961.
in fiscal 1961 gross capital forma¬
in. the mar¬
Treasury debt
operations mi g h t
tendency with
aver¬
creased
However,
offset
an
of total exports. Next
economy
mated
other rates
management
to
slightly in
product is
expanded steadily throughout
the
post-war
period. The esti¬
somewhat less than before. Hence,
there should
be a
tendency for
lation to
and
The
corporations and others should be
these rates to
wool
has
fi¬
instruments by
these
of
second
meat
com¬
and
paper,
98%
terms
of
importance
come
meat, butter and cheese. Currently
New Zealand is the world's largest
exporter of butter and cheese and
pete most directly with Treasury
bills,
particular im¬
export
trade.
the
in
certificate market may have
some
effects on the money rate
Since certificates
of
are
to
age of 34%
new
structure.
which
25
exported, accounting for
on
sizable
a
ties
portance
About
Field
The
held
slight
change in relative rates of growth.
no
nance
Moreover, while Bank A might
not
the
of
(2229)
C. H. Kahler Co. Formed
SAYVILLE,
N.
Y.—C. H. Kahler
is
in
a
engaging
from
ness
Avenue
The
securities busi¬
offices
the
under
on
^roadway
firm
name
of
C. H. Kahler Co.
Mr.
"Rntlcr.
Kahler
was
Hprrick
&
formerly with
Marshall.
26
The Commercial and Financial Chronicle
(2230)
most
As We See It
become
us
that
rather extensive range
evitable
.......
used.
of
the
this
in
error
of in-
or
any-
Not
only is it unsuit- of. In a note appended to one 0ther such
guestimate is
able, but its application in of its tables in the current ism0stly overlooked. Difficulthe way proposed could hard- sue of its Economic Almanac.
+jes Qf
same order of maely fail to bring results all The National Industrial Conface
the
of us—including the Adminference Board which has given- who attempts to estimate the
istration itself
must in the
as
much unbiased study to n
u m b e r of
manhours that
end deeply regret. Let it be these questions as any one,
have entered into the produc-
Xde
Thursday, May 10, 1962
.
N./Y. Municipal Bond Club Slate
'
Continued from page I
.
.
R.
George Le Vind, Vice-President of Blyth & Co., Inc.fr has been
President of The Municipal Bond Club of New York
for the fiscal year 1962-63;
He will succeed Alfred S. Mante,
nominated
^statistician
—
observed
that
proposed
by
the
has this to say:
formula
Administration
tion of any
explain in some
thought that the figure
"Changes in the ratio between output and manhours
of work show the joint effect
0f a large number of separate,
though interrelated, influences. The
long-term upward
trend of .output per manhour
is due mainly to technical improvements in industrial organization and processes. At
any time, however, output per
manhour also depends upon
must be that for the economy
SUch
economists
relates wage inchanges in "productivity," not in the industry
or
trade where wage settleto
creases
ments
in
are
be effected but
to
the
economy as a
Chairman of the
The
dent's
Council
of
whole,
Presi-
Economic
Advisors has been at
pains t6
detail why it
is
as
whole
a
for
rather
than
that
particular industry,
is, though, that in
most popular discussions of
the subject and in most arguments about it, this qualificaany
The
fact
of the Administration is
tion
factors
as
the
of
rate
in this
year's output. We
a much
country need
greater degree of skepticism
regarding the results of elaborate statistical estimates
which
defy
scientific
com¬
firmation.
R.
Trip
TV.Ugt/l? illC.
Qf-rvpj/UU1U
hdy TOO,000 common shares_of
efficiency, the types
advertising and sales promotion,
and working capital.
the flow of materials,
able,
the
materials
and
sources
reavail-
skill
effort
and
the
of
proceeds?0 will be"
used by the
for product development,
_
street
Island
Lone
in
engaged
Daniel P. Whitlock
Henry Milner
&
The annual
operations, the relative contributions to production by
plants at different levels of
of
L. A. Hauptfleisch
Co.
Globus, Inc., 660 Madison Avenue,
New York City, is offering pub-
company
George LeVind
Manager of the municipal bond department of Smith, Barney
Citv
the
N
Y
is
meeting and election of officers will be held on
Friday, June 8, at the Westchester Country Club, Rye, N, Y., in
conjunction with the Club's 29th Annual Field Day.
Other noriiinations
are Henry
Milner, Vice-President of R. Si
Co., Inc. for Vice-President of the Club; Louis A.
Hauptfleisch, Manager municipal department, Goldman, Sachs &
Co., Secretary; and Daniel P. Whitlock, Partner of Ladenburg,
Dickson
&
Thalmann &
Donald
Co,. Treasurer.
C.
Patterson,
Vice-President,
Chemical
New
Bank
York Trust
Company and John N. Mitchell, of Caldwell, Marshall,
Trimble & Mitchell have been nominated to serve on the Board of
Governors for three-year terms.
development,
largely overlooked or ignored work force, the efficiency of manufacture, sale, licensing and
leaving the argument to turn management and the state of application of wall and floor coatnhunrtoc in nvnHnnfixzif-ir in
W
»
ln§s and finishes in the building
on
changes n product v ty
labor relations.
™
i
the
industry
con-
,
,
In either case,
proposed
a
.
however, the
is beset
measure
with many
as
ivrnw
nhvinii<dv
1NOW
cerned.
T
u
industry.
particular
shortcomings, and
matter of cold fact is in
m
a
n
nf
v
obviously many 01
these other
factors
involve
The most widely known
of these
coatings and finishes is
..Vitricon,"
cold glazed concrete
a
marily
labor costs per hour may well
be eaten up or largely offset
TGi-io- T,01110
by costs
as
a
substitute for tile,
&
reduce
necessary to
event not suitable for the direct labor costs. And these
purposes
suggested. In. the things must be paid for if
first place, no discerning stathey are to be had. What war-
"Rnwlinp- Hfirn
vuip.
tistician
M
any
or
his
cut
economist who has
eyeteeth
of
or
"product,
devise ways
to
able
is
to
much faith in any
summon
and
of
rant is
there, then, in
assum-
ing out of hand that the wage
earner
is due all the credit for
Jy,» ?ncr.asins
means
of
that he
preparing indexes that can
regarded as falling within
the range of accuracy and objectivity obviously required
for any such use as is now
suggested by the Administra-
are
tion.
use
of this
course,
aII the reward?
ties
But
before
going into
tragic weakness of this
figure — particularly though
not exclusively of measures
that purport-to
apply to the
economy as a whole—let it be
said after the
MEMPHIS
Conceptual Absurdities
plain enough in and
of themselves to condemn the
gs
pro-
posed by the Administration
and as employed all too often
in any event in private settlements of labor controversies.
But there are other equally
"'company,
in
are
modern
ditioned, and have
and
an
for
quite\ unsuited
the
pur-
in hand.
What Is
"Productivity"?
,,,
which
in
anv
day
For the uninitiated let it be
measures
realistic
wav
icdiibiiL -Wd|
the changes
the
in
amount
a
wage
earner
gets done in an hour
depends upon many things
other
are,
than
the
Some
self.
of
worker
these
him-
factors
of course, quite obvious,
Introduction of better
equipment
at
the
expense
of
the
ReLn??ds+.&
& Miller.
expense
of
the
wage earner—is one of them,
In this day and time this is a
many
factor.
others
and file
But
there
that
probably
think
lurnbull, Deter
barrier^ to the preparation of ^S^sgenf^n^gesa
sucn figures.
Jefferson
Park
The
presented
the
justed"
had
as
economy,
the
figures
and
to
"ad-
which
have
effect
of
price
with
these
key figures have
SECURITY
CITY
Kansas
William
J.
Gccdbcdy
Chase,
M.
v.
TRADERS
A.
•.
ASSOCIATION
City Security Traders will hold
their
party
summer
v
June 14th and 15th.
Fee for the entire party is $25.
A Calcutta cocktail party will be held at the Hotel Continental
June 14th.
on
A Calcutta Golf Tournament will be held at the Meadowbrook
Country Club, Friday, June 15th.
N
Reservations (together with your golf handicap and request
for hotel room reservations) should be sent to
Myron D. Mesler,
George K. Baum & Company.
,
Ave.
Officers
and
Treas.
M. Whitmer Opens
Fla.
—
C.
—
.
.
>
Jack Moyer
Cohen, Incorporated, is
from
SHERMAN
a
fices
securities
at
601
N. W. Officers
man,
business
Thirteenth
Executive
Vice
Henry
Street,
-
E.
President
Arnold
M.
^oitnie/• haL opfn?d offi?es at
securiteTbufmess
eonduct a
engaging
Moyer is
rities
business,
Ventura
13805
Samuel S. Kauf¬
are
President;
of¬
OAKS,
L.
engaging
in
Opens
(Special to The Financial Chronicle)
Wolf &
Calif.—Jack
in
from
a
secu¬
offices
Boulevard.
at
:
,
King,
Sterling Associates Formed
and
Treasurer;
James
V. • Castiglia,
Vice-President; Bernard I. Nordlinger, Secretary; E. J. O'Meara,
M. L. Rampendahl and D. L. Darnall,
Assistant
Secretaries,
and
Stanley A. Spano is conducting
a
securities business from offices at.
799
Broadway,
under
firm
the
New
York
of
name
City
Sterling
Associates.
Frederic R. Wohl, Assistant Treas¬
urer.
C. R. Wolven Opens
.
Robert
C.
Youngberg,
chief
analyst of Boenning & Co., Phila¬
delphia, and a director of C. F. C.
Funding, Inc., financing and man¬
agement consulting firm, has been
appointed a director of the Heath
Manufacturing Co., Seattle, Wash.,
maker of plastic products and as¬
semblies
mercial
for
use.
military
-
and
:
(Special to The Financial Chronicle)
*
GARDEN
are
,
SARASOTA,
D.
?'
®T^hard
.
Form Wolf & Cohen
WASHINGTON,
Named Director
Knox Tuirnbull, Chairman of the
is
ft
total output of President, Secretary
the, rank changes removed. So familiar
never
are
California,
have little or no conception qf CHARLOTTESVILLE, Va.—Turnthe difficulties, or really the bull. Deter and Sullivan, Incor-
°T6r - certainly not as a customed to GNP which
at .the
rule
vital
KANSAS
Co., and Mr. Wilson
withCruttenden,Podesta
too> the great rank and file
ac-
Griffith,
^EasTman^M^'Union^ecu?"
Pressure to come up with Services of Southern
such ratios. Unfortunately,
We have all become too
Fred
•
,
.
aggregate of
explained that ''productivity" output of the economy per Unified Business Services
as
currently employed means manhour. There are to be SAN CLEMENTE, Calif.—Donald
simply the average output per sure certain figures prepared J; Atkinson is engaging in a secu- man
working one hour. Now, by venturesome statisticians Alenidr?]?^;fTJ,7°"!mdPrt !h*
it should be
obvious, first of or a statistician under official firm name of Unifjed Business
all, that the
.
Norman Blake
to the economy. That reason ties & Co., 601 California Street,
is that no one has been able Mr. Butler was formerly with
to compile a series of figures Walston & Co. Inc.; Mr. Mir with
.
'
brough, Pinch & Co.
in
statistical standards would be ducmg inflationary factors in-
Blake, Merrill Lyncn,
Treasurer: Jeff Newbill, Jr., Wilder, Hans-
the
air-con-
Association
Saunders & Co., Inc.
w^wa^opened inmo^ThesI
centers
Norman
Secretary:
—
poses
& Co.
of 8788 Metcalfe
establishments
Dealers'
following officers for 1962:
Vice-President:
cor-
fully automatic lanes for tenpm ow rtg*
for abanJoin Eastman Dillon
manner
President:
R0ad, Overland Park, Kan. is engaged in the
operation of four
bowling
Memphis Security
elected the
Pierce, Fenner & Smith Incorporated.
$2 per share. Net proceeds fill be
used by the company for the re-
of the compelling reasons
straight-flung doning this blind worship of
(SpeclaltoThefinancialchrome)
words and few that the figure "productivity" as a measure SAN
FRANCISCO, Calif.
Paul
even
though one could be de- of additional wages which B. Butler, Jr., Edwin Mir, Richvised which satisfied critical may be paid without intro- ard
J- sPahr and Walter E. Wil-
English
has
porate purposes including possible
These conceptual absurdi-
DEALERS' ASSOCIATION
The
George K. Baum & Co., 1016 Baltirno,'e Avenue, Kansas City, Mo.,
payment of debt,, and other
,
measure
SECURITY
Sfofk OffPTPfl
Sour J®?!*#***#*
output m
works—and, of
be
this
NOTES
N STA
Wall surfacing material, used pri-
costs. What is saved in direct
com¬
Wolven
business
GROVE, Calif.—C. R.
conducting a securities
is
from
Brookhurst
offices
at
12505
Street.
With California Investors
LOS
ANGELES, Calif.—Frank R.
Dawson
staff
of
Olympic
has been added
to
the
California Investors, -3544
Boulevard,
members
the Pacific Coast Stock
of
Exchange.
Volume
195 :. Number
6158
.
.
The Commercial and Financial Chronicle
.
(2231)
Indications of Current
The, following statistical tabulations
latest week
Business Activity
week
Latest
AMERICAN
IRON
Indicated
steel
Equivalent
Steel
AND
STEEL
operations
Crude
42
TETROLEUM
oil
and
gallons
-May
"V V
(net tons)
Month
Ago
output—daily
(bbls.
average
;
81.0
1,820,000
1,957,000
Production
2,361,000
1,943,000
7,344,810'
Apr. 27
8,321,000
Gasoline
output
(bbls.)
Apr. 27
28,993,000
Kerosene
27,790,000
output
(bbls.)
Apr. 27
2,591,000
Distillate
2,753,000
fuel
2,842,000
Apr. 27
12,626,000
13,326,000
Apr. 27
5,556,000
12,580,000
5,723,000
5,961,000
205,818,000
181,272,000
to
runs
Residual
stills—daily
oil
output
(bbls.):.
oil
fuel
(bbls.)
average
output
(bbls.)
::
—;
-
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished gasoline (bbls.) at
JApr. 27 *
Kerosene
(bbls.)
at..:
fuel
oil
(bbls.)
at_
23,879,000
Apr. 27
Apr. 27
88,834,000
-
Residual fuel oil (bbls.) at
,
!
7,353,060
28,429,000
7,242,310
7,971,000
a
39,337,000
freight loaded
-Revenue
(number
of
Apr. 28
freight received from connections
(no.
cars)—Apr. 28
of
577,534
506,607
569,493
Stocks
27,872,000
of
524,109
U.
S.
Private
$397,400,000
East
495,151
$427,100,000
and
3
May
(U.
S.
3
May
May
BUREAU
OF
3
3
STORE
SALES
ELECTRIC
Electric
output
FAILURES
steel
Pig,iron
(per gross
^Electrolytic
Lead
refinery
DUN
Straits
7,578,000
299,000
300.00C
BOND
3
1
-"V
314
335
356
39C
at_
6.196c
6.196c
in
$28.50
$30.50
$30.83
$36.50
30.600c
2
29.550c
28 600c
28.525c
Total
28.400c
2
9.500c
9.500c
9.500c
11.000c
2
9.300c
9.300c
30.600c
30.600c
28.900c
9.300c
12.000c
12.000c
12.000c
11.500c
11.500c
11.500c
\
2
24.000c
24.000c
24.000c
120.125c
121.375c
123.000c
107.625c
90.17
89.73
87.32
86.78
91.77
91.48
90.77
89.37
89.23
88.67
87.05
86.38
90.17
■
8
8
—i__i._'_*May.
May'
—May
,
;
87.45
f
V>;
INDEX
_
(tons)
DRUG
82.03
81.90'
82.15
84.30
84.04
83.79
85.20
88.40
88.27
87.59
8. '
89.78
89.78
89.23
Total
f
88.81
4.36
4.46
4.47
4.51
4.64
4.63 V
4.68
5.01
5.02
5.03
5.01
8
8
8
8
4.61
4.29
4.31
4.84
'
"
3.68
3.62
4.65
4.58
4.88
4.54
4.59
4.47
PRICE
365.5
368.8
364.9
365.8
•
328,885
351,417
365,679
91
97
.Vr-v. 98
468,481
475,747
465,970
111.68
111.70
110.00
OF
in
which
the
91
Produced
eral
initiated
the
on
Number
of
604,98C
AN.D
SPECIALISTS
dealers
ON
N.
EXCHANGE
(customers'
Y.
orders—customers'
sales
3,439,823
ACCOUNT
ROUND-LOT
OF
ON
STOCK
MEMBERS
N.
THE
sales...
S.
DEPT.
AH
Meats
All
——
Sterling
Tin,
1,742,029
$99,185,236
1,753,995
2,810,582
$91,424,262
$50,037,435
1,644,161
1,671,785
1,794,980
2,922,171
18,167
15,954
7,476
UNew
1,655,831
$87,227,953
$91,429,539
1,787,504
$89,798,846
commodities
sold
"Revised
504,200
than
farm
and
foods.
on
figure.
delivered
883,820
\
(per
long
(per
£38.220
12.000c
ton)
12.000c
£93.914
£69.920
£83.849
101.500c
*
91.375c
101.500c
84.401d
(check
_
84.608d
79.559d
$2.81399
ounce)
(per
12.500c
E69.352
£70.072
,
long
(per
11.500c
12.000c
£69.428
pound)
ton)
$2.81527
$2.79805
122.138c
Straits-:
U.
ounce
123.108c
!,
107.219C
$35,000
$35,000
$205,900
36.250c
36.250c
32.500c
32.500c
32.500c
33.000c
33.000c
33.000c
24.000c
24.000c
26.000c
22.500c
22.500c
23 250c
81.250c
$2.25
$2.25
s2 25
$82,000
$82,000
$82,000
$1.75000
(per flask of 76 pounds)
$192,000
36.250c
———
$35,000
$192,000
price)—
S.
York, boxed (per pound)
bulk (per pound)——
boxed
:—
pound)—
(per
99%
grade
ingot
99%/
grade
primary
504~200
554~740
Platinum,
883,820
527,980
514,280
781,820
(Per
refined
(per
avge.
lb.)
•
pig export
u
pound)
(per
(per pound, delivered ton lots)
small
pound,
Cobalt,
weighted
(per pound)
Cadmium
97%
grade
$1.65000
$1.60000
74.003c
$1.80000
$1.70000
$1.50000
$1.50000
$971,185
—
pound*—
$1.75000
$1.50000
lots)—
(per
financing
estate
real
areas
818,310
791,740
608,170
1,022,470
.Apr. 13
15,591,290
15,345,360
16,592,020
25,630,680
16,409,600
16,137,700
17,200,190
26,653,15
of
u.
OF
S.—-home
of
Feb.
$1,041,436
$837,697
nonfarm
in
loan
Banks
and
trust
savings
companies———
banks
100.3
100.6
100.6
...
1
96.6
97.9
99.9
♦100.2
100.5
May
1
93:9
94.6
94.7
May
1
100.9
100.9
101.0
a
97.6
1
—
78,887
83,488
78.487
374,297
'
400,342
320.533
114,467
138,339
95,111
-—-—
lending
institutions
Total
263,646
294,049
265,927
435,571
496,506
398,760
$2,238,053
Individuals
1
bank
omitted):
(000's
and loan associationsInsurance companies
Savings
Mutual
$2,459,160
$1,996,515
a
a.
-
"
•:
"Revised
„
a
a
tNumber ,of orders not reported since introduction of Monthly Investment Plan.
fPrime Western Zinc
at centers where
freight from East St. Louis exceeds one-half cent a pound.
basis
£60.463
'
Aluminum—
2,912,132
554,740
May
other
10.800c
£67.076
11.500c
$145,721,988
May
!
11 000c
9.500c
9.300c
£60.065
£60.132
Laredo,
10,039
1,625,994
—..May
.
£230.651
Antimony—
576,280
:
_
£235.239
81.250c
(per
Miscellaneous
_
28.600c
9.300c
pound)
delivered
Exchange
York
New
Gold
96%
end
of
of
where
.
(per
London
485~050
products
foods
£229.168
•
£60.470
New
Silver,
(1957-59=100):
commodities
Farm
27.781c
£234.807
9.500c
pound)—
pound)
Sterling ExchangeYork (per ounce)—
and
Silver,
5,741,797
Commodity Group—
Processed
ton)
(per
Silver
925,480
4,816,317
Apr. 13
U.
(per
Louis
months
481,940
..Apr. 13
•;
—
long
(per
30.600c
28.600c
£233.355
ton)
three
(SHARES):
SERIES
140
30.600c
___
(per long ton)—
London (per long ton)
board—Month
NEW
128
141
STOCK
—
PRICES,
London
Louis
3,032,746
TRANSACTIONS
__—-
long
(per
St.
3,514,686
Apr. 13
—
109
149
28.598c
prompt
sales—
sales—
124
£234.309
pound)—:
ttLondon,
-
637,550
Apr. 13
Y.
139,400
federal
pound)
York
2,900,991
..Apr. 13
SALES
138.300
quotations)—
j.
(per
New
3,538,541
485,050
174,100
176,800
york—1917-49
new
m.
East
3,122,338
Apr. 13
230 390
fed¬
second
district
&
Western,
Bismuth
by dealers—Number of shares.
STOCK
sales
(per
months,
St.
§§Prime
5,873,390
Apr. 13
Short sales.
—
3,212,300
Apr. 13
sales
164,200
156,500
of
(e.
3,740,608
Apr. 13
92,700
150,400
31
prompt
Laredo,
:
108,300
110,600
128,000
*
170,300
prompt
Quicksilver
—
EXCHANGE AND
round-lot
East
ODD-
—
ROUND-LOT
LABOR
1,229,237
by dealers—
Rourd-lot purchases
WHOLESALE
l,081,42r
-964,056
STOCK
1.
shares—Total
Short sales..
"Other 'sales.
Total
885,196
921,421
Apr. 13
sales
Other
747,221
903,508
1,754,062
136,500
143,600
138,200
1—
-J-
Zinc—
sales)—
total sales
March
months,
t+Three
147,810
$94,100,605
192,500
132.500
refinery
Common,
1,147,57C
78,860
COMMISSION
sales
FOR
780,813
174,200
Apr. 13
short
Total
733,540
90,700
812,808
Apr. 13
224,900
130,800
refinery
Common,
purchases)—T
(customers'
272.000
268,500
239,800
123,400
Lead—
49,80C
741,455
618,270
113,600
242,500
232,700
ttLondon,
:
dealers
by
other
TOTAL
17,500
Apr. 13
shares
of
ttThree
555,18
members—
Dollar value
/.; ,7
239,020
256,520
3,456,215
1,059,600
100—Month
Apr. 13
SECURITIES
—
31
March 31
Apr. 13
Customers'
V
26,800
309,770
Apr. 13
-180,400
1,736,100
April:
653,640
282,970
Apr. 13
Customers'
Number
262,110
55,700
—
purchases
Round-lot
222,110
349,120
—4
account
Dollar value
Number of
Export
Apf. 13
:
by
of
3,907,58C
Apr. 13
for
30.200
597.800
1,244,600
„
Copper—
ttLondon,
—
transactions
.
538,600
bank
Domestic
2,294,110
Apr. 13
DEALERS
Odd-lot
3,179,71C
2,307,350
293,420
—
sales
1,908,530
2,487,980
13
141.000
47,100
—
31
'
floor—
TRANSACTIONS FOR ODD-LOT ACCOUNT OF
Odd-lot
2,016,110
Apr
sales
EXCHANGE
727,870
4,072,180
Apr. 13
sales
LOT
385,580
ttLondon,
:
sales
STOCK
2,396,900
436,550
1,870,800
Apr. 13
purchases
Other
2,256,650
471,870
floor—v
.
(tons)
store
prices
metal
.
17,430,000
of
(bales)
=
2,438,240
276,520
17,127,000
prod¬
of March:
(average daily) unadjusted
(average daily) seasonally adjusted—
Sales
Apr. 13
seed
commerce—Month
reserve
Average
Apr. 13
.
116 033
686,98 4
(bales)
department
Sales
registered—
.
104,994
660,182
(tons)
(bales)
Apr. 13
off
110,990
690,844
17,105,000
31
(tons)
Shipped
-
319,809
MEM¬
...
8,279,186
l!-±-,
cotton
March
(tons)
reserve
4
1,983,448
10,454.043
730,292
Linters—
320.272
v.;^'
794.961
2,099,337
9,429,530
(tons)
Produced
113.02
362,209
717,106
2,165,616
(tons)
Shipped
421,325
-May
bales:
of March
as
March
(tons)
Stocks
INDEX-
ACCOUNT
stocks
in
——
Short
3,469
of
Meal—
and
Shipped
4.4$
-Apr. 28
...
FOR
department
—
,
mills
(tons)
Stocks
4.7
.
330,628
purchases
Total
4.096
3,735
March
of
at
Cake
4.5C
4.43
323,759
sales
Tvtal
4,611
4.294
Hulls-
4.86
4.43
-Apr. 28
.....
sales
4.931
4,191
(tons)
Stocks
Stocks
^
round-lot
5.056
3,729
Seed—
Produced
4.53
•
of
and
seed
Apr. 13
sales
Total
12,176
:
31
Crushed
4.6
8
-
3.65
4.60
8
3.65
-Apr. 28
REPORTER
sales
Total
12,960
11,007
March:
4.4<
8
-May
—
purchases—
Other
12,976
spindles active
Cotton
4.28
8
:
Short
10,470
loans
i
ucts—dept.
1 89.OS
.
-Apr. 28
initiated
transactions
3:066
11.253
__
credit
month
cotton
82.15
8
May
May
sales
Other
3,099
11,325
linters
and
Apr. 13
sales
11,380
3,084
credit
accounts
Cotton
8
sales
Other
16 022
11,256
?.•;
credit
Stocks—March
8
•
:
sales
Short
41,465
16,900
credit
term
31:
loans
90.20
8
-May
May
__
.
...—
Total
$53,641
42,632
series—Esti¬
intermediate
modernization
and
87.05
May
sales
Total
.
$55,592
42,704
re¬
91.91
,
8
-May
:—————--.i—
,,
transactions
$55,680
federal
tiie
consuming establishments as of March 31
In public storage as of March 31_=.
Linters—Consumed, month of March-
May
May
■
_.i—
Group.
TRANSACTIONS
Other
193,000
17,039
Received
«
._
of specialists
purchases
Total
776 900
366,000
In
AVERAGES:
Bonds—•---
Transactions
Other
747,000
payment loans
cotton
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Short
969.900
781,000
credit
Service
87.72
86.91
AVERAGE—J 00^
Total
843.000
1,113,000
credit
Charge
89.60
8
__
ROUND-LOT
$1,817,000
1,038,000
26.000c
2
—May
(tons)_______
AND
$2,151,000
951,000
:
commerce—running
Percentage of activity
...—_4_
Unfilled orders; (tons) attend oL period----------
194.)
$1,687,000
Month,
—
;
March
consumer
Consumed,
—
COMMODITY
OIL, PAINT
'
$606,374,499
736,000
record
of
of
consumer
Single
AVERAGES:
DAILY
Group
Production
(
$446,289,423
outstanding—board
and
as
Noninstalment
12.000c
11.500c
May
May
—
Group
received
85,530,462
$625,002,571
municipal
short
Personal
NATIONAL PAPERBOARD ASSOCIATION >.
Orders
$691,904,961
20,670,219
construction-
news
credit
Repairs
10.800-
2
2
;
May
MOODY'S
$466,959,642
170,000
and
millions
Other
2
May
YIELD
Utilities
29.882,635
146,327,680
28,404,066
City
system—revised
mated
$66.44
8
Group..
56,408,591
29,629.801
$653,406,637
York
New
governors
$66.44
at
DAILY
27.914.958
125,135,802
118,813,630
■
construction
consumer
6.196c
•
Industrials
107,369,662
construction
State
14,206,000
May
——
corporate
Railroad
97,100,953
-
38,019,081
States
construction
S.
Private
$66.44
■
Public
15,569,000
May
May
,r
Government
U.
6.196c
Bonds.,
Group:.
BOND
Average
i.
15,054,000
May
at
—J-'ll—
S.
14(
May
I-
_
Group„_
Industrials
U.
148
May
:
PRICES
Utilities
131,917,368
(000's omitted)*
Instalment
'
York)
Baa
57,559,814
69,190,621
—
City
April
$66.44
Maj).
MOODY'S
165
15,369,000
3
—May
Public
153
QUOTATIONS):
corporate
Railroad
—
engineering
of
Apr. 30
'
Louis)
(New
51.604,938
136,542,652
—
engineering
serve
at
Government
Average
civil
8,275,000
Apr. 30
(primary pig, 99.5%)
tin
MOODY'S
S.
St.
47,454,161
108,290,835
outside
Apr. 3Q
at
$37,303,409
66,753,487
Federal
at
(East
$25,250,580
&
56,472,688
United
Total
&
ton)
at
Aluminum
DUN
—
72,865
76,733
219,021
'
171,709,583
York
of
at
85,509
91,542
Automobile
refinery
277,920
CITIES—Month
Central
Total
PRICES:
M. J.
&
(delivered)
Zinc
U.
(E.
(St. Louis)
tZinc
53,100,000
317,000
May'
ton)
gross
(New York)
Lead
36,100,000
*8,700,000
_
—
VALUATION
INC.—217
Central
New
copper—
Domestic
Export
44,400,000
—Apr. 28
INDUSTRIAL)
152,023
„
138,686
Atlantic
Public
AND
83,833
77,919
(tons)
Central
Total
lb.)
(per
METAL PRICES
34,400,000
8,865,000
May
COMPOSITE
Finished
PERMIT
191,900,000
Not Avail.
INC
(per
173,800,000
245,000,000
208,400,000
Apr. 28
(in 000 kwh.)
BRADSTREET,
Scrap steel
152,900,000
251,100,000
206,700,000
244,500,000
196,600,000
INSTITUTE:
(COMMERCIAL
IRON AGE
176,000,000
231,000,000
RESERVE
SYSTEM—15)47-4!) AVERAGE—100
EDISON
161,300,000
-
Apr. 28
INDEX—FEDERAL
period
Pacific
MINES):
Bituminous coal and lignite (tons)-:.
Pennsylvania anthracite (tons)
DEPARTMENT
of
144,600
$34,151,047
end
Atlantic
South
-
$392,300,000
3
.May
:
municipal—.—
Federal
COAL OUTPUT
190,751
of
$418,800,000
.
157,701
41,467,264
May
construction..
State
(tons
England
West
construction
construction
Public
at
Middle
CIVIL ENGINEERING CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total
177,425
170,736
end of Mar.
March:
New
544,379
516,256
March
tons)
INSTITUTE, INC.—Month of
BRADSTREET,
24,538,00C
72,468,00"*
564,941
of
(short
zinc smelter output all grades
pounds)
Shipments (tons of 2,000 pounds)
South
cars)
Ago
2,000
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
tons)—Month
Slab
2,173.00C
11,275.00C
39,334,000
Year
Month
April:
7,738.00C
27,483,000
23,528,000
87,178,000
Previous
;
primary aluminum in the U. S.
ZINC
BUILDING
199,855,000
Apr. 27
Distillate
short
AMERICAN
5,930,000
*202,508,000
23,594,000
87,156,000
40,175,000
Crude
"
(in
of
Stocks of aluminum
Apr. 27
of that date:
Month
V
ALUMINUM (BUREAU OF MINES):
5
either for the
are
are as
Latest
66.0
of
•_
of quotations,
cases
Ago
67.0.
7,394,110
8,136,000
._
in
or,
Year
Week
-
62.5
'
'
May
.
production and other figures for the
cover
Dates shown in first column
that date,
on
INSTITUTE:
condensate
each)
5
month ended
or
Previous
.
Week
.
capacity).
•
ingots and castings
AMERICAN
INSTITUTE:
(per cent
to—
1
month available.
or
27
figure.
tEstimated totals based on reports from companies accounting for
primary, 95% of secondary tin consumption in 1957 and 97% of
1951
UDomestic five tons or mora but less than carload lot boxed.
freight
from
East
St.
Louis
included.
ft Average<of daily mean
session
London
of
Metal
Exchange.
total stocks
§§Delivered
**F.o.b. Fort Colburn, U. S. duty
and bid and ask quotations per long ion at morning
exceeds
0.5c.
28
The Commercial and Financial Chronicle
(2232)
.
.
Thursday, May 10, 1962
.
* INDICATES
Now
Securities
in
—For
additional
Registration
sales
personnel, moving expenses and
other corporate purposes.
NOTE
—
number of issues
Because of the large
awaiting processing by
the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect
but
are
underwriter
the expectations of the
not, in
general, to be considered as firm
offering dates.
Underwriter—Fabrikant
ing—Expected in June,
(5/31)
Inc.
Electronics,
C.
E.
Price—$1.25.
28, 1962 ("Reg. A") 100,000 common.
Business—Design, development and sale of
Feb.
transistorized
ignition systems for engines. Proceeds—For equipment,
leasehold improvements, advertising and working capi¬
tal. Office—80 Wall St., N. Y. Underwriter -*■ Bertner
L.
filed 100,000 common. Price—$4.50. Busi¬
ness—gale of processed flat rolled strip .steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N .Y.
UnderMarch 29, 1962
Offering—In July.
writer—Bernard L. Madoff, N. Y.
Instrument Co.
Accurate
Inc.
Price—$2.50.
("Reg. A") 80,000 common.
Business—Manufacture of electronic test
April 24, 1962
instruments
Proceeds—For new products,
debt repayment and other corporate purposes.
Office—
2435 White Plains Rd., N. Y.
Underwriter—Paisley &
Co., Inc., 15 W. 44th St., N. Y.
component
and
parts.
(5/28-31)
Packaging Corp.
Accurate
1962 filed 80,000 common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
Feb.
28,
ment,
—651
Bros.
advertising and other corporate purposes. Office
Third St., Newark, N. J.
Underwriter—Baruch
& Co., Inc., N. Y.
Accurate
Inc.
Parts,
1962 filed 100,000 common. Price — By
ment (max. $13). Business
Rebuilding and
starter drive devices for automobiles. Proceeds
March 30,
Office—1313 S. Jay St:,
selling-stockholders.
Ind.
Underwriters—McDonnell
Co.,
&
N. Y.
fensperger, Hughes & Co., Indianapolis.
amend¬
sale of
— For
Kokomo,
and Raf-
Offering—June.
•
ment
Business—Design
and
•
1962
("Reg. A")
blue
expansion
New
Admiral
Jan.
—A
I
York.
11, 1962 filed
Products,
(5/21-25)
Inc.
100,000 common. Price—$4. Business
warehouse distributor of automobile equipment ac¬
Price—$3.25.
doors.
•
and defense contracting. Proceeds
products/ inventory and : working capital.
15, Sparta, N. J.
Underwriter-—Chase
Securities Corp., N. Y.
Admiral
Benbow
Inn, Inc.
23, 1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By amendment (max. $18).
Business—Operation of a
chain of restaurants and a motor hotel.
Proceeds—For
debt repayment and equipment. Office—29
Bellevue
Blvd., Memphis,
Underwriter—James N.
expansion,
S.
Reddoch
&
Admiral
Co., Memphis.
Business
Systems,
Inc.
Feb.
28, 1962 filed 70,000 common. Price—$3.
—Designs and produces printed business forms.
Business
Proceeds
Pepsi-Cola
Bottling
(6/4-8)
Co.
Underwriter—Suplee, Yeatman, Mosley Co.-, Inc.,
Philadelphia.
•
Allied
working capital. Office—522 W. 29th StM N.Y. Under¬
writers—International Services Corp., 1126 Clifton Ave.,
Clifton, N. J., and Market Values, Inc., N.Y.
Underwriter—Allen & Co., N.
was withdrawn.
Air
Oct.
Master Corp.
May 26,
filed
1961
200,000 shares
stock, of which 50,000 shares
are
of
class
A
amendment.
Business —The
to be offered for public
by
manufacture
and
sale
First
Ave., Brooklyn, N. Y. Underwriter
Arrin & Co., Inc., N. Y. Offering—^-In July.!
of
Allied
minum
Price—By
1962.
of
E. 42nd
expansion.
working
capital. Office—3882 N.
All-State
Properties, Inc.
1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave., N. Y. Underwriters—■,
Bear, Stearns & Co., and Allen & Co., N. Y.
Co., N. Y.
April 24,
•
Alan-Randal Co., Inc.
Oct. 27, 1961 ("Reg. A") 120,000 common.
For
Price—$3. Business
Teutpnia Ave., Milwaukee. Underwriter—None.
Industries, Inc. (6/15)
Mar. 23, 1962 ("Reg. A'') 73,500 common. Price —
$3.
Business—Manufacture and distribution of a variety of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and
working capital.
Office—30 Garden St., New
Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co.,
Inc., N. Y.
—
Proceeds—For
perils.
Office—150
Air-Tech
terial. Proceeds
Corp.
—insuring of buildings against fire, lightning and other
Underwriters—Kidder, Peabody & Co.
and Dean Witter &
Insurance
Mar. 30, 1962 filed 1,000,000 common.
oxygen,
debt repayment and
St., N. Y.
which 60,000 will
120,000 for a stockholder.
Business—Publication of mass
and
books.
All-Star
Price—By amend¬
acetylene and
gases, welding tools and related equipment. Pro¬
ceeds—For
amendment.
*
catalogues (for department stores and mail
firms), a semi-annual magazine and stamp collec¬
Proceeds—For debt repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y. Offering—Expected in June.
tors'
Co., Inc. (6/5)
1962 filed $44,546,300 of conv. subord. deben¬
1987 to be offered for subscription by stock¬
holders on the basis of $100 of debentures for each 10
5,
company
■
order
due
June
the
s
circulation
April 27,
record
sold for
be
— 4116
Theodore
—
Inc.
Graphic Arts,
Mar. 27, 1962 filed 180,000 common, of
Air Reduction
of
Md.
advertising' "and' working capital. Office
ment,
by
aluminum
tures
Bethesda,
Ave..
Y. Note—This registration
• Allied Doll &
Toy Corp.
Feb. 27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture~and sale of dolls. Proceeds—d/or equip¬
common
sale by the company and 150,000 outstanding shares
the present holders thereof. Price—To be
supplied
Wisconsin
Office—7720
vestment.
working capital. Office
Alsco
March
Price—$2.50.
Business—Distributor of pens and other advertising ma¬
YOUR PRIME SOURCE FOR
an
Business—Importing, marketing and distributing ceramic
tiles. Proceeds—Debt payment, new products, sales pro¬
motion and advertising, new office and warehouse and
other
March
For
Capital Corp.
20, 1961 filed 213,427 common, of Which 200,000 will
be offered to the public and 13,427 to stockholders on
a
l-for-10 basis.
Price—By amendment. Business—A
small business investment company. Proceeds—For in¬
Brothers &
Co., Inc., N. Y.
Allegheny
more.
Agency Tile Industries, Inc. (5/21-25)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Production
Underwriter—Baruch
—
5, 1962 filed $1,250,000 of 6J/4% subordinated
sinking fund debentures due 1977 (with attached war¬
rants) and 312,500 common. Price—By amendment ($8
max. for common). Business — Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Coia syrup. Proceeds—
For an acquisition. Office—1601
Guilford Ave., Balti¬
new
held
For expansion and
Proceeds
March
proprietary products
shares
—
.
and general corporate purposes.
Address—Route
ment.
supplies. Proceeds
&
Inc.
acquisition, debt repayment
Off ice—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Proceeds—For equipment, in¬
working capital. Office—3294 Steinway St., Astoria, N. Y.
cessories and
Garrett
Ayres,
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common. Price—$4.25. Busi¬
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
Aerosystems Technology Corp.
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
•
Automotive
Alison
corporate pur¬
Rd.„ Baltimore.
Under¬
Sons, Baltimore,
Fairfield
J, R. Williston & Beane, N. Y. Offeriifg—Imminent.
instrumentation
of
print paper. Proceeds—For debt repayment,
& working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
and
Niles, Ohio.
Offering-^
debt repayment, equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
gheny Avenue, Philadelphia, Pa. Underwriter—Francis 1.
du Pont & Co., N. Y. Note—This
offering has been in¬
definitely postponed.
22,
Business—Manufacture and distribution of
St.,
Co., N. Y.
—For
Inc.
diazo, brown,
Mar.
&
28, 1962 filed 100,000 common. Price—$5. Business
—Design and manufacture of women's dresses. Proceeds
storm windows and doors, and other alu¬
products. Proceeds—For working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
(6/25-29)
53,300 common. Price—$3.75.
Adeiphi Research & Mfg. Co.
Walker
Feb.
ventory and working capital. Office—3181 Roswell Rd.,
N. E., Atlanta.
Underwriter—Robert M. Harris & Co.,
Inc., Philadelphia.
—For
H.
Office—3440
writer—Robert
.
fabrication
telemetry/systems.
G.
—
Proceeds—For expansion
Summit
Chemical Corp.
(5/28-6/1)
23, 1962 filed 50,000 common. Price—By amend¬
(max. $6).
Business—Manufacture of specialty
poses.
-
and
Office—931
chemical products. Proceeds—For general,
Underwriter
Corp.
Electronics,
sales.
ISSUE
Alcolac
March
(5/28-6/1)
Jan. 29,
1962/("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmiiigdale, N. Y.; Underwriter^-Rbbbins,; Clark &
Co., N. Y.
Aeroscience
REVISED
Imminent.
March 16, 1962 ("Reg. A") 92,000 common.
Steel Corp.
S.
credit
Underwriter
,
Office—First National Bank Bldg., Detroit.
Bros., N. Y.
A.
Corp., N. Y. Offer¬
Mortgage Corp.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first mortgage loans.
Proceeds—For debt repayment.
Aerodyne Controls
A.
of
Advance
—Shields & Co., N. Y.
ITEMS
•
PREVIOUS
construction of "shell" homes.
Office—233 W. 42nd St., N. Y.
Securities
ADDITIONS
SINCE
—
Price
.
—
electronic
parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San
Francisco, Calif. Offering—Im¬
minent.
Electronics, Inc. (6/4-8)
28, 1962 ("Reg, A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
and
.
'
H. A. Riecke & Co., Inc.,
v.-'"-
•
''
•
Philadelphia.
i
:
■
Alumatron
it Alabama Power Co. (5/31)
May 4, 1962 filed $17,000,000 of first mortgage bonds due
1992. Office—600 N. 18th
St., Birmingham, Ala. Under-
vwriters^(Competitive). Probable bidders: Blyth & Co.
Inc.-Kidder, Peabody & Co. (jointly); Morgan Stanley
&
Co.; First Boston Corp.;-Eastman Dillon, Union Secu¬
&
Co.-Equitable Securities Corp.-Drexel & Co.
(jointly); Lehman Brothers; Halsey, Stuart & Co. Inc.
Bids—May 31 (11:30. a.m. EDST) in Room 1600, 250 Park
Ave., N. Y. Information Meeting—May 28, 1962 (2:30
International, Inc.
Nov. 13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds-—
For general corporate purposes. Office—St. Petersburg,
Fla. Underwriter—B. C.
Malloy, Inc., St. Petersburg. Of-
f ering—Imminent.
rities
p.m. EDST) at 20 Pine St., (Room 905), N. Y.
BOUGHT
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
Alaska
All
American
Petroleum
Proceeds—For
Nov.
Established 1942.
17,
Pacific
1961
Business—A
Members of New York Security Dealers Association
39
Dlgby 4-2370
Broadway, New York 6, N. V.
TWX: N.Y. 1-5237
tion
HOLT ON,
to
HENDERSON & CO., Los Angeles
common.
company.
Price
—
$5.75.
Proceeds—For construc¬
and
working capital. Office—614 Equitable Bldg.,
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
•
Direct IFire
250,000
Albee
March
Homes, Inc.
14, 1962 filed $5,000,000 of conv. subord. deben¬
1982, also 150,000 outstanding common. Price
amendment (max. $30 for common)
Business-
tures due
—By
Sale
of
Offering—Imminent.
'
■'/>•"/..'
debt
Lumber Co.
filed
lumber
Wilshire Blvd., Los Angeles. Underwriter—Real
Underwriters, Inc., (same address). Note—This
company formerly was named Amerada Properties Trust.
Estate
repayment and other
corporate purposes. Office—715 Midland Savings Bldg.,
Denver.
Underwriter—None.
Alaska
Properties Trust
28, 1962 filed 112,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For acquisition of a shopping center. Office
—6363
Corp.
Feb. 15, 1962 filed 2,000,000 common. Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas
properties.
Amecana
Feb.
pre-cut, packaged home
building materials for
Amerel
Mining Co. Ltd.
1961 filed 400,000
shares. Price—50
engaged in exploration,
development and mining. Proceeds—For diamond drill¬
ing, constructipn, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
July
31,
common
cents. Business—The company is
writer—E.
•
A.
American
Manning, Ltd., Toronto.
Biltrite
Rubber Co*,
Inc.
March 29, 1962 filed 200,000 common, of
are to be offered by company and 100,000
which 100,000
by stockhold¬
(max. $25). Business—Pro¬
vinyl soling materials and heels
for footwear, floor coverings and industrial rubber prod¬
ucts.
Proceeds—For
equipment, plant expansion and
ers.
Price—-By amendment
duction
of
rubber
working capital.
and
Office—22 Willow St., Chelsea,
Mass.
*
Volume
195
Number
6158
.
.
The Commercial and Financial
.
Chronicle
(2233)
Undeironritcr—Goldman, Sachs & Co., N. Y. Note—This
American
Bolt
&
discount
Screw
ment. Business—Manufacture of standard and
aircraft
and
missile
fasteners.
special in¬
Ampoules,
Proceeds—For
repay-
Inc.
March 28,
1962 filed 5,900 common. Price—At-the-marBusiness—Design and development of sterile dis¬
posable hypodermic ampoules.
Proceeds—For
selling
debt
repayment, equipment and other corporate pur¬
poses. Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter— S. D. Fuller & Co.. N. Y.
';:"
ket.
stockholders.
■
American Cardboard &
debt
ment, expansion and working capital. Office—Mill St.,
Southbridge, Mass. Underwriter—Kahn & Peck, Cohn
& Co., N. Y.
;
v.
Mfg. Co|p. (5/21-25)
Dec. 15, 1961 filed 150,000 common. Price — By amend¬
dustrial
department stores/ Proceeds—For
Office—34
N.
Main
St.,
Hudson,
Ohio.
Underwriter—None.
Packaging Corp.
•
(5/21-25)'
-
:
,
-
•
Anchor Industries
Corp. (6/4-8)
1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
Jan. 5, 1962 filed 150,000 common. Price—$3.50. Business
—Manufacture and sale of cardboard boxes, display
Nov. 24,
boards, etc.
ucts.
Proceeds—For general corporate purposes.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N; Y., and Hallowell,
Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
v
American
Diversified,
Inc.
(5/21-25)
Dec. 21, 1961 filed 110,000 common. Price—$7.50. Busi¬
ness—A holding company whose three subsidiaries are
life
a
and
insurance
a
loan
and
broker-dealer-underwriter,
Proceeds—For gen¬
Office—930 Grant St., Denver.
company,
finance
a
company.
eral corporate purposes.
Underwriter—Nation-Wide
(a subsidiary).
Underwriters,
-
Inc.,
Denver
Proceeds—For machinery
research, sales promo¬
tion, and working capital. Office—26 Essex St., Hacken-
American
Gas
Co.
Arde
1962 filed 548,532
subscription by stockholders
common
on
the
to be offered for
of 3.6 new
basis
shares for each share held.
Price—By amendment (max.
Business—Transportation, distribution and sale of
Proceeds—For debt repayment and expansion. Of¬
fice—546 S. 24th Ave., Omaha.
Underwriter—Cruttenden, Podesta & Miller, Chicago.
$5).
gas.
American Laboratories, Inc. (6/18-22)
Feb. 28, 1962 filed 200,000 common. Price—By
laboratories.
Office—660
debt repayment and work¬
Bonnie Brae, Los Angeles.
Underwriter—California Investors, Los Angeles.
S.
Management & Investment Corp.
Dec. 20, 1961 filed 500,000 7%
1962 filed 100,000 common, of which 80,000
by the company and 20,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts.
non-cumulative convert¬
Argus Financial Fund, Inc.
1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50
per share).
Business—A
diversified open-end investment company
to participate in the long-term progress of
savings and loan associations, and allied financial busi-
which plans
D.
C.
Underwriter—None.
withdrawn.
•
•/'
American Modular
Manufacturing Corp.
(5/14-18)
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For debt repayment, equipment, and
working capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
American
Mortgage Investors (6/4-8)
Feb. 8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter—Hayden, Stone
&
Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors.
American
Options Corp.
11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
April
may
act
as
a
broker-dealer.
porate purposes.
writer—Provost
American
Proceeds—For general cor¬
Office—120 Broadway, N. Y.
Securities, Inc., N. Y.
Phoenix
Corp.
Jan. 24, 1962 filed 315,000 class A shares.
purposes.
Corp., N. Y.
Price—$10.
Underwriter—
*
American Plan Corp.
March
30,
fildd $2,480,000 of convertible deben¬
tures due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To
purchase Ameri¬
can Fidelity Fire Insurance
Co. Office—American Plan
Bldg., Westbury, N. Y. Underwriter—Bear, Stearns &
Co., N. Y.
Trust
(5/28-6/1)
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
investment.
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas.
i
.
American
Stales
Life Insurance Co.
to
be sold by the
eration of
Y.
(max.
$5).
Price—By amend-
Business—Operation
of
Business—Op¬
self-service discount stores.
of
working
shares
capital.
Office—225
Underwriter—Eastman
Dillon,
W.
Union
Pro¬
34th
St.,
Securities
Co., N. Y.
Arnav
Industries, Inc.
(6/11-15)
self-service
("Reg. A")
s
40,000 common.
For; repayment
Price—$3.50.
of
loans, acquisition and
working capital. Office—715 N. Fayette
St., Alexandria,
Va. Underwriter—First
Investment Planning
Co., Wash¬
ington, D. C. Offering—Indefinitely
postponed.
•
Aubrey Manufacturing, Inc. (5/29)
March 28, 1962 filed
140,004 common, of which 100,000
shares are to be offered
by company and 40,004 by stock¬
holders.
Price—By amendment (max. $7). BusinessDesign, manufacture and sale of kitchen
range hoods,
exhaust fans
and kitchen cabinet hardware. Proceeds—
plant expansion, equipment, debt
repayment and
working capital. ^Office—South Main
St., Union, 111.
For
Underwriters—Pierce, Carrison, Wulbern, Inc.,
subordi¬
purchase
warrants to be offered for sale in units of one
$1,000
debenture and 60 warrants.
Price
By amendment.
—
Business—Manufacture of
parts for the aircraft
ceeds—For
debt
hydrau^c system devices and
and
missile
repayment
industries, etc. Pro¬
and the
purchase of addi¬
Industrial Ave., Little
N. J. Underwriter—Gianis & Co,, Inc., N. Y.
tional
equipment.
Ferry,
Office
—
32
Artlin
Mills, Inc. (5/28-6/1)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
Ascot
Publishing Co., Inc.
("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
Jan.
29,
1962
—For
St.,
Wall
general corporate purposes.
Office—14 W. 55th
N. Y. Underwriter—Dana Securities Co., Inc., 80
St., N. Yj Note—This offering has been temporarily
Automatic Marker Photo
Corp.
1, 1961 filed 150,000 class A shares, of which
125,are
to be offered by the
company and 25,000 by
stockholders. Price—By amendment.
Business—Sale and
distribution of a photocopy machine and
supplies. Pro¬
ceeds—For equipment,
expansion, and working capital.
Office—153 W. 36th
St., N. Y.
Dec.
000
Underwriter—None.
Babs, Inc. (5/21-25)
Nov. 27, 1961 filed 150,000
—Sale
of
Ascot Textile
C6rp.
filed 100,000 common. Price—By amend¬
$7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
expansion, debt repayment and working capi¬
Office—335
W.
35th
St., N. Y.
Underwriter—To be
common.
dairy products,
through
Price—$4. Business
"Dairy Drive-ins."
Proceeds—For debt repayment And
working capital. Of¬
fice—32550 Pulaski
Dr., Hayward, Calif. Underwriter—
Pacific Coast Securities
Co., San Francisco. 4
Bacardi Corp. (5/15)
March 8, 1962 filed 35,000
common.
Price—$50. BusiDistill in
ness—Distilling nnH HnHlinrr of "Bacardi" rum. Da*A/kon#lci
and bottling
Proceeds
—For a selling stockholder.
Address—San Juan, Puerto
11CSS
t
Rico.
Underwriter—Eastman Dillon, Union Securities &
Co., N. Y.
;/£. .
Bank "Adanim"
Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative
preference
dividend participating dollar-linked
shares.'Price—By
amendment.
Business
A mortgage
lending company.
Proceeds—For general corporate
purposes. Address—108
—
Achad Haam St.,
Tel-Avfv, Israel. Underwriter—Adanim
American Israel Investment
Co., Inc.
Barosh
Associates, 4nc.
1, 1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
Sept.
ceeds—For
working capital.
Office—224 E. 38th St.,
Underwriter—Gianis & Co., N. Y. Offering—In¬
definitely postponed.
N.
•
Y.
Barker
Bros.
Corp.
(6/4-8)
March 15, 1962 filed 200,000
ment
(approx. $12).
common.
Price—By amend¬
Business—Merchandising of home,
commercial and institutional
furnishings. Proceeds—For
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats
Los Angeles.
&
Co.,
Barogenics, Inc.
March
30, 1962 filed 100,000 common. Price — $7.50.
Business—Research and development in ultra high
presre
technology and the design and sale of ultra high
pressure equipment. Proceeds—For
inventories, research,
sales promotion. Office—51 E. 42nd
St., N. Y. Underriter—Globus, Inc., N. Y. Offering—In July.
•\Barton Instrument Corp.
Mqrch 5, 1962 filed 120,000
to
common, of which 50,000
be offered by the company and
70,000 by stock¬
holders.
Feb. 23, 1962
ment. (max.
tal.
ville, Fla. and A. M. Kidder
•
Dec. 29, 1961 filed $600,000 of 6% convertible
nated debentures and 36,000 common stock
Design,
Price—By amendment (max. $11). Business—
development, and manufacture of differential
pressure-measuring
devices and related instruments.
Proceeds—For working capital. Office—580 Monterey
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton & Co., N. Y. Offering—Expected in
July.
Bay State Electronics Corp.
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
.
named.
Assembly Products, Inc.
(6/11-15)
March 29, 1962 filed $1,250,000 of 5x/2% conv. subord. de¬
bentures due 1972.
Price—At par.
Business—Manufac¬
of
ture
electromechanical
and
electronic
devices.
Pro¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
development and working capital. Office
—For product
ceeds—For
—43 Leon St.. Boston.
capital.
New York.
debt
repayment, equipment and working
Office—Wilson Mills Rd'., Chesterland, Ohio.
Underwriters—Prescott & Co. and William T. Robbins
&
Co., Inc., Cleveland.
Aug. 29, 1961 filed 500,000
common. Price—$12.50. Busi¬
ness—A small business investment
company. Proceeds—
For* general corporate purposes. Office—744 Broad
St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Note — This offering was indefinitely
postponed.
Atlantic
Mid-Continent Corp. v.
30, 1962 filed 600,000 common. Price—By amend¬
(max. $6). Business—A holding-company. Primarily
March
insurance1
Office—8469
F.
•
E.
J. Winckler
Atlantic
concerns.
Proceeds
Jefferson
—
For
acquisitions.
Corp.
(5/14-18)
17850
N.
29th
plants.
and
Court,
Hardy & Co., N. Y.
a
Proceeds—For
loan to
Opa
a
Locka,
construction,
subsidiary. Office—
Fla. Underwriter-
Office—22 The Fenway, Boston.
Un¬
derwriter—None.
•
Beauty Industries, Inc.
(5/21-6/1)
April 19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership, operation and franchising of
beauty salons. Proceeds—For. debt ^repayment; -equip¬
ment; an acquisition and working capital. Office—300
Chancellor
Blauner
Ave., Newark, N. J.
Co., N. Y.
——
Bebell
&
Bebell
Color
Underwriter—Seymour
v
Laboratories, Inc.
(5/28-6/1)
Jan.
Jan. 26, 1962 filed 200,000 common.
Price—$6. Business
—Construction and operation of water-treatment and
sewage-disposal
plant expansion,
Investing Corp.
—For investment.
Ave., Detroit. Underwriter—
Co., Detroit.
Utilities
Beacon
Underwriter—S. D. Fuller & Co.,
Offering—Indefinitely postponed.
Dec. 20, 1961 filed 300,000 shares of capital stock. Price
—Net asset value.
Business—A mutual fund. Proceeds
Atlantic Capital Corp.
for
ment
Price—By amendment.
chain
a
ceeds—For
ment
parent, American States Insurance Co. The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬
nary and group life insurance.
Proceeds—For general
corporate purposes. Office—532 N. Meridian St., Indian¬
Underwriter—City
Securities
Corp., Indian¬
apolis.
apolis.
'
.
~
Office—1118 Torrey
company, and 250,000 common
by stockholders.
of its
Ames Department Stores, Inc.
April 27, 1962 filed 100,000 common.
m
Stores, Inc. (5/15)
April 19, 1962 filed $3,000,000 conv. subord debentures
1962 filed 300,000 common to be offered in¬
itially for a 30-day period to its stockholders and those
•
o
Arlan's Department
(6/11-15)
March 22,
,
1
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address).
ceeds—For
1962
American Southwest Realty
investment.
n
postponed.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
Interamerica Securities
Under¬
,
Business—General real estate.
Proceeds—For
—am:
Pines
&
Warner Bldg., Washington,
Note—This registration was
o
~:
N.
—
June.
Feb. 12,
insurance and finance fields. Proceeds—For general cor¬
Office
Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell &
Co., N. Y. Offering—
ible preferred. Price—$10. Business—A management^vestment company which plans to acquire firms in the
porate purposes.
Inc.
nesses.
Proceeds—For
ing
American
Co., Inc.,
to be sold
are
—
amend(max. $6). Business—Operation of hospitals and medical
•
&
30,
Sometime in
(6/11-15)
March 26,
capital.
Underwriter—Amber, Burstein
,
^American Flag & Banner Co. of New Jersey
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y.
Aug. 22, 1961
Proceeds
Jackson¬
& Co.,
Inc., N. Y.
Automatic Controls, Inc.
(6/20)
Dec- 28, 1961 filed
Apache Corp.
50,000 common. Price—$4. Business
March 21, 1962 filed $3,750,000 of
participating units in / —Design, manufacture and installation of
electrical,
Apache Canadian Gas & Oil Program 1962, / Price—
pneumatic, hydraulic and mechanical
systems, controls
$7,500 per unit. Proceeds—Exploration and drilling for
and devices to control and automatically operate indusoil and gas in Canada. Office—523
Marquette Ave., Mintrial machinery and < processes. Proceeds For general
ne^polis. Underwriters—The company and APA, Inc.,
corporate purposes. Office—3601 Merrick Rd. Seaford
Minneapolis (a subsidiary).
N. Y. Underwriter—S. Schramm ~
AT xr
~
~ '
~
& Co.,
Inc., N. Y.
sack, N. J.
New York.
March
•
Atmospheric Controls, Inc.
*
registration is being withdrawn.
29
29,
1962
("Reg. A")
75,000
Price — $4.
photographic prints,
slides, transparencies and photo-animations. Proceeds—
For
equipment, sales promotion, leasehold improve¬
ments, a new product, and working capital. Office—108
W. 24th St., N. Y.
Underwriter—Stevens, Hickey & Co.,
Business
—
Production
of
common.
color
N. Y.
Continued
on
page
30
30
The Commercial and Financial Chronicle
(2234)
Continued jrom page
29
Bruce
/
(Michael)
Distributors,
Inc.
Inc.
Aircraft,
—
14, 1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
Feb.
in
concepts
radical
porating
design
and
construction.
Center
Conn. Underwriter—Gianis &
corporate
Expected sometime
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
cents.
Co., Inc., N. Y. Offering—
repayment
and
general
purposes.
Bene
Inc.
Cosmetics,
2, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
March
capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
Co.
Gas
Berkshire
1962 filed 27,432 common being offered for sub¬
Feb. 20,
by stockholders at the rate of one new share
held of record April 16 with rights to expire
scription
for each
5
May 28, 1962. Price—$22. Proceeds—For debt repayment.
Office—20 Elm St., Pittsfield, Mass. Underwriter—Smith,
Barney & Co., N. Y.
•
Inc. (6/4-8)
1962 ("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
Bernalen,
March 7,
graphic processing and control equipment.
Proceeds —
advertising, expansion and equipment. Office—9821
Ave., Brooklyn, N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
for
•
Berne of
California, Inc. (5/28-6/1);
Oct. 27,
1961
("Reg. A") 85,000 common.
Price—$3
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621
S
&
San
Pedro
St.,
Los Angeles.
Underwriter
Co., Los Angeles.
Beryllium
Inc.
International,
Office—220E.
Rosen
&
capital
23rd
St.,
filed
due
1974.
Price—For
stock:
$5; for deben¬
was formed to hold
mortgage company, an insurance agency
and a real estate development
company. Proceeds—For
debt repayment and
working capital. Office—44 Forsyth
Business—Company
par.
the stocks of
a
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landsti'eet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was
named Continental Investment' &
Mortgage Co.
•
Champion Parts Rebuilders, Inc. (5/14-18)
'
2, 1962 filed 150,000 common with warrants, of
90,000 are to be offered by company and 60,000
which
which
40,000
by stockholders. The securities will be offered in units
•
of
•
purposes.
Appel, N. Y.
share
one
and
warrant.
one
Price—By amendment.
Business—Rebuilding functional parts for motor vehicles.
Proceeds
For equipment, working
capital and other
—
Underwriters-Philips,
N., Y.
East, Westfield, N. J.
yy;//';Vy V/v/.;
Feb.
corporate
other
and
Inc.,
/>
Investment
1962
tures:. at
(6/4-8)
Electronics, Inc.
1962 filed 80,000 common, of
working
tory,
26,
debentures
be offered by company and 40,000 by stockholdPrice—By amendment (max. $5). Business—Sale
distribution of electronic tubes. Proceeds—Inven¬
and
Securities,
.;■/
& Mortgage Co.
(5/21-25)
130,000 common, of which 100,000
by the company and 30,000 by stock¬
holders; also $600,000 of 6%% convertible subordinated
Underwriter—Amber, Burstein & Co., Inc., N. Y.
30,
ex¬
Underwrit¬
to be offered
are
to
ers.
Central
Jan.
—
—
—Adams
•
1962 filed 93,000 common. Price—$3.25. Busi¬
ness
Company processes black and white and color
photographic film, and sells photographic supplies and
equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th Rd., L. I. C.,
are
Standard
Office—526 North Ave.
Underwriter—To be named.
V/.,;
29,
March
and
pansion.
,
Calvert
469, Wallace, Idaho.
Co.
pro¬
Proceeds—For mining
Acceptance Corp. of Delaware
1961 filed 150,000 class A common. Price—$5.
sales finance company. Proceeds—For ex¬
Nov. 29,
Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
N. Y.
Price—25
Business—A
(5/14-18)
Calev Photolabs, Inc.
deposits.
&
common.;
Central
Jericho
Foster
Address—Box
mineral
.
.
exploration, development and
of
Spokane,, Wash.
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Jan.
Business—For
ers—Pennaluna
Burton Mount Corp.
y
Mines, Inc.
penses.
/;
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co., Inc., N. Y.
Offering—Expected sometime in June.
working
•
in July.
Gold
duction
Buddy L. Corp.
debt
Proceeds—For
Star
Underwriter—Arnold Malkan &
April 10, 1962 ("Reg. A") 1,200,000
capital. Office—1101 JUbany Ave., Hartford,
for working
Thursday, May 10. 1962
.
St., Whitestone, N. Y.
Co., Inc., N. Y.
29, 1962 filed 100,000 common.. Price—$5. Busi¬
ness
Operation of self-service discount department
stores. Proceeds—To retire outstanding debentures, and
March
Bede
.
.
corporate
•„
Office—4301
purposes.
Underwriter—Straus, Blosser
.
Charter
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend- /
W.
69th
St.,
Chicago.
McDowell, Chicago.
:
Credit
Corp.
28, 1962 ("Reg. A")
Feb.
&
100,000
Price
common.
$2.
—
Feb. 1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
ment. Business—General real estate. Proceeds—Debt
products. Proceeds—For land and buildings, equipment,
working capital. Office — 528 Union Trust Bldg.,
Long Beach, Calif. Underwriter—To be named.
Business—The construction and
financing of motion pic¬
ture theatres. Proceeds—For
general corporate purposes.
Office—234 W. 44th St., N. Y. Underwriter—M. R. Zeller
•
Co., N. Y.
and
Washington, D. C. Underwriter—None.
Bestform Foundations,
Feb.
1962
Inc.
-
Cameo
Lingerie, Inc. (6/4-8)
12, 1962 filed 190,000 common, of which 120,000 are
to be offered by the company and 70,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
(5/21)
filed
Co., N. Y.
Puerto
Rico.
Big Mart Discount Stores
30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four
ladies' hosiery and
lingerie stores. Proceeds—
For expansion, inventories, working capital and other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y.
and
Big Top" Stores, Inc.
April 30, 1962 filed 85,000 common. Price—$4. Business
—Operation of retail toy, stationery and variety stores.
»
struction
general corporate purposes. Offices — 7520 Bergenline
Ave., North Bergen, N. J. Underwriter—None.
•
Blanche
(Ernest E.)
Proceeds—For
expansion.
Chicago.
processing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales
promotion and expansion.
Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment
Planning Co., Washington, D. C.
Business—Production
Blane
Jan.
29,
Chemical Corp.
1962 filed
held
of
Hill Industries, Inc.;'
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the compapy and 75,000 bystockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior
sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass. Offering—Expected in August.
'
Church
:
W.
Adams
2.
investment.
1992.
For
debt
repayment, equipment and
Pequit St., Camden, Mass.
Hamilton, Taylor & Co., Inc.,
Office—35
Underwriter—Godfrey,
Offering—Expected
N. Y.
sometime in June.
Bloomfield
Mar.
26,
tures
Building Industries, Inc. (6/11-15)
1962 filed $2,000,000 of conv. subord. deben¬
due
1977.
Price—At
par.
Business —A
holding
real estate and gen¬
contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular
Ave., Memphis,
Tenn.
Underwriters—Lieberbaum & Co., and Morris
Cohon & Co., N. Y.
company
eral
for^l6 subsidiaries in the
Bridge Electronics Co., Inc.
Nov. 29, 1961 filed 225,000
common, of which 200,000 are
to be offered by the
company, and 25,000 by the stock¬
holders. Price—$4.
Business—Design and manufacture of
electronic equipment and communication
systems. Pro¬
ceeds—For general corporate
purposes. Office—201 Lau¬
rel
St., Beverly, N. J. Underwriter—To
Brinkmann
Mar.
26,
1962
shares
are
shares
by
to
filed
be
100,000
offered
stockholders.
by
common,
the
of
which
77,420
and
22,580
(max.
company
Price—By
amendment
distribution of
$7.75). Business—^Importing and
scien¬
tific instruments. Proceeds—For research
and develop¬
ment, equipment, debt repayment and other corporate
Office—115 Cutter Mill Rd., Great
Neck, N. Y.
Underwriter—D. B. Marron &
Co., N. Y.
purposes
bank loans and finance
repay
Office—139
.
East
Fourth
St., Cincinnati.
con¬
Un¬
derwriters—
•
curities
Cascade
Natural Gas Corp. (5/17)
1962 filed $6,000,000 of subordinated deben¬
tures due 1983, and warrants to purchase
90,000 common
>V.y.
Company plans
furnish
water
sewage
•
of
and
Price—$100. Business
qualify as a public utility and
disposal services in and
mon
Inc.
(6/4-8)
and
per
unit.
Kansas.
and
Business—Operation
Proceeds—For
working
capital.
,
April 30,
Industries
1962 filed
common.
working
basis of $150 of debentures for
Price—At
par.
Business—Manu¬
electrical, electronic and mechanical systems
components, and replacement parts for aircraft, mis¬
Clark
of
naval
vessels.
West
Proceeds—For
32nd
St.,
working capital.
Cleveland.
Underwriter-
Miami, Fla.
Equipment Co.
March 22, 1962 filed 125,000 common.
Office—3096
ment (max. $34).
Price—By amend¬
Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich. Underwriter—Blyth &
Co., Inc., N. Y.
:
Price—$5.
.
Busi¬
Coburn Credit
April
tures,
^products, > debt
and
the
construction
ness—Manufacture of plastic and rubber film laminates,
a line of casting,
laminating and embossing machinery.
Proceeds—For new
tories
on
held;
Robert L. Ferman & Co.,
Corp.
120,000
;//•'/
of
Office—3184
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co.,
Inc., N. Y.
Centco
shares
100
siles and
shares by stockholders. The securities will be
offered in units consisting of $100 of debentures and 13
in
stockholders
each
common
cemeteries
(11
(47th floor), One Wall
Clark Cable Corp.
April 30, 1962 filed $787,500 of 6V2 % conv. subord. debenture$ due 1972 p>be offered for subscription by com¬
March 27, 1962 filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered
by the company and 65,000
mausoleums
Bids18
of a picture, equipment, debt repayment
working capital. Office—40 E. 49th St., N. Y. Under¬
Holman & Co., Inc., N. Y.
facture
shares.^ Price—$178
(jointly).
Meeting—June
writer—R. A.
sewage
America,
Co.
&
For production
,
Lake, Ind. Underwriter—None.
Cemeteries
Weld
Information
Cine-Dyne, Inc. ' ;<• ■,■■■/■•; //■":
;;;
April 9, 1962 filed 100,000 common. Price—$4. Business—
Production of motion pictures and TV films. Proceeds—
Cedar Lake, Ind. Proceeds — To construct a
disposal system. Address — R.R. N. 3, Box 28,
around
Cedar
to
and
21.
EDST) at Irving Trust Co.
St., N .Y.
Cedar Lake Public Service
Corp.
March 20, 1962 filed 9,964 common.
—
Co.-White,
June
a.m.
warrant to
Weld & Co., Inc., N. Y.
&
Expected
18,
one $1,000 debenture and
purchase 15 shares. Price—By amendment.
Proceeds—For debt repayment and construction. Office
—222 Fairview
Ave., N., Seattle. Underwriter—White,
a
of
Instruments, Inc.
Proceeds—For
Fort Worth. Tex.
Inc., Fort Worth.
(Competitive).
Probable bidders:
Merrill
Lynch, Pierce, Fenner & Smith Inc.-Lehman Brothers
(jointly); Morgan Stanley & Co.-W. E. Hutton & Co.
(jointly); Halsey Stuart & Co. Inc.; Blyth & C9., Inc.First Boston Corp. (jointly); Eastman Dillon, Union Se¬
five
be named.
company.
Bailey Ave.,
Management.
packaging and building industries. Proceeds—
For
expansion, leasehold improvements, repayment of
loans and other corporate purposes. Office—250 Vreeland Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
:
shares to be offered in units of
—
capital.
Proceeds—To
struction.
the
ucts.
Proceeds
investment
Office—501
Distributor—Associates
-
April
working
common stock, series
share. Business—A closed-end diver¬
per
it Cincinnati Gas & Electric Co. (6/21)
;
May 7, 1962 filed $25,000,000 of first mortgage bonds due
-
120,000 common. Price—$3. Business
processing of plastic raw materials into com¬
pounds for extruding and moulding into plastic prod¬
—The
r.;-
St.,
$7.
—
:
-
plastics, marble and ceramics
Price
Price—$5.50
sified management
V
shares.
Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of
record
Office—176
Casavan Industries, Inc.
Aug. 21, 1961 filed 350,000 capital
for
Y.
Nov.
/
Underwriter—Bear, Stearns & Co., N. Y.
of
N.
Hutton & Co., N. Y., and Laird,
Meeds, Wilmington, Del.
- ■
■* '
>
Bissell &
May 1, with
rights to expire May 21. Price—$6. Business—Franchis¬
ing and supplying of stores and mobile units selling a;
soft
ice product
and
certain selected food products.
& Associates, Inc. (5/16)
15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
March
repayment/ Office—Norwich,
E.
Chestnut
Carrols, Inc.' •
Feb. 21, 196J2 filed 709,271 common to be offered for subscription by stockholders of Tastee Freez Industries, Inc.,
parent company on the basis of one such share for each
Freez
debt
and
Underwriters—W.
•
of Tastee
Rico.
shares for each five held of record April 30, 1962.
amendment (max. $33); Proceeds—For con¬
new
common.
Richard J. Buck & Co., N. Y.
shares
equipment
Puerto
Price—By
Price—$3.60. Busi¬
ness—A small business investment company. Proceeds
—For general corporate purposes. Office—23 Dronningens Gade, St. Thomas, Virgin Islands. Underwriter—
two
Proceeds—for
(5/14) ^
1962 filed 52,363 common, to be offered for
subscription by common stockholders at the rate of two
Corp.
832 Scarsdale
Biologies International, Inc. (7/16)
March 30, 1962 filed 125,000 common. Price—$3. Business
—Company plans to breed and supply animals for bio¬
logical research purposes. Proceeds—For equipment and
climates.
March 30,
—
Proceeds—For
expansion and working capital. Office—
Ave., Scarsdale, N. Y. Underwriter—Irwin
Karp & Co., Inc., N. Y.
semi-tropical
Chenango & Unadilla Telephone Corp.
Capital Management Corp.
"
("Reg. A") 60,000 common. Price—$5. Busi¬
investment company which will hold mortgages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
pending this issue.
28, 1962 filed 400,000
Price—$5 Business—
particularly for use in tropical
paints
working capital. Address—Santurce,
Underwriter—TV be jiEtmed.
Underwriter—Schweickart & Co., N. Y.
Caribbean Capital
of
and
Dec. 27 1961
Feb.
.
.
Manufacture
ness—An
March
;
Chemical Coatings Corp.
Dec. 27, 1961 filed 75,000 common.
Feb.
185,000 common, of which 36,500
are to be offered by the company and 148,500 by stock¬
holders. Price—By amendment (max. $20). Business—
Design and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I. C., N. Y. Underwriter—Smith, Barney &
23,
re-
payment and working capital. Office—324 E. Bixby Rd.,
repayment, inven¬
capital,. Office—11-17 Clintonville
-
1962
27,
due
consumer
filed $5,000,000
1982.
:
Co., Inc.
Price—By
sales finance
of
conv.
subord
amendment.
company.
deben¬
Business—A
Proceeds—For work-
Volume
195
Number
6158
.
..
.
The Commercial and Financial Chronicle
(2235)
ing capital and general corporate purposes. Office—53
Park Ave., Rockville
Centre, N. Y. Underwriter—
Brand, Grumet & Seigel, Inc., N. Y.
at $2 per
share) to be offered in units of one share and
Price—$2 per unit. Business—Manu¬
cosmetics, toiletries, cleaning chemicals, jeweiery, etc. Proceeds — For general corporate purposes.
Office
525-535 E. 137th
St., New York City. Under- '
writer—M. G. Davis, 150 Broadway, N. Y.
N.
•
one-naif
Coleman Cable & Wire Co.
(5/15)
18, 1962 filed 120,000 class A common. Price—
$6.
Business —« Distribution of special types of elec¬
tric wire and cable, and the manufacture of insulated
Jan.
—For
selling stockholders. Office
1136 Washington
Ave, St. Louis. Underwriter—Goodbody & Co, N. Y.
iCousins Properties Inc.
warrant.
of
facture
March
Concors
Supply Co., Inc.
19, 1961 filed 125,000 class A common. Price:—$3.
Business—Sale of food service and kitchen
equipment, possible acquisitions and working cap¬
equipment.
ital. Office—1900 N. River Rd, River Grove, 111. Under- N Proceeds
For equipment, debt repayment and other
writer—Divine & Fishman, Inc., N. Y.
corporate purposes. .Office—110 "A" St., Wilmington, Del.
Consolidated Leasing Corp. of America
April 27, 1962 filed $1,100,000 of
% subord.
study manuals for examination preparation.
tures
<
Brooklyn, N. Y. Underwriter
Co., N. Y./v.-
-.Colonial .Board Co*
for
:
March
23, 1962 filed 164,000 common, of which 115,000
are to be offered by the
company and 49,000 by stock¬
holders/Price—By amendment (max. $15). Business—
Manufacture of shoeboard and boxboard.
payment,
expansion, equipment and debt repayment.
1
Columbia
April 26.
N.
Y.
Systems,
Inc.
1962 filed $25,000,000
construction.
Securities
Office—120
Underwriters—(Competitive).
E.
Probable
ture
bidders:
Electric Co.
•
1992.
Proceeds—For
debt
repayment
and
Continental
ers
Investment
Continental
April 19,
Court
pic¬
other
and
common.
sale
of
ment
Proceeds—For
E. F. Hutton &
•
Proceeds—For selling
St., Brooklyn, N. Y.
24,
repayment.
Office—111
1961
&
Co.
Inc.
filed
common.
lated
to
use
of
electronic
processing equipment.
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., n. y.
Underwriter—L. M. Rosenthal &
Co:, inc., n. y.
v ,■
Price—$1.15. Busi¬
Davis
ates and
due
$4.
and
the
of which 100,000
35,000 by a stock¬
holder. Price—$4. Business—Electronic data processing.
Proceeds—For computer systems development, additional
.
..
Business
—
A
financial
Nov.
28, 1961
year
warrants
filed
120.000 1 common
]
.
(with
..1 \
attached
•
to
purchase
an
additional 60,000
shares
of which 90,000
by the public and 30,000 by a stock¬
be offered
I
DeLuxe
Homes, Inc. (5/16)
Dec. 11, 1961 ("Reg. A*) 60,000
common.
Business — Construction and
financing
Proceeds—For working capital.
Price
—
$5.
of shell homes.
Address—Allendale, S. C.
Underwriter—Alessandrini
&
Co, Inc., N. Y.
Deuterium Corp.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase
an additional
140,000 shares to be
offered for subscription by stockholders in units
(of one
Price
share and
5%
A
one
warrant)
on
the basis of 3 units for each
preferred share h€'ld, 2 units for each 5%
stock
held.
held
and
Price—$20
one
per
unit
for
each
10
class
preferred
shares
B
unit. Business—Company plans
to
manufacture and utilize all kinds of chemical materials.
Proceeds—For start-up expenses for a laboratory and
small plant.
Office—360 Lexington
—
Underwriter—None.
.
,
Alstyne, Noel &
the
/\ve. New
York.
T
Dextra Corp.
Feb.
28, 1962 filed 300,000 common. Price—By amend¬
(max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
known formerly as
ment
Cosnat Record Distributing Corp.
..
Mar.
3-
Corp. 5/28-6/1)
filed 120,000 common,
1961
Mass.
and
(5/21-25)
2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8).
Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
Office—1191
Se¬
of wood and metal framed
pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
working capital. Office—444 Courtland St, Mundelein, 111. Underwriter—Clayton Securities Corp, Boston,
distribution of phonograph records. Proceeds—For
the repayment of debt, and
working capital. Office—315
W. 47th St., N. Y. Underwriter—Van
was
purposes.
and
and
Co, N. Y. Note—This firm
corporate
sale
machines,
common.
investment
to
other
St, Mami, Fla. Underwriter—Lancer
Co, 92 Liberty St, N. Y.
holder. Price—By amendment. Business—Production and
(5/21-25)
May 26,, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale by the
company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business
The manufacture
Country Set, Inc.
(5/28-30).
are
Cosnat Corp.
personnel, and working capital. Office:—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Pittsburgh.
•
"
Products, Inc.
copy
and
Decorei
Price—by amendment
of photo-copy
office
Price—•
common.
22nd
Dec.. 29,
A
distribution of
W.
curities
holding
company. Proceeds—For expansion and working capital-.
Office—39 Broadway, N. Y.
Underwriter—R. F. "Dowd
& Co. Inc., N. Y.
23, 1962 filed 135,000 common,
to be offered by the company and
Concord
N.
Business—manufacture
Corporate Funding Corp. (5/21)
April 26, 1962 ("Reg. A") 75,000 class A
Feb.
'
expansion
V
Computer Oriented Research & Engineering, Inc.
(5/15)
Fpr equipment, inventory and working capital. Office—
5123 Glenmont Dr., Houston. Underwriter—To be named]
(5/16)
Interiors, Inc.
("Reg. A") 52,000 class A
$2.50. Business—Manufacture of
draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
photographic laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
Framinghain, Mass.
Computers, Inc.
April 2, 1962 filed 10,000 common. Price—$40. Business
—-Design, engineering, manufacture and sale of computing systems and process control equipment. Proceeds—
maximum)
machines
Underwriter—Kidder,. Peabody & Co., N. Y.
.
Decorative
Feb. 26, 1962
1977.
Copymation, Inc.
($15
(with attached
Atlas Securities Corp, N. Y.
Bull & Low, N. Y.
Dec. 28, 1961 filed 60,000 common.
Computer Control Co., Inc. (5/14-18)
Jan. 24, 1962 filed 157,500 common, of which
62,500 are
to be offered by the company and 95,000
by stockhold¬
ers. Price—By amendment.
Business—Design and manu¬
facture of digital equipment. Proceeds—For debt re¬
are
125,000 common. Price—$3.75. Busi¬
of high vacuum systems and
elec¬
Office—Copenhagen Denmark. Under¬
writers—Smith, Barney & Co., Inc.; Kuhn, Loeb & Co.
Inc.; Harriman Ripley & Co., Inc., and Lazard Freres &
Company.
A,,"
/"
program¬
(5/28-6/1)
capital snares
$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase
working capital.
Office—794 Union St, Brooklyn, N. Y.
Underwriters—
Hampstead Investing Corp, Aetna Securities Corp, and
(6/4-8)
For construction.
$5.
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For
general corporate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
St.,
Inc.
Price—By amendment. Business—Company,
50.65% owned by the Danish Government, is the sole
supplier of telephone service to the major Danish islands
of Zealand, Lolland-Falster and Bornholm. Proceeds—
•
Concord
J.j,
Co., Minneapolis. Note—
Control Dynamics, Inc.
•
Office—88-06 Van Wyck Expressway, Jamaica,
N. JT. Underwriter—Jay W. Kaufmann &
Co., N. Y.
Office—983
(F.
was
(H.) Toy Corp.
27, 1961 filed 100,000
warrants to purchase an additional
100,000 shares), to be
offered in units of one share and one warrant." Price—.
Copenhagen Telephone Co., Inc. (6/4-8)
May 1, 1962 filed $15,000,000 of s. f. dollar
debentures
poses.
payment.
Nov.
Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Norwalk, Conn. Underwriters—John R. Maher Associ¬
coils for relays used in computers,
aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
;
Office—342
Western
Ave,
Boston.
Underwriter—
Schmidt, Sharp, McCabe & Co, Inc., Denver.
tronic equipment.
,
Business—Development and sale of advanced
Cooke
Dec. 29, 1961 filed
ness—Manufacture
Computer Components, Inc.
Dec. 6, 1961 filed 120,000
common, of which 90,000 are
to be offered by the company and 30,000
by stockhold¬
ers. Price^-$3. Business
Manufacture of miniature
—
named
•
data
Computer Concepts Inc. (5/29)
Dec. 29, 1961 filed 100,000 class A common. Price
Bruce
This firm formerly
devices, including printers
electronic computers.
—
apolis. Underwriter—E.
Proceeds—For construction and general corporate
Office—3600 M St, N. W, Washington, D. C.
Proceeds—For product devel¬
opment, new plant and equipment and working capital.
training devices. Proceeds
For expansion
and
working capital. Office—9340 James Ave., S., Minne¬
-
Computer Applications Inc.
March 23, 1962 filed 87,000 common.
Price—By amend¬
ment (max: $5).
Business—Furnishing of services re¬
,
for
ness—Development and production of electronic testing
,p;:
—
tronic and electro-mechanical
S.
—Indefinitely postponed.
shares held.
of wooden handles and
For
Data Systems Devices of
Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
(6/4-8)
500,000
—
Underwriter—None.
and
and
53
offered
purposes.
Co., N. Y. Offering—Expected in June.
ControlDyne,
Oct.
debt
St., St. Louis. Underwriters—Allen
each
be
May 11, 1962
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation, of a
D. C.
Valley, Minneapolis.
Co., St. Paul.
Price—By amend¬
Business—A telephone holding com¬
(max. $15).
pany.
Bemiston
to
common
of record
shares for
new
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
dispensers.
Office—6500
Underwriter—Shearson, Hammill & Co., N. Y. Offering
•
units
rants.
Price—$5.65.
oxygen
13
D. C. Transit
Systems, Inc.
April 30, 1962 filed $3,150,000 of 6V2% conv. subord. de¬
bentures due 1977 and five-year warrants to
purchase
an aggregate of
94,000 class A shares, to be offered for
subscription by holders of class A and class B stock in
Continental Telephone Co.
March 30, 1962 filed 475,000 common.
Drug Co., Inc.
9, 1962 filed 100,000 common. Price—By amend¬
(Max. 22). Business—Manufacture, packaging and
Office—505
("Reg. A") 50,000
Underwriter—Harold E. Wood &
Commerce
stockholdes.
Busi¬
(6/4-8)
Proceeds—For general corporate purposes.
Olson Memorial Highway, Golden
St., N. Y. Information Meeting—May 9 (2:30 p.m.
EDST), at the same address (5th floor).
"
-
distribution of proprietary drugs.
1962
—
building and equipment.
Sandy Hook, Conn.
Underwriter — Smith,
Ramsey & Co, Inc., Bridgeport, Conn.
.
• Cut &
Curl, Inc. (5/14-18)
Dec. 20, 1961 filed 100,000 common.
Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St,
Flushing, N. Y. Underwriter—M.
J. Merritt & Co, Inc., N. Y.
Address
Research, Inc.
Business—Production
of
boxes. Proceeds
paper
derwriter—Continental
55 Wall
ment
Corp.
basis
Price—$19. Business—Production
Proceeds — For working capital.
Savings Bldg., Scottsdale, Ariz. Un¬
Securities Corp., Salt Lake City.
Office—Scottsdale
construc-
—
Feb.
and
the
on
investment company.
(Competitive). Probable bidders: Lee Higginson
Corp.-Salomon Brothers & Hutzler (jointly); Halsey,
Stuart & Co. Inc.; Dillon, Read >& Co:-Th.eJ Ohio Co;
(jointly); Lehman Brothers; White, Weld & Co.; East¬
man
Dillon, Union Securities & Co.-Glore. Forgan &
Co.
(jointly). Bids—Expected May 16, 1962 (11 a.m.
(EDST) at the First National City Trust Co., 6th floor,
•
(S.) & Son, Inc.
April 11, 1962 ("Reg. A") 13,000
for subscription by stockholders
Inc.,
television
repayment
Broadway, N. Y.
Co, Inc., N. Y.
Euclid Ave, San Diego. Underwriter
Holton, Henderson & Co, Los Angeles.
(6/4-8)
of
&
Office—1925
1961 filed 2,000,000 common. Price—By amend¬
($3 max.). Business—A mortgage and real estate
ment
(5/16)
tion. Office—215 North Front St., Columbus. Underwrit¬
•
debt
M. ,Kahri
Proceeds
1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Dec. 29,
April 12, 1962 filed $16,000,000 of first mortgage bonds
due
manufacture
Office—1775
Bernard
unit.
per
Crownco
Office—2724 Leonis Blvd., Los An¬
geles. Underwriter—To be named.
Lynch, Pierce, Fenner & Smith Inc.,-White, Weld
(jointly); Morgan Stanley & Co.; Halsey, Stuart &
Bids—Expected June 7 (11 a.m. EDST) at the
company's office.
Ohio
and
Proceeds—For
repayment.
—
Price—$550
sales finance company.
Mar. 26,
corporate purposes.
Co. Inc.
Southern
tubes.
shares.
common
consumer
Curtis
Co, N. Y. and Midland Securities Co.,
City, Mo.
ness—Development
St.,
20
debt
Underwriter
♦
Continental Industrial Electronics
Corp.
Nov. 21, 1961 filed 200,000 common.
Price—$2.50.
& Co.
&
Under
Voisin &
Merrill
Columbus
—For
common. Price—By amendment,
business—Operation of discount department stores. Pro¬
ceeds—For expansion and
working capital. Office—4701
N. Harlem Ave.,
Chicago.
Underwriters—Rittmaster,
Kansas
and
Business—A
Jan.'8,1962 filed 72,000
1987.
41st
Inc.
26,
tures
v.
St., Dover, Del. Underwriter—Dana
Co., Inc., N. Y. Offering—Expected in July.
Consumers Mart of America,
(6/7)
of debentures due
Department, Inc.
1962 filed $1,200,320 of 7% conv. subord. de¬
bentures due
1974 and ;54,560 common * shares
to
be
offered in 2,728 units, each
consisting of $440 of deben¬
purposes.
Ave., Kansas City, Mo.
Co., N. Y.
Credit
Jan.
Office—129 S. State
Bancorporation
23, 1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
In units. Price—By amendment. Business—A bank hold¬
ing company recently formed to acquire stock of First
Western Bank & Trust Co., Los Angeles. Proceeds—For
acquisition of First Western stock, and working capital.
Office—1000 Vermont Ave., N.
W, Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
Offering—Expected sometime in June.
Feb.
Proceeds—For
corporate
•
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
&
Gas
other
and
Baltimore
writer—Blair &
Office—615
Co., Hartford, Conn.
acquisition
an
Office—1012
Proceeds—For
jparker j5t, Manchester, N. H. Underwriter—Putnam
Columbia
stock, by amendment (max. $9). Business—Renting
trucks and equipment. Proceeds—For debt re-
Office—905 Fifteen Peachtree
Bldg, Atlanta, Ga. Underwriters—McDonnell & Co, Inc.,
N. Y, and Wyatt, Neal &
Waggoner, Atlanta. OfferingExpected sometime in June.
1977
of cars,
(6/15)
a
other corporate purposes.
(with warrants); also 305,000 common
shares, of which 285,000 will be sold by company and
20,000 by stockholders. Price—For debentures, at par;
equipment, expansion and other cprporate purposes.
.Office—142 Livingston St.,
—James
due
filed $1,000,000 of 6y2% subordinated
1972, 60,000 common shares, and war¬
purchase 20,000 common shares. The securities
due
ment
deben¬
,
Proceeds—
1962
one $100
debenture, 6 shares
warrant to purchase 2 shares.
Price—By amend¬
(max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt
repayment and
and
Underwriter—To be named.
College Publishing Corp. (6/4-8)
lb, *1962 ("Reg. A") 155,000 common. Price—$1.
Business—Composition,; publication and distribution of
March
to
will be offered in units of
Oct.
—
For
29,
debentures
rants
—For
M
—
—
wire and cable for electronic and electrical use. Proceeds
31
^repayment, expansion and
general corporate purposes.
Address—Drawer .A-Kendall, Miami, Fla. Underwriter
be named.
—To
-
.
/
Continued
on
page
32
32
The Commercial and Financial Chronicle
(2236)
Continued from page
Diamond
esee
Valley Securities Co., Inc., Rochester,
Vesey & Co., Inc., Glens Falls, N. Y.
31
Dust
Co., Inc.
Feb. 27, 1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,
advertising and working capital. Office—77
Searing
Ave., Mineola, N. Y. Underwriter—Magnus &
Offering—Expected sometime in June.
Eastern Camera
to be offered
Corp.
$500,000 of 6% conv. subord. deben¬
50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares.
Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions. -Company also processes black
and
white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Co., Inc., N. Y. Offering—Expected sometime in June.
Co., N. Y.
of
Business—Manufacture
amendment.
nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—Immi¬
women's
nent.
'
Dec.
San Francisco.
•
Diversified
Real
Trust
Estate
March 8, 1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate investment
Proceeds—For investment. Office—500 Fifth Ave.,
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in Aug.
trust.
N
Investors, Inc. (6/4-8)
1961 filed 10,000 common shares and
Y;
Doman
Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two- new
shares for each three held. Price—By amendment (max.
$1.25).
Business—Research, development and construc¬
tion
experimental
27,
6Va%
of
subord.
con.
debentures
due
1972.
investment
Proceeds—For
in
ment
3
Penn
•
Donaldson Co., Inc. (5/21-25)
26, 1962 filed 80,000 common, of which 35,500 are
to be offered by the company and 44,500 by stockholders.
Price—By amendment (max. $25). Business-—Design,
named.
manufacture
General
Feb.
air
cleaners.
Proceeds—For
working capital. Office—1400 W. 94th St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
Donmoor-lsaacson, Inc.
v
Feb. 26, 1962 filed 150,000 common,' of which 50,000 are
to be offered by the company and 100,000 by stock¬
holders.
Price—By
amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
1115 Broadway, N. Y. Underwriter—Goodbody &
Co.,
N. Y. Note—This offering has been
temporarily post¬
•
Drever Co.
(5/17-18)
March 9, 1962 filed 122,700 common, of which 42,500 are
to
be
offered
by
and 80,200 by stockholders.
(max. $12).
Business—Design
company
Price—By
amendment
manufacture of industrial
and
Proceeds—For
debt
corporate purposes.
mont
metallurgical furnaces.
repayment, equipment and general
Address — Red Lion Rd., and Phil-
Ave., Bethayres, Pa.
tles & E. W.
Underwriters—Janney, Bat¬
Clark, Inc. and Stroud & Co., Philadelphia.
Drew
Realty Corp.
March 6, 1962 filed 163,000 class A.
—General
real
Office—50
Broad
estate.
Price—$10.
Business
Proceeds—For
St., N. Y.
Corp:, (same address).
rities
debt repayment.
Underwriter—Drew Secu¬
•
Dulany Industries, Inc. (5/21-25)
Feb. 26, 1962 filed 400,000 common.
Price—By amend¬
ment (max. $6.25). Business—The
canning and freezing
of
foods.
Proceeds—For
debt
repayment, Office—850
Third Ave., N. Y. Underwriter—Blair &
Co., Inc., N. Y.
Dunhill Food
Equipment Corp.
(5/21-24)
<—For development and working
capital. Office—79 Wal¬
worth St., Brooklyn, Underwriters —
Carroll Co. and
Paul Eisenberg Co., Inc., N. Y.
Duro
Pen
Co., Inc. (5/28-6/1)
Jan. 5, 1962 filed
125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point
pens. Proceeds
—For debt
repayment, equpiment and working capital.
Office—573
Broadway, N. Y. Underwriter
Godfrey,
Hamilton, Taylor & Co., N. Y.
■.
—
Duro-Test Corp.
April 6, 1962 filed $1,750,000 of subordinated debentures
due 1982 (with attached
warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to
pur¬
chase
6'0
$1,000
per
shares. Price—By amendment
(max.
unit). Business—Manufacture and sale of in¬
candescent, flourescent and mercury vapor lamps. Pro-'
common
cecds—For working capital.
North Bergen, N. J.
Office—2321
Hudson Blvd.,
Underwriter—Auchincloss,
Parker &
Redpath, N. Y. Offering—Expected in mid-June.
•
Dyna Mfg. Co. (6/25-29)
April 2, 1962 ("Reg. A") 60,000
will
40th
Oct.
St., New York. Underwriter—To be
*
Econ-O-Pay,
Inc.
26, 1961 filed 1,000,000
ness—A
dealer
corporate
Edge Ltd.
Price—$3.
common.
finance business.
recourse
E.
Main
St.,
Funds, Inc.,
Underwriter—Reserve
be
common
of which 40,000
sold
—Expansion,
4865
new
products and working capital. Office—
Exposition Blvd.,' Los Angeles.
mond Moore &
Co., Los Angeles.
Underwriter—Ray¬
Dyna-Mod Electronics Corp. (5/31)
Jan. 22, 1962 ("Reg.
A") 143,000 common.
Business—D e s i g n,
development and
125,000
(max. $4). Business—Merchandising and sale of
phonograph records. Proceeds—For debt repayment, ac¬
quisitions,
Fifth
and working capital.
E.. Washington, D.
PI., N.
Office—2235 TwentyC. Underwriter—Ritt-
master, Voisin & Co., N. Y.
^'packaged"
electronic
circuits
and
of
sub-systems.
Proreeds—For new products and
working capital.
Office—*
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
by stock¬
holders.
Price—By
distribution
amendment.
Business—Wholesale
of
cameras, lenses, accessories
Proceeds—For debt
instruments.
and
optical
repayment, expansion,
working capital. Office—111 Fifth Ave., N. Y. Un¬
Higginson Corp., N. Y.
and
derwriter—Lee
Eldre
Components, Inc.
5, 1962 filed 100,000 common, of which 75,000 are
to be offered by the
company and 25,000 by a stock¬
holder.
Price—$4.
Business—Manufacture, assembling
and processing of metal
parts and products. Proceeds—
Feb.
For
equipment, construction of
a
building, and working
capital.
Office—187 N. Water St., Rochester, N. Y.
derwriter—Charles Plohn & Co., N. Y.
•
Underwriter—Woodcock, Moyer,
French, Inc., Philadelphia. Offering—In July.
&
Corp.; and Lazard Freres & Co., N. Y.
•
Evans, Inc.
Jan. 23, 1962 filed 130,000 common, of which
20,000 are
to be offered by the
company and
110,000 by stockhold¬
Price—By amendment. Business
Retail sale of
wearing apparel. Proceeds—For working capital. Office
—
—36
N.
S.
Y.
Electromagnetic Industries, Inc.
be
offered
stockholders. Price—By
share).
distribution
Business
and
of
ponents and electronic
by
(6/7)
company
amendment
—
sale
Chicago.
April 2,
Underwriter—Allen
&
Co.,
/
Engineering Corp.
1962 filed 100,000
class A shares. Price—$2.40.
and
sale of long-lived electrc
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth
St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Fairbanks Wire
do.,
Inc.
Oct. 30, 1961 filed 54,000 common.
Price—$3. Business—
Manufactures
specialized
machinery and
equipment.
Proceeds
—/For debt repayment and general corporate
Office—Walnut St., M D 23, Newburg, N. Y.
•
Fairway Mart, Inc. (6/18-22)
19, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
March
ters. Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
Market St., Youngstown,
Carno
Feb.
and
(max. $1
25,000
per
by
26,
Industries,
1962
Inc.
("Reg. A")
Business—Manufacture
instrumentation and control de¬
vices. Proceeds—For
equipment, debt repayment, a new
plant and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
Underwriter—A. J.
(5/21-25)
63,000
of
common.
blouses.
Price—$4.75.
Proceeds—Debt
re¬
payment, equipment, inventory and working capital. Of¬
fice—Gauthier St., Tuskegee, Ala.
Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
Fastline Inc.
(5/31)
Sept. 28, 1961 filed 100,000
to
be
offered
Price—By
in
units
of
amendment.
and 50,000 warrants
common
100
and
common
50
warrants.
Business—Manufacture
of
con¬
cealed
and
zippers. Proceeds—Debt repayment, advertising
working capital. Office—8 Washington Place, N. Y,
Underwriter—Jarco Securities Co., Inc., N. Y.
Fastpak, Inc. (6/4-8)
1961 filed 125,000
distribution
devices
of
manufactured
repayment
and
common.
nuts,
by
general
bolts
others.
corporate
Benson
Place, Freeport, N.
Malkan & Co., Inc., N. Y.
com¬
Design, production, assembly,
transformers, magnetic com¬
Ohio.
Co., Inc., N. Y.
Fashion
Nov. 30,
shares, of which
to
St.,
Offering—Imminent.
Business—Manufacture
Un¬
March 30, 1962 filed $250,000 of QVz% conv.
subord. de¬
bentures due 1987, also 70;000 common
are
State
Everbest
—The
45,000
Pro¬
Callowhill
&
European Coal & Steel Community (5/16)
April 17, 1962 filed $25,000,000 of sinking fund bonds due
April 15, 1982. Price—By amendment. Proceeds—For ex¬
pansion. Underwriters—Kuhn, Loeb & Co.; First Boston
801
Ehrenreich Photo-Optical
Industries, Inc. (5/16)
Jan. 26,. 1962 filed 150,000
common, of which 100,000
are to be offered
by the company and 50,000
Federal
April
11,
Fire
1962
Marine
&
("Reg. A")
Business—Writing
—For
reserves
—324
of
Guaranty
Sudler &
and
Y.
Price—$5. Business
and other fastening
Proceeds—For debt
purposes.
Underwriter
Insurance
125,000
special
risk
Office—8
—
Arnold
Co.
common.
insurance.
Price—$2.
Proceeds
general
Bldg.,
Co., Denver.
corporate purposes. Office
Denver. Underwriter—Amos C,
Fidelity Mining Investments Ltd.
1961 filed 800,000 common. Price—By amend¬
Nov. 30,
Electromagnetics Corp. (6/4-8)
Nov. 17, 1961 filed 75,000 common.
Price—$5. Business
—Design and manufacture of precision nuclear magnetic
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
instrumentation.
&
poses.
Proceeds—For
general
corporate
pur¬
Electronic Transmission
Corp. (5/31)
March 22, 1962 filed 125,000 common.
Price—$3.
ness—Manufacture
and
Financial
distribution
of
150,000
Busi¬
components for
background music; design, construction and installation
of specialized closed circut TV
system. Proceeds—For
debt repayment,
expansion, sales promotion and work¬
ing capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
Y.
•
Ellner &
Pike, Inc. (5/15)
("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
27,
1961
curities, Inc. Hempstead, N. Y.
13, 1962
300,000
are
Corp. of Santa Barbara
by
Calif. Underwriter
common.
Price
—
$1.
and sale
testing equipment. Proceeds—For equip¬
ment and other corporate
purposes. Office—24447 Haw¬
thorne Blvd., Torrance, Calif. Underwriter — Garat
&
Polonitza, Los Angeles.
which
—
Dean
Witter &
Co., Los Angeles.
Financial
Federation, Inc. (6/4)
March 30, 1962 filed 75,000 capital shares. Price
By
amendment (max. $105). Business —
Ownership of |11
California savings and loan associations. Proceeds-—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
—
Donnell &
Co., N. Y;
First Connecticut Small Business
Investment Co.
(5/21-25)
ment
Business—Research, development, manufacture
(6/4-8)
1962 filed 200,000 capital shares, of
to be offered by the company and
stockholders.
Price—By amendment
March 9, 1962 filed 200,000 common.
(5/15)
("Reg. A")
16,
50,000
(max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
shares
pansion and working capital. Office—896 Old
Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
of environmental
Richmond St., Toronto. Underwriter—G. V.
Kirby
Associates, Ltd., Toronto.
March
•
Dec.
—62
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
Enviro-Dyne, Inc.
Price—$2.
Office—10th
Underwriter—First Madison Corp., N. Y.
Price—By amend¬
common.
ment
Feb.
production
repayment.
•
purposes.
(5/28-6/1)
Mar. 26, 1962 filed
N.
by company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen
ventilating hoods and exhaust fans. Proceeds
Fricke
Busi¬
Proceeds
Office—164
purposes.
Valley City, N. D.
Valley City, N. D.
mon
Dec. 29, 1961 filed 100,000 common.
Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
•
E.
•
poned.
galvanized iron and steel products.
debt
Philadelphia.
ers.
Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬
Office—10
of
Sts.,
Eastern
Underwriter—None.
sale
and the sale of
ceeds—For
Center
tures, $1,000; for stock, $10. Business—General real es¬
tate. Proceeds—For the acquisition and
development of
real properties, repayment of debt and
engineering, etc.
and
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals,
Plaza, Philadelhia. Underwriters—Drexel & Co., Philadelphia and
Kidder, Peabody & Co., N. Y. J;
—
helicopters. Proceeds—To obtain
certification of models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
of
Esslinger's Industries of Philadelphia, Inc.
March 28, 1962 filed $850,000 of 6V2% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—
company.
Office
Price—By amend¬
waukee.
a
(max. $16). Business—A small business investment
Proceeds—For general corporate purposes.
—
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
$625,000
Eastern Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common. Price—By amend¬
For selling stockholders.
St., Toledo, O. Underwriter—ShearHammill & Co., N. Y.
holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales
offices, advances to subsidiaries and
Price—For
working capital. Office—147
Rocky Mount, N. C. Underwriter—Arnold Malkaii & Co.,
Inc., N. Y.
.
Proceeds
Equity Funding Corp. of America
subsidiary
Northeast Main St.,
and
stores.
March 29, 1962 filed 240,000 common.
ment (max. $6.50).
Business—A
stock, $2.50: For debentures, at par. Business—A hold¬
ing company for small loan and credit accident insurance
subsidiaries.
shoe
son,
Eastern
.
,
tail
Office—237 Cherry
.
Discount Sundry Sales, Inc.
April 17, 1962 ("Reg. A") 50,000 common. Price—$6.
Business—Operation of a sundry department in a discount department store.
Proceeds—For expansion and
working capital. Office—2000 Oakdale Ave., San Fran¬
cisco. Underwrtcr—Stewart, Eubanks, Meyerson & Co.,
Thursday, May 10, 1.962
.
Epko Shoes, Inc.
tures due 1972 and
filed 200,000 common, of which 120,000 are
by the company and, 80,000 by stockhold¬
Price—By
ers.
Photo
&
.
March 27, 1962 filed 150,000 common.
Price—By amend¬
ment (max. $12). Business—Operation of a chain of re¬
March 28 1962 filed
Diamond Mills Corp.
Jan. 23, 1962
•
H. B.
and
.
ment
$15).
Business—A small business invest¬
company.
Proceeds—For investment. Office—955
Main St., Bridgeport, Conn.
& Co., N. Y.
•
First
Underwriter—P. W. Brooks
Financial
Corp. (5/22)
("Reg. A") 60,000 class A
Business—A small loan company.
March 6, 1962
—$5.
Price—By amend¬
(max.
common.
Proceeds
Price
For
Volume
195
Number
6158
>
.
Commercial and Financial Chronicle
The
,
working capital. Office
751 Minnesota
Ave., Kansas
City, Kan. Underwriters—Midland Securities Co., Inc.,
—
and
Parker, Eisen,
Kansas City, Mo.
Waeckerle, Adams & Purcell, Inc.,
Oct
27,
1961
small
ceeds—For
business
investment.1
Manhasset, N. Y.
investment
Price—$1.
Northern
Underwriter—None.
Jan.
—Real
estate
investment
trust.
Proceeds^-For
corporate purposes. Office—477
N. J. Underwriter^—None.
Main
• First Realty Co. of Boston
May 1, 1962 filed 150,000 common.
—Real
estate
ment.
R.
•
management.
St.,
Fleres
Hackensack,
Price—$10.
Proceeds—For
Business
debt
repay¬
Underwriter—
sale
metal
of
Office—3356 Atlantic Blvd.,
Pompano Beach, Fla.
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Florida
Un¬
frames
for
Oct. 19, 1961 filed 310,000 common being offered for
subscription by stockholders on a l-for-3 basis. Record
offering is April 26 and the rights expira¬
tion date May 16. Price—$2.
Business—Purchase, devel¬
and
opment
sale
related
of
activities.
corporate
Busi¬
undeveloped
Proceeds—For
real
debt
Office
purposes.
and
and
property
repayment
1790
—
N.
Federal
Products, Inc. (6/4-8)
1962 filed $95,000 of 6% subord. debentures
47,500 common shares, of which 44,650 are
be offered by the company and 2,850 by selling stock¬
to
16,
1972 and
holders.
ing of
The
will
be
offered
$100 debenture and 50
one
attached
securities
warrants). Price
in units
(with
Business—
unit.
per
consist¬
shares
common
$350
—
Florida
Power Co.
Brothers-Blyth & Co. (jointly); Eastman Dillon,
Securities & Co.-Harriman Ripley & Co. (joint¬
First Boston Corp.v Bids—Expected May 17 (11:30
a.m.
EDST) at office of Shearman & Sterling, 20 Ex¬
change Place, N. Y. Information Meetihg—May 15 (11
man
Union
ly);
Gould Properties,
May 10
(Thursday)
.11
(First
Electric
EDST)
a.m.
Co
Little
(Friday)
stockholders—underwritten*
to
First
and
May 14
Boston
Corp.)
by
Blyth
486.111
Co.
&
'(Hardy
Mount
/Burton
Linburn
$600,000
Blosser
/(Straus,
.
McDowell)
&
150.000
•
Chenango & Unadilla Telephone Corp
Computer Control Co., Inci-1>
(Kidder,
•
&
Curl,
♦
Flower
City
-
5
Peabody
Merritt
J.
&
&
Co.)
157,500
Co., "Inc.)
Industries,
(Seidman
White
/
(
Lighting
Common
May
16
Whipple
&
C«.
•
162,500
Happy House,
Myerhoff
(No
Co.)
&
underwriting)
Hammill
&
Blauner
D.
Co.
<te
and
DeLuxe
Maur
Jackson
Co.)
Lee
&
Homes,
Co.)
&
Co.
Curtis)
100,000
Inc.)
31,000
Co..
Inc.
and
Regal-Meadows,
(Vickers,
Rosenau
MacPherson
Co.
&
Technical
(Offering
John
Walston
and
to
&
Warwick,
Inc.)
Smith
&
v.
.
.
Weld
(Eastman
Arlan's
Kohnstamm
Dillon,
Peabody
Capital
-
>•'.
.
May 18
J
Radio
V,
Service
(Eastman
Dillon,
Union
(Eastman
Dillon,
Coleman Cable
•
Securities
&
Union
&
Co.)
$1,750,000
& Wire Co.—
(Divine
&
Admiral
Ellner
,
&
Lestrange
Pike, Inc.—
(Meadowbrook
Co.)
&
'
-
American Bolt
(S.
(Milton
,
«
(Garat
•
American
Futura
Airlines
(Raymond
...
Polonitza)
Moore
„
& Co.,
■;. ■
and
and
Fuller &
Co.)
$300,000
.
.
»
Co.)
Sulzberger,
.Common
Underwriters,
Inc.)
Glass &
Securities
Co.)
(Seymour
Bestform
Blauner
Foundations,
(Smith,
Barney
&
$600,000
__„ — —
Co.)
Co.)
...
.Common
$299,970
Inc._—_
185,000
___—Common
shares
and Globus,
Inc.;
Ross,
Inc.)
——..Common
Co.)
&
$247,500
Corp.)
&
$525,000
—___Common
$1,000,000
underwriting)
(Mayo
Pearl
Arts, Inc
Common
$1,500,000
Co.)
Common
L.
Stamm
&
Co.)
112,500
shares
Common
Brewing Cd._—
C.
Allyn
Co.-and
&
j
.
(A.
Robertson
Dewar,
&
Pancoast)
shares
148,300
,
cfc
Co.
Inv. Trust—Ben. Ints.
Co.)
&
Walston
and
$5,000,000
Common
Co., Inc
Becker
G.
&
170,000
Inc.)
Co.,
Inc.
shares
Common
v—
A.
(Myron
Lomasney
&
Co.) $375,000
Common
Ridgerock of America, Inc
(Baruch
(Brand,
Brothers
(First
Skiers
Service
&
Co.,
Inc.)
Industries, iric.
Grumet
&
Seigel,
Boston
Corp.)
State
Co.—
Apthony
&
R.
550,000 shares
Common
L.
Cycle Corp
(Lloyd Securities Inc.
Common
Common
Corp
Products, Inc
(Tucker,
Stelber
—Debentures
$1,000,000
375,000 shares
(Pacific Coast Securities Co.)
Solid
$250,000
—
Inc.)
Broadcasting
Scripps-Howard
$825,000
Common
Coast
—______—Common
Corp..
Inc
Books,
Robljn-Seaway
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Inc.;
shares
Co.—
Common
shares
CO.,
Diversified,
335,000
Weeks)
&
Investing
Common
150,000
—Common
—
Equipment & Plastics Corp.—Common
Regulators,
Inc.)
250,000 shares
& Co.)
Inc
Inc.;
(No
Common
Market Values,
Industries, Inc..
Common
;
Blauner &
'.(Pacific
•
Beauty
Pacific Coast Securities
$300,000
and Walston
Inc.
National Family Insurance
(A.
Co., Inc.) $400,000
Inc.
.Common
$300,000
•
Inc.
Class A
Class A
—
Pennsylvania Real Estate
& Screw Mfg. Corp
D.
(Nation-Wide
Babs,
$300,000
——
&
D.
Hallowell,
..Common
$540,000
-
Enviro-Dyne, Inc.
National
Common
Products, Inc
(International Services Corp.
Common
Inc.)
Co.,
Public Loan
Brothers &
shares
$1,200,000
.
$300,000
Co.)
'
95,000 shares
American Cardboard & Packaging Corp.—Common
-1
Securities.
&
Agency Tile Industries, Inc
$720,000
--/————I
-
(Arthurs.
Jersey,
72,000
Inc.)
Paragon Pre-Cut Homes, Inc._____
(Monday)
(Baruch
Computer Oriented Research & Engineering,
Inc.
Greenbaum
Automotive
Class A
Fishman, Inc.)
shares
—-
May 21
Common
Securities
Polarized
(Stroud
$3,000,000
Co.j
New
of
Inc.
250,000- shares"1'
___.
Co.
Corp.)
Co.,
&
New Hope Academy of the
:,■■'•■.•;■?■■ '■/;///.
•
Common
shares
Common
Securities
Products,
Common
160,000
shares
490,000
Inc.)
Co.,
&
(Cortlandt
$25,000,000
Inc.)
(Friday)
Electric
Stores, Inc._______Debentiires
Bacardi Corp.
Co.,
&
shares
200,000
150,000
Corp.
(A.
V
..Common
&- Co.)
EDST)
Inc.)
Co.,
Weeks)
Liederman
Reid & Co.,
lVIaradel
Mercury
122,700 shares
(H.) & Co., Inc
(Kidder,
^r.^
Securities
a.m.
&
Capital
Inc
'
Bonds
11:30
Bonds
$17,000,000
—
Coast
Kell«y Realty
units
anu
EDST)
&
Grant
——Common
&
(Hornblower
Inc.
shares
100,000
Corp
E.
.Common
Stores, Inc
Union
Clark,
shares
700,000
Co.)
Co.______—_——
Rhoades
Weld
(Pacific
Common
W.
Co.)
&
Jaylis Industries, Inc
.(Ross, Lyon &
E.
&
—Common
Common
a.m.
—Units
6,000
Common
shares
200,000
Corp.
Films
$567,000
Inc.)
,
shares
200,000
Inc.)
Productions,
Loeb.
(White,
(Fulton,
—
Co.,
&
$299,250
Vision, Inc
Ideal Toy
Co.)
shares
60,000
Lomasney
(Hornblower
shares
Co
(Bids
stockholders—underwritten by Bull & Low;
and R. Tropik & Co., Inc.)
$211,400
Department
&
M.
.
-Bonds
Freres
Lazard
110,000
Inc.)
Corp
Battles
L.
"
■
Common
Blauner)
Stroud & Co.)
.
Florida Power
shares
Associates
Department
i
:___
(Janney,
shares
300.000
/- /(Kidder, Peabody & Co.") 371,750 shares
Arlan's
Gas
Co.
Units
(Tuesday)
(Carl
House of
(Thursday)
Natural
A.
(Meade
400,000
Co.)
Aviation,. InCw__/:_—:
Inc.) $562,500
U_-
May 15
$300,000
Common
(White,
Common
Zuckerman.
17
Drever
Common
••.•VV/.; /'/:' '•.//'■(White & Co.,
Western Pioneer,■*Co.;__
•
May
Cascade
shares
Animations, Inc
Maher
R.
145,000
___:
Brothers, Inc
'Burnham
Co.,
Inc.)
:
Co.,
Alstyne, Noel &
(Bids 11
shares
Co.)
&
&
Utilities
States
Marks
Common
Corp.
&
D.
Brooks
Hanna-Barbara
$300,000
Inc
(Hayden, Stone & Co.)
Reid
(Milton
$250,000
Common
Bessel,
&
'_—
Gulf
Jayark
Co.)
Common
Inc.)
stockholders—underwritten by Hess,
Remington, Inc.) 140,000 shares
to
V"
Signalite Inc.
Capital
(Switzer & Co.. Inc.)
&
Co.,
Devices, Inc.-
(Offering
$750,000
Multronics, Inc.
Roadcraft
(Fulton,
units
Co.)
General
3
Ridgewood Financial Corp
Common
Irving Weis &
Bonds
(D.
Units
Co.,
&
•6
Co
Capital
Cummings
Eisenberg
Corp
(Myron
Stores, Inc.—.
(Bregman,
$2,450,000
Dielectrics, Inc
&
Jefferson
Common
^
/.
,;V.
Gaslight Club, Inc. —-——Common
Common
Industries, Inc.-Common
Corp.;
Paul
(Dempsey-Tegeler
Common
First Boston
Co.;
shares '*
400,000
Bancgrowth, Inc
♦
.$25,000,000
shares
Corp.
(Dempsey-Tegeler
'Street
&
shaves
80,000
—Common
Inc.)
Co.,
Myers
W.
(P.
Florida
Investment
Corp.), 150,000
Curtis)
Common
shares
Inc.)
&
and
Common
Co.,
Common
Jackson &
Co.
Common
Inc
&
Common
150,000 shares
Equipment Corp._——_J
Co.
(Van
60,000
shares
Inc.*
(Wright.
Capital
$240,000
Kass)
165,000
Industries, Inc
Frouge
Co.)
Co.)
First Connecticut Small Business Investment
European Coal & Steel Community—
Inc.)
(Kuhn, Loeb
(Shearson, Hammill & Co.)
Molecular
Fashion
$300,000
and First
Noel &
Webber,
Food
(Carroll
•
$300,000
& Associates, Inc
&
Higginson
(Lee
Co.,
Livestock Financial Corp
McWood
Dunhill
Units
$5,000,000
140,000 shares
Ehrenreich Photo-Optical
.Common
L.
M.
&
Co.)
$300,000
Common
Alstyne,
(Blair
$300,000
;2-.
Common
Webber,
Inc.)
Inc.)
Dulany Industries, Inc
^
.
.
(Bids 11 a.m. EDST) $16,000,000
shares
Inc
(Paine,
(Paine.
Corp.)
'
Kirkpatrick,
.—.Class A
Dowd & Co.,
Co.,
Common
Morris Cohon &
&
(Alessandrini
Common
_
180,000
$1,800,000
La
.
&
Set, Inc.
Donaldson
/
.
Landstreet
$600,000
Corp
Country
"
$700,000
Inc
Co )
Hillside Metals Products, Inc..
iMilton
Equity
Copymation, Inc.
.Common
Richardson,
&
(R. F.
Cosnat
Kirkpatrick,
Debentures
Clark,
Inc.)
page
Common
&
Mortgage Co
and
(Goodbody <& Co.)
:
Co.,
Russotto
(Kenneth
Inc.-
(Shearson,
Heritage
Southern Ohio Electric
/
Sons
&
$15,000,000
and
&
Planning
..Common
Investment &
Walker
on
Mortgage Co
Sons and Clark, Landstreet
Inc.) 130,000 shares
&
(Van
Co
ICreeger
Columbus &
'___
Walker
Central
Common
"
Harrington
Central Investment &
(Wednesday)
Common
Freeliling,
shares
and
and
(Ernest E.)
(Jones,
$375,000
Research, Tnc.*-__,
(Bacon,
Continued
Inc.)
Co.,
&
Price
common.
Corporate Funding Corp
ServiceMaster Co._.
(Costello,
Blanche
Sons, Inc.
$15).
Common
Graber
EDST)
(Laren Co.)
shares
&
Business—Manufacture and sale of cosmetics. Pro-
Common
Wenger
$400,000
(Alex)
(max.
—$3.
share®
150.000
Development Corp..
(Adams
•
Geriatric
Co.
■
-
Inc.-
Williams)
&
(Lieberbaum &
&
Office — 425 Las Vegas
Underwriter—Elmer
K
purposes.
"42" Products, Ltd., Inc.
April 18, 1962 ("Reg. A") 100,000 class A
Bonds
Inc.
Co.,
O
Price—By amend¬
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell & Co., N. Y. Offering—Expected in earlv June.
ment
...Common
Inc.-:—_
„-(M.
&
Land
Common
(Offering to stockholders—underwritten by W. E. Hutton & Co.
/
-.-.and Laird, Bissell & Meeds) 52,363 shares
Forst
shares
a.m.
McDonald
J.
Wade,
units
corporate
(Joseph
Laboratories, Inc
Rico
date.
Electronics
March 23, 1962 filed 100,000 common.
and
Rising's, Inc.
Units
•
Cut
Inc.
$420,000
(T.
.;
/
•
Champion Parts Rebuilders, Inc._
\
Ackerman
Puerto
4
Common
Co.)
&
10:30
ma¬
Corp.
Dec. 21, 1961
("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
$15,000,000
f
Samson,
and
.
Common
$1,200,000
&
Systems Corp
New World
Corp._—^_.i.
•*•%.€■■ i Reiner,
•
•
v
Co.)
Co.,
Read
Beane)
&
...
$500,000
Forest
(Joseph
Light Co
(Bids
(Stone,
•&
Inc.
Milwaukee Gas
(Monday)
;
Ross,
shares
Utilities Corp.—___
Atlantic
&
Molecular
(Equity Securities Co.)
later
a
Common
Williston
R.
loans, purchase
repay
,
refiled at
$2,000,000
Inc.)
Co.,
&
Price—$6. Business
common.
Beach Rd., Oceanside, N. Y. Underwriter—None. Note—
This offering is being withdrawn. It is expected to be
Bonds
165.000
Inc.
American Modular Manufacturing Corp.—Common
.
Sept. 26, 1961 filed 55,000
■—The distribution of novelties, candy, etc. through vend¬
..Class A
Co.)
Dillon,
Corp.;
Barney
Ruffy Togs, Inc
(Glass
Tucson Gas Electric Light & Power Co.—Common
(Offering
&
Lily Lynn, Inc
$8,000,000
:
Boston
Smith,
Bonds
(J.
May 11
Heller
Japan Development Bank
Massachusetts
(Bids
Inc.-—__
(Stanley
Williams, N. Y.
Co., Inc.
Blvd., S., Las Vegas, Nev.
Aagaard, Salt Lake City. '
(5/17)
April 12, 1962 filed $25,000,000 of first mortgage bonds
due May 1, 1992. Proceeds—For debt
repayment, and
construction. Office—101 Fifth St., South St.
Petersburg,
Fla. Underwriters
(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder. Peabody & Co.-Mer¬
rill Lynch, Pierce, Eenner & Smith Inc.
(jointly); Leh¬
NEW ISSUE CALENDAR
Western
Folz Vending
/general
Co., N. Y.
ladies
Flex Electric
due
—
chines, and increase working capital. Office—990 Long
—
•
City Industries, Inc.
(5/14-18)
29, 1961 filed 100,000 common. Price—$3.75. Busi¬
ness.
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
ing machines. Proceeds—To
Palm-Aire Corp.
Highway, Pompano Beach, Fla, Underwriter—Hardy &
handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth
St., Brook¬
lyn, N. Y. Underwriter—-Professional & Executive Plan¬
ning Corp., Long Beach, N. Y.
".
.
March
Flower
•
general
.
Mfg. Corp.
Feb. 2, 1962 ("Reg. A") 80,000 common. Price—$3.
and
•
writer—Seidman &
Price—By amend¬
$15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
(max.
Co., 54 Liberty
Nov.
March 16, 1962 filed 200,000 common.
general
(A. J.)
ness—Manufacture
(5/21-25)
at Morgan Guaranty Trust
date for the
Office—7 Pemberton Sq., Boston.
Pressprich & Co., Boston.
"
W.
Bancgrowth, Inc.
EDST)
a.m.
33
St., N.Y.
ment
Blvd.,
First Real Estate Investment Trust of
New Jersey
4, 1962 filed 67,750 common. Price—$10. Business
,r,
Florida
Pro¬
company.
Office—1295
promotion and other corporate purposes. Office—
24th St., Long Island City, N. Y.
Underwriter—
Bond, Richman & Co., N. Y.
39-08
Capital Fund, Inc.
2,770,000 capital shares.
filed
Business—A
manufacture and sale, for amateur use,, of
lighting equipment and photographic accessories.
—
For equipment, new product
development,
Proceeds
sales
.
First New York
Design,
camera
(2237)
and Richard
Day)
110,000 shares
——i—Common
Bruce & Co., Inc.)
Continued
on
$600,000
page
34
34
The Commercial and
''
Continued from page 33
18th
Franklin Manufacturing Co.
Y
Office—1634-
Los Angeles and Laird,
& Gray, Inc.,
22, 1961 filed 349,590 common. Price—By amend¬
ment. Business—Design, manufacture and sale of house¬
hold
freezers,
refrigerators, automatic
washers and
driers. Proceeds—For a selling stockholder. Office—65Dec.
Underwriters—Rutner,
Bissell &
Calif.
Monica,
Santa
St.,
'
equipment.
and
advertising,
ceeds—For
Jackson
Underwriter
Ave., N. E., Minneapolis.
22nd
Meeds, N. Y.
Brothers, N. Y. Offering—Imminent.
Financial Federation, Inc.
• Founders
May 4,
1^62 filed 135,000
Price—$6. Business
common.
sales financing
—Commercial financing, industrial time
and
440
Proceeds—For working capital. Office—
W. 34th St., N. Y. Underwriter—Edward Lewis Co.,
factoring.
Inc., N.
•
(6/4-8)
Television, Inc.
Four Star
„•
1962 filed 103,000 common. Price—$3. Busi¬
ness—Design, manufacture and - distribution of men's
outerwear,
sportswear and rainwear* Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
sometime in August.
Inc., N. Y. Offering—Expected
(6/4-8)
Star Television
Four
;;'Y-■ V:'T.
■
1962 filed 211,250 capital shares. Price—By
$25). Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬
holders.
Office—4030 Redford Ave., North Hollywood,
Calif. Underwriters—Paine, Webber, Jackson & Curtis,
N. Y. and Dempsey-Tegeler & Co., Inc., St. Louis.
March
16,
amendment (max.
Feb. 9,1962
filed $500,000 of 8% subordinated debentures
serially 1969 to 1973 and $500,000 of 3% subordi¬
capital notes due about 1970. Price—At par. Busi¬
ness—A
finance company. Proceeds—For debt
consumer
St., Toc-
repayment and expansion. Office—105 N. Sage
coa,
Continued from page 33
Underwriter—None.
Y.
Corp.
(Magnus
&
Co.)
Frouge Corp. (5/21-25)
26, 1962 filed 700,000 common. Price—By amend¬
Business—Construction and operation of various
Jan.
ment.
—For
acquisition, construction, and working capital.
an
Airlines
Futura
Oct.
United
Hogle
Markets,
&
Vacco
Valve
Investors)
Voron Electronics Corp.
•
(John Joshua"&.Co;, Inc. and Reuben,
Bruce
&
Sc
Rides,
Inc
(Standard
Securities
(Andresen
&
Co.)
be
Financial
shares
Mosler
Safe
Class A
Common
(Blyth
Co.,
&
Northern Pacific
260,000
Inc.)
12
EDST)
noon
Food
(First
Southwest
> '
Power
11:30
&
(Bids
EDST)
Morton's Shoe
Weld
Witter
&
Co.)
be
to
Pioneer
May 23
shares
Securities
Service
(Bids
1Vlay 24
11:30
Wickers,
MacPherson
$10,000,000
&
(Underwriters
named)
Terminal
Co.)
Co
Common
Sun
Tork
May 28
Accurate
(Monday)
Bros.
&
Common
Co.,
Inc.)
shares
80,000
Aerodyne Controls Corp
(Robbins,
Alcolac
Chemical
(Robert
&
Co.)
$180,000
Corp
Garrett
Sons)
50,000
Marts
shares
C.
Unison
(Kidder,
Peabody
&
Co.
and
Common
Rauscher,
Pierce
&
Co.,
Universal
Mills,
Inc
(Mortimer
Common
B.
Burnside
Bebell & Bebell Color
&
Co.,
Inc.)
Laboratories, Inc.—Common
(Stevens, Hlckey & Co.)
Stock
Common
&
Co.)
&
(L.
156,000
and
Wiggins
Inc.)
..Common
-
Plastics, Inc
Products, Inc
(M.
Davis
(H.)
G.
—Units
Davis)
Investing
Atlas
Units
Corp.,
Securities
Aetna
Corp.)
Securities
Corp.
(Pierce,
..Common
—
Gould Paper
Co.—
(Van
Alstyne,
W.
International
Investment
(Rouse,
shares
Protein
Malkan
&
Co.)
$1,540,000
Co.)
Co.,
Co.)
Brewer,
Co.,
.
Inc.)
i
Hospital
300,000
Lunar
Films,
(Fred
England
Inc.)
Co.)
&
Co.,
$450,000
N.
(Offering
to
V
&
Co.)
6,153,140 shares
'
Smith,
y y
Common
,y-V
.I'-:'"
Corp..—______-Common
Corp'.)'
Co.)
Bruce
2;000',CO0■ shares
-.r._.Common
$17o,000
Low) $468,750
....-Debentures
Co.—
—-Common
Inc
$25,000
*
;
;
.
-t
&
.
—Debentures
Inc.J
& CO/,
Inc.)- $625,000 ~
Co.,
Inc.)-
•;:y
•
.....
•
$375,000
Common
(Arnold Malkan
& Co.,
Inc.); $625,000' '
Financial Corp. of Santa Barbara..—.-..
(Dean
,
—Common
—
Witter
Barney
4
,Y
,
.
S83J.00J'
I-c.i
__---
Malkan
(Gianis
Inc.
Common
by
Z
s
and Midland Securities CO., Int.)
Telephone
(Arnold
Fastpak,
.Common
—
stockholders—underwritten
Co.,
Electromagnetics Corp.
Inc.) $718,750
Electric System
Z?
Inc.-.—w—.———_-.-..Common
Investors,
Common
Sessler
&
Maher Associates and Bull &
Investors,
Common
(Offering to stockholders—bids to be received) 872,876 shares
Philips
Eastern
290,000 shares
Inc
F.
....—Common
.Units
(Arnold Malkan & Co., Inc.)
$600,000
Corp..——
;?.Z.
(Smith, Barney & Co., Inc.; Kuhnv Lceb & Co., Inc.y Harriman
Ripley & Co., Inc. and Lazard Freres &'Cb.) $15,000,000
Eastern
shares
Common
Inc.)
Supply
Bryant,
'
- v
.Common
$302,250
Co.) $155,000
Securities
Inc,
Copenhagen
Common
&;
$183,750
72,000 shares
J.),
(F.
(John R.
$500,000
Corp
Becker
(Shearson, Hammill &
New
..Common
,
Corp
&
Ipco
Common
&
—
Pressprich
(Arnold
125,000
...
Halo Lighting, Inc
(R.
Co.)
Noel
&
Common
(Doft &
(Godfrey, Hamilton, Taylor & Co.) $500,000
&
Cooke
Kidder
shares
$9o0.000
Co.)
&
Investment
(E.
>
M.
v V
J
Common
A.
140,004 shares
>
Common
Voisin
and
Computer Concepts Inc
Gotham
(Rittmaster,
Inc.
2CO,000
& Co.)
Kahn
(James
ControlDyne,
120,000 shares
Co., Inc
Edge Ltd.
"W'ulbern,
M,
(Continental
^
Manufacturing, Inc.-
Carrison,
and
Common
(Clayton Securities Corp.)
Aubrey
$325,000
Decorel Corp.
Duro Pen
(Tuesday)
$240,000
Toy Corp.—
(Hampstead
May 29
Inc.)' $308,000
Co.,
&
Staats
Voisin & Co.
-
Continental
Inc.) > $300,000
,
Mart of America, Inc...— .^Common
(Rittmaster,
Common
Group,
V
America, Inc...^
.
y:
"
y
—.Ben. Int.
$19,500,000
Corp.^-—^—-_i:^L-___Common
(Schweickart
Consumers
_
Concord
R.
(Bernard
Common
y
y;
College Publishing Corp.—_J
$150,000
Inc.)
Co.,
&
/y'
/
;■
Co.)
&
Riecke
A.
^.....Common
of
/'
Philadelphia Corp.)
Planning
H.
Corp.—..........Common
Bros..
Cemeteries
$500,000
F.), Inc...
(Investment,.
$255,000
Stone
Burstein
(Amber,
,; y
Common
$150,000
Y
First
J,
$1,250,000
.......C.ass A
and
.
shares
Inc.)
.:
312,500 shares
Inc.)
y s (Amber, Burstein & Co., Inc.)
Calev Photolabs, Inc...—^
y.
(Amber, Burstein «fe Co.,.; Inc.)
Cameo Lingerie, Inc,
...Common
Co.,
/
(William
I
shares
Inc
Lewis
Inc.)
Co.,
Bernalen, Inc.
550,000
Bond,
'
-
Capital
(Godfrey, Hamilton, Taylor & Co.) $486,000
$300,000
Berne of California, Inc
(Adams
Widmann
Inc.
Co.)';
&
Corp.—
Welcome Baby, Inc
(Globus,
$675,000
Brothers)
(Edward
'
Barker
Common
Industries,
Inc.)
$11,000,000
Artlin
Magnus
Z
-
.
■y-Z'Y;
Mosley Co;;
Ins;
Anchor Industries
shares
Langley & Co.)
Electronics
?
J
Transogram Co., Inc
(Gateway
American Southwest Realty Trust
Co, and
Co.,
&
(Hayden,
-^.Common
International, Inc
(Lehman
Common
—
&
&
$444,000 v.
Inc.)
,
Yeatman,/'Mosley
Teller
■>
.Common
Taylor
150,000
Towers
(W.
....Common
Clark
Hamilton,
"
Limited J
/
——.—-Units
y'; ■>y$300,000
/ American Mortgage Investors
$440,000
Co.)
Controls, Inc
(Godfrey,
Packaging Corp
(Baruch
Time
&
Yeatman,
(Suplee,.
(Albert
"
y
,
yZZ. :H-;,
Alsco Electronics, Inc..
Common
.
Common
(Finkle
Co.;
&
Z'
Z' !
'
;
—
(Hodgdon
(Suplee,
'
$600,000
City Dairy Products, Inc;..
$300,000
$975,000 1
Co;)
&
'
(Monday)
.Capital
...
'——Common
Allegheny Pepsi-Cola Bottling-Co.—.Debentures
Y
$357,500
and Federman, Stonehill & Co.)
175,000 shares
:-r
&
Z
Inc.) $300,000
Allegheny Pepsi-Cola Bottling Co...„...Common
y;'y
(Troster, Singer & Co.
Solderless
(Balogh
(Friday)
June 4
shares
.
(Harrison
——Common
,
.Y
Sportsways, Inc.
(Thursday)
Hollingsworth
June 1
.
200,000
Co., Inc.
be
to
shares
120,000
Inc.)
Inc...
Bakers,
Partnership
Y_—Common Z'
.
Common
:
Associates,
Equipment Corp.
West Falls Shopping Center
Z
..
$300,000
Inc.)
Co.,
$2,250,000
Inc.)
Co.,
&
(Thomas Jay, Winston & Co.,
Superior
Common
Inc.)
Co.
O'Neill
Brothers Furniture
.Bonds
EDST)
y
—-Y-i.Common
Warwick,
&
N
.
.Common
Inc.—
Elmaleh
and
Martin
A.
Plant
V
—.Common
Inc.)
Security Aluminum Corp.—
Sokol
Co
a.m.
Co.
Common
Inc.) $676,500
Co.,
Hopwood)
<5:
"
,
(Fred F. Sessler & Co.,
Jaffray
(Joseph W. Hurley & Co.) $208,980
shares
Rego Radio & Electronics Corp
Units
Corp...:——-——-Capital
Piper,
and
Stephens (M.) Mfg., Inc
/
$1,750,000
Restaurants, Inc.—
(George,
(Wednesday)
Gas
Steel
.Common
named)
and
125,000 shares,
Inc.)
O'Connor,
Corp.
(Henry), Inc
(Robert
(Stewart, Eubanks, Myerson & Co.) 125,000
Shelley Manufacturing
Louisiana
Ahalt &
&
Rosenfeld
Product Research of Rhode Island, Inc-i-Common
(General
Co.,
Semiconductor
$1,500,000
517,122
-.Common
,
Williams & Lee, Inc.
Inc.) $375,000
1
—_n-p.irfr.—.
Higginson-
(Gross
shares
—
"
Corp
Thomas,.
&
Research/Products,
170,000 shares
Co.)
&
Inc.;
75,000 shares
Common
34,200
Inc.)
Stores, Inc..
(Underwriter
$22,000,000
480,000
Y";:'Y
$600,000
National Security Life Insurance Co.—
shares
Preferred
EDST)
,y\
(Lee
Capital
(White,
Co.,
Common
,
;
^Retrieval'Systems.;1
Units
Inc.)
Siegel,
&
&
(Searight,
.National
—Debentures
Grumet
Transmission
Wickett
S.
y'
1
"„(Jarco Securities Co.,Inc.) $1,000
Giant Tiger Stores..
.^..Common
'v(Prescott A CoJJ $1,400,000
Index &
'In6.__YY_,_.Common
"
••
$240,000
Siegel,
&
■
.Bonds
Inc. and H. B. Vesey & Co:, Ins.)
$286,000
:
Crosse
*
Common
Bonds
a.m.
p.m.
(V.
Common
—
Inc.)
,
>
received) $17,000,000
be
to
~
.
Common
Light Co
12:30
'
Co.)
$500,000
Inc.)
.....Common
'-.Y, y
'
$125,000
....
(Genesee Valley Securities Co.,
Common
Co.,
Bros.)
Dyna-Mod Electronics Corp.—
,
Light Co
(Bids
Utah
-
$4,035,000
120,000
^
Common
Grumet
(Brand,
125,056 shares
Co.)
(Bertner
'Bids
Common
&
<
Electronics, Inc.—
.'Y.
35
,
&
Co
(Dean
Tyler Pipe & Foundry Co
Utah Power &
C.
■
•
Continued on" page
-
Fastline Inc.
Corp
shares
Seaway Food Town, Inc
(McDonald & Co.)
Penzell
and
.s
Alabama Power Co
2,000,000 shares
named)
(Darius
V6. u.,,
Equip. Trust Ctfs.
Ry
(Bids
E.
.Electronic
Microdot, Inc.
Inc. and Parker, Eisen, Waeckerle,
Inc.) $300,000
Co
Co.
&
i y
Met
Piircell,
&
Offering—Imminent.
(Thursday) y
May 31
shares
(Chc.ce, Whiteside & Winslow, Inc.)
Met Food Corp
—Common
Corp
Adams
Taylor
Wilkens
Masury-Young
(Tuesday)
(Midland Securities Co.,
262,500
Co.)
Magellan Sounds Corp
>
First
&
Co., Inc
(Brand,
May 22
hill & Co., N. Y.
Common
Hamilton,
(Arnold,
Debentures
125,000
22, 1961 filed 100,000 common, of which 50,000 are
offered by the company and 50,000; by a stock¬
holder. Price—By amendment. Business—Compounding
and packaging of chemical products, primarily deter¬
gents. Proceeds—For working capital. Office—8136
Dobson Ave., Chicago. Underwriter—Federman, Stonebe
o
.Common
Stearns
Y
.
Nov.
(George K. Baum & Co.) $651,300
Corp.) $350,000
Inc.
.
units
1,000
Corp
'
(5/21-25)
Gateway Chemicals, Inc.
A.
——-Units
—
Co.)
&
;
Magazines for Industry, Inc..
:
Wynlit Pharmaceuticals,
-
units
50,000
-
28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7) Business—Company operates1 four "key
clubs." Proceeds—For expansion,
debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Units
Inc
Fashions,
Mac-Allan
$600,000
Scope Publishers, Inc.—
Co.)
&
Kimball
C.
■
World
Stone
Ave.,
Co.
Investment
Business
Angeles.
Y
—
(To
Common
Corp.)
State'Small
Gaslight Club, Inc.
Inc.
Lehigh Industries & Investing Corp
Inc.)
Co.,
Scope Publishers, Inc
Securities
$5.
—
goods.
Feb:
166,666 shares
$300,000
class A' common shares.
(max.; $11). Business-:—Design,
:
investment. Office—1180 Raymond Blvd.} Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co.,. N, Y.
Offering—Expected sometime in June. Y;;'y'ZY' ' JY
and Reuben Rose & Co., Inc.)
$840,000
-Y'Y' V'Z'
Co.,
Corp.
(Godfrey,
.Class A
Rose
amendment
Underwriter—Hemphill, Noyes & Co., N. Y;i% 'J
Common
Manufacturing Co.—
$500,000
_—
.-a *1 j_ __ _ _ - _
u-i'i _..Common
(William Blair & Co.) 156.762 shares
(Standard
Price
Furnishing of scheduled
—
(Bear,
Common
Co.—Jt
Underwriter—
..
-
Lee
$500,000
.
Industries, nc..
1962 filed 100,000
.
Common
Co.)
.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
—A small business investment company. Proceeds—For
.
Corp.
World
JY'-;.
(5/15)
Kinney Service
shares
_
&
(California
Vapor
150.000
Co.)
Inc
(Moran
J
air transportation
service. Proceeds—For debt repayment and general cor¬
Business
(Paul
Common
—
A.
Underwriter
Bridgeport, Conn.
("Reg. A") 60,000 common.
20, 1961
N .Y.
Proceeds
type apartment, industrial and office buildings.
Kiddie
$375,000
Corp.
Gabriel
March
Garden
Frederick's of
(Hayden,
Common
Office—19 W. 34th St., N. Y.
Preiss, Cinder & Hoffman, Inc., N. Y.
pansion.
"
Hollywood, Inc. (6/11-15) Y
March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
holder. Price—$5. Business—Operation of a mail order
business and a chain of women's apparel stores.
Pro¬
ceeds—For
expansion and other corporate purposes.
Office—6608 Holywood Blvd., Los Angeles. Underwriter
—Garat & Polonitza, Inc., Los Angeles.
vYY "... *'■'YY
•
Kavanau
90,000 shares
'
"
Inc.
FW-4, a four-passenger amphibious autogirojyProceeds
produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,
—To
Common
(Stroud & Co., Inc. and Penington, Colket & CO;)
Stores
S.
April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
•
'
k
r
t
M.
G.
manufacture and distribution of toys and sporting
Proceeds—For debt repayment Office—184J Fifth
(Richard
(J.
Z
v
Underwriters—Raymond Moore & Co., Los ^Angeles and
Pacific Coast Securities Co., San Francisco.
:
i.
30,
Price—By
Iona
Y
Tactair Fluid Controls Corp
Traid
Thursday, May 10, 1962
.
26, 1962 filed 140,000 common. Price—By amend¬
ment. Business—Company plans to produce Jits Gyrojet
porate purposes. Office—8170 Beverly Rd., Los
Ga. Underwriter—None.
Tellite
Y
—Van Alstyne, Noel & Co., N. Y.
nated
Lehman
—
,
Frazier-Walker Aircraft Corp.
Office—141 North Ave.,
Franklin Discount Co.
due
.
.
Jan.
N.
March 27,
•
Financial Chronicle
(2233)
34
-
&
Co.)
200,000
shares
Continued
•
■
—.Capital
.
;
.
on page 35
Volume 195
Number 6158
.
^
The Commercial and Financial Chronicle
;
.
(2239)
*r. ^
General
Corp. (6/4-8)
T
March 9, 1962 filed 146,000 common.
Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment
manufacturer, a wholesale distrib¬
.
>
For
investment
Securities, Inc.,
•
General
Mar.
Y.
$10.
company.
Proceeds—
and working capital.
Underwriter—G. E. C.
—
Investment Co. of
Connecticut, Inc.
Classics Inc. (6/4-8)
1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
1962 filed 200,000
Price—$7.50. Busi¬
common.
small business investment company. Proceeds—
products, expansion and working capital. Office—
2555 W. Diversey Ave.,
Chicago. Underwriter—Michael
G. Kletz & Co., N.
Y.,,;x,, V-'
>
^
:
April 27, 1962 filed 1,000,000 shares.' Price-—A maximum
of $10.
Business—A real estate investment trust. Pro¬
ceeds—For
investment.
Office—111
Broadway,
Underwriter—King Merritt & Co., Inc., N. Y.
N;
Y.
Gilfillan
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles. Offering—Expected in June.
Price—$3.
Drug Corp.
products for ; April 3, 1962 ("Reg. A") 78,000 common. Price—$2.75.
repayment,
Business—Sale of vitamins through department stores
equipment ;and working capital.
Office—2740 Apple
and mail order. Proceeds
For debt repayment,' new
Valley Rd., N. E., Atlanta, Ga. Underwriter—Robert M.
products, sales promotion and working capital. Office—
Harris & Co., Inc., Philadelphia.
88 Cutter Mill
77; w;.
Rd., Great Neck, L. I., N. Y. Underwriter
{ —J. J, Krieger & Co., Inc., N. Y.
General Devices, Inc.
Industries
Corp.
March 28, 1962 fled $250,000 of 6%
tures
due
certain stockholders.
units
and
The securities
dealers
general corporate purposes.
ment.
Business—Development
tronic
and- electromechanical
and manufacture of
components
and
Geriatric
7.Continued from
Financial
elec¬
systems
;
(Kinder, Peabody
Flex Electric
Co.
&
Four
Webber,
and
McDonnell
&
&
•'''V,
Inc.)
Gemco-Ware
&
/
(Bids
&
77:.
(Bids
(Pierce,
shares
Glass-Tite
Industries, Inc.
filed 185,000 common, of which 135,000
the company and 50,000 by a stock¬
holder.
Price—By amendment. Business—Manufacture
of glass-to-metal
hermetic seals.
Proceeds—For pur¬
chase of equipment, investment in a subsidiary, research
and
development, moving
$8,100,000
U
•
11
EDST)
a.m.
Continued
Greater
Stearns
&
Co.)
June 8
Debentures
$10,000,000
New
Pittsburgh Capital,.Corp.———Common
(Moore,
Leonard &
Lynch
—-r
.
Hargrove
and
Singer, Dean
Enterprises,
70,000
page
Common
$500,000
Common
Russotto
&
Co.)
$300,000
(Monday)
Wulbern,
Inc.)
Schuss
Co.,
&
Co.)
11
J.
American
Gas
Common
Carno
Co.,
Inc.)
$300,000
International Drug & Surgical Corp
i.i
Blauner
(Seymour
Inc
Common
Co.
Wm.
ana
Class A
Stix" Wasserman
$600,0C0
Morse Electro Products Corp.———Debentures
$300,000
(Standard
Securities
$1,250,000-
Cotp>)
Sixty Realty Trust
(Monday*)
—Common
200,000 shares
Fairway Mart,' Inc.
$250,000
(& Co., Inc.)
Scientific
Common
(California Investors)
shares
(Friday)
(John
$800,000
Corp.)
Space
Laboratories, Inc
Common
;
Inc.)
18
June
American
Inc
Wulburn,
Carrison,
Brunswick
June
Inc.—.I—
(Switzer & Co.. Inc.)
Lane
Industries, Inc
Scribner)
-'
$2,750,000
.
&
on
(L. P.) Maintenance Corp.—
Tabach
,
$25,000,000
Industries,
Carrison,
(Pierce,
-
and working capital.
T
Underwriter
expenses,
—Hemphill, Noyes & Co., N. Y. Offering—Postponed.
.
(Bear,
1961
Office—725 Branch Ave., Providence. R
S315.00J
Gjrayson-Robinson Stores, Inc.—__i__
27,
to be offered by
are
Electromagnetic Industries, Inc.—Conv. Debentures
..Common
Co.)
•
Sept.
Ctfs.
Trust
equipment and
Address—San Juan, Puerto
(Thursday)
Electromagnetic
146,000
Proceeds—For
Hanley, Hempstead, N. Y.
Offering—Expected sometime in June.
Columbia Gas Systems, Inc.-.*,..*—.—^Debentures
Common
..
EDST)
Rico.
(Johnson,
Equip.
noon
Puerto
(Costello,
shares
Beane)
12
in
Martin
Co.—
by
to be offered in
Rico. Underwriter—Edwards &
(Wednesday)
Pacific
June 7
'
'
__Capital
___
Inc
June 6
shares
r
_
iMichaorGT Kletz
■*
Southern
Dempsey-Tegeler & Co.,
—
Williston
Classics,
75,000
$332,500
and
211,250
Corp.
R.
(J.
General
erly customers. Proceeds—For working capital. 'Office
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
—179 N.
7
Units
Co.)
Curtis
&
Co.)
Inc.
Richman
Jackson
•
—Capital
Star, Television—
.<Paine,
•
Inc.——
Products,
(Bond,
.
34:xf''b7
page
Federation,
(5/14-18)
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the
company and 150,000 by™ stockhold¬
ers.
Price—By amendment (max. $8.50).* Business—Direct mail selling of- vitamin mineral products to eld-
for multiple
telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter
—Hess, Grant & Remington, Inc., Philadelphia. j
Research, Inc.
Feb.
are
consisting of a $100 debenture and 36 shares. Price
amendment. Business—Manufacture of restaurant
type furniture which it sells principally to
new
(5/21-25)
subord. deben¬
other
debt
—
conv.
1972 and 90,000 common shares to be sold
various
Jan. 29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
Underwriter—Pres-
Corp.
Business—Design and development of
industries. \ Proceeds—For
Ohio.
1962 filed 254,000 common. Price—By amend¬
ment
(max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds-For selling stockholders. Office—1815 Venice
—By
General Vitamin &
common.
a discount department store chain..
expansion and working capital. Office—
40th St., Cleveland,
Co., Cleveland.
E.
&
Girard
General Realty Income Trust
y
neto
1407
April 4,
Orange
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co.,
Inc., N. Y.
-
(5/31)
—Company operates
Proceeds—For
•
"
/
Tiger Stores, Inc.
Mar. 2, 1962 filed 140,000 common. Price—$10. Business
cott
For debt repayment and investment. Office—348
General
65,000
14,
ness—A
March 23,
^-General Design Corp.
April 25, 1962 ("Reg. A")
subsidiaries,
Ave., N. Y4
Giant
Price
common.
(same address).
(7/16-20)
working
•
in
1 Office—625 Madison
utor of houseware products and a
company operating
leased discount departments
dealing in hard goods. Pro¬
ceeds—For
debt
repayment,- expansion
and
N;
Syndicate, Inc.
April 11, 1962 filed 400,000 class A
Business—An
insurance holding
Gemco-Ware
capital.
Office—134-01 Atlantic Ave., Jamaica,
Underwriter—J. R. WilliSton & Beane, N. Y.
Economics
t
-y
.
Continued from page 34-
35
(G.
Co
Common
Walker & Co.
H.
Blair
and
&
Co.)
$350,000
Common
•
Jackson's/Bvrons Enterprises, inc.-7 '
•
.
*
~
(Clayton
-
Securities
Jamoco Air Conditioning
(Martin-Warren
Kingsbury
Homes
Corp.)
Corp
Co.,
Co.,
anc) Jshares
C.
Oceana
•
,
Co.)
K.
Scott
&
International,
(Baruch
.
Perfect
Inc.)
Co.,
Bloomfield
Inc.)
•Golden
State
Interonics, Inc
&
Salant &
•
(General
>
Salro
Common
_—7—
Manufacturing
(I.
.Sampson
R.- E.
Jessup
Lamont)
&
Corp.
Investors
150,000
(&
&
McDowell
Co.,
4 Joanell
Co.,
Inc.)
(Dean
Witter
&
(P.
(Eisele
Mi
[icro-Dine
(Straus;
Blosser
'
&
"Schaevitz
School
McDowell
Grimm)
Stearns
Hill,
150,000
*
.
School
(A.
7,',.\
Darlington
shares
Seg
Class
Ten-Tex
f
& Duddleston)
'
-
(H.
P.
Black
&
Co.,
Inc.)
135,000
(Milton
"
•
*
-
(Packer-Wilbur
United
■
■'
.
U.
Camera
S.
•
Inc.)
-pp. CM* G.
DaviS' &
Co.,:
Inc.)
-Common
—
Lewis
!June
*
12
Inc.)
Sierra
Zayre
.
7
Corp.
-
_r
D.
Inc.)
-
•
•
/Ac
(Tuesday)
Class B
\
.
.*
•
.
-
,
'
Cd.. and Dean Witter?& Co..) $44,546,300
States Tel.
7.'7
Wolverine
(Bids
^
& Tel.
ttxhe' received)
Winckler*&
Pacific
Common
Inc.)
Co.,
$199,875 '
Common
Moore
$300,000
Co.)
&
Haft &
Co.)
Inc.)
150,000
shares
units
13,400
Co
Power
to
Bonds
received)
be
$5,000,000
(Wednesday)
(Underwriter
Inc.)
110,000
shares
to
be
^.Preferred
$15,000,000
named)
,
Co.)
&
&
to
be
Mill
River
(Arnold
Common
Common
Industries, Inc.
Malkan
Inc.)
Co.,
&
$500,000
Common
Spears (L. B.), Inc
(Arnold Malkan & Co., Inc.)
$325,000
Common
Co.,
Inc.)
$1,590,000
Co.)
(Monday)
July 16
Common
;
&
Saw
$280,000
Corp.!
Bruce
(Monday)
July 2
..Common
$276,000
Biologies
$305,000
Common
International, Inc
(No
underwriting)
$375,000
General Investment Co. of Connecticut,
(Tuesday)
(R. F.
7-
.
Boston
Co.)
X 7'
i
Inc.—Com.
(Ingram, Lambert & Stephen, Inc. and Reuben Rose & Co., Inc.)
(Minn.)^
received)
Dowd
&
.—Bonds
$1,500,000
$15,000,COO
i
V
$300,000
•
.
-
August 13
(Monday)
Common
Hydro-Swarf, Inc.
Common
Co., Inc.)
$50,000,000
100,030 shares
,,
•
X..-
•
.Common
(Thursday)
Edison
.
.
•
•
Air-Tech
7
'7
'
•'
Colonial
Co.___
t
7
(Raymond
:
-
November 7
^
Bonds
— ————
(Bids to be received)
.
June 15(
'
Co.___—_.Debentures
AlumCorp.____^_
t"?. J.
;
Moore
•
Co.)
&
• •
•
$485,000
■
•
shares
June 14
,
&
Puget Sound Power & Light Co
shares
Jaap Penratt Associates, Inc
.
Reduction. Co.," Inc.___^__._—.-.-.Debentures
'(Offering to stockholders—underwritten by Kidder, Peabody
.
.
(Tuesday)
June 27
Class A
,
&. Co.). 360,000
June 13( Wednesday)
;
7
.
Air
Mountain
..
—__——Common
(Bids
$480,000
—
Blauner
A.
(Bids
Common
1
Zeckendorf Properties Corp
; (Harriman Ripley & Co., Inc.) .100,000
June 5
-
.
Co., Inc.) $340,000
(Lehman Brothers) 475,000 shares " '
'
.
v
26
$350,000
•
r-'
:
Common
Northern States Power Co.
Common
7 ••
,
Co., Inc.——--Common
(D.
$315,000
Corp.——
(Edward
Co.,
Co.,
Blair
Financial
$360,000
Exchange, Inc.—-——
Scientific
*
•
Co.,
Worth
Common
Sessler
(Pistell,
June
Common
&
&
(Meade
shares
"Thompson Manufacturing Co., Inc.—
•'
Hi-Press Air-Conditioning of America, Inc.—Units
$700,000
Trans-Alaska Telephone Co.
Common
a-
F.
(Sprayregen,
Paper Converting Corp..
60,000
Inc.
Bonds
$25,000,000
...
Glensder Corp
$6,500,000
Corp.—.
4 Thom-Tex
v
Co.—
(Raymond
Units
Corp
(Irving J. Rice & Co., Inc.)
Common
•
'
$1,000,000
Inc.)
Co.,
(Searight, Ahalt & O'Connor,
and Kroeze, McLarty & Duddleston)
shares
y'
and Kroeze, McLarty
shares
Electronics
A
40,000
(Equitable Securities Corp.
&
Gllhart
H.
•
(Monday)
(Fred
Mfg.
Dyna
Common
Corp.—
(Kordan
(D.
June 25
"
<•
—..Common
Rice
J.
D.
Bonds
$12,000,000
received)
be
Adelphi Research & Mfg. Co
Ben. Int.
Primex Equities Corp
Pictures, Inc.—"
Site-Fab,
.
Cc.)
Corp.
Radio
Common
Co.)
&
■
,
172,500 shares
King, Libaire, Stout & Co.)
Electronics
Peerless
shares
Pictures, Inc
"
.
and
240,000
&
(Equitable Securities Corp.
.
Orion
p.
—.Capital '
Engineering
fBea-r,
•
&
''74
snares
Brooks
:
shares
Raceways, Inc
W.
(Irving
Sawyers Inc.—
7
&
r
••
$40,000,000
(Thursday)
+
...Common
114,500
Metropolitan Realty 1*Fust
shares
160,000
Inc.)
—
Lewiston-Gorham
—Units
andNpempsey-Tegeler
Co.)
7
Inc.————
O'Connor,
(Hemphill, Noyes & Co.)
.Santa Fe Drilling Co.—__——L__..Common
■
&
;;
Co., Inc.)
&
$425,000
'
.
Ahalt
Kasdan
and S.
to
(Bids to be received)
$286,875
Lenox, Inc.
shares
Common
450,000
Inc.
EDST)
a.m.
Cincinnati Gas & Electric Co
Common
Inc.)
21
June
.7'
'
$200,000
Bonds
11:30
(Bids
...Common
-
Inc.)
Co.,
Wisconsin Power & Light Co
Capital
$300,000
—Common
&
$750,000
Inc.-
Co.)
Schramm
Corp
(Bids
$2,000,000
a
Inc.)
Securities.
Laboratories,
$316,000
Enterprises, Inc._•____
(Straus,. Blosser
Gas
United
Distributors, Inc.——Common
Securities
(Searight.
'__
Corp.)
&
Co.)
.1—
Interworld Film
Classs A
and
&
(Wednesday)
(S.
$1,250,000
York, Inc.—Bonds
$100,000,000
Controls, Inc
Debentures
Inc.)
Co.,
.•
Salant, Inc
(Kidder, Peabody & Co,
,
Polonitza,
(Sunshine
$200,000"
Co.)
&
Cohon
Morris
Honora, Ltd.
541.000 shares
&
and
(Adams
154,800 shares
-
(Arnold Malkan
;
Conv.
Robbins
T.
Properties,
$825,000-
-Common
June 20
Automatic
units
600
Hollywood, Inc.—
(Garat
7
RF
Inc.)
(Tuesday)
(Bids 11 a.m. EDST)
Securities
Units
Co.,
William
Co.
&
Frederick's of
.Common
City
Building Industries, Inc.—-Debentures
(Lieberbaum
Common
Inc.)
and
by
Inc
&
19
Consolidated Edison Co. of New
-..Common
300,000 shares
Products, Inc.
(Prescott & Co.
June
Cruttenden,
Co
:
;
Co.,-Inc.
Co..
Industries.
$240,000
———.
(Bear, Stearns & Co.)
(Rolh &
Corp.)
by
shares
548,532
stockholders—underwritten
to
Assembly
Common
&
Miller)
(Gianis
'
Inc.
Photo, Inc.——
"Publishers
Arnav
Co.)
——„Ben. Ints.
j.___"
Co.,
Brothers
&
shares
$5,000,000
Industries, Inc
(G.
,
Bradford
303.900
'
State
stockholders—underwritten
States Life Insurance
(Offering
Common
&> Dominick)
Midwestern Mortgage Investors
Multi
Common
Capital
Inc.
(Boettcher
American
$120,000
Industries, Inc.—
(Dominick
.
to
Podesta
•
7'
140,000
...
-
Corp. 7
(Robinsorf-Humphrey
Mandrel
P
——
Ltd.)
(Offering
Debentures
$750,000
-Bonds
,
—Preferred
Georgia Power Co
Friday)
F.
Board
'
(Wednesday)
Georgia Power Co
(Bids to b« received) $23,000,000
$15,000,000
•
■
Industries, Inc.—-——
(Fred
-
Sessler
&
Co.,
Inc.)
&
—Common
Co.)
164,000
to be
received)
$7,000,000
—.Common
$220,500
Co.„
(Putnam
(Bids
shares
November
28
(Wednesday)
Southern Electric Generating Co
(Bids to be received) S6.500 ooo
Bond*
36
36
The Commercial and Financial Chronicle
(2240)
•
Glensder
(6/25-29)
Corp.
to be offered by
are
X
..
Smith & Co., N. Y.
,
23, 1962 filed 150,000 common, of which 60,000
the company and 90,000 by the com-
March
,
"
~
-
corporate purposes.
Office—417 Fifth
Underwriter—Sprayregen, Haft & Co., N. Y.
30, 1961 filed 200,000 common, of which 100,000 are
offered by the company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of miniature electric motors, powdered metal products
and devices for the missile and aircraft industries. Pro¬
1
Greater New York Box Co.,
ment
repayment and working capital. Office
Stanley Ave., Dayton. Ohio. Underwriter—Mc¬
ceeds—For debt
postponed.
—1734
•
Donald
&
Co., Cleveland. Offering
—
Indefinitely post¬
Pharmacal Co.,
Leaf
Inc.
debt
research,
—Droulia
&
repayment
and
•
working capital.
Underwriter
•
Golden
State
Y.
.
Good-Era
i '
Shames Dr.,
Y.
of
Acres
by
and
by
•
Alstyne, Noel & Co., N. Y.
•
Business—General
payment
and
real
Y.¬
debt
$10.
tion.
corporate purposes. Office—370
Y. Underwriter—Stanley Heller &
share for each
15
to
stockholders
common
of
1
Employees
Corp., four rights for each share held, and to
common
stockholders of Criterion Insurance Co., one right for each
share
held.
Rights will expire June 29. Price—$7.50
Business—A
consumer finance company. Proceeds—For
working capital. Office—1700 Broadway, Denver. Under¬
writer—None.
Granco, Inc.
23, lOO^filed $600,000 of 6%
March
bentures due
1977
to
be
offered
in
subord.
1,200 units.
Webster
Price—
advertising
Proceeds—
N. Y. Un¬
an
.
Securities
••
7
.
Heartland
March
Development Corp. 7777,'7
1962 filed 23,300 shares of 5%
28,
convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate/ Proceeds
—For
general
purposes and debt repayment.
St., Albany, N. Y. Underwriter—None.
corporate
Office—40 Beaver
Helix
April
Land
27,
1962
amendment
Co., Inc.
filed 586,000
7
-
Price—By
shares.
capital
$5).: Business—General reaD estate.
.Office—4265
(max.
Proceeds—For general corporate purposes.
Summit Dr., La Mesa, Calif.
Herald
J. B.
Lighting, Inc.
(5/28-31)
1962 filed 300,000 common, of which 100,000
will be sold by the company and 200,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
Mar.
de¬
operates
Underwriter—None.
7
Music
Corp.
March 20, 1962 ("Reg. A") 60,000 common.? Price—$3.50.
Business—Manufacture and distribution of phonograph
records.
Proceeds—For relocation, equipment, accounts
Hallandale Rock & Sand Co.
payable, and working capital. Office—150 W. 55th St.,
March 30, 1962 filed $250,000 of 8% subordinated deben- 7
N. Y.
Underwriter—-Whitestone "Securities Ltd., 15 E. .
tures due 1977, 200,000 common and 6-year warrants to
40th St., N. Y.
7: 7 ' 7 777-77/ ■* V ^777;. > : 7-7
purchase 25,000 common at $1 per share to be offered in
Hickory Industries, Inc.
units consisting of a $10 debenture, 8 common shares and
Aug. 31,
1961 ("Reg. A") 40,000 common. Price—$5.7
one warrant. Price—$18
per unit. Business—Extraction,
Business—The manufacture of barbecue machines and
processing and sale of rock and sand. Proceeds—For a
allied equipment. Proceeds—For equipment, inventory,
new plant and other
corporate purposes. Address—Hal¬
saies promotion, expansion and working capital.
Office
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
—10-20 47th Rd„ Long Island City, N Y: Underwriter—
Green, Inc., 115 Broadway, N. Y.
Halo
conv.
&
and
derwriter—Van-Alstyne^ Noel & Co., N. Y:
Bids—May 21 (12:00 noon EDST) in Room A, 70
Broadway, N. Y. Information Meeting—May 16 (11 a.m.
EDST) at Irving Trust Co., One Wall St., N. Y.
rights held of record
Government
-
Inc.
June 1, as follows: To common stockholders of Govern¬
ment Employees Insurance Co., two rights for each share
held; to common stockholders of Government Employees
Life Insurance Company, one right for each share held;
(5/21)
pedic works for children
agency for sale of TV and radio'spot time:
For working capital/ Office—170 Varick St.,
Corp.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; White, Weld & Co.
(jointly); Salomon Brothers & Hutzler; Eastman Dillon,
Union Securities & Co. (jointly); Halsey, Stuart & Co.
Employees Financial Corp.
Aug. 17, 1961 filed 603,000 common to be offered for
subscription by stockholders of affiliated companies at
one
Stone
Rochester, N. Y. Un¬
Harwyn Publishing Corp.
Office—285
Brothers;
Office—175 Humboldt St.,
amendment.
Liberty Ave., Beaumont, Texas. Un¬
derwriters—(Competitive).
Probable bidders: Lehman
re¬
Government
the rate of
Co.
7
Jan. 29, 1962 filed 300,000 class A common. Price — By
Business — Publishes illustrated encyclo¬
Land
Utilities
Stores, Inc.
derwriter—Merrill Lynch, Pierce, Fenner & Smith Inc.,
New York. Offering—Expected sometime in August.
April 18, 1962 filed $17,000,000 of first mortgage bonds
due 1992. Proceeds—For debt repayment and construc¬
general
Lexington Ave., N.
Co., N. Y. 7.7.
•
Proceeds—For
estate.
Gulf States
Food
Price—By amend¬
(max. $16).
Business—Operation of supermarkets
food
small
stores.
Proceeds—For
selling stock¬
holders.
.
Gould
—
and
Proceeds
debt
Gulf American
Business
Properties, Inc. (5/15-18)
Jan. 26, 1962 filed 200',000 class A shares. Price
Hart's
March 28, 1962 filed 235,550 common.
ment
Stockholders.
Corp.
Feb. 28, 1962 filed $11,000,000 of 6V2% conv. subord.
—Real estate investment. Proceeds—For working capi¬
debs, due 1977, to be offered for subscription by stock¬
tal and other corporate purposes.'
Office—1707 H St.,
holders at the rate of $200 of debentures for each 60
N. W., Washington, D. C. Underwriter—Rouse, Brewer,
common shares held. Price—At par. Business—Company
Decker & Bryant, Inc.,. Washington, ,D. C.71
vAL:. is engaged in-the development of -planned communities
Gould Paper Cdr(5/28-6/l) v'"
in Florida. Proceeds—For debt repayment and general
corporate purposes. Office — 557 Northeast 81st St.,
SeY>t. 28, 1961 filed 140,000 common. Price—$11. Busi¬
ness—Manufacture of paper.
Proceeds—Expansion and
Miami,y Fla. Underwriters — Morris Cohon & Co. and
Street & Co., Inc., N. Y.
working capital. Office—Lyons Falls, N. Y. Underwriter
—Van
N. Tibbs, Indianapolis.
Underwriters—Kiser, Cohn
Shumaker, Indianapolis and Cruttenden, Podesta &
Miller, Chicago.
:'':77-' '/7'7:7;:7-;'/_/
Business—Wholesale and retail distribution
R. Williston & Beane, N.
Proceeds—
&
repayment, inventory and working capital.
Office—35" Engel St., Hicksville, N. Y.
Under writer—J.
Co.,
Govt.
S.
2920
Underwriter—None.
75,000
rifles to U.
Harris
(Paul) Stores, Inc.
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
Instruments
company
sale of M-14
and
ture
Equipment, plant expansion and working capital. Office
—320 Park Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co., N. Y.
Offering—
toys, hobby lines and sporting equipment.
—For
Investment
Corp. (5/29-31)
Nov. 21, 1961 filed 100,000 common. Price—$6.
Green
Louis.
St.
Co.,
Westbury, L. I., N. Y.
offered
be
Price—$10.
Offering—Expected sometime in July.
Gotham
in
area
Bros., Inc.
April 25, 1962 filed 150,000 common, of which 75,000 are
to
;
Harrington & Richardson, Inc. (5/14-18)
*'■
7, 1962 filed 180,000 common, of which 40,000 are
to be offered by company and 140,000 by stockholders.
Price—By amendment (max. $30). Business—Manufac¬
Greenman
Realty & Construction Corp.
,
•
postponed.
(Henry J.)
/
March
Inc.
April 30, 1962 filed 150,000 common. Price—$2.25. Busi¬
ness—Manufacture of precision instruments for measur¬
ing atmospheric conditions. Proceeds—For debt repay¬
ment,
equipment and
working capital.
Office—2500
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For general corporate
purposes. Office—151 N. Dean St., Englewood, N. J. UnN.
Warren
L.
~
.
Inc.
recreation
and
,
related products. Proceeds—For sales promotion, expansion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—Finkle & Co., N. Y. ■'77777v7;'777
Bldg.,
Valley
Center,
Underwriter—R.
Green
derwriters-^-Leiberbaum & Co. and Morris Cohon &
Funtown
amusement
Temporarily
29, 1962 ("Reg. A") 75,000 common. Price—$4.
Business—Company owns and operates discount stores,
shopping centers and resort hotels. Proceeds—For de¬
velopment of additional stores.
Office—1617 S. Pacific
Coast Hwy., Redondo Beach, Calif. Underwriter—Adams
&°Co., Los Angeles.
;i
Trust
Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway. N. Y.
March
r
Acres
Shopping
(6/11)
Inc.
Green
indoor
Underwriter—None.;-
Properties,
Union
filed 225,000 common to be offered for sub¬
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
Pagoda, Inc.
March 28, 1962 filed 260,000 common. Price—$10. Busi¬
ness—Company plans to build and operate a tourist
hotel.
Proceeds—For construction.
Office—1477 Kala-
Hilo, Hawaii.
Office—952
investment.
3
March
Jan. 23, 1962
Golden
nianaloe Ave.,
Harley Products, Inc. :
•
'
'77 :;7
28, 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of belts and
(6/4-8)
Capital Corp.
filed 250,000
1961
Pitts¬
burgh. Underwriters-r-Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh."
■.
St., New Rochelle, N. Y.
N.
Co.,
14,
For
13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products, rroceeds—For advertis¬
Office—36 Lawton
.
common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
March
ing,
Co., N. Y. Offering—Temporarily
Greater Pittsburgh
Nov.
poned.
Gold
.
,
Hargrove Enterprises,: Inc.,(6/4-8). uc 7;7 t<
.
< •.* ; 7
8, 1961 filed 160,000 common. Prices—$5. Business 7/ /
—Company plans to own and operate an amusement 7 •;
park. Proceeds—For property development^ advertising, 7 \ •
and working capital. Office—3100 Tremont Ave., Chevr 7
erly, Md7 Underwriter — Switzer & Coy Inc., Silver *
Springs, Md.
"'77' 77v7'y •; • 7 7 :.;,77;i77vy7*7>>7v
Office—149 Entin Rd.f, Clifton. N. J. Under?
purposes.
«.
Dec.
board
writer—D. H. Blair &
<
filed
•
Inc.
29, 196L filed 100,000 common.• Price—By amend¬
($7 max.).'Business—Manufacture of corrugated
and containers. Proceeds—For general corporate
Dec.
be
Distributors, Inc.
1962
to be offered
-
.
•
Thursday, May 10, 1962
.
_
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver.
7,7: v/
; 7
v,'
7;;7
Oct.
to
'77/
"V/''
,7 V
26,
.
200,000 common, of which 100,000
by the company and 100,000 by a stock¬
holder. Price—By amendment;.: Business—Retail sale of; :
housewares, hardware, lighting fixtures,'.. automotive t f
accessories, etc. Proceeds—For debt repayment, expan- (
sioni and
working
capital. . Office—1416
Providence v
Highway, Norwood, Mass. Underwriter—McDonnelL:& 7
Co., N. Y. Note—This offering was temporarily post-? ,v
poned.
•'.'7,.
7'
■; j'7.>
r.': •.
are
1962 ("Reg. A") 60,000 class A common. Price
—$5. Business—Company plans to establish an industrial
bank and an insurance agency. Proceeds—For working
Industries, Inc.
Globe
;
".-''A*;ry"
Corp.
Jan.
March 26,
—
general
Ave., N. Y.
Plains
Great
amendment
■V—For
Hardlines
general corporate purposes.. 0|fiJe—1J6V^ohn St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Continued from page 35
>
.
Cobt?rn Associates, Inc., N,,Y. Offering—Indefinite.
Hi-Press
27,
'
Air-Conditioning of
America,
Inc.
(6/25-29)
Mar. 26, 1962 filed $670,000 of QV2% con. subord. deben$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and. a liquor., concession in discount
of recessed > incandescent lighting fixtures. .'Proceeds-*- 7 tures.due J.974.And 134,000 common shares. Jo.-be offered ,r.. ,
in
units consisting-af $50-,of debentures, and |0
department stores.^ .Proceedsr^-For debt, repayment • and 7 For general corporate purposes. .
shares)^ /
Office—Ghieago, -111. i
working capital.. Officer-rl82 Second. A-ve;, San Fran¬
Price—By amendment (max-.-$82.50 per unit). Business 7,. ;'f
Underwriter—R. W. Pressprich & Co., N. Y.
cisco. Underwriter—Midland Securities
—Production of air conditioning,.^commercial .refr.igerar 7 \ ;
Co., Inc., Kansas
Halsey Drug Co.
7* •
V
tion and
industrial heat transfer products/ Proceeds— City, Mo. Offering—Expected in July.
/.
March 30, 1962 filed 79,500 common. Price—$4. Business
For debt
repayment and general corporate purposes.
Grand Bahama Development
Co., Ltd.
—Manufacture, packaging and sale of proprietary drug
Office—405 Lexington Ave., N. Y. Underwriter—Pistell,
Jan. 23, 1962 filed 250,000 common. Price
products. Proceeds—For debt repayment, expansion and
By amend¬
inc., N. Y.
ment. Business—Sale and development of land on Grand
other corporate purposes. Office—1827 Pacific St., Brook¬
High Temperature Materials,-Inc.
7
Bahama Island for residential and resort
7 ,
purposes. Pro¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Ine,, and
Sept: 28, 1961 filed. 120,000 common. Price—-By amend- 7 71
ceeds^—For general corporate
purposes. Office—250 Park
Alessandrini & Co.,-Inc., N. Y. Offering—In late July... 7"
inent.
Businessr—Manufacture: of ' products. from .Jest
Ave., N. Y. Underwriter—Allen & Co., N. Y. Offeringmodels.
Proceeds—For eqqipment, research and devel¬
Hampden Fund, Inc.
Expected sometime in June.
.
.
,
—
.
Jan.
•
Grayson-Robtnson Stores, Inc. (6/4-8)
26, 1962 filed $10,000,000 of 5% senior subord. de-
Jan.
bentures
due
1985.
Price—By
amendment.
Business—
24, 1962 filed 500,000 common.
ness—A
*
become
2100
closed-end
open
East
end.
investment
trust
Proceeds—For
Price—$10. Busi¬
which
plans to
investment.
Office—
Ohio
Bldg., Cleveland. Underwriter—Fulton,
Co., Inc., Cleveland. Offering—In June.
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To
•
be
Hillside Metal
named.
(5/14-18)
Products, Inc.
Retail sale of women's and children's
apparel and
graphic and audio equipment. Proceeds—For
Reid
diversification, and working capital. Office—550 W. 59th
St., N. Y. Underwriter
Bear, Stearns & Co./ N. Y.
Hanna-Barbara Productions, Inc. (5/21)
Dec. 29, 1961 filed 200,000 capital shares. Price —
By
amendment. Business—Production of television cartoons
shares
are
shares
by
and
building and
working capital. Office—3501 Cshuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
'
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.
Blauner & Co. and M. L. Lee & Co., Inc., N. Y.
Happy House, Inc. (5/14-18)
July 28,. 1961 filed 700,000 common shares
Oct.
photo¬
expansion,
—
Great
Continental
Real
Estate
Investment Trust
3.1961 fi!ed 300«0I30 shares of beneficial interest.
Price
$10, Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul
Place, Baltimore. Underwriter
—To be named. Note—This firm
Continental
Great
Real
Estate
Eastern
Insurance
April 13, 1962 filed 381,600
ment
(max. $5).
formerly
common.
as
Price—By amend¬
Business—Company plans to write
1
known
Co.
tain types of fire and casualty insurance.
t*:
was
Investment Trust.
cer¬
Proceeds—For
&
commercials.
Proceeds
—
For
a
new
.Price—$1..
Dec.
15,
Hill
S.,
Hopkins,
filed
1961
vestment.*
Aye.,
stockholders.
by
the
of
which
200,000
and
100,000
company
Price—$6.
0
Business—Manufac¬
7
2,265,138
to'.be offered
common
for
subscription by stockholders of Union Bank of Califor¬
ment, 'nventory
Tenth
offered
common,
Street Co.
16,
nia
working capital Office—11
Minn. Underwriter—None.
be
to
300;000
ture of steel office furniture.; Proceeds—For debt repay¬
Business—The marketing of gifts, candies and greeting
cards through franchised dealers.
Proceeds—For equip¬
and
filed
1961
on
a
share-for-share
management
investment
basis.
Price—$3.
company.
.
Office—760 Si'Hill St., Los
writer—None:
/
'
•
•7:"'
•'77-7
Business—A
Proceeds—For. in-
7
,
Angeles.^ Under¬
-i; 7->7*
Volume
Number
195
6158
.
.
.
The Commercial and Financial Chronicle
r*vHoffman House Sauce Co., Inc.■>
•
Feb. 28/f-1962 -filed $250,000 of 6%% subordinated sink-,,
,
fund convertible
sing
debentures
due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50.common shares;. Price—$1,000 perunit. Business --- Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Go., Milwaukee,
Wis. Offering—Sometime in May.
| • " •"',, ]'
Holiday Mobile Home Resorts, Inc.
/
J
Jan. 31, 1962. filed 3,500,000 common, and 5-year war¬
rants to .purchase 700,000 shares,-to be oflured in units
of 5 shares and one-warrant. Price—$50 pei unit. Busi-„
ness—Development and operation of mobile home re¬
sorts.
Proceeds — For debt' repayment, expansion and
working capital.; Office—4344 E. Indian school Road, ;
Phoenix. 'Underwriter—None.. ',.
" '•■'viri;1.
.
(s/24):
>*■.:*
Feb.
27, 1962 ("Reg. A") '75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia.
•
Honora,
Nov.
(6/11-15)
Ltd.
("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in - Japan and:
29, 1961
distribution
their
the
in
U.
Proceeds—For
S.
general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
House of
Koshu, Inc.
;
March 29, 1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
of
House
Vision,
Inc.
(5/21-25)
March 29,
1962 filed 150,000 common. Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders; Office—137 N. Wabash
Underwriter—Hornblower
Hunsaker
March
Engineering Corp.
120,000 common. Price—By amend¬
(max. $14).Business—Development and product
tion of equipment for use in testing the physical char¬
ment
acteristics
various
of
.
Proceeds—For
*
selling
Office—2500 Washington St., Canton, Mass. *
stockholders.
Underwriter—None.
•
materials.
Jackson's/Byrons Enterprises Inc. (6/4-8)
March 13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A
common, of
which 66,666 shares are to be offered
by the company
and 53,334 by stockholders.
Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
.<
International
Drug & Surgical Corp. (6/18-22)
March 23, 1962 filed 150,000 class A shares. Price—$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—'
375 Park Ave., N. Y. Underwriters—Seymour Blauner'
Co., and Wm. Stix Wasserman & Co., Inc., N. Y,r.
retail department stores. Proceeds—For debt
repayment
and working capital. Office--29 N/W. 10th
St., Miami,
Fla.
&
Weeks,
electron tubes.
Proceeds—For debt repayment and gen¬
Business—A
eral
purposes.
corporate
Office—81
Spring
St., N.
Underwriter—Brand, Crumet & Seigel, Inc., N. Y,
Plastic
Container
Corp.
Price—$2.50.
Business—Manufacture bf plastic products produced by
extrusion
and - thermof orming.
Proceeds—For equip¬
ment, rent, salaries and working capital. Office—818—;
17th St., Denver. Underwriter—Amos C. Sudler~& Co.,
26,
filed
1962
200,000
Protein
(6/4-8)
("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other
corporate purposes.
Proceeds—For
expansion, machinery, and working
Office—233 Broadway, N. Y.
Malkan &
cap¬
Underwriter—Arnold
Co., Inc., N. Y. Note—This firm formerly
Corp.
was
Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
shares
shares.
and
warrants
to
purchase
three
30, 1962 filed $1,600,000 of convertible subordi¬
1977 and 250,000 common shares.
addi¬
Price—By
amendment (max. $110 per
Business—Real estate investment. Proceeds—For
New
which company
March 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
u
Hutton
March
L.).. Associates,
(E.
Inc.
1962 filed 50,000 common. Price—Net asset
share plus 2%. Business—A closed-end in¬
vestment company. Proceeds—For investment. Office—
value
375
29,
per
Park
Underwriter—None.
Ave., N. Y.
V
Hydra-Loc, Inc. :/■
Oct.
10, 1961 ("Reg. A") 60,000 common. Price—$2.
Business—Design, development and manufacture of a
brake control. Proceeds—For debt repayment and gen¬
eral corporate purposes; Office—101 Park Ave., Hudson,
N. Y. Underwriter—McLaughlin, Kaufman & Co., N. Y.
Offering—Imminent.
Hydro-Swarf, Inc. (8/13)
March 30, 1962 filed 97,000 common, of which 80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
t
• Ideal Toy Corp.
(5/21-25)
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment
(max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10
Jamaica
Ave., Hollis, Long Island, N. Y. Underwriter—
White, Weld & Co., Inc., N. Y.
Index & Retrieval
Systems, Inc.
29, 1962 filed 125,000 common.
Jan.
ment.
Business—Publishes
other
indexes and abstracts.
"The
(5/31)
Price-T-By amend¬
Financial
Index"
and
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor, Inc., N. Y.
—19
Industrial Finance & Thrift Corp.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
due 1974. Price—At par. Business—A consumer
tures
..finance firm. Proceeds—For repayment of debt and ex¬
pansion.
Carondelet St., New Orleans, La.
Office—339
Underwriter—None.
•
Industrial Growth Fund of North America,
Inc.
April 20, 1962 filed 100,000 common. Price — Net asset
value (max. $11.50). Business—A closed-end investment
company
which plans to become open-end in 1963. Pro¬
investment. Office—505 Fifth Ave., N. Y.
Inc. (same address).
ceeds—For
Distributor—Industrial Incomes
Industry Capital Corp.
Dec
26,
1961
filed 500,000 common. Price—$15. Busi¬
Proceeds—
Office—208 S. La Salle
ness—A small business investment company.
For
general corporate purposes.
St.. Chicago.
Underwriter-A. C. Allyn & Co., Chicago.
Offering—Indefinite.
.
Instromech Industries, Inc.
March
30,
1962
("Reg. A")
100,000 common. Price—$3.
of precision products.
Proceeds—For acquisition of land and building, ^equip¬
Business—A contract manufacturer
Corp.
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electro¬
mechanical
electronic
and
equipment for government
military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
agencies
and
the
Interstate
Equity
March 30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Offering—Expected in June.
Interworld
Theatrical
distribution
domestic
feature
and
co-production
films.
Proceeds—For
of
foreign
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kasdan & Co., Inc., N. Y.
•
Investment Securities Co.
.
v
the
insurance
field.
Proceeds
—
For
working
debt
capital and possible expansion.
Washington Ave., St. Louis. Underwriters
Richter
•
repayment,
Office—901
—
Scherck,
Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
lona
Manufacturing Co. (5/28-6/iy'*
•
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares by a
stockholder.
P
r
i
c
e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital.
Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose &
Co., Inc., N. Y.
•
Ipco Hospital Supply Corp. (5/29)
16, 1962 filed 290,000 common, of which 200,000
will be offered by company and 90,000 by stockholders.
Price—By amendment (max. $12), Business—Distribu¬
tion of surgical and hospital supplies and equipment.
March
Proceeds
—
For
debt
repayment, working capital and
other corporate purposes. Office—161 Avenue of Ameri¬
cas,
N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
Israel Hotels
International, Inc.
Feb.
28, 1962 filed $4,036,000 of 6V2% sinking fund de¬
bentures due 1980-86 and 40,360 common shares (with
warrants) to be offered for sale in units of one $1,000
debenture and 10
shares
(with warrants). Also
$2,760,000 of 6V2% dollar debentures
due 1980. Price—For units, $1,050 each; for
debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
O f f i c e—229
registered
South
common
were
v-',
.
•
48th
"
-
•.
...•
St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco.
Jaylis Industries, Inc. (5/21-25)
18, 1961 filed 150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window coverings,
room dividers, folding doors,
Oct.
etc.
Proceeds—For
debt repayment and general corpo¬
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.,
•
purposes.
Jays Creations,
Inc.
March 30, 1962 filed 80,000 common.
Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y. Underwriters—Seymour
Blauner Co., and Wm. Stix Wasserman & Co., N. Y.
Offering—Expected in mid-July.
Jefferson
Jan.
25,
Stores, Inc.
1962
(5/16)
filed
110,000 capital shares.
Price—By
Business—Operation of discount appliance
Proceeds—For expansion.
Office—3700 N. W.
amendment.
stores.
62nd St., Miami, Fla.
mings & Co., N, Y.
Underwriter
—
Bregman,
Cum-
★ Jerlee Products Corp.
May 1, 1962 filed 75,000 common.
Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
and
vinyl tablecloths, and various foam rubber items.
equipment, raw materials, debt repay¬
working capital. Office—596-612 Berriman St.,
Brooklyn, N. Y. Underwriter—R. P. Raymond & Co*
Proceeds—For
ment and
Inc., Ozone Park, N. Y.
'
i
*
Jiffy Steak Co.
5, 1962 filed 65,000 common. Price—By amend¬
ment.
Business—Processing,
packaging and sale of
frozen meat and meat products. Proceeds—For redemp¬
tion of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange' & Co., Pittsburgh.
Feb.
Joanell
Laboratories,
Inc.
(6/11)
Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000 by stockhold¬
ers.
Price
simulated
—
By amendment. Business
weapons
training
devices
—
Development of
for
U.
S.
Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102
Dorsa Ave., Livingston, N. J. Underwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Kaiser-Nelson
March
are
to
be
Price—By
ers.
Corp.
filed 140,000 common, of which 70,000
offered by company and 70,000 by stockhold¬
29, 1962
amendment
(max. $10).
Business—
slag; mining of sand
Reclamation of metallics from steel
State
St., Dover, Del. Underwriter — American
Israel Basic Economy Corp., New York City.
•
•
Jayark Films Corp. (5/21-25)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and
22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
March
16, 1962 filed 250,000 common, of which 125,000
are
to be offered by the company and 125,000 by a
stockholder. Price—By amendment (max. $20). Business
—A management
investment company specializing in
York.
Jarcho
rate
Film
Distributors, Inc. (6/11-15)
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
and
Under¬
Bros., Inc.
March 23, 1962 filed 240,000 common. Price—By amend¬
ment (max. $12i>.k Business*—Installation of plumbing,
heating, ventilation and air-conditioning systems.* Pro¬
ceeds—For selling stockholders.
Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill & Co., N. Y. Note—This
offering was temporarily
postponed.
writer—Kidder, Peabody & Co., N. Y.
Systems Research
Ave., Brooklyn, N. Y.
Government financial institution
to
supply
long-term funds to Japanese industry for the promotion
of economic reconstruction and industrial
development.
Proceeds—To be converted into Japanese
currency and
advanced to leading private electric power
companies
for : construction
of thermal
electric power facilities.
Office—Tokyo, Japan. Underwriters—First Boston Corp.;
Dillon, Read & Co., Inc., and Smith, Barney & Co., Inc.,
repayment, construction, and other corporate pur¬
poses.
Office—919 N. Michigan Ave., Chicago. Under¬
International
Jamaica
Japan Development Bank (5/15)
April 24, 1962 filed $15,000,000 of 6% guaranteed ex¬
ternal loan bonds due May 15, 1977.
Price—By amend¬
ment. Business—The bank was incorporated in 1951 as a
debt
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
has acquired in Southern Calif. Proceeds
—For
debt repayment and * other corporate purposes.
Office—15855 Edna PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
954
—
writer—Martin-Warren CO., Ltd., N. Y.
.
—*
1962
Japanese
named Marine & Animal By-Products
common
28,
Office
Corp.
(5/28-6/1)
Jan. 26, 1962 filed 90,000 common. Price—$5.
Business
—Distributes fishmeal and animal by-product proteins.
Corp. and
Co., Inc., N. Y.
Jamoco Air Conditioning
Corp.
Feb.
;
International
ital.
•
Stone & Webster Securities
—
Greenshields &
common.
Denver.
unit).
Corp.
holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Y.
Underwriters
International
March
tional
nated debentures due
Price
Underwriter—Clayton Securities Corp., Boston.
Jamaica Public Service Ltd.
March 30, 1962 filed 215,000 common, of which
100,000
shares are to be offered by company and 115,000 shares
by stockholders. Price — By amendment (max. $25).
International
ment
Ave.,
Chicago.
Chicago.
Instron
Jaap Penraat Associates, Inc. (6/13)
r
1962 filed 100,000 common. Price—$3. Business
designing, the design of teaching machines
and the production of
teaching programs. Proceeds—
For expansion, new facilities and
working capital. Office
—315 Central Park
W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y. '.
Jan. 30,
—Industrial
March 26,1962 filed
•
writer—Sunshine Securities, Inc., Rego Park, N. Y.
•
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza,; Huntington
Station, N. *• Y. Under-,
writer—Price investing Co., N. Y. .- J. •.'/*' .V
~
"• j
37
^International Electronics Corp. r
April 30, 1962 ("Reg. A") 75,000 class A common. Price
—$4. Business—Importing, processing and marketing of
Hollingsworth Solderless Terminal Co.
;
(2241)
...
......
I
Continued
on
page 38
Ik
38
The Commercial and Financial Chronicle
(2242)
.
.
Thursday, May 10, 1962
.
,
A"!
Continued from page
37
'
7.
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
N. Y. Offering—Expected in mid-June.
—For
-
gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleveland.
Underwriter—Robert L. Ferman & Co.,
Inc.,
and
Kwik-Kold, Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold* for company and 35,000 for stock¬
holders. Price — $3. Business — Manufacture of certain
cooling packages. Proceeds—For debt repay-*
working capital. Office—Jennings Bldg., P. O.
Box 638,
Moberly, Mo.. Underwriter—John W.: Flynn
& Co., Santa Barbara, Calif.
,v
7 l ;
Kapner, Inc.
7;,i29, 1962 filed 50,000 common. Price—$5. Busi¬
ness—Mail order sale of merchandise. Proceeds-—For
„
work¬
ing capital. Office—6920 Sunset Blvd., Los Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles. Note—
This registration will be withdrawn.
1;
;
ment and
Office—1924 Washing¬
Wilkens &
t
equipment and working capital.
records and albums. Proceeds—For expansion and
patented
,
March
.
Lilli Ann Corp.
\ '
March 29, 1962 filed $750,000 of conv. subord. debentures
due 1977, also. 100,000 common shares to be offered by
stockholders. Price—By amendment. Business—Design,
.
r
Ave., Bronx, N. Y. Underwriter—Arnold,
Co., Inc., N. Y. Offering—Expected in June,
ton
Records and distributes stereo and monaural phonograph
March
Miami, Fla.
„
Liberty Records, Inc.
April 2, 1962 filed $2,000,000 of convertible subordinated
debentures due 1977; also 100,000 common. Price -?- By
amendment (max. $20 per common share). Business —
La
,
Maur
Inc.
(5/14-18)
March 22, 1962 filed 100,000 common, of which 60,000
Carpet Co., Inc.
;
- :
-7 -7 ;7; are to be offered by the company and 40,000 by a stock-y
holder.
March 29, 1962 filed 250,000 common. Price—$5.
Price—By amendment (max.. $16). Business—j
Busi¬
Manufacture and distribution of hair preparations and
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds—For expansion, inventory, debt re¬
cosmetics,
Proceeds—For debt repayment, equipment,
new products and working capital.
Office—110 N. Fifth
payment and working capital. Office—1800 Boston Rd.,
St„ Minneapolis.
Underwriter—Paine, Webber, Jack¬
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
son & Curtis, Boston.
*
;
Kavanau Corp. (5/28-6/1)
'
manufacture
Kaufman
,
Lab-Line Instruments,
(max. $101 per unit).
Proceeds—For debt
Price—By amendment
Business—Real
investment.
estate
repayment and working capital. Office—30 E. 42nd
Underwriter—Hay den, Stone & Co., N, Y.
St.,
N. Y.
Foods Corp.
Kay
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general Corporate
Dec.
Packaging Associates
1962 filed 165,000 common, of which 100,000
are to be offered by company and 65,000 by stockholders.
Price—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
2,
Kelley Realty Corp.
Laminetics
16,
•
which 205,000
by stockhold¬
ers. Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
1962 filed 542,000 common, of
to be offered by company and 317,000
,
Rides,
Inc.
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago.
Kine Camera Co.,
Inc.
filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
Nov. 21, 1961
derwriter—Underhill
Securities
Cop)., N. Y.
71st
named
capital.
.
Corp.
steel
common.
Inc. (5/15)
>
165,000 common. Price—By amend¬
.
Manufacture
—
Office—112
•
Kinney Service Corp. (5/28-6/1)
28, 1962 filed 262,500 common, of which 112,500
are to be offered by the company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
The operation of garages and parking stations; renting
and leasing of cars; cleaning and maintaining of com¬
mercial buildings, and conducting of funerals. Proceeds
—To buy additional automobiles.
Office—111 W. 50th
St., N. Y. Underwriter—Bear, Stearns & Co., N. Y.
Lockfast Mfg. Co.,
lnc.
y-y
11, 1962 ("Reg. A") 85,000 common. Price
Business—Manufacture
to
furniture
ment,
of
(H.)
Kohnstamm & Co., Inc.
1962 filed
(5/17-18)
160,000 common. Price — By amend¬
ment.
Business—Manufacture of
food,
drugs
and cosmetics; also
Proceeds—For general corporate
Avenue of the
colors
and
flavors
industrial
for
Americas, N. Y. Underwriter
Kidder,
—
•
Kollmorgan Corp.
9, 1961 filed 100,000
Nov.
tical equipment.
Proceeds—For debt repayment. Office
—347 King St.. Northampton. Mass.
Underwriter—Put¬
nam
&
Co., Hartford. Offering—Indefinitely postponed.
Kreedman Realty & Construction Corp.
April 19,
1962 filed $5,000,000 of conv. subord.
deben¬
tures due 1982 and 200,000 common shares to be offered
in units
consisting of $25 of debentures and
share.
"
one
common
Price—By amendment (max. $27).
Business—
Construction and operation of office buildings. Proceeds
for
Proceeds—-For debt
repay¬
steel
Boarman
Lockwood Grader Corp.
ture.
Business—Design, manufacture, sale and repair, of "
machinery and equipment used in agriculture. Proceeds
—Fc$ debt repayment, equipment and general corporate
purposes. Office—7th & S Sts., Gering, Neb: Underwriter
—First Nebraska Securities Corp., Lincoln, Neb. Offer¬
ing—Temporarily postponed;; \ '77 7 ;
7
^
■
Lenox,
Inc.
re-inforced
77.
Busi¬
concrete
Lordhill
Corp.
>
30, 1962 filed 63,000 common. Price—$5. Business
—Company provides optometric services and dispenses
optical items. Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft & Co., Inc.,
(6/11)
March
1962 filed 172,500 common, of which 25,700
are
to be offered by company and 146,800 by stock¬
holders. Price—By amendment (max. $18). Business—
30,
Manufacture and marketing of dinnerware and giftware.
Proceeds—For
purchase of leased plant. Office—Prince
Sts., Trenton, N. J. Underwriter—Hemphill,
Noyes & Co., N. Y.
&
N. Y.
Meade
77'.
Louisiana Gas Service
Lesser
Enterprises, Inc.
>
March 30, 1962 filed 1,000,000 class A common. Price—
baum &
(5/23)
April
Peabody & Co.
(Louis)
19, 1962 filed $10,000,000 of first, mortgage bonds
due 1987. Proceeds—For debt
repayment, expansion and
retirement of outstanding 5%% bonds due 1985. Office
$10. Business—Real estate management and construction.
—1233 W. Bank Expressway, Harvey, La. Underwriters
Proceeds—For debt repayment ,and general corporate <'
purposes.
Office—8737 Wilshire Blvd., Beverly Hills,
—(Competitive). Probable bidders:1 W. C. Langley &
Calif. Underwriters—Morris Cohon & Co. and Leiber- ' Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc.-Kidder,
Co., N. Y.,
?
.
(jointly); Halsey, Stuart & Co.; White,
Co.; Salomon Brothers & Hutzler-Eastman Dil¬
lon, Union Securities & Co.-Equitable Securities Corp.
(jointly); Blyth & Co. Bids—Expected May 23 (11:30
a.m. EDST). Information
Meeting—May 17, 1962 (10:30
a.m. EDST)
at 2 Rector St., N. Y. ;
7
'
' •
" »
'
Weld &
Levine's, Inc.
March 19, 1962 filed 80,000 common.
Price—By amend¬
ment (max. $17.50). Business —
Operation of a chain of
clothing and dry goods stores. Proceeds
For selling
stockholders.
Office
—
8908
Ambassador
Row,
Dallas.
.
Lucks, Inc.
Underwriter—Kidder, Peabody &• Co., N. Y. Offering—
Indefinitely postponed.
Lewis
Feb.
~
♦
April 9,
are
(Tillie)
Foods, Inc.
1962 filed $4,000,000 of 5*4%
debentures due
1977.
par.
•
unit.
—
working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
(5/29)
common.
Price—$5.75. Busi¬
Proceeds—For
filming and production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—Fred F. Sessler
& Co., Inc., N. Y. Note—This firm
formerly was named
Lunar Enterprises, Inc.
,
,
mutuel
provements and
Inc.
ness—The production of television films.
Business—Conducting
commercial pariharness racing meets in Lewiston and Gorham,
Maine. Proceeds
Fpr debt repayment, property im-
Lunar Films,
Aug. 31. 1961 filed 125,000
Lewiston-Gorham
per
which 142,500
139,996 by stock¬
(max. $5). Business-
ceeds—For
Calif. Underwriter—Van
Alstyne, Noel & Co., N. Y. Of¬
fering—Expected sometime in June.
Raceways, Inc. (6/11-15)
March 14, 1962 filed
$1,000,000 of 6Y2% first mortgage
bonds due 1977 and 200,000 common to b£ offered in
units consisting of a $500 bond and 100 shares. Price—
of
Price—By amendment
Canning and marketing of vegetables and meats. Pro¬
expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Expected sometime in June.
Business
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave.' & Charter Way, Stockton*
$500
28, 1962 filed 282,496 v common,
to be offered by the company and
holders.
convertible sub¬
Price—At
—Processing, canning, bottling and selling of fruits and
of which 40,000 are
to be sold by the company and 60.000 by stockholders.
Price—By amendment.
Business—Manufacture of op¬
common,
$3.50
sale"
—
•7; Logos Financial, Ltd.;'r 7y 7'7.7'7,"7/ 7"7;7'.7..-'7
utilities,
sanitary structures, fallout shelters and play sculptures.
April 11, 1962 filed 250,000 capital shares. Price — By,,
Proceeds—For
debt
amendment (max. $10)'. Business—A diversified closedrepayment,' sales promotion and
end investment company. Proceeds—For investment. Of¬
working capital.
Office—145 W. 11th St., Huntington
fice—26 Broadway, N. Y." Underwriter—Filor, Bullard &
Station, L. I., N. Y. Underwriter—Blank. Lieberman &
7
Co., Inc., N. Y. Offering—Expected sometime in July. ,7 Smyth, N. Y.
V
\ rv
ordinated
Peabody & Co., Inc.
hardware
Feb. 20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000 per deben¬
chemicals.
Office—161
purposes.
furniture
manufacturers.
inventories nad plant expansion. Office—
Ave., Baltimore. Underwriter—R & D
Investors Corp., Port Washington, N. Y. *
4
3006
7-
children's
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
Jan.
Price—By
for three
Price—$3.50.
of
—Shearson, Hammill & Co.,- N .Y. >/,, 7:
—
t
Feb. 21
sale
(5/14-18)
■
23, 1962 filed 245,000 common. Price—$10. Business
holding company whose subsidiaries in¬
the lives of all types of animals. Proceeds—To form
-
March
and
For debt repayment and working
W. 34th St., N. Y. Underwriter?—
—
Livestock Financial Corp.
y
y:7
ness—Manufactures
>
Proceed?—
St.; New Britain, Conn.
Management Corp., -N. Yy'
.
Corp.
1
stock.
common
Glass & Ross, Inc. and Samson, Graber & Co., Inc., N. Y.
Feb
'
21, 1961 filed 100,000
:
of
—An insurance
St., Miami Beach, Fla. Underwriter—To be
newly-formed subsidiary).
;
; V
:
/
Lembo
Dec.
March
Kingsberry Homes Corp. (6/4-8)
April 9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17,50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville.
(a
Business
clothing. Proceeds
subsidiaries which operate utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt-,
repayment, construction and working capital. Office—
800
77*.
Little Ruffy Togs,
Nov. 29, 1961 filed
new
Dec. 29, 1961 filed 2,000,000 class A common.
amendment. Business—A holding
company
'
7
shares
Office—300 Main
Distributor—Horizon
sure
-
(5/28-6/1)
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordinated debentures due 1971 and 30,000 commoh to be of- 1
fered in units of $1,000 debentures and 30 of common.
<*-';7'
951,799
derived from the sale of put and call options.
Fashions, Inc. (5/28-6/1)
27, 1961 filed 166,667 common.
Investment
'
filed
asset
For investment.
ment.
&
1961
value plus a 7% selling commission.
non-diversified,
open-end,- managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
Inc.
Lehigh Industries
(5/28-6/1)
New York.
Kiddie
•
Fund, Inc.
30,
Price—Net
ment.
March 30,
•
*
Business—A
Price—By amend¬
Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and work¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Yy
and Penzell & Co., Miami Beach. '
„
^
are
March
Lee
Dee.
Products Co.
Kenner
Co., New York.
Lincoln
<
.
Busi¬
mats,.
etc.
Proceeds—For equipment, moving expenses, sales,
promotion and other corporate purposes. Office —20
W. 27th St., N. Y. Underwriter—Fabrikant Securities
Corp., N. Y. Offering—Expected in late June.
(5/21-25)
1962 filed 250,000 class* A common. Price —
By amendment (max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,
Okla. Underwriters—Fulton, Reid & Co., JnC,,J Cleveland
and Walston & Co., Inc., N. Y. Hv'
&
March 22, 1962 filed 80,000 common. Price—$3.50.
ness—Production and sale of gift sets, linens, place
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
ing—Expected in late June.
March
high fashion
y
;
—
•
women's
writers—Sutro &-Co., San Francisco and F. S. Smithers
Industries, Inc.
1
'
Dec. 28, 1961 filed $2,200,000 of s. f. subord. debentures
due
1977
(with attached warrants).
Price—At par.
Business—Manufacture of gas and electric water heaters, plumbing fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
related aluminum products. Proceeds—For debt repayment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo. Underwriter—Blair & Co.,
N. Y. Offering—Indefinitely postponed.
y,;*
—
Keene
of
company, a portion of which may be used to retire shortterm loans. Office—2701 16th St., San Francisco. Under¬
Lamb
Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
April
Inc.
porarily postponed.
Office—241 N.
purposes.
distribution
Lily Lynn, Inc. >(5/15) y''y.;7' :
y
:■'/;> *.
Feb. 23,1962 filed 150,000 common, of which 86,000 are to
Feb. 23, 1962 filed 142,860 common, of which 122,168 arebe offered by the company and 64,000 by the stockhold¬
to be offered by the company and 20,692 by stockhold-«
ers. Price—By amendment
ers. Price—By amendment
(max. $12). Business—Design,
(max. $9). Business—Manu-7
manufacture and sale of women's casual dresses. Pro¬
facture of an extensive line of industrial, hospital and
ceeds—For debt repayment, working capital and expan¬
clinical laboratory instruments. Proceeds—For debt re¬
sion. Office—Herman L. Bishins
payment, construction, and working capital. Office—
Bldg., Riverside Ave.,
3070-82 W. Grand Ave., Chicago. Underwriter—R. W. 7 New Bedford, Mass. Underwriter — J. R. Williston &
Beane, N. Y. 7,vy. 7y7-:7y. y-.,7.yvy,, v.. 7.'7.V-7*?.'/ 7 ':.yv
Pressprich & Co., N. Y. Note—This offering was tem¬
Marqh 29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
Warrant.
and
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds of the
•
Lustig Food Industries, Inc.
Dec. 29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of f frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
Volume
195
Number
6158
.
.
.
The Commercial and Financial Chronicle
capital. Office—840 DeKalb Ave., N. E., Atlanta.
Underwriter—Johnson, Lane, Space .Corp., Atlanta.
ing
For
debt repayment and working capital. Office—48
High St., Brockport, N; Y. Underwriter—None/
Mac-Allan
Feb. 23,
Co.,
Inc.
*
:
(5/28-31)
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds — For working capital. Office — 1650
icals. Proceeds—For promotioh,
new
.
Magellan Sounds Corp.
(5/28-6/1)
28, 1962 filed 60,000 common twith attached one^year class A warrants to purchase 60,000 common shares
•at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
•units (each consisting of one share, one class A warrant
and one class B warrant). Price,—$4 per unit. Business
.-—Production of educational and recreational devices and
:games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius Inc.,
share for each four held of record June
Masury-Young Co.
products.
nance
equipment,
other
—
For
purposes.
expansion, preferred stock redemption
working capital. Office—14 North Robinson, Oklahoma City. .-Underwriter—None.
/
^
Roland
1961 filed 75;000 common. Price—$4. Business
•—Production of a new electrically powered device for
Dec. 29,
St., Boston. Underwriter—Chace,
Winslow, Inc., Boston.
in bed. Proceeds — For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.-
for
Office
•
&
Mattel, Inc.
1962 filed 275,000 common. Price—By amend¬
(max. $45). Business — Design, manufacture and
sale of quality toys. Proceeds^-For selling stockholders.
Office—5150 Rosencrans Ave., Hawthorne, Calif. Under¬
writer—Smith, Barney & Co., N. Y. Offering—Postponed.
Service,
Assembly
Inc.
April 27, 1962 filed 100,000 common. Price—$2.25. ^Busi¬
ness—Assembling of packages for shipment to pdft of¬
Proceeds—For general corporate purposes.;;,C)ffice
fices.
145
Americas, N. Y.
Inc., N. Y.
'
.
"
"—By
amendment
(max.
$15).
closed-end
—A
April 5, 1962 filed 200,000 efrAimon; of ttfhich 100,000 are
to be sold by company and 100,000 by stockholders;-*Price
•
investment
open-end.
company
Proceeds—For
which
plans
investment
in
Ave., Milwaukee. Un¬
(Competitive). Probable bidders: Kidder,
Peabody & Co.; Halsey, Stuart & Co.; Kuhn, Loeb &
Co.-Blyth & Co. (jointly). Bids — Expected May 15,
(10:30 a.m. EDST)., Suite 4950, 30 Rockefeller Plaza,
Mandrel
.
(6/4-8)
Industries, Inc.
Nov.
Feb. 27, 1962 filed 303,900 common, of which
be offered by the company and 83,900 by
220,000 are
stockhold¬
ers.
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
sorting machines and geo-physical exploration devices.
Studio
:
to
the
-
For
—
Manhattan
debt
repayment,
medical
corporate
purposes.
O f f i
Miracle
k
*
7
Underwriter—Dana
Securities Co., Inc., N. Y. Offering
sometime, in June.
4 —Expected
City, Galif. Underwriter—Financial Equity Corp.,
Maradel
-
and
holding
Proceeds—For
-
a
savings
and
loan
investment.; Office—990
San Rafael, Calif.
Court,
-
for
company
ment
Nov.
Ave.
the
at
Underwriter—Dean Witter &
'
.—First
Fidelity
Securities
Corp..
July.
Marks
June
27,
Polarized Corp.
1961
facilities
153-16
^
95,000
Proceeds—For
amendment.
new
filed
Tenth
and
Ave.,
Atlanta. OfferingV /
•'
Whitestone, \N.
Y.
..
.
,
'
holder.
(L. P.)
Price—$5. Business—Cleaning and maintenance
and;the sale .of janitorial supplies and
of -buildings
equipment.
-
Proceeds—For . debt repayment and work¬
'
k
Ave,, Plainfield, N. J,
Underwriter—None.
Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By amendment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capitaL Office—
Bank St. & Central Ave., Baltimore. Underwriters—
Street & Co., and Morris Cohon & Co., N. Y. OfferingExpected sometime in late July.
1
Morse Electro Products Corp.
■
Dec.
i
(6/18-22)
1961 filed $1,250,000 of 6V2% convertible sub¬
ordinated debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds — For expansion and
,29,
working capital. Office—122 W. 26th St., N. Y. Underwriter—Standard Securities Corp., N. Y.
Micro-Dine
.
~
Montebello
trust.
Corp. (6/11-15)
Feb. 13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending machines. Proceeds—For debt repayment, inventories and
general corporate;purposes. Office—6425 Oxford St., St.
Louis Park; Minn. Underwriter—Irving J. Rice & Co.,
Inc., St;PauK
T
•'!"/' ; ;; .; "; •;
■" =
' '
-
-
ic Monroe Lake Enterprises, Inc.
May 3, 1902 ("Reg. A") 149,950 common.
Price—$2.
Business—Development of planned communities. Pro¬
ceeds—For
general corporate purposes.
Office—1270
.
•
.
Maintenance Corp. (6/15) .
March 23, 1962 filed 100,000 common, of which 20,000
are
to be offered by company and 80,000 by a stock¬
Martin
re¬
general corporate purposes. Office—1700
N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
Inc., and
(5/14-18)
common,
Systems Corp. (5/15)
12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene materials
of
varying
grades. Proceeds .— For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc.,
(mgr.) and Heritage Equity Corp., N. Y.
*South
investment
150,000
Molecular
K St.,
Underwriters-
Ross, Lyon & Co., Inc. (mgr.),- Glass & Ross,
.Globus, IncA, N. Y. C.
/ 7
estate
Hied
■
Dec.
Proceeds—For
Office—
purposes.
real
1961
electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
.capital. Office—101 Clifton Blvd., Clifton, N. J. Underwriters—Street & Co.. Inc. and Irving Weis & Co- N. Y.
per
Business—A
1,
i
•
perature
Metropolitan Realty Trust (6/11-15)
1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50.
$1.
type butterfly
new
of which 135,000
the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
Dec. 20,
shares. Price—By
expansion, acquisition of
common
—
to be offered by
are
named.
(5/21-25)
other corporate
Molecular Dielectrics, Inc.
unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
Western Ave., Chevy Chase, Md. Underwriter—To be
working capital. —Address—Cummings, Ga. Underwriter
•
Co., Phoenix, Ariz.
Sept.
products to supermarkets and other retail stores in
New
^Tork Metropolitan area. Proceeds—For general
shares. Price—$150
Price
Proceeds—For
>'
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
In units consisting of $100 of debentures and 20 common
("Reg. A'>) 15,000 units consisting of one
share of 8% cumulative preferred and two shares of
common. Price—$20 per unit. Business—Operation of a
marina. Proceeds — For construction, equipment and
common.
sale of
&
Metropolitan Acceptance Corp.
Development Corp.
March 30, 1962
~
Production and
purchase of the patent and pro¬
Office — 5909
Hollywood Blvd:, Hollywood, Calif. Underwriter—Brown
1977 to be offered by company
by stockholders. Price—By amend¬
(max. $10). Business—Distribution of food and
-r-
duction and development of the valve.
;
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
Co., San Francisco.
Marine
common
Underwriters—McDonnell
V
24, 1961 ("Reg. A") 300,000
valve.
lated
association.
Fifth
34,200
Co., N. Y.
Business
due
May 2,M962 filed 102.050 capital shares, of which 27,790
tobe-offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18). ... Business—A
which 140,000
by stockhold¬
.Missile Valve Corp.
,
are
Inc.
Office—370 W. 35th St., N. Y.
&
Proceeds—For
.
Mart,
tion of self-service discount department stores. Proceeds
debt repayment, expansion and working capital.
.
;
H. Hentz & Co. and Herzfeld
—For
■■■■->■
Products,
—
Price—By amendment (max. $14). Business—Opera¬
ers.
•
Mercury Books, Inc. (5/21-25)
v
;
Inc. - (5/21-25)
»
Feb.. 14, 1962 filed 55,000 common. Price—$4.50. Busi¬
•March -12,1962 filed 335,000 common. Price—By amend¬
ness—Publishing of newly written popular biographies.
ment
(max. $20):., Business—Manufacture of toiletries
Proceeds—For
working capital.
Office—1512 Walnut
i and cosmetics. Proceeds—For acquisitions, debt repay¬
St., Philadelphia,' Underwriter—Meade & Co., N. Y.
ment and working capital. Office—510 Ave. of the Amer¬
Met Food Corp. (5/28-31)
icas, N.^ Y/ Underwriter, — Hornblower & Weeks, N. Y.
March 30,. 1962 filed $1,500,000 of convertible subordi¬
Marin County Financial Corp. ; ,/ f'
nated debentures
•
v-
1962 filed 295,000 common, of
to be offered by company and 155,000
are
Enterprises, Inc.
v \
*
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
V phonograph records through leased record departments.
Proceeds—For. moving expenses, working capital and
general corporate purposes. Office—1692 Utica Ave.,
^Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.
>
-
April 20,
c e—
-
which 58,000 are
by stockholders.
./Price—$3.50.
Business—Manufacture,
packaging- and
sale of various proprietary, drug products.
Proceeds—
For equipment, new products, debt repayment and working capital.. Office—156 Tillary St., Brooklyn, N. Y.
%
St., N. Y. Underwriters
acquisitions, debt repayment and
working capital.
Office—315 E. Sixth Ave,, Helena,
■Mont. Underwriter—Memorial Securities, Inc., Helena.
Drug Co., Inc.
■
& Stern, N. Y.
Price—$10. Busi¬
electronic
equipment
Merco
March 29, 1962 filed-72,000 common, of
to - be offered by company and 14,000
•-
'
department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working capital.
Office—116 W. 32nd
Los Angeles.
homes.
"
and coin departments in
^ Memorial Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
acquisition of 90,000
.shares of its own stock, and working capital. Office—800
; Welch Rd., Palo Alto, Calif. Underwriter—Domin^k &
Dominick, N. Y,:;'v;:/ vV;/"V
Proceeds
of
general
Y
Stamp & Publishing Co., Inc..A-, ^ V
}
'
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of leased stamp
filed 250,000 common.
Proceeds—For
.to
.
1961
ness—Manufacture
:
-
13,
—
Minkus
„
Medical Video Corp.
Co.,
&
Offerings
Office—626 East Wisconsin
derwriters
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver. /
;1
repayment and working capital. Office—106 Main
Brockton, Mass. Underwriter—McDonnell
New York* Offering—Expected in late June.
St.,
Y.
Milwaukee Gas Light Co.
tion.
^
debt
N.
(5/15)
1962 filed $15,000,000 of first mortgage bonds
due 1987. Proceeds—Fqr debt repayment and construc¬
—677
For
—
become
Co.,
April 11,
medical
of
Business—Operation
self-service discount department stores. Proceeds
i
Business
Proceeds — For general corporate
Office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter—Seymour Blauner
Indefinitely postponed.
N
Fund, Inc.
1961 filed 25,000 common. Price—$10.
Oct. 23,
f
'
Midwestern
purposes.
Medical Industries
V/f?
Inc.">//*'; /'. f V',V.
Mammoth Mart
.
Underwriter—Globus,
:
Price—By amendment (max.*
A closed-end management investment
—
For general corporate purposes.
2615 First National Bank
Bldg., Minneapolis.
—
Proceeds
tronic components.
6% subordinated con¬
vertible debentures due 1974 and 310,000 common to be
offered in 31,000 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $160).
Business
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners..
Proceeds—For debt repayment and working capital. Of¬
fice—Oil & Gas Building, Abilene, Tex. Underwriter—
Dempsey-Tegeler & Co., Inc., St. Louis.
v
—
t
20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of switches and other elec¬
—
Mail
shares held.
Milli-Switch Corp.
Corp. (5/14-18)
1962 filed $3,100,000 of
.8,
.
;;;//
Dec.
McWood
Feb.
'<*•
;
{
Mortgage Investors (6/4-8)
26, 1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment com¬
pany. Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver.
•
•
>
.
Feb.
April 4,
Magnetics Research Co. Inc.
ApriLJO. 1962 filed'-100,000 common. Price—$3. Bigness
—Design and marketing of magnetic memory^jiriits.
Company also plans to market transistor logic unjttg and
.subsystems for use in computers, business machines and
data handling systems. Proceeds—Expansion of sales and
engineering; new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y* Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
/
-
Underwriter—None.
a person
•
each two
$7). Business
Office—76
Whiteside
7
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
ment
-
Midwest Technical Development Corp.
u
debt,
of
new
1, 1962. Price—
and
company.
repayment
corporate
one
for
Proceeds—For
(5/28-6/1)
Proceeds
and
offered
of
$6. Businesd—Oil and gas production and development."
Dec. 4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures commercial and industrial floor mainte¬
Office
N. Y.
'V:/r':V;/U
Magic Fingers, Inc.
"massaging
2, 1962 filed 225,000 common to be
subscription by stockholders on the basis
„
•Feb.
J
April
1962 filed $1,500,000 of 6% conv. subord.. de¬
bentures
due; 1972; also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000 ;■
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount der /
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th, Ave.,v
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co., Inc., N. Y. Offering—In June.
publication and
-working-capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y.,
/
a
repayment
Mid-America Minerals, Inc.
March 22,
•Price—$5. Business—The publishing of business period^
debt
and working capital.
Office—
Ave., South Pasadena, Calif. Underwriter
—White, Weld & Co., N. Y.
.
Masters, Inc.
Aug. 2, 1961 filed 100,000 common,, of which 80,000 will
be offered by the company and 20,000 by stockholders.
•
220 Pasadena
(5/28-6/1)
Inc.
instruments and systems used in missiles and
satellites, radar and communications systems. Proceeds
selling stockholders. Office—12825 Ford Rd.,
Mich.
Underwriter—Smith, Barney & Co.,
New York..
•. ■
<
- /.
.
Magazines For Industry,
f
nents,
—For
Dearborn,
.
•
•
ceeds—For
Underwriter—George K.
39
Microdot Inc. (5/28-30)
April 30, 1962 filed 170,000 capital shares, of which 156,000 will be offered by
compsmy and 14,000 by stockholders. Price—By amendment (max.
$20). Business—
Design, development, manufacture and sale of compo¬
^ Masco Corp.
May 7, 1962 filed 180,000 common. Price—By amend¬
ment (max. $35).
Business—Production of valves and
fittings for plumbing industry, component parts for the
automotive industry, and plastic and metal toys.
Pro¬
1962 filed 130,260 of class A common, of which
Broadway, Kansas City, Mo.
Baum & Co., Kansas City
(2243)
Morton's
Shoe
Stores,
Inc.
(
\
(5/28-6/1)
March
.
are
„
•
'
16, 1962 filed 517,122 common, of which 175,000
to be offered by company and 342,122 by stock.
.
.
\
Continued
i
on
page
40
The Commercial and
40
39
^
:
amendment (max. $18). Businesssale of popular priced shoes. Proceeds—For debt
Retail
Price—By
repayment and working capital. Office—558 Pleasant St.,
New Bedford, Mass. Underwriter—Dean Witter & Co..
..!•
N. Y.;
•
Mosler
Safe Co.
Super
,
Underwriter—D. H. Blair & Co., Inc., N. Y.
• P.lulti State Industries, Inc.
(6/4-8) ' / '
April 6, 1962 ("Reg./A"), 80,000 common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties. ■ ■ Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey Railroad Ave., Newark, N. J.
Under¬
ford, Conn.
Inc., N. Y.
Scott & Co.,
K.
Inc.
Multronics,
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
i
/
(5/14-18)
5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
furnishing of consulting services in the
the
radio-
engineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—*2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
Thrust Fund, Series B
April 28, 1961 filed $12,750,00(T(l2,500 units) of interests.
Price —To be supplied by amendment. Business — The
Municipal Investment
bonds of states, counties,
fund will invest in tax-exempt
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
N. Y. C.
•
N.
W.
T.
Missile
Engineering,
Alcoa
Office—4820
Underwriter—None.
amendment
(max. $27). Proceeds — For loans to subsidiaries and
other corporate purposes. Office—441 Stuart St., Boston.
Underwriters—(Competitive). Probable bidders: Blyth &
Angeles.
Los
Ave.,
drawn.
was
with-'
19, 1962 filed 2,000,000 common to be offered for
subscription by stockholders; unsubscribed shares will
be offered to the public. Price—$1. Business—Rental of
vehicles and related activities. Proceeds—For
expan¬
sion. Office—1000 Milner Bldg., Jackson, Miss. Under¬
writer—None.
(jointly). Bids—May 29. Information Meet¬
ing — May 23 (10:30 a.m. EDST) at Irving Trust Co.,
(47th floor), One Wall St., N. Y.
v /
*
New Hope Academy of the Arts, Inc. (5/21-25)
Jan. 17, 1962 filed 150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
and young adults. Proceeds—For general corporate pur¬
poses. Office—152 Whitomarsh Rd.,
Philadelphia. Un¬
derwriter—Mayo & Co., Philadelphia.
Weld & Cq.
Jan.
Realty Corp.
Plan
New
corporate
general
Office—369 Lexington Ave., N. Y.
purposes.
Underwriter—None.
World
New
Nov.
1961
13,
and
capital,
working
.
,
Inc. (5/15)
100,000 common. Price —$3.
Laboratories,
("Reg. A")
Proceeds—For
cosmetics
of
Business—Manufacture
tions.
Proceeds
management company.
repayment,
debt
Price—$11.
150,000 class A shares.
1962 filed
24,
Business—A real estate
—For
and
repayment
debt
porate purposes. Office—1610
D. C. Underwriter—T.
Washington, D. C.
ton,
hair prepara¬
phia. Underwriters—William, David &
Crichton, Cherashore & Co., Inc., N. Y.
National Equipment &
Motti, Inc. and
Price^$5. Business
cleaning and pressing plant and affili¬
Sept. 28, 1961 filed 105,000 common.
—Operation of
pansion
a
debt
Proceeds—For
stores.
and
repayment,
working capital. Address
—
store ex¬
Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
National Family Insurance
(5/21-25)
Co.
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
Dec.
capital and reserves. Office—2147 University Ave.,
Paul, Minn. Underwriter—None.
tional
Security Life Insurance Co. (5/28-6/1)
March 23, 1962 filed 100,000 common, of which 80,000
are
to be offered by company and
20,000 by stock¬
holders. Price—$17.50. Business—A life, accident and
National
health
insurance
Office
—
130
Alvarado,
Underwriter—To
Proceeds—For investment.
N. E. Albuquerque, N. M.
company.
14th St., N. W., Washing¬
J. McDonald & Co., Inc.,
Testing Laboratories, Inc.
National
be
named.
Semiconductor
(5/31)
Corp.
May 11, 1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
.equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg.,.Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
•
Piper,
Jaffray
&
Hopwood,
National Tele-Systems,
Minneapolis
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and derivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
withdrawn,
Note—This registra¬
.
27, 1962 filed 82,000 common, of which 65,000 are
offered by company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
to
be
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,
N. Y. Underwriter—To be named.
Nationwide
Bowling Corp.
!v
Price—By amendment.
(with attached
Business—The oper¬
ation of
boiling centers. Proceeds—For a realty acqui¬
Office — 11 Commerce St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia. Offering—Sometime in June.
sition and working capital.
New
Brunswick Scientific Co.,
(6/8)
March 28, 1962 ("Reg. A") 50,000 common.
Price—$6.
Business—Design, development and manufacture of pre¬
cision apparatus used in production of pharmaceuticals
and other chemicals. Proceeds
For expansion, equipment, research, and working capital. Office—1130 Sonir
ersbt St.* New Brunswick, N. J.
Underwriter—John
•Schuss & Co., N. Y.-'-;
,
..
..
—
,*
holders.
Inc.
1962 filed
offered
.
mainly organic in nature, and
Proceeds—For debt repayment
Office—60 Park Place, Newark, N. J.
specialties,
foam plastics.
Underwriter—White, Weld & Co., Inc., N. Y.
Nordon
Corp., Ltd.
-
filed 375,000 capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders. Price—By amendment (max. $6).
Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilishire Blvd., Los An¬
March
1962
29,
Underwriter—Gregory-Massari,
*
geles.
Hills, Calif.
Norda
.
Oil
Essential
Beverly
Inc.,
.
Nuclear Science &
Engineering Corp.
March 29,
1962 filed 100,000 common. Price—By amend¬
(max. $15). Business—Research and development
contracts using radioactive tracers; precision radio¬
ment
on
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
Proceeds—For
services.
ment
equipment,
Inc.
20, 1962 filed 200,000 class A shares. Price—By
Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—June.
bentures
& Gas
Corp.
1962 filed $5,000,000' of 6% conv. subord de¬
due 1977.
Price—By amendment. Business—
Production of crude oil and natural gas.
Proceeds—For
working capital and other 'corporate
purposes. Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.
debt
repayment,
North America
repay¬
Co., Washington, D. C.
Nuveen
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds—For investment. Office—Chicago, 111. Sponsor—
John Nuveen & Co., 135 So. La Salle St., Chicago. Of¬
—
fering—Expected in mid-June.
Nuveen
Oct.
Tax-Exempt Bond
1961
17,
filed
$15,000,000
Fund, Series 4
of units representing
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.f
and political subdivisions thereof which are believed
to be exempted from Federal income taxes. Proceeds—
investment.
For
•
111. Sponsor—John
St., Chicago.
Office—Chicago,
Occidental Petroleum Corp.
30, 1962 filed $4,674,100 of 6% subordinated con¬
tion by stockholders on
the basis of $100 of debentures
Price—$100 per unit.
Business—Production of oil and gas. Proceeds—For debt
repayment, working capital and general corporate pur¬
poses. Office—8255 Beverly Blvd., Los Angeles. Under¬
writer—Allen & Co., N. Y. Note—This registration was
for each 100 common shares held.
withdrawn.
March
International, Inc.
1962 filed 150,000
29,
tons.
(6/4-8)
common.
and sale of
Business—Manufacture
Price—$5.50.
synthetic pearl but¬
Proceeds—For
*
equipment and working capital.
Halsey St., Brooklyn, N. Y. Underwriter—
Co., Inc., N. Y.
Office—1331
Baruch Brothers &
•
Optech, Inc.
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in optical electronics. Proceeds—For equipment
and working capital. Office—246 Main
St., Chatham,
N. J. Underwriters—Stone, Ackerman & Co., inc., and
Dec.
Heritage Equity Corp., N. Y. Offering—In July.
Electronics
Orion
Corp.
(6/11-15)
Aug. 28, 1961 filed 100,000 common: Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
the
for
tems
quencies
generation, detection and control of fre¬
through the microwave region. Proceeds—
up
expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
amendment (max. $15).
Nortex Oil
debt
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
For
& Chemical Co.,
March
April 27,
.
Design, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
Beltline Highway, Madison, Wis.
Underwriter—McCormick & Co., Chicago.
.
":VS.
, »
:
/
Oceana
Chemical Co.
May 4, 1962 filed $5,800,000 of conv. subord. debentures
due
1987
to be offered for subscription by common
stockholders on the basis of $100 of debentures for each
20
shares held.
Business—Manufacture of industrial
Orr
Real Estate Trust
Enterprises,
Herbert)
(J.
Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs, therefor and men's and boys'
dress
proceeds—For debt repayment, adver¬
capital.
Address—Opelika, Ala.
trousers,
tising and
working
"Underwriter—None!
V"/'/
:'"V-:?}■ '■ ///■■
Inc.
/
V
s ■/ \ ;•
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
.Outlet
Mining Co.,
Pacific
Oct.
Big Wheel
100,000 common. Price—By amend¬
Business—Sale and installation of automobile ac¬
26, 1961 filed
ment.
Nov.-J3, 1961 filed 2,000,000 shares of beneficial interest.
cessories. Proceeds—For expansion and working capital.
Business—Real
estate " investment
trust.
Proceeds—For acquisition of property and working cap¬
Office—6125
Price—$10.
ital.
Office—475
North
Oct. 19, 1961 filed 100,000 capital shares
warrants).
be
*
Feb.
Inc.
170,000 common, of which 30,000
by company.'and 140,000 by stock¬
Price—By amendment (max. $12). BusinessData,
28,
to
are
.
ic Nopco
(mgr.).
Inc.
Nuclear
March
vertible debentures due 1977 to be offered for subscrip¬
Dec.
—To be
and
Office—10 Merrick Lane,
—
Walker, Wachtel &
March
and construction.
'if
Northampton, Mass. Underwriter
Co., Inc., Boston.
/
early June.
—
•
pansion and working capital.
Nuveen & Co., 135 So. La Salle
urethane
■
Superettes, Inc.
April 23, 1962 ("Reg. A") 75,000 common.
Price—$4,
Business—Operation of superettes.
Proceeds—For ex¬
working capital. Office—47 West St., INL Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y. Offering—In
chemical
Plastics Corp. (5/21-25)
/
;/y
and
was
Bids—Expected June
(jointly).
■
Norwood's
general cor¬
and
29, 1962 filed 50,000 common. Price—$5. BusinessAnalyzing and testing of electronic, chemical and other
materials.
Proceeds—For plant relocation, equipment,
tion
("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
12, 1962.
Oct.
Harvey & Co., Inc., Fairlawn, N. J.
Directories, Inc.
National
March 29, 1962
St.
(jointly);
Co.
Nigeria Chemical Corp.
Car Rental System Inc.
March
•
Stearns. &
Loeb, Rhoades & Co.-Ladenburg, Thalmann &
Co.-Wertheim & Co. (jointly); Merrill Lynch, Pierce,
Fenner
&
Smith Inc.-Kidder, Peabody & Co.-White,
M.
v
National
ated
Brothers-Bear,
Co.-Lehman
Carl
Jan.
registration
Note—This
(5/29)
rights to expire June 14. Price—By
29 with
New York
Inc.
29, 1961 filed, 250,000 common. Price—$8. Business
—Engaged in the aircraft and missile industries. Pro¬
ceeds—For debt repayment, inventories and research and
Dec.
development.
England Electric System
.
April 12, 1962 filed 872,786 common shares to be offered
for subscription by common stockholders on the basis
of one new share for each 15 held of record about May
Jan.
and
develop¬
Business—Exploration,
Price—50c.
holder.
ment and
New
Markets, Inc.
March 29, 1962 filed 75,000 common. Price—By amend¬
ment (max. .$8). Business—Operation of a chain of su¬
permarkets; Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
•
.to
(5/22)
filed 260,000 common. Price—By amend¬
ment (max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders.
Office—320 Park Ave., N. Y.
Underwriter—Blyth & Co., Inc., N. Y.
V
" /
writer—G.
13, 1961 filed 475,000 common, of which 400,000 are
be offered by the company and 75;000 by a stock¬
Oct.
,
March 23, 1962
Mott's
/. Thursday, May 10, 1962
.
Corp.-Blyth & Co., Inc.
Campbell Island Mines Ltd.
New
■
Continued from page
holders.
Financial Chronicle
(2244)
Fifth Ave., N. Y.
Atlantic
Industries,
Underwriter^-None.
N.
is
Cajon Blvd., San J^iego. Underwriter—
Co., Inc., San Diego. Note—This issue
&
*.. •
being"Withdrawn.
Pacific
Inc.
El
C. Roberts
States
Steel
-
Corp.
^
;
1961 filed 100,000 outstanding shares of capita]
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre^
cision electronic instruments. Proceeds—Repayment of
June 21,
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview. N. Y. Under¬
rado-Niles
writer—G. A. Saxton &
cisco
Co., Inc., N. Y. Offering—Tem¬
porarily postponed.
Northern
States
Power
Co.
(Minn.)
(6/12)
Minneapolis. . Underwriters — (Competi¬
tive). Probable bidders: Halsey, Stuart 8$ Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.; Kidder, Peabody & Co.-White, Weld & Co. (jointly); First Boston
Street,
(mgr.). Offering—Indefinitely postponed.
Pacific
April 26, 1962 filed $15,000,000 of first mortgage bonds
due 1992: Proceeds—For coilstruction.
Office—15 South
Fifth
the selling stockholder. Office—35124 AlvaRoad, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
ceeds—For
Westates
Land Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
units, each consisting of $100 of debentures
Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
offered
in
and 20 common shares.
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon &;Co., N. Y..
Volume
195
Number
6158
...
The Commercial
Note—This company
was.formerly named Westates Land
Development Corp. Offering—Expected in May,
-
Packard-Bell
May 4,
due
held.
Corp.
1962 filed $5,023,800 of
1977
the
on
Electronics
to
conv. subord. debentures
offered for subscription by stockholders
be
basis
of
$100
Price—At par.
of
debentures
for
each
shares
17
Business—Design, manufacture and
sale of
consumer and defense electronic
products. Com¬
also installs and services its TV receivers and
stereophonic units, and manufactures plywood doors.
pany
Proceeds—For
debt
Blvd.,
Los • Angeles.
Peabody & Co., Inc., N. Y.
Pak-Well
Office—12333
repayment.
Olympic
W.
Underwriter—Kidder,
Paper Industries,
Inc.
velopes, packaging materials of various kinds, wrapping
stationery, and school supplies. Proceeds
For
—
selling stockholders. Office—198 W. Alameda,
Underwriter-^Francis I. duPont & Co., N. Y.
Denver.
Underwriter—R. S. Dickson & Co., Charlotte, N. C.
Pal-Piaywell
Inc.
Nov.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and
working capital. Office—179-30
93rd Ave., Jamaica. N
Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y. Offering—Imminent.
Pan
Polytronic
equipment, salaries, advertising and working
capital. Office—6 Penn Center Plaza, Philadelphia/Un¬
derwriter—'Robert M. Harris & Co., Inc., Philadelphia.
Beryllium Corp.
1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina, y
Proceeds
For debt repayment,
equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬
Feb. 28,
development,
electronic
'
PanAm
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Business—A
real
estate
Price—$10.
holding and development
com¬
Proceeds—For general corporate purposes. Office
Main St., Freeport, L. I., N. Y. Underwriter—
pany.
—70
N.
Underhill
Securities
Corp., N. Y.
y.
Drugs,
Inc.
.y .:
y
April 30, 1962 Tiled $2,000,000* of
conv..
subord.' deben-r..
tures due 1977.
Price—At par.
Business—Operation of
drug stores and licensed departments in membership de¬
partment ^stores.JProceeds^T-Fbr expansion, debt repay¬
ment, redemption of preference stock and other
rate
Mo.
Office—2323
purposes.
Grand
Ave.,
corpo¬
Kansas
City,
Underwriter—Scherck, Richter Co., St. Louis.
Parkway Laboratories, Inc.
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
v>For an acquisition, research and other
corporate pur¬
poses. Office — 2301
Pennsylvania Ave., Philadelphia.
Dec.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
y
Patent Research & Development, Inc.
15, 1962 filed 150,000 common. Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For general
corporate purposes.
Office—35 Third Ave., Long Branch, N. J. Underwriter
R.
Office—60
&
Wall
Co., Inc.
N. Y.
(same ad¬
of
conv.
subord.
deben¬
1977, also 40,576 common shares to be offered
by stockholders." Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
and
nurseries
businesses.
working capital and
514-524
Co.,
Pike
San
St.,
Pearl
/ Proceeds—For
expansion,
other corporate purposes. Office—
Underwriter—Dean Witter &
Seattle.
Francisco.
y
Brewing Co.
'/ /.
.
,
•
;
Proceeds
For
—
capital.
Penta
debt
brewery. Proceeds—For selling stockholders. Office—
312 Pearl
Parkway, San Antonio, Tex. Underwriters—A.
C. Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio.
Peckham
Industries, Inc.
April 2, 1962 filed $500,000 of 6% convertible subordi¬
due
1974.
Price—At
par.
Business—
Road construction, sale of liquid asphalt, production and
sale
of
ceeds
concrete, sand, gravel and crushed stone. Pro¬
For debt repayment, equipment, purchase of
plant and other corporate purposes. Office—50 Haarlem
Ave., White Plains, N. Y. Underwriter—First Albany
Corp., Albany, N. Y.
—
Peerless. Radio
March
are
to
22,'
be
Corpt 4 6/11 -15)
1962*filed 120,000
common, of which 100,000
the company and 20,000 by stock¬
$4. Business — Distribution of electric
offered by
holders. Price
—
parts and components to industrial customers. Proceeds
—For' debt
Office—19
Kordan
&
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Pellegrino Aggregate Technico,
Aug. 10, 1961 filed 130,000 class A
Inc.
common
shares.
Price
—$5.
Business—The manufacture of building materials.
Proceeds—For payment of income taxes and Joans and
for working
-
capital.
Port Reading, N. J.
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnsida
Co., Inc.,,.'N. ■ Y. Offering—Temporarily postponed.
certain
&
28,
to
post¬
was
1962
be
offered
New
Van
Co.,
debt
repayment and
Broad
Prescott-Lancaster
Corp.
March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
Laboratories,
Inc.
85,920 common.
Price—By amend¬
Business—Development, manufac¬
marketing of electron vacuum^ tubes. Proceeds
—For selling stockholders.
Office—312
N. Nopal
St.,
Santa Barbara, Calif. Underwriter—Francis J. Mitchell
& Co., Newport Beach, Calif.
working^apital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Prestige Capital Corp.
,
19, 1961 filed 200,000 common. Price—$5. Business
Oct.
—A
small
.
business investment company. Proceeds—For
Office—485 Fifth Ave., N. Y. Underwriter
investment.
Perfect
Photo, Inc. (6/4-8)
Feb. 14, 1962 filed 154,800 common.
Price—By amend¬
ment (max. $20).
Business—Photofinishing and the dis¬
—To
•
be
named.
Primex
Nov.
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders. Office—4747
N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
27,
Equities Corp. (6/11-15)
filed 360,000 class A commoh.
1961
amendment.
ital.
Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission
investment.
Office—1613
Eye
C.
Underwriter—Sidney
Washington, D. C.
acquisitions
St.,
Price—By
investment
estate
firm.
working
and
cap¬
Binghamton, N. Y. Under*
Research
Rhode
of
Island,
Inc.
(5/28)
July 28, 1961 filed 330,000 common shares.
Price—$2.05.
plastic products
used in the automotive, marine and household fields.
Proceeds—For repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
Business
Proceeds--For
St.,
Z.
Hawley
real
H. Blair & Co., N. Y.
Product
Nov.
property
Office—66
writer—D.
Business—A real estate investment trust.
Business—A
Proceeds—For
N. Y.
D.
offering
working capital. Office
St., Port Chester, N. Y. Underwriter—
Alstyne, Noel & Co., N. Y.
—33
ture and
•
Note—This
Microwave
ceeds—For
acquisition and
Philadelphia Saving
2220
—
<
and
repayment
Address
April 23, 1962 filed
ment
(max. $4.25).
Petro-Capital Corp.
28,
1962' filed
N. W., Washington,
Mensh Securities Co.,
The
—
manufacture
of
vinyl
Business—A
ceeds—For
Sherry
small
556,700
Price—$11.
Prom
Motor Hotel, Inc.
19, 1962 filed 50,000 class A common. Price — By
(max. $10). Business — Company owns and
operates a motor hotel. Proceeds—For expansion. Office
investment company.
Pro¬
corporate purposes.
Office—6130
Dallas. Underwriter—McDonnell & Co.,
Lane,
Feb.
amendment
Offering—Expected sometime in July.
share for each five
22;
common.
business
general
Philips N. V. (5/29)
April 3, 1962 filed 6,153,140
subscription by stockholders
shares
Providence, R. I. Underwriter—Fred F. Sessler &
Co., Inc., N. Y.
v
March
held
of
common
common or
on
the
to
be
basis
—6th
and Main Sts., Kansas City, Mo.
Underwriter—
Barret, Fitch, North-& Co.," Inc., Kansas City. Offering—
offered
of
one
for
Imminent.
(max. $65). Business—Manu¬
a wide range of
electronic, electrical and other
products in the Netherlands and 30 other countries for
throughout the free
world.
Proceeds—For
general
corporate purposes.
Office—Eindhoven, The Netherlands.
Dealer-Managers—Smith, Barney & Co., N. Y., and Rotterdamsche Bank, N.
Pictronics
18,
Inc.
Feb. 7, 1962 filed 85,500 common.
Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd.. Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc.,
Corp.
80,000 common. Price—$5. Business
of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th
St., N. Y.
Underwriter—To be named.
Pierce Proctor Schultte & Taranton
1961
filed
Price—$15,000
plans to
Inc.
N. Y.
$465,000 of 10-year 8% debentures.
debenture. Business—The company
per
organize
and
sell
real
Public
ment
Co., Inc.
(5/21)
(max. $17). Business—Operation of small loan of¬
fices. Proceeds
—41
• Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000
A.
common.
Price—$5.
Business—Loading and unloading of trailers and autos
Fla.
Loan
March 28, 1962 filed 170,000 common. Price—By amend¬
estate
syndicates. Pro¬
ceeds—For general corporate purposes. Office—1807 N.
Central Ave., Phoenix.
Underwriter—None.
•
—
Chenango
G. Becker
&
For general corporate purposes.
St., Binghamton, N.
Co., Inc., Chicago.
Y.
Office
Underwriter—
Publishers
Co., Inc. (6/4-8)
filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
Nov. 28,
Proceeds—For
equipment, expansion and general
Office—1200 Seaboard Dr., Hialeah,
Underwriter—Willard Co., Ill Broadway, N. Y.
corporate
l.
,
.;v
Prosper-Way,
1962 filed
Investment Co.,
;
-
V., Rotterdam, The Netherlands.
—Manufacture
20,
«-:&v
.,
Promistora Gold Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacFherson & Co., Toronto.
Price—By amendment
sale
<■
new
15
participating preferred
May 29. Rights will expire June
record
facture of
ing".
(5/21-26)
a
debentures
of
oscilloscopes,
Corp.
filgcl 150,000 common, of which 75,000
by the company and 75,000 by stock¬
holders. Price—By amendment (max. $12): Business—
Design and manufacture of microwave components. Pro¬
Feb.
from freight cars, and freight consolidation and forward¬
/
March 30, 1962 filed 148,300 common.
Price—By amend¬
ment (max. $26).
Business—Company owns and operates
nated
missiles,
indefinitely.
Premier
are
1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
working
Washington, D. C.
poned
•
Feb. 21,
Dec.
due
tures
production
Balogh &
St.,
Pennsylvania Real Estate Investment Trust
(5/21-25)
Dreyling & Co., Inc., New Brunswick, N. J.
Pay'n Save Corp.
April 27, 1962 filed $1,200,000
and
aircraft,
Co.,
investment.
Underwriter—Sackville-Pickard
Jan.
Feb.
—Louis
for
Proceeds—For
New York.
"Parkview
engineering
devices
North
Paragon Pre-Cut Homes, $nc. (5/21-25)
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital; Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
n.
^
o
Pennsylvania Mutual Fund, Inc.
21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
March
•—
writer—To be named.
Research, Inc.
electronic vending machines and
language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and
tribution of
American
41
June 7, 1961 filed 193,750 common
shares, of which 150,000 will be sold for the
company and 43,750 for stock¬
holders. Price—By amendment. Business—Research and
ceeds—For
Bldg., Philadelphia. Underwriters—Stroud
Inc., Philadelphia, and Walston & Co., N. Y.
100,000 capital shares. Price—By
(max.; $19). »; Business—Writing
of
life,
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310
Lady St., Columbia,
•
Square Corp.
1962 filed 60,000 class A common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. Pro¬
filed
amendment
S. C.
Penn
Fund
Palmetto State Life Insurance Co.
1962
(2245)
March 30,
•
paper,
28,
Chronicle
Financial
dress).
March 30, 1962 filed 150,000 class A common.
Price—By
amendment (max. $13). Business—Manufacture of en¬
March
and
1961
quisition and other corporate purposes. Office—1106 Con¬
purposes.
necticut
Ave., N. W., Washington, D. C. Underwriter—
Roth & Co., Inc., Philadelphia.
Pioneer
Restaurants, Inc. (5/28)
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
stockholder.
tion
of
six
Price—By
amendment.
in
restaurants
Proceeds—For
Plantation
Patterns,
unit. Business—Company plans
natural malta
(a non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San
Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
—
Plasticon Chemicals, Inc.
Feb. 7, 1962 filed 150,000 class
capital shares. Price
Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507-Fifth Ave.. N. Y. Under¬
Perin &
,
Price—$18 per
produce beer and
& Smith,
Inc., N. Y. Offering—Expected in June.
Puerto Rico Land and
Nov.
(5/15).
Development Corp.
filed $4,000,000 of 5% ccfnv. subord. de¬
bentures due 1971 and 200,000 class A shares to be of¬
1961
24,
fered in
25,000 units, each consisting of $160 of deben¬
tures and
eight shares.
Price—$200 per unit.
—Real estate and construction. Proceeds
—
Business
For general
<
Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon & Co-
corporate purposes.
A
—$3.50.
writer—Arden
to
Inc.
1962 filed
100,000 common, of which 70,000
are to be offered by company and
30,000 by stockhold¬
ers.
Price—$5. Business—Manufacture of wrought iron
furniture. Proceeds
For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala. Underwriter—Godfrey, Hamilton, & Taylor &
Co.,
N. Y. Offering—Expected sometime in July.
30,
Inc.
23,
shares.
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co.. San Francisco.
March
Brewing Co.,
1962 filed $2,500,000 of sinking fund deben¬
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
Business—Opera¬
Sacramento.
Rico
Puerto
March
Co., N. Y. Offering—In June.
Policy-Matic Affiliates, Inc.
Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th
New
York.
Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Proceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilsort, Johnson & Higgins,
San Francisco. Note — This offering was temporarily
Pulp
postponed.
St.,
N^W., Washington, D. C. Underwriter—To be named..
Continued
on
page 42
_
42
The
(2246)
Commercial and Financial Chronicle \
.
*
Thursday, May 10, 1962
.
x
Continued from page 41
,,
Rite
YY;Y
Jan.
braKe
Proceeds—For
snoes.
general corporate purposes.
Blvd., Farrmngdale, N. Y. Underwriter
Office—94 Gazza
■—Meadowbrook
Securities, Inc., Hempstead, N. Y.
Queensway Mines Ltd.
March
filed 150,000 capital shares. Price—$1.
Business—Mining; * Proceeds—For debt repayment, sur¬
15,
1962
and
Office—Suite*
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
'*
" - ,"
veying
general
Electronics, Inc.
1962 filed 62,000
Francisco.
corporate
purposes. /
Beverly. Hills, Calif.
Office—11015
29,
—Sale
distribution
and
common.;
of
for
Roadcraft Corp. (5/14-18) ;
Dec. 26, 1961, filed 400,000 common.
Interonics,
and office trailers. Proceeds—For general cor¬
porate purposes. Office—139 Wy Walnut Ave., Gardena,
Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold-'
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
N. J. Underwriter—Lee-Mosson & Co., Inc., N. Y.
ers.
•
Real
Properties Corp. of America
April 27, 1962 filed 300,000 class A shares. Price—By
amendment (max. $16). Business—Company owns cer¬
tain real estate, general insurance agency and a mort¬
gage servicing company. Proceeds—For debt repayment.
Orrice
—
745
Heller &
Fifth Ave., N. Y. Underwriter — Stanley
Co., N. Y. Offering—Expected in mid-July.
Regal-Meadows, Inc. (5/14-18)
22, 1962 filed 145,000 common, of which 100,000
.
_
March
be
to
are
offered
by the company and 45,000 by stock¬
Price—By amendment (max. $11). Business—
Operation of leased departments in discount department
holders.
for
stores
the
sale
of
men's
wearing apparel and hard
repayment, inventory, and
Stanley St., New
Britain, Conn. Underwriter—Hayden, Stone & Co., N. Y.
Proceeds—For
goods.
other
corporate
debt
purposes.
Office—11
Rego Radio & Electronics Corp. (5/28-6/1)
March 1, 1962 ("Reg. A") 80,000 common.
Price—$3.75.
Business—Wholesale distribution of.
automobile, Radios,
replacement parts, air-conditioners, etc. Proceeds—For
inventories, research and development and working
capital. Office—46-25 58th St., Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y.
Regulators,
Inc.
(5/21-25)
1962 filed 75,000 common, of which 50,000 are
to be offered by the
company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
Jan.
29,
manufacture
the
electric
of
regulating and
and
electronic
control
fields.
devices
used
Proceeds—For
in
debt
repayment
and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.
■
New
•
Dec. 15,
Research
Products, Inc. (5/31)
1961 filed 250,000 common. Price—$9. Business
—Manufacture of lithographic blankets used in
printing.
Proceeds—For debt ^repayment
and -working
capital.
Address—Hato Rey, Puerto Rico. Underwriters—Gross
& Co., and Elmaleh & Co.,
Inc., N. Y.
.Dec. 28,
Resin Research
Feb. 27,
ness
—
search,
.
Royaltone Photo Corp./
29, 1961 filed 300,000 common, of which 100,000
to be offered by the company and
200,000 by stock¬
holders.
Price
By amendment.
Business
Develops
and prints color,
and black and white photographic
1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
Richmond
Corp.
Dec. 21, 1961 filed 112,858
common. Price—$7. Business
investment company. Proceeds—For debt
repayment and general corporate purposes. Office—220
&
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite.
Ridgerock of America, Inc.
29,
1961
filed
100,000
Dec.
(5/21-25)
R
common.
dgewood Financial Corp.
(5/16)
March 30, 1962 filed 60,000
common, of which 11,250 are
to be offered by
company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Ownershin of stock of Ridgewood
Savings Loan Co. of Parma,
in Cleveland. Proceeds—For
organizational expenses and
investment.
Office—1717
E.
9tR
St., Cleveland.
writer—Fulton, Reid & Co., Inc., Cleveland.
Riker
Under¬
1962 filed 200,000 class A
to
be
offered
in
units
of
common
four
and
shares
50,000
and
one
warrant.
Price—$30 per unit. Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and
working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H.
Neuwirth
&
Co., Inc., N. Y.
Rising's, Inc. (5/15)
April 3, 1962 ("Reg. A") 100,000
was
withdrawn.
*
Business—General
Salant, Inc.
1962 filed
(6/4-8)
150,000
estate.
Proceeds—For
—
repay¬
ac¬
v
class
of
sterilizers,: multi-dose jet vac¬
injectors,
operating
lights' and
other
medical
equipment.
Proceeds—For inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
-
•
Ernest
M. Fuller
&
,
shares.
A
Price—By
utility and sports' clothes. Proceeds—For selling stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Manufacturing Corp.
•
cine
amendment (max. $35). Business—Manufacture of men's
Salro
real
ness—Manufacture
Office—315
S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—First California Co.
Inc., San Francisco and Allen & Co., N. Y.
yY '-'YY
23,
v
Scientific Equipment Manufacturing Corp.
April 30, 1962 filed 83,500 common./ Price—$6.
Busi¬
:
(max^ $13). Business—Operationvof mem¬
bership discount department stores. Proceeds—For ex¬
(6/4-8)
.
March 19, 1962 filed $250,000 of 7% convertible subordi¬
nate debentures due
1972, and 16,500 outstanding com¬
mon shares to be offered in units
consisting of $500 of
debentures and 33 shares. Price—$632 pfer unit. Business
—Manufacture and distribution of metal
purse and hand¬
bags
frames, for certain manufacturers. Proceeds—For
debt repayment,
equipmeht, and working capital. Pro¬
Co., N. Y.
Y Y.Y
Scripps-Howard Broadcasting Co. (5/21-25) Y,
March 20, 1962 filed 375,000 common. Price—By amend¬
ment (max. $20). Business—Company owns
and-oper¬
ates TV, radio and FM broadcasting stations. Proceeds
.—For selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
•
Seaway
Food
Town,
Inc.
(5/22)-
/*Y.
/•••-•
March. 29, 1962 filed 125,056 common. Price—By amend¬
ment (max. $12). Business —- Operation of a chain of
supermarkets. Proceeds—For selling stockholders/ Office
—1514 S. Detroit
Co., Cleveland.
St., Toledo; Underwriter—McDonald &
'
*
.
•
•
Jan.
writer—I. R. E. Investors
-
ment. Business—Manufacture of alumnium
Ave.,. Brooklyn, N. Y. Under¬
Corp., Levittown, N. Y.
•
Sampson Enterprises, Inc. (6/4-8)
Feb. 28, 1962 filed 450,000 common. Price
By amend¬
ment
(max. $8). Business—-A holding company for a
—
real
ing
estate concern, motor
inn, shopping centers, bowl¬
establishments, etc. Proceeds—For debt repayment
working capital. Office—222 E. Erie St., Milwaukee.
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler &
Co.,, Inc., St. Louis.
Underwriters
working capital. Office—151 N. Vermont
Ave.,
Los Angeles. Underwriter—Adams &
Co., Los Angeles.
registration
Sage International Inc. '■■■: >> - • Y/./'Y-Y•
April 30, 1962 filed 150,000 capital shares.
Price—By
Sa'ant &
;;
Corp. '
Pictures, Inc. (6/4-8)
Feb. 7, 1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the entire class A* and
18,136 common
will be offered by stockholders. Price—By amendment
($35 max.). Business—Company develops, prints, and
finishes, "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N.. Mill St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and Kroeze, McLarty
& Duddleston, Jackson, Miss.
Y
" /
Y./Y
>
accessories. Proceeds—For equipment, debt repay¬
ment, and other corporate purposes. Office —Idlewild
International Airport. Jamaica,
N./Y. Underwriter—,
inventories.
(Walter J.)
Offering—In¬
Chicago.
Y/Y';•":;Y '///Y'V/Y
School
and
and
Co.,
";
derwriter—None.
S. Instruments, Inc. :
5
1961 filed 100,000 common/ Price—$3.25. Busi¬
ness—Repair and maintenance of aircraft instruments
and
common. Price
$3.
Business—Distribution of electrical and electronic
parts,
components and equipment. Proceeds—For debt
ment and
Price—12%
common.
M.
pansion
&
quisition of property. Office—67 W. 44th St., N. Y. Un¬
2,400,000
Note—This
Office—235. W. Galena St., -Milwaukee. Under¬
ceeds—From the stock sale will
go to selling sharehold¬
ers. Office—413 Thatford
Delaware Corp.
March 29,
warrants
Inc.
Underwriter—Pennaluna & Co., Spokane, Wash. <
named.
Proceeds—For
beers;
By amend¬
"Schlitz''-and
selling stock¬
—
filed $5,500,000 of 6%% subordinated con¬
110,000 5-year warrants
to purchase a like amount of class A common; :• The
company plans to offer the securities in. 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976. Price—By amend¬
Business—Exploration and development of mineral
be
r
Feb. 28, 1962
Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
To
•
vertible debentures due 1977 and
deposits.
S.
Business—Brewing.-of
Milwaukee"
ment.
•
$35).
Schneider
writer—To be named.
cents.
Y
Brewing Co.
writer—Glore, Forgan
definitely postponed.
rubber. Proceeds—Purchase of equipment and
existing plant building, repayment of debt, and working;
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
March
Price—$2.50.
Business—Production of stone facing for
buildings. Proceeds—For debt reduction and general
corporate pur¬
poses. Address — Sebring, O. Underwriter — Baruch
Brothers & Co., Inc., N. Y.
•
"Old
canized
Silver Mines,
1962 ("Reg. A")
(Jos.)
(max.
holders.
For
Rubber & Fibre Chemical
Corp. \
*
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvul-
•
»
ment
—
amendment
—A real estate
K
Schlitz
March 2,.1962 filed 347,543 common. Price
equipment and working capital.
Office—245 7th Ave., N. Y; Underwriter
—Federman,
Stonehill & Co., N. Y.
Offering—Expected sometime in
June.'
YY.-YY-- ; Y Y'
Ruby
"
—
are
Jan. 2,
%-
.
Nov.
—
"
Schaevitz
Engineering (6/4-8)
March 13, 1962 filed 150,000 common, of which 100,000
are
to be offered by company and 50,000-by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating;
recording, testing and controlling devices used- in air¬
craft and missile systems. Proceeds — For expansion.
Address
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
Y
(Henry), Inc.
Proceeds
stereo
.
•
(5/31-6/1) Y
March 23, 1962 filed 120,000 common. Price—By amend¬
ment
(max. $10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a
selling stock¬
holder, Office—498 Seventh Ave., N. Y. Underwriter—
Robert A. Martin Associates, Inc., N. Y.
film.
of
Underwriter—Bear, Stearns & Co., N. Y. Y
and
Ave., Philadelphia. " Underwriters—Burnham &
Co., and Zuckerman, Smith & Co., N. Y. *
•
:
-
—
distribution
ment (max. $9). Business — Wholesale^ distribution of
printing paper and paper products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y;
Roberts
Rosenfeld
and
Proceeds—For working
viewers.
Saxon Paper Corp.
Y
"
r >"YYYY
March 30, 1962 filed 200,000 common. Price—By amend¬
Nov. 28,
Laboratories, Inc.
field. Proceeds—For expansion of
facilities, debt repay¬
ment and working capital. Office—396-406 Adams
St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
•
St.
1
photographs
capital. Address—Portland, Ore. Underwriters — Straus, Blosser & Mc¬
Dowell, Chicago, and Hill, Darlington & Grimm, Nv Y;
and
Brothers, Inc. (5/14-18)
1962 filed 300,000 common, of which 150,000
are to be offered by the
company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Manufacture and sale of girl's dresses and sportswear.
Office—Fox
YY:*.Y/YYv:YYY#
26,
—Manufacture
8,
repayment.
Y:Y
1962 filed - 240,000 capital shares, of which*
140,000 are to be offered by company and 100,000 bystockholders. Price—By amendment (max. $9);. Business
Offering—Imminent.
debt
(6/4-8)
Sawyer's Inc.
Mar.
Corp.
1961 filed 200,000 common. Price—$5. Business
plastic housewares, baby products and
Proceeds—For
Towson, Md.;
River
Industries, Inc. (7/2-6), Y
Y;.
March 29, 1962 filed 100,000 common.
Price—$5. Busi¬
ness—Design, development - and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc.,. N. Y.
YY '
Rosenau
March
Office—3310 New York Ave.. N. E., Washing¬
Mill
Saw
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
Y.
,
.
ton. D. C. Underwriter—C. A. Taggart, Inc.,
other plastic items. Proceeds—For debt repayment and
other
corporate purposes. Office—1517 Jarrett Place,
.
•
a
—Manufactures
N.
and equipment.
Santa Fe Springs," Calif.
Co., Los Angeles.
Y
:
repayment
Drugs, Inc.
rY
•»
•
j
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord..
debentures. Price—At par. Business—Operation of
chain of drug stores. Proceeds—For general corporate
purposes.
•
Plastic
debt
Bloomfield Ave.,
conv.
York.
Rona
Proceeds—For
Dec.
—
,
oil.
.
Save-Mor
homes
(6/4-8)
Inc.
.
Underwriter—Dean Witter &
Price—By amend¬
Business—Design, manufacture and sale of mobile
ment;
.
Drilling Co. (6/4-8) /•
March 30, 1962 filed 160,000 common, of which 100,000are to be offered by company and 60,000 by stockholders.'
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
Santa Fe
Calif. Underwriter
Vickers, MacPherson & Warwick,
Inc., N. Y.
'.Y;Y;'Y
Y'Y'
^
Oct. 30, 1961 filed 40,000 common. Price—$5. Business
Roblin-Seaway Industries, Inc. (5/21-25)
>
^
—Manufacture of radio frequency interference filters
March 29, 1962 filed $1,000,000 of 6%
cpnvertible sub¬
and capacitors. Proceeds—For equipment, working cap¬
ordinated debentures due 1982. Price—At par. Business
ital and other corporate purposes. Office—15 Neil Court,
—Purchase and sale of scrap steel and other metals and
operation of a rolling mill, a stevedoring business and
Oceanside, N. Y. Underwriter—Arnold Malkan & Cotwo demolition companies. Proceeds—For general cor¬
Radio Electric Service Co. of New
porate purposes. Office—101 East Ave., North TonawanJersey, Inc.
da, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.',
(5/18)
,
RF
Underwriter—Cantor, Fitzgerald & Co.," Inc.,
1 ;
;
Y
•
/
'»
:;.Y
Price—$6. Business
receiving tubes, television
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y. Underwriter—Robbins, Clark & Co.,
Inc., N. Y. Offering—In early June.
•
Quality Brake Rebuilders, Inc.
Jan 3,
la62
("Keg. A") 3UU,UUU common.
Price—$1.
Business—Rebuilding and reconditioning of automotive
—
San
Francisco Capital Corp.
April 23, 1962 filed 60,000 common.
ness—A
—For
small
business
investment.
,
.
investment
Office—400
*
Y
.
Price—$12.50.
company.
Montgomery
Busi¬
Proceeds
St.,
San
Security
Aluminum Corp.
26, 1962 filed'200,000
(5/28-6/1)
Price—By amend¬
sliding win¬
equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
dows
and
doors.
common.
Proceeds—For
Seg Electronics Co., Inc. (6/11)
Sept. 28, 1961 filed 110,000 common.' Price—By amend¬
ment;
for
•
Business—Design
data and
and
manufacture
of
networks
transmission, filters, transceivers
and related electronic equipment. Proceeds—For equip¬
ment, research and development; repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y., Y
program
_
Volume
195
Number 6158 -V//The Commercial and
tv
,
43
(2247)
*
.
Selective
Feb.
to
are
ate,
Financial
Corp,: '
*V*'. * v v •
/
500,000 common, of which 405,000
be offered for
subscription by holders of the A,
C stock of Selective Life
Insurance Co., an affili¬
28,
B and
B
Financial Chronicle
.
1962
the basis of 4 company shares for each class A
on
share
and
Selective
Southeastern Real
filed
two-thirds share for
Life
held.
each
class
Remaining 94,822 and
C share
trust.
of
publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in
the consumer finance, mortgage, general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
nix.
Underwriter—None. Note—Warrants, expiring in
about 120 days, will be mailed to stockholders about
May 4.
//■/;:: ?
/•/'/, //;/.// ■ :':7/
,
building.
a
Office—565
.
.
,
-v
Fifth
Ave.,
„
...
_
-
•
Dairy Products, Inc.
(5/28-31)
'
Office—3601 N. W. 50th St., Miami, Fla. Un-
Superior Bakers, Inc.
(5/31) *
/
1962
28,
eral
corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,~
Washington, D. C. 7
...
...
^
./•- / ' •
H
■
•
Symington Wayne Corp.
Ave., Maspeth. L. I., N. Y.
/'V:/.*Vv "//
,
filed 325,000 common, of which 294,000
are to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment and gen¬
Feb.
Underwriter—M, H. Woodhill, Inc., N. Y. Offering—Imminent.•
•
Feb.
22, 1961 filed 175,000 common. Price—$4. Business
of- metal shower receptors, precast con¬
crete rceptors, prefabricated metal showers/ baseboard
radiators and rope and twine. Proceeds—For a new plant
N. Y.
'
,
.
derwriter—Finkle & Co., N. Y.
Dec,
A
named.
.purposes.
Spartan International Inc.
in Canada. Office—52-55 74th
be
Sun City
Wash¬
—Manufacture
>
of.
E.
,
•
Properties Corp.
*
May 1, 1962 filed 200,000 class A common./Price—$10.
Business—Real, estate investment.
Proceeds—For con¬
Underwriter—None.
Office—600
Towing & Transportation Co., Inc.
Nov. 29, 1961 ("Reg. A") 100,000 common.. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
«
^
^
—
struction
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate
investment.
Southeastern
scribed shares will be offered
Sentinel
Proceeds—For
ington St., Orlando, Fla. Underwriter—None.
or
,4kr
investment. Office—50 E. 40th St., N. Y. Underwriter—
To
ment
unsub¬
any
Estate Trust
1962 filed 700,000 common/Price—By amend¬
(max. $13.80). Business—A real estate investment
'April 2,
,
£3,
1962
-
$5,005,700 • of 4%% conv/'subard. /
1, 1982, being offered ior subscription /
filed
debens. due April
]*'' ///
by common stockholders (and warrant holders) at the
7,"/■';
''
Servotronics, .Inc.
',v //V//7
:/ v- !. j' _C/
rate of $100
of debentures for each 38s common* (or
Spears - (L. B.), Inc.- (7/2-6)
7
> ■;.7
~
•
March 30, 1962 filed 125,000 capital shares. Price —
$3. 7 Oct. 30, 1961 filed 65,000 common. Price—$5. Business— / warrants) held of record May 4. .* Rights will expire
Business—Design, development and manufacture of pre-, -*
May 21, 1962. Price — At par. Business—Manufacture of
Operation of retail furniture stores. Proceeds — For
cision control components and as^ciated
products. Pro¬
gasoline dispensing pumps, service station equipment,
working capital. Office—2212 Third Ave., N. Y. Underceeds
For debt
repayment, equipment and working
writer—Arnold Malkan & Co., Inc., N. Y.
specialty steel castings for railroads, and mechanics hand
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
tools. Proceeds—For debt repayment and working capi¬
Spenard Utilities, Inc.
Underwriter—General Securities Co., Inc., N. Y.
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,
March 30, <4962 filed 117,541 common, of which 50,000
Jackson & Curtis, N. Y.
Shainberg (Sam) Co.
are to be offered
by company and 67,541 by stockhold¬
March 30, 1962 filed 236,000 common.
Price—By amend¬
ers. Price—$2.50.
Szemco, Inc.
Business—Installation, operation, main¬
ment (max. $13). Business —
Operation of a chain of
Dec. 29, 1961 filed 66,666 common. Price—By amend¬
tenance and ownership of public water distribution and
junior department stores and self-service
ment ($1.50 max.). Business—Design and manufacture
discpunt stores.
sewage disposal systems. Proceed—For general corporate
Proceeds—For selling stockholders. Office—1325 Warof
ordnance, automotive, aircraft and guided
missile
purposes. Office—3110 Northern Lights Blvd., Anchorford St., Memphis. Underwriter—New York Securities
parts and components. Proceeds—For selling stockhold¬
age. Alaska. Underwriter—To be named.
Co., 52 Wall St., N. Y.
ers. Office—4417 Okechobe Rd., West Palm Beach, Fla.
Sperti Products, Inc.
7
;
'}■
■
.
;
.
/
f
•
„
—
-
•
•
•
Shelley Manufacturing
Co.
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company and 30,000 by stockholders.
handling
packaged foods, and various food serving devices. Pro¬
equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
ceeds—For
Fla.
Signalite Inc.
29,
1962
Blair
(5/16)
filed
common.
Price—$4.50.
Busi¬
/
;
indicators and circuit components. Proceeds—
For debt'repayment,
equipment and working capital..
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
Milton D. Blauner & Co., N. Y.
../'/
use
as
•
Simplex Lock
/-(/v
April 20, 1962 filed 20,000 common to be offered for sub-'
scription by stockholders of the-company and of. Associ¬ 7
ated.
Development
basis of
and
one
new
share
one
Price—By
Research'
and
Corp.,' parent, .'on' the
ment and sale of
share for each 10 company shares
held,
each 30 shares Of Associated - held.- /
.
a
(max.
new
$20),
Business—Develop¬
type combination lock. Proceeds
equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
Charles Plohn & Co. and B1 W. Pizzini &
Co., N. Y.
Site-Fab,. Inc. (.6/4-8) > 7.
;/
Feb. 27, 1962 filed 135,000 common. Price
1
;
—
and
J.
temporarily
Underwriter
7
•
■
''::
accident
insurance.
Proceeds—For
•:r '••
Tactaar
trol
equipment used in missiles, helicopters and aircraft.
selling
stockholders
Address—Bridge¬
Proceeds—For
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co.; Philadelphia.
Tayior Publishing Co.
Dec.
21, 1961 filed
•
!
1
common.
Price—By
amerid-/
distribution of school
7
Teaching Systems, Inc.
March
8,
1962
A")
("Reg.
Business—Production
and
50,000
sale
Price—$2,
common.
musical
of
educational
records. Proceeds—For equipment, sales promotion and
working capital. Office—1650 Broadway, N. Y. Under¬
writer—To
investment and
:
r;
152,000
Production and
—
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Underwriter—Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
ing—Imminent. • • '
7'v
<
t
(5/21-25)
Controls, Corp.
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
•
be
Technical
4
named.
Animations, Inc.
(5/14-18)
Nov/30, 1961 filed $211,400 of 7% couv. subord. deben¬
due
tures
Vending Corp.
Fluid
Wilshire
& Co., 9301
—
ment. Business
-_\y
Statewide
(6/15)
§0,000
Costello, Russotto
Blvd., Beverly Hills, Calif.
1962
filed
300,000
common.
Price—By /
(max. $5). Business—Writing of life, health
27,
writer—None.
.
(6/18-22)
Insurance Co. of Colorado
Inc.
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter—Costello, Russotto & Co., Los Angeles.
Underwriter—
was
working capital. Office—1760 High St., Denver. Under--
Inc., Washington,
Realty Trust
March
amendment
—r
S'xty
N.
Co., Inc.
Feb. 27, 1962 filed 307,000 common, of which 27,000 are to
be offered by the company and 280,000 by stockholders.
Price
By amendment (max.' $18). Business — Manu¬
facture of aluminum and fiberglass pleasure boats. Pro¬
ceeds—For working capital. Office—Goshen, Ind.. Underwriter—A. G. Becker & Co., Inc., Chicago. Offering—
Temporarily postponed.
; /
State Life
By amend¬
(max, $4),-Business—Construction of homes/Proreeds
For debt repayment, acquisition of land and
working capital.. Office — 1093 Frank Rd./Columbus,
Ohio. Underwriter—H. P. Black &
Co.,
/■///
Hoboken,
Sportsways, Inc. (5/28-31)
Feb; 20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,00ft by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
N. Y.
.;•,/
v-,.
'v.//,
•/
ment
•
St.,
Industries,
29, 1962 ("Reg. A")
ceeds—For debt repayment, leasehold improvements and
—
—For
:;0. C,-..
Grand
Co., N. Y; Note—This offering
Tabach
common. Price — $6.
business—Manufacture and sale of women's wear. Pro¬
Star Tank & Boat
for
amendment
&
•
postponed.
126,000
ness—Manufacture, sale and development of glow lamps
for
March
Office—730
Underwriter—George, O'Neill & Co., Inc., N. Y.
Jan.
Underwriter—None.
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
(5/28-6/1)
Dec. 29, 1961 filed 55,000 common.
Price—$6.50. Business
—Manufacture of
automatic ' equipment
for
1972
(with warrants)
to be offered
for sub¬
scription by holders of class A and class B common at
-
.
March 23, 1962 filed 88,250 common. Price—$4.25.—Busi¬
the rate of $100 of debentures for each 280 shares held.
•
cigarettes, coffee, beverages, .candy etc.,
common/Price—$1,000. Business
Price—$100 per unit ($100 of debentures and one. war- /
through,vending machines. Proceeds—For debt repay-;
—Company plans to qualify as a real estate investment
rant to purchase 14 class A shares). Business—Design
;
trust. Proceeds—For general corporate
ment, leasehold improvements, expansion and working • and manufacture of animated transparencies and other '
purposes. Office
—-909 Howard Bldg.,
capital. Office—354 Hempstead Ave., West Hempstead,
technical training aids and displays. Proceeds—For debt
Providence, R. I. Underwriters—G.
N. Y. Underwriter—M. H. Myerson & Co., Inc., N. Y.
H; Walker & Co., Providence and Blair & Co., N. Y.
\
/repayment, expansion, research, and"working capital. •'
-Office—11 Sintsink Dr., East Port Washington, N. Y.
7# Steel Plant Equipment Corp. (5/31)
-•Skiers Service Corp. (5/21
-25j/ 4 *'Z::/"
Underwriters—Bull & Low; John R. Maher Associates; /
Oct. 30, 1961 filed 550,000 common.
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
Price—By amend¬
and R. Topik & Co., Inc., N. Y.
ceeds—For equipment and working capital.. Address— ;
ment.
/,/• :. •';,
Business—Distribution of
n/
/
coin-operated insur¬
ance
Technical Capital Corp.
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
vending machines to brokers at sporting centers
Proceeds—For inventory, advertising and
Norristown, Pa.
April 30, 1962 filed 500,000 common. Price—$10. Busi¬
working capi¬
,
Feb. 28,
1962
filed
1
ness—Sale
350
of
,
-
.
tal.
Office—420
Lexington Ave., N. Y.
Underwriter-
Pacific Coast Securities Co.. San Fra^^isco. Note
firm formerly was named National
ance
•
-
Corp.
.
// //
—
•
j
This
'•;•/
(5/28-6/1)
7
Sept. 28, 1961 filed 240,000 common/ Price—$2.50 Busi¬
ness—The instalment retailing of
furniture, appliances
and
other household
and
For
—
expansion
•
modernization
of buildings, repayment of debt and
capital." Office—253 Columbia St., Brooklyn,
working
N.
Proceeds
goods.
Y.
Underwriter—Tp be named.
'Solid
Feb/1,
ment.
State
Products, Inc.
filed
1962
110,000
common.
7
Price—By
Business—Development, manufacture
semiconductor devices. Proceeds—For
repayment
Salem,
and
Mass.
Day, N. Y. ■'
^
.Solon
working capital.
Industries,
Inc.
and
sale
'
of
plant, debt
St.,
Anthony & R. L.
/
Feb.
to
' •
Business—Installation of its coin operated
ment at designated residential locations.
laundry
new
equip¬
selling stockholders. Office—115 L St., S. E. Washington,
D.
•
C.
:
^
'
—Meadowbrook
Securities
—This registration
was
Inc., Hempstead, N. Y. Note
withdrawn. - \ ' V- ; ,
«
with
nection
electronic
circuits.
Proceeds—For
expan¬
sion/research and development, acquisition a technical
library, and working capital. 'Office—200 S. Jefferson
(5/31)
St., Orange, N. J.
Ten-Tex
•
Jan.
Underwriter—Magnus & Co., N. Y.
Corp.
(6/11-15)
120,000 common. Price—$2.30.
a
machine for production of
products. Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
31, 1962
("Reg. A")
Business—Manufacture
Industries, Inc.
of
textile
tufted
Paul.
'
Texas Technical
Capital, Inc.
Oct. 16, 1961 filed 275,000 common. Price—By amend¬
ment (max. $20). Business—A small business investment
company. Proceeds—General corporate purposes. Office
—1947 W. Gray Ave., Houston. Underwriters — F. S.
Smithers & Co., N. Y., and Moroney, Beissner & Co.,1
Inc., Houston. Note—This company formerly was named
Texas Electro-Dynamics Capital, Inc. ' "
•"*
types of fish
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
March
the
Corp.
*•
29,
Thermotronics Corp., Inc.
are
stockholders.
nance
—95
Financial
1962. filed 315,000 class A shares of which
to be offered by the company and 97,000 by
Price—$6. ^Business—Commercial fi¬
company.
Proceeds—Fbr debt repayment. Office
218,000
1961
Under¬
Corp. (5/21-25)
filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
_
Development Corp. of America
filed 56,000 common, of which 30,000 are
to be offered by the company and 26,000 by stockhold¬
ers. Price—$5. Business—Design,
development and man¬
ufacture of devices using sound or fluids as a source of
energy. Proceceds—For general corporate purposes. Office—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
27,
Proceeds
Tellite
21, 1962 filed 115,000 class A, of which 40,000 are
company and 75,000 by stockhold¬
Price—$6. Business—Manufacture, sale and distribu¬
Stratford
:■
Sonic
Oct.
.
Underwriter—None.
company.
Jan. 29, 1962
Allendale, N. J. Underwriter —- Andresen & Co., N. Y.
Offering—Indefinitely postponed.
Proceeds—For
investment
Office—235 E. 42nd St., N. Y.
writer—Straus, Blosser & McDowell, Chicago.
tion of fish foods and distribution of various
and
Price—By amendment;
business
be offered by the
ers.
7 :
'
common.
small
—For investment.
common.
Stephens Mfg. Co., Inc.
Sternco
Pingree
/ ,
(M.)
200,000
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—814
E. 29th St., Los Angeles. Underwriter — Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif.
new
a
Office—1
Underwriter—Tucker,
, * .
•
7.:. • •• ■ • /•
Dec. 28, 1961 filed 75.000
'
amend¬
1962
5,
March 28, 1962 ("Reg. A") 75,0Q0 capital shares. Price—
$4. Business—Manufacture and distribution of electrical
-
*
(5/21-25)
filed
ness—A
(5/21-25)
Cycle Corp.
Price—$3. Business
—Manufacture of bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving expenses and a
new
product line. Office—744 Berriman St., Brooklyn,
N. Y. Underwriters—Lloyd Securities, Inc., and Richard
Bruce & Co., Inc., N. Y.
Vending Ski Insur¬
i;.'/' •//,v r"/1/ ';V'//
Sokol Brothers Furniture Co., Inc.
Stelber
Jan.
.
.
Madison
Burnside &
Ave., N. Y.
Co., Inc., N. Y.
Underwriter—Mortimer
"
B.
V
"
•
' *'
' " "
1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Development of electronic
and electrical devices used
in plumbing and heating
fields and thg. manufacture of compact electric water
March 30,
^
<
working capi- *
Office — 492 Grand-
heating units. Proceeds—For equipment,
Stratton
-
-
March 20,
Realty & Construction Fund,
1962 filed 500,000
ness—A real
common.
Inc.
Price—$20. Busi-
estate investment company. Proceeds—For
tal
1
and
other.corporate purposes.
7
•
'
Continued
on
page
44
;
The Commercial and
44
Financial Chronicle
.
.
Thursday, May 10, 1962
.
(2248)
Blvd., Westbury, N. Y.
ciates, Inc., N. Y.
Thom-Tex Paper
held
10
each
for
Continued from page 43
1962. Price
11,
of record May
—
United Telephone Services,
By
Underwriter—J.
B. Coburn Asso¬
'
Converting Corp.
Corp., N. V
(6/11-15)
'
*
Inc.
1962 filed 150,000 class A common. Price-v-By
(max. $5), Business—A telephone holding
company. Proceeds—For debt repayment; equipment and
working capital. Office—645 First Ave., Ny Y;, Under¬
writer—J. R. Williston & Beane, N. Y./ : .
'
. .*
March 30,
(max. $25). Proceeds—For debt repayment
and construction. Office—35 W. Pennington St., Tucson,
Ariz. Underwriters—Blyth & Co., Inc. and First Boston
amendment
amendment
-
.
filed 70,000 common. Price—$4. Business
of writing paper items. Proceeds—For
debt repayment and working capital. Address—Highway
3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
March 15, 1962
—Manufacture
N.
Y.
Mar.
000
Co., Inc.
Time
(5/28-6/1)
Inc.
Controls,
filed 150,000 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
1961
12,
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y.
•
Marts
Towers
Feb.
1,
1962
amendment.
International,
filed
550,000 capital
Business
—
(5/28-6/1)
Inc.
shares.
Company builds
Price — By
and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Co., N. Y.
Langley
Traid
Feb.
(5/21-25)
Corp.
12, 1962 filed
150,000 common.
Price—By amend¬
ment
(max. $9). Business—Design and sale of special
cameras for scientifio*photography.
Proceeds—For gen¬
eral .corporate purposes.
Office—17136 Ventura Blvd.,
Encino, Calif.
LakeiCity.
A: Hogle
Underwriter-^J.
*
'•
'
•
&
Co.,
1
(Jneeda
Dec.
Business
Industries
Inc.
1961 filed 100,000 common. Price—$5. Business
and
development in the data and image
—Research
N.
Johnson
named.
•
transmission field. Proceeds—For debt
other corporate purposes. Office—1000
and
Ave., El Cajon, Calif. Underwriter—To
Offering—Indefinitely postponed.
Transogram Co., Inc.
new
be
Proceeds—For
of
15,
general
Insurance
equipment
and
working capital.
Office—2079 Wantaugh Ave., Wantaugh, N.Y. Underwriter—Weisel, Kleinman & Co., Inc.
Garden City, N. Y.
•
Tremco
Manufacturing Co.
Feb. 26, 1962 filed 150,000 class A common. Pride
By
amendment (max. $15). Business—Producer of
protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd
Cleve¬
—
land.
Underwriter—McDonald
&
Co..
Cleveland.
Offer¬
ing—Temporarily postponed.
Tri-Department Stores Associates
9, 1962 filed $2,436,000 o£ limited partnership in¬
Price—$6,000 per interest. Business—Company
Feb.
terests.
formed for the purpose of
acquiring for investment
the fee title to three discount department stores.
Pro¬
ceeds—For debt repayment. Office—30 E. 42nd
was
St., N. Y
Underwriter—Adler
Securities
Corp., N. Y.
each
two
WaddelL shares
held.
April 11, 1962
subscription by
Electric Light & Power Co. (5/11)
filed 486,111 common, to be offered for
stockholders
on
the
basis
of
one
share
in units of
United
Markets
Inc.
one
of each
share
class.
Price—
unit.
per
Utah Concrete
Pipe Co.
8, 1962 filed 110,000 common. Price — By amend¬
(max. $10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah.
Underwriter—Schwabacher & Co.; San Francisco. Offering — Indefinitely
postponed.
"
:
ment*
The
pected in late June.
+•
-
Utah Power &
April
due
tion.
Light Co.
(5/22);
$22,000,000 of
2, 1962 filed
1992.
Pioceeds—For
Office—1407
West
first mortgage bonds
debt repayment
North
Temple
and
St.,
construc¬
Salt
Lake
City. Underwriters — (Competitive). Probable bidders:
First Boston Corp.-Blyth & Co., Inc. (jointly); Kidder,
(5/21)
March
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes. Office—531 Ferry
St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.
United-Overton Corp.
Mar. 26, .1962 filed 450,000
common, of which 90,897
to be offered by the
company and
are
359,103 by stock¬
Price—By amendment (max. $18). Business—
Operates hard goods' departments in discount depart¬
ment stores. Proceeds—For debt
repayment. Office—19
Needham St., Nugent
Highlands, Mass. Underwriters—
McDonnell & Co., Inc., and Oppenheimer &
Co., N. Y.
Offering—Expected in early June.
holders.
United
Packaging Co., Inc.
1961 filed 102,000 common. Price—$3. Business
—A general packaging business. Proceeds
For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co.* Inc., N. Y. Offering—June.
Nov. 29,
—
Tucson Gas,
•
filed 562,500 common, of which 472,100
to be offered for subscription by stockholders
& Reed, Inc., parent, on the basis of one
for
.
Feb.
Waddell
share
„
of Texas,
Business—Manufacture of urethane
foams.
Proceeds—For
equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank
Bldg., Dallas.. Under¬
writers—First Nebraska Securities Corp., Lincoln, Neb.
$5.05
Co.
remaining 90,400 shares will be. offered to certain per" sons associated with the parent company or its subsidiaries. Price—By amendment. Business—A legal re¬
serve life insurance company. Proceeds—For the account
ic Transportation for the Handicapped, Inc.
May 2, 1962 filed 80,000 common. Price—$2. Business—^ of Waddell & Reed. Office—20 W. 9th St., Kansas City,
Mo. Underwriters—Waddell & Reed, Inc., Kansas City,
Company plans to sell franchises for "Mobile Care," a
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
specialized method for transporting the aged and handi¬
advertising,
.
Urethane
Inc.
Feb. 14,1962 filed 250,000 class A and 250,000 common to
corporate
and sports sets.. Proceeds—For
Proceeds—For
•
1961
are
Telephone, Inc.
Angeles.
Bldg., Memphis. Under¬
writer—Wilder, Hansbrough, Finch & Co., Memphis.
United
children's playroom furniture,
a.selling stockholder:.Of¬
fice—200 Fifth*Ave., N. Y. Underwriters-Lehman Brothers, N. Y.
games,
Inc.
Office—704 Dermon
Life
display and
Redevelopment Corp.
be offered
Investors
Price—$1. Business
lighting fixtures and
29, 1962 filed 100,000 common. Price—By amend¬
ment.
Business—Company operates the "Kellogg Plan"
which provides 100% financing and construction through
a single source for renewing older residential properties.
Proceeds—For
debt
repayment,
sales financing and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles. Underwriter—rHolton, Henderson & Co., Los
lnn% Inc.
United
of
(max.
Urban
3,000 common. Price^-$17.50.
data processing services.
working capital and expansion. Office—
and
Inc.
March
electronic
repayment
the purchase
(6/4-8)
("Reg. A")
debt
For
filed 150,000 common. Price—By amend¬
$5,625). Business—Operation of telephone
facilities in N. Mex., 111., and Wis. Proceeds—For expan¬
sion and working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall Co., Milwaukee.
ment
"
Dec.
(5/28-6/1)
Universal Lighting Products,
Universal
March 26, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Construction and operations of motor hotels
under license granted by Holiday Inns of America, Inc.
purposes.
—
March 29, 1962
Ave., Portland, Ore. Underwriter—First
Cascade Corp., Portland, Ore.
Proceeds—For
Proceeds
of new moulds,
capital. Office—55 Bergenline Ave , Westwood. N
J.
Underwriter—Globus, Inc., N. Y." Offering—Imminent.
1430 N. W. 10th
United
(5/28)
merchandising equipment for use in gasoline service
stations. Proceeds — Repayment of debt arid working
St., N. Y. Underwriter—M. G. Davis & Co., Inc.,
United Data Processing,
mosaic tiles.
and
installation
—Manufacturer
N. Y.
ufacture
capped.
•
29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail Camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
Business—Furnishes
City, Mo.
filed
Sept. 21, 1961 filed 175,000 common.
Jan.
April 2, 1962
'
machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
was named
Aero-Dynamics Corp.
Corp. (5/28-6/1)"
•
March 30, 1962 ("Reg. A") 100,000 common. Price—$1.50.
Business— Manufacture of high-precision instrument
components for aircraft and missile guidance systems.
Proceeds—For debt repayment, equipment and working
capital. Office — 1634 Marion St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
43rd
Fund, Inc.
Industries, Inc.
1961
7,
marble
and
Electronics
Inc.
V
100,000 common shares. Price—$5.
Business —The importation and distribution of Italian
Aug.
named.
Unison
United Variable Annuities
Universal
common. Price — $3.
and used coin-operated
it Unique Zipper Distributing Co.
April 25, 1962 ("Reg. A") 30,000 common, of which 20,000 will be offered by company and 10,000 by under¬
writers.
Price—$10.
Business—Importation of zippers
and the manufacture of a zipper sewing machine attach¬
ment.
Proceeds—For expansion and working capital.
Office—3215 Western Ave,, Seattle. Underwriters-—To be
shares
toys,
of
.
& Reed, Inc., Kansas
Offering—Expected in August.
("Reg! A") 73,500
Purchase
(6/4-8)
Underwriter—Waddell
vending and recreational machines. Proceeds—For general corporate purposes. Office—250 Meserole St., Brook¬
lyn, N. Y. Underwriters—Fabrikant Securities Corp. and
Karen Securities Corp., N. Y.
March 15, 1962 filed 156,000 common.
Price—By amend¬
ment (max. $12).
Business—Design, assembly and man¬
of
—
Scientific Corp.
S.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Inc.
Vending Service,
1961
14,
United Camera Exchange,
April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and
80,000 by stockholders.
Price—By amendment (max. $10). Business—Operation
of dry cleaning and laundry plants. Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer—Granbery, Marache & Co., N. Y.
repayment
of
corporate
;
&
—
processing and
general
Tyler Pipe & Foundry Co. (5/22)
1962 filed 120,000 common. Price—By amend¬
ment.
Business—Design, development and manufacture
of cast iron products. Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas.
UnderwriterFirst Southwest Co., Dallas.
•
Capital, Inc.
Nov. 27, 1961 filed 47,000 common. Price—By amend¬
ment. Business
Manufacture of high pressure valves
and accessories. Proceeds—For expansion, working cap¬
ital, and possible acquisitions. Office — Pacific National
Bahk Bldg., Bellevue, Wash. Underwriter—To be named.
Transdata,
For
—
Jan. 25,
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage, Alaska.
Nov. 29,
Proceeds
Business—Sale
$15)
(max.
amendment
merchandise.
Office—East Main St., Scottsville, Ky, Under¬
writer—Bear, Stearns & Co., N. Y.
holder.
Trans-Western Service
U.
3\iar. 22, 1962 filed 85,000 common. Price—$4, Business
—Company plans to merchandise arid distribute a. line of
consumer
products, including an air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital/ Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc., N. Y.
& Son, Inc.
(J. L.)
Price—By
retail
Salt
Co., Inc., N. Y.
working capital; Office—972r Broad "St.,
Newark, N.. J-Underwriter-^Hi Hentz & Co., N. Y. Offer¬
ing—Expected sometime in June. V( ;
* V . \
purposes.
Trans-Alaska Telephone Co. (6/11-15)
NoV. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
Research
Investment Co.; '
Realty
Proceeds—For
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
to be offered by company and 60,000 by a stockholder.
•
Trans-Pacific
United States
r:
-
Turner
°
Underwriter—Milton D. Blauner &
repayment, expansion and work¬
Office—480 Lexington Ave.y^NrY.- Under¬
writer—rDouglas.Enterprises/ 8856 18th Ave., Brooklyn;*
30, 1962 filed 150,000 capital shares. Price—By
amendment (max. $8). Business — General real estate.
N. Y.
it Top Dollar Stores,
Tork
.
ing capital.
2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & C§., Inc.,
2, 1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y. Offering—June!
•
'
books. Proceeds—Debt
,
> "
Turbodyne Corp.
ment
Dec.
Inc.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price-+$3.
Business—Publishing of military and industrial hand¬
Price—$8.
March
Jan.
Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital.
Office—-2220 Florida Ave., Jasper, Ala.
Underwriter—
Philips, Rosen, Appel and Walden, N. Y.
Electronic Publications,
S.
March
Thunderbird International Hotel Corp.
•
23, 1962 filed 150,000 class A shares, of which 100,to be offered by company and 50,000 by- stock¬
Business—Through its subsidiaries
the company is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y, Offering—In June.
(6/4-8)
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
are to be offered by the company and 10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Thompson
U.
are
holders.
U
•
Manufacturing
Tujax Industries, Inc.
Peabody & Co.; Halsey, Stuart & Co. Inc.; White, Weld
& Co.-Stone & Webster Securities Corp. (jointly); East¬
man
Dillon, Union
Co.-Salomon
Securities &
Brothers
&
Co.-Smith, Barney
Hutzler
(jointly);
&
Lehman
Brothers-Bear, Stearns & Co. (jointly). Bids—May 22
(11:30 a.m. EDST). Information Meeting—May 18 (2 p.m.
EDST) at 2 Rector St. (Room 240) N. Y.
Utah Power
&
Light Co.
(5/22)
April 2, 1962 filed 480,000 shares of $25 par cumulative
preferred, series B. Proceeds—For debt repayment and
construction. Office—1407 West North Temple St., Salt
Lake
ders:
City. Underwriters—(Competitive).,Probable bid¬
Co. (jointly); Lehman
First Boston Corp.-Blyth &
White, Weld & Co.-Stone & Webster Securi¬
(jointly);Kidder, Peabody & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Eastman Dillon,
Union Securities & Co.-Smith, Barney & Co.-Salomon
Brothers & Hutzler (jointly). Bids—May 22 (12:30 p.m.
EDST). Information Meeting—May. 18 (2 p.m. EDST)
Brothers;
ties Corp.
at 2 Rector
St.
(Room
240),/N.-.y../,,,
Volume
195
Number
6158
.
.
.
The Commercial and Financial
Chronicle
(2249)
• -U-Tell
Corp.
Sept. 18; 19614 ("Reg. A")
Business.
Operation of
Office—3629 N. Teutonia
:
33,097
'•'v*.'-
common.
'
Price
discount department store.
a
Ave., Milwaukee, Wis. Under¬
Milwaukee, Wis.
Continental Securities Corp.,
writer
Offering—Imminent.
\
/•.
■;
■■■
,v»,
']
Vacco
Valve Co.
(5/21-25)
12, 1562 filed 100,000 common.:-Price—$5.^ Business
—Production of valves* and regulators for oil, chemical
and missile industries. Proceeds—For acquisition oi land,
equipment and working capital. : Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors,. Los Angeles; '•
:.,V■'»■
Homes
Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and build¬
ing components. Proceeds—For working capital. Office
—765 River St.; Paterson, N. J. Underwriter — To be
named.
\
■
\
,
r
'
-
>
*
if Valu-Rack, Inc.
■$&■/■£
May 4, 1962 filed 200,000 common, of which 100,000 are
be offered by*-company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other- gOQds.
Pro¬
to
Wade
Dec.
28,
Wenger
1961
ServiceMASTER
filed
140,000
capital
Co.
(5/15)
shares.
debt
repayment.
St., Los Angeles.
Vapor Corp.
Office—2925 S. San Pedro
Underwriter—Garat & Polonitza, Inc.
(5/21-25)
2117-29
—
N.
Underwriter—Laren Co., N. Y.
"
Price—By
y
Wallace Investments, Inc.
cars, buses and /aircraft; and door
rail passenger cars. Proceeds—For
Office—80
E.
Jackson
Blvd.,
control
devices
' ""'vjv/'-/
Inc.
Jan.
12, 1962 ("Reg. A") 300,000 common. Price — $1.
Business-^Manufacture of coin operated vending ma¬
chines. Proceeds—For an acquisition and
general cor¬
porate purposes. Office—1290 Bayshore Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
San Francisco. Offering—Expected sometime in June.
Vending Components, Inc.
March 30, 1962 filed 100,000 common. Price—$4. Busi¬
ness
Manufacture, design and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office—204/Railroad Ave.", Hackensack, N. J.
Under¬
writer—Keene & Co.; Inc., N. Y.
—
Verlan
March
Publications, Inc.
30,
1962
filed
89,500
\v■
of which 80,000
are
to be offered by company and
9,500 by a stock¬
holder.
Price
By amendment (max. $5.50).
Busi¬
ness — Preparation and production of
books, catalogues
and other printed material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
payment and. other corporate purposes. Office — 915
—
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
nor, Inc., N. Y.
y
Victor
Electronics, Inc.
1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
Jan. 23,
known
Golfit. Proceeds — For debt repayment and
corporate purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late June.
Video Color Corp.
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic¬
ture tubes. Proceeds—For
equipment, inventories and
working capital. Office—729 Centinela Blvd., Inglewood,f
Calif. Underwriter—Naftalin & Co.,
Inc., Minneapolis.
Video
26,
Engineering
1962 filed
Business
—
Co., Inc.
125,000 class A
Company
For expansion and
general corporate pur¬
Office—Civic Memorial Airport, E.
Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
designs, fabricates,
debt
repayment, advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C.
Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
ington, D. C.
Mfg. Corp.
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by company and
200,000 by stockholders.
Price—By amendment (max. $5.75). Business—Manu¬
facture and sale of classroom
furniture, folding banquet
Proceeds—For general corporate pur¬
So. Vermont Ave., Los Angeles.
Office—15134
Underwriter—Crowell, Weedon & Co., Los Angeles.
if Virginia Electric & Power Co.
common.
Price—By amend¬
ment.
Business —The carrying of
liner-type cargoes.
Proceeds—For the purchase of
vessels, and working cap¬
ital. Office—71 Saint
Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y.
(mgr.). Offering—
Temporarily postponed.
'/■//-•/>'/:
Welcome Baby, Inc.
(5/28-6/1)
Dec. 28, 1961 filed 75,000 common.
Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Office—210-07 48th
Ave., Bay-
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp.,
If. Y.
Welsh
Panel
Proceeds—For
common.
Co.
P. O. Box 329 Panel
•
Way, Longview, Wash. Underwriter
Co., Miami, Flay
=
v
West Falls
(6/D
Shopping Center Limited Partnership
Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units.
Development of
a
Price—$1,000. Business—
shopping center at Falls Church, Va.
Proceeds—For general corporate
purposes. Office—1411
K
&
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western
Lithographers, Inc.
March
30, 1962 ("Reg. A") 120,000 common. Price—
$2.50. Business—General printing and
lithography. Pro¬
ceeds—For equipment, debt
repayment, and inventory.
Office—3407 N. El Paso, Colorado
Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
Western
Massachusetts Electric Co. (5/10)
April 3, 1962 filed $8,000,000 of first mortgage
bonds,
series E, due 1992. Proceeds—To redeem a like amount
of 5%% first mortgage
bonds, series D, due 1989. Office
Brush Hill Ave., West
Springfield, Mass. Under¬
writers—(Competitive). Probable bidders: First Boston
Corp.-White, Weld & Co. (jointly); Blyth & Co., Inc.;
Equitable Securities Corp.-Lee Higginson Corp. (joint¬
ly); Halsey, Stuart & Co. Inc.; Eastman Dillon, Union
Securities & Co. Bids—Expected May 10
(11 a.m. EDST)
at 201 Devonshire
St., Boston. Information Meeting—
May 7 (11 a.m. EDST) at same address.
Western Pioneer Co.
175,000
196,750 by stock¬
(max. $42). Business—
The making of loans secured
by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter
Kidder, Peabody &
Co., N. Y.
holders.
Price—By amendment
Western States Real Investment Trust
company.
Chase Manhattan Plaza
Meeting—June 1
•
(11
1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
ceeds—For selling stockholders. Office—241 Church
St.,
N.
Y.
Underwriter—Andresen
&
Co.,
N. Y.
Offering—
Imminent.
Voron
St., Aurora,
Aurora, Colo.
(23rd floor), N. Y. Information
EDST) at same address.
Jan. 29,
Electronics Corp.
July 28, 1961 filed 100,000 class A shares. Price
—
$3.
Business—The manufacture of electronic test
equipment,
the sale, installation and servicing of industrial and
commercial, communications equipment and the furnish¬
Colo.
investment.
Office—403
Underwriter—Westco
Corp.,
Proceeds—For
debt
working capital. Office
•>:
.
—
repayment,
808
Underwriter—Howard, Weil,
Co., New Orleans.
By amend¬
—
chain of shoe
a
expansion
St., New Orleans.
Labouisse, Friederichs &
Wiggins Plastics, Inc. (5/28-6/1)'
20, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Custom
compression, transfer and injection
molding of plastic materials. Proceeds—For debt re¬
Oct.
payment
and
general
corporate
Office—180
purposes.
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. V
Electronics, Inc.
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test
equipment. Pro¬
ceeds—For debt repayment and other
corporate pur¬
poses. Office—1005 First
Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
f
Wolf
Corp.
Jan. 26, 1962 filed $4,500,000 of 6.5%
convertible sub¬
ordinated debentures due 1977
(with attached warrants)
to be offered for
subscription by stockholders of class
A stock on the basis of
$500 debentures for each 100
class A shares held. Price—$500
per unit. Business—
Real estate. Proceeds—For debt
repayment and realty
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
—S. E. Securities,
Inc., 10 East 40th St., New York.
Wolverene Aluminum
Corp.n<(6/5)
'>«
4>-
.
—
White
Lighting Co.
26, 1962
Detroit.
By amend¬
-
Work Wear Corp.
Mar. 26, 1962 filed 130,000 common.
Price—By amend¬
ment (max. $27). Business — Manufacture and sale of
work clothing.
Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
1768 E. 25th St., Cleveland. Underwriter—Hornblower
& Weeks, N. Y.
/
World Scope
Publishers, Inc. (5/21-25)
July 31, 1961 filed 100,000 common shares and $350,000
of 6%
senior
conv.
subord. debentures due 1972. Price—
For stocks:
of
$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
—For
debt repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N.
Y.
Worth Financial
Corp. (6/11-15)
Mar. 22, 1962 filed 61,000 common.
Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For
40th
general
corporate
purposes.
St., N. Y. Underwriter—D. A. Bruce
Office—114
&
E.
Co., N. Y.
•
Wulpa Parking Systems, Inc.
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To
open loca¬
Oct.
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter — Ehrlich, Irwin & Co., Inc.,
was
withdrawn.
Wynlit Pharmaceuticals, Inc. (5/21-25)
Dec. 28, 1961 filed 125,000 common.
Price—By amend¬
ment. Business—Development and manufacture of
phar¬
maceuticals and medical products. Proceeds—For
general
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
Zayre Corp. (6/4-8)
April 20, 1962 filed 475,000 common, of which 175,000
are to be offered by
company and 300,000 by stockhold¬
ers.
Price—Bj/ amendment (max. $20). Business—Op¬
eration
of
self-service
specialty stores.
—One
department stores and apparel
Proceeds—For working capital. Office
Underwriter—Lehman
Mercer Rd., Natick, Mass.
—
and working capital. Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello. Russotto &
Co., 9301 Wilshire Blvd., Beverly Hills,. Calif.
Properties Corp.
(6/4-8)
March 30, 1962 filed 100,000 class B common.
Price—By
amendment (max. $16). Business—Real estate. Proceeds
—For
general corporate
purposes.
Office—383
Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
New York.
Zero
(5/15)
("Reg. A") 75,000 common. Price
$4.
Business—Manufacture and distribution of electrical and
lighting fixtures. Proceeds—For debt repayment, equip¬
ment
—
(max: $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and
equipment. Office—1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler &
Co.,
Zeckendorf
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125).
Business—Manufacture and sale of
home appliances.
Proceeds
For selling stockholder
(Radio Corp. of America). Address — Benton
Harbor,
Mich. Underwriter—Lehman
Brothers, N. Y.
•
and
Dakin
Brothers, N. Y.
Whirlpool Corp.
Feb.
(5/21-25)
Proceeds—For
Ursula
a.m.
Volt Technical Corp.
stores.
New York. Note—This letter
(5/14-18)
Feb. 19, 1962 filed 371,750 capital shares of which
are to be offered
by the company and
Fenner
&
•'/
(max. $9). Business—Company processes plywood
into factory finished wall
panelling. ProceedsEquipment, inventories and working capital. Address—
Nov. 13, 1961 filed 32,000 shares of beneficial
interest.
Price—$6.25.
Business—A small business investment
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co.
(jointly).
Bids—June 5 (11 a.m. EDST) at One
..C;V:V'"j/V
ment
—Ferman &
applica¬
Office—7500
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price
ment (max. $11).
Business—Operation of
•
ment
con¬
9,
Va.
Underwriters—
Probable bidders: Merrill Lynch, Pierce,
Smith Inc.; Stone & Webster Securities
Co.;
:
March 5,1962 filed 100,000 common. Price
—
Office—Richmond
Offering—Imminent.
/;/.<
March 30, 1962 filed 135,000 common.
Price—By amend¬
(Competitive).
struction.
stockholders.
Underwriters—Eastman Dil¬
lon, Union Securities & Co., N.
Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt &
Gardner, St. Louis.
Dec.
(6/5)
May 4, 1962 filed 650,000
tions. Proceeds—For
selling
Thomas Blvd., Pittsburgh.
Price—By amend¬
heating ele¬
electrical
and household
Winslow
Steamship Corp.
Aug. 29, 1961 filed 1,743,000
Virco
poses.
—
poses.
Waterman
Business—Manufacture of
industrial, commercial
ments for
(5/14-18)
—174
Price—$4.
installs and
common.
services clo~s"6d circuit television systems. Proceeds—For
tables and chairs?
Inc.
Price—$6.25. Business—Sells Cessna Airplanes and
sup¬
plies; also repairs and services various type airplanes.
as
general
Mar.
Aviation,
sheets
s;-..1*
common,
ment.
y
Oct. 30, 1961 filed 90,000
common, of which 60,000 are to
be offered by the
company and 30,000 by a stockholder.
for
selling stockholders.
Chicago. Underwriter—
William Blair & Co., Chicago.
Vendex,
Walston
chain of retail
a
•
Wayne, Chicago.
12, 1962 filed 400,000 common. Price-4-By amend¬
ment (max. $22).
Business—Company makes short-term
real estate loans,
acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
Co., N. Y. Note—This registration is being withdrawn.
Business—Operates
Wiegand (Edwinj L.) Co.
:
March 30, 1962 filed
606,450 common.
Feb.
Proceeds
Feb. 2, 1962 filed 156,762 common. Price — By amend¬
ment. Business-—Manufacture of steam generators for
diesel locomotives; temperature control systems for rail
holders. Price—$3.
drug stores.
Proceeds—Expansion, equipment and work¬
ing capital. Office-—738 Bellefonte
Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning
equipment
and supplies to franchise holders.
Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office
(L. F.), Inc.
(5/28-30)
27, 1961 filed 162,000 common, of which
102,000 are :
offered, by the company and
60,000 by stock¬
be
to
amendment. Business—Sale of franchises for on-location
—
ceeds—For
Widman
-
—
.•?
Feb.
Val-U
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital/ Office —
1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters
John
Joshua & Co., Inc., and Reuben, Rose &
Co., Inc., N. Y.
45
Mountain,
Inc.
March
30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and
working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writer—Don D. Anderson &
1
r
•
Co., Inc., Oklahoma City.
.*
>
■
Continued
on
page
46
4
The Commercial and
46
.
.
Thursday, May 10, 1962
.
Peabody
issue you're planning to register?
News Department would like
so that we can prepare an item
those you'll find hereunder.
i : ~
Do you have an
Office—270 Peachtree
Bldg, Atlanta, Ga. Underwriters—(Competitive). Probable bidders: Halsey, Stuart & Co, Inc.; Harriman Ripley & Co, Inc.; Blyth & Co, Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. " 7.
Registration—Scheduled for
mortgage
Corporation
to know about it
similar to
Would
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
you;
us
or
Oct. 5.
Prospective Offerings ?
Lehman
bonds
Northern
,
*
*
,
Illinois Gas Co.
28, 1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of .1962.' Office—
615 Eastern Ave,
Bellwood, 111. Underwriters—To be
named. The last sale, of bonds on July 14, 1960, was
handled by
First Boston Corp. Other bidders were:
to
.
,
raise
Halsey, Stuart & Co, Inc.; Blyth & Co;i Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.
v':/.
-
Corp.'.(jointly);
Securities
Corp.; Kuhn, Loeb & Co.
Feb.
November.
in
Brothers-Equitable
First Bpston
Georgia Power Co. (11/7)
On Jan. 12, 1962 it was reported that this subsidiary of
tne Southern Co. plans to offer $23,000,000 30-year first
ATTENTION UNDERWRITERS!
Our
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Fierce, / Fenner, & Smith Inc.-
Lynch, Pierce, Fenner & Smith Inc. and Kidder,
& Co. (jointly;; Halsey, Stuart & Co, Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co, Inc.
rill
Continued from page 45
write
Financial Chronicle
(2250)
Northern
Natural Gas Co.
<
;
...
.
Georgia Power Co.'(11/7)
•
Feb. 28, 1962 it was reported that the ■ company's 1962
".On Jan. 12, 1962 it was reported that this subsidiary of
expansion program will require about, $40,000,000 of
the Southern Co. plans to offer $7,000,000 of preferred
external fmanqing .to ' be:obtained entirely from long
stock in November.
Office—270 Peachtree Bldg, At- ' or short term borrowing. Office—2223 Dodge St,* Omaha,
,
&
Gas
Baltimore
Electric Co.
9, 1962 it was reported that this company plans
about $25,000,000 of first mortgage bonds in,
the second half of 1962 or early 1963. Office—Lexington
March
Probable bid¬
Corp.; Morgan
Stanley & Co.; Eastman Dillon/Union Securities & Co.- :
Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled for
ianta, Ga. Underwriters—(Competitive).
ders:
Blyth & Co, Inc.; First Boston
issue
to
Baltimore 3, Md.
and Liberty Sts.,
Underwriters—(Com¬
petitive). Probable bidders: Halsey,. Stuart & Co. Inc.;
White, Weld & Co.-First Boston Corp. (jointly); Harriman Ripley &
Co., Inc.-Alex. Brown & Sons (jointly).
•
Boston Edison Co.
Oct. 5.
it
1962
2,
Mar.
was
the company's plan to refund
Electric Co. (6/21).
reported that this utility plans to
sell $25,000,000 of 30-year first mortgage bonds. Office—
139 East Fourth St., Cincinnati. Underwriters—(Com¬
petitive). Probable bidders: Merrill Lynch, Pierce, Fenner
& Smith, Inc.-Lehman Brothers (jointly); Morgan
Stanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Stuart & Co., Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.-White,
Weld & Co. (jointly). Bids—Expected June 21. Informa¬
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
Co. (47th floor), One Wall St., N. Y.
Gas &
28, 1962 it was reported that this utility expects to
$25,000,000 of debt securities in late 1962 or early
Office—500 South 27th St, Decatur, 111. Under¬
writers—To be named. The last sale of bonds on May 21*
1958 was made through First Boston Corp. Other bidders
1963.
Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly); <
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co, Inc.-Glore, Forgan & Co.
Jamaica Water Supply
March
to
Co. of New York, Inc.
Consumers
Power Co.
Jan. 9, 1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
about mid-year. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co* (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
gage bonds,
Morgan Stanley & Co.
Ventures
Creative
Corp.
1962 this company reported that it plans
registration of 150,000 units, each consisting of
Mar.
On
early
one
5,
share and
common
interim financing
com¬
pany. Proceeds—For general corporate purposes.- Office
—New York City. Underwriter — Hampstead Investing
;
Corp, N. Y.
Delaware
Power &
Light Co.
March 9,
1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional
The offering would be made to
stockholders first on the basis of one share for
common
common
stock.
each 10 shares held. Based
on
the number of shares out¬
Dec. 31, 1961„Jhe sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities
Co. (jointly);
standing
Lehman
on
Merrill
Boston Corp.; White, Weld &
(jointly); Kidder, Peabody & Co.Lynch, Pierce, Fenner & Smith Inc. (jointly).
Florida
March
First
Brothers;
Co.-Shields
&
Co.
Power
Co.
reported that this company plans
to offer stockholders the right to subscribe for about
457,265 additional common shares on a l-for-20 basis.
19, 1962 it
Office—101
was
Fifth
St., South, St. Petersburg, Fla. Under¬
The last rights offering of com¬
mon on May 4, 1959 was underwritten by Kidder, Peabody & Co, and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
writers—To
Florida
be named.
Power
'
^ Merrimac-Essex Electric Co* :
v.'May 9, 1962 it was reported that this subsidiary of New,
.England Power Co, plans to merge with two other com¬
panies in July after which it will issue $20,000,000 of
first mortgage bonds. Office— 441 Stuart St,> Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White* Weld
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-Eastman Dillon, Union Securities & Co.
(jointly);First Boston Corp.
Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co, a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La, for sale to United Fuel Gas Co, principal
aupplier to other Columbia Gas System companies. > It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
Mountain States
&
Telephone & Telegraph Co.
v/t'6/5)
1/5 warrant. Price—$2.25. Busi¬
ness—A corporate guidance and
20, 1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
Co, Inc.
1962 it was reported that the company plans
$100,000,000 of mortgage bonds in June.
In 1963 the company expects to do about $168,000,000
of financing,, partly
to refund $125,500,000 of bonds.
Office—4 Irving Place, New York. Underwriters—(Com¬
about
EDST).
sell
(jointly).
Co.
preferred and common stocks. Proceeds—For debt re-payment, and construction. Office — 161-20 89th Ave,
Jamaica, N. Y. Underwriters—To be named. The.last;..;
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
,
/
petitive). Probable bidders orb the bonds: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
Bids—Expected June 19 (11 a.m. EDST) at company's
office. Information Meeting — June 11, 1962 (10 a.m.
March
1962 it
21,
was
reported
that this A.T.&T. sub¬
sidiary plans to sell $50,000,000 of debentures in June.
Proceeds—To repay bank
loans Office—931
14th St,
Denver. Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expected June 5.
V ' v ^
National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the'company's plan to sell publicly 400,000 shares oi
Pan American World Airway's Inc., subject to final ap-'
proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed
to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
planes during their-respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest themselves of the
stock.. Price
—
About $20
per
share. Proceeds—To repay a $4,500,000 demand loan, and
other
corporate
Airport,
•
Miami
Nevada
Feb.
28,
purposes.
59,
Fla.
Northern
1962
it
was
-Office—Miami
Gas
Lynch,
named.
16, 1960
of de¬
The last, sale
was
Pacific Railway
(5/22)
.r^
/;
:
Northern States Power Co.
March
reported
that
this
subsidiary
of
Underwriter—Eastman Dillon, Union Securities &
Co, N. Y.
(Minn.) *.(G/12)
•
1962 it was reported that this company in¬
tends to sell $15,000,000 of 30-year first mortgage bonds
due 1992. Proceeds—For expansion. Office—15 So. 5th
19,
St, Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart. & Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc., Peabody & Co, and White, Weld
& Co. (jointly); First Boston Corp. and Blyth & Co,
Inc. (jointly). Bids—Expected June 12, .1962. Information
Meeting—June 7, 1962 (11 a.m. EDST) at Schroder Trust
Co, 57 Broadway, N. Y.
:
:
/ J
Co. /
Norton
.
.
.
:
ojv\', ■;>'
/
Jan.
17, 1962 it was reported that this closely held com¬
pany had postponed until at least the second quarter
of 1962 its original plan to make a public offering of
its stock, due to the inability to obtain a favorable tax
ruling from the IRS. Business—Manufacture of various
abrasives and cutting machines. Office—New Bond St,
Worcester, Mass^UriderwriMfs-^-Paine; Webber, Jackson
& Curtis and'Goldman, Sachs & Co, N. Y.
"Pan
American
World Airways,
Inc.. :
i/£
^ ><v
Oct. 30,
1961 it was reported that the CAB had approved
the company's plan to sell its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
carriers agreed to a share-for-share exchange of 400,000
shares and lease of each other's jet planes .during their
respective busiest seasons. The CAB .later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St, N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Inc. '
Panhandle Eastern
March
8,
1961
it
was
Pipe Line Co.:
reported that this
company
ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co, both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
Pennsylvania Power & Light Co.
Feb. 20,
1962 Jack K. Busby, President and C. E* Oakes,
stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Chairman,
Proceeds—For construction
and
the retirement
of $17,-
000,000 of maturing bonds. Office—9th and Hamilton
Sts, Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co, and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co.
Inc.; First Boston Corp.-Drexel & Co.
(jointly).
* Puget Sound Power & Light Co. (6/27)
May 8, 1962 it was reported that the .company plans to
sell
$15,000,000 of preferred stock in late June./Proceeds
repay bank loans and finance construction. Office
—1400 Washington Bldg, Seattle, Wash. Underwriter—
To be named. The last sale of preferred stock in April
—To
1959
was
Public
made
through Blyth & Co, Inc., N. Y.
Service
Co.
of Colorado
March 9, -1962 it was reported that
to sell about $30,000,000 of common
this company plans
stock to stockhold¬
through subscription rights during the fourth quar¬
ter of 1962 or the first quarter of 1963. Office—900 15th
ers
St., Denver, Colo. Underwriters — First Boston Corp,
Blyth & Co, Inc., and Smith, Barney & Co, Inc.
San
Diego Gas & Electric Co.
March 19,
sell
1962
Southwest Gas Corp, plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas Blvd., South, Las Vegas,
Nev.
$4,035,000 of 1-15 year equipment trust certificates
May. Office—120 Broadway, N. Y. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co,
Inc., and Salomon Brothers & Hutzler. Bids—Expected
May 22 (12 noon EDST). 1 \ : :
/
> '
-
to
Co.
to
1962 it was reported that this company plans
500,000 common to stockholders in late
some $17,500,000.
Office—861 Sixth Ave.,
about
raise
San Diego,
Calif. Underwriter—Blyth & Co, Inc., N. Y
Schlumberger Ltd.
V
May 2, 1962 it was reported that a registration statement
will be filed shortly covering a secondary offering of
Business—Manufacture of elec¬
equipment for missile analog computers, guided
missile controls, etc. Office—408 Bank of the Southwest
★ New England Power Co.
700,000 common shares.
May 8, 1962 it
tronic
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
—25 S. E. 2nd
tion.
Nov.
in
International
Underwriter—Merrill
Light Cq,
Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of 1962. Office
Ave, Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer¬
Northern
Halsey,
were:
April 25,
issue
Co.
Power
sell
named.
to
Brothers-
Feb.
Columbus
(6/19)
Lehman
Union
Securities&
Co.-Salomon Brothers & Hutzler (jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co.
Inc.; and Blyth , & Co, Inc.-First Boston Corp.Lazard Freres & Co. (jointly). Bids—Expected in June.
April 17, 1962 it was
Consolidated Edison
on
April 17, 1962 it was reported that this company plans
Dillon,
Illinois
Capital Corp. '
V
Ddc.'ll, 1961 it was reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring. Office—297
South
High St., Columbus, O.
Underwriter—To be
bidders:
Probable
(Competitive.)
Eastman
June 14.
Cincinnati
be
handled on a negotiated
basis by Blyth & Co, Inc.; N. Y. ;Vv •1:";^
bentures
to sell
Lighting & Power Co.
28, 1962 it was reported that this company plans
to sell $30,000,000 of first mortgage bonds due 1992. Of- "
fice—900 Fannen St., Houston, Tex. Underwriters —
Houston
(6/14)
reported that stockholders are to
$15,000,000
of series G, 5x/4% first mortgage bonds due Oct. 1, 1969.
If approved, the new bonds would be issued in midJune.
Office—182 Tremont St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Harriman Ripley & Co., Inc.;
White, Weld & Co.; Lehman Brothers. Bids—Expected
May
vote June 6 on
Underwriter—To
Neb.
was
Office—441-
reported that this utility plans to sell
Stuart
(Competitive). Probable
Underwriters—
bidders: Halsey, Stuart & Co.
St,
Boston.
Bldg, Houston, Texas.
Underwriters—To be named.
(Expected to be a group of leading New York invest¬
ment bankers).
Offering—In June.
..
.
:
•
Volume
195
Number 6158
.
.
The Commercial and Financial Chronicle
.
(2251)
.
Sierra
Pacific Power Co.
(6/26)
Southern
<
Mar. 28,
*
1962 it was reported that this compap# plans
to sell $5,000,000 of first mortgage bonds. Office—220 S.
Virginia St., Reno, Nev. Underwriters—(Competitive.)
bidders:
Probable
&
sell
.
Co.
Meeting
June
—
22
(10:30
EDST)
a.m.
United Gas Corp.
90
at
May 2, 1962 it
Co.; Equitable Securities Corp.; Kidder, Peabody & Co.;
First Boston Corp.; and
Halsey, Stuart & Co. Inc. Bids—
Expected in May.
Windjammer Cruises,
St., 19th floor.
Electric Generating; Co.
(11/28)
12, 1962 it was reported that this subsidiary oi
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters — (Competitive) Probable bidders* First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
;i Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
I Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly).
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis-
(6/6)
ceeds
For acquisition of additional vessels. Office
Bay St., Nassau, Bahamas. Underwriter—J. I. Magaril
Co., Inc., N. Y.
—
was
—1525
Fairfield Ave., Shreveport, La.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.-Harriman, Ripley & Co,,' Inc.-.
Goldman,-Sachs & Co.? (jointly); White, Weld & Co.Equitable Securities Corp. (jointly). ■ Bids—Expected
June 6 (11:30 a.m. EDST)..
\ -
Southern
•
.
.
•
tration—Scheduled for Nov. 1.
■
*
*.Continued from page
lies
which
work
In
14
.-v
institutional
the
with
authorities
Probable
its exercise.
permits
the
playing of the leapfrog
it is to be remembered that
game
'.the
strike
is
weapon
a
more
some
deadly instrument in
indus¬
tries than in others because of the
varying natures of the industries.
A
strike, in. vital
or trans¬
bring the
power
portation industries
can
effected
public to its knees in a
hurry, for example; it thus has
superior power to evoke appease¬
Eastman
other
Pro¬
tracted
strikes
in
it can- bring
much of industry to. a halt, thus
provoking public intervention to
speed the required appeasement."
This is undoubtedly a significant
part of> the reason for the continu¬
ing wage inflation, an inflation
that leads towards a critical prob¬
all
•.
_
'
■
;
Export Problem
for
the
backlog
kinds
all
of
demands
goods
.
were
than the war-disrupted
productive " capacities' to
supply
greater
them.
..
tion
The
was
check
American
cost
infla¬
not then
subject to much
foreign
competition.
by
That is changing rapidly.' Foreign
..
producers with recreated modern
capacities
to
produce, many of
these goods are increasingly able
to compete with American pro¬
international
ducers -in
*
Those
the
markets,
markets will be served, in
last
analysis, by the low-cost
producers. American labor union
power does not extend to foreign
; labor, y- Its
administrators^ canriot
compel foreign labor epst inflation
equal
to.
that, at
home.
Thus
America is costing itself out of
.
.
foreign markets; and out of the
jobs of producing for them, while
foreign producers are J invading
domestic markets.
our
capital
is
and
more
is
to
to
share
have
Fiat
American
competitively
to
more
the
required
establish' fac¬
tories and create jobs
lower
abroad if it
cost
needed
in those markets. '
wage
inflation
.
beyond that the
these
;
thus
taxes
an
tional
the
us
made
of
osity
Thus
we have th^pugh
Government since
eral
in
our
*,
has
an important part in ag¬
gravating not only the nation's
problem of international balance
played
the
of
cost
foreign
the
of
world,
total
this
but
has
large
been
lands
the
at
of
to
the
of
our
leave
I
this
it would
a
administrative
ever
before
owners
ceived
and
whether
received.
It would
ditional tax costs
is
not
High
of
not lead anyone to be¬
much
so
the
of
for
the
possible
that fiat wage
inflation is solely responsible for
which
fiat
weakening ability to compete
ready
carried
our
course,
in international
markets.
ject, I must briefly mention taxes.
wage
*
among
As
I
/
'
'
.
'
;
earlier
confessed
the
of
all
kinds levied)
earth and
&
by all taxing
of
pi fiat
fail in
will
:
era.
an
cannot
a
Street
by Mr. Tyson before
Detroit,
Detroit, Mich.
the
J.
—
the
under
N. Y.
become
has
institutional
H.
A.
direction
Edwards
—
economic and political power, may
Fifth
for
Hanley, 100 North
members of the New
Stock Exchange.
Life Associates
Agency
SCHENECTADY, N. Y.—Life As¬
sociates Agency, Inc.
a
securities
is conducting
business
from
offices
Mass.
(cloth),
Company Pres¬
ident's Guide to Personal
successful
Los
keting
Begg—An
Growth
outline
of
tistical
executive
an
keep his
peak of efficiency
and effectively set company goals
Creative Vision—Elmer G. Leterman—A booklet on a practical ap¬ —Prentice-Hall, Inc., Englewood
proach to new sales success and Cliffs, N. J. (cloth), $5.95.
630
living — Sales & Mar¬
Executives International,
Third
and
Oik
Natural
Natural
Proved
Reserves
States
Liquids
e
p o r t s on
the
United
in
Canada—American
and.
Association,
Economic
Gas
Gas—R
••
420
York
Lexington
N. Y.
17,
„
Change
of
and
the
Adjust¬
work at
own
can
a
Angeles Economy—1961
Sta¬
Summary—Research De¬
partment, Los Angeles Chamber
Avenue, New York 17,
(paper), 500.
of
N. Y.
Crude
Commerce,
Street, Los
(paper), $2.
404
South
Angeles
Bixel
Calif,
54,
Management
for
Control Techniques
Improving Profits—Ronello B.
Lewis.
Including
methods
for
long-term returns and
determining when a segment of
figuring
business
Committee
when
Economic Policy—Chamber of
Commerce of the United States,
should
be
liquidated,
to lease,
Engle¬
Inc.,
wood
on
Effects
of Nuclear Weapons—Re¬
vised
Edition—Samuel Glasstone,
Editor—Superintendent of Docu¬
ments, tJ. S. Government Printing
computer
for
Nuclear
Bomb
Ef¬
fects,
developed by the Lovelace
Foundation, at a cost of $1.
R.
department
How I Manage: A
—Howard
how
Electrical Utility Industry Statis¬
of tical Year Book—Edison Electric
Orin
manager
&
Institute, Economics and Statistics
Department, 750 Third Avenue,
New York 17, N. Y.
to
own
and
when
etc.—Prentice-Hall,
Cliffs, N. J., $20.
Manufacturing Corpo rations—
Quarterly
fourth
Financial
quarter
Report
for
of
1961—Superin¬
Documents, U. S. Gov¬
ernment Printing
Office, Wash¬
ington 25, D. C., $1.25 per year.
tendent of
Metalworking
—Annual
Facts
and
Compilation
Figures
of
Metal-
working
Data—Steel,
P e n t
Building, Cleveland 13, Ohio.
Method
out
for
Stock- Profits
o n
With¬
Price Forecasting — Leon B.
— An
investment technique
Allen
designed
for
the
individual
in¬
and
vestor who wants to capitalize on
the present stock market trends
States—Public Affairs
without relying on the practice of
Committee,
Inc.,
22
East
38th
Street,
New
York
16,
N.
Y.
(paper), 250.
"sophisticated guesswork" to pre¬
dict future stock action—Double-
European
Common
United
Facing
Facts About
Market
College
Ad¬
day & Co., Inc., 575 Madison Ave.,
22, N. Y., (cloth), $4.50.
New York
at 148 Clinton Street. Officers
are
missions: A guide for pre-college Mutual
Fund
and
Investment
Millham,
President; students and their parents—Pru¬ Company
Performance
in
the
Reuben D. Head, Vice-President; dential
Insurance
Company
of Fifties—Stuart B. Mead—Michi¬
and
William
Wagner, Secretary America, Education Department, gan State University, Bureau of
and Treasurer.
Box 36, Newark 1, N. J.
(paper), Business and Economic Research,
Donald
,
L.
Manjira Mutual Funds
from
be
711
Boston
$4.95.
Avenue, New
York 22, N. Y. (paper).
the
-
Devel¬
Office, \ Washington
25,
D.
C.
(paper), $3. Also available is a
Franklin,
York
Economic
Washington 6, D-. C. (paper), $1.
(quantity prices on request).
Stephen H. Bachofen.
inflation
alternatives
for
ment—Report
,
Co.; Incorporated, has
branch office at 348
conducting
will
opment,
on
I
solved, but the
may
certainly
be
some
believe, .that
we ..are
the; noted. Organized American labor,
highest taxed. In 1960. total taxes now that it', has* achieved great
on
■
Dudley
far.
'
Club
we
nevertheless
end of
HEMPSTEAD,
tax
so
era
Hanly Name
Dudley Dept. Head
aggravation
crisis
towards
inflation has al¬
us
that
The Alternatives
-
v
end the
address
an
confidently predict how the de¬
veloping problem of fiat wage
of Taxes
We
are
certainly
highest taxed people
^
And so,
although it is really another sub¬
Problem
''
think,
I
Edwards &
competing in those markets. Well,
of
That
load ad¬
ment.
I would
an
we
an
opened ;
is
of
lieve,
to
Riecke
seeking
to sell in international markets,
which is the wrong medicine un¬
less we wish to
discourage our
payments, but also its problems
of economic growth and employ¬
markets.
New Riecke Branch
those
on
the
of
oL; payments;
BURLINGTON, : N.
re¬
it
Committee
Avenue,
New
(paper).'. v :
tax
burden
it
or
they
—
root
inflation., And if
'From
such income is taxable to the do¬
mestic
causes
the
turn,
in
Economic
principle — that
new -
than
to
development or restora¬
ability to compete
bring to
come
bring, it would introduce
startling
to
foreign
by
6,
Gas
corporations owned in part or in
full by American individuals or
corporations: Aside from the in¬
tolerable
expedients
balances
that—well
in international
abroad
In¬
&
Street,
61
to
Take taxation of in¬
earned
come
us
There
There is only one real
of the problem
of un¬
the
wage
noting that certain
current
tax
proposals seem in¬
tentionally .-*• designed to" hamper
competition.
—Little Brown
Broadway, Ne^ York 6,
N. Y. (loose leaf binding), $25.
Co.,
Americans must find the fortitude
matter without
rather than aid
reach
means,
non¬
they have an important bear¬
ing on our growth and on the
destiny of the dollar.
should
to
international
in
-that
Nor
of
tion of greater
to-the fact
eyes
rather
not
it is
challenging the pro¬
fiscal policies, but we
must not shut
ahead
runs
delay the process but they must
inevitably prove to be but tem¬
porary because they are aimed at
solution
not here
priety
that
resort
favorable
productive and even to compen¬
sate people for not producing.
I
am
and
investment clubs
Co.', 34 Beacon
berger—ArthurWiesenberger, &
depreciating against opment: Report of Activities, 1961
History abounds —Committee for Economic Devel¬
problem.
competing. And at
home
it
is, of course, common
knowledge that we make generous
aid
be
can
do
of
expense
Issues
Periodicals—Special Li¬
braries Association, 31 East 10th
Street, New York 3, N. Y., $5.75.
currencies.
effects
of
assist
find ourselves
to
dollar stability.
endlessly sustain
with evidence of this truth.
ours in establishing the economic
capabilities with which we now
disbursements
in
can
inflation
their
the
part
used
nation
currency
close
defense
a
Special
of
original
that in other countries without its
Fed¬
the
to
dexes
happier future
ac¬
We have carried the main burden
free
a
Guide
in
Or
confidence
cost
loaned, given or
about $115 billion.
abroad
America.
No
historic gener¬
our
Irvington-on-Hudson, N. Y., 500.
Congress,
on
Hotel
Business—Annual
Review
responsibility for
of Trends—Harris, Kerr, Forster
rests, may choose to curb it,
this terminating the strange era Annals of the United States Sav¬ & Company, 18 East 48th Street,
of fiat wage inflation in America. ings & Loan League: 1961—U. S. New York, N. Y. (paper).
If, on the other hand, the cost Savings and Loan League, 221 How to Buy Stocks—Louis Engel
inflation remains unhalted, then North LaSalle Street, Chicago 1, —A thoroughly revised edition of
it seems quite clear that we will 111. (cloth), $5.
a guide recognized as the standard
not be able to balance what we Business
Opportunities in West primer on successful investing —
buy or give abroad with what we Berlin—George Fry & Associates including up to date facts and
sell or get from abroad.
In that International—270 Park
Avenue, figures on stocks, bonds and the
event we may well be called upon New York
operation of the stock
market,
17, N. Y. (paper).
to continue to pay the difference
suggested stocks for typical in¬
Charts & Statistics for Investment
out of shrinking gold stocks and
vestors, tax-free municipal bonds,
Companies, 1962—Arthur Wiesen- mutual-funds and
run the risk of international loss
on
contrary.
may,
change
Answer;
it
from individuals,
always such as to furthen-uur, economic growth and in¬
ternational
competitive
ability.
Quite
permanent
attitude, it spells
whom
collected
cordance with
Foundations of
Liberty; etc.—Founda¬
tion for Economic Education, Inc.,
this
a
the
American
evi¬
for
not
were
decision
a
be crystallizing at
and, to the extent it
dences
market
uses
Such
Not
Businessman's
ways
unem¬
time
business, plus
approximate $60 billion addi¬
spent
",r put -that -problem
in its
proper setting we should remem¬
ber
that
during World War: II
and the reconstruction period fol¬
it,
the
to
in
power
indeed,
of World War II
To
lowing
But
of
industries.
lem.
much
This does not help
meeting foreign competition.
in
(jointly); Kuhn, Loeb & Co.-Salomon Brothers & Hutz¬
(jointly);; Smith, Barney & Co.-Robert W. Baird &
(jointly). Bids—Expected June 20. •
*
•
ler
&
be persuaded to refrain
or
exercising its
ployment.
to
that
about
steel industry's
processes are continuous in nature
and it is also a supplier to vir¬
Dillon, Union Securities
that promote inflation and
place costs.
ment, Many of the
tually
from
on
amounted
Union Securities Corp.-Equitable Se¬
(jointly); Blyth & Co. Inc.-Lehman Brothers
Co.
bidders:
private
business
approximately" $80
billion. To compare with that we
may note that in order to turn out
the nation's goods and services for
sale the private productive econ¬
omy paid
out a little over $300
billion in wages, salaries, propri¬
etors' income, productive interest
and dividends.
In short, the tax
load on
the
productive process
was the equivalent of an approxi¬
mately 25% sales tax and added
.
frame¬
Dillon,
curities Co.
Era?"
an
Eastman
^
28, 1962 it was reported* that this company plans
to sell $15,000,000 of bonds. Office—1100 H
St., N. W.,
Washington,
D./C.
Underwriters —
(Competitive.):
decide
"The End of
,
(6/20)
was
Washington Ave., Madison, Wis. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White?, Weld & Co.-Kidder, Peabody & Co. (jointly);
Mar.
<
■
Washington Gas Light Co.
Light Co.
reported that the company plans to
sell $12,000,000 of bonds in June.
Office — 122 West
.
/
Wisconsin Power &
May 2, 1962 it
..
-
Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares.
Price—$4. Business—
Operation of "Windjammer" sailing ship cruises. Pro¬
reported that the company plans to
sell $40,000,000 of first mortgage bonds due 1982. Office
On Jan.
•
(6/6)
reported that this company plans to
$8,100,000 of 1-15 year equipment trust cer¬
was
—
mation
Broad
about
tificates, in June.
Office—165 Broadway, N. Y. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
&
Co. Inc.;
Salomon Brothers & Hutzler.
Bids—Ex¬
pected June 6 (12 noon EDST).
Kidder, Peabody & Co.-White, Weld
(jointly); Salomon Brothers & Hutzler; Halsey,
Stuart & Co., Inc.; Stone & Webster Securities Corp.Dean Witter & Co. (jointly). Bids—Expected June 26,
1962 (11 a.m. EDST), at 49 Federal St., Boston.
Infor¬
.
Pacific Co.
May 2, 1962 it
47
Manjira
New
Mutual
a
offices at
York
Funds,
securities
210
East
Inc.
is
business
46th
St.,
City.
Officers
are
Klugerman,
President;
Myron P. Berman, Treasurer and
Roslyn Berman, Secretary.
Arnold
request.
*
Federal-State Regulation of Wel¬
fare Funds—Revised edition—Bu¬
reau
of
National
Affairs,
Twenty-fourth
Street,
N.
Washington 7, D. C., $5.75.
Freeman,
Articles
May
on
1231
W.,
1962—Containing
Communism
Not
the
Wave of the Future; Socialism Is
East
Price
Lansing,
of
Mich
Prosperity
(paper),
$1.
Peter
L.
Bernstein—An examination of the
possibility
that
—
government
have to be the support
the
burden
of
an
may
rather than
expanding
economy—Doubleday & Co., Inc.,
575 Madison Avenue, New York
22, N. Y>
Chronicle j
The Commercial and Financial
48
.
Thursday, May 10, 1962
.
(2252)
June
washington and you
^
8, 1962
Outing at the Westchester
Country Club.
Annual
June
the
session
second
would also
point.
members
of
third
year
membership faces some elec¬
the
tion
Many of the
pressures.
year
politicing generally.
Senators and Representatives in
obviously
states
two-party
a
have
states. There is a saying,
accurate by any means,
there are two lifetime jobs
party
that
Of
get unseated, but it is an
uncommon thing. For
this reason
Administration is also
the
inet-level
positions through seniority on the
help coordinate some
committees.
eral
headed
are
/p
•.
Currently
"pros"
who
of these old
been
around
many
have
Congress will re¬
main in control of the Democrats
convinced
that
ed
that
•
the
Negro
main in control of President Ken¬
post
that
you
Personally Popular
year to
create
Department.
The Senate
popularityGlCverywhere
he
Capital
On
Hou
s
a
an
bill
has before it
in
in
refused
a
certain to
unofficial
The
Southern
fective.
dent
any
Republican-
coalition
The
has
that
measure
Kennedy
wants
at this sessioii is
a
agenda.
his
on
indication
every
There
that
However,
At
still
be
machinery
putting
the
the
compulsory health
The
is
bill
the House
mittee.
sas
and
is
10
up
The
take-home
pay
of
rate
that
written
The
the
Senate
and"
and
sell
The
very
of
to
in
passed
a
crease
postal
doubt.
measure
$700,000,000
a
year.
/
of
(Detroit, Mich.)
Stock
Exchange
Governors
the
New
in
development
England
Group
urban
Bankers Association
backing
Investment
rate
a
pre¬
cocktail and
Sept. 11-12, 1962
from
the
Astoria.
by
dance at the Plaza.
Sept. 12, 1962
Rocky
Pressure
the
(Denver, Colo.)
Mountain
Group
Sept. 13-14, 1962
(Chicago, 111.)
13-15,
Sept.
1962
(Ponte
within
Florida
Security Dealers Associa¬
tion annual convention.
Sept. 19-21,
1962
"
Calif.)
or
by
At
the
Club
of
Detroit
Bankers
v
Association
spring party.
v;/-
American Bankers Association
TRADING MARKETS
American Cement
Botany Industries
Maxson
Canada.
Waste King
v ■
.V
.
.
Our
1, 1962
Bond
Club
New
(New York City)
of
New
York
Electronics
Official Films
spring outing at Essex Golf and
Country Club, Windsor,
Ont.,
June
an¬
nual convention.
annual
York
telephone number is
CAnal 6-4592
annual
field
day at Sleepy Hollow Coun¬
Club, Scarborough, N. Y.
LERNER & CO., Inc.
Investment Securities
Spring Conference of the National
the
of
Seville
Investment
Clubs
10 Post Office Square, Boston 9, Mass.
Telephone
Hotel.
Teletype
HUbbard 2-1990
,\3^V
BS
*
Vr
69
* >
a
to
the
should
next
so,
Garl Marks
un¬
Common and Warrants
/
/
FOREIGN
&
Co. Inc.
SECURITIES SPECIALISTS
Common & Warrants
Bought—Sold—Quoted
"
years
"
•
BROAD
STREET
•.
TEL:
would
'
Versapak Film & Packaging
increase
-.
billion
•
yo*1
re¬
make
couple of
Cove Vitamin & Pharmaceutical
s*q
time
same
sanctioned
the, President
The- $2
to
J
(Santa Barbara,
; •
Investment
(Detroit, Mich.)
1, 1962
at
annual
20
in¬
Vedra
Beach, Fla.)
Another WPA?
;
committee
.
Invest¬
Attention Brokers and Dealers
(San Antonio, Tex.)
Municipal Bond Club of San An¬
first annual outing at Oak
Hills Country Club.
Dealers
Senate Public Works Com¬
employment
in¬
has
Association
Municipal, Bond Club of Chicago
outing.
/
tonio
Association
an
quest
House
close
(Chicago, 111.)
Bankers
N. j.)
(New York City)
25, 1962
Nashville Association of Securities
parts
employment.
on
Invest¬
ment Bankers Association Meeting.
;
(New York City)
June 1-2,1962 (Miami Beach, Fla.)
immediate $600 million pub¬
lic works program to reduce un¬
passed is
would
Group
Sept. 23-26, 1962 (Atlantic City,
Waldorf
try
Meeting.
May 17-18, 1962 (Nashville, Tenn.)
areas.
mittee has approved authorization
of
re-
been
building
up
against r this
legislation in the Senate; The odds
of
spring
Cur¬
meeting at the Dearborn Inn.
finished;
Administration May 15, 1962 (Boston)
has
measure
The
reduce
The
that
rates
Board
and
another $2 billion available if
postal
which the House
much
Association
calling for Feder¬
for
of
o n
(Gearhart, Ore.)
Northwest
'
House
have
controls
farmers
the
of
has
,
Invest¬
t i
annual meeting and dinner at
June
May 14-15, 1962
of
the
country.
this bill is in the
doubtful category at this time.
their products.
fate
crease
imposed
of
an
Pacific
of
Committee
have
May 23 by
24, 1962
Bond
Nevertheless,
a
rights
on
systems
various
great deal of the original
Administration Farm Bill which
would
Meeting
comprehensiv§^fnass^ transpor¬
tation
;
the
on
Club;
Country
May 25, 1962
Governors.
it
of
the
r millions
Omaha
Traders Association of
New York Glee Club annual din¬
Association
Bankers
Firms Board of
Banking
measure
but
assistance
Americans is being constantly re¬
Both
Spring
al
with
duced.
Agriculture
Investment
have
billion,
Committee
backed
it seems doubtful at
this session. Social Security is in¬
a
$4.9
Senate
hearings
So¬
mittee, but
such
for
a
Board of Governors Fall Meeting.
ner
measure.
Committees
reduced.
rency
scheduled rallies at various points
might force the bill out of com¬
creasing at
call
will be
Republicans and
building
pressure
Hotel.
Hilton
Statler
the
at
Security
(White Sulphur
Springs, W. Va.)
bills
in
cial Security financing provisions.
The
INVESTMENT FIELD
May 9-12, 1962
conducting hearings on the
Foreign Assistance legislation. The
opposed to the
are
IN
matching fund
amendments, there is little
Wilbur Mills of Arkan¬
colleagues
Convention
Annual
May
been
couple of his Democratic
a
to
up
stymied
currently
(Detroit, Mich.)
Financial Analysts Federation
dinner party.
events
legislation.
care
Outing
Country Club of Maryland.
May 19-23, 196.2
May
on
propriation
the
for
coming/
Both the House and Senate Ap¬
Ways and Means Com¬
There
Chairman
country
pressure
i
Municipal Conference at the PickCongress Hotel.
(Baltimore, Md.)
18, 1962
ciation 27th annual Spring
ceded
bill
a
enthusiasm for the
no
the
of
s o c
Association of Customers Brokers
or
Democratic
the
across
on
approved
a
Group
Baltimore Security Traders Asso¬
the
system.
some
decided.
the moment
on
(Santa Barbara;
1962
Investment
the scene" interpretation
from the nation's Capital and may or May *24, 1962 (Omaha, Neb.)
Nebraska
Investment
Bankers
may not coincide with the "Chronicle's"
Association Annual Field Day at
oint views.]
the House side, the
Although
will probably pass with
bill
the
bill, but what type of
to
is
election year.
[This column is intended to reflect
amendment
the
of
Group In¬
Association
works
However,
doubt.
Bankers
bill is still in committee;
Congress
will pass a
in
public
basis with the other UN members.
a
is
bill
an
the
of
Pennsylvania
the "behind
measure,
United Nations
the
lend
$100 million
good Trade
The proposal is
"must"
the
substitute
ownership
to
than
Expansion bill.
is
that would authorize the President
Presi¬
more
passing
The Senate has
ef¬
been
is
proposal
that would have provided for pub¬
lic
fate
(Rolling Rock,
Meeting.
at the
things.
The
and
own
House,
committee, some of which are
expire there when the
87th Congress adjourns sine die.
vestment
May
satellite
cations
at
Murray
ment Bankers Association Meeting
Western
other
commercial communi¬
system.
The
a
$750
1962
Pa.)
projects already authorized; and
$750 million of matching grants
for state and local projects, among
a
nedy Administration proposals are
♦
Federal
establish
would
private corporation to
operate
features of the bill
million for direct
expenditures ' for works
The standby
Administration-
that
23-26,
Calif.)
California
17-19,
May
15th
now
June
today
left
I shave
what
taxes/'
during the depres¬
days of the early 1930s.
authorize
the
this
e-passed,
backed
Hill, however, his personal .popu¬
larity has not served to get his
bills passed. A number of Ken¬
'
sion
post.
that the Ad¬
try again next
Urban Affairs
will
meeting
Richelieu,
s
Sept. 7-8, 1962
seem
ministration
Few. if any, of the White House
correspondents who follow. Presi¬
dent Kennedy wiU dispute his per-
enthusiasm.
would
name—exactly
which operated
Dr.
as
It
Manoir.
America annual Conference at the
sub-cabinet
a
(Canada)
annual
ment Bankers A s
Cabinet posi¬
a
holds
now
my
after
administrator of the
Housing and Home Finance Agen¬
cy.
.attracts
to hold
to
quick¬
of
member
first
race
tion. He
nedy for another six years.
'sonal
lars
Weaver would have be¬
Thus Dr.
46th
Santa Barbara Biltmore.
the
to
Sleepy
Bay, Quebec.
with only five dol¬
brokerage business
the
entered
"I
Cab¬
name
Weaver
C.
Robert
come
would
he
New
of
at
Country Club.
17-20, 1962
Canada
growing
lost ground
outing
Investment Dealers' Association of
country.
our
measure
they
believe the White House will re¬
tell
them .would
of
areas
The
of
most
probably
Furthermore,
June
of the Fed¬
fast
the
for
(New York City)
Association
annual
Hollow
dead
new
a
t/ •'
15, 1962
York
15,
June
Toronto;
Investment
ly after the President had indicat¬
election.
November
the
after
June
to
department designed to
affairs
urban
than 25 years are assertedly
more
created
have
would
Investment
Meeting
Group
14,
Montreal).
.
a
&
(Toronto
1962
(June
The bill
proposal for this session.
by Southerners
because chairmen of Congression¬
al committees are elected to their
House
14-15,
Bankers Association
the
the Senate and the
committees in
golf
Montreal)
proposal by
Affairs
Urban
The
important Congressional
most
14;
Canadian
Legislation for new facilities at
and
universities
has
both houses and is ex¬
pected to become law with Presi¬
dent Kennedy's signature.
Southern* Congress¬
course,
June
passed
do
men
door.
the
in
foot
June
15.
colleges
Southern Congressman.
a
their
get
government—a Federal judge¬
in
ship and
Continent¬
tournament at
Meadowbrook County Club, June
;
like
would
bureaucrats
The
not exactly
City Security Traders As*
annual summer party-
Cocktail party at Hotel
al,
public schools.
control
to
ington
(Kansas
sociation
attempt by bureaucrats in Wash¬
time than in one-
much tougher
Kansas
Despite a series of attempts to
revive it, the Federal aid to edu¬
cation legislation is dead for this
session. This measure is another
and
fences
mending
states,
14-15, 1962
City, Mo.)
to Education Bill
Federal Aid
No
coming and going to their respec¬
tive
June
,
other expiring taxes.
any
have been
members of both houses
up.
Thus far,^Congress has taken no
steps to extend the 52% corporate
income
tax
rate. However,
this
tax will be extended along with
for all
of the House and onethe
Senate. Therefore,
election
is
This
go
(Minneapolis-St.
City Bond Club annual out¬
ing at the White Bear Yacht Club.
tions. First class and air mail rates
half-way
13-14, 1962
Paul)
Twin
business publica¬
and
magazines
87th
the
of
Investment
(New York City)
Municipal Bond Club of New York
CAPITAL
WASHINGTON, D. C.—The Dem¬ are against its passage this session.
ocratic
controlled
Congress
has Among other things, the postal
some
big headaches facing it as rates would raise the rates on
Congress <has passed the
Vedra,
(Ponte
Group
Association Meeting.
Bankers
June
BEHIND-THE-SCENES INTERPRETATIONS
FROM THE NATION'S
7-10, 1962
Fla.)
Southern
include
HANOVER 2-0050
•
NEW YORK 5, N. Y.
/
TELETYPE NY 1-971
*
1ill, thompson & co., inc.
3%
both
loans
■
public
called
and
grants to
agencies.
it
another
various
Some
critics
'
70 Wall Street, New York 5, N. Yrf
Tel. WH 4-4540 Y
potential
WPA,
Tele. NY 1-0154
i
Volume 195
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
TRADERS
OF
NEW
26TH
ANNUAL
(1)
ASSOCIATION
YORK, INC.
DINNER:
WALDORF-ASTORIA
-
•
-
APRIL
■■
FIRST
PRESIDENT
Thursday, May 10, 1962
VICE-PRESIDENT
1962
J:-,",.
SECOND
VICE-PRESIDENT
27,
SECRETARY
TREASURER
Officers
Elbridge H. Smith
S. E. Dawson-Smith
Sidney Jacobs
Stryker & Brown
Cruttenden, Podesta
Sidney Jacobs Co.
John S. Barker
Lee
Higginson
Corporation
Joseph R. Dorsey
Bache & Co.
John M. FitzGerald
W. C. Pitfield &
Co.,
Inc.
D.
Raymond Kenney
Barney Nieman
Charles S. Offerman
D.
Raymond Kenney
Golkin, Bomback
Troster, Singer <ft Co.
& Co.
& Co.
\
Rappa
Wilbur Krisam
Mergott, Rappa &
John C. Legg &
Co., Inc.
& Miller
Directors
Salvatore J.
Company
Raymond C. Forbes
James T. Gahan
Edward A. Horn
Shearson, Hammill
E. F. Hutton &
Kuhn, Loeb & Co.
&Co.
Company
Lewis H. Serlen
J osephthal
Alfred F. Tisch
Fitzgerald &
Company
at
(2)
Ed
Thursday, May 10,
Horn, Kuhn, Loeb
Volume
1962
195
Number
Arthur
Feltman, Hay,
& Co.; Carl Oelkers, Manufacturers Hanover Trust Co.; Irving
& Co.; John C. Calef, Dominion Securities Corporation
A Supplement to the
...
Commercial and Financial Chronicle
Securities
& Exchange
Commission; Charles Ferrall, Securities &
Exchange
John W. Puis, Securities & Exchange Commission; Irving A. Greene,
and Company; Ezra
Weiss, Securities & Exchange Commission
Goldman,
Commission;
Fales
615#
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v
Pittsburgh
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Oxnard
Indianapolis
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Tacoma
Reno
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*
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7
Volume
195
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, May 10, 1962
*
,
(3)
%
Hans
Ben,
New
Maurice
York
Hanseatic
Hart,
New
Corporation;
York
Hanseatic
Milton Isaacs, Straus, Blosser & McDowell (Chicago);
Corporation; Don Sherwood, Reynolds & Co.
I
74
Elbridge
Smith,
Stryker
&
Brown;
Trinity Place, New York 6, N. Y.
■UHB
Private Wires to;
Atlanta
Hartford
Chicago
Houston
Cleveland
Indianapolis
City, Mo.
Los Angeles
Kansas
Columbus, Ohio
Pittsburgh
Portland, Ore.
Salt Lake
City
San Antonio
Dallas
Louisville
San Francisco
Detroit
Minneapolis
Philadelphia
St. Louis
Grand
Rapids
Washington, D. ,C.
Louis
Lefkowitz,
Attorney
General,
New
York
State
•
(4)
'
\
'
'■
Volume 195
Thursday, May 10, 1962
Number 6158
...
A Supplement to the Commercial and Financial Chronicle
Ed
Hal
Murphy, Commercial & Financial Chronicle; Frank Harrington, H. D. Knox & Co., Inc.
Crandon Leahy, National Quotation Bureau
(Boston); John Kearton,
National Quotation Bureau (Philadelphia)
(Boston);
.
Enright,
Dunne
Jack
&
Sam
Co.;
D'Arcy, F.
Weinberg,
L. Putnam
&
S.
Weinberg,
Grossman
Company, Inc.
&
Co.,
Inc.;
(Boston)
SkttO
Harold
Pont
Noke, Francis
&
Co.; Jack Barker, Lee Higginson Corporation;
Meyers, John J. Meyers & Co.
JohnS. Barker.
Salvator D*Am
James J. Kelly
•
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BOSTON.Frederick W.
Manager
•
James D* Browne
CHICAGO
Bank & Insurance Stocks
Joseph T
Over-the-CounteF Securities
Specialists in
Christiana Securities Co.
NEWfYORK
BOSTON :-HCHICAGO
ills
,
Preferred
Common
Inquiries invited in all Unlisted Issues
ISBSS WSM0%B
MVI0%MM
ili
MEMBERS
New York sod omr
tnv«itm*nt
8»rvloe
Principal
Stock gxchsnpea
Laird, Bis sell 8 Meeds
Members New York and American Stock
Sine* 1848
120
Telephone BArclay 7-3500
WILMINGTON, DEL.
Bell Teletype NY 1-1248-49
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DALLAS, TEX.
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Volume 195
Nat
Abell,
Gersten
&
Number 6158
...
A
Frenkel; Frank San Filippo, Gersten & Frenkel; Lester
Frenkel; John Keller, Chemical Bank New York Trust Co.
What is
Thursday, May 10, 1962
Supplement to the Commercial and Financial Chronicle
Frenkel,
Gersten
Gus
&
Allen,
Stanley
Cohen
and
Myron Wilson,
all
of Shields
&
(5)
Co.
-mi
Your
00-M-
Trading
0M-+-
Problem I
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(6)
Number 6158
Volume 195
Thursday, May 10, 196:
A
...
Supplement to the Commercial and Financial Chronicle
i
Bernard Weissman, Gold, Weissman A
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Irving J. Silverherz,
John
H.
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A
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Pa.); Charles Weil, Nat Berger Securities Corp.
(Wilkes-Barre,
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Volume 195
Ed
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
(7)
Thursday, May 10, 1962
Zinna, Smith, Barney A Co.; John Glushko, Reynolds A Co. (Syracuse); Paul J. Corey, Van Alstyne,
Noel
A
Co.; Fred Preller, Eastman Dillon,
Van Alstyne,
Union
Securities
A
Co.;
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Gilbert,
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Joe
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A
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Inc.;
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A Co.;
Sid Jacobs, Sidney Jacobs
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Leo
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Sons;
D.
Raymond
INSTITUTIONAL INVESTORS
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U. S. Governments
Fed*eral
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If
interested in
you are
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v
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it may
to
avail
,
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be
,
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Industrials
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to your
yourself of
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our
;;;.. 'v;'.v-
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advantage
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and
Acceptances
FinancO
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Paper
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Volume 195
Thursday, May 10, 1962
Number 6158
...
...
A Supplement to the
"
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Commercial and Financial Chronicle
1
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OF NEW
YORK
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WITH
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CONNECT
AND
&
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Co.; Ray Hartigan, W. E. Burnet & Co.; Arthur Hartigan,
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Berney
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NEW
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AJIL)Q5ei<&G).
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Volume 195
Number 6158
A
...
Thursday, May 10, 1962
Supplement to the Commercial and Financial Chronicle
Over Half
a
(fif)
Century
of Investment Experience
With
over
ments,
50 years
of experience in Canadian invest¬
organization is well prepared to
our
serve
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ices
readily available
are
serv¬
investing institutions,
to
banks and dealers.
Direct private wire connections with affiliated offices
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able
stock
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us
execute
exchanges,
and
en¬
orders promptly on all Canadian
or
at net
prices in United States
funds if desired.
'
Wood, Gundy & Co., Inc.
Wall
40
Street, New York 5, N.
Telephone Dlghy 4-0633
Ivan
Satow, Reynolds & Co. (Philadelphia);
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Volume 195
Thursday, May 10, 1962
(10)
the Commercial and Financial
A Supplement to
,
'
•
*" '
.
Chronicle
•'
•
Dealers
in
•
-
...
4%
Underwriters, Distributors and
/
Number 6158
Securities
Corporate and Municipal
Members New
York Stock Exchange and
Other Exchanges
STREET, NEW YORK 4, N. Y.
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Teletype: N.Y. 1-210
Telephone: HAnover 2-0600
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LAKE WORTH
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CO.
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& Company; Bud Meyer, Semple, Jacobs
& Co.; Allan Lopato, Allen & Company;
& Co., Inc. (St. Louis); Mike Epstein,
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of
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RIGHTS AND
Reorganization and "When Issued" Securities
REORGANIZATION SECURITIES
Inquiries jrom Banks. Brokers and Dealers are
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invited
19IO
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and
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direct
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Volume 195
Number 6158
...
A
(11)
Thursday, May 10, 1962
Supplement to the Commercial and Financial Chronicle
Adams & Peck
Members New York Stock Exchange
and American Stock Exchange
Brokers and Dealers ht
INDUSTRIAL & RAILROAD SECURITIES
120 BROADWAY
,
NEW YORK 5, N. Y.
•
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Private Wire
Herbert
to
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Nickel, Grace National Bank; Kenneth Ebbitt, Shelby Cullom Davis & Co.; A1 Heaney, Grace
National
Bank;
John
C. Hefferon, G. H.
Walker & Co.; Larry Frazier,
Laurence
Frazier
&
Co., Inc.
[ HQRNBLOWER AMD
WEEKS
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From Coast to Coast You
on
the
can
depend
People, the Ideas, the Facilities of...
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Hornblower
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One Chase Manhattan
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Weeks
&
Plaza, New York 5, N. Y.
m
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Corporate Securities • Underwriters of State, Municipal and Revenue
Complete Brokerage Service in Stocks and Bonds • Comprehensive Research
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over
i
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w:
pillllliiilliiiiiiiiiiiiiiiiiiiiliilliliilliiiiiiiiiiiiiiiiiiiiiiiiiiiilliiiiiiiiiiiiiiiiiiiiliiilliiiilliiiiiiiiiiiliiilliiiiililliniiii^
ss
Alberto-Culver Co.
I WE HAVE TRADING
300 Unlisted Securities
Miehle-Goss-Dexter
=
Anheuser-Busch, Inc.
Monarch Marking
£
EE
System
£:
I
M
m
||
]
INTERESTS
| in these unlisted securities
| and invite your inquiries
New
York
Stock
Exchange
Midwest
American
•
Stock
Stock
Exchange
| Reyholds & Co.
Exchange
ej/MsfV
7J9
EE
Members New York Stock Exchange
88
M
E
and other principal Exchanges
£:
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A
Telephone WHitehall 3-7600
||
Corporate Teletype: NY 1-865
Cable
Municipal Teletype: NY 1-1691
•
Address:
Electronics Corp.
Beneficial Corp.
Bernz, Otto Co.
Pacific Intermountain
EE
Express Co.
e
Penick, S. B. Co.
e
Pioneer
Finance Co. Com.
E
=
Bruning,
(Charles) Co., Inc.
Members
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Babcock
EE
Gregsons
Our
Trading Departments in:
Quality Importers, Inc.5
Brush Beryllium Co.
Roadway Express, Inc.S
Control Data Corp.
Scott (O.M.) &Sons,Co.=
Dictaphone Corp.
Sexton, John & Co.
Electronic
Standard Motor
Associates, Inc.
Electronic
Products, Inc."A"
=
E
=
Engineering State Street
Investment Corp.
Co. of California
We have direct
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wires to Correspondents in the following cities:
NEW YORK
j£
Anaheim
Albuquerque
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Paso
Chicago
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M.
Cleveland
Malone
Portland, Ore.
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St. Louis
Salt Lake City
Santa Fe
Sarasota * Seattle
Toronto
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Washington
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Westwood
Whittier
CHICAGO
BOSTON
125
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111
W.Jackson Blvd.
427-9201
PHILADELPHIA
SAN FRANCISCO
1526 Chestnut St.
LOcust 4-0505
W-
S
SUtter 1-5451
Swank, Inc.
Growth Capital
Thompson, H. I.,
Fiber Glass Co.
Gulf Life
Insurance Co.
37
Offices from Coast To Coast
United States
Leasing Corp.
425 Montgomery St.
>-y-
Sterilon Corp.
Gradiaz, Annis
& Co., Inc.
Kaiser Steel
Corp.
Walter, Jim Corp.
Kelly Girl Service, Inc.
warren Brothers Co.
Lestoil Products, Inc.
Wesco Financial Corp.
*
^fiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiitiiiiiiiiiiiiiiiimiiiiiiiin?
Number 6158
Volume 195
Thursday, May 10, 1962
(12)
...
A Supplement to the
Commercial and Financial Chronicle
We maintain firm markett in the following;
American Greetings
Corporation "A"
^ Arvida Corp.
,
Cowles Chemical Co.
Dictaphone Corporation
Empire State Oil Co.
Equity Oil Co.
& co.
ernst
Members
York
New
and
other
Stock
leading
Exchange
and
Security
American Stock Exchange
Commodity Exchanges
Broadway, New York 5, N. Y.
120
231
So. LaSalle St., Chicago 4,
Private
Wires
to
111.
and: Chicago
Angeles
Los
Mullin, White, Weld & Co. (Boston); Walter Eagan, Harris, Upham & Co. (Boston); Clive
Fazioli, White, Weld & Co. (Boston); Leo F. Newman, American Securities Corp. (Boston);
Bob Topol, Greene and Company
Frank
Roggenburg & Co.
Members New
National
York Security Dealers Association
of Securities Dealers, Inc.
Association
Brokers and Dealers
CORPORATE SECURITIES
SPECIALIZING IN
Foreign Dollar Bonds & Scrip
29
BROADWAY
-
-
-
NEW YORK 6
BeU Teletype: NY 1-1928
Telephone: WITitehnll 3-3840
BROKERS & DEALERS
IN
Gordon
'
UNLISTED SECURITIES
Olson, Auchincloss, Parker & Redpath (Washington, D. C.); Harold Walters, Sade
(Washington, D. C.); Newt Parkes, Gerstley, Sunstein & Co. (Philadelphia);
Hans Ben, New York Hanseatic Corporation
T. L. WATSON & CO.
Established
1832
MEMBERS
New York Stock Exchange
25 BROAD
American Stock Exchange
•
ST., NEW YORK 4, N. Y.
Telephone WHitehall 4-6500
Teletype NY 1-1843
Wertheim & Co.
JXCemhers lACeu) York Stock Exchange
TRADING MARKETS IN
One Chase Manhattan Plaza
New York
VIRGINIA SECURITIES
J. C. Wheat & Co.
Members
Hew York Stock Exchange
EAST
1001
to:
MAIN
ST., RICHMOND, VA.
/
Teletype RH-196
Direct Wire
American Stock Exchange (Assoc.) '
Eastman
Telephone MI 44651
Dillon,
Union Securities & Co., New York
Branch
15 Selden
Arcade, Norfolk, Va.
126
Offices
307 First St., S. W., Roanoke, Va.
N. Main St., Rocky Mount, North Carolina
Unlisted
Trading Department
&
Co.
Volume 195
Number 6158
...
A
Thursday, May 10, 1962
Supplement to the Commercial and Financial Chronicle
(13)
\
service
brokerage
for Banks, Brokers and Dealers
Distributors
Underwriters and
Securities
Corporate
of
Hardy 8c Co.
Members New York Stock
Exchange
Members American Stock
Exchange
25 broad street
new york 4
Telephone DIgby 4-7800
Teletype NY 1-733
Main St. 8C
543 Madison
Pete
T
Avenue, New York 22, N. Y.
South, Rochester, N. Y.
17 Clinton Avenue
Higgins, A. M. Kidder &
Co., Inc.; Charles O'Brien Murphy III, Mackay & Co.; Michael
Dougherty, A. W. Benkert & Co., Inc.; Ben Gold, Gold, Weissman & Franhel, Inc.
s
Meetinghouse Lane, Southampton, L. I., N. Y.
Winslow, Cohu & Stetson
Incorporated
Members: New York Stock Exchange
•
American Stock Exchange
Underwriters, Participating Distributors and Dealers
in General Market and
26
Joe
Municipal Issues
BROADWAY, NEW YORK, N. Y.
Telephone: BOwling Green 9-4800
Carucci, J. K. Rice, Jr. & Co.; Jerry Abeles, Burnham & Company; Ed Schaefer, H. D. Knox
& Co., Inc.; George Meschi, Scurry Rainbow Oil Co.; J. K. Rice 3rd, J. K. Rice, Jr. & Co.
mEW YORK
BOSTON
ELMIRA
•
•
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PHILADELPHIA
HARRISBURG
•
JOHNSTOWN
•
•
NEWARK
TROY
•
•
ROCHESTER
PUNXSUTAWNEY
HAGERSTOWN
MIAMI
•
LISTED and UNLISTED
SECURITIES
Active Markets Maintained
in
FOREIGN SECURITIES
Sutro Bros.. & Co.
Vanden Broeck, Lieber k f«.
==
Established 1896
New York Stock
125
Members
and
New
Other
York
Stock
Exchange
MAIDEN
Tel.:
MEMBERS
Exchange
LANE,
HA 5-T300
PINE
NEW
YORK
TELETYPE NY 1-67
38
Teletype NY 1-4686
System to Canada
CORRESPONDENTS
STREET, NEW YORK 5, N. Y.
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TELEPHONE BO 9-8300
0
Principal Exchanges
Private Wire
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IN:
LONDON
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PARIS
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-3
*
Number 6158
Volume 195
Thursday, May 10, 1962
(14)
...
A Supplement to the Commercial and Financial Chronicle
Established 1800
Teletype: Baltimore 383
ALEX. BROWN & SONS
BROKERS AND
DEALERS
Municipal and General Market Bonds; Baltimore
Bank Stocks
New
Direct
Commission
and Local Securities.
Orders Executed
the
on
Philadelphia-Baltimore,
York and American
JStock Exchanges.
private wires to New York, Washington, and Winston-Salem
America's Oldest Name in Investment Banking. Members: New York and Other
Lead¬
Howard
ing Stock Exchanges. Offices in Baltimore, Easton, Frederick, Towson, Md.; New York,
N.
Y.; Washington,
D. C.; Winston-Salem,
Baylis, Adams & Peck; Bill Bathon, Adams & Peck; Herb
(Philadelphia); Fred Burdorf, Hornblower
Beattie, H. A. Riecke &
&
Co., Inc.
Weeks
N. C.j Spartanburg, S. C.; Leesburg, Va.
mmmm
UNDERWRITERS
DISTRIBUTORS
-
DEALERS
-
Corporate and Municipal Securities
Active Markets
in
Local
Securities
Mead, Miller & Co.
—
r
New
York
Stock
Members
—
American Stock Exchange
Exchange
Philadelphia-Baltimore
(Associate)
Exchange
Stock
CHARLES & CHASE STREETS, BALTIMORE 1, MD.
Telephones: Baltimore—LExington 9-0210
Bell
New York—WHitehall 3-4000
System Teletype—BA 270
Direct Private Wire
to
New York Correspondent
Carl M. Loeb, Rhoades & Go.
At
Charles Plohn
Livingston,
&
■
'
-
&
Co.; William Friedman, Newborg & Co.; Edward
& King, Libaire, Stout & Co.
Monte,
Newborg
Co.; Walter' Dorney, Eisele
1-^vr-'
"•
1
•
'.
■-
■
' * r
••
•
• •
Dealers and Brokers in
Public
Utility
"
Railroad
■
Industrial
Securities
New Jersey and
General Market Municipal Bonds
Bank and
Insurance Stocks
Mutual Funds
PRIVATE WIRES TO
Shares
Glore, Forgan & Co.
Chicago
Gunn, Carey & Roulston, inc.
Trading Department
Janet
Post
Larry
•
Albert J.
Cleveland
Snyder
Schneider, Bernet & Hickman, Inc.
Caplan
Dallas
Bosworth, Sullivan & Company, Inc.
Charles A. Taggart &
Denver
Co., Inc.
G. A.Saxton&Co., Inc.
Teletype NY 1-1605-1606-1607
Underwood, Neuhaus & Co.
Houston
Member^Philadelphia-Baltimore Stock Exchange
Boston Stock Exchange (Associate)
Crowell, Weedon & Co.
Los Angeles
Hess, Grant & Remington, Inc.
J£j!i$burgh Stock Exchange (Associate)
Montreal Stock Exchange (Associate)
52 Wall St., New York 5, N. Y.
WHitehall 4-4970
Philadelphia
Investment Securities
Reinholdt & Gardner
St. Louis
1516
Locust
KIngsley 6-0900
Street, Philadelphia 2, Pa.
Teletype PH 677
Stewart, Eubanks, Meyerson
New York Phone WOrth 4-7333
HILL,
THOMPSON
Underwriters and Distributors
Trading Markets in
& Co.
San Francisco
—
&
Public Utility, Natural Gas and
CO.,
Buyers of Blocks of Stock
Inc.
Industrial Securities
Volume 195
Number 6158
...
A
Supplement to the Commercial and Financial
Thursday, May 10, 1962
Chronicle
(15)
jdaeonTffftippce o
?.
^nv0sEmanE<2)a cunYt'os
MEMBERS
EXCHANGE
STOCK
YORK
NEW
EXCHANGE
STOCK
MIDWEST
AMERICAN
EXCHANGE
STOCK
(ASSOCIATE)
UNDERWRITERS AND DISTRIBUTORS
PRIVATE FINANCING
63
135 South LaSalle Street
Chicago
John J. Kelly, National Association of Securities Dealers; Robert
H. Best, New York State Tax Commission; Gambol
W. Taylor, Dunn & Taylor; Edward
J. Dunn, Dunn & Taylor
3
Wall Street
New York City
*
5
Telephone
Green 9*2070
Telephone STate 2-3100
bowling
Brand,
Grumet
Seigel
inc.
MEMBERS: NEW YORK STOCK EXCHANGE
MEMBERS:
AMERICAN
STOCK
EXCHANGE
'
George
Lentz, Stone & Webster Securities Corporation; Herb Gesell, Stone & Webster
Corporation; Jim Gavin, Merrill Lynch, Pierce, Fenner & Smith Incorporated;
Lawrence Hunter, Wellington Hunter Associates {Jersey City, N. J.)
Securities
%
,\v
"--.I
•
49 West 33rd
Broad
67
Street, New York 1, N. Y.
Street, New York, New York
Established 1927
JENNINGS, MANDEL
& LONGSTRETH
Members New York Stock
and other
Exchange
Principal Exchanges
Underwriters and Distributors
121
S.
STATE,
BROAD STREET
MUNICIPAL
and
PHILADELPHIA 7, PA.
CORPORATE
SECURITIES
Members:
New York Stock
Exchange
American Stock
Midwest Stock Exchange
NEWARK, N.J.
BOSTON, MASS.
MIAMI BEACH, FLA.
Exchange (Associate)
Detroit Stock Exchange
HONOLULU, HAWAII
NEW YORK
Columbus
DETROIT
•
Battle Creek
Grosse Pointe
*
•
CHICAGO
Bay City * Flint • Grand Rapids
Lansing • Muskegon • Saginaw • Birmingham
(16)
Volume 195
Thursday, May 10, 1962
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
Specialists in
Foreign Securities
r
Foreign Investments
tfnc.
SECURITIES
INVESTMENT
Associate Members American Stock
30 Broad
Exchange
Street, New York 4, N. Y.
(Boston); Jerry Coe, Lerner & Co., Inc. (Boston);
Company, Inc. (Boston); Robert Polleys, Josephthal & Co. (Boston)
Gerry D'Ambrosio, Breen Creamer Stanley Corp.
Teletype
Telephone
NY 1-515
WHitehall 3-9200
1962
Our Fortieth Year
1922
Joe Buonomo, F. L. Putnam: &
UNLISTED SECURITIES
SPECIALISTS
SINCE
1922
INQUIRIES INVITED
Ron
Coutts, Crutenden, Podesta & Miller; Joe Monahan, J. A. Hogle & Co.; Gerald Kadien, Cruttenden,
Podesta & Miller; T. J. Murphy, Cruttenden, Podesta & Miller
JOHN J. O'K ANE, JR. & CO.
Members
42
New York
Security Dealers Association
Broadway, New York 4, N. Y.
Teletype—NY
Phone—DIgby 4-6320
1-1525
Primwy Mttrkets Maintained In
/
T
unlisted securities
new issues
DEALERS
in
UNLISTED SECURITIES
INQUIRIES
•
INVITED
ON
LARGE BLOCKS
OF
STOCKS
-
J. K. Rice, Jr. & Co,
J. F. Reilly & Co.. Inc.
ESTABUSHED 1908
Members National Association of Securities Dealers, Inc.
Members New York
Telephones:
REctor 2-4500
REctor 24506 (Cashiers)
Security Dealers Association
120 BROADWAY
NEW YORK 5, N.Y.
Teletype:
N Y 1-714
39
BROADWAY
NEW YORK 6,
N. Y.
Teletype: NY 1-5440
DIgby 4-4970
NY 1-2810
i
•
-
'
4
-
Volume 195
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, May 10, 1962
NEW
Hanseatic
YORK
(17)
CORPORATION
Established 1920
Associate Member American Stock
A
Complete
Exchange
W^rld-Wide Service
in the Over-the'Counter Market
120
BROADWAY
NEW
•
YORK
Telephone: WOrth 4-2300
BOSTON
•
DIRECT
CHICAGO
PRIVATE
•
5, N. Y.
Teletype: NY 140-1-2
PHILADELPHIA
WIRES
TO:
•
SAN FRANCISCO
Atlanta,
Boston,
Chicago,
Cleveland, Dallas, Houston, Los Angeles, Louisville, New Haven,
Robert
Kobell, Josephthal & Co.; Karl Kramer, First Chelsea Corporation; Ivan Friedman, First
Corporation; Richard Geist, First Chelsea Corporation; Walter Lovenger, First Chelsea
Corporation; Jim Maynes, Josephthal «ft Co.
Philadelphia, Pittsburgh, Portland, Ore., Providence, San Antonio,
Chelsea
San Francisco,
Toronto, Canada
Harold C. Shore
&
Co.,
Incorporated
50
BROAD
NEW
•.
Howard Slater,
•
,
...
STREET
YORK 4,
N. Y.
•©
Goldman, Weissman & Franhel, Inc.; Richard Rosenthal, Ira Haupt & Co.; James Siepser,
Shashan
& Co.;
Paul Ronan, Hirsch & Co.
Telephone: WHitehall 3-6750
Teletype: NY 1-5126
(
WM V. FRANKEL & CO.
Complete Trading Facilities
Active Markets
in
Unlisted
Securities
INCORPORATED
Brokers and Dealers
in
Investment Securities
39
NEW
BROADWAY
Teletype:
WHitehall 3-6633
YORK
James Anthony & Co.
6, N. Y.
NY 1-4040; NY
INCORPORATE D
1-3540
37
Wall Street
BOwling Green 9-4290
i
v
New York 5, N. Y.
Teletype N Y 1-4541
(18)
Number 6158
Volume 195
Thursday, May 10, 1962
...
A Supplement to the Commercial and Financial Chronicle
CONVERTIBLE BONDS
INDUSTRIAL STOCKS
REAL ESTATE SECURITIES
Ogden, Wechsler & Krumholz, Inc.
39
Sargent, Gene McCormack, Bob Chamine, and Bill Mahon, all
of Kidder, Peabody & Co.
BROADWAY
NEW YORK 6, NEW
YORK
T elephone
HAnover
Bill
Teletype
NY
2-5865
1-1085
Wholesale and Retail Dealers
David
In-Unlisted Securities
Magid, D. H. Magid, Ehrlich
Robert
Herzog,
& Co., Inc.;
Herzog
&
Co.,
Harold Ehrlich, D. H. Magid, Ehrlich
Inc.;
John
Herzog,
Herzog
&
Co.,
&
Co.,
Inc.;
Inc.
Active Markets In New Issues
We
can
distribute Blocks
of
Electronic, Missile and Nuclear Stocks
IfitchelU Company
We've
Members
Philadelphia-Baltimore
Casper Rogers & Co., Inc.
Pine
New York 5,
Street,
N. Y.
Trading Dept.: BO 9-6244
fast
BROADWAY
NEW
Teletype: NY 14949
Telephone: HA 5-5570
'
Stock Exchange
120
80
got to get this ad
in the papers
| YORK
What'll
CITY
we
do?
Telephone WOrth 4-3113
Bell Teletype
NY 1-1227
Primary Markets
Maintained
Special Situations
The number is
IRVING ABELOW
COrtlandt 7-5060
c'
More Than 60 Years of Efficient and
Manager Trading Department
CORNELIUS B. SHERIDAN
-
Economical Service
Warrants and Reorganizations
| as transfer agent
™
in
New York, N. Y. and
'
JACK A. JOSSEM
-
tlS*
Bank and Insurance Stocks
Jersey City, N. j.
We afford economies and other:
advantages
to
underwriters, distributors, torporatidhs
and their
Write for our
stockholders!
free booklet setting forttif&Wjirrent Federal
and State Stock
.#
EVERETT F. WENDLER
Corporation Bonds & Arbitrage
HERBERT B.
ABELOW
Industrials
CHARLES E. ANDREWS
Original Issue and Transfer Tax Rates.
Real Estate Securities
ROBERT C. EBLE
Registrar
and
Transfer Company
Advertising
50 Church Street
BEekman 3-2170
'
.
^
,
15 Exchange Place
JERSEY CITY 2, N. J.
HEnderson 2-2211
'
WHitehall 4-3775
•
1
W, INC.
Public Relations
ZT
Philadelphia
chicago
Dealer Relations
NEW YORK 7, N. Y.
ALBERT FRANK- GUENTHER LA
RICHARD ABELOW
STEVEN JOSSEM
131 Cedar
Street, New York 6, N. Y.
Midtown
•
COrtlandt 7-5060
Office: 44 East 53rd Street, New York 22, N. Y.
san francisco
los angeles
Volume 195
Number 6158
...
Supplement to the Commercial and Financial Chronicle
A
Thursday, May 10, 1962
(19)
Established 1928
We have for 33 years
offered
special service
a
to
Retail
Organizations, Investment Trusts, and Institutions, furnishing
them with information supplemented by pertineht analytical
reports
descriptive of—
•
Interesting growth securities
•
Utility and Industrial securities
•
Oil and Gas stocks
Your inquiries in
these divisions of the Investment
Securities Business
p.
f.
120
Robert
Franz, George, O'Neill «ft Co., Inc.; Harold Shore, Harold C. Shore & Co., Inc.; Jerome
Gunther, Jerome J. Gunther & Co. (Newark, N. J.); H. M. Dharamsey, Pistell, Inc.
J.
are
respectfully solicited.
fox &
CO., inc.
BROADWAY, NEW YORK 5, N. Y..
Teletypes
Telephone
NY
REctor 2-7760
Listed
&
1-944 &
NY 1-945
Unlisted
Securities
—•—
Sam
Massiello,
James Anthony Co., Inc.; Mark Helmreich, H. Neuwirth & Co., Inc.;
F. Reilly & Co., Inc.; George Sherger, Scudder, Stevens & Clark
Seth
Blate,
J.
Michael J.
Heaney & Co.
Members American Stock Exchange
120 BROADWAY
•
NEW YORK 5, N. Y.
Telephone WOrth 4-4176
1930
1962
TRADING MARKETS
in
OVER-THE-COUNTER
SECURITIES
JOHN J. MEYERS & CO
Brokers and Dealers
&reene<mAComparai
Members New York Security Dealers Association
37 Wall Street, New York 5,
N. Y.
Teletype
Telephone
V
NY 1-1126 & 1127
HAnover 24850
,
Branch Office: Miami
PRIVATE
CHICAGO—First
WIRE
Securities
Beach, Fla.
INDUSTRIAL, PUBLIC UTILITY
AND RAILROAD SECURITIES
SYSTEM
Company of Chicago
30 Broad
Street, New York 4, New York
LOS ANGELES—Mitchum, Jones & Templeton
SAN FRANCISCO—Mitchum, Jones & Templeton
Direct private
telephone: Philadelphia-WAlnut 2-1514
WHitehall 3-2850—teletype, New York 1-809
(20)
Volume 195
Thursday, May 10, 1962
Number 6158
...
A Supplement to
Milton
Capper, Russell & Saxe;
Behrens,
Ted
Young,
York
New
New
Hanseatic
York
Hanseatic
Goodman, Shields
Rick
Corporation;
Corporation;
John
C. Reilly, G. H.
&
Company;
TRADING MARKETS
BOSTON
Richard
Securities Inc.;
Shipman,
Richter
Herbert
&
Stuart M.
Nina Munoz, Greene and
Company; Ed Jacobs, Greene and Company
CO., Inc.
New
York
Security
DEALERS
Exchange
Dealers Ass'n
AND
BROKERS IN
PRIMARY MARKETS
Teletype Boston BS 522
UNLISTED
UTILITY and INDUSTRIAL
r
STOCKS
SECURITIES
NEW ENGLAND SECURITIES
fXey stone
CUSTODIAN
yU-.-
FUNDS
11
Covering all classes of securities, each Fund with
a
specific investment
Income
or
purpose.
For Reserves,
Broadway
31
possible Growth.
Telephone
DIgby
Milk
4-1388
System Teletype NY 1-86
INTERNATIONAL FUND, LTD.
fully managed Mutual Investment Company
ing Free World
Open-end Telephone Wire to New York
your
The Keystone
Congress Street
Bell
Providence, R. I.:—Enterprise 2904
Telephone CApitol 7-8950
1
local investment dealer
or
Portland, Maine—Enterprise 2904
Hartford, Conn.—Enterprise 6800
Bell System Teletype BS 169
Private Wire To A. M. Kidder &
Company of Boston
Boston 9, Massachusetts
Bpston—HUbbard 2-5500
System Teletype—BS-142, BS-145
BOSTON 9
economy.
•
Prospectus from
27 State Street
CO., INC.
Street, Boston 9, Massachusetts
New York—CAnal 6-1613
seeking long-term Capital Growth in the expand¬
50
J. B. MAGUIRE &
NEW YORK 4
Bell
A
Co.
Walter, Itterly-Walter, Inc. (Harrisburg, Pa.); Julius Golden, Greene and
Company;
MEMBERS
10, MASS.
Liberty 2-2340
Inc.;
STOCKS
STREET
Member—Boston Stock
Shapiro, Grosvenor
B. D.
IN MANY
COMPANY, INC
FRANKLIN
Irwin
Company,
1926
&
77
&
Established
KNOX
F. L PUTNAM &
Neufeld
Frank Ronan,
SECURITIES
INACTIVE NEW ENGLAND
Good kind,
Walker & Co.
UNDERWRITERS—DEALERg^DISTRIBUTORS
CORPORATE
the Commercial and Financial Chronicle
Co., Inc., New York
For
Direct phone between
offices
Bank and Insurance
Stocks
Volume
195
Number 6158
A
Supplement to the Commercial and Financial Chronicle
Thursday, May 10, 1962
(21)
Security Traders
26th Ann. Dinner
A record attendance of
some 2,400
security traders and guests met
April 27 at the Waldorf
Astoria
The Illinois Company
INCORPORATED
-
for the 26th
annual
dinner of the
Security Traders Association
York, known in the trade
New
Established 1933
of
as
MEMBERS
"STANY."
As
the
National
largest
affiliate
Association
of
of
NEW YORK STOCK EXCHANGE
the
Traders,
the "dinner of the New
society is traditionally the
York
foremost
gathering
of
the
country,
CORRESPONDENT
security
including
UNDERWRITERS
Seattle, according to Elhridge H.
Smith, Stryker & Brown, and
trader
guests invited from
New York metropolitan area
BROKERS
•
CORPORATE AND MUNICIPAL SECURITIES
Private
president of STANY.
Among the prominent
DEALERS
•
the
Pacific Coast from Los Angeles to
Financing and Sales Negotiated
non-
the
231
are:
Congressmen Leonard Farbstein
and
MIDWEST STOCK EXCHANGE
ESTABROOK & CO., NEW YORK, BOSTON
traders in the country. This year's
dinner attracted guests from
all
over
•
Security
LA SALLE STREET
SOUTH
Edwin
B. Dooley;
Louis J.
Attorney General of
New
York
State; Assemblyman
Fred D. Preller,
Chairman, Ways
CHICAGO 4
•
TELETYPE CS 883
FINANCIAL 6-3400
Lefkowitz,
V.
F.
Naddeo,
Tony Cassino,
all
of
V.
F.
Sal
Volante, and
Naddeo
&
Co.,
Louis
Trionfo,
Inc.
and
Means
Committee
of
New
York
^Legislature;' Llewelyn
Young,
Regional
Administrator,
Securities and Exchange Commis¬
W838&
sion;
Edward
Gray,
Executive
Vice-President, New York Stock
Exchange; Edward Kraebel, ViceChairman, and Edwin D. Etherington, President-Elect, American
Stock Exchange.
Coming from out-of-town are:
Charles A. Bodie, Stein Bros. &
Boyce, Baltimore, Md., President,
National Security Traders Asso¬
ciation; Earl Hagensieker, Reinholdt & Gardner, St. Louis; Mo.;
Sidney Sanders, Foster & Mar¬
shall, Inc., Seattle, Wash.; Allen
Oliver, Sanders & Co., Dallas,
Texas; and John Knob, Drexel &
Co., President, Investment Traders
Association, Philadelphia.
Other guests include: Edward
H. Ladd, 3rd, First Boston Corp.,
Vice
-
Chairman
and
George
Underwriters and distributors of
m
tax-exempt securities exclusively
from the 50 United States
tar—v
and the Commonwealth of Puerto Rico
J.
Bergen, Secretary, respectively, of
the National Association of Secu¬
rity Dealers, and Alfred F. Tisch,
Fitzgerald & Co., Vice-President,
National Security Traders Asso¬
☆
wu
um
Public Bonds
☆
Nuveen
Tax-Exempt
ciation.
In
addition
President
cers
of
of the
to
Mr.
STANY,
New York
Smith
other
group
Bond Fund
as
offi¬
are:
Stanley Dawson-Smith, Cruttenden, Podesta & Miller, First VicePresident; Sidney Jacobs, Sidney
Jacobs Co.,
Second- Vice-Presi¬
dent; Wilbur Krisam, John
C.
Legg & Co., Treasurer; and Salvator J. Rappa, Mergott, Rappa &
Co., Inc., Secretary.
☆
nu
JOHN
NUVEEN & Co.
(Incorporated)
NEW YORK
CHICAGO
AND OTHER PRINCIPAL CITIES
•f*
*
Brokers
Dealers
*
Underwriters
"Vf
Corporate and Municipal Securities
Straus, Blosser & McDowell
MEMBERS
NEW
DETROIT STOCK
39
YORK
STOCK
EXCHANGE
-
EXCHANGE
-
Salle Street, Chicago 3,
South La
Telephone: ANdover 3-5700
HEW
DETROIT
YORK
MILWAUKEE
MIDWEST STOCK
,
EXCHANGE
AMERICAN STOCK EXCHANGE (ASSOCIATE)
GRAND RAPIDS
Illinois
Teletype: CG 650
KANSAS CITY
MT. CLEMENS
(22)
Volume 195
Thursday, May 10, 1962
TRADING
Number 6158
...
A Supplement to the Commercial and Financial
Chronicle
SPECIALISTS
in
Units and their pieces
First Chelsea Corporation
50 Broad
Street, New York 4, N. Y.
Cashier: Dl 4-0826
Teletype NY 1 -1799
DIgby 4-0350
Incorporated; A1 Caplan, Charles A. Taggart & Co., Incorporated
(Philadelphia); Speed Hughes, Clayton Securities Corporation (Boston)
Frank Daines, Hay den, Stone & Co.,
James McGivney, Hornblower &
i
Weeks; Harold Burke, Reynolds <ft Co.; Murray Barysh, Ernst & Co.
&
\
5"
&
Arthur
Caponegro, Good body £ Co.; Kevin Reilly, J. F. Reilly & Co., Inc.;
J. F. Reilly & Co., Inc.
Harvev
Prince
-
*
Volume 195
Number 6158
...
A
Supplement to the Commercial and Financial
Cfironicle
Thursday, May
Our
Specialty
is Connecticut
firm
—
in
.
.
.
issues, both listed and unlisted.
business
since
1891
we
—
and distributors, but also brokers
not
are
As
a
Connecticut
only underwriters
and dealers maintaining firm
trading markets in all local securities.
vited and will receive
(23)
10, 1962
Your inquiries
in¬
are
careful attention.
our
Chas. W. Scranton & Co.
Members New York Stock
NEW
Exchange
HAVEN, CONNECTICUT
New York Phone: REctor 2-9377
Harold
Murphy, Gregory A
Sons; Dick Shipman,
'
/
Richter
'
&
Teletype: NH 194
Co.
:
S. WEINBERG,
GROSSMAN
& CO.
INC.
Members
N.
Y.
Security
Render
a
Ass'n
brokerage service
Unlisted
all
in
Dealers
Securities
for Banks and Dealers
40
Exchange Place, New York 5
Phone:
WHitehall
3-7830
_5<^^^reletypeJ^
CORPORATE BONDS
ODD
Contact
Frank
Hall,
Sutro
A
Bros.
Co.; Leslie Barbier, G. A. Saxton A Co., Inc.;
Dillon, Union Securities A Co. (Philadelphia)
Willard
Rice,
us
LOTS —ROUND
for bids
on
LOTS
$1,000 to $100,000
Eastman
I
GIANNINI
INT. LIFE INS. BUFFALO
JAMESBURY
SCIENTIFIC
ROADWAY EXPRESS
CORP.
ELECTRONICS
C-E-l-R
BOGUE
LIQUIDOMETER
NUCLEAR RESEARCH ASSOC.
H. R. WEISSBERG "A"
GOV'T.
EMP.
INS
&
LIFE
INS»
Call
"Les"
Tom"
"Nat"
GERSTEN
Members N. Y.
150
Crysdale,
Mason
A
„•/„
•
.
.
Crysdale, Limited (Toronto); Steven Smith,
Fitzgerald, W. C. Pit field A Co., Inc.
i
'
Arden
A
Perin
Co.;
John
'
'
'<
FRENKEL
Security Dealers Association
BROADWAY
Telephone: Dlgby 9-,1550
Peter
"Bill"
"Frankie"
NEW
YORK
38,
N. Y.
Teletype: NY 1-1932
Volume
Thursday, May 10, 1962
(24)
Firm Trading Markets
195
Number 6158
...
A Supplement to the Commercial and Financial Chronicle
Maintained
FLORIDA
OVER-THE-COUNTER SECURITIES
Underwriting and distribution
throughout Florida
STEWART & CO.
B.W.
,NC.
AINSLEY BUILDING • MIAMI 32, FLORIDA
FRanklln 7-4951
•
TELETYPE: MM3Q
Alexander
C.
Zebertovich, New
York Hanseatic Corporation; Jack Wielar,
Weiss, Singer, Bean & Machie, Inc.
Gregory
&
Sons;
Morton
,,
Butler, Wick & Company
(Established 1926)
MEMBERS
New
York
Stock
Exchange
American Stock
Exchange
(Associate)
Midwest Stock Exchange
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Atlantic Register
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Albee Homes
Union National Bank
CFM Co.
Valley Mould & Iron
Commercial Shearing & Stamping
Youngstown Fdry. & Machine
Dollar Savings & Trust Co.
Union
National
Youngstown Research & Development
Bank
Bldg., Youngstown
TELEPHONE—RI 4-4351
BRANCH
OFFICES:
Alliance,
1,
Ohio
BELL TELETYPE—YO
Salem, Warren,
Ohio;
Franklin,
112
Sharon,
Pa.
Member Midwest Stock Exchange
420 West Jefferson
Teletype
LS 186
Street
Telephone
JU
LOUISVILLE 2, KENTUCKY
Direct
4-0226
private Wire to Dempsey-Tegeler & Co., Chicago
Kurt
INVESTMENT
Tyrus R. Davis
Grunebaum, New York Hanseatic Corporation; William Vanek, Manufacturers Hanover Trust Co.
DEPARTMENT
Mrs. Elinore
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Sedley
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5, N. Y.
TELETYPE NY 1-971
Jack
Jossem,
Mitchell
<fi
Company; Jack Conti, Pershing
<fi
Co.
y
Volume 195
Number 6158
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, May 10, 1962
Harry
Herb
Ferrari,
Casper, Sidney Jacobs Co.; Joe
Hornblower
<fi
Markham,
Weeks (Boston); Howard
Putnam, W. E. Hutton A
Newhard, Cook
Newburger
&
Co.
Archard, Howell
Co. (Boston)
&
O.
Bill
(Philadelphia)
Archard
A
Co.;
Jack
Scott, Bioren & Co.
(Philadelphia); Joe Cummings, Brooke, Sheridan, Bogan A Co., Inc.
George Collins, American Securities Corporation;
Co.
(25)
**
I
John Butler, First Boston
Piper, Jaffray
(Phila.)
Corporation
Hopwood
&
,M embers
Underwriters and
New York Stock
Distributors
Exchange
UNDERWRITERS &
American Stock
Listed and
Exchange
Unlisted Securities
CORPORATE &
DISTRIBUTORS
MUNICIPAL
SECURITIES
(Associate)
Midwest Stock
Municipal Bonds
Exchange
MEMBERS
NEW
FOURTH
YORK
STOCK
EXCHANGE
AND OLIVE
AMERICAN
SAINT
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EXCHANGE
Telephone CEntral 1-5585
I
.
'
.
'
Alton, Illinois
Private
'
•
Branch
—
Clayton, Missouri
Wire
to
Clark,
MINNEAPOLIS
Offices
—
East St. Louis, Illinois
Dodge & Co.,
SAINT PAUL
New York
Michael
J.
Heaney,
A
Michael
Company
J.
Heaney
*
ROCHESTER
•
FARGO
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BILLINGS
•
GREAT FALLS
(26)
Bob
Volume 195
Thursday, May 10, 1962
Diehl, Cruttenden <ft Co., Inc. (Los Angeles); John
Peabody A Co.; Bill Carroll, Kidder,
Number 6158
...
A Supplement to the Commercial and
Financial Chronicle
Thomas Tramazzo, Frank Investors Corp.; Frank Jannette, Frank Investors Corp.
Wasserman, Asiel A Co.; James Kelly, Kidder,
Peabody A Co. (Philadelphia)
Mickey
Harry Zeeman, Carl Marks A Co., Inc.; Marty Schachter, Hayden, Stone A Co., Incorporated; Arnold
Wechsler, Ogden, Wechsler A Krumholz, Inc.; Lou Walker, National Quotation Bureau
McBride,
Midland
Securities
Corp.
(Toronto);
Walter Saunders,
Dominion Securities Corp.
TRADING MARKETS
s
r"
in
regional
UNLISTED SECURITIES
#/«/"
A. L. GREENBERG &
WE
PRIMARY
MAINTAIN
MARKETS
ISSUES
Investment Securities
Seattle
Bellingham
Portland
Boise
Walla Walla
•
DISTRIBUTORS
Tacoma
Spokane
Eugene
Wenatchee
Aberdeen
Kennewick
Yakima
Street
-
AMherst
6-3433
(Service Office) 50 Broadway
N
-
Teletype DN-1081-2
New York
Medford
Salem
-
HAnover 5-3280
City, New York
Direct wire to:
Y
DEALERS
•
Seventeenth
DENVER, COLORADO
COMPANY
NORTHWEST
UNDERWRITERS
828
PACIFIC
IN
NORTHWEST
PACIFIC
A
COMPANY
New York
City Office
Cheyenne—Arco Securities
Pueblo—Edward D. Jones & Co.
San
Ft. Collins—Rogers & Co.
Francisco—Dempsey-Tegeler & Co.
Albuquerque — Hyder, Rosenthal &Co.
•
Phoenix
—
W. J. Meehan & Co.
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(28)
Wilbur
Thursday, May 10, 1962
Volume 195
Krisam, John C. Legg & Company; Ed Matthews, G. H. Walker & Co. (Hartford,
Hank Serlen, Josephthal & Co.; Nat Krumholz, Ogden, Wechsler <ft Krumholz, Inc.;
John De Maye, Sutro Bros. & Co.
Clarence. Ostema, New
Mike
Conn.);
York Hanseatic Corporation; Roger Maldonado, New York Hanseatic Corporation;
New York Hanseatic Corporation; Chuck Kaeppel, Halle & Stieglitz
Grunebaum,
Beamy
Number 6158
A
Supplement to the Commercial and Financial Chronicle
Plenty, Philadelphia Inquirer (Philadelphia); Arthur Smith, Arthur Smith Associates; Jack
Fallon, Philadelphia Inquirer (Philadelphia); Quentin Smith, Albert Frank-Guenther Law, Inc.;
Joseph M. Gatewood, Philadelphia Inquirer (New York City)
Royal
Joseph Lann, Joseph Lann Securities, Inc.; Herbert Wolke, P. W. Brooks <£ Co. Incorporated; William
Lowe, P. W. Brooks & Co., Incorporated; Tom Darrie, P. W. Brooks & Co., Incorporated
Direct Wires to
Burton J. Vincent & Co.
Mackie,
Inc.
Member8 New York
Chicago
Saunders, Stiver & Co.
Cleveland
Evans MacCormack & Co.
NEW YORK
Security Dealers Association
Los Angeles
Jennings, Mandel & Longstreth
Philadelphia
Walter C. Gorey Co.
San Francisco
Stifel, Nicolaus & Company, Incorporated
St. Louis
Jones, Kreeger & Co.
Washington
k.
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