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The COMMERCIAL and FINANCIAL
ESTABLISHED 18S9
Reg. U. S. Pat. Office
Volume 191
Number 5950
New York 7, N.
Y., Thursday, May 12, 1960
Price
50
Cents
a
In
Copy
2
Sections
—
THE SECURITY TRADERS ASSOCIATION
OF NEW YORK, INC.
J
24th ANNUAL
DINNER
First
V ice-President
V
AT WALDORF-ASTORIA
APRIL 29,1960
President
Second
.
Treasurer
Secretary
Vice-President
Barney Nieman
Carl Marks & Co.
Inc.
John S. Barker
Salvatore J. Rappa
Lee Higginson
Elbridge H. Smith
Corporation
Stryker & Brown
r
Wilbur Krisam
Mergott, Rappa &
Co., Inc.
John C. Legg &
Company
DIRECTORS
mm
Bernard J. Conlon
S. E. Dawson-Smith
Joseph G. Eagan
Joseph D. Krasowich
Edwin J. Markham
P. F. Fox & Co., Inc.
Ctuttenden, Podesta
Frank C. Masterson
Gregory & Sons
Wertheim & Co.
& Co.
& Co.
1
1
i
•
•
Rrii
wvr
MM
William J. McGovern
Blyth <fi Co., Inc.
John F.
McLaughlin
McLaughlin,
Kaufman & Co.
s
-
V
Frank J. Orlando
Alfred F.Tisch
Goodbody & Co.
Fitzgerald <£
Company
Si
Bernard Weissman
Gold,
Weissman
Co.
Section
2
2
Casper
Joe
The Commercial
PICTORIAL
Rogers, Casper Rogers Co.; Bob Rosenfeld, Steiner, Rouse & Co.; Walter Balog,
Rogers Co.; George Baker, Dreyfus & Co.; Ted London, Englartder & Co., Inc.
Jerrv
Casper
&
McNamee, Hopper, Soliday & Co. (Philadelphia); John F. Reilly, J. F. Reilly & Co., Inc.; Frank
Gorman, H. G. Kuch and Company (Philadelphia); Joe Colandro, White, Weld & Co.;
Ed Abele, Securities Trading Corp. (Jersey
City, N. J.)
Rosenberg
F
and Financial Chronicle
M. Mayer &
.
.
Thursday, May 12, 1960
Anthony & Co.; Lewis Krohn, Ira Haupt
Ted Schmidt, National Association of Securities Dealers
Co.; Sam Masiello, James
Co.; Daniel Basil, James Anthony & Co.;
Bob
.
Kullman, John J. CFKane, Jr. & Co.; Len Butt, Mead, Miller & Co. (Baltimore); Bob McCook,
& Co. (Philadelphia); Ray Morris, Stroud & Company
Incorporated (Philadelphia);
Gene Statter, Mabon & Co.
Hecher
Blyth & Co., inc.
Distribution
Primary Markets
Coast to coast retail
Bonds
distributing facilities
•
Stocks
Public Utilities
through 24 offices
Industrials
located in principal
Municipals
financial and business
Banks and Insurance
centers.
Complete Trading Facilities
New York
Boston
Detroit
Pasadena
•
San Francisco
Philadelphia
•
Minneapolis
•
•
San Diego
Chicago
Pittsburgh
•
Spokane
•
•
San
Jose
Los Angeles
Cleveland
•
Oakland
•
«
Fresno
•
Seattle
Louisville
•
Portland
Indianapolis
•
Eureka
•
•
Palo Alto
Sacramento
•
■
Oxnard
Volume 191
Number 5950
.
.
.
PICTORIAL
The Commercial and Financial Chronicle
Fred
Peter Morgan & Company; Mike Cohen, Marshall Co.;
Herbert Young & Co., Inc.; Alfred Lambert, Broad Street
Bill Hanson,
Levine,
Arnold
J.
Jay Marshall, guest; Herbert D.
Trust Company (Philadelphia)
(Philadelphia);
Miller & Co.
Wechsler, Ogden, Wechsler & Krumholz; Joe Smith, Newburger & Co.
Suplee, Yeatman, Mosley Co. Incorporated (Philadelphia); Len Butt, Mead,
(Baltimore); Charles G. Scheuer, Wm. H. Tegtmeyer & Co. (Chicago)
Ed Christian,
SPEED
-
DEPENDABILITY
Johnsen, Merrill Lynch, Pierce, Fenner & Smith Incorporated; Michael
& Co., Inc.; Frank Moore, Merrill Lynch, Pierce, Fenner & Smith
Walter Mall, Merrill Lynch, Pierce, Fenner & Smith Incorporated;
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Tom
Valentino, G. A. Saxton
Incorporated;
Charlie Lye,
(New York); Berne Keegan, A. C. Allyn & Co. (Miami
Smith, A. C. Allyn & Co. (New York); Andrew Steven, Jr., A. C. Allyn & Co.
Allyn & Co. (Chicago); Arthur Murphy, A. C. Allyn & Co.
Davis, A. C. Allyn & Co.
Vincent
T. M. Wakeley, A. C.
-
NATIONWIDE COVERAGE
Private Wires to:
Silcox and Johnson
Wyllie and Thornhill
Charleston
Charlottesville
We Make Markets
Wm. H. Tegtmeyer & Co.
J. N. Russell & Co., Inc.
Dallas
——Dallas Union Securities Company
Denver
Lowell, Murphy & Co., Inc.
Detroit
Baker, Simonds & Co., Inc.
Grand Rapids
King and Company
Hartford
Cohurn & Middlebrook, Inc.
Houston
Underwood, Neuhaus & Co., Inc.
Chicago
Cleveland
Over the Counter
Kansas
Securities
City (Mo.)
Barret, Fitch, North & Co., Inc.
City (Mo.)
Angeles
Kansas
Los
Louisville
to
H. O. Peet & Co.
Woolrych, Currier & Carlsen
Berwyn T. Moore & Co., Inc.
Mason & Lee, Inc.
Lynchburg
John W. Yeaman
Martinsville—
Minneapolis
Philadelphia
Pittsburgh
Portland (Ore.)
Banks, Brokers &
St. Louis
San Francisco
Inquiries Invited
Seattle
Troster, Singer
Members: New
74
Fusz-Schmelzle & Co., Inc.
Walter C. Gorey Co.
Zilka, Smither & Co., Inc.
York Security Dealers Association
TRINITY PLACE, NEW
Telephone HAnover
Piper, Jaffray & Hopwood
H. A. Riecke & Co., Inc.
——Arthurs, Lestrange & Co.
Zilka, Smither & Co., Inc.
& Co.
2-2400
YORK 6, N. Y.
Teletype NY 1-376; 377; 378
3
Beach, Fla.);
(New York);
(Boston)
4
The
PICTORIAL
Sid
Siegel, Sidney A. Siegel
Charles
Co., Inc.; Joseph Smith, Newburger &
Bodie, Stein Bros. <ft Boyce (Baltimore)
<fi
Co.
Commercial and Financial Chronicle
Thursday, May 12, 1960
(Philadelphia)
MurdocK,
Murdock, JUitertiQttoncu inQusiriai juuawg \+orp»9 Jacn now&rdf
International Industrial Lacing Corp.; Jack_ Howard,
Langley-Howard, Inc. (Pittsburgh); Sam Magid, Hill, Thompson & Co., Inc.
u6or§6
George
Wertheim
Members Z\[ew York
&
Co
Stock Exchange
Richard
Weil,
Wei7
Greene
&
and
Company, Inc. (Washington, D. C.);
Company; Gerald Greenberg, Russell
Company (Denver)
Ed
Jacobs,
Investment
Ray Hartigan, W. E. Burnet & Co.; Wilbur
Krisam, John C. Legg <6 ComFred Carter, De Haven & Townsend, Crouter & Bodine
pany;
(Philadelphia)
Bank & Insurance Stocks
121
SOUTH
BROAD STREET, PHILADELPHIA 7, PA
Klngsley 5-5567
•
Over-The-Counter Securities
Teletype PH 305
Specialists in
NEW
YORK, N. Y,
REctor 2-5477
NEWARK, N. J
WX-1460
HONOLULU
6-6191
Common
Preferred
Inquiries invited
in all Unlisted Issues
MEMBERS NEW YORK STOCK EXCHANGE
MEMBERS AMERICAN STOCK EXCHANGE (ASSOC.)
MEMBERS PIIILA.-BALTIMORE STOCK EXCHANGE
MEMBERS BOSTON STOCK EXCHANGE (ASSOC.)
MEMBERS HONOLULU STOCK EXCHANGE
Members New York and American
Stock Exchanges
120
BROADWAY, NEW
Telephone BArclay 7-3500
WILMINGTON, DEL.
SALISBURY, MD.
YORK 5, N. Y.
Bell
Teletype NY 1-124849
PHILADELPHIA, PA.
SALEM, N. J.
ZURICH, SWITZERLAND
NEW
HAVEN,
CONN.
DOVER, DEL.
Number 5950
Volume 191
Bill
Moran,
Stock
>
.
.
PICTORIAL
The Commercial and Financial Chronicle
5
Securities & Exchange Commission; Edw. Gray, New York
Edwin J. Markham, Wertheim & Co.; Donald Gray,
Exchange;
Hayden, Stone & Co.
Abelow, Mitchell & Company (in the foreground); A. J. Caplan, Albert J. Caplan & Co. (Phila¬
delphia) ; Richard Abelow, R. L. Scheinman & Co.; Neal Mallin, Albert Frank-Guenther Law, Inc.
a1
G. H. Walker & Co.; John C. Reilly, G. //. Walker
Simpson, S. J. Brooks & Company (Toronto); John
Neil MacNeish,
Gordon
& Co.;
F.
McLaughlin, McLaughlin, Kaufman & Co.
''''
If
'■V<y?*W£'
m
Bernard
Attorney General's Office; Samuel Hirshowitz, First
General; Carl Madonick, Bureau of Securities;
George Rieber, National Association of Securities Dealers
Abramson,
Assistant Attorney
to
suit every
need
Strong points
in
your
favor
Selective distribution and effective selling
contacts with private
through wide
and institutional investors.
Experienced, flexible marketing of new
and large blocks.
Securities of the United States
Over 500 salesmen at 41 offices
Government and its
in 39 cities.
Agencies
State, Municipal, Revenue
Call
us
when
securities
to
have a large
distribute. We will
you
block of
put our
personnel, resources, and experience to
work for successful handling of your par¬
and Housing
Securities
of
Railroad
15 Broad St.
Company Stocks
&
CO
ESTABLISHED 1891
Members New York
2
BROADWAY, NEW
Stock Exchange
YORK 4, NEW
WHITEHALL
4-3131
41 Offices In 39
Cities
Boston
•
NEW YORK 5
•
Chicago
Pittsburgh
DIgby 4-1515
Philadelphia
Cleveland
San Francisco
Bankers' Acceptances
Securities of the International
Bank for
Reconstruction and Development
-
CORPORATION
Corporations
Casualty, Fire and Life Insurance
I GOODBODY
FIRST BOSTON
Common Stocks
Industrial, Public Utility and
Bonds, Preferred and
Bank Stocks
ticular situation.
The
^Underwriter
Q)Mrdutcr dealer
Canadian Securities
YORK
External Dollar Securities
sUnvettmrnt
^ecuritiei
6
The
PICTORIAL
Commercial and Financial
Chronicle
.
.
.
Thursday, May 12, I960
PRIVATE WIRES TO
Glore, Forgan & Co.
Chicago
G. A.Saxton
Schneider, Bernei
Si Hickman, Inc.
Dallas
Hess, Grant & Remington, Inc.,
Philadelphia
Reinholdt &
St.
Co., Inc.
Teletype NY 1-1605-1606-1607
Gardner
52 Wall St., New York 5, N. Y
Louis
Crowell, Weedon & Co.
Los Angeles
Stewart,
&
WHitehall
4-4970
Eubanks, Meyerson
& Co.
Sam
San Francisco, Cal.
F. Col well, W. E. Hutton &
I
"
Cof; Mike J. Heaney,
"
"
Trading Markets in Public Utility, Natural Gas and Industrial Securities
For financial institutions
Chas. A. Day & Co., Inc. (Boston); Bert Pike, Troster,
C. H. Babcock, Piper, Jaffray & Hopwood (Minneapolis);
York Hunseatic Corporation (Philadelphia)
E. Day, Jr.,
Leon
FOREIGN
Singer
&
Co.;
W. R. Radetzky, New
SECURITIES
PRIMARY TRADING MARKETS
Carl Marks & Co. Inc.
FOREIGN
20 BROAD
SECURITIES
STREET
•
SPECIALISTS
NEW YORK 5,
N. Y.
Lou
Stone, H. Hentz & Co.; Lou Lerner, Lerner & Co. (Boston); Ed Abele,
Trading Corp. (Jersey City, N. J.); Gerard Hulsebosch,
Securities
Godnick & Son
TELEPHONE HANOVER 2-0050
TELETYPE NY 1-971
John
R.
&
Boland, John R. Boland & Co., Inc.; John Stein, Wm. V. Frankel
Incorporated; Elmer Myers, John R. Boland & Co., I Ac.
Co.
flfgTPPfW
ll'.m
mi
Mi
Underwriters
Dealers
Distributors
Municipal and Corporation Securities
WmmMi
The First Cleveland
Corporation
Member Midwest Stock Exchange
prompt and efficient service
SUTRO BROS. & CO.
M
t
Members New York Stock Exchange and other
Principal Exchanges
National City E. 6th
Building
CLEVELAND
14, OHIO
Telephone PRospect 1-1571
Canton
Columbus
Sandusky
Teletype: CV 443
Toledo
-
CV 444
Youngstown
I
Number 5950
191
Volume
.
.
.
The Commercial and Financial Chronicle
PICTORIAL
iHii
7
i'
fyy-
.
"r
<
k;
i
Murry Forman, Golkin, Bomback &
Krumholz; Leonard Feingold, Hirsch
Co.; Art Reiss, Ogden, Wechsler &
& Co.; Henry Jeret, Hirsch & Co.
Bill
Springer, Carl Marks & Co., Inc.; Harry L. Zeeman, Carl Marks & Co., Inc.; Clifford Low,
Doherty Roadhouse & Co. (Toronto); Warren Anglin, Doherty Roadhouse & Co. (Toronto);
Lou Walker, National Quotation Bureau
UNDERWRITERS
John Craddock, Mason
&
& Lee, Inc. (Lynchburg, Va.) ; Burton Lea, Mason
Lee, Inc. (Roanoke, Va.); Aaron Netburn, New
Investment
York Hanseatic
Corporation; Jack Thistleton, Newburger, Loeb & Co.
Securities
»
andllBROKERS
Unlisted Trading Department
NEW
YORK
Irvin Hood, Jr*
John S* Barker, Manager
Harold C* Whitman, III
Salvator D'Angelo
Edward
Mathews,
G.
H.
Walker
&
(Hartford);
Co.
Maurits
Johnson,
er & C°' (Bridgeport, Conn.); Raymond J. Mooney, guest;
Wellington Hunter, Wellington Hunter Associates (Jersey City, N. J.)
\ir\t.
BOSTON
Frederick W, Parent, Manager
Underwriters and Distributors
Corporate
and
James D, Browne
William J. Dreyer
Joseph T. Peeney
Dorothy Ft, Schirmer
Municipal Securities
Specialists in Rights and "When Issued" Securities
Institutional Research for
NEW
Banks
and
Institutional Investors
LEE
HIGGINSON
YORK
BOSTON
CHICAGO
•
T) ONNELL& TO.
CORPORATION
New
INCORPORATED
Investment
Established 1905
Members New York Stock
Exchange—American Stock Exchange
Chicago
120 Broadway
Denver
New York 5
Detroit
Uptown:
250 Park
Avenue
A
San Francisco
VITAL
INVESTMENT
ANALYSIS
Los Angeles
MEMBERS
Banking Service Since 184©
York and other PrinctpOt
Stock Exchanges
8
Commercial and Financial
The
PICTORIAL
Chronicle
.
.
.
Thursday, May 12, 1960
Specialists in Canadian Securities
as
Principal
for Brokers, 'Dealers and Financial Institutions
Grace Canadian Securities, Inc.
Members: New York Security Dealers Association
25
Broadway, New York 4, N. Y.
NY 1-4722
HAnover 2-0433
Telex 015-220
Orders Executed at regular commission rates
through and confirmed by
Members: Principal Stock Exchanges
The
25
National
Association
of
of Canada
Security
Dealers
Sam
Broadway, New York 4, N. Y.
Weinberg, S. Weinberg, Grossman Co. Inc.; D. Raymond Kenney, D. Raymond Kenney
Sal Rappa, Mergott, Rappa & Co., Inc.; Edw. Zinna, Smith, Barney & Co.;
Joe Conlon, Grace Canadian Securities, Inc.
& Co.
Canadian Corporation
Midland
Dealers in
Canadian Securities
2 WALL
STREET, NEW YORK 5
WOrth
4-5280
Affiliated with:
Midland Securities
Corpn. Limited
Member:
The Investment Dealers' Association of Canada
The
Midland
Company
Member:
The Toronto Stock Exchange
Robert Dixon, United Securities
John
Montreal Stock Exchange
Wasserman,
Company (Greensboro, N. C.); Carl Stolle, G. A. Saxton & Co., Inc.;
Asiel & Co.; Edward T. McCormick, American Stock Exchange;
James Lee, W. E. Hutton & Co.
Canadian Stock Exchange
MONTREAL
TORONTO
LONDON
Primary Markets in
Connecticut Light & Power
Emhart
Canadian Securities
Manufacturing Co.
Haloid-Xerox
Perkins
-
!|
Inquiries welcomed from institutional
investors and dealers
Elmer
Southern New England
Telephone Co.
Greenshields & Co
64 Wall
AclUQialiC).
tint.
Street, New York 5
Telephone: WHitehall 3-9525
'
'
::
:;
Canadian
Exchange and other
leading Domestic and Canadian Exchanges
1 Wall Street
New York 5
DIgby 4-2525
Inc
Teletype: NY 1-3708
—
BUSINESS ESTABLISHED 1SS8
Member New York Stock
(N.Y.)
MONTREAL
-
■
:
I
-
Affiliate: Greenshields & Co Inc—Business
TORONTO
QUEBEC
OTTAWA
WINNIPEG
established 1910
SIIERBROOKE
LONDON
Volume 191
Number 5950 ...The Commercial and Financial Chronicle
PICTORIAL
Over Half
Century
a
of Investment
With
ments,
are
Canadian invest¬
organization is well prepared to
our
investors interested in
ices
Experience
50 years of experience in
over
9
Canadian securities. Our
serve
serv¬
readily available to investing institutions,
banks and dealers.
Direct
private wire connections with affiliated offices
principal Canadian cities provide fast
fourteen
in
and
able
execute
to
us
stock
,
service in Canadian securities, and en¬
accurate
exchanges,
orders promptly on all Canadian
or
at net
prices in United States
funds if desired.
Joe
Markman,
Newburger & Co.
(Philadelphia); Elbridge Smith, Stryker & Brown; Skip O'Rourke.
Wood, Gundy & Co., Inc.
Blyth & Co. Inc.; Paul Lane, Kidder, Peabody & Co.
Wall Street, New
40
York 5, N. Y.
Telephone DIgby 4-0633
Affiliated with
i
Wood, Gundy & Company
i
Members
The
Toronto Stock
of
Exchange
Montreal Stock
Stock Exchange
Exchange
Canadian
and
Wood, Gundy & Company
Limited
Head
Office—36 King St., West, Toronto 1, Canada
Branches in the
A1
Tisch,
Lee
England
principal cities of Canada and in London,
Fitzgerald & Company; Stanley Dawson-Smith, Cruttenden, Podesta & Co.; Irv Hood,
Corporation; Clif Remington, Hess, Grant & Remington Inc. (Philadelphia)
Higginson
Ik
m&S
Canadian
Investment Securities
A. E. Ames & Co.
Limited
:
-
'
:
UNDERWRITERS
AND
:
•
DISTRIBUTORS
A. E. Ames & Co.
Members Toronto and
Philip Schiliro, Goodbody & Co.; Carmine Carmello, R. J. Buck & Co.; Will Stead,
Ed J. Enright, New York Security Dealers Association
Montreal Stock Exchanges
OFFICES IN 14 CITIES IN
Hallgarten & Co.;
CANADA AND ENGLAND
A. E. Ames & Co.
Incorporated
Boston
Mew York
BUSINESS
ESTABLISHED 1889
STOCKS
BONDS
What
is
linn
aliUUfT
fw
Your
Markets
maintained in all classes of
Exchanges,
or
the Montreal and Toronto
on
net New
Trading
7-
and internal bond issues.
Stock orders executed
Stock
York markets quoted on request.
TORONTO, MONTREAL,
Our large andexperiencedTrading Departments may
CALGARY, VANCOUVER,
•
OTTAWA, WINNIPEG,
VICTORIA AND HALIFAX
TELETYPE NY 1-702-3
•
Dominion Securities Corporation
Boston
London, Eng.
Ottawa
Calgary
Halifax
Associate Member American
40 EXCHANGE
Stock Exchange
Toronto
Montreal
PLACE, NEW YORK 5
Member Toronto, Montreal
Canadian Stock Exchanges
and
—
Why not let us know
v
your
behelp-
trading requirements ?
We make
primary markets in an extended list of all types
securities.
Through a nation-wide wire system, we provide broad insti¬
tutional and dealer coverage—and cost you less.
We provide facilities for skillful handling of large blocks with¬
out disturbing existing street markets.
Address: Mr. David D.
Vancouver
Victoria
Lynch, Manager, Dealer Relations Department.
Kidder, Peabody & Co.
FOUNDED 1865
Winnipeg
Telephone WHitehall 4-8161
Canadian Affiliate
to you.
of corporate
•
BELL SYSTEM
oo-»-
Ǥ*-ǥ
Problem ?
ful
DIRECT PRIVATE WIRES TO
utoow
H—I
Canadian external
JMembers Tgew York and c.American
17 Wall
boston
Stock Exchanges
Street, New York 5, N. Y.
philadelphia
chicago
los angeles
10
The
PICTORIAL
Ted
Young, New
York Hanseatic Corporation; Charles King, Charles King <ft
H. Hentz & Co.; Martin Levy, M. L. Lee
Co., Inc.
Albert Frank-Guenther
Co.; M. K. S. Altman,
Commercial and Financial
Chronicle
.
.
.
Thursday, May 12, 1960
M.
Hudson, Thayer, Baker & Co.
(Philadelphia); Royal Plenty,
Philadelphia Inquirer (Philadelphia); Harry J. Niemeyer, Robert Garrett &
Sons (Baltimore); Ed Markham, Wertheim & Co.
John
Law, Inc.
Irving
Stein, M. S.
Wien
Jaffee
Advertising
&
Co.;
Co. (Jersey City, N. J.); Richard
Gene Barry, H. Hentz & Co.
Linburn,
Public Relations
131
Cedar Street
New York
Philadelphia
San Francisco
oils
6, N. Y.
Boston
Chicago
Los Angeles
—
Carroll
mining
Williams, Laird, Bissell & Meeds; Joe Kirk, Delafield & Delafield;
William Schmidt, Laird, Bissell & Meeds
-
industrials
-
Specialists in
natural gas
-
Foreign Securities
Foreign Investments
J. F. Reilly & Co., Inc.
NEW YORK CITY
JERSEY
CITY, N. J.
O&OtAoldcvnd03/etcAlcer/eb
tfnc,
I N V E S T M E PtT*^
Associate
Direct
Denver
•
1
Jersey City
IV ire »
Members
to
30 Broad
•
Salt Lake City
•
Washington, D. C.
Telephone
WHitehall 3-9200
SECURITIES
American
Stock
Exchange
Street, New York 4, N. Y.
Teletype
NY 1-515
Number 5950
191
Volume
.
.
.
A. Greene, Greene and Company; Matthew J. Merritt, Jr., Merritt, Vickers, Inc.; Gambol J.
Dunn & Taylor; James S. Vickers, Merritt, Vickers, Inc.; Ralph W. Millington, Carl Marks
& Co., Inc.; Mort A. Cayne, J. N. Russell & Co., Inc. (Cleveland)
Irving
Dunn,
Douglas
Lann Securities Inc.; John
Joseph J.
Alexander,
M.
K.
S.
J. Meyers,
Jr.,
Gordon Graves & Co.;
Altman, H. Hentz & Co.; Paul Karp
11
PICTORIAL
The Covnwnercial and Financial Chronicle
A. W. De Garmo, Hayden, Miller & Co.
(Pittsburgh); Frank Ronan, New York
Robson, Eastman Dillon, Union Securities & Co.;
(Cleveland); Joe Buffington, Arthurs, Lestrange & Co.
Hanseatic Corporation; Larry Jones, Eastman
Henry
Sam
Dillon, Union Securities & Co.
Thompson & Co., Inc.;
Magid, Hill, Thompson & Co., Inc.; Clermont Cartwright, Hill,
Gery Pustilnik, Spingarn, Heine & Co.
^//////////////////////////^^^^
Carl M.
Loeb, Rhoades
&
Members T^ew Tor\ Stoc\ Exchange, American Stoc\
and principal Commodity Exchanges
42 WALL STREET
Co.
Exchange
NEW YORK 5,
Providing immediate
SYSTEM
WIRE
PRIVATE
access
to
N. Y.
Primary Markets through Branch
Offices, Correspondents and their connections in over 10V Cities
Ralph
Longstaff,
Taylor, Rogers &
Tracy, Inc. (Chicago);
Charles A.
Bezer, Sutro Bros. & Co.
throughout the United States and Canada
LONDON, ENGLAND
St.
New York State:
Ithaca
Auburn
Middletown
•
Hotel,
Regis
•
•
New York
Elmira
Syracuse
•
•
Coast-to-Coast Correspondent
City
•
Hornell
•
Geneva
Utica
Watertown
•
Underwriters of Corporate Securities
Underwriters of State,
•
Service
Municipal and Revenue Bonds • Complete Brokerage
Stroudsburg, Pa.
in
Stocks
Bonds
and
CORRESPONDENTS
Anderson & Strudwick
Network
Markets in
Research
Comprehensive
•
over
•
Primary
Unlisted Securities
300
Richmond, Charlottesville, Fredericksburg,
Va.
Chicago, III.
Denver, Colorado Springs, Grand Junction,
Betts, Borland & Co.
Boettcher & Company
Pueblo, Col., Chicago, III.
J. C. Bradford &
Nashville, Knoxville, Jackson, Memphis,
Clarksville, Tenn., Atlanta, Ga., Jackson, Miss.
Co.
Pittsburgh, Pa.
Philadelphia, Lancaster, Germantown, York, Pa.
Co.
_
Chaplin, McGuiness
E. W. Clark
Cooley
&
&
Co.
Hartford, Conn.
&
Company
Dittmar & Company,
Mo., Springfield, Belleville,
Jacksonville, III., Houston, Tex., Little Rock, Jonesboro,
Ark., Keokuk, Ames, Iowa, Shreveport, Lake Charles,
La., Laurel, Miss., Phoenix, Ariz., Naples,
St. Petersburg, Fla., Tuscaloosa, Ala.
Chattanooga, Tenn.
Elder & Co.
St. Louis, Clayton,
&
Joseph A. Monahan, J. A. Hogle & Co.;
Herbert
R. Gesell, Stone &
Webster
Securities Corporation
Toledo,
-
Los
Angeles,
Telephone WHitehall 3-7600
San
Jose,
:
We
FOREIGN
Paulo A.
Roldos
Company Limited
Bromberg
S.
A.
__
_
Mercantil De Inversiones S. A
Yamaichi Securities Co., Ltd
Ian Potter
&
Co
:
wires
to Correspondents in the following
CHARLOTTESVILLE
BOSTON
CLEVELAND
CINCINNATI
DURHAM
DETROIT
DES MOINES
DENVER
DALLAS
CHICAGO
cities:
BEVERLY HILLS
BELOIT
BALTIMORE
ASHEVILLE
BURLINGTON
EL PASO
Ohio
FARMINGTON, N. M.
Hayward,
GRAND RAPIDS
California
CORRESPONDENTS
A. E. Osier
I
■
have direct
ALBUQUERQUE
JOPLIN
Greenshields & Co. Limited
Municipal Teletype: NY 1-1691
•
Cable Address: GREGSONS
—Dallas, Tex.
Beverly Hills,
Q/.
Corporate Teletype: NY 1-865
Washington, D. C., Alexandria, Va.
Loewi & Co., Inc.
Milwaukee, Applet on, Beaver Dam, Chippewa Falls,
Eau Claire, Green Bay, Janesville, Madison, Mosinee, Racine,
Waukesha, Wausau, Wauwatosa, Wisconsin Rapids, Wise.
W. L. Lyons & Co.
Louisville, Danville, Lexington,
Bowling Green, St. Matthews, Ky.
Mead, Miller & Co
Baltimore, Md.
Piper, Jaffray & Hopwood
Minneapolis, St. Paul, Rochester, Minn.,
Billings, Great Falls, Mont., Fargo, No. Dakota
Prescott & Co.
Cleveland, Shaker Square, Canton, Columbus,
Sanders & Company
Sutro &
Co.
San Francisco,
American Stock Exchange
•
Midwest Stock Exchange
.1
& Co
Exchange
QP/vee/
Cincinnati, Ohio
Co.
Johnston, Lemon
New York Stock
Chicago, III.
farwell, Chapman & Co
Hill
Members
San Antonio, Dallas, Tex.
Inc.
A. G. Edwards & Sons
HARRISBURG
KANSAS CITY
NASHVILLE
Montreal, Canada
—Toronto, Canada
Sao Paulo, Brazil
Montevideo, Uruguay
FAYETTEVILLE, ARK.
HOUSTON
LOS ANGELES
NEW ORLEANS
PORTLAND, ORE.
POTSDAM
SALT LAKE CITY
SAN ANTONIO
SANTE FE
Venezuela
—Tokyo, Japan
SEATTLE
FAYETTEVILLE, N. C.
HUNTINGTON, W. VA.
MALONE
NORFOLK
SAN DIEGO
TORONTO
Melbourne, Australia
WASHINGTON
TULSA
G. Shore, Schweickart &
(Brooklyn); Harold C. Shore,
Harold C. Shore & Co.
Warren
Co.
WESTWOOD
INDIANAPOLIS
MONTGOMERY
PHILADELPHIA
ROCK ISLAND
Caracas,
MINNEAPOLIS
FULLERTON
PITTSBURGH
ROME, N. Y.
ST. LOUIS
SAN FRANCISCO
SANTA ANA
UTICA
VICTORIA, TEX.
WHITTIER
XX
n
||
J
12
PICTORIAL
The Commercial and Financial Chronicle
Shelby Cullom Davis
Members New York Stock
&
.
.
Thursday, May 12, 1960
.
Co.
Exchange
Underwriters and Dealers in
INSURANCE STOCKS
CORPORATE & MUNICIPAL BONDS
Oldest Specialists (with Predecessor Firm) in Insurance
Stocks.
Serving Dealers and Institutions since
1927,
Harold
116 JOHN
Telephone BEekman 3-0626
IN
THE
Murphy, Gregory & Sons; Bernie Weissman, Gold, Weissman Co.; Sid Jacobs, Sidney Jacobs
Co.; Sol Bass, Bear, Stearns & Co.
STREET, NEW YORK 38, N. Y.
HEART OF
•
Teletype NY 1-384
THE INSURANCE
DISTRICT"
ML
Lewis
"Hank"
Serlen, Josephthal & Co.; Barney Nieman, Carl Marks
Jack Barker, Lee Higginson Corporation
&
Co., Inc.;
ALL MARKETS ON ONE CALL
Complete Brokerage Service
for
■■•'■■LppLp
Dealers, Brokers and Dealer Banks
Railroad, Public Utility, Industrial,
r
Convertible and Foreign Bonds
*
*
*
Longstaff, HTarry PoSchaub> !J}C- (Newark, N. J.); Harold Friedman, Sutro Bros. & Co.; Ralph
Taylor, Rogers & Tracy, Inc.
(Chicago); John De Marco, Edwin L. Tatro Company
*
r
Municipal, State and Revenue Bonds
r
mmm.
*
i*
*
Illll
*
Underwriters and
Distributors
Listed and Unlisted
.
v
:
;
c
„
?'''
*♦
'
Preferred and Common Stocks
*
*
$to%Murtkipal
Corporate Secyrfttes -1
1
iL Lyl-
*
.
MABON & CO.
3**
Established 1892
„
MEMBERS
NEW
YORK
AMERICAN
115
Broadway, New York 6
Bell
STOCK
STOCK
EXCHANGE
**4Ca
'/> 4***,
"A/ A
**oG
^*</yyy'V////sy.w////.'yy///yy/y.-■///,t.:
•
Telephone REctor
System Teletype NY 1-2152
"
******
EXCHANGE
y°*x
t
2-2820
w-
<
,
1
Barney Nieman, Carl Marks &
Co., Inc.;
Hon. Abe Stark,
Borough President,
Brooklyn, N. Y.
-
A:
y
M^yyyyy^y-yyy :^.-
Wmmm
V''<<AU7M/,Y,Y/7,Y.
'
i
Number 5950
Volume 191
.
.
.
PICTORIAL
The Commercial and Financial Chronicle
13
4
William
Shelby Cullom Davis and Kenneth C. Ebbitt,
Shelby Cullom Davis & Co.
Dominion Securities Corporation; Ed Burke, Dominion Securities Corporation; John
Korn,
both of
Calef, Dominion Securities Corporation; Francis Conroy, Morgan Guaranty Trust Company
Gerald
Monahan, Purcell
Richard Kuhn, Purcell &
& Co.;
Robert Manghir,
Co.; Theodore Houlton, Purcell & Co.;
William
B.
McKenzie,
W.
s
Pitfield
C.
W.C.
Dominick & Dominick
&
Pitfield &
Co.,
John
Inc.;
Fitzgerald,
M.
Co., Inc.
1
ervice
Basic
analysis
AAarket
Harry
facilities
Suplee, Yeatman, Mosley Co. Incorporated (Philadelphia); Joseph Schneidecker,
Coffin & Burr, Incorporated; John McDonough, H. C. Wainwright & Co.;
Mike Cito, R. S. Dickson & Co., Inc.
Undy,
SIMMONS, ROBIN & CO. INC.
•
Singer, Bean
-
■,
•■■■
■
.
:
40 EXCHANGE
Brokers
...
PLACE
•
• :■
inc.
■.
/
NEW YORK 5, N. Y.
for Banks, Dealers and Institutions
primary trading markets
following offerings:
We maintain
Mackie,
&
-
in and have acted as principal
HAnover 2-9000
•
NY 1-1825 &
1-4844
underwriters in the
•
•
•
* Imperial Packing Corp.
Copymation, Inc.
* Transdyne Corp.
Douglas Microwave, Inc.
* Turbo Dynamics Corp.
Erdman, Smock, Hosley & Reed, Inc.
Big Apple Supermarkets
*
We invite
For additional
participation in our underwritings.
information, please contact
SYNDICATE DEPARTMENT
MANY UNLISTED MARKETS FROM A
Whether you are
FIRM TRADING MARKETS
IN OVER 450 STOCKS
SINGLE SOURCE
looking for one market or many, a
single phone call to us
immediately put you in touch with primary markets from coast-to-coast.
We can supply firm quotes and prompt executions in over-the-counter issues.
will
•ft
Burton
J.
Vincent
&
Direct
Co.
if
Wires to
Dallas
Underwriters &
Distributors—Complete Trading Facilities
56 Beaver Street,
TRADING
Telephone WHitehall 4-7650
Bell
Teletypes: NY 1-4581-2
New York 4, N. Y.
DEPARTMENT TELEPHONE:
Direct Wire to:
Los Angeles, Cal.
Co.
Cleveland
Son,
Dallas
Reynolds & Co.
WHITEHALL 4-6627
John J. Keenan & Co.,
Rupe &
Stiver &
Saunders,
Chicago
Philadelphia
Inc.
Evans
MacCormack & Co.
Los
Stone
San
Angeles
&
Youngberg
Francisco
The Commercial and
PICTORIAL
14
Established
Financial Chronicle
.
.
.
Thursday, May 12, 1960
1928
We
Offer
a
COMPREHENSIVE INVESTMENT
AND
DEALER
SERVICE
in
ALL
CLASSES
OF BONDS
AND STOCKS
including
PUBLIC UTILITY—RAILROAD—INDUSTRIAL
FOREIGN ISSUES
We
Particularly Adapted
are
to
Service Firms
With Retail Distribution
Your
Inquiries Solicited
Fred
P.
FOX
F.
120
&
CO., INC.
Corb
Roughan, American Securities Corporation, George Collins, American^ Securities Corporation;
Liston, Prescott & Co. (Cleveland); Leo F. Newman, American Securities Corporation (Boston)
BROADWAY, NEW YORK 5, N. Y.
Telephone
Teletypes
REctor 2-7760
NY 1-944 & NY 1-945
Since 1929
Primary Markets in New England Securities
General Market Stocks and Bonds
MAY & GANNON
140
FEDERAL STREET, BOSTON
BOSTON
HU
NEW
CA
HARTFORD
PORTLAND
Enterprise 9830
Zinna, Smith, Barney & Co.; Kurt Grunebaum, New York Hanseatic Corporation; Carl S. McKee,
C. S. McKee & Company
(Pittsburgh); Maurice Hart, New York Hanseatic Corporation
,*«,
10, MASS.
2-8360
Enterprise 9830
Ed
YORK
6-2610
PROVIDENCE
Enterprise 9830
»
NEW
HAVEN
PHILADELPHIA
Bell
BALTIMORE
Enterprise 6643
Enterprise 6643
Enterprise 6643
System
Teletype
BS
568-9
Harold
^^r8' 5a^ & Sam Kenned Yarnall, C.); Norman
Co. (Washington, D
(Philadelphia),
Biddle & Co.
y,
New
York Hanseatic
Wilde, Janney, Dulles & Battles, Inc.
(Philadelphia); Frank Ronan,
Corporation
PRIMARY MARKETS
UTILITY and INDUSTRIAL STOCKS
Founded 1851
NEW ENGLAND SECURITIES
UNDERWRITERS
J. B. MAGUIRE &
31
Milk
■
DISTRIBUTORS
■
DEALERS
Industrial^ Public Utility and Railroad Securities
CO., INC.
State and
Street, Boston 9, Massachusetts
Municipal Bonds
Open-end Telephone Wire to New York
New York—CAnal 6-1613
Bell
Boston—HJJbbard 2-5500
ESTABROOK
System Teletype—BS-142, BS-145
Providence, R. I.—Enterprise 2904
NEW YORK
Private Wire To A. M. Kidder &
Co., Inc., New York
40
For
Bank and Insurance Stocks
AND
Wall St., NEW YORK 5
HARTFORD
Stanley Roggenburg, Roggenburg & Co.;
Stan Dawson-Smith,
Cruttenden,
Podesta &
i
CO.
BOSTON STOCK EXCHANGES
Associate Member American
Stock Exchange
Hartford, Conn.—Enterprise 6800
&
MEMBERS
Portland, Maine—Enterprise 2904
Co.
•
-
POUGHKEEPSIE
IS State
•
St., BOSTON 9, MASS.
PROVIDENCE
•
SPRINGFIELD
Volume
191
Number 5950
.
.
.
The Commercial and Financial Chronicle
PICTORIAL
15
UNDERWRITERS, BROKERS and DEALERS
distributing
CORPORATE and MUNICIPAL SECURITIES
since
1886
W E. HUTTON & CO.
Members New York Stock
and other
14 Wall Street
Roemmele, Paine, Webber, Jackson & Curtis; Sam
Charles
L. F. Rothschild &
Exchange
leading exchanges
First Nat'l Bank
NEW YORK 5
Co.; David Wittman, Schrijver & Co.
Boston
Dayton, 0.
Philadelphia
Columbus, O.
Portland, Me.
Bldg.
CINCINNATI 2
Minsky, Hardy & Co.; Matthew Deane,
Baltimore
Lexington, Ky.
Lewiston,Me.
Easton, Pa.
Hartford, Conn.
Biddeford, Me.
Hackensack, N.J.
Burlington, Vt.
10 East 44th Street, N. Y. 17, N. Y.
Underwriters, Distributors and Dealers
:
in
Roberti, C. F. Childs and Company; Don Sheahan, Bankers Trust Company; F. Daniel
Wasservogel, Dean Witter & Co.; Timothy Donovan, New York Hanseatic Corporation
Bob
Corporate and Municipal Securities
H I R SCH
Members
New
York
BROAD
25
Stock
3t
Exchange and
STREET, NEW YORK 4, N. Y.
Telephone: HAnover 2-0600
WASHINGTON
Teletype: N.Y. 1-210
BALTIMORE
NEWARK
LAKE WORTH
FORT PIERCE
CO.
Other Exchanges
MIAMI BEACH
LONDON
GENEVA
PALM BEACH
AMSTERDAM
Correspondents: HAVANA, CUBA
Direct
Newark
New York
Palm Beach
Guido
Volanti, New York Hanseatic Corporation; Milton Soukup, Smith, Barney & Co.; John
Merrill Lynch, Pierce, Fenner & Smith; Bill McCIintic, Strader & Company,
Incorporated (Lynchburg, Va.)
Wire
Service:
Washington
Baltimore
Port Pierce
Miami Beach
Lake Worth
D Angelo,
SPECIALIZING IN
—
RIGHTS-WHEN ISSUED
Adams & Peck
Members "Heut
AND
Yor\ Stoc\ Exchange
and American Stoc\
Exchange
REORGANIZATION SECURITIES
Brokers and Dealers in
INDUSTRIAL & RAILROAD
Josephthal
SECURITIES
FOUNDED
UNLISTED INVESTMENT
members
STOCKS
and
new
other
york
1010
stock
leading
120 BROADWAY, NEW
•
NEW YORK 5, N.
Y.
direct telephone to
Telephone REctor 2-4949
19
CONGRESS ST..
Teletype NY 1-724
PRIVATE WIRE
brooklyn,
Jack
King
Blockley, Harris, Upham & Co.;
Ghegan, Edwin L. Tatro Company
n.
SYSTEM
y.
TO
BOSTON 9. MASS.
I
CORRESPONDENTS IN PRINCIPAL
lock
NY 1-319
boston
lafayette 3-4620
Private wire to Philadelphia
YORK 5, N. Y.
Bell System Teletype
WORTH 4-5000
120 BROADWAY
exchange
exchanges
haven,
pa.
CITIES
hanover. pa.
■"i«-fP-lr,*rip"ifl,'Tf\ iWHiWlfV
16
The Commercial and
PICTORIAL
Financial Chronicle
.
.
.
Thursday, May 12, 1960
Dealers and Brokers in
Railroad, Public Utility & Industrial
Bonds & Stocks
Over-the-Counter
Trading Dept.
D. Howard Brown
Frank
MacKain
.:*A"V
^
•
Ingalls & Snyder
Members
New
Members
Stock
York
NEW YORK 5, N. Y.
100 BROADWAY
COrtlandt 7-6800
Exchange
Exchange
Stock
American
—
Bell System Teletype
NY 1-1459
Ray
Forbes,
New
Shearson,
Co.; Neill Sellin, Shearson, Harp mill &
Etherington,
David S. Foster, Association of Stock Exchanges tirms
Hammill &
York Stock Exchange;
SPECIAL SITUATIONS
HETTLEMAN & CO.
NEW YORK 5, N. Y.
ONE WALL STREET
Telephone: WHitehall 3-5770
Joseph Smith, Newburger &
Willard
(Philadelphia);
Co.
Wesley
Bishop, Smith, Bishop & Co.
(Syracuse);
Rice, Eastman Dillon, Union Securities & Co. (Philadelphia);
Donald Gray, Hayden, Stone & Co. (Syracuse)
#
Our
1891
Sixty-Ninth. Year
1960
fix
'
;
il
UNDERWRITERS • DEALERS • DISTRIBUTORS
PRIMARY MARKETS
IN
CONNECTICUT SECURITIES
Chas. W. Scranton & Co.
Members New York Stock
NEW
New York REctor 2-9377
Exchange
HAVEN
Bell Teletype NH
•
194
David
E.
Bull,
David Morris <fi
Co.;
Thomas J.
Albert
Danbury
Bridgeport
Costello, Quentin
Law, Inc.
Smith,
and
Paul
Stouffer,
Frank-Guenther
Waterbury
New London
ark
ark
ark
ASK RAY KENNEY*
Jirst
of Michigan
If you
are out-of-town and have a New York Office,
Correspondent wire, and an inactive Bank Stock
hits your desk, change that
puzzled look to
a
big fat grin simply by wiring New York to "ASK
RAY KENNEY," then sit hack and relax in the assur¬
ance
that you have directed your
inquiry to the
very best in the business, the one firm
specializing,
Corporation
or
order
Underwriters and Distributors
state,
exclusively, in inactive Bank Stocks.
municipal
And
it
wouldn't
too
distant
inactive
corporate
securities
Members Detroit and Midwest
NEW
YORK
Columbus
Lansing
—
Grand
Saginaw
Rapids
—-
would
Stock Exchanges
DETROIT
—
surprise
us
one
iota, if, in the
all Wire houses were" to
adopt the Symbol ARK* and preface all messages on
not
and
be
Bank
a
future,
Stocks
most
with
intelligent
—
more.
It
Specializing in inactive Bank Stocks
One
Battle Creek —Flint
Bay City
forever
D. Raymond Kenney & Co.
CHICAGO
East
42nd
NEW YORK
—
it
move.
Grosse Pointe
Raymond Kiernan, Merrill Lynch, Pierce,
Fenner &. Smith Incorporated; Stanley
M. Waldron, Merrill Lynch, Pierce,
Fenner
&
Smith
Incorporated
MUrray Hill 2-4093
Street,
17, N. Y.
NY 1-2918
all
of
Volume
191
Number 5950
.
.
.
The Commercial and Financial Chronicle
PICTORIAL
Over A
17
Quarter-of-a-Century Experience
in
Over-the-Counter Markets
Mitchell & Company
Members
WOrth 4-3113
Tel.
Loewer,
Neuberger & Barman;
Ed Larkin,
Rob
White, Weld
&
Co.;
Bernard
Horn,
Jaffee
Exchange
NEW
BROADWAY
120
Burt
Philadelphia-Baltimore Stock
Bell
•
YORK
CITY
Teletype NY 1-1227
Co.;
Lamar, Jaffee Co.
1960
1922
UNLISTED SECURITIES
SPECIALISTS
SINCE
1922
INQUIRIES INVITED
JOHN J. O'KANE, JR. & CO.
ROBERT
N.
KULLMAN
Members New
42
—
MANAGING
York Security
Broadway, New York 4, N. Y.
Phone—DIgby 4-6320
Jules
Golden,
PARTNER
Dealers Association
Teletype—NY 1-1525
Greene and Company; Bob Topol, Greene and Company; Earl Hagensieker, Reinholdt
& Gardner (St. Louis); Jim Traviss, Davidson & Company (Toronto)
BANK
Kugel, Stone
&
Co.
Incorporated
30 Broad Street
New York 4, N.
Telephone: WHitehall 3-2050
Charles
Bocklet, James T. Gahan, E. F. Hutton & Company; Richard V. Miller, Goodbody &
Bill McGovern, Blyth & Co., Inc.
Y.
Teletype: N.Y. 1-1822
Co.;
A
UNDERWRITERS
DISTRIBUTORS
INVESTMENT
Complete Money Service
for banks, brokers and dealers
DEALERS
SECURITIES
BROKERS
COLLATERAL LOANS, INSURANCE LOANS
FEDERAL FUNDS
UNLISTED TRADING DEPARTMENT
GB
Garvin, Bantel & Co.
M. L. LEE & CO.,
Members New York and American Stock
INC.
FOUNDED 1931
Exchanges
57
(Formerly Lee Co.)
120
135 BROADWAY,
NEW YORK 6, N. Y.
BROADWAY, NEW YORK 5
Phone REctor 2-6900
Telephone COrtlandt 7-3708
Teletype NY 1-62
m
i
,
Teletype:
Paine, Webber, Jackson
Curtis
(Los ■ Angreles) ; A1 Tisch,
Fitzgerald & Company
Bob
Diehl,
<ft
Money NY 1-17
Securities m L 1544
The Commercial
PICTORIAL
18
unlisted
1
BANKS
and Financial Chronicle
.
.
.
Thursday, May 12, 1960
securities
for
—
BROKERS
—
DEALERS
SPECIALISTS IN RIGHTS
(rFRENKEL
GERSTEN
Members N. Y. Security
Dealers Association
NEW YORK 38, N. Y.
150 BROADWAY
Teletype: NY 1-1932
Telephone: DIgby 9-1550
Frank
Bache
Jannette,
&
Co.;
Leonard
Robert
Lazzarar,
Bache &
Co.;
Torpie, J. D. Bradford &
Ed, Amendola,
Godnich
& Son;
Co.
Retailing Over-The-Counter Securities
Since 1939
Joseph Mayr & Company
Members New York Stock
Exchange
Members American Stock Exchange
50 BROAD STREET, NEW
(Assoc.)
YORK 4, N. Y.
Telephone BOwling Green 9-2956
Paul
Sherman,
L.
H. D.
D.
Sherman & Co.; Anton Spacek, H. D. Knox & Co., Inc.; Edward
& Co., Inc.; Frank Harrington, H. D. Knox & Co., Inc. (Boston)
Schaefer,
Knox
J. A. Winston & Co, Inc.
BROKERS
UNDERWRITERS
DEALERS
NEW YORK 4, N.
BROADWAY
11
Y.
WHitehall 4-6600
Alan
Over
Curtis, Darius, Incorporated; Norris Rosenbaum, Englander & Co., Inc.; Jim Concagh, Nesbitt,
Thomson and Company, Inc.; Tom Brown, W. E. Hutton & Co.
Half Century of Efficient and
a
Economical Service
AS TRANSFER AGENT
in
New York, N. Y. and
Jersey City, N. J.
We afford economies and other
Harold C. Shore & Co*
advantages to
50
underwriters, distributors, corporations
Write
and
for
State
our
free booklet setting forth the Current Federal
Stock
Original Issue and Transfer
Registrar
50 CHURCH
and
Y.
3-2170
Tax Rates.
Transfer Company
STREET
New York 7, N.
BEekman
BROAD STREET
NEW YORK 4, N. Y.
and their stockholders.
15 EXCHANGE
Telephone:
PLACE
Established
1899
Jersey City 2, N. J.
HEnderson 4-8525
Hal
Murphy, Commercial & Financial
Chronicle; Neal Mallin, Albert
Franh-Guenther Law, Inc.
WHitehall 3-8357
Teletype:
NY 1-5126
Volume 191
Number 5950
.
.
.
The Commercial and Financial Chronicle
PICTORIAL
19
James Anthony & Co.
I
incorporated
37 WALL STREET
BOwling Green 9-4290
NEW YORK
5, N. Y.
Teletype NY
1-4541*
Lyall M. Wightman, Isard, Robertson & Co., Ltd. (Toronto); Mickey McBride,
Midland Securities Corpn. Ltd. (Toronto)
SPECIAL SITUATIONS
Members National Association
44
WALL
of Security Dealers, Inc.
NEW YORK 5, N. Y.
STREET
Tele: NY 1-1862
BOwling Green 9-0040
Guy
R. Hogarth, Fahnestoch & Co. (New Haven, Conn.); Lester J. Thorsen, Glore,
(Chicago); Homer Bateman, Pacific Northwest Company
(Seattle)
CO.
&
CAN DEE
Forgan & Co.
I
Listed &
Unlisted
Securities
Heaney & Co.
Michael J.
Members American Stock Exchange
120
BROADWAY
•
NEW YORK 5, N..Y.
Telephone WOrth 4-4176
Jack
Mcrris,
Johnson,
Lane,
Corporation (Atlanta); Jim Kelly,
/ Alfred Himes, Shearson, Hammill & Co.
Space
Shearson, Hammill & Co.;
Specialists in
BANK and INSURANCE
Gearhart
74
Si
Otis, Inc.
Trinity Place, New York 6, N.
WHitehall 3-2900
stocks
Y.
Teletype: NY 1-576
Edwin L. Tatro
50
Company
BROADWAY, NEW YORK 4, N. Y.
Teletype: NY 1-3430
Telephone: DIgby 4-2420
Direct Telephone
BALTIMORE
Vincent
A1
Gowan,
Grice,
J.
Goldman, Sachs & Co.;
R. Williston & Beane
—
BOSTON
—
HARTFORD:
Enterprise 7846
20
PICTORIAL
The Commercial and Financial
Harold
McGuire,
J.
Bernard
J.
W.
.
.
.
W. Sparks & Co.; Richard T
Leahy, J.
Sparks <fc Co.; George Searight, Searight,
Thursday, May 12, 1960
W Sparks&Co;
Ahalt & O Connor,
Fred
Tompkins & Lauren; Elbridge Smith, Stryker
Brown; Jack
Higginson Corporation; Ted Vogel, guest: Bill Elliott, J. Barth & Co.
/
Winterberg,
Inc.
Tompkins,
■
1930
Chronicle
Barker,
'
:
Lee
:V
:
1960
TRADING
MARKETS
in
UNLISTED
SECURITIES
J.
R.
Holt, J. R. Holt & Co. (Denver); Thomas
Darrie, P. W. Brooks & Co., Incorporated; Milton
Capper, Capper & Co. (Jersey City, N. J.); William
Lowe, P. W. Brooks & Co., Incorporated
oreenean&Ccnnpc^
Members New York Security Dealers
Association
37 Wall
Street, New York 5, N. Y.
Teletype
Telephone
NY 1-1126 & 1127
HAnover 2-4850
Direct private telephone
Direct private wires to Los
RIMARY
Philadelphia
WAlnut 2-1514
Angeles, San Francisco, Dallas & Denver
MARKETS
Frank
Complete Trading Facilities and Experience
For
OHmido
Ugden,
Goodbody & Co.; Bernard
Tompkins, General Counsel
& Krumholz;
George Angelos, Chas. W. Scranton
Wechsler
&
of
ST ANY;
Co.
(New
Nat
Haven,
Krumholz,
Conn.)
Brokerage Service in all
UNLISTED SECURITIES
for BANKS
—
BROKERS and DEALERS
HILL, THOMPSON & CO., Inc.
SIDNEY A. SIEGEL & CO., INC.
Dictum Meum Pactum
39 BROADWAY
NEW YORK 6, N. Y.
DIgby 4-2370
Teletype NY 1-5237; 5238
Volume
Number 5950
191
Trust
Company, Roch¬
ester, New York; Cyril J. Jedlicka, senior Vice-President, City
Vice-Presiand director of Blyth & Co.,
investment banking firm, has
elected a trustee of Athens
been
The Commercial and Financial
.
Rochester
irdward Glassmeyer, a
Tnc
.
burgh National Bank; Joseph A.
Hudson, yice-President, Lincoln
Edw. Glassmeyer
College Trustee
int
.
C0llegyerMis
president and
National Bank & Trust
Company,
Kansas City; T. M.
Kulp,
ViceBank,
Minneapolis;
Robert
S.
Nooe,
senior
Vice-President, Wachovia
Bank & Trust Company, WinstonSalem, N. C.; Donald O'Toole,
President,
Pullman
Banking
Group, Chicago; William F. Reed,
President,
First
Vice-President,
Bank
National
First
Security Bank, Salt Lake
City, Utah; Hal E. Roof, VicePresident, The Central Bank &
^esentative
i z a tion
gan
Mellon
Trust
Company, Pitts¬
burgh; J. L. Rieben, Vice-President,
Association of
0 r
&
National
Trust
W.
investment
A.
Company,
Spaugh,
Denver,
Col.;
Vice-President,
American Security & Trust Com¬
pany,
dUThe
1
college
American-
s
D.
C.;
A.
F.
Wagele, Vice-President^ Bank, .of being conducted);, $50,000. for in¬
America, San Francisco; and Paul ventory of fencing and door com¬
Welch,
Vice-President, • The ponents; $50,000 for advertising
Citizens
&
Southern
National allocation; and $45,000 for general
Bank, Atlanta.
working capital.
M.
The company
Walter Pidgeon
Steel Products
which
the
■
is
sells steel fencing
fabricated
in such
steel
from
fashion
a
tubular
as
to give
finished
product the appear¬
of wrought iron fencing. At
ance
present,
Stock Offered
all
manufacturing
and
fabrication of the fencing is done
for the company by Westmoreland
Corp.
of Metal Manufacturing Co.,' Milnor
Hempstead, Long Island, N. Y. on St. and Bleigh Ave., Philadelphia,
May 9
publicly offered
75,000 Pa. •
•:
shares
of Walter Pidgeon Steel
Products, Inc. common stock (par
In Securities Business
10 cents)
at $4 per share as a
American Israel Basic Economy
speculation.
>.
Of the net proceeds, $50,000 will Company is engaging in a securi¬
be used for tooling and machinery ties business from offices at 681
Mainland
25
(2061)
Phila. Sees. Men Hear
Chisholm, chairman
of
tions to lease
a
plant (negotia¬
plant
are
Fifth
Avenue,
New
presently1 Emmanuel Sella is
a
Teleflex
guest speaker at a luncheon meet¬
ing of the Philadelphia Securities*
Association on Wednesday, April
27 at
Kugler's Restaurant.
Henry McK Ingersoll of
Barney* & Co. is in charge
rangements.
With
Securities
for manufacturing
Cameron
of the board
Incorporated will be
PHILADELPHIA, Pa.
SAN
FRANCISCO,
liam
L.
Chronicle)
Anderson
become
principal.
«
with
have
Dempsey-Tegeler
with Mittelberg
Company.
from 9 to 19
}'>/'■,. ' > 7'.; 77
!■
The administration of the col¬
lege includes a Greek board of
trustees functioning in Athens and
an American board of trustees in
New York, the latter being
the
parent body of the college. An
American president, Homer -W.
Davis, and a Greek co-director
share the responsibility of direc¬
tion. ;V. 77'
years.
•
ToMark50Yearsof
Consumer Credit
of leading
formed to con¬
national committee
A
bankers has been
program of
this year mark¬
anniversary of
consumer bank credit, Thomas C.
Boushal, board chairman of The
Bank of Virginia, and chairman of
duct
nation-wide
a
;
public education
ing the fiftieth
committee,-announced.
the "National Commit¬
tee for 50th Anniversary of Con¬
sumer
Credit
in
Commercial
Banks," the group includes thirty
the
Named
-
leaders in con¬
sumer
credit.
The
members in
each Federal Reserve District will
who
bankers
are
regional committees to
support of the state
associations, and to en-'"
courage
local banker and com¬
munity activities throughout the
country, ■; according- to
Mr.
Boushall.
:
"
■;
-•
organize
enlist
the
banker
for
,
the
announced
Boushall
Mr.
Industry's Growing
naming of the following executive
committee
of
the
new
national
group:
Chairman,
Ralph W.
Pit¬
Needs
CenPhila¬
senior Vice-President,
man,
tral-Penn
National
Bank,
delphia; Walter E. Kolb, President,
Industrial
of
Bank
Commerce,
pouring through
New York;
John B. Paddi, "Vice-/
President,, Manufacturers
Trust
Company;
J.
Andrew
Painter,
Vice-President, The First National
City Bank; John Reilley, senior
Vice-President, The/First Penn¬
sylvania Banking and Trust Com¬
pany,
Philadelphia; ' Clinton W.
Schwer, Vice-President, The Chase
Manhattan Bank; and James P.
Winchester, execut i V e3*: VicePresident, Norfolk County Trust
Company, Brookline, Mass.
Other members
committee
of
the
national
Jo
Anaconda's pipeline down
the Chilean Andes
demand for copper continues
to rise. The cause for this increasing demand is not
hard to find: The revolution in electronics, tech¬
Throughout the world,
rising
Continental Illinois National Bank
in part
and Trust
Co., Chicago; Joseph E.
Birnie, President, The Bank of
Georgia, Atlanta; Keith G. Cone,
Vice-President, La Salle National
Pank,
Chicago;
P.
L. Corneil,
Vice-President, Seattle-First Na¬
tional Bank; Carl M. Flora, Vice-
President,
tional
+•?
Wisconsin
Milwaukee;
O.
Na¬
population
standards have
ready to meet this growing demand /
ever-increasing productive capacity, thanks ;
industry stands
with
an
to
Anaconda's development of important
deposits in Chile.
i
Through the unique pipeline system shown above
at Anaconda's new El Salvador mine and concen¬
copper
concentrate in slurry form flows
slopes of the Chilean Andes for 14
trator, the copper
down the western
the Company's railroad
Llanta. There it is
the Potrerillos
of research,
loading point at
dewatered before being hauled to
smelter—the end result of three years
development, construction, and a 110-
million-dollar investment.
produced in
today are sub¬
stantially greater than ever before. In the future,
Anaconda may be counted on to continue its mineral
exploration—to continue developing, in its research
laboratories, new applications for copper, brass and
Despite all of the copper Anaconda has
the past,
the Company's ore reserves
bronze—to continue
meeting the growing needs of
world industry for more
entire nonferrous
and better products in the
metal field.
60182B
W.
Vice-President, Mercan£rust Company, St. Louis;
peisinger, Vice-President,
m'
p
I he
First
Bank,
industrial fields, a rapidly
and steadily improving living
been chiefly responsible. The copper 1
nological progress in many
Abbott,, Vice-<
President, Valley National Bank,
Phoenix, Ariz., Donald Z. Al¬
bright, Vice-President,
Security
■First National
Bank, Los Angeles;
Frank E.
Bauder, Vice-President,
are:
'miles to
.
*
National City Bank of Cleve-.
land:'.
John-
L.
Gibson,
ViceRepublic National
President,
Pank
Dallas, Tex.; Thomas W.
Gormly, Vice-President,;. Pitts¬
SUBSIDIARIES OF ANACONDA
WIRES
AND
MANUFACTURE: COPPER AND ALUMINUM ELECTRICAL
SHEET, ROD AND BARS, STRUCTURALS, TUBING
CABLES; ALUMINUM FOIL,
AND EXTRUDED
FORGINGS AND
;
connected
& Co.,
John Hancock Bldg. Mr. Anderson
was
formerly
with
Bingham,
York City. Walter & Hurry. Mr. Mills was*
Mills
Edward Glassmeyer
range
ages
of ar¬
Calif. —Wil¬
and John O.
enrollment of 1,200 boys
an
whose
Smith,
Dempsey-Tegeler
(Special to The Financial
and
endowed
has
Washington,
Chronicle
SHAPES; COPPER.
BRASS AND BRONZE SHEET. PLATE, TUBE, PIPE,
EXTRUSIONS; FLEXIBLE
METAL HOSE AND TUBING.
• •
ROD,
26
-r-r
t*
TTT
How Long Can
i
itself
•
the
Treasury's
one
pocket
We Continue
1
page
wrote nearly 200 years ago, speak-
-
'
aside
as
aeainst
reserves
emSgencies
:
:yhnriip-
in
that
nriiti nn
a
J
11 v
Y'esth""?r
ated)
the
taken
monev
Peter
is
mestic
from
"transferred"
Paul
to
which
is
neatlv
the
do-
a
what
usu-
ernment o
ga
..
for
credit risks,
how
pXlic
the
the postwar
argument
allegfnco-
debrs
>mic innocence fits into the not-
-TnLcenT ?rCame oT
mind
qthe
of
least satisfactory
them
for
resuit
The
on
_
the government its own oper-
nor
Government bonds is out of the
this writing, $70-odd billion obligations are maturing within one
year. Another $48.billion savings
bonds and $7 billion convertibles
belong, in effect, in the same category, adding up to almost onehalf of the gross debt. Then, too,
$62 billion are due in one-to-five
js that with
when the Con-
scene,
Thursday, May 12, 1960
purchase long term federal^ obli- years
gati0ns, thereby creating a market range.
tions of Uncle Sam the two sides against loggeg
are impaired in
?f bls J^dger c?p<r. °ut. Accoid most banks! In a number of them,
gress cannot even figure out the mgly, 50-odd billion dollars are the entire capital and surplus had
exact state of fiscal commitments, deducted from the Sr°ss national been lQgt In gQ
eyen a part of
hanneni
Note
in the portfolio, the more
liquid is the bank, by the examiners' standards, and never mind
the losses
(The more loans> the
less liquid is the bank, and never
mind
quality or maturity of
thg loans!).
SmaU wonder that the banks
rjsjng interest rates and declining
Budgetary controls are a highly invent. Quite logically, the bu- vaiues of medium- and long-term
unsatisfactory substitute for the reaucrats figure that since agen- securities
(as
in
1958-60),
the
lender's "inspection" of individual fies of Uncle Sam hold the obliga- modest capital accounts—reserves
domestic
a
.
they are promoted to absolutely bonds greatly reduced, if not
safe and "liquid" investments. The stopped altogether. To avoid "exbank examiners count the federal cessive" interest rates and an exbonds, whatever their maturity cessive drain on the long-term
bonds
g
to
we
regulation, adopted by all federal
.
ci actual price, as prime liquid funds the o
v
and
b(»ds of Private (publicly as lbupfeJvtrTreasury is driven into
uke cash The more the short-term money market. At
m
The interest on these wellbelieve that we any particular portion of capital placed
bonds is "paid- in more
wouTd be no better off iftos stock As a creditor of the public I.O.U.'s What .if outgoing paywere
12%
lower—evfn though he has no knowledge of any such ments should exceed the contributhe
bondholders
would
receive particular portion. He has no in- tions? Why, that is simple; the rate
that much °ess? (Could they not spection of it
He can have no
S
have
invested
in
other
securi- care about.it. Its rum may in some people toiced to take tne ; insur
ties*M Bv the same token
no tax
cases be unknown to him, and ance.
A more ingenious piece of
ever
is a burden
nrovid'ed that cannot directly affect him."
Imancial legerdemain is hard to
Are
em.e
'
n"°
"
are
inS of the difference between
private and public debt:
Presently
the
American
tax"a creditor of the public, conpayer i" loaded with $914
billion sidered merely as such, has no
I vear for interest on the $290 interest in the good condition of
billion Debt nearly twelve cents any particular portion of the land,
of
every
dollar of federal rev- or in the good
management of
them
.
^
Tn T ivp With Our r ICllOIl
be put in
10 -Live Wlin UUI Fiction *?Jinsurance
Continental social
insurance
Continued from
and Financial Chronicle
The Commercial
(2062)
tbe
deposits
wiped
was
But
out.
which is still a very short
.
borrow
To
venient—for
:r
short
is
very
con-
financial
charlatans,
problem
of
"placing"
the
bonds; most of the time, banks
and others with excess cash can
No
three-to-nine-month
use
ury
bills,
and
similar
Th
a
one-year
instrumentalities:
good
are ag
Treas-
certificates,
cagh and
ag
return, too. They
jeJd
equivalent
are
credit for current welfare no "headache" to the Debt Man- terous practices of the govern- which ;to pay—"borrow from itspending and leave the debit to agers.
ment at the root 0f it. The "Si- self") and there is a <safe arid
of the other? By promoting the their successors..
.
Falsifying Bank Balance Sheets
fence of the Sea xovers them up. secure outlet for them — in the
Something-f or-Nothing
illusion,
The sheer size of the American
Those on the inside (and insight) central bank The Federal Reserve
debt-making serves not only as national debt should provide food
h°ff a^d pray-that a Recession is here to pick ud the slack, if any,
the motor of Inflation, but also as for thought. Instead
it provides ^^3 that Lve no other choice wlU reduce the pressure on the and to turn it into legal money. To
an
intellectual vehicle of Collec- bbe
inflationists with a hollow ?gencies tnait nave no oine 0 0
tal market raise bond prices, monetize this kind of debt is not
which the loss of
pensated
one
side is
supposedly
take
com-
profits
by
vehicle ot Collec
tivism
argument
why>
the
bankers"
hollering
about
national
were
The Economics of the Debt
The interest charge
tional Debt
in
is
budget.
allowing
maybe,
income
"overhead"
for
.
billion,
bond-
the
tax—among
the
of
costs
government,
the budget could be held in balthe
and
ance
leaving
reduced, still
available for tax
cuts.
lem
:
The
national
in
economy
one
of
out
the
.
either.
that
the
nypr--
the
One
simply
declares
proportion
new
is
the
right one. The richer the nation,
the greater its ability to pay and
way.
the government bor-
taken
is
burdens
than
more
New money
rows
debt
and wipe out the losses. Very a legal, but :
likely, it will; but what about the Otherwise the
trnm
nnp
thhi uiti
v
uhlc
■,
.
.
.
.
.
,
1n
n
the
nation's
more
it
borrow,
can
a
reason-
^
The
baTk
FDIC
in jts
^self
has
$140 bildeposits.
brought
out
Reporf for 1957 that, in ef-
fect> depos4t insurance is relevant
.
j
bank
crisis
in
which
"pool" of savings: $7 billion in ing which at least recognizes that case
it would not be helpful at all.
1958, $5 billion
in
1959. That the Debits a burden But it does Au ltg
funds would be exhausted
much less is left to other borrow- n°t recognize the fact that inthe
at once if a single one among the
ers—business,
consumers,
local process of accumulating it, prices
eight or ten biggest banks would
home
builders.
A had
been
inflated,
the
credit
authorities,
get into troubie, to say nothing of
shortage of capital is engendered structure | distorted,
the^ savers a wideSpread run. (The public's
and interest rates mount, raising short-changed, the nation s fmanimpreSsion that this is an insurproduction costs and living costs, cial standards corrupted, and the ance like
any other rests on the
in
addition to the government's foundations of the free enterprise
belief that the Government-guarown costs of operation.
system impaired
Misgivings of antees the
deposits, which
For another thing, what did the
s?n£mi"ds. were due to the f«re- not.) On top of that, to cover even
government do with the money? Slgh;, ?hat
unsavory
practices a very small fraction of the "inif
vested
in
it
disclose their losses which would
y opposite; unless the bonds
shfft^0"o^1Z the federal
shiftedIon .the Federal
Reserve^
TTisFthT-temnta!
tempta
^
ll0^hp
ReserTO
mprPiv ihpt
flows
back.
are
coming
earnings,
no
re-
interest
Its
in
as
the
(self-liquidating)
Instead, the charges
duction
and
—
,
,
,
.
.
,
ur,.lia, naJ ^ebt 1S edual to
three-fifths of the annual gross
national product, nearly double
lu
pro-
disincentive
a
public debts of all non-Soviet
is
fostered.
of
to be
necessary,
ly
the
possible
penditures
ues.
But
abandon
to
sure.
out
of
It is
all
cover
even
with
borrowing
which
inuri
a
a^d
stiil
T
naracHir-ii
funcUon^ ^Bv
a
nuThpr
T financiT tricks'and deceitT
ex-
reven-
wars,
the
c,lf»h
scarce-
war
current
during
was
contrary
the 0*
the
to
the
free
onerational
market
come
ance"—and
on
their
holdings
market.
own
0f government securities.
Not
holdings
,n
,f
National
mattpr
IW
ailot;n{?
hnw
J
widelv
a
V.
larfJp
Not
thp
rPal
v
ppIIpJp
.
all
rules
the
criteria
of
to
even
.
justification is there, in this most
postwar
prosperous
reducing the debt,
it further?
era
nay,
We shall
for
not
for raising
come
back to
government
win
course,
support
out of future
seR>
^.e,fe
account.
than
f
d 1 TTelT the sTriaVTenirifv
JbparS'nlapf^^
^
Irari Rfc CL
^
fund<,
the evTcc
of ^edSl navroll tlTe, ovet
at
the
taxpayers'
generations'
living
(and
income
voting)
of
The
expense.
amounts
managers of
W
latter
dishnrseH
anTnsumnce
comnanTw^
business
their
own
if
they
or
The
L
of
invested
obligations
Government
held by the hanking fraternity, price inflation. What is wrong
equal at the end of 1959 (on the ^lth tbat,V.answers the same
books.) to about 25% of their total Source of Wisdom.
deposits. Insurance companies and
"If we could only export one of
the
a
in
fnnd*
lin?iJed ?h°!,ce
'
paper
The
makes
or
most paradoxical situation
bank
a
legitimate,- productive,
a
"worsened/'
the Vsame
if: it
But
amount
to
for
two
reasons:
back.
By
recourse
to
into general
bank
—
the
,
moriey printing
.
_
Fictional Finance and
Monetization
-pke
impiications
inary liquidity
50% or more
"prime liquid"
—
of
this
imag-
are
devastating, as
demonstrated by the-behavior: of
the average banker. He finds that
ment
paper,
of
his
claims
or
assets
appeal) is eliminated. And something else is eliminated: the rational control
over
the
use
of the
borrowed funds. As Adam
Smith
"placed" obligations
on
paper
u
mav
tuT
t;™
lhls r^sp^ct tban
as
owned
hv
bank^
as
hnL
k-Pt
.
lsLmal,ler
counts
amounts
are
"tucked
away"
£fdth« Treasury. and °ther
the Trr°id«„frvnd
of
ac"
are
either Govern¬
'
ThLy aIe
°ne thing is certain: we do not money to be issued against Gov^°.led (and bamboozled) into have to export money-nrinting ernment paper. The purchasing
buying and retaining these securi- presses. That kind of technology power thus created has nothing to
S' ln vlolatl°" ?f economic is fully developed > everywhere, do with gold or silver or marketl°JTU S6nSe; businegs. ethics, especially so in the so-called un- able goods or anything tangible,
and S°vernmental responsibility, derdeveloped countries. They do present or future. But his bank
batnTe'TTeTlTTmTTTe^l^^ e?actly wbat we are doing —mon- exudes "liquidity;" nothing • to
balance sheets would be barred etizing the public debt. In fact, worry about. Within very broad
^ exchange. It they are more "progressive" iq limits, he can proceed to make
expenditures^nd/uls
asMstwa tsws&svsrsse
be¬
cause the long-terms can be carat
par
on
the
(windowdressed) bank balance sheets, and
rjed
we are' or more
loans in almost
any
and
illiquid fash-
statistically,
remains comfortable
talk
the
Government—every purchase of a
Treasury security amounts to that
~
then, by an unproductive,
never~to-be-repaid loan, its liquidity position has improved. It
lly
cannot
a
Paper.- (
obtains in the banks' If
tral
.
it is much easier to above the
for public spending
edber
claim 0n Gevernment
.
.
and since as a
car] borrow from it- because the shorter-terms have a
need be n° fear on this gafe and secure market in the cen-
phHp
renre^nt
thatOf
the'rriminai
and
joan ass0ciations. They constitute
"improved"
.
savings and loan associations are the printing presses used for .the
sible politicians plunge into borT
' holding another $20 billion. The manufacture of Federal Reserve
rowing—of the most dangerous
^ "s consider the distribution institutions are under no compu.1- Notes, to let us say, China, our
short term variety,
preferably—is hlmTe '♦v.®"®™ ®lon„to bW a!?d are free to sell— foreign
investment
would
be
something to behold. And what
startl.£g J^ith th,e ,sum. legally. De facto, they have a enormously higher."
respon-
reserves
savings-
corporations
That brings us back to the some
But a large debt necessitates press.
$65 billion of Federal securities money-printing and brings about
AmeHnan
Some
The "Rationale" of Inflation
la?Lrf®ort
,.
own
con-
of
loanS
,
counts for the protection of the
deposits, relying on the "insur-
^
have to be paid out of taxes—paid
largely by people engaged in
-
.
,fherd ls ,no,Jlgn thai a„rilgh
debt exhausts the credit of the
Fi^l 1 P^Pmains
reproductive
investment.
special chapter, to.wit.
textbook*
case
bond
of
con-
«
also induces the banks to neglect
building up proper capital ac-
Pected»
not covered by forth-
break the
and
would
billion)
stitute most of the "cash"
a sition has
oniy js this a phony arrangement
which misleads the public, but it
ex-
have t0 liquidate its
FDIC
($25-odd
tbe Federal Reserve's assets
sist of public securities. They
nn
sickenmg repercussions to be
fashion.
the
Three-fifths
v,p
sured"
deposits,
v.u«v
self-liquidating loan to business,
gtbpinf thl» Na" its over-a11 liquidity goes down. It
nTTl Dpht Tt« imnapf
thZ has acquired a "risk" asset (even
t'°ba\a^eb^fp1^^
ftb^ if the credit involves no risk
TdernH^ JvTTi
pnnTitnt^ whatsoever); and its liquidity pofnrPfyoinfJ
would have-to be used in sellmg a bldwn-up volume of obligations, and a chain reaction of
in-
been
almost
went,
charges
of
had
it
productive
a
Wherever
turn
of
any
wn
system and our economic "secur^.y" res^ on tbe National Debt,
?kyr.^
to
two-thirds
of
the
b3uidated. While the boom and banks' "liquidity." Actually, vir"Drtae^li^ufditv" ^^turns^^out"^'to be tually every cent of what we con"
tj?p Hirv nniotite imW the hnnds sider as prime liquid assets is
H^oes^^fSn®?a^
Little
a
political must.
entire credit struc-
......
.
debt
funds
r
lering has subsided. What matters the next Another
interesting case fe}ves to b?
f°5led?. S°01?^ or
is not the actual size of the debt .
.
.
/ .
tbe Federai .Deposit
every legerdemain, subtle as
but its proportion to the national'-Insurance
Corporation.
It
sinks
may
' ls exposed—and backincome gross or net (take your
"insurance" premiums paid by
aS'*
+
choice), ignoring the fact that tbe banks into
long-term""govern-"+u
^
cdn??qu®!lce 1S
at
the two rise together: more debt ment bonds
accumulating so far toe; bond portfolios
freeze in.
means more paper-income. If the abou+
521/4 billion worth
as a
?y selling them, the hanks would
Debt rises faster, that is no probguarantv fund for some
Without
the $9^2 billion—minus $2
holders'
ic,
the
on
strategic element
a
federal
the
tSV 4??^
^ry
i
cXTrn^ Thev ceIe"'atin8 proc^sjar —«?•
= ^1
the customary rituals It makes
T?™?
par, \a
QT«Rnn
,^ $1'900 ® 'c^d "P0*1 the Government by
qu^ed on the mar- the colossal volume of the Debt,
f JpoUU or less; the balance To attempt collecting say, $100 bilooTt^
$1,000. The purposeay/^2^ lion savings' or even $50 billion,
of this
ft at
T
it
are
for
permanent
investment
his
and
in
loans and "other" loans is
stretched; or how good the credit
of the respective debtors is. He
pours
out instalment credit by
mortgaging the car and forgetting
gage
Number 5950
Volume 191
.
!i*ht
largest
than
more
to beat
ever,
seven billions
in 1957, the previous
and
the
capital erosion, more
Asserts
of this
spending has to
financed by credit. The result is
more
constitutionality,
Banking
around
—
ity.
(and hindsight!). Living in
Eden, it ignores the
serpets in the Garden. The name
sight
monetary
direct
The
conse¬
are patent. Suppose the
Federal Reserve would refuse to
quences
it is
of
ligations of the national Govern¬
nothing of an attempt to unload an unappreciable
portion of its portfolio). The de¬
mand for those obligations could
dry up overnight. Banks, financial
institutions, business corporations,
>
individuals, all would find them¬
(to
ment
say
in
selves
highly uncomfortable
Instead of swimming
a
condition.
liquidity, actual or potential,would be faced with farreaching liquidations. A scramble
for "cash"
might develop even
in
r
they
into
old-fashioned
an
values—based
real estate
«
the
on
are
assumption
of
severe
a
But
in¬
an
beating.
why should the Federal Re-,
stop monetizing "whenever;
needed" to maintain the fiction
serve
of
ample liquidity? And if it were
reluctant, what-; would', stop
Congress, from forcing'. the
tral bank's hand?
I
the
cen¬
do not doubt
tfc at the- Congress" is; almighty—so
far
as
The
economic forces
As
can
be
things stand
out-legis¬
debt
now,
monetization by the Federal Re¬
serve could not be resumed on a
major
scale
tional
of
Bank
Chicago,
the
of
bring
to¬
and
Trust
without
giving
a
fresh impetus to the vicious wageprice spiral,, without
impairing
on
balance
of
and
sparking an outflow of gold. Un¬
less we are ready to take another
payments
Asa
J.
keep
ing
over
Damocles
tve
sword
national
hang¬
claims-"are supposed
Information.
,
.:
...
Creeping Inflation.
-
■
tional Bank and Trust
Chicago, Meeting Places.
Co.
Financial
;
PHILADELPHIA, Pa.
—
money
ume
at
vol¬
or
*
people's net income or
their net
savings; faster than pro¬
ductive investment or industrial
output.
Totalling ' an estimated
$587.7 billion at the end of
1959,
the
net
private-plus-municipal
debt is now
3y2 times what it was
dividual
credit
demand of the
on top of the
debtors,
savers
may
be
bam¬
by solemn and meaning¬
assertions
of
maintaining
boozled
thirty
years before, when it col¬ less
lapsed by its own weight. But that
Stability together with the freely
ominous reminder does not tell
spending Welfare State, as if they
the full
story. What... mattersis were
compatible.
However,
as
the
self-accelerating growth of the
non-federal debt-tower.
dition
in
1959—net,
The. ad¬
after
real
and more
capital flows into
estate, common stocks, dura¬
goods, even into sheer
spicuous consumption,'
in
repay-/ ble
ments—amounted to-$57.4 billion,
more
con-,
order
as
growth
May issue of the exchange
you his view of the growth and
potential for natural gas. He exam¬
ines some of industry's 25,000 uses
gas—and the more than 500,000
for
of
"Stock
,
How long
before the record date are
what behind-the-scenes
for you to become a stock¬
"XD" in the May
on
holder of record.
gives you the facts.
compounds, from which come
than 25% of all chemicals.
Don't miss "Natural Gas —A
Growth Industry."
of
How's your
"Big Board"
shorthand?
•
Record Common
v
pet,
oat,
hat—how are ticker
symbols selected?
Dividends
$2,409,257,760 is the staggering total
•
the "Big
•
Board."
..
Which of the 25
.
industrial groups
/
ings among the three groups that
accounted for the lion's share of
the
The an¬
new
the Big
year.
exclusive club
members were
admitted to
Board Billionaires Club last
These are companies
whose
billion
dollars. Since two were dropped, two
readmitted, the total is now 51.
sales
or revenues
can't buy on
the exchange
newsstands.
Magazine cannot be
purchased on any newsstand; But
would like to be "in the know"
on all the fascinating information in
were over a
abreast
ahead—mail the
1-year subscription coupon below.
For just $1.50 you will receive 12
the
May issue—and keep
during the year
monthly issues of the exchange
Magazine. Get your May copy
promptly. Subscribe today.
Exchange"
Forms Share Planning
Co..
BRONX, N. Y.—Arthur J. Muccio
is conducting a securities business
from offices at 1513 Taylor Ave¬
under the firm name of
Share.-
71
get the
if you
payments?
The world's most
Five
'
'
Vital information you
higher first-quarter gains?
Which declined? Are your holdv
'
fascinating picture
from "Financial Shorthand" in the
exchange Magazine's May issue.
You'll
made
..
Great
Steel?
Why does GSW stand for
Western Sugar? X = U.S.
'
disbursed during
the three months ended March 31 to
owners of common stocks listed on
of cash dividends
Arrangements and Outing
Planning Co.
Magazine
issue - of the exchange
TC-18
i
the exchange
•
Magazine, Dept. 7
11 Wall Street, New
•-
'
York 5, N.Y.
/
I
Enclosed is $1.50 (check, cash, money order).
J! Please send me the next 12 issues of the exchange
| -Magazine.
J,
Committee.
nue
Learn
work must
traded -ex-dividend?
stocks
go
wire'?
ex-dividends?
more
precede dinner at
the
•
get in "under the
Can you
gas
outing of the Philadelphia
Securities Association will be held
will
lionaires."
on
nual
annual
and records,
fascinating table, in "51 Bil¬
a
cutting tool keep
a
gives
which
Aronimink.
mountain of accumulated debts,
Arrangements for the" "Stock
and the growing reluctance of the Exchange" are being handled by
capital
owners
and managers. Frederick T. J. Clement, of Drexel
Savings institutions are compelled & Co. Henry McK. Ingersoll, of
to buy fixed interest assets, in¬ Smith, Barney & Co. is Chairman
vast
would-be
gas
Magazine," W; M. Elmer, president
of Texas Gas Transmission Corp.;
Fortunately,
the
of
In the
in
That paper-edifice is
growing
a faster
rate than the
Services.
stocks?
there is salvation on Friday, June 3, at the Aroniprospect, nay, under way. The mink Golf Club on St. Davids
Living on Overdraft
built-in automatism—a real one, .Road, Newtown Square, Pa;
Technically and psychologically, not man-made — of the financial
The day's events include golf
the inflated national debt, is the
market place slowly buL sure y at the Aronimink Club and tennis
pillar that holds
up an over-in¬ terminates the Debt inflation. It at the Merion Cricket Club, Havflated and rapidly
growing struc¬ does so (if only it is permitted to erford, Pa. Following the day's
ture of non-federal
(municipal, operate) by raising the interest sports
activities
members
and
corporate, and individual) debts. rates. Rise they must, because o
guests
will.« participate - in the
.;
,
Northwest, under
of
Investment
name
ballooning?
on
natural gas up front among
V.
economy,,
Suicide
Street,
O
firm
plus
uses
;*
Annual Outing
Creeping Inflation's
3028
the
engaging in a se¬
from offices at
business
curities
You'll find their names
and
sion.
is
Lecluse
A.
in¬
dustry research? Will new industrial
-
in to save the dav
and maintain the growth.. It will
have
no
untapoed tax sources
be able to step
being neglected, if not
ignored, in the controversy about
Services
Forms In v.
WASHINGTON, D. C. —John M.
appliances are coming from gas
■
that is
one
inform
to
application were made.
him if such
What kind of revolutionary new gas
Phila. Sees. Assn.
qnother
officials
supervisory
are:
Baber,
represent. Economic
growth
>M. B. Hagel, Assistant Trust Of¬
may be, and has been, fostered
ficer,; City National Bank- and
for years by a reckless expansion
Trust Co. of Chicago, Auditor,
of private
and corporate- debts.
v
Robert
C.
Hansen,
Assistant
But when the latter "burst at the
Vice
President,
American Naseams," the Government will not
left,
to
action, in the event a New
York City bank seeks to utilize
the new statute.
Mr. Roth said
that
counsel
has requested the
take
Arrangements.
committee members
Whitfield D. Hillyer, Assistant
it will have exhausted Manager, Advertising and Public
its debt resources—overdrawn on Relations Department, The North¬
its own credit. What remains is ern Trust Co., Publicity.
dollar devaluation on the chin—
recourse on the central bank.
By,,
August J. Hurt, Jr.; Secretary,
or to
accept all-round price, wage
then, money-printing may smooth Trust Department; The First- Na¬
and foreign
exchange controls— the liquidation process, at best; tional Bank of Chicago, Program.
let alone the mass
unemployment at worst, it will bring about sky¬
in the wake of a
progressive in¬ rocketing prices. In either case,
flation—the volume of Federal
a
period of economic stagnation
Reserve credit must be kept un¬
is bound to be the reward for a
der strict
control.., And there is prolonged process of capital ero¬
the
intention
Franklin's
of
Banks
Comptroller
the
of
.
their
of the
Currency of the U. S. and the
N.
Y.
State
Superintendent of
advised
in natural gas
•
which
has
also
counsel
Will the flare-up
Company
will be chairman
Committee
Other
-concerned.. to
legislationis
will
conference
Assistant VicePresident, Chicago Title and Trust
for
a
devastating break of the
Company, Entertainment.
>
dams which hold a pernicious li¬
Victor L. Bedingfield,v Second
quidation from flooding the ram¬
Vice-President, Continental ailipart of our economy; The crisis
nois National Bank and Trust Co.
is unavoidable, as it was unavoid¬
of Chicago, Registrations.
able
in the ; past, when people
:
John S. DunhilT .Assistant Sec¬
awaken to the understanding that
retary, Harris Trust and Savings
there are no real values—earning
Bank, Hotels.
;
>
power—back of the excessive ea¬
J.
A.vGallas, Assistant Vice-;
rn a ci t i e s
and
malinvestments
President, La Salle National Bank,,
question is,, merely, whether
lated.
The
"leverage"
set-up
revealed
Roth
Mr.
bank's
Commerce
gether
in the fi¬
communities,
corporations and family budgets
they
gets shorter and shorter, heading
the
But
nancial
banks,
his
that
Chicago.
and the incentive to do so.
and
as
of
representatives of bank
departments ~ in Arkansas,
in effect, for wasteful consump¬ trust
tion or sheer gambling—some of Colorado, Illinois, (Indiana, Iowa,
K a n s a s,
Kentucky, Louisiana,
it surely is—it serves to enlarge
Michigan,
Minnesota,
Missouri,
production and productive facil¬
North Dakota, Ohio,
ities. Directly or by indirection, Nebraska,
Oklahoma, South Dakota, Tennes¬
credits (debts) provide the means
see, Texas and Wisconsin.
of expanding the industrial ca¬
Michael A. Georgen, vice-presi¬
pacity, from inventories and ma¬
chines
to
buildings and plants, dent and cashier of the City Na¬
definite credit flow—would be in
for
Over-Expansion.
Speaking of non-federal debts:
unless
the
money
is borrowed,
money
panic. At any rate, security
Besides the letters to New York
City
Houston; Mr. Hanley is Yenior
vice-president of the City Nation¬
al Bank and Trust Company of
The Curse of the Debt
•
Bank
National
loan on, any more ob¬
buy, or to
in
banks.
president and trust officer of The
financial
a
indicated
as
the letters to New York City
years) on oil-in-the- peak year, practically equalling be
without a thought to the its own increase in eighty years of I.5,1 a dwindling return on Bill Is Invalid
the booming Twenties!
the
hedges
but also rising costs
future price of over-produced oil;
Arthur T. Roth, Chairman of the
o± borrowing—which spoil the fun
he finances construction that will
Patently, the growth of private,
Board of Franklin National Bank
and
slow down the inflationary
nav its way only if the
inflation corporate and municipal debts—
momentum.
* of Long Island will resist, in the
rontinues indefinitely; gives, and still leaving aside the Federal
courts, invasion of Nassau County
Creeping inflation is a costly
ic encouraged
to give, mortgage debt
finances
our
economic
by New York City banks because
and dangerous luxury which only
credit to young couples with or growth. It is equally patent that
the
so-called
Omnibus Banking
an economy can afford that is not
without secure jobs at little or no the one "growth" must not, and
Bill
is
"null, void
and of no
loaded with Debts as yet.
can
down payment; and so on.
not, run far ahead of the
effect."
Financially, we live in a world other. Or how could the debts be
This assertion, he revealed, was
made in a letter, sent by counsel
of fiction, as we did in the 1920's. serviced and amortized, if not out
ABA Conference
for his bank on May 4 to every
Then,
a
gigantic structure of of the output of the investment
bank in New York City, stating
speculative values—the Stock Ex- which they financed? But the
the
new
statute
"was
illegally
kange__provided
the .fictitious non-federal debt zooms ahead of In November
enacted."
He
claimed
the bill
liquidity that oiled the wheels of the G.N.P.; at that a large slice
Chairmen of committees for the
signed by the Governor on March
!a mythical Eternal Prosperity (on of the G.N.P. consists of things
Bankers
Association's
22
was
never
actually
passed,
which, in turn, the Stock Ex¬ (like military hardware) and serv¬
29th Mid-Continent Trust Confer¬
based on the discovery of "several
change values rested, closing the ices (of bureaucrats, for example)
ence, scheduled to be held at the
discrepancies."
vicious circle). Now, a, gigantic which cost a lot but are not ac¬
Drake Hotel in Chicago, Nov. 17
Mr. Roth also declared the bill
structure of artificial bond values ceptable in payment to creditors.
J8' have been announced by was void on the grounds of un¬
Recourse on the national debt
generates the lubricant
of an
Charles W. Hamilton, ABA Trust
equally fictitious Prosperity—at and its monetization is the "built- Division president and R. Emmett
mounting costs, prices, and ten¬ in" safeguard of the inflationists.
Hanley, president of the Corpor¬
sions—based on the implicit myth Indeed, it is built-in into his ate
Fiduciaries
Association
of
of the central bank's inexhaustible mind. It is a mind equipped with
.Chicago. The Chicago association
capacity to maintain, by debt statistics, dialectics, and wishful- will be host to the conference.
monetization, the system's liquid¬ ness; it lacks nothing but fore¬
Mr.
Hamilton is senior viceto ten
up
27
(2063)
The Commercial and Financial Chronicle
.
the
check on the car's owner; uses
deposits to extend term loans
,
.
name.
■ 0,
address.
i
I
city_
state.
Financial Chronicle
The Commercial and
28
(2064)
and
St. Lawrence Seaway
some
upbound
expected.
the
St.
><•
tQ' geve£
.
project after
Lawrence
one
Lakes
the
for
and, owing to
time
first
of the
new> iarge_bulk carriers prefer to
return
to
Lake
superior-ports
from Lake Erie ports in ballast
and
the
'break-in'
past
United
States
year,
the
strike had a
steel
effect,
not only
on
related to that industry, but on industrial activity in
general. In addition, the first half
significant
shipping
of
as
witnessed
1959
nomic
Clearly
tend
the
eco-
mask
Seaway trends
ities
however
what
is
follow
to
1
the
varying degrees.
remainder of
the
my
other
mineral
commodities
Canada
the
the
and
and
they
as
Seaway.
.
coke
Coal
Coke
and
Between
coal
though
it
natural gas
into the coal
fuel
oil
location
If
from
million
and
the
from
million
0.11
of
the
Quebec
United
States
imports
came
and
coal,
originated
in
the
with
very
little
this
dis¬
result
from
exports
which
boats
known
canalers
carry
2,000 to 4,000 tons of bulk
cargo.
Prior
to
1954, these boats usually
returned
to
Lake Erie empty,
but
in 1954 they
began returning with
Quebec-Labrador iron ore transhiDDed
at
Contrecoeur
ascwhhen,,sut'PmeIr shl.p,m,en£s
?re made by water- In addition,
near
contrecoeur
-
.
are
sive, winter. rail rates are not in-
near
jarge winter stockpiles
are
not re-
*
.
'
.
of
cargoes
directly
Lower
.000
*.
iron
from
*
ore
quired. One seller of coal in On-
,.
With the opening of the
Seaway,
carried
were
Seven
tario
Islands
that
'
V
to
:
'
States
shipments
mines,
via
trates
the
"v';
while
tive
other
for
distant from
mines
Lake Erie
Newfoundland
5,371,026
4,987,909
3,254,020
564,260
—
Ontario
v
$
1
Columbia.
Total
46,215,671
37,833,672
33,307,549
■
;
1957
7,922,275
7,298,910
.4,345,630
,
4,080,393
14,177,215
"
Long Tons
'
319,055
121,437,285
19,885,870
continue
rail to
ports and
to
eastward
go
carriers.
ocean
28,021,842
- 909,249
3,778,140
862
--T—62,437
United Kingdom—
Chile
Products
tal
;
.
;
.
.
in
increase
be
patterns
by
the
expected to
in
crude
oil
shipped
3,047,301
28,932,053
,
,
363
8,595,843
2,000,526810,543
464,540
77,749,050
16,212,753
6,144,130
3,765,352
3,587,471
4,052,704
36,386,788
.West Germany—
,
Netherlands
daPan
Belgium
.....
—
-
493,332
—
-
-
26,530
—
215,502
Italy
12,613,121
1,097,105
8,294 106
4,455,135
79,048
"1^1—
....
-
545,687
336,429
145,675
108,675
'
France
110,179,709
24,283 831
' 3,047,029
'
to
.
:
Total-—-—
12,391,314
Indicated Total
;
Consumption".
_
*All
<
t
1J>58
figures
10^,674,258
r
,
640,630
2,342 738
1,176,397
-
^4,833,202
are
subject
-
to
.
,
.'
revision.
.
'
17,972,769
'
5,965,805
;
•
*
■
V4
'
from
Montreal
the other
avenue
past, .Ontario
dependent
the
middle
lesser
a
the St. Law¬
harbor
extent
direct
on
by
ments from
Colborne
boat.
go
-
** *«* »»; «««»"» Uk«.
in
can
chromium
ores
movement
these
the
through the Seaway of
908,748
low
"with
or¬
European
rates."
Canadian
Sim¬
price quotations are not
in 'Chicago. If foreign
competition continues in this mar¬
unknown
Canadian steel producers
to m&ke improve¬
in efficiency and produc¬
If
Canadian
plants man
continue
ments
tivity.
meet
this: competition,
,
general there is
no
and in
overwhelming
for saying this cannot be
done, the Canadian consumer will
reason
In contrast to the Sea¬
in
several
placed
steel
for
below
must
bring about savings
shipment costs to the Wel¬
traffic
because
ket area,
may
area.
for
ton
This would suggest that the
ore
Montreal
ilar
be
customarily imported by boat
consumption in the Montreal,
Quebec
and
Welland,
Ontario
in
confirmed
spring delivery at
ship-4 prices ranging from $20 to $28 per
are
Seaway
be
suppliers
for
areas.
not
ders
>'>:V
y
Manganese and
Ca¬
very
was understood that sev¬
steel fabricators," in Toronto
eral
through the Sea¬
way.
half,
the
and
move
Some
Colborne
remained
1959, it
are
area
both
overseas
Port
expected to
way
greatly
then
coast,
land
been
Port
Sudbury
v
for
that the Seaway enables foreign
shippers to penetrate farther into
the midwest. During the fall of
bv rail to Montreal, or to the east
being
,
the
from
from
of supply. In the
has
shipped from
to
and
boat,
by
lake carriers through
Ontario.Exports
and
petroleum products
Montreal refineries
on
ores,
benefit
in. the long run.
';
4
•
the
ferroalloy metals themselves
is insignificant owing to existing
shipping and trade patterns.
(e)
Iron
Ore
.:-5,v
The Canadian iron
ore
industry
.
product .7
Montreal.
of
ment
imports
This
received
westward
products
.
into
in
from
' via
move¬
In
general,
ferrous
Montreal
metal
has
Ontario
recent years
only
total
about
inland
to
been
Within
the
accounting
one-quarter
annual
of
receipts.;
/
past few years, pe¬
troleum
refining capacity in On¬
tario has been
greatly increased
as a
result of the
building of the
Inter-provincial pipeline system
Edmonton,
quent
in
tario,
in
With
Alberta,
1950
extension
1953
its
and
to
and
the
to
subse¬
Sarnia,
to
the
On¬
Toronto
growing
in
surplus
of crude oil
producing capacity in
Canada, the pressure to
western
more
markets
has
been
in¬
creasing and, in view of the diffi¬
obtaining adequate
outlets
in
the
States,
being
placed
reliance
is
the
Ontario
market.
on
mar¬
United
greater
This
is
leading to less dependence on ininterprovincial shipments from
Quebec and it can be expected
that petroleum product
shipments
through the St. Lawrence canals,
which declined from one million
tons in 1957 to
■
Venezuela
tanker deliveries up
ket
United Kingdom..
from
but
culties of
Exports
■
United States.....
the
in Montreal refin¬
used
All
of
,
approximately 10%
of the total supply is delivered via
a
pipeline from Portland, Maine,
on
the
Atlantic
seaboard,, with
find
Total
,
oil
remainder
and
made
producers
States
second
ensuing steel strike." An¬
other steel executive pointed out
Seaway. Nickel matte, nickel
J and
three-quarters
come
rence
being
ocean or
the
markets
steel
Canadian steel executive tofd
could
of
ship¬
overseas
the : United
in
foreign steel competition was un¬
usually
severe
but
this < trend
rCpnljinental shipments by rail or
general,
,!,V /'
Almost
eries
with
and
one
are
significantly^ because", of compounds and nickel metal
changing
supply..
crude
Quebec
ments
significant portion of4fyemld ^St
shipments cannot
shipments
and
the Canadian
ferroalloy ore
industries
benefit
are
greatly
not
from
non-
and
expected
the
new
(d)
107",128
;
5
States
the speaker that "it did seem that
by
largely* by
rail. Aluminum ingot is produced
the past, petroleum and pe¬
troleum products have constituted
1957.
10,367
Sweden
are
for
32,593,452
3,685,845
264,192
Seaway
United
strong. Despite the strong demand,
in
and
Montreal
at
canals
—.1..
201
produced
is
copper
Canada
Sudbury. Overseas exports
In
Lakehead
2,984,663
■
Refined
Petroleum and Petroleum
^
United States..—
nadian
eastern
by
and
strike
iron
boat from Montreal and continen¬
(b)
from
Imports
and
steel producers in
velops.
more
'
167,221,425
With the opening of the
the
shipped through
Seaway transportation system.
65,805,057
57,898,102
41,317,629
2,200,637
necessary to alter
Seaway competition.
both Canadian
steel
closer to the east coast, shipments
will
be
to
largely by pipeline, with tanker
shipments on the old St. Lawrence
1957-58
it
rates to meet
the Great Lakes
area experienced competition
There from cheaper foreign steel, mainly
$
and Consumption
did not feel
Seaway in any significant amount
unless a new market pattern de¬
Seaway will prove to be competi¬
refineries
1958*
Long Tons
Quebec
British
"
(shipments)
indicated
real
no
Ore—Production, Trade
'
Production
has
shipping
TABLE I
Canadian Iron
Quebec
benefit with respect
charges has accrued
with the opening of the Seaway.
However, when more iron ore car-
to
Lake ports in boats of
8,;25,000 ton capacity. Since
to
and
it
western Europe, Because of
high demand in the first half
east.
^atur<k °£tv> all"rai! shipments
si've wi'nter radiates*
noTfn"
and;
possible small units of de¬
livery where such is requested.
During 1959, Canadian railways
1959
the
periodically, the com"s
continue receiving
its ,coke b? ra! ' ,°"e ™POrtant
>
makes
of
Pany P
about
handling
the
revlew€!
canalers.
as
can
-
costs,
from
cago .Y.1?,
These
costly
for Canadian non-ferrous concen¬
United
certain
For
ports.
.
the Seaway but there
"ere httle savings m cost, and althou8h *he rate structure will be
and* less
distribution
and
coast
sisted of United States bituminous
small
service
are
inland.
situated
States.:It is
much
does not appear to be any reason
n?
coming from Lake Erie ports
for the Quebec market in
mainly at No-
Europe
are
United
larger rail
tonnages by-pass the Seaway. Rail
has such advantages as all-year
via the Seaway
nearly all are shipped by rail to
United States smelters,
most of
at
the
to
ments
understood, that
Lawrence
concentrates
Zinc
western
increased
Europe
to
averaged about 1.6
annually. Traditionally, about 99% of this total concoal
•
y
3
r
other primary iron and
products through the fcanal
system totalled 14$00. vtons with
the major portion 7,500 tons, con¬
sisting of Canadian export ship¬
the expense of United States east
United
coming
Seaway. During 1959, there was
bound
St;
and
Lakes
area.
increases in Seaway
traffic, are realized, it will
Lawrence canal traffic. In
tons
ments, of
randa, Quebec, and in the Sudbury
coke
of
most
via
coming via
non-Seaway
routes would suggest an immediate
potential increase in traffic
of up to 1.9 million tons for the
canals
rence
•
tons from
«■ steel
*
Copper* concentrates produced
Canada in the vicinity of the
Seaway are smelted
Montreal
has for many years
indication of a change in shipPin§. patterns for this potential been Canada's- largest petroleum
traffic. One consumer of coke re¬ refining-centre and has always
celved a tr'al shipment from Chi- used foreign crude oil exclusively.
million
*
Great
large
States
and
1958, shipthrough the St. Law-
of coal
ments
Ores and Metals
-
in
\
remaining
the
period,
of
1953
.
mar¬
main
After the
a
•,
oil
fuel
and
and
of 1959.
kets
1
ports totalled
Canadian '.pro¬
ducers. Foreign imports, amounted
to 6,003 tons for Canada and 13,518
tons for the United States.^ Ship¬
Nonferrous and Ferroalloy
(c)
the
be expected.' Al¬
is early to measure,
made serious inroads
through the Seaway. The volume
of coal and coke from the United
.
be realized in the Seaway.
Canadian
to
28,586
shipment < will'»not
super-tankers
disloca¬
serious
ities
and consequently, the
made -• possible
by
economics
may
American
coal of
of
came
2.35
consumed
States
'
(a)
both
*
Within
1958,
to
traffic
V
;
.
million
the
were
metal
relate
future
million tons
Seaway.. Besides
the
about 0.5 million
tons. of
pa-
in
years
probably
Prevails
the
com-
of
tions
markets
re-
~
.
Still
Maritimes
from
modity. Before discussing iron ore,
however, I will briefly examine
some
,
States,
one-half
deals mainly with that
be
from the United Kingdom. About
Because of the expected importance of iron ore in future Seaway
traffic,
still
During 1957? Quebec consumed
wbicb 30
be inferred
can
five
next
coal
Rail
Where
united
indication of
some
will
canalers
about 5 45
specific mineral commod-
amming
per
old
quired,
from the general
the
previous year.
witnessed a year which
to
ship-
a
Montreal
that "went downbound
ports during the same
22,345. tons were shipped by
Canadian
producers and
30,243
tons by United States producers.
Upbound traffic in these commod¬
shipments have been made,
possibly continue to be
they are not expected to
exceed shipments made in . pre¬
vious years. In general the large
ocean tankers cannot pass through
the Seaway,
pipes
to Canadian
year,
made,
sales. Natural gas from west¬
Canada first became available
gas
to
and
will
and
the
ern
plants. Of all \ the
steel bars, sheets, structural shapes
some
small
influence on
an
\
Seaway,
new
shipped to the central and eastern
jn addition, harbor and unloading consumers
of 1coal
in % Quebec United States. Pyrite concentrates
facilities, demand for small coal should benefit from some decrease in less significant amounts, go to
shipments and stockpile capaci- in shipping charges once definite Canadian and United States chem¬
ties wju also limit the size of car- shipping patterns and
improved ical plants. Although some zinc
riers used. For some customers, Seaway operation are achieved.
concentrates have been shipped to
in
we
with
xhuSj
Lawrence coal movement as well,
for the next year-or so. When ex-
m
coal
of
recovery
recession
will
strong
a
most
most Df the
coal
shipped to Lake Superior
p0rts is carried in 8,000 to 12,000^on capacjty boats; Such a situation may be expected for the St.
with procedure,
several delays and
minor collisions resulted. During
however,
than- return
rather
1959
in
coa^
ment
lack; of familiarity
a
have
tions would
electric. steel
people have suggested that for¬
eign crude oil will find its way
to
Ontario
refineries. Although
feature
intangible
the
With
proportion of the market ob¬
-gr-e
p0rts can be expected to tained by Maritime and United
compete for available cargoes of States producers. A more serious
coal
In
the
Lake
Erie-Lake factor affecting the Quebec coal
superior movement of iron ore market "is the effect of natural
operational season is, I
think you will agree, somewhat
Premature for several reasons It
was to be expected that the $475million project would experience
some initial operating difficulties.
Many boats entered the Great
only
move-
cargo
empty 0re carriers returnIsiands from Lake
ment
Seaway phase
the
bulk
downbound
producing plants in the St. Lawrence River valley and additiona
of
Thursday, May 12, 1960
11,194 tons went down, the canal
system to Quebec .foundries and
of one million tons per
excess
annum.
af¬
fecting the suppliers of coal to the
Quebec market is the size of sub¬
ventions paid to
Maritime coal
producers. Any change in subven¬
Another
present there are several .a
lnum, ferroalloy and electric stee
iSr
in
coal to Quebec ports.
Continued from page 9
evaluate
more
becomes
time
Islands from Lake Erie may carry
Canadian
To
and
built
are
around'
probably not be appreciably
will
'turn
possible,
carriers returning to Seven
riers
expansion
.
|
760,000 tons in 1958,
will decline still further
during the
152,281,294
next 3 or 4 years. With
increasing
domestic demand for
petroleum, St.
Lawrence Seaway shipments
may
subsequently begin to rise mod¬
.1 Chan:., 1. erately although estimated traffic
during the latter part of the 1960's
Iron and
Four
are
the
Steel
fully integrated companies
nucleus
of
the
Canadian
has only .recently gained .world
prominence: Between
1939 and
1948
iron
annual
from
rose
0.1
to
ore
production
long
million
1.2
tons, nearly all of which was pro¬
duced in Ontario. In 1949, New¬
foundland entered Confederation
and
production from the Wabana
; increased
Canada's >. 1949
mine
iron and steel
production to 3.3 million long tons.
steel
By 1953 annual production had in¬
creased to! 5.8 million long tons
ingot
industry. Of a total
and castings capacity
of 6.7 million net tons
ary
as
of Janu¬
1, 1959, two firms in the Ham¬
ilton
area
accounted
for
48.5%;
one
firm
at
Sault
Ste.
Marie,
24.0%; and one firm at Sydney,
Nova
Scotia, 14.0%. A number of
smaller
electric
steel
furnace
plants, situated in various parts of
Canada, account for the remain¬
ing 13.5% of capacity. In addition,*
there
is
a
non-integrated blast
furnace plant at Port Colborne, an
electric alloy steel plant at Wel¬
land and an electric pig iron and
titania slag plant at Sorel, Quebec.
The Canadian iron and steel in¬
with
Ontario
producing
while
and
Newfoundland
almost * equal
lesser
amounts
amounts
were
being
Japan from British
Columbia. In 1954, Iron Ore Com¬
pany of Canada commenced ship¬
exported
to
ping from its newly developed de¬
in Labrador-Quebec.
Al¬
though
other : small
companies
have commenced production since
1954, the Labrador-Quebec de¬
velopment was mainly responsible
posits
for
increasing Canadian iron ore
a peak of nearly 20
long tons in 1956 and 1957*
production to
million
dustry is presently capable of sup¬ After the 1958 recessional year,
plying about 75% of all primary, production from the same area
enabled Canada to reach- an alliron
and
steel shapes consumed
time peak in production of about
in Canada.
■
The movement of primary iron 22 million long tons in 1959. Heavy
and steel products
through the St.
Lawrence canals has tended to be
erratic in nature and, usually has
never
exceeded
1%
of all Seaway
demand- for
producers
ore
was
making 1959
a
from, the
smaller
in
also .important
record year.
,
; >
production, trade and
During ,1958, perhaps a consumption for 1957 and 1958
typical pre-Seaway year,, 13,746 are given .• ■ in the accompanying
tons came up the St. Lawrence Table I. Production in British Cq-?
canal system from the .east des¬ lumbia:
comesf, from •, two
small,
•; Iron
ore
traffic.
tined for United States ports and
open-pit, producers
of
magnetite
"
•'
11,
k
,
4
r
Number 5950
?f Ontario, direct-shipping and
Inncentrated hematite ores, sinter,
high-grade pellets and magnetite>
concentrates are
.
.,
t
billions
larger mag-
or
^mi^een
^•p
exported to the United States.
Newfoundland (including Lab¬
*
of
ner>A
a
nrm
and
a
another
town
development
power
plant. Total
expected to ap-
is
erals
t
Newfoundland.
east coast of
the
of the
ore
produced is for
fxport
In
4-u
w
Wabush
the
+
Lake
1954678
Canadian
industry was developed
without the benefit of financial,
ore
participation by Canadian steel
producing companies. In Nova
Scotia however, iron ore from
Canadian sources is used almost
exclusively in the local iron and
steel industry.
Names
The
Various Operating
Companies
district
producing
Canada and it is from this
Labrador-Quebec
is the dominant iron ore
in
area
expected seaway
originate. At
present, Iron Ore Company of
Canada is the sole producer. Di¬
rect-shipping hematite ore is pro¬
duced from several open-pit mines
district that the
iron ore traffic is to
in
an
Labrador-
astride the
area
Quebec
border
miles north of the
rail-
360
some
port of Seven
Islands, Quebec. This area near
Schefferville, Quebec, is estimated
to contain 418
million
tons
of
production
made
ores
rope
shipped to western Eu¬
to the United Kingdom, to
are
Canadian and
coasts
river
and
to
up
both
Canadian
United
the
St.
United
States
east
Lawrence
and
States
Since
consumers.
in
1962..
This
been
pro¬
shipped
from Seven Islands.
1,781,453
7,721,694
12,023,041
12,435,659
7,967,208
13,058,915 ;
Corp.,
Tube
material
of
grading
about
iron, mainly in the form of
relatively coarse specular hemaInitial production of 4 to 5
iron concen-
million tons of 65%
expected by about 1965.
The ultimate plan provides for an
trate
is
annual
capacity of 10 million tons,
Capital expenditures are expected
to
exceed
$100 million for the
first
phase of the project.
Steel
Corp.,
Steel
M. A. Hanna
Company, Hollinger
Consolidated Gold Mines Ltd. and
two
Canadian
nies), this
are
concession
company
compa¬
and two others
busily developing three sep¬
arate deposits in the Wabush Lake
area of Labrador and the Mt. Reed
area of
Quebec to the south.
Quebec
pany,
of
a
the
Cartier Mining
Com¬
wholly owned subsidiary
United
States
Steel
Cor¬
poration, is developing one of its
known deposits in the Mt. Reed
area at Lac
Jeannine, Quebec, for
production early in 1961. Specular
hematite concentrates grading
about 65% iron are to be produced
at the
rate
of
8
million
tons
ore
company
is
actively
other known
deposits of
be
pointed out the rail handling}
water-transportation charges
to Lake Erie or Pittsburgh from
and
Lake
mines are over
long ton less than for
ores coming from mines in Labra¬
dor-Quebec. One of the most im¬
portant factors that permit Lab¬
rador-Quebec ore to compete is
the State of Minnesota reserve tax.
$2.00
amounted to 18,650
East Coast.
Seaway
Projects Future
the
to
Superior
per
the
From
Ore Traffic
above
discussion
it
that pre-Seaway rail
rates from the Atlantic coast are
can
be seen
a
Transportation Costs of
Competing Routes
The ultimate destination of
27%
the
the
destined
residual ore traffic is in
Pittsburgh
area.
for Lake Erie
Ores
and Atlantic Coast
plants will go via the Seaway and
ocean
routes respectively. Based
on information made available to
ing plants, the availability of highgrade relatively inexpensive ore
from Labrador-Quebec may en¬
the construction of addi¬
in either the United
States or Canada, or both. Even
courage
tional plants
a
new
primary
steel industry in the St.
now,
iron
and
Lawrence
author, and from several pub¬ River valley is being considered.
sources,
the expected ef¬
One of the important factors in
1959 rail and ocean rates the
building of such a plan is the
3.1-million ton indicated that ore from Seven
size
of
the
local steel market;
of the total shipped.
represents
increase from
raw Imaterial re¬
quirements at plants on the Great
Lakes. Besides the possibility of
an increasing demand from exist¬
amount quired to meet
taking an unusually large
of Labrador-Quebec ore.
the
lished
fective
1957.
Islands could be landed in Pitts¬
however, the availability of rela¬
1958, nearly all the ore burgh at about $0.15 per long ton tively inexpensive ore from Lab¬
companies previously mentioned destined to Great Lakes ports cheaper via the Seaway route than rador-Quebec is another factor
and others hold several promising from
Seven Islands was tran- via the East Coast. If charter which could result in a plant be¬
rather
than
companydeposits between Wabush Lake shipped to 2,000- to 4,000-ton ca- vessels
ing constructed at a date earlier
the
Up to
canalers at Contrecoeur managed vessels had been used, than would otherwise be the case.
Montreal. In addition, some the East Coast route would have Another advantageous factor is
no
ore was shipped all-rail from Con- been cheaper by about $0.60 per the availability of Seaway trans¬
long ton. In the Youngstown, Ohio, portation which could make pos¬
table ii
area,
the
Seaway
route was sible cheaper transportation of
cheaper by as much as $1.00 per steel1 products to
Destination of Iron Ore Shipments from Seven Islands, 1957-59
some market
long ton. With these few compara¬ areas.
;
(thousands of long tons)
I"' v 11
1959(2)
tive figures, it can be seen that
1958(1)
Besides
Labrador-Quebec ore,
1957(1)
Tons
'
Tons
c,
%
Tons
the cost-advantage dividing line overseas ore must also be consid¬
>*k
20.5 would
24.3
be
a
northeast trending ered. Most Venezuelan, Brazilian,
2,693
23.3
1,939
2,893
To Western Europe__.
2.5
332 '
3.2
252
2.6
arc, west and north of Pittsburgh Peruvian,
330
Chilean, Liberian and
To Can. East Coast—.
Wright, 25 miles to the
The whole district is
doubt
underlain by several
Mt.
6,990
Coast__.
To U. S. East
pacity
near
testing
equal
4,414
56.2
55.4
36.3
4,768
Youngstown.
but south of
8.1
1,067(3)
4,271(3)
2.3
Swedish ores are unloaded
at At¬
1959, lantic coast ports. With the new
32.6
14.8
15.0
1,181
prior to the Seaway opening sug¬ Seaway, more Swedish ore might
1,866
To U. S. via SeawayOre
gested that the new system would come through the Seaway.
7,967
100.0
13,131
100.0 save about $0.80 per long ton as from other sources will probably
Total
12,436 100.0
against shipping through the old continue to be discharged at At¬
Amount of Seaway traf¬
St. Lawrence canal system. This lantic coast ports. As United States
fic transshipped at
766
represents a saving of over 20%
1,200
Contrecoeur
1,915
imports from all countries in¬
on
previous rates from Seven
a
trend could develop
Islands to Lake Erie ports. During crease,
(1) Result of an analysis of "Canal Statistics" and Volumes I, II, III of "Shipping
an interview with an official of a
whereby non-Canadian exports to
Canadian shipping firm after the the United States would obtain
(2) Preliminary figures supplied by Iron Ore Co, of Canada. Minor tonnages from
close of the 1959 shipping season,
foreign countries can be expected to raise the Seaway total slightly.
the main share of the east coast
(3) Of the 5,338,000 tons shipped through the Seaway, 72,000 tons were taken from
it was
indicated that the "lost
the Contrecoeur stockpile present at the beginning of 1959. Thus, actual shipments
time"
for
their
boats
going import market and increasing
from Seven Islands totaled 13,059,000 tons, and not 13,131,000 tons as shown on the
through the St. Lawrence Seaway, amounts of Canadian ore would
table.
<■'
,
table III
.and
particularly
the Welland be diverted through the Seaway.
canal, was serious. If the delays
In conclusion it would appear
Estimated Iron Ore Shipments from Labrador-Quebec, 1965 and 1970
357
To Can. via Seaway—
181
2.9
made
Studies
early
in
•
^
_,
,
___
(millions of long tons)
s
an¬
grading 30% iron from
one
open-pit mine will be required
tor feed to the beneficiation
plant.
The
17.9 to 40.7%
This
Promising Developments
1
1
a
f-;
j,
>
.
20
10
20
9-15
Coast
30-50
15-25
30-50
Through the Seaway—
9
50-30
25-15
50-30
Total
1960 season,
felt that an increase
during the
the company
%
'
"x
To Western Europe
To U. S. East
continue
t
Tons
Tons4
nually. About 20 million tons of
crude
cargo
ores
■
54,987,970
Bethlehem
Other
and
Youngstown
Sheet
and
Company, Wheeling Steel
Corp.,
of
States
Exports to western Eumaintained their relative position over the period, as did
shipments to Canadian east coast
consumers. From 1957 to 1959,
shipments to the United States
east coast decreased by 2.2 million
tons, i.e., from 56% of total shipments to 36%. Philadelphia and
Baltimore received the largest
tonnages. While U. S. east coast
shipments declined, Seaway traffic in iron ore increased from
southwest.
Besides Iron Ore Company of
Canada's present operations
(owned by Republic Steel Corp.,
National Steel Corp., Armco
.15,400
their
advanced.
well
a
Besides these developments,
Long Tons
Total—_
was
for
company's
duction began in 1954, the follow¬
ing tonnages have
of cargo
tons; the largest cargo was one of
54,150 tons destined for the United
rope
tite.
the
size
way year.
through the winter. During
71/2 month shipping season,
done
Seaway
the
steel
the
by
tons; the largest was 23,290 tons.
From Seven Islands, the average
Although no announceof
production
has
been
it is understood that the
ment
37%
from
mined
beneficiation plant to
created
The average size
through
per year.
large orebody estimated to contain over one billion
developing
April to
stripping is
is
ore
a
produce 3 million tons of pellets
Canada and Inland Steel Corp. is
tons
Iron
O'Brien Limited
shortage
strike.
rates
,
proved reserves grading 52% iron.
November and waste
is
company
Pittsburgh
area
are
excessive
when considering rates from other
sources. In this respect, it should
inent
By 1965, shipments of iron ore
preliminary plans are from Labrador-Quebec fields can competitive with those for the
A 125-mile rail- be
expected to rise to about 30 new Seaway route for landed ore
way would be required to connect
million tons, and by 1970-75 to 50 in Pittsburgh. Similar studies for
the
deposit
with
existing
rail million tons. What percentage can the movement of ore to Youngs¬
facilities. Deep-water shipping is
be
expected to go through the town show the Seaway route can
available
from
Port
Alfred, Seaway? On the basis of distribu¬ save almost $1.00 per ton. Future
Quebec.
tion and comparative cost studies savings in transportation costs for
In the Ungava Bay area in made in 1958 by the Iron Ore one or both routes may be realized.
northern Quebec, several compa- Company of Canada, it was esti¬ Factors
affecting
such
savings
nies hold extensive deposits of mated that of the total ore traffic would be the size and ownership
oT boats used;
operational effi¬
concentrating grade iron forma- destined for U. S. companies via
tion.
Exploration
and
metal- the Atlantic Coast and for Ca¬ ciency and toll structure of the
of Wabush Lake.
It is conserva- lurgical testing is well advanced, nadian and U. S. Companies via Seaway; competitive rate cutting
tively estimated that the ore con- If shipments are made, the cor- the Seaway, about 40% would between east coast and Lake Erie
which
are
operated
tained in these deposits amounts porate structure of the companies continue to go to Atlantic Coast railways
to 1.5
billion tons grading 37% concerned suggests that western ports, 33% would move through largely by the same companies;
and the capacity of various han¬
iron, mainly in the form of specu- Europe would be the main market the Seaway and 27% by one route
lar
hematite.
A
concentration with most North American ship- or the other. The direction of dling facilities. As adjustments are
movement of
the 27 %
residual made,
the
percentage
of ore
plant
with
an
initial
annual ments going to the Atlantic Coast
will depend on the rail rates from shipped via the two routes will
capacity of about 6 million tons of tne United States rather than
Atlantic coast ports; on the level vary. At present, it is understood
is to be built. Total cost for the through the Seaway,
of ocean freight rates at any par¬ that there have been no railroad
entire project is expected to apThe foregoing description of the
ticular time; and on the cost of rate reductions for ore westbound
proach $125 million. The relative- present and near-future producers
moving ore through the Seaway from Atlantic coast ports nor is it
ly coarse 65% iron concentrate of iron ore in Labrador-Quebec
at the present toll level.
likely that any reductions will be
will be used partly for up-grading that will ship at least a portion
During 1959, about 10.1 million made in the near future.
the
direct-shipping Schefferville of their production via the SeaIn
addition to the matter of
tons were shipped by these routes
ores at the Seven Islands terminal
way, provides the necessary backwith
about
4.77
million
tons competing routes, there are other
with the remainder being ship^ted ghouttdTdr'&n examination of the
(47%) going to the United States factors affecting the volume of ore
as produced.
J
\
present and future flow of iron east coast and 5.33 million tons traffic through the Seaway. Many
On
the east side
oft Wabush ore |rom
(53%) going via the Seaway. Thus persons, in both government and
Lake,
Wabush Iron Company
In Table II, the flow of iron ore in 1959, the Seaway obtained 20 industry, expect that the reserves
Limited
owned
by
Pickands, from Seven Islands is given for of the 27% residual shipments. of relatively inexpensive ore from
Mather
&
Company,
Interlake 1957, a typical pre-Seaway year; This could be partly explained by the Lake Superior area will de¬
Thus
larger
amounts of
Iron Corp., Youngstown Sheet and for 1958, a recessional pre-Seaway the unusual shipping pattern in cline.
Tube Company, Steel Company of year; and for 1959, the first Sea- 1959 which saw Canadian firms Labrador-Quebec ore will be re¬
itial.
much of the new
This
large magnetite de-
and M. J.
plans for
consumed in Canada from do¬
company, in association with Wamestic mines is rising, all On¬
bush Iron Company Limited, is
tario blast-furnace operators use
a
42-mile
railway
large amounts of United
States constructing Wabush Lake area
line
to
the
Lake Superior ore despite the ex¬
westerly from Mile 224 on the
istence of adequate supplies in
Canada. This is explained partly Quebec North Shore and Labraby past
supply patterns estab¬ dor Railway which runs ; due
from
Seven
Islands
to
lished before 1939. It is also due north
to part-ownership
by Canadian Schefferville. The deposit being
steel firms
of several United developed is one of several owned
States mining companies. In addi¬ by the company in the area west
iron
a
of Ottawa, Canada, is working on
of
area
Limited.
States
to the United States and
oping one of several concentratwestern European countries.
:;
ing grade iron ore deposits for inAlthough the percentage of iron
tion
During 1959, some canalers
still used, probably because
of the heavy demand for shipping
which arose out of the ore boat
tion
were
Cartier's
of Albanel Min-
lion tons of 64% iron pellets. The
company,v. owned by ClevelandCliffs Iron Company of the United
Labrador,
Newfoundland,
Iron
Ore Company of Canada is devel-
ore
rail.
40% of the 1957- traffic and virtu¬
posit with sufficient open-pit reserves to produce at least 200 mil-
k
Most
Quebec
that
developing
orp
n
of
west
project, is
beneficiation
production cost
ally none of the 1959 ore traffic
was moved out of Contrecoeur by
Youngstown and Pitts¬
burgh. in 1959, the amount of ore
handled at Contrecoeur was only
increases,
ore
In recent
months, several prom-'
people in the United States
have
discussed
the
competition*
that United States Lake Superior
ore producers are facing.
Several
have complained that transporta¬
trecoeur to
concentrating
Another development, about 225
large tonnages proach $300 million. Although no
nf
direct-shipping hematite ore definite decision has been
made,
produced from open-pit mines
astride the Labrador-Quebec bor¬ 9R_mC^Pa^n™feC+
ltS
der
In addition, high-grade pel¬ ??"™?
*ii
'^ear_
lets' are produced , near. Ottawa
^S!
F
? POrtS'
e
and high phosphorus hematite is
produced from underground mines
^ Seaway.
nn
of
tained in iron formation which
will become ore as the world's
^me, a 193-mile railroad, miles
60,000-hp.
and Quebec,
rador)
of tons
adeeP harbor at the new town demand for iron
Port
Cartier,
29
(2065)
Reed and Mt. grade iron-bearing material con-
Wright. The Lac Jeannine operation has required the construction
produced from
t>v
The Commercial and Financial Chronicle
.
(30,0 million tons)
nneri-pit and underground mines.
Ahrtfot 70% of Ontario's shipments
Tn
.
export to Japan.
nnrpntrates for
'
.- w „
*
191
Volume
inevitable. It
is
generally felt, however, that
operating conditions will improve
in
rates
would
be
and that
raised,
the
if
30
100
50
100
considerably
even
rates
15-
increase
are
would be small.
tonnages
the
that
shipped from
1965
and
♦From
fore
of
iron
ore
Labrador-Quebec in
1970 will be as follows:
an
by Mr. Elver be¬
of Mining Engineers of
address
the Society
AIME, New York City.
30
The Commercial and Financial Chronicle
(2066)
medicines
and
Facts
Fancy Regarding
Drug Industry's Economics
vs.
Continued from page 3
rate of
growth
due mainly to
ethi-
was
the tremendous expansion in
cals
'
•
'
the rifle often yields
(millions of dollas)
Ethicals
149
579
2,000
Proprietaries
152
311
700
301
890
2,700
Total
Thus,
of
sales
while
ethicals
1959,
1242%
by
rose
have been 245%
creases
125%
and
The U.
S.
rates
for ethi¬
for proprietaries.
Department of Com¬
has made
merce
the
and
proprietaries increased by
360%.
Since 1947, the in¬
only
cals
1939
between
estimates of
some
of
growth for specific
Among the products
products.
with the greatest rates of growth
in
physical volume between 1948
1958
and
antibiotics
were
and
vitamins.
1958
Percent
ness,"
spend money for this
purpose. Secondly, while research
expenditures are ordinary busi¬
ness
expenses and hence are de¬
ductible
for
tax
purposes,
the
funds
required
for
plant
and
equipment to develop successful
products are capital expenditures.
Such funds are made possible by
a satisfactory
level of profits. A
good level of profits either facili¬
securities
new
or
dividends.
steroids,
Increase
Busi¬
tranquilizers
develop¬
large
increases
shown.
been
S.
in¬
had
data
Department of Com¬
has noted that the average
increase
of
in
25%
the
production of antibiotics was ac¬
companied by much lower prices:
".
the average price of anti¬
.
biotics has declined from $860 per
pound in 1948 to a current price
of around $160 per pound."
In
the
the stockholders
pansion
recent
more
have
The U.
.
to
941.7
similar
annual
the induce¬
is
239.0
Commerce
other
merce
ment
successful
for
thus
and
8,700
"Survey of Current
1959, p. 23.
the
would
reward
the
2,500
May,
the
and
vides
research
240
SOURCE:
ments
level of profits
plays a two-fold role in connec¬
tion with research.
First, it pro¬
satisfactory
A
2,556
(thous. of lbs.)
Vitamins
If
\
provides the funds for expansion
when they are not paid out as
Antibiotics
cluded
overall results.
tates the sale of
1948
rather than
the greatest
such that the shotgun
1959
1947
1939
that are of
deal with problems
or
equal importance. Nor does prog¬
ress
take place at some uniform
rate.
The nature of research is
are
financing
foregoing
by
of doctors.
not
Since the qualities are
some
number of products,
large
the large
available
expenses
to
—
the
vantage of the
must they
companies
slogan,
undertake
in
summarized
easily
quick
Thursday, May 12, 1960
.
Per
Cent Increases in
Medical
and
samples
reading matter and using de¬
tail
men.
% Increase Since
1939
1947-49
111.0
53.2
197
125.8
59.2
-21 2
329.1
Total Medical Care
115.0
^30 8
65.9
43 6
Than
'
Drugs
Hospital
Rates
surance
n.a.
—
Gen'l Practitioners'
'■
Pees
95.4
Surgeon's
Fees
70.7
Prescriptions
S.
U.
in this
Successful
area.
compared with
as
earn high profits; others a rise of 137.3% for all commodi¬
ties
and
121.3%
for
industrial
completely.
Intensive Investment in Prod¬ prices. If drug prices had risen
products
fail
Investment
Trade Name:
uct and
137.3% drug manufacturers would
have
had
sales
of
9/7
.
23.2
of Labor
Bureau
10.8
Statistics..
is
clear, therefore, that drug
prices have not contributed sig¬
nificantly to the price inflation in
recent years. This conclusion was
also
reached
Markley
"The
Wholesale and retail drug prices
have
lagged
far
behind
other
80.9% since 1939
17 3
2/7.7
47.5
SOURCE:
j
and
Drugs
It
■
45.8
;
in
a
Roberts
study
made
for
by
and
—K'f ■; words,
important is the
success
,
Hospitalization In¬
price
experience for this*
component has been quite differ-that of medical services.1
ent from
The
about
to
price
drug
26%, 2%i
index
a
all-items
the
,
his
1955'
Medical Care Other
Drug Prices and Inflation
during the,, past twenty
promotion prices
of new products that, to a large years.
Thus,
for example,
the
wholesale
price index of drugs
extent,
a
manufacturer's
con¬
tinued existence is dependent on and pharmaceuticals has increased
So
Prices of
Care
published by the Congressional'
for whom, Joint Economic
Committee. In his
persons
prescribed.
are
disad¬
serious
as¬
sociated with distributing
ex¬
current
a
Very few industries had some of which are made available
though
the
market
has
a higher ratio.
In some industries even
a
high ratio for selling and de¬ shrunk or is much too small to
livery expenses is attributable to yield any satisfactory profit. Nev¬
high delivery costs rather than to ertheless, by supplying these prod¬
promotional expenses (e.g. milk, ucts the company builds up good
bread and bakery products, and will which may contribute signifi¬
biscuits and crackers).
cantly to a higher volume of sales
Since
doctors
generally pre¬ for other products. Under these
scribe brand names rather than conditions, even if separate costs
be
completely
calculated
chemical formulas, drug compa¬ could
nies are compelled to promote the they would not be too meaningful
names of their products.
This is as a guide to the real costs and
one
evidence
of
the
intensive profit rates for individual prod¬
competition in the industry. The ucts. Moreover, if some products
product's qualities and
its ad¬ did not yield above-average prof¬
vantage over competitive products its, these items with below average
must be impressed on the minds profits or losses could not be made
.
purpose.
instance
latter
for this sell
used
was
,
about
2.3%
ices
up,
and the medical serv¬
price rise of 58%, or 4.1% a
a year,
from 1947 to 1958. Therefore,
that increasing
appear
year,
it
went
year, compared
rise of 30%, or
would
prices of drugs and prescriptions;
the commodity portion of the price
index of medical care, are rela¬
$3,550
in
million instead of $2,700 million tively less significant in compari¬
product
son to the increases in the
prices of
The Level of Profits
brand than in brick, mortar and or an increase of $850 million, as¬
medical service."* (Italics added)
suming other factors had remained
The drug industry has reported equipment. Such investment usu¬
This relatively small increase in
■the same. ■'
higher rates of profits over the ally is entered on the books at
retail drug prices occurred
during
Since
1947-49
wholesale
drug
years than have
most other in¬ token value as good-will. It does
a period of rapid improvement in
dustries. Among the factors which not apear as capital which adds prices have declined by 6% while
in
dividends.
the
terms
drug
is
industry
of trade
more
and
name
■
have
contributed
this
to
record
to net worth.
As
a
result the total
..
the all-commodities index has in¬
the quality of
drugs..Furthermore,
if the full impact of price declines
industry is un¬ creased by 18.9% and industrial
for the newer forms of antibiotics
derstated. When profits are com¬ prices have advanced 28.6%.
as
well
as
other
new
products
cence, more intensive promotion, pared with this understated net
If the comparison is made with
were
included, the over-all rise
understatement of net worth and worth, the resulting return is re¬
1955, wholesale prices of drugs and
in retail prices probably would be
above-average rates of growth. ported to be higher than compar¬ pharmaceuticals have shown
prac¬ even
smaller.
rates
of
return
in
other
These factors together go far to able
tically no change in contrast to
A confirmation of the
,yr.
«
explain the level of profitability industries.
the
rise
of
relatively
7.4%
for
the
allAbove Average Rate of Growth:
of the industry.
commodities index and approxi¬ modest increase in drug prices is
A final characteristic of indus¬
found in the data for consumer
Greater Risk Exposure:
Since
mately 10% for industrial prices.
tries with above-average rates of
the drug industry is one in which
Clearly, in terms of wholesale expenditures for medical care and
profits is an above-average rate
a
relatively high percentage of
prices, drugs and pharmaceuticals drugs.; Despite the enormous
of growth.
Drug companies have
sales arises each year from new
have made no contribution to the growth in the physical volume of
been among those with the more
products, change is the rule rather
the major
breakthroughs
price
inflation
since
1955
and sales,
rapid growth in the past three or
than the exception. New products
much less than the average con¬ in many fields and the vast im¬
four decades.
account for a larger proportion of
tribution since 1939. And the pub¬ provement in quality and potency
total drug sales than in almost
lished index does not show how of many drugs, the consumer now
Are Profits Too
greater risk exposure, rapid
product innovation and obsoles¬
are
net
worth
of
the
■
.
In
the
evaluating
contribution
economic
national
to
growth by
industry,
two
points
First, the devel¬
opment of new drugs, which has
meant an alleviation of pain and
suffering, has contributed direct¬
ly to economic growth. Secondly,
this industry, by extending the
working life of our population
and by restoring to active produc¬
tion many workers who formerly
would have been idle for long
the
drug
should be noted.
periods
as
result of illness, has
a
High?
other business.
any
to be
higher in
new
Profits
tend
than in older
established
companies and indus¬
tries.
a
As
result,
this
factor
contributes
contributed indirectly to economic
toward the relatively
higher rate of return which has
growth.
marked
Research and
in the drug industry.
ness
of
It is
research
the
direct
a
conscious¬
of the industry. Research ex¬
penditures
have risen markedly.
The total was $30 million in 1948,
$170 million in 1958, and an esti¬
mated
million in 1959. And
the expenditures on research for
1960
$190
and
continue
later
to
point
higher.
The
proportion of the sales dol¬
lar devoted
to research
is
one
of
the
highest for
any
American
industry.
For all industry, the
average
in 1958 has been esti¬
mated at 3.2% while for the drug
industry the ratio estimates range
from 7.0% to 9%%.
The higher
is
ratio
obtained
when
research
expenditures are related to sales
of
ethicals, the segment of the
industry which accounts for
practically all the research costs.
Several points should be kept
in mind in connection with
these
large expenditures. First, Senator
Kefauver and his staff have made
a
major issue
whether speci¬
discovered or de¬
over
fic
companies
veloped particular products. Pos¬
sibly, the picture would be clari¬
fied
if
these
described
opment
as
expenditures
were
discovery and devel-
instead
of
research
and
development.
discover
tribution
It isn't necessary to
drug to make a con¬
a
to
better
health.1
Some
discoveries have remained dor¬
mant for years because the
major
tasks of
testing,
and
experimenting,
developing
taken
cance
or
of
were not
because the real
the
discovery
under¬
signifi¬
was
not
understood.
search
can
be
of
re-
equally productive
over
the
period. It should be
added that efforts to promote new
products are not always success¬
ful, nor
research
cially
does all expenditure for
eventuate in
a
commer¬
saleable
product.
Uncer¬
tainty, it has been said, is perhaps
the most important single factor
accounting for traditionally
higher profits in some industries
than in others.
Rapid Product Obsolescence: In
the drug industry, great risks are
present because of the extremely
rapid
pace
ing
product obsolescence.
As
dollars have been funnelled
of
new
discovery lead¬
to
more
into research by more
companies,
as well as government and
inde¬
pendent organizations, there has
been a decided
life
span
the
risk
of
product
obsolescence
ever
several
are
additional
important points to keep in mind
in connection with profits. First,
there is no yardstick available to
determine what is
"fair" profit.
a
Comparisons with average
of profit in the economy
cause
the
the
story
index
of the
many
really
does
not
is be¬
include
forms of drugs,
newer
such as steroids, tranquilizers and
broad-spectrum
antibiotics.
Ac¬
rates cordingly, the declines which have
taken place in these products have
prove
been
nothing concerning the
of profits.
The nature published
"fairness"
fully reflected
indexes.
in
the
above
and
others
the average.
will
be
below is
This does not
mean
age profits
to be praised.
are
min
Secondly,
the
phrase
"gross
profit margin" is an unfortunate
one in
any industry but particu¬
larly so for drugs where so small
of
part
a
counted
the
for
sales
by
dollar
is
ac¬
manufacturing
costs.
The manner in which the
Kefauver staff has misused these
figures
on
provides
this
should
point.
be
is
The
earned
deducting
by
all
evidence
company
costs
and
concentrates, and the follow¬
ing
prescriptions:
non - narcotic
dispense, non - narcotic com¬
pounded, narcotic dispense, and
penicillin (buffered for oraluse).
Despite its inadequate coverage,
reported index of drugs and
the
selling expenses is not a cannot
phenomenon.
In
1940, items.
company
Finally,
separated
Since
the
1939
has
during the
drug
period.
same
of
Disposable
Income Spent For
All
Drug
Medical
Preparations
Care
& Sundries
Excl. Drugs
0.9
3.1
Care
1939
4.0
Medical
1950_
4.2
0.8
4.6
0.9
3.7
1958—1—.
5.2
1.0
.
3.4
1955
4.2
Per
age
and
capita
-
expenditures—aver¬
spent for every man, woman,
child—were
$19.2' for drug
preparations
pared
in
with
risen
the
risen
index
consumer
by
111.3%
price
while
for
prescriptions
it drugs has risen only 47.5%.
doesn't
for
creased
by 59.2%
by 21.2%.
are
specific
those
most
of medical care,
expenditures have increased from
3.1% to 4.2% of disposable income
1958.
This
$37.19 for
com¬
tobacco
products does in¬
dicate the extent to which the rise
in the total consumer
and
any
be
types
pharmaceutical
index
taxes.
earns on
cent twenty years ago.
one
other
.
a
many of the expenditures for pro¬
13.4% of the sales dollar in
drugs
9/10 of
For
products, $53.72 for alcoholic bev¬
erages,
and $24.82 for personal
care
(toilet articles, barber, and
price index
term profit
beauty shops).
has
been
attributable to higher
to
describe
If the retail prices of drugs had
drug prices.
■
recent
reserved
cent out of each
one
disposable
income for
drugs and sundries in contrast to
admittedly very inadequate for
and pharmaceuticals since
that above-average profits are to it includes only
aspirin tablets,
be criticized or that below-aver¬ milk of
magnesia, multiple vita¬
The expenditure of a
relatively motion, administrative costs, and
high share of the drug sales dol¬ other items. These costs
generally
for
of
drugs
what
profit
particular product or
Since
1947-49
the
consumer
group of products. A major part price index has risen
as well as
by 25.5% as
domestic competition— of all costs is
usually allocated compared with a rise of 9.6% in
the initial producer is faced with
among all products on some arbi¬ the consumer
price index.
product obsolescence and with the
trary basis which has little or no
Since
1955,
the
shrinking markets which accom¬
increase
of
relationship to the costs actually
10.8% in prescriptions and drugs
pany the emergence of new pro¬
incurred. For example, how
many compares with a rise
ducers.
of 9.6% in the
of the companies
producing tran¬ consumer
price index.
Intensive Promotion:
Drug com¬ quilizers charged as costs for that
It should also be noted
panies
perform
an
that re¬
important product, the full expenses in time
tail drug prices have risen
educational job.
Salesmen spend and money
much
required to testify and
considerable time with doctors to
prepare for testimony before the less than the prices of other types
acquaint them with new drugs Kefauver Committee?
And if such of medical care.
Thus, since 1939
and their therapeutic
character¬ charges
were
not
made,
how the price of medical
istics.
care
It is the doctor who pre¬
services,
meaningful is any profit estimate
scribes and hence much of the
excluding
for such products? The same
drugs, has risen by
prob¬
sales promotion must be
directed lem
arises
in
connection
with 125.8%. Since 1947-49 it has in¬
postwar
dollar
an
The retail price index reported
average is such that some
companies and industries will be by the Bureau of Labor Statistics
Third, a drug
caught know
precisely
to him.
spends about
Cents Per Dollar
of
before.
Once
competition
has
up—and the grace period allotted
is foreshortened now
by foreign
favorable
not
exactly
shortening of the what
of new products. Thus,
after
is greater today than
lar
Certainly, not all lines
,
industry
longer-run
Development
Growth has not been fortuitous
result
the
There
All
of
and
these
significantly
which
companies drug prices.
since
were
1955
increases
greater
than
reported
.
■
,
for
■
as
price
index
47.8%)
the
much
since
consumer
instead
least
at
of
it would cost
1939,
consumer
tional
the
as
(111.3%
addi¬
an
billion to buy the drug
preparations now consumed.
$1
The
Kefauver
given
the
fact
for
that
emphasis
to
the
reported prices
drugs
have
shown
change during the past
certain
little
or
no
five years.
kept in
Three points must be
in connection with
mind
this record.
First, this
riod in which the
index
rose
wholesale
8%.
has
Committee
considerable
Thus
was a pe¬
consumer
by about 10%
price
the
index
real
by
cost
price
and the
about
of these
drug products has gone down as
compared with other prices.
Secondly,
in
many
instances
companies maintain relatively un¬
changed
are
prices
for
items
which
declining in importance. Thus,
*Markley
Roberts,
"Trends
in
the
Supply and Demand of Medical Care,'
Study Paper No. 5, Joint Economic Com¬
mittee, November 10, 1959, p. 80.
Number 5950
191
Volume
Delta
cortef,
company,
disappeared.
tone,
maintained in the
in order to
meet the demands of doctors who
continue to prescribe the older
product despite the development
of newer and improved products.
the
Thirdly,
period
.
while
'
••••■
for
entire
breakdown
market,
product's pro¬
to
the
between
proprietaries
30.7%.
industry
and
with
ethicals
the
for
categories
of products?
It would
possible to relate research
proportions
full magnitude of activities in this
of
the
total
development expenditures to
ethical sales and thus to show the
in
sales
1956 and 1958.
area.
Many industries are character¬
ized by Big Threes or Big Fours
who account for a major part of
total output or shipments. For the
drug industry, the four largest
■
the
The data showing the changing
composition of the markets for
leading ethical drug products
present that most dramatic pic¬
ture of competition I have seen
companies accounted for only 25%
of total shipments in 1954.
This
for
such
data
is
a
some
readily accessible form?
If
relatively low
ratio.'
concentration
\
^
listens to
one
: 7-7 v
the
Kefauver
V.. ■' ■
4,-;
Committee, the drug industry has
»Our European competitors do
a
series of monopolies over the
Jiot invest money and manpower same type of product. One Com¬
to develop products or markets to
mittee staff member has made the
the extent we .do, vTheir policy
amazing discovery that when a
appears to be to charge what the
product has a brand
practice:, t
bear.
.
of
Data
•
industry. Why not make
any
thus
available. annually
in
might also be collected to
show the
number
of stockholders
indicating the
participation in
drug companies.
100%
name,
7\7:;/77-7^";
.
Consideration\
given
broad
the
could
collecting
to
show the cost of
public
earnings
'
7
of
7
also
r
data
be
which
non-wage
bene¬
the
output sold under that fits to the industry.
capacity is
name is usually produced by one
The foregoing is intended to be
not fully used, we must seek mar¬
company. That these "100% mo¬
suggestive rather than a complete
kets outside our country. Only in
nopolies" by different companies list of the
types of information
this way can we avoid layoffs of
are
in intense competition with
you
should
consider
collecting
our employees.
It must be obvi¬
each other is a fact of life to
and making available.
Let me
ous that we cannot sell in an over¬
which he gave little heed.
The hasten to
emphasize that I am not
seas
market at1 more than the
facj; that these "monopolists" have suggesting that such data alone
price prevailing in that market.
"Fair prices that permit sound absolutely no control over their will tell the entire story.
There
market also is ignored.
I am im¬ are many other aspects of this
research and
development pro¬
pressed with the fact that no "mo¬ industry that do not lend them¬
grams for products and markets,
nopolist"
about
whom
I
have selves to such quantification. But
as well as an adequate return on
heard is replaced so completely
these data will at least provide a
investment, are essential to the
S.
U.
as
regularity
enough to at¬
They must be low
with
and
of our industry.
economic health
such
as
speed
such
and
rising
constantly
'
operations."
in
connection
It
was
7:
.*
not made
with drug pricing.
statement
This
was
recently
made
Reynolds of Reynolds Metals Co.
the reasons why alu¬
minum was sold at lower prices
lowed
by :many
industries
throughout our economy.
In
instances, the explan¬
ations may be found in the fact
that
these
items
are
produced
•abroad and hence are subject to
some
much
lower
hold
kets
perienced in this country. In other
•instances, where the products are
produced in this country, such
costs as promotion and advertis¬
as
the
It
scales
are
also be
may
abroad
of
competition
panies which
prices
other
from
com¬
in
producing
are
those countries
to sell
because
and
have
hence
a
gone
drug
a
transformation
during the past two decades. The
dramatic results of extensive re¬
search
has
programs
this
of
the
change.
been
primary
ly,
However, the industry has
so
long
as
ob¬
company can
a
it's
return above
some
manu¬
facturing cost the sale of products
abroad
at
makes
prices
net
a
below
profitability.
cost,
full
contribution
its
to
explanation
significant will
The
that will be most
vary among products.
It is not my purpose to
away differences
here and abroad.
explain
prices
Rather, I am
in
drug
suggesting that such price differ¬
ences
per
demned
a
or
se
to
not
are
to be used
as
be
con¬
proof of
conspiracyv against the Ameri¬
consumer.
!*
can
cause
drug industry
is
as
in
great as
fog of politics.
that
of this indus¬
avoid the conclusion
there is a paucity of readily
cannot
available information on any con-.:,
basis.
The
industry
al¬
tinuous
of
ready has started to collect annual
data
for
research and develop¬
other
story which is
which
can
with
industry
as
dramatic
be told by your
as
a
that
indus¬
try.
An examination of the com¬
position of sales for many prod¬
ucts shows amazing changes
year to year.
from
Thus, for example, in 1950 Cortone, the Merck brand of corti¬
sone,
accounted
steroid
Portion
market.
for
In
100%
1952
of the
the pro-
97.1%; in 1954 it had
declined to 26.8%; in 1956 it was
down to 3.2%.
In 1954 Cortef,
was
produced
by Upjohn, accounted
for 15% of the market.
In 1956
ment—and
that
is
a
step
in
the
But how about
the costs of the new plant and
equipment
required to make
available the friuts of research
and development? Why not col¬
lect data for such new investment
right
direction.
annually?
Sales
trends
have
been
com¬
piled for 8, 10, 19 or some other
list of companies when required.
But such data often are compo¬
sites
which include more than
drug
products;
Exchange
security
ex¬
Weeks,
CHICAGO, 111.—The "Exempters"
will hold their annual field daycelebration
proposed agreement,
19-20. On May
official regis¬
May
19 there will be the
ciation, Boca Raton, Fla.
Cincinnati Bond
Bond Dealers Group of Cin¬
will
hold
their
annual
16. On Sept.
cocktail and dinner party will
outing Sept. 15 and
given at the Queen City Club.
will be held Friday,
be
examples include
cocktail
Hotel
party at the
Club,
Downtown
Chicago. On May 20 the group
hold
its
field
day at the
general partners of Horn¬ Nordic Hills Country Club.
blower & Weeks, and it is ex¬
that all key personnel of
Now With Keenan Co.
Co. Inc. will be¬
(Special to The Financial Chronicle)
with the firm.
Established in 1926, Revel Miller LOS ANGELES, Calif.—David W.
has
become
associated
& Co. Inc. is a member of the Thayer
Pacific Coast Stock Exchange and with John J. Keenan & Co. In¬
Revel Miller &
associated
general brokerage and
banking business. In
addition to its principal office in
cinnati
a
and
Sherman
a
investment
CINCINNATI, Ohio—The Munici-
15
tration
Robert Revel
and Richard A. Miller will
conducts
Men's Field Day
pay
is
become
come
company
Joins Brown Bros.
Glendale, California.
in
established
It is a major
19 cities.
offices in
(Special to The Financial
Weeks, which
1888, has 21
&
Hornblower
was
California Company.
has
Santa Monica
Angeles, the
branch offices in
Los
and
corporated, 639 South Spring St.
He
was
formerly
with
First
and investment bank¬
brokerage
ing firm and is a
member firm of
BOSTON,
Mass.
—
Chronicle)
Clifford
has
formerly with Blyth & Co.,
Inc.
Reservations may be made with
R.
Wellinhoff, C. J. Devine &
F.
Co.,
Secretary-Treasurer
7:.'--'
group.
of the
■ 77,: .
Cohen
is
Leslie
B.
principal of the firm.
business.
securities
a
ff
"WHEN TO SELL
By DR. IRA
Form C. J. Adams In v.
—
Co.
C. J.
has been
20 South
Tennessee Avenue to engage in a
securities business. Isadore Friss
STOCKS
U. COBLEIGH
AND
ARTHUR GRAY, JR.
know when to sell
Do you
Thousands
and cash in on YOUR market profits?
stocks soundly—even shrewdly—
selling. Too many stand by helplessly while
of investors who buy
falter when it
comes
to
market profits melt away.
Accordingly, we think investors will be eager to read this timely new
monograph—"WHEN TO SELL STOCKS." It sets forth the 7 basic guides
for selling stocks and clearly defines the 9 proven market signals that
warn when stocks
are too high and sale should be considered. It also
outlines which stocks should be sold first.
prices and their
For
ATLANTIC CITY, N. J.
KNOW?
DO YOU
protecting capital and intelligent defense of market profits,
reading. Its cost of $1, may save thousands!
this
booklet is must
Your
own
dollar. You
copy
will be rushed to yon
the order form below
may use
immediately on receipt of one
if you desire.
Co.
formed with offices at
Adams
is
a
Investment
principal of the firm.
WILLIAM
25
I
(Special to The Financial
Chronicle)
Bruce T.
Bauman
has
become
affiliated
with The First Cleveland Corpor¬
ation,
Ohio
enclose
Name.
—
National City East Sixth
the Mid¬
Building, members of
west Stock Exchange.
DANA
CO.
YORK 7, N. Y.
Gentlemen:
First Cleveland Adds
CLEVELAND,
B.
PARK PLACE, NEW
Street
City—.
$1.
A.
joined
the staff of
Brown Brothers Harriman & Co.,
10 Post Office Square. He was
Clark
.
Va. Bond Club to
that in any industry. I don't know
any
before
Backman
Hold Meeting
try
The intensity of competition
the
Dr.
Manufacturers Asso¬
been so
suspect many
companies have not had the time
to take a fresh look at themselves.
Possibly the main contribution of
The Bond Club of Virginia will
the recent hearings and the other
hold its sixth annual meeting at
public reviews of their activities
the
Cavalier
Hotel, - Virginia
is that they have had to appraise
Beach, Fla., May 26th-28th.
and reappraise company policies.
As a result of testimony and vari¬
ous
public statements, the veil American Securities Opens
is being lifted and the public is
CHARLOTTE, N. C. —American
being given an opportunity to
Securities
Company
has
been
understand better—to the extent
formed with offices in the Liberty
that the facts can penetrate the
Life
Building to
engage
in a
thick
busy growing that I
Any examination
Dynamic Competition
Stock
principal
pected
*An address by
Pharmaceutical
Sept. 16 at the Kenwood Country
tremendous cost advantage. Final¬
tain
.
'
the
under¬
industry has
complete
Under the
public has developed a keen
What I am trying to say
that before it can really tell its
Club.
The
Robert
which
The field day
Conclusion
lower.
necessary
lower
at
much
so
"mo¬
long time ago.
a
ing tend to be less abroad because
wage
'M
nopolists," economists would have
stopped worrying about this sub¬
ject
&
Revel
Miller, Presi¬
dent of the West Coast firm.
and
York
other
will
pro¬
drug
alleged
in which
Hornblower
of
mittee
Miller
their mar¬
over
Chairman of the Executive Com¬
story to the public it must "know
to which I referred earlier.
If all "monopolists" had the same
precarious
ment
is
grams
those ex¬
than
costs
New
ChicagoExempters
To Hold Field Day
operations
year,
with most
research
imaginative
and
Weeks,
changes.
in June of this
according to an announce-.
made by Howard E. Buhse,
their
New
and
New
York City,
and Revel Miller &
Co. Inc., 650 South Spring Street,
Los Angeles, plan to consolidate
in
drugs are evidence not of "mo¬
nopoly" but of competition of the
most rigorous type. This competi¬
tion has its roots in the dynamic
It is fol¬
practice is not unique.
the
Weeks, with head¬
Board of Governors,
a
found in connection
are
country. This
abroad than in this
&
is Richard A. Miller.
on
interest.
his
short period of time.
The tremendous changes which
within
to describe
Looking
40 Wall Street,
quarters at
$3
a
of Hornblower
subject to the approval
of the New York Stock Exchange
nopoly" because in your case your
thyself."
"monopolist" can be and is wiped
out
as
a
factor
in the market
David
by
of
now
right)
the
challenge
because
comers
is
there
Remember
of all
powe^pl
and "entrenched
position.
You
have a sort-of upside down "mo¬
the
withstand
of
costs
Hornblower &
industry.
billion industry and one
(seated
Inc., Los Angeles.
which
reference
Buhse
E.
York, and Robert Revel Miller (seated left) of Revel Miller & Co.,
possible an under¬
standing of the economies of the
We usually think of the "mo¬
reflect the need
nopolist" as one who is in a posi¬
develop new products, and new
markets
for those
products, in tion of great strength and able to
the
Howard
make
should
but also must
for capital to 7
addition to absorbing at least part
of
framework
these drug "mo¬
are
nopolies."
tract the consumer,
of
Revel Miller to Consolidate
and
.:
traffic will
"As long
Hornblower & Weeks and
main
and
subject to considerable criticism
because some products have been
sold at lower prices abroad than
ijn this; country. Let me read a
brief statement dealing with this
i
31
a
then be
industry also has been
The drug
chemicals, cos¬
toiletries, foods, etc.
Why shouldn't the industry col¬
lect and publish annual sales data
and
derle, who had no role to play
in 1954, accounted for significant
new products
was
preceded1 by a period in
which prices were cut very sharp¬
•
of the
that
declined
industrial
metics
.for
1956, Metacorby Schering, ac¬
53.9%
1958
had
(2067)
Pfiser, Squibb, Schering and Le-
stability for many
ly
in
portion
price
of
basic
the
by
accounted
In
produced
counted for
company
a
produced
6.2%, while Cortef had virtually
are
by
line
The Commercial and Financial Chronicle
.
same
example, if the price of a
SriiU remains unchanged but its
ca les fall sharply, the significance
S the stable price is not very
leat In fact, in some instances,
for
products
.
.
Kindly rush my copy
of "WHEN TO
SELL STOCKS" to:
32
when payment was be¬
the period
Consumer Credit
as an
there
Changing Acceptance of Consumer
Credit
Changes in the buying habits of
As new forms of con¬
restraint of trade and unfair com¬
petitive
advantages.
This is
a
problem which we must solve and
need government help in
may
eliminating
Sequence of Savings and Spending
and spending,
garded
as
contrary
to
public saving may be thought of as being
(1) entirely antecedent to spend¬
policy.
Any discussion of the effects of ing; (2) partially antecedent and
Sales Finance Companies activi¬ partially subsequent to spending;
ties
upon
family spending and (3) entirely subsequent to spend¬
^ 11'
savings requires a background of ing.
In the event that savings are
a definition of the terms "spend¬
entirely antecedent to spending
ing" and "savings" and some dis¬
cussion of what is described by these are usually in the form of
the
meaning
these
of
terms.
So
perhaps at the risk of being some¬
let's look briefly
what elementary
these
at
of saving
financial
savings
lation
dollars which
of
Spending
and
Savings
conceived and used, "spending on
the part of an individual repre¬
the
of action
course
a
individual
wherein
in
possession of
items of value
(assets, earning
power, credit, etc.) will exchange
portions or all of these items for
other items of equal or greater
value to him. Because
an
which
economy
live in
we
utilizes
"money" almost universally
as
a
medium of
exchange, we usually
associate "spending" with an ex¬
change of a quantity of dollars for
goods.
However, this exchange
may also be accomplished through
a combination expenditure of dol¬
lars and "promise to pay" dollars
(credit), or simply by an exchange
of "promises to pay" dollars. Such
"spending" transactions in either
case
involve
the
acquisition of
current possession of goods, wares,
and merchandise, or services, that
are to be used presently or in the
future. Regardless of how the ex¬
change is made, we usually think
of spending "so many dollars" for
the purchase of an individual item
cash,
or
fi¬
In
cial
used
of the
individual.
The
be
cash
in
actions. In connection with trans¬
rent,
thinking in terms of
the exchange of the utility values
future
actions involving "credit," it will
be helpful to include the "utility
cash
value"
accumulation
of
services.
'
also.
Savings—on the part of an in¬
represents a course of
dividual
action in which the individual
as
(or his family unit)
currently spends less than his cur¬
rent income, monetary, or in other
a
consumer
forms. Under these conditions his
current desire for goods and serv¬
ices is not fully satisfied, and the
of
use
a
portion
of
his
current
to be used in
resources,
change
In
for
the
consumer
second
ex¬
goods
or
situation, finan¬
cial savings of dollars are usually
accumulated in sufficient quan¬
tity to
in
make
a
connection
"down
with
payment"
the purchase
of
(spending for) an article, with
the remaining portion of the pur¬
chase
price
being
covered
by
credit extended to the purchaser
at the time of spending.
In cases
postponed,
satisfy commitments
previously made. Since the ma¬
jority of people gainfully em¬
ployed, other than farmers, usu¬
ally measure their income almost
wholly in "dollars" (received upon
a daily, weekly, monthly, or
year¬
ly basis) rather than in kind, we
where the item purchased repre¬
have
ity values already in the hands of
to
power
used
or
purchase is
to
to
come
ings"
with
"dollar s"
associate
"sav¬
accumulation
an
(financial
of
savings)
sents
that
a
package of
will
be
utility
utilized
value
over
time,
on the obliga¬
subsequent to purchase, may
represent,
partially
or
wholly,
savings in the sense that these
the payments made
tion
payments
cover a
legal obligation
In connection with purchase util¬
the
purchaser and
does
rather than thinking of such sav¬
ings in terms of
not
until
have
for which
clear
legal
he
title
made.
of
an
accumulation
in possession, in kind,
(assets and equity) that represent
goods,
utility values to be consumed
the
future.
pattern of
helpful in
in
Notwithstanding this
thinking, it will be
economic
our
analysis
to think also in terms of this "ac¬
cumulation of utility values" con¬
cept.
Forms
of
Savings
to
in
estate
are
In the third
situation, where the
savings action occurs entirely sub¬
sequent to spending, the purchaser
based
idea
commit
possession
upon
ob¬
to
use,
themselves
the
of
the
items
"credit" covering the
entire purchase price of the arti¬
cle.
As
the legal
commitment
made
in
connection
with
this
spending is amortized, this rep¬
"savings" to the individ¬
resents
com¬
and then
with real
connection
transactions.
of
goods
,
Hence,
purchase
of
consumption purposes,
upon
credit, was frowned upon
with its consequent effect upon
the development of the use of
"consumer credit."
Gradually this
attitude has changed to a recog¬
nition that the purchase of du¬
rable goods on credit, in some
respects,
represents
vestment
chaser,
such
ting the
while
the
of the item purchased
use
it
being
was
situation
to
capital in¬
the pur¬
investment permit¬
paid
unlike
not
purchase
credit. As
a
the part of
on
for—a
that
of
result
a
related
credit"
sumer
this recog¬
today than
turn
the
was
of the 20th
cen-
tury.
Secular Trend Patterns
this
change
titudes
in
psychological at¬
the
in
during recent
credit
With
credit,
certain
patterns have been
trend
observable
(a)
—-
towards
secular
from
in
in
from
to
(installment)
of
30
to
the
day
-
"revolving
accounts.
(b) Shifts in the aggregates of
credit, formerly thought
of
as
"commercial
ments
credit"
to
install¬
credit, due to the ability of
to obtain working
capi¬
retailers
tal
through
merchandise, such
home, an
automobile, household appliances,
as
a
other household goods, the util¬
of
their
ity value of which will be used up
by their owner over a period of
time. These two forms of savings
are
often intertwined and inter¬
related in family
spending, insofar
value,
subsequent
to
completion of his payments.
Over
in
connection
spending
the
last
for
few
with
services.
decades
the
relative
percentage of total con¬
expenditure for services
has
declined, with increases in
spending for durable goods and
sumer
non-durable
goods, as the level of
discretionary income for consum¬
has risen.
ers
Consumer Credit
Total
Instalment
Credit
Expenditures.
and
Some
economists, namely those who
proponents
controls
consumer
of
instalment
have
are
credit
emphasized
their
the
in¬
consumer
extended
total
of
in
the
consumer
expenditures
for
services, and
(2) the relationship
all
goods
increases
net
between
and
in
con¬
instalment credit outstand¬
sumer
ings and total consumer expendi¬
durable
goods
expendi¬
tures, and total financial savings
tures,
be
worth
observation
in
relation to this thesis.
It
may
be noted that the total
of
all consumer instalment credit
extended in each of the five years
only
represents
from
approxi¬
mately 14.0% to 15.5% of all con¬
expenditures. The percent¬
sumer
relationships of net changes
outstandings to these expendi¬
age
in
tures
and
to
1959
a
of
are,
smaller
2.1%
in
high
very
which
was
year
percentage
increases
net
much
very
from 0.81% in
1955
of activity in
durable -I goods
sales.
consumer
The
course,
range
relationships
outstandings
in
of
to
12.5%.
So it appears that
at the most,
about one-eighth of con¬
sumer
goods purchases (in 1955
and 1959) could have been made
only
from funds attributable to net in¬
in
creases
instalment
consumer
credit accounts.
When
the
relationship between
credit
expenditures
is
and
consumer
considered,
it is
interesting to note the rela¬
tionship between the total net in¬
also
in
creases
instalment
consumer
credit outstandings and the totals
of financial savings in the U. S.
for each of these five
years. Note
this
comparison:
1955
Net amount of incr. In the total consumer instl. debt
(billions)
Net amt. of finan. savs. SEC est. after deduct, debt
(billions)
Percent increase of instal'mt debt is of total financial
1956
1957
1958
1959
Observe
that in
debt is
much
financial
if
the
in
in
the
year
instalment
less than aggregate
savings,
entire
indicating that
of
amount
instalment
debt
financed
were
each
increase
aggregate
in
out
increase
any
year
of
savings,
there still would be
saving funds
available for financing other areas
of
our
economy. Under these
ditions it
is
in¬
16.5
20.6
13.0
the
and
Company Activi¬
Consumer
Debt—Since
Sales
Instalment
period
ceed 8.5%. In
32.7
likewise
rep¬
one
year
(1958) the
outstandings held by these
panies
$830
actually
million.
com¬
declined
about
In
1955, a banner
in auto production and sales,
outstandings increased $2.3
This
figure represented
billion.
32.4%
Sales Finance
ties
5.4
16.2
the U. S. Except for the year
1955,
this percentage ratio did not ex¬
total
debt
—.10
17.7
only very small percent¬
of gross financial savings in
ages
year
instalment
2.3
14.1
during
con¬
flationary.
2.9
7.1
resented
hardly be said that
can
5.4
savings 76.0
of
net
financial
savings
during that year, but such sav¬
ings during that year, as has al¬
panies operate within the frame¬
ready been noted, were unusually
small as compared with
previous
and
of
the
instalment
U.
Finance
over-all
Com¬
consumer
activity in the
S., it is interesting to note some
comparative data
tutions
the
as
a
Table.
for
group,
these insti¬
as
Consumer
shown by
instalment
eting"
of
of
purchases
Sales Finance
4.2% (1955) of total
.
J "*
consumer ex¬
through the
Questions Effectiveness of Control
tempt
at
Credit
—
"savings" of the individual during
credit
In Relation to Government
At¬
Control
of
Short-range,
controls
have
Consumer
consumer
had
only
comparisons,
fol¬
the
be
summary observations may
made:
■
; v.
U.
S.
durable
goods
ing
period,
with
an
increase
real
in
force.
the
sions
expenditures
dur¬
their volume of
instalment credit exten¬
consumer
amounted
to
from
23.7%
(1958) to 27.3% (1955) of the total
of such expenditures.
In
much
very
stance, in
of
total
each
smaller.
of
the
For
in¬
consumer
years
expenditures.
Only during two years, 1955 and
1959, were these percentage ratios
to consumer durable
goods expen¬
ditures
value of the article as of the mo¬
ment when payment is
completed
will represent the amount of
the
and
lowing
living
panies amounted to less than 1%
*
Against the background of these
data
penditures during each of the five
years. In relationship to consumer
the
credit.
years.
Summary Observations
Companies from 1955 through 1959
(1) From 1955 to 1960 there was
represented from 3.0% (1958) to continual economic
growth in the
dol¬
to rise in relation to
disposable income due to "budg¬
subsequent
credit
for
lar-wise,
use
credit
and
S.
U.
prices.
the relation¬
relating to (1)
between total
ship
instalment
Details Answers to Critics of
Consumer
condi¬
1955—13.6%; 1956—7.5%; 1957—
5.7%; 1958—(no increase); 1959—
credit
tendency
the
The
utilized
consumer
of
and
part of the ag¬
credit has
consumer
the
net change (increase) in outstand¬
ings held by Sales Finance Com¬
__
,
utility
of
power
certain
durable
goods expenditures for
each of the years were as follows:
are
of
uled payments, the
purchaser may
have
an
unincumbered
asset
which will render to him
economic
gregate
under
however,
remarked
through
"commercial"
borrow¬
ings upon security of these ac¬
amount
sched¬
be
may
"in¬
stallment" receivables rather than
having to
obtain
such
capital
existing obligation.
of the
such
with
relationship to net changes
in outstandings held by Sales Fi¬
nance
Companies, the percentages
sale
The
end
It
credit extended by
as:
form
reflected
shift
accounts
credit"
such
the
States
"non-installment"
"installment"
charge
United
years,
Changes
(c)
Thus, at the
connection
on
counts.
pay¬
in
credit
purchasing
work
at the
case
payments are being made, is less
than the payments made on the
types of obligations
control, and may be attributed
largely to factors, other than the
availability or use of consumer
consumer
house
a
of
nition, there
is
less
prejudice
against, and wider use of, "con¬
bank deposits,
demand, and
as
on
controls
credit
aggregate
the
durable
for
of the item used
up while current
payable
The
controls.
such
only minor effects upon the
volatility of consumer demand for
spending for durable goods. Such
volatility seems to continue dur¬
ing periods of control and non-
substantial un¬
the part of many
circumstances,
its
or
able in cash upon demand, or: (2)
in the form of goods, wares, or
or
not
or
debt, except under very
pelling
mostly
ual, to the extent that the value
equivalent, such
bonds
payments
of
consumer
very
to
substantial
secures
be
willingness of the
on
Savings
be: (1) in the form
—
therefore may
of financial savings—cash
similar
subsequent
credit.
contempo¬
may
-
or
of
use
it
use,
a
willingness
any
of the items involved in the trans¬
than
to
resulted in
future,
specific
items.
Knowledge of purposeful
or
non
purposeful
savings
is
therefore necessary
in order to
understand the general influence,
or impact, of aggregate cash sav¬
ings and their use upon past, cur¬
rather
psychological
and
perspective,
Americans
the
to
of
has
American attitude towaTd "'thrift"
chandise, or
the general thought, or con¬
cept, that goods and services are
procured
the
tially by the existing attitude in
community, or on the part of
his
contemporaries.
The
early
may
by
be
de¬
credit may be influenced substan¬
specific desire
specific item of mer¬
it may be motivated
without reference
to
remain
to
the
of
effects
use
been
in
individual
motivated by a
to
costs
rates
served that the
_
accumulation
to procure a
these
the
both historical
In
rary
a period of time.
change in the assets
no
the
temporary
chat only a small
for
or
attitude toward the
over
is
ability to
payments,
monthly
Changes
in the form of goods
There
a
constant.
is exchanged for a finan¬
resource
be
to
their
to
postponement
may result in some minor changes
in market patterns, short-range,
with the secondary effects there¬
by created as offsetting forces to
This
the
to
tions, may have an inflationary
influence upon consumer
would
credit.
purchases.
be
for the units desired.
case,
the cash financial
this
of
their
crease
exchanged
resource
secondary
payment
monthly
tendency
savings, will be less
may
upon
making their final decisions
to use consumer credit. However,
over
the years there has been a
received
procured, the cash
be
to
when
purchase price of the units
be
part
some
consider cost to be im¬
apt
is
meet
during that pe¬
riod.
When the aggregate of cash
savings accumulated equals the
to
Although
of the
economists
operating executives, through
integral
'picture,
.
consideration
the part
family during
than the aggregate amount of cash
total
Credit.
of
used.
credit
consumer
is-an
this
all goods and services, on
income
are
portant in making their decisions,
resources, usually means
that current cash expenditures for
this period of
of
Cost
consumers
nancial
of the individual or
goods
study and observation, have con¬
cluded that this factor may be of
minor importance under
certain
economic
conditions.
Although
or
The accumulation of
Spending—As the term is here
sents
and
by the person to
the resource is "loaned.")
whom
long-range,
or
consumer
requirements
(this group appears to be only a
very small percentage of the total
number), with the eventual pur¬
chase of goods as needed or de¬
sired through the use of cash and
cost
exchanged for goods or services
some subsequent times
(either
by the owner
intermediate
stalment
credit
to be
are
any
effect,
represent only a temporary post¬
ponement of purchases by those
who may be unable to meet new
The
accumu¬
an
appreciable dam¬
therefore,
devel¬
amount
at
concepts.
Defines
or
that such con¬
instalment
consumer
adds
Data
such consumers,
of these
the framework
Within
have
that
theory
credit
with reference to
their purchases, change.
These
changes, in turn, increase the de¬
mand for the purchase of such
goods, with a resulting impact
upon the use of credit in connec¬
tion with such purchases.
This
impact tends to increase the total
cerned.
concepts
trols
Thursday, May 12, 1960
consumer
doubt
no
.
spending for durable goods. Such
effects
as
do
appear
seem
to
durable
sumer
activities of family units are con¬
competitive con¬
some
ditions which have long been re¬
the
.
oped, and as their usages are ac¬
cepted by consumers as a part of
their living pattern, the habits of
the short-range and long-range
as
is
pening
consumers.
Continued from page 11
minor immediate effects upon
.
extension of consumer credit, and
ing made.
Economic Stabilizer
we
and Financial Chronicle
The Commercial
(2068)
of
any
appreciable
sig¬
nificance, when they were 5.8%
(1955) and 3.24% (1959) respec¬
tively.
'
Net
increases
in
outstandings
held by Sales Finance Companies
income
(2)
and
for
For
the
consumers
their
net
the
standard
five
spent
of
work
employed
period,
year
93%
about
of
disposable in¬
personal
for
come
in
the
goods
and
services.
These percentages were relatively
the same for each of the years.
In
connection
ditures,
about
with
the
these
tend
consumers
expen¬
to
spend
percentage for
non-durable goods, .with fluctua¬
tions in expenditures for durable
goods and
(3)
services.
During
years,
each
consumers
creases
with
same
in
net
of
have
financial
the
had
five
in¬
savings,
1955
being the lowest year.
of 1955, these
financial savings have averaged
around 5% of disposable personal
income, after allowing for changes
in debt (SEC
Estimates).
With the exception
(4)
In
aggregate
each - of
the five years
financial' savings' ex-
Number 5950
191
Volume
.
.
The Commercial and Financial Chronicle
.
(2069)
substantially, the net inin consumer instalment
33
offers a very interesting
possibility for pension fund, im
then ahsWets his own
?pht outstandings, thus leaving
vesting in projects
stating that he believes
to'be utilized in
ther areas of the economy. This
indicates that consumer instal¬
ment credit is not of itself, over¬
somewhat
needed,
eases
ment)
funds
caving
inflationary force in the
all an
eC?5)°nin
A
Fund Investing
Continued from page 7
payments handled at
each of the five years,
in instalment credit
changes
by Sales Fi¬
nance Companies, as well as the
volume of instalment credit ex¬
tended by these institutions, have
represented modest, or very low,
outstandings held
of consumer < expen¬
durable goods expendi¬
percentages
ditures,
and financial
tures,
savings of the
public
behavior of these relation¬
during this period fails to
ships
sustain
contention that the
any
activities of Sales Finance
credit
Companies contribute to price in¬
or have an
appreciable
impact upon
overall economic
flation
stability.
2
.
last five years American
families have added substantially
In the
savings and increased
purchases of goods and services.
In 1959 they contracted for more
than $48 billion in . new, install¬
ment debt, and paid back in "cold
cash" over $43 billion.,
,
... ,
At this pay-back rate, total new
debt would be returned in
ap¬
proximately 13 months (43 into
their
to
been
stantial
way
of
this
rather sub-
the
over
Certain
years.
State
a
the
most
few
past
New
the yields
consumer
a
constantly hanging
people
items.
"
debt,
fixed
the heads of the same
over
for the same
It
turns
.
.
constantly
over
.
and
rate in advance
of scheduled payments and matu¬
rities set forth in
original con¬
swiftly—even at
tracts.
It
-v,:v;
'*V
/'/;/••...
that
observed
be
must
a
y.
the
debt
portfolio of a com¬
pany and the nation is an accumu¬
lation of old accounts being paid
out and new obligations for new
items, being contracted each day
by new buyers. Consumers there¬
fore are constantly acquiring capi¬
tal assets and returning to the
market for other items.
':
'
consumer
York
s°
common
a
characteristic
credit
and
items
in
(a) down payments,
maturity, ; (pay-off pe¬
are:
(b)
riod),
and resulting fluctuations
increases in
(c) equity^of
and
purchaser.
As
long
as
ing of these
not be
any
of
amount
In
that
V
•;
•
all
pension funds, whether inor
public, is complete
exemption
from
income
taxes,
about the total
;
V 'i
worrv
credit.
the
is
to
best
American
ob¬
Family
pretty good business organiza¬
tion.
These housewives and hus¬
bands plan very well—much bet¬
ter than
government economists
and
regulators.
take
care
ieel
loaded
will ease
of
themselves.
with
up
up—and
If
debt
not take
on
so
much new debt.
The
American
best and
sumer
T?!i^nAa^^ress ky
r„
<
Family
.is
the
wisest regulator of Con¬
Debt.
Mr. Wonderlic at the
Annual National Consumer Credit
LoffiTJ". Washington University, St.
trust"
the
under
As
Internal
a
This
The
"Toppers"
annual
will
hold
Rev-
does
oc-
premium—and out of
pension funds as
against
taxable
bonds.
Buyers
subject to taxation can well afford to pay the higher price in
order to get the tax immunity of
municipal securities.
a
reach
of
the
It
can {■
be
v
pointed
'
out
here,
however, that a good many of the
older, and especially the public
pension
funds,
are
substantial
holders of local municipal bonds.
These
bonds
were
acquired or
The
a
fund
restricted
so
variety of reahave been
legally that it had
for
purchased
sons.
may
municipal bonds. Another
and probably a valid one,
to buy
reason,
is the fact that most of the former
purchases were rather small, ob-
they sold at a low price
and a high yield.
The purchase
could be entirely justified because
fessionally
in
and
selected
stocks. It is
mon
list
pro¬
a
of
com¬
"dollar averag¬
a
^
ing process," and the longer the
program is carried out, the more
evident becomes the proof
that
long period of accumula¬
objective of a higher re¬
turn on the total portfolio will be
over
a
tion
our
attained. Dollar averaging of com¬
are
*erd: outlet for long-term pension
"Dollar Average"
trie power and light industry. It
naturaly follows
that pension
fund investing today reflects the
demand for money from the industry doing the big borrowing,
Our own pension fund is currently nearly 25% invested in
electric power and light bonds,
with a 7.% investment in securities of the Bell Telephone System
and its subsidiaries, and a lesser
In
.
,
m
a *?
aPy
*
a\ ?X~
^as
SS?3* fcunties-. The
bu *5
^
are non-callable
eQulPment tpist certificates,
out today without call protection
are,
it.
know
We
.
f
Retirement
of against foreign securities of any
principal kind in many places. Furthermore,
System
Ohio suffered no loss of
during that period from its hold-
of
ings
foreign securities are not
eligible for investment for many
kinds of funds (including insurance companies). Likewise, foreign bonds and securities are not
legal investments for most pension
most
small,
obscure
bonds* most of funds.
credits or
special
situations that are such that they
rin not. oniov a wide public mardo not enjoy a wide nublic mar-
/
ket,
consequently
they
were
bought at attractive prices at the
time.
But
these, as noted, are borrowers
exceptions
To
sum
reason
to
the
general
stocks. It is difficult for
common
^da^
«<r
and
company
return
lower
stocks.
Should
reversed,
and
mon
be
the
on
com¬
on
situation
sell
bonds
at
lower
yields and stocks at higher
yields, we will switch to a "for¬
mula"
basis
of
stocks
common
purchasing.
taking
conservative
similarly
a
approach to the common stock
question. A recent study of public
pension funds made by the Na¬
tional Council on Teacher Retire¬
ment, showed that only twelve of
the
forty-nine
funds
reporting
permitted
were
to
buy
common
have already pointed out
I
stock.
that it was not until
just last year
(1958) that the Bell System pen¬
sion fund, one of the oldest and
6 en-
stocks and
^^stinT" ^by
Pen-
Paul L
article
that most pension funds
Howell, brings this out. The
break,
permit
and changed the rules to
10% of that fund to be
invested
We
in commons.
could
go
on
and
discuss
the facets of investing
for
pension funds and current
policies of investing. There are
signs
all
around
that current
thinking is beginning to break
away from some of the accepted
many
of
practices of the past. Who knows
perhaps pension funds should
carry a large percentage of com¬
—
mon
stocks.
I
have
heard
some
pretty good cases made for even
ket.
In
reports
are
tion
set up on an
of
our
own
case,
we
ls'
mar-
have
private, should present time. The Canadian bormunicipal bonds rowings have had for the most
large, preferred stocks ture is
earning 2.5%
^
in the American
there really is invested about 5% of our total
why any pension funds in Canadian securities at the
buying
'
m
No
36
Vol
iq^q
November-
in
Review
n#sppmhpr
costs to employees or
.
.
frnm
inrreaSe
.
.
.
fnut^ ?T)nnd
up,
relatively
.relatively
Harvard
the
^ce. ^
vieU of
oill
.^xar^Ple benefits
25% or
l^diUm £°r the investment and non-call attractive refunding
Part rather protection. This feafunds.
"
V
By
and
,a
100%f,.investment, in, commons.
actuarial expecta¬ If you will study the problem
to 3%. Be¬ yourselves you will find it a
cause
of the long time involved fascinating subject.
in
accumulation and subsequent
In this brief review of invest¬
three years with the large expan- distribution of the fund, the rate
ment
policies and practices of
sion and development, and open- ptb'pf„rn on jnvP*tpd funds is the
funds,
with particular
w up of that stable country, the
iunos is; tne
ing nn of that, stable country, the °f return on invested determining pension
dominant factor
in
reference to the pension fund, the
various Canadian provinces and
pnctc
+p
Pmnlovpes
or
pension costs to employees or State Teachers Retirement Sys¬
municipalities have been large Pension to retired members. The
benefits
tem of Ohio, it has been possible
An
exception, in " some
which
were
bought years ago. cases, is made for Canadian seMost of the issues held are either curities. In just the past two or
of Ohio municipal
bonds
the
largest industrial funds, made the
turn to the subject of
now
pension fund managers knew
intrinsically the bonds were
Teachers
present
"dollar
we
case
during times like
with
high
returns
Then a larger per¬
centage of our monthly cash flow
will
abundantly
clear
to
a
pension
go
into
commons
and
a
fund manager that during periods smaller percentage into bonds. In
our
own
case
we
have what we
such as the present, when the demand for borrowed funds is large call a "built-in" policy as far as
and interest rates and yields are common stocks are concerned, in
high, that the pension fund should that we are limited by law to a
of the fund
protect itself just as much as it maximum of 10%
(based on cost) that can be in¬
can, against a large scale refundjng 0f previously purchased bonds, vested in common stocks. At "the
jf a sudden downward change in present rate of purchase of com¬
the interest rate structure should mon stocks on our dollar averag¬
occur, and we have seen this haping basis, it will be years before
pen on several occasions
in the the 10% limitation on the total
past, the pension fund would not fund is reached, Our approach to
oniy have the problem of keeping the common stock portion of our
j^s current cash flow fully in- investment program is therefore,
vested, but would also have the in reality, a very conservative
problem of reinvesting at the one. Most pension funds are as yet
in effect, just short-term seThZ curities and the borrowers
?rsd?iJaH
own
our
average"
^P^dht in other telephone comPJ311^ securities. The demand on
J; e P,
consuming public
r
tectnc P°wer seems to be
insatiable and there seems to be highest return it could get all of
n? slowing up of the expansion the funcjs from called bonds,
theelectric ,P°weJ industry. There could be a veritable deluge
^ b1^ expansion of our railrefundings. The compounded
™ads occurred several decades effect on the bond market could
ai?d since m08t pension funds be truly dramatic, and would ren preated since the big,su^
a change from a buyers'
development of our railroads, not to a seners> market very quickly,
mauy ot
are holders of rail- ]yjany 0f the bonds being brought
.
"Formula"
and
Investing
/
.
Leading
basis.
long-range
As to foreign securities, the ex- many people to break out of the
perience of investors in foreign "Xpit iaHket" of the oast out
good credit and interest payments bonds as well as foreign securi- Qf what mj ht fae called orth/dox
and maturity would be met right ties of all
kinds, in the period investjng There is a vast differ.
on
schedule.
An interesting fact from World War
the 1930 s, ence betBween pension fund investls
that
during
the
depression left much to be desired.. Conse- .
d b
R
d
t insurance
years
of
the 1930's the
State quently, there is a real prejudice
d
f •
f f
d investine An
the
Spring
thinking,
this
monthly cash flow in
our
•
the entire field has been the elec-
foaf
unattractive for
unattractive for
^°unfry Club, Rye, New York, on pension funds. They do not enioy the credit standing of bonds,
nor the income and growth prosDean Witter Adds
pects and possibilities of common
(Special to The Financial Chronicle)
stocks. But even more important,
LOS
ANGELES, Calif. —Eugene the dividends from preferred
cnulman has been added to the stocks enjoy a certain tax imI iu0f Dearr Witter & Co./ 632' -unify for insurance company
formerly
return
ing of long term funds.
reason
5?
of
Street.
He
was
with H. Hentz & Co..
/ T!GW
-d011?1 v"
w
large por-
a
dividend
and
^
were
are
__-e
outh
companies,
aJ5?
^
nL?
f World Bank eliI
f'
^ J.s
?
pension
fund snd it is undoubtedly true of
^ ^h61*8, The possibilities in
*be n.ext sevefal years for large,
brought about large scale borrow-
good public market. They
non-callable, and for this
a
public or
consider tax free
outing at the Westchester
price
local issues that did not en-
scure
little
their
accumulation of experi-
^
consequence,
situation
fund,
Annual Outing
insurance
_
rule.
to Hold
,
preferred stocks and
of a
selected
I quite
case of our own pension fund we
systematically invest at the pres¬
ent
time approximately 10%
of
nf
sufficiently attractive to warrant funds in the years ahead,
municipal bonds, the income from a purchase by a pension fund.
Pension funds are particularly
which is tax free, are unattractive Only 1.9% of the Ohio Teachers interested
in
call
protection
to pension funds from the standPension Fund is invested in pre-, against an A early refunding of
point of yield and return.
Only ferred stocks at the present time, bonds. As has been pointed out
when a municipal bond includes
p
.
< already,
pension funds are longnon-callable features of particular
* ower and L*£ht Industry
term investors. The constant flow
attraction can a case really be
Leading Borrowers
of cash makes liquidity, and shortmade for a pension fund purchasThe largest field for the invest- term investing, completely uning it. The non-call feature often ment of all types of pension funds important. The investments that
offsets the disadvantages of' the lies in taxable corporation bond are being made today are for the
lack
of A protection
against
an issues.
The tremendous plant ex- purpose of funding the liability
early call for refunding purposes pansion of many of our large cor- that will fall due on the pension
of
currently
available
taxable porations since World War II has fund years hence. So it becomes
Laws.
enue
really
Toppers
because
with
agree
ft«
l9n^~^J,riP, c^p
ai?,sr *n
ei&n field by the World Bank
tion of the preferred stock divi- ®eem attractive, and the Bank's
municipals. There were
only some delays of interest and
will some delayed refundings — and
is
significant
because the
they this
they pension fund is still a large holder
Consumers
imP°sed on many of our Pension
of
pro¬
dends received. It is a rare oc- den}and for long-term capital will
mon stocks, it should be cautioned,
casion when a particularly large, contmue to be very large. Investrequires a great discipline, if the
Private
and
industrial
pension high
grade issue of preferred 9?ery in ,e bonds °f the World
program is to be carried out on a
funds
qualify as a "charitable stock comes to market and the Pank could very well be an excel-
that
there is not big eas¬
terms there should
conclusion it
serve
is a
".
'
arp
out
dustrial
joy
consumer
on
the tax immunity of
,
The critical
stnrk<?
rather
particularly the fire and casualty
companies, can afford to pay a
higher price for a preferred stock
already mentioned the than can a pension fund, due to
We have
fact that
price—-at
v
strongest features of
credit is that it is not
One of the
part
Undoubtedly the legal restrictions
funds, for example, have
been quite large buyers of these
mortgages.
illustrate
the casionally arise, especially in the
rapid turnover and fluidity of case of smaller and more obscure
consumer debt and by their size
municipal bond issues that come
market.
For
the
most
part,
show the importance of consumer to
credit to our economy and our however, tax free municipal
bonds will always sell at a high
high standard of living in the
present.
nreferred
by "A systematic
of periodic purchases
diversified professionally
list of common stocks,"
bonds at the present time, for example, is rather narrow. This is
figures
These
the
it is at¬
tainable
gram
with the yields obtainable
pension elsewhere.
The spread between
invested in
type of mortgage in
on
for
a
and with
way
practice?" Fie
question by
practically all of the risk removed.
the line
of
many
quasi-public
have
bonds.
48).
good
and
funds
of
C°The
A
expense.
returns
t
additional
no
in
overseas
indirect
conservative
actual
ust
to
anoroximately
as
much
^
a
startling
The
f„rthpr'that
particularly attractive dur- P
s
1%
can
but
altho^
because
period of time over
of
which
to touch on the principal
problems of investment and to in¬
dicate only in a general way the
only
solutions
present
to
those
problems.
Suffice it to say,
pension funds
attractive source of capi¬
borrowing to corporations and
offer an
tal
others, and provided the particu¬
lar needs
of pension funds are
increase in the
,
*•
effective rate from 2.5%
to 6% appropriately recognized in the
terms
of
the securities offered,
World Bank Offers Investing
will
increase
accumulations so
pension funds in turn will be
Possibilities
benefits can be nearly doubled, or
ready
sources
of such needed
This brings us to a compara,
pnrrpst)ondinelv
reduced
^4^0^
ing times ^ high m^terest jates,
ingjimes of high
such as we have seen recently,
tunity to work,
tively recent development
^
the yields and for
((he
in.for-
so-called "World
International Bank
eign lending. The
an
^hpantb^
^etbe
Reconstruction and Develop- or is it
capital.
achievement of a 6%
^ult
or
re-
revolutionary
reasonably obtainable in
*A
paper
before the
York.
by
Mr.
Investment
Hampton presented
Association of Neic
34
Financial Chronicle
The Commercial and
(2070)
.
.
Thursday, May 12, 1960
.
ADDITIONS
* INDICATES
Securities
Now
in
Registration
of
but
are
not, in
general, to be considered
as
May 12
All-State
(Offering
Co.
and
Allen
&
stockholders—no
to
shares
May
13
(Friday)
Beltone
• A. K. Electric Corp. (5/31)
May 4 (letter of notification) 100,000 shares of common
stock (par one cent). Price—$3 per share. Proceeds—
For general corporate purposes. Office—231 Front St.,
Brooklyn, N. Y. Underwriter—Hilton Securities, Inc.,;
580 Fifth Ave., New York, N. Y.
H.
Victor
&
Co.,
(A.
•(Goldman,
Gabriel
J.
Sachs
&
Co.,
&
Co.)
331,740
Shearson,
and
shares
>
'
A.
Winston
&
Co.,
Securities,
Mister Service,
Aero
Industries, Inc. (5/23-27)
:
March 11 filed 250,000 shares of common stock (par 25
cents). Price — $3.30 per share. Proceeds — For new
equipment, expansion of the business, and general cor¬
'
(Kuhn,
.
'
Co.)
and
(Kuhn,
Lehman
Airport Parking Co. of America (6/13-17)
April 27 filed 42,574 shares of class A common stock (no
par), including 25,000 shares to be issued and sold by the
company and 17,574 shares which are outstanding and
will be offered by the holders thereof. Price — To be
supplied by amendment. Proceeds—Principally for vari¬
(Stroud
•
.
May 16
(Monday)
Brothers), $10,000,000
Brown
Hibbs
&
&
Sons;
Co.,
Kidder,
Inc.;
(Pistell,
Schroeder
(G.
the
account
of
holders
"v
J. Mitchell Jr. Co.
(R.
Deltown
(par $1),
will
G.
&
Co.,
&
Inc
&
Co.,
Inc.)
(Cyrus J.
Inc.)
115,000
&
Co.,
E.
Lawrence
Hentz
(H.
and
Co.)
Forest Hills
&
Co.)
shares
Hentz
&
Frost
&
Co.)
.(Louis L. Rogers Co.
>
•
■
-
(B.
Morton
&
(Dean
&
Inc.)
Towbin
Kenrich
and
Co.)
Co.
75,000
(First
;
Amos
Inc.)
Smithers
(Carl
$2.50), of
which
168,310
are
pay
(par
to be offered by Bankers
indebtedness, for working capital and
purposes.
Office—033
other corpo¬
Lee
St., S. W., Atlanta, Ga.
Underwriter—Van Alstyne, Noel &
Co., New York, has
withdrawn. New underwriter is
Kidder, Peabody & Co.
Note—The name has been
changed from Alterman-Big
Apple, Inc.
American Bowla-Bowla
Corp.
April 15 filed 100,000 shares of common
stock and war¬
rants for the
purchase of an additional
50,000 shares,
The company
proposes to offer these securities for
pub¬
lic sale in units
consisting of two shares of stock (par
25 cents) and one
warrant.
Price—$6.25 per unit. Pro¬
ceeds
d
an
initial
installment on the purchase
bowling centers; for furniture
additional
fixtures thereon; and
the
balance
to
be
Continued
&
added
(Merrill
page
Piper,
Pierce,
Fenner
&
(Hancock
(First
Russell
Street
&
and
Missile
V.
Common
Smith,
Tile
Newark
M.
&
Co.,
Pendleton
Co.
Tool
and
to
and
■
"
—Common
City
—Common
Securities,
McDonald
Inc.)
Co.)
50,000
shares
Corp.——__—Common
stockholders—no
underwriting)
-
•
Engineering
Moyer,
Common
Frlcke
&
French,
Inc.)
$300,000
Servonics, Inc
(Offering
to
Common
stockholders—underwritten
Peabody
&
Co.)
76,600
Plan
Portfolios,
Inc.)
Kidder,
shares
Normandy Isle, Inc.—
(Sire
by
Jeffrey-Robert
and
Florida
Inc.)
200,000
Common
$350,000
Inc.)
$330,000
Common
200,000
shares
&
Co.)
>
$300,000
......Common
Inc.j
Co.,
$100,000
Inc.
and
Lazard
—Common
Freres
Common
&
Debentures
Co. )
$295,000 '
'
'
Co.)
«fe
80,000
Co.)
&
Co.,
Holman
&
A.
Corp.
and
Scherck,
Goelet
Common
.
Co.,
Inc.)
68,000
shares
.Debentures
&
Co.,
Inc.)
$51,000 J
;
Inc.
and
and
Globus,
Globus,
Inc.)
Inc.)
$700,000
70,000
&
Hudson
&
Co.
Co.,
and
Inc.
and
Globus,
—
shares
35.000
Inc.)
(Bear,
Common,
Paine,-Webber,
Jackson
V"
$10,000,000
Vitamin
Litecraft
(P.
Stearns
W.
&
Co.)
212,500
Curtis)
&
<•
Products, Inc.-—
Common
shares
Industries,. Ltd
-
.
Debentures
Brooks
&
Co.)
$750,000
Maryland Credit Finance Corp._________Common
Midwestern
'Stone
Co.
Brown
Gas
&
and
&
Sons)
28,250
Transmission
Webster
Halsey,
Securities
Stuart
&
ft
Co.
Webster
and
Securities
Halsey,
&
White,
Co.,
Inc.)
'
•_
&
Co.)
&
Weld
warrants
Bruce
'
'
Warrants
Co
Corp.;
Stuart
Miller & Van Winkle Co
(Whltmore,
'
shares
Co.——Bonds
Corp.; White, Weld &
Co., Inc.)
$60,000,000
Midwestern Gas Transmission
(Stone
'
Warrants
Lyon
Capital, Inc.
(McDonald
-
Common
Co., Inc.
Corp.
(Ross,
Growth
"
*
Debentures
Co.,
Corp.
(Ross, Lyon &
Goelet
Co.)
Richter
shares
__.
Lyon &
1
.
Common
Inc.
Holman
'
Common
,
Magic Boats, Inc
(R.
.
,
shares
Magic Boats, Inc.—
A.
'
-
..Common
shares,
450,000
150.000
:
'
$600,000
:__
&
'
-
Common
Lomasney & Co.)
Inc
Sullivan
,
;
t.
-
A.
Co.)
&
'
Enterprises, Inc
(R.
-
shares
International, Inc..
(Bosworth,
'
'
-
Inc.)
Co.,
Cohon
Co.,
Builders,
Forest City
:
:
.Common
Common
60,000
$225,000 4
"
.
Corp
(Alex
Common
(Walter R. Blaha & Co., Inc.)
$300,000
(Woodcock,
$300,000
;___
Co.,
&
(Westheimer
$1,143,750
Rajac Self-Service, Inc
Schaevitz
&
Steel
$300,000
Common
&
&
Co.)
.
Industries, Inc
Peabody <fc Co.
Peoples Telephone
(Offering
shares
200,000 shares
Co., Inc
First
Read
(Ross,
Common
58,337
Co.,
Figurette, Ltd.
Goelet
$643,500
Inc.)
Byllesby & Co., Inc.)
Securities
Inc.;
Inc.
Manufacturing, Inc
Pierce
&
:
Common
Co.)
Electronics Corp
(H.
(Kidder,
&
Co.,
$304,950
Co.)
Securities
Pacemaker Boat Trailer
(Jacey
Bruno-Lenchner
Inc..
(Pleasant
Federal
Glass
Co.)
•
$287,500
Securities
Inc.)
$300,000
Wickett
Street. fit
Electronics,
•
S.
(Dillon,
—Debentures
Corp.;
3axe;
&
•
Inc
'General
Gem
Common
Broad
Mackay
Englehard Industries, Inc.—-—..
Glass
Corp.)
•
Products, Inc.---—Debentures
iBache
shares
Securities
and
shares
Dynatron Electronics Corp.—
&
shares
...
Lynch,
&
(Jaffee
Jaffray
Co.)
v
Products, Inc..
(Morris
shares
Metalcraft Inc.
to
35
and
461,431
317,500
Sire Plan of
on
Co.
Inc.
Corp.
Holman
(Myron
..Common
Rhoades
A.
|
Common
78,000
&
400,000 shares
—
Co.)
Co.,
Holman
Films,
$1,250,000
Medallion Pictures Corp.—
(Rauscher,
15,750 shares of series C,
$1.20 cumulative convertible
preferred stock (no par).
apeF share. Proceeds—For working capital.
Address—Manitowoc, Wis. Underwriter—Emch & Co.,
Milwaukee, Wis.
cover
Loeb,
&
Becker
A.
Unterberg,
—Common
,
Mays (J. W.), Inc
Monarch
• Aluminum Specialty Co.
May 3 (letter of notification)
To
Smithers
Hopwood)
stock
Securities Corp. and 61,690 on
behalf of the company.
Price—To be supplied
by amendment. Proceeds—To re¬
rate
M.
8.
Mackay
Chemicals, Inc.-
Dynamic
Debentures
Co.)
and
Common
(Allen
$1,500,000
Marquette Corp.
Alterman
Dubois
y
Co.)
shares
Common
$192,500
Magnin (Joseph) Co., Inc
(F.
&
"Deluxe Aluminum
v
Pressprich
-Common
Securities
G.
(R.
shares
Common
W.
—Preferred
Murphy
(R.
E.
400,000
R.
145,703
Co.; Inc.
&
Deluxe Aluminum
'*
Debentures
&
Co.)
by
Corp.
(A.
-
shares
Corp.)
&
Corp.)
Crawford
Units
(First Philadelphia Corp.) $175,000
S.
Murphy
(Mainland
Class A
Magnin (Joseph) Co., Inc
(F.
Riter
$2,000,000
t
C.
Smyth)
Corp..—
(Mandell & Kahn, Inc.)
Common
and
Bullard &
Chemical Packaging Conine
shares
Petrochemicals, Inc
4
Filor,
and
Co...'and
Co.) $600,000
Inc.—
Philadelphia
Common
Pools, Inc
shares
Sudler &
C.
Petrochemicals,
Kenrich
Inc.———
400,000
Common
Co.
Common
$825,000
stockuolders—underwritten
(Pearson,
I C Inc.
&
to
Cabana
$376,000
90,000
&
$800,000
Laurel, Inc.—^
.Debentures
(Aetna Securities Corp. and D. Gleich
Ionics, Inc.
(Purvis
Co.
Common
_
Shields
Co.)
Big Laurel, Inc
Debentures
Higginson Corp.;
—Class A
Chemical & Film
(Pearson,
-Common
Securities,
Co.)
—Expected in early June.
18
Foods,
&
Anken
.
..Common
Witter
/
American International Aluminum Corp..Common
&
$1,125,000
Co.,
.
'
Lomasney & Co.)
$300,000
-Hydra-Power Corp.
(Lee
V
underwriting) 110,000 shares
C.
$298,500
Inc.)
Co.,
&
400,000 shares
Hawley Products Co.
-
dealers.
March
y:
Common
Hampshire Gardens Associates——
v.
"
>
.
^
___——..Common
Corp.
Rubin
(Myron A.
Alterman
Co.)
&
(Offering
Great American Realty Corp—__
(No
i
-
\
(Monday)
Industries, Inc
Big
Corp..
Hilton
and
x
;
May 23
Aero
150,000
(Equitable Securities Corp.) 220,605
.
Financial
Common
American Realty
y
$4,590,000
EDT)
noon
(Simmons,
(Hardy
General Shale Products Corp
Great
(Bids
(Stanley Heller &
shares
$292,500
underwriting)
:
-
shares
Inc
(No
"V-..;:;
-----—Common
(Kidder, Peabody & Co.) 230,000 shares' :':
150,000
Co.)
-Capital
100,000 shares
Witter & CO,)
May 20 (Friday)
Viev/lex, Inc.
v
Cathers
Country Club Ltd
(Hecker
Friendly
'
______ __-
___ —
_
(Thursday)
;Harburton
Debentures
Brawley,
Founders Mutual Depositor Corp
an
Foods, Inc. (5/23-27)
filed 230,000 shares of
common
>.
$2,000,000
150,000
Co.)
Office—1415 Waterloo
Road, Akron, Ohio.
Underwriter—Reynolds & Co., Inc., New York. Offering
•
:
Realty & Construction Corp.__\Var.
(H.
rowed for
and
'
May -19
$300,000
152,698
Towbln
&
Hentz
First National
Alside, Inc.
April 28 filed 300,000 shares of common stock
(no par).
Price—To be supplied
by amendment. Proceeds—To¬
additional sum of $6,000,000 to be bor¬
institutional lenders, will be used to provide
consumer
financing for the company's products by pur¬
chasing consumer paper from the company's distributors
:
K-ryy'',.
shares
First National Realty & Construction Corp.__Com.
.
gether with
Lomasney & Co.) $567,000
(Wednesday)
18
Common
Inc.)
Sons
&
r'
General Atronics Corp.__:—^^- —-—^-Common
C.:
" -V-•. (Harrison & Co.)
$544,810; r-*' V"
"
New York Central RR.——Equip. Trjist Ctfs.
»
Debentures
Unterberg,
.y
/
•
"
First National Realty & Construction Gtorp.i-j.~Pfd.
Under¬
writers—Bear, Stearns & Co. and Allen & Co., both of
New York City.
/rC.
unit. Proceeds—For general cor¬
Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed.
t
.
Common
Inc.)
(Deun
*
.
$6,000,000
,
I., N. Y.
per
.
;
$255,000
Farrington Manufacturing Co
Proceeds—To reduce current indebtedness and for future
operations.
Office—Floral Park, L.
Price—$108
Inc.)
$300,000
*
(C.
Properties, Inc.
porate purposes.
$22,000,000
EDT)
a.m.
(J. A. Hogle & Co.) 230,000 shares
May
v
Common
Co.,
Securities,
Treat
FXR, Inc.
(5/12)
March 17 filed 870,132 shares of
capital stock, to be of¬
fered for subscription by holders of
outstanding shares
of such stock. Price—To be
supplied by amendment.
stock.
Inc.)
-
(Jerome Robbins & Co.)
Allied Bowling Centers, Inc.
29 filed $750,000 of
sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30' shares-of
11
Industries
t.
.Common
Co., Inc
(H.
Dec.
'
;V..:
-
Ralph B. Leonard & Sons,
$5,000,000
"
Becker
(Amos
if Allstate Consolidated, Inc.
^
r
May 2 (letter of notification) 100,000 shares of common
stock (no par). Price — $3 per share. Proceeds — For
working capital. Office—100-136 Michigan Ave., Detroit,
Mich. Underwriter—None.
All-State
Common
Co.———;———Bonds
Bros.)
Bertner
Electronic Assistance Corp
and
Co., Chicago and
and
shares ;.r\-
Burnside
;
& Co., Inc.). 300,000 shares
:Telecomputing Corp.
and
Holman
A.
Foods,
(A.
125,000 will be issued and sold by the company. Price—
supplied by amendment. Proceeds—For additional
working capital. Office—7045 North Western Ave., Chi¬
•
B.
.
-h
.•
Light
(D. A.
v'.";
.
....Common
~
(Mortimer
To be
cago, 111. Underwriter—Dean Witter &
New York.
Gas
-
Custom Craft Marine Co., Ine._——Common
>
and
thereof
Inc.
Co.,
iRoss
the
and
Co.
i-
Straza
*v
Corp—_v—-^-Common
Doak Pharmacal
stock
B.
shares
Cosnat Record Distributing Corp.—
•
for
&
&
Aviation Employees
.
offered
Lemon
100,000
—_—_
100,000
Empire Gold Mining Co.
April 12 (letter of notification) $300,000 of 6% incomes
notes to be offered in multiples of
$100 each. Price—At
face value.
Proceeds—For mining expenses. Address—
Juneau, Alaska.
Underwriter — Stauffer Investment
Service, 1206 N. W. 46th Street, Oklahoma City, Okla.
outstanding
Fleming-W.
Co.)
&
v
Common
•
Alaska
common
Nolan,
Johnston,
Audion-Emenee Corp.
,
.■;*
.
Otarion Listener
—-—Capital :.
Folger.
Peabody
400,000 shares
Co.)
&
Corp
(White, Weld
Milwaukee
-
iAlex
,
.
,,
Finance; Co.
Dial
'
y
.
American Security Corp
Cleveland, Ohio. Underwriters—L. F. Rothschild & Co.,
New York, and Murch & Co.,
Inc., Cleveland, Ohio.
be
*
$20,000,000
Co.)
(Tuesday)
May 17
•
leasehold improvements. Office—1308 Prospect Ave.,
Aid, Inc. (5/31-6/3)
April 28 filed 335,880 shares of
of
which
210,880
shares are
Loeb
Industries
(Bids
n¬
:
tv
.^—Debentures
■
...-.i.^-w.-.^—Common
Co., Inc.) $300,000
/i.,]/* ;
&
&
Loeb
shares
200,000
Inc.)
Co.,
(A. T. Brod & Co.) 300,000 shares
-
Renner, Inc.
porate purposes. Office—Pottstown, Pa.
Underwriter-—
Myron A. Lomasney & Co. of New York City. %
Common
Co
-
Wells
Lines,, Inc.-,—-.——-—Bonds
Loeb & Co.
Common
$720,000
Co.)
Corp.——————Common
Uris Buildings
.•
$160,000
$1,000,000
&
&
(Kuhn,
Common
(Jacey Securities
,
•,...
Netherlands
$600,000
Inc
Moore-McCormack
;
and
Inc.
Inc.)
V^
-
Keystone Electronics Co., Inc.—__—.—.Common
•(J.
Debentures
Inc.)
Inc.—
Morgan
Allyn
C.
shares
——
& Co.,
Uris Buildings Corp.——
,-
■■■
Common
—
of Florida,
Reduction
(A.
.
—Common
Co.
&
»
$300,000
150,000
Corp.)
D.. Blauner
(Peter
Uranium
$300,000
Inc.)
Allen
Co.;
Hammill
V,-
—,——Common
Holt, Rinehart & Winston, Inc
.
Co.)
&
Co
Thermal Industries
$100,000
Inc.)
Recording Corp
shares
200,000
Common
Higginson
(Milton
-Common
_____
L."
-Common
Common
Telectro Industries Corp
StereophonicCorp
(D.
ous
Electric
Superior
(Lee
American
Co.)
&
Fennekohl
(B.
$3,570,000
firm
offering dates.
shares
—
Squan Marina, Inc.:
Co.——-—Capital
underwriting)
—Preferred
4,500
Co
Capital
Street
Stearns
Bear,
Inc.)
(William R. Staats & Co.) 3,000 shares
f
American Penn Life Insurance
(Offering
by
870,132
Co.)
Spring
—Capital
:
stockholders—underwritten
to
&
Stonehill
(Federman,
Inc
Isle, Inc
Portfolios,
Plan
(Sire
ISSUE
Food Stores, Inc.
(Thursday)
Properties,
REVISED
of Normandy
Plan
Smilen
the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
PREVIOUS
ITEMS
•
Sire
CALENDAR
ISSUE
NEW
NOTE—Because
SINCE
$225,000
tClass A
'
-
"
,
Number 5950
191
Volume
.
Planning
(Fund
The Commercial and Financial Chronicle
.
___J
Service Corp
National Lawn
.
Inc.)
Brush
Common
$300,000
National Packaging Corp
(First Securities Corp.)
(McDonnell
Sullivan
Co.,
&
Inc.)
50,000
&
Inc.)
Co.,
Elco
Corp.)
(Myron A. Lomasney &
100,000
(Van
Reliance
Alstyne,
Forgan
Coburn
B.
(Bids
Higginson Corp.)
Inc.)
Co.,
Inc.)
Co.,
&
(White, Weld
& Co.)
Co.)
Weld &
Hammill
Co.
and
C.
J.
Co.,
&
Sutro
Bros.)
Bradford
Sutro
i
$650,000
t
Co., Inc
Vector Manufacturing
Jackson
Webber,
(Paine,
250,000
shares
Manufacturing Co.„—
Zero
(Shields
.
&
Common
1
'
S:'///.
shares
M.
A.
Union
Dillon,
Kidder
Inc
&
Securities
Co.)
168,833
Co.
shares
&
Common
t .V-V'-V'1
and
;
;
Atlas Bowling
to
Common
;
Saucon
Read
&
V
(Bids
Com.
Bonds
Jersey Central Power & Light Co
Ty^,:''
National Old Line Life Insurance Co.—_.Common
(Bids
:
'
11:00
N.
a.m.
$7,000,000
time)
Y.
Chemtree Corp.
(Wednesday)-
$40,000,000
(Eastman
Dillon,
Union
Securities
Co.)
&
(Bids
.
.
298.204
shares
Drug
Equip. Trust Ctfs.
Missouri Pacific RR
be
to
invited)
Texas Eastern Transmission Corp
■
R.
Read
United Financial Corp. of
$25,000,000
Inc.)
Co.,
&
Inc.)
10,000 shares
Day)
(Lehman
May 26
120,000 shares
Brothers)
Common
(Myron A. Lomasney
(Peter
54,000 shares
& Co.)
$520,000
Co.)
&
North Central Co
June
Common
420,945
11:30
May 31
(Tuesday)
(Hilton
Aid; Inc.
Common
1__;
'Dean
Witter
&
Co.)
335,880
June
t
(G. H. Walker & Co.
Bevis Shell
G.
H.
and Beil &
Capital
Co.) $1,600,000
Walker
&
Co.
and
1,000,000
Eeil
&
Continued from
O'Neill
page
&
Hough, Inc.)
Co.,
Common
Inc.i—
-
Inc.)
34
-
June.
American Capital Life Insurance Co.
"A" common capital
stock. Price—$5.80 per share Proceeds—For general cor¬
porate purposes. Office—917 15th St., N. W., Washington,
Underwriter—None.
American Convalescent Foundation, Inc.
March
31
(letter of notification)
60,000 shares of com¬
mon stock.
Price—At par ($5 per share). Proceeds—To
Pay the balance on new land, retirement of short-term
bank
loans, payment for additional equipment and fur¬
nishings and for working capital. Office—3267 South-
bast
Hawthorne Boulevard, Portland, Ore.
Jerry A. Barfoot, Portland, Ore.
(Capital
v
General
Peabody
Webber,
&
Corp.)
Life
Underwriter
per
$300,000
180,000
Insurance
shares
Filor, Bullard & Smyth, both of
carry
New
•
Investment Corp.
April 29 filed $1,800,000 of 4% 20-year collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
(Thursday)
to
fc#
»nv1t.od»
*13 000.000
—Bonda
(Tuesday)
Bonds
(Minn.)
$35,000,000
for
them
until market conditions
disposition. Office — 210
Underwriter—Amico, Inc.
are
favorable for
Center St., Little Rock,
Ark.
(5/12-13)
capital
stock (par $10) to be offered for subscription by stock¬
holders of record on April 28, 1960 with rights to ex¬
pire 30 days from offering date. Subscription rate on
105,000 shares of the stock will be three additional shares
for each one share held.
Of the remaining 22,500 shares
the offering will be on the basis of nine shares for each
14 shares held, and all unsold shares of this block will
•
general corporate nurnoses a^d working capital. Office
—4851
N. W. 36th Ave., Miami, Fla. Underwriters-
Bonds
—
$16,000,000
invited)
be
stock.
offered
April 13 filed 400,000 shares of common stock (par 25c).
Price —To be supplied by amendment. Proceeds — For
to
It is proposed that these securities will be
public sale in units (2,000) known as In¬
vestment Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and
mon
Co.
International Aluminum Corp.
American Mortgage
(Tuesday)
Co
Northern States Power Co.
(Bids to be invited)
——-Common
Curtis)
&
filed 200,000 shares of
Hardy & Co. and
December 6
shares
(5/23-27)
York.
-Bonds
Co
Time) $12,000,000
Georgia Power Co
•BtdS
share.
American
November 3
42,574 shares
Corp.--Common
120,000
Corp
Jackson
Frontier
18
(Bids
Grier, Inc.—-Common
Co.)
Bonds
$25,000,000
(Tuesday)
(11:00 a. m. N. Y.
October
capital stock. Price—$8
Proceeds — To increase capital and surplus.
Office—1455 Union Ave., Memphis, Tenn. UnderwriterUnion Securities Investment Co., also of Memphis, which
will receive a selling commission of ($1.20 per share.
30
Nov.
September 27
—Class B
and Murch & Co., Inc.)
Debentures
(Tuesday)
Co
(Bids to be invited)
$500,000
Inc.)
,
(Tuesday)
Virginia Electric & Power
—Common
Accumulation
Drive-in
(Paine,
..Debentures
$38,101,600
invited)
Louisville Gas & Electric
Edgerton, Germeshausen &
(Kidder,
be
Indianapolis Power & Light
Co.,
$6,000,000
EDT)
Co
to
September 13
(5/31-6/3)
April 15 filed 96,450 shares of class
Dv C.
& Co.
m.
Southwestern Bell Telephone Co
(Bids to be invited) $100,000,000
(Monday)
Rothschild
American
Union City, N. J. UnderWnter—Hill, Thompson & Co., Inc., New York. Offering
early
August 9
—-Bonds
.
Purposes. Office—400 38th St.,
in
F.
$2,010,000
working capital and be available for general corporate
Expected
-Common
$1,709,680
a.
(Tuesday)
(Bids
$12,000,000
Compressed Concrete Construction
shares
Bruce National,Enterprises,
(George,
(L.
.Debentures
Common
13
&
Bonds
Power & Light Co
Consumers Power
4
underwriting)
EDT)
&
Bonds
$25,000,000
Common
(11:00
-Common
£ane, Space Corp.) $2,520,000
Bernheimer
,
(Tuesday)
July 19
July 26
Airport Parking Co
Hough, Inc.) $1,600,000
Homes,. Inc.—i__:
F'.
(D.
shares
American Frontier Life Insurance Co
(Union Securities Investment
Bevis Shell Homes, Inc
\
EDT)
m.
a.
Co
Gas
New Jersey
Debentures
Co
Foto-Video Electronics Corp
$300,000
Inc.)
Securities,
Common
-
V*
Bonds
$10,000,000
invited)
(Lehman Brothers; Merrill Lynch, Pierce, Fenner
Smith, Inc.; and Reinholdt & Gardner)
$5,000,000
(Friday)
•June 10
._J-
»-
(Thursday)
July 14
Laclede
(Wednesday)
8
(Johnson,
A. K. Electric Corp.—
V
Savannah Newspapers, Inc.—
shares
■
*
(Wednesday)
July 13
shares
$45,000,000
invited)
a.m.
*
Northern Illinois Gas Co.—
Common
Inc
112,500
Washington Gas Light Co
(Bids
underwriting)
be
to
to stockholders—no
(Offering
May 27 (Friday)
(No
Co.)
&
(A. G.) Spalding & Bros. Inc.—
Common
Inc
Morgan
(Bids
—v *
Common
Northwestern
Dynex, Inc.
y
$2,000,000
Inc.)
(Tuesday)
Bell Telephone
June 7
(Thursday)
Lite-Vent Industries,
Hammill
*.
(Tuesday)
Central Illinois Electric & Gas Co._,
and Tucker, Anthony &
750,000 shares
\,r"
Products,
Precision
(Shearson,
$10,000,000
DST)
t,
July 12
Common
4
Simmonds
m.
a.
,
(11:00
Bonds
Co.,
&
Treat
(Amos
.
Bonds
11:00
:
.
$100,000
Illinois Beef, L. & W. S., Inc
California—-Debentures
(Lehman Brothers) $6,000,000
United Financial Corp. of California——Capital
,<
•
*
$262,750
Corp.)
Investment Co., Inc.)
L.
•
Common
(Kuhn, Loeb & Co.
.
*.
(Bids to be
Harvey Aluminum, Inc
.Debentures
$5,000,000
invited)
be
Common
Associates, Inc.——
■
(Dillon,
Common
$150,000
Corp.)
Securities
(Fidelity Securities
$3,975,000
Bonds
to
Laclede Gas Co
(Bids
,
(Fidelity Securities Sc Investment Co.,
Inc.,r^Com.
$5,000,000
(Monday)
July 11
Bonds
$40,000,000
Drug Associates, Inc
Coca-Cola Bottling Co. of New York,
Bonds
—
$3,000,000
invited)
be
Preferred
(Bids
Debentures
Inc.—
Investing
(Havener
■
to
Gulf Power Co
,
_
:
May 25
$50,000,000
EDT)
(Bids to be invited)
Inc.)
Co.,
Processes,
(General
128,329 shares
(Equitable Securities Corp.)
Bonds
Co.—
m.
Gulf Power Co
(Monday)
Chemo-Vive
a.
(Thursday)
July 7
underwriting)
.
-June 6
shares unknown
Sierra Pacific Power Co.—
Bonds
Common
—
of
number
Co.)
(Wednesday)
July 6
$30,000,000
Invited)
to be
&
(11.00
Register Co
(Bids
-
Michael
Illinois Bell Telephone
(Thursday)
(Dillon,
Development Corp
(P.
$501,000
—_-Debentures
$50,000,000
Brothers)
(Lehman
$12,000,000
———Common
Co., Inc.)
&
Magnus
Credit Corp
Montgomery Ward
Southern Electric Generating Co.—
,
Hamilton,
(Godfrey,
v
share's
Life Insurance Co
$150,000
Products, Inc
Lee Motor
-Common
—
(Darius, Inc.)
Common
Debentures
invited)
be
100,000 shares
Co.)
C. F. C. Funding Inc
:
Co., Inc.)
Common
Centers, Inc
(Keller &
$825,000
360,000
Common
Inc.) $700,000
Bruce & Co.,
(Monday)
June 27
A.
$1,250,000
Inc.)
Co.,
to stockholders—no
238,590 shares
Cash
National
Food Fair Stores, Inc
(Eastman
&
Ripley &
(Bias
June 2
Blyth & Co., Inc.)
333,400
v
Sloss
Ripley & Co., Inc.)
(Offering
Boston Corp.-and
Inc.)
Co.,
&
Southwest Indemnity &
stockholders—underwritten by The First
(Offering to
Robert
Common
O'Neill
..Common
Service Co
and
Co.
$300,000
Michigan Wisconsin Pipe Line Co
(Tuesday)
May 24
Inc.)
100,000 shares
& Curtis)
Jackson
(Richard
(Wednesday)
■
Arizona Public
Kirsch &
M.
Common
stockholders—underwritten by Paine,
to
Webber,
—Common
Associates,
(Harriman
June
shares
200,000
Co.)
T.
(Offering
$300,000
Corp.)
Bonds
$17,000,000
EDT)
noon
Electronics, Inc
United States Boat Corp
.
..Common
Curtis)
&
Securities
*
'
•
Waltham Precision Instrument Co., Inc.—Common
(Offering to stockholders—underwritten by Schweickart & Co.)
700,000 shares
Common
Trans Tech Systems, Inc
(Myron A. Lomasney & Co.)
Common
—
(Harriman
(12
Laboratory For
$420,000
Inc.)
Co.,
90,000 shares
Inc.)
Co.,
Utilities Co
States
Gulf
Common
Wallace Properties, Inc
•/
shares
&
Fennekohl &
(B.
shares
1,692,466
Co.)
——Common.
General Sales Corp.—
Ladenburg,
Common
Wallace Properties,
Stearns & Co. and
Bear,
240,000
&
Parks
Inc.;
(Marron,
$6,000,000
Co.,
&
Bros.)
by
Common
Norman & Co.,
Inc.; Cortland Investing
Corp. and V. S. Wickett & Co., Inc.) $300,000
shares
Swimming Pool Development Co., Inc
and
Common
Thalmann
(Ladenburg,
Co..
&
(George,
Co.
&
Corp.
Teleregister
Stearns
Martin
Stearns
Bear,
217,278
Co.)
shares
60,000
Corp.)
Boston
First
20
(Diran,
Common
&
Safticraft Corp.
Debentures
Thalmann
(Ladenburg,
Common
$300,000
Republic Graphics Inc
(Arrin
June
shares
Properties, Inc.
(Hancock
.
Corp.
Teleregister
300,000
Corp
.
shares
120,000
Co.)
Pioneer Metals, Inc
Common
&
Co.)
&
(Monday)
Columbia Technical Corp
(The
shares
Inc.
Everett
(G.
Debentures
$12,000,000
Preferred
Common
200,000
100,000 shares
Fenner & Smith, Inc.)
(Merrill Lynch, Pierce,
County Canning Co., Inc
360,000 shares
Spartans Industries, Inc
(Shearson,
Patrick
Common
Corp
Harnischfeger Corp
Inc
Co.)
Bonds
(Monday)
June 15
Garrett
660,000 shares
stockholders—Underwritten
(Bear,
Common
Southwest Forest Industries, Inc
&
Thalmann
Coast
$900,000 '
Southwest Forest Industries, Inc
(White,
Pacific
$300,000
Common
Sloss
(Marron,
to
-
Electric Corp
Sierra
(Offering
Common:
&
&
Fibers
Namm-Loeser's
_
Corp
Murphy
(Pearson,
Common
Common
(Bache
Common
(Tuesday)
shares
400,000
(Simmons, Rubin & Co., Inc.)
$500,000
Loan Association
Instrument
Service
$300,000
Mattel, Inc.
shares
50,000 shares
Inc.)
Kirkland & Co.) $500,000
Consolidated Edison Co. of New York
(Bids to be received) $50,000,000
Class A
(Burnham
$250,000
150,000
Co.)
&
EDT)
p.m.
(Reynolds & Co.)
•
Common
Higginson Corp.)
(Lee
Associates,
Debentures
Inc
Laboratories,
June 14
$1,325,000
Co.)
Kirkland & Co.) $510,000
(Hallowell, Sulzberger, Jenks,
Common
Henderson's Portion Pak,
Debentures
& Co.)
3:45
McGowen Glass
(Lee
&
Futterman Corp.
Security Industrial Loan Association—Debentures
Security Industrial
Noel
Common
Inc
Jenks,
Sulzberger,
Whitmoyer
\
Common
Florida Power & Light Co.„
Manufacturing Co
(Glore,
$1,000,000
Electronics, Inc
(J.
Co.) 37,500 shares
A. Lomasney
(Myron
Debentures
Fuller & Co.)
D.
Common
$300,000
Securities Co.)
Laboratories,
Whitmoyer
(Hallowell,
Galvan, Inc.
$525,000
Inc.)
Inc.
(Jacey
82,065
Common
Vickers,
(Mcrritt,
1
—
Federated
Co.)
Common
shares
Circuits, Inc.—_
Precision
&
.Common
(The First Boston
Precision Circuits, Inc
Westmore,
shares
87,809
$2,336,960
Corp.)
Co.
Industries, Inc
134,739 shares
Co.)
Fuller
D.
Corp.
Ets-Hokin &
Pacific Vegetable Oil Corp...
—Debentures
(Dean Witter & Co. and Hooker & Fay, Inc.) $2,500,000
&
—Warrants
(S.
—_—Common
Aircraft Corp
Fuller
&
(Laird
Warren
Com.
Development Corp
Reeves Broadcasting &
$3,290,000
Corp.
Elco
(Frank Karasik & Co., Inc.) $450,000
Piper
Co.)
Common
D.
(S.
$450,000
Pacific Panel Co
Capital
&
(No underwriting)
(S.
Debentures
Byllesby
shares
Common
stockholders—underwritten by H. M.
to
(Offering
410,206
Co.)
Corp.
shares
Chemical Co
Ott
&
Dalto Corp.
Elco
Oxford Manufacturing Co., Inc..
—-Common
(W. C. Langley & Co. and Courts & Co.) 240,000 shares
a—Common
McDonald
and
Continental Capital Corp
Common
$360,000
Obear-Nester Glass Co
Common
(Merrill Lynch, Pierce, Fenner & Smith, Inc.) 210,045 shares
OK Rubber Welders, Inc
Common
(Bosworth,
Beryllium Co._—
(Kuhn, Loeb & Co.
35
(2071)
American Penn Life Insurance Co.
March
30
filed registration
of 127,500 shares of
Continued
on
page
36
36
The Commercial and Financial Chronicle
(2072)
Continued from page 35
under warrants granted in accordance with
company's Agent's Stock Option Plan. Price—$28
per share. Proceeds — To increase capital and surplus.
the
Office—203 S. 15th St.,
Philadelphia, Pa.
None.
Underwriter—
Hornblower
Porte, Ind. Underwriter
& Weeks, New York City.
American
Jan. 27
La
&
St.
—
Lawrence
properties,
Office—60 E.
American
March
The
Security Corp.
28 filed
company
be
share
of
offered
of each issuer; and the units are
subscription by stockholders of each
issuer at the rate of
one
share for each five shares
new
Beil
&
Price—To be supplied by amendment.
American Security will use its proceeds in
Proceeds-
Birtcher
part to repay
current
of
indebtedness
incurred
incident
to
the
non-banking assets of The City Bank of Wash¬
with the balance added to working capital for
general
corporate purposes.
Office—734 15th Street,
N. W., Washington, D. C. Underwriters—Alex Brown &
Sons, Baltimore, Md.; Folger, Nolan, Fleming-W. B.
Hibbs & Co., Inc. and Johnston Lemon & Co.,
Washing¬
ton, D. C.; and Kidder, Peabody & Co., New York.
—To
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating, sight-seeing
service, Office—Washington, D, C.„ Underwriter—None.
Coca-Cola Bottling Co. of New York (5/25) ^
April 19 filed 298,204 outstanding shares of its common
stock.
Price—To be supplied by amendments Proceeds
—To
selling stockholders. Underwriter—Eastman Dil¬
lon/Union Securities & Co., New York. Listing—The
capital.
Cold
•
New
60th
St.,
Co., Inc.,
April
&
145,703
Film
Corp.
shares of
stock
(par 20
connection with
material control
supplied by amend¬
Proceeds—$1,950,000 will be applied toward the
W.
Pressprich
&
Co.
Riter
and
&
Co.,
New York.
it Arco
filed
10
Price
To
—
140,000
be
shares of class A
supplied
by
Proceeds
rate
—
$350,000 for general corporate purposes and the balance
for working capital.
Office—New York City.
Under¬
writer—Michael G. Kletz & Co., Inc., New York
City.
Arizona
Public
Service
Co.
(5/24)
to be offered to holders of the
stock
common
at
rate
of
share
new
by
purposes
and
poses.
amendment.
Office
of loans
payment
—
501
Proceeds
South
3rd
Underwriters—The First Boston
Inc., both of New York.
•
Atlas
10
cents). Price—To
ceeds
—
incurred
For
be
additional
present
construction
for
such
Pro¬
ment.
—
year
28
(letter
nations
of South Dakota
writer—None.
value.
Under¬
mon
—
•
Aviation
Feb. 8 filed
per
share.
.invested
■
Employees Corp.
2,500,000 shares of
Proceeds—Together
in
sidiaries;
the
for
shares
general
of
maining balance will be
the purchase of all
or
a
formation
-
-
.
of
one
or
used
stock. Price—$2
with other
funds, will be
company's
purposes;
from
time
three
and
to
other
Tower Bldg., Washington,
D. C.
$heU Jr- _Co-» Washington,
& Sons,
•
'
m<JP
•
or
—For
general
rrtee?n/» New
Go., Inc., m!
corporate
Underwriters—G.
D. C.; and Ralph
purposes.
V
York, N. Y.
by
2,250
general
corporate
purposes.
Office —640
$1 per share.
and
J. Mit-
B. Leonard
shares
share.
Office—4
Underwriter—A.
of
for
stock.
oflor,?!Lin units .of
—$20.20
per
unit.
com-
31st
J. Gabriel
•
mon
16
stock
Constellation
Office
ceeds— For
Utica
general
corporate
Avenue, Brooklyn, N. Y.
purposes.
Office
Life
C.
Office—724-
Underwriter-
Insurance Co.
common
—
stock, of which
—
$1
share. Proceeds—To establish
for initial and intermediate
per
fund
struction of custom
a
$250,000 revolving
financing of the
con¬
pre-fabricated type residential or
buildings and facilities upon properties to
be acquired for sub-division
and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln
Ave., Little Rock,
or
commercial
Ark.
Underwriter—The Huntley
Corp., Little Rock, Ark.
Continental Electric Co.
Feb. 11 filed 260,000
shares of common stock (par $1).
Price—To be supplied
by amendment.
Proceeds—To
retire
outstanding bank loans, for expansion and devel¬
ony
new
products, and for working capital. Office
Geneva, 111. Underwriter—Old ColInvestment Co., Stoneham, Mass.
—715
'
Hamilton St.,
Cosmopolitan Insurance Co.
March 30 (letter of
notification) 58,000 shares of capital
stock (Par $1). Price —.
$5 per share; Proceeds — For
general corporate purposes.
Office—4620 N. Sheridan
-
Road,
«/■
Chicago,, 111.
Co., Chicago, 111.
Pro¬
—
company.
Continental Capital Corp. (5/31-6/3)
April 27 filed 2,000,000 shares of common stock. Price—
com¬
755
Underwriters—Mainland
($2,600 of notes and 10 shares of
unit. Proceeds—For repayment
Norfolk, Va. Underwriter
Willis, Kenny &
Ayres, Inc., Richmond, Va.
' ./'j£;"
one share of each class
stock. Price
Proceeds—To pay mortgages. Office
<
.
350,000 shares will be reserved for stock options, 150,000
shares will be offered to holders of the
outstanding
common
on
a
"first-come-first-served" basis at $3.25
per share, and 850,000 shares will be
publicly offered.
Price—$3.50 per share.
Proceeds—To general funds.
opment of
Packaging Co., Inc.: (5/23-27) *
(letter of notification) 115,000 shares of
(par 10 cents). Price—$2.50 per share.
per
March 29 filed 1,350,000 shares of
Chemical
March
Price—$360
Washington, D.
stock
(20c
Jericho
Shannon & Luchs Securities
Corp.
Price
($10 par)
par), to be
W.
common
of certain advances made to the
14th Street, N. W.,
Underwriter—None.
Certified Credit & Thrift
Corp.
Jan. 26 filed 250,000 shares
of class A
and 250,000 shares of
class B stock
of
consideration of $3,600
Proceeds—To increase capital and
surplus
working capital.
shares
stock).
Fifth
—Columbus, Ohio. Underwriter—Commonwealth
Secu¬
rities Corp., Columbus.
Offering—Imminent.
Proceeds
W.
Capital Shares Inc., San
Francisco, Calif.
May 3 filed 1,100,000 shares of common
313
—
stock.
It is proposed to offer
public sale in units, each consisting
of $260 of notes and one share of
stock, provided that
the minimum purchase shall be 10
units for a minimum
(5/23-27)
(letter of notification) 150,000 shares of com¬
stock (par 10 cents).
Price—$2 per share. Proceeds
For
Office
these securities for
><V
for
companies
Recording Corp. (5/13)
29 (letter of
notification) 150,000
stock (par 10 cents). Price—$2 per
V
the
BeStone
•'
-
time
-
re-
engaged in
the business of
insurance or finance or to
further supplement the funds of the three
subsidiaries. Office—930
Inc., of New York City.
•
sub-
the
substantial interest in
more
supplied
Office—Cleve¬
—
common
the
be
Avenue, New York, N. Y. Underwriter
Mandell &
Kahn, Inc., Time-Life Building, Rockefeller
Center
New York, N. Y.
(5/16)
corporate
To
purposes.
Huntington,
-
March 31
Proceeds—
City, S. D.
—
corporate
Chesapeake, Inc.
April 29 filed $585,000 of 4%% promissory notes and
general corporate purposes. Office—90 Broad
St., New
York 4, N. Y. Underwriter—Darius
Inc., New York, N. Y.
• Cabana
Pools, Inc.
notification) $250,000 of 6V2% 10debentures to be offered in denomi¬
of $250 each.
Price—At face
For working capital.
Address—Rapid
Price
For expansion.
•
Connecticut &
the
• C. F. C. Funding Inc. (6/27)
May 6 (letter of notification) 75,000 shares of common
stock (par 10
cents), Price—$2 per share. Proceeds—For
of
subordinated
—
of
his firm.
L. I., N. Y. Underwriter—Cap¬
ital Accumulation
Corp., Franklin National Bank Bldg.,
Roosevelt Field, Garden
City, N. Y.
v
supplied by amendment.
Proceeds—To be used to the extent
necessary to defray
the full cost of the
Telecomputing Services acquisition,
and the balance will be
applied to "other phases of the
program."
Office—1200 Jefferson Davis
Highway, Ar¬
lington, Va. Underwriter—To be supplied
by amend¬
255
Audion-Emenee Corp. (5/16)
March 29 filed 100,000 shares of
common stock
(par $1).
Price—To be supplied
by amendment. Proceeds
For
working capital. Office—New York
City. Underwriters
—Pistell, Schroeder & Co., Inc., and Bertner
Bros., both
of New York City.
April
thereof.
Proceeds
for the account
and
Turnpike,
30 filed 122,000 shares of class A
voting stock.
The company proposes to offer this stock
for subscription
by holders of outstanding class A voting and class B
non-voting stock, at the rate of one new share for each
four shares held. Price—To be
Huntington Avenue, Boston, Mass. Underwriter—Keller
& Co.,
Boston, Mass.
• Automobile Bankers
general
C-E-l-R, Inc.
(par
—
Avenue, Miami,
& Co., Inc., New
March
(6/27)
supplied by amendment.
working capital. Office
to be offered
Eurka
it Compressed Concrete Construction Corp.
(6/13-20)
May 9 (letter of notification) 100,000 shares of common
stock (par 10 cents). Price—$3
per share. Proceeds—For
3rd
O'Neill
For
Commerce Oil Refining Corp.
16, 1957 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock
to be
offered in units as follows: $1,000 of bonds and 48 shares
of stock and $100 of debentures and nine shares of
stock.
Price—To be supplied by amendment.
Proceeds — To
construct refinery. Underwriter—Lehman
Brothers, New
York. Offering—Indefinite.
land, Ohio. Underwriters—Kuhn, Loeb & Co., New York
City, and McDonald & Co., Cleveland.
pur¬
of class A common stock
are
holders
amendment.
Avenue, Phoenix, Ariz.
Corp. and Blyth & Co.,
Bowling Centers, Inc.
May 2 filed 100,000 shares
For
—
George
—
Dec.
:..-V
standing stock,
for each 10 shares held of record
May 24, 1960 with rights
to expire on June 14 at 3:30
p.m. (EDST). Price—To be
supplied
—
E.
common
Proceeds
,,
Brush Beryllium Co. (5/31-6/3)
April 11 filed 410,206 shares of common stock, of which
260,000 shares are to be offered for the account of the
issuing company and 150,206 shares, representing out¬
•
one
Underwriter
York.
common stock (par
$5),
company's currently out¬
the
additional mechanization and
N.
$2 per share.
general corporate purposes. Office — 61-02 31st Ave.,
Woodside, L. I., N. Y. Underwriters—Diran, Norman &
Co., Inc., V. S. Wickett & Co., Inc., and Cortlandt In¬
vesting Corp., New York, N. Y.
handling and for experimental work in
beryllium; and the balance of the pro¬
Office—1118
—
it Columbia Technical Corp. (6/20-24)
May 6 (letter of notification) 100,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For
May.
purposes.
Fla.
April 22 filed 333,400 shares of
standing
Mr.
National Enterprises, Inc.
(5/31-6/3)
April 29 filed 335,000 shares of common stock (par 10
cents).
Price—$6 per share. Proceeds—For reduction
of outstanding
indebtedness; to pay off mortgages on
certain property; for
working capital and other corpo¬
stock.
common
amendment.
(no par). Price
capital. Office—7626 Old Georgetown Road,
Bethesda, Md. Underwriter—E. A. Burka, Inc., Wash¬
ington, D. C. Note — The SEC has announced May 9
that an anti-fraud proceeding has been filed
against
Bruce
of
Fieldman, New York.
working
Underwriter — Dempsey-Tegeler &
Co., St. Louis and New York. Offering—Expected at the
end of
Underwriter—Michael
Colorado
stock
fice—Reading, Pa.
Electronics, Inc.
May
both
as
listing.
Caterers, Inc.
April 8 (letter of notification) 150,000 shares of
ceeds will be added to the company's
general funds; Of¬
purchase of certain properties and assets of the Sperry
Rand Corp.; $140,000 will be used to retire short-term
bank loans; and the balance for
general corporate pur¬
poses. Office—l Hicks Ave., Newton, N. J. Underwriters
—R.
•
end
facturing facilities, such
be
Canada.
be
each six shares held.
Price—To
Proceeds
working
new
cents), to be offered for subscription by holders of out¬
standing common stock at the rate of one new share for
ment.
par.
augment
of the year; an additional $250,000 is
expected
expended either by the company or through its
subsidiaries for the improvement of certain of its manu¬
to
(5/23)
common
to
plant in the southeastern portion of the
United States which it hopes to obtain and open before
the
Chemical
filed
7
the
of
York, N. Y.
Anken
incurred
apply for NYSE
to
Lake
Pipe Line Co., Ltd.
Feb. 5 filed 200,000 shares of common stock. Price—At
the market, at time of offering. Proceeds—For
general
corporate purposes. Office—1410 Stanley St., Montreal,
Angeles, Calif. Underwriter —
Quincy Cass Associates, Los Angeles, Calif.
• Bowers
Battery & Spark Plug Co.
March 29 filed 280,000 shares of common stock (no par),
of which 250,000 shares will be offered for public sale
at $6 per share and 30,000 shares will be offered to
selected employees at $5.40 per share.
Proceeds — Be¬
tween $200,000 and $300,000 is expected to be expended
before 1961 for starting up
costs, including initial rents
American Stereophonic Corp. (5/13-17)
April 11 (letter of notification) 50,000 shares of common
stock (par one cent). Price—$2 per share. Proceeds—
For general corporate purposes. Office—17 W.
New York, N. Y. Underwriter—D. H. Victor &
bank loans
Office — Los
intends
company
Corp.
pay
^
?
Hough, Inc. of St. Petersburg, Fla., as co-
debentures, due April 30, 1975. Price—At
the
ington,
:
Corp.
.
March 29 filed $500,000 of 6% convertible subordinated
purchase
General
Circle-The-Sights, Inc.
March 30 filed 165,000 shares of common stock and
$330,000 of debentures (10-year 8% redeemable). Price—For
.
held.
—
(6/6-10)
U*-'
April 19 (letter of notification) 262,750 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—100 W. 10th
Street, Wilmington 99, Del.. Underwriter—Havener Se¬
curities Corp., New York, N. Y.
:
^
; .v
r
Big Laurel, Inc. (5/23-7)
■
March 22 filed 400,000 shares of 7% cumulative preferred
stock (par $2.80) and 400,000 shares of common stock
(par 10 cents), to be offered in units of one share of pre¬
ferred and one share of common. Price—$3 per unit. Pro¬
ceeds—To develop a resort community and for working
capital. Office—Bryson City, N. C. Underwriters—Pear¬
son, Murphy & Co., Inc., New York City, and Mackay &
Co., Reading Pa
:
V
stock
for
Chemtree
•
100,000 shares of
one
Avenue, Juniata, Altoona, Pa.
Underwriter
Investing Corp., New York, N. Y.
managers.
Security stock and a like number of shares of
$10 par capital stock of the Trust Company in units
to
units (200,-
stock, to be offered for public sale in
and
(5/16-20)
100.000 shares of capital stock (par $2).
is an affiliate of American Security &
American
of
filed
ance
Trust Co. by reason of the fact that each of their stock¬
holders owns the same number of
outstanding shares of
each entity. It is
proposed to offer the
the
Shell
30
p
Processes, Inc.
(6/6-10)
April 22 (letter of notification) 75,000 shares of class A
common stock (par 10 cents).
Price—$2 per share., JP.roceeds—To purchase machinery and equipment and the
balance
for
working capital.
Office-609-11 Fourth
600,000 to be used to increase its holding of mortgages
will be placed in escrow for that purpose; and the bal¬
for general corporate purposes. - Office—Tampa,
Fla. Underwriters—G. H. Walker & Co., New York City
estate.
42nd
St., New York City. Underwriter—
J. Gabriel Co., Inc., New York City.
A.
•
real
\
Chemo-Vive
and
mortgages, develop and im¬
additional
Office—c/o Leonard W. Noyes, Pres.,
purchase of two additional units of one common sh^i"e
one $8 debenture at $9.50 per unit. Proceeds—$2,000,000 will be used to increase the company's holdings
of mortgages placed on the shell homes it sells; and $1,-
Seaway Land Co.
acquire
and
Road,
Hicksville, L. I., N. Y.
Billings, Mont. Underwriter—None.
Bevis
mon
538,000 shares of common stock,'of which
350,000 shares are to be publicly offered. Prioe—$3 per
share. Proceeds—To pay off
Thursday, May 12, 1960
Y.
000), at $15.50 per unit, each unit to consist of five com¬
mon shares, one $8 par debenture, and warrants for the
—
filed
prove
.
Securities Corp., 156 N. Franklin Street,
Hempstead, N.
and Jeffrey-Robert Corp.,. 382 $. Oyster Bay
.
Homes, Inc. (5/31-6/3) /
'
$1,600,000 of 9% subordinated sinking
fund debentures due 1985 and 1,000,000 shares of com¬
•
March
it American Rubber & Plastics Corp.
May 11 filed 200,000 shares of common stock. Price —
To be supplied by amendment.
Proceeds—To selling
Office
.
,
ing expenses.
Beth Dr.,
...
stockholders.
„
April 27 (letter of notificatiori) 50,000 shares of common
stock. Price—At par ($1 per share). Proceeds—For min¬
offered
be
Mining (pOfp*
*4r Ben
"
.
'
V
,
,
r
Gorman,
Peck
Consolidated Realty Investment
Corp.
19 filed 235,000 shares
of capital stock (par $10).
Jfrice—.$14 per share.- Proceeds—For investment in small
April
:
Underwriter—Link,
Number 5950
Volume 191
.
.
.
The Commercial and Financial Chronicle
concerns, and to the extent necessary may use a
thereof to retire its outstanding subordinated
Venture in the amount of $150,000 held by the Small
.,,-iness
nrtion
Siisiness Administration.
Office
Calif.
Francisco,
San
c+rppt
—
120 Montgomery
Underwriter
—
McDon¬
Inc., New York,
v
cosnat Record Distributing Corp. (5/16-20)
Jvb 29 (letter of notification) 75,000 shares of class A
innmmon stock (par 10 cents). Price—$4 per share. Proreeds—For general corporate purposes. Office—315 W.
& Co.,
nell
(2073)
•
Diversified Realty Investment Co.
April $6 filed 250,000 shares of common'stock;- Price—
$5 per share (par 50 cents). Proceeds — For additional
working capital. Office—919 18th Street, N. W., Wash¬
ington, D. C. Underwriter—Ball, Pablo & Co., Washing¬
ton, D. C.
Doak Pharmacal Co. Inc.
m
Street, New York, N. Y. Underwriter—Mortimer
Burnside & Co., Inc., New York, N. Y.
Country CEub Corp. of America
April 29 filed 200,000 shares of common stock (par 10
rents)
Price—$3 per share. Proceeds—For repayment
0i outstanding*debt; 'including payment of mortgages,
taxes
notes, and miscellaneous accounts payable; for
tfpner'al corporate purposes and construction of new fa¬
cilities.
Office— 1737 H. Street, N. W., Washington,
A7th
(5/16-20)
C.
Underwriter—A. J. Gabriel Co., Inc., New York.
Crawford Corp. (5/23-26)
March 28 filed 200,000 shares of'common
of which 100,000 shares are to be offered
(letter of notification) 100,000 shares of com¬
mon stock
(par 10 cents). Price—$3 per share. Proceeds
—For general corporate purposes. Office—99 Park Ave¬
nue, New York, N. Y. Underwriter—Ross Securities, Inc.l
99 Wall Street, New York 5, N. Y.
^ Drug Associates, Inc. (6/6-10)
May 6 (letter of notification) 100 units of $100,000 of ,7%
sinking fund debenture bonds and 10,000 shares of 'com¬
mon stock
(par $1) to be offered in units consisting of
one $1,000
debenture and 100 shares of common stock.
Price—$1,100 per unit. Proceeds—For general corporate
purposes. Office—1238 Corlies Ave., Neptune, N. J. Un¬
derwriter—Fidelity Securities & Investment Co., Inc.,
Asbury Park, N. J.
t
•
stock (par $1),
for public sale
for account of issuing company and the balance, being
outstanding stock, by the present holders thereof. Price
March 30 filed 200,000 shares of common stock (par $1)
to be publicly offered and 125,000 sh&res issuable under
—To be
supplied by amendment. Proceeds—To be initi¬
ally added
to working capital and used
for general cor¬
porate purposes, including but not limited to the reduc¬
tion of short-term bank loans ($5,921,872 outstanding at
Dec. 31, 1959, including $5,199,800 of bank loans made
directly to an unconsolidated subsidiary).
It is con¬
additional funds will be used to ac¬
templated that the
quire land for development or resale to dealers, con¬
struction loans to builder-dealers, expansion of the com¬
possible manufacture and
builders, of "shell" house
packages for completion by the home owner on a "do-ityourself" basis. Office—7111 Florida Boulevard, Baton
Rouge, La. Underwriter—A. G. Becker & Co., Inc., of
pany's market area, and the
erection, in cooperation with
Chicago and New
York.
(5/16)
notification) 85,000 shares of com¬
mon stock (par 25 cents).
Price—$3 per share/ Proceeds
—For general corporate purposes.
Office—1700 Niagara
Street, Buffalo, N. Y. Underwriter—R. A. Holman & Co.,
Inc., New York, N. Y.
(
' 7-7:.;7':^ V/-::-;'
Custom Craft
Dalto
134,739 shares of common stock, to be
subscription by holders, of such stbck' of
offered
for
record
May
2 at the rate of one new share, for each
held. Price—To be supplied by amend;
the retirement of notes and addfc
two shares then
ment. Proceeds—For
tional working
Office—Norwood, N. J.
capital.
writer—None.
Under¬
7,>/"■
■
(5/23-27)
company's Restricted Stock Option Incentive Plan for
key employees. Price—To be supplied by amendment.
Proceeds—To reduce a bank loan in the amount of $2,-
Under¬
Office—634 Broadway, Cincinnati, O.
681,000.
writer—Allen &
Co., New York.
.///77.77
• Durox of
Minnesota, Inc.
April 11 filed $650,000 of 7% first mortgage bonds and
120,000 shares of
common
will be made in units of
one
stock (par $1). The offering
b6nd ($100 principal amount)
and 20 shares of common stock
or one
unit of 50 bonds at
amount plus accrued interest. Price—To be
supplied by amendment. Proceeds—For additional plant
and equipment and to provide working capital to com¬
mence and maintain production.
Office — 414 Pioneer
principal
Bldg., St. Paul, Minn. Underwriters—Irving J. Rice &
Co., Inc., St. Paul, Minn, and M. H. Bishop & Co., Min¬
neapolis, Minn. Offering—Imminent.
Dworman
filed
15
—This offering has been postponed,
,,
;
Dymo Industries, Inc.
Ajn^l, 11 filed 150,000 shares of capital stock (par $1).
Price—To be supplied by amendment. Proceeds—Ap¬
proximately $200,000 of the proceeds from the sale of the
stockpVfJJj loused for the, purchase and installation of
machinery and equipment in a new plant which the com¬
pany is presently negotiating to lease; $400,000 will be
used for the acquisition of tools, dies, jigs and fixtures;
Drug Corp. \
.
.
March 30 filed 200,000 shares of class A common
$100,000 for leasehold improvements; and the balance for
working capital. Office—2546 Tenth St., Berkeley, Calif.
Underwriter
William R. Staats & Co., Los Angeles,
of which
California.
•
Dart
.
stock,
to be offered for public sale
170,000 shares are
issuing company and 30,000 shares, be¬
ing outstanding stock, on behalf of the present holders
thereof. Price—$5 per share. Proceeds—For repayment
of corporate indebtedness'and for working capital. Office
behalf of the
on
—5458 Third St., N. E., Washington, D. C. Underwriter—
Hodgdon & Co., Washington, D. C. Offering—Expected
sometime in
>■_77
June.
Defense
Electronics, Inc.
April 12 (letter of notification) 200,000 shares of com¬
mon stock (par one cent).
Price—$1.50 per share. Pro¬
ceeds—For machinery and electronic test equipment,
working capital and a reserve fund. Address—Rockville, Md. Underwriter—Balogh & Co., Inc., Washing¬
ton, D.C.
'
•
Deltown Foods, Inc. (5/16-20)
March 22 filed 115,000 shares of outstanding common
stock (par $1). Price—To be supplied by amendment.
Proceeds
To
selling stockholders. Office—Yonkers,
N. Y. Underwriter—A. G. Becker &
Co., Inc., New York
—
city.
■77777 /
-
;:;-7 77
■■'r^:7V7:7'7"7..-
Deluxe Aluminum Products, Inc. (5/23)
Oct. 15 filed
$330,000 of convertible debentures,
000 shares of
common
stock. Price—For the
and 70,-
debentures,
100% of principal amount; for the stock, $5 per share.
Proceeds—From 10,000 shares of the common stock, to
the present holders
thereof; from the rest of the offer¬
ing, to the company to be used for expansion and as
working capital. Office—6810 S. W. 81st St., Miami, Fla.
Underwriter— R. A. Holman & Co., Inc.
77
Development Credit Corp. of Maryland
March 29 filed
2,000,000 shares
of common stock. Price
For general corporate
purposes. Office—22 Light St., Baltimore, Md. Under¬
writer—None.
'
'
•—$1.10
per
share.
Proceeds
—
Dynamic Films, Inc. (5/23-27)
March 29 (letter of notification) 100,000 shares of com¬
mon stock (par 10 cents).
Price—$3 per share. Proceeds
—For
general corporate purposes.
Office — 405 Park
Avenue, New York, N. Y. Underwriter—Morris Cohon
Dial
Finance Co.
Road,
of common stock (no
Dynex, Inc.
March 15 filed
are
Underwriter—White,
be
supplied by amendment. Proceeds—For general cor¬
—
160 Brookline Ave., Boston,
Mass. Underwriter—Kidder, Peabody & Co., New York.
porate purposes. Office
7 Edwards Engineering Corp,
'
April 8 filed 85,000 shares of common stock of which
70,000 shares are to be offered for the account of the
issuing company and 15,000 shares, representing out¬
standing stock, are to be offered for the account of the
present holders thereof. Price—$3.50 per share.
Pro¬
ceeds—For general corporate
purposes
including sal¬
aries, sales promotion, moving expenses, and research
and development work. ; Office--715 Camp Street, New
Orleans, La. Underwriter—Sandkuhl & Company, Inc.,
New York City and Newark, N. J.
7
EBco Corp.
(5/31-6/3)
April 22 filed $1,000,000 of 6% convertible subordinated
debentures due May 15, 1975, 82,065 common stock pur¬
chase warrants, and 87,809 shares of common stock re¬
served against the exercise of the warrants.
Price—
100% of principal amount plus accrued interest from
May 15, 1960. Proceeds—For retirement of the company's
indebtedness to The First Pennsylvania Banking & Trust
Co., and for the purchase of machinery and equipment.
Location—"M" Street below Erie Avenue, Philadelphia,
Pa. Underwriter—S. D. Fuller & Co., New York.
•
Electrada
Corp.
400,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—For
acquisitions, debt reduction, and other corporate pur¬
poses. Office—9744 Wilshire Blvd., Beverly Hills, Calif.
Underwriter—Bache & Co., New York.
March
filed
29
inventories and adver¬
purchase additional
inventory ;for the manufacture and pro¬
Corp. (5/16-20)
of common stock (par 10
March 17 filed 122,500 shares
cents), of which 72,500 shares
are
to be offered for public
the remaining
sale for the account of the company and
50,000 shares, now outstanding, by Robert Edwards, com¬
pany president.
Price—To be supplied by amendment.
Proceeds—$20,000 will be used to further equip its en¬
gineering department and office, $60,000 for research and
development, and $20,000 for advertising and promotion.
The balance of the proceeds of approximately $594,750
will be added to working capital. Office—20 Bridge Ave.,
Red Bank, N. J. Underwriter—Amos Treat & Co., Inc.,
New York.
7''; 7
Electrosolids
April 25
Corp.
(letter of notification)
100,000 shares of com¬
(no par). Price—$3 per share. Proceeds—To
repay borrowings, expand the company's facilities and
for working capital.
Office—13745 Saticoy Street, Van
Nuys, Calif. Underwriter—Morgan & Co., Los Angeles,
mon
stock
Calif.
77.77-7;7
7 777v 77.
•
Englehard Industries, Inc. (5/23-27) 7
Mar. 30 filed 400,000 shares common stock (par $1). Price
—To be supplied by amendment. Proceeds—$2,000,000
to reduce outstanding amount of term notes, and the
balance to reduce outstanding short-term indebtedness
•
and
Office—Newark, N. J.
Co. Inc., and Lazard
Co., both of New York City.
increase
Underwriters
Freres
&
working
—
capital.
Dillon, Read &
Espey Mfg. & Electronics Corp.
April 29 filed 80,000 shares of common stock (par $1).
Price—To be supplied by amendment.
Proceeds—For
general corporate purposes.
Y.
Underwriter — Sutro
N.
Office—Saratoga Springs,
&
Bros.
Co.,
New
York.
Offering—Expected in mid-June.
Radio & Electronics, Inc.;
of common stock (par 10c).
Price—$5 per share. Proceeds—$73,000 will be used to
replace funds used by company for payment of subordi¬
nated notes; $50,000 to repay short-term bank obliga¬
tions; and the balance of approximately $477,000 will be
added to working capital and used for general corporate
purposes, including financing of finished and raw mate¬
rial inventory. Office—39 Broadway,: New York. Under¬
writer—Myron A. Lomasney & Co. Offering—Expected
Esquire
March. 30 filed 150,000 shares
sometime in June.
*
*
(5/31-6/3)
equipment and
March 28 filed 250,000 shares of common stock (par $1).
Price—$5.30 per share. Proceeds—To be added to com¬
expand
the scope of the company's business. Office—123 Eileen
Way, Syosset, N. Y. Underwriter—Myron A. Lomasney
duction of contracts
&
for other concerns, and to
Co., New York.
Research Laboratories, Inc.
^ E-H
April 28 (letter of notification) 15,000 shares of capital
stock (par $1). Price—$10 per share. Proceeds—To liq¬
uidate bank borrowings and for working capital. Office
—163 Adeline St.,
•
E.
H.
Aug. 31
P.
Oakland, Calif. Underwriter—None.
filed 160,000 shares of capital stock (par
shares are to be publicly offered.
10c),
Price
—$2.50 per share. Proceeds — To provide funds for the
purchase of vending machines which will be used to
distribute
automobile breakdown insurance policies on
thruways, parkways and highways m the amount of $25
of such breakdown insurance for the purchase price of
relations and publicity pro¬
Office—Hotel Troy Building, Troy, New York.
Underwriter—John R. Boland & Co., Inc., New York.
Offering—Expected in late June.
'-7
''7.7
25
cents, and for a public
gram.
he
East Alabama Express, Inc.
(letter of notification) 77,000 shares of common
(par $1). Price—$2.50 per share. Proceeds—To
April 1
;
stock
Ets-Hokin
&
Galvan,
Inc.
pany's working capital and will be used principally to
reduce some $1,000,000 of its accounts payable. The bal¬
ance will be used to reduce notes payable to the Bank
of America National Trust & Savings Association. Office
—551
—Van
•
Mission
St.,
San
Francisco,
Calif.
Underwriter
Alstyne, Noel & Co., New York.
FXR, Inc.
(5/16-20)
subordinated
supplied by amend¬
ment. Proceeds—$950,000 will be used to repay shortterm notes and up to $375,000 is to be invested in Micromega .Corp.; the balance of the proceeds will be used
to acquire new facilities, to maintain necessary inven¬
tory to meet current and anticipated sales requirements,
to supplement working capital and for other general
corporate purposes. Office—26-12 Borough Place, Woodside, N. Y. Underwriter—C. E. Unterberg, Towbin Co.
Farrington Manufacturing Co;> >(5^16-20)
^
March 25 filed $6,000,000 of subordinated convertible
debentures due 1970. Price—To be supplied by amend¬
ment. Proceeds—$2,000,000 to be applied to the payMarch
30
filed
$2,000,000
of convertible
debentures, due 1970. Price—To be
Corp.
of which 100,000
quisition of Hope Homes. Inc., Browntown Water Co. and
Cantor & Goldman
Builders, Inc., with the balance to
common stock (par $1) of
20,000 shares are now outstanding and are to be
public sale by the holders thereof and 100,000 shares are to be offered by the company. Price—To
offered for
•
Diversified Communities, Inc.
s-Postponed.
(5/26)
54,000 common shares (25 cents par) and
5,000 shares of this stock. The
to finance the starting of
cerns,
(6/13-20)
which
tising incident to new products, to
«ept. 25 filed 367,200 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For ac¬
used as working capital.4 Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin, N. J.
Underwriter—Lee Higginson Corp., New York. Offer¬
;
to make a public offering of 30,000
shares.
Of the additional 24,00,0 shares, 20,000 are being
issued in escrow for the account of, and may be resold
by, the holders of capital stock and certain creditors of
Matronics, Inc., after July 22, 1960 at the then prevail¬
ing market price; and 4,000 shares for the account of
the holders of the common stock and a creditor of Optics
Manufacturing Corp.
The 5,000 warrants are being
issued to stockholders and certain creditors of Matronics,
Inc.
Price—To be supplied by amendment. Proceeds—
To finance the activities of the two newly-acquired con¬
for
r~207 Ninth St., Des Moines, Iowa,
Weld & Co.,
Inc., New York.
,
proposes
company
par),
outstanding and will
public sale by the holders thereof, and
remaining 150,000 will be offered for the company's
account. Price—To be supplied
by amendment. Pro¬
ceeds—To be added to the company's general funds and
will be used
initially to reduce short term debt. Office
be offered
the
Underwriter—General Securities
warrants for an additional
—
including 150,000 shares which
Mineola, N. Y.
Co., Inc., New York, N. Y.
(5/17-18)
March 25 filed
300,000 shares
Co., New York, N. Y.
Dynatron Electronics Corp. (5/23-27)
April 29 (letter of notification) 100,000 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For general corporate purposes. Office—178 Herricks
■
•
Offering—Expected in early June.
•
&
ic Edgerton, Germeshausen & Grier, Inc.
Electronic Assistance
Corp.
300,000 shares of common stock.
Price—
$10 per share. Proceeds—For general corporate pur¬
poses.
Office—400 Park Avenue, New York City. Un¬
derwriter—Charles Plohn & Co., New York City.
Note
Jan.
•
(5/31-6/3)
Corp.
March 29 filed
Chemicals, Inc.
the
Marine Co., Inc.
March 28 (letter of
•
Dubois
notes payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital. Office
—109 M Street, Anniston, Ala.
Underwriter—First In¬
vestment Savings Corp., Birmingham, Ala.
repay
May 5 filed 120,000 shares of
April 28
j3.
p.
37
Continued
on page
38
38
The Commercial and
(2074)
•
Continued from page 37
(5/23-27)
Enterprises, Inc.
Forest City
450,000 shares common stock (par $1). rnce
—To be supplied by amendment. Proceeds—For repay¬
ment of bank loans and for working capital. Office—
Mar. 29 filed
of
bank
loans; $2,800,000 to the scanner program
including (a) $1,000,000 for expenditures by
Farrington
Electronics,
Inc.,
a
newly-formed
date
processing subsidiary, for inventory, 250,000 to Pur~
chase and test equipment for producting scanners and
$250,000 as working capital; and (b) $1,300,000 for re¬
search and development. Office—77 A St., Needham,
Mass. Underwriters—Cyrus J. Lawrence & Sons, New
ment
in
1960,
York
City; and Brawley, Cathers & Co., Toronto, On¬
tario, Canada.
•
Steel Corp.
(5/23-27)
■
(letter of notification) 59,000 shares of com¬
mon stock (no par).
Price—$5 per share. Proceeds—For
an expansion program.
Office—3327 Elkton Ave., Dayton
3, Ohio.
Underwriter—Westheimer & Co., Cincinnati,
Federal
March
30
Ohio.
•
Inc. (5/31-6/3)
(letter of notification) 300,000 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—139-14 Ja¬
maica Avenue, Jamaica, N. Y.
Underwriter—J. B. Coburn Associates, Inc., New York, N. Y.
Federated Electronics,
April 25
Fidelity Acceptance Corp.
(letter of notification) 12,000 shares of class H
6% cumulative preferred stock. Price—At par (25) per
share). Proceeds—For working capital. Office—820 Plym¬
outh
Bldg., Minneapolis, Minn.
Underwriter—Ray F.
Kersten, 3332 E. Orange Dr., Phoenix, Ariz.
17903 St. Clair
Ave., Cleveland, O.
Co., New. York.
&
Country Club, Ltd. (5/16-20)
75,000 shares of common stock (par 100).
Price—$4 per share. Proceeds—To build a country club
in Forest Hills, L. I., N. Y. Office—179—45 Brinckerhoff
Ave., Jamaica 33, L. I., N. Y. Underwriter—Jerome
Robbins & Co., 82 Wall St., New York City.
•
Forest
Jan.
•
Ltd. (5/23-27)
100,000 shares of class A common stock,
(par 50 cents) Price—$6 per share. Proceeds—For gen¬
eral corporate purposes. Office—514 N. E. 79th Street,
Miami, Fla. Underwriter—Myron A. Lomasney & Co.,
Figurette,
filed
3
New York.
Foto-Video
Finger Lakes Racing Association, Inc.
28
filed $4,500,000 of 20-year 6% subordinated
sinking fund debentures due 1980 and 450,000 shares of
class A stock (par $5) to be offered in units, each con¬
sisting of $100 of debentures and 10 shares of class A
stock. Price—$155 per unit. Proceeds—For purchase of
land and the cost of construction of racing plant as well
as other organizational and miscellaneous
expenses. Of¬
fice—142 Pierrepont Street, Brooklyn, N. Y. Underwriter
—Stroud & Co,. Inc., New York and Philadelphia. Offer¬
ing—Delayed.
•
First
National
Realty & Construction Corp.
(5/16-20)
preferred stock first series, $8 par, redeemable by the
company on or after May 15,
1963 at $10 per share,
and 150,000 shares of common stock (par 10 cents).
It
is proposed that these securities will be offered in
units,
each
unit consisting of one share of preferred and one
share of common. Price—To be supplied by amendment.
Proceeds—$257,000 will be used to
officer and
an
tion
repay
loans made by
director of the company and
a
corpora¬
controlled by him to provide funds for apartment
house
construction; about $500,000 will be used for the
repayment of a portion of bank notes; and the balance
will be added to working capital for use in the acquisi¬
tion of new properties and for the company's construc¬
tion
program.
Office
—
630 Third Avenue, New York.
Underwriter—H. Hentz & Co., New York.
Depositor Corp. (5/16-20)
60,000 shares of com¬
mon stock, class A
(no par). Price—$4.87% per share.
Proceeds—To go to selling stockholders.
Office—2401
First National Bank Bldg., Denver, Colo.
Underwriter
—Hecker & Co., Philadelphia, Pa.
Franklin
filed 1,000,000 shares of common stock (par
value $1). Price—$10 per share. Proceeds—For invest¬
ment.
Office
9 2 5
Hempstead Turnpike,
Franklin I
—
Square, New York. Underwriter—Blair & Co. Incorpo¬
rated, New York. Offering—Expected in early June.
•
Friendly Frost Inc. (5/16-20)
April 5 filed 150,000 shares* common stock (par 10c). An
additional 96,500 shares included in the registration state¬
ment are reserved for the company's Employees' Stock
Option Plan. Price—$7.50 per share. Proceeds—For re¬
$691,800 of registered subordinated de¬
bentures, 6%, due February, 1972, and 69,180 shares of
stock.
common
securities
and
10
—For
in
The
company
proposes
offer
to
these
units, each consisting of a $100 debenture
shares. Price—$115 per unit.
Proceeds
accounts payable and corporate in¬
common
reduction of
debtedness.
Florida
Office—Bensenville, 111. Underwriter—None.
Builders,
Inc.
(5/23-27)
Mar. 30 filed 80,000 shares common stock
(par $1). Price
—To be supplied by amendment.
Proceeds—Between
$200,000 and $250,000 will be used to establish or acquire
a
Federal Housing Administration approved
mortgage
financing and service company; $200,000 will be used to
off bank loans; and the balance for working capital.
Office—700 43rd St. South, St.
Petersburg, Fla. Under¬
writer—Jaffee & Co., New York.
pay
Florida Home Insurance Co.
March 30 filed 17,500 shares of common stock to
be of¬
fered to holders of the
company's 85,995
common
shares
shares held.
gram,
Frost
outstanding
at
the
rate
of
of bank
loans, for company's expansion pro¬
and the balance for working capital. Office—123
Street, Westbury, L. I., N. Y. Underwriter—None.
Futterman Corp.
(5/31-6/3)
April 1 filed 660,000 shares of class A stock. Price—To
be supplied by amendment.
Proceeds—For acquisition
of properties. Office—580 Fifth
Avenue, New York. Un¬
derwriter—Reynolds & Co., New York.
share for each five
Unsubscribed shares will be offered to em¬
one
ployees and officers of the
company who are stockhold¬
without further offering of such
unsubscribed shares
to other stockholders of the
company. Price—To be
ers
sup¬
Price—To
public, $22.50
Underwriter
—
Biscayne Blvd., Miami, Fla.
Florida Power &
Light Co. (5/31)
May 3 filed 400,000 shares of common stock.
corporate purposes.
Fla.
Underwriter
Proceeds
electric facilities and for other
Office—Ingraham Building, Miami,
To
be
determined by competitive
Probable bidders: Merrill
Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly);
Eastman Dillon, Union Securities
& Co.; Blyth &
—
bidding.
Co.,
™™xBids~~Expected to be
(EDT)
on
Food
Stein Bros. &
reived
up
to 3:45
May 31.
Fair
p.m.
Stores, Inc. (5/24)
April 14 filed 168,833 shares of common
stock. Price—
be supplied
by amendment. Proceeds
To selling
stockholders. Office—2223
Allegheny Ave., Philadelphia,
Pa.
Underwriters—Eastman Dillon, Union Securities &
Co. and A. M. Kidder &
Co., both of New York.
To
an
expansion
Boyce, Baltimore, Md.
rill
Lynch, Pierce, Fenner & Smith Inc., New York.
May
9
—
General Sales Corp.
Web¬
(6/20-24)
and facilities
for the Portland Discount Center;
$75,000
for the same purposes
in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
ance of the proceeds will be used to open two new stores
in Oregon and Idaho. Office — 1105 N. E.
Broadway,
Portland, Ore, Underwriter — Fennekohl & Co., Inc.;
New York.
•
General
Products
Shale
Corp. (5/16)
of outstanding common
stock (no par). Price—To be supplied by amendment;
Proceeds—To selling stockholders. Office—Johnson
City,
Tenn. Underwriter—Equitable Securities Corp.,- Nash^
March
filed
29
220,605
ville, Tenn.
shares
v
Glass
Dec. 30
Magic Boats, Inc. (5/23)
(letter of notification) $51,000 of six-year 6%%
debentures to be offered in denominations
each. Debentures are convertible into common
stock at $1.50 per share. Also, 68,000 shares of common
stock (par 10 cents) to be offered in units of one $51
convertible
of
$51
debenture
and
shares
68
"debentures, at
of
stock.
common
Price—Of
of stock, $102 per unit. Proceeds—i
To pay off current accounts payable; purchase of raw
materials
and
for
expansion.
Office — 2730 Ludelle
par;
Street, Fort Worth, Texas. Underwriter—R. A. Holman
& Co., Inc., New York, N. Y. Note—The name has been
changed from Glass Magic, Inc.
V'/
Marine
Glass
Industries,
Inc.
April 25 filed 200,000 shares of class A stock and 100,000
shares of common stock. The class A stock is to be of¬
fered at $2.25 per share and the common at 75 cents
per
share; and the
class A
and
common
shares
to
are
$400,000 of limited partnership interests.
Proceeds—To purchase and
operate, subject to a net
lease, the office building in Trenton, N. J., known as The
Broad
Street
Bank
Gem
Building.
International, Inc.
be
offered in units
consisting of two class A and one com¬
mon.
Price—$5.25 per unit. Proceeds—To develop the
necessary production facilities to produce the company's
boats.
Office—Humboldt, Iowa. Underwriters—Leason
Co., Inc.,-Chicago, 111.; William B. Robinson & Co.,
Corsicana, Texas; and Bala William & Co., Wichita
Falls, Texas.
V■/ ■
&
Goelet
•
Corp.
(5/23-27)
March 1 filed $700,000 of 8% subordinated Installment
debentures, due in March, 1970, 70,000 shares of com¬
mon stock
(10 cents par) and 35,000 common stock pur¬
chase warrants (exercisable at $4.3,0 per share until May
15, 1965), to be offered in units consisting of $100 of
debentures, 10 common shares, and five warrants. Price
—$143 per unit. Proceeds—To be applied toward the
company's general business activities. Office—292 Madi¬
Avenue, New York. Underwriters—Ross,
Co., Inc. and Globus, Inc., both of New York.
son
Lyon
&
Gorton's
of Gloucester, Inc.
(letter of notification) 10,100 shares of com¬
mon
stock (no par).
Price—At-the-market, estimated
at $24% per share. Proceeds—To
go to selling stock¬
March 22
holders.
filed
Office
—
521
Fifth
Ave.,
(5/23-6/3)
Mar. 29 filed 150,000 shares common stock
(par $1). Price
—To be supplied by amendment.
Proceeds—$125,000 to
Office—327 Main St., Gloucester, Mass. Under¬
writer—Kidder, Peabody & Co., Inc., Boston, Mass.
Great
American Realty Corp. (5/16-20)
April 8 filed $2,000,000 of 7% convertible debentures
due July 1, 1975, together with
110,000 shares of out¬
standing class A stock. Price—For debentures, at 100%
of principal amount. Proceeds—For additional
working
capital. Office—15 William St., New York. Underwriter
—For
debentures, Louis L. Rogers Co., 15 William St.,
City and Hilton Securities, Inc., 580 5th Ave.,
open, furnish and equip the new Wichita store
being
built for the company by
others; $75,000 to open, fur¬
nish and equip the second store in St.
New York
being built by others; $128,600 to purchase the assets of
Embee, Inc., and Garrol, Inc., who now hold the basic
lease on the premises used
by the Kansas City operating
March 30
New York
company and who sublease the premises to that
company;
$208,000 for advance to the Honolulu
subsidiary to en¬
able it to purchase the assets of
Honden, Ltd., Honla
Ltd., and Dacat, Ltd., which now hold the basic leases
on
the store building;
$105,000 for advance to Gem
Stores, Inc., and Gem of St. Louis, Inc., to enable those
corporations to repay loans; and the balance for
general
purposes and as needed to expand
existing
facilities and to establish new locations.
Office—418
corporate
Empire Building, Denver, Colo.
Underwriters
Bosworth, Sullivan & Co., Inc., Denver,
Colo.; and Scherck,
Richter Co., St. Louis, Mo.
mon
General
Aeromation, Inc.
notification) 84,450 shares of common
Price—$3 per share. Proceeds—For con¬
of
additional
vehicles, a demonstration and
working capital.
Office
Montgomery Road, Cincinnati, Ohio. Underwriter
automation
test
&
center
and
—
Co., Cincinnati, Ohio. Note—The SEC
offering
on
May 9.
•
Growth Capital, Inc.
(5/23-27)
April 14 filed 500,000 shares of common stock
(par $1).
Price—$20 per share. Proceeds—To provide investment
capital and management services.
Office—Bulkley Bldg.,
Cleveland, Ohio. Underwriters—McDonald & Co., Cleve¬
land, Ohio and Paine, Webber, Jackson & Curtis, N. Y.
stock. Price
per share. Proceeds—$60,000 for additional
lab¬
oratory and production equipment, $80,000 for
additional
developmental engineering and sales promotion of ma¬
—$3.50
terials
handling equipment, $80,000 for investment in
Atromc Learnings
Systems, Inc., $93,000 for repayment
of bank
loans, and $157,859 for working capital. Office
—
Bala-Cynwyd, Pa. Underwriter
Philadelphia, Pa.
—
Harrison
&
Co..
General Drive-In
Corp. (6/13-17)
April 29 filed 180,000 shares of common stock
(no par)
of which
50,000 shares will be offered for public sale
by the company and 130,000 are
outstanding and will be
the holders thereof.
Gulf-Tex
Development, Inc.
March 30 filed 250,000 shares of
common
stock. Price—
$5 per share. Proceeds—For purchase of
Pelican Island;
improvements on said property; and for working
capital and other general corporate
purposes, including
the general
development of the property. Office—714
Rosenberg St., Galveston, Tex.
Underwriter—Myron A.
Lomasney & Co., New York.
Offering—Expected
time in June.
some¬
>
• Hamilton Cosco, Inc.
May 11 filed 300,000 shares of
To
common
offered by
—•
•
General Atronics Corp.
(5/18-22)
March 18 filed 155,660 shares of
by amendment.
—
For advertising,
equipment and working
capital. Office—c/o Joseph J. Gross, 2411 Sunnybrook
Road, Richmond, Va. Underwriter—Maryland Securities
Co., Inc., Baltimore, Md.
for
March 3 (letter of
stock (no par).
struction
Manufacturing Co., Inc.
(letter of notification) 120,000 shares of com¬
(par 10- cents).
Price
$2.50 per share.
stock
Proceeds
—
•
City.
Gross Furnace
Louis, similarly
announced the suspension of the
—To provide additional
to"*the
share;
per
Proceeds—For
ir Gateside-Trenton Co.
—Westheimer
Underwriter—None.
share.
• Garrett Corp (6/15)
May 5 filed 100,000 shares of common stock (par $2).
Price—To be supplied by amendment.
Proceeds—To re¬
duce presently
outstanding indebtedness. Office—9851
Sepulveda Blvd., Los Angeles, Calif. Underwriter—Mer¬
securities.
1335
stockholders, $18.50
per
program.^ Office—4601 Allmond Avenue, Louisville, Ky.
6011
—
Thursday, May 12, 1960
.
April 28 filed 90,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
will be used for additional working capital, inventories
•
(letter of notification) 12,500 shares of com¬
mon stock
(par $5) of which 11,246 shares are to be of¬
fered for subscription to stockholders of record
as
of
April 26,1960 on the basis of one new share for each share
plied by amendment. Proceeds—To be added to the com¬
pany's general funds to be held in cash or invested in
Office
.
.
Gamble Brothers
April 14
•
filed
14
Corp.
April 26
.
Boylston St., Boston, Mass. Underwriter—Paine,
ber, Jackson & Curtis, Boston and New York.
(letter of notification)
New York. Underwriter—None.
Flick-Reedy Corp.
March
(6/10)
Corp.
Founders Mutual
March 25
held.
April 25 filed 150,000 shares of cumulative convertible
Electronics
velopment, $200,000 for working capital, and the balance
for sales promotion expenses.
Office — Cedar Grove,
N. J. Underwriter—D. F. Bernheimer & Co., Inc., New
York City.
payment
Dec.
Hills
filed
29
April 26 filed 125,000 shares of class B stock. Price—
$4 per share.
Proceeds—$100,000 for research and de¬
March 24
March
Underwriter—Bache
Financial Chronicle
Price—To be supplied
Proceeds—For expansion.
Office—480
stock.
common
Price
—
be
of
the
supplied by amendment. Proceeds—To members
Hamilton family
(company founders), selling
stockholders. Office
Columbus Ind. Underwriters —
—
Smith
Barney
Securities
&
Co.
Inc.,
New
York
Corp., Indianapolis, will
City,
and
City
co-manage the group.
Hampshire Gardens Associates
(5/16)
April 1 filed $376,000 of Limited
Partnership Interests,
to be offered in units.
Price—$500 per unit.
For purchase of the fee
title to a
Proceeds—
garden type apartment
community (Hampshire Gardens)
consisting of 14 build¬
ings with a total of 134 apartments
in Chillum, Md. Of¬
fice—375 Park
Avenue, New York. Underwriter—B. C.
Morton &
Company, Inc., New York.
Harburton
Financial Corp.
(5/19)
March 21 (letter of
notification) 298,500 shares of class
A common stock—non
voting (par one
cent).
Price—$1
_
Volume
Number 5950
.
.
.
The C&mmercial and Financial Chronicle
Beaver
Street, New York 4, N. Y,
(6/15)
!hv 3 filed 00,000 shares of convertible preferred stock
7 3-,$100). Price—To be supplied by amendment. Propds--To be applied to the repayment of a portion of
Harnischfeger Corp.
Ta mmoany's short term
*1$ First
bank borrowings. Underwriter
Boston Corp., New York.
New
York.
Rinehart & Winston Inc. (5/13-16)
331,740 outstanding shares of its common
stock (par $1). Price—To be supplied by amendment,
proceeds—To selling stockholders.
Office—New York
City. Underwriters — Goldman, Sachs & Co., Allen &
Co. and Shearson, Hammill & Co., all of New York.
•
Holt,
March 29 filed
Inc.
Dec. 14 (letter of notification)
60,000 shares of com¬
mon stock (par one cent). Price—$3 per share. Proceeds
—For general corporate purposes.
Office—125 E. 50th
Street, New York, N. Y.. Underwriter—Hilton Securi¬
ties, Inc., 580 Fifth Avenue, New York, N. Y.
Plastics & Chemical Companies,
Howe
Hudson
Vitamin
Products,
Inc.
(5/23-27)
filed-212,500 outstanding shares of common
April
15
stock
(par $1)'; Price—To be supplied by amendment.
selling stockholders. Office—89 Seventh
Proceeds—To
Ave., New York.
Underwriter
—
Bear, Stearns & Co.,
v..'
New York.
(5/16-20)
March 21 filed $600,000 of 6J/2% subordinated deben¬
tures, due 1970, with warrants to purchase 150 com¬
mon shares for each $1,000 debenture.
Price—100% of
principal amount. Proceeds—$175,000 will be applied to
the purchase of capital equipment, raw material and to
finance
work-in-process
and. finished
products for
Power-tronics Systems, Inc., a subsidiary engaged in
research and development of a new line of products such
as
voltage regulators and regulated power companies;
$225,000 to be used for, similar purposes with respect
to the operations of Electro-Powerpacs, Inc., a subsidiary
engaged in the design and production of photographic
and emergency lighting equipment; $100,000 for reduc¬
tion of a portion of a $200,000 bank loan; and the bal¬
ance
for gefieral corporate purposes.
Office—10 Pine
Court, New Rochelle, N. Y. Underwriters—Aetna Se¬
curities Corp. and D. Gleich Co., both of New York.
Hydra-Power Corp.
I
C
inc.
(5/16-20)
of common stock (par $1)
further the corpo¬
of the concentrate
enfranchising of bottlers, the local and national pro¬
motion and advertising of its1 beverages, and where
necessary to make loans to such bottlers, etc. Office—
704 Equitable
Bldg., Denver, Colo. Underwriters— Pur¬
vis & Co. and Amos C. Sudler & Co., both of Deiiver
price—$2.50
per share; Proceeds—To
rate purposes and in the preparation
and
'
.V;-V
;
.<
' •;
Beechwood
stock.
per
Pa.
and
Proceeds—To
selling
(6/6-10)
outstanding common
stockholders.
Price—$10
Craig Street, Pittsburgh,
Underwriters—Amos Treat & Co., Inc., New York,
share.
Office—200
June.
•
Bruno
Lenchner, Inc., Pittsburgh, Pa.
_
March 14 filed $1,000,000 of
5V2% collateral trust bonds.
Price—At 100% of principal amount. Proceeds—To repay
temporary bank loans and toJ purchase additional in-
mortgage loans, and for other corporate purposes.
None6""575 Colman
Seattle, Wash. Underwriter—
• Interstate Finance Corp.
May 11 filed
150,000 shares of common stock.
Price
—
t° be supplied by amendment. Proceeds—For general
iunds and
working capital. Office—Evansville 8, Ind.
^-writer—Goldman, Sachs & Co. (managing) New
•
:
Jersey CentraE Power & Light Co. (5/24)
24 filed $10,000,000 of first mortgage bonds due
Proceeds—$5,800,000 will be applied to the pay¬
of a like amount of outstanding notes and the
to
1960
construction expenditures
(or reim¬
bursement of the company's treasury thereof). Under¬
writer
To be determined by competitive bidding.
ment
balance
—■
Probable
bidders: Eastman Dillon, Union Securities &
(managing the books), Salomon Bros. & Hutzler
and Merrill Lynch, Pierce, Fenner & Smith (jointly).
Bids—Expected to be received up to 11:00 a.m. (New
Co.
on May 24 at the offices of General Public
Utilities Corp., 67 Broad St., New York City. Information
Meeting—Scheduled for May 20, between 10:00 a.m. and
Yo.rk .Time)
12
debentures due
stock.
mon
75,000 shares of common stock (par $1).
amendment. Proceeds—Major
?n of the net Proceeds of sale of additional stock
be added to
working capital to be applied toward
f nancmg an increasing volume of business and intensi¬
fied sales efforts, and toward expanding and broadening
fi,S?arcr
development, including activities in the
cell field. The
company expects to move to larger
quarters near
Waltham, Mass., and it estimates that re¬
quirements for new equipment and other costs, includg moving
expenses, will amount to at least $300,000.
portion of the proceeds of the stock sale may be ap¬
plied to the cost,
of constructing the new building, but
nnn camPany does not anticipate that in excess of $400,JU of
the net proceeds of this offering will be used on
vmi
ui
Office—152 Sixth
Underwriters—Lee Higginson
permanent basis for such purpose.
street, Cambridge, Mass.
filed
25
Majestic Utilities Corp.
April 29 filed $300,000 of 6% convertible 10-year de¬
bentures, $250 face value, 30,000 shares of common stock,
and options to purchase an additional 30,000 shares.
It
is proposed to offer these securities for public sale in
units
(1,200), each consisting of $250 face amount of de¬
bentures, 25 shares of common stock, and options to
to
purchase
$350
per
an
additional 25
common
Price—
shares.
Proceeds—To be applied in part payment
unit.
a $250,310 bank loan and the balance to be added to
working capital and used for general corporate pur¬
of
noon.
Kenrich Petrochemicals, Inc. (5/16)
March 29 filed $175,000 of 7% convertible
subordinated
1970, and 55,000 shares of class A com¬
Price—For
debentures,
100%
of principal
Office—1111 Stout Street, Denver, Colo.
Colo.
poses.
Under
writer—Purvis & Company, Denver,
•
Marquette Corp. (5/16-20)
461,431 shares of common stock, of which
amount; and $3.50 per class A share. Proceeds—$10,000
will be applied towards the repayment of demand notes,
March 28 filed
plant facilities and equipment; and the
balance for general corporate purposes. Office—120 Wall
to
$115,000 for
new
St., New York.
Underwriter—First Philadelphia Corp.,
•
Keystone Electronics Co., Inc.
Feb.
shares of common stock.
Laboratory for Electronics, Inc. (6/20-24)
April 20 filed a maximum of 100,000 shares of common
stock, to be initially offered to its stockholders. Price
—To he Supplied by amendment.
Proceeds—For addi¬
tional working capital and expansion, and the balance
if any, to reduce bank loans.
Office—1079 Common¬
wealth
Avenue, Boston, ■/ Mass.r Underwriter — Paine,
Webber, Jackson & Curtis, Boston and New York.
Lamour
(Dorothy), Inc.
(letter of notification) 100,000 shares of class
A common stock (par 10 cents).
Price—$3 per share.
Proceeds—For general corporate purposes. Office—65 E.
55th Street, New York 22, N. Y.
Underwriter—Invest¬
ment Securities Co. of Maryland, Baltimore, Md.
March
30
it Lasco Industries
April 29 (letter of notification) 150,000 shares of com¬
mon stock
(no par). Price—$2 per share. Proceeds—To
pay
Los
S. Sunol Dr., Los
Underwriter—Holton, Henderson & Co.,
for a new building. Office—2939
Angeles, Calif.
ic Lee Motor Products, Inc. (6/27-7/1) ,
May 6 filed 167,000 shares of class A common stock (par
$1). Price—$3 per share. Proceeds—$150,000 will be used
to repay existing obligations to banks incurred in March
of 1960 to retire trade accounts and for other working
capital
to
approximately $50,000 will be used
purposes;
expansion of warehouse facilities; and the
of $207,000 will be added to the company's gen¬
finance
eral funds
and used as working
capital. Office
—
4701
Ave., Cleveland, Ohio. Underwriter—Godfrey,
Hamilton, Magnus & Co., Inc., New York.
Gladstone
Liberty Records, Inc.
of common stock (par 50c).
Price—Approximately $8.00 per share. Proceeds—To be
added to the company's general corporate funds, sub¬
April 1 filed 150,000 shares
stantially to meet increased demands on working cap¬
ital.
Office—6920 Sunset Boulevard, Los Angeles, Calif.
Underwriter — Crowell, Weedon & Co., Los Angeles,
Calif. Offering—Expected mid to late May.
Ltd. (5/23-27)
of 6Y4% subordinated sinking
fund debentures, due 1980, and an undetermined num¬
ber of common shares,' to be offered in units. Price—$500
Litecraft Industries,
March
per
29
filed $750,000
unit plus accrued
interest from May 1, 1960. Pro¬
corporate purposes. Office—Passaic,
Underwriter—P. W. Brooks & Co., New York.
ceeds—For general
N. J.
Lite-Vent Industries, Inc.
(5/26)
stock (par $1).
Proceeds—To be added to com¬
pany's general funds, of which $200,000 will be used for
repayment of indebtedness, $45,000 to acquire additional
roll forming machinery and equipment, $74,000 to re¬
pay advances by two officers, and the balance for work¬
ing capital and other corporate purposes. Office—14637
Meyers Road, Detroit, Mich. Underwriters—Peter Mor¬
gan & Co., and Philips, Rosen & Appel, both of New
shares of common
Price—$5.20 per share.
York
City.
offered
be
<
*
Magnasync Corp.
Feb. 26 filed 200,000 shares
for
which
outstanding and will be offered for the ac¬
thereof. The remaining 70,000 shares
are
of holders
to be reserved for issuance under a new
plan.
Price
of capital stock. Price — $5
per share. Proceeds—To repay interim loans up to $100,000 to Taylor & Co.; $100,000 for expansion of labora¬
tory facilities and personnel for research and develop¬
ment; $100,000 to increase plant production facilities;
$116,000 for tooling and production of proprietary items;
stock option
For public offering, to be supplied by
Proceeds—$400,000 will be expended for
—
amendment.
acquisition of land, construction of a new plant, and
equiment for the enlarge¬
the
installation of machinery and
ment of the
company's welding electrode manufacturing
additional $100,000 will be used to retire
payable to officers; and the balance will be added
to working capital and approximately $1,000,000 may
be used to reduce temporarily present bank borrowings.
Office—307 East Hennepin Avenue, Minneapolis, Minn.
Underwriters—Carl M. Loeb, Rhoades & Co., New York;
capacity;
an
notes
and
Piper, Jaffray & Hopwood,
Minneapolis, Minn.
Maryland Credit Finance Corp. (5/23-27)
March 29 filed 28,250 common shares, of which 25,000
shares are being sold for the account of the issuing
•
company, and 3,250 shares are
account of the present holders
being offered for the
thereof. Price—To be
supplied by amendment. Proceeds—For working capital
and the reduction of short-term indebtedness.
Office—
Easton, Md. Underwriter—Alex Brown & Sons, Balti¬
Md.
more,
•
(5/31-6/3)
April 18 filed 300,000 shares of common stock, (par $1),
of which 50,000 shares are to be offered for public sale
for the account of the issuing company and 250,000 shares
now
outstanding, by the holders thereof. Price—To be
supplied by amendment. Proceeds—For additional work¬
ing capital.. Off ice—5150 Rosecrans Avenue, Hawthorne,
Calif. Underwriter—Bache & Co., New York.
Mattel, Inc.
•
Mays
29
March
stock
(J. W.), Inc. (5/16-20)
filed 317,500 shares of outstanding common
Price—To be supplied by
(par $1).
amendment.
selling stockholder.
Office — Brooklyn,
Underwriter —Merrill Lynch, Pierce, Fenner &
Proceeds —To
Y.
N.
York City.
Associates, Inc.
April 15 filed 130,000 shares of capital stock, of which
100,000 shares will be offered for public sale by the is¬
suing company and 30,000 shares, being outstanding, by
Smith Inc., New
McCormick Selph
the
holders thereof.
Price—To be supplied byi
amend¬
outstanding indebtedness, to
reduce accounts payable, and for
additional working
capital. Office—2308 San Felipe Rd., Hollister, Calif. Un¬
derwriter—Wilson, Johnson & Higgins, San Francisco,
ment. Proceeds—To reduce
:
Calif.
•
r
\;
(5/31-6/3)
April 27 (letter of notification) 150,000 shares of com¬
mon
stock (par one cent). Price—$2 per share.
Pro¬
ceeds— For general corporate purposes.
Office — 829
Newark Avenue, Elizabeth, N.
J. Underwriter—Sim¬
mons, Rubin & Co., Inc., New York, N. Y.
Medallion Pictures Corp. (5/16-20)
March 29 (letter of notification) $300,000 of 6^% con¬
vertible subordinated debentures due March 30, 1968.
Price—At 100%. Proceeds—For general corporate pur¬
poses. Office—200 W. 57th Street, New York 18, N. Y.
Underwriter—Hancock Securities Corp., New York, N. Y.
McGowen Glass Fibers
•
Metal era ft
Inc.
Corp.
(5/16-20)
(letter of notification) 85,700 shares of com¬
mon stock (par 10 cents).
Price—$3.50 per share. Pro¬
ceeds—For general corporate purposes.
Office—8608March
130th
First
28
Street, Richmond Hill 18, N. Y. UnderwritersStreet Corp.; Bruno-Lenchner Inc., Pitts¬
Broad
burgh, Pa.; Russell & Saxe; V.
and Street & Co., New York, N.
Miami Tile & Terrazzo,
S. Wickett & Co., Inc.
Y.
Inc.
stock (par $1).
Proceeds—$150,000 as reduction of
temporary bank loans, $140,000 in reduction of accounts
payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for genMarch 11 filed
*e
public sale include 275,031 shares to
and 116,400
be offered for the account of the company
are
(5/13)
Of this
stock, 133,334 shares are to be offered for public sale
for the account of the company and 66,666, being out¬
standing stock, by the holders thereof. Price — $3 per
share (par 25 cents). Proceeds — For additional equip¬
ment and inventory; for research and development; and
the balance for working capital. Office — 65 Seventh
Ave., Newark, N. J. Underwriters—J. A. Winston & Co.,
Inc. and Netherlands Securities, Inc., both of New York.
filed 200,000
12
391,431 shares will be offered for public sale. The shares
count
New York.
March 25 filed 100,000
rrice—To be supplied by
;;
,
1990.
•
Ionics, Inc. (5/16-20)
arch 29 filed
Under¬
March
South
Insured Mortgages of America, Inc.
.
Avenue, Port Washington, N. Y.
(Joseph) Co., Inc. (5/16-20)
$1,250,000 of 15-year convertible sub¬
May 1, 1975, and 78,000 shares
of common stock (par $1).
The debentures and 35,000
common shares are to be offered for public sale by the
issuing company and the remaining 43,000 common1
shares by the present stockholders thereof. Price—To be
supplied by amendment. Proceeds—For the purchase of
the Blum's interest in Specialty Shops, Inc., and the bal¬
ance
for general corporate purposes.
Office—Stockton
and O'Farrell Sts., San Francisco, Calif. Underwriter—
F. S. Smithers & Co., New York City and San Francisco..
Magnin
March
ordinated debentures due
writers—Morris Cohon & Company and Schrijver & Co.,
both of New York.
Offering—Expected sometime in
balance
Illinois Beef, L. & W. S., Inc.
April 29 filed 200,000 shares of
Ave., North Hollywood, Calif. Underwriter—Taylor and
Company, Beverly Hills, Calif.
equipment, for expansion of existing manufacturing fa¬
cilities and the acquisition or establishment of additional
facilities, and the balance for working capital. Office—
Angeles, Calif.
June 29 filed 600,uou shares
Colo.
Itemco, Inc.
April 29 filed 200,000 shares of common stock, Price—
$2.50 per share. Proceds—For repayment of outstanding
debt, for instrumentation and automation of laboratory
18
Aluminum (Inc.) (6/6-10)
Aoril 21 filed 750,000 shares of class A common stock
fnar $1) Price—To be supplied by amendment. Proceeds
For expansion and working capital. Office—Torrance,
rv,iif Underwriters—Kuhn, Loeb & Co. and Tucker, An¬
thony & r. L- Day>both of New York City*
Hawley Products Co. (5/16)
Mar 29 filed 90,000 outstanding shares of common stock
mar $5). Price—To be supplied by amendment. Proceeds
__To seliing stockholders. Office—333-39 North Sixth St.,
St Charles, 111. Underwriter—Dean Witter & Co., Chi¬
cago and New York.
v. i'
Henderson's Portion Pak, Inc. (5/31-6/3)
April 18 filed 200,000 shares of outstanding common
stock (par $1). Price—To be supplied by amendment.
Proceeds—To selling stockholders. Office—4015 Laguna
Street, Coral Gables, Fla. Underwriter—Burnham & Co.,
Harvey
•
39
$110,000 for increase of inventory; $75,000 for research
and development; and $2,000 for documentary stamps;
$110,000 will be added to working capital; and the re¬
maining $88,400 is unallocated. Office—5546 Satsuma
all of New York.
Under-
®frjter__Simmons, Rubin & Co., Inc., New York, N, Y.
•
(2075)
Shields & Co., and C. E. Unterberg, Towbin Co.,
'.
•
Proceeds—For general corporate purposes,
share.
P^rise
Office-
191
125,000 shares of common
Price—$4 per share.
'
Continued
on page
40
40
The Commercial and Financial*Chronicle
(2076)
Continued from page 39
eral
corporate
Office—6454
purposes.
Miami, Fla. Underwriter
Corp., Miami. Fla.
—
N.
Plymouth
E.
4th
Bond
Ave.,
Namm-Loeser's
& Share
The
Information
(EDST), May
City.
31,
Meeting—Scheduled
5th
floor,
for
Exchange
20
11:30
Place,
a.m.
with attached
$1,000
shares
of
warrants
stock
common
at
for
$15
purchase of
share on and
1, 1964 through Dec. 31, 1973. Price—To be
by amendment.
Proceeds — To finance con¬
supplied
National
line systems. Office—
Houston, Texas., Underwriters —
Stone & Webster Securities Corp.;
White, Weld & Co.,
and Halsey, Stuart & Co. Inc., all of New York.
stock
mon
4, 1960 in the ratio of
one
held.
corporate purposes. Office
on
Offering expires
share.
Proceeds—For
cinnati, Ohio.
cinnati, Ohio.
share for each three shares
National Lawnservice Corp. (5/23-27)
Jan. 11 (letter of notification)
100,000 shares of
mon
stock (par one cent).
Price—$3 per share.
Underwriter—W. D. Gradison & Co., Cin¬
ceeds— For
general corporate purposes.
Livingston Avenue, North Babylon, N. Y.
Co.
(5/23-27)
April 7 (letter of notification) 75,000 shares of class A
stock (par 10 cents). Price—$3
per share. Proceeds—For
general corporate
purposes.
Office—155
Gas
Light Co.
•
Ave.,
& Co.,
(5/17)
March 25 filed $22,000,000 of first
mortgage
bonds, series
Proceeds—Together with $4,000,008 to be re¬
due 1985.
ceived from the sale of additional common
stock to
American Natural Gas Co.
(parent) and treasury funds,
will be used to pay off
$11,115,000 of bank borrowings
for construction purposes and to
provide additional
funds for current construction
expenditures or reim¬
burse the company's
treasury therefor. Office — 626
5
mon
Electronics, Inc. (5/16-20)
Office—Oakes Street
at
Avenue
Homes, Inc.
(letter of notification) 150,000 shares of
stock (par 10
cents). Price—$2 per share.
ceeds—To
pay
Diversified Securities,
Inc.,
filed
per
80.000
share.
Wilmington,
Brothers, New York.
corpo¬
of
class
A
common
Proceeds—For general
stock.
corporate
eral
corporate purposes, including financing of finished
and semi-finished inventory.
Ossining,
March
common stock at the rate of
000,000 and obtained
in
connection
with
com¬
the
company's
program. Office—601
Bangs Ave., Asbury
Park, N. J. Underwriter—Allen & Co., New York.
construction
North
Central
Co.
May
3
•
17
Washington Land
certificates.
primary
1160
debentures
due
(5/23-26)
$450,000
convertible
of
subordinated
May
1, 1970. The company proposes to
offer the debentures for subscription by common stock¬
holders of record May 1, 1960, at the rate of a
$100
for each 3.11 shares then held. Price—100%
principal amount. Proceeds—For retirement of a note,
for
additional
and
improvements to properties, for
equipment and the balance for working capital and
of
other
Office — 500 Agard Road,
Muskegon,
Underwriter—H.*M. Byllesby & Co., Inc.,
Chicago,
Illinois.
^>' vVpurposes.
Mich.
,
i
•
Oxford
Manufacturing Co., Inc.
(6/13-20) ;
May 3 filed 240,000 shares of class A common stock
(par
$1), of which 160,000 shares are now
outstanding and
are t& be offered for
public sale by the present holders
thereof and the
remaining 80,000 shares will be offered
by the issuing company.
Price — To be supplied by
amendment.
Proceeds—$150,000 will be used for the
purchase of additional machinery and equipment to be
installed in certain new
manufacturing plant facilities,
construction of which has been
completed; the balance
of the proceeds will be used for
general corporate pur¬
Office—151
Courts &
Spring Street, N. W., Atlanta, Ga.
Langley & Co., New York; and
Co., Atlanta and New York.
C.
• Pacemaker
Boat Trailer Co., Inc.
(5/16-20)
Feb. 29 (letter of
notification) 300,000 shares of common
stock (par 10 cents).
Price—$1 per share. Proceeds—
For purchase of
equipment, raw materials and
caiptal.
working
Glenolden Ave., Glenolden, Pa.
Securities Co., and First City Secu¬
Office—622 E.
Underwriters—Jacey
rities, Inc., New York, N. Y.
Pacific
Coast
Properties, Inc. (5/31-6/3)
April 19 filed 2,610,301 shares of common stock
(par $1),
of which
917,835 shares will be offered at $10 per share
the
holders
of
Food Giant Markets, Inc. common,
preferred, and employee stock options. Price—For re¬
mainder of
offering to be supplied by amendment. Pro¬
ceeds—$906,000 toward cost of property acquisition and
the remainder for
general
Beverly Hills, Calif.
Pacific Panel Co.
Feb.
8
filed
100,000
corporate purposes.
Office—
Underwriter—Bear, Stearns
& Co.
(5/23-27)
shares
of
class
A
stock,
common
subsequently increased to 150,000 shares (par 50 cents).
Price—$3.
Proceeds—-For reduction of
indebtedness,
for
working capital; for establishment of three addi¬
tional outlets and to
provide additional working capital
a
new
subsidiary. Office—1212 West 26th Street,
for
Vancouver, Wash.
Underwriter—Frank
Inc.
Karasik
& Co.,
from face value.
Pacific Vegetable Oil
Corp. (5/23-27)
24 filed
$2,500,000 of convertible subordinated
debentures due April 1975.
Price—To be supplied by
amendment.
Proceeds—$600,000 will be used to retire a
like amount of
6V\ % promissory
notes; $431,250 to p^y
the balance of the
negotiated price for the minority
interest of Utah Construction
& Mining Co. in Stockton
Elevators, a subsidiary; and the balance for
working
capital. Office—62 Townsend
St., San
March
Francisco, Calif.
Underwriters—Dean Witter &
Co., San Francisco and
York, and Hooker & Fay, Inc., of San Francisco,
New
Proceeds—For the
purpose of
Rockville
vestor Service
-
Co.
$1,600,000 of first mortgage participation
Price—The certificates will be
offered at a
discount of 17.18%
filed
,
■■
filed
; "v.
Co.
(5/27)
March 11 filed 420,945 shares
of common stock
(par $1).
The company proposes to offer
142,860 shares for cash sale
at $7 per share.
Additional shares (amount
unspecified)
are to be offered
in exchange for
outstanding shares of
North Central Life
Insurance Co., of St. Paul. The rate
of exchange is to be
supplied by amendment. Proceeds
To be added to the
general funds of the
company.
North
Office—Scarborough Park,
Lomasney & Co.,
Underwriter—D. A.
N. Y.
New York.
to
partial payment of
short-term bank loans
outstanding in the amount of $5,-
Price
St., New York. Un¬
Marache & Co., New York.
shares
Jersey Natural Gas Co.
29
Office—335 Minnesota
St., St. Paul, Minn. Underwriter
• Mustang Lubricant, Inc.
9
New
—None. '
by the company and 37,500 shares which are
outstanding
and will be offered
by the holder thereof. Price—To be
supplied by amendment, Proceeds—For
general
May
Co., Inc., Chicago, 111.
at the rate of $22 of
debentures for each share of
mon.
Proceeds—To be applied to the
Pro¬
public sale
Price—$5
com¬
$4 principal amount
debentures for each share held of record
May 6, to expire on May 27 at 3:30 p.m.
(EDST). The
debentures will be sold at
principal amount in denomi¬
nations of $50, $100,
$500, $1,000 and multiplies of $1,000,
and will be convertible into stock
beginning Jan. 1, 1961,
com¬
ic Movielab Film Laboratories Inc.
May 4 filed 100,000 shares of class A common
stock (par
$1) including 62,500 shares to be offered for
derwriter—Granbery,
insurance
the
standing
Washington, D. C.
rate purposes. Office—619
West 54th
an
Underwriter—Frank
of convertible
B,
&
—To be supplied by
amendment. Proceeds—To be added
to general funds and will be
available for the purchase
of deferred payment
accounts from
Montgomery Ward
& Co., Inc. Office—100 West
Tenth St.,
Del. Underwriter—Lehman
of
filed
$3,830,000 of convertible debentures,
5series due 1970, being offered to
holders of its out¬
an
• Montgomery Ward Credit Corp.
(6/27-7/1)
May 5 filed $50,000,000 of debentures, 1980 series.
operation
•
outstanding note, purchase of land,
equipment and for working capital. Office—546
Equi¬
table Building, Baltimore
2, Md. Underwriter—Ameri¬
can
for dealer and consumer advertising
company's new model hearing aids; $40,000 for
the establishment of production and sales facilities of a
low-cost hearing aid in the European common
market;
$35,000 for research and development of subminiature
products; and the balance of approximately $100,000 to
be added initially to working capital and used for
gen¬
the
Underwriters—W.
Bateman, Ltd., Palm Beach, Fla.
March
Monowall
April 22
in the
&
(5/16)
Angelo, Texas.
Underwriter—Rauscher, Pierce
Co., Inc., Dallas, Texas.
Co.
company's working capital.
Office—223 West
Madison St., Chicago, 111. Underwriter—H. M.
Byllesby
March 22 filed 58,337 shares of
common stock (par $5) of
which 30,000 shares are to be
offered for public sale in
behalf of the issuing
company, and the remaining 28,337
chares are tp be offered for the
accounts of certain selling
stockholders. Price—To be supplied
by amendment. Pro¬
ceeds— For repayment of bank
loans and for general
mon
expenses
to
Underwriter—Jacey Securities
San
Insurance
Electronics Corp.
(5/16-20)
March 17 filed 200,000 shares of common stock. Price—
To be supplied by amendment. Proceeds—To be
added
Service, Inc. (5/13-16)
(letter of notification) 80,000 shares of com¬
mon stock
(par 20 cents). Price—$2 per share. Proceeds
—For general corporate
purposes. Office—338 Lafayette
corporate purposes.
experi¬
Newark
11
Manufacturing, Inc.
Life
Address—Montgomery, Ala.
B.
Mister
Monarch Tile
stock
Union
pany.
Proceeds—For general corporate
purposes. Office
—89 West 3rd St., New York
City. Underwriter—Pleas¬
ant Securities Co. of
Newark, N. J.
•
indebtedness,
(letter of notification) 50,000 shares of com¬
(par 50 cents). Price—$4 per share. Proceeds
—For
filed
Street, Newark, N. J.
Co., New York, N. Y.
short-term
of
10c),
Otarion; $100,000
poses.
National
March 29
share.
•
repayment
mentation and research, cost of sales
organization, preproduction costs and working capital. Address—P. O.
Box 115, College Park, Md. Underwriter—None.
214,500 shares of common stock, of which
200,000 shares will be sold for the
company's account
and the remaining 14,500 shares will be
offered for the
account of certain
selling stockholders. Price—$3 per
April
Wayne, Ind.
—For
(5/17)
Corp.
share. Proceeds—Company will apply $150,000 to repay existing short-term obligations to
banks;
$60,000 in payment for the net assets and name of Taconic
Factors, Inc. ,the stock of which is presently owned by
Leland E. Rosemond, President and Board Chairman of
per
debenture
ir National Research Associates, Inc.
May 2 (letter of notification) 200,000 shares of common
stock (par five cents).
Price—$1.50 per share. Proceeds
Kuhn, Loeb & Co. and Blyth & Co., Inc. (jointly). Bids
—Tentatively to be received on May 17 at 10:30 a.m.
(EDST) at the offices of the American Natural Gas Co.,
Suite 1730, 165 Broadway, New York
City. Information
Meeting—Scheduled for May 16 at 11:00 a.m.
(EDST)
18th floor, 70
Broadway, New York City.
Missile
Inc., New York, N. Y.
Packaging Corp.
St.,
Ft.
East Wisconsin Ave.,
Milwaukee, Wis. Underwriter—To
be determined by competitive
bidding. Probable bidders:
Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co.;
Feb.
National
Pro¬
Office — 410
Underwriter
(5/23-27)
March 30 filed 60,000 of common capital stock
(par $1).
Price—$6 per share. Proceeds—To retire $87,000 of in¬
debtedness, to purchase $18,000 of additional machinery
and
equipment, to set up a small plant (at cost of
$28,000) on the West Coast to service the fruit tray and
vegetable tray business in that area, and for working
capital. Office — 3002 Brooklyn Ave., Fort Wayne, Ind.
Underwriter—First Securities Corp., 212 W. Jefferson
Sherman
Paterson, N. J. Underwriter—Whitmore, Bruce
New York, N. Y.
Milwaukee
—Fund Planning
Listener
Ott Chemical
com¬
$10). Price
insurance
its
to
Otarion
•
May 5, 1960. Price—$17 per
working capital. Address—Cin¬
Miller & Van Winkle
Little Rock, Ark.
$1,100,000
a
and
Price—$4
(5/24)
Under¬
writer—Equitable Securities Corp., Nashville, Tenn.
—
of
March 28 filed 141,750 shares of common stock (par
of
account of the present holders thereof. Price—
supplied by amendment. Proceeds — For general
To be
March
on
•
the
for
(letter of notification) 15,832 shares of com¬
(par $5) to be offered for subscription by
stockholders of record at the close of business
V
Insurance Co.
proceeds
Rio Grande Avenue, Littleton, Colo.
Underwriter
—Bosworth, Sullivan & Co., Inc., Denver, Colo.
Exchange.
Line Life
the
—551
128,329 shares of class BB (non-voting)
common stock, of which 43,329 shares are to be offered
for the account of the issuing company and 80,000 shares
representing
outstanding
stock,
are
to
be
offered
Midwestern Indemnity Co.
-
Old
(5/23-6/3)
in the amount of $228,600; and the balance of
approxi¬
mately $800,000 will be added to working capital. Office
April 12 filed
Building,
March 25
,'v •.;'■'■■■
'
;
Inc.
company
$700,000 realized from the sale of installment
wholly-owned susbidiary finance
company,
OK Acceptance Corp., will be used to reduce bank
loans
in the amount of $1,300,000; to repay other
indebtedness
National Cash
New York Stock
struction of two natural gas pipe
Tennessee
:
Welders,
Proceeds—Together
Register Co. (6/2)
April 29 filed $40,000,000 of sinking fund debentures,,
due June 1, 1985. Price—To be supplied by amendment.
Proceeds—To repay current bank loans and for working
capital. Office—Main and K Sts., Dayton,, Ohio. Under¬
writer—Dillon, Read & Co., Inc., New York. ListingApplication will be made to list the debentures on the
Jan.
Rubber
notes
•
the
per
OK
with
owns
York.
Gas Transmission Co. 1(5/23-27)
22 filed $60,000,000 of first mortgage pipe line
bonds, series due June 1, 1980, with attached warrants
for the purchase of 240,000 shares of common stock
(par $5). The bonds will be offered in denominations
after
•
Mar. 29 filed 50,000 shares common stock (par
—To be supplied by amendment.
to
—
New
Midwestern
of
.
loan
proposes
109,278 common shares, has entered into
an
agreement to sell said shares to the underwriter.
Price—To be supplied by amendment. Proceeds—To be
added to company's general funds and will enable it to
use all or part of the proceeds in the reduction of bank
indebtedness. Office
2301 Woodward Ave., Detroit,
Mich. Underwriter—Ladenburg, Thalmann & Co., New
April
four
(5/31)
which
York
•
•St.
offer 108,000 shares of new
common stock for subscription
by holders of outstand¬
ing stock of record May 31, at the rate of one new share
for each three shares held. Arebec Corp., of New York,
company
Thursday, May 12, 1960
.
selling stockholders. Office—Broadway and 20th, East
Louis, 111. Underwriter—Merrill Lynch, Pierce, Fenner & Smith Inc., New York.
be
April 27 filed 217,278 shares of common stock (par $1).
Michigan Wisconsin Pipe Line Co. (6/1)
April 20 filed $30,000,000 of first mortgage pipe line
bonds, series due 1980. Proceeds—For construction pro¬
gram.
Office—500 Griswold Street, Detroit, Mich. Un¬
derwriter— To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Blyth &
Co., Inc. Bids—Expected to be received up to 11 a.m.
(EDST) on June 1, Suite 1730, 165 Broadway, New
York.
Inc.
Underwriter—To
Colo.
purposes.
Office—Denver,
supplied by amendment.
.
.
refinancing existing loans. Office—
Pike, Rockville, Md. Underwriter—In¬
Securities, Inc.
Nuclear
Engineering Co., Inc.
April 18 (letter of notification)
30,000 shares of common
stock (par 33.3
cents). Price—$10 per share. Proceeds
—To
replace bank financing, reduce accounts
payable,
purchase machinery and
equipment and for working
capital. Office—65 Ray
St., Pleasanton, Calif. Under¬
writer—Pacific Investment
Brokers, Inc., Seattle, Wash.
Obear-Nester Glass Co.
(5/23-27)
April 14 filed 210,045 shares of
common stock
(no par).
Price
To be supplied
by amendment. Proceeds
To
—
—
V/3I1I,
Patrick County
March 25 filed
Canning Co., Inc. (5/31-6/3)
140,000 shares of
$3 per share.
common
stock.
Proceeds—About $162,000 will
Price—
applied
of certain
indebtedness; $25,000 for ad¬
machinery and equipment; and $118,752 for
working capital, promotion and
advertising. Office—•
52
Broadway,, New York. Underwriter
G. Everett
Parks & Co.,
Inc., New York. •'
to the payment
ditional
be
—
Pearson Corp.
March 30 filed
be
ness
be
50,000 shares of
by amendment.
supplied
utilized
to
repay
Development
added
poses,
to
the
common
stock. Price—To
Proceeds—$60,000 will be
company's
indebtedness to
Busi¬
Co. of
Rhode Island; the balance will
working capital for general corporate pur¬
principally to finance inventory and for 'other
Number 5950
191
Volume
.
.
The Commercial and
Financial Chronicle
.
manufacturing costs. Office—1 Constitution St., Bristol,;,,
J Underwriter—R. A. Holman & Co., Inc., New York.
$110,000 bank
a
(2077)
note and for general corporate purposes.
Shellmak
o
'Offering—-^Expected in June.
peoples Telephone
Corp.
(5/16)
Philippine Oil Development Co., Inc.
share for each 5 V2 shares held. Price
—
To be
supplied by amendment. Proceeds—To be added to the
company's working capital. Office — Soriano Bldg.,
Underwriter—None.
Manila, Philippines.
(5/31-6/3)
Metals, Inc.
Pioneer
April 20 (letter of notification) 100,000 shares of com¬
mon
stock (par 10 cents). Price—$3 per share. Pro¬
ceeds—To retire outstanding bank loans, inventory pur¬
for working capital.
chases, expansion and
Office—1900
Court, Miami, Fla.
Underwriter—Hancock
Securities Corp., New York, N. Y.
N. E. Miami
Manufacturing Co.
stock.
account of
are
now
the
Boulevard,
(par $5),
Co.
public sale
for
outstanding and
present
holder
110,000 shares
to be offered for sale by
are
thereof.
Price—To
be
supplied
Proceeds—For repayment of short-term
Office—350 Fifth Ave., N. Y. Underwriter
—Glore, Forgan & Co., New York.
per
(5/13-16) • •'/; % ,77V
^ .7
(letter of notification) 75,000 shares of com¬
mon stock
(par 50 cents). Price—$4 per share. Proceeds
—For
working capital. Office — 1530 Lombard St.,
Philadelphia, Pa. Underwriter
Stroud & Co., Inc.,
11
Republic Ambassador Associates
April 29 filed $10,000,000 of Limited
Partnership In¬
Price—$10,000 per unit.
purchase hotels in Chicago from a Webb
& Knapp subsidiary.
Office—111 West Monroe Street,
Chicago, 111.
Underwriter—Lee Higginson Corp., New
terests, to be offered in units.
Proceeds—To
■
•
Republic Graphics Inc. (5/31-6/3)
April 29 (letter of notification) 75,000 shares of common
stock (par 10 cents).
Price—$4 per share. Proceeds—
For
general corporate purposes: ' Office —134 Spring
Street, New York, N. Y. Underwriters—Theodore Arrin
& Co., Inc., 82 Beaver
Street, New York, N. Y.; T. M.
Kirsch & Co., and Robert A. Martin
Associates, Inc.,
New York, N. Y.
Safticraft
Corp., Patterson, La.
cents).
Price—$3
proposes
of
275,000 shares of
to
use
Safticraft
share.
per
(5/31-6/3)
common
stock
Proceeds—The
New York City.
Inc. (6/6-10)
March 30 filed 112,500 shares of common stock, (par
$1) constituting its first public offering, of which 100,000
shares are to be offered for public sale by the issuing
company and 12,500 shares being outstanding stock, by
Geoffrey R. Simmonds, president. Price — To be sup¬
plied by amendment. Proceeds —- To be added to com¬
pany's working capital, thereby reducing the amount
of funds required to be borrowed under its revolving
credit agreement* and putting the company in a more
favorable position to secure, through borrowings, such
additional funds as may be required from time to time.
Office—105 White Plains Rd., Tarrytown, N. Y.
Under¬
writer—Shearson, Hammill & Co., New York.
Sire Plan of Normandy Isle, Inc.
(5/16)
March 9 filed $225,000 of 10-year 7%
debentures and
4,500 shares of $3.50 cumulative, non-callable, partici¬
pating preferred stock (par $5), to be offered in units,
each unit consisting of one $50 debenture and one pre¬
ferred share.
Price—$100 per unit.
Proceeds — To fi¬
nance acquisition.
Office—Ingraham Bldg., Miami, Fla. 7^
(par 10
short-term
Skyline Homes, Inc.'-'.,
April 15 filed 115,000 shares of class A common
ing shares at the time of offering. Proceeds—To repay a
SI,000,000 short-term bank loan. Office—820 East Bald
Eagle St., Lock Haven, Pa. Underwriter—The First Bos¬
and receivables incident to the increased sales volume of
Corp., New York.
ton
•
/V
/
;
.
7
.
.'7
Plastic & Fibers,
Inc.
Jan. 18 (letter of notification) 85,714 shares of
stock
—For
common
(par 40 cents). Price—$3.50 per share. Proceeds
general corporate purposes. Office — Whitehead
Ave., South River, N. J. Underwriter—Arnold Malkan
& Co., Inc., New York, N. Y.
Note—This issue is to be
withdrawn, and
filing will be made by Murphy &
a new
Co., Inc.
■
:
v;•
/-vv'
V
Precision
Dupont.
New
ceeds—To
to du
Pont, Inc. as additional working cap¬
in the financing of increased inventories
Underwriter
'
York,
•
—
George,
7:.;7':V; -7.
■
'777
O'Neill
&
Smilen
March
ic Satellite Food Service, Inc.
May 6 (letter of notification) 130,000 shares of cumula¬
tive participating preferred stock (par 10 cents). Price—
$1 per share. Proceeds—For general corporate purposes.
Office—150 Broadway,
ber
of
shares
of
common
stock
(6/27-7/1)
an undetermined,
(par $1)
"
Avenue, Mount Vernon, N. Y.
Lomasney & Co., New York.
Proceeds—For
•
Provident
Fund
Underwriter—Myron A.
_
for
Income, Inc.
filed 400,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For in¬
vestment. Office—3 Penn Center Plaza, Philadelphia, Pa.
Underwriter—Provident Management Corp., same ad¬
Dec. 23
dress.
Pyramid Electric Co.
>
April l filed 89,675 shares of common stock to be issued
to holders of the
company's outstanding stock purchase
warrants at the rate of one share for each
price of $3.25
per
warrant at a
The warrants were issued in
share.
and after
May, 1954, in connection with a previous pubhe offering and included
46,000 to the underwriter, S.
D. Fuller &
Co., and 46,000 to the company's officers
and employees.
At present there are 89,675 warrants
outstanding. The warrants are exercisable until June 25,
I960.
Office—52
pected
•
in
late
Broadway, New York.
May.
;
77
Offering—Ex¬
7:.7/>7:'-7'v.
issuing
balance, being outstanding
stock, by present holders thereof. Price—$11 per share.
Proceeds—to be added to the company's working capital
company and the
used
for general corporate purposes. Office—5353
Armstrong Ave., Chicago, 111. Underwriters—A. C.
Allyn & Co., Inc., and
Shillinglaw, Bolger & Co., both of
West
Chicago, 111. Note
—
This statement has been withdrawn.
Ra,Jac Self-Service,
March
,,
18
mon stock
Inc.
(5/16)
(letter of notification) 100,000 shares of com¬
(par 10 cents). Price—$3 per share. Proceeds
--For general
corporate purposes.
Office—11 E. Second
otreet, Mt. Vernon, N. Y/ Underwriter—Walter R. Blaha
&
Co., Inc., Long Island City, N. Y.
? Raymond Corp.
March 22
mon
stock
(letter of notification)
15,000 shares of com¬
share. Proceeds
For general corporate
purposes. Office — Village of
Greene, County of Chenango, of New York. Underwriter
-George D. B. Bonbright & Co., Rochester, New York,
uttering—Imminent.
^
•
(par
$5).
Price —$20
per
Reeves Broadcasting & Development Corp.
(6/13-17)
March 30 filed
487,392 shares of common stock, of which
rardf to" be publicly offered and 187,392
shares are to be
purchased by Christiana Oil at $4.75
£>er share
and
distributed as a dividend to its 2,800
300,000 shares
stockholders. ;/.Price-r-$5
per-
—
Co. and White Weld &
Boston
Corp.;
Merrill
Inc.
.
Savannah
Lynch,
Co. (jointly); The
Pierce, Fenner &
Southeastern Security Insurance
;A
.
Newspapers, Inc.
March
(6/8)7
April 20 filed 480,000 shares of common stock
(par $1).
Engineering
of
share.
Proceeds—To -pay
Security Industrial Loan Association
(5/23-27)
13 filed $500,000 of 7% convertible subordinated
debentures due May 1, 1975, and 50,000 shares of com¬
mon stock. Prices—To be supplied by amendment. Proceeds—To be available for loans to customers. Office—
Central National Bank Building, Richmond, Va. Under-
Higginson
Corp.,
New Yprk.
•
(5/23-7)
1960
due
ceeds
stock
—
(par 10 cents).
For
plied
29
by
Stuart
Inc.
Industries,
(5/23-27)
amendment.
Bank
Price—To be sup¬
common.
Proceeds—For working capital
of
new
plant. Office—444 First
Building, Phoenix, Ariz. Underwriter—
White, Weld & Co., New York City.
to
be issued to stockholders. The company will issue trans¬
ferable subscription warrants evidencing (a) rights to
subscribe for one new share of common stock for each
five shares held on the record date, and (b) the privi¬
lege of subscribing for such of ,the shares offered as are
not subscribed for upon the exercise of rights, if any,
Southwest Indemnity & Life Insurance Co. (6/1)
29 filed 238,590 shares of common stock (no par).
Mar.
The company proposes to offer
by
common
rate
of
one
some
of
new
Va. Dealer-Manager—
-
•
-
"
share
shares
whom
company,
this stock for subscription
stockholders of record
Unsubscribed
subject to allotment. Price—To be supplied by amend¬
Proceeds—For general corporate purposes. Office
ment.
"
Halsey,
construction
National
-
Birmingham, Ala.
competitive bidding.
& Co. Inc.; Merrill
filed
the
and
Servonics, Inc. (5/16-20)
Feb. 25 filed 76,600 shares of common stock (par $1)
Kidder; Peabody & Co., New York.-
1992. Proceeds—For capital expen¬
debentures and 3 shares of
general corporate purposes.
North Henry St., Alexandria,
1,
bidders:
•
822
L.
$12,000,000 of 6V4% subordinated income
debentures, due Jan. 1, 1985 and 360,000 shares of com¬
mon
stock (par $1), to be offered in units of $100 of
Price—$1.50 per share. Pro¬
Office — 693
Broadway, New York, N. Y. Underwriter — Pearson,
Murphy & Co., Inc., New York, N. Y.
mon
June
Southwest Forest
Jan.
(letter of notification) 200,000 shares of com¬
March 23
(par
Lynch, Pierce, Fenner & Smith Inc., and Blyth & Co.,
Inc.' (jointly); Morgan Stanley & Co.; White, Weld &
Co. and Kidder, Peabody & Co. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.
and
Drexel &
Co.
(jointly).
Information MeetingScheduled for May 31, 1960, at the First National City
Bank of New York, 5th floor, 20 Exchange Place, New
York City at 3:00 p.m. (EDST). Bids—Expected to be
received on June 2, or subsequently on such day and
time as shall be designated by the company by tele¬
graphic notice to prospective bidders.
'
Miami, Fla. Underwriter—John R.
Associates, of New York.
Service Instrument Corp.
stock
to be publicily offered;
Underwriter—To be determined by
April
•
are
Co.
common
ditures. Office—600 North 18th Street,
per
American Bank Bldg.,
writer—Lee
shares of
2,133,333
• Southern Electric
Generating Co. (6/2)
April 25 filed $40,000,000 of first mortgage bonds, series
Township, N. J. Underwriter—Woodcock, Moyer, Fricke
& French, Inc., Philadelphia, Pa.
7:C:" 7-7;';
Maher
filed
Market St., Knoxville, Tenn.
Underwriter—Lucien
Bailey & Co., Knoxville, Tenn.
(5/16-20)
(letter of notification) 100,000 shares of class
A common stock (par 10 cents).
Price—$3 per share.
Proceeds—For general corporate purposes. Address—U.
S.
Route
130
and Schaevitz
Boulevard Pennsauken
Price—$2
share. Proceeds—For working' capital. Office;—Pan-
of the
$500,000 of these shares are reserved for the granting of
stock
options to management officials and
employees.
Price — $3 per share for public offering.
Proceeds—To increase capital and surplus.
Office—707
March 29
it Sea-Highways, Inc.
May 9 filed 150.000 shares of common stock.
share
restricted
—Johnson, Lane, Space Corp., Savannah, Ga.
Schaevitz
25
$1), of which 1,633,333 shares
Price—$5.25 per share in lots of 20,000 or more; other¬
wise $5.55 per share. Office—Savannah, Ga. Underwriter
•
its
and
Probable
Pyramid Mouldings, Inc.
March 30 filed
158,000 shares of common stock (par $1)
or which
3,588 shares are to be offered for public sale by
the
bonds, due
$3,000,000 of debentures, due June 1, 1985.
payment of outstanding notes and for
construction expenses.
Office—Savannah, Ga.
Under¬
writer
To be
determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Kidder,
First
of
$95,000
supplies for the opening of three new
$300,000
to
repay
bank
loans;
and
the
balance
for
general
corporate purposes.
Heri¬
tage
will
use
its share of the
stock as follows:
$175,000 for construction and equipping of a supermar¬
ket in Franklin Square, L. I., to be leased to Smilen;
$500,000 to purchase fixtures and equipment to be leased
to Smilen for use in the three supermarkets to be con¬
structed for Smilen by others; $25,000 to pay an in¬
debtedness
due
Smilen; and the balance for general
corporate purposes. Office — 47-02 Metropolitan Ave.,
Brooklyn, N. Y. Underwriter—Federman, Stonehill &
Co., New York City.
and
Peabody &
use
supermarkets;
St., Garfield, N. J.
1990,
will
•
ventory
Wallace F. Mc-
c/o
Quade, Pres., 246 Beaconsfield Blvd., Beaconsfield, Que¬
bec, Canada. Underwriter—P. Michael & Co., 69 Passaic
Smith
Offering—Expected in late June.
—
Industrial
fors remaining payments under a
contract
for
purchase of two supermarkets and commissary
from
Windmill
Food
Stores,
Inc.;
$300,000 for in¬
proceeds
it Savannah Electric & Power Co.
May 11 filed $5,000,000 of first mortgage
Office
expenses.
y
Heritage
with
association
for
Proceeds—Smilen
not to exceed
unit. Proceeds—For equipping of new facilities, and
for general corporate purposes. Office—705 South Fulton
per
mining
(5/16-20)
Inc.
Stores,
in
and
offer
public sale in units, each unit
consisting of one share of Sfnilen and one share of
Heritage stock. Price—To be supplied by amendment.
$300,000. Price—To be supplied by amendment. Proceeds
For
Food
filed
25
securities
these
num¬
Circuits, Inc. (5/23)
March 7 filed $250,000 of convertible subordinated de¬
bentures, due April 1, 1970, and 37,500 shares of common
stock (par 20 cents) to be offered in units consisting of
one $100 debenture and
15 common shares. Price—$150
Office—2520
200,000 shares of Smilen common (par $1)
200,000 shares of Heritage (par $1). It is proposed to
/7_7'7y:*
it Saucon Development Corp.
April 28 (letter of notification)
corporate purposes.
general
Corp.
New York, N. Y. Underwriter^*"
None.
for
used
By-Pass Road., Elkhart, Ind. Underwriter—Rodman &
Renshaw, Chicago, 111. Offering—Expected in mid-June.
Co., Inc.,
7-yij7 ',, 7
:
;
and
stock
Price—To be supplied by amendment. Pro¬
be added to the company's working capital
(par $1).
borrowings;
ital necessary
York.
Underwriter—Sire Plan Portfolios, Inc., New
nationally; $250,000 for reduction of
and the remaining $293,500 to
Piper Aircraft Corp. (5/23-27)
April 15 filed 100,000 shares of common stock, (par $1).
Price—To be related to the current market for outstand¬
be advanced
Products,
Precision
company
$50,000 to expand its efforts in the sale
boats
share (par $1). Proceeds—To reduce bank loans and
capital. Office—Gardena, Calif. Underwriter
Simmonds
•
—
April 29 filed
stock, of which
—Marron, Slpss & Co., Inc.,
Philadelphia, Pa.
June.
(5/23-27)
for working
Renner, Inc.
Offering—Expected in late
Calif.
Angeles,
Electric Corp.
80,000 shares are to be sold for the account of the
issuing company and 20,000 shares are to be sold for
the account of the present holder thereof.
Price—$9
by
debt.
March
Los
March 29 filed 100,000 snares of common
amendment.
bank
Inc.,
Sierra
The remaining
company.
corporate purposes. Office— 14702 Hawthorne
Lawndale, Calif.
Underwriter — Binder &
general
(5/23)
March 28 filed 150,000 shares of common stock
of which
40,000 shares are to be offered for
York.
March 30 filed 103,452,615 shares of capital stock, to be
offered for subscription by stockholders at the rate of
new
Reliance
•
filed 15,250 shares of common stock (par $50)
Jo be offered to stockholders of record on May 13, 1960,
at the rate of one additional share for each two shares
then held with rights to expire at 3:30 p.m. (EDT) on
June 15. Price—$75 per share. Proceeds—$1,100,000 will
be used to repay in part short-term bank loans of $1,600,000 incurred during 1959 to provide funds for the
company's continuing program of modernization, im¬
provement and expansion; the balance of the proceeds
will be added to its general funds. Office—218 South
Washington Street, Butler, Pa. Underwriter—None.
March 29
one
•
:
Corp.
(letter of notification) 150,000 shares of common
Price—At par
($2 per share).
Proceeds—For
May 2
Underwriter—
•
Corp., New York.
Pendleton Tool Industries, Inc. (5/16-20)
March 25 filed 50,000 shares of common stock (par $1).
pr|ce
To be supplied by amendment. Proceeds—To re¬
tire a 5% note given to the V-T Co. in partial payment
of its business and certain of its assets, and the remainder
of the net proceeds will be added to working capital.
Office—2209 Santa Fe Ave., Los Angeles, Calif. Under-writers—Kidder, Peabody & Co., New York; and Mc¬
Donald & Co., Cleveland, Ohio.
•
j6~7"39? East 44th St*> New York.
Laird & Co.
t
41
will
be
each
with
^
'
May 1, 1960, at the
shares then held.
2%'
offered
directors
are
together
for
and
stock
:
to certain
purchase
■■■
persons,
of
the
warrants
for
stockholders
Continued
on
page
42
42
The Commercial and Financial Chronicle
(2078)
23,859 shares, for purchase for investment. Price—To be
supplied by amendment. Proceeds—To be used for the
company's general insurance business, thus enabling the
acquire
to
company
additional
reinsurance
agreements
with other insurance
companies, service such agreements
requirements with respect to
additional insurance in force thus acquired. Office—2013
and
meet
Cedar
legal
reserve
Springs, Dallas, Tex. Underwriter—None.
Southwestern Oil Producers, Inc.
March 23 filed 700,000 shares of common
$2
share.
per
Proceeds—To
amount.
Continued from page 41
Price—
stock.
Proceeds—For the drilling of three wells
and the balance for working
capital.
Office—2720 West
to
used
be
eliminate
standing bank loan of $700,000 and to provide
working capital, to be used in part to reduce
out¬
an
additional
outstand¬
payable. Office—35-16 37th Street, Long
Island City, N. Y.
Underwriter—Milton D. Blauner &
Co., Inc., N. Y. C.
ing
accounts
Teieregister Corp. (5/23-27)
;
30 filed $6,000,000 of 6% subordinated sinking
fund debentures, due May 1980 (with attached warrants)
and 240,000 shares of common stock (no par). These secu¬
rities are to be offered for sale in units, each consisting
•
March
$1,000 debenture (with 5-year warrants to purchase
20 common shares initially at $15 per share)
and 40
shares of common stock. Price — To be supplied by
of
a
Mockingbird Lane, Dallas.
amendment. Proceeds—For repayment
•
(A. G.) Spalding & Bros. Inc. (6/7)
May 2 filed 85,484 shares of common stock, to be of¬
fered, for subscription on the basis of one new share for
applied to
Office—445 Fairfield Ave., Stamford, Conn. Underwriters — Ladenburg,
Thalmann & Co., Bear, Stearns & Co. and Sutro Bros.,
each
10
shares
held
of record
June
7, 1960. Price—$20
per share. The Pyramid Rubber Co., the largest individ¬
ual stockholder, owning 178,978 shares, has agreed to
purchase at the offering price within five days after
the expiration of the subscription offer (June 24, 1960),
all of the
Pyramid
stock
sold to the
not
Rubber
company's stockholders.
within 30 days thereafter resell
offering price some of the stock
it shall acquire to other persons (not exceeding 15) who
may be stockholders, officers or directors of the com¬
for
investment
pany.
at
may
the
Office—Chicopee, Mass. Underwriter—None.
•
Spartans Industries, Inc. (5/23-7)
March. 31 filed 120,000 outstanding shares of common
stock (par $1). Price—To be supplied by amendment.
Proceeds—To selling stockholders. Office — 1 West 34th
St., New York. Underwriters—Shearson, Hammill & Co.,
and J. C. Bradford &
Co., both of New York.
mon
stock
(par
—For
general
York
one
cent).
Price—$2
share.
per
'
com¬
Proceeds
Avenue,
purposes.
Office—847 E. New
Brooklyn, N. Y.
Underwriter — J. J.
Krieger & Co., Inc., New York, N. Y.
corporate
•
Spring Street Capital Co. (5/16-20)
March 1 filed 3,000 shares of common stock
dental to
its operatons until such time
it has
as
an
from its loans and investments. Office—650
in¬
South
Spring St., Los Angeles, Calif. Underwriter—William R.
Staats & Co., Los
Angeles, Calif.
.•
-7..:>>''*V.7 v//7::7
•
Squan
Marina, Inc. (5/16-2Q)
March 18 (letter of notification)
150,000 shares of class
A common stock (par $1).
Price—$2 per share. Proceeds
—For general corporate
purposes. Address—Route 70 &
Upper Manasquan River Bridge, Brielle, N. J. Under¬
writer—Fennekohl & Co., New York, N. Y.
^ Stelma, Inc.
May 10 filed 175,000
shares of outstanding
Price—To be supplied by amendment.
stock.
common
Proceeds
—To
selling stockholders. Office — Stamford, Conn.
Underwriter—Amos Treat & Co. Inc., New York City.
• Straza
Industries (5/17-18)
March 14 filed 230,000 shares of
capital stock (par $1).
Price—To be supplied by amendment.
Proceeds—For
general corporate purposes and working capital. Office—
790 Greenfield
Drive, El Cajon, Calif. Underwriter—J.
A. Hogle & Co., of Salt Lake
City and New York.
ic Sugarloaf Mountain Corp.
April 28 (letter of notification) 10,849 shares of common
stock to
be offered for
subscription by stockholders.
"Price—At par ($10 per
share). Proceeds—For working
capital. Address—Kingfield, Maine. Underwriter—None.
ic Super Food Services, Inc.
May 10 filed 60,000 preferred shares-convertible
($1.50
pany
annual
proposes
series
dividend), $1 par. The com¬
to sell 50,000 shares through a
group of
underwriters headed by Wm. H.
Tegtmeyer & Co., Chi¬
cago, 111. on a firm commitment basis; and
by a
pre-
offering subscription Central Securities Corp. has con¬
ditionally agreed to purchase 10,000 such shares. Price—
$25 per share for public offering. Proceeds—To
provide
option to purchase 72,600 of the
113,003 issued and outstanding shares of common of
Progressive Wholesale Grocery Co., at a maximum
ag¬
gregate price of $1,333,333.
Office—Chicago, 111.
•
Superior Electric Co. (5/16-20)
an
March 17 filed 150,000 shares of
Price—To be supplied
common
stock
(par $1).
by amendment.
Proceeds—For
construction.
Office—Bristol, Conn. Underwriter—Lee
Higginson Corp., New York City.
Swimming
Pool
Development
(5/31-6/3)
April 15 filed 250,000 shares
Price
tional
$5
per
Inc.
working
—
—
Box
7726, Orlanda, Fla. Underwriter—Securities
ciates, Inc., Winter Park, Fla.
stockholder.
of common
amendment.
Office —915
wfttir
A"geles, Calif. Underwriter
Witter & Co., New York
City and Los
•
Asso¬
(5/17)
stork
oLfm *00,000 outstanding shares
PmL/c V ■*' selling
ivCe~~T° be suPPlied by
Proceeds —To
—
North
Dean
Angeles.
Telectro Industries
Corp.
(5/16-20)
ate^Hrni flled $1/00«rOf 61/2 %
debentures due 1970.
Price
ate
convertible subordin¬
-100%
77.7'
Co., St. Louis, Mo.
Office—705
Lamar
7/vi v'7/7/
'
Texas Eastern Transmission Corp.
(5/25)
April 11 filed $25,000,000 of debentures, due 1980. Price
Proceeds—For the re¬
—To be supplied by amendment.
duction of indebtedness and for
construction
expenses.
Office—Houston, Texas.1 Underwriter—Dillon, Read
Co., Inc., Nw York City. /7;'
7';v';;7< 7\;7 M////
Thermal
Industries of
26 filed
derwriter—Peter Morgan &
is
owned
rants
stock
share.
per
Fla.
Un¬
Co., New York.
Proceeds—$46,098 will be
Price
applied
to
the basis of
each
share.
Thurow
of
Electronics, Inc.
March 28 filed 200,000 shares of class A
principal
common
stock,
(par $2.50) of which 100,000 shares are to be offered for
public sale by the issuing company and the balance by
H. M. Carpenter, President.
Price—$3 per share. Pro¬
ceeds—To be used
ventory
and
additional working capital for in¬
as
business
expansion purposes. Office—121
Water, Tampa, Fla. Underwriter—Donald V. Stabell, of St. Petersburg, Fla. Offering—Expected in the
latter part of May.
:
V. \/v.:77
South
Tourist
Industry Development Corp.-
warrant
share of
subordinated debenture
stock, due July 1, 1978, to be offered in denominations
of
$500 and $1,000 and multiples of $1,000..- Price—At
100% of principal amount. Proceeds—For
general corpo¬
including hotel and restaurant loans
purposes,
cured by real
estate
mortgages.
Underwriter—None. ■
/ A
rael.
Trans
Tech
Systems,
Inc.
se¬
Office—Jerusalem, Is¬
''77
•
0...
7./
(5/23-27)
March
29
filed 65,000 shares of common stock
(par
cent). Price—$10 per share. Proceeds—For general
corporate
purposes.
Office — 5505 Wilshire Blvd., Los
Angeles 48, Calif. Underwriter—Myron A. Lomasney &
Co., New York.
Tri-Point
March 15
mon
stock
Plastics, Inc.
(letter of notification) 150,000 shares of com¬
(par 10 cents). Price—$2 per share. Proceeds
—For general corporate
purposes.
Office—175 I. U. Wil-
lets
Road, ALbertson, L. I., N. Y. Underwriter—Martinelli, Hindley & Co., Inc., New York, N. Y. 7
United American
March
fered
in
Life Insurance Co.
filed 50,000 shares of
capital stock,
11
for
to be of¬
subscription by holders of outstanding
the ratio of
one
new
stock
share for each five
shares held
Price—To be supplied by amendment.
Proceeds—To in¬
crease capital and
surplus. Office—1717 California
Denver, Colo.
St.,
are
director, at $2.50
to
be
offered
to
stock, of which
Sheldon Leighton, a
share and the remainder is to be
publicly offered. Price—To be supplied by amendment.
Proceeds
For new
equipment, advertising, and other
general corporate purposes.
Office—Orange, N J Un¬
derwriter—Darius, Inc., New York City.
per
—
•
United
Financial
Corp. of California (5/25)
March 30 filed
$6,000,000 of convertible subordinated
debentures due April 1,
1975, and 120,000 shares of cap¬
ital stock, to be offered in units
of $100 of debentures
and two capital shares.
Price—To be supplied by amend¬
ment.
Proceeds—Approximately $1,000,000 will be used
for general
corporate purposes, and the balance will be
distributed to holders of the
capital stock
issuance
Brea
and
and
debentures
of
sale
of
the
units.
Avenue, Inglewood, Calif.
Brothers, New York City.
prior to the
Office—425 South La
Underwriter—Lehman
• United
Industrial Corp.
March 21 filed 88,017 shares
of series A convertible
pre¬
ferred stock,
614,130 shares of common stock, and
16,500
of
the merger.
a
finder's
Stock
pur¬
prior to the merger
on
right
to
purchase
V2
are
exercise of these warrants-.
issuable upon conversion
upon
shares
common
are
preferred stock
and
under
a
stock
plan. Office—5221 West 102nd Street, Los An¬
geles, Calif. Note—There is no public offering involved;
option
•
United
March
States Boat Corp.
filed
28
350,000
(6/20-27)
of common stock
shares
to
be
publicly offered. Price—$2 per share. Proceeds—$221,826 will be applied to the repayment of loans to United
States Pool Corp. which were used for general corporate
purposes, and the balance will be utilized for working
capital, including a later repayment of $45,000 to U. S.
Corp.' Office —27 Haynes Avenue, Newark, N. J.
Underwriter—Richard Bruce & Co., Inc., New York.
Pool
"V
Universal Marion Corp.
March
ferred
the
filed
29
shares of 4V2%
31,361
'77 v \
V '
cumulative
*
pre¬
offered for sale
otherwise by public
or such lesser price
Proceeds—To selling
Theater Bldg., Jack¬
:
:' ''?
*.7 ;,7
($100 par). Price—To be
stock
over-the-counter market, or
$95
share,
or
private sale
or
prices which may be obtained.
stockholders."
at
per
Florida
Office—602
sonville, Fla. Underwriter—None.
Marion
Corp.
1■
April 15 filed 435,120 shares of common stock, to be of¬
fered for subscription by common stockholders at the
rate of one new share for each four shares or fraction
is
date
record
The
Common
stock
has
supplied by amend¬
value. Price — To be
be
to
no
par
supplied by amendment. Proceeds—To be added to the
general funds of the company and be available for use
in developing the company's tract of land near Tampa,
Fla., for working" capital and for possible acquisition
cf other
properties.
Office
602 Florida Theatre Bldg.',
—
Jacksonville, Fla. Underwriter—None.
•
Reduction
Uranium
March
Co.
(5/16)
/
,
filed
31
200,000 outstanding shares of common
stock (par 10 cents). Price—To be supplied by amend¬
ment. Proceeds — To selling stockholders. Office — 557
First Security Bldg., Salt Lake City, Utah.
A. C. Allyn & Co., Inc., Chicago, 111.
Underwriter—
77^7;,7:;^
<
•
Uris Buildings Corp.
March 29 filed $20,000,000
(5/16-20)
r
: V1 :
of 6V2% sinking fund deben¬
tures due May 1, 1975 (with attached warrants to pur¬
chase 800,000 common shares) and 400,000 shares of com¬
mon stock (par 10 cents). The offering will be made
only
in
units, each unit consisting of (a) $100 principal
amount of debentures
chase
four
shares
stock.
of
with
an
attached warrant to pur¬
common
stock (b) two shares of
supplied by amendment.
Price—To
be
Proceeds—To repay
loans, defray construction costs, and
general corporate purposes. Underwriter—Kuhn, Loeb &
Co., New York. / 7 \/7
/■"7-.-.V
• Vector
Manufacturing Co., Inc. (5/23-27)
-.. %
April, 14 filed 250,000 shares of common stock (no par).
Of this stock, 100,000 shares are to be offered for public
sale by the issuing company and 150,000
shares, now out¬
standing, by the holders thereof. Price—To be supplied
by amendment. Proceeds — For expansion. • Office —
Southampton, Pa. Underwriter—Paine, Webber, Jackson
& Curtis, New York. •
•
Viewlex, Inc. (5/20)/777;
April 12 filed 200,000 shares of class A common stock
(par 25 cents). The offering will include 175,000 shares
to be issued by the
company and 25,000 shares which
are
outstanding and will be offered for the account of
the holders thereof.
Price—$4 per share./ Proceeds—
$100,000 will be used to purchase additional high speed
automatic production equipment; $150,000 for research
and development of new
products; $75,000 to be re¬
served to cover the costs of
moving present facilities
into new and enlarged
quarters; and the balance for
working capital; Office —- 35-01 Queens Blvd., Long
Island
New
City, N. Y.
York.
Wallace
common
common
at $17 per share, and 509,613 shares
issuance
for
payment
the
evidences
now
-
Underwriter—None.
Components, Inc.
the
warrant for each share of the company's
to stockholders of record Oct. 28, 1959;
common
common
March 22 filed $2,250,000 of 7%
rate
one
stock
common
thereof.
working capital. Office—Fairfield, N. C. Under¬
writer—Participating dealers will receive 15 cents per
to
16,500 war¬
issuable to H. L.
are
Yaras in
chase warrants were distributed
ment.
tional
shares
common
Herman
fee incurred in connection with
ship,
Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
$65,000 for January 1961 instalment payment on the
12,726 acres; and the balance to purchase livestock,
planting feed and pasture, raising livestock, and addi¬
namely 34,978 preferred and
16,500
and
'/ Universal
/
common stock.
v
According
by Maurice Goodman, a Director,
and
Federman
in
(5/16-20)(par $1).
be added to the
common
Three-L-Corp.
;
March 24 filed 3,500,000 shares of
—$1
&
Florida, Inc.
120,000 shares of
Price—$6 per share.
Proceeds—To
company's general reserves.
Office—Miami,
10,000 shares
(par $1).
capital. Office—Florence, Ala. Under¬
writer— Marron, Sloss &
Co., Inc., New York.
ic Systems Inc.
April 28 (letter of
notification) 40,000 shares of common
stock (par $2). Price
$5 per share. Proceeds
For
working capital
Office—2326 Diversified
Way
P. O.
Telecomputing Corp.
concerns.
March 2 filed 110,000 shares of
Principally for addi¬
—
business
small
Blvd., Austin, Texas. Underwriter—Dempsey-Tegeler &
United
Co..
of common stock
share. Proceeds
services to
one
cumulative
the funds to exereLe
-
warrants.
purchase
thereof,
reserved
ic Texas Capital Corp.
-V/',;
May 4 filed 350,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—To be
used
to
provide investment capital and management
Thursday, May 12, 1960
by Bernard Fein, a Director, and 53,039 preferred
F. Co., 13% of whose stock
Additional
all of New York.
.
and common shares by B. S.
the acquisition of 493 acreas of land in Fairfield Town¬
(par $100)
to be offered in units of five shares at $1,000 per share.
Proceeds—For loans to and the purchase of securities
of certain business concerns. It may also use a
portion
of the proceeds to pay the costs and
expenditures inci¬
come
holders
shares
the
company's construction program.
.
prospectus, 88,017 shares of preferred and 88,017 shares
of common stock may be offered for sale by the present
agreement with bank and the balance will be
Feb.
ic Speed-Way Food Stores Inc.
April 27 (letter of notification) 150,000 shares of
of current credit
stock
common
.
Underwriter—Stanley Heller & Co.,
7/7/;'
v''
.7.7/ -V-
Properties, Inc., (5/31-6/3)
$12,000,000 principal amount of 6% con¬
debentures, due June 1, 1975 and
April 5 filed
vertible subordinated
360,000 shares of common stock (par $2), to be offered
only in units, each consisting of $100 principal amount
of debentures and three shares of common stock. Price
—To be supplied by amendment.
Office—Dallas, Texas.
Underwriter—Harriman Ripley
Wa'tkam
Precision
&
Co., Inc., New York.
Instrument Co..
(5/31-6/3) /
V
7 • -r
April 15 filed 700,000 shares of
K 7
7
common
Inc.
">7
stock
It is proposed that this
basis to the
offering will be on
company's-present common
a
';;7,
7
(par $1)'
subscription
stockholders.
Price—To be supplied by amendment.
to pay the balance of the
purchase
Proceds—$600,000
price for Boesch
pay the 5%
by the Secretary of the U. S.
Manufacturing Co., Inc. stock; $350,000 to
chattel mortgage note held
Treasury as assignee of the Reconstruction Finance Corp.;
$200,000 to pay the 6% secured notes issued as part pay¬
ment
the
for the stock of Electro-Mec
Laboratory,
balance
purposes.
for
Inc.;
and
corporate
Office—221 Crescent St., Waltham, Mass. Un¬
working
capital
and
other
derwriter—Schweickart & Co., New York.
.
.
The Commercial and Financial
.
460
Watch Co.
Waltham
'
Number 5950
191
Volume
filed $1,500,000
debentures series A
30
wps
,
u
ital. Office—6815 Tordera
•
Zero
a;new
Industries Corp. (5/16-20)
300,000 shares of common
stock and war¬
purchase of an additional 100,000 shares.
prjce __ To be supplied by amendment.
Proceeds —
$350,876 will be used to retire certain debts, with the
remainder to be used for construction, equipment, and
working capital. > Office—6505 Wilshire Boulevard, Los
Prospective Offerings
^ West Bend Aluminum Co.
April 26 (letter of notification)
5,950 shares of class B,
non voting common stock
(par $2.50). Price—$8.40 per
share. Proceeds—For working capital. Office—400 Divi¬
sion St., West Bend, Wis. Underwriter—None.
^ Westmore, Inc. (6/13-20)
May 9 (letter of notification) 150,000 shares of common
stock (par $2). Price—$2 per share. Proceeds—For gen¬
eral corporate purposes. Office—137 South Ave., Fan-
sales promo¬
Under¬
& Co.,
"V-'-'•:••• v\/
indebtedness,
of
•
tion, and equipment, i Office—Myerstown, Pa.
writer—Hallowell, Sulzberger, Jenks, Kirkland
'''
Philadelphia, Pa.
Wilier
-
Television
Color
Jan, 29 (letter of notification)
stock
Inc.
86,403 shares of common
System,
share. . Proceeds—For
Office—151 Odell Avenue,
Yonkers, N. Y. Underwriter—Equity Securities Co., 11
Broadway, New York City.
/
(par $1).
Price—$3
general corporate purposes.
Win-Chek
per
i
26
filed
150,000
selling stockholders.
Tex.
Underwriters
shares
class
of
McDowell,, Chicago, 111.
Co. (7/12)
Feb. 3 it was reported/that about $10,000,000 of first
30-year mortgage/bonds will -be filed. Underwriter—
e To be determined
by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc., Kidder, Peabody & Co.,
and White, Weld & Co. (jointly); First Boston Corp.,
Blair & Co., Merrill Lynch, Pierce, Fenner & Smith Inc.
and Stone & Webster Securities Corp. (jointly).
Bids—
V Expected to be received on July 12.
Tex. and
•
F •
..,FF.<fF:''7*f,:;FfF4 fF- v
expected
City Gas Co.
to file an
reported that this company is
was
stock some¬
Underwriter—Kidder, Peabody & Co., New
,.FF
-/■' '•;/;/
if Coca-Cola Co.
9 filed $1,050,000
May
F
of participations
in the com¬
share (par 25 cents).
achie, N. J. Underwriter—Michael G. Kletz & Co. (man¬
aging).
:'/''/// V; .Fy'
'/ "•
March
Wisconsin Electric Power Co.
March 22 filed
561,005 shares of common stock
to be offered to holders
of record April 27 of
ing common stock
the basis of one share
on
^ares held with rights to expire
on
(par $10)
outstand¬
for each 10
Price—
May 17.
—
the company's
construction program, and for fur¬
expenditures. Office—231 West Michi¬
ther construction
gan
• Witco
Chemical
Co.
$8,000,000 of sinking fund debentures due
amendment. Proceeds—
irioX 4
1J80.
lo
Underwriter—None.
Street, Milwaukee, Wis.
Price—To be supplied by
be added
to
the
general funds of the
company
purposes. Office—New
Underwriters—Smith, Barney &.Co. Inc. and
"se(J f°r general corporate
A. Y.
man, Sachs & Co., both of New York.
ed
•
in
and
York,
Gold¬
Offering—Expect¬
early June.
WonderBowl,
Inc.
April 14 filed 3,401,351 shares of common
rrice—$2
per
share.
Proceeds—For
property, for constructing
a
stock (par $2).
purchase of certain
motel on said
property and
the° property. Office
—7805 Sunset Boulevard, Los Angeles, Calif.
Under¬
writer—Standard Securities Corp., same address.
va51Qus leasehold improvements
on
Yale Express
System, Inc.
March
n_
25
pub¬
the
300,000 shares of class A stock (par
cents) of which 150,000 shares are to be offered for
ic sale
by the issuing company and the balance by
company's; board chairman.
Price — $5.50 per share.
25
filed
f r°cceds—$400,000 to restore working capital
0
acquire American Freight
xpansion
o
expended
Forwarding Corp.
freight forwarder operation;
restore funds advanced in connection with
of
the
and for
$150,000
the ter¬
minal recently constructed in North Bergen, N. J.^ and
ne
balance
for
expansion and
improvement.
is planned
System, Inc.
announced that further debt
Gas
11 it was
for later in the year.
financing
Underwriter—To be de¬
bidding. Probable bidders: Hal¬
sey, Stuart & Co., Inc., Merrill Lynch, Pierce, Fenner &
Smith, Inc., and White, Weld & Co. (jointly); Morgan
Stanley & Co.; Lehman Brothers., Eastman Dillon, Union
Securities & Co., and Goldman, Sachs & Co. (jointly).
termined by competitive
$32,25 per share. Proceeds
To be used to repay $12,000,000 of short-term bank loans incurred in connection
with
Columbia
Office—
if Consolidated Edison Co. (6/14)
May 6 filed $50,000,000 of first and refunding
bonds, series R, due
June 1, 1990.
mortgage
Proceeds—To become
of the company and will be
of some $55,000,000 of shortterm bank loans. Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc. and The First Boston Corp. (jointly); Morgan
Stanley & Co. Bids—Expected to be received on June 14.
Consolidated Research & Mfg. Corp.
Dec.
16 it was reported that this firm, founded last
part of the treasury funds
applied toward retirement
August as a Delaware corporation, plans its first pub¬
lic financing in the form of a common stock offering
scheduled for next spring. Business—The company pro-
and fog.
Chapel St., New
President—Marvin Botwick.
containers to combat ice,
Proceeds-—For expansion. Office—1184
dues
spray
Haven, Conn.
•
Consumers
Power Co.
snow,
(7/26)
Public Service
sell securities
with base value of $73,101,600. The company proposes to
issue and sell first mortgage bonds in the amount of
$25,000,000 maturing not earlier than 1990 for the best
price obtainable but not less favorable to the company
than
5Y4% basis. The mortgage bonds are expected in
the last quarter of the year. It also proposes to issue and
April 29 the company asked the Michigan
Commission for permission to issue and
a
debentures in amount of $38,101,600 ma¬
1975 at a price not less favorable
to the company than a 514% basis.
These debentures
are to be offered to the company's common share own¬
ers of record July 26 for subscription on the basis of $100
sell convertible
turing not earlier than
Boulevard of
reported that $25,000,000 of
first mort¬
& Co.
(joint¬
ly); First Boston Corp.; Eastman Dillon, Union Securi¬
ties & Co. and Harriman Ripley & Co. (jointly); Lehman
Blyth & Co. (jointly).
Brothers and
Credit Co.
Motor
Ford
March 28 it
was
reported that this company
is develop¬
ing plans for borrowing operations, which may include
the issuance of debt securities, and possibly occur later
Office—Detroit, Mich.
this year.
Georgia Power Co.
(11/3)
plans regis¬
mortgage bonds
determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.
(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Registration—Sched¬
uled for Sept. 26.
Bids—Expected to be received on
it
Dec. 9
$12,000,000 of 30-year first
Underwriter — To be
SEC.
the
with
announced that the company
was
of
tration
Information Meeting—Scheduled
Nov. 3.
Gulf
plans regis¬
mortgage 30year bonds.
Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; The First Boston Corp.; Equitable Securities Corp.;
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly); Blyth & Co., Inc.; Merrill Lynch, Pierce, Fenner &
Smith Inc.; Salomon Bros. & Hutzler, and Drexel & Co.
(jointly); Eastman Dillon, Union Securities & Co. In¬
formation Meeting—Scheduled for July 5, 1960. BidsExpected to be received on July 7.
Registration —
Scheduled for June 3. 1
SEC
the
with
tration
>
for Oct. 31.
Co. (7/7)
announced that the company
Power
Dec. 9 it was
Gulf Power Co.
undetermined amount of common
York City.
—
Corp.
Power
was
Office
and Merrill
Straus, Blosser &
March 10 it
shares to
Halsey, Stuart & Co. Inc.; Kidder, Peabody
Lynch, Pierce, Fenner & Smith Inc.
ders:
Central Illinois Electric & Gas
-
proposal to increase
bonds will be sold by this utility, possibly in the
fourth quarter of this year. Proceeds — For new con¬
struction and repayment of hank loans. Underwriter—To
be determined by competitive bidding. Probable bid¬
& Son, Inc., Dallas,
Dallas Rupe
Securities Corp.,
gage
Wolfe, Presi¬
pany's employee Thrift Plan, together with 19,311 com¬
mon
shares which may be acquired pursuant thereto.
Office—515 Madison Ave., New York.
V /
F >
; .
Proceeds—To purchase additional
inventory and equipment and the balance to improve the
company's working
capital position.
Office — Moon-
Florida
stock:
— To
Office—601 Marion Drive, Garland,
—
stockholders approved a
16
March 10 it
shares of common
supplied by amendment. Proceeds
To be
time in June.
Industries, Inc.
A stock to be
publicly offered, 15,000 shares to be issued pursuant to
a restricted
stock option plan, and 21,500 shares being
registered but not offered at this time. Price—$3 per
April
—
Pa. Underwriter—Plymouth
City.
finance 1960 construction.
Allies, Pittsburgh, Pa.
the
if Byer-Rolnick Hat Corp.
Price
to be filed in early June.
corporate purposes. Office —
company's number of authorized preferred
help
May 9 filed 100,000 outstanding
85,000 shares of common
general
300,000 from 100,000 and to issue a new non-convertible
preferred series. Proceeds—To be used to repay, ap¬
proximately $5,000,000 in short-term bank loans and to
pected during the first half of 1960.
Whitmoyer Laboratories, Inc.
including the reduction
the
& Electric Co.
announced by J. Theodore
was
expected
are
For
—
Inc.
York
March
dent, that the company plans record construction expen¬
ditures of $50,00.0,000 during
1960, probably financed
through the sale of first mortgage bonds. Offering—Ex¬
Securities Co., New
(6/13-17)
stock and $500,000
of 6% subordinated debentures, due 1977, with warrants
for the purchase of 10,000 additional common shares at
$5 per share'.
Price—-For the debentures, 100% of
principal amount; for; the 85,000 common shares, $6
per share.
Proceeds-r-For general corporate purposes,
.
March 3 it
bonds —
Co., and
Co.; The
Co., Inc.
announced that 100,000 shares of. com¬
was
stock
Palmyra,
Steel Co.
Baltimore Gas
Dynamics,
16 it
Proceeds
annual report stated that capital
improvements during 1960-63, inclusive, have been proj¬
ected to cost between $40,000,000 and $45,000,000.
It is
anticipated that a substantial proportion of this money
will
be forthcoming from
depreciation and retained
earnings. In addition, the sale of $10,000,000 of preferred
stock in 1960 is planned to supply a part of these over¬
all capital requirements. Office—Chicago, 111.
Underwriter—A. T. Brod & Co., New
Deckert
mon
March 25 the company's
York City.
Jan. 28 filed
33,600 square foot industrial building in Bur-
Acme
To
Equitable Gas Co.
bank, Calif., $250,000 for the purchase and installation
of new machinery and equipment; $150,000 for further
research and development' in the modular container
field; and the balance will be added to working capital.
Office—1121 Chestnut St., Burbank, Calif. Underwriter
>■—Shields & Co., New York.
/Ff
, //■; .■■
29 filed
rants for the
•
(5/23-27)
stock, of which
125,000 shares are being issued and sold by the company
and 75,000 shares are being sold by certain stockholders.
Proceeds—$250,000 will be used for the construction of
promotion; $200,000 to acquire and
open new facilities;
$23,649 for payment of notes to
stockholders, and $78,100 for working capital. Office—
3701 N W. 51st St., Miami, Fla. Underwriter—Merritt,
Vickers, Inc., of New York City.
;
;
•
Manufacturing Co.
—
bidding.
Probable bidders: For
Halsey, Stuart & Co. Inc.; White, Weld &
Shields & Co.
(jointly); Morgan Stanley &
First Boston Corp., and Harriman Ripley &
For debentures—Morgan Stanley & Co.
New
March 28 filed 200,000 shares of common
advertising and
Underwriter—Jacey
St., Coral Gables, Fla. Under¬
writer—None.
area outside of
be determined by
65-county
a
competitive
March
and
company's electric
the
of
in
Underwriter
Detroit.
Greater
the proc¬
facilities
service
gas
of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
improvement
and
sion
essing
111. Underwriter—None.
Industries), Inc. (6/13-20) /
Aoril 29 filed 275,000 shares of common stock (par $1),
nf which 175,000 shares are to be issued and sold by
the company and 100,000 shares which are outstanding
and will be offered for the account of the holders thereof.
Price—$3 per share. Proceeds—$50,000 to purchase new
eauipment; $25,000 for research and development; $25,000
wood, N. J.
York, N. Y.
—
will be used to purchase and install a mill for
Warren
Angeles, Calif,
principal amount of debentures for each 25 shares of
common
stock held with rights to expire on Aug. 12.
Proceeds
To be used to finance the continuing expan¬
if Yuscaran Mining Co.
May 6 filed 1,000,000 shares of common stock. Price— $1
per share. Proceeds—It is expected that some $100,000
Chicago,
Wells
Underwriter—Michael G.
Offering—Expected in late
• Yaiie Rubber Manufacturing Co.
May 2 (letter of notification) 133,335 shares of common
stock
(par $1). Price—$1.50 per share. Proceeds—To
purchase machinery and equipment and for working
capital. Address—Sandusky, Mich. Underwriter—None.
j
Jan.
Co., Inc., New York.
May.
r
for
12th Avenue, New York.
Kletz &
of 7% sinking fund suborditofi
due April 30, 1975, with fivecommon stock purchase warrants attached, and
SfnoO shares of common stock (par 50 cents). A $1,000
h'pnture with warrants for the purchase of 50 common
at an initial exercise price of $3.50 per share, will
shares *
. <R1 nnn.
t f i
f 7i- nnn _hQVOO ..
■
nffcred for sale at $1,000; a total of 75,000 shares being
fcprved for issuance upon exercise of the warrants. The
res
rSitional 200,000 shares of common stock will be offered
adc
subscription at $3.50 per share. The offer is being
f0JdeUSrst"to stockholders of record on May 2, 1960, for
npriod of 30 days. Thereafter the unsubscribed debenJP and stock will be offered to the public. Proceeds—
For working capital. Office — 231
South Jefferson St.,
«.h
ir
43
(2079)
Chronicle
it
Dec. 9
was
$5,000,000 first
of
(7/7)
announced that the company
plans regis¬
50,000 shares of preferred stock (par $100).
Underwriter—To be determined by competitive bidding.
of
tration
Ripley & Co.; Eastman Dil¬
Probable bidders: Harriman
Union Securities & Co., and Salomon Bros. &
Hutzler
(jointly); Equitable Securities Corp.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly). In¬
formation Meeting—Scheduled for July 5, 1960. Bids—
lon,
Expected
to
received
be
July
on
7.
Registration
t-
Scheduled for June 3.
•
(6/20)
Gulf States Utilities Co.
April 19 it
was
reported that the company will issue arid
$17,000,000 of 1st mtge. bonds. Underwriter—To be
by competitive bidding.
Probable bidders:
sell
determined
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. and
White, Weld & Co. (jointly); Salomon Bros. & Hutzler
and Eastman Dillon, Union Securities & Co. (jointly);
Lehman Brothers.
Bids—Expected to be received on
June 20 at 12 noon. Information Meeting—Scheduled for
June
15 at 10:30
a.m.
Hayes Aircraft Corp.
Feb.
reported that an issue of convertible de¬
being discussed and may occur in the next
months. Office—Birmingham, Ala. Possible Under¬
12 it
was
bentures is
few
writer—Sterne, Agee & Leach, Birmingham, Ala.
Houston
March
it
22
Lighting & Power Co.
was
announced in the
company's anriual
$35 million in
1960 to support the
report that it anticipates approximately
new
will
money
be
required
in
construction program, and to repay outstanding
bank loans. Studies to determine the nature and timing
of the issuance of additional securities
are presently
year's
under way.
first
4%%
Lehman Brothers,
Dillon, Union Securities & Co. and Salomon
Eastman
Bros.
Last August's offering of $25,000,000 of
mortgage bonds was headed by
Hutzler.
&
Office
—
Electric Building, Houston,
Texas.
Idaho
Power Co.
the company plans to
1st mortgage bonds due
1990. Proceeds—For capital expenditures, etc. Under¬
writer
To be determined by competitive bidding.
March
issue
30
and
it
was
sell
reported
$15,000,000
that
of
—
Probable
bidders:
Halsey,
Stuart & Co.
Inc.; Blyth &
Continued on page
44
44
The Commercial and Financial Chronicle
(2080)
writer—R. F. Dowd &
Continued from page 43
Co., Inc., Lazard Freres & Co. and The First Boston
Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly); Salomon Bros. & Hutzler and Eastman Dilion, Union Securities & Co. (jointly); Equitable Se¬
curities Corp.
Illinois Bell Telephone Co.
March
of
issue
authorized plans for a $61,000,000
shares. The stockholders will
directors
24
common
new
subscription rights on the basis of one new share
10 held at the time of issue. Proceeds—To help
have
for each
Offering
construction program.
company's
the
finance
—Expected in June.
•
Bell
Illinois
April
(7/6)
Telephone Co.
that the company
sale of about $50,000,000 of first
it was reported
29
issuance
and
plans the
Proceeds—
For construction purposes.
Underwriter—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co.; Glore, Forgan
Co.
&
Securities
Union
Dillon,
Eastman
and
Co.
&
to be received on July 6 up
(jointly). Bids—Expected
to 11 a.m. (EDST)
sell
$12,000,000 of 30-year first mortgage bonds. Under¬
competitive bidding. Prob¬
Halsey, Stuart & Co. Inc.; Lehman Broth¬
ers; Goldman, Sachs & Co., and The First Boston Corp.
(jointly);
Eastman Dillon, Union Securities & Co.;
White, Weld & Co., and Shields & Co. (jointly); Blyth
& Co., Inc.; Equitable Securities Corp.
Bids—Expected
to be received up to 11 a.m. New York Time on Sept. 27.
able bidders:
Meeting—Scheduled
Information
'
.
Iowa
March
Electric
would
be sold
tained
from
;•<
22
11:00
at
,
Light & Power Co.
Dows stated that
President Sutherland
11
Sept.
for
a.m.
in order to supplement money to
bonds
be ob¬
temporary bank loans, to acquire the $10,-
1960 construction.
000,000 required to finance
Rapids, Iowa.
Cedar
Office—
K.V.P. Sutherland Paper Co.
May 11 it was reported that a secondary offering of com¬
mon
stock is presently being discussed. Proceeds—To
selling stockholders. Underwriter — Lehman Brothers,
(7/14)
reported that a rights offering-of $5,00(V**
stock is contemplated, on the basis of one
ic Laclede Gas Co.
was
000 of common
new
share for
each
man
Brothers
and
14 shares held. Underwriters—Leh¬
Merrill
Lynch,
Pierce, Fenner &
Smith Inc., both of New York, and Reinholdt & Gardner,
St. Louis, Mo.
* Laclede Gas
May
it
11
Nov.
and
sale
of
$10,000,000
of
25
-
year
first
bonds. Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Stone & Webster Securities Corp.; Lehman
Bros., Merrill Lynch, Pierce, Fenner & Smith Inc. and
mortgage
Reinholdt
&
11:00
Gardner
&
Co.
(jointly); Eastman Dillon, Union
Bids—Expected to be received up to
(EDST) on July 11.
Securities
a.m.
* Laurel Run Development Co.
May 6
filed
in
association
12
it
plating
common
bonds, 5% SS Argen¬
the company is
it
announced
was
issue not
more
this
that
New
York
City
than 133,334 shares of com¬
to issue
—To
Jersey Power & Light Company (7/19)
it was reported that this utility is planning the
$5,000,000 of first mortgage bonds, due in 1999.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb
& Co., Lehman Brothers and Salomon Bros. & Hutzler
(jointly); Equitable Securities Corp.; First Boston Corp.;
Merrill Lynch, Pierce, Fenner & Smith Inc.; Eastman
Dillon, Union Securities & Co. and White, Weld & Co.
jointly).
Bids—Expected to be received on July 19 up
to 11:00 a.m. (EDST).
y
& Co.
Illinois
the
16
000,000 of
Co.
bonds.
derdale, Fla. Underwriters—Radice Securities Corp. and
San
Diego Gas & Electric Co.
it was reported that $25,000,000 of bonds is
expected to be sold sometime in the third quarter of
this year. Underwriter—To be determined by competi¬
tive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.; First Boston Corp., Eastman Dillon,
Halsey, Stuart
April
(7/13)
stated that $120,capital will be needed to meet its five-
Stuart
Co.
&
13,
Underwriter—To
program.
competitive
Inc.
to
up
bidding.
Probable
Bids
group.
11:00
a.m.
—
To
be
Union Securities & Co. and Merrill
Underwriter—To
A
bidding.
received
(Jos.)
Probable
bidders:
•
Willard
E.
Ferrell
of
Co.
Philadelphia, $89,600 of non-producing fractional work¬
May 9 it
of
reported that this company plans the filing
common stock. Price—To be
sup¬
was
10,000 shares of its
plied by amendment. Proceeds—For expansion of busi¬
ness.
Office—Edison, N. J. Registration—Imminent. Un¬
derwriter—Myron A. Lomasney & Co., New York.
Louisville
Gas
& Electric Co.
(10/18)
April
27 it was reported that this company plans the
issuance and sale of $16,000,000 of first
mortgage bonds.
Proceeds—For construction.
Underwriter—To be de¬
termined
by
competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; The First Boston Corp.; Leh¬
man
Brothers and Blyth & Co., Inc.
(jointly); Kuhn,
Loeb
&
Co., American Securities Corp. and Wood,
Struthers
&
Co.
(jointly); Eastman Dillon, Union Se¬
curities & Co. and White, Weld & Co.
(jointly); Kidder,
Peabody & Co. and Goldman, Sachs & Co. (jointly). Bids
—Expected to be received on Oct. 18.
IVIac
Panel
Co.
March 23 it
was reported that
negotiations are still pend¬
ing regarding the filing of an issue of common stock.
Office—High Point, N. C. Underwriter—Bache
New York City and
Charlotte, N. C.
Midland
April
8
that it
1961 of
it
Enterprises
was
stated
Co.,
Inc.
in
the company's annual
report
contemplates the issuance on or before March 31
a
bond issue in
$4,000,000. Proceeds
equipment presently
ordered.
27
an
—
aggregate amount not to exceed
To finance river
transportation
on
order
and
expected
to
be
Office—Cincinnati, Ohio.
Missouri
April
&
it
Pacific RR.
was
reported
that
the
Bros. & Hutzler.
March 16 it
register
its
Insurance
was
—Expected to be received
South Carolina
March
To
be
sion.
supplied by
Office—198
of
offering
75,000
company expects to
in early May.
The
common
amendment.
shares.
Proceeds—For
Broadway, New
1960,
with
maturity
are
York
City.
Price
exoan-
Under¬
paper
of
in
of
strong demand for service
service
•
general
corporate
For
—
expansion
purposes.
Office
Underwriter—Myron A. Lomasney
of
—
&
business
Orange &
Rockland
Pacific
&
will
$20,000,000
mature
issued
on
to
*he comPany Plans
be announced at
of
a
later date.
unsecured
Proceeds—To
promissory
notes
to
prior to July 31, 1961. The notes will be
finance part of the
issuer's 1960-61 construcor
lfiTnnnXnnn dnUf^S'
$61,000,000.
Panhandle Eastern Pipe Line
Co.
fhnnt ifi^nnn^nreP*°r!eSJ tlJat this
$65 000,000 of
debentures,
about
quarter
of
this
year.
comPany might sell
possibly in the third
Underwriters
Merrill Lynch
—
f1^6'' YCn k^ & Smith InC* 3nd Peabody & Co> both
President,
informed
this
it
California
stated
was
Edison
in
Co.
the company's
sold
the
to
was
•
stated in the company's annual report
company expects to
certain outstanding notes
that
payment of
through the issuance of first
mortgage bonds and other debt securities. / The timing
of the issue
or
issues
was
provide
for
the
not stated in the
report.
Office
—Birmingham, Ala.
Southern Union Gas Co.
v
Feb. 5 it
was
reported that $11,000,000 in
is planned for the late
new
Spring of this year, of
financing
undeter¬
A. C. Allyn & Co., and
Snow, Sweeney & Co., both of New York City.
mined
type.
Underwriters
Southwestern
an
—
Bell
Telephone Co. (8/9)
of this company recommended
3
$100,000,000 debenture issue, subject to approval by
regulatory authorities. Proceeds—To finance an expan¬
March
to issue
of
;
undetermined principal amount
an
the
Light Co.
securities, the date and form
15
April 4 it
borrowings.
Power
McMeekin,
Southern Natural Gas Co.
and
Utilities, Inc.
If"I'*?!!**t^nannnnno°nUnSed th^
at least $20
000,000 of
C.
July 6.
plete its estimated $123,000,000 construction program for
1960.
This financing is dependent upon market condi¬
tions, and will probably be some type of debt security.
,.?.m ^
Proceeds of sale in 1961, subject to market con¬
ditions, of $10,000,000 of its first mortgage
bonds, from
depreciation and retained earnings
and, to the extent of
any remaining
balance, from the proceeds of additional
short-term
S.
on
annual report
$30,000,000 issue of series L mortgage
underwriters in January, 1960, an addi¬
tional $55,000,000 to $60,000,000 will be needed to com¬
Norwalk, Conn.
Co., New York.
18 it was stated that the
company presently ex^ba* such Part of its
construction program through
1962 and the
refunding of $6,442,000 series B bonds ma¬
turing in 1961 as is not financed by the sale of the com¬
pany s 39,165 shares of its convertible
cumulative pre¬
ferred stock, series
E, 5% (par $100) will be financed
25.
besides
bonds
\
April
will
Electric & Gas Co.
of plans to sell
Southern
that
Co.
Proceeds
utility
bonds, the timing of which will be subject to market
March
sometime
May.
public
placed privately.
March $0 it was reported that the
company plans to file
an
undetermined amount of common stock
m
this
Proceeds—To repay bank loans incurred for
current construction program. Previous issues have been
long
Norwalk
(7/6)
that
conditions.
needed
and to put into effect
improvements as direct customer dialing
distant calls. Underwriter—To be determined
by
competitive
bidding.
Probable
bidders:
Halsey,
Stuart & Co., Inc.; The First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.
Bids—Expected to be opened on or about June 7.
such
Co.
public
offering will consist
1,
are exPected to total about
Office—Portland, Ore.
announced that the
first
June
than 40 years. Proceeds—The
funds
retire
Road
plans to sell
$3,975,000 of its equipment trust certificates on
May 25
Probable bidders:
Halsey, Stuart & Co. Inc.; Salomon
Mohawk
more
to meet
dated
which
'
(5/25)
not
issue
reported
was
Halsey, Stuart & Co. Inc.; Kidder, Peabody &
White, Weld & Co. (jointly); Stone & Webster
Securities Corp. and Dean Witter & Co. (jointly). Bids
Northwestern Bell Telephone Co.
(6/7)
24 directors authorized the
sale of a $45,000,000
debenture
Pacific Power Co.
it
18
Co. and
March
Filter Corp.
—
bidders:
Co. (jointly); Equitable Se¬
Corp. and Eastman Dillion, Union Securities &
(jointly). Bids—Expected to be received by Dec. 6.
1 Lee
secondary offering might
a
Underwriters
issue and sell $3,000,000 of bonds, due 1990. Underwriter
—to be determined by competitive bidding. Probable
Brothers and Riter &
ing oil interests.
Sierra
April
by competitive
Stuart & Co., Inc.;
curities
with
reported that
summer.
Inc., both of New York City.
Lynch, Pierce, Fenner & Smith Inc., Kidder,
Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and
Blyth & Co., Inc. (jointly); Leh¬
man
was
this
made
Merrill Lynch,
Pierce, Fenner & Smith Inc. and Harriman Ripley & Co.
determined
Halsey,
Schlitz & Co.
March 11 it
on
be
Merrill
Lynch, Pierce, Fen¬
(jointly); Lehman Brothers and Salomon
Hutzler (jointly).
.//,
Smith
Bros. &
Halsey
EDT.
be
&
ner
it Northern States Power Co. (Minn.)
(12/6)
May 11 it was reported that the company plans the is¬
suance and sale of
$35,000,000 of 30-year first mortgage
bonds.
8
determined
be
bidders:
./
Jerry Thomas & Co., Inc., Palm Beach, Fla.
company
construction
:////■'■■■')■
Ltd;^^//-,^r
acquire fee title to certain land in St. Augustine, Fla.,
which will be constructed a 54-unit Howard John¬
son Motor Lodge and restaurant, swimming pool and re¬
lated facilities. Office—60 East Coral Center, Fort Lau¬
April 5 it was announced
will sell $25,000,000 of first mortgage
Proceeds—To finance a portion of the 1960-1964
that the
Probable
upon
company's annual report
new
bidding.
Inc.;
To
construction program.
year
by
Gas
Co.
&
Stuart
May 6 filed $303,000 of partnership interests, to be of¬
Price—$500 per unit. Proceeds—
Inc.; Salomon Bros. & Hutzler.
Northern
Feb.
competitive
fered for sale in units.
noon
Probable bidders:
Halsey,
S.A.F.,
on May 18 for
purchase from the Railway of $4,590,000 of equip¬
ment trust certificates.
preferred stock. Underwriter
new
by
Corp.
(5/18)
(EDT)
to
up
determined
Kidder, Peabody
& Co., White Weld & Co. and Shields & Co. (jointly);
Kuhn, Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Dillon, Union Securities & Co., and Equitable Securities
Corp. (jointly); Blyth & Co., Inc.; The First Boston
of
Bids will be received
&
$10,000,000 of
be
bidders:
■
New
the
,
Electric Corp.
March 1 it was stated in the company's annual report
that the company has filed an application with the New
York State Public Service Commission for the right
/'Rochester Gas
Feb. 17
sale
Hampshire
stated in the company's annual report
borrowings will increase progressively
was
during 1960 until further permanent financing is under¬
taken later in the year.
The timing, type, and amount
financing has not been determined./
*
mon stock in connection with a
proposed acquisition by
Neptune of Power Equipment Co. The merger will not
take place.
''-VvV':vi
'■■.Sv ••' 5J'
■
4 it
short-term
of this
Neptune Meter Co.
20
Gas Co..
was
Public Service Co* of New
that
the placing in registration of 17,000 shares of
stock.
About 66%
of the issue will be sold
company may
24 it
April
contem¬
Underwriter—Van Alstyne, Noel & Co., New York.
April
Lehman
Corp. (jointly).
reported that this company is planning
an
undetermined type of financing of approximately
$85,000,000, sometime" this year.
Underwriter—Merrill
Lynch, Pierce, Fenner & Smith Inc. «■
'
^
.
that
reported
(jointly);
Lemon
Merrill
Eastman Dillon & Union Securities & Co.
Service Electric &
Public
Feb.
Stores, Inc.
was
Smith
&
Fenner
Pierce,
Brothers and
and Stone & Webster Securities
for the company's account and the remaining 34% bal¬
ance will be sold for the account of a selling stockholder.
June
reported that the company contemplates
was
issuance
the
(7/11)
Co.
Lynch,
(5/13)
Lehman Brothers.
Nedick's
•
York.
May 11 it
and
Co.
&
delivered
beginning
May 1, 1965, at prices ranging from 105 down to par.
Price—Expected to be at par. Agents—Kuhn, Loeb &
Co.
Corp.; Dillon, Read & Co. and Johnston,
(jointly); Kidder, Peabody & Co. and
ton
tina series, due Nov. 1, 1978 are expected to be
on
or about May
13. Bonds will be callable
• New York Central RR.
<
it
New
Lines, Inc.
about
Probable bidders: Halsey, Stuart & Co., Inc.; First Bos¬
reported that $10,000,000 of U. S. Gov¬
was
ernment insured merchant marine
•
writer—To be determined by
for
Moore-McCormack
April 18 it
•
Indianapolis Power & Light Co. (9/27)
April 18 it was reported that the company will issue and
their 1960 construction program will
million and there will be further financing
$15 million of an as yet undetermined type.
Underwriter—To be determined by competitive bidding.
of sinking
public works, due 1980. Price—To
be supplied by amendment. Proceeds—For various public
works projects and for repayment of some interim debt.
Underwriter—To be supplied by amendment.
debentures
Power Co.
stated in the company's annual report it
was
amount to $39
of
local improvements, due 1980, and $14,000,000
fund
Thursday, May 12, 1960
.
is anticipated that
(City of), Canada
it Montreal
May 6 filed $14,000,000 of sinking fund debentures for
mortgage
bonds, maturity of which has not been set.
March 21 it
•v *
.
.
Electric
Potomac
Co., Inc., 38 Broadway, New York
City.
.
•
28
directors
sion and improvement
program over the next five years.
Underwriter—To be determined by competitive bidding.
Probable
bidders:
Stanley & Co.
about Aug. 9.
•
Halsey, Stuart & Co. Inc.; Morgan
Bids—Expected to be received on ar
Steck Co.
May 4 it
Texas.
reported that the company plans the filip£
shares of common stock.
Office — Austin,
Registration—Imminent. Underwriter—Rauscher,
Pierce
&
of
was
60,000
Co., Inc., Dallas, Texas.
System Meat Co.
March 18 it was reported that this
company will file
about $1,000,000 of common stock. Underwriter—Purvis
& Co.,
Denver, Colo.
Registration—Imminent.
Number 5950
191
Volume
.
.
The CommcTcial and
.
Electric Company
stated in this company's prospectus of its
ct recent
offering, that it contemplates some addi?°nal permanent financing in 1960. The exact nature
H amount of this financing has not been determined
Trans World
Tampa
'
April 8 it
2 it was
hit
securities.
Airlines, Inc.
•
Valley Authority
20 announced that, pursuant to August, 1959, auSization from Congress to have $750,000,000 of revbonds outstanding at any one time, it plans its first
e«hlic offering, expected to be about $50,000,000, for
nmetime in the fall.
Proceeds—To finance construcfnn
of new generating
capacity. Probable bidders:
First Boston Corp. (managing)^ Salomon Bros. &Hutzfpr Eastman Dillon, Union Securities & Co., and Lazard
Freres & Co.' Power Financing Officer: G. O. Wessenauer. Financial Advisor: Lehman Brothers.
+ Thompson Ramo Wooldridge Inc.
May 9 filed 124>054 shares of common stock, including
87 160 shares issued to shareholders of Radio Industries,
Tnc
in exchange for all of the outstanding stock of that
company, and 36,894 shares which jmay.be issued during
a five-year period
beginning 1961 to such shareholders,
depending upon the net earnings of that company. The
registration statement also included 367,446 shares of
common stock to be issued pursuant to the company's
stock option plans. Office—23555 Euclid Ave., Cleveland,
will
be
used
for
expansion of the
«iip
Ohio.
.
&
company's jet fleet.
tive
of
announced
was
by Dudley Sanford, Execu¬
company plans an offering
range of $30,000,000 to $35,-
Vice-President, that the
debt
securities
in
the
share
new
for
stockholders
Price—To
•—To
late
&
held.
A
special
meeting
April
it
12
reported
was
budget-making
difference
and the
anticipation
process,
between
and
realization, is provided by the
S. Bureau of the Budget in a
U.
box score of forecasts
and results
the fiscal years
post-World War II period.
In
the
in
covering
•
that
this
company
competitively.
originally
the period
expected
to
be
of
$30,000,000
General American Transportation
Corporation's
4%%
equipment
trust
offering
certificates
due
is being made today
May 1, 1980
(May 12) by
underwriting group headed by
figures show
ai. iL,Ui/2"/o,
aie
pius
ac-
crued dividends.
deficits, the Institute stated; while
ettect on
in
three additional
cases
projected
problem
of
government's
living within its income is of particular importance today in view
of the
prospect of a balanced
susses at best the task the fore- budgetmuchthe current for theyear
wound up "in
red."
for
fiscal
Even
of
and a
larger one
fiscasting the Federal budget could- cal year which begins on July 1.
qualify as a 'hazardous' occupa- Preservation of these surpluses is
toon
view
$30,000,000 for additions to its
fleet, funds for which will be prothe corporation's
v.ided
from
treasury.
-
the
certificates
will be
annually through a sinking fund
which will commence in 1961. The
certificates will be redeemable for
jbe sinking fund at prices rang-
2 ,sl"ce initial estimates
sented to
govern-
pre-
Congress require look-
ing more than
a
powerful
forces
ahead in
year
fast-moving world.
of
a
However, two
relatively re-,
£ent ongin and intimately interlelated, have greatly complicated
the
budget job in the postwar
and
anced
the
attainment
of
pebal-
budgets."
U
—Receipts-
ExpendituresOriginal
Final
Result
ciation
Estimate
*3M
*?&
*3&
m
was
tha^tL0 na\^e his the in^lati°IJ "soil! -36.7
^
mrtl H natl0n has experienced. i95i__--
47.6
Vii
§|
44.1
eral
Inflation's Complicating Impact
41.9
65.4
70.5
TheAmerican Transportation is
principal activity of Gen-
54.5
61.4
record shows three
distinct rounds
"53—
70.3
64.8
84.8
74.3
1955III
62.6
60.4
65.6
64.6
the supplying of its
r°»d
freight cars to railroads and ship-
1956—
eo.o
68.2
62.4
66.5
perS
65.5
71.0
65.1
'"59—
74i4
68:3
73.9
f
inflation since the end of World
*»ar
II
on
™ring the
top
of
the
itself.
war
is
price
As
a
result,
today
iSher than it
rise
was
more
when
utilities ended in 1945.
"Tt
i
•
j.
its
'shot-in-the-arm'
ornry
°" the economy and the
Progressive nature of the income
lax structure
however
of th»
th
tae
«
it is
At the
a
same
time,
sJendinFbooster
'
..
*
goods
and
services
that
gov-
•
,r
„TTTT
Ant,T
DtITA
M
Budget.
,
Pa
'bn
_
'
for
the
,
St.nek
as
Asso¬
has
organiza¬
ofdividend
back-office
member
of
Co.,
Ind.
-
firms
of
Evehanee.
v.
A.
G.
Corp. Group
heads
&
Co.
president
prank
£0
of
dividend
the
Cordano
Secretary,'
gtruthers,
B1,
Qf
group*
Treasurer*
&
Erna
Harrison
Henderson
of
Vice-
Joseph thai
of
named
wag
Martin
elected
was
and Mar-
Montgomery,
Scott
^
&
Becker
Co.
Incorporated
underwriting
an
group
which is offering today
(May 12)
200,000 shares of Premier Indus¬
trial Corp. common stock, $1 par
~Y a cob fan""of"Clark 'value, at
~"j
tin
yet undetermined amount of
St., New York City.
Leonard
year
The
the
in
the New York
^
&
ensuing
comprised
operations
as
a. G. Becker
price
a
of
$16.50
per
share. The offering represents the
sa*e
outstanding shares constituning approximately 25% of the
holdings of controlling interests in
the business,
Simultaneously with the public
offering a block of 12,500 shares
is being offered to employees.
Sergeant-at-Arms
members of the Asso-;
The sales service organization,
ciation's
Executive Committee headquartered in Cleveland, deals
- Elected
were
Vincent Loretto, of Carlisle
&
Jacquelin, the out-going President; Joseph Greenberg, of Bache
& Co.; William Hedley, of Francis
1.
duPont
&
Co.; Jack Crane,
Dominick & Dominick; Lawrence
Mortimer, A. M. Kidder & Co.,
inc., and Arthur Boiler, Carl M.
Loeb, Rhoades & Co.
.
in
industrial
and
automotive
maintenance products and serves
more than 40,000 customers representing virtually all types of U. S.
industry. It specializes in fasteners
and services designed to help customers lower maintenance costs
and - reduce
downtime of their
equipment. ^
The company had net earnings
With Harris, Upham
of $845,000,
(special to the financial chronicle)
in the eight months ended January
William
tii
rutrarn
h
^nrlp
kum^tn^
31,
97 cents per share
or
1960.
> Giving effect to the current
iscapitalization will consist of:
gP?*® gjJ,'mortgage loans, $1,474,711; 5^
shUlinslaw Bolger & Co
preferred - stock, $100 par value,
135 South La Salle
TTDham & Co
S
r;
f,
'
sue>
5,000 shares;
•
pnrrrl Rrand Investments
Kidrter
announced
F dehtv
i
Trust
n
ull
no
registered representative.
Ph
a-
as
a
sPecretary:treasurer.
common
stock, $1
par
value, 428,000 shares; class B com-
Both Shaw, Bauer & Co 290 West Midway.
He was formerly with
Estate Securities Corp. and Allen
=
-
nf
railroad
it<;
,
„
orm
Investment Co.
,
on, vers
o.
cheLcal
>
petroleum
and
food
frpiffht
for
its
Own
-
T11
CHICAGO, 111.
_
—
,
,
The lnvestment
Analysts Society of Chicago will
hold a luncheon meeting April
28th at the Midland Hotel. Joseph
A. Martino, President of National
Lead Company, will be guest
treasurer.
„
cai*S
Chicago Analysts to Meet
' J_,
Cohn, Ivers & Co., Inc., has been ox_Tr,A^
formed with offices at 122 East
42nd street, New- York City, to
conducf
a
securities
business,
Officers are Teddy Cohn, presi-
for their use. The cars are
principaliy to shippers of dent, and Philip Ivers, secretary-
fnrincf
,
Peabody
h« b^.
that J' DaVK ?°"?thwhPir
S
1
products. In addition to manufac-
With Kidder, Peabody
r/ 7depf1!a
rst magnitude effecting all delphia
'
80.7
highway expendi-
Federal-aid
and related revenues.
Source: U. S. Bureau of the
S tr.ue' of course, that infian may increase Federal receipts
oeeause
"Excludes
69.4
,
tures
iinl
an
Office—40
Dividend
the
supervisors
*
1952—
decades.
of
is
tion
$16,987,910.
The
two
—
Bids
m.
times. Gross income tor the year were formerly officers of Lloyd
was
$203,124,613 and net income Miller & Co.
Final
Result
past
a.
S^ieslSLg, Heads Premier
announced.
been
tion during 1959 were earned 6.5?
original
Estimate
the
11
at
^
Year
vei
York
New
in
out inflation is to be attained.
May 1
1970; 0n and after that
ro™
Hive im
m
par value, 634,500 shares,
The following table gives the date they may be redeemed in BALTIMORE, Md. — Brand. Iny
'
box score of the initial forecasts whole or part at prices ranging vestments Co., has been formed
Now With Shaw. Bauer
and the actual results of Federal from 102% to par, plus accrued with offices in the Munsey Build'
budget receipts and expenditures dividends. '
ing to engage in a securities busi- ■
_H* IN*N"AL Chro^le)
(in billions) for the fiscal years
.
rb„rf?p„
of .j-he
POrDoraness- Officers are Joseph Richard BROOMFIELD, Colo. — John D.
from 1947 through 1959:
caarges 01 tne co^ora
^
president;
and
Sidney Marks has become connected with
Fiscal
.
stock.
Rothschild
F.
President
jective of economic growth with- win not be redeemable prior to
size
the
attained over the past
decades and the scope and
3
Meeting
Information
Corp.
June
expects to file
pany
con¬
L.
ot
redeemed
complexity of its operations," the
Institute said. "This is the more,
two
of
has
for
The election
$i,500,000 principal amount of
of vital importance if the recent
moderation of inflationary pressures is to continue; and it is here ing from 100.48% to par, plus acthat the widest possible public crued dividends. Other than for
support is essential if the ob- the sinking fund the certificates
in
ment
Kidder,
it Yardney Electric Corp.
May .9 it was reported that sometime in July this com¬
ask
Dodge
the cost of government to be one
The certificates are. secured by
of the areas most sensitive to ris- more
than 3,200 railroad cars,
ing prices. Furthermore, inflation mainly tank cars and Airslide
contributes to economic instabil- covered hopper cars, built by the
ity,- and its-impact is discernible company at a cost of more than
in the three recessions the nation $33 000,000 for its fleet of specialhas suffered in the post-World ized railroad freight cars.
"The
Securities
Scheduled
Gen. Amer. Trans. dividend association
ernment buys, and U. S. Depart-
commenting on the results
forecast, the Institute of
Insurance reported recently
in only two out of the 13 fis-
were
will
Proceeds—For
the
three other surpluses in
Inc.;
Co.
&
Underwriter—To be named.
sold
be
Net proceeds from the sale of
government accounts.
the certificates will be used toLife
"The second complicating factor ward reimbursing the treasury of
that
is the intensity of the spending the corporation for the cost of the
cal years since 1947 were budget
pressures
on
the public purse cars. General American Transporsurpluses actually forecast a n d- which have been characteristic of tation contemplates the expendirealized, the Institute said.
The the postwar period.
ture in 1960 of a minimum of
of
Stuart
Halsey,
common
will
an
Commerce
bidders;
Equitable
in
Light Co.
Kuhn, Loeb & Co. The certificates
of
Probable
which
complicating impact of inflation and the pro¬
ment
to
Peabody & Co.; Eastman Dillon, Union Securities & Co.;
stockholders at the annual meeting on May 16, to autho¬
rize 2,000,000 shares'of $25 par preferred stock, part of
occupation." This is so, the Institute adds, without taking
ficulties encountered in the Federal
of
Offering—Expected
plans
sell $12,000,000 of refunding mortgage bonds.
Underwriter—To be determined by competitive bidding.
and
—Expected to be received up to 11:30 a. m. on June 7.
Power &
predicting what the Federal budget will be a
insight into some of the dif-
issue
May.
Utah
pensity to hike government spending.
An
Washington Gas Light Co. (6/7)
V*.
30 it was reported that the company
March
shortly before the offering. Proceeds
capital and surplus. • Underwriter—Alex
Sons, Baltimore, Md.
Taking data supplied by the U. S. Bureau of the Budget, Life Insur¬
into consideration the
lyn, New York.
called for May 25 to consider the plan.
Public
"hazardous
contemplated by this supermarket chain. No confirma¬
tion was obtainable. Office;—2300 Linden Blvd., Brook¬
set
increase
Brown
W. Kerr, President, announced that the
be
four
each
was
Achieves Low Box Score Eqp't Trusts Off d
^
May
Union Trust Co. of Maryland
April 21 directors of this bank announced plans to boost
its capital stock by 100,000 shares to 500,000 shares, $10
par, by offering for subscription to present holders one
Forecasting u. s. Budget Outcome
'
Waldbaum, Inc.
11 it was reported that public financing is being
000,000. Proceeds—To meet construction expenses. Office
12th Blvd., St. Louis, Mo. Offering—Expected
in the latter part of this year.
-—315 No.
planned to sell $13,000,000 of first mortgage
bonds. Proceeds—To meet the company's 1960 financial
requirements. The company will continue to sell all se¬
curities in Canada to the maximum extent considered
practical, Mr. Kerr said.
Institute terms
—
Union Electric Co.
company
ance
Virginia Electric & Power Co. (9/13)
5 it was reported that approximately $25,000,000
first mortgage bonds will be offered for sale. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart &"Co. Inc.; Salomon
Bros. & Hutzler; White, Weld & Co.; Eastman Dillon,
Union Securities
& Co.; Stone & Webster Securities
Corp. Bids—Expected to be received on Sept. 13.
Feb.
Co., and Lehman Brothers, all of New York.
March 16 it
Trans-Canada Pipe Lines Ltd.
April 13 James
Co.
Underwriters—Dillon, Read & Co., Inc., Lazard Freres
,
..
purposes. Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Blyth & Co. and First Boston Corp. (jointly);
White, Weld & Co.; Stone & Webster Securities Corp.
(jointly); Salomon Bros. & Hutzler; Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co. and Smith,
Barney & Co. (jointly); Lehman Bros.; Bear, Stearns &
—
n
45
struction
announced that the company
was
plans to offer
stockholders $100,000,000 of subordinated income
debentures with detachable common stock
purchase war¬
rants, and Hughes Tool Co. (parent) will purchase not
only its pro-rata portion ($78,000,000) but also enough of
any debentures not taken up by others to provide TWA
with at least $100,000,000.
Proceeds
Together with
$190,000,000
proposed
private
placement
which
is
presently being worked on by this company's bankers,
Tennessee
r
(2081)
touts
presently believes it will take the form
the company
senior
nf
Financial Chvonicle
_
_
Form Eastern States
speaker.
.
¥¥
i
I
R
1
Holt
4
11
tunng treight
.s
BROOKLYN, N. Y. — Eastern
J*
n°11 /vaas
fleet, the corporation builds cars g^a^-es investors Corp. has been
(special to the financial chronicle)
for sale to other companies; owns formed with offices at 50 Court DENVER, Colo.—August B. Bergand operates the largest single ag- Street to engage in a securities gren, Arnold B. Gibbs, Bradley F.
of oublic tank storage business. Officers are Samuel S." Hinton, Howard B. Stewart, and
! Ballin, president; Maurice Talbot, Russell V. Snowberger have been
termlnal ^cilities in the United vice president and secretary; and added to the staff of J. R. Holt &
states; and furnishes to industry Kenneth Brahms, vice president Company, Denver U. S. National
many other products and services, and treasurer.
■
Center.
« s
*
I
Chronicle
The Commercial and Financial
46
,
.
Thursday, May 12, 1960
,
(2082)
The following
Business
Activity
(per cent capacity)
Equivalent to—
ingots and castings
Steel
.May 14
.May 14
month ended
and condensate
oil
92.9
78.1
Apr. 29
gallons each).
runs to stills—daily average (bbls.).
Apr. 29
Apr. 29
output (bbls.)
Kerosene output (bbls.).
Apr. 29
Distillate fuel oil output (bbls.).
Apr. 29
Residual fuel oil output (bbls.).
Apr. 29
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at.
Apr. 29
Kerosene (bbls.) at—
Apr. 29
42
*2,137,000
7,150,510
7,916,000
27,968,000
2.248,000
2,105,000
2,414,000
1.743.000
12,012,000
12.678,000
13,091,000
6,622,000
.
.
6,164,000
6,811,000
12,375,000
6,552,000
219,524,000
6,982,610
,
1
225,595.000
221.552,000
209,593,000
20,024.000
19,113,000
17,538,000
78,408,000
75,119,000
39,320,000
38,813,000
39,112,000
643,271
625,374
598.031
538,164
562,926
$530,400,000
$493,100,000
$356,200,000
235,100,000
273,300,000
175,700,000
295,300,000
219,800,000
180,500,000
225.400,000
.May
209.700,000
101,100,000
85,600,000
58,700,000
139,700,000
40,800,000
178,600,000
.May
at.
.
at__
AMERICAN
OF
ENGINEERING
Private
330,826,000
10,591,000
18,105,000
^
ZINC
export
—
(barrels)
stocks
all
——-
295,229,000
2,758,000
INC.—Month of
INSTITUTE,
CONSTRUCTION
—
construction
COAL OUTPUT
municipal.
(U.
Stocks
DEPARTMENT STORE SALES INDEX—FEDERAL
SYSTEM—1947-49
FAILURES
8,300,000
*8,600.000
7,500,000
8,364,000
Apr. 30
306,000
275,000
365,000
146
143
RESERVE
(COMMERCIAL
COMPOSITE
Finished steel
INDUSTRIAL)
AND
—
(E.
A
refinery
(New
Lead
(St. Louis)
333
265
Stocks
6.196c
6.196c
6.196c
6.196c
$66.41
$66.41
$66.41
$66.41
$33.17
$33.50
$33.17
$33.83
32.600c
Stocks
11,435,323
PROD¬
of
COMMERCE—Month
*111,300
63,700
572,200
613,000
467,100
953,400
*1,443,700
722,800
81,900
(tons)
.
March
31
Stocks
31.925c
32.875c
30.550c
28.525c
.May
12.000c
12.000c
12.000c
11.500c
.May
11.800c
11.800c
11.800c
11.300c
32.600c
at
32.600c
-
99.5%)
.May
13.500c
13.000c
13.000c
13.000c
26.000c
26.000c
26.000c
:
.
Produced
-
*
•
139,800
210,100
174,100
55,900
110,600
143,900
-110,300
131,500
(bales)
(tons)
149,500
283,900
:
March 31
(tons)
Shipped
Stocks
11.000c
at
.May
May
v
145,400
——
157,100
111,900
182,700
:
—
(bales)
March
31
-
_
196,800
286,900
24.700c
•
13.500c
13.500c
99.375c
99.250c
99.625c
102.625c
85.69
.May
at
84.30
84.73
Produced
(bales)
Shipped
COTTON
84.04
i
:
(bales)
.May 10
Government Bonds
Average corporate
.May 10
84.94
84.81
85.£9
SPINNING
(DEPT.
.May 10
89.51
89.23
89.64
.May 10
87.45
87.32
88.13
89.92
.May 10
84.55
84.43
85.07
Baa
.May 10
COMMERCE):
OF
19,969,000
20,072,000
20,409,000
17,602,000
17,665,000
17,637,000
spindle
2
11,126,000
9,131,000
10,743,000
spindle hrs. for spindles in place Mar.
445.0
456.6
429.7
88.27
.
138,300
160,800
Active
90.77
A
184,700
216,600
Active
Spinning spindles active
87.99
Aaa
174,800
188,900
—
-
Spinning spindles in place
AVERAGES:
DAILY
;_
266,000
42,000
31
(tons)
(tons)
Linters—
11.500c
—
140,800
266,500
275,200
March
(tons)
Produced
31.125c
.May
Aa
SEED
(tons)
(tons)
Stocks
.May
PRICES
14,508,145
—_—
COTTON
mills
at
Crushed
Hulls—
at
(New York)
846,170
17,637,000
COMMERCE):
OF
1959
OF
121,242
632,689
17,665,000
Seed—
Received
May
at
BOND
325
,
Zinc (East St Louis) atAluminum (primary pig.
Straits tin
327
AND
UCTS—DEPT.
Cotton
J. QUOTATIONS):
M.
SEED
107,573
573,037
17,602,000
Cake and Meal—
at
York)
(delivered)
5
May
(per gross ton).
Lead
12,659.000
.May
Electrolytic copper—
Domestic refinery at
Export
13,494,000
PRICES:
(per lb.)
PRICES
13,300,000
DUN &
Pig iron (per gross ton).
8crap steel
13,139,000
for
1,631.274
10,362,035
February:
(in 000 kwh.)
BRADSTREET, INC
IRON AGE
7
'
(DEPT.
report
COTTON
Apr. 30
100
Final
863,799
1,948,317
11,167,561
124,457
March
of
of April 2
as
730,914
1,981,972
9,754,763
2—
—
GINNING
COTTON
888,320
:—
of April
as
April 2
month
spindles active
203,863
OF
April 2
Cotton
78,613
136,566
BALES:
establishments
Linters—Consumed
141
152
May
=
public storage as of
76,393
86,524
147,861
,__
of March
month
86,028
71,926
(tons)—.
LINTERS—.DEPARTMENT
AND
In
330,000
May
AVERAGE
period
consuming
INSTITUTE:
ELECTRIC
Electric output
Apr. 30
.
Pennsylvania anthracite (tons)—
83,221
of
In
Stocks
of
(tons
of 2,000 pounds)
(tons
end
at
Consumed
46,800,000
grades
all
COMMERCE—RUNNING
.
Bituminous coal and lignite (tons).
output
pounds)
COTTON
OF MINES):
S. BUREAU
smelter
zinc
2,000
ENGINEERING
construction
State and
April:
Slab
Shipments
Federal
U. S.
307,260,000
.
RAILROADS:
Public construction
MOODY'S
29,467;000
36,478,000
imports (barrels)
consumption domestic and
product
AMERICAN
NEWS-RECORD:
fZinc
50,000
30,713,000
(barrels)
$403,300,000
177,900,000
(bbls.)
.
Total U. S.
METAL
16,000
28,610,000
585,987
May
May
May
226,526,000
201,435,000
25,041,000
17,000
Indicated
676,194
558,395
27,559,000
29,730,000
54,500,000
freight loaded (number of cars).
Apr. 30
freight received from connections (no. of cars)—Apr. 30
253,398,000
224,140,000
29,242,000
209,986,000
(barrels)—
gasoline output (barrels)™.——
output (barrels)--——
—-
29,377,000
Benzol
85,584,000
.Apr. 29
ASSOCIATION
EDISON
237,562,000
—
Refined
21,076,000
81,375,000
fuel oil
Residual fuel oil (bbls.)
-
Ago
Crude oil imports (barrels)—
Decrease
Apr. 29
.
Distillate
Revenue
each)
Natural
7,112,625
7,702,000
27,141,000
27,507.000
.
.
CIVIL
7,967,000
117.945,000
.
Revenue
Year
Month
(barrels of 42 gal¬
production
domestic
Total
2,631,000
2,225,000
28,246,000
7,014.310
.
.
Previous
of February:
of
Gasoline
of that dates
INSTITUTE—Month
PETROLEUM
AMERICAN
lons
Crude
are as
Latest
Domestic crude oil output
output—daily average (bbls.
of quotations,
cases
Ago
AMERICAN PETROLEUM INSTITUTE:
Crude
in
or,
Year
Ago
*75.0
§2,102,000
that date,
on
Month
Month
Week
§73.8
(net' tons)
Indicated Steel operations
or
or
Previous
Week
STEEL INSTITUTE:
IRON AND
month available. Dates shown in first column are either for the
week
Latest
AMERICAN
statistical tabulations cover production and other figures for the
latest week
Indications of Current
DEPARTMENT
hours
omitted)
April
RE¬
SALES—FEDERAL
SYSTEM— 1947-49
SERVE
2
April 2
(000's
STORE
April
on
on
Average=J00-
78.90
79.01
80.20
83.28
May 10
82.65
82.52
82.77
87.05
Adjusted for seasonal variation
151
*140
141
.May 10
85.33
85.33
86.51
87.18
Without
149
*116
86.78
130
.May 10
Railroad Group
—
Public Utilities Group.
Industrials Group
86.78
87.72
89.92
.
Month of April:
EDISON
MOODY'S BOND YIELD DAILY AVERAGES:
3.97
4.13
4.07
4.79
4.80
4.74
4.56
.May 10
4.45
4.47
4.44
4.36
Aa
.May 10
4.60
4.61
4.55
4.42
A
.Mya 10
.May 10
4.82
4.83
4.78
May 10
.
•■■
■■v' '
-
5.27
5.17
4.97
4.98
4.76
4.76
4.67
4.65
4.65
4.58
4.92
V
-May 10
378.9
377.6
Number
METAL
381.4
r
sales
ultimate
to
February
(000's
consumers—
ultimate
55,416,776
(E.
M.
&
J.
51,140,067
$942,478,000
$872,263,000
57,640,881
57,572,061
56,367,429
omitted)
customers—Month
of ultimate customers
PRICES
56,202,290
>932,712,000
from
of
at March 30—
QUOTATIONS)—
1
April:
4.62
"
of
INSTITUTE—
February:
4.63
,
MOODY'S COMMODITY INDEX
Month
Revenue
4.54
4.96
.May 10
.May 10
Railroad Group
Public Utilities Group.
Industrials Group
5.28
.May 10
Baa
adjustment
ELECTRIC
Kilowatt-hour
4.06
.May 10
U. S. Government Bonds
Average corporate
seasonal
Copper—
442
Domestic
refinery
32.600c
pound)___
(per
31.300c
32.613c
Exports refinery (per pound)
ttLondon, prompt (per long ton)
390.5
31.684c
30.745c
29.397c
£262.125
£253.266
£240.017
£244.750
£237.739
£240.324
.
NATIONAL PAPERBOARD ASSOCIATION:
Orders received (tons)
.Apr. 30
321.258
291.909
354,126
374,448
t+Three
Production
.Apr. 30
Lead—
(tons)
Percentage of activity
Unfilled orders (torus) at end of period.
.
307,102
291,076
304,514
320,662
Apr. 30
92
86
91
94
Apr. 30
.
428,599
413,884
467,129
507,369
ttLondon, prompt (per long
.May
AVERAGE=100
1949
TRANSACTIONS
FOR
ACCOUNT
OF
6
110.38
110.26
110.85
ttThree months,
110.64
Zinc
MEM¬
Short
registered—
.Apr. 15
1,957,480
.Apr. 15
—
sales
2,369,270
260,510
380,890
1,240,530
1,631,610
Apr. 15
1,501,040
421,380
1,830,720
2,252,100
356,530
.Apr. 15
sales
Other sales
Total
1,602,360
2,202,400
2,583,290
.
Other transactions initiated off the floor—
Total purchases
.Apr. 15
—
385,710
Total sales
Other transactions Initiated
on
63,000
345,930
50,600
230,970
315,200
322,400
245,270
378,200
373,000
447,020
Apr. 15
sales
14,300
.Apr. 15
sales
Other
.Apr. 15
.Apr. 15
Short
510,300
66,860
864,555
128,100
769,115
897,215
712,645
770,373
the floor-
Total purchases
Short sales
Other sales
Total
245,230
.
Apr. 15
.Apr. 15
sales
521,422
Apr. 15
588,282
.
Total round-lot transactions for account of members.
Other sales
Apr. 15
.
—
sales
94,860
Apr. 15
2,357,890
341,670
.Apr. 15
1,992,922
Apr. 15
2,334,592
.
—
EXCHANGE —SECURITIES
Number
Dollar
of
by dealers
shares
EXCHANGE
105,750
626,657
935,708
1,041,455
3,619,535
612,480
2,915,035
3,527,515
3,016,055
3,710,193
501,990
2,580,667
3,567,828
3,082,657
4,071,768
Tin,
Gold
Cadmium
(per
pound,
Cadmium
(per
Number of shares—Total sales.
Aluminum,
Round-lot purchases by dealers— Number of shares.
(per
IN
395,960
,Apr. 15
FACTURERS'
Total number
317,650
522,970
39~5~,960
317~650
522~970
613,770
646,860
668,420
sales
.
WHOLESALE PRICES, NEW SERIES'
LABOR — (1947-49 = 100):
Apr. 15
Apr. 15
—.
426,880
10,366,290
10,793,170
759,470
14,193,770
14,953,240
674,720
12,535,460
13,210,180
575,360
17,858,190
18,433,550
All commodities other than farm and foods.
119.8
119.8
120.2
Production
$2.25
$2.25
April:
694,789
696,723
785,130
583,626
655,133
112,717
129,777
115,208
380
220
265
18,422,000
17,681,000
39,163,000
16,080,000
38,666,000
24,337,000
23,027,000
36,381,000
53
49
72
$847,576,624
$774,222,055
658,625,859
620,653,027
98,078,746
83,755,454
61,150,611
42,245,677
(estimated)—,—
44,000,000
28,000,000
$857,750,749
655,547,301
95,295,800
78,975,304
58,000,000
$1,787,000
1,355,000
$1,576,100
1,287,800
__ZZ__Z
coaches—
(BUREAU
(barrels)
Capacity used
OF
579,316
-
MINES)—
„
(per
OF
(barrels)
cent)_^__
EARNINGS
operating
Total operating
CLASS
I
AMERICAN
Z
—__Z
ROADS
14,576,000
(AS¬
RRs.)—Month
90.1
91.5
106.8
106.7
.May
.May
107.2
95.9
85.7
107.6
96.2
128.6
—
j.ZZ"*Z~Z"
expenses
Net railway operating
Net income after
charges
EXPORTS
AN,D
IMPORTS
CENSUS—Month
(000's omitted):
127.9
of
March
102.0
128.8
revenues——.
Taxes
128,4
91.4
Exports
Imports
cRot
of
vehicles
Stocks at end of month
119.6
90.9
.May
Janf'l^oso'b's'fs of 14M3\^dtos.MtNMb« oToUders'Sot'repoSsd^ince'lift.'51?'9,? t0M
SSELff"- ,mM WMtem ZlnC',0M ™ deIlvered bMla *'
"here XrsU ftom^'a'sTst^f^eS.'
I960 as against
$2.25
__ZZZZZZZZZ'
Shipments from mills (barrels)—
STATES
BUREAU OF
.May
—
74.000c
74.000c
Month of March:
UNITED
.May
foods———_
35.250c
of March:
Commodity Group-
products
24.700c
35.250c
MANU¬
CEMENT
SOCIATION
U. 8. DEPT. OF
commodities.
26.800c
26.000c
35.250c
beforechargesZZZZZZZZ
PORTLAND
RAILROAD
.Apr. 15
_
$1.75000
28.100c
FROM
motor
Total
sales
Not Given
$1.75000
26.000c
SALES
ASSN.—Month
of
$1.20000
$1.50000
-
aver¬
S.—AUTOMOBILE
U.
$1.40000
28.100c
weighted
FACTORY
of
316,860
$82,000
$77,000
32.590c
$1.50000
pound)
VEHICLE
Number
316,860
441,490
29.500c
$1.50000
grade primary pig
Magnesium ingot (per pound)
Number
Apr. 15
29.000c
29.500c
$1.40000
;
4,413
round-lot sales-
Total sales
as
ingot
1,851,193
Apr. 15
29.000c
$82,000
Aluminum, 99%
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR ACCOUNT OF MEMBERS (SHARES):
Meats
grade
15,931
TOTAL ROUND-LOT STOCK SALES ON THE N. Y. STOCK
Processed
99%
(per pound)
1,236,448
.Apr. 15
$35,000
$240,545
32.590c
29.000c
I
lots)
$35,000
$214,000
29.500c
,
(per pound)
10,082
1,846,780
$104,514,177
100.125c
102.517c
74.000c
grade
7,833
.
Other sales
ton
passenger cars
of motor trucks.
,
Short sales
Farm
delivered
Number of
1,220,517
$55,539,649
79.193d
$2.81653
32.590c
pound, small lots)—.
1,495,955
.Apr. 15
79.26Id
$35,000
pounds)——
York, boxed_.
Antimony (per pound) bulk Laredo
;
Antimony (per pound) boxed Laredo—
Platinum, refined (per ounce)——_—
age
91.375c
91.375c
$2.80586
$213,333
76
1,140,057
Round-lot sales by dealers—
All
(per flask of
^Antimony, New
PLANTS
1,485,873
$76,255,342
11.000c
79.053d
(per ounce, U. S. price)—
Quicksilver
1,686,362
$85,698,984
1,132,224
$56,393,379
£72.460
99.274c
1,260,341
Apr. 15
£88.899'
£70.418
$2.80950
York Straits—
$64,930,707
.
11.500c
£90.160
£72.688
91.375c
ounce).
.Apr. 15
value
Other
New
Bismuth
2,084,417
$123,185,441
13.500c
£89.796
(check)—
.Apr. 15
Customers' other sales.
Short
(per
.Apr. 15
Customers' short sales.
Total
London
Sterling Exchange
MOTOR
1,535,401
$70,801,132
£69.048
13.000c
£92.431
Sterling Exchange—
Silver, New York (per ounce)
Silver,
.Apr. 15
value
'
£75.367
13.500c
**Nickel
COMMISSION
V
£76.572
Silver and
-
503,940
(customers' purchases)—t
Odd-lot purchases by dealers (customers' sales)—
Number of orders—Customers' total sales
Dollar
17,300
429,720
721,517
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD
LOT DEALERS AND SPECIALISTS ON N. Y. STOCK
Odd-lot sales
370,890
'
11.189c
10.983c
£76.266
13.000c
long ton)
(per
12.000c
11.800c
£77.523
—
(per pound)—East St. Louis
Cobalt, 97%
Total purchases
Short sales
Total
2,568,930
1,988,140
London
12.000c
11.800c
ton)
§§Zinc, prime Western, delivered (per pound)
t+Zinc, London, prompt (per long ton)
t+Zinc, London, three months (per long ton)
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
Total purchases
long ton)
(per
Common, New York (per pound)
Common, East St. Louis (per pound)
OIL, PAINT AND DRUG REPORTER PRICE INDEXROUND-LOT
months, London
I
Z
.Estimated totals based on reports,
JriEZS
8Ccondary tin consumption in
/ i7uJ?omes"fe five tons or more but less than
from
*n®r®
*
~
East
St,
Louis
exceeds
0.5c.
:
►
.
**F.o.b.
•
1,294,900
from companies accounting for,
1957 and 97% of'total stocks
carload lot boxed. §§Delivered
Fort
•°t»dfil,yJnewn ancl bid and ask quotations
ing session of London Metal Exchange,
$1,455,800
Colburne,
per long
U.
8.
Duty
ton at morn¬
Number 5950
191
Volume
.
The Commercial and Financial Chronicle
.
.
rates
bank and insurance
stocks
leo
by
i.
burrington
for
flexible
and
longer
complete
Insurance Stocks
have undergone the
transitions as has
concerns
Canada.
of
Transamerica during the
years
Transamerica as
number
Occidental also
were
lied
Building Credits, Inc., a note
mortgage business, was ex¬
and
management's recent reit¬
it is receptive to ac¬
quisitions in other fields of en¬
the
deavor.
Metals
mainly
eration that
Corporation
has
profitable
_
even
of
the
can
(products
branch
consistently been
though profits are
cities.
and
all
V
Price range
v '
Recent
1960-1958
Price
34
"Based
on
V (million $)
V
Life Insurance Written
'
■
A-''
1959___
$1,932
1958___
1,517
75.2
have
ceived
1,375
68.5
31*5
1956
1,302
67.2
32.8
57.3
52.7
1955—
1,325
59.1
42..0
america's
pany
were
National.
Fire
The
Insurance
Company
merged
with,
Thus all
of these
204
191
owned
with
the;
multiple
Pacific
Fire
National
Company, which
the
writer,
line
owns
Insurance
in turn Au¬
tomotive Insurance Co. and Prem¬
ier Insurance Company. Both Au¬
tomotive and Premier
of automobile
surance
primarily.
casu¬
alty consolidations
achieved,
Transamerica
recently
has; ac¬
quire over 93%
line American
New York
of
the
multiple
Surety Company of
through an exchange of
two
shares of Transamerica for
three shares of American Surety.
Long established, American Sur¬
ety has assets in
lion and
well
as
excess
operates
in
territories.
With
of $90
mil¬
in all states
Canada
in
and
U.
casualty
as
S.
lines
dominant this acquisition provides
Transamerica
with
a
well-rounded
territorial and insurance line
derwriting. The
Co., formed in
the
to
un¬
American Life In¬
surance
Company of New York,
subsidiary of American Surety,
writes most types of life insurance
and is licensed in over 45 states.
facilities
of
& Meeds
Stock
only ranks among
top dozen leading life insur¬
enterprises, it ranks fifth
the
ance
the stock owned companies
is -reputed for its dynamic
among
and
lation, noteably California. A high
level of activity characterizes all
departments., The
its
of
BROADWAY,
NEW YORK 5, N. Y.
Teletype NY 1-1248-49
Specialists in Bank Stocks
was
ing
'■
at
record
the
close
L.
proved by many years of
and several effective
departures from old patterns, such
offices
from
was
Borton
Ross,
Main
&
& Weeks,
Street'to
Hornblower
Co.,
,
has
quantity
;
reduced
discounts,
NO.
DIVIDEND
Hudson
82
Dividend
A
of
Co., Limited
The
on
Company
D.
May 24, 1960.
4,
May
1960.
Bank Ltd.
G'indlays
Head
Bank of India Ltd.
Office:
share (in Canadian Funds)
was
payable on July 29, 1960, to share¬
record at the close of business on
(llVsc)
of
holders
30,
Branches
London
54
PARLIAMENT STREET, S.W.I
13
ST. JAMES'S
Govt.
SQUARE, S.W.I
James's Sq.; and at
54 Parlia¬
Dept.: 13 St. James's Sq.
Depts.: 13 St.
Rd.,
St.;
Nairobi;
Travel
Bankers to the
Ins. Dept.:
Government in: ADEN, KENYA,
ZANZIBAR &
SOMALILAND
PROTECTORATE
i
Branches
INDIA, PAKISTAN,
TANGANYIKA,
in:
i
AND
share
A
regular quarterly dividend of one
dollar and two cents ($1.02) per
share
the 4.08% Cumulative Convertible
Preferred Stock of this Company has
on
been declared,
The Board of
Directors has
declared
dividend of 60c
share on the Common Stock of
Company, payable on June 1,
1960 to stockholders
of record at the
close of business on
May 16, I960.
closed.
of
of
the
pro
the
that the Board
stock dividend
a
fully paid and non¬
Shares of the Capital
Company of the
value of
par
Company.
2%
stock
day
of May,
shall
issued
the
dividend
said
is
allotted
rata to the holders of Common Shares
record at the close of business on the
16th
May 6, 1960
MAN.
twenty-five (25<t) cents each on every one
hundred (100) outstanding Common Shares
31st
carry
1960, and the shares so
a
date not later than
day of May,
Secretary
F.
1960.
R.
DUSMORE,
C.A.,
Secretary-Treasurer.
May 4, 1960
-funikoie—
-
•w
Manufacturer of the
of Building
INDUSTRIES, INCORPORATED
Common Dividend
No. 162
share
on
62V2 4 per
Corporation
has been declared
payable
declared
of business
May 27,1960.
The Board
follows:
clared
a
$1.121/2
per
Stock
on
the
poration, payable June 10,
Second
to
dividends
share
23, 1960.
M. W. Urquhart,
Treasurer.
McCAULEY
Treasurer
May 4,1960.
May 4, I960
consecutive
K1 07th
1 ^
May 6,1960
* ■ ■
1960
stockholders of record May
are
JAMES E.
and Secretary
share
capital stock of this Cor¬
payable June
15, 1960 to stockholders of record
at the close of business May 20, I960.
These
of Directors has de¬
second-quarter dividend
of Seventy-five (754) per
share
$4.50 Series A Convertible
Preferred Stock
C. Allan Fee,
Vice President
as
$4 Cumulative Preferred
$1 per share
15, 1960, to stock¬
holders of record at close
COMPANY
Common Stock*
the common
stock of this
CORPORATION
20, N. Y.
45 cents per
A dividend of
America
quarterly dividends
have been
PHELPS DODGE
Broadest Line
Products in
THE FLINTKOTE
i
k
LTD.
(2)
Common
assessable
of
A. D. Dennis,
June
20, N.Y.
DIVIDEND
given
declared
rate of two
The
GEORGE SELLERS, Secretary
has
Directors
at the
Stock
OF
hereby
is
Notice
of
payable June 5, 1960
shareholders of record at the close
of business May 20, 1960.
Transfer books will not be
Plaza, New York
BONIFACE,
ST.
Dividend
regular quarterly
to
May 13, 1960.
of business on
NOTICE
per
5,
dividend is payable
June
SUPERCRETE
OHIO
151 st Common
the
share on May
LIGHT COMPANY
DAYTON,
a
stock of
the capital
on
DAYTON POWER
THE
the Common Stock of this Com¬
No. 24
r
10, 1960, to stockholders of record at the close
-V
.
quarterly dividend of thirty-seven
CEYLON, BURMA, KENYA,
ZANZIBAR, UGANDA,
SOMALILAND PROTECTORATE,
NORTHERN AND SOUTHERN RHODESIA
ADEN.
of Directors
The Board
has declared a
DIVIDEND No. 144
DIVIDEND
JERSEY)
(INCORPORATED IN NEW
W. MICHEL,
Chairman and Treasurer.
CLIFFORD
30 Rockefeller
PREFERRED
COMPANY
STANDARD OIL
1960.
MFG. CO.
4.08%
'
per
declared
^kALLIS-CHAIMERS
has been declared payable June
30, I960 to shareholders of record at
the close of business June 1, 1960.
•
Esso
on
on
Secretary
1-
Mines
v
BISHOPSGATE, LONDON, E.C.3
ALEXANDER,
H.
j
1960
2,
171
NO.
a
June
a
LIMITED
MINES
meeting of the Board of Directors of
Limited, held this day, a quarterly
dividend
of
Seventeen
and
One-Half
Cents
At
declared
has
Directors
of
Board
The
quarterly dividend of sixty-five cents per share
payable on June 10,
1960 to stockholders of
record at the close of business on May 20, 1960.
J. F. McCARTHY, Treasurer
Dome
Singer Manufacturing
seventy-five cents
Company, payable June 13, 1960, to
shareholders of record at the close of
business
NOTICES
DIVIDEND
Bay Mining
1960. This
LIMITED
Amalgamating National
and
GRINDLAYS
Highlands, Mass.
Secretary.
and one-half cents (37J^c) per
f
Electrosonics, Inc.,
B. M. Harrison
of Newton
55 cents per
A
Co>> inC
director of
a
~
New York
NATIONAL AND
elected
been
&
Parks
Everett
President
Vice
Parks,
L.
G
Cash Dividend
COMMON
a
securities
Halligan is a
Named Director
of
NOTICES
DIVIDEND
been
State
304
the firm.
ol
.
Frank
and Bache & Co.
W.
mes
principa
has
at
in
engage
business,
with
o
v
offices
ilh
Universal
—
Inc.
qnds,
forme
South
J.
N.
Mutua
formerly
159
at
He
Street
DOME
experience
as
sal Mutual Funds;
Univ
securities business
a
business,
of
NEWMAN,
T.
specializes
department
public.
investment
an
TR
Gardner Opens
conducting
table
methods
& Co.
which deals with the
presented
records the progress
being made. The satisfying results
can be attributed to application of
UGANDA,
Telephone: BArclay 7-8500
Bell
of
of popu¬
the faster growing areas
~
1960.
concentration in
growth aided by
Exchange
Members American Stock Exchange
120
NOTICES
on
Occidental not
ment
York
centers
interest
the
largest and
strongest Transamerica asset,
100% owned Occidental Life In¬
surance
Company of California.
primarily
is
rather
a
Wis., May 9, 1960
of
$1.75
per
share on the 7%
and 11.375 cents per share on
Second Preferred stock of this Com¬
has bsen declared payable July 1, 1960
11,
became
death in
Father's
his
the
of
son
and
Ham-
(Special to The Financial Chronicle)
pany
Investment
Trustee
Members New
re¬
several years.
N. Y. City Banks
Laird, Bissell
the
panies have experienced unprofit¬
able underwriting operations for
Leading
Request
1959, due to
the
acquired
the
firm
the
Clinton Gilbert
.
Insur¬
profitable underwriting re¬
sults. Separately the above com¬
26
on
.
'•••■%:■ :?;<>•
R.
Fire
stock
holders
more
First Quarter
Bulletin
Life
sulting closer operations in the
fire-casualty
lines will lead to
BANK
Earnings Comparison
holds
company's
in 18 listed securities besides hav¬
dissolu¬
the
American Life. It is hoped
writers
physical damage in¬
With the internal fire and
build¬
National
Pacific
management
ance
•
are
a
Racine,
pany
directly
one
indicate
dividend
A
178
america companies remain by con¬
solidation
the
(Incorporated)
Preferred
160
was
of
considerable
.
625
announced
Evans
Shearson,
May
570
Trans¬
member
Transamerica's
J. I. Case Company
690
Transamerica
Mr.
with
DIVIDEND
517
National.
Pacific
not
con¬
Nonetheless
DIVIDEND
44.0i
of
Evans
staff
the
expectation is greater profitability
in operations through com¬
plementary coordination.
45.3
tion
Lee
—
to
($.75) (Canadian) per share has been
declared on the Capital Stock of this
56.0
recently
on
1924.
and Smelting
54.7
Paramount
its head
Company, its other firecasualty subsidiary. The minimum
6,707
Pacific
into
merged
Later
H.
Insurance
$216
Transamerica
Calif.
added
Boulevard,
feasibility of merg¬
ing American Surety with Trans¬
$751
••
of
determine the
6,095
Com¬
Insurance
Fire
is
the %\'i%
V
been
earning
power
to supplement the main
contribution by Occidental Life.
A thorough study is underway to
June
ufacturers
of
up
Premiums
40.9
58.0
•:
of
record
recent activities
ing
changes
it
the
is
Gilbert
Mr.
founder
Lester, Ryons & Co., 14609 Whit-
in
soundly
a
honored
partner,
Clinton Gilbert,
surprise birthday dinner
a
con¬
earnings
occurred
earnings.
past
Total Net
39.8%
7,\222
24.8
1957
60.2';
$9,049
has
operations
numerous
Transamerica
Total
7,999
28.5%
the
to
,
71.5%
WHITTIER,
sizable investment portfolio which
is
available
for
any
financial
Assets
Total Ordinary Group
life insurance
a
(Special to The Financial Chronicle)
80% of Trans-
combined
with
Lester, Ryons Adds
:
'Vy/A
/'A
Life Insurance in Force
Total Ordinary Group
Year
/
over
senior
■
mill & Co.
Occidental
business,
May 5.
leading
is
Employees of the investment firm
of
Clinton
Gilbert
&
Co.,
26
Broadway, New York City, which
is marking its 70th year in the
equity.
tier
business
Firm Marks 70 Yrs.
AKRON, Ohio—Harry R. Gardner
OCCIDENTAL LIFE INSURANCE COMPANY
A
unique factor for
agents exceed 200
General
which
12,147,058
$0.80
3.0%
$1.91
$17.64
11,372,000 shares outstanding at the end of 1959.
Major Subsidiary-
the
Clinton Gilbert
Stock Exchange, a
New York
previously
are
nation's
possible to present
Shares
Outstanding
Net Asset
Value*
1959
Earning*
the
located
the
brokerage
Due
Company and the Man-
stock
opportunity to obtain
yield twice as large as from
most life insurance equities and
at the same time to participate in
a
leading "all lines" insurance
operation. The stock is listed on
1959.
CORPORATION
1
Yield
Dividend
of
prices
provides in¬
a
Occi¬
10%
offices
america's
marginal operating
a
27
24
-
Insurance
TRANSAMERICA
transfer
accounted for
business
of Transamer-
shares
the
of
written
policyholder).
'
siderable.
although capital gains are
via Firstamerica.
realized. During 1959 a majority
Also Transamerica sold the shares
interest was purchased in Phoenix
of former subsidiary banks owned
Title & Trust Co., the largest title
by its
insurance companies to
insurance concern in Arizona, for
Firstamerica for a $6.7 million
profit. Today the
major bank $4.2 million. In 1959 Phoenix earn¬
increased
to
considerably
holding in the Transamerica port¬ ings
some $654,000.
folio is the approximate one-third
The previous loosely knit halfstock ownership of Citizens Na¬
dozen fire and casualty subsidi¬
tional Trust & Savings Bank of
Los Angeles,
a
rapidly growing aries have undergone considerable
consolidation. The Automotive In¬
and highly profitable bank which
surance Company was sold to the
now ranks among the fifty largest
Pacific
National
Fire
Insurance
commercial banks in the nation.
By the end of February, 1959, Company. Manufacturers Casualty
banks
ac¬
Although noninsurance accounts
throughout
a
Company, is
spirf off of majority-
with the
owned
accident
which
1959.
(with
cyclical nature. The remain¬
Transamerica
ceased to be a bank holding com¬ ing real estate subsidiary, Capital
pany
a
oppor¬
the
vestors
of total premium
insurance
most
writes
of
insurance
in
dental'
in the metal working
are
category)
During 1958
current
participating earnings to its stock¬
early 1959. The present holders account. Approximately 70
ecuted in
al
At
(an
advantage to the stockholder) it
should be pointed out that about
7 % of the business is participating
be in the offing based manufacturing subsidiary, Gener¬
fication may
on
cannery
business,
River
Packers
Assoc.,
disposed of at a profit.
The profitable disposition of Al¬
past two
of today
can be considered a holding com¬
pany with its insurance interests
predominant. Yet further diversi¬
amount
participating
Inc.
investment
tunities.
written in all
are
health
for
seafood
Columbia
other
innova¬
coverage
counted for 40%
transamerica corporation
Few
management continues to
explore
Transamerica
volume
ica's
needs as
states,
except New York, and throughout
and
—
women,
tions.
substantial
This Week
living
policies for older people
Policies
47
(2083)
'
'
dividend
-
48
:" '
Chronicle
The Commercial and Financial
(2084)
i ■
.
.
Thursday, May 12, I960
.
>
WASHINGTON AND YOU
BUSINESS
COMING
BUZZ
BEHIND-THE-SCENES INTERPRETATIONS
EVENTS
FROM THE NATION'S CAPITAL
IN
WASHINGTON, D. C.
—
The
Identical,
industry of the world
sugar
was
the
that the Cuban Government had
and
entered
States, of
the Soviet Union for the sale of
land
Fidel
Castro
Mikoyan.
in
in
The
BOARD
provi¬
OF
Board
,
of
Investment
Gover-
Banked
Kers
Club, Rye, N.
DIRECTORS
agreements
y
May 14-18, 1960 (New York
City)
National Federation of
all
of
five
refining and
processing
segments of the domestic sugar
The bargain made
the
May 13, 1960 (New York
City)
Toppers annual outing at
West¬
chester Country
main¬
compromise
represent
of
nors
sub¬
a
the
quota.
the
for
representatives
among
Meeting of the
sugar
Sulphur
Association.
calls
increase
proposal
Russia's Deputy Premier Anastas
the
course.
sugar
sions
Soviet
and
of
measure
stantial
because of the great magnitude
of
the compact between Pre¬
the
Representatives
of
Senators
One
5,000,000 tons of sugar over a
five-year period.
The industry is still buzzing
mier
May 11-14, 1960 (White
Springs, W. Va.)
tural Committees. They bear
agreement with
an
Senate
and
signatures
into
pending before
Agricul¬
are
House
shocked earlier in the year with
the announcement from Havana
INVESTMENT FIELD
Analysts
at the
Financial
13th
annual
convention
\
Waldorf-Astoria.-
industry.
'
between
the
two
countries
af¬
fected the sugar bowls of every
American
Ellender of
ture
In
addition, the deal affected
many industrial sugar users like
American
tion,
the
Bakers
ard
the Senate
Committee;
Senator
Sen¬
Senator
Retail
Long
Milton R. Young,
of
The
to
Manufacturers
name
few.
a
repercussions
ington have been sharp.
are
Senators
some
There
and
Repre-.
sentatives, particularly from the
basic
quota
the
of
beet
sugar traders
still
are
Russia
livery
speculating
with
made
for
the
and
year
the
de¬
Robert
and
Beet
Sugar
the
and
United
States
Association
Sugar
repre¬
nection
As
with
proposed
at this session
of
of
through
part
Congress.
of
to
fill its
profits
book
on
shows
can
the
000
the subject.
stocks
tons
book
you
And
and mall
costs
make a
you
yon
only
$3.M.
It
Free.
Fill
in
*
Avenue South, New York 18, N. Y. |
can
pay for itself
Zone,...State
| £} Save postage.
I
enclose check
we pay
Check here if
or money
China,
be sold
the Russians
or
you prefer to
order for $3.00. Then
postage. Same moneyback guarantee.
processors.
a
has
quota
a
of
Sugar
of
the
so
many
in
his
tons.
Obviously, the Soviets will give
good
time
more
own
about it
.
powerful
would
of
powered under the pending leg¬
islation to bring in sugar into
the United States to
replace the
amount
such
from
try,
involved
in
cut
a
Cuba, or any other coun¬
if replacement should be
necessary.
that
per¬
least
at
the
I
in
President
gets
States."
Premier
Castro
is
in the
in
the
House
may
proved.
pending
measures.
or
For
would
Senate
Of course,
not
may
instance,
be
ap¬
provi¬
a
help
protect sugar
for American consum¬
supplies
and
It could be that Fidel Castro,
he has gotten so
friendly
!
since
with
national
our
by
interest
The President would be au¬
thorized to reduce the quota of
any foreign nation when Con¬
gress is not in
tional
arise
session, if a crisis
affecting the na¬
interest
of
and
the
Communists
cut
a
the
of
United
sugar
States.
give
ganda
ammunition
our
would
Cuban
would
him
more
to
This
Nevertheless,,
hurl
York
to
letters
good
a
at
many
Congress from New
California,
from
their
are
getting
constituents,
asking that Congress try and
help curb Castro by making a
deep cut in the sugar quota.
flected
Congress takes
country. If
such an emergency should arise
when Congress is in
session, the
Chief Executive would make his
up
re¬
bill
sugar
at
this
extend the act for
one
what happens
year, and
in the
is
session
it
legis¬
badly at this
Congress. However,
not
be
atmosphere of
IThis
sugar
needed
of
should
column
is
considered
of
Rock
Club,
May 21, 1960 (New York City)
Security Traders Association of
New
York
Glee
,Club
dinner
dance.
;
■
\
May 26-28, 1960
Va.)
(Virginia Beach,
Bond ,Club
Virginia
of
annual
party at Cavalier Hotel.
May 28, 1960 (Dallas, Texas)
:
Dallas Security Dealers Associa¬
tion
annual
Northwood
spring
Club.
party
at the
*
June
2-5, 1960 (Ponte Vedra, Fla.)
Group of
Investment
Bankers Association meeting.
Southern
June 3, 1960 (Chicago, 111.)
Bond Club of Chicago 47th annual
field
day at Knollwood Club.
may
or
may
the "Chronicle's"
Security Traders Association
Connecticut
summer
outing
Shuttle
Meadow
Country
New Britain, Conn.
■
;
of
at
Club,
intended
not
own
Field Day at the Sleepy Hollow
Country Club, Scarborough, N. Y.
June 3, 1960 (Detroit, Mich.)
Club of Detroit spring
Bond
tournament
to
re¬
at
Essex
golf
Golf
&
Country Club, Essex, Ont., Can¬
ada.
coincide with
views.]
Attention Brokers and Dealers:
TRADING MARKETS
Botany Industries
Indian Head Mills
s£(
Official Films
all of their basic quota this
because
in
anger.
flect the "behind the scene" inter¬
pretation from the nation's
Capital
and
Group of
Association
Bankers
Meeting at Rolling
Ligonier, Pa.
June 3, 1960 (New York City)
Bond Club of New York annual
Certainly sound
an
Pennsylvania
Investment
mean¬
time.
lation
May 20, 1960 (Pittsburgh, Pa.)
Western
June 3, 1960 (Connecticut)
On the other
hand, there are
those who
sincerely believe that
Congress should make no cut,
see
at
ses¬
sion.
sugar
this
whatever
on
ciation annual spring
outing
Maryland Country Club.
propa¬
country.
members of
generally.
should
the
That feeling is bound to be
definitely
background of provisions
borne
More Castro Propaganda?
He's got
.
Communists
be
giving
.
United
ers
event, the Secretary
Agriculture would be em¬
May 20, 1960 (Baltimore, Md.) '
Baltimore Security Traders Asso¬
the
deal
Southeastern Pub. Serv.
with
4
<
Premier
to
stir
United
The
.
*
Castro,
up
who
intense
continues
hate
for
the
States.
Eisenhower Administra¬
tion apparently will use its in¬
fluence in the type of legislation that will pass this year.
There
{
|
his
doing anything
of the
sion
the
export
metric
up
I
totaling
the ability to reduce the amount
of advantages that Castro
and
to
In either
of
welcome
government
sonally
•
direct
action.
In-
i
j
in
us
than talk
out
for
Agreement
yearly
200,000
Country Club
Ironically,
member
basic
investments
consumers
I
J
City..
to
Castro-Mikoyan deal is
interesting not only to the
year
Address
|
it
friendly to the Soviet
ternational
and
I nothing. Otherwise maywill pay it and$3.00 j
many times over, I I return you pay I
| payment postage charge within 10 days as ■
plus the in full.
I
I
I
|
of
Some of it may
; kers and
; Russia is
examination.
that It
consumption,
some
to sugar growers and
sugar broit
this coupon today.
not convinced
the
Government in Washington, but
can
fortune.
Please send me Herbert Filer's Understanding Put and Call Options for 10 days'
If
of
some
home
send
the
plan to stockpile sugar.
: most
to
To your favorite bookseller, or
CROWK Publishers, Dept. A-7,
free
use
that
The
of
*
j 419 Park
for
Red
may
left
they
775,this
sugar
expected
will
may
Union.
to
Cuban
is
countries
how
examine
can
of
It
sugar
but
make
them
to make
capital gains instead
profits, how to use options
protect profits on your stocks, etc.
This
:
,
Drop Export Quota
Russians
unrealized
they own.
short-term
help
to
It is expected in trade circles
that Russia will buy about
they do it and
maximum profits
on
investment.
It shows also
how
you
can
sell options on your own
stock to Increase income, where and bow
to buy and sell puts and
calls, how to use
too
minimum
Rep. Harold
North Carolina,
under present law.
year
options (call and put) because they know
these options can
make big profits for
you
that
of
has
Mr. Castro is seizing and con¬
fiscating those investments right
favor
appears
year.
This
pro¬
of
been
$800,000,000.
cane
mainland
the
of
and
sor
legislation to extend the
Sugar Act, which expires this
Thousands of successful traders and pro¬
fessionals
purchase
"buy"
and
"sell"
"paper"
beet
Nordic Hills
May 19-20, 1960 (Nashville,
Tenn.)
Security
Dealers
of
Nashville
Spring Party; cocktails and din¬
ner May 19 at Hillwood
Country
Club; outing May 20 at Bellemeade Country Club.
think
American
Rican
spon¬
by HERBERT FILES
how
the
Cooley
Russia
protect
Puerto
Chairman of the House Agricul¬
ture Committee, plans to
Options
can
the
large share has been
to
quotas
PUT and CALL
also
the
Cuba,
cutting Cuba's quota
drastically would give us some
bargaining power," said Senator
Long, "when we try to protect
ducers.
Understanding
and
of
a
added
D.
them
T
without
It
on
and
of the expected short¬
is reallocated to other areas.
deficit,
book
authority
so-called
a
States.
to
the largest exporter of sugar to
this country.
/
declared,
be
quota
sugar
traditionally
course,
series
a
United
and
Because
with a pat or call option, risk limited
cost of the option (maybe a few
#1
quota,
is
the
should
winds, thus sharply
Cuba's
amount
the
the
cutting
Rican
,
caution
tossed to the
reallocation
Puerto
producing
area,
Long of Louisiana,
B.
that
age
Transactions
hundred dollars), you can make unlimited
profits (possibly thousands of dollars in
90 days) is explained in this
clear, simple
■
Muskrat,
recommendation
cane
Russell
thinks
recent
failures in the past few
years.
By terms of the Sugar
Act, whenever an area is unable
Limited Risk-Unlimited Profit
How
in
crop
to
Stock Market
the
the
of
"deficit"
on
increased
Puerto Rico has had
study numer¬
nearly all of them
bills,
ous
largest
achieved.
quota.
legisla¬
result of the
a
been
years
many conferences and in¬
terviewed many people in con¬
I
industrials,
on
law-makers
The Senator from the nation's
President
Counsel
of
the
.General
have
senting the Western States have
tion
already
Shields,
H.
Wants Cuba's Quota Cut
ciation, said the amounts are
close to the totals by which the
mainland cane and beet quotas
Cane
held
I
advice
your
industry.
sugar
United States Beet Sugar Asso¬
American
League
cane
have
areas
next
years."
The
I
want
we
well ask for it!"
provision would, in ef¬
fect, write in to the basic quota
the production potentials these
Pending Bills
■
"When
This
what
on
do
to
being
this
Florida
around the world
intends
purchases
four
drastically
cut
Meantime,
quota.
sugar
at
by party
May 19 at
Sherman Hotel Downtown
Club.
basic quota of the Louisiana and
Cuba's
Field Day.
preceded
industry
in
the
22
Western
States, and 50,000 tons to the
should
annual
(Chicago, 111.)
Exempters annual Field Day
May
20
sugar
and beet sugar producing,
States, who believe the United
cane
Sheraton
May 19-20, 1960
Republican of
States
I
sociation
The
proposal, which would *.
provide for a four-year exten¬
sion of the
Sugar Act, would
also
add
150,000 tons to the
Wash¬
in
Park
As¬
Ha¬
North Dakota.
Cracker
the
waii, all Democrats, and Senator
Oren* E.
Bakers of America and the Bis¬
&
City)
Bowling League Din¬
at
May 17-18, 1960 (Omaha,
Neb.)
Nebraska Investment Bankers
Church of Idaho, and
ator Frank
Dance
(New York
Hotel.
Spes-
L. Holland of Florida;
cuit
Association
I
ner
Agricul¬
Associa¬
Associated
Wall Street
signatures of Chairman Allen J.
housewife, and those
of many other countries.
the
May 14, 1960
The Senate proposal bears the
are
indications
coming
from the State Department that
a
"cautious"
attitude
will
be
suggested.
Carl Marks
&
Co. Inc.
Our New
York telephone
number is
CAnal 6-3840
FOREIGN SECURITIES
SPECIALISTS
20 BROAD STREET
tEll HANOVER 2-0050
.
HEW YORK 5. H.
TELETYPE NY 1-971
LERNER 4 OIL
Investment Securities
10 Post Office Square,
Telephone
HUbhard 2-1990 "
Boston 9, Mass.
Teletype
BS 69 ;■
@FedFRASER