Full text of Commercial and Financial Chronicle : May 18, 1961, Vol. 193, No. 6056

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The COMMERCIAL and FINANCIAL

ESTABLISHED

18S9

New York

Number 6056

193

Volume

Reg. U. S. Pat. Office

AS WE SEE IT

Editorial

The

According to what appear to be reliable press reports,
the powers that be are now laying plans to remove the

Price

national

about the last vestige of the concepts upon which the
system was originally constructed. We

Executive, New York City;

Adjunct Associate

Professor of International Business, New York University
Case

$Jhe last vestige since all, or virtually all of the other

long-run
direct

provisions of law since for many years the
Reserve System has been permitted to have no gold at
all, but merely "gold certificates" issued by the Treasury
the

limited

There

into

a

return either to the

would be essential to

of that older

system. It would

a

the

law'

governing the

reserve

System in the light of conditions

older

much

the

and/or

the

it, would

deter

He denies

reduces exports;

investment

incentive

plan;

and

fundamentally injure our economy.

proposals to tax the retained
subsidiaries in developed

as

year ago

Analyzing the results along with other pertinent
on
(1) a question
principle (2) two areas of economic impact and
(3) a not too tasteful story of political-administra¬

tive

S.

that

"World

based

for

overseas

a

Business

opinion

expressed

rather

the

practice.

securities

afforded

Public

dividends, lose through the drop in value of its
stock, or are otherwise affected externally.
Like¬
wise, we recognize the right of every nation to
control, tax and otherwise govern the actions of
persons
(including corporate persons) within its
borders.
Only under compelling reasons is justi¬
fication found for another nation to invade this

John

Fayerweather

of U. S. companies oper¬

sovereignty. In recent years this principle has been
rigorously tested in
(Continued on page 28)

most

registered with the SEC and po¬

"Securities in Registration" Section,

starting on page 32.

HAnover 2-3700

STATE

and

MUNICIPAL

Lester, Ryons & Co.
623

Hope Street, Los Angeles 17,

Members New York Stock

BONDS

The Nikko

Exchange

Associate Member American Stock Exchange

in

Claremont, Corona del Mar,

Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,

Telephone:
DIgby

BOND DEPARTMENT

4-7710

NY
Office:

Head

•

Affiliate:
SAN

THE FIRST NATIONAL CITY BANK

Teletype:

30 Broad Street

Nikko

•

1-2759

Kasai

Securities
LOS

Co.

Bond Dept.

California

Teletype: NY 1-708

T.L.WATSON&co.
ESTABLISHED

Mortgage Association

Marine Bonds and

and

Development (World Bank)

Municipal Bond

Division

Whittier
on

Southern

Securities

New

York

Correspondent

—

Exchange

MANHATTAN
BANK

Pershing A C«.

Maintained

Brokers

LOBLAW, INC.

CANADIAN

Invited

DIVERSIFIED

BONDS & STOCKS

CALIFORNIA

Commission Orders Executed On All
Canadian Exchanges

CANADIAN

DEPARTMENT

Teletype NY 1-2270

<§OUthW€At
25

BROAD

STREET

DIRECT WIRES TO

California Vintners

MONTREAL AND TORONTO

Dominion Securities
MUNICIPAL

NEW YORK 4, N. Y.

Goodbody & Co.
MEMBERS NEW YORK STOCK

BRIDGEPORT

•

PERTH AMBOT

o

the

1832

Members

Stock

Cooperatives

United States Government Insured Merchant

HAnover 2-6000

To Dealers, Banks and

New York Stock Exchange




Banks for

Federal National

ANGELES

Block Inquiries

COMPANY

Inquiries Invited

OF NEW YORK

Net Active Markets

American

Federal Home Loan Banks.

•

FRANCISCO

DEALER

Santa Monica,

U

TOKYO

UNDERWRITER,

FIRST

AGENCY

NOTES

~

Riverside, San Diego, Santa Ana,

DISTRIBUTOR

AND

3n
International Bank for Reconstruction

Offices

New York 4, N. Y.

/

PUBLIC HOUSING
BONDS

Members Pacific Coast Exchange

Securities Co., Ltd.

NEW YORK

So.

California

25 BROAD STREET

New York 15

———

Federal Intermediate Credit Banks

JAPANESE

SECURITIES

COMPANY

Underwriters and distributors of

STATE, MUNICIPAL AND

Federal Land Banks

CHEMICAL BANK

TRUST

S.

pro¬

Dealers in and Distributors of Securities of

Municipal

Securities

U.

other purposes.
Its stockholders are not re¬
sponsible4 for its financial actions nor are they
regarded to have benefited or suffered as a result
of its financial condition except as they receive

Our objective was to determine
their executives about the pro¬

complete picture of issues now

a

in

President's

and

Housing,

State and

telephone:

are

tential undertakings in our

U. S. Government,

The

posal clearly violates two of these principles: cor¬
porate integrity and territorial sovereignty.
We
recognize a corporation as an entity for legal, tax

REGISTRATION—Underwriters, dealers and investors in corporate

NOW IN

established

become

■.

SECURITIES

our executive group
principles of law and

by

basic

have

international

and

instead

survey

government presumably can tax
if Congress wishes.

retained earnings

concerns

International Execu¬

ating overseas.
the opinions of

a

retained

tax

taxation which

policy has become
Treasury's prime whipping

The

significant
felt
basic legal

Sees Principles Violated
The

boy.

(Continued on page 16)

government does not have

to

Technically the

a

Recognizing the serious im¬
plications of this extraordinary
turnabout in government pol¬

A

surveyed

earnings outside its own
territory."
No one would question of course that
the government has a legal right to do anything
for which constitutionally valid laws are passed.

economic

icy,

"the

right

being encouraged as a bene¬
ficial
instrument
of
national
the

opportunism.

First, the question of principle.
majority (87%) of the executives

Congress with mixed but gen¬
De¬

formula

to

ones.

favorable Treasury
some

in

information leads to conclusions

rude shock to U. S. industry.

a

composing an effective sample
from very large companies

of

deficit

payment

they

quite small

larger

of

estimates

overseas

tive undertook

of

of

that

ranged

of

all, it must be said in all frankness that

misunderstanding

jobs

vate foreign investment

Long Misunderstood
Now first of

and

and

that

Corporation" which could bring
foreign earnings back to the
U. S. without being subject to
U. S. taxes. Now suddenly, pri¬

exist.

now

a

U.

to be more real¬

they

comes

toward

ratio of the Reserve

as

overseas

partment response was moving

successful operation

appear

S.

expense

balance

million

exports

would

move

of

erally

istic, therefore, to appraise this latest proposal for change
in

tax

Less than

and time-honored and time-tried

likelihood of

the

to

$170

domestic

accepting

countries

system of banking or to many of the other condition?
or

abroad

earnings

is, however, apparently little to be gained by

are

minimal

the

at

Fayerweathar

Dr.

President Kennedy's

systems and practices. So far as can now be foreseen,

which

contribution
a

U.

economics of seeking short-

savings

inflow.

of

political maneuvering to appease protectionist labor

warns

areas.

is little

be

investment

talking about the older system based as it was upon
the traditional concept of the gold standard. It has gone
the way of so many other things with the advent of
the New Deal and ideas and concepts so utterly irrecon¬

there

tax

scents

actual

cilable with the older

earnings

capital outflow by around 10% or $100 million.

gold—"certificates" which
can not be converted into gold except at the will of the
Treasury, and then for practical purposes only within
very

outflow

dollar

would

earlier

all

retained

taxing

capital

run

they may almost be said no longer to exist. Even the
25% ratio bears a more apparent than real relation to

owns

against

subsidiaries flays shortsighted

key provisions of the original law applying to the system
have been either repealed or so drastically altered that

which

Copy

a

posal and most important, the facts as to its effects.
Replies were received from 56 companies account¬
ing for about 40% of overseas manufacturing in¬
vestments

Federal Reserve

the

Cents

Principles, Facts and Politics

By| Dr. John Fayerweather, Managing Editor, The Inter¬

standing). With the abolition of this requirement would

say

50

Underlying Overseas Tax Proposal

present fixed minimum gold reserve requirement laid
upon the Federal Reserve banks by law (for some years
set at 25'r of deposits and Federal Reserve notes out¬
go

7, N. Y., Thursday, May 18, 1961

Grporatiom

EXCHANGE

2 BROADWAY

1 NORTH LA SALLE ST.

NEW YORK.

CHICAGO

40

Exchange Place, New York 5, N. Y.

Teletype

NY 1-702-3

WHitehall 4-8161

BOND

DEPARTMENT

BANK OF AMERICA
N.T. & S.A.
SAN

FRANCISCO

•

LOS ANGELES

2

The Commercial and Financial Chronicle

(2162)

Banks, Brokers, Dealers only

For

The Security I Like Best...
A continuous forum in

fi

in

which, each week,

in the investment and

Professional Service

LAURENCE LYONS

Colonial Stores

in

The

than

more

leading O-T-C issues.

Nationwide facilities for

a

supermarkets

Southern part of
country. In 1956 and 1957 the

mainly
the

broadest coverage

of

large
located

represents

Company

chain

in

the

of all

but

New York Hanseatic

in

of

result

a

Nationwide

SAN

high-temperature

placing all
emphasis on growth. We see many
stocks
selling 50 - to
100 - times
earnings because they have this
characteristic
and many new

various food and drug products.

little

for

our

Digest, and

in

Stock

other reports

clear
picture of the Japanese
economy as a whole.

203
The

states.

in

Georgia,

Virginia, North and South Caro¬
lina, Indiana, Kentucky, Alabama,
Florida and

that give you a pretty

10

located

are

in

outlets

447
in-

com¬

the majority of its
well as its warehouses

leases

pany

stores | as

but

The

Tennessee.

bakeries

owns

and

meat

a

Co., Ltd.
of

Telephone: BOwling Green 9-2895
This

is

not

an

offer

or

solicitation

On

was

for

any

and

from

Stores

Colonial

regional

several

for

dents

orders

3, 1960, Mr. Carl J.
brought in as President

Aug.

Reith

61 Broadway, New York 6, N. Y.

the general managers

TO STOCK MARKET

INVESTORS
excitement

market-—are

lias

mounting
you

aware

become

the
that it
to make
in

personal goals?

own

ion,

is

tion
Harry D. Miller

almost

neglected,

finances and is well diversified.'

addi¬

the

intro¬

changes
were
the objective

im¬

of

controls

more

popular

has been truly remark¬

company

able!

Earnings of Kupfrian alone

(which

just

was

exchanged

for

months

each

suppliers of parts

each

vehicle, yet

space

his

test

in

parts

Feb.

perform¬

TREMENDOUS POTENTIAL

management of Robinson
High Vacuum has stated that earnings for fiscal
Division of Robinson is a prin¬
1962 could double those of 1959 or
cipal supplier of these. Also, the; reach about
$2 per share. It is
Robinson mounts are specified on
very easy to visualize earnings by
many
missiles including the 1965 in the
$4 to $5 range with the

Polaris.

stock

Instrumentation:
mounts-

for

used

are

in

instruments

Robinson

delicate

all

aircrafts,

many

rockets and missiles

well

as

as

on

selling

times

many

he

owns

stantial

than

The

ing used by present miniaturized

divisions

improve the

instruments.

earnings and sales growth. Man¬
agement is proven with many men

sales of $445,000,000 as

against

$1.13 for the comparable period of
1959

sales

on

of

$450,000,000.

each of 1,000 stocks by one of the
country's largest investment advisory
organizations are crystallized into four
index numbers for each stock. A simple
weighting of these numbers to accord

preferences as to invest¬
ment
goals — for safety, market per¬
formance in the next 12 months,
appreciation potentiality over a threeto-five year pull, and income — will

that

it is facing

and

realistically

give

pany

which

Division

Kupfrian
doubled

has

practically every
proximately 75%

its

earnings
does

year

ap¬

The

I

Directors.

consistent

gain.

can

The

stock

American

Stock

for'

listed

is

DE 75

City,

Mich.

LAMB0RN & CO., Inc.
99

WALL

STREET

NEW YORK

5, N. Y.

unhesitatingly

Robinson

recommend

'
Bay

all

of broad background on the Board
of

—

of

of

record

shown

has

Office

Branch

26, MICH.

2-3855

capital
the

expressed in its annual statement

with your own

Computers and Advanced Office

Equipment:

capital

working
1.

to

DETROIT

balance

possible,

shows

2M>

Exchange

Stock

Penobscot Building

WOodward

today's

of

many

stocks.

sub¬

more

Exchange

1501

Meanwhile,

something far

"wonder"

:

Members

Midwest Stock

Detroit

the
buyer of the stock could feel that
price.

present

shipboard and in the atomic sub¬

Also, Kensico Division is
major supplier of capillary tub¬

M0RELAND & GO.

its

been cut to

operating profit of 0.83% in 1960.
In the year 1960, 800 was earned

:

simulation chamber.

Wherever

have
low

NEW
HAS

The

over

very

INTRODUCED A

PRODUCT WHICH

HAS

1961. It is

28,
this

match

to

anywhere.

ance

space

a

ended

difficult

sheet

costs

COMPANY

from

a

reducing

L. A. DARLING

Robinson—share for share—) went

marine.

merchandising,

SOLD

—

and

and Rocketry: There are

Space

must

BOUGHT

supplies,

power

remote

170 per share in 1959 to 930
for 1960 and to $1.23 for the seven

several hundred

seven

etc. It also produces

system,

growth today:

of

areas

look at the

us

Telephone: BEekman 3-3622-3

com¬

flexible shafts. The growth of this

Robinson

is

Products; yet the com¬
has strong management and

Let

advanced

most

mechanical

com¬

pletely

:

their

transistorized

been

pany

OFFICE:

YORK

149 Broadway, New York 6, N. Y.

various

for

parts

NEW

and

puters, banking gear, communica¬

which

has

close

a

Machines

Business

supplying

make

growth

stocks

developed

DAI WA
Securities Co.9 JLtd•

divisions of that corporation which

of the

one

SECURITIES

approximately 75% of its volume

potential.
In my ooinreal

has

It

national

growth

a

JAPANESE

•

inventories and improving profits.

proving

on

Hundreds of hours of research devoted

with

duced

have

on

of the

and

obviating

operating

possible for you
a reliable
appraisal in just one minute
of bow good any stock is for you to
huy, hold or sell—at this time and for
your

the
that

responsibilities,
need for the
Vice-Presidents,
and
that
the
Manager of a store now be respon¬
sible for his individual operation.
In the plans for 1961, is the open¬
ing of 28 new supermarkets and
the remodeling of 14 present units.
In the latter part of 1960, major
thus

With

in
is

assume

divisions

duties

tional

NOTICE

offices

working arrangement with Inter¬

be-

they

cause

Vice-Presi¬

resigned.

operating

clock

Kl'oger

Included
present managerial plans

particular securities

branch

our

Kupfrian Division has been

son.

triple in price

Technical

distributing plant.

The Nomura Securities

and

merelv

31, 1960, there were

operation

it,

double

equipment
including
simulation chambers. This

space

privately owned until now so is
probably the least known but the
most exciting division of Robin¬

to

justify
it

associated

(4)

their

in

record

Laurence Lyons

is

is

today

with

issues,

the

communities
stores

Monthly

our

was

of Dec.

As

Write

a

definitely a
growth potential, even though
may be a slow process.

IN JAPAN

to

refractory metals, transistors and

new

of

there

Opportunities Unlimited

wires

Direct
,

equipment is also used in the
processing of electronic tube parts,

As

market

The

company,

System

NY 1-1557

high vacuum
furnaces
and

revitalize

FRANCISCO

Wire

Private

of

brought into
the picture to

CHICAGO

•

•

sale

and

2-U700

Mobile, Ala.

(3) High Vacuum Equipment is
in the design, construe-

tion

ovar

NewOrleans, La.-Birmingham, Ala.

that

Exchange

HAr

in

management

1920

Teletype NY 1-40

4-2300

and

engaged

Products

Technical

Robinson

instrumentation

for

the electronic and missile field.

Members N. Y. Stock Exchange

declined

result

Broadway, New York 5
BOSTON

Members New, York Stock Exchange
American Stock Exchange

Orange, N. J.

East

recent

expenses.

Associate Member

PHILADELPHIA

Steinir.Rouse&Co.
Members

sizes

Partner, Nugent & Igoe

earnings

as

Corporation

WOrth

—

Partner, Nu¬
gent & Igoe, East Orange, N. J/
(Page 2)

19 Rector St., New Yorki 6, N. Y.

HARRY D. MILLER

high operating

Stock

Products

Miller,

D.

quoted at about 20.

is currently

$2.00 per share

have

American

Technical

Harry

quarterly. The stock is traded in
the Over-the-Counter Market and

over

years

120

Bought—Sold—Quoted

Robinson

company

earned

O-T-C markets.

Established.

Co., New York City.

(Page 2)

payable

annually,

share

per

Stores—Laurence Lyons,

of Allen &

($50

par) and 2,766,642 shares of com¬
mon
($1 par). Dividends on the
common
stock are at the rate of
600

•

Alabama &

and

Louisiana Securities

preferred

cumulative

$2.50

Co., New York City

Thursday, May 18, 1961

Selections

advisory field from all sections of the country

Allen &

MARKETS
500

.

participate and give their reasons for favoring a particular security.

OVER-THE-COUNTER

Positions

Participants

Their

different group of experts

a

Colonial

•

.

Week's

This
Forum

.

to

you

appraisal

current

a

of the

Earnings
1958,

$2.31

in

1956.

The

new

management

as

building

to

A

recent

trip

the South

to

the writer indicates that the

slowly

is

make the company once

are

so

remarkable

in

profit and
avoidance of unnecessary risk that we
invite you to receive the special guide
potential

your

described

below.

sonnel
the

status
are

new

of

the

grocery

by

com¬

its

regaining

tested

of

up

the earning power of the company.

former

method

has

with

that, the

and

per¬

wholeheartedly behind
again

factors

phasis

FREE

the

business.

obligation,

to
or

complete guide showing
you can apply this
method of
security analysis without any outside
help even if you are an inexperienced
a

how

investor.

(We

brokers.
For

not

are

No

investment

dealers

or

salesman will call.)

FREE

GUIDE,

simply
send your name and
address < (a
postcard is suggested) to: Dept.
CFSM-100L, Arnold, Bernhard &
your

Co., Inc., 5 East 44th Street, New
York 17rN. Y;




liabilities

approxi¬

was

was

equivalent

$14,371,499 and earned surplus

$26,172,273.

Long-term

debt

was

$18,500,000, of which $14,300,000
was
on promissory notes
payable
—$650,000

annually

in

1962

to

$7,150,000 in 1973; as
well as $4,200,000 in 4.90% sinking
fund debentures due May 1, 1977.
As of Dec. 31, 1960 book value was
$13.60 per share. As of the same
date there were outstanding 43,1972;

200

ferred

of

Vibrashoek Division

(1)

$2 cumulative

and

and

pre¬

($50 par), 25,754 shares of

control

shock

designed and

primarily in the
electronic, aviation, transportation
developed for

lieved

to

be

engine

jet

the

what

is

over

as

a

no

solicitation

two

Of

DALLAS, Texas

an

offer

to

buy,

Charles B.

—

Carothers is engaging in a securi¬
ties

business from

Westway. He

was

offices

4447

at

formerly Presi¬

dent of Carothers &

saving^

Co., Inc.

In Securities Business
(Special to The Financial Chronicle)

DENVER,

of Robin-r

Govern is

Moncrieff

inches down

name

capillary and restrictor
a
large portion goes

sizes.

While

construction

growth
seems to

greater

ently

circumstances to be construed

of

Main

Colo.

—

John

engaging in

a

L.

Over-the-Counter

Mc-

securities

Quotation Services

business from offices at 5060 West

into

any

as

an

!

f

division

This

mounts.

(2) Kensico Tube Division pro¬
seamless copper tubing in
from

Liquid

DIgby 4-2727

securities

a

Place

the

under

firm

for 48 Years

duces

small

—

C. B. Carothers Opens

be¬

son's gross sales.

sizes

Refined

Street.

fields,

offer to sell,

or

security referred to herein.)

of

Provident

Alan Roth

the

and profit pres¬
be in the small

Investors.

;

*

Opens
National Quotation Bureau

Alan Roth is conducting a securi¬
.,

business

ties
55

(This is under

Supinski Opens

business from offices at 107

first satisfactory

accounts for about 32%

to

—

Exports—Imports—Futures

and

manufacturers

craft

SUGAR

price
Raw

Supinski is conducting

sold, to
military air¬

developed

of the principal

two

a-

use

and industrial fields. Robinson has

recently

at

ALLENHURST, N. J.—Stanley W.

manu¬

factures and sells various types of
vibration

and

shares

Europe

Kingdom which are
producing substantial profits.
A brief description of each divi¬
sion is in order at this point:

mounts which it has

mately 3 to 1. Cash

ivill send you, without charge

continental

on

Exchange and is

quoted

S. W.

Improving

United

the

currently
of 29%.

Em¬

with

Europe's

on

in

ments

1960, the ratio of current assets to

We

Investment

Status: Robinson has license agree¬

The company is in a comfortable
financial position. As of Dec. 31,
current

supplying

Foreign

one

in

Ma¬

Business

components
for its most advanced equipment.

management in its aim to
foremost

in

volume

its

of

International

chines

confidentially

up

stock's desirability at this time and at
this price for your purposes. The pos¬
sible benefits of this unique and timeterms

in
in

high as $1.74
1957 and $2.09

ran

East

City.
man

End

from

offices

Avenue,

New

York

He wafs formerly with Leh¬
Brothers. "

'

*

"

"

~~ ~"""

..

at

4Incorporated
Established 1913

46 Front Street

New York 4, N. Y.

CHICAGO

SAN FRANCISCO

Volume

193

Number

6056

.

.

The Commercial and Financial Chronicle

.

(2163)

CONTENTS

Continuing to Deserve
The Investor's Confidence

BiilCHMIfl

City

Articles and News

Paraphrasing Churchill, Mr. Erpf notes "never have
spent so much money

cans

little

so

about."

His

quickly

so

economic

realities

portfolio selection, and reminds securities salesmen

The

is the difference between

basket.

one

Continuing to Deserve the Investor's Confidence

*

approach

intangible

rating

to
in

hazards

Over the years we
taken

the

threefold

periodic

also

Mr. Erpf

explains

,

:

prices,

and the reason for
simple.
To
paraphrase

is

quickly

so

so

concerns us.

The

time,

have

to

the

we

the
in

Armand

Erpf

and yet,
March 28, I

as

hower

fit

saw

and

stock

the

of

country

ket

confidence

have

tended

hundreds
new

and

thousands

even

many

We

wayside.

should

fall

counts

and

which

represent

disposal

to

example

of

of

the

tiful

and

a

rather

ings.

between

for soundness

resources

those

growth. Assume,

for

We think

who

equities is essential but the
of
unjustified
exposure
should be reduced and proportions
as to
the industry representation
should

be

1962,

basis,

believe

on

itself.
in

as

reason

to be

the economy

when

rare

there

dyna-therm
Field

48
' '

.

.

'

1

,•

*

'

'

1

chemical

'

'

■

■i

•'

that

teletronics

10

major realty

News—Carlisle Bargeron

Funds

About

NSTA

30

-

Banks

Notes

chemical

24

Bankers

and

hydrocarbon

22

-

aqua-chem, inc.*

31

-

Observations—A.

Wilfred

*

Public

and

exercises

its

magnetic

about

an

in

many

bringing
have

ments to

moved

and

increasing

Now

in

J.F.Reilly&Co.,Inc.

32

Registration

39

Broadway, New York 5

The Market

.

.

.

19

Corner—

and You—By

DIgby 4-4970

44

Offerings

Security

Salesman's

Security

17

Wallace Streete

The Security I Like Best——

2

—

Gulf Guaranty
Land & Title Co.

9

The State of Trade and Industry.—
r

f

♦'

1

■

Tax-Exempt Bond

•

'

■

'

•

•

:

.

6

Market—Donald D. Mackey__

48

Washington and You

from

on

All

this week.

^Article not available

invest¬

Issues

specu-

page

26

*Prospectus
Published

have

specialized in

WILLIAM
25

Spencer Trask & Co.
Founded

B.

Park

Place,

CLAUDE D.

to

9576

Thursday, May

ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5

TELEPHONE HAnover 2-4300

Treasurer

SEIBERT,

GEORGE J. MORRISSEY,

Editor

Nashville




Boston

Newark

Chicago
Schenectady

Glens Falls
Worcester

Other

Thursday (general news and ad¬
issue) and every Monday (com¬
statistical issue — market quotation
records, corporation news, bank clearings,
state and city news; etc.)
Every

vertising

,

Other

Chicago

Office:

3,

111.

135.

South

La

the

post

Febru¬

matter

office

at

New

Subscriptions in United States,
U. S.
Possessions,
Territories and Members of
Pan-American Union, $65.00 per year;
in
Dominion
of
Canada,
$68.00
per
year;
Other
Countries, $72.00 per year.

18, 1961

plete

Albany

at

Subscription Rates

New York 7, N. Y.

SEIBERT, President

DANA

1942,

25,

second-class

York, N. Y., under the Act of March 8, 1879.

1868

Members New York Stock Exchange

BROAD

ary

as

Publishers

COMPANY,

REctor 2-9570

WILLIAM

25

Reentered

U. S. Patent Office
DANA

request

Company

CHRONICLE

FINANCIAL

on

Copyright 1961 by William B. Dana

Twice Weekly

COMMERCIAL and

The

PREFERRED STOCKS

Reg.

^

request

21

accounts

speculation, from
Continued

but suspicious about

For many years we

on

13

—__—

Securities

Prospective

forward

the

Utility

Securities

substantial

in commitments,

which

optimistic concerning

Prospectus

5

May

Our Reporter on Governments

gambling ingredi¬

market

vulnerability

is

'

8

earn¬

is

interesting point is that the
are

be

the

carelessness

aspects of rising technology."
The

-n.

that

spell.
It is
causing sloppiness in analysis,

well

benefit from the many-faceted

occasions

This

the

powerful

withstand
as

that

will

betting

solidified

to

"it

movement of the market will feed

should

reverses

47

uiim*;

t

Events in the Divestment

-

■

News

positions looking
1963, and in some cases

ent

and

Bookshelf

ii-•

10

taking

lacking. Each portfolio

be

believe

recovery

instated if

vicissitudes

"

Mutual

blers, more than heretofore, have
jumped in on a straight numbers

re¬

St. Louis

*

Indications of Current Business Activity

1965, earning power. Playing on
the susceptibility of both, the gam¬

degree

diversification

who

are

to

San Francisco

Cover

__

From Washington Ahead of the

when
in

and

in

recovery

and

in

and

a

by

ings

ex¬

long position

a

prices,

those

you

(Editorial)

Dallas

Philadelphia

crosby

searching for earn¬
balance of forces lies

The

stock

as

Y.

euphoria

like to

redistribu¬

Cleveland

Einzig: "Communists Use Unions to Further Russia's Aims"

We might describe the situation
as

have sold everything.
Which holdings would you be in¬
clined
to repurchase
at present
prices?

Chicago

plentiful buyers.

sug¬

inc.

40 Exchange Place, N.

agility

earnings,

as

HA 2-9000

at

ing

ample,

8c

31

W. Babson

(

stub¬

cool

and

mackie,

18

:

Dealer-Broker Investment Recommendations

large, are
than discount¬

appraisal,

./tu'

Coming
•

satisfactory positions in the
bid¬

sellers

It

■

close

1958

evidenced

See

mar¬

or

had

we

We

'

■

ding, which brought the averages
to new, all-time highs. In the last
few weeks, at these highs, there
has been what might be character¬
ized as a free market with plen¬

all ac¬
securities

numbers

the

of

overgenerous, more

well

request

Singer, Bean

Shareholders?

was

point out when the goose hangs
high is the time for cold judgment,
of

Nation's

to

Maynard__

Businessman's

buyers could not reattain or

attain

of

of

than values, and we should

tion

Injustice

Bank and Insurance Stocks

stock market without spirited

and

fcy

like

reexamination

a

the

on

14

Los Angeles
As

business recovery,
those waiting on the sidelines and

ventures,

prosper

ebb

since

market

new

spawned

remarkable

of which will
of which will

many

gest

has

country

and

-

Compound

*Prospectus

_L

Youngdahl

Direct Wires to

anticipating

to

careless in their commit¬
ments, which are made with less
and less analytical rigor. In recent
the

and
the

the

some cases

grow

years

Amer. Int'l Bowling

Regular Features

appoint¬
as to

of

strong holders,

born,

overdiscounting. Investors imbued
with

Aqua-Chem. Inc.*

12

over

Since holders of

the

at

were

hand

recovery.

discounting and in

complexion

securities

This the stock market is reflecting
and

12

;■

Teletype NY 1-1825 & 14844

reassuring, confidence

quickly restored.

the

and

economic

the

business and the stock market

"We continue to have great con¬
in

With the election

era.

ments

concerning the
market, or at least concern¬
ing certain' areas
of the stock
market. I pointed out then:

potential

Oakland Cons.

Slocum____

Richard

—Walter

by the faltering nature
of business and were puzzled as
to the election and, regardless of
its outcome,, the end of the Eisen¬

to voice misgivings

fidence

Guy P. Harvey

11

disturbed

for

recently

Cobleigh

Pitfalls of Credit Buying—Roger

Smart inves¬

pushed prices down.

past half-

year;
as

Why

tors, appraising the situation, were

have

expressed
the

White Shield

By this I mean that the pressure
of sellers on reluctant buyers

economy

which

4-6551

4

Securities Market and Interest Rate Outlook

—C.

Throughout last year there was
general exodus from the market.

a

continue

confidence

constitute

commitments

proportions fit the targets, re¬
sources, and position of our clients.

undulations.
this

WHitehall

the

political

we

!

Business Trends—Walter E. Hoadley__

investments, speculations, or just
plain gambles, and to what degree

and

STREET, NEW YORK

Story

Company With Imagination—DISC, Inc.

—Walter W.

We should know

market

has

WALL

so

lags, the stock

At

99

Electronics World-Wide Is Growing Very Rapidly

have so many
much money
so many stocks that
little about. This is

on

they know
what

the

Land

never

spent

San Francisco

—Alan K. Browne
A

whether

business

3

Getting Tomorrow's Transit Today:

,

—Ira U.

Americans

or

reflected

Obsolete Securities Dept.

the

the speculative problem

Churchill,

and

leads

He

up

this

on

have

set¬

backs

with

STOCKS

*

Telephone:

present time.

stock

have been

There

out.

this

borne

position

events

and

economy

sums

at the

have generally

constructive

a

potentials.

stressing growth and
as

;

—Armand G. Erpf

explains why stock analysis has transcended beyond the accountant's

•

BUY

LAOSY
Cover

*

speculating and gambling, and skepticism

expressed about putting all of one's eggs in

■

Proposal—John Fayerweather_

they

The issue of

protecting principal "versus" speculative growth stocks is explored,
as

WE

Principles, Facts and Politics Underlying Overseas

Tax

affecting

what

on

should do to continue to deserve investors' confidence.

Page

Ameri¬

many

stocks they know

on so many

evaluates

paper

so

COMPANY

AND

By Arraand G. Erpf,* Partner, Carl M. Loeb, Rhoades & Co.,
New York

3

Salle

St,-,

(Telephone STate 2-0613).

Bank and

$45.00

Note—On
the

made

of

the

39
—

Monthly,

Postage

extra).

fluctuations

of

be

Record

(Foreign

account

rate

in

New

York

funds.

i..

•.

•»

BROADWAY, NEW YORK 6
.

»<

<it*'

WHitehall

3-6633

in

exchange,
remittances
for
foreign- subscriptions
and
advertisements
must

INCORPORATED

Publications

Quotation

year.

per

m V. FRANKEL & CO.

Teletype NY 1-4040 &

1-3540

4

The Commercial and Financial Chronicle

(2164)

.

.

.

Thursday, May 18, 1961

\

,\

and

Getting Tomorrow's Transit
Today: San Francisco Story

plans to deal with the prob¬

from the records of

He cites this proposal to

in

transit

the

and

area

provides

and

mission,

the

development of

history

rapid

a

of

of

districts

I

do

not

profess

to

be

trans¬

portation "expert" in telling how
the
Metropolitan San Francisco
Area

Bay

proposes

its

meet

to

rapid

mass

transit

field.

that

of

with

reached the

technical

resolve

problem

almost

any

say

and

on

highways

well

as

to

as

both
park

ning

and

engineers' planning.

tables,

and

is

the

the

difficult

How¬

to

afford

gredients—public

acceptance

and

equitable financing.

For no mat¬
ter how great the need, how sound
the legal
approach to resolving

the

problem and how thrilling the
engineering design—nothing hap¬

palling.

The

through my familiarity
with municipal finance that I have

add

been able to make

accidents

trans¬

fornia's metropolitan areas today.

existence of the American
city. Without efficient mass move¬
and

well

dollars.

Downtown business

areas

stagnate

during

hours.

commuting

as

concern

Retail

needs

,pf
of

Bureau

designated
in

areas

defined

some

to

the

identify

the

the

The

designated
The

areas.

tionally

650,000
California has

or more.

such

of

sixth

the

on

metropoli¬
largest

basis

na¬

total

of

of

the

During
made

steam

in

1935

lous

of

to

traverse

the

street

region.

Area met

its early transportation
needs and how eventually history

a

San

Early
Area

line

rail

commuter

system.

steep hills
electric

began

op¬

all

deal

the

of

were

in

cars

Area

passenger

the

A good

success.

but

served

was

area

between

gaps

Bay

electric

some

of

the

towns of the region.
TransBay travel improved with the use
of

faster

and

lines

ferry

boats,
of

network

a

piers

long

rail

electric

serving the East Bay region.
Bay region was also

The

North

benefited

by

the

conversion

critical

men,

decisions

in

made

we

as

we

the

approach
that

future.

the
.

must

As

be

business

should evaluate the cost

of

failing to meet our metropoli¬
tan
transportation
needs.
We
should

actively

support

methods

Pacific

the auto and

to

way

To meet the

ern

area was served

Pacific

The

increase

traffic

in

the

portation needs of
use

of
to

and

cisco and the

Railway

to

Bay.

A movement

for

the

Bay.

bridges

bridges to

land

the

across

San

reached

the

parts

Golden

York.

New

Gate
Oak¬

to

that

was

bridges

San

faced

the

Bay, namely, the AnCrockett, Dumbarton and

tioch,

San Mateo

bridges, constructed by

It wasn't until the 1930s that the

San

crossed by bridges.

Francisco
was

1939.

L>y

rail

and
The

the

Oakland

The
Bay

completed and opened

automobile

to

-

traffic

The

12,

Jan.

15,

on

was

California

Nov.

on

service

project

many

problems,

which

was

With

do

voking

The

San

nine

Transit

first

The

by

contain

Bay

Area

San

an

1946.

Tucked away

was a

recommendation for

in this report
an

ade¬

quate trans-bay rapid transit

sys¬

tem.

The Board of
Francisco

having

constructed

Toll

Bridge

Golden

Gate

State

known

Area

Transit
itself

the

"San

1949

Act."

Rapid

The

unworkable

of

Connecticut,

act

and

ulation
The

1870

the

totaled

kindled the interest of those seek¬

ing

method of dealing with the

a

mass

transit

problem.

The

Mayor
appointed
a

of San
citizen's

Francisco
advisory

committee of 21 members in 1949,
to

study

Marin

$5,000

rapid

transit

and

San

counties,

was
on

opened

to

May 27,1937.

Supervisors appropriated
with which to implement

the work of the committee.
From

bridge

Benicia,

of

appearance

linking

Martinez

the gradual dis¬
the familiar ferry

saw

boats and river boats.

Increasing

competition

the automobile and

from

to

all

1950

to

1951

met

citizens

the

and

literally

transit by exposure

known

methods

of

rapid
the
minds of enthusiasts. However, it
was
obvious being informed on
transit

past,

present

Continued

rising deficits

and

in

on

page

an

Area

is

of the

San

1960 pop¬

characteristic

Francisco

Bay,

one

great harbors of the world.

It has measured the growth of the
shore-line communities; it has in¬

Correspondents inprincipal cities

throughout the United States and Canqda

fluenced trade and industry; it has
affected the weather of the re¬

gion
the

and

UNDERWRITERS AND DISTRIBUTORS
OF INVESTMENT SECURITIES

To

a

Dominick

posed

problems

with

in

many

that

the

of NEW

of

have

past

and

lesser

somewhat

had

their

individual

the Metropolitan

on

YORK, INC.

Brokers and Investment Bankers

extent, the

tributary rivers of San Francisco
Bay and the earthquake faults
ence

&

dealt

has

YAMAICHI SECURITIES COMPANY

that continue to attract the atten¬
tion of its burgeoning population.

have

Dominick

it

regional

been

Japanese Securities

of

Metropolitan

Francisco

Affiliate of

influ¬

YAMAICHI SECURITIES CO., LTD.

Area.

Movement of the people around
Bay and across the Bay has

TOKYO,

JAPAN

the

Members New

York, American & Toronto Stock Exchanges

14 WALL STREET




NEW YORK

been

a

problem for

From

railroads

the

1860s

were

years.

to

1900

organized to

many
serve

different parts of the Metropolitan

the

Board of

3,638,939.

dominant

in

yet it

Delaware

The

an

Francisco

Metropolitan

District

was

in

Legislature

the

as

in

instrumental

introduced

California
act

Supervisors of San

was

of 6,586
square
miles, ex¬
ceeding the individual area of the

states

cast

was

joint Army-Navy

a

additional crossing of
Francisco Bay completed in
on

area

and Rhode Island.

to

area's

Commission

of light

ray

report of

a

board

Bridge, linking San Francisco and.

Mateo.

counties

the

Ill
Francisco

studied rapid

Clara and

population

San

and

Metropolitan Area,
I
referring
to
nine
counties
comprising the city and county
of San Francisco; the counties of
Marin,
Sonoma,
Napa,
Solano,
Contra
Costa,
Alameda,
Santa

of

transit.

required.

was

railroad

San

a

by the exi¬
gencies of time, use, technological
advances and public choice, some¬
thing inspiring and thought-pro¬

Francisco

the

least

mass

with

and

Area

with

transit lines shrunken

committee

of

ac¬

about its

the

no

regional

increased

transport

Bay

period

something

completion of the bridges,
including a new Southern Pacific

speaking

Municipal

Francisco

to

Bay

private capital.
was

old

brought

Francisco

postwar

desire

ac¬

across

of the

arms

The

San

of

from

using

cars

planning stage.

most

were

of
for

plans

Francisco
the

to

under

was

link

Shipyard

quired the Market Street Railway
to prevent its complete collapse.

The

When

el

the

across

constructed

Rapid

rise

bring
Fran¬

to

transverse

Ambitious

from

and

to

to

San

Richmond,

Avenue

Railway

boats

from

shipyards

was

Oakland
Third

from

of the "ar¬

Richmond

The

Bay.

by South¬

gave

a

bus.

one

ferry

workers

automobile

in

1920s

to

of democracy" necessitated

senals

trains.

ferries

auto

many

the

steam

and

impact of the trans¬

electric trains while the San Mateo

County

Interurban

-

unified

not

was

am

leadership

and

Railway dis¬
service and

great extent rail transit had given

The

link

to

without

were

cable

interurban

an

automobile traffic

interurban

were

replacing

the

efforts

by

there

of

and

of

Petaluma

Electric

Railway, serving the East
Bay, ceased to run in 1941.
Thus, at the outbreak of World
War II, mass transit in the Bay

Francisco.

few

Authority.

time

popu¬

cars

trains

technological advances of
brought about an almost
complete collapse of the suburban
our

local

time

gradually

but

did

as

give
more

the

In

and

cars

eration,

1936

Bay

to

Later cable

areas.

used

horsecars

appearance

dummies

at

re¬

train

in

the

and

Rosa

Southern

the

period

transportation to the

Bridge

Francisco

San

Bay.

this

their

"Getting Tomorrow's Transit
Today." Let us first take a look
San

way

around

Bay.
Connecting pas¬
ferry boats, car ferries and

reaches

is

the

many

own

river steamers brought passengers
across
the Bay and
around the

Bay

how

and

their

in

Francisco
senger

land,
and
our
"San
Francisco
Story" will discuss how this area

trans¬

challenge

served

transportation

as

population is San Francisco-Oak¬

well

Coast Railroad.

to these

successors

others

complished

three

current

our

The

However,

cities

around

and the

despite
meeting
to

has

and North Pacific

way

States

States

and

tan

core

and

as

little

very

future

.

metropolitan

population

traffic

individual

an

in

indifferent

as

as

are

Railroad,

Central Pacific, South Pacific
Coast Railroad, Southern Pacific

in

human

and

Valley

large concentrations of population

portation crisis, we cannot remain

goods, our
metropolitan centers become con¬
gested. Traffic control and safety
become more costly in terms of
lives

our

the

on

United

United

ap¬

removal

burden. In

pollution

a

progress

very

human

air

Therefore,

Transportation is the key to the

people

tax

community
sponsibility.
as

portation crisis that is facing Cali¬

of

the

to

values,

contribu¬

the

of

they found it and

as

Census

38

The rising costs of street
maintenance
and
traffic
control

is

resolving

the

never-ending

a

conveyance.

just grew up with
citizens taking their trans¬

The

—cities.

planning.

some

is

destruction

to

horse -drawn

direction

and highways, as well
public parking facilities for the

march

trade

their communities.

freeways

automobile

without public support and
the necessary funds to carry out

is

experi¬

local gov¬

they needed it, exerting

of tax-paying property from local
tax rolls to provide expressways,

as

pens

continued

continued

nor

Early transportation at
provided by rail, water

portation

to

system

but it

and

of

seats

as

was

local

In

transportation

a

Communities

been

my

in¬

shopping

and

ernment.

hand, our
indicates
decisions are still
we

some,

new

and

affirmative?

be

may

today's needs

best

process

in the

It

leg¬

or

California

towns,

centers

other

Can

made.

make them

pointing

human

relatively

in

road

pros¬

has

progress

On

and
com¬

answer

discouraging

democratic

be

to

only

failure?

correct

we

of the past by
some

fair?

being

Can

nia's cities and towns coming into
existence as military posts, cross

people and goods.

the

some

many

origin
choice of

law,

by

the

ment

technological

we

post-dating
the
location, establishment and
development of most of Califor¬

to

two additional very important

toward

are

realistic?

are

ences

on,

to bring to fruition the legal
and engineering planning requires

tion

and

But

failure

provide for tomorrow's destiny.
Community and regional plan¬

shifting to the suburbs. Pri¬

streets

The

ef¬

com¬

anticipate popula¬

past to
growth

we

their

for

does not resolve

transportation using the pub¬

slow

ever,

It

leaders

the

tion

population is presumed

as

made.

concerning

the

the

of

communities and

our

pleasant pastime for

those who

are

pect

public

meet

critical

be

can

change.

opinion, we can, for if we
don't, the prospect of metropoli¬
tan decay triggered by failure of

the

to

islative

Despite

that the legal
profession could devis4-the legal
means
to
implement the results
of the

offered

are

movement of

conclusion that engi¬

transportation

and

finger at

panions
Alan K. Browne

of

resources

necessary

errors

I

could

neers

in

Are

prescribed

areas.

ago

One

munity

are

traffic volume and di¬

as

destination,

metropol¬

Long

areas

without limitations of time

of

our

itan

factory

speed of transportation, except as

for

will

and

political subdivi¬

provide

the

drive

deep

future

the

tax

expan¬

attendant

taxed

our

lic

abiding

concern

to

has

its

and

to be

a

the

and

handling.

vate

man

a

and

'

forts of

rection prevent economical freight

answer

metropolitan
transportation
is

shop¬

as

that the
the
past—decentralization is the only

in

business

It

of

improvements

central core—city is a thing of

My in-

However,

population

There

broad

terest

patronage

Expedients

qualified
professionals
this

II

all

tried, but there is no simple solu¬
tion
to
the
complex
problem.

the

in

Warehouse

needs.

leave this to

I

War

with

sions to

find it more convenient to
shop
in their
neighborhoods.
vacated

1849.

have compared with the post

the state and its

financing

pers

a

in

health and safety requirements of
its population.

lose

Santa

Napa

electric

service

1941, the
Peninsular Railway, serving Santa
Clara County, abandoned its lines

Oakland Ferry Railroad, The San
Francisco and Alameda Railroad,

Area

County,

Electric

continue

mass

problems and solutions.

Opening Remarks

Bay

and

Pacific

Marin

interurban

ferry

ic,

problems.

transit com¬

recapitulation

step-by-step

a

Francisco

the

Rail¬

Francisco

Northwestern

serving

cease

and

the

none

"public acceptance and equitable financing" if it is to
the early

in

Transit

Co., The San

to

California Pacific, Western Pacif¬

sion,

recounts

existing trans¬
such as The

systems,

the

caused

Railroad,

the Gold Rush

legal transportation planning is incumbent upon the additional

study

road

California has had several cycli¬

and

case

most

disappeared

cal population surges starting with

World

The

Mass

San

point out the work entailed and the fact that the finest engineering

materialize.

portation

long

San Francisco and San Jose

Municipal financing expert explains how San Francisco metropolitan

essentials of

and

II

San Francisco, Calif.

plans to meet its rapid transit needs.

community

approval.

area

have

in

names

abou^ favorable

Early

area

Their

instances

By Alan K. Browne,* Vice-President, Bank of America
N.T. & S. A.,

Bay Area.

lems and join with others to bring

111

BROADWAY, NEW YORK 6

COrtlanclt 7-5900

20

Volume

193

Number

6056

.

.

The Commercial and Financial Chronicle

.

market boom of

OBSERVATIONS...

1936 when

all-time; in 1935-

there

little in

the

BY

THE

MAJOR
IN

MARKET

A.

sized

THE

CHEST

(Excerpted

from the author's
before the Annual ForecastConference of the American

talk

ing

past, present

as

with

"the

and

international

Association, New York
Chapter, May 5, 1961.) /.v.v ending with

Area

recent

cussed

columns

tools

of

have

we

the

1961

"technical"

data

Such

fluctuations, as Break-Out and
Point-and-Figure charts, Odd Lot

context of
program.

signalling.

the

recognized,

so

outside-of-the-market

fund

is

the

respectability

and

awareness,

of

"tool"

role

renders

most

important

doubt

its

in

this

realism

(we

that

economic activity

the

covery,

continues

to

of

embraced

fund

Any

perusal Of the Fund
confirm

manager

their

economic

current

facts

offers

provides
market timing.
Entirely

the

is

the

a

leading fund, written by

the

nation's

top

The

mately

2,200

economists

tion

of

cal

of

has

90%

with

savings, unemployment sta¬
tistics,
inventory
policies,
the
ments,

ket's

turns

in

Treatise

lags)

the

by

large-sized
NESS

booklet,

SITUATION

Appraisal,"
management
constituent
nomics

"THE

a

1917

in

issue,

business

those

at

the
Re¬

Moore

arrived,
market's

are

in¬

no

future.

when

with

pro¬

bull

a

both accompanied and

was

followed
and

greeted

revival;
in
early
i960
steady-to-rising economic

a

by

9%

a

during

market

Such

drop;

"recession-bull

our

market" which began

last fall.

major

divergence
has
similarly existed over the longer
term.

Changes

in

business

ac¬

tivity and earnings and the other
relevant
the

and

in

1923;

Era when
and

the

price

the

level

wildest

was

stock

19 large-

in

other

offered

reason

clearly

flashing

The

Earnings Ratio

of

such

divergence stems
the fluctuations in

pricing

of

the

economic

The

dictable LAG,

then and now, in¬
cluding
its
applicability to his
own
cautionings, Mr. Babson ap¬
parently concedes.
Dear Mr.

a

Thursday, April 18, has raised

real

of

which

question

endeavor

to

signs for

My outline
turning in the bull

a

market, I feel, are still good; but
my column suggests that a reader
would

these

be

signals

place.
able

entitled

to

rapidly
Warburg was

Mr.

and

man

entitled

bull market had about reached its
turn to go down, it advanced
38%.

to your readers' attention in
your
column reminds me of the advice

father

constantly gave
me.
He
was
a
small
country
banker
in
Gloucester, Mass. He
never went to
college; but he had
a

my

deal

great

The last

fore

of

common

years

in

relation

activity

—

to

not

industrial

incontro¬

an

fluctuations

in

general 'Psychol¬
ogy. This thermohieter of investor

the prevailing

spec¬

apologize

heeding

I
or

admit
may

ent

that

the

1935-1936;
1936-1942;

must

a

from

1943-1946;

150%

rise

1960.

K

and

further

a

extending

from

1949-

to

&

and

or

the

WAECKERLE, INC.

Two

Long-Odds

This

shows

market
timer
as

DISTRIBUTE

with

the

remodeled

&

MUNICIPAL

&

CORPORATE

MUTUAL FUNDS

forecaster

on

higher. I,
readers

go

Dow-Jones

Averages
these stocks

on

time

in

yours,

Babson Park, Mass.

Doremus Agency
Appoints Haxall
Boiling

W.

pointed

manager

tions

in

readjust

there

must

present

which I do not

see

Haxall

the

has

of

New

York

them¬
be

two

separate

We

dividends,

are

thereto

with

—

the

second

hazardous

more

way, New York

than

the

City, it has been

/

Mr.

Haxall,

who

joined

the omniscient
than

ment

banking

umnist

reporter

for the

Tribune.

New

Prior

to

that,

New

York

Journal

And

time

buy

it

that

see

we

to

a

as

satisfactory longjudged by the rele¬

investment

criteria.

Model, Roland to
On June 1
120

Model, Roland & Stone,

Broadway,

member

of

New

the

Exchange,

New

will

York
York

admit

MAIL

BOX

Observations

Roger
mist

which

to

we

On June 1 J. R. Williston &
2

Broadway,

members

of

New. York

the

New

York

san

to partnership.

announce

that

U3

Syndicate Manager

Lee Higginson Corporation
Street, New York 5
Chicago

Members New York and other Principa' Slock Exchutijes

Investment Service Since 1811

Mr.

our

"Bell Ringing,"
that while the
from

Stock

Exchange President Funston, Bab¬
son, et al, are completely logical
and
unexceptionable
in
every
the

way,

timing of the inevitable

correction

calls

for

an

individual

arrived
is

the

in

quite

the ground floor at

pleased to

announce

that

EDWARD A. PURCELL

has heen admitted to

our

firm

having

as

over-priced range
But fixing the

as

a

General Partner,

feasible.

when

lated

offices to

are

entirely

an

stock,

We

into

this

the

becomes

market's

trans¬

action

effective

May 15, 1961.

is

impossible. "High is high; but jusc
when is high too high?"

1012

BALTIMORE

KANSAS

BA

CITY

As

AVENUE

1-4090

TWX

documentation

KC42

rise

in

which
MEMBER




MIDWEST

STOCK

EXCHANGE

for

the

im¬

possibility of "bell-ringing" we
cited the, 38% eight-month further

5, MISSOURI

the

Dow

followed

Jones
Mr.

Average

Paul

War¬

burg's famed warning of the 1929

cataclysmic collapse; and also the

Beane,

City,
Stock

Exchange, will admit James Nis¬

Babson, venerable econo¬
publicist, refers below,
from the current spate

coming

M.

Williston, Beane

and

the caption
pointed out

Allen

To Admit Partner

Boston

OUR

City,
Stock

Wagner to partnership.

pleased to

20 Broad

was

of Commerce.

again that the only
stock is any time

affords

term value

he

Admit to Firm

has become associated with
as

col¬

Herald

Assistant Finuancial Editor of the

ARNE FUGLESTAD

psychologist rather

and

York

economist.

the

Dore¬

in 1955, was formerly invest¬

mus

Thus,

timing

of

announced.

being

in any event, market
requires the services of

oMice

an

at the present

bets; the first on the
business future,
and the second
on the way the market will react

ap¬

opera¬

Doremus & Company, 120 Broad¬

Bets

of business

been

news

may

remind

yields

Either

increase

for

ROGER W. BABSON.

would-be

and

win

must

time

moving of

quarters

Very truly

"parlayed"

or

&

want

present -relationship be¬

some

and

you

publication

successful

a

using the state
tool

a

Parlayed

that

different, and impossible achieve¬
ment.
Evaluating "the market,"

Purcell, Inc.
BONDS, STOCKS

historical

which you write.

of stock market WARNINGS. Un¬

Change of the Corporate Title to

UNDERWRITE

that

sell to yield only 2%.
With great respect to

stemmed

Parker / Eisen / Waeckerle / Adams &

TO

these

market

even

must

the

the

selves.

this

t: :•

forebodings
and

when

to

my
readers for
father's constant

my

that

prices,

tween

decline of 60% from
16% rise of 110%

as

not continue around pres¬

however,

ulative appetite, showed a decline
of 50%. from 1929-1930, a rise from
a

date

a

advice.

ex¬

investor

confidence-"diVd

or

put

to

providing

confide'rice,

to

stock market

of

vertible demonstration of the

der

EISEN

be¬

trends

chart

being the increase in public interest
ownership of stocks.

into

LUCAS.

sense.

talk I had with him

he

tracing 60

line

and

O'BRIEN & ADAMS, INC.

very

much

forecasts will take place." I

single

by Mr. Fun¬

Pleased to Announce the Merger of

a

to

in

treme

to

two years; but it is inevi¬
stocks cannot continue

or

table

that

taking

are

When the Graceful Exit?

PIERSOL,

believe

evidenced

Our

are

should

I

answer.

died, he told me this:
"Roger, you have a right to make
forecasts; but no one has a right

a

one

May 5, 1961.

Your excellent OBSERVATIONS
which appeared in The Chronicle
for

decline

a

prices of the stocks. This
adjustment may not take place for

May:

irregularity and un¬
predictability
of
the
market's
establishment
of
a
price-timeseconomic activity ratio is clearly

IN

We

unpre¬

there must be

or

the

the

existence

which

This record of

from

in

important

an

warning.

The above fact which you called

Market's Psychology-Times-

vant

an
*The

March, 1955. Among the logical
"signals" the bond-stock
yield
ratio
was
already
then

market

time,

days. Yet, after his belief that the

Towering

outstripped by the stock

1926-1929

bare steadiness in

the

in

indices during

far

mainly

after

on

the

of

and the Fabulous Fifties

The

tacked

consideration by investors of those

economic

decades

first.

business-to-market

latter

with

economist.

current

of

among

Long-Term Record

business

ston

The

or

coupled

eco¬

by

when

as

discrepancy
has
occurred
de¬
cisively in the bear markets of
New

department headed

authoritative

The

BUSI¬

companies by the

market

even

Current

A

duction'was

rise

experts' forebodings given at
the Fulbright Committee
Hearings

the

mar¬

value

of Economic

Geoffrey

The

prepared
for
the
and directors of its

—

the

search) ; but business factors either

of the largepublishes
a

monthly review in the form of

only

of

60%

some

indicators

anticipated

group

of

included

dicator of the

Fund

of

case

words,

is

containing, as cited above, a gen¬
erous
serving of economic-politi¬
est

ne¬

economy's major

National Bureau

apart from their quarterly
reports to shareholders,

one

in

of

some

other

financial

dissertation,

decisively

the

of the

(as

used

cal

performance

"Outside"
forecasting.
such correlation

years

so

empiri¬

market

action
of

one

and

taxation.

And

non-opera¬

useability

In

time.

Budget,

its

place

for

or

blandly

economics-

For the

actual

the

varying

Market, balance of pay¬
short - term money rates

Economic

of

occurred

Common

The

two

turning points; in contrast to the
converse,
namely
the
market's
anticipation
of
business
(with

sonal

the

the

with

illogic)

the

30%

the

of the recession, industrial
production, automobile sales, per¬

Germany,

1958

sharply declining industrial

mart's

impact, is (wholly apart

market

Over

course

in

the

his

of the

practice.

test

gates

of approxi¬

themselves

concer n

its

in

the

and

some

early

market

the

market's rises.

the Market Test

trouble

factors

words,

of

one

for

concept

on-market

investment authorities.
Of the report's text

News

assumed premise of an

first
one

in

factors.

from

typical

quarter report to shareholders

fall;

was

62%

stock

President Keith

as

Disproved by

stock

key to

market

War

major

ket's

life

of

Korean
a

out¬

Twenties

for

and/or correct prediction of their
future

the

on

the

by

of

attended

the

at

the investment community's "capi¬
talization" in terms of the mar¬

granted that their spelling-out of
the

by

Exchange
as
a
betting ring for playing the
odds on economic fluctuations.)

reports

taking

break

activity

ing the

along
with the lowliest market dopester.
will

business

recovery." Thus officially endors¬

ex¬

by practically the
community, including the

ing

booming volume, the fact that
"people are coming into the mar¬
ket in force because they detect
signs of an impressive economic

en¬

tire

mutual

op¬

abetted

outlook.

reasons*

sound

blandly

pert

use

dissemination, with

Stock Exchange

state

be

to

accom¬

market; in 1950 when sharply ris¬

were

etc.— governs

market

as

portfolio

attitude

Betting

recession, re¬
the stock

—

attempts

business

Funston

premise

in¬
the

the

well

as

no

committing blasphemy).

The

the

to

featuring of the specific period's

transient

here

are

often

for short-term

their monthly

un-

usage

too

But

erations—an

a

the

relevant

are

manager,

them

busi¬

economic, and political situ¬
ations—expected or present. Both

ness,

rise; in the

paniment of active business and
good profits with a rising price
level; in the 1946-1949 post-war
industrial boom's accompaniment
by
a
three-year
bearish
stock

picture

long-term investment

a

vestor, the amateur

Also in the Market Timing Tool

not

containing the 1960production, retail

of

course

and Short Sales

but

situation,"

sales, prices, construction, etc.

mar¬

ket

Chest,

on

tabulation of Cur¬

a'

rent Statistics

dis¬

variety for predicting stock

future—

or

pin-pointed dissertations

credit, the nation's growth trend,

Statistical

In

pages,

them

for

bull market

50%

to

market's 1939-1942 bearish

deals with the usual
questions of the length, depth and
tempo of the "recession" and "re¬
covery"—with
attempts
to
fix

MYTH

TOOL

MAY

WILFRED

situation

the

account

was

business

Shields & Company

6

The Commercial and Financial

(2166)

The

DONALD

tinues

tacular

just past has been

week

least

the

exciting

realm

bond

of

phases

of

active

the

than

issues

any

business

municipal

in

the

have

there

been

market

stimulate

to

the

other

street

past few days. There
no
unusually
large

been

new

and

bond

routine

during the
have

have

Nor

enough

throughout

in

year

municipal and state

financing.

more

this

one

the

market

been

place,

particu¬

no

larly interesting issues to brighten
the humdrum atmosphere of dull
routine
and
listless
inactivity.
Rain

drenched

helped

bond

little bit.

a

this

Thus

must

we

its

on

come

with

exent of

the less

tax

Dullness

Although
dull

but

that

these

circumstances

temporarily

are

beleaguering

there is but little present

us,

evidence

capable of generating an interest¬
ing change in the volume of busi¬
in

least

at

ness

the

technical

the

since

municipal bond market
remain

in

condition

nice
may

future

near

phases

of

the

appear

to

balance; which
likely obtain for

several weeks at least. The visible

supply of
issues

state and municipal

new

continues

be

to

light for this usually
period of the

a

active

Sealed bid

year.

little

capacity

could

viewpoint, this figure
pushing
$750,000,000

be

without

engendering dealer ap¬
prehension or phasing up as a
deterrent.

market
few

voluminous

Of

course,

issue

new

a

Chronicle's

may
change
the
viewpoint in short order but this

only

remote.

seems

dealer

over,

inventories

moderately

standard

More¬

still

are

heavy

by

any

precedent.

or

bond

Investor

the

of

On

gain

of

go

ago

about

small

very

of

one-quarter

point. This betterment
view

in

could

logically

justify

considerably heavier street inven¬
tories

of

tax-exempts.

Although
slightly better again

the market is

the

very

been

has

re¬

the

has

sues

these

well

markets

adjusted

El Dorado Hifls
El

Even

with

Administra¬

these

General

tainly

poses

the

a

fully

parties.

bonds

issued

for

improvements
district
area

sewer

residential

Aerojet-General

near

research

missile

and

Sacramento

Corp.
employing

plant

17,000.

EXEMPT

AND

—

Paid

FROM

CALIF.

Ssmi-Annually
ALL

FEDERAL

infrrmaticn

HILLS

Tax

Free

on

EL

market

must

$2,210,000

due

since

bonds

Tuesday,

on

to

the

be

daily affair

a

As

2.10%

is

to

amount

that

and

before,
job

perpetrated

while
be

the

but

it

worth

done

for

least

financial

sometimes

benefit

bond

and

pointed

articles, both

these

projects.
problems

$925,000

in

.Zone
G-l179

content

of

markets

possess

issue

serial

The

bonds

from

1998.

The

last

averaged
ON

to

the

INCOP.POP.A

SEATTLE

BLDG.,

4,

2nd

CO.
Teo

and

WASH., MAin




CHERRY

2-6830

1962-1991
1963-1981

11:00

a.m.

11:00

a.m.

Au¬

to

the

is

1%

a

yield

scaled

were

toll

an

ex¬

3.63%

on

Free

Wisconsin
Wicomico County, Md

May 24 (Wednesday)
Bergen County, New Jersey

5,460,000

1962-1978

Noon

17,225,000

1962-1986

10:00

a.m.

4,150,000
1,600,000

Houston, Texas

1962-1981
1961-1982

2:00
2:00

p.m.
p.m.

1,075,000

1963-1980

11:00

a.m.

p.m.

Racine, Wisconsin
St. Lucie County, Florida—:
___

May 25 (Thursday)
Grand

Forks Indep. S.

D., N. Dak.
Huntington Union Free Sch. Dist.
No.

1,775,000

1962-1990

2:00

Huntsville, Alabama

4, New York

1,500,000

1963-1990

11:00

a.m.

Matawan

2,375,000

1962-1982

8:00

p.m.

4,500,000

1965-1996

Noon

1,520,000

1962-1981

11:00

1,500,000

1968-1991

8:00 p.m.

5,000,000

1962-1981

2:00 p.m.

3,300,000

1967-1977

11:00

a.m.

1,400,000

1962-1986

11:30

a.m.

Township Sch. Dist., N. J.
Small

Craft

Soutn
...

Harbor
_

— —

Davis

County Sewer
provement District, Utah

May 29 (Monday)
Akron, Ohio

—

3.80%

to

4.25%.

were

Excellent

demand

State

for

District

College, Ky._

May 31 (Wednesday)

in

maturities,

coupon,

County School
No. 210, Arizona

the

Hardin-Jefferson

Counties Consol.

Way

of

Negotiation

Camden

-

Coventry

Franklin,,La.
Los

Corp.

(Revenue)

1965-

bonds to market late in May.;
& Co. continues to develop

Allen

the

Turnpike

tucky,

Authority of Ken¬
Kentucky
Toll
for early flotation.

Western

Revenue issue
is

said

that

the

El

Toro

Water

1962-1991

4:00 p.m.

1,500,000

1962-1986

8:00

Alisos

Louisiana

State

&

July 1. Details
concerning the possible offering
are
not as yet known.
SERIAL

10:00

1963-1995
1963-1981

1,400,000

1963-1995

2:00p.m.

10:00

Maturity

Bid

.1962-1986

17,000,000
6,700,000

1965-2001

1963-1995

,10:00

1,500,000

Auth., N. Y.
Moulton-Niguel Water Dist., Calif.
Richland County Sch. Dist. No. 1,

1963-1983

Noon

30,000,000
1,000,000

1968-1999

11:00 a.m.

1962-1971

South Carolina

Utility

11:00 a.m.
2:00 p.m.

3.40%

1980-1982

3.35%

3.20%

3.25%

3.10%

1978-1979

3.25%

3.10%

1974-1975

3.05%

ESTABLISHED

7:30

1894fc

1978-1979

3.20%

3VV%

1977-1980.

3.30%

3.20%

-3%%.

1978-1980"

3.65%

BONDS

3.05%

Y.)

MUNICIPAL BONDS

CORPORATE

2.90%

i__ 3V8%

-3.50%

Housing Auth.

(N. Y.,

N.

—

Baltimore, Md
Cincinnati, Ohio
New

3V4%

New

May

3.25%

1979

3.65%

3.50%

1977

-3.65%

3.50%

3.50%

3.45%

3%"

17,

1961

LOCAL STOCKS

3.25%

3.35%

3V4%

York City, N. Y._

3.35%

1980

3y4%

Chicago, Ill._._—

1980

3V2%

Orleans, La—

-1980

Index--^3.261 %

-

;

\

a.m.

District

California.

STATE AND

Asked

3.55%

a.m.

14,000,000

Monroe County Water

ISSUES

1978-1980

a.m.

7:00p.m.

Building

Swenney Indep. Sch. Dist., Texas—

before

1978-1980

Angeles, Calif..

p.m.

Noon

1,900,000

Commission, La.

Mun.

1962-1981

1,500,000

District, Calif—

Bond

1962-1975

1,025,000

_______

Water

to

market

1,655,090

District, Calif

Sacramento

3V2%

7:30 p.m.

1,452,000

(Thursday)

$177,000,000
Massachusetts Turnpike Authority
(Extension) issue may be brought

(State)

;

1,001,000

County, New Jersey__L—
Local Sch. Dist., Ohio__

Building
1991

,

Indep. School District, Texas
Lafayette Parish Sew. Dist. 1, La.
Paris Indep School District, Texas

category,
Blyth & Co. expects to bring $17,400,000
Wisconsin
State
Public

REPRESENTATIVE

(State)

a.m.

Im-

indicated.

By

(State)
3%%
Jersey Highway Auth., Gtd.__ 3%
York (State)
3%
Pennsylvania (State)
3%%
Vermont

a.m.

to

In the negotiated loan

faced
than

Union

1, New York

Bay,

District, Calif.
Salem, Mass.

New

Los

HOGE

1,875,000
2,100,000
1,800,000

Whitefish

Cceanside

$24,580,000

two

investor

;

greater

stability.
The
Smith,
&
Co.
Turnpike
Bond

MARKET

5:00 p.m.
Noon

N.

1,

June 1

are

of

Index

1984-1991
1962-1991

(1961-2000)

1.40%

bore

issue

news¬

for

as

1,200,000
1,300,000

Murray

Co.

It

market

continues

a.m.

side

might indicate.

bonds

ample

a

p.m.

9.00

No.

School District No.

from

of

awarded

was

yield

even

investmentworth

over-all

road

New

GRANDE

Salt

account.

initial

those

Even

2:00

1962-1986

Dist.

Maricopa

&

characteristics involved in most of
with

1962-1990

4,600,000

syndicate headed by Drexel & Co.,

magazine, that have
the worthy investment

up

1,895,000

Harriman Ripley & Co., First Bos¬
ton
Corp. and Kidder, Peabody

the

vernal

Y.

California
Lake
County Improvement

Sch.

Central

including

present

remain

Pennsylvania

Bouncing

of

p.m.

The

for various coup¬

priced

springtime deepens

7:30
11:00

thority of the Commonwealth of

coun¬

meets

3.70%

which
Roads

and

Yesterday (May 17)

cacophony, their only expressed
harmony involves more and more
spending. There is more problem
than

and

State Public School Building

a

ultimately not
doing. While poli¬

their

York

Pennsylvauias Go Well

would

be

can

at

New

Corp., Dominick
and
others. • The

to

bonds

may

the

and

it

1964-1984
1962-1991

Colo

R-l,

S. D.

Riverside,

managed

Boston

At

ons.

p.m.

p.m.

Greenville-

bonds

rates

8:00

8:00

4,200,000
25,000,000

Michigan____

County
Owensboro, Ky.

remain

Dominick,
were
priced to yield

if

"mandate"

long-term

expressed

seem

of

First

&'

1962-1980

1962-1981

11:00 a.m.
11:00 a.m.
8:00 p.m.
11:00 a.m.
11:30 a.m.

Jefferson

been

Connecticut

__

7:30 p.m.
10:30 a.m.
10:00 a.m.
3:00 p.m.

1,650,000

Griswold, Connecticut

to

New

State

1963-1980
1962-1986
1963-2000
1962-1991

1963-1986
1963-1985
1963-2000
1963-1981
1962-1981

r p or

Northern Trust Co.

implemented meaningfully and
effectively.

California

City

a.m.

1,800,000

Mont.

D.,

S.

Glendale, Wisconsin

„

Bank

the bond

in

Administration's
lower

DORADO

Address

10:00

1,775,000
1,000,000
1,499,000
2,900,000
1,357,000

Delhi Township,

issue

the

Bonds.

_

1962-1980

Oyster Bay and North Hempstead

on

Rate

Name

Dominick

identical

had

County

County, Nortn Carolina—

Craven

account.

1991

of this calendar year,

the Reserve's interest

Yield
Send

p.m.

May 23 (Tuesday)

F.

the balance

Barney

INCOME TAX

2:00

1,125,000
3,200,000
1,598,000
3,000,000

Albemarle, North Carolina

jointly by The First National City

The

INTEREST

1963-2000

&

cash requirements al¬
ready substantial and building up
to a total of about $10 billion for

paper

new

East

South

t District,
Carolina,, sold
$3,000,000
general obligation bonds due 1964-

Treasury

several timely

water

in

the

in

which

South

benefiting both revenue-wise and
publicity-wise. There have been

tax

p.m.

Heights

College, Pa

Waterford-Halfmoon

Also

With

effects, the nation's toll roads

unlimited

L.

cancelled

was

Spartanburg ' A i

for

and

Cly. Water Dist.

secured

3:00

|.

Springs, California
River School District, N. J.

Yellowstone

bonds, were sold at a substan¬
price
adjustment.
At
this

strong

managers

interested

Mount Mercy

Palm

Lad-

Corp.,
and

The

—

District, Utah
Spartanburg, S. C

in

market cer¬
continuing problem

money

other

As the

Obligation Bonds

These

1963-1990

1,200,000

District No. 25, 111

School

tial

influences, the bond
for

Co.

&

but

16

writing

without

$890,000

11:00 a.m.

Higher

Arlington

County,

of

Fed's Difficult Task

i

Stone

Corp.,

Iowa

able cover, most of the first day's
sales which amounted to $1,740,000

tion's expressed financial policies.

County, Calif.

Dorado

1962-19.98

1,150,000

Monterey Union H. S. D., Calif—

reoffering scale was priced
yield from 1.80% to 3.90%, but
the winning group had a siz¬

as

quite

seem

the

to

Cook

The
to

various

eye.

§lA%

and

2,545,000

1,900,000

of

Bd.

St.

Dakota

Cedar Rapids,

(1962-1996)

included

Securities

litigation,

note and bend is¬
prevailed to the extent

Toll

5%

2.00 p.m.

May 22 (Monday)

a

resolved.

Treasury bill,
that

for

originally planned for sale

Jan.

Federal Re¬

in

interest

here

INCOME

1961-1990

Education, North Dakota

awarded to the syndi¬

Dominick.

&

large issues, the cor¬
market has again become

agreeably absorbent.

North

Trust

to 3.50%

Securities

was

several

serve

by

York

Revenue

which

Rothschild

recently

doing well. Temporarily

porate

1.85%

were

and

can

lieved of the concentrated volume
of

won

was

New

enburg, Thalmann & Co., Ameri¬

terparts keep calling for new tools
and
techniques in their katydid

TAX EXEMPT

2,576,000

May 20 (Saturday)

Tuesday, $4,000,000 Marion,

Webster

bond market

generally

ticians

We offer

11:00 a.m.

on

managed by Phelps, Fenn &

Co.

seem

factors and the fact that the bond
market

Bank

Sewer

bonds

a

may

of

favorable municipal

issue

market

fair initial investor reception. The
municipal, issue is presently about 50% sold.

cate

we

to

came

The

yield from

be

situation

1962-1981

May 19 (Friday)

3%% coupon, the bonds met with

Ind.

the

By
simple
arithmetical
im¬
plications the curreht easy money

2,615,000

Hoboken, New Jersey
Wesc Virginia Board of Education,
West Virginia

offering,

Co., Smith, Barney & Co. and
Glore, Forgan & ; Co. Scaled to

yield Index has averaged at
as

largest

merged group headed by the

Chemical

to press on May
the average yield

for

Bargains

18 (Thursday)

May

the

Financial

and
and

state

bonds

Monday.

even

some

Again

Up

Commercial

The

an¬

nouncements

presently

avoidance,

offsetting

Prices

$400,000,000. From

over

the following tabulations we list /the bond issues of
$1,000,000 or more for which specific sale dates have been set.

Financing

week's

1981)

inflation.

new

invitations continue to total

issue
but

relatively

very

Larger Issues Scheduled For Sale

$40,000,000 Board of Education of
the City of Chicago, 111.
(1963-

figured 3.273%. This lessened re¬
turn indicates an average market

Indicated

hope

we

financial

The

own

devastating increments of

17. A week

Continued

and

Recent

again point

very

to the

3.261%

office.

Thursday, May 18, 19Gi

.

In

last

over

.

first four Janesville, Wisconsin
months' net revenue was up 40.5% ..Ly$ander, Van Buren & Clay Combined School District No. 1, N. Y.
over the like period a year ago.

out
the state
and municipal bond
market ap¬
pears
to be in a fairly strong
position and offers* a relatively
sound haven for those seeking in¬
that

outings have
One such at¬

the

16.9%

increased

.

investors.

missed

at

.05%

for several months.
Toll Highway
con¬

(1960)

April

prices for, and returns
from, tax-exempt bonds are still
relatively favorable for most large
week

tracted
410
municipal men last
Friday. A good time was had by
all and they weren't the least bit

back

date.

within

bean

perhaps the most spec¬
performer.
April's
net

as

revenue

The

reporting

last

has

Illinois

The

MACKEY

D.

the

Index

this figure

of

BY

11,

May

TAX-EXEMPT BOND MARKET

Chronicle

RHGDES-HAVERTY

BLDG.

ATLANTA

JAcksori 1-0316

3, GEORGIA

p.m.

Volume

193

Number 6056

.

The Commercial and

.

This announcement is under

as an offering of these bonds for sale or as a solicitation of an offer to bug any of these bonds, and is
published
behalf of only such of the underwriters, including the undersigned, as may legally offer these bonds in such state.

The offer of these bonds is made only bu means of the Official Statement.

v

'

\

newjssije

(2167)

circumstances to be construed

no

in any state on
-

Financial Chronicle

•

•

;

•

'

~

'

i

'

,

•

.

\

'

...

State Public: School Building Authority vr ^

;

(Commonwealth of Pennsylvania)
School-Lease Revenue Bonds/ Series E
Dated

May 1, 1901

The Bonds
or on

on

V /

'<

'

■

'

V

'

:

-

Due November 1, 1961-2000 inclusive,

,

shown below

as

subject to redemption prior to maturity at the option of the Authority as a whole or in part, in the inverse order of their maturities, on November 1, 1971,
date thereafter, or pursuant to the requirements of the Indenture, as supplemented, in part in the inverse order of their maturities on November 1, 1986, or
date thereafter on 30 days' prior notice, in accordance with the following schedule of prices and dates: at 103 beginning on November 1, 1988 and there¬

are

any
any

after to and

including October 31, 1969; at 102^ thereafter to and including October 31, 1972; at 102 thereafter to and including October 31, 197.5; at 101
including October 31, 1977; at 101 thereafter to and including October 31, 1979; at 100% thereafter to and including October 31, 1981;
and at 100 thereafter; plus, in each case, accrued interest to the date fixed for redemption.

thereafter to and

Principal and.semi-annual interest (May 1 and November 1) payable at Mellon National Bank and Trust Company, Pittsburgh. Pennsylvania, or, at the option of the holder at
Provident Tradesmens Bank and Trust Company, Philadelphia; Pennsylvania, or at Chemical Bank New York Trust Company, New York City.
Coupon Bonds in the denomination of $1,000, registrable.as to principal only or registered Bonds without
■
■
coupons in the denomination of $1,000 and any integral multiple thereof, interchangeable.
.

.

Interest exempt,

The State Public School
...

'

-

profits made

any

,

in the opinion of counsel, from Federal Income Taxes under present statutes and decisions.
as amended, provides that the Bonds, their transfer and the income therefrom {including
the sale thereof), are exempt from taxation, other than inheritance and estate
taxation, within the' Commonwealth of Pennsylvania.

Building Authority Act of 194-7,
on

'

The Act
The Bonds

provides that the Bonds

are

authorized investments for fiduciaries within the Commonwealth of Pennsylvania.

direct and

general obligations of the Authority and ail the Bonds issued and to be issued will be secured by the full faith and credit of the Authority, and
by the pledge, to the extent provided in the Indenture, as supplemented, of all revenues, rentals and receipts of the Authority, including all rentals payable by School
Districts of the Commonwealth of Pennsylvania pursuant to Agreements and Leases and contracts to lease and leases, as said terms are defined in the Indenture, in
respect of Projects, as'said term is defined in the Indenture, and all right, title and interest of the Authority in and to said Agreements and Leases and contracts to
lease and leases with respect to said Projects, including any amounts payable to the Authority by the Superintendent of Public Instruction of the Commonwealth of Penn¬
sylvania (or person holding similar office) by reason of the failure of any School District to provide for the payment of any rental or rentals to the Authority under
said Agreements and Leases and contracts to lease and leases.
*
\
are

Neither the credit
on

nor

the

taxing

power

of the Commonwealth of Pennsylvania or any of its School Districts is pledged for the payment of the principal of, or interest
obligations of the Commonwealth or of any of its School Districts; nor shall the Commonwealth or any of its School
or interest on the Bonds.
'
:

the Bonds; nor shall the Bonds be deemed to be

Districts be liable for the payment
The Bonds

are

of principal

,

,

offered when, as and if issued and received by us and su'jjxllo an un jua/ifiul approving legal opinion by Messrs. Burg win, Raffia, Perry & Pohl,
Pittsburgh, Pennsylvania. It is expected that delivery of the Bonds, in definitive coupon form will be male on or about June 20, 1061.
.bvsb
'

v

7'

Yield to
s

Principal•

Interest

Amount.

Rate

Due

1.40%

'

.

-1t

rr\

•

Principal

$450,000

'"'t

1:

'

3

1974

v"

•

V

>

•

>

Interest

$

Rate

815,000

6%

135,000

6

1902

1.75

470,000

3M

1975

3.35

280,000

0

1963

2.00

485,000

3.40

1976

100

295,000

6

1904

2.20

510,000

3.40

1977

3.45

920,000

315,000

6

1965

2.40

530,000

3^

1978

100

955,000

330,000

6

1966

2.60

555,000

1979

400

1980

.3.55

1,035,000

1981

100

1,080,000

335,000

6

1967

2.70

580,000

sy2:
3 Yi

350,000

6

1968

2.85

005,000

3.60

'

;

.

-

880,000

.

-

;

995,000

1994

3.80
3.80

1996

3.80

1997

3.80

720,000

3.70

1985

100

005,000

1

1999

745,000

3.70

1986

100

035,000

1

2000

775,000

•3.70,

1987

100

1971

3.20

085,000 :

1972

3.25

1973

100

.

,

'

;

3.80

.

'<

•.

■

;:,V,

3.80%

1995

3.05

6

V

1998-

100

1993

1984

395,000

"

100

1992

3.00 V

3.60

.

100

1991

1,170,000

1982

-3.00

055,000

VA

100

1990

1,125,000

025,000

3.10

430,000

100

1989

100

' "3.00

1970

4.15,000

(or Price)

3.05

1969

6

.

Due

1988

1983

6

380,000

305,000

845,000
;

Maturity

3.70%
3% ■ ■;
3%
3%
3%
3%
3H
3%
3:H
3%
3%

Amount

3.30%

1961

$255,000

-

Yield to

i

Principal

Maturity
(or Price)

Due

Rate

Amount

i

-Yield to

.

Interest

Maturity
(or Price)

k

850,000

-

4.25

-

;:

4.25

,

(accrued interest to be added)

For

information relating to the State Public School Building Authority and to these bonds, reference is made to the Official Statement of the State
School Building Authority which should be read prior to any purchase of these bonds. The Official Statement may be obtained in any
:
state from only such of the underwriters, including the undersigned, as may legally offer these bonds in such state.

Public

-

~

/

v-

•

,.

The First Boston Corporation

Harriman Ripley & Co.

Drexel & Co.
-

.

•

.

White, Weld & Co.

B. J. Van Ingen & Co. Inc.

Piielps, Fenn & Co.
Alex. Brown & Sons

A. C. Allyn

Eastman Dillon, Union Securities & Co.

Lehman Brothers

Blytii & Co., Inc.

Smith, Barney & Co.

Kidder, Peabody & Co.

,

INCORPORATED

v

and

Equitable Securities Corporation

Carl M. Loeb, Rhoades & Co.

Company

-

Wertheim & Co.

INCORPORATED

r

'

'

.

,

:.

Reynolds & Co.
'

'

.

"

INCORPORATED

.

.

w

'

American Securities Corporation

Rand & Co.

,

Siiearson, Hammill & Co.

W. E. Button & Co.
Sciiaffer, Necker & Co.

Bacon, Whipple & Co.

I

Roosevelt & Gross

.

Dominick & Dominick

Hemphill, Noyes & Co.

.

k

Yarnall, Biddle & Co.

Stroud & Company

F. S. Moseley & Co.

Lee Higginson Corporation

A. G. Becker & Co.

'

INCORPORATED

Barr Brothers & Co.

Wood, Struthers & Co.

First of Michigan Corporation

Ernst & Company

Auchincloss, Parker & Redpatii

Bacon, Stevenson & Co.

INCORPORATED

Estabrook & Co.

Schmidt, Roberts & Parke

Julien Collins & Company
\

i

.

Blunt Ellis & Simmons

Granbery, Marache & Co.

Newburger, Loeb & Co.

,•

Cooley & Company

Tucker, Anthony & R. L. Day

-

„

.

.

.

<

.

Stein Bros. & Boyce

Green, Ellis & Anderson

Stern, Lauer & Co.




.

W. H. Newbold's Son & Co.

Butcher & Siierrerd
-

King, Quirk & Co.
INCORPORATED

..

-

May 18, 1961.

.*

.

•

;•

•-

'

'

"

'; ""'

-

..

.

7

8

American Airlines—Memorandum

New York 5,

—Pershing &

DEALER-BROKER

INVESTMENT LITERATURE

Shoe

Brake

American

Co.—-Sur¬

vey—J. A. Hogle & Co., 40 Wall

AND RECOMMENDATIONS

Street,
the

York

New

circular

same

PARTIES

INTERESTED

SEND

TO

FIRMS

THE

MENTIONED

THE

WILL

FOLLOWING

BE

PLEASED

Macy

LITERATURE:

Co.,

&

Oil Companies

Industries—Survey of

Carl

outlook—E. F. Hutton &
61

available

Also

is

memorandum

a

Over-the-Counter

son

Stocks—Earnings

showing
compari¬

of 20 leading bank stocks out¬

side New York—Laird, Bissell &
Meeds, 120 Broadway, New York
5, N. Y.
Stocks

Bank

quarterly
banks

comparison

seatic

of leading
companies of the

trust

and

United

116th consecutive

—

States

New

—

York

Han-

Corp.,

120 Broadway, New
5, N. Y.

York

stocks

De

Nemours,

Her¬

Monsanto Chemical Company and
National

Vulcanized

Fiber—Har¬

ris, Upham & Co., 120 Broadway,
New York 5, N. Y. Also available
is

an

analysis of Burroughs Corp.
Leaders

Growth

Discussion

—

Guide

for

Method

Broadway,

New

Analysis—

of

evaluating securities
without outside help—on request
Bernhard

—Arnold

&

Co.,

Inc.,
Dept. CFC-100L, 5 East 44th St.,
New York 17, N. Y.
Japanese Market

—

Review

—Yamaichi Securities Co. of New

York,
York

Inc.,

Ill

Broadway, New
6, N. Y. Also available are

reports

Nippon

on

dustrial

Co.

Chemical

and

year

period

Nippon

Securities

Street,

New

available

bishi

is

analysis
which

of

are

Japanese

Review—Nik-

report

a

Mitsu¬

on

Industries

16

and

Japanese
Market

—

over-the-

35

stocks

used

in

Bureau

Quotation

National Quotation
Street,

Popular Car in Europe—Compara¬
A.

Volkswagenwerk
Renault, Citroen, British

study

G.,

of

Corp.

Mees

&

Ltd.

and

Fiat

—

R.

Rotterdam,

Zoonen,

Estimates

—

monthly

for

earnings
&
dividend
—
Vilas & Hickey, 26

summary

Shoe Industry—Survey with

pany,

reference

to

Company,

facturing

par¬

International

Melville

Shoe

Shoe

Com¬

Brown

Co.,

United

and

Shoe

Machinery Corp.—Thomson & Mc-

2

Broadway,

New

4, N. Y. Also available
randa

Mot.ec

on

are

York

Western

and

European

Securities—

Noyes & Co.,
Street, New York 5, N. Y.
*

of

*

stocks

—

Report in

"Investor's

current

Reader"—

Lynch, Pierce, Fenner &
Smith Incorporated, 70 Pine St.,
York

5,

issue

Atlantic

N.
are

City

Y.

Also

in

discussions

Electric,

the
of

Columbia

Broadcasting, Fram Corp., Perkin

Survey

Elmer Corp.,
Roebuck

and

Philip Morris, Sears
Salt Water

Conver¬

sion Processes.

Also

Aeroquip Corp.—Report—Blair &

Steel;

&

are
analyses of
Steel; Fuji Iron &

Hitachi

Limited
(elec¬
Kirin Breweries; Sumi¬
Chemical;
Toy©
Rayon;
Toanenryo Oil Company; Sekisui

Co., Incorporated, 20 Broad Street,
New York 5, N. Y.

tronics);

Airpax Electronics, Inc.—Analysis

tomo

—Johnson,

Chemical

Co.

(plastics);

Yoko¬

hama Rubber Co.; and Showa Oil
Co.
Mobile Homes

Discussion i with
reference to Detroiter

particular
Mobile

—

Homes

Homes,

Inc.

Company,

Inc.

—

Corp.

—

Bulletin—

Skyline

Milwaukee

Allied Chemical—Bulletin—Evans

207 East Michigan

St.,

Milwaukee 2, Wis.

Minerals

on

&
Co.
Incorporated, 300 Park
Avenue, New York 22, N. Y.

&

1 y s

i

Refining Company

s

Eastman Dillon,

—

Securities &

Street,

New

Co., 15 Broad

York

5, N. Y. Also
available is an analysis of Tide¬
water Marine Service, Inc.
Associated Arcadia Nickel

Re¬

—

port—Rosar Canadian Marketrend
Ltd.,

67

Adhesive

Avery

Yonge

Street,

1, Ont., Canada.

Memorandum

Products

Inc.—

Schwabacher

—

&

100

memoranda

are

tric

Emerson Elec¬

on

Manufacturing Co., Frito Co.,

Morrison Knudsen Co. and Pacific

Industries, Inc.
C.

I.

T.

Duval

Sulphur

Memorandum—

—

Rector

County

Water

El

Rouse

Hills

Dorado

(El Dorado County, Calif.)
—5% and 5V2% tax exempt in¬
come bonds—data—Grande & Co.

Analysis—
Sons, Garrett
—

&

Garrett

C.

—B.

Christopher & Co., Board

of Trade

Building, Kansas City 5,

Mo.

Data

—

Paine,

Insurance

Phoenix

Southwest,

&

Co., and Harris Intertype.

& Grimm, 2
Broadway, New York 4, N. Y. Also
available is an analysis of Patri¬
Darlington

Inc.

cian Paper Company,

Long

of

Island—Report—Reynolds & Co.,
120 Broadway, New York 5, N. Y.
Also available is a report on Kern
County Land Company.
Geco

Bay

Street,

Co.,

&

Roadhouse

Ont.,

Toronto,

335

Can¬

ada.

Report

—

Meyerhoff

Freehling,

&

Co., 120 South La Salle Street,
Chicago 3, 111.

ration, 244 St. James Street, West,
Montreal 1, Que., Canada.

Glen

Carrier Corporation

Analysis--Allyn & Co., 122 South La
Salle Street, Chicago 3, 111.
Also
available are
analyses of Libby,
—

C.

McNeill

&

Fulton

Controls

Foresman
dum

Libby,

memoran¬

a

Terminal

Hiram
Worts

Securities

Products.

vcis_H

Hentz & Co., 72 Wall St.,
New York 5, N. Y. Also available

data

Lockheed Aircraft and

on

Cascade

Natural

Gas

Corporation

—Report

—
G. A. Saxton & Co.,
Inc., 52 Wall Street, New York 5,

bert

Airmotive

&

Equitable

—

Ont.,

1,

Canada.
on Cal¬

reports

are

Ltd.

and

Fearless

Waterous

American

Sulphur Company

'

2, Pa.

,

Cement

Permanente

—

Memo¬

Valley Invest¬

Inc.,

238
Street, Utica 2, N. Y.

Hudson's Bay

Company

—

Analysis—Dean Witter & Co., 45
cisco

Street,

Calif.

6,

San Fran¬
available is

Also

memorandum

a

Hawley Prod¬

on

ucts.

Policy-Matic—Review—Robert H.
Huff

&

Co.,

210 West Seventh
Angeles
14,
Calif.

Los

available

Also

data

are

Bene¬

on

ficial Standard Life.

Salada

Shirriff

view

Stearns

—

available

&

Co.,

Pine

Also

of

Ameri¬

Engineering—Report—R.

Soroban

S.'

80

N. Y.

reviews

are

Ltd.—Re¬

Horsey

Seal-Kap and Sprayfoil Corp.

can

&

Dickson

lotte

Company,
Inc.,
Building, Char¬

Bank

1, N. C.

Inc.—Analytical Bro¬

Southdown

Weil, Labouisse,
Company,
211
New Orleans

chure—Howard,
and

Carondelet

Street,

12, La.
Standard
H.

Kollsman—Analysis—D.

Blair

&

Company,

Broad¬

42

New York 4, N. Y.

way,

Genesee

Company—Analysis

—W. D. Latimer Limited, 244 Bay

Technicolor

and

Inc.

Ltd.—Report—Winslow,

data

American

on

National

Texas

Adams

West

Western

&

Building.

Ship

Petroleum

available

Also

Cohu

Co.—

Witter & Co., 50
Street, Chicago 3,

Report—Dean
111.

Corp.

randum—Mohawk

Company,

Al¬

—

—Analysis—Butcher & Sherrerd,
1500 Walnut Street, Philadelphia

on

Houston

Report

—

Ginsberg Company, Box 777,

is

Light

bulletin

a

Telephone

&

Company.
Towmotor

—

Memorandum—

Ball,

Burge & Kraus, Union Commerce

Cleveland

Building,
Also
on

available

is

14,

Ohio.

memorandum

a

United Aircraft.

Street, Toronto 1, Ont., Canada.

N. Y.
Coleman

Engineering

Inc.—Analysis

Company,

Leason

—

Incorporated, 39 South
Street, Chicago 3, 111

&

Co.,
Salle

La

Solvents Corp.

—

Re¬

Indiana

General

Analysis
N.

Interstate

Co., 55 Liberty Street, New York
5, N. Y. Also in the same circular
are
reports on Gardner Denver

I.

Can—Memorandum—

du

New
is

Pont

York
a

Duro Test

Brothers

&

Co., 1 Wall

5,

N.

Also

Y.

memorandum

on

Controls.

New York 5,

N.

Y.

on

Tire and Rubber Producers.

Also

Massey

available

Ferguson

available

York

4,

data

are

is

report

a

Limited

—

MGM

and

Motec

Weyerhaeuser

N.

Also

Y.

Harris

on

In¬

Industries.

Co.

Timber

—

Re¬

port—Laird, Bissell & Meeds, 120

Broadway, New York 5, N.'Y.

Re¬

Richardson & Sons,
Inc., 14 Wall Street, New York 5,

Co., 15 Broad Street,

Talcott's

New York.

Merchants

Fast

Motor

Lines

billion dollar

—

Memorandum—Kimball
77

Corp.—Analysis—Orvis

&

Corp. —
Kidder & Co.,

M.

Wall Street,

New

way,

view—James

Express Inc.

Continental

1

Data—Goodbody & Co., 2 Broad¬

tertype Corp. and memoranda on

Engineering

Inc.,

Gas Corp.—

Union Texas Natural
—

Y.

Analysis—A.

Co., Houdry Process Corp., Road¬

Corporation

Emanuel,

Deetjen
&
Co., 120 Broadway, New York 5,
—

port—Alfred L. Vanden Broeck &

way

Corp.
Pacific

Gooderham

-

Equipment Limited.

ing

Grumman Aircraft.

panies, Calgary Power and Draper

Stetson, Inc., 26 Broadway, New
York 4, N. Y.
Also available are

Canada, Ltd., 60 Yonge

Power

Supply

Northwestern Steql &
Cigarette Com¬

Company,

Technicolor

Report

—

Toronto

Street,
gary

are

Walker

Ltd.

re¬
Oil

& Co.,
1
Cleveland 13,

Stiver

Tower,

Ohio.

Also available

Cascade Natural Gas Corp.—Anal-

Robertshaw-Fulton

—

Scott,

Company,

Co. and

&

Ekco

on

Robertshaw-

Manufacturing Inc.—Analy¬

sis—Saunders,

are
Ohio

Auto

Western

Company,

Friedrichs

Signal Company

General Railway

Inc.—

Company, Eastern Gas & Fuel As¬

sociates,

Wachovia

Limited—Analysis—

Mines

Lamp,

Street, New York 5,

Bank

National

Franklin

Philips

of

Street,

Inc.—Analysis

Dairies,

Foremost

—Hill,

Also available

N. Y.

5,

Montgomery

—

Webber,
Jackson
& Curtis, 25
Broad Street, New York 4, N. Y.
Also available are data on Central

—

Canadian Breweries Ltd.—Memo¬

Stores

Fair

Aviation,

American

North

Analysis—Carl M. Loeb, Rhoades
& Co., 42 Wall Street, New York

Pan

Corp.—Analysis—J. R.
Williston & Beane, 2 Broadway,
New York 4, N. Y.

First Flight

Robert

14 Wall Street, New

Co.,

5, N. Y.

Building, Hibbing, Minn.

Inc., Dept. G-1179, Hoge
Seattle 4, Wash.

Company

York

Wire

District

Flintkote

&

mill

views

& Co., 19
Street, New York 6, N. Y.

Steiner,

Doherty

Financial—Memorandum

available

in

and

Virginia Dare Stores Corp.

Food

n a

Street,

Trading Markets

Co.,

&

Equipment

Auto

Ashland Oil
—A

Francis

Firm

&

McCormick

Co.,

Building, Baltimore 3, Md.

Commercial

Systems.

Georgeson & Co., 52 Wall Street,
New York 5, N. Y.

and

The

Lane, Space and Co.,
Inc., Florida Title Building, Jack¬
sonville 2, Fla. Also available is
an analysis of Electro Mechanical
Alabama Gas

de¬

a

Cooler
Monroe

Chemicals Philipp.

A.

*

Merrill

New

and

Funsten

E.

R.

Inc.,

Company, Herff Jones, La Crosse

randum—Royal Securities Corpo¬

Survey—Hemphill,

issue

report

of

discussion

a

memo¬

Industries

Phelps Dodge.

15 Broad

tailed

is

Abrasive,

Montgomery Street, San
Francisco 4, Calif.
Also available

Genesco, Green Shoe Manu¬

Kinnon,

West

Co.,

Broadway, New York 4, N .Y.

Shoe

Mid

1961,

Securities Co., Ltd., 61
Broadway, New York 6, N. Y.
available

Chas.

Supply,

Street, New York 5, N. Y.

available

Toronto

Railroads

ticular

44 Wall

Also

Surveys

Netherlands.

same

—Nomura

Yawata Iron

Fuel

Co. and Wisconsin Elec¬

Pfizer &

Union

New York 4,

an

ADR candidates.

Stock

Mountain

—Discussion—Shields & Company,

Toki

Co., Ltd., 25 Broad
York 4, N. Y. Also

Chemical

the

—

Adams-Mills
—

reports on Koppers Co.,

are

Dow-Jones

the

Inc.,
46
Front
N. Y.|;

Bureau,

In¬

Kaisha, Ltd.
Japanese Market
ko

and

Corporation,

Security

able

American Commercial Barge Line

in

May investment letter—Carreau &

Company,
115
York 6, N. Y.

Chemical

Glass Co.,
& Co., Security
First National Bank and United
Shoe Machinery Corp. Also avail¬
Plate

compari¬

Averages, both as to yield and
market performance
over
a
23-

Motor

Pont

Powder, Koppers Company,

in

National

E.

du

Folder

—

H.

R.

industrial

listed

industrial

counter

the

the

used

Averages

tive

I.

Index

up-to-date

an

between

son

Chemical Stocks—Study with par¬
ticular reference to Air Reduction,
cules

&

Co.,

tric Power.

Taft Broadcasting Co.

on

Bank

Memorandum—

—

Pforzheimer

H.

Co., 25
Broad Street, New York 5, N. Y.

Company,
Broadway, New York 6, N. Y.

In
of

Y.

surveys

Monsanto

Pittsburgh
Sears, Roebuck

Co.,

Automotive

N.

5,
are

Silver

International
THAT

UNDERSTOOD

IS

available Corp.—Analysis—Shearson, Ham-

N. Y. Also

analyses of Berkshire Frocks,
Echlin Manufacturing Co., Frisch's
Restaurants

Thursday, May 18, 1961

...

are

Co., 120 Broadway,
York 5, N. Y.
i-r

New

IT

Financial Chronicle

The Commercial and

(2168)

Franklin

Street,

& Cross,
Boston
10,

SERVICE

Mass.
Minerals

&

Chemicals

Philipp
value

Tne

Talcott's

of

Financing

Service to American business and

Specialists in Canadian Securities

(a) Operating Utilities

as

industry is reflected in the growth

Principal for

of

Brokers, Dealers and Financial Institutions

stantial

Grace Canadian Securities, Inc.

Transmission, Production

Members: New York

25

ers

Security Dealers Association

Broadway, New York 4, N. Y.

TELEX 015-220

•

HAnover 2-04-33-45

•

now

.

.

mark.

processed

well over the
A

very

part of this growth

sub¬

has

resulted from referrals of custom¬

by Investment Men who desire

to

& Distribution

.

dollar

billion

(b) Natural Gas Companies

sales volume

client

annually

assist

these

customers

in

growth or financing problems. We

NY 1-4722

are

always ready to cooperate in

any way.

Orders Executed at regular commission rates

TROSTER, SINGER & CO.

through and confirmed by

Members New York
Security Dealers Association
i

74

Trinity Place, New York 6, N. Y.

HAnover 2-2100




Teletype NY 1-376; 377; 378

'

Mrmbars:

The

25

Principal Stock Exchange* •/ Canada

National

Association

of

Security

Dealer*

Broadway, New York 4, N. Y.

a
221

James Talcott, Inc.
PARK AVENUE SOUTH,

NEW YORK 3, N.Y.
ORegon 7-3000
CHICAGO • DETROIT • MINNEAPOLIS
LOS ANGELES • SAN FRANCISCO

Other offices or subsidiaries:
BOSTON

•

ATLANTA

•

Volume

Number

193

6056

.

.

The

.

Commercial and Financial Chronicle

(2169)
Steel

Production

Electric

Treasury

Output

The State of

Retail

bill

rates

dropped to
January,

about their lows of late

Carloadings

Common

Price

Auto

autos and
been

a

April peak.

Production

Index

"The increase is
board,
as
well
as

says,

the

prices in early
May recovered to about the mid-

Trade

-

Food

stock

Another
across

back

in

auto

suppliers.

It

are

Business

The

Fciiluvcs

commodity

Bank

scrap

of livestock

in

appears

financial conditions

the

May

Federal Reserve

Industrial

ment,

issue

the

of

Bulletin.

production, employincome increased in

and

further. Construction

somewhat

was

sales declined
rise

in

the

money

higher

but

following

March.

activity
retail

marked

a

credit

Bank

and

expanded

supply

Industrial
Industrial

nroiuction

and

age

and

creases

2Vz%

was

4%

increased

the? 1957

in April to 105% of

aver-

March

above

In-

from

steel.

country,

R„nlr

widespread for out-

were

final

of

trial

products

materials.

The

and

indus-

expansion in
further

consumer

goods reflected

inrreases

in

radio

and
home

sets

goods

March

ahd

Auto

30%

covered

tion

furniture

rate

and

schedules

of

in

the

re-

reduced
nroduc-

current

further

a

rise in Mav
stanles

consumer

creased

other

assemblies

indicate

contra-seasonal
nut

television

some

from

Out-

also

April and apparel

inwas

maintained at about the imnroved
March

level.

Following

ate

decline in

and

winter,

moder-

a

activity in business
equipment industries last autumn
commercial

and

in-

dustrial

machinery increased in
April, and trucks and farm equipment continued to
Stepl

15%

mill

in

and

further

about

rose

early May showed

marked

general

were

expand.

nnerationq

a

gain.

Increases

April

in

for

other

durable

goods materials and

riurablp

,

reflecting

non-

activity

for

a11

cities

increased

holdings

of

corresponding

week

loans

leading

offset Partly

by reduced business loans. The average
money
supply, seasonally adwere

861,669 for the

against

]usted' .increased
\m

™

Member
..

lviemDei

u

\

hank

year.

from

it

The

do

will

little

Iron

buying

hit

more

it

Age

says.

almost

is

t/the Jto

there

even

slump

may

industry. And
still only on a

is

small scale. Many segments of the
industry continue to
delivery.

for fast

press

the

week End.

(ooo Omitted)

,

::

$13,443,041

+14.4

1,334,724

1,298,539

+

1,128,000

+

6.4

746,546 + 3^5
+ :
746,546

However

early and

T.ast

scheduled
for

any

nlan

an

auiomaKers pian an
fast phase-out of cur-

rent

model
to

production

get

this

1962

consumed

residential

the

automotive

in-

"back

the

w

pickup

livery promises. The' exceptions
are
galvanized plates
and
tin

Plate« Some producers
out ?f those Products
montbs*

with

most

tries

in

nonfarm
in

up

«

™

million
f.

.

°utPut
d

ton

mark

..

t

rose

production

large volume in April and makers as a hedge against posThe situation is probably more
early May and yields on corporate sible labor troubles; (3) Normal dangerous from a supply standbonds increased somewhat. State seasonal factors.
point in the Midwest than elseand local government financing,
When these factors are added where, the magazine points out.
however, was smaller than earlier together, they mean an increased There, mills are operating at 10
tbis year and yields on sucb bonds order volume, extended delivery, to 20 points higher than East

was m

declined- Yields on all maturities bigger backlogs for
of

u-

also

s-

Government

declined

mid-May

mid-April

Medium-

and

fell

more

to
than

their

to

long-

s

.

yields
in

from

securities

lowest

two

years;

steelmakers,

the national metalworking
z*nf ?ay;?:
his

says

i0g

maga-

Coast mills.
But the divergence between in-

dividual company operating rates
leading Midwest steelmaker should be eliminated soon. And
company s

n0w

time

is

since

higher
June

.

order

back-

than

1960.

This advertisement is neither

at

any

f?

an

offer to sell

nor a

is

gains

manufacturing

in

industries

transportation

utilities.

The

workweek

the

majority

settle

of

down

just

to

under

of

an

mills

should

operating rate

In spite of rising steelmaking
operations, scrap prices are sag¬
Steel's

composite

Although

consumption

to act

as

tonnages

from

inventory.

on

start of

an

customers,
buying

inventory buildup by
but

more

with

higher

than

seasonally
ment

a

and

ago.

year

adjusted
of

rate

were

inoie consumers

ginning to take

a

close

an offer to buy any of these securities. The offering is made
behalf of only such of the undersigned as are qualified

May 16,1961

$75,000,000

6.8%

in¬

Dated

unemploy¬

has

been

vir¬

Price 100%
and interest accrued from May 1, 1961, to date of

Distribution

appreciably in March
of
revised
figures,
increased
tive

the

for

third

month, while

Copies of the Prospectus

consecu¬

undersigned as

volume at

the

other outlets

most

the basis
off in

on

was

Sales at department stores

April.

delivery

risen

had

which

sales,

May 1, 1961

The

tually unchanged since December.

Retail

Company

5Vs%Debentures due May 1, 1981

2%

are

may

be obtained from only such of the

qualified to act as dealers in the respective States.

declined. New

sales

auto

changed little from the
increased March rate, which was

about

of

tenth

a

this

earlier

further

seasonally
were

and

year ago.

a

Commodity Prices
Prices

of

materials

April
brass

and

further

from mid-

mid-May.

mill

commodities
a

rise

November

White, Weld & Co.

Goldman, Sachs & Co.

Harriman

and
raised,
some other

Copper




further.

40%

from

March,

steel

nearly

through

The First Boston Corporation

Ripley & Co.

Kidder, Peabody & Co.

Incorporated

Lazard Freres & Co.

Lehman Brothers

Merrill

Lynch, Pierce, Fenner & Smith
Incorporated

were

advanced
of

Halsey, Stuart & Co. Inc.

Eastman Dillon, Union Securities & Co.

industrial

products
rubber, tin and

After

Blyth & Co., Inc.

Glore, Forgan & Co.

sensitive

rose

to

Stone & Webster Securities Corporation

contra-

April

in

tenth below

a

low

stocks

Dealer

declined

autos

new

the

above

year.

Paine, Webber, Jackson & Curtis
-

Salomon Brothers & Hutzler

Smith, Barney & Co.
Incorporated

increased

consumers

Continued

Tennessee Gas Transmission

They

to some extent during the second
and third quarters.
Steelmakers do not yet see the

New Issue

public

earnings

weekly

somewhat

up

fre llkely J° rebuild their stocks

further.

creased

is

steelmakers by surprise,
f°rcinS them to ship substantial

dealers in securities in the respective States.

factory

slightly

on

7103-

except

and

price

No. 1 heavy melting dropped ancents a gross ton to

70%.

non-

average

"rose

Hourly and

were

other

to

exceed that mark.

indus¬

substantially and there

moderate

for

expected

.

solicitation of

only by the Prospectus. This is published

es¬

in
the rise.
employment
again

fnr

,

this week
th

la^t

.

participating

Construction

for

*

April,

manufacturing

sold
two

are

Steel estimates the industry is
operating at 70% of 1961 capacity,
Ingot
production
reached
the

Employment

turned

be

can

the board.

So far, the mills have had no
trouble keeping most of their de-

March.

tablishments

into

models
underway
before
labor sharply this quarter, it may not
weeks endin§ May 10- Between
According to "Iron Ageequal the amount of steel that
mid-April and mid-May, reserves
The steel industry is off the contracts expire August 31.
—i—
^
^
were suPPlied through currency bottom. For the next few weeks,
so far, mills have managed to "ser.s Wl11 receive from U. S. and
inflow and absorbed .through Fed-' at least, there will continue to handle the bulge in orders. While f?.reigr? mills' Inventories may
eral Reserve sales of government be further improvement in orders, it has caused considerable strain, cAhl?lb by as much as 500,000 tons,
securities. Gold
stock
showed production, and steel consumption, there has been no appreciable A large part of the increase will
little further change. Required The Iron Age reports.
stretchout of deliveries. But it reflect tin .plate stockpiling by
reserves increased somewhat.
The improved order rate is due has taken some
uneconomical
so^g^^ildfnJof'steef rldlTin6
to three major factors: (1) The measures—juggling of rolling mill s m,e rebuilding of steel mill mSecurity Markets
change in the economic climate; schedules, shipping from a more ventones.
Corporate
security
financing (2)
Advance buying by auto- distant producing point, etc.
The flood of May orders caught

building increased

Employment

.

15.1 million tons.

4%,

reflecting in part the
8% rise in private housing starts

this

vaviAtjuiiicu

sum-

of

that

across

ging.

automakers

'

mer

the Bottom

»ieei inausu y uii ine »otiom

the four

industry

units,
highest
week this year.

2.8

1,200,000

Philadelphia

Last

boosts.

1$ 1,000

%

i960

York__

Chicago__.__

—,

i960

schedule
the

Now

vs.

dustry has come
buying picture, a

increase

«MStry is a direct result of pro-

be

vv

-17.9 million

o

.

Actually, most of the

.

finished steel

more

to

~
quarter than in the first quarter

seen

off the current uptrend

inventory
confined

Action
week

Reserve averaged Boston_____
772,911
about $50 million and excess resteel in(justry Off
over

for

week follows:

*be

serves $600 million

$25,827,-

centers

money

million ^ayi3- _ i96i
$15,384,500

$500

borrowing's

But

about

Our comparative summary for the

New

oanK oorrowings irom

summer

temporarily

the

week in 1960.

same

The

the than level

of

last

slowdown? And what
inventory buying?

expected

v4k^,v,vvvv4r

in¬

seasonally adjusted annual rate
$55.8 billion. Both public and
private construction rose. Private

in

sum-

is

isi reboundreported.

in April and was at a

of

about

*or

$28^346,000,432

levels

Construction

the

of

that

securities. Loans also Our preliminary totals stand at

term

creased 2%

cities

week ended Saturday, May 13,

,fpeAMrAe

.

; *

construction

chief

indicate

Total commercial bank credit IJmtedStates for which it is pos-.
increased about^$l/2 billion in sible to obtain weekly clearings
April, with two-thirds^ °f tb^ rls^ was
above JJ10®6 of tbe

snnnlipc

New

-

the

.

tj.

put

What about the traditional

preciably.

Prices

decreased

i96i

mid-1960.

below

week

compared

about 5% from February to early
May as marketings increased ap-

somewhat.

and meats

increased as a sharp rise in security loans and moderate increases
in most other types of

Production

last

increase

an

has

mer

in

Anril

and the optimism
generated,
h^Jene,mte^' raise some big
raise, some„biS
questions
by
themselves.
How
long will the improvement last?
it

with
a
year
ago.
Preliminary
figures compiled by the Chronicle
based upon telegraphic advices

April. Prices of sensitive materials
rose

declined

1960

clearings

showed

business

and

Same

Bank

;
•

The following summary of general

?L^i?°Ve the
Week
nn;

magazine

Nearly 19%

#

upturn,

,,,

■

Price index

consumption

steel

business."
#

TRADE and INDUSTRY

Steel

,

wait

Consumption Will Be Up
19% for Quarter

About

has

we

.

long

Steel

9

Dean Witter & Co.

on

are

are

be-

oe

look

at

page

29

The Commercial and Financial Chronicle

(2170)

10

against

FROM WASHINGTON

tax deductions. Secretary
Dillon has been

the

of

Treasury

citing

expense

l

solely

^President Kennedy seems to have
broken up the famous coalition of
Conservative Democrats

Southern

Republicans.
Time after time at this session of
Conservative

and

The minimum wages

hold.

hours

coalition has failed
and

the

Congress
to

bill

Southern

to

the

yet

Mr.

anathema

was

Conservatives,

creased the number

by

more
hower had asked

way,

Southerners away from
the bill easily.

to

defense

of

calling

them

tell

the

that

awarded

has

contract

Sen¬

up

Ad¬

big
their state is

to

a

example of the way in which

one

broken

has

ample.
like

the coalition.
Talmadge, for ex¬

Senator

Take

up

Georgian, he does not
Ken¬

A

lot of things about the

a

the

out to hold Senators

in line.

ministration

he

increased

by

ciously

manner

ators

They have
the number asked
for.

Judicial Conference.
But there are 70 judicial plums
which
Mr.
Kennedy will judi¬

their dislike to pass

His

was

also
for

which, by the
than Mr. Eisen¬

Kennedy

Mr.

wean

to

managed

Kennedy

enough

they
in¬
recommended

Now

November.

last

nedy Administration. Yet, when
a
big
defense
contract
was
awarded
to
a
plant in Atlanta,

Ga., the President permitted Sen¬
Talmadge to announce it as
something he had accomplished.
ator

pass

his

and

President

The

young

Kennedy, how¬
ever, do not seem to be working
in harmony.
President Kennedy
seems
to be doing everything he
Bobbie

brother,

Bobbie

tors.

alienate

to

As

Southern

cultivate

to

can

Sena¬

be

trying

to

seems

the

a

feather in

And

when the

obviously

was

Senator's

hat.

matter of Federal aid to education
comes

hard

up,

to

the Senator will find it

the President, al¬

oppose

his

though

against

is

state

bill.

the
>

the

Fairchild

Aircraft

Md.

Mr.

Butler,

Engineering

Company

of

and

Frederick,"

Kennedy called Senator
a
Republican, of Mary¬

Sen¬

land, to let him announce it.
ator

Butler,

hitting

hard

a

publican, now thinks there

Re¬

are

a

lot of good

things about the Ken¬
nedy Administration.
The
eral
the

President

judgeships
Senators.

blocked

Mr.

mendation

ships

to

•dockets.
in

the

also has

to

70 Fed¬

dangle

The

before

Democrats

Eisenhower's

hotel in which he is

living

of

or ouy

submitted his resignation.

Travel¬

lighten labor

ing in small towns, he could find

self-restraint

*

made

.!■

*

Bobbie
quick to intervene and is try¬
ing to find out if he can do any¬
couple of weeks ago Senator

quite flattered

was

when he gave a

his apple
Winchester,
Va.,
and
Kennedy unexpectedly

at

party

quite

critical

tion.

As

for

out

came

Presidential

this

of

the

matter of

a

been
Administra¬

fact, he never

Kennedy
and

race

in

no

his
to

one

critical

to Washington.
Bridges of New

trip

Styles

Hampshire,

Despite

to

this obvious effort

Virginia

all

down

they

unless

schools

the

means

or

of

Presidential

the

cam¬

control

over

with

control

whom

he

talked.

Named Director
Arthur

firm

the
of

E.

of

.

Palmer,

White,

Jr.,

Weld

elected

was

county.

Senator

nounced young

in¬

permit

Byrd

has

de¬

Bobbie's intention

general

.

Com¬

and

director

a

Vernon,

company's
holders'

128th

Ohio,

at

judge¬

is

a

and

they

of

meeting

the

the

in

know

of

to

be

Sheridan

Bogan Paul & Co., Inc. and Brooke
&

Co.

have

merged

their

business under the

Brooke,

Sheridan,

Offices

are

invest¬

name

of

the

Penn

Center

Plaza.

D. K.

Kelly Co.

SHERMAN

and

gaging

in

OAKS,

Calif.—D.

Company
a

Inc.

securities

for

take

care

of

crowded

They did it unashamedly

hope that they would win

Officers

yon.

I

have just heard

first

results

of

the

Department's

enue

of

one

of the

Internal

Rev¬

agitation

are

is

make

to

organizing
undermining

which they

unwarranted, because
of

Communists

and

rank

file

of

Kelly,

Maurice

K.

business

The

object of Communist pres¬

is

to

not

Donald

W.

Vice-President,

and

improve the stand¬

a

offering is made only by the Prospectus.

New Iss'ie

May 16, 1951

towards

progress

living.
In
stimulating inflationary wage de¬
mands, Communists in British
trade unions simply serve the in¬
terests of the Soviet Union by im¬
standard

the

of

(par value $ I .DO

per

in

S. S. R. Industrialization

Notes U.

Pace
.

It would be idle to minimize

the

achieved by the Soviet
Union, and the Communist group
of
countries- in
general, in the
of industrialization. Even
it would take many years be¬
fore they could achieve a stand¬
ard of living 'comparable with that
of the western countries, were it

sphere

effort

their

successful

handicapping

industrial

for

in

progress

Excessive

world.

western

the

demands

Non-Communist members of

trade unions are unaware

that, by

themselves to the Com¬
munist game, they do their utmost
to

prevent

There

toward

progress

a

such

is

resistance

direct

also

in the form of
against automa¬

progress,

stubborn

fight

unions either oppose

tion.

Trade

adoption

equipment

or

labor-saving
insist on terms on
of

which their

Price $17*50 per share

adoption ceases to be

profitable.

While

Union
the

the

is

adopted

Britain

and

other-

and

free countries its adoption

be obtained from the undersigned and
others only in states in which
they are qualified to act as dealers in
securities and in which the
Prospectus may legally be distributed.
may

to

of technological

limit

in

Soviet

in

automation

utmost

possibility,

Copies of the Prospectus

Would

Rank and File

Enlighten
time

is

which
used

effort to

make

the

an

rank

to

unions

trade

and

file

the

way

about

of
in

they lend themselves to be
Communists for the

the

by

of defeating the system of

democratic

freedom.

unions

world

ard

of

would

of

living.

the

than

more

in the race fof

own

increase

a

its

hold

higher stand¬

The slowing down
in capital invest¬
output in recent

ment

and

in the

years

is

entirely

that

unaware

They

look

shop

progress

share)

initially being; offered by the underwriters
employees of the Company.

conquering the free

world, without having to fire a
single shot, by offering a higher
standard of living.

attributable

to

they

exploited

are

for the benefit of the Communists.'

the

to

In

Communists stand

Many trade unionists are entirely

higher standard of living that has
now
become technologically pos¬
sible as a result of automation.

are

and

it.

misguided trade unionist activity.

to

*13,000 of these Shares

of

exceed

to

of

latter'Sj chances

up

lending

Common Stock

chance

even

the

case

population,

the

of

with the free world
the increase of its production.

catching

by
leading
to
credit squeezes and other restric¬
tive measures, constitute a power¬
ful weapon in the
eponomic cold

INC.

head

will be able

a

will be able to

group

with the western output

which

accelerate

higher

a

war.

&CO.

catch up

which

to

war.

relatively short time the

a

Communist

per

likely

cold

If only the
practiced a reason¬
compel the gov¬ able degree of self-restraint in
ernment from time to time to re¬
their wage demands and in their
sort to
disinflationary measures, demands for shorter hours, and if
thereby slowing down the expan-' They feffiaiiied from handicapping
sion
of production
which .atone progress of automation, the free

wage

HALL

Within

done about'
is

world

economic

the

lose

trade

in

257,000 Shares*

free

the

handicapped by inflationary wage

not

Not

Unless something is
this

purpose

living of workers.

so,

The

countries

western

other

and

It

Ventura Can-'

Lewitt, Secretary.

ain,

the

en¬

Kelly, President and Treasurer; E.
B.

higher standard of living

enlighten

proving

(Special to The Financial Chronicle)

Kelly

to en¬

program

resistance to automation.

members.

could

&• Co.,

Bogan

at 2

and

influence

the

over

increases

ment

the

a

the need for reasonable

on

Indeed
in the long run the improvement
of
their
standard
of
living
is

Sheridan, Bogan & Co.
—

by

have to support claims

Mount

Brooke,

PHILADELPHIA, Pa.

Communist

able

are

felt

unions

authority of the duly elected
of the unions. The latter

ard- of

Now

in

even

under

strikes

secured

officers

sure

Name

they

fair

trade unions in

some

not

are

By

share¬

annual

from offices at 4421

the most uncertain terms.

in

which

foul

by

position

wildcat

Cooper-Bessemer Corporation
Mount

of

tegrated schools in Prince Edward

win

can

industrial

of

Britain.

in

quite

key

him on the part of the
President, young Bobbie is trying
close

There

—

deterioration

the

relations

been

has

who

cultivate

to

England

LONDON,

paign Nixon made, agrees that he
impressed the Republican leaders

Inc.

knows how he voted.

date

world

in

recent

on

showed up. Senator Byrd has

free

so

world by offering a

the unprincipled aims of their communist shop stewards.

on

his

Senator

Einzig, in stressing

Dr.

calls for

Russian internal practice;

on

growing volume of evidence about
the
role played
by Communists

good

Vernon, Ohio.

thing.

The writer

impression on Re¬
publican leaders who met him on
a

stopped.

'

Nixon

pany,

Harry F. Byrd

and

race;

v"\v:v"

.

Vice-President

Former

unless

war

of living.

higher standard

nobody to honor a credit card.
*

cold

and, thus, would be able to conquer the free

•

He has

drink for

Georgia, and told how he intended
to enforce civil rights.
Over the
week-end there has been a racial
flare-up in Anniston, Ala.

the

us

a news source.

a'

partner of the investment banking

farm

cost

can

this, notes that U. S. S. R. domestically is not afflicted by this problem

the

of

eat out

or

in British and free country

thwarting technological progress and

recom¬

additional

taxi

a

Georgia, Bobbie went down to
Athens, Ga., at the University of

President

Mr. Kennedy does
not
neglect the Republicans.
A
defense contract, was awarded to
Similarly,

use

President's

treatment of Senator Talmadge

A

labor unions has succeeded in

themselves

the

to

opposed

Readily accepted communist leadership

account but must travel
a
credit card.
This
that
the
correspondent

on

means

can't

By Paul Einzig

an

them.

was

This

will not have

the future he

Thursday, May 18, 1961

.

Further Russia's Aims

of yachts, African junk¬

A
Washington
news¬
paper
correspondent
has
been
notified by his home office that

in

.

Communists Use Unions to

deduct

businesses

how

etc.

ets,

CARLISLE BARGERON

BY

of

expenses

...Ahead of the News

horrendous

Congress

to

stories

.

is slow,

Communist

the

upon

who stir up dis¬
well-wishers, and
inclined to follow their

stewards

content

they

their

as

are

rather

lead

that

than

trade

moderate

of

more

officials.

union

They ought to be made to realize
that these Communists

indifferent

their

to

utterly

are

and

welfare

solely concerned with serv¬
ing Moscow's interests in the eco¬
are

nomic cold

war

expansion

of

free

by holding up the
production in the

world.

One

of

the

reasons

munists in Britain
ert

an

influence

are

why
able

Com¬
to

quite out of

ex¬

pro¬

portion to their small numbers is
that they are looked upon as peo¬

ple

sincerely

views

that

holding

Communists
their

ply
the

often

sincerity.

large

political

different

are

those of the majority.

from

Even anti-

pay

tribute

to

the
reality
majority of them are sim¬
In

gambling on the victory of
they support. If as a

system

result

of

their

resistance

to

the

expansion of output in Britain the
Communists

should

win

the

cold

they would be duly rewarded
with well-paid jobs.
In serving

war

Communism
their
with
that

self

the
our

termined

they
interest,

basic

merely serve
in accordance

Marxian

doctrine

political opinions

by

our

are

material

de¬

inter¬

est.

the industries adopting it are

prevented by trade union pressure
from taking full advantage of its
beneficial effect.
Firms adopting

Norman Reed With

labor-saving equipment are com¬

Curtiss,House&Co.

to, retain their redundant
manpower which does not there¬

pelled

F. EBERSTADT & Co.
Eastman Dillon,union Securities & Co.

fore

become

available

requirements.

Goldman, Sachs & Co.

such

resistance

In .Soviet
to

the

other

for

full

Russia
appli¬

cation of technological progress

Lazard Freres & Co..




.

Lehman Brothers

production
it is the

is inconceivable.

British

favor the system

to

Yet

Communists who

operating in So¬
viet Russia Who organize in Brit¬

CLEVELAND, Ohio—Norman E.
Reed, Jr. has become associated
with Curtiss, House & Co., Union
Commerce Building, members of
the New York and Midwest Stock

Exchanges,

as manager

of the

nicipal bond department.

formerly
Co.

with

Hayden,

He

mu-r

was

Miller &

Volume

193

Number

6056

.

.

The Commercial and Financial

.

Chronicle

(2171)

catalogue.

A Land

Company With
Imagination—DISC, Inc.
account of

some

resulting

from

enterprise displaying

an

timely

effective

purchase,

tions

have

with

investors.

become

,

generally

of

popular

very

These

companies
kinds—(1)

two

those

stressing dividend income
with high and substantially taxexempt payouts from depreciation

jallowances, and (2) those aiming
more
for capital gains by reten¬

unusual growth

an

intelligent

development

and

:

At

:

of

Annandale,

Va.,

250

which, within less
than
four
years
(1958-61), has
been
able
to
expand its assets
from $700,000 to an estimated $20
Inc.,

million in current property

Founded

by

and

a

valua¬
Irving S.

Dr.

of

group

asso¬

1956, DISC, Inc., has
swiftly acquired favorably located
well-selected

and

income-

producing

property in California
Florida, but it has placed ma¬

and

jor

investment

emphasis

one

on

of the most rapidly growing urban
in the United States—Wash¬

areas

ington, D. C. and its environs.
Producers

Income

We'll

talk

land

are
owned, to be devel¬
shortly as a high quality
home community. At Oakton, Va.,
DISC, Inc. has a 69% interest in

31.5

of land

acres

Federal

on

at

income-

its

about

Maria. Santa Barbara and Lompoc,

grossing totally

$160,000.
build¬

over

But offices and apartment

only half the story. Com¬
held for development
right
now
a
larger

land
represents
pany

asset

appraisal;
and
the plans
afoot, to activate this land, offer
exciting potentials for expanded
income and major capital gains in
the years

has

immediately ahead.
Va., Davenport
wholly owned subsidiary,

Alexandria,
a

25

of

acres

land.

On

this

fa¬

vorably situated suburban prop¬
erty a start toward air-conditioned
luxury
garden ' apartments
has
been

with

made

dential,

land,

be

may

Wainwright

and

H.

further

dustrial

purposes

the

perhaps

area

attractive

acquired

was

lease

lease

resale

at

An

Imaginative

its

own

doors,
and many
have their own private entrances
sliding

glass

and

patios. Because of this sophis¬
ticated
planning
and
verdant
landscaping, these apartments will
premium rentals. These

command

de luxe rental rates will maximize

earning

and provide the
which a $2,500,000 mort¬
power

basis

on

gage

loan was recently

arranged

with

Equitable
Life
Insurance
Society. It is expected that the
entire

cost

of

land

and

building

will, in due course, be recovered
and a substantial net equity cre¬
for

ated

DISC, Inc.
Mount Vernon,

In

Inc.

130

owns

acres

Va.,

DISC,

some

road

Here
to

250

desirable

be-plotted,

guests

arrival

and

and

building

America

will

Calif.
the

of.

—

to specialize

their

Mr.

•

.

The

Invest¬

Association

hold

the

hotel

and

as

block

in

a

17

Cook,
Bank

President

of

American

William

this

use

through June 20.
Speakers will include

of

annual

Fargo
Company;

H.

Draper, Jr., Draper,
Anderson; Beryl Sprin¬
kle, Harris Trust & Savings Bank;

total financing

Dr.

University.

the 2,092,000 common

also address

ment

A

.

June

the

rector

additions to land hold¬
year,

Stan¬

Termon,

Bankers

Association

the

conference.

18, with John E. Carr,
of

Finance

of

California, principal

current defi¬

will

Municipal Forum will be held

currently at around 8. Because of
ings in the past

E.

George A. Newton, G. H. Walker
& Co.,
President of the Invest¬

shares out¬
standing, traded over-the-counter
many

Fred

the

Komosa

of

This is

not an

without

The

or an offer to buy or a solicitation of
offering is made only by the Prospectus.

Chemical Bank

the

($1

-

par

ton and New

the

Copies of the prospectus
writers

is

section

South

Pierce, DISC, Inc. has

Fort

to

an

at Queens

Coast

property has
on
pituresque
dian

into

vided

Allen &

Effective May 29 the firm
Alfred

L.

Vanden

members of the

Exchange,

which

be obtained from

may

any

exclusive

estate

fices

of

125

at

the

firm

Maiden

front¬

part

of

an

club

quality and style of each home

structure.
up

The club

will

be

Lane,

an

offer

buy,

to

of such shares.

any

i

>>

of the several under¬
qualified to act as.

legally be distributed.

Merrill

Lynch, Pierce, Fenner & Smith

Dean Witter & Co.

Dominick & Dominick
Incorporated

Reynolds & Co., Inc.

W. E. Ilutton & Co.

Bache & Co.

F. S. Moseley & Co.

Francis I. duPont & Co.

Paine, Webber, Jackson & Curtis

E. F. Hutton & Co.

W. C. Langley & Co.

Incorporated
:

Walston & Co., Inc.

Bacon, Whipple & Co.

Robert W. Baird & Co.

-

f

Blunt Ellis & Simmons

Incorporated

!

J. C. Bradford & Co.

Alex. Brown & Sons

Courts & Co.

McDonald & Company

McDonnell & Co.
Incorporated

The Ohio
'

Company

Riter & Co.

I

William R. Staats & Co.

;

First California Company

i

Irving Lundborg & Co.

The Robinson-Humphrey Company, Inc.

J. Barth & Co.

is being

built

Hill Richards & Co.

(Incorporated)

Schwabacher & Co.

Crowell, Weedon & Co.

J; A. Hogle & Co.

Elworthy & Co.

Lester, Ryons & Co.

Incorporated

Newhard, Cook & Co.

Shuman, Agnew & Co.

Piper, Jaffray & Hopwood

Sutro & Co.

Bosworth, Sullivan & Company, Inc.
Julien Collins &

Bateman, Eichler & Co.*

Company

,

Reinholdt & Gardner

Adams & Peck

Brush, Slocumb & Co. Inc.

Davis, Skaggs & Co.

Boettcher and Company

Butcher & Sherrerd

Chapman, Howe & Co.

First of Michigan Corporation

Robert Garrett & Sons

1

Hooker &

Fay, Inc.
V

The Milwaukee

Loewi & Co.

Lubetkin, Regan & Kennedy

Mason Brothers

Incorporated

Mitchum, Jones & Templeton

Pacific Northwest Company

Stern, Frank, Meyer & Fox

Bingham, Walter & Hurry, Inc.

McCormick & Co.
-

Company

JohnW. Clarke & Co.

Moore, Leonard & Lynch

Wagenseller & Durst, Inc.

Watling, Lerchen & Co.

Richard W. Clarke Corporation

Dittmar & Company, Inc.

through invitations to purchase

land

extended

to

list

selected

a

First Southwest

Company

G. C. Haas & Co.

Howard, Weil, Labouisse, Friedrichs
and

of

high-ranking military person¬
nel at or approaching retirement
age.

More

Than

Indianapolis Bond and Share Corporation
Mullaney, Wells & Company

Luck

is

a

rough outline of

Stewart, Eubanks, Meyerson & Co.

The Illinois Company

Company

Incorporated

McCourtney-Breckenridge & Company

Newburger & Company,

Here then

McKelvy & Company
Rotan, Mosle & Co.

Rauscher, Pierce & Co., Inc.
J-

f

»

s

Straus, Blosser & McDowell

property

owned
a

over

which

are

we

by

DISC,

Inc.

number of other tracts

did, not

have

space

to

May 12, 1961.

|

Zuckerman, Smith & Co.

the acreage and income-producing
There

Stock

to

located

New

are

Carl M. Loeb, Rhoades & Co.

of

Co.,

Vanden Broeck, Lieber & Co. Of¬

Incorporated

of

complete
with an ocean beach, a surf club¬
house
and
proper
restriction as
to

York

changed

Lehman Brothers

Stone & Webster Securities Corporation

Hemphill, Noyes & Co.

di¬

each

water

all

are

be

&

Incorporated

attrac¬

been

lots,

have

will

These

age.

New

will

name

Broeck

share

only in states in which such underwriters

Company

Smith, Barney & Co.

Cove. This

has

774

research

BIyth & Co., Inc.

and
It

a

Cleveland, Ohio.
.7

Eastman Dillon, Union Securities & Co.

15-mile frontage
navigable In¬

a

River.

in

Vanden Broeck,
Lieber Co.

'-.wO""

dealers in securities and in which the Prospectus may

building,

tive land development on Florida's
Gold

York and

value)

Price $29 per

shopping center.

further

Co.

Common Stock

fastest
United

in

downtown

Going

Trust

Established ih 1868, H. C. Wain¬
wright & Co. has offices in Bos¬

Grosset & Dunlap, Inc.

near

in

as a

and

-

436,086 Shares

I

,

withTri-

the

city

of subdivision and home

use

been

City.

speaker.

offering of these shares for sale,

profit.

departure for

largest

one

has

a

Continental Corporation since 1954
and, prior to that, was with Argus
Corporation and With

Much of this is in the main stream

and

staff

the

States, DISC, Inc. holds 370 acres.

zoned for

be

field

Research

Di¬

State

Boston

will

firm's

Wells

Trust

and

He

in public utilities.

headquarters

Gaither &

substantial

and

ing
interesting
possibilities
for
capital
gain.
In
Melbourne,
Cape
Canaveral,
growing county

Group

Bankers

ford

Going South, DISC, Inc. has a
number of land holdings present¬

the

FRANCISCO,

California
ment

selec¬

DISC, Inc.. common has enjoyed
an
expanded
public
ownership
during the past two years. At
present there are 2,000 holders of

necessity of bucking the traffic in
super-congested Washington.

Fla.,

Calif. IB A

the

of

Project

patrons,

are

homesites

delivering,




of

of residential

of it fronting on a main
only two miles from
the
home
of
President
Washington.
land,

ease

for

Exchanges.

member

Group
Annual Meeting

joined

land

before

substantial

nice touch

contract

bridge location had been defined,
and DISC, Inc. has turned-down
some
quite rewarding proposals
for

Stock

SAN

has

bers of the New York

a

of the project.

a

-,

circumferential

This

merit

may

to

highway connecting Andrews Air
Force Base (undergoing a $75 mil¬
lion expansion)
with the Mary¬
land approach to the new Woodrow
Wilson
Bridge
now
under
construction.

gain, DISC, Inc. shares
investigation.

in¬

Komosa

C.

Wainwright & Co., 120
Broadway, New York City, mem¬

enhancement.

resi¬

151/2-acre parcel commercially
on

possible vehicle for market

Ransom

There's also the Andrews Tract
zoned

this

was

a

ity, DISC, Inc., is usually able to
get "top dollar" in mortgage loans.
In "GALAXY,"
DISC, Inc. plans

,

—a

accelerate

and

capital

a

sug¬

area

zoned

—

and

As

conference in Santa Barbara June

motel complex.

or

maximize

few weeks.

a

a sophisticated
sagacity in financ¬
ing. By stressing structural qual¬

swiftly needed
business or in¬

urgent

more

shopping center

and

units

256

pool. Each apartment
private balcony with

swimming
has

due

J.

Perhaps the most dramatic cur¬
lington, Va., with combined gross
rent
plan of DISC relates to a
annual
rentals
of
$255,000; and
long-term lease just concluded for"
the Magruder Park
In,
strategic acreage adjoining Wash¬
Hyattsville, Md., grossing $170,000;
ington National Airport, off
and the DISC Building, a six-story
Mount
Vernon
Memorial
Park¬
air-conditioned office building in
way. Here the imaginative think¬
the heart of Washington, D.
C.
ing of the DISC, Inc. management
While this produces a rental in¬
is strongly in evidence. There is no
come
of $150,000 annually at full
major convention hall in all of
occupancy, that return
is by no
Washington; - so DISC, Inc. has
means
it feature attraction. The
plans to erect a 3,000-seat hall.
financial district of Washington,
To
serve
that, other functional
Dv
C., has quite recently been
and
profitable
structures
have
moving to the "K" Street area be¬
been planned—a 400-room hotel,
tween 16th and 20th Streets, and
a
237-room motel, a marina, rec-.
$50 million worth of sleek new
reational
facilities
and
a
huge
office
buildings
have
gone
up
parking
area.
This
impressive
within a golf drive of this DISC
project has been given an equally
Building. It is only logical to pre¬
panoramic name "GALAXY."
dict that this property may one
Total building cost is estimated at
day
enjoy significant
enhance¬
$12 million.
This complex will
ment in value as a skyscraper.
supply services and facilities ur¬
In California income-producing
gently needed in the Washington
property
includes apartment district, and
is, so-located geo¬
buildings in Los Angeles, Santa graphically
as
to
permit great

Corp.,

Komosa Joins

publica¬

report,

lative

tion of "the good earth" is coupled

clover-leaf

a

this

for

this

that

gests
for

property first. In the
Capitol Area, DISC,„Inc. owns two
apartment buildings in Ar¬

In

annual

Theodore

With

Interstate

indicated

fine

are

earnings and

await

H. C.

oped

producing

ings

the

of

within

bridge in view,
DISC, Inc. bought adjacent land.
In California, before an air base
expanded, DISC, Inc. had acquired
nearby land at. an uninflated price.Something more than luck seems
to be involved here/ '

acres

sion

profits. In the latter group is

land

must

specu¬

Before there

time, an anticipated gross income
of perhaps $1,000,000.,

tion and reinvestment of earnings

Lichtman,
ciates, in

share

per

value

equity in.well located and
aggressively developed real estate

come

and

tion.

topside,

of

book

plus development and fi¬
nancing under programs designed

.

Highway
No. 66. The rapid business expan¬

DISC,

nition

tion

; in areas of indicated rapid ex¬
pansion and purchasing at favor¬
able
prices
and
on
favorable

financing of land holdings.

In the past decade realty corpora¬

are

there has
judgment
at
picking up land

DISC

to

Giving
rate

Apparently

good

work,

terms;

By Dr. Ira U. Cobleigh, Enterprise Economist.
•

been

11

'

York

32

The Commercial and Financial Chronicle

(2172)

Greece—There

Electronics World-Wide
Is Growing

of

Very Rapidly

Philadelphia, Pa.
recently completed, six-week ten-country tour, Mr.

Slocum

be far more

is making

rapid forward progress, not only
in the United States but in vir¬
tually all areas of the free
is my
c

n

o

1

based

on

10

a

vestigation
these

of

These

affiliates

our

others

fectly safe

to

electronics

of

as

well

as

with

industry, it seems per¬

in

note that the area
is generally being

the

Europe,

the

on

my

and

move,

tralia,

too,

and

India

for

to

was

found

everywhere, and the plants visited
high standards of cleanliness
production
of
electronic
components.
It is
had

and maintenance in the

well to note here that Europe pro¬

duces these goods

at less than one-

third of comparable
bor

American la¬
conditions

Business

costs.

generally appeared excellent, With
virtually full employment in all
areas

but

tralia and

There

particularly

in

Aus¬

ing it has a very small population

seemed

to

be

consider¬

are

becoming increasingly

important to these countries. Price
is

still

a

relation

in

investments

in

ternal

new

000,000 people. This works down
one radio per 1,600
people!

to

Italy

—

seemingly

Business conditions are
very
favorable
here.
been rapid industrial¬

conditions

Business

—

by

rather low popu¬

a

The

lation.

bulk

great

Den¬
to the

of

various world

markets.

England—The

here is

economy

good at the present

very

little

and

unemployment is
There is
an
increasing

evident.
amount

of

activity

elec¬

along

tronic lines.

some

evidence

that

instability, conditions in this
country seem to be excellent, with
activity in electronics at a very
noted

was

confi¬

Extreme

pace.

in

talks

much

and

has already been

amount

only a limit¬
activity in elec¬

of

tronics here, and the country must
be considered

just

field

the

in

as

a

Dr.

ness.

present

in West
sharply,
and
there is expansion and in¬
creased
productivity evident in
The

recent

alerted

need

to

some

harassment
and

The

near-term

enjoy

to

a

favorable

cli¬

terms

outlook

business

just

peaks

ahead—

at

Business
time

this

Arne

Fuglestad has become

York

was

for¬

officer of Burns Bros. &

an

Denton, Inc. in charge of the

syn¬

department.

he

with Carl M. Loeb, Rhoades

was

& Co. and

Prior

thereto

White, Weld & Co.

terms

Despite

a

deal

of

great

ficult

revalua¬

tion of the German mark

elected

a

Vice-President

of

Arn¬

hold

&

Broad

S.

Bleichroeder,

Inc.,

30

Street, New York City. Mr.

I960

61

-

be

re¬

has

proved

to

Walter E. Hoadley

be
record. This is peiv

on

best

the

found

be

on

sides;

many

off

tapering

production,

in¬

of

Most

expectations

the year

be

over

could

advance

even

the recent busi¬
was
quite small—

Since

larger.

decline

ness

3-5%

ahead. It's quite possible

overall

the

that gen¬

are

will rise

business

relatively modest

about 2%—only

will be needed for the na¬
tion to set new all-time highs in
gains

of economic activ¬

measures

will
be
slower,
industries and
predominantly

Recovery

ity.

however, in those
areas
which
are

goods

with

non-existent,

few

for

needs

replacement

upon

of action will
Nevertheless, it is

course

ing
at

appeared obvious that production

indicative
look

of

the

favorable

out¬

there.

foreign trading department.

the

evitable

inflationary

Sentiment
much

usually
sharply

more

This

has

paSt

been

true

during

when politically

continue

rise

to

an

offer to sell

The

nor a

solicitation of

an

offer to buy

any

of these securities,

ing danger of

persist,

to

with

soft
goods
moderate
growth, and
marked by some slug¬
strongly,

durables

On

gishness.

Dean Milk

Company

market, where little-known, overthe-counter issues already seem
rife with speculation. Further im¬

in
business
could
easily aggravate this situation.

provement

Confidence

Business
A

noticeable

business

improvement

signs

*Of which 100,000 Shares

and more

causing more

The

munist

bloc.

munist

domination

between

the Com¬

the western powers and

goal

of

the

of

Com¬
world

never been more clear, and
there is little doubt that the polit¬

h$s

Price $18 per Share

and

ical

economic

United

the

in

heat
may

be obtained in

including the undersigned,

as may

any state from such of the Underwriters,
lawfully offer the securities in such state.

to

most

certain

Incorporated

assess

Incorporated




in timing,

that

the

of

are

more

impos¬
it is al¬

future

will

marked

recognition that our
and will give
increasing
attention
to
defense
planning and spending.
government

Major
the

of the

developments

Communist front
any

accusations,

as

anti-busi¬

of

within some
seg¬
Administration,

new

already raises the prospect of less
dynamism
business

risk

and

taking
by
a highly
not only to
-

managements

ingredient

more

—

business growth,
but
important to sustain¬

Obviously,

can

now

on

be

time with count¬

er-actions by our government and
allies.
In these increasingly tense

circumstances, most business man¬

managements

stantly under attack
with

or

con¬

threatened

incentives

reduced

and

gen¬

cannot
hope to be fully effective as a
source
of new ideas for growth
erally

and

the

the

on

defensive

investments

new

to provide
increased efficiency

jobs and

needed

to

keep

our

economy

strong and ahead of the Russians.
It

is

be

to

fervently

business fears toward
will

hoped that
government

unfounded and
that
and government will be

prove

business
to

able

work

still closer in meet¬

ing the serious challenge of over¬

coming Communism on all fronts
while continuing to raise the liv¬
ing standards of our people.

must

news

expected at

May 17, 1961

war

without full

Smith, Barney & Co.
Incorporated

cold

the

on

intensified.

by a long series of
dangerous incidents.
According¬
ly,
domestic
business prospects
cannot
be
properly evaluated

A. G. Becker & Co.

White,Weld & Co.

attack
be

possibilities

the

sible

be

Kidder, Peabody & Co.

will

States

While

Copies of the Prospectus

policies

condi¬

international

tension daily in relations

issue

ness

ments

gov¬

of anti¬

able, vigorous national growth.

Tensions

are

and

as

by

wave

indications

well

ahead.

manage¬
intensified

some

business

of

threats

trust

even

International

gains

of

about

ernment. The recent

essential

and

in

psychology
is now easy to detect, reflecting
a
bottoming in the recession and
management

profitable

Unsettled

tions

a new

noticeable

with

resume

Business

(No Par Value)

constitute

of the economy

strength.

150,093 Common Shares*

,

however,

balance,

the upward course

will

buoyant psy¬
in the stock

excess

especially

chology

harassment

showing

offering is made only by the Prospectus.

im¬

business

as

trends within the economy which

panding

as

There is, however, grow¬

proves.

concern

services and related activities ex¬
This advertisement is neither

the

well as
economically inspired pessimism
often went beyond a level war¬
ranted
by the facts.
Looking
ahead, there is now every indica¬
tion that general confidence will

is, however,

divergent

xhe

expected

changes

than changes

in actual business conditions.

ment

be

conse¬

quences.

increasing

years.

Consequently,

can

com¬

progressively
higher
rate
inescapable with some in¬

a

seem

There

Rosenberg has been in the firm's

the

Further budget deficits

year.

manufacturing

demand is heavily dependent

next

so

items

which

is destined to grow over

especially for civil¬

virtually

are

is

quite evident that the role of gov¬
ernment
influence and spending

Postwar shortages of such

use.

what

followed.

year,

building activity.

eral

growth

visualize

have been evident in recent years

governing factor, but it

to

program

domestic

to

cisely

pessimism, the

and

appears

and

have the highest priority and pre¬

durable goods,

been

Spending

and complicated, as well as
intermingled with rising defense
needs, that it' is exceedingly dif¬

pre¬

George

has

over

vast

as

carious.

ian

Rosenberg

control

President's

The

in

concerned

A.

with

plans

Deficits

stimulate

most

V.-P. of Arnhold &

new

international

an

and

Government

for
example, rising employment and
income,
expanding
orders
and

syndicate

Mr. Fuglestad

manager.

merly

as

regulation

psychological

to

of the New

Exchange,

on

future

time that

and at

abroad

in

members

their

at such

uncertain

ventory liquidation, and a pick-up

Stock

comments

business.

ciated with Lee Higginson Corpo¬

City,

from the

is concerned

alternative policies to be followed

er

and

evidence that our
economy is basically very strong.
Encouraging
signs
of
at
least
moderate improvement ahead are

asso¬

case

busi¬

over

agements will find it wise to sup¬

actions

haps

Fuglestad With
Lee Higginson

inter¬

development or a crisis prompts
government to invoke great¬

political de¬
velopments as

the mildest

growth.

in

our

the

excellent

and

plement

government

cession

country's

rise

policies in

consequences

business;

of

terms

in

of

definitely stronger with

as

all-time

new

mate, and the electrbnics industry
is more than keeping pace with
seems

possible

alternative

over¬

for civilian

improved housing outlook.

unwarranted

Switzerland—The economy con¬

the

to

have

inflationary

be described in economic

now

can

S. Bleichroeder

Germany — Industry
Germany is increasing

areas.

is

the

Hoadley expects

increased

about

small fac¬

the

at

time.

3 to 5%

a

coming increase in government spending and deficits;

home—and

Sweden—There is
ed

with

scientists and officials.

many

notable progress

degree of polit¬

ical

gratifying

electronics,

in

ization

dicate

France—Despite
there is still

dence

and

ration, 20 Broad Street, New York

mark's output is for export

time

has

products.

excellent, although the in¬
use
of electronic products

limited

is

terrific
fnade in

area,

being

are

factories and

appear

total

to

Germany.

able evidence that quality and re¬

liability

population of well over 400,-

tinues

especially bright. Consider¬

generally

competition

activity

electronics

of

Australia—This country's future
seems

a

lesser degree.
Keen

a

tor

im¬

thumbnail

my

it:

saw

Denmark

coun¬

itinerary were all on
appeared to be
making important strides toward
becoming industrially self-suffi¬
cient.
This holds true for Aus¬
tries

I

as

developed extremely rapidly.

Throughout

are

pressions

nity to meet with our worldwide
licensees
and
agents. Based on
what I saw and on conversations
with

visited

I

areas

rapidly, and we can
forward to greatly increased

foreign markets to us.
Walter W. Slocum

opportu¬

a n

the

competition from overseas as these
countries do their best to close off

as

250,000

about

made.

look

areas

rather

but

for

is

in

ization

in¬

only

that

radio sets were produced last year

There

developing

full- scale

country's tremendous po¬

this

compla¬
cently, ignoring what goes on be¬
yond our shore lines. Industrial¬
longer afford to sit back

be

economic

electronics

keeping abreast of world¬
developments.
We can no

wide

in¬

to

ever

in

sive

completed.
My
visit
not

United

than

convinced

more

of

industry anticipates

developments necessitate greater regulation and control

production facilities now seem to
expanding somewhat. It is in¬
teresting to note, as one example
tential,

industry must be far more aggres¬

coun¬

tended

Foreign

the

to

that the leaders of our

a

trip

tries, which I
have
just

was

returned

have

States

sion

u

six-week
into

I

Business

be

Keeping Abreast of
Developments

world

personal
c

upgraded

being

are

goods.

national tensions

manufac¬
turing talent. The inherent prob¬
lems have
been recognized, and

sharply.

This

well.

as

standards

durable

trained engineering and

need to

the construction

all business rise in the year ahead with a slower recovery

equipment and by the lack of

of

world-wide developments!

aggressive in keeping abreast of

The electronics industry

Economist in

be delayed by the lack of
foreign exchange for the purchase

in most

on

Armstrong Cork Company, Lancaster, Pa.

India—This country is awaken¬

may

reports on the extremely rapid development of electronics
countries visited. He also is more convinced than ever on our

Based

By Walter E. Hoadley,* Vice-President and Treasurer,

Germany.
ing to the necessity for industrial
development, but optimum growth

President, International Resistance Co.,

By Walter W. Slocum,

Thursday, May 18, 1961

.

Business Trends

no

of any
^

.

to be vir¬

seems

electronic
equipment
kind made in Greece. Most
what is imported comes in from

tually

.

Housing Industry
The

that

ognition

lacks

mand

basis
the

for

a

next

creased
ment

Administration's

new

new
a

-

housing

sound

rec¬

de¬

economic

sharp increase during
years
and its in¬

few

emphasis

of. existing

upon

improve¬

homes point to

Volume 193

an

where

area

between

close

and

significantly

benefiting

housing

conditions.
President's
housing
contains

an

to

gram

.

The

.

Commercial and Financial Chronicle

all

increase

new

BY

pro¬

JOHN

T.

the

CHIPPENDALE, JR.

housing

legislation is

that it stresses the home
improve¬
ment potential to a
greater de¬

than

before.

ever

attitude

traders,

be

to

before

the

quality of
existing homes can be improved
on
the
scale
urgently
needed.
Nevertheless, the attention which
the

Administration is giving

new

to

home

improvement

activity

merits the closest interest of busi¬

leaders

ness

the

across

nation,

and

to

to¬
obligations

improve

opinion

market

among

in

spite

some

specialists

the

and

dealers,

as

Government

continues
the

investors

well

as

wards

of

that

'return

a

"bills

only" type
market operation is just
of time.
They believe

of

money

of

open

matter

a

that

by
the end of the year, or the
early
part of 1962, the boom which they
predict will
be
in
full
bloom,
hence

there

will

"over-all"
with

longer be

no

an

market

open

policy
operations in

expanding home improvements.
In

the

summary,
outlook

ness

is

busi¬

general

now

couraging than for

more

en¬

months.

many

In

belief that the current open mar¬
ket type of operation will be with
us
for a long period of time ir¬

respective of what happens to the

light of the economic, political
and psychological conditions

a

profitable

reported

and

even

that

the

one.

the

the

4s,

have

3s

Purcell Partner

Of Shields & Co.

come

Edward
mitted

time.

It

with

the

is

the

the

World

of

passage

old

same

War

story,
2V2S still

II

being the favorites of both the in¬
vestors

and

appears

trader

ing

an

the

traders.

though

as

And

of

more

it

the

type of operator is show¬
inclination to pay greater

attention

to

these

middle

term

issues.

usual

lected

some

to

seems

about

this

be

nothing

demand

intermediate

there

un¬

for

from

term

down

rather sharply the floating
supply of these bonds.

Because
which
all"
.be

time,

an

that

they

advance

the

will

at

be

refunding

Treasury

of

growing' beliefs
that the

"over¬

market

open

operations will
passing fancy
enlarging interest in

than

more

is

the

around

are

an

a

York

which

J. C.

Stepp Forms Co.

WILLIAMSPORT,
Stepp

is

Pa. —John

conducting

business

from

C.

securities

a

offices

at

721

Street,

of John C.

under

the

firm

Stepp & Co.

and

Mr.

has

American

Purcell

partner

in

Purcell &
of

the

been

Stock

four

Co. and

member

years.

of

the

He

with

New

a

a

Shields

is expanding, des¬
pite the continued heavy demand
for

the

managements

contrary,

ideas

and

to

the

relax.

On

for

ingenuity

Emphasis

has

Banks,

May

years

1,

continue
tone

'•t..

Broad

&

York

n.'->9u

v.1.,1

,

partner in Gilligan, Will

City,

of; the New York

Exchange,

Stock

that Richard

announce

the

funds
for

organized

of

its

raising

institutional

re¬

search department.

Mr. Jennison is
ant

a

former Assist¬
of

United

Corporation where he specialized
technological investments, in¬
cluding electronics and electrical
in

equipment
member

tronics
York

lysts,

securities.

of the

He

Electrical

is

a

& Elec¬

Analysts Group, the New
Society of Security Ana¬
the
Electronics
Industry

Discussion
stitute

Group,

of Radio

the

and

In¬

Engineers.

J.

Goodman,

policy

to

Securities

man

offices
York

at

80

City.

Corporation
Wall

The

new

Mr.

the raising of new
the refunding of ma¬
they come due through

as

an

obligations,

it

though

short-term

the

would

Treasury market
pretty
well
supplied
kind of security.

also

stated

the

about

in

again

Cut

of

some

the

terest

whole
is

rates

is

department

favorable

world

in

is

time.

few

a

tral
■

Mid¬

Exchanges, on May
Philip LeBoutillier,

Carter

Smith

Smith

is

mutual

to

to

partner¬

in

charge of
fund depart¬

ment.

Bank

not

distant

rate

will

future

not

It

be

to Hear

111.—Bennett A.

guest

speaker

at

Cerf,,
the

luncheon
ment
to

meeting of The Invest¬
Analysts Society of Chicago

be held

and

is

offer

under

to

buy,

no

be construed as an offer to sell, or as an offer to buy, or as a solicitation of
of the securities herein mentioned. The offering is made only by the Prospectus.

circumstances to

any

May 18 at the Midland

Hotel.




an

May 17, 1961

100,000 Shares

Aerotest Laboratories

Common Stock

spe¬

be

the

this

that

short-term

Bank

borne

on

both

in

reduction
would

favorable

effect

in

cut

and

depress

should

very

be

what

they

as

have

are

per

share

a

and

monev

to

all
upon

being

indica¬

such

adverse

attempting

in order to combat
ment

$8

the

psychological

the

according

Price

mind,
in

capital markets. And the adminis¬
tration,

Incorporated

are

to

a

Copies of the Prospectus
in

states

securities

may be obtained from the undersigned only
undersigned is qualified to act as a dealer in
which the Prospectus may legally be distributed.

in which the

and in

to

do

the unemploy¬

situation.

President of Random House, Inc.,
will

not

much.

too

development

Chicago Analysts

lowered

market

money

tions, should not look

CHICAGO,

discount

be

However, there

rate

Mr.

This is

in¬

of

other
free
This would
the

that

likely

Central

firm's

that

cialists who believe that the Cen¬

admit

and

of

lower

go

at

a

the

beliefs

centers.

mean

not

this

quite

;

and

Co.

brought down and

yields

money

to

seem

rate

York

&

go

no

however, that

ship.

Hayden, Stone

not

Possibility

a

structure

bers

Stock

to
to

outflow

will

rates

TOLEDO, Ohio—Collin, Norton &
Co., 506 Madison Avenue, mem¬

will

this

funds."

Rate

spite

would

west

order

an

"hot

rates

Jr.

be

with

not be allowed

downside

so-called

unless

that

To Admit Two

25

of

should

danger of funds leav¬
ing here in order to obtain more

Collin, Norton

New

sector

states

the passing of time, it is not
expected that this will take place

future.

the

of the Prospectus may be obtained from the undersigned only
in which the undersigned is
qualified to act as a dealer in
securities and in which the
Prospectus rn^y legally be distributed.
in

as

However,' it" seems from
the
prevailing
opinions
which
are
around as though there is still a
limit
beyond
which
near-term

at

of

appear

the

there

underwriting
near

C( pies

the sale of near-term Government

with

with

Street, New
firm will act

Goodman Securities plans to open

the

both

program

favor

near-term

securities.
Goodman

share

and

turities

In

brokers and dealers in General

as

market

Price $10 per

of
pattern
the current

and

as¬

announced the formation of Good¬

Common Stock

readily taken. And

present

management

money

the

Co., has

Economy Bookbinding Corporation

,

seem

bring

formerly

sociated with Hourwich &

the

a

be

the

Discount

David

from

these

can
be put to
limited period of
only the new money
also
the
refunding

but
will

monetary

on

Formed in N.Y.C.

growing
in

concerned.

that

rates should

Goodman Sees.

is

are

debt

Vice-President

150,000 Shares

in¬

securities

only

time that not

issues

newly

an

short-term

have

since

director

as

the

work

with

firm

as an
offer to sell, or as an offer to buy, or as a solicitation of
of the securities herein mentioned. The offering is made only by the Prospectus.

ex¬

traders

evident

E. Jennison has become associated
the

of

increasing

Longer

Governments

Doing

Well

The intermediate and long-term
areas
of the Government market
continue
to
display a firm
to
improving tone, as more of these

Hayden, Stone

&

Co.

a

& Com¬

86 Trinity Place, New York
members of the American

Stock Exchange.

circumstances to be construed

any

favorable

a

way
in
obligations
being absorbed by those who

are

Street, New York City,

members

no

buy,

and will

John J. McLaughlin has become

May 18, 1961

interest

an

of

as

which

Richardson,

the

classifications

is

It

display

and, to

far

as

to

those

two

Adds Jennison
30

to

a

Stock

Company
membership on the
Stock Exchange.

Short-Term

on

because

vestors

1961.

Auerbach, Pollak
Pollak

offer

been

&

The money and capital markets

tent,

Auerbach,

and is under

member

Gilligan, Will Company,
Admits J. J. McLaughlin

Borrowing

*An address by Dr. Hoadley before the
41st
annual
conference of
the
National
Association
of
Mutual
Savings

Philadelphia, Pa.,

not

a

of

third

new

need

more

been greater.

never

This is

stocks.

common

by

firm

York

Volume and activity in all Gov¬

ness

Ex¬

Exchange

has

New

Exchange for three
represent

was

Stock

ernment bonds

likely
to
prevail,
however, this is no time for busi¬
seem

ad¬

formerly

was

securities

the American

for

pany,

Elmira
name

Purcell

general partner in the

changes, it was announced
Paul Shields, senior partner.

Government bonds.

se¬

obliga¬

prospects

are

future

involved in
offer

being
made
by the
public
pension funds (mainly) has cut
are

there

There

fairly important amount
buying recently. This

a

a

underwriting firm of Shields &
Company, 44 Wall Street, New
York City, members of the New

along with the commitments that

with

for

A.

as

economy.

which

to

supply

ing

and

opin¬

those who hold the

are

dealers

of position

tions since the yield is satisfactory

of

breakthrough

of

willing

are

according to advices,
being taken out of the float¬

ion, there

goal

major

a

positions

13

into

are

achieving
in

strong
as

obligations,

the longer end of the Government
list.
As against this kind of

"nudging"

the
well

in

especially those who can lend
technical know-how and direction
to
this
very
promising

its

as

bonds

in and out in order to make

is

3V2S
The

into

who

operation

It

Many difficult financial, legal,
and administrative
problems must
solved

those

an

overtones, the significant feature

gree

trading

move

inflationary

of the recommended

moving

hands of investors
and

'legislation

substantial

longest Government

also

are

GOVERNMENTS

the

all-encompassing

could add to the attraction of such

securities.
The

national

While

(2173)

Our Reporter on

in¬

private groups can bring
major
accomplishment

a

with

.

cooperation

government

terested

about

Number 6056

14

The Commercial and Financial Chronicle

(2174)

4Vz %

The Securities Market and

short-term

rapidly

three-month

Treasury

2'/2% trading

bills fluc¬
for next

tuating

within the prevailing 2«/8 to

several

months, and possibly rising over the fall and winter, on the

basis
this

of

financial situation.

present business developments and

have

adds,

he

about,

comes

terms

about as

gone

then

low

yields
as

range

intermediates

on

and long-

when

driving

in

Yield

Stability

Since

prevented from allowing interest rates to respond upward with busi¬
ness

be

Mr. Youngdahl is hopeful the Fed will be left alone

recovery,

it will

that

steer

low

Treasury

fur

so

point

active

/bout

a

ago

year

according

to

National

in

in April 1960
analysis of the

—

Bureau

Research

the thinking

1960

the

Economic

of

the boom of 1959-1960

—

61.

trading markets.

iming point,
of course, did

to

e

some

considerable
after

time

and

y

strike

direction

officials

months.

several

markets

In

the

turning point
in January 1960. Both short-

v/as

term

and

sharply

long-term

over

yields broke

ihe lir.»t half of last

>ear.

money

it

be

can

and

said

capital

policy

markets

about

of restraint.

cline

of

bank

been

been
rate

again
If

began

to

develop,

eased off the pressure

positions.

cut

1960,

reserve

by

over

By

deficiency
half,

and

was

in
we

cut

in

promptly
1960,

keep

our

in

ment

and

and

to

minor

weak

back

to

basic

they are being subjected, to attack
on
suspicion of being unfriendly

spending

growth

and

responsible

35 billion dollar gap

on

of

for

ways

a

of

The decline in the market yields
U. S. Treasury securities in the

first

half

sharp
cf

of

about

was

previous cycle.

any

three-month
from

1963

over

41/7

Yields

Treasury

*

yields
to

Treasury
decline

as

About all
actions

around

of
be

the~e

conditions

expected

sufficient
mote

securi¬

some

growth

about

and

seasonal

3V2%

during the
period. Long-term Treasury
bond yields dropped from about

bank

lift

be¬

capital

are

other

offer to sell

nor

a

solicitation of

an

of

develop¬

in

situation
today if

the

keep

we

mind.

Last

reserves

ments in

al¬

their

of

commit¬

was

In¬

considerable

a

investors

such

-

ing

in

began

bring

programs to

reduction

about, selling
longer-term securities and invest¬

under

a

issues

in

maturing

one,

credit

basic

that

fact

factors

although

shorter-term
lower

than

in

the

longer-term
been

yields
has

the

10-year

the

have

make

to

longer

to

been

they

as

odious.
able

the

intermediate-

with

too

been

have

areas,

low

so

in

a

term
investor

An

-

cut-back, say,
maturity range

short-term

market

at

a

sacrifice
typically of
le~s
than
three-quarters of 1% in yie'd. Bv

selection

of

it

issues

has

been

possible, in fact, to do
this and yet maintain current re¬
turn

of

and

give

gain

a

this

Common Stock

at

only
maturity.

sacrifice

offset

up

the

promise

a

Against

investor

could

the

possibility
that
he
might sustain price declines from

(25c Par Value)

levels

present

sometime

before

that maturity.

tionships,
liquidity

Share

questions of yield rela¬

however,
there
were
considerations
upper¬

most in the minds of

major

investor

number

have

undersigned,

as

may

felt

of

a

number of

groups.

lending

themselves

A

great

institutions
to

be

short

of

liquidity in recent years. While
our
principal savings institutions

announce¬

underwriters, including the

have found adequate outlet in the

lawfully offer the securities in such State.

long-term capital market for their
new

them

savings funds, almost none of
have, been prepared to re¬

duce

&

In

vestors,

liquidity

that

"in¬

an

reverse

months

many

few

as

will

have

this

country, few in¬
businessmen, indeed

few economists have felt that this
downturn would

longed slump

spiral into

a pro¬

depression.
business abroad

thing,

one

For

or

widely

in

and

Britain

has

current

to supplement
savings
flow
in
long-term secu¬
rities.
Current lo^g-term yields
are just not sufficiently attractive
to pull out such money.
' ;

Co

At

now

,

mary

commercial

need

has

banks

been

to

the

last fall

as

has

been

considered

tion

of

time

developed
when

the

of

in

that

only

before

this

prirebuild

ques¬

a

upturn

an

country, and.
would
occur

upturn

typically evaluated in

was

was

apparently correctly
highly temporary.
It

regarded

time

it

inventories

terms

might take to pull

down

minimum

to

operating levels.
Such

against

the
background
investors have re¬

was

which

fused to panic into

huge programs

of

portfolio extensions. They have
decided against drawing on exist¬

ing liquidity positions in order to
capture
the
prevailing
longerterm
yields
because; they have
of

anticipated

demand

for

The

future shortage

a

investment funds.

factors

that

dominated

the

capital market in the second half
of

1960

in

the

have

continued

first

four

do

to

months

of

so

this

Developments have, if any¬
strengthened
the widely-

held

that

concept

readjustment

Probably
factor

will

the

has

the business
short-lived.

be

only

been

really

the

new

Administra¬

tion's attempts to talk down the
longer-term interest rates and the
the

of

the

same

Federal

scene

as

Reserve

"nttdger."

a

Business and Credit Outlook
The business recession

have

hit

bottom

Movements

seems

early

industrial

of

to

in

1961;
produc¬

tion, new orders, sales, personal
income, housing starts, employ¬
ment, stock prices, and other in¬
dicators suggest in fact that an
upturn
ness

to

seem

gen¬

things

expect

There

of

is,

discussion and doubt

some

to the

to

further.

improve

Busi¬

underway.
others

and

inclined

course,
as

be

may

men

erally

vigor of

future business

a

pick-up.
Such doubts
It

understandable.

are

is

typical of this phase of a
business cycle
that there never
to be anything in prospect
promises to provide much

seems

that

thrust

to

business

activity.

dents cf .the business

fall

rf

1949.

mid-1858.

sharply

very

in

or

Yet

bullish

Stu¬

■;

picture

were

in

late 1954,

the
in

or

business recovered

in
the
following
six
Again today economists,
officials, a"d many busi¬

months.

public
ness,

men

mistic

generally

seem

about

pected

the vi<*rr of

age an

recovery.

ex¬

at

that

a

the .strength

covery
a

on

the

majority opinion
of a business re¬

has much predictive value

time

For

may

investment portfolio

premise
on

They

pessi¬

the

be
right this time. But it would be
unwise, in my oninion, to man¬

order to invest in

May 16, 1961.




liquidity

their

Bear, Stearns

before

generally not

Bevond

is circulated from only such oi the

swing"

to

seem

yields

market

comparison

offer to buy these securities.

Potter Instrument Company, Inc,

ment

rebuild

recession

current

itself

been responsible for stimu¬
lating such thinking.
First is the

time not aggravating the out¬

State in which this

and

passed.

have

usual

yields

careful

any

the

on

Several

oflen

be obtained in

con¬

positions have not been the only
factors holding back a sharp fur¬
ther decline in long-term yields.
Generally, people have considered

entrance

two, or three years.

pro¬

210,000 Sh ares

may

maintain

to

thing,

into

Copies of the Prospectus

international

holding
up
short-term
yields and the needs of investors

year.-

of, discussion concerning
desirability of cutting back on
investment maturities, particular¬
ly cf U. S. Treasury issues. Many

from

a

re¬

straints

amount

The offer is made only by the Prospectus.

Price $10

to

1961.
the

the

supply

short-term

developed

the capital markets.

there

deed,

flow

to

in

But

not

there

summer

maturity

age

States

do

far

so

strong reluctance on the part
of investors to extend the aver¬

money

to

mood

a

their 1958 mistakes in 1960,
and they have remained cautious
peat

a

our

not
an

number

a

that

Investor Behavior and Attitudes

extreme

huge

to

the

market

these in

payments

"was

been

however, and it is easier to

our

This

with

of

a

underlying

or

This announcement is neither

might

appreciate

during the last quarter.
In order
to
accomplish this while at the
same

domestic

being

pace.

monetary and
to
avoid the
in

when

have

ment,

that the credit easing
Federal
Reserve

could

period

forces

the

on

ipso to

from

well

that

of

inter¬

considerations

a

There

centers.

about 21/4 % by mid-year. On inter¬

ties,

markets

in

came

press

year,

the United

fell

bills

% in Januar

the

leveling off in

a

mediate-term and long-term rates
mid-1960.
This
leveling

major political

a

short-term

have made it desirable to promote
a
further
drop in such yields.

rather

sparked

capital from

into

in the comparable oeriod

as

of

in
market

caution

necessary

the

by¬

Reserve

since

Federal

was

promises

part

a

primary

Federal

the

together
the

A

the

finan¬

business

boom

a

balance

and

campaign,

kind.

some

at

development,

same

ourselves

activity

maintained

situation

to

for

of

been

has

other

where

economic

helped

readjust¬

1961

in

major coun¬
the
most
part

tries,

fall

our

handling

last

of

problems.

period
one

fallen

in

another

short-term

international

our

product

widely understood.

middle

in

losses.

cial

interest rates had
those

avoiding

in

not

were

for
these

necessary

liquidate

substantial

at

the

promoting a
drop in short-term yields

the

making credit
while, at the

declines

System's

to

holdings

it

to

hesitation

low

1959, for hav¬

economic

I

By

Re¬

second

made

banks

tensified

by

now

conclude

the

cycles.

of

borrowers

continued to boom. Even the little

in¬

mid-1960

ease

further is

They

having

since

monetary
further

having

for

business

and longTreasury securities, A surg¬
ing demand for credit by private

term

interest rates that would have in¬

a

reluctance

Reserve

regret that instead

5%

June

in

recent

Federal

in

in

time,
of

round

was

at

the

succeed
1860

;ans

as

to

as

intermediate-

ventory

fair

available

same

readily avail¬
price higher
comparable
periods of

than

overexuber-

our

for

1960

proportions.

first

in

credit

although

of

readily

1

balance, .the

other

regarded

cushioned

and

mediate-term

August.

bring

applauded
us

the deficiency had
The
discount

eliminated.

able,

did

half

is

been
regarded
in
temporary commit¬

had

in

in¬

in

bank

it

balance

on

further

characterized

busi¬

heroes.

in the boom of

ance

main¬

degree

reserve

April, the bank

by June

been

constant

Shortly after the de¬

rates

the System

had
a

which

that

for

some

paper

and

think

serve

Treasury
largely sea¬

moderate

On

be

of

and

market

was

private

a

crease.

may

I

the

and

market,

showed

Reserve

be

now

national

be

full

last

small

a

in

money

per¬

the

In

securities other than bills, in¬
issues in the 12- to 15-

flow of funds and of gold.

for

part

but

spectacularly suc¬
device,
was
to
modify
market operations to include

likely to affect those yields most
closely related to the international

corporations. Mort¬
also in substan¬

deficit, there

crease

the

on

harmless

not

month maturity area where ii was
said
that
purchases
were
less

1960

governments

credit

1959.

their

Federal

our

should

restrained

to

rather promptly

was

policy

tained at

bad

should

made

shifted to support the change. For
some months in late 1959 Federal

Reserve

sonal

distortions

for

the

over

minor

as

in

January and
early February of 1960, it should
be pointed out that Federal Re¬
serve

financed

were

half of

second
that

cycle

ness

the

that

the turn unassisted in

on.

believe

ing

While

was

by the prolonged steel

the

in

formance

I

Another

-

cluding

was

demand.

The

C. K.

by

prospects

economic

the

of

Youngdahl
capital marlets, however,
anticipated the change in business

these

Prosperity

of

credit

short-term

The

introduced

The

in o n e

tial

the

as

\of the major sectors of our

view

the

event.

especially
gage

Federal Reserve
System's recognition and response
to the downturn that began
last
spring was extraordinarily prompt
and
courageous,
particularly
in

spread

until

known

capital
local

and

of

demand

what

of

mid-1958
ments

Banks

ury

band.

half

strong

liquidity following the sharp in¬
crease
in
loans
in
the previous
boom.
During that period banks
were
caught with large positions

many

the purchase of short-term Treas¬

Since that

narrow

second
a

long-term

predictions covering

then

was

the

was

state

just rolled in,

had

sentiment

economy.

become

vid

monetary au¬
Over the year

our

year ago.

great wave of bullish busi¬

a

most

t

not

there

generally considered favorable for

this

of

a

comparatively
Over

timing

the

of

"soaring sixties."
world-wide, and

1960-

Recogni¬

tion

thorities

what

reces¬

of

by

performed

with glowing

began to slide
sion

quality

a

easily appre¬

more

can

the

ness

economy

into the

ciate

end

topped out and
tire

1860, we

of the time in early

It

for

Thursday, May 18, 1961

cessful

time yields have fluctuated within
Decline

Yield

helpful device.

one

funds

markets.

for

and

re¬

as

.

likelihood of their finding prompt
the national money

of yields

securities

out

available

investment in

Mid-lS69

proved

further

those

.

lending at a
host of country banks without the

most other credit instruments with

1958,

approach and the too prompt action of

has

the

about

for

1955

midway course between the too timid

a

was

a

and

market

Use of vault cash

released

open

Mid-1960

for

funds to the

yields

with

abroad.
serves

country,

supplying

new

money

these

line

of

this

also

large amount of

Addressing himself to the possibility that the Federal Reserve will be

and

without

probably

business cycle.

in this

is likely

If

1958

in

as

from

Reserve searched

expand the availability of

the
yields on corporate and
tax-exempt bonds was extraordi¬
narily precipitous. Mortgage rates,
always slow to move in either
direction, showed only a modest
response in the first half of 1960,
although there was an increase in
the availability and some easing
in the terms on mortgage credit.'

Aubrey G. hanston & Co., Inc., New .York City
sees

funds

ways to

this

during\

of

Federal

credit

as

By C. Richard Youngdahl,* Executive Vice-President,

dealer

significantly

the

period, although not as sharply as
in the U. S. Treasury market nor
fall

securities

flow

other

In

yield^ also de¬

markets,

clined

Interest Rate Outlook

Governm2nt

3^4%.

around

to

trading

.

such

purpoies

as

of

this.

coming

to

a

b.r~acl judgment on future interest
rate

to

trends, however, all we need
on is the general direc¬
activity. It is my
opinion that the recovery has

agree

tion of business
own

Volume

193

Number

6056

.

.

The Commercial and

.

Financial Chronicle

(2175)
begun and that business will
tinue

to

ahead.

improve

in

the

con-

months

Recovery could be slow—

but it could also be rather
vigorwith a broad advance in

business
to

recovery.

If things

according to

go

bank

past

positions might

reserve

the Federal Reserve is in

were

agree^

Talcott Forms ••...•

re-

be, and there is no
reliable technique for
finding out

main easy through next summer
and possibly even into the " fall,
If by that time the recovery is
solidly established and a substantial monetary expansion is under-

except to wait and

way,

I would expect the monetary
authorities'to move away, from

positions.

to

if not

most,
Nobody knows

all, sectors.

which

it

will

•Demand
from

for

banks

market,

see.

short-term

and

from

likely

seems

credit,

the

to

money

pick

in the months ahead with
ness

We

recovery.

sure

that

1961

the

in

the

second

.well

as

fairly

half

^Treasury

borrowing

period

could

billion

dollars, and

could be

needs,

during

amount

8

to

as

declining

in

repayments

loans

have

high
of

been

level

recent

maintained

while

credit

have

months

outstanding

on

at

a

extensions

new

declined

sharply.
! This is a typical
development in
the
bottoming-out phase of the
business cycle.
Recent i developments

in

auto

other

and

goods sales suggest that
this

of

pattern

;is likely that

reversal

a

ahead/It

be

may

durable

improved tone in

an-

the general business situation will
be

associated

with

pick-no.in

a

interest in durable goods
purchases and a revival in demand

consumer

for

credit.

consumer

Business
credit

demand

has

lacked

snark

largely

the
A

cessation

readjust-

of

inventory

would

add

business

bank credit.

for

vigorous

a

business

banks usually does
the early phase of

some

demand

However,
in

resurgence

some

refleetog

inventory

liquidation
strength to

bank

.

for

probably

months

ment.

for

loans

at

business

a

re-

perhid^

of

decline

a

interest

rates

.levels.

in

Board

Certainly

there

In

the

Yields

I

credit

aggregate

demand

the

kets

funds

has

been fairly

mar¬

for

well main¬

of

..hopeful

am
-

that, when

decision

adjustment, rather fully absorbing
the

seeking
There is no

such

money

ment.

this

pect

greatly

will, fully

the

to

a

period

ahead.

A

heavy corporate

program of longfinancing during the second

term

half

of

slack

1960

followed

was

period in early

by

1961*.

a

More

recently,

however,

mand for

,

.

.

again, reflecting in part
a growing conviction that borrowing opportunities are now as fa¬
vorable
to

be

perhaps they

as

for

some

time.

going

are

If

this

con-

viction

spreads, as it well may,
corporate financing calendar

the

pick

may

IpvpIq

from

even

up

DpniflriH

for

goTd^

credit

ticularly

for

financing

dential

construction,

present

mortgages

lighter
the
in

current

morWaP'p

supply

in

earlier.

case

housing

non-resi-

although
seem

than

had

Recent

at
bit

been

recovery

should

starts

a

help

a

likely

seems

at

current

interest

.

dae^and

if

it

materialires

exception

certain

haos

be

may

credit

mortgage

rates'

sector

in

The

per-

Jr.,

IAC

down

or

up;

investments

traded

actively

national

markets.

and

certain

private

yields

show

may

decline
before

in

the

than

that

highly

in

ized

Ranahan
of

was

industry.

are

announced

Silverman,

Presi¬

Talcott, and J. H. Ranahan,

Directors

of the

These

Silverman and Mr.
be

James

that

President.

It

brings together

Francis

Board,

on

the North American

in

IAC

Continent.

han,

Talcott,
processed
in

dealer

founded

company

New

j. H.

with

Atlanta,

will be

Chairman,
Executive

1960.

The

has its headquarters in

York,

Francisco

-

1854,

than $1,275,000,000

offices

sidiaries in Chicago,

ton,

in

during

more

receivables

Los

and

or

sub¬

Detroit, Bos¬
Angeles,

Minneapolis.

San

L.

G.

J.

believe

This advertisement is under
as

a

Industrial-Talcott

erate

throughout

headq u"a f t ers

current

possibil¬

say the actuality
political interference with
functioning of the ^Federal

Mav

ISSUE

115,000 Shares

m

the

Common Stock
$.25

per

Share)

rl"p

strengthen the demand for credit
in

this

other

this

later

area

States

United

year.

Treasury,

hand, has

There

The

the
that it

indicated

is

an

uneasiness

in

the

aboY,t rfcf,1?^
*ar}d **ucJ§»e +TieJ ^ down'

on,

talk

Price

$6

per

Share

with an implication that Gove"nlong-term market.
By avoiding ment power will be u^ed in some
that sector the Treasury hopes to yaSue way to bring this about if
promote lower long-term rates, ,f does. not otherwise occur. Even
doe?

no

with

a

intend

borrow

to

in

the

consequent stimulus to pri-

and

yate borrowing and capital spendlng'
,

,

J

Now what
In

about credit supply,

short-term

the

market,
of
course, the most volatile source is
the commercial
banking system,
The

availability of bank credit has

been

during

promoted

by

the

past

bank reserve
position, and bank credit has expanded significantly during this
readjustment period. It is reasonyear

an

easy

.

able

to

expect

Reserve
even

to

pansion

posits

will

that
to

want

encourage

in

in

bank

the

a

Federal

permit and

further

credit

early




the

and

months

ex-

de-

of

at

'financial

Admin_
low-interest-rate

,east_ that fl)e

istration

has a
that it will attempt to
that bias on the Federal
Re:erve, with inflationarv consequences. Instructions on the operation of monetary policy already
seem to be coming from members
bias

Copies of the Prospectus may be obtained from such of the undersigned as are
registered dealers in securities in this State.

and

impose

0f

Council

the

visers
if

of

Economic

through public

not

Council

in
and

direct

will

our

recovery

that

monetary
to be

rodetsky, kleinzahler, walker a co.

Ad-

statements,

fashion.

The

Secretary of the
Treasury have publicly said that

pected

Maltz, Greenwald a Co.

Clayton Securities Corporation

the

be

policy

easy

able period ahead.

for

slow
can
a

be

;

and
ex¬

consider-

It is said that

L. C. Wegard a Co.

and

will

op¬

Canada.

It

"office will

circumstances

(Par Value

IAC

16, 1961

3

be
'

on

ity—some would

to*

Ltd.

Af¬ 'Montreal.

anycon-

—of

Wernp*

General Manager.

fashioned analysis can be applied
J0 tbe present interest rate OU "-;

the

the

Rana¬

Pennefather,

solicitation

people
are
questioning,
whether such old-

and

E.
B.

to be construed as an offering of these securities for sale,
of an offer to buy any of such securities.
The offering is made only by the Prospectus'.

no

however,

Administration,

Mr.

Vice-President

are

bus^ne^recoverv'"^Ttey dx0 cun
oUSlnGSS r0COV0ry.
lncy
-rned ^; »e believe

Vice-

on

Ross, Vice-President and

further

ouRing nroclivities of the

to

,

ordinary market-type analysis.

Some

financial
officers

addition

indicated by what I would regard
as

Chairman, and

Moscrop,

months

I

Campbell, will

Talcott.

Mortgage

conclusions

the

are

rates

Canadian

new

will include four officers
from
each
parent firm.
Repre¬
senting Talcott. in addition to Mi-.

placement
few

R.

R.

company

President.

/

President of Hugh W. Long & Co,

NEW

named

firm.

ager of the affiliate.

they stabilize and firm.

interest

been

new

Vice-President and General Man¬

organ¬

some

next

has

the

Indus-

companies

Mr' Lundy WaS formerly Vice-

Jurf somewhat compartmentql-

on

Mr.

President

two of the most successful finance

President,

investment

:

cities

,

,

or

either

Canadian

Campbell, Talcott regional VicePresident
in
Chicago,
will
be

company,

venture

145

the '

and

private
placement financing. The markets

yields

new

Herbert R.

by

in

.

of

areas

.

Brown,

,

jointly-owned

company,

cial services to Canadian

accounts m the mid western states.

can

insurance

formation of

the

Limited, to provide
financing, factoring,
industrial leasing and other finan¬

,He wU1 serve investment dealer

Suc^^renlaLemenrof

finance

announced

dent of

manager of Broad Street Sales
Corporation, it was announced by
h.

sales

Canada's

commercial

^ been appointed distnet gales
Robert

casualty

t

^

.

,

Corporation,

trial-Talcott

available for such securities are 13 tt
finding adequate outlet.
No ma- ,Dj DlUdU kJU. kJcllOD
terial enlargement of these funds 'CHICAGO, 111.—Richard D. Lundy

de¬

creased

largest
have

ADD011Tl6a
^
T-^y*/^or| Qf-

rate levels, at least as long as alternatlve outlets in equities and
rebuilding of liquidity positi°ns rank high in the scale, of
mvestor preferences. On the otherh®nd. ? recovery in business
?hould h? accompanied by some

company

largest auto¬

and towns.

Herbert R. Silverman
.

ceptance

-

,

is likely in the current businessI i;mHy
cycl.e- At the present time funds' ^
J
as

long-term credit has in¬

corporate

branches
J. H. Ranahan

,

_

and

companies. The company and its
subsidiaries
operate .through

Over 1955 and the, perhaps, too prompt
the fall and winter, however, we action of 1958, as 'we see these
may
experience some
rise
in periods now with full benefit of
yields in the money market.
hindsight,
If the foregoing judgment on
short-terra yields proves correct, thcF%aeranRe,Jv™WJbV Bank Conthen yields on intermediate- and ,ference, Minneapolis, Minn., May 3, i96i.
long - term marketable, securities ;
have probably gone about as low

ex¬

change

recog-

loan

consumer

of Canada's

one

mobile

2Vfe% for several months.

move

to

reason

situation

in

invest-

'operated
•and

con-

lzed geographically and in other
resPects> an<J lending rates have
understandably been slower to

re-

in both consumer and
industrial fields. Its principal sub¬
sidiaries
include
a
nationally

nize all the risks inherent in such

right through the past

of

financing

the

for such creditA are by tbeir

year

ties extend over a complete range
of retail and wholesale time sales

the

that

comes

Administration

recent

Borrowing by states and
municipalities has remained heavy

tained.

of
$600,000,000 and capital and
surplus of $88,000,000. Its activi¬

upward should busirecovery advance later this

■

serv¬

Industrial Acceptance Corpora¬
tion, the fifth largest sales finance
company in the world, has assets

respond

time

*

financing

ices, including time sales financ¬
ing, rediscounting and equipment
leasing.

industrial finance
company in the
United States, and Industrial Ac-

every

a cry for big
doses of monetary expansion well
beyond the point when recovery
has gotten firmly underway?.

three-month

on

range of industrial

Tal¬

cott, Inc., the largest independent

policy. Left alone, the Federal
Reserve will, I expect, attempt to
tinue to fluctuate within the pre- .steer a policy course midway bevailing trading range of 2l/s% to tween the too timid approach of

An

longer-term

is

short-term

Treasury bills will probably

in 1962.

year or

the
this

on

the

below

lat" this somewhat hiSher interest

perhaps

Ad-

"com-

with

Reserve

Sto^ai!:S'b«dhac"me,.
recovery

a

year? Will there be

-

unlikely that there will be

seems

much

more.

^understanding"

matter.

On the basis of present business
developments
the
condition
of

that .current credit markets, and the
10
international financial situation, it

Consumer installment credit has
been

that the

were

Federal

ness

Interest Rate Prospects;

to

think it

some

mon

of

growing def-

a

seasonal

as

account

believe that agreement
-on..current policy does exist. The
ease and at least to neutrality by
question is, will an attempt be
permitting credit and deposit ex- made to prevent the Federal Re¬
pansion to tighten bank reserve serve from allowing interest rates

Treasury will be in the

market to finance

icit

up

busi-

a

be

can

press

ministration had reached

Rico in 1958 and in
Rome, Ital^ ip
1960. The company offers a full

MONTREAL, Canada—James

reason to

ous

filiated financing operations were
established in San Juan, Puerto

Canada Affiliate

ment with this point of view—I
believe the words reported in one

patterns,

15

16

The Commercial and Financial Chronicle

(2176)

.

.

Thursday, May 18, 1961

.

I

AS WE SEE IT
role

true

existed

of

even

standard

gold in banking
when the gold
full

in

was

effect

virtually the world over. All
too often it was supposed by
rank

the

file—and

and

fortunately also by a
many
who
should

un¬

good
have

known better—that somehow
the

soundness

of

tion

condi¬

banking system
by the
of gold held and the
such holdings to lia¬
any

amount

ratio

the

be determined

to

was

of

of

bilities of

one

sort

or

dustry and trade. The prob¬
is, of course, not merely

Continued from page 1

another.

The fact is, of course, that the
condition of any bank or any

the

of

removal

the

25%

re¬

have been heard and

would
ardently

advanced

time

requirement

serve

at

other in any

some

or

event, but there

that

exports are limited

our

by higher costs and that im¬
ports are artificially encour¬
aged. Steps which would en¬
able

manufacturers

our

to

reduce their costs

significant¬
ceives
most
of
its
support ly would tend sharply to re¬
duce the export of our capital
now from the fact that in the
where such export is now a
relatively recent past we
seemed to be in danger of los¬ result of artificially induced
ing gold to the point where ability to produce abroad
the 25% reserve requirement more cheaply than is possible
here at home. The export of
might become embarrassing
to the authorities. The pres¬ capital where it occurs in re¬
sponse to natural causes is,
sure at least for the time be¬
of course, not to be discour¬
ing appears to have lifted, so
be little doubt that it

can

it

is

re¬

therefore the

and

said,

aged; where arbitrary restric¬
tions and other conditions im¬

be
removed without exciting posed upon home producers
the
na¬
induce the export of capital
ture of the liabilities of that suspicion and possibly great¬
is quite a different story.
er demand for our
gold from
system — all its assets, not
merely that part of them con¬ abroad. Doubtless there are
We Must Set Our House
sisting of gold or claims on those who will feel that we
In Order
gold. This was true even in have removed a danger to our
If changes in the reserve
the days when banks
actually banking system by eliminat¬ requirements imposed upon
owned
gold
and not only ing the requirement before the Federal Reserve
System
could, but were required to another possible "run" on our in
any way lessen the real¬
pay it out on demand. It is gold develops..
,
ization that our vital job re¬
even more the case
today.
mains to be done, or in

banking

fixed
type of assets and the
system

is

by

is

the

of

true,

yellow

that

course,

metal

played a
highly important part in the
banking systems of the world
in

can

Unfortunate Attitude

,

It

requirement

reserve

This

is

obviously

an

fortunate attitude. It may
that

true

any

un¬

be

could

give up
gold with less immediate em¬
we

by, and even barrassment once the reserve
under the
drastically changed
requirement
i s
eliminated,
conditions
and despite all
but that is not nearly as im¬
the apparent
efforts of the
portant as the fact—if it be¬
New Dealers
to
free them¬
years

gone

—

reduce the pressure for
accomplishment, the re¬

way

its

of

sult
very

that
more

the

change will be
harmful. The mere fact
should foreigners want
of our gold again we

should

be

able

let

to

have

it

selves

the

from

assets

the

what

and

they

liabilities

ters.

The

present

of

situation

and the train of events which

brought
trate

upon

it

into

rather

being

than

cast

illus¬
doubt

these truths.

without

ment

to

the Reserve

informed

circles, been a
thought for a good
while past against all fixed
reserve
requirements—that is
requirements fixed by law.
Doubtless, the proposal now
brought forward suggesting
trend

of

would

tentative

been

taken

conditions

loss

in

to

the

now

the

remove

which

led

in

embarrass¬

to

the

First

Continental
Continental

First

past. It is,

been

130

West

they

far

enough.

needs to be done

place our international fi¬
nancial position upon a
really
sound footing.
The sine qua non of a basi¬

to

is

provement in

marked im¬

a

our

into

entered

competitive

position in the world of in¬

Officers

offices

of

Consolidated

Bag

Corp.,

Somerville,

be

operated

as

exploration

minerals

to

Mass.,

will

uses,

fective

ac¬

foil,

agreement

an

mercial

has

Danbury,

quire

a

be

is

the

of

insulated

ice

the

country.

The

outlet

new

a

for

as

gration,

foil

product

and

well

in

at

John

W.

mar¬

of
; t'fi V

:•*.

■

•'

Sj!

■

;;

VV

•

-

United

Hartford

Plan¬

160

Aetna

transports

safety film produced by
Casualty & Surety Co. of

Hartford
its

field

film

has
in

films

two

is

Safety.
in the

film

of

designed

Our¬

of

Lind
on

has

Main

opened
Street

a

N.

Y.—S.

"Look

Films

Who's

top

1953.

fan

See

of

his fellow

In

branch

under

the

office
direc¬

of

Kurt

Abramczyk.

for

Agency. The

engines

will

range

fuel

jet
by

will

P.

be

W.

&

new

turbo-

the

planes

give

and

with

speed

consumption
than
turbojet
engines.

conventional

safety

Turbofan

engines differ from the
turbojet in the addition of a series

on

of

fanlike

blades

which

increase

the

engine's thrust.
Last month
jet transport powered by Pratt

a

October,

The National Safety Congress will
also present an award to Aetna

&

for this

record

of

Power

Berlin,

Housatonic

Co.,

Danbury

franchises
P.'s

in

ness

ton

added

were

territory.

New Firm Name

The

to

gas

C.

L.

electric

KANSAS

&

sold

to United

ing Co. of Bridgeport.

ings

on

Public

of

Utilities
that

Lucas, Eisen & Waeckerle
the change of the cor¬
porate
title
to
Parker,
Eisen,
Inc.,

systems

accepted

panies

the

integrated

would

claims

involved

result

of

that

the

and

writer and

com¬

be

and

and

mutual

on
*

*

and

of

Adrema

West

-

whose

Berlin,

machines

German

Werke
main

produces

and

elected

plant

is in
addressing

business

Named Director
John C.

West,

a

partner of Brown

Harriman

& Company,
private bankers of New York, was

G.m.b.H.

of

to

Howe

the

Board

Sound

manufacturer,

systems

industrialized

most

are

Avenue.

Brothers

subsidi¬

Directors

of

Company, metals
the

at

Annual

Stockholders Meeting of the

equipment and markets its prod¬
in

stocks,

Its offices

Stamford,

of
postage meters
mailing machines, has agreed
acquire Underwood Corp. of

West

funds.

munici¬

bonds,

located in remodeled quarters
the ground floor at 1012 Balti¬

more

Inc.

corporate

now

realized.
*

distributor of

pal

economies

and improved service to customers
would

and

Waeckerle, Adams & Purcell Inc.
The firm, member of the Midwest
Stock
Exchange,
is
an
under¬

Commission

more

Pier-sol, O'Brien & Adams Inc.

into

Illuminat¬

In its hear¬

the merger, the Connecti¬

concluded

CITY, Mo.—Announce¬

ment has been made of the merger

busi¬

Ansonia, Derby and Shel-

was

utility

its

and

area

en¬

distance

Parker, Eisen

Housatonic's electric franchises in
the

unofficial

an

Public

headquartered in
effective May 1.

became

set

by flying non-stop from
Long Beach, Calif, to Rome, Italy.

Service Co. into Connecticut Light
&

Whitney Aircraft turbofan

gines

safety movie.

Merger

ucts

tion

30

for

acquired

The planes

smaller

Ourselves,"

drivers.

be

greater

Driving"

highway

"To

engines

to

especially

Aviation

on

Hartford streets, shows the motor¬
ist how he looks through the eyes

Adrema,
J.

East
about

JT3D-3 engine, now under¬
going certification by the Federal

the

15-minute color movie filmed

ary,

Lind Opens Branch

of

A.'s

Aetna's

from

Outings" won
general safety category last

named

was

third

citation

a

turbofan

Airplane Co.

national

See

Committee for

and

year

"To

"Outboard

Hartford's

JEFFERSONVILLE,

Corp.

manufacture

Trans World Airlines from Boeing

in

best

named

separate

the

to" win

National

a

been

competitions.

selves"

to

ning Company.

Aircraft
will

A traffic

manufacturer

formerly

were

*

*

'

Treasurer.

Continental

also

Pratt & Whitney Aircraft division

President.

Pitney-Bowes

Both

which

statement by

a

Douglas, Republic's

rad, Vice-President, Secretary and
associated with

operations,

has plants in Rhode Island, New
Jersey, Canada and England.
*

Mr.

manu¬

its

tograph's

inte¬

consumer

kets, according to

Inc.,

Y., to Danbury. A modern,
50,000-square-foot plant, formerly
occupied by Manning, Maxwell &
Moore, will be the center cf Dic¬

diversification

entrance to

an

rolled

further

as

Products

N.

ing insulation and processing into
products. Acquisition of
Consolidated will assure Republic

of

compre¬

devices, has announced
headquarters and main
plant will be moved from Jamaica,
that

also
for build¬

consumer

Danbury

more

and

making.

map

Dictograph

company

laminates foil and paper

as

oil

electronic

in

bags

cream

well

as

ef¬

more

for

facturer of hearing aids and other

largest manufacturer of

foil

leading to

which

division

a

hensive

Foil

&

Republic. Consolidated is believed

Leonard

are

Inc.

aluminum

of

Axelrad, President; Nelson Axel-

cally better state of affairs in
this respect

with

Street, New York
engage
in a securities

business.

nearly

more

Inc.

42nd

City,

go

Planning

Planning,

formed

however, far from clear that
Much

no

has

recent

Foil

cut

have

steps

to

There has, as is well known
in

conditions

re¬

banking system and vari¬
other closely related mat¬

ous

fact—that

a

Republic

producer

them

System
way
lend any
had been permitted to devel¬
garded as the bondage of
strength to our international
op which led to a further per¬
gold—it still has a significant sistent demand for our
financial situation. Whatever
gold.
role to play. Let there be no
we may do about the reserve
The
really basic trouble is
misunderstanding about that, not in the loss of
gold as such requirements of the Federal
but also let it be
clearly un¬ but the existence of condi¬ Reserve System, it is still es¬
derstood that the really vital
sential
that
we
place our
tions which tend to lead to its
matter concerns the nature of
V
loss. Some rather timid and house in order generally.
came

Connecticut Brevities

lem

com¬

held in Lancaster, Pa., May 3.

pany

coun¬

tries in the world with the excep¬
tion

of

United

the

Forms Albert James Co.

and

States

Canada.
=;-•

This advertisement appears as a matter

of record. These securities

privately through the undersigned and

no

were

placed

public offering is being made.

*

BRIDGEPORT,

Pa. — Albert J.
Digiacomo is conducting a securi¬

*

Perkin-Elmer Corp. of Norwalk is

ties

developing

Dekalb

tion

for

infrared

identified

S.

instrumenta¬

a

U.

as

the Terrain Analyzer.

Army

project

business

name

/

from

Street

of

Albert

offices

under

James

106

at

the

firm

Company.

.

The

purpose of this project is to
equip aircraft with instruments to
permit accurate and immediate

BROOKLYN, N. Y.—Jonas Green-

surveying of the ground below by

$5,000,000

wald has formed

monitoring

Washington Natural Gas Company
First

Mortgage Bonds

ance

values

proved

system

of

infrared

militarily

reflect¬

terrain.

the

feasible,

could be adapted to

:

Due 1981

the

'W

■■

Forms Inv. Co.

fices

this

at

engage

com¬

■

Family Financial

Planning Co. of America, with of¬

If

22

in

a

East

92nd

Street,

securities business.

1

Primary Markets in

CHAS. W. SCRANTON
Members Flew York Stock

&

CO.

Exchange

CONNECTICUT
New Haven

Dean Witter

SECURITIES,

New

2-9377

7-2669

Teletype NH 194

May 18, 1961




York—REctor

Hartford—JAckson

5t Co

►>x'j/~"

to

Volume 193

Number

6056

.

.

The Commercial and Financial Chronicle

.

(2177)

Japan Eases
Inv. Regulations
The

Japanese

cision

BY

Government's

further

foreign

on
as

to

THE MARKET

by

investments

seen

was

Japanese
the

Board

Co., Ltd.
The

Nomura

of

Minister

anese

Finance

of

accounts

patriated

day

it

peak

set

that

paid

on

be

now

immediately

other

or

may

in

convertible

re¬

dollars

currencies,

hailed by Mr. Okumura. This

was

amendment

to

cracked

and

Higher

the 700

instead

of

which

stated

interest
from

moved

that

coifid

be

re¬

non-resident deposit

accounts.
A

non-resident

be used

deposit account

depositary by a
foreign
investor who
sells
his
Japanese securities before the ex¬
piration of the mandatory twomay

as

a

coming

are

the Dow will

on

familiar

territory

mysterious

a

high

auto

sales

for

May showing
at

the

first

third

of

welcome improve¬

a

least

In

two

biggest

of

the

hurdling

stacles the

been

these

blocks

cleared.

former

dragged along
a
variety of supplier and fringe
industries.
The railroads, whose
carloadings are so dependent on
heavy industrial operations, were

full proceeds of
of Japanese securities.
Funds in
account

sale

good

as

vesting

in

the

Electric

out¬

helped by

be

may

Japan.

used

bonds

turity of two

These

purchase

to

having

a

many

for

reason

in¬

that

likewise

are

uptrend in general
activity — and such an

uptrend
the

by

companies

utilities
any

after weeks of

of

certainly

was

apparent

prognosticating by"

Washington

new

economic

corps.

ma¬

Caught in between all this fact

longer, or
to purchase other Japanese secu¬
rities.
Funds may also be used

conjecture were the copper
stocks, responding te good indus¬
try news of their own. Anaconda

for

led

years

or

non-resident's

a

living

in Japan and

penses

connection with
vestments

in

expenses

in

administering in¬

Japan.

Okumura

Mr.

ex¬

and

with

the

dividends

flow

the

of

countries

two

possibilities

between

attract

and

to the

over

the

of

one-cent

a

pound,

hike

of

the

~v,;

Coals

Airlines

and

in¬

great

burgeoning

Attract

Chartists

refused

sit

while all this business
nated

by idly

talk domi¬

the

tapewatchers.
Tech¬
nically some like the coal stocks,
others
riers

the

airlines.

air

The

car¬

Inc.

on

Potter

May 16, 210,000

Instrument

stock

common

strength was in fact one of
major standout's of the past
weeks.

at

Co.,
price of

a

management,
industry spokes¬
men,
was
talking pessimistically
only two months ago. The major
domestic trunklines are in trouble,
said
the
industry experts, and
government

step

the

total

number

shares

of

shares

the

by John
the

of

dent

sale

of

T. Potter, Presi¬

Following

company.

the

Mr. Potter

stock,

will hold 86.2% of the outstanding

shares.

common

Net proceeds

*

from the sale of its

incurred

loans

receivable

accounts

finance

to

and

inven¬

tories, and for carrying increased
of

amounts

these

items.

It

is

ex¬

portion
of
the
proceeds will be used to step up
the company's product develop¬
ment and tooling, and the balance
of the proceeds will be added to
working capital and used prin¬
pected

that

a

cipally for research and develop¬
ment.

Island,

&£

New

manufactures
data

P 1 a i n v i e w,

Long
York, designs and
certain
electronic

processing equipment, in¬
high speed digital mag¬
tape transports and systems,

cluding
netic

high
and

and

speed digital line printers
listers,
magnetic recording
playback heads, high speed

photo-electric
perforated tape
readers, and magnetic tape testers
for

commercial

and

military

ap¬

plications. These products are used
in- electronic
computers, indus¬
trial

controls

and

data

reduction

equipment, and military informa¬
tion

systems.

:




filled
be

Seaboard's

freight

pallets.

put

tied

the

down

and

would

space

have

the

rest

for

go

seats attached.

would

of

pallets

The traveler

window, restroom
facilities, but that's about all (no
meals, champagne, or the like in
a
$133 flight from New York to
London).
The larger
to

ficiaries

a

haulers, such

be
of

the

week's

at

meetings

Montreal.

the

be¬
bene¬

closed-door

Generally

S.-flag carriers
freight charges at

"breaks"

Sea¬

I.A.T.A.

U.

lower

wanted

various

those

points where
rates are set (say 100
pounds, 500
or
a
thousand). Shippers would
be

—

to

encouraged

send

bigger

quantities by air if they saw real
bargains at these break points.
In

general

its

stock

the

and

11

on

"belly

some

cargo"

afraid

are

Northern

contrast

Florida

with

troubled

the

its

of the

has

lure

been

government

of

Chairman

of

wondering if this newly-found
disillusionment will
carry
over
the

much

bigger,

over-the-counter

much
market.

One theory

is that the Big Board
actually benefit from the
smaller exchange's troubles.

may

Just

last

Friday the American
Stock Exchange's volume actually
topped the turnover on the Big
Board.

Perhaps
the

brokers

now,

of the

some

increasingly

will

return

now

muse,

funneled into

money

A.S.E.

popular
to

the

big ex¬
change at Broad and Wall Streets.

speculation is still the public's
main
interest,
then
the
Big
Board's low-priced stocks will cer¬
tainly attract a lot of buyers. This
development is being regarded
fair

test

of

the

of

extent

as

the

speculative fever.

new

necessarily

not

ivith

They

are

at any time coin¬
of the "Chronicle."
presented as those of the

those

the

most

financial

their

of

time

men

investigating

these and other "depressed" mar¬
ket situations the glamour stocks

naturally suffered. A feeling was
that some of the zing
had left the bowling business.
apparent

persisted of some
industrial
companies
enviously
eyeing
the
business
now
con¬
trolled

reports

by

American

Machine

&

Foundry and Brunswick.
officials

of

Bowling Congress
often takes

the

pointed

out

it

new

"bugs"

year

pin-setting
in

these

device.

The

highly-mechan¬

ized improvements can take a real

This announcement is not

in

Mr. Parker is

Air

Lines

the

now

the

New

ton,

C.

D.

President

He

and

was

trade

Hubert R. Sweet

Happin Bros, to

ist

at

R.

Sweet, media

Doremus &

be

James F. Stebbins will

admitted

to

partnership

in

Hoppin
way,

Bros. & Co., 120 Broad¬
New York City, members of

the New York Stock

with

Ala.—Frank

offices

D.

in the David

Building to engage in
Officers

New

a

are

Hays, Jr., President;

Frank

T.

passed
of

with

Southern

was

Invest¬

away

May

10

sociated
14 Wall

with

Blyth

observers

development points

this

passenger

"coach"

instead

higher-profit
margin
flights. This has led
sources

the

is

engaging in

a

trunklines—as

a

group—will

their results with
this year.

contrast

-comes

the no-frills airlines.

in

a

red

the firm

offer to buy
Circular.

any

name

of these securities.

75,000 Shares

share)

Offering Price: $4.00 Per Share

Copies of the Offering Circular may be obtained from the undersigned
such dealers as may legally offer these securities in this state.

and from

some

of

Seaboard &

Western (now Seaboard

NETHERLANDS SECURITIES COMPANY, INC.
30

BROAD STREET

NEW YORK

World) is

4, N. Y.

dept.

securities business

under

trade

to predict that big domes¬

as¬

Inc.,

from offices at 122 Bowdoin Street

first-class
some

chalk up
crayon

of

Co.,

BOSTON, Mass.—Edward J. Katz

of the

is turning to low-price
travel

&

Sec. Planners Opens

latter

one

up

age

(Special to The Financial Chronicle)

of

service.

many

the

Street, New York City, in

Planners Associates.

per

at

the industrial research

Securities Corp.

(Par Value 50j£

and

51.

ment Securities Inc. and Universal

an offer to sell nor a solicitation of an
The offer is made only by the Offering

media

financial

George E. Adamy has become

D.

Vice-President; and A. W.

formerly

York

I

Hays,

Mathews, Secretary. Mr. Hays

special¬

television

corporate advertising agency,

securities

J.

and

director

a

Blyth & Co. Adds

Hays & Associates, Inc. has been
formed

radio

Exchange.

Forms F. D. Hays Assoc.
MONTGOMERY.

in

Co., and

talking

York-Boston-Washington

the

dent of its Univac Division.

Common Stock

is

of

pany's acquisition by Sperry Rand
Corporation, he was Vice-Presi¬

another

apparent popularity

formerly

was

Chairman

Engineering Research
Associates, Inc. After that com¬

NEW ISSUE

liked

Trust

of

Safeguard Corporation

Chartists

Com¬

Company, Washington, D. C., and
Dunlop, Inc., Washing¬

real weaknesses of air travel: The

The

Director of Slick

Walker &

heights.

commuter

tic

a

Airways, Inc., The Martin
pany, National Savings &

headed

revenues

The

United States.

American

to push through
the testing and accreditation of a
a

of

propulsion systems for major mis¬
siles and space
vehicles in the

Hubert

business.

As

Board

Mr.
Kimball, President of
Aerojet-General Corporation, was
Secretary of the Navy from 1951
to
1953.
Aerojet-General is the
largest
manufacturer
of
rocket

work,
spent

the

only.]

Lag in the "Glamours"
While

of

rity & Trust Company, Washing¬
ton, D. C.

Board

[The views expressed in this article
do

an¬

Company, leading missile
producer (Titan, Mace, Bullpup,
LaCrosse, Pershing). He is a Di¬
rector of Nuclear Corporation of
America, The Bulova Watch Com¬
pany, The Florida Capital Corpo¬
ration, and The American Secu¬

If

a

been

Thorpe,

Martin

the

are

livelier

has

Merle

Mr. Bunker has since 1952 been

by the

investigation

it

by

funds.

low-priced

tarnished

Inc.,

Jr.,
Chairman, and Newton I. Steers,
Jr., President, of the two mutual

American Stock Exchange. Traders

into

dustry,
nounced

of

performer.

To

industries.

Inc., and Shares In American In¬

Admit Partner

its look recently when it cracked
through the 30 V2 "breakout point,"
but

scientific

growth ap¬

WASHINGTON, D. C.—George M.
Bunker, of Washington, D. C.;
Dan A. Kimball, of
Sacramento,
Calif.; and John E. Parker, of
Washington, D'.
C., have
been
elected to the Advisory Boards of
Atomics, Physics & Science Fund,

they might lose

the small but lucrative cargo busi¬
ness
to
the
bigger, all-freight,

year

Eastern

good

dramatic

Two Funds

key

others

most

industry,

profits

the

its in the face of
for

of the

Board

to

Of

route

and

it should
about $3,600,000
ending
June
30,
against the $2,800,000 reported in
fiscal 1960.
Actually 1960 was a
bad
year
for Delta, with heavy
jet integration costs clipping prof¬
show

for

with

Some

author

lines,

electronics
bets

Exchange's
Investigation

mestic

the foreign

many

"leisure-

The American

cide

says

glamour
the surest

as

in

operators, mainly Europeans, were
opposing the rate cuts. The do¬

industry,

Too

out

Three Named

the reportedly

trans-continental

Southern cities to the West Coast.

the

peal

are

biggest

agreements

in

as

American,

this

stocks

stocks

of cargo on preA partition would

hold

space
age;
and the public con¬
tinues to scurry after what it be¬
lieves to be bargains, or those

with

when the heavy stuff

up

and

equities

new

planes

added.

loading

new

Its jet line starts service

group.

around June

about

Potter,

carrier with

outperform

to

lucrative
from

to

altogether.

as a

future,

continues

In

190,000 shares of stock will be
used
by the company to retire
bank

cheerful

a

have

abandon the

or

business

Delta stood out

offered, 190,000 shares were of¬
fered by the company and 20,000

either

will

in and help

regulatory

$10 per share.
Of

matic

Still

American Airlines

Bear, Stearns & Co. and associates
of

turn
into

believes.

still

On June 1

to

joined by other

Common Sold
offered and sold

with

swing tail would allow auto¬

the

the

economy.

Potter Instr.

shares

across

travels

American carriers.

two

Japanese

A

Chartists

interest

and

capital

vestors the world

second

service

that

out

repatriation for non-resident de¬
posit
accounts
will
permit
a
greater

boosting the price of

the red metal to 31 cents

this liberalization of the law deal¬

ing

the way

year.

pointed

to

CL-44s

the

freely transferrable
otherwise
to
other

or

corporate

analysts

cited

was

business

non-residents
funds

and

non-resident deposit

a

are

sale

by

his

line

lieved

natural

a

combined

of course, but in
"belly" compartments. He's hop¬
ing the regulators will allow the

lurgical

was

one

now,

board and Pan

coal

of

Cargo

prime beneficiaries. An expected
improvement in the sale of metal¬

mine the fuel.

the

Atlantic.

with

ob¬

market

to wait five years

get

the

passengers

econ¬

stumbling

to have

growth

before he could

backers

freight-passenger

was

omy's

holding period. Prior to the
enactment of the May
1 invest¬
ment law a foreign investor had

year

the

passengers

With steel production hitting its
best levels in almost a year and

dividends

not

inescap¬

ground.

appeared

and

area

the

and to the

was

prices

become

soon

trol Law rescinds
ment

through

ago

Street the conclusion

ment,

May 1 amend¬

month

a

Japan's
Foreign
investment Law and Foreign Con¬
a

President

to
of

securities held in non-resident de¬

posit

Its

of

by the Jap¬

interest

and

time"

example.

old

nothing sacred about the
highs. Tuesday and Wednes¬

able:

announcement

prime

a

Richard M. Jackson has been

Securities

Street

analysts
there's

'

dividends

Wall

in

investors

securities, according
Okumura, Chairman

Tsunao

WALLACE STREETE

Once again the market proved that

when the

introduced.

are

Ignoring of the glamour stocks
will be a temporary
phenomenon,

restrictions

ease

American

systems

de¬

encouraging greater participa¬

tion

bite out of profits

AND YOU

17

of

Security

The Commercial and Financial Chronicle
18

.

1

I

to consider further means

soon

of

Why Compound the Injustice
To Nation's .Shareholders?
By Walter Maynard,*
Investment

over-taxation

*

like

relief,

methods,

York City

dcuble

from

when

1936

in

taxation

was

question of remedying the

injustice of double taxation

s.hculd also be viewed in
what

broader

some¬

To

context.

a

begin

with, international considerations
must bulk continuously larger in
all
our
economic
decisions, and

the salient circum-' our economic competition must be
stance is that the lowest rate of effective at every level, including
ability
to
mobilize
equity
personal tax was 4% and the cor-' our
Other major industrial
capital.
porate rate was 15%.
•
' (
-

first

.

,

not

existed

that

relief

elimination of the $.0
exclusion and the 4% dividend credit. Terming this discriminatory
treatment against stock investors and a consequent threat to domes}' tic capital formation, Mr. Maynard refers to the fact that 28 countries
treat dividends more liberally than we do and that this affects our
economic competition. Mr. Maynard abjures double taxation of divi¬
dends as generally unfair, and specifically unfair to tax shareholders
subsequent to 1954 until the elimination of the dividend credit and
spokesman strongly opposes proposed

is

The

basic

Upper

Denies

exist¬

been said that the

It has

taxes

substantial

//

\.,-r

which

in

income

Group

income

Gains

ing scheme is especially favorable

ment

relied

are

for

on

a

proportion of govern¬
another

or

in

provide

revenues

manner

high

relatively

foe

Qne

a

very

substantial degree of belief from
bracket taxpayers. Upper
the double taction of corporate
get exactly the
relief—$50 plus 4%—as do earnings, Canada utilizes a method
of .e'.lef similar to
ours, but the
bracket taxpayers. The ef¬

to upper

$10,000, in a
business
or
apartment house,
ciation is made
earns 6% on this investment,
and
firms, located in
all sectors of
is in a 30% income tax bracket,
the United
States.
These firms,
retains $420 on his $600 income.
in addition to
If, however, he invests in a cor¬
their main ofporation which earns $600 for his
fices, have
share, there remains after the 52%
about
1,900
corporate tax $288. If half of this
registered
sum
is assumed to be paid to the
branch offices.
pays

Asso¬

ciation

there

con¬

duct

large

a

his

the

United

the

in

mains

States. A very

of

part

large

Vv

alter

Maynard

Yepresent§ the

transactions of this coun¬
try's 15 million shareowners.

security

total of about 15
million
shareowners, it is esti¬
mated that about? *11' million <have
Of the present

under $10,the people who are

annual family income

These

OCO.

are

steadily increasing
share of the equity capital needed
by our growing country, and these
are the people who are most hurt
by double taxation. The justifica¬
providing

for

tion

a

increasing

dis¬

basic

a

crimination
time

against them at this
eliminating the $50 ex¬

by

clusion

credit,

dividend

4%

the

and

proposed, is hard to see.

as

is

the

measure

substantial

of

by

1954,
of

measure

a

double

taxation, in that earnings of

cor¬

twice; once
when earned by the corporation
and again when received in the
porations

form

of

taxed

are

dividends

In

tfte

directly

by

the stock¬

Unfair

Taxation

scale^Xn the

must

to

the

obtain

It

tional
In

$50
in

the

1954

the

Act,

that

1936

double

income

corporate

injustice, and

that

taken
now

to correct it.

be

a

the
an

change

financing

be

tion;

an

rather,

lead

curities
them

and

act

to

discourage

sales

of

means

of

bracket
especially might well
an
increasing prefer¬

tax-free

Upper

for

circumstances

of

increment~ reflecting
and

or

exclusion.

a

the

reduce

To

eliminate the credit and exclu¬

sion

now

would

work

a

to

preferreds

existing bad situa¬

seem

the
be

credit

land

of

uses

4%.

meager

complex than
that provides a larger degree

ours

relief

than

countries
clude

does

Other

ours.

granting such relief in¬
Germany, Japan and

West

France.

There

countries

28

are

in all which treat dividends

more

liberally than the United States.
An

even

sideration
eral

important

more

is that

con¬

whole Fed¬

our

system

revenue

successful working

depends

upon

compliance

ISSUE

-'7 :77.7

,

.

/■■/."777 .7'

as a matter

-

in

cooperation,
ing,

the

fair

one.

dends

to

is

to

tax

be

must

generally

speak¬
is

system

a

Double taxation of divi¬

unfairness

tax

in

structure,

glaring

a

of

increasing number of
taxpayers are becoming aware as
an

share-ownership grows.
The
foregoing
considerations
would
that

to

seem

tax

of

it

make

rational

any

program

certain

equitable

and

reform

contem¬

plated for the future must include
provision for
from

lief'

would

a

therefore

PI
i
jvi
>:•>

100,000 Shares

a

relief

as

will

which

stored

at

a

It

unwise

to

matter

a

small

of

of

measure

have

later date

to

as

a

be

re¬

matter

County Auditor, will receive seale
of basic justice.
V
*A

statement

before

the

House

made

by

Mr.

Ways and

exclusion

or

eliminated

-

it

would

Maynard

Means

should

be

Trust

W.

Co.

of

New York. Tariff is $40.

applicable only to

securi-

Josephthal Office

:

thai

Co.

&

offices

from

in

of record only.

7.

Holli-

California Investors

been

Carl M. Smith

—

the'staff

added-to

California

■''.

•"

»

.

Investors,

of

Olive

566

.

i

.

*

,

-

Transistor Applications, Inc.

Calif.

—

B. Jack¬

Sherrill has been added to the

staff

annual

the day.

meeting

also

during

'

-

A fcopy of The Bond Crier will

^

William

each.

$1

of the field day com¬

Members
mittee

are:

Committee
J.

and

outing. Additional
may
be
obtained
from
Simon, Weeden & Co.,
the

at

copies
at

members

to

distributed

be

guests

Organization: Alfred

Bianchetti, J. A. Hogle & Co.
Committee:

Chairman's
dore P.

Theo¬

Swick, White, Weld & Co.
Donald

Arrangements:

Breen,

Forgan & Co., Chairman;
Wilson D. Lee, Continental Illinois
Glore,

Bank

&
Trust
Co.;
Smith, Clark, Dodge &
Co.; and Joseph B. Wise, J. A.
Hogle & Co.
National

William

Announcements:

F.

S.

The, Bond Buyer; James

Shanks,

Reilly,

Arthur

Goodbody

R.

&

Co.; and
The Bond

Guastella,

Buyer.
Finance:

Marine
ern

W.

W. Faath, Jr.,
Company of West¬

Harry

Trust

New

York, Chairman; Walter

Niebling,

Merrill

Lynch,

Pierce, Fenner & Smith, Inc.; and
PauLiH'.
Co.

Voigtp Wm;' H. Morton &

Inc.

Prizes:

Chester

W.

Viale, L. F.
Chairman;
Callaway, Jr.,-First of
Michigan Corp.; William E.Simon,
-

Rothschild
David

&

Co.,

H.

Weeden & Co.; Daniel P. Whitlock, Ladenburg, Thalmann & Co.;

Berger
Egenes,
Merrill
Lynch,
Pierce, Fenner & Smith, Inc.; and
Joseph G. Cross, Jr., C. J. Devine
&

Co.

Sports:

Edmund

Eastman

G.

O'Leary,

Union

Dillon,

Securities

&

Co., Chairman; William D. Muller, Halsey Stuart & Co., Inc.;

William M. Durkin, First National
Bank of Chicago; Harold Young,

Equitable

Securities Corporation;
Raymond H. Heiskell, C. F. Childs
&
Co.; and William H. Moser,
James A. Andrews & Co.

Daily

Bond

-

Crier:

-John

P.

Byram, Northern Trust Company,
Chairman;
David
G.
Coogan,
Phelps Fenn; William M. Durkin,
First- National Bank of Chicago;
Berger

Egenes,
Fenner

Pierce,

Merrill
&

Lynch,

Smith,

Inc.
Gallagher, Jr., Wm H.
Incorporated} Brenton W. Harries,
Blue List Pub¬
lishing Co.; Eugene E. Kelly, Jr.,
Carl
M.
Loeb, Rboades & Co.;
Wilson D. Lee, Continental Illinois

of California

Morton & Co.,

National Bank & Trust Company;
William E. Simon, Weeden & Co.;
John

Calif. Investors Add

"

its

hold

Club, will

The

scheduled.

Francis P.

FRESNO, Calif.

-May 18, 1961

horseshoes,
swimming,
tennis and softbal]^, are

Golf,
bridge,

Om-:

HOLLIDAYSBURG, Pa. —James
D. Angus is representing Joseph-

son

G.

Thompson,

Guaranty
Trust

Investors, 3932

Trust

Morgan

and
Wright, Jr;, Northern
Company.

Norman

Company;

E.

Wilshire Boulevard.

Coburn, Middlebrook Brch.
Common Stock

I

(no

I

par

MIAMI, Fla.—Coburn &

Lynch & Banks Add
Banks, municipal
brokers, 111 Broadway,

Lynch &

value)

¥

brook j

bond
New

York, have announced that Harold

i

Gerhardt

Offering Price: $3.00

per

Grail

is

now

associated

State in which the

be obtained from the Undersigned in

Undersigned

may

any

legally offer these shares.

staff

of

Atlantic

has

Street

a

Northeast

235

under

the

the

direction

of

Walter

William, David Branch

Burns

and

become

I

branch office at 1255 Post Street

Long.

to

Avenue.

PASADENA, Calif.

N. y.

a

under

Investors, 4376

California

Funding Branch

FRANCISCO, Calif.—Estate
Funding Corporation has opened

the

added

been

Two With Calif. In v.

First Weber Securities Corp.
New York 5,

BEACH, Calif.—William C.

Swatsell

I

79 Wall Street

Seventy-ninth

at

management of E. Stacey Hallam.

Estate

LONG
may

office

SAN

Calif. Investors Adds
Copies of the Offering Circular

branch

Middle-

Incorporated has opened

with their firm.

Share

ll




annual

with Harry

1

Marine

Jr.,

Western

Washington, D. C., May 11, 1961.

mitcee,

LOS ANGELES,

gi¬

June

by

Faath,

re¬

taxation.

seem

at this time

drop

of

measure

double

opportunism

t »

'

made

a

taxpayer

taxpayers

income

is

which

tax¬

voluntary,

assure

that,

income

our

of

part

extent

order

convinced

the

of

degree

compliance

considerable
and

of this system

Avenue.

i

Reservations

Y.

N.

basically

is

high

a

on

This

payers.

has
NEW

28th

Friday, June 9, at the
Westchester
County
Club, Rye,

Charles V.

keyed to the income tax, and the

With
of these shares having been sold, this advertisement appears

its

will, hold

feld day on

more

daysburg.

All

Municipal Bond Club of New

York

Eng¬

"grossing-up" system

a

considerably
of

20%

been

has

1953

our

guaranteed

only fair to make the elimi¬

nation

not

If

to

and

since

instead

hardship

these buyers, especially in the
case of yield-type securities such

on

were

seem

bought

credit

basic

seem

have

yield

of

creait

a

bonds.

1954

since

under

stocks.

would

credit

the

A matter that might bb considered at this point is the fact that
all buyers of dividend-paying se¬

ac¬

it

to

for

ence

does

not

by

taxpayers

The fact that

reason

ac¬

forms

securities.

equity

as

adequate

in

part

a

stocks in contrast
of' investment

of

therefore

in another sector

law

tax

is

exclu¬

credit and

eliminate

other

and

loss of revenue may result

a

It

factors in addition

played

appeal

with

un¬

taxation
a

to

the

Congress

was

7.3

the exclusion would tend to lessen

modest step was

a

million

with

na¬ >

rightly took the position held
til

present

15

of

celerating the rate of increase in
share-ownership, but it is evident

stock

of

indi¬

The

so.

contrasts

dividend

have

sion

placing the provision for the
exclusion and the 4% credit

centuating

who

man

to the

policy.

tem

A

element

important

an

is

total

true that many

More¬

small

of

this

not

does

million shareowners in 1954.

therefore logically

should

invest¬

record

shareowners

equity capital needful

treatment

buyers

capital

estimated

ing common and preferred stocks.
Fair

exclusion

encourage

to

The

that

cate

and to invest a part
savings in dividend-pay¬

the ordinary investor the tax sys¬
neutral.

ment.

the

and

the

through equity

formation

to save,
these

credit

-

divi¬

that

said

been

failed

have

willingness of the American peo¬
of

has

dend

growth if it were not for the

ple

to

proportion of dividend income.

Amercan business could not

over,

for

securities.

to

turn

in¬

dividend

greater

because of the
$50 exclusion constitutes a higher

therefore

they

and

relation

is

come

direct

make

cannot

investments,

in

relief

of low bracket

case

however, the degree of

,v>?.:<payers,

most

economy

divides, is merely
sli^c»y the steepness of

to reduce

an

modern

citizens

of

The present situation is that for

to

of

form

the progrv..^ion jn the income tax

indi¬

or

in the cas^

even

high bracket taxpayers receiv¬
a high proportion of income in

the

he

Edition

credit,

ing

$50 exclusion and
is that there re¬

him

our

from

not

of

additional tax
of 30%, may be regarded as over¬
taxation, or unfair taxation.

holder.

is

fect of the

corporation. The

is equivalent

the

of relief granted by
Act

Revenue

stocks

despite

today,

penalized

lower

$l^«t retained for

credit
to

same

after taxes and credits,
$292.04. This is $127.96 less than
if he owned the property or busi¬
ness directly.
This $127.96, which

be

The investor in corporate

small

is

bracket taxpayers

rectly,

/

business

this

of

rt%

.

in

$101.80,

share by

effect

business

ties

dividends, and

in

there

which

all the securi¬

say

personal tax at a 30% rat^
remains to him fU^y the

dividend

of

proportion

directly,

invests

stockholder

members

this

of

Bankers Asso¬
up of some 800

Investment

The

omitted,

nations

done.

Munic. Bond Club
Field Day June 9

International Considerations

called

other
possible
perfect. - Inci¬
dentally, in considering the situa¬
of

-securities

lof

acquired them prior to 1954.

Certaintly
J
credit
be

future,. and/or
who

the

in

of

if the present mode

even

issued
holders

tot

the

cannot

exclusion

and

Chairman, Federal Taxation Committee,
and Partner,

exclusion were this to be

measure

a

tax reform.
proposal to drop

the

tion
I. B. A.

as

ties

of

problem

the

equitable

Bankers Association of America,

Shearson, Hammill & Co., New

with

dealing

"reform"

The

Thursday, May 18, 1961

.

,

too

The

.

(2178)

David

affiliated

Edward B.

—

W.

Yates

with

have

California

William, David & Motti, Inc. have
opened

a

West 23rd
under

the

Investors; 690 East Green Street.' " Bard? -"V;

branch. office

at

222

Street, New York City,
management

of

Stan

Volume

193

Number

6056

.

.

The Commercial and Financial Chronicle

.

SECURITY SALESMAN'S
CORNER

(2179)

19

Complete Stock Sale for United International Fund

BY JOHN DUTTON

Improving Efficiency In Sales and Office Procedures
As the business volume

increases,

it is important that every method
of improving the communications

all

their

when

tomers

of concentration

powers

they

talking with cus-."

are

and

should

not

be

dis-,;

system between the clerical, trad¬ turbed by others unless something
ing and sales departments of an- very important arises.
Salesmen
investment
utmost.

firm

is

because

simple,

procedures

their

made

clients

sense,

on

common

followed

not

are

ligiously by everybody.
to
the
salesman

re¬

This

ap-*

and

the

plies

people who help him

who

to

are

used

Many mistakes

his

process

need

reminders, to

who

deliveries and payments, should
a memo from the cashier's

department listing the customer's

amount involved, and the'
security bought or sold.; It .should
the
salesman's
obligation to
name,

less

office

follow up and

regu¬

department

busy

a

that

rules
for

made

are

the

of

in

everyone

lations

and

benefit

the

entire

organization, there
will always be a few people who
will neglect to do their job prop¬
erly.

If

Survey of Your Problems

a

are having
problems and

All

he

making

too

meeting of
Before
make

many

hold

errors,

do this,

ask them to
list of their major "bottle¬

a

necks," and the things that other
people

ARE

NOT

DOING

that

could be changed to help them do

their

job

effectively. Give
them several days advance notice
of this meeting and tell them to
come prepared to offer their sug¬
gestions. Then try and co-opera¬
more

tively work out better ways of
doing things.) include your^sales
manager in this meeting, by all

if possible he should
meeting with all
salesmen, and ask them for
and

means,

hold
the

advance

an

constructive
then

can

suggestions

customer

the

to

that
of

rest

he
the

organization.

time

into

op

"gripe" session. Their
is to improve operating

purpose

efficiency for all,
will

derive

and

that

so

benefit,

elimination

everyone

through

of unnecessary

the

errors

improved service to clients.
Some

from

ceived

Specifics

salesmen

uncertain

regarding
the

to

as

from

sions.

Another

cause

conversation

"ego"

our

in

once

are

exact

time entered,
other facts causing argu¬
complaints to arise at
market

possibly

your

of

record-keeping is at
Place one man in charge of

system
fault.

"indications."

If

he

is

avail¬

not

able there should always be a sec¬
ond

man

to receive them.

Accept

verbal "indications" from sales¬

no

Make

men.

they

can

form

that

fill out in duplicate.

have

should

simple

a

of the issue,

a

line

for

the

It

charge, and he should then trans¬
his record

fer this; information to
and

man's

copy

request in his
initial the sales¬

should

He

file.

keep the .original

salesman's

the

The

and return it to him.
salesman should retain his

copy

in

copy

tions."

a

also

if you
a

and

if

there

is

good

laugh,
a

allotment, there will be no ques¬
as to
who said "what." The
record is there in

If

I'

members

of

your cashiering
coming to your
at their desk, or at other

department
salesmen

writing.

are

times, and asking them to follow
some slow delivery of securi¬

sold

the

stock

to

the

it

seized by the
and invested

Pont, senior partner of Francis I. duPont & Co.

to

others;

tale

won't

be

of

up

to

your

or

is busy on the

your

of

out

rush

order room,

he

well-told joke,

a

short

But if you

else

The

fund,

which

is

the

first

contingency

Bermuda-based

investment company ever cleared for
public sale in the United States by the Securi¬
and

Exchange Commission, was created to

!•

else.
to

for

yourself

But,

busy

trader when
your

or

inject

them,

and

or

everyone

still, if you try
needless and use¬

worse
some

social

conversation

situation

then

you

'•
.

i

jHuVtt

.

.•

Governors of the Federal Reserve

Youngdahl Is Talcott Dir.

order

by
waiting until they can talk with
you, then you are making it dif¬
ficult

elsewhere in the world enabled it

continue

operations as a purely investment
and
financial
corporation.
Today Compagnie
Financiere de 'Suekls one1 of1 the largest invest¬
ment companies in Europe.

open-end
ties

Egyptian Government in 1956, the
built up by the company

reserves

C.

Richard

Vice-President

Aubrey
dealers
Federal
been

G.
in

and

Lanston
S.

U.

a

&

Co.,

of

Inc.,

Government

Agency

elected

Director

a

securities,

and

with

the

Board

to

served

Beckman

1954, Mr.
Assistant

as

Co.,

Research

office

and

Statistics

prior

to

12.

of

Inc.,
at

—

If you can

opened

111

South

time which is often
wasted while waiting for a sales¬
man
some

Ik

a

to finish

a

telephone call, or

proper

This

announcement

is neither

per¬

who should follow through.
Respect other people's time, their

under the direction of E. J. Soder-

joining Lanston in 1955.

strom.

Form Central

Charge

WASHINGTON, D. C.

Service,

Charge
in

a

securities

Inc.

—

is

business

William
the

J. Shear is

Columbus Branch
Ohio—The

work, and their capacity to work
with you. None of us are perfect,
but

from

Columbus Corporation has opened

of¬

N. W.

a

branch office at

Street

under

the

131

by

them

with

done

gets

and

nor a

solicitation of

an

offer

to

buy

any

of these securities.

offer is made only by the Prospectus.:

NEW ISSUE

May 18, 1961

160,000 Shares

every¬

.

Duplex Vending

Robert C. Ortwin Now
"

offer to sell

work

more

strain

less

benefits.

one

With

Webber

Paine,

COMMON STOCK

(Special to The Financial Chronicle)

BEVERLY

has

(Par Value $.10

HILLS, Calif.—Robert

C.

Ortwin

become

Share)

per

associated

with

Paine, Webber, Jackson &
Curtis, 424 North Camden Drive.

Mr.

-Ortwin

manager

was

formerly

for J. A. Hogle &

With

Price $3.00
per

local

share

Co.

Copies of the Prospectus

Hayden, Stone

may

be obtained from such of the undersigned only in such
be legally offered.

States where the securities may

(Special to The Financial Chronicle)

LOS
C.

ANGELES,

Calif. —Vernon

Badham has become connected

with

Hayden,

Wilshire

Stone

&

Co.,

Boulevard.

5657

He

Godfrey, Hamilton, Magnus 8C Co.

was

Incorporated

formerly with Francis I. du Pont
&

Co.

and

&

Fenner

Merrill

Lynch, Pierce,

Beane.

Elected Director
Charles
elected
of

other important matter, use

A.
to

■

Capek,

the

board

Midwestern

WRITTEN FORM.

Mr.

In the first

Lee

place, salesmen need




West Main

management

C. David Fullen.

firm.

office that makes rules and

an

lives

an

Frank Karasik 8C Co., Inc.

Capek is

has
of

Roman 8C
been

Lieberbaum 8C Co.

Paul Eisenberg Co,

Inc."

Vice-President of

Higginson Corporation. -.J
-

I

n,;,'

»

>'

t'

rt

directors

Instruments,

a

Irving J. Rice & Company, Inc.

Johnson
AAV*

First

CHILLICOTHE,

principal of

a

First

Central

engaging

fices at 620 Eleventh Street,

The

son,

»*■

.

a
branch
Broadway

being

associates.
write it, do it briefly,

it with the

and leave

a late payment, or to obtain
needed stock power, instead of

their

Beckman &

has

such

into
are

•

Opens Branch

TURLOCK, Calif.

Director of the Board's Division of

Director of James

of Talcott directors to

Associated

Youngdahl

1943

has

Talcott, Inc., the country's, largest
independent industrial financing
company. .James
Talcott, Chair¬
man, and Herbert R. Silverman,
President,
reported
that
Mr.
Youngdahl's election increases the
number

from

System

Youngdahl, Executive

unfair to your

ties,

using

/

|

up

a

'<

••

or

clerk, or anyone
trying to concentrate

is

that

contract

a

A

the completion of an important

on

has

own

your

phone,

adviser

an

cashier, margin

an

tion

who

Left to right are: Dudley F. Cates, a
Vice-President and director of the fund; Mr.

Waddell, Mr. Johnson, Harold L. Bache, senior
partner of Bache & Co., and Alfred Rhett du-

to

minutes, then it is
different
situation.

entirely

investment

the facilities of its research department will be
available to the fund. When the Suez Canal was

bankers

public.

of coffee,

few

a

fund's

with Compagnie Financiere de Suez (formerly
the Suez Canal Company) which provides that

vestment

having lunch together,
or a "break"

are

C.

affairs when related

are

cup

Robert

Johnson, underwriting partner
of Kidder, Peabody & Co., representing the in¬

hand
but

and other countries of the British Commonwealth.
The

<

for

folder marked "Indica¬

When

from

world

us

panies in western Europe, Great Britain, Canada

Waddell, Chairman of United International
Ltd., receives a check for this amount

Fund,

let

us

name

managing underwriter

L.

re¬

only boring but
annoying.
When you
and
office associates are relaxed;

your

or

$22,800,000 proceeds from the public sale of
2,000,000 shares of its common stock. Chauncey

ten¬

of

provide investors seeking long-term capital ap¬
preciation with a portfolio of over-sea1? securi¬
ties, particularly of industrial and service com¬

investment receives

over-seas

not

our

others

date, salesman's name. One copy
should
go
to the
executive in

of

of

formed for

pany

useless

own

important

very

and often

(if available), amount requested,

book

Our

not

later date when the issue finally
to

all

bit out

a

always important to

a

a

that

is

get

while.

a

must

of

is

to

First Bermuda-based open-end investment com¬
one

inner

is

and any

comes

and

at

we

ourselves

status of the amount,
and

feel

we

lieve

less

ments

sign

person,

written and handed to

issues, and the salesmen

also

will

task, and you confuse them bv an
interruption that can either be

If
you
are
having difficulty
keeping track of "indications" re¬

new

every

talk because

meetings devel¬

a

who

or another, is guilty of talk¬
"too much."
Sometimes we

ing

"woes"

Don't let these

a

Reduce Unnecessary Talk

Nearly

even

offer

be,

"Check in-

return," etc.

a

department heads.

your

you

should
as

mail," "Customer ill, send check
tomorrow," "Stock Power mailed

staff is

your

write

need

brief comment such

communica¬

you

tions

notify the cashier's'
the same form the

on

results of his call to the customer/

to
Make

If:

follow

violation

be

understands

1/

in

receive

orders after he obtains them. Un¬

!

be

may

Davis, Pearson 8C Perkins, Inc.

of

20

(2180)

a

Getting Tomorrow's Transit
Today: San Francisco Story
Continued from
the

tee

on

not get rapid
The commit¬

the rails.
divided

was

those

between

who thought that

the engineering

aspects of rapid transit should be
decided

there

while

first

felt

who

those

were

method

the

of

should be of primary
consideration.
Fortunately
the
financing
dilemma

was

decided by spending

the $5,000 on
in

order

legal talent to draft
the enabling act

to

amendments

establish

to

body

a

The

amendments

submit¬

were

during the 1951 session of the

California State Legislature. How¬

geographic rivalry prevent¬

ever,

their

ed

mise

adoption.

26

members

the

to

Governor

en¬

Bay Area Rapid

Commission

Transit

compro¬

a

approved creating

was

Francisco

San

As

amendment to the

new

a

abling act
a

composed

be

appointed

and

of

Boards

of

Su¬

with the responsibility of studying

investigating the rapid transit
and

State

to

by

Commission's

firm

.The
&

in

was

Legislature

the

Co.

its

to

out

carry

as

Cather

Commission

consult¬

rendered

Dec.

report

30.

The

of

result

net

the

prelimi¬

the approval of
a
legislative act in 1953 appro¬
priating $400,000 to carry out the
nary

report

fol¬

the

engineering
consultants by two months.
The regional rapid transit plan
envisioned

to

first

The

to

cost

three

subse¬

extensions $716,000,000, or
of
$1,545,000,000.
Some
latitude in the first stage was of¬
fered depending upon a trans-bay
sub-aqueous tube or use of the
quent

total

a

Francisco

San

The

Bridge.
times

be

in

and

Oakland

-

in

a

elevated.

areas

some

financial

The

property

taxes,

retail sales taxes,
gasoline taxes and the possibility
bridge

tolls,

of Federal

of

methods

as

paying for the proposed system.
Extensive hearings
were
held

enable
at

state aid

or

throughout

counties

nine

the

Commission

the

hand

first

to

to

obtain

reactions

the

of the

electorate.

the
draft enabling

taken

step

Commission

was

to

by

out the rec¬
ommendations of the engineering

Early

25%.

the

current

target

District indicate

transit

continued
Board

to

Committee

visory

San

To

should

I
of

some

attempt

raise

to

additional $350,000, which they
subsequently did.

an

consultants

as

by

drafts

of

the

as

well

as

like

legislation

the

the

first

The life of the Commission
extended

to

1955

and

again

was

to

1957.

During its life the Commission
conducted
agency.

its

affairs

as

public

a

Soon after its creation it

employed the engineering firm of

Parsons,

Brinckerhoff,

MacDonald

to

prepare

a

Hall
&
co-ordi¬

were

included

in

outstanding
"Regional Rapid
an

report entitled
Transit" transmitted to

the

State

Legislature in 1956.
As
a

second

1957

followed by

in

1951

polish
draft

the

up

was

sub¬

Legislature in
the

and

act

after

1957
comprising
namely, the city

county of San Francisco
of

Marin,

five
and

and the

San

Mateo,

Contra Costa and Alameda.

for

Commission

the

repaid

was

of

in

1957

had

in

the

to

act

the

novo

on a

not to exceed

each

hundred

one

assessed

in

be

temporary

The

valuation

assessed
a

quietly went out of

business after finding a depositary
for

its

voluminous

files

and

Thus,

San

Francisco

Bay Area

act

included

was

amended

was

there

counties

currently

rapid transit

was

too

areas

the Legis¬

issued

soon

as

as

tax

sold

rather

than

capitalize interest

during

con¬

and

Elimination of this pro¬
enable the District to

will

its

tax bite.

a

is

a

of

Youngberg

were
employed
to
complete the financial aspects of

important engineering re¬
ports were completed supporting
the feasibility of an underwater

felt

tube
land

far off for

from
and

One

is neither

sell nor a solicitation of an offer to huy
The offer is made only by the Offering Circular.
an

offer

to

any

San

Francisco

Oak¬

to

rail

crossing of the
Bridge.
important financial

a

very

was made possible by state
legislation and Federal legislation
authorizing
the
California
Toll

of these securities.

Bridge Authority to construct the
NEW

ISSUE

tube

underwater

May 18, 1961

and

rent

it

to1

the District. This represents about

The latest price tag
currently planned
$1,025,000,000 approxi¬

$127,000,000.

120,000 Shares

on

the system as

amounts to

Western Shell Homes Corporation




mating the first stage of the origi¬
nal plan.

During

per

has

mandate

a

ture

well

as

District.

advocates,

Transit District

from the Legisla¬
as
the component

counties to complete its

be

not

should

the part

on

transit

rapid

objective

faced

with

"changing horses in mid-stream."

Probably the root of the concern
rests on the tapping of San Fran¬
cisco-Oakland
Bay
Bridge
and
Golden
Gate
Bridge
revenues.

Competition for these funds might
change the financing plans of both
the Rapid Transit District as well
the Golden Gate Transportation

as

Commission.

However, supporters

of the commission

there

be

plan stress that
conflict

as
they
the
District's
for rapid transit.

can

no

support

strongly

Remarks

Concluding
believe

I

touched

have

I

on

almost every

phase of mass rapid
except the most intimate

transit

engineering and legal details.
From
my
review
"The
San
Francisco

have

Story"

that

hope

I

able

been

to

I

the

express

deep concern of the citizens of the
great San Francisco Metropolitan

Bay

Area

the

they

as

problems

also

hope

of

that

have tackled
transit. I

mass

have

I

conveyed

of the enthusiasm and drive

some

which

Area

Bay

residents

shown in their efforts

lutions

the

to

providing

so¬

obstacles of
regional mass

many

truly

a

have

to find

rapid transit plan.
In

months

the

decision

will

ahead

rest

final

the

the

upon

ma¬

judgment of the

responsible
Board of Supervisors and in turn
the

electorate

have

of

District.

the

confidence

every

their

swer

will be affirmative in

ting

Tomorrow's

for

the

tan

San

Transit

Francisco

I

an¬

"Get¬

Today"

Metropoli¬

Bay Area.

*An address by Mr. Browne before the
Railway Systems and Management Asso¬
ciation

Conference,

Chicago,

111.,

Gen. Investors

Names Officers
General
Inc.

American

announced

for

of

use

trucks and buses.

area

con¬

automobiles,

This has

neces¬

sitated re-doing some of the struc¬

Share

of

Frank

of

the

former

as

well

train

Francisco to

converting the

as

terminal

a

bus

in

San

terminal.

Recognizing that the District's
bonding capacity was less than

be obtained from the undersigned.

remain
Mr.

as

to

Joseph Nadler & Co., Inc.

find ways

up

and

means

to make

the difference. There has been
hope the Golden Gate Bridge

as

Chairman

of

and

Harry

President.

as

members

Friedman

of

will

G.

Both will
the board.

also

continue

with the company in the capacity
of consultant.
Elected
G.

as

Chairman

elected

was

Arthur

Malcolm *B.

Altschul.

Smith

President.,

Mr. Altschul, a
Altschul, had been

of

a

the

son
a

Frank

of

Vice-Presi¬

director of the

He is also

pany.

com¬

general partner

a

investment

banking

firm,

Goldman, Sachs & Company.
Mr.

Smith, who had been Vice-

President

and

Secretary

company and who also is

tor, has been with
ican

the cost of the system as

planned,
excluding
the
trans-bay
tube,
every effort has
been put forth

Co.,

change

a

Altschul

Board

Friedman

tural work to balance the increased

weight

Investors

in top
management positions in the com¬
pany.
It accepted the resignation

dent and is

The tracks have been

removed and the former

may

Transit

nervousness

some

Bay Bridge.
verted

Copies of the Offering Circular

of

was

the Key

share)

Price $2.50 per

is

There

the District's existence
System trains ceased op¬
erating across the San Francisco

Common Stock
(Par Value $.50

Rapid

the

of

Two

assist
announcement

transportation commission comes
it will study absorption

final plan.

the

Golden Gate

This

gov¬

into being,

ture

not my

Brinckerhoff,
Quade
&
Douglas were employed by the
District together with Tudor En¬
gineering Co. and Bechtel Corp.
Smith, Barney & Co. and Stone &

dropping of

the

pro¬

intention to
discuss the engineering details, it
is necessary to point out that Par¬

1958-59, 3.9c in

as

tech¬

several

are

a

While it

Solano, Sonoma, Napa and Santa
Clara

slightly in

bonds

before

population of

the

metropolitan

one

Recommendations indi¬

Dis¬

bonding capacity for
construction, although some tax¬
would probably prefer the
transit system to be in operation

Legislative changes in the origi¬
nal

under

ernment.

payers

rec¬

after eight years, a
co-ordinated rapid transit plan for
the

in

the

sons,

1.7c

was

of

The principal one being to

increase

from any of the
comprising the Dis¬

five-county District has

method

to

necessary

struction.

trict.

1960-61

was

feasibility

airports and transit facili¬

ports,

program

amendments

vision

1959-60 and 1.7c in 1960-61.

and

a

changes incorporated in

are

and

trict

1957

and

and

to

loans

counties

a

for debt service

through tax anticipation notes or
by direct

set

and

permit the District to levy

tax for gen¬

to the State
ber

District

bond issue.

a

lature.

District

studies by rendering a final report

Legislature in Decem¬

the

submitted

posed

remedy

dollars] ($100)
of taxable
District.
The
raised
either

the

con¬

public
provisions
in¬

1959

valuation

could

money

or

other

nical

no

The tax rate of the Dis¬

its

merged

any

Further

The act

prelimi¬
District of
five cents ($0.05) on

$4,784,673,312 and

terminated

be

with

including revenue
bonds, equipment trust certificates
and special assessment securities.

of the

expenses

nary

essen¬

improvements

provision

a

authorized

act

administrative

eral

of

was

under consideration by

operating funds

the

Study

merging the Bay Area's bridges,

of

operations and included a
variety of methods of financing

this.

provide the de

Authority

Commission. The Commission

trict's

However, provisions were

contained

could

provisions

to

out of the proceeds of

being

into

has

of

The act included all of the usual

The Rapid Transit District com¬

ing

act

annexation and withdraw¬

of

sage

iy2%.

funds.

the

It specified no form

dissolution if unsuccessful in pas¬

bonds by the
plus interest at the rate

District

be

to

a

2,592,904.

Commission

The

effect

changes

of five years from the crea¬
tion of the District for a bond issue

provision that
appropriated by the

$350,000

state
be

a

majority

term

The latter enabling legis¬

contained

require

other minor

were

from

als

$750,000 by the State
Legislature and the nine counties

five

was

June

on

in

cluded

and

in 1953.

Gate

formed to determine the

and

agency.

$50,000 by the State Legislature

lation

sup¬

of transit and it provided that the

was

of

Nov.

counties

but

appropriation

an

to

approving

tially intact.

appropriation of $5,000 by the
Supervisors in 1949. This

property

14,
counties,

problems

funds

legislative

amended

was

thirds

-

There

Board of

signed by
11, 1957.
The San Francisco Bay Area Rapid
Transit District came into being
Governor

ords.

step in developing
Dlan for regional rapid transit,
a

The final

amendments

many

nated

rapid transit plan for the
nine
Bay Area counties.
Their
findings
and
recommendations

to

mitted to the State

the

of

was

vote.

final revisions.

source

issue

recommendation

the

who feel that the

solidated

The

vote

a

Majority approval of the bond
two

provisions

the

of

bond issue

a

for

electorate

day."

To

Commission

the

issue

recount

to

of

Supervisors

public hear¬
unanimous
approval

and

District

the

of

Boards

They may help other areas in
"Getting Tomorrow's Transit To¬

with

the city

to

the

port.

District legislation

some

moulded

attor¬

submitted

January

Area

financial

the

Transit

of

was

amendment

side

interesting

An

been

cate that if and when the proposed

included to insure

complete the San Francisco

Story

details.

would

Bay

been

legis¬

ties

to

Francisco

de¬

were

highway gas tax funds for

tap

ings

Rapid Transit District

that

provisions

companion bill author¬

a

constitutional

a

valuation

assessed

prior to submission of

counties

the

Af¬

IV

of

outlined

Fiscal

on

have not

lative developments.

to

reduced

was

the five counties for

Ad¬

fairs.

borrowing based

as

their

of

aid

state

and

eral

to

District

the

serve

Chairman

as

Thursday, May 18, 1961

rapid transit died in committee.
Submission of the final plans

active part in rapid
affairs, although I have

Attorney General's office assigned
an
Assistant Attorney General to

studies

the

to

Commis¬

.

Golden

tax

leted and

sion ended my

counsels of the nine counties. The

in

of the

bonds
the

Sales

the

of

will be

izing

The dissolution

preliminary report. The
appropriation was made with the
understanding
that
the
nine

recommended

dates

that this

met.

district attorneys and county

were

neys,

from

that this

were

would take about three years and

carry

suggestions gleaned
the public hearings.

from

was

to

financial

and

of

Estimates

the first sale of any

next

legislation

15%

an

covered

study

fares,

passenger

Bay

would at
subway, in a cut

roadbed

financial bur¬

any

Authority to borrow on general

submitting the package to

decision.

stages.

and

.

ruled out in view of current

obligation

$716,500,000, the

$112,500,000

assume

.

den.

the five counties for their ultimate

transit system

in

constructed

be

before

conventional electric

a

rail supported rapid

amended

1QW

of

con¬

them to

reality, with only finalization of
preliminary studies necessary

the

of

means

engineering
.Their, final report

that

lowed

The

Leuw,

study

a

the

by

sultants.

work.

De

preliminary

to

1953.

retained

was

The

ants.

of

the
Fifty
appropriated
back

report

Legislature

thousand dollars

the

practicable

mended

problems of the San Francisco Bay
Area

the

prepare

financing the capital costs of the
regional rapid transit plan recom¬

by

pervisors of the nine counties.
The
Commission
was
charged
and

employed to

second

politic.
ted

Stanford

was
on

Institute

Research

the

4

page

subject would

transit

Chronicle

The Commercial and Financial

Investors

of
a

the

direc¬

General Amer¬

since

1948.

Vercoe Opens Branch
NEWARK, Ohio—Vercoe
pany
at

22

has opened
North

2nd

a

& Com¬

branch

office

Street under the

some

and

Highway District might do as
California Toll Bridge Authority has done.-Meanwhile, Fed¬
the

-

management

of

Clark

A.

Noles,

Robert G. Powers and William Y.

Meade.

,

Volume

193

Number 6056

.

.

The Commercial and Financial Chronicle

.

(2181)

$1.33-$1.40, based

PUBLIC UTILITY

the

on

sharp gain in net income

in

the

early

part of this year.
The

stock

split 2-for-l earlier this

was

21

P. W. Glenn With

At the recent

year.

BY

OWEN

price around 28 over-counter, and based on the increased dividend
rate of 80 cents, the stock
yields 2.8%. The present price-earnings
multiple approximates 23 times 1960

ELY

Musekamp Co.

times

SECURITIES

Glenn has become associated with

the

estimate

for

^arnings and less than 21

1961.

Considering the rate of growth in

CINCINNATI,

Ohio

earnings, the multiple seems warranted as compared with similar
higher ratios for some other telephone stocks.

G.

or

United Utilities, Inc.
Utilities is
middle

west.

and

gas

It

a

holding

of

10

states; and

and the Carolinas.

16

tion

has

slate

submitted

of officers

rapid

of

exchanges

to

automatic

an

dial

basis,

Elections

%

Conversion to Automatic

Dial

1 !)->!>

44%

J9(j(>

68%

Lake

June
1961.

91%

resents

100%

also

usually

states

crease; and labor costs
are

defense work

on

direction and missile

in

permits

also reduced.

are

benefiting from

increased

micro-wave installations in

some

results

conversion

the expansion of TV and other
are

rep¬

increased

telephone

the

automatic

an

rate

in¬

telephone properties
long-distance service,

George A. Newbury

and

special communications, etc. There
four states, and the system is
doing

networks for radio

surveillance, retaliatory

State

has

asso¬

ciate members

which

ing

include

houses,

Federal

investment

savings

Reserve

bank¬

banks,

Bank

of

the

In

1960, for instance, United Propane scored a first
successfully introducing 'Flame Cultivation,' a
process whereby liquid petroleum gas is used to burn extraneous
growth without disturbing the crop or top soil.
During the same
period, the company increased its volume of L-P gas motor fuel
sales

by

by

69%

tional average
ucts

and

the

over

preceding

increase of 6%.

year

compared

as

with

It is contemplated that

a

na¬

prod¬

new

developments for

propane gas, properly promoted, will
markets, for propane use. The introduction of
such markets, together with
increasing industrial usage, will also
stabilize the operation by
minimizing seasonal fluctuations."
Capitalization of United Utilities at the end of 1960 was as

create sizable

new

follows:
Millions

11

Long-term Debt
Preferred

Percentage

$86

Stocks—Subsidiaries
Stock

Equity

59%

5

out-of-state

stitutions

vania,

are

located

in

in¬

Pennsyl¬

111 i

n o i s,
Massachusetts,
Connecticut, New Jer¬
Puerto Rico, and Canada.

Selections of the Committee for
officers

of

1961-62

Association

for

1.

37

.

:

$146
Parent

Company Only:

Sinking

Fund

&

Traders Trust Co., Buffalo.

Brobst, President, Chemung Canal
Trust Co., Elmira.
'For Treasurer:

lift,

President,

National

Bank

Arthur S. Ham-

The
&

Canandaigua

Trust

New

York

Donald

andaigua.

for

United

$18

Equity (5,121,430 snares*)

29%

44

of

City.
M.

Elliman,

Cedarhurst,
Charles

President,

100%

George

Murphy,

C.

Hauser,

Executive

thereto

Authority Bonds
Being Marketed
Drexel,

Harriman Ripley, First Boston,
Kidder,. Peabody Group Offers
$24,580,000 Issue

Bank

of

Kingston, Kingston.

Chester F.

Drexel &

Co., Harriman Ripley &

Inc., The First

as

This

announcement

these securities.

offered

publicly on May 17 an
$24,580,000 State Public
Building Authority, Com¬
monwealth
of
Pennsylvania,
6,
of

School

5V2, 3V4, 3.40, 3V2, 3.60,

Millhouse, President,

The Manufacturers National Bank
of Troy, Troy.

and

1 %

was acquired in July,
subsidiary, California-Oregon
Telephone, was obtained in June, 1958; and in 1957 several utilities
were acquired including Oregon Washington Telephone
Company.
Judging by its share earnings record the company was successful
in acquiring these companies on a favorable exchange basis. The

Columbia

in

record

the

Utilities

past

and

seven

its

years

has

been

follows

as

(all

Approximate
Dividends

Share

year

I960--.—

% Earned

Price Range

from

1.40%

for those due Nov.

Heffernan, Senior
Vice-President, Lincoln National

1961

to

due

1999-2000.

Bank & Trust Co. of Central New

awarded

the

York,

sale

Syracuse.

Hubert

The

Watson, Vice-President,

Watertown

National

Bank*

Watertown.

on

The

ing
and

for

4.25%

a

the

The

issue

1%

K.

McQueen, President, The
Endicott National Bank, Endicott.
Stuart
&

L.

Gifford, Vice-Presi¬
Cashier, Glen National

of

Watkins

Glen,

Watkins

School

Krier, Assistant VicePresident, Security Trust Co. of
Rochester, Rochester.
William

S.

Gavitt,

Assistant

Lyons.

the

General

act

of

of

the

Commonwealth

sylvania.

W.

Stoddard, President,
of Buffalo, Buffalo.

Bank

Henry N. Page, President, The
First

Under

National

Bank

of

Perry,

Perry.

the

furnish

use

as

and

public

an

offering is

offer
to

to

sell

nor a

*$0.80

28

-

19

0.98

0,68

22

-

14

equip

schools.

0.63

16- 10

act to

lease,

collect

and

as

the

1957—

0.77

0.63

12

-

10

expenses

sufficient

of

the

the

bonds

&

are

rated

Poor's.

solicitation

to

buy

any

of

1956—.

0.82

0.60

12

-

10

5.5

1955_

0.86

0.59

12

-

10

|

5.5

1954

0.73

0.55

10

-

9

Common Stock

5.3

^Present

General

indicated

Price $2.00 per

&

through

Electronics

an

made

offer

an

to

exchange of stock, but this

re¬

jected late in 1959 on the ground that the offer was inadequate.

The

It

unlikely that it will be renewed.

earnings outlook for the next two or three

years

generally

favorable.

Telephone usage is expected to

result

continuing

conversion

of

Copies of the Offering Circular

to

automatic

grow

dialing,

earnings

for




1961

have

been

projected

t

in

a

in

may

be obtained from the Undersigned in

Undersigned

may

legally offer these shares

compliance with the securities laws of such State.

appears

and

as

a

such

gains usually continue for a year or so after the transition is made.
Share

Share

acquire
was

State in which the

appears

share)

rate.

Telephone

Utilities

United

per

range

of

to

the

not

Commonwealth.

The

be made only by the Offering Circular.

Value $.01

of

Authority

150,000 Shares

(Par

In

provided for by appropriation of

5.4

1958

for
order

them

payment

May 17, 1961

6.3%

the

lessor, projects to

rentals

for

ISSUE

5.3

-

Penn¬

act,

local school districts and to charge

6.1

r 0.82

—

of

to accomplish these purposes, the
Authority is authorized, by the

Standard

is neither

The

Assembly

Authority is empowered to con¬
struct,
improve,
maintain
and
operate
public school
buildings

provide

Ralph

Build¬

Authority, a body corporate
politic, was created in 1947 by

and

William

was

competitive

an

H.

bonds

group

at

State Public

Net Property

$1.20

1959-

1,

bid of 98.0178.

D.

THE SIMULMATICS CORPORATION

on

revenue

bonds, series E, at prices to yield

figures

adjusted for split.):
Earnings

NEW

3.70, 3%

lease

school

Telephone Company, with 5,000 telephones,
186u.

Corp.

Boston

Kidder, Peabody & Co. are
joint managers of the group that

recent split.

has enjoyed remarkable
growth, with rev¬
quadrupling since 1950, due to the acquisition of new
well as the growth of utility operations.
Northwest

Edward

with

was

Penn. School

issue

Irving L. Eyles, Executive VicePresident, The Rondout National

Company,

Chairman

prior

Brockhaus & Co. in the municipal
and corporate trading department.

and

Cashier, The Lyons National Bank,

A.

& Co. and

son

Co.

Cedarhurst.

Company, Westbury.

Bank

Dey C. Demerest, President, The
Bellport National Bank, Bellport.

71

of S. D. Gradi-

Paul W. Glenn

Utilities

almost

companies

Chairman,

Glen.

Roger D. Sidford, Senior VicePresident, State Bank of Albany,
Albany.

100%

$62
*Adjusted

Perkins,

Jerome W. McDermott, Presi¬
dent, The Peninsula National Bank

Members-At-Large on the Asso¬
ciation's
Governing
The
Body,

Lincoln Rochester Trust

in

Trading
Department

City.

dent

are:

was

the

The Bank of New York, New York

Co., Can¬

Cyril G. Kress, Vice-President,

'

Debentures

Common Stock

S.

Committee, The First
National City Bank of New York,

For Vice-President: Clarence M.

Rochester.

enues

Richard
Executive

James

For President: George A. New¬
bury, President, The Manufactur¬
ers

years

Monticello.

are:

the

Council of Administration

3

1

54

Minority Interest—Subsidiaries
Common

Harrington, President,

Joseph J. Grubs, President, The
Sullivan County Trust Company,

Selections of the Committee for

Consolidated Basis:

New

Vice-President, Bank of Westbury

sey,

quite promising—the 1960 report of United Pro¬
pane stated: "Although
propane gas is sold primarily for heating
purposes, United is constantly Seeking new markets in order to
seems

state

in

areas

State, includes:
E.

business
many

formerly

Trust

velopment

the

Co.,

Dunckel,

York and various out-of-state in¬
These

ment

State Bank of Albany, Albany.

New

Alabama,

in

Trust

stitutions.

launchings, etc.

While the propane business is less
important than other opera¬
tions (1960 revenues of
$1.6 million were stated as "gross profits
on propane and
merchandise sales"), the outlook for further de¬

increase sales.

B.

geographical

Hollis

of New

York

The
of

use

ous

York

mmercial

banks

dialing

some

Wallis

14-16,

The As¬

sociation

c o

in

usage;

at

Placid,
York,

New

*Estimated.

Automatic

Annual

Convention

*19<;i

75%

New

Association's

Year Ended December 31
1 !)f>8

will

be held at the

as

Board, Irving
York City

which represents banks from vari¬

65th

follows:

the

of

posts

the

invest¬

for
of

NYSBA.

execu¬

in

been

the

President,
Bankers Trust Co., New York City.
The
Nominating Committee,

tive

last year, patrially due to
However, an important factor was the continuing

conversion

following

to fill the

increased 11%

revenues

increases.

the

Mr.
who

Glenn

has

The Nominating Committee of the
New York State Bankers Associa¬

Ex-

change.

N. Y. State Bankers Association

states.

Telephone
rate

of

Stock

Newbury Nominated for President

The propane properties are in southern
Illinois.
System properties of various types are located in
some 500 com¬
munities in

Co.,

the Cincinnati

California); in a
Pennsylvania, New Jersey

in

Muse¬

&

members

principally in the
companies, one electric,

utility, seven propane gas companies and one LP
transport company, and a
utility merchandising company. The
telephone properties, with annual revenues of
$42 million, con¬
stitute the second
largest independent telephone system in the
li. S. (General
Telephone being the largest). Electric revenues i
approximate $3
million, propane about $2 million and gas nearly
$1 million.
Virtually all the common stock of subsidiaries is
owned by United Utilities or a
sub-holding company, except for a
minority interest of about 8% in Central Kansas Power
Company.
System headquarters are in Abilene,
Kan., with an executive
office in Kansas
City. Telephone properties are located in
Oregon,
Washington (with two operations in northern
belt

W.

Carew Tower,

gas

middle west

H.

kamp

company operating
14 telephone

controls

water

Paul

—

RUSSELL & SAXE, INC.

any

AA

by

22

The Commercial and Financial Chronicle

(2182)

Centennial Fund Inc.

it

eliminated

from

Cyanamid, Borg-Warner, General Electric and Granite
City Steel. Commitments in Fore¬

Memory Lane

Dairies and Statham

most

ments

A.

long-time devotee of the legend
of the financial

and lore

commu¬

treasure a framed picture
hangs on the wall alongside

nity,

we

that
our

long

It is

typewriter.

the

which

gift out of
Co.,

a

from Waller &

ago

shows

York

prices on the New
Exchange on May 8,

Stock

starting
in the brokerage business

1876, when the house
out

was

Of the 21 key stocks

shown, only
Western Union
(the most active
on turnover of 46,550 shares)
and
Union Mining were non-transport
familiar

Oil

Standard

American To¬
bacco,
International
Mercantile
Marine, International Harvester,
Amalgamated Copper, Central
Leather, Pullman, American Sugar
Refining and U. S. Rubber. They
the top

were

Here in

Co.,

only the third biggest

is

toy industry was effected through

Standard Oil

Pacific, Rock Island and Erie.
Another sentimentalist, Forbes,
the

now

among

cen¬

firms.

The

enough

to

business

advanced

1909

to

tury

us

buff—
Union

Central,

magazine,

has
of

one-third

to recall

&

Central

York

New

Illinois

Harlem,

are

railroad

any

like

names

rest

a

the top 20

in 1911 and

up

from

such

that

of

is

1876

names as

The

day.

complete,

change

featuring

United States Steel,

a

Marine

Much

is

same

Leather

tral

INVESTING

known

now

which

IN GROWTH

thrives

and

for

ing stock, truck trailers and capi¬

the oil and chemical

kingpins

modern-day

General

as

Gulf,
Ford, Texaco, International Busi¬

jfnvedcri,
'nveUcr-b,
...a

companies engaged in the

States and

life in¬

of

appreciation

1876

all

of

memory

have been known
even
fade and disap¬

slip

or

Thus, only four of 1909's top

pear.

companies
1961's

possible capital

Big

rather than current

income.

took

the

survived

court

break¬

Steel,

Bethlehem

and

up,

i

20: General Electric,
Standard
of Jersey,

top

Steel,

which

represented among

are

which

1909's

over

Lackawanna

SEND FOR FREE PROSPECTUS

|

I

Third National Bank Building

I

Nashville

In

Japital Planning Services, Inc.

|

3,

Wall

Street, at least, the

the

Tennessee

future.

tween

ing

During the

1909 and

that

32

1961, the purchas¬
This

cents.

investment

an

be¬

years

of the dollar has slipped

power

around

to

rec¬

guide to

4,000,000

have

would

to

triple

its

dividends

what

be

no

mutual

.

the

spectus,
able

the

pro¬

the

date

of

issue."

total

net

assets

or

$

Raymond
Life

on

of

a:

payable

consider the

Investors!

record

share
from

1909

This

Balanced Fund

Steel

and-

into

the

prompted

a

will

be

transferred

*

Stock Fund

Custodian

it

common

list

and income

of

another,
top

is

and

of

to

so

a

these

in

Professional

on.

have

picking

different

corporations

management would
aopear

by

definition

better

chance

future

leaders

than the 'do-it-yourself' investor."

your
EATON

I
I

I

available from I

Investment Dealer
&

or

HOWARD, Incorporated

24 Federal St., Boston 10, Mass.
□ BALANCED FUND
Na

□ STOCK FUND

J

|

I

mo

Name.
Address

| Maaress




its

portfolio

of its

for

fiscal year,

the

ended

ill

And

with

the

pace

of the

new

technology, we wouldn't be sur¬
prised if the kingpins of another
generation
dealt in
and

the

on

are

even

being
the smaller exchanges

counter

now

market.

But

we

would be surprised if our profes¬
sional
investment
managers

weren't

night.

v

;

•

31

New purchases

American

Radiator

&

Stand¬

Sanitary. At the same time it
increased
holdings of Interstate
Department Stores, Penn Dixie
Cement and Ranco.

during the period

The company

eliminated

In-

Star

Gas

hunting for them dav and

and

Pacific

Tele¬

phone & Telegraph.

an

affair

quite

20

1970, 1980 and

since 1931

Investing

passive

a

is

study and effort to keep
with the changes which will

produce

growth of principal

best.

not

Funds:

certificates

takes

pace

possible

stock

of

*

Total
Inc.

net

for

March
net

*

assets

the

31,

assets

and

-

i'i

of

three
were

Fund

months

ended

$47,392,686

and

provision.

con¬

share

per

At the

cor¬

For the 12 months ended March
the

corporation paid dividends

amounting
which

to

$1.35

$2.13
was

per share
designated

per

which

"In

was

14%

below

the

March

the

first

holdings

quarter

were

of

1961

eliminated—T

American Express, Associated Dry

Goods,
sale of
seemed

General
our

Reinsurance

shares
and

225,766 shares by certain sell¬

ing

stockholders.
The company
use
the proceeds from the

will

fairly

generous

prices,

together

sale of its 210,320 shares

additional

with other funds to buy
stock

common

Wonder

the

of

Bantam,

book

Treasure

and

&

set

com¬

Dunlap

currently

at

owns

least 50% of these firms and after
its

will own 70% of
stock of these

purchases

the

outstanding

three subsidiaries.
of the

None

of

the

block

received by the company.

will be
The

proceeds from sale

selling stockholders'

stockholders include
Book-of-the-Month Club, Harper
selling

&

Brothers, Little Brown & Co.
Random House, which, after
the
sale, will continue to own
about 51% of Grosset & Dunlap's

and

outstanding
Grosset

is

company

a

distributor

and

original

reprint

the

in

The

business.

leading publisher
of
reprints and
hard

both

and

children

for

books
in

adults

out¬

partnership

1898

publishing

♦'

v

the

is

Dunlap

engaged

was

stock.

common

&

growth «wp£« an

and

cover

paperback books.
The

each

and

March

on

cents

share

a

The

paid, cash
1935
1961 paid five

has

company

dividends

31,

the

on

a

common

intend

directors

dends

on

since

year

payment

cash

of

to

divi¬

basis'

quarterly

Capitalization of the company
on March 30, 1961 adjusted to re¬
current sale of the

flect the

com¬

pany's shares and the exercise of
an
option to buy 41,699 common
shares by the selling

stockholders,

consists of
mon

1,188,878 shares of com¬
stock of $1 par value.

Hornblower, Weeks Office
Hornblower & Weeks have
a

opened

branch office at 320 Park Ave.,

New

agement

York

City, under the
Royal

of

man¬

Whiting

G.

and Earl L. Rubin,.

At the close of the March quar¬

ter,

of common stocks
follows, in terms of per¬
of
total
assets:
oils,

holdings

were

as

centages

33.03% a
year
ago;
chemical
and
drug
21.14%, against 21.96%; metal and
mining 11.26%, against 14.63%;
manufacturing and miscellaneous
11.17%," against 10.77%; electric
utility 5.73%, against 4.73%; mer¬
chandising 2.43%, against 2.12%;
natural gas 1.68%, against 1.50%,
36.06%,

compared with

other

California Investors

With
SAN

Calif. —Edward

DIEGO,

California
Avenue.

Investors, 1965
Fifth
was
formerly with

He

Western Certificate Fund.

.16%

investments

17%.
Holdings of U. S.
Treasury
bills
accounted
for
10.06%, against 10.78% a year ago
and
cash
and receivables
.31%
.

in the fund's

sents

an

history.

This

increase of 38%

repre-.

over

the

$12.17 figure reported on Oct. 31,

1960,
year,

dent,

the end of the last fiscal
Walter L. Morgan, Presi¬
reported in a semi-annual

The

rising
accompanied

net asset
by

FOUNDED 1928

was

(up 192%

th

consecutive

quarterly dividend
Ilea share from net
investment

able

June

of

income,

30,

record

pay¬

1961
June

to

2,

1961.

substantially

higher purcha^s <~>f shares by
investors

126

stock

vajue

over

the

n°w

com-

S.

Chamberlin has joined the staff of

against

by' statement to stockholders.

entire position at what

Cleveland Worsted by payment of
final liquidating dividend," Mr.

a

block

the

figures

31, 1961 figure, Mr. Carret pointed
out to shareholders.
four

was

the company's stock
quickly at a premium.
offered, 210,320
were sold by the company

Of

of

share were $9.79,
unchanged.
representing
new
:
*
*
«
highs, Philip L. Carret, President,
reported. At Dec. 31, 1960, assets; Wellington Equity Fund net asset
aggregated $41,695,272 while net value per share reached $16.78 on
asset value per share was
$8.59, April 30, highest month-end price
both

at $29 a
the initial public

and it sold

as

capital gain.

and

Pioneer

$31.31

responding date last year net asset
value was $106,798,454, equivalent
to $32.26 per share.

reports

Lone

active,

Investing primarily in

I Prospectuses

in

half

Trust

Franklin

/

troversy,

.

Income

gersoll-Rand, Combustion
Engi¬
neering, Minute Maid, U. S. Rub¬
ber, Baltimore
Gas &
Electric,

"Hoarding
chancy at

Securi¬

Foreign

income taxes in

the Federal

ard

comment

&

amounting to $103,649,-

after such

Almanac, which
published by Franklin Distribu¬
tors,
wholesale
distributor
of

since 1932

31

Inc.

priced

of

offering

stock.

.

Air

and

archives

shrewd

States

March

paid in surplus to the capital

changes

power

industry and finance

investment

the executives said.

ties Corp. reports net assets as

~tock account.

stock¬

•

is

possible growth of
principal and income

...

S.

from the Franklin

and

selected

U.

as

delving

of American
has

stocks for current income

stocks for

1961

holders.

Investing in bonds,
preferred, and common

...

Rubber would have attained

only
modest
purchasing
growth
for
persevering

HOWARD1

EATON &

and

corporation's his¬

Continental's

-

United

June

issued

This

share.

Dunlap

&

Grosset
stock

consider

stock.-dividend

included Emery
Freight, Fedders Corp., Robertshaw-Fulton Controls, Seaboard
Finance, Royal Dutch Petroleum

U. S.

CONSIDER

$459,-

were

July 12. to stockholders, 917, equivalent to $33.95 per share
21.
If the divi¬
on
the 3,310,815 shares of stock
dend is declared, $1 for each newoutstanding before providing for
of

of

&

common

at

on

100%

for

even

assets

in the

holdings,"

declara¬

April 20:

giants of

mark

stood

$412,381,613 at the start of
and "the highest quarter-

of Tri

and

investor

$50

and

part was accounted for by
appreciation in the market value

that, at the annual meet¬
June 7, the Board of Di¬

will

shares

tory. The increase in assets for the

President of

Smith,

top 20 of 1909 could have achieved

Such

the

time

most

Insurance Investors, Inc., an¬

nounces

ing

T.

Co. Inc. and associates
publicly on May 12, 436,ub6

that

end total

s<:

first

goal.

passed

first

the year

$17.32 "a share.
This
compares
with $373,293,107
and $14.90 a share a year earlier.

$449,731,396,

offered

book

from

were

Less than half of the stocks in the

individual

value

Investment

merely to protect the pur¬
chasing power of the investor.

modest

share rose
at March 31 from

common

346,840 at March 31, up $46,965,227

3l

Stock All Sold

$50.21, up from $44.88 at Dec. 31,
1960, and $42.77 at March 31 of

Fidelity Fund Inc. reports that at
March

Grosset & Dunlap

last year.

$12.50, the net asset value of the
at

for

$55.12

the

for

a

double the

than

also

per

to

asset

other securities accept¬
fund.
The
offering
the fund's shares was

the

of

report

investment income

with $46.85 12 months
earlier,
Francis
F.
Randolph,
Chairman, and Fred E. Brown,
President, reported. Assuming the
exercise of all warrants, per share

of

nature

in

listed

com¬

compared

or

to

price

general

325

according to the

at

$49.15 at the start of the year and

redeemable

Lexington

the

12%

with

levels

for the first three months.

up

Assets

investors in exchange for common
of

share and in¬

record

at

first-quarter

Net

1961.

earlier this year offered
its SI par value common shares to

than

31,

pany's

a

value

this

March

ex¬

Inc.,

fund

authorized

were

to.

April 30.

on

panies from the Curtis Publishing
Co. and another corporation. Gros¬

.!t

common

Corp.,

was

Fund

*

vestment assets of Tri-Continental

are

12.

Street

❖

had

Assets per

shares,

means

would

there

diversified

tion

ord of the past is no sure

in

National

and

>
*

opportunity

an

Co., American
Telegraph,
Scott

Magnavox

Co.

&

&;

&

Lead.

of this exten¬

increases

Devonshire

rectors

Steel.

Nemours

Paper,

per¬

deposits

beyond June

shares

1909.

and

this

or

yesteryear

to

Canada. The objective

of the fund is

point

unknown

meandering is that the blue chips

business in the United

surance

0

The

exclusively in the stock of

Westinghouse

were

in

non-existent

Pont,

du

and:

either

Electric

mutual fund which invests its

assets

Machines

ness

nc.

Motors,

ac¬

through
the pro¬

Bache

provide

said

more

Such

niuruiice

an¬

satisfactory and siz¬
deposits."
The investment

stocks

industries.

Business

very

tension

a

as

of

12,

total

$48,694,-

Avon

common

that

purpose

to

further

firm

diversified maker of railway roll¬
tal goods for

June

"The
is

able

Gas,

today

Stating

through
sion

Cen¬

&

Inc.,

deadline for

solicitation

said:

liquidation. Pullman
from
the
sleeping-car

business

12.

mit

to

report were, in this order,
Products, International
Machines, Reynolds To¬
bacco, Philips Incandescent Lamp
Works, Pepsi-Cola, E. I. du Pont

of

Fund

total of $67,235,000
This figure is more
size of the fund
at the
conclusion of the initial
underwriting on Oct. 23, 1958.
terially,

at latest

in

spectus has been amended to

Copper, it

Oil

Keta

for

Telephone

in

is

withdrew

POSSIBILITIES?

is

quar¬

or
$15.95 a share, against
$29,782,457 and $13.19 a share a
year earlier.
Ten largest holdings

June

Inter¬

Anaconda.

as

amounted

de

already

As for Amalgamated

stocks

shares

common

Street

assets

stocks has been extended

today

of

true

of

cepting deposits of these

Harvester.

national

initial

680,

*

nounced that the

but hardly a titan.

concern

the

is

and

*

exchange

Devonshire

reorgan¬

was

Lines

S.

U.

as

going

is
•

net

list

broad

tax-free

International

4 ranked

No.

(a new com¬

Co., manager of a group
of dealers soliciting deposits of a

industrial

biggest

the

new

and lower share redemp¬
(down 16%).
The fund's
resources therefore increased ma¬
tions

Blyth

Bache &

one

20

Mercantile
ized

stocks

the

in

four

Inc. reports that at March 31

*

com¬

of its compo¬
nents, Standard Oil Co. (New Jer¬
sey) has top rank among indus¬
trial companies. American Tobacco
was
broken up also in 1911 and
there isn't a single tobacco issue

issues.

made

shares of Mattel Inc.

broken

was

Fund

T. Rowe Price Growth Stock Fund

mitment).

in terms of assets, whereas
was
far and away the biggest

it

was

purchase of 2,000 additional shares
of
Eldon
Industries
and
10,600

pany

in 1909.

Holdings of

rights. A larger investment in the

much around, although now

it

sales

including
11,900 shares
of
Bendix Corp. and 5,000 shares of
Leesona Corp., and added to its
positions in 10 common stocks,
one
by exercising rights, two by
receipt of stock dividends and
seven by additional purchases.

increased

ten.

very

these

all

ter,

Telephone & Telegraph were
through
exercise
of

can

of

commitments

Beckman Instruments and Ameri¬

1961, the change is re¬
Big Steel, of course, is

markable.

reduced.

were

result

Pioneer

Instru¬

last

year),

net

portfolio

period

six-month

parable

the realization of substantial longterm capital gains.

American

Down

eight
some

reduced in

were

degree, he added, stating that the

reports that

its

Thursday, May 18, 1961

.

Carret reported. Holdings of

during the quarter ended April 28

RICH

E.

ROBERT

BY

.

other stocks

The Funds Report

FUNDS

MUTUAL

.

WALTER L. MORGAN
President

A
Volume

193

One

Number

6056

.

,

.

The Commercial and Financial Chronicle

(2183)

23

a series of Pure Oil
messages to stimulate travel by car
■

.'•

"

'•:%•:W88Ms^ross^;•:

'

!*x¥J¥S

-;w:;.

wmmm*

SSSSft

*s

(WWZ-kSW

•■■w~s

liSI
•wjojcjc*

"With two kids, who'd ever think

by

car,

the transportation cost is the

we

could afford

same

for four

"We drove from

a

Florida vacation? But when you travel

for one," writes Howard Hummel of

as

Chicago.

Chicago to Miami

and back for $8692"
'

.

The Hummel

•

•

'

.

}

.

'

*

•

family

followed the Firebird
and discovered all

again that
and

over

you see more

spend less when
travel by

you

car.
"Most

of

the

sets in every
SEE

HOW

WHEN

MUCH

YOU

YOU

TRAVEL

(and think how much

SAVE

even

BY CAR

more you

$10

will see)

CAR
♦

'

•

PLANE

TRAIN

$367.62

$268.84

$214.83

MIAMI
AND RETURN

we

came

made

a

"We followed

alive for the

the Firebird

pro¬

Lookout

us—

nooga,

PURE's clean restrooms and

got

Welcome Service'

a

Mountain

near

and

got top mileage and performance,
with PURE
Firebird Gasoline.

stopover at
Chatta¬

Tennessee. My wife and I
big kick out of it, too."

are

'Royal

tops, too."

travel by

car.

sense

when

The Hummels traveled

You

save

money

too. With all the

$51.02

$202.95

$118.79

$140.91

3,275 miles (including side trips) from

rants, you're
at the

$86.92 (the total cost of

Oil dealer

sure

meals and lodging,

on
new

motels and restau¬

to find what

you

want

RETURN

DETROIT TO

$46.80

ATLANTA

$212.85

$ 96.86

$117.70

RETURN

$82.23

NEW YORK
RETURN

gas,

oil and lube

services at recommended intervals).

MINNEAPOLIS TO

$324.06

$156.18

$198.89

And think how much

more

-

CINCINNATI TO
NEW ORLEANS

$53.85

$262.67

$107.69

$129.91

when you

travel by

want, when

AND RETURN

figures for family of four (2 adults, 2 "half-price" children) includ¬
ing tax. Plane, train and bus costs are lowest-cost fares quoted as of
March 9, 1961. Car costs (except Chicago to Miami) based upon 3c per
mile for gas, oil and maintenance as estimated by recognized authorities.

All cost

Cost of

TV

"The Civil War
kids when

Chicago to Miami and back for only

WASHINGTON, D.C.

AND

favorite

Typical cost for all of
night."

Yes, it makes dollar and fun
you

MILWAUKEE TO

AND

our

TV

didn't

!•

CHICAGO TO

AND

a

have
we

BUS

$86.92

'

■

miss

grams.

motels

room—and

you

car.

want.

ing sights along the

Go where

you

can

want to

help

you

pay.

(Your Pure

here—just ask

him.)
see
you

Explore interest¬

way

get there without fuss

you

price

or

and after

you

bother.

mejals and lodging not included in any of above figures.

Follow the Firebird—as you travel
Gasoline and enjoy a car that runs
mation wherever you see

ation
not

by car. Fire up with powerful new PURE Firebird
better, farther. Stop, too, for helpful travel infor¬
the "Traveling? We will help you" sign.

Planning Week" is May 21-27.

include your car




in your vacation

plans?

Fire up

with PURE Firebird ...BE

WITH PURE

The Pure Oil C*.

1

24

The Commercial and, Financial Chronicle

(2184)

Trust

NEWS ABOUT
Branches

New

•

New

•

Offices, etc.

Revised

•

prior

*

BANKS AND BANKERS
Consolidations

Company

to

joining

the Madison Bank.

Capitalizations

Three

retiring

Company

Morristown,

by

of

Morris
N.

J.

Trust

County,
honored

were

Bank's

the

rectors

at

Officers and Di¬
dinner
May 12 at

a

purchase
the

the

First National

City

New York announced the

of

ment

H,. Lansing

Vice-President.

the

Mr.

with

a

member

section

operations

concerned

The

appoint¬

Clute as a
Clute joined

the Bank in 1927 and is
of

of

Bank

and

banking.
Douglas A.

of

Trust

Office

retired

was

time

Michael

*

•.

Badami, Howard E.
Bendix, George J. Doll, James M.
Doyle and Theodore Wolff, former
Managers

Department, have been
pointed Assistant Secretaries
Bank

Company, New

it

York,

of

Trust

York

New

ap¬

was

an¬

nounced.

Joseph

Chester

R.

Assistant

J.

Nichols,

Managers,

Assistant

named

M.

Gerard

Jr., former
have, been
Treasurers.

has

Thompson

been

Crawford,

The

and George

J.

Manager

Klopfer

is

Bank's

the

named

new

Messrs.

fice.

Thompson
Chemical

of

Of¬
Nichols,
Klopfer are with
Massapequa

Banch,

and
Bank

Trust

York

New

Company's Metropolitan Division.
Richard

G.

Crawford joined

in 1953

Bank

New

Mr.

Bank's

Trust

York

Pintard

Corporate

ment at 30 Broad

has

served

since

as

Vice-President and

as

office counsel and in January 1959

*

*

Co.,

New

with

is

election

The

Depart¬

Trust

Assistant Secretary

Jr., to the Board of Trustees
Dock Savings Bank, New

son,

of

Dry

*

The

Dollar

City

of

has

Chemical Bank

York

New

Trust

Co., New York, opened New York's

banking

office—its ^109th

branch—in the recently completed
850 Third Avenue Building at 51st

Savings

New

The

office will be in

charge
Staples, Assistant
Vice President, W. Rodman Rob¬
inson
and
Samuel
R.
Ferguson,
Assistant Managers,
and Robert
H. Matson, Jr., Officers' Assistant.
new

Norman

A.

*

Irving

the

York,

New

the

appointment

Nolan

Trust

*

*

Co., New

York,

an¬

the

Livesey, formerly Presi¬

dent of the Dime Savings Bank

Brooklyn,

New

York,

of

been

has

ings Bank of Brooklyn, New York,
effective

of

tor

estates

is

administra¬

an

and

trusts

in

the

Mr.
the

Young, also associated with

Bank's

Personal

Trust

Divi¬

sion, is engaged in the administra¬
tion of custody and

tody

advisory

June

accounts.

»!*

Reynolds

Pitts

Drews

and

Lehr

W.

named

Assistant Vice-

in

were

Presidents

Personal

the

Trust

Division.
At the

same

time David B. Hay-

ter, Walter W. Hemberger, Robert
T.

Lavender

bert

Richard C. Tor-

and

appointed
Assistant
Secretaries in this Division.
were

&

Grinnell

#

Morris

Executive

*

has

White

Co.,

The

.t.

Howard

Trust

Bank

has

and

Burling¬

ark,

Hoffman

tive

The

outstanding

The

56,000

value $25.)
*

Powow

*

Bank

National

May 1.
S8t

Laird, Bissell & Meeds
Members New York

Stock

Members

Stock

American

Exchange
Exchange

BROADWAY, NEW YORK 5, N. Y.
Bell

BArclay

Teletype NY

Specialists in

1-1248-49

Bank




7-3500

Stocks

named

former

a

be

British

and
of¬

bank

(The two

of the management
Continental's branch

part

nucleus

for

London.

;

Re-elected
I.

Illinois,

officer

Vice-Presidents.

as

will

in

Chicago,

retired

Directors

was

Johnson, who had retired

Vice-President.

as

The

other

the

Laughland, who had

the

Bank

(India)

Vice-President

new

is H. Norman

managed

London

of

branch

Baroda

his

until

of

Limited

retirement

ing

branch

established

to open

month

a

for

date

first

Bank

its plans

the

a

an¬

Lon¬

a

Open¬

ago.

branch

after

will

Federal

be

Reserve

Egypt

the

Pal.,

has
of

of

number

the

at

Lawrence

date

is

ap¬

succeeds

:[:

of

has

the

Mellon

of

from

14

been

Mount

following

National
of

a

Bank

Chicago,

111.

*

$

Ray W; Herrick has been

elected

to the Board of the Manufacturers

National

Bank

of

Detroit,

Mich.

Bank

of

California,

Francisco,

Tahoe

Calif.,

City office

N.

A.,

its

opened

May

on

15,

in

National

The

office

new

is

the

under

Meyer, who has been appointed
Manager of the Bank's Manches¬

Jr., who was formerly
Manager of the Auburn office of

W.

Jr.

Brown,

Assistant

of

Secretary

as

Treasurer

the

of

and

Assistant Secretary will

and

take

effect

June

succeeds

1,

Stephen S. Whitney. Mr. Whitney
of service.
1934

In

Madison

and

Mr.
Trust

Company,

institution

Trust

town Trust

served

in

of

with

Company in

Bank

Madison

the

successive

the

prede¬

First

of

Company

merged

joined

Morris1958.

He

capacities of

Assistant

Treasurer,
Treasurer,
and
ViceSebretary-Treasurer

President-Secretary of the Madi¬
son

Bank.

career

in

Importers

He

his

started

New
and

York

banking
City with

Western

Pennsylvania

Pittsburgh,

Bank,

solidate with

stitutions

M.

A.

was

of the

Samuel
the

Werlinich,

Bank

have

banks

voted

The

is

in the hands of governmental

agencies in Harrisburg and Wash¬

for

ington

their

approval.

consolidation

will

stockholders

of

June

also

bank

on

Rocks

bank

of $9,583,559 and
Pennsylvania
National

of $215,837,567.

resources

its

stock

from

and

from

$360,000,

shares

ST. JAMES'S

par

Branches in:

CEYLON, BURMA,

KENYA, TANGANYIKA, ZANZIBAR,

UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN

The

May

common

$300,000
$360,000

5.

Bank

and Trust

Directors
tional.

of

Co., Los Angeles,

of the Seattle-First Na¬

Rank,

Seattle,

Alvin

sistant

•

R.

Wash.,

Sehopfer

Vice-President,

Lawrence

15%

his holdings

of

pany.
The

in the

com¬

stockholders

will

,

selling

receive the proceeds of
shares.

Proceeds

the

from

the 60,000

the

to

company

shares will be
payment
of
a

40,000
to
the

$65,000 bank loan and the acqui¬
of additional equipment.
The company's principal busi¬
ness is the testing of components

sition

and

designed and

systems

factured

under

electronic

snace.

in¬

aircraft

and

own

and for

use,

specialized testing

otners,

10

con¬

in the missile,

The company also man¬

ufactures for its
saie

manu¬

government

tracts by companies

and ground support
for missiles and air¬

equipment,
equipment
craft.
In

the

1960

of

had .net

company

compared with $698,-

$100,906

668

and

1959.

stock

Common

in

respectively,

$32,977,

of

10b

par

value

outstanding after the sale of
company's 40,000 shares will
amount to 430,000 shares.
the

Tenn. Gas Trans.

Debens. Offered
White

Weld

&

Stuart

&

Inc.

Co.

of

agers

an

Co.

Corp.,
Halsey,

and

joint

are

man¬

underwriting

an

group,

issue

publicly on May 16
$75,000,000 Tennessee

of

Gas Transmission Co. 5 % % deben¬

tures, due May 1, 1981, at 100%.
Proceeds

debentures

from

will

short-term

credit

the
be

sale

used

notes

the

under

the

of

retire

to

outstanding

company's

revolving

agreement and the balance

oe

u^ea

for

M.

to

general corporate

As¬

has

48,000

and

a

wise
the

shares,

Ohio,

Co.

of

the

and

title

Dayton

consolidate

the

of

has

effective

period of five

they will
option
of

Tennessee

sells

or

Canning, President of

Jersey Inv.

I

to

Other¬

the

at

company

Gas

Transmission

companies

primarilv in the

United States.

east¬

The company's,

customers

comprise

the

tem, Inc. and Consolidated Natural

Corp.

Gas
1960

Co., which accounted during
for
approximately 46% of

PLAINFIELD, N. J. —Everett J.
Canning has been elected Presi¬

company

dent of Jersey

mission

Investment Corpo¬

deliveries.

multiple-line
producing

Louisiana,

ber

of

the

Jersey
since

an

Board

of

active

Directors

Investment

1958.

mem¬

of

Corporation

Previously serving

Vice-President of the

as

sion,

Mr.

Canning

will

Company
now

ordinate the mortgage and
ment

co¬

invest¬

properties divisions.

eastern

Filer, Builard

Filor, Builard & Smyth, 26 Broad¬
way,

New York City, members of

the

New

Stock

York

and

American

Exchanges, announced that
Printon is

their

firm

now

representative.

as

a

associated

registered

trans¬

gas

beginning in
of

areas

extends

section

Texas

to

of

the
the

gas

and

north¬
United

States, and includes 11,183 miles
pipe lines, including 44 prin¬
cipal compressor stations having
an
aggregate
of
775,990 horse¬
power.
The
design
delivery
capacity of the system on Dec. 31,
of

1960

was

cubic

aporoximately 2.543 mil¬
feet per day and 2.940

million cubic feet per day on peak

days

by

withdrawal

of

gas

from

underground storage.
Subsidiaries include Midwestern
Gas Transmission Co. which
and

tems
total

with

Tennessee's

natural

system,

ration, 240 West Front Street. Mr.

ap¬

is

years.

redeemable

be

systems of The Columbia Gas Sys¬

Paul F.

been

non¬

delivers gas to distributing

principal

National

date

be

principal amount, a sinking fund,
commencing May 1, 1962, will re¬
tire
92%
of
the
issue prior to
maturity.

an¬

in charge of the construction divi¬

of

will

lower interest cost

a

at
prices ranging from 105 V2% to the

ern

With

Trust

Ohio, to

be determined.

debentures

lion

Dayton,

The

for

pro¬

Chairman

Arnold

The

refundable at

nounced.

*

Bank

the

proved.

Western

$10.)

Dayton,

under

First

to

Peoples Bank and Trust Co., Day¬
ton,

Southern

a

application of the Merchants

Dayton,

the

to

stock,

new

(Number

outstanding

value

National

ap¬

*

increased

has

effective

ADEN,

Airplane Corp. Each member of
the group is selling approximately

Canning has been

*

stock dividend, the Salisbury
Bank, Salisbury, Mary¬

PARLIAMENT STREET, S.W.I.

of

the

of

has

resources

a

New

The

before

go

each

McKees

has total

Bank,

has been

years,

Administrator

13.

The

By

Hanover

22

pointed Vice-President and branch

moted

consolidation

proposed

54

RHODESIA

favor

in

consolidation.

the

now

the

McKees

that the Directors of

of

$480,000 by the sale of

INDIA, PAKISTAN,

of

both

land,

KENYA, UGANDA, ZANZIBAR

cluding two officers of the com¬
and the Fairchild Engine &

Murphy, Jr., formerly

Calif.

of

Rocks, said

capital

SQUARE, S.W.I.

A.

Division

;

National

London Branches

California.

of

York, for

Bank

*

Bankers to the Government in:

in¬

two

with

Cancelliere, President of

Western

Head Office:

Bank

and

total

NATIONAL AND GRINDLAYS

con¬

the Bank of McKees

announced.

President

National

department of Clinton

National

will

Pa.,

Presidents

Rocks,

Manager

Traders

Bank, New York. He

under¬

orig¬
remaining

the

purposes.

WPNB,

Brown

The

Edward

retiring from the Bank after 39

years

the

by

and

60,000 shares have been acquired

win

Bank,

12. Mr. Brown, whose pro¬
motion from Assistant Vice-Presi¬

Clegg,
Assistant

office.

ter

issue

by the underwriter from a group
of
six
selling stockholders
in¬

the Tahoe City Center.

Mr. McFarland succeeds Robert A.

Directors

Morris

purchased

were

writer from the company on

which offered

Trust

of

of

17

Stone & Webster Securities

County,
Morristown, N. J. elected William

Board

Company

com¬

May

on

*

management of Herbert S.

The

made

was

F.

Stern, Chairman of
the Board, also reported the elec¬
tion of three new Directors. They
are
B. E. Bensinger, Graham J.
Morgan and Edward W. Wilson.

San

McFarland

Manager

directors

Co.

Trust

Na¬

Company's

He

*

proposal increasing

American

and

The

office

shares

sales of $1,196,937 and net income

%

announced

was

of

been

and Trust

17

of

Mellon

office.

a

the

title

*

Meyer

Approval of

Bank

effective

*

*

special stockholders' meeting held

National

Manager

W.

100,000

by Hayden, Stone & Co. The stock
was priced at $8 per share.
Of the
offering, 40,000 shares

dustries.

ago.
The Continental

year

don

stock

applied

j

by

the

under

❖

Request

■

to

Egypt,

*

Royal

Co.,
a

of

pany

%

Allentown,

1.

13

Telephone:

of

The

tional Bank

June

Ohio

Michigan.

Bank & Trust Co., Pittsburgh, Pa.

Leading Bank

on

Merchants

and

*

named

26, BISHOPSGATE, LONDON, E.C.3.

120

the

May 26.

Thomas

effective

Bank,

BANK LIMITED

Stocks Outside N. Y.

Trust

sjs

Bank,

Merchants

Mass.,

financial

and

Continental Illinois National Bank
and

offering

of Aerotest Laboratories Inc.

'

Pa.,

A.

of

I.

Northwestern

Southeastern

•!*

of

consolidate

has changed its title to the Ames¬

:ji

C.

Officer, effec¬

Sjj

:

Bank

Allentown,

bury

*

Harold

Comptroller approved May 2

pointed

cor¬

of The

Company

Willard

banks

re-elected

Stock Marketed
Public

inal

institutions in
and

nounced

Minnick,
Assistant
Vice-President, who is retiring on

Amesbury,

National

in

William, ] F.

*

River

Amesbury,

York

'i'

named

application

Allentown.

Trust

assist

of

Aerotest Labs.

Board approval has been obtained.

Manchester

par

and

State Bank of New¬

•5JS ;

Robert

shares,

1942

New

Trust

as

capital stock from $1,200,$1,400,000 by the sale of
stock, effective May 3. (Num¬
shares

1935,

May 15.

of

ber

the

He started his

*

has

elected

Vice-President of Em-

Bulletin

J.,

N.

its

increased

to

new

will

number

As¬

in

in

of

*

the

National

Vermont,

ton,

*

of Burlington,

Co.

of

with the Guaranty

career

Company

division

Webb,
III, Vice-President, in servicing a

1915.

to

Assistant 'Treasurer.

❖

Earnings Comparison
20

Trust

1944.

O'Malley

of the credit

been

banking

He

Thursday, May 18, 1961

-

Toledo, Ohio.

appointed

was

in

National

Trust

an

and

with

Officer

Secretary

Schnecksville

which
.

He

1922.

bank

Citizens

Carl

started

Trust

1.

County

cessor

cus¬

in

Bank

Plains, N. Y., has named Denis J.

is

Personal Trust Division.

position

Assistant

an

dent

Vice-Presidents.

Hartnett

Whitney

elected President of the City Sav¬

dents

to

Mr.

*

has been advanced to the

Ohio

.

mon

*

Witte, Assistant Treasur¬

5»!

May

Mr.

the

to

in¬

teller

a

as

sistant Vice-President. I

The National

Everett J.

promotion of Joseph
P.
Hartnett, Jr. and W. Nelson
Young from Assistant Vice-Presi¬
nounces

advanced

predecessor

1928

Trustee.

a

as

^

!;!

of

Bank

York,

of Herman C.

of

Street, May 15.

Company's
in

B.

ficial

of the

one

*

*

announced

Trust

a

joined

Secretary

*

000

*

as

Assistant

announced.

was

common
*

of

C.

William

of

Greenough and Kendrick R. Wil¬

the

Street, where he

Mr. Barradale

Fred

The ef¬

determined.

be

■'*

1942.

President in

stitutions

*

1913

assume

.

Chesapeake

1.

clerk and
served in various bapacities
ad¬
vancing to the position of Vice-

Trust

dent.

Secretary

Mr. Peer started with the

elected Executive Vice-Presi¬

was

ap¬

1956.

newest

The Bow¬

Bank's

the

Company in

Bowery.

The

has been

Pintard

office

Park

who will retire June

of

*

*

pointed Trust Officer of Chemical
York.

Crawford

Vice-President

•J*
*

its

Jr.,. to

Mr.

of Trustees.

Executive

promoted from Assistant Manager
to Assistant Secretary

Florham

Whitney,

D.

and

Banch

Bank's

the

Sl!

who retired May 1 and Stephen S.

York,

Also,

resignation.
*

1, James G. Barradale,
Jr.,
formerly
Assistant
Vice-President
and
Manager
of

Morris

Corporate

-

Trust

Chemical

his

at

who

Green

the

on

The Bowery Savings Bank elected

ery

F.

Assistant

of

associated

Vice-President

❖

Mr.
*

been

Senior

a

the

announced.
*

the

March

is

was

of

and

the

to

*

respondent

charge

of

is

date

er,

in

National

Bank, Chesapeake, Ohio.
fective

Vice-President
Bank's

had

Board

Chile, as resident
Lima, Peru, also

Mr.

York.

with

Morris

in

Vice-President in

New

The Hanover Bank since 1934 and

Firmin, formerly branch Manager

Santiago,

Co.,

is

foreign

appointment

pire

First

assets

liabilities

Llewellyn Farms. Those honored
were Raymond B. Peer, formerly
The

the

of

Bank of Ironton, Ironton, Ohio, to

officers

of

The Comptroller has approved the

application
*

*

.

lion

operates

two

totalling

902

owns

pipe

line sys¬
miles with a

delivery capacity of 560 mil¬
cubic

feet

per

day, and East
which

Tennessee Natural Gas Co.,

Volume

193

'

i

Number

6056

.

.

:

•

•

.

The Commercial and Financial Chronicle

1

and operates

owns

system

line

778-mile pipe
the
state
of

TV/T

a

in

Tennessee.

1V1.

i'

'

1

*

■

IDld/LL v^U.

and

Q/VIrl

1

'

D LOCK i501Q

owned subsidiaries

2.,*
' ^
wTifor nf
hnwlL l
?

in exploration

for,

producing, processing, refin-

ing

and

marketing of petroleum
petroleum products. Wholly-

and

owned subsidiaries of T

and

own

operate

in

engage

neco

the

real

life,

insurance

accident

p

e n n e c.o

and
Ten-

also engaged in other non-

is

segments

pipeline

of

Tennessee

Transmission's business.

Gas

Operating

revenues

offerinff

115 000

shores

IfKm

+

on

°

the Tast

Mav 15

bv

an

of the com-

lhe ftLk

a

major

factor

in

that

made

was

undemr

•

,

.

'

.

.

area,

nn

tifrfrnnn

the

financing

of

sales

^hare ^

The

M.

'

Two WifK I p.fp-

Dvnn.

*wo Willi Lester, Kyons

bowling lanes and related equip-

(Special to The Financial Chronicle)

Net sales of The M. Blatt Co. LOS ANGELES, Calif.—Cooper P.

SC°re
'
cleaning units were $1,885,645 with a net profit havG become associated with
and storage racks. Blatt also mar- of $60,378, against the year ended
f become
kets a ful1 line of bowlin£ lane Aug. 31, 1959 when the net sales Lester, Ryons & Co, 623 South
maintenance supplies and bowling were $1,211,133 and net profit was Hope Street, members of the New
accessories' including pins, shoes, $32,362. Upon completion of cur- York and Pacific Coast Stock ExagS an(? lockers- Sales of the rent financing, outstanding capi- chanses Both were formerly with
company's products are made to

talization

of

the

will

company

consist of 245,000 shares of common stock $58 Q83 of
fi% f. t

nnhlir XofLno^nv'!
^iH be used by the company for mortf?afJp '
'
,nn
f
public sale of the company s ^he purchase of equipment and mortgage and $398,500 of
common stock, and it sold quickly expansion of facilities; for de- subordinated debenture.

ffrst

of

i

of

25

bal1 retuP?unitMibe,rgla?s settees, for the year ended Aug. 31, 1960' Matthews and Gerald H. Reeves

nS bowlinS center operators.
the
•Vrocef* fr°m the financing

was'nHeed

8 Mana^mMt

»

-

>

*

installs bowling lanes as well as

of

and

estate

health

business.

bli

,

?he comPany designs, builds and ment.

•

subsidiary of the comTenneco Corp, is engaged
directly
and
through
wholly-

Another

'

■

i

vania, New York and Delaware, ing

"Dloff Pn

Qj.

pany

(2185)
■

,

,

Blatt

M

M

nn

R<-

an 8%

FWlin fWns

g JT
Cooper-Matthews, Inc.

c

Saul Lerner Co. Adds
-

Y

n/fil

Col. H. E. Miller
li"' LT " ^
Exc^ang®

Berlin Opens
Place, New York City, put and
l?^e7n?oSh 3and19ZssTncome S iS °ne °f the tW° larSe^ i»dePe"d- faciiity; and for repayment of ALBERTSON, N. Y.-Michael M. call brokers, have announced that
$95 953 000 compared with $462
enL constructors and modernizers certain current indebtedness. The Berlin is conducting a securities Col. Homer E. Miller, (U. S. A.
910,'000 in revenues and $79,355,000 °f bowling lanes in the states of balance of the proceeds will be business from offices at Albertson ret.) has joined their firm as diand its subsidiaries for year

pany

Go., Trenton, N. J., believes that it

luhmant'

of

an

addhinnal

-

in

income for the like 1959

gross

New

Jersey,

Eastern

Pennsyl-

added to working capital, includ-

rector of public relations,

Avenue and L. I. Railroad.

year.

as

effect
to
the
current
included $749,729,000 of

give

to

_________

1

Capitalization of the company
of Feb. 28, 1961 and adjusted

offering

long-term debt (exclusive of ap¬
proximately $150,000,000 of noninterest
bearing notes issued in
connection with the purchase of
gas in place); 1,069,270 shares of
preferred stock, $100 par value;
790,955 shares of convertible sec¬
ond
preferred
stock,
$100
par
value
and '39,673,464
shares of
common stock, $5 par value.

Stein Hall & Co.

Stock Offered
heads

Co.

&

Eberstadt

F.

an

underwriting group which offered

publicly

May 16, 244,000 shares

on

Hall

Stein

of

& Co., Inc. common

stock at $17.50 per

In addi¬

share.

tion the underwriters are offering

the
The

13,000 shares to employees of
and its subsidiaries.
shares
are
being
sold
for
benefit of selling stockholders

company

will

proceeds

no

the
and

the

to

accrue

company.

Stein Hall &
tures

Co., Inc. manufac¬

variety of

wide

a

chemical

specialty products, including adhesives, synthetic resins, natural

derivatives,

food

and

gum

stabilizers and other

food

intermediate

primarily
in
the paper, packaging, textile,
food, drug, mining and petroleum
which find

products

addition,

In

industries.

use

the

com¬

major supplier to U. S.

pany

is

and

Canadian

a

industrial

com¬

panies of starches, starch deriva¬
tives and imported commodities,
burlap and latex. The
maintains offices in 12
cities and in Montreal and

including
company

S.

U.

Afric

South

Toronto,

The

a,

Netherlands and Thailand.
Sales

consolidated

and

the

for

sidiaries

$56,851,821

1960

totaled

net

was

$877,527,

net

and

ended

of

and

compared with
of $59,343,060

income

and

the

sub¬

ended Dec.

year

31,

sales

of

income

other

and

company

$734,934
1959.

for the year

Dec. 31,

Capitalization of the company as
31, 1961 and as adjusted
to give effect to the offering in¬
cludes $1,102,925 in debt and 751,580 shares of common stock, $1
of March

par

outstanding. The com¬

value

is negotiating for the

pany

From
—

left to right: Milton Cross, the "Voice of

and

announcer

Senior Vice President

Opera"

of the
Epley, Jr.,

Broadcasts; Chet Huntley, famous newscaster
Texaco Huntley-Brinkley Report; Marion J.

of Texaco Inc., at the luncheon

meeting of the Radio and Television Executives Soci¬

for Texaco's Metropolitan Opera
<

ety of New York, April
were

made of the

18,1961-when presentations

highly coveted Peabody Awards.

private
long-

placement of a $2,500,000
term institutional loan.

Delafield

Texaco News and Opera programs

Opens

Great

Neck

win Peabody Awards!

Office

members of
Exchange,
that the Great

Delafield & Delafield,

the

York

New

have

announced

Neck, N. Y.
at

7

South

will become

Stock

office of Pell & Co.,
Middle
a

Neck

Road,

branch office of the

Delafield firm under the manage¬
ment

with

of

VanderNoot and
Ferrisi as assistant

Harry

Jack

D.

Walter Daub and Rob¬
ert
P.
Daly will be registered
representatives. Miss May Moore
is joining Delafield and Delafield
at 45 Wall Street, New York City,
as
a
registered
representative.
Pell & Co. has been dissolved.

manager.




u..

BOTH the Texaco Huntley-Brinkley
and Texaco's

Report (TV)

Metropolitan Opera Broadcasts

(radio) receive the coveted George Foster Peabody
Awards! This is the first time that two regularlyscheduled programs,

sponsored by the same organi¬

zation, have been winners in the same year.
Chet Huntley, shown

Award for the
1960.

above, accepts the Peabody

best television news program of

Mr. Epley

of Texaco accepts the Peabody

Award for the
Network

—

Texaco-Metropolitan Opera Radio

for outstanding public service

Administered by the

Peabody Awards

are

—

1960.

University of Georgia, the

widely considered the most

significant of all citations for excellence in the
broadcasting industry.
We

are

proud to be the sponsor of two award-win¬

ning programs—and we are grateful to all who made
these achievements possible.

TEXACO

INC.

26

(2186)

The Commercial and Financial Chronicle

Continuing to Deserve
The Investor's Confidence
Continued from
ments

to

lation

to

achieve

3

page

speculaion, from specu¬

gambling,

perhaps

and

in

proportions which they would
not adventure in except under the

present intoxicating climate.
The release of speculative

en¬

ergy and the new confidence have
brought the financial community

volume of business.

good

a

since

deserve

we

the

This

financial

community has been making quite
a

bit of

Our

dence

is that if

now

continue

to

for its customers.

money

point

deserve

to

in us
foster that

expect

spirit

to

which

has

confi¬

the

and

reposed

wish

we

if

made

America

great and which differentiates

our

society from a purely bureaucratic
one, perhaps we should take stock
where
at

try

and

we

this

customers stand

our

best

to

excesses,

right analyses, and do
parlance

this

is

this is

long-

some

To use

of the mining

time

or

forth¬

present

terrp development work.
the

a

for

blocking out of future

ore reserves

preserving the enhanced

resources

clients.

our

The

mands rigorous attention
if it is too much and if

If

account

an

is

be

trust

conform

to

What would

do?

a

officer,

who nowadays has
quite progressive, be con¬

become

strained
he

to

were

practice, what would he

advised

to

would

suggest?
suggest

First of all,
a

of

reserve

probably tax exempts, to
insure against the heavy tax im¬
pact and possible tax increases.
For the remaining 50% or 75% of
account, he would suggest di¬

versification

over

because
disaster

client be¬

bitter

adversary of the
capitalistic system. He, of course,
a

may very well
rather than his

blame the broker
own folly.

Skeptical of Eggs in One Basket

with all
should be, on

accounts

many

firms are, or

our

investment counsel basis, there

an

is

a

not

Such

proportion which
in this category.

large

very

does

come

wish

clients

the

they allocate through us to
aggressively. Such ac¬
counts do not require diversifica¬
tion of the standard type nor rep¬
resentation in a series of industry
classifications.

of

number

a

industries, largely of the conven¬
tional, tried and true type, and

in

But,

our

com¬

society

with cross-currents
rapid, obsolescence high, and some
inscrutable,

developments

quite

the

over-concentration

policy

of

—all

your

if

watch

good

original

Even

basket,

one

could

not

for

mitted.

in

eggs

you

least

the

procedure,
funds

here,

com¬

there

is

the

danger of

overstaying the mar¬
ket, as witness the recent exam¬
ple of the oils which eventually
became

over

one

-

third

the

of

through

market

In

subsequent revaluation.
brokerage account,

a

tion is too

much^solely

on
dividual names,.- just; as in
vestment

advisory

attention

and

result

atten¬

the in-,
an

heavily

categories.

in

immobilizing

too

large

a portion of resources, leav¬
little for issues which give
spice and life to the portfolio. The

modernize

other

an

An

the

portfolio.

aggressive

visory

investment

organization

might

ad¬
vary

this process by reducing the bond

ingredient
for

and

using

bonds, such

surance

ing

and would

groups,

ably make selections

weighted

more

growth than

on

prob¬

heavily
on

tra¬

which
more

view
in
not

feces

our

industries

It

they

showed

a

growth rate of, let us say, better
than 6%
per
annum,
and there

accounts and

place them

the
call

the

need
nor

a

and

reduction

should

dedicated

to

ap¬

proach of protecting principal and
guarding against erosion of pur¬

chasing

emphasis

heavily

on

growth

stock

common

and

the

power,
be more

would

situations

strong

which

ingredient of wildcatting.
In oil, as you
know, wildcatting
means sinking a well in
unproven
an

acreage

and either finding the oil

losing the money, and all of
this takes place within a brief
pe¬
riod of time.
In securities gen¬
or

erally there is not the advantage
of deducting the loss from current
income, which is the attraction in
oil and gas,

prise

but

even

venture

or

is

if the enter¬

d

corporation

with

mean a severe

analysis of so many
companies which, while brilliant,
derive virtually all of their in¬
from

Government

Security
less

analysis

in

the

largely

tion.

A

they

chance
in

on

the

aspire,

supremacy

in

a

a

wildcat

or

a

breakthrough

markets

the

which

to

which

technological
they hope to




of

income

tive

sense

of
an

more

imagina¬

industrial

devel¬

economics back¬

imprimatur

accountant

has

of

the

become

meaningful and the table of
earnings is comforting if it per¬
lively company. Equally
important to the tangible appraisal
a

and the arithmetic
comparisons is
the intangible evaluation. Because
it

is

the

not

job, where the

ac¬

the offensive is to give
the full benefit of the

number

11951746996550860784

merit

that

and

need

situations,;' each

in

on

specula¬

proportions
front

one

or

so
an¬

not

imperil the port¬
heavily. Of course, this

folio

too

does

not

versity,

provide for

which

nature. After
the

of

intellectual

disaster

other

is

overall

of

all, if the horse falls,

rider cannot remain

aggressive account,

be

well-chosen

ing renewed vigor.

posited

the

aloft.

Two

can

mathematical, there is
tendency to regard this vital

1960

Trends

in

intangibles has been
gathering momentum since the re¬
covery from the 1957 recession as
both the professional investor and
the public have shown an increas¬

have witnessed two very im¬
portant ascending trends: (1) im¬
provement in earnings, .in most
cases

quite modest;

ment

in

(2)

improve¬

price

The

earnings multiple i h the
growth companies, or in the com¬
panies which the public and the
institutions were ready to accept
growth

as

much

the

vehicles,

of

was

important

more

rise

share

some

was

very

a

factor

in

whether

industries'.

in

over

continued

that

can

billion, but little cognizance
given to the improvement in
quality of earnings.
Corporate Pretax Profits

The
take

it

companies

to

in

the

No

( one

question

halt.

a

Is

it

continued

be

should

one

better to

in

company

;

arises

now

should

infinitum and where

call

'

;

whether this

ov/n

$34.1

ing at,

10 times

say,

rived

the

at

own

a
ar¬

height

44.9

multiples already discount

i

an

n-

provement in earnings, one should
be

of projections which

wary

against

improvement in

an

Growth

earn¬

the

worth

area

studying is
growth
companies,
as having a growth

of

case

Suffering Reverses

well

as

either unique¬

as

of product or superb techno¬

ness

logical mastery, which have
fered

suf¬

This, too, happens
companies
may
opportunities for
re¬
such

interest
one

the

and

can

commitment

gain

a

CASE

multiple

of

potential

in

its

of

a

which is first
the
production

company

field

in

recording equipment for
uses.
Quotations reached a

quite

This

over

sliced

33.34-

the

36.08

one

34.31

Poor's

appeal

already doubled.

One must rec¬
ognize the risk, namely, the prob¬
able

eventual need for additional

funds,

and

the

probable
annum

The

posi¬

compa¬

20%

growth

a

per

the

industry.'
point of these examples is

that the growth idea, which all of

to stress, and rightly

us

are

has its hazards and

prone

prices might give

any reverse

frame

of

opportunity

an

for reexamination in

a

sober

more

reference for,

while the

multiple

does not go down since:
earnings are also receding, the
multiple relation to targets con¬

the

tracts

substantially.

and

in

likely

one

the

million.
so

that

foreseeable
also

can

course

Speculative Problem Is Threefold
The

assume

the managerial

speculative problem at the

present time is threefold:

(1) Will there be
in

which

will

the

affect

in

essence

the

now

the shares

selling at 26 times hoped for,
postulated future earnings.
are

one

CASE

"B"—POLAROID

Here is

a

case

Dow-Jones

Industrial

3.53

3.41

declined from 261

3.50

3.37

rent levels of

2.95

2.89

3.53

3.39

appraised at $800 million as
against 1960 sales of $100 million.

3.41

3.30

Results

for

to

177.

At

cur¬

210, the company is

the

first

quarter

of

a

on

Aver¬

against the$34-$36 barrier?
(2) To what degree will the
growth in the growth stocks en¬
joying high multiples continue?
;
(3) How many of the wildcat¬

ting

ventures will pan out,
will pass out?

how

and

many

All this against the economic,
political, and fiscal background.

is

It

generally

agreed

that

the

economy has passed the low point
and my own view is that one is

warranted

to
postulate
a
gross
national product of $550 billion in
or
towards the 'end of 1962.
The

remarkable resilience of the
was

demonstrated

econ¬

last

year

a

budgetary swing from
$12.5 billion deficit to a $1 bil¬

lion

an

surplus

$11

and

inventory

an

accumulation

an

at

billion annual rate in the

first quarter of 1960 to
ter

where the shares

so

foresee

can

a

$5 billion

liquidation rate in the first

Composite

area

ages as

change from

that

broad

companies,

$40 level of per share earnings

which

means

breakthrough
say, in 1962

the

established

a

a

a

earnings starting,

guide, the earnings would be
$7 million or about $1 per share,

3.63

other

field, but related to

over

for

share

$2.78

competitive

several

versus

omy

3.78

a $1
million,

at

has its speculative
although the shares have

in face of

$2.89

be
$1

$27 million valuation for

a

On this basis, taking past margins

Indices

share,

a

company

Indus¬

earnings hovered around $3.50, or
taking the 500 composite index,
&

more

that in due

as

17c

earnings could
approaching

and other problems will be solved.

somewhat lower.

Industrial

seems

$71

postulate $100 million of

or

future

broader base is insisted

of

year

growth

can

sales

32.30

Standard

the

present

Sales

27.95

per

turned into
the past two quarters.

proximately
$200
million
now,
against our estimate of sales in

35.78

the

nicely,

appraisal of the
from $325 million to ap¬

company

$28.40

let.us look at the 425 stocks

1958,

a subsequent low
19, when earnings, which were

of

only

were

its
earnings

While

or

so

that

tape

losses

Earnings

year

year,
rate

of

"A"—AMPEX

Here is

Dow-Jones Industrial Average

where

on

the chances appear likely that by
the end of this year or early next

convic¬

is temporary

reverse

earnings is not unreasonable.

level.

Index

money

reverses.

then

and

rising

trial

of

Audio

inisecurities which sell at fanciful

Firms

Another

45.0

Poor's

own—lost

so,

and

thing is true if we
approximate per share

last

as¬

maintenance of the multiple

tion that the

44.7

&

ratio

field—the

another

technology.

own

tion

provided

47.0

Standard

one's

nies in the

forthcoming years' es¬
earnings?
Since high

$34-$36

the

the

in

attempt, retreated, got out'of

timated

high of 42 and

in

earnings.

elephant.

an

into

of 50 times

many

upon,

times

50

other pastures always look greener

and

now

stratospheric

earnings record of the Dow-Jones

a

ventured

at

to

sparrow

a

this

its target of

power
than
io
growth vehicle which has

Industrial Average which has rot
been able to break
through the

Or, if

com¬

with technological ability in
the production of instrument and
•sound tape: where the dominant
producer is the 3M company,

con¬

a

earning

43.2

Share

smaller

pany

a

ventional industry when it is sell¬

newed

37.7

Per

DEVICES

much

a

Mining is

better

was

is

nesota

that this concept has not

say

The

constitute,

Billions

same

the

Here

in

While

industries.

demonstrated

1957___

are

ahead

wish to discount?
"C-AUDIO

CASE

than

quality

restricted range at about

_

do you

buy magnetic tape in Min¬

earnings improvement
disappointing, the consensus

oned in

1955__

How many years

overcome.

have commitments in equities with

the

years

1956-___„

merchandising

sells

The

this concept

1954

various

But to

cases

corporate
profits overall have been impris¬

the

the

manufacturing difficulties

which

ings.

is

and

the

prices than

earnings improvement..

gressive

$45

per,

appreciation of the shares and
judgment will have
figure out whether the margin

before

-

sume

a

$4-$5

of

price-earnings multiples,

in many cases most dramatic.

ing disposition to separate the pe¬
destrian companies from the pro¬

half-dozen

should be per¬

order

belief, which rests on
more than
casual surmise, is that
sales over four to five years might.

to

we

be' its validity.

tangibles to

last

the

The

Sensing this condition, the strat¬ of enhancement in the shares is
egy was to move to growth pros-' worth the risk and whether it may
pects; And in the last few years not take another year of reverses,

industries

probably the fact that

in

share.

this endeavor, and returned to

hard, intellec¬
imagination and

renewed

haps

conventional

The shift from the emphasis on

or

the end of the year

speculative

Ascending

conventional

new

tained

indus¬

There

companies,

the current year

earnings of $3 may be at¬
but the earnings rate by

the

on

commitments

that

for

New

ad

plus

is

were

estimate for

the
;

for the previous
disappointing and

and

year

quarter

conventional

ingredient of unseasoned

resting

this

a

products.

wildcat situations properly delim¬
ited.
This is the speculative ap¬
tual- lafeH&r

Thursday, May 18, 1961

growth and dynamism than in the

display¬

are

new

In

.

can

there

traditional

try companies which

strongly

ad¬

different

a

an

ac¬

an

with

on

having

the

less

tains to

at

range

a

one

us¬

accounting func¬
good analyst was a good

accountant

tion,

translator

a

and

.

high state of reach $400 million and if a profit
technology., Another factor im-1 margin of 20% before taxes, or let '
plicit throughout is the effect of us say 10% after taxes, is achieved, <
obsolescence and the consequence this could mean $10 a share. If an *
of research and
development mov¬ earnings multiple of 30 is contem- ;
ing into new processes and new-, plated at that time, there is room

does

of information and
insight which all of us pooling our
abilities can contribute, and to try
conscientiously to have an account

count, a conclusion concerning the
tangible assets and earnings trend
was

Our

client

becoming
Originally

examination

balance sheet and the

chartered

considered

though the period of experiment
may be prolonged. In these types
of ventures, whatever the
appear¬
ances, the investor takes a calcu¬

is

simple nowadays.

rooted

should

either

the

great

age.

opments, and
ground.
The

lated

count is

sources

ability to transfer to civilian

directors, officers, and stock¬
holders, and a business of sorts, it
be

situation.

have yet to demonstrate their

and

be

big. markets,

dif¬

a

there

position essentially is to
aggressive accounts, not too
scattered, yet not all in one type

fascinating

are

found their way into accounts over
the past year or two.
It should

come

and

have

combining strong
companies which are displaying
renewed vigor as well as the new
industries

money

against the milder

as

to

seem

mean

Ascending or descending fur¬ .all of us. It should mean a hardther, depending upon the view¬ headed review of all the hot tips
point, in a portfolio still on the and all the new issues which have
and

language

hand.

of

It

Money-Making Approach

making

not

realignment of

the

larger percentage al¬

science, and service shares.

march

ferent

speculative potential.
for

proportions

This

account

education,

recreation,

of

sea

munity because each talks

weak, unseasoned issues to an ap¬
propriate percentage to the whole.

a

to

on

who

basic thought behind

us

sterilize

will

security bus¬
the printed
briefly re¬

harp
those

and

potentials makes for an interest¬
ing argument in the financial com¬

is

have and

we

stronger posture.

a

weaken

be

the

today, probe bly
urgently than ever, is to re¬

pruning of the convention¬
al companies in the conventional

location-

frequently

Facing Today's Problems

severe

would

since

The problem which

dition. Thi? would imply perhaps a

unless

is

substitutes

companies and other de¬

fensive

it

diversified

more

array of names
has a common
unseasoned characteristic.

banks and in¬

as

look

may

than

who:

gard it but plunge into the

on

One

appropriate but minor
sprinkling of new industries to

then

iness
record

cleavage

equities in the
in¬ ■tradition which has
given America
the its growthyWV 1

account,

be too

may

proportions
may

This

proach

appreciation and suffered severely
in the

the future.

between those in the

and

portfolios

many

wages,

tasy of

resources

that

plex

area
superficially.
The lack of dynamism in these
Actually the
appraisal of nonearnings items, of indices is, of
course, attributable
the caliber of
management, tech¬ to several factors: the wage push
nological significance, market' for one thing; increasing competifranchises, market strength, prod¬ tion in the United States and its
uct superiority, rates of
growth, concomitant in the building of
and the appeal for the consumer
excess plant capacity;
and, finally,
or
industrial dollar, are all de¬
the recovery in Europe and Japan
manding of real intellectual vigor with
the
competitive
pressures
as
well as insight into the fan¬ from both
assisted by low

Our

While
of

bonds,

the

and the

endangered

comes

at

holdings to conventional tra¬

ditional

basis.

befalls the commitment, the wholes

basket —is

Approach to Protecting
Principal

his

better

a

of such commit¬
ments in the portfolio is what de¬

even

of

sweepstakes

are

with

but

re¬

percentage

man,

high grading;
time for deep digging and

no

tickets
The

manifold

a

be handled

time, correct

our

give

turn. These shares

we

speculative

and

;

of

1961

or

a

quar¬

combined

total,

deflationary impact of about $30
billion.
gross

In

the

national

face

of

this,

the

product

virtually,
stood still and virtually at its
high.
The

upturn

should

permit

the

breakthrough of earnings provid-

Volume

193

Number 6056

ing justification for many present
prices although the incidence of
the earnings recovery may well

greatly

vary

of

core

competition

both

tax

been

vere,

between

the

far

be

and

widespread

address

v/-in

a

loan

and

balance

added

Poses-

of

be

of

the

and

proceeds will

and

working capital and

the

theories

of

decision

voting

making

:

' •■■■'? y-':'

York

of

May 10 offering

associated

machines

and

housewares

In recent years

it has been the

group

rnmmn^Lc
the

laws

of

future
the

State

of

will,

of

course,

on Dec. 10, 1926, under
the. uauie of Safe-Guard Check the requirements of its business.

behavior

v

its executive offices

are

\r

1L

i

•

A

5,

capitaliza-

that

address

and

are

also

located at

Street, New York City, members

Pierce

of the New York Stock Exchange,

at

and Linden Streets, Lansdale, Pa.

for its clients by iesti- 441,400 shares of common stock.

May 18 will admit Judith

on

The company business consists Mesirow to limited partnership.

a

1961.

MINUTE

FOUR

MIND

Twin City Bond

Club, 40th Outing
ST. PAUL, Minn.—The Twin
Bond

Club

will

hold

its

City

fortieth

annual golf tournament and picnic
on
June
15
at
the White Bear
Yacht

Club,

Minn.

by

a

White

Bear

Lake,

The event will be precede!

cocktail party

June 14 at

on

the Nicollet Hotel in Minneapolis.
Reservations should be made by
June

with

7

Juran

&

F.

W.

Preeshl

of

Mocdy,

Inc., St. Paul.
Tariff for guests is $30; for bond
club

members, $3 for the cocktail
$8 for nongolfers at the
outing, and $12 for golfers.
party,
In

addition

there

ment

to

tournament,
Members

golf tourna¬

be

of

horseshoe

a

tennis,

gin rummy, and
mittee

the

will

bridge

an

J

boating.

1961

Picnic

Com¬

are:

Chairman:

General

Freeman,

J.

George

Mannheimer-Egan,

Inc.

Publicity: Stanley R. Manske, First'
National Bank of St.

Paul.

Prizes: George A. MacDonald, First
National Bank of Minneapolis.
Ccc.kiail Party: William G. O'Con¬

Dean Witter & Co., Minne¬

nor,

apolis.
Entertainment: Charles J. Reiger.

Registration:
J.
*

Nicholas

Dain

M.

&

Co.,

V.

Schaps,
Minne-

Inc.

apolis.

Boating:
John
D.
McCarthy,
; Jamieson & Company, St. Paul.
Prize Solicitation: Robert G.

"

Davis,

Piper, Jaffray & Hopwco:!, Min¬

William

neapolis,

and

American

National

Price,

Bank of St.

Paul.

Transportation;

Bridge

and

Quist,
St.

Harold

Rummy:
E.

Co.,

Wood

&

"

•

Leo

L.

Co.,

Paul.

Tennis
H.

Gin

H.

William

Thayer, Woodard-Elwood'
Minneapolis.-

and

Horseshoes:

Lcighton

For years men

Borin, National Securities &
Corporation.../.

Research

Special Prizes:/Albert J. Berglund,
First

National

Bank

of

tried to run the mile in less

than 4 minutes. One
A

Minne¬

apolis.

man

no

finally did.

longer of limb, stronger of heart, sounder

than those who tried and failed before

Harvey

C.

dent

of

ACF

been

elected

Hopkins,

Vice-Presi¬

Industries,
a

Inc.

of wind

him. What special

gift favored him? The quality of mind that said it

Named Director

couid be. done. Life's prizes are

not won

has

by those who merely possess nature's gifts.

director of Funda¬

,

mental

Investors, Inc., Diversified
Investment Fund, Inc., and Diver¬
sified GroWfh Stock
Fund, Inc.,
mutual funds sponsored by Hugh
W.

They
To

stay ahead of growing

demand for natural gas we have tripled our pipeline

capacity in the last 10 years...plan still more

Long & Co., Inc. of Elizabeth,

N.J.

to those with the will to win.

go

expansion in the years to come.

.*■

Scott, Harvey Co. Formed
Scott, Harvey & Co., Inc., has been

TENNESSEE

formed with offices at 120 Broad¬
way,
a

New York City, to engage in

securities

business.

Off'cers

Alvin A.




NATURAL

GAS

GAS

AND OIL...HEAT,

POWER,

are»

Schwartz, President and
Treasurer, and Jay A. Horowitz,

Vice-President and Secretary.

FROM

TRANSMISSION

Company

•

Tenneco Corporation

•

•

DIVISION.-

Tennessee Gas Pipeline Company

Tenneco Oil.Company

•

.

SUBSIDIARIES: Midwestern Gas Transmission Company

Tenne co Chemical Company

•

COMPANY

PETROCHEMICALS THAT MEAN EVER WIDER SERVICE TO MAN
'

„

HEADQUARTERS: Houston, Texas

..

at 1114 N. Broad Street, Lansdale, Kalb, Voorhis & Co., 27 William

tion of the company will consist of

THE

j

*^a"V VoorhlS to Admit

located

by Mr. Erpf at this firm's
Conference,
New

May

depend

Upon _th_e. comPany's earnings,
general financial condition, and

Research

City,

earn-

Y. publicly offered
Ld noTvidends'hav!
and sold today (May 18), 75,000 bee* paid asi°ce° Dec
15
1951
shares of 500 par common stock The payment 0f dividends'in the

N

Upon completion of current fi- Pa. Plant facilities

City plans to make reports

products

fields.

.

processes,

outstanding

of

3^ Broad St^New company's policy'to utilize

probable behavior of specific

nancing,

saie

with the accounting systems, business

^

for application of research conclusions Delaware

The Simulmatics Corp., of New

the

ensue,

could

to

■

optimism.

on

Investment

York

and

for

Qll
OOIQ

a

York 4

used for &eneral corporate pur- segments of the electorate

se-

test
and

now

The

and

sive^The conte^t^will^e^ough available
brake

bank

advertising, sales and promotion,
so

ourselves

Russians, which must

short-term

and

minor

if

particularly

wills

common

ancj

cm.Vnc.,

TbP

mayrGpossiblyWomf

which

pleted four reports

•

p.

Pursuant to

and adminis-

In April 1960, the company com-

speculation.

from the sale of
stock will be used by

proceeds

*

under

'

modifications

have

proposed

the

as a

'

Tierce the company for payment of a reports specified and analyzed, by

and

"

Net

computer

use

All
fill

OLULK

com-

engaged in political activities. The

internal

abroad.

The

being offered

are

tling efforts to solve it; the international payments problem, which

The

techniques for the solution of in-

Simulmttics CoT

and the possible novel and unset-

from

°| ered

also intends to

stock of TTie
at dustriai' marketing
a price of $2 per share. The shares tratave problems

unemployment

hTnPo°means has ceased*

pany

'

technology.

computer

27

the development, manufacture

kjait/g UdJL LL

circumstances through the use of Oil

.

the'rimsTdifficult^^ Uke^to'be
hard

hypothetical

Affovorl

Jlusse,i

(2187)

mating probable human behavior Qo-fpryii o v»p]
under
alternative

DIULIY VJIicIcU

recovery

the

The Commercial and Financial Chronicle

.

rnQfipQ

to

company

.

VJliliUllluXLlV/O

and industry to industry.
will have to cope

company

The

from

.

•

'

>

East Tennessee Natural Gas

Tennessee Lite Insurance Company • AFFI LI ATE: Petro-Tex Chemical

Corporation

N.

28

(2188)

The Commercial and Financial Chronicle

areas.

Would this out¬

with

reduced

by the proposed

were

developed

Principles, Facts, Politics
In Overseas Tax Proposal
Continued from page 1

No

the

message

ed

anti-trust

After extend¬

area.

adjudication, the U. S. govern¬
has

ment

in

succeeded

extending

breakdown

but

income

items

of

new

this

is

given

the

as

in

the

other foreign

small, the bulk
revenue
presumably
are

its jurisdiction to some actions by

is

companies in other countries but
only where it has been clearly

earnings.
cated

that there would

that

wide

range

demonstrated

these

affecting U. S.

were

Now

actions

commerce.

suddenly the U. S. govern¬

ment proposes to tax the

earnings
foreign corporations while they

of

still retained in foreign lands.

are

From the corporate integrity point
of view this is exactly the same as

taxing
for

individual

an

the

earnings of

stockholder

corporation

a

rather than its dividends.
the

fiscal

affairs

those

parent
stockholder) with

(the

company

of

It unites

the

of

the

subsidiary, ignoring
the fundamental legal separation
which

is

the

of

essence

the

cor¬

entity. And compounding
evil, the President proposes

porate
the
that
of

reach

we

friendly

the

across

nations

borders
a

highlight the character of his

proposals, it is well to consider
other
changes
in
present
legal
practice which could be made with
equal

justification

these

if

prin¬

from

The

the

TIE

retained

indi¬

survey

be

a

very

in tax impact among
companies, some having no addi¬
tional
tax
and
some
losing as
much

50%

as

their

of

retained

the additional tax bite worked out
to

28%.

Applying this to the 1959

Commerce Department figure

earnings

ip
developed
$733 million, gives a
$205 million. Figures

of

tax return of
for

for

retained

countries

1960

not yet

available, but
presumably they would be larger.
are

view

In

of the

incidence

wide

doubtful if either the

the Treasury estimates
precise.
However, they are

survey
are

close

or

enough

creased

that

so

clear

about

the

in

revenue

is

it

talking

are

we

in¬
of

order

magnitude of $200 to $300 million.
Is

this

need

big

enough,
enough to

great

breach
The

basic

of

amount

anticipated

is the
justify a

or

legal

is

15%

from

principle?
the

of

the

loss

investment

ciples

incentive

For

of the total budget. We must grant

are
not to
be respected,
example, would it not be just
logical for the French govern¬

as

ment

hold

to

poration

ligations
and

to

U.

a

liable

of

S.

for

parent cor¬
fiscal

the

subsidiary

French

a

assume

right

a

ob¬

the

property

of

this

purpose?

The only

the

attach

to

parent

for

real dif¬

ference is that the French govern¬
ment

could

not

readily

whereas

property

seize

U.

the

S.

the

that

is

It

program.

immediately

0.25%

increases

small

in

taxes, here and there, are a
perfectly sound approach to meet¬
ing the need for new revenue.
But
to

it

seems

that

argue

face " of

Sees

gov¬

achieve

Slight Effect

this

small

Of

But

this

difference, not

one

Questions
So

it

be

proposals

the

of

in

accepting

the

pragmatic

In

House

Ways

As

a

history

our

is

have

we

over¬

principles to meet press¬
national needs.
So we must

ask,

whether

served

important

will

purposes

be

by this

To

this

answer

International
looked

at

areas

The

research
which

on

the

important
impact: Government Revenue, and
the Balance of Payments.
To de¬
termine
asked

the

the

1959

probable

impact

companies

and

of their

new

1960

to

answer

give data

the

on

we

amount

investments, the

por¬

tion provided by earnings retained
overseas and the amount of addi¬
tional
been

which

taxes

have

would

assessed
on
the
retained
earnings if they had been subject
,

U.

to

S.

tax.

data

cannot

were

given

'

However,
permits
each

The
be

on a

reported

there is

indeed

the

they

as

analysis

conclusions

determine

to

of

confidential basis.

sufficient

area

details

aggregate

an

a

stability of the whole free
his

May

on

testimony

the

to

and Means Commit¬

4,

Secretary

Dillon

claimed that the proposed taxation

might

reduce

much

deficit

our

$525 million
justified hope?

as

Is this

a

TIE

known
ment

by

per

as

year.

Mr.

Dil¬

together with

survey

facts about

provide

foreign invest¬

tangible

evidence

his

expectations.
At least
types of impact have to be

in

whether

justification for

on

four
con¬

sidered.

an

several questions and to

for

us

which casts considerable doubt

Executive

two

impor¬
but to the eco¬
is

the

question

taxation would have

tee

The

concern.

dollar

did not explain his reasoning,

violation of principles.

into the domestic

till

payments

than

rather

investments

noted,

the

As

additional

and

vey

italize

abroad

is

because

of

The

stated purpose of the tax
proposal

given

in

message

the

to

other

billion

Congress

to

revenue

with

President's

is
for

anticipated

domestic

investment

proposals.

The

seas

)

retained

with

several

treatment

of

20

raise

to

compensate

changes)

loss

April

(along
the

from

$1.7
the

incentive

taxation

earnings

of

over¬

together

other

changes

foreign

income

in
are

estimated to produce $250 million.




back

There

is

my

to

cap¬

markets

be

the

less

of

use

taxation

invest¬
overseas

your

would

re¬

and

licensing, joint

ven¬

have

we

taxes

are

wards

similar

unlikely.

basic

factors

to¬

if

the

developed
than

a

seems

be surprising,

capital

outflow
cut

by
$100 million.

areas

10%,

that

reasons

It would

therefore,
to

that

con

such strong feel¬
administrative control

major shift for tax

more

and

upon

ings about
and

field know
pro

licensing and joint ventures

based

are

the

policies

or

were

Is It Beneficial?

But
tion

the

important

more

whether

is

investment

ques¬

reduction

any

outflow

ments

and

the

the

to

U.

is

in

bene¬

abroad

domestic

funds,

leaving

the

eign

earnings abroad
to
carry
through planned investments.
Thus, the hard-core of the direct
contribution

the

to

payments would
of

be

balance

in

the

of

order

$170 million.

in

to

This is

be

point which needs

a

driven home, for the

advo¬

if they

companies

fact,

U.

S.

would

do

companies

82%

so,

replied

"No."
have

Deterrent

Outflow.
for

new

around

which

The

to

New

outflow

investments
$1.5 .billion

about

$1

of

is

short

It

is

the

dollars

saves

but

run

in

the

the

at

long-run inflow

balance

it

of

expense

of dollars

which

outflow.

The long-run cumulative

benefits

of

the

investments

are

emphatically demonstrated by the
fact that whereas
new

the outflow

for

investments from 1950 to 1960

totaled $12.2

income

tainly
such

billion, the inflow of
$21.3
billion.
Cer¬

was

should not contemplate

we

radical

a

has

been

short-run

change in taxation
solely

proposed

balance

remedy; and

on

of

as

a

payments

its

impact,

long-run basis

a

the

to

investment,

new

injurious

(d)

to

Exports.

Congress

that

extent

is actu¬

balance

of

speech

our

In

it

in

a

Jan. 9, Senator Gore,

on

arguing for tax changes like those
proposed
"Total
in

Europe

about $8

this

the

by

sales

by

President,
American

1959

in

billion.

$8

amounted

Certainly

billion

said,

plants

worth

part

a

of

to

mer¬

by exports of American manufac¬
items.

tured

I

think

it

is

unnec¬

per

billion

have

could

here
form

new

balanced

our

provided additional
home."

at

This

is

the

of

are

argument is

is

to

of
the

it

cause

as

tremely
seas

year,

not

only

from

view

of

loss

return

from

results

in

of

the

point

future

profits

This
dollar

sales, but
complete loss of ex¬
ports, whereas U. S. investments
retain

on

a

important share of the

an

income

The

exports.

as

Department

of

chased

about

terials

Commerce

their

States.

mately

$2

from

in

the

the

Thus,

billion

of

sold to U. S.
in

ma¬

of

requirements

United

use

10%

approxi¬
exports

our

overseas

form

of

opera¬

for

parts

assembly operations, basic

chemicals

for

manufacture, etc.
figures do not include a

And these

further amount

(not estimated by
Department of Commerce) of

the

exports
ment

of machinery

seems

a

and

equip¬

by U. S. companies in
operations. Thus, it
quite clear that rather than
up new

jobs for U. S. workers,

preserving

reduction in

investment will

new

significant
percentage of jobs in export indus¬
tries which U. S. plants abroad
maintain

as

alternative

an

complete loss of markets
eign competitors.
Claims

Surrey

to

to

for¬

sufficiently
growing protectionist senti¬
among

domestic

wonders

how

logic

it

in

strongly against
that

proposal
could

As

I

have

will

vestment

incentive

above,
checking in¬
domestic

protect

jobs is not sound.

the

to

shown

that

argument

to

move

a

But in the

non-

emotion-laden arena
politics, factual analysis fights

have

of
an

uphill battle.
The

that

important

the
a

political

fact

variety of politicians

a

Gore

Senator

have

is

like

found

that

"exporting jobs" pitch strikes

responsive chord.

protectionist

allies

our

ability of others
exports,
this
pitch
Manufacturers

in

to

to
our

safe.

developed

delighted

are

and

buy

seems

the

to

see

our

restricting

government

own

im¬

their

on

injury both to good

with

the

nations

check

to

foundered

demonstrated
relations

And, whereas

drives

have

ports

the

ability of U. S. companies to

com¬

pete with them, and the "export¬

ing jobs" slogan has
persuasiveness

superficial

a

which

it

makes

highly effective.
The
to

is

immediate

segment

a

politically
the

direct

of

weak

with

injury is

industry

which
it

because

is

generating income

United

States

outside

its

borders and it has very few "con¬
stituents" to speak for it politi¬

Contradicts

factual

so

President's

as

resistance

investment

scheme.
the

labor

labor

soften

for

(3) Politico-Administrative Op¬
The

Kennedy ob¬

cater

to the

absorbed

Himself

portunism.

to

ment

used

setting

be

to

seems

logical,

1957 survey of investment shows
that U. S. operations abroad pur¬

important

an

The
be¬

one

touches

economic

deep

human

nerves.

unfortunate

It is

therefore

investments upon which

as
ex¬

in

it is

based.
Answers

Senator

Senator

Gore

cally.

The

fact

fundamental

will

economy

that

there

is

a

injury to the whole
be quite evident to

economically intelligent per¬
son, but such fundamental effects
an

one

that

U. S. companies have made

a

the

vol¬

untary decision to replace exports

It

clearly

come

violates

p

the balance of payments at the

lar

return

from

investments

and

of

the

more

extraordinary be¬
previous position of

the

key

behind

man

it—Assistant

Secretary
of
Treasury
Stanley
Surrey. Until he moved to Wash¬
ington, Mr. Surrey was Director
of

Harvard's

International

gram in Taxation.

Pro¬

In that position

he directed the

writing of Foreign
Investment and Taxation, by Bar¬
low

and

Wender

in

1955,

book
which made the first proposal for
a "Foreign Business
Corporation."
a

is

So,

directing its propaganda.
unless

muster

is

the

not

simply as an oppor¬
political maneuver. This

a
sorry
prospect.
We
help but sympathize with
the strong emotional response of

can

not

senior

executive of a major
responding to the TIE sur¬
"These proposals are among

one

firm in
vey.

the

vicious

most

have

adopted,

into

have eliminated the advantages of
tax haven corporations
by setting

U. S. corporation which could

up a

repatriate

foreign earnings with¬
paying U. S. taxes. Its prac¬

out

tical

effect

defer taxes

would

have

been

earnings from

on

to

over¬

investments but to permit the

seas

earnings

to

be

returned

to

the

U.

S., a beneficial proposal in
sharp contrast to the present pro¬
posals

to

tax

while they
In

are

earnings

still abroad.

his foreword

Wender
his

retained

to

the

lution

of

of

Barlow-

haven

tax

that "a

United

similar

States

to

mestic
to

be

is

man

posal

but

the

foreign activi¬

centralized

corporate

offer

under

do¬

possibilities."

indeed

to

responsible

running

permitted

forms, appeared

promising

strange
now

from

tax

the conduct of

ties

insulation

in

opposite direction.

a

find

for

a

an

have

upheaval

serious

throughout

I

are

conse¬

American

business."

F. I. C. B. Offers

Debentures
The

Federal

Banks

issue
000

Intermediate

offered
of

of

May

on

Credit

17

a

new

approximately $196,000,-

2.95%

tures

nine-month

dated

the

par,

offered
Fiscal

June

1,

deben¬

1961

this
pro¬

diametrically

debentures

through

Agent,

this

idea after a study
corporations, saying
'domestic umbrella,' which

provided

predict

will

they

and

maturing March 1, 1962. Priced at

book, Mr. Surrey notes
participation in the evo¬

own

harmful

If

I

quences

and

known.

ever

which

Boggs Bill, which would

put

of taxation which

indeed

This device, subsequently evolved
the

to

sound

tunistic
is

able

Administration

system

a

is

extraordinary effort,
unhappy prospect of

the

seeing
over

industry

an

face

we

It is the
cause

are

of long-run losses of dol¬

exports.

It

Gore

assumes

being.

expense

to point out that these extra

"exporting jobs."

dollars

is
of

ultimately far exceeds the initial

ments

running

countries.

other

Specifically, the strategy

tion

opposite.

the

to

Actually,

argument

Capital

exporting

jectives.

for

to

benefit

the ignorance of the facts of over¬

(c)

other

and

capital

bad

to

votes

net'

of

nature

manufacturers

sales

win

payments.

In

po¬

potential

up

we

political maneuvering

by the Administration designed to

a

tential contribution of this
is negligible.

the

that

seeing

are

is

well

so

rather

likely,

more
we

of

little "free" money abroad.
Most
of the retained
earnings are slated
for early

investment,

seems

of

rarely considered by the broad
voting public, especially the labor
groups to whom the Administra¬

believe that the reduction

protectionism, the
that
overseas
invest¬

very

that

mean

bit

a

us

exports

the

It

quences.

have

essary

vey

local

new

sound legal principles and at best
it offers small short-run benefits

advantage

earnings

analysis

into

proponents of the President's plan
seem
to hope that, with the tax

holding

has
made
a
logical
leading to another con¬
clusion or that they see the shortrun balance of payments
benefits
which run, we estimate, at about
$250 million as essential enough
to sacrifice the long-run
conse¬
partment

cates of reduced investment would

chandise could have been replaced

of

giving

are

not

means

this situation is

of

(b) Voluntary Repatriation. The

It

the

of

for¬

goods.

each

results

possible

does

checking

saving markets for export

are

we

of

payments position.

out

exports

or are non¬

happening here? It is
that the Treasury De¬

investments

home.

ally

met

because

by tariffs

$.11 earnings, of which $.08 is sent

only repatriate earnings sufficient
to
pay
two-thirds of this.
The
be

or

a

is

pay¬

8%

were

In other words,

invest

we

dividend

S.

revealed that the companies would

would

market

a

choose
not

plant

result in the loss of the

reduces

third

Rather,

Political Move?

is

however, that what

tions

company

It

Thus,

said "Yes."

familiar with

Is
What

competitive with the costs of local

tures, etc.," 65% of the companies

probably in the order of $250 mil¬
lion per year. But the TIE survey

other

in

foreign

a

that

fact,

must typically

excluded

were

Again, however, those

In

smaller.

up

sales

investment

direct

of

use

just

Thursday, May 18, 1961

production.

some

When asked if "In

company

more

new

up

dollar

new

more

financing.
sult in

however,

in

and

of

taxation.

new

may,

reduction
ment

sur¬

strong that few

the

jobs

Revenue.

it

operations would be given

voluntarily repatriate more earn¬
ings. When asked in the TIE sur¬

Government

tax

From

desire

expanding

so

principle and national sovereignty.
(1)

meet

knowledge

that the

on

payments and

of

are

cut

planning,

conclusion

legal

violations

proposed

sell

the

abroad.

general

investment

abroad removed, companies would

the

you

on

letters returned with the TIE

as

(a) Tax Payments.

to

set

do

effect

.

case,

company

the

"What

the

be

the

risks

To

rate of new investment by U. S.
companies overseas?", 96% replied
"Decrease."
However, as
noted
above, many companies would dip

$1

but

despite the

question,

would

investments.

lon

form of taxa¬

general
think

the

national

tion that it is justified

to

conditions. "

in

.

overseas

rarely is the real choice.

changes

ap¬

beneficially

so

new

real

the

invest¬

the

a

to

of

only to

nomic

out

looked

ing

tant not

world.

rule

proposals.

where

cases

of

prin¬

itself

nation,

full of

legal

strength

ex¬

production. If this
virtually every
company would choose to export
because the profits from fuller use
of U. S. plants are greater and

ment decisions under hypothetical

more

is

justification.
Last
$3.5 billion was

a

of

source

a

contributing

deficit

sovereignty.

accepted

not

clear-cut

a

national

and
does

President's

as

The

Payments.

of payments

pealing

clearly understood

of

possibility of
balance

Results

represent

violation

That

Tax

that

outset

ciples

practical

a

year's

let

the

at

is

of principle.

Payments

(2) Balance

to how

as

ecutives might respond to

vestments

for the subsidiary's

guesses

ficial."-In 1959, earnings amounted
to ,11% on all direct overseas in¬

Balance

on

because

answer

in the

'

earnings.

involves

the

ernment) is in a good position to
tax the parent

it

fundamental

very

to

question is hard to

indeed

must fly

we

tv/o

principles
gain.

hard

very

taxation and, if so, would the re¬
duction be beneficial?
The first

variations in

companies it is
TIE sample

among

be

new

earnings. Averaging all companies

that

asserting

right to tax the earnings of cor¬
porations within their sovereignty.
To

expected

flow

.

Tare

John

and

being

T.

Knox,

nationwide

a

group of securities dealers.

Proceeds

from

the

will be used to refund
of

3.10%

June

1,

debentures

1961,

operations.
were

the

also

market

000 000

financing

$155,000,000

of

maturing

$11,000,000

and

The

a

3.15%

Sept.
of

lending

following

reopened
at

maturing

for

net

and

issues
sold

price:

at

$10,-

debentures

5,
3%

maturing Dec. 4, 1961.

1961,

and

debentures

Volume

193

Number 6056

.

.

The Commercial and Financial Chronicle

.

STATE OF TRADE AND INDUSTRY

Freight
Ended

(2189)

Car
6

Below

their stocks and

9

yield at their plants since Decem¬

possible delivery-

schedules.
stocks

million

tons

During

the

fell

to

tons

45

(a

at

of

the

first

low

a

tion

According

had

Users

end

of

quarter,

of

day

about

about

10.3

the

agency,

the

statistical

week's

130,343

million

Ford

level).

Motor

Co.,

Steel's industrial production in¬
dex
is
reflecting
the
general

Corp.,

11.8%;

812

car

7.0%;

and

business

It is

points shy of the
made up

for

the

three
mark.

and

automotive

day

low

said,

planned
Three

week

of

record.

fairly

holding
it

when

level

usually

upturn

the

is

at

in

a

is

freight

is

four

time

a

There

in

latest

Electricity

decline.

seasonal
small

in

metalworking
magazine
improvement is being noted
coast

which

coast.

Those

the deepest recession
having the strongest re¬

and

covery.
.■)!■■-

Week

Data

for

Ended May

with

ations.

The

revised

percentage

a

at

formula

of

the

operating rate based

index

of

no

as

industry's

production based

weekly

average

production

revised

method

GM

The

N. J.,

23,438

remained

week.

this

units

week

compared

last week

25,163

week last year.

same

and

Divco,

for

diesel

model

Ford

on

4.1%

amount

of

tons

(*87.5%),

through

kwh.

Index of Ingot

ended

May

the

by

Output

above

and

energy

electric

1960

Ingot

L

that

the

of

light

previous

kwh.,
the

of

United

May

May 13, 1901

feet,

120

board

...

Pittsburgh

92

128

Chicago

106

put

Cincinnati

115

St. Louis

114

ure

the

Production

declined

Records

Volume

in

week

week

ended May 6, was less

than

1% below that of the correspond¬

I960, off' 0.8'%the
Trucking Associations,
announced. Truck tonnage

week

of

2.2% ahead of the volume for

previous week of this

weekly
areas

survey

week

wheat,

were

hams,

lard,

flour,
seed

quoted

lower

barley,

rye,

oil,

and

cocoa,

Dun

recents

&

the

Price
total

sum

pound

of

31

and

meats

in

general

not

cost-of-living

a

Inc.
price

index.

country-wide
the

wholesale

dex

level.

6,

partment of Research and Trans¬

Federal

Rises Moderately from Prior Week

year.

wholesale

this
as

week

from

rose

the

price increases

coffee, sugar,

29,

com¬

According

flour

sponding date

on

a

the

sales

in

week
corre¬

Up
and

6,

ported

Ago

earlier Mother's

while

the

a

the

the

are

of

board

figures

feet

York

City for

over

the

same

decrease
the
1960

Jan.

occurred

1

to

over

sales.

solicitation to

as

an

offer to sell

buy:

April 29,

252,406

244,735

263,394

248,796

221,262

244,618

235,744

Week

Chrysler

week

Ward's

alties

|

week

15%

continued

toll

above

50

in

exceed

for the

last

similar

1959 toll of 311. As

the

pre-war

ran

Subscription books

now open.

announcement is circulated

Box 1807,

Copies

may

be obtained in

any

state in which this

by ordering in advance from Rollin C. Bush, c/o P. O.

Church Street Station, New York 8, for delivery

on

June 2, at $1

a copy.

some

level

of

with

liabilities

in

ex¬

of $100,000 dipped to 44 from
a
week earlier but remained

above the 35 of this size last year.
A week-to-week decline also oc¬
curred

making
since last

in

losses

1961.

under

casualties

involving
$100,000,
which

turned down to 324 from 349 last
week
although
they
exceeded

October, Ward's indicated. Ameri¬
can
Motors
and
Studebaker-

considerably

.

car

399

cess

For Ford Motor Co., car

week's

from

1939.

Failures

but

week when 145,917 units were

Packard exceeded any

to

of 304

and the

in

321

124,454

produced. This week's car output,
however,
recorded
the
largest

the best of any week

11

well, business mortality

off the same year-




May

week, reported Dun
Bradstreet, Inc. However, casu¬

year's

Corp.

said,

ended

the preceding

production pushed
upward to 130,343 units for a 4.7%
assemblies,

dropped down to 368 in the

ures

car

still 10,7%

Price $1.00

Ending May 11

Commercial and industrial fail¬

maintaining its pace, industry new

car

7

Business Failures Down in Latest

With General Motors also show¬

was

99

Largest

Reports said.

week's

"MORE TITILLATING THAN EVER

1960

237,832

&

last

jr

May 7,

1961

233,790

Shipments

highest weekly levels of the year
this
week,
Ward's
Automotive

and

Due June 2, 1961

2, 1961

indicated:
May 6,

1961

for

1961 Limited Edition

the

■

269;

their

1960

level

of

THE BAWL STREET JOURNAL CORPORATION
(A Subsidiary of The Bond Club of New York)
Sole Underwriter

Re¬
store

the

6,

The Bawl Street Journal

in

for

re¬

was

Federal

NEW JSSTJE

Bated June

loss

department
May

a
6%
below

from

change

Day last

This announcement is to he construed
and

was

period

last year. For the four weeks ended

against unpleasant weather

an

New

5% increase

Appreciably

Year

3%

showed a
9%
loss
over
the
same
period
last year. In the preceding week
ended April 29, sales showed a

a year ago.

Volume

Below

of

period last
ended April

8%

an

to

ended

week

May
Retail

of

in¬

May

decrease

week

System,

serve

steers. The Daily Wholesale
Commodity Price Index, compiled
by Dun & Bradstreet, Inc., stood
at 269.27
(1930-32 = 100) on May

275.38

the

a

from

Board's

like

decrease

on

ended

a

the

6,
1961,
reported.

grains, lard,
hogs, lambs, cotton

and

and

For

sales

week

May

prior period,

on

on

below

a

Store

ported. For the four weeks ended

moderately

and rubber offset declines

Central

taken

Reserve

showed

1961,

10%

store

basis

the

for

Wholesale Commodity Price Index

general

North

10% From 1960 Week

Department

Its

chief function is to show the gen¬
eral trend of food prices at the

The

East

Nationwide Department

Sales Down

is

It

use.

year.

the ATA De¬

to

—9; West North Central
—2 to —6;
New England, East
South
Central,
and
Mountain
—1
to —5;
West South Central
0 to +4.

foodstuffs

raw

to

—10;

rep-

of the

per

—11; South Atlantic

to

—5

and

Index

estimates

Coast —7

cotton¬

Bradstreet,

Food

by Dun & Brad¬

Regional
the

—6

lambs.

Wholesale

Inc.

comparable 1960
levels by the following percent¬
ages: Middle Atlantic and Pacific

were

steers

eggs,

below

varied from

coffee.

beef,

collected

street,

oats,

corn,

sugar

Commodities

of 34 metropolitan

conducted by

ago.
lowest

since the $5.90 of Aug. 31, 1960.
Higher in wholesale price this

modity price level

1959.

mates

year

the

re¬

according to spot esti¬

year ago,

ended

Production,.

average

Co., American Motors and
Studebaker-Packard rose to their

was

52 one year ago and
corresponding week in

a

was

9%

to

5

was

of

ended this

6.1%.

Following
thousands

Motor

of

com¬

with
the

Wednesday
a

cars,

volume

the week

1.6%

7.4%,
shipments
1.6%,
and
orders

down

Passenger car assembly by Ford

volume

week

week

level

in

Volume

Orders

ago

rail¬

233,790,000 board
with 237,832,000

1961

production based on
production for 1957-59.

over

cor¬

originating this type
current

current

dollar

total

trade

prior week, ac¬
reports from regional

106.7

of

increase

in

the

U. S.

was

weeks
__

totaled

dropped

106

127

passenger

pared
47

in

I

Class

tail

feet in the

were

industry

Were

1960

A year ago the fig¬
252,406,000 board feet.
Compared with 1960 levels, out¬

Detroit

gain

58

The

row.

associations.

124

Western

in

compared

Cleveland

Southern

of

production

r

cording to

96

Youngstown

That

States

6,

105

Buffalo

a

traffic

corresponding
The

4.1%

or

comparable

Shipments

be

u m

North East Coast..

ing

were

fifth

a

week.

Lumber

14,

Week Ending

Auto

1961

of

increase of

an

responding period of
1960
and
54,571 cars or 43.5% above the
corresponding
period
in
1959.
There

the
in

floor

passenger

72,000,000

was

that

568,000,000

above

Production for

weekly

weeks

1.6% above the

cars or

for

decline

furniture,

14,278,000,000 kwh., ac¬
the
Edison
Electric

Behind
*Index of

Total

17

year

linens.

and

Production by Dis¬

for week
1961, as follows:
tricts,

*Index

2,853

first

179,886 for

apparel,
coverings,
new

May 16 it stood at $5.90, down

The

piggyback loadings

week's total of 14,206,000,000 kwh.

with

concludes

the

an

37.5%

most

a

major appliances and more
dips were reported in

to

Institute.

or

Institute

at

cording

35.4% below the
47,979,000 tons (*135.6%) in the
period through May 14, 1960.
The

for

and

or

The

from

occurred in women's apparel

men's

In¬

0.3% from the week earlier $5.92,
0.7% below the $5.94 of the

1959 week.

Cumulative

totaled

1960

cars

These findings are based on the

electric

industry for the week
Saturday, May 13, was esti¬

ended

30,975,000

to

above the

3,113

the

Higher

Than in 1960 Week
The

mated

year

of

was

Output

output of 1,943,000 tons (*104.3%)
week ending May 6.
this

of

cor¬

,

increase

week,

week-to-week

15, compared with 268.37

Electric

for

amounted

over-all

above the

responding week of

Price

earlier

1961, was 1,988,000 tons
(*106.7%), a 2.3% increase and

13

con¬

increase

an

Inc.,

latest

On

Food

by Dun & Braddipped somewhat in

Inc.,

for

13,

Production

was

Wholesale

compiled

American

distributed

May

revenue

highway

week's

2.7%

or

The

Mahwah, N. J., and Lorain, O.

and power

May

reported

Wednesday.

in

week

moderate

and

cars

the

decreases

ap¬

and

Consecutive Decline

ing

of

week

This

cars

ended this

freight

in

volume

noticeable

operated
its
truck production facilities on sixday schedules at Louisville, Ky.,

ending

for

134,616
corres¬

Warren,

manufacture.

report¬
ing presents the following data:
Production

of

more

or

that

road systems

modifications

1957-59

The

in

Mich., was idle all
an
inventory adjust¬ Intercity Truck Tonnage for Week
ment. At South Bend,
Ind., Stude- Ended May 6 Was 0.8% Below
baker built trucks only one day,
Corresponding 1960 Week
shutting down lines to permit
Intercity truck tonnage in the

1960, over-all productive capacity.
Instead, and effective Jan. 1, 1961,
the output figures are given
as
an

Detroit.

2S6

in

Fifth

be¬

week

an

year

ago

the

this week in

the Jan. 1,

on

in

second

22,853

in the

the steel industry oper¬

longer relates production totals

Buick-Oldsmo-

production

totaled

announced (see
of our issue Dec. 22) the

on

GM's

a

Truck

materially changed its weekly

report

at

Linden,

strike

on

the

13

American Iron and Steel Institute
has

at

v

previously

page 26

O.

Cadillac

plant

>v

Production

Steel

As

••

•

this week

programs

facility
at
South
Gate, Calif., held to four days as
did Ford-Mercury at Los Angeles

'■
■

total).

Chevrolet

or

general

over-all

com¬

Wholesale Food Price Index Shows

street,

(piggyback) in the week
April 29, 1961 (which were

included

to

bile-Pontiac

areas

tainers
ended

Saturday.

restricted

11,425

one

terminals of
of

retailers reported
dip from last

year,

preciable

throughout the country.

de¬

a

the

below

highway trailers

week,

plants

work

were

six-day

Lorain,

had

also

are

to

also

the

five

were

loaded with

five-

con-Comet at Metuchen, N. J., and

The

from

for

There

as¬

Norwood, O.;
Ford
at
Dearborn;
Ford-Mer¬
cury at Mahwah, N. J.; and Fal¬

carload-

decrease

a

19.9%

or

truck

carriers

dex,

corresponding

and

1960,

The report re¬
handled at more

tonnage

mon

of

below the

of 98,256 cars or 15.3%

the

cars

days.

were

a

ings.
said

to

car

followed

but

others

On

sharp
also

Motors,

industry's

schedules

Ward's

1961

points

the

facilities

tries, both of which reached their

high

an¬

decrease

a

loadings represented

crease

Studebaker-Packard,

of

sembly

indus¬

in

1961,

Railroads

was

1/10 of 1%

or

6,

ponding week in 1959.

Most

index—

of four components—are

steel

the

only

year-ago

leaders

Trend

This

Economics.
400

the Associa¬

cars,

American

cars

The

1.1%.

pickup.

May

port
flects

than

preceding week.

47.0%;
Chrysler

33.1%;

American

of

1%

of

freight

revenue

ended

543,544

nounced.

completions were shared by the
five major auto manufacturers as
follows:
General Motors,

1960.

stocks

9

to

of

week

totaled

ber.

Week

for

l/10th

Was

Preceding Week

Loading
the

Continued from page

Loadings

May

29

was

re¬

period,
May 6 no

last

year's

30

Chronicle

The Commercial and Financial

(2190)

Indications of Current

The following
latest week

Business

Activity

week

or

statistical tabulations

or

on

.

Thursday, May 18, 1961

production and other figures for the

cover

Dates shown in first column are either for the

month available.

month ended

.

.

that date,

in

or

of quotations,

cases

are as

Latest
AMERICAN

IRON

steel

Indicated

STEEL

AND

operations

Previous

Month

Year

Month

Month

Ago

$37,303,409

$11,595,936

$23,513,930

125,135,802

118,290,956

185,282,814

57,559,814
131,917,368
107,369,662

34,164,790

Year

Week

Week

Ago

Ago

INSTITUTE:

(per cent capacity)

.May 21

68.0

66.0

-60.0

* 1,988,000

1,943,000

1,748,000

.May 21
PETROLEUM

;

of

2,042,000

v

East

7,899,000

7,788,000

27,980,000

26,924,000

5

7,878,000

7,738,000

•May

5

27,470,000

27,483,000

•May

5

2.33L000

2,173,000

2,872,000

7,226,560

7,249,010
v

,

oil

(bbls.)

6,032,000

5

216,732,000

219,317,000

225,659,000

218,772,000

26.897.000

26,226,000

26,619,000

5

84,857.000

84,008,000

88,507,000

83,501,000

5

41,715,000

41,275,000

42,517,000

11,636,000

.

CONSTRUCTION

U.

S.

Private
State

construction

543,544

544,356

505,930

641,800

496,408

494,937

472,773

552,233

May 11

Federal
COAL

OUTPUT

Bituminous

(U.

coal

S.

BUREAU

and

lignite

Pennsylvania anthracite
DEPARTMENT

STORE

ELECTRIC

Electric

output

FAILURES

(in

AGE

(per

(per

gross

METAL

(per

PRICES

Electrolytic

191,900,000

151,700,000

140,600,000

45,900,000

53,100,000

35,100,000

39,200,000

7,315,000

*7,355,000

6,600,000

Final

300,000

265,000

May

6

140

146

128

(E.

INDUSTRIAL)

DUN

—

(DEPT.

sales

134,463

4,696,808

(net tons)

*4,781,011

3,673,465

COMMERCE):

OF

14,265,038

:

ultimate

of

14,515,111

—

consumers—

56,809,335

(millions

$952,027

58,782,684

58,741,463

57,787,735

*$30,910

$32,060

23,060

Feb.

INVENTORIES

March

$1,010,932

*23,160

22,640

*$54,080

$54,700

27,420

32,470

—-—

at

customers

59,435,999

$30,780

.—.—

$997,602

of

customers—Month

__—____

ultimate

58,100,728

omitted)

(000's

ultimate

of

14,278,000

14,206,000

14,434,000

399

383

28—

SALES

&

dollars):

of

'

Durables

13,710,000

368

3^4

Nondurables

-

Total

Sales

May

8

6.196c

6.196c

6.196c

6.196c

May

8

$66.44

$66.44

$66.44

$66.41

May

$36.50

8

$36.50

1,

$39.17

WEIGHTED

MOODY'S

$33.17

Industrials

QUOTATIONS):

Railroads

at

29.600c

May 10

Export refinery at

29.450c

May 10

29.600c

28.600c

28.800c

32.600c

27.525c

Banks

30.450c

Lead

(New York)

at

May 10

11.000c

11.000c

11.000c

(St. Louis)

at_

May 10

10.800c

10.800c

10.800c

at

May 10

12.000c

12.000c

12.000c

13.500c

April:

(125)

(15)

Tel.)

&

3.56

4.84

5.70

3.26

3.25

3.97

3.54

Tel.

Amer.

3.11

3.11

-

3.51

5.00

———

incl.

(24)

—

—

•

■■■/{

3.92

2.51

2.50

2.93

3.15

3.15

3.68

$3,659,000

(10)

$3,426,000

$3,145,000

—

11.800c

(delivered)

of

(25)

(not

Insurance

12.000c

Lead

YIELD—KM)

AVERAGE

STOCKS—Month

COMMON

Utilities

refinery

of month

INSTITUTE—

February

of

Month

copper—

Domestic

6,377,675
6,243,212

*61,359

31,220

of

from

Number

&

ton)
J.

*3,357,330

*3,295,971

70,218

running bales

February

!

PRICES:

M.

3,723,875

3,653,657

—^

tons)

at end

MANUFACTURERS'

May 13

AN.D

ton)

&

$559,403,600

Inventories—

lb.)

gross

$404,656,835

$53,840

Month

156

RESERVE

_

$692,858,137
133,454,537

tons)

(net

ELECTRIC

Kilowatt-hour

278,000

City

York

tons)

(net

coke

report,

EDISON

8,398,000

321,000

May 11

COMPOSITE
steel

Pig

Scrap Steel

173,100,000

6

INC

Finished

iron

179,800,000

6

kwh.)

000

(COMMERCIAL

New

GINNING

COTTON

206,000,000

186,800,000

May

INDEX—FEDERAL

$493,187,565
88,540,730

OF MINES)—Month of Mar.:

(net

coke

Beehive

INSTITUTE:

BRADSTREET,
IRON

177,300,000

245,000,000

$418,800,000

_May

(tons)

AVERAGE=100

outside

Revenue

-

35,087:559

146,327,680

156,176,768

$606,374,499

—

—

(BUREAU

Oven

MINES):

(tons)-

SALES

SYSTEM—1947-49
EDISON

OF

$385,800,000

173,800,000

219,000.000

Mav 11

municipal

$364,100,000

340,700,000

May 11

.

$559,700,000

May 11

May 11

and

City

Oven coke stocks

construction

29,506,894

85,530,462

States.

United

Production

6
6

-ENGINEERING

Public construction

31,824,223
110,950,848

$691,904,961

—————-—

Total

COKE

NEHS-RECORD:
Total

28,878,541

56,408,591
29,882,635

—

.

York

New

RAILROADS:

May
ENGINEERING

j.09,296,294

38,705,000

11,284,000

May
CIVIL

90,942,023

83,078,264

21,468,000

May

Pacific

63,580,208

73,775,654

5,697,000

5

—

Central

West

--i

———

Central

Total

at

AMERICAN

5,930,000

May
fuel

11,275,000

5,788,000

May
Residual

11,340,000

5

May

output (bbls.)
Stocks at refineries, bulk terminals, in transit, in
pipe lines-

5

May

oil

ASSOCIATION OF

..

2,010,000

7,138,610

May
fuel

1_.

Atlantic

South

•May

————

Central

6,949,960

5

(

—

Atlantic

South

•May

.
.,
\
——--1—

■

England

Middle

r

Residual

March:

New

INSTITUTE:

&

DUN

—

CITIES—Month

INC.—217

BRADSTREET,

Equivalent to—

AMERICAN

VALUATION

PERMIT

BUILDING

71-7

7

of that date:

Previous

Latest

tZinc
Zinc

(East St.

Aluminum

Straits
MOODY'S
U.

S.

Louis)

(primary

tin

(New

BOND

DAILY

26.000c

106.750c

99.125c

Cash
89.58

Railroad
Public

87.86

87.72

92.50

90.20

90.63

87.18

87.18

—May 16

82.15

82.03

MOODY'S
U.

S.

i

ri

"

v

87.72

DAILY

value

of

value

of

borrowings

on

U.

Member

borrowings

on

other

78.90

85.33

85.59

82.52

88.95

89.37

89.09

89.51

86.91

3.63

3.64

3.79

4.09

May 16

;

4.57

4.58

4.55

4.27

4.24

4.45

4.40

May 16

A

4.40

4.37

Group

Unfilled orders

OIL,

PAINT

1949

4.76

4.74

4.98

4.49

4.49

4.46

4.47

4.48

4.45

366.0

364.3

366.1

OF

371,060

320,272

325,808

345,576

6

325,861

319,809'

305,857

312,547

specialists
purchases

Total

Short

Other

in

stocks

which

in

6

93

91

86

93

6

466,293

421,325

459,067

475,187

113.11

113.05

113.02

Total

Other transactions initiated
Total purchases

Short

Total

I

purchases
Short Sales

Total

683,320

727,870

795,120

3,294,260

1,955,400

IIApr.
IlApr.
lApr.

.IIIII

Total

II

transactions for

sales

AND

ON

N.

Odd-lot purchases by dealers
of

short
other

round-lot

Short

ROUND-LOT

OF

MEMBERS

1,147,570

1,142,565

716,082

1,021,381!

1,061,506

1,229,237

1,545,776

STOCK

All

5,873,390

6,055,675

21

835,010

925,480

_

011

1,026,820

555,170

21

4,775,346

2i

5,610,356

4,816,317

5,363,586

3,276,879

3,359,209

3.139,675

4,240,827

9,013,775

9,246,056

10,112,657

(pounds)

35,342,000

31,170,000

(pounds)

34,708,000

31,003,000

33,617,000

17,865,000

19,126,000

27,776,000

Rubber

5,741,797

6,390,406

2,691,386

2,810,582

2,751,549

1,894,274

21

$139,772,237

$150,037,439

$141,255,991

$95,585,664

2,766,569

2,922,171

2,797,188

1,643,615

8,207

10,039

6,726

2,758,362

2,912,132

2,790,462

$145,721',988

$133,801,257

883,820

870,250
870,250

707,950

781,820

1.436,191
3,777,038

"$4,052,337

I

;

charges

charges

4,692,330

7,790,741

4,597,187

87,497,706

65,778,699

30,793,493

31,140,642

*4,209,519

charges.—

26,852,515

95,288,447

26,829,904

——

...

fixed

after

fixed

income

$43,523,371

60,999,648

31,522,234

31,039,423

from

$34,288,799

35,574,571

—

56,704,213

34,638,057

70,375,886

3,706,464

(way & structure & equipment)

income

taxes

4,039,167

*7,915,983

...

income

52,665,046

30,419,040

53,152,775

51,886,098

51,898,399

4,219,017

10,472,315

Cr7,824,238

17,039,211

31,759,208

24,110,682

24.092,557

3,558,650

3,688.643

4,386,522

0.86

2.84

2.11

$293,000,000

$293,000,000

$295,000,000

287,987,166

287,471,401

288,787,347

219,097

210.844

131,729

$288,206,264

$287,682,245

$288,919,076

397,593

398.265

407,970

$287,808,671

$287,283 980

$288,511,106

5,191,328

5,716,019

6,488,893

$288,206,264

$287,682,245

$288,919,076

4,033,617

4.794,166

appropriations:
stock

preferred

stock

income

of

to

fixed

charges

♦Deficit.

GOVT.

As

of

at

STATUTORY DEBT LIMITATION

April 30 (000's omitted):

face

Total

647,870

for

On

4381980

Apr. 21

income—.

deductions

deductions

Ratio

438,980

883,820

CLASS

,

common

$80,079,227

830,600

S.

—;

On

1,629,053

$126,504,452

U.

:

available

Depreciation

14,562

21

OF

January:

fixed

Federal

1,158,457

947,542

4,069,846

Commerce Commission)—

operating

©Miscellaneous

Net

21

ITEMS

income

Income

878,625

1,015,962

4,000,230

INCOME

Income

35,233,000

of)—,
1,084,356

of

Total

2,602,975

Apr

(Number

—

income

Other

767,810

Tires

3,281,836

—

(pounds)

railway

Total

shares

(Camelback)

Bus

and

Other

3,047,805

830,600

amount

that

may

be

outstanding

time

any

'

Outstanding—:
Total

STOCK

public debt—

gross

Guaranteed

TRANSACTIONS

obligations

not

i

owned

by

the

Treasury
Total

Apr. 21

PRICES,

NEW

SERIES

—

U.

S.

DEPT.

979,640

1,022,470

1,150,510

24,894,610

25,630,680

27.325,510

14,745,520

Apr. 21

25,874,250

26,653,150

28,476,020

15,438,140

,

gations not

commodities

figure.

Grand

May

other

III—"' May
..U—I
I_I~May

than

farm

and

IMay

foods

tNumber of orders not reported

delivered, basis, at center SLWhexe
freight, from

debt &

guaranteed

outstanding public debt obli¬
subject to debt limitation

OF
Balance

.

public

obligations

•

Deduct—Other

(1947-49=100):

foods

gross

692,620

Apr. 21

IIIII

.

H~




3,857,604

—

of)—

(Number

RYS. (Interstate

9

119.1

119.3

119.4

86.9

87.4

88.1

91.5

109.0

under

119.9

9

107.3

9«

108.4

*93.6

95.0

97.1

127.8

9

108.5

128.0

127.9

UNITED

128.4

since

in troduction

of

Monthly Investment Plan.

East. St. Louis .exceeds, one-half-cent'

a

pound.

-

tPrime

*7:

Western

total

face

outstanding

amount

of

above

GROSS

obligations

issuable

authority

STATES

DEBT

GUARANTEED—(000's

DIRECT

AND

'

omitted):

ALoLw!11
i

—so Id

.—

Net

93.6

All

327,486

(SHARES):

products

"Revised

359.974

330,394

1,029,625

SELECTED

3,355,112

Apr. 21

commodities

Farm

388,229

Inventory

Commodity Group—

Processed

of)—

Shipments

827,095

5,459,401

Apr. 21

Y.

(Number

305,253

Truck

—Apr. 21

N.

9,679,058

24,144,386

;

Production

21

Apr. 21

THE

7,643,402
25,267,809

947,857

U. S.

ON

8,578,397

6,125,314

25,385,004

sales—

sales

—

414,830

21

_II lApr!

SALES

—

369,434

Dividend

sales

LABOR

370,130

755,250

Apr

;

dealers—Number of

(Number of)

8,195,726

Inventory

104,820

—

Sales

Other

by

STOCK

AND

ACCOUNT

WHOLESALE

714,960

604,980

—Apr. 21

TOTAL ROUND-LOT

Total

555,180

638,200

Apr. 21

Round-lot purchases

Total

598,200

21

722,275

value

•EXCHANGE

21

Anr

Other sales

44,000,000

March:

of

Implement Tires

Month

1 Round-lot sales by dealers—
Number of shares—Total sales
Short Sales

20,000,000

8,081,591

Production

sales)—

sales

FOR

44,700

STOCK

sales

sales

Customers'

total

61,214,646

14,000,000

.

Shipments

370,460

40,290

Apr'
(customers'

orders—Customers'

Customers'
Dollar

704,970

49,800

191,410

value

Number

653,640

40,000

1,354,366

EXCHANGE — SECURITIES EXCHANGE COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t
Number of shares
Dollar

557,090

21

147,810

__

Y.

98,142,316

4,825,041

939,174

Tread

ODD-LOT ACCOUNT OF ODD-

SPECIALISTS

658,753,065

68,643,141

ASSOCIATION,

Inventory

2,3bi,0o0

1,081,427

Apr

DEALERS

4,089,380

949,816

IIIII—II—IIIIIIII Apr!

sales

charges

Production

account of members—

"

BTOCK TRANSACTIONS FOR
LOT

3,907,580

111,690

_

Total

3,910,650

21

Sales

Other

21

Apr. 21

purchases

Short

"Apr.

IIIIIIIIIIIIIIIIlApr.

;

round-lot

Total

IIIII
II

sales

after

Shipments

405,650

3,179,710

Apr. 21

sales

2,268,570

3,227,330

Total

Other

4,208,140

the floor-

on

$847,869,463

573,715,402

32,070,404

charges..
(estimated)

before

MANUFACTURING

Tubes

4,072,180

21

sales

$668,304,817

Passenger, Motorcycle, Truck and Bus Inner3,880,930

Apr. 21

Other transactions initiated

income

operating

Shipments

off the floor-

sales

$761,284,757

Inventory

21

Sales

Other

53

Production

II Apr.
"Apr.

sales

45

86,092,308

:

expenses.

Inventory

110.95

II—Apr.

~

59

Production

MEM¬

I

17,681,000
39,165,000

RRs.)—Month

revenues

1

railway

Tractor

Apr. 21

sales

18,422,000

14,351,000
38,531,000

(AS¬

Shipments

registered—

Sales

15,038,000

39,165,000

——

Passenger & Motorcycle Tires

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of

2,219,000

611,238,627

L-,

cent)

——

Net

INDEX—

ACCOUNT

2,047,000

38,234,000

—

(barrels)—

EARNINGS CLASS I ROADS

INC.—Month

.i

6

May 12
FOR

539,000

2,056,000

382.2

iMay

REPORTER PRICE

TRANSACTIONS

Total

4.64

May

DRUG

109.655,449

287,416,163

806,000

21,851,000

(barrels)

month

(per

operating
operating

Taxes

4.76

May

AVERAGE=100

ROUND-LOT

4.77

May

(tons) at end of period

AND

107,594,209
337,490,000

561,000

March:

of

Total

RUBBER

activity

109,936,802

MINES)—

OF

SOCIATION QF AMERICAN

4.83
5.28

May 16

(tons)

of

of

used

Net

NATIONAL PAPERBOARD ASSOCIATION:
Orders received (tons)

Percentage

4.58
5.00

May 16

COMMODITY INDEX

Production

4.62

5.02

May 16

Industrials Group
MOODY'S

4.62

5.01

May 16

Group

Utilities

988,000

347,575,879

issues
collateral—

—

mills

from

RAILROADS

4.61

May 16

May 16

;

1.392,000

4.79

4.25

Capacity

—„

Govt,

S.

(BUREAU

(barrels)
end

at

bonds———._—_

shares

117,000

366,000

1,507,000

balances—

68,000

453,000

March:

of

Shipments

Aa

Railroad

Month

Production

Stocks

listed
listed

CEMENT

PORTLAND

85.33

89.23

May 16

credit

free

Member

May 16

Public

customers'

84.43

;

82.27

55,000
427,000

in U. S.___—

banks

Market

AVERAGES:

___

of

balances.

customers

in

Market

85.20

Aaa

Baa

Total

debit

net

to

and

84.94

88.95

!

corporate

hand

87.32

May 16

YIELD

carrying margin accounts—

extended

on

omitted):

89.51

'"V

May 16

Government Bonds-

Average

.

■'

-May 16

;

Group

Group

BOND

84.71

88.13

92.06

—May 16

—'
—_—

Group

Utilities

Industrials

88:08

9,0.20

May 16

„—May 16
—

^"9 .'481'

.92.35

May 16

__

—__

firms

EXCHANGE—
(000's

31

customers'

Total

AVERAGES:

—-—

March

of

Member

26.000c

107.7.50c

—

STOCK

YORK

As

13.000c

26.000c

110.250c

May 16

——.

NEW

Credit

Aa

Baa—

11.500c

26.000c

May 10

Aaa

A

11.500c

May 10

at

Bonds

corporate

11.500c

May 10

-

99.5%)
at

PRICES

Government

Average

at

pig,

York)

(200)

Average

General funds balance—

•

6,294,154

Zinc

-jill Lv'T"

Computed

annual

$284,172,647 $282,888,079
rate..3.091%'
"• '3 109%!
--7

$282,624,922
V 3.323%

Volume

193

Number

6056

.

.

The

.

Commercial and Financial Chronicle

the

Pitfalls of Credit Buying
NSTA

Fearful

that

problem
viser
NATIONAL

Joseph

Smith,

E.

of

dent

SECURITY

I

year we

faced with

are

repeal took the form of amendments to other tax
recall

will

how

perilously

close

they

letter

stuffer and
"This year

there is

April

tax

economy

by giving

credit for

tax

a

to

message

Congress

investment

the

of

repeal

4%

or

revenue

dividend

of

"Your
not

Executive

only for

Committee

industry but for

write

BOND

Final

in

the

where the

in

-Team-

date

case

after

is

per

se

not

buying, especially

3rd—Garrett-Bromfield & Co.

other household

Boettcher & Co.
Founders

6th

—

Trevor

7th

v

—

—

—

8th
9th

10th

—

can

Mutual

Currie

Investments

on

—

Cruttenden, Podesta & Co.

—

Peters, Writer &

refrig¬

on

washing

sets,

dryers,
and
appliances which

agreement and really un¬
what

you

asked

are

to

Houses, Automobiles, and

'

As

655
1705

today
am

I

the

read

on

advertisements

homes

new

for

astounded at the way

you

behind in
house, it is a

a

for the mort¬
out of the house,

process

if

you

willing

are

reasonable rent.
in

set

item,

to

for

the
note

cover

the

sale, I
they can

in

cash.

sets

of

it.

on

it back

This also*

be¬

and

68%
in

based

in

form

one

of the

families

Individual
A.

J.

Hogle

White,

Douglas

Co.;

periodic installment debt re¬
31%
owe
mortgage
debts; 24% owe on noninstallment

payments;
debt.

According to the study, 14%
owing installment

of the families
debt

are

"in hock" for

years ago.

The survey had one encourag¬
ing note. Namely, that about oneowing install¬
ment debt report that they have
enough savings to offset
their

third of the families

debt.

For

that

those

who

installment

rationalize

buying

this

is

a

costly practice.

very

New Bache Office

furniture;

an¬

agreement should

note

the

Co.,

members

and

dining

furniture

furniture;
room

set.

paid for

time;

three

not

New

1st

—

Boettcher

&

Mutual

2nd

—

Founders

3rd

—

and

commodity

be

but in

ice

Center

in

the

Monmouth

Shopping Center, Eatontown, N. J.
Lee

Polk

more

the

Brown,

than 20 years

investment

of the

new

a

veteran

field, is Manager

Center, the fourth to

be established by Bache

the

—

Trevor

Corp.

Investments

Currie

Low— Merrill Lynch, Pierce, Fenner &
The

Greater

politan Area,

New

and

Will Be Published June

Smith Incorporated

Bromfield & Co.; Harold Haag,
Inc.; Oscar Hasselgren, Walston &
Co., Inc.; and Karl Mayer, J. A. Hogle & Co.
Garrett

Struthers,

James

the

shopping center.

★

OF NEW YORK

SECURITY TRADERS ASSOCIATION

and

Security Traders Association of New York Bowling League
will hold its annual dinner Thursday, June 8 at Whyte's, 344 West
Street

at

5:30

ISSUE will pre-

opinions and forecasts of the nation's public utility leaders

non-industry authorities on the outlook for this vital segment of the

nation's economy.

Reservations may be obtained through

p.m.

The 1961 edition of our ANNUAL PUBLIC UTILITY

sent the official

The

57th

15,1961

-

Peters, Writer & Christensen,

Sidney Jacobs, Sidney Jacobs Co.

Kansas City

The

nual
June
be

summer

★

ASSOCIATION

KANSAS CITY SECURITY TRADERS

Security Traders Association will hold their an¬

Get your

the

party June 15 and 16. A cocktail party will be held
Continental.
On Friday, June 16, there will

perspective

on

this year's prospects and the future trends of

public utility industry.

15 at the Hotel

an

Francis D.

★

the Meadcrwbrook County Club.
Reservations may be made with
Bertrand, H. O. Peet & Co.

outing

and

dinner

Tariff for the entire party

SECURITY TRADERS

at

is $35.

Do

Bank

before

ASSOCIATION OF CONNECTICUT

not

in

miss

this

the

opportunity to advertise your Firm, Corporation or

important issue. Please reserve your space requirements

closing date of June 13th.

v

their

Security Traders Association of Connecticut will hold
annual summer outing on June 2 at the Race Brook County

Club,

There will be an informal luncheon at noon

with

The

Orange, Conn.

golf and other activities
and

Joins

Lowell, Murphy

(Special to The Financial Chronicle)

joined

the

staff

of

Coburn, Middlebrook Brch.
NEW

LONDON,

Conn.

—

Coburn

Luby*& Middlebrook, Incorporated has

Lowell,

urphy & Co., Inc., Denver Club

uilding. Mr. Luby was formerly
ith1 Quinn & Co. "




for space

|

ENVER, Colo.—Richard C.
is

Regular advertising rates will prevail

during the afternoon. Cocktails at 5 p.m.

dinner at 7 p.m.

Open0(j

a

branch
,

office

at

253

,,

State Street under the management of Marshall J. SklArew.

?'

in this important issue.

THE COMMERCIAL & FINANCIAL CHRONICLE
25

PARK

PLACE, NEW YORK 7, N. Y.
RECTOR

2-9570

& Co. in

York

1961-62 Will Be:

Committee for

of

experience in

"Mavericks"

4th

Depositor

ex¬

cial opening of an Investor Serv¬

THE CHRONICLE

Company

York

leading;

changes, has announced the offi¬

agreement

should

same

of the

Stock Exchange and other

Handicap Were:

Final Night Team

Winners of

■:v

keeps

their savings intact, I would like
to point out that statistics show

THE PUBLIC UTILITY ISSUE OF

Corp.; Neiswanger, "Mavericks."

$1,000,

over

—double the proportion only five

275
667

won by Karl Mayer,
Founders Mutual Depositor

are

saddled

with

position prize awards were

&

a

another.

or

are

Individual Prizes

High Game—Lee (Mavericks) and Mayer (J. A. Hogle & Co.)
High Series—White (Founders Mutual Depositor Corp.)

upon

of American households

debt

48%

securities

living room

the

igan.

are

ap¬

to

Furthermore, the

bought at

by the University of Mich¬
The survey showed that

wide investment firm of Bache &

take

bedroom

cover

figures

survey

must be prepared

comes

third

a

by

These

a

buying fur¬
niture
on
installment, a young
couple should carefully consider
each item purchased. One install¬
ment note and agreement should
other

column

you are

mentioned above.

cover

this

EATONTOWN, N. J.—The nation-

store

it

close

these

fore you damage

When

me

giving some statistics for bankers,
merchants, and parents to read.

other lux¬

some

default

you

the

let

or

and

payments,

If

payments

your

television
ury

rights of re¬

are

All incidentals should be

Furniture

High Team Game—Founders Mutual Depositor Corp
High Team Series—J. A. Hogle & Co

legal

could

Christensen, Inc.

If

payments on

behind

to

fur¬
I
to give def¬

The laws of different

states vary as to the

and

sign.

—

12th

the

inite advice.

pay a

call

buying

not prepared now

long

I

economics

plies to certain household utilities

condi¬
earnestly urge
read the light fine print

derstand

—Peters, Writer & Christensen, Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated

11th

do

however,

I,

that you

-

Sullivan & Co.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bosworth,

I

be repossessed in good

tion.

Depositor Corp.

paid.

to such install¬

2nd—J. A. Hogle & Co.

5th

a

notice

reasonable

note

a

object

ment

"Mavericks"

4th

pur¬

buyer gives

erators, television
machines,
clothes

—

credit

or several notes, payable on
specified dates, with power of re¬
possession of the goods on a cer¬

not

Position

of

the

installment plan,

the

on

gagee to get you

note,

Club

Bond

Denver

form

Institute,

people

young

especially

other

chase is

tain

1960-1961

to buy more if she

cash.

The

Bowling League is announced:
1st

is likely

charge the goods rather than

effort to defeat this

CLUB

League Standing for

To

niture

mort¬

build
their
before they are "mar¬
raise any little birds.

the

can

desiring them should

Members

and

the

which

as your

really like to

such charge accounts,

wife

Smith.

DENVER

without charge.

"houses"

monthly bill is

and

written for only
When talking to stu¬

possession.

pay

Mr.

birds,

ried"

cash

Babson

encour¬

stores

be

can

be

attention

am

age

"stuffer" is available for inclusion in customer's statements

confirmations

or

of

their

The

legislation."
A

the

in

years.

dents

pur¬

against her, the
given her or sent to her

When

or

getting married.
compelled to pay

were

goods, the store ex¬
pects a payment in a short time,
—30 days later as
a
maximum.

and Registered Representative of his firm contact per¬
sonally a MINIMUM of 10 customers with the request that they
an

five

marks

are

payment,

would

gage

record

home.

partner

Congressman and Senators in

her

without

veterans

man

we

one-third

forms:

two

has

and

a

Statistics Which Should Be Read

anyone

young

Then

wife goes to her

your

store

black

every

their

by

down

of

her

goods

coun¬

write

bought

to

no

y

customers and for

Credit.

the

for

As I look back to my

consumer

at very small
a long mort¬
gage of 30 or more years.
This
is very different from when I was

sent for these

We urge that each member of NSTA endeavor to have

try.

Babson

down payments and

through the Mu¬
nicipal Credit Bureau. If she has

believes that this would be bad
our

be

college

The store looks

up

$50

our

our

the

in

chases "charged."

tax withholding system

dividend and interest income.

on

the

of

comes

favorite

The President's

elimination
a

Extent

When

(1)

the Administration called for

tax

of

some

Business
Credit

V

a

credit,
imposition of

dividend exclusion and the

Mr.

advice for young couples.

some

bought by

Present

plan to stimulate the
corporate profits in the form of
liberalized depreciation allow¬

up revenues on

new

To offset this loss of

ances.

offered

buying,

The veteran financial ad¬

be.

a

added factor in the battle in that the

an

that

you

days, we got con¬
pleasure out of gradu¬
ally furnishing our little house.
Surely more pleasure comes in
striving than in arriving.

unemployment

distinquishes between the two major classifications of

You

measures.

campaigns prevented repeal..

Administration has recommended repeal legislation.

instalment
can

any

being successful.
Only the splendid cooperation from members and shareowners in
our

practice

are advising Pres¬
Kennedy on "means of in¬
creasing employment favor ex¬
panding consumer installment
buying.

to

came

consumer
a

ident

to abolish this modest relief from double taxation. Previous efforts
at

expanding

professors who

strong attempt

a

hear

if

"camp out"

to

at

say

even

early married

solve the

Let

& Company, Philadelphia, Presi¬
Security Traders Association, has sent the

"Again for the third

be taken to

may

credit and has

following communication t<? members regarding the 4% dividend
tax credit and $50 dividend exclusion:
v

obliged

are

outlined,

apart,

siderable

advice

costly such

ASSOCIATION

Newburger

National

the

TRADERS

by

how

warns

the

above

month

a

few weeks.

By Roger W. Babson

NOTES

order

least

Metro¬

first

in

a

32

The Commercial and Financial Chronicle

(2192)

.

.

Thursday, May 18, 1961

.

* INDICATES

Now

Securities

in

furniture

for

Registration

and

large

number of issues

awaiting processing by the SEC,

Rector

it is becoming

with

but

difficult to

in general, to be considered

not,

May
ceeds

firm

as

Accesso

30, 1961 filed 40,000 shares of common stock and
43,000 shares of preferred stock (par $10) to be offered
lor public sale in units consisting of one share of com¬
mon and
one share
of preferred stock.
Price—$15 per
unit.
Business—The company is engaged in the design,
manufacture and sale of fluorescent lighting systems,

i},

))

'r?
/;

Jf.

&

Construction

•

of

funds. Office—
Underwriter —

111.

(managing).

Brothers, New York City

Offer¬

Allison Business Services,

(6/6)

Inc.

ceeds—To

purchase assets of Rapid Computing Co., Inc.
and for general corporate purposes. Office—122 E. 42nd
Street, New York, N. Y. Underwriter—Hancock Secu¬
rities Corp., New York, N. Y.
A'mar Rainwear

missile

April

launching platforms. Proceeds—To selling stockholders.
Office
43
North
Village Avenue, Rockville Centre,

28,

filed

1961

Corp.
120,000

shares of common stock.(
Business — The
plastic film raincoats and re¬

ISSUE

Lynch, Pierce, Fenner & Smith Inc.,.
Cyrus J. Lawrence & Sons, both of New York City
(managing).
American

28,

Facsimile

1961

(letter

stock

common!

Business—The

(par

Corp.

of notification) 40,000 shares of
25 cents). Price—$3 per share.
of facsimile

manufacture

communication

equipment. Proceeds—For equipment; sales promotion
ana advertising;
research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell Associates, Inc., New York, N. Y.
American

April

21,

Finance

1961

filed

Inc.

Co.,

$500,000

6%

of

convertible

sub¬

ordinated debentures due 1971; 75,000 shares of common

stock,

and

25,000

be offered for

$500

per

common

stock

warrants

to

common

unit. Business—The

primarily engaged

are

purchase

public sale in units consisting of one $200
shares and 10 warrants. Price—

debenture, 30

nance

ness—The supplying of temporary office personnel. Pro¬

REVISED

and

aries

17, 1961 (letter of notification) 100,000 shares of
capital stock (par 10 cents). Price—$3 per share. Busi¬

Corp.

installation

and

Chicago,

Road,

April

1961 filed 30,000 outstanding shares of class A
common stock.
Price—To be supplied by amendment.
construction

Proceeds—For general

Roosevelt

Lehman

6,

Business—The

W.

ing—Expected in late June.

Inc., New York City (managing).

Missives

Acme

Jan.

merchandise.

of

5000

hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
Leonard & Sons,

Business—The mail order and retail sale

tures due 1981.

tile

acoustical

For

—

Aldens, Inc.
April 21, 1961 filed $15,000,000 of sinking fund debenT,/

(6/15)

Corp.

Jan.

n1

of

stock (par 10 cents).

equipment, and working capital. Office—1024 Burbank
Blvd., Burbank, Calif. Underwriter—Pacific Coast Secu¬
rities Co., San Francisco, Calif.

offering dates.

•

notification) 100,000 shares of
Price—$3 per share. Pro¬
repayment of bank loans, expansion, new
(letter

1961

4,

common

ITEMS

•

PREVIOUS

writers—Merrill

April

+? Air-Space Devices Inc.

a

are

and for working capital.

Building, Little Rock, Ark.
Underwriter—Ad¬
Underwriters, Inc., Little Rock, Ark.

vanced

predict offering dates
high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
increasingly

for the establishment of a
Office—The

fixtures;

sales organization

of the

NOTE—Because

ADDITIONS

SINCE

company

in the

business. One additional

and its subsidi¬

automobile

subsidiary is

sale fi¬

Maryland

a

savings and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬

bentures, and capital funds. Office — 1472 Broadway,
York City. Underwriter—Myron A.
Lomasney &
Co., New York City. Offering—Expected in late June.

New

American

Gas

Co.

March 22, 1961 filed 101,081 shares of common stock to
be offered for subscription
by stockholders on the basis
of 2.7 new shares for each share held of record
May 12

lated

For

—

N.
•
y

Action

(letter of notification) 42,500 units, each
of one share of common stock (par one

April 14, 1961

■

unit

consist

to

writer—Cruttenden, Podesta & Co., Chicago (managing).

To be

supplied by amendment.
sale

of

items for men, women and children.
Proceeds—
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter

Dollars Corp.

Discount

—

manufacture and

Underwriter—None.

Y.

with rights to expire about May 26. Price —
$3.50 per
share. Proceeds—To repay bank loans and for construc¬
tion. Office—546 South 24th
Ave., Omaha, Neb. Under¬

Price

—B.

one share of class A stock (par $1). Price—$7
unit. Business—The sale and redemption of trading
stamps. Proceeds — For printing trading stamps, cata¬
logues; advertising and franchise development. Office—
26 Broadway, New York, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York, N. Y. Offering—Immi¬

Blair &

H.

Co., New York City

(managing).

cent) and

Alside, Inc.

per

May 11, 1961 filed 200,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers thereof. Price—To be supplied by amendment. Busi¬
ness—The manufacture and sale of aluminum siding and
paneling for houses. Proceeds

nent.

Office—3773

holders.
A-Drive
Jan.

Leasing
1961 filed 100,000

19,

which

Auto

75,000

to

are

System,

Inc.

Underwriter

shares of class A stock, of
offered for public sale by the

be

(managing).

and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬

May

in the business of leasing
periods of over one year.
Proceeds—To repay loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill. Darlington & Grimm, New York City
(managing). Off

:

i.

is

trucks

—

ventory

stock

Avenue,

Investments

zation devices.
eral

of

mechanisms

Proceeds—For

of

shares

100,000

additional

per

share. Business—

a

precision stabili¬

share.

working capital, and gen¬

Advanced

Investment Management Corp.
13,1961 filed 300,000 shares of common stock. Price
—$3.50 per share. Business—The company was organ¬

October, 1960 to operate

will

the proceeds estimated at $851,895 as a
acquisition of interests in life insurance;

use

for the

reserve

is

Transistor
to

circular,

First

City,

no

par common

stock at $3

Applications,

Inc.

incorporated in the Common¬

wealth

of

of

the

the

Business—The

company

proceeds

development,

promotion

and

for

expansion,
working

Massachusetts

Feb.

on

prospecting and
in Israel.
purposes.
Office — 82

mineral

Chemical

office

located

are

at

103

Broad

Street, Boston, Mass.

'

A.I.B. Elects

the

of

East

River

Savings Bank,

a research, de¬
velopment and production organ¬

ization

in

the

electronics field.
transistorized
medical

semi-conductor
It

electronics

velopment
conductor

of

specializes in

test

equipment,
and

advanced

circuits

and

the

de¬

semi¬

systems.

The company has

)

paid no divi¬
dends since its inception.
The net proceeds from the sale
of the 100,000 shares of stock of¬

fered,

after deducting expenses,
will be approximately $239,000. It




were: as First Vice-President,
Sidney A. Trundle, Jr., Vice-Pres¬
ident, Manufacturers Trust Com¬

pany;

as

William

Manager,
Bank;

Second

Vice-President,
Connellan, Assistant

J.

The

Chase

York

New

summarized

The

Marine

Midland

Trust

Com¬

The

Chapter's

I

immediate

favorable

for

and

sale

of

desk-top photocopy machines,
Proceeds—♦
its share of the proceeds for gen¬
eral corporate purposes.
Office—2100 Dempster Street,
Evanston, 111.
Underwriter — Lehman Brothers, New
and supplies, and binding equipment.

The company

City

will

use

(managing).

ic American Telephone & Telegraph Co. (6/6)
May 12, 1961 filed $250,000,000 of debentures due June
1, 1998. Proceeds—To refund a like amount of 5%%
debentures
purposes.

writers

due Nov. 1, 1986 and for other corporate
Office—195 Broadway, New York City. Under¬
To

determined by competitive bidding.
Halsey, Stuart & Co. Inc.; First Bos¬
Corp.; Morgan Stanley & Co. Bids—To be received
—

be

Probable bidders:
ton

June

6

at

11:30

a.m.

(DST)

in

Room

2315,

•

Amity Corp. (6/26-30)
17, 1961 filed 88,739 shares of common stock (par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, inJan.

year

year

introduced

be

classes in
and
in

accounting
for
enrollments.
summer sessions are

the

Queens

areas

are

to

and

branch

of the

be

Bronx

YOUR PRIME SOURCE FOR

««NEW

ISSUES

conducted

BOUGHT

-

SOLD

-

QUOTED

the

coming fall to serve em¬
ployees working for banks in the
outlying urban areas.

In Securities Business
ST.

ALBANS, N. Y.

—

Brown is

engaging in

business

from

Fosh

offices

a

Robert F.
at

Inc.

He
J.

T.

was

Sidney,

MSIEGEL

name

formerly

Patterson

V^cJnc.

170-11

of American Institute of Investors

of

for Banks, Brokers, Institutions

securities

Blvd., under the firm

&

an

Co.,

195

Broadway, New York City.

members

officer

Past

manufacture

paper

During the school

come.

Research.
pany of New York.

are

St., Little Rock, Ark.

Trust

the

than 7,900 class

This

Manhattan

Treasurer,
Assistant

Joseph C.
Cantweill,
Treasurer,
Bankers Trust Company; and as
Chief Consul, Dorothy A.
Ryan,
as

Center

and

to

staff

to

ton

conditions

the company and 385,000 for certain selling stockholders.
Price—To be supplied by amendment.
Business—The

1960-61, New York Chapter
registered more than 4,900 bank

American Institute of Banking.
Mr. Bar¬

210

—

it American" Photocopy Equipment Co.
May 16, 1961 filed 435,000 shares of common stock, of
which 50,000 shares will be offered for the account of

year

more

with

market

Underwriter—Amico, Inc.

creasing service to be rendered the
city's banking community in the

elected President for the year
1961-62 of the New York Chapter,

serve

Office

entertaining enthu¬
siastic optimism for the ever-in¬

years

William L. Barton, Vice-President,
Personnel
and
Public
Relations

Elected to

The company is

Bank

Company,

realized

Group of

until

disposition.

President, George E. Brewer, Vicer
President and Training Director,

in the educational

N. Y.

carry Them

on

Broadcasting-Paramount Theatres Inc.

was

25, 1957. The company's plant and

resources

just passed expressing satisfaction
accomplishment

capital.

Securities

share.

Transistor
was

offering

of

shares

per

Weber

28

sales

79 Wall St., New < York
offered
publicly
100,000
Transistor Applications,

"Corp.,

Inc.'s

April

an

intention

allocate

product

Stock Offered
Pursuant

the

to

Price—$4 per
exploration for

(5/23)
April 12, 1961 filed 140,000 outstanding shares of com¬
mon
stock (par $1). Price—To be supplied by amend¬
ment. Business—The operation of television, radio and
motion picture theatre facilities and phonograph records
and music publishing. Proceeds—For the selling stock¬
holder. Office—7 West 66th St., New York City. Under¬

secondary purpose of owning investments in entities en¬
gaged in the insurance business. Proceeds—The com¬
pany

shares, at

offering price.

;

management company with the related

Price—$1,800 per unit. Proceeds
principally to originate mortgage loans and

—To be used

York

shares in the next issue of

common

American

insurance home of¬

an

.

Proceeds—For
general business
Beaver Street,
New York City. Underwriter—Seminole Securities Co.,
Inc., Pittsburgh, Pa., and New York City.

Jan.

ized in

Phosphate Co.

discount of 25% from the

phosphate

purposes. Office—48-25 36th St., Long Is¬
City, N. Y. Underwriter—None.

fice service and

Securities, Inc., Washington, D. C.

Dec.

corporate

land

&

America-Israel

and

(par $1). Price—$3

manufacture

building test pools; advertising, in¬
working capital. Office—102 Mamaroneck
Mamaroneck, N. Y. Underwriter—Alexandria

and

23, 1960 filed 125,000 shares of commorf stock, each
share of which carries two warrants to purchase two

^ Aeroflex Laboratories, Inc.
May 8, 1961
(letter of notification)
common

Proceeds—For

etc.

eying—Imminent.

The

(letter of notification) 75,000 shares of
stock (par 10 cents). Price—$4 per share. Busi¬

ness
The sale of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,

for

and 783 shares of stock.

(

1961

4,

common

ness—The company is engaged
and

Rd., Akron, O.
Inc., New York City

& Co.,

it Amcrete Corp.

company

automobiles

Akron-Cleveland

Reynolds

—

For the selling stock¬

—

American Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units
(2,000) known as In¬
vestment Certificates, each representing $900 of bonds

39

Dlgby 4-2370

Broadway, New York 6, N. Y,
Teletype No. N.Y. 1-5237

Volume

193

Number

6056

.

.

The

.

Commercial and Financial Chronicle

(2193)
$170,000 for construction and $12,000 for debt
Office—Equitable Building, Baltimore, Md.

eluding

reduction.

Underwriter—Karen Securities Corp., New York City.

•

Apache Corp.
March

31, 1961 filed 300 units in the Apache Gas and
Oil Program 1962.
Price—$15,000 per unit.
Business—
The acquisition, holding, testing, developing and
oper¬
ating of gas and oil leaseholds.
Proceeds—For general

corporate purposes. Office—523 Marquette Ave., Minne¬
apolis, Minn. Underwriter — The company and its sub¬
sidiary, APA, Inc., will act as underwriters for the Pro¬
gram.
•

Apache Realty Corp.

March

(7/10-14)

filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
empnasis

the acquisition, development and operation
of shopping centers, office buildings and industrial prop¬
erties.

on

Proceeds

For

—

investment.

Office

—

523

Mar¬

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis &
•

Simmons, Chicago (managing).

Architectural

Plastics

Corp. (5/29)
April 20, 1961 (letter of notification) 103,191 shares of
common stock (par $1) of which 26,326 shares are to be
offered by the company and 76,865 shares by the under¬
writer.; Price—$1.25 per share.
Proceeds—For working

capital.

Office—1355 River Road, Eugene, Ore. Under¬
writer—Zilka, Smither & Co., Inc., Portland, Ore.
Arizona Color Film
March

1961

23,

offered

be

on

the basis of

Processing Laboratories, Inc.

filed 2,100,500 shares of

for

to

Automotive Vacuum

Corp. (5/22)
March 30, 1961 (letter of notification)
60,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds
—For advertising, new products and
working capital. Of¬
fice—1007

East

Second

Street, Wichita, Kan. Under¬
Hinkley & Co., Inc.", Denver, Colo.

writer—Donald J.
•

B.

common

stock

C. Industries, Inc.
1961 filed 50,000 shares of 7% non-cumulative
preferred stock (par $7.50); and 200,000 shares of com¬
mon
stock (par one
cent), of which 50,000 shares are

public sale by the company and 150,000
outstanding shares by the present holder thereof.
The
offering will be made in units, each unit to consist of
one
preferred share and four common shares.
Price—

$11.50

unit. Business—The company, formerly Beak-

per

atron

Manufacturing Corp., manufactures, assembles and

distributes

a

diverse

line

of

electronic

components

for

in

Ariz.

share for each share held.

Price

Business—The processing of black

Proceeds—To repay loans and
Office—2 North 30th Street, Phoenix,

Underwriter—None.

Arizona Public Service Co.
(5/23-6/13)
April 21, 1961 filed 488,986 shares of common stock
(par $2.50), to be offered for subscription by common

stockholders
shares

held

the

on

of

basis of

record

one

share

new

for

each

15

May 23, with rights to expire
June 13. Price—To be supplied by amendment. Proceeds
—For expansion. Office—501 South Third
Ave., Phoenix,
on

Ariz. Underwriters—First Boston

Inc.

Corp., and Blyth & Co.,

(managing).

it Arkansas Valley Industries, Inc.

12, 1961 filed $1,500,000 of convertible subordi¬
nated sinking fund debentures due 1976. Price—100%
of principal amount; Business—The
production and sale
chicken

—For

feed, hatching chicks and poultry. Proceeds
facilities, the improvement of marketing im¬

new

provements, and for working capital. Office—Dardenelle,
Ark. Underwriter—A. G. Edwards &
Sons, St. Louis, Mo.
(managing).
Armco Steel Corp.
(5/23)
May 2, 1961 filed $50,000,000 of debentures due June 1,
1986. Price—To be supplied by amendment: Proceeds—■
To prepay a bank loan and for expansion. Office—703
Curtis St., Middletown, O. Underwriter—Smith, Barney
& Co., Inc., New York City (managing).
•

Arrow

Electronics,

March

30, 1961 filed 165,000 shares of common stock (par
Price—$5 per share. Business—The distribution of

$1).

equipment including high fidelity, radio and
components.
Proceeds—To repay loans, ex¬
facilities and for working capital.
Office — 525

Jericho
Arnold

Turnpike,
Malkan

&

Mineola, L. I., N. Y.

Underwriter—

Co., Inc., New York City.

Atlantic Fund for Investment in U. S. Government

Securities, Inc.
July

22,

Price

—

ment

with
the

1960,

filed 2,000,000

shares

shares

being registered.

common

Proceeds—For

in U. S. Government securities.
New

of

stock.

$25 per share. Business — A diversified invest¬
company, which will become an open-end company
redeemable shares upon the sale and issuance of

York

City.

investment

Office—50 Broad Street,

Underwriter—Capital

Counsellors, 50
Broad Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.
April

Electronics

13,

common

1961
stock

Corp., Paterson, N. J. Offering—Imminent.

ceeds—To

(letter

of

notification)

shares of
share. Pro¬

50,000

Price—$6

per

debt, purchase equipment and inven¬
tory, and for working capital. Office—7648 San Fernan¬
repay

do

Rd., Sun Valley, Calif. Underwriter—Francis J. Mit¬
chell & Co., Inc., Newport Beach, Calif.

Audiographic Inc. (6/5-9)
filed 150,000 shares of common stock./ Price
—$4 per share. Business—The manufacture and sale of
fire and burglar warning systems. Proceeds—To estab¬
Feb. 27, 1961

lish

subsidiaries, buy equipment to make component
parts of warning systems now manufactured by others,
reduce indebtedness, add to inventory, and for working
capital.
Office—Bellemore, L. I., N. Y.
Underwriter—
First

April

14,

stock.

common

—For

Broad

Street

Automated

Corp.,

New

April 7,

Procedures

York

Corp.

City

(managing).

(6/28-30)

1961 filed 110,000 shares of class A stock

cents).

the

breaking

up

of complex accounting operations into

simple tasks performable by its machines. Proceeds—To
purchase additional equipment.
Office — 71 West 23rd
Street, New York City. Underwriter—Jay W. Kaufmann
Co., New York City.

6
•

Automation

Jan.

27,

common

1961
stock

Development, Inc. (5/22-26)
(letter of notification) 40,000 shares
(par 5 cents). Price—$3.75

ceeds—For further development of the

fice—342

Madison Ave., New




per

of

share. Pro¬

"Skyjector."

$9,000,000

Common

stockholders—Bids

May 22

11

a.m.

DST)

shares

(Monday)

Automation
(First

Development, Inc

Philadelphia Corp.

and

Common

United

Planning Corp.)

Automotive Vacuum Control
Corp
(Donald

Brown

J.

Hinkley
Co

Fintube

(Paine,

Webber,

Co.,

&

$300,000

Common

Jackson

&

Curtis)

122,000

(F.

Eberstadt

shares

Debentures

&

Co.)

$7,500,000

Coastal Publications Corp
(Jesup

&

(M.

Common

D.

Fuller

Lamont)

L.

repayment

of a loan, new equipment, lease of a
working capital.
Office — 25970 W. 8 mile
Road, Southfield, Mich.
Underwriter — International
Equities Co., Miami, Fla.

Ohio

$150,000

Common

Inc.)

Chock Full O' Nuts
Corp

Lee

&

110,000

shares

Common

Co.)

$100,000

1

Products Corp

&

Co.

and

Friedrichs

150,000 shares of
($2 per share). Proceeds

Price—At par

Units

Howard,
Co.)

&

Weil,

Labouisse,

$2,654,370

Edison Co

Bonds

(Bids

Rocket Jet

11:30

a.m.

DST)

$30,000,000

Engineering Corp

(Thomas

Jay,

Winston

Maltz, Greenwald

&

Common

&

Co.,

Co.)

Inc.

110,000

and

shares

Schaper Manufacturing Co., Inc
(Paine,

Webber,

Jackson

&

Common

Curtis)

$806,000

•

inventory, with the balance for work¬

ing capital. Office—253 W. Merrick Rd., Valley Stream,
L. I., N. Y. Underwriter—Eldes Securities
Corp., New
York City.
Big Boy Properties, Inc.
March 20, 1961 filed 100,000 shares of common stock
Price—$10 per share. Business—The company plans to
operate

chain of "Big Boy" restaurants

a

Proceeds

purchase of restaurants and other
Office—1001 East Colorado Street, Glendale,

properties.
Calif.

May 23
American

(Tuesday)

Broadcasting-Paramount Theatres,

Inc.

Common

(Merrill

Lynch,

Pierce,

Lawrence

Arizona Public
(Offering

to

Underwriter—None.

Blcomfieid

May

1961

1,

Industries,

filed

Inc.
shares

140,000

holders

thereof.

Price

equipment

(for

of

common

stock,

To

—

be

restaurants,

supplied

hotels,

etc.,)

and

Westheimer & Co., Cincinnati and Divine &
Fishman, Inc., Chicago and New York City. Offering—
Expected in late June.

Blyth

March

Industries, Inc.
(letter of notification)

1961

30,

stock

common

for

&

share. Pro¬

per

wood, Calif. Underwriter—Pacific Coast
Beranek

&

Securities Co.,

Inc.

Newman,

Business—The company is a group of scientists
engineers engaged in research, consultation and
product development in the fields of architectural acous¬
ment.

L.

physics, instrumentation, psychoacoustics,
technology, man-made machines and in¬
systems.
Proceeds — For the repayment of

debt, and working capital. Office—50 Moulton Street,
Cambridge, Mass. Underwriter—Hemphill, Noyes & Co.,

City (managing). Offering—Expected in late

June.

Lad

Bookshelf of

17,

America, Inc.
of notification)

(letter

1961
stock

(par
mail

10

cents).

order

sale

May 24

Price

—

$4

of religious

per

books.

of

share.
Pro¬

29,

stock

holders

F.

Price—At

the

market.

and distribution
of pin-setting
machines
bowling. Proceeds—For the selling stockholders.
Office—Newtown Road, Littleton, Mass.
Underwriter—

None.

"

International, Inc. (6/6)
1961 (letter of notification) 60,000
stock
(par five cents).
Price—$5
of

Proceeds—For general

radio

11:30

Co.,

and

television

$300,000

Common
120,000 shares

Bonds

DST)

a.m.

$30,000,000

Common
&

Nicholls

F.

Co.)

shares

shares

250,000

Underwriter—Harry Odzer Co.,

&

$1,000,000

Common

Co..

Gas

11:30

Inc.)

$175,000

Co

Debentures

DST)

a.m.

May 25

Cook

&

$40,000,000

Common

Co.)

131,960

shares

(Thursday)
I

(Bids

(Bids

Equip. Trust Ctfs.

DST)

noon

New Orleans Public

$5,300,000

Service, Inc._

11:30

DST)

a.m.

Bonds

$15,000,000

Pillsbury Co.

Debentures

Sachs

&

Co.

and

Piper,

Jaffray

&

(Hayden,

May 26
Far

West

Stone

&

Co.)

shares

125,000

(Friday)

Financial

(Eastman

May

..Common

Dillon,

29

Corp

Union

Capital

Securities

&

Co.)

(Monday)

(Zilka,

Beryllium

Smither

Common

Co.,

&

Manufacturing
(Eldes

Inc.)

$128,988

Corp

Securities

Corp.)

Common
$472,500

Capital Properties, Inc
(Hodgdon

Units
Inc.)

&^Co.,

60,000

units

Corp

lontaine

Common

&

Youngberg

Chroma-Glo,

Co.; Evans MacCormack & Co.; Stone
Sellgren, Miller & Co.) $300,000

and

Inc

Common

(Jamieson

Co.)

&

$297,000

Consumers Automatic Vending, Inc
(Diran,

Norman

Curley

Co.

&

Co.,

and

Di

S.

V.

Wickett

&

Common
Co.

Inc

(Carter,

Berlind,

Potoma & Weill)

Control

Panels,
&

Co.,

50.000

shares

Common

Inc

Inc.)

$300,000

Co.)

shares

275,000

Dodge Wire Corp

Common

(Plymouth

Eastern

Lime

Corp.)

$600,000

Common

Rogers

&

Co.)

$300,000

Associates, Inc
(W.

Gem

Securities

Corp

(Casper

Electronic

C.

Langley

Capital

&

Co. \

75,000

&

Co.)

1,000,000

shares

Corp

Class A
Noel

Alstyne,

shares

International, Inc

(Bosworth,

Sullivan

&

Common

Co.,

Inc. and Scherck,
shares

Richter

Golden

Triangle Industries, Inc
(Robert

Howard

Harris

M.

Johnson

Common

Inc.)

$340,000

Common

Inc. and F.

Co.

Co.

&

Co
S.

Moseley

&

Co.,

co-managers)

shares

Illinois

1986.

Intercontinental Motels, Ltd

Bell

(Offering

(jointly);

Merrill Lynch,

Pierce, Fenner &

Smith

Telephone

(T.

J.

Common

Co.__

stockholders—no

to

other

Inc.

Co.)

150,000

660,000

repayment of bank loans and
corporate purposes.
Office—176 Remsen Street,
Brooklyn, N. Y. Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; First Boston Corp., and Harriman Ripley & Co.,

$500,000

...Common

Witter

(Dean

Inc.)

—Common

Giorgio Fruit Corp

(Blyth &

the

shares

950,000

Architectural Plastics Corp

Brooklyn Union Gas Co. (6/8)
May 1, 1961 filed $20,000,000 of first mortgage bonds due
Proceeds—For

Hopwood)

$10,000,000

Precisionware, Inc

share.

programs.

Debentures

±

Inc.j

Co.,

Louisville & Nashville RR._

Futterman

of

&

Nicholls

(Bids

(Van

per

&

Common

Inc.)

Inc.)

Stone

(Newhard,

corporate purposes. Office—3 W.

57th St., New York City.
New York, N. Y.

Fenner

Webster Publishing Co., Inc

Broadcast

28,

.Common
Pierce,

shares

Activities, Inc

(G.

Business—The

used in

•

$50,000,000

Lynch,

300,000

&

Crow,

(Blaha

manufacture

Feb.

Inc.)

Consolidated Natural

Customline

Co., Inc.
1961 filed 38,474 outstanding shares of com¬
to be offered for public sale by the present

thereof.

Inc.)

Merrill

Activities, Inc

(G.

Underwriter—D. H. Blair

Bowl-Mor

mon

Corp.

(Wednesday)

Consolidated

&

shares

moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office—889

March

Boston

shares

Foods, Inc

Consolidated

(Grant,

74,950

ceeds—For

Broadway, New York, N. Y.
& Co., New York, N. Y.

First

Corp.__

(Hayden,

Chemonics

April

Co.,

&

and

Frne

(Bids

Scot

applied

bio-medical

New York

by

488,986

;r..
Co.

Randall

J.'

Debentures

Barney

&

(L.

Mallory

and

formation

Inc.)

Irvington Steel & Iron Works

(Goldman,

April 27, 1961 filed 160,000 shares of common stock, of
which 90,140 shares are to be offered for public sale by
the company and 69,860 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬

tics,

Co.,

Smith,

70,000 shares of

(par 10 cents). Price—$4

increase inventory, reduce indebtedness and
working capital. Office—11933 Vose St., North Holly¬

Bolt

Cyrus

Common

—

Witter

—

Haven

and

by

expansion, working capital and other corporate pur¬
poses. Office—4546 West 47th St., Chicago, 111. Under¬

Blue

Inc.

shares

Service Co

(Smith,
(Dean

of

houseware and hospital products. Proceeds—For product

writers

Smith,

140,000

Steel Corp

Friden, Inc.

amendment. Business—The manufacture and sale of food

service

&

Sons)

Michigan Consolidated Gas Co

which 40,000 shares are to be offered for public sale by
the
company
and 100,000 outstanding shares by the

present

Fenner
&

stockholders—underwritten

and

Armco

in California.

the

For

—

Business—Producers

(par
Price—$3 per share. Business—The company
offers customized data processing service which involves
5

DST)

a.m.

202,333

plant, and

common

•

(Offering to

(S.

Products, Inc.
1961 (letter of notification)

Business—The

(par 25 cents).

$20,000,000

Power

Bel-Aire

common

Atohm

-Debentures

Co.)

National Bagasse

electronic
television

pand

Interstate

ceeds—To

(6/15)

Inc.

Inc

&

Bonds

(Bids 11:30
Co

v

_

(Pistell,

May

Sachs

Interstate Power Co

Services

•

of

(Goldman.

Decitron Electronics Corp..!

For expansion and

new

(Thursday)

Paper Board Co.,

guidance and communication systems. Proceeds—
For expansion and
working capital. Office—1101 1109
Utica Ave., Brooklyn, N. Y. Underwriter—International
use

and white and color film.

one

share.

stockholders

Federal

M.

for working capital.

—22 cents per

common

May 18

March 1,

Beryllium Manufacturing Corp. (5/29)
Feb. 27, 1961 filed 105,000 shares of common stock. Price
—$4.50 per share. Business — The fabrication of pure
beryllium components and other materials. Proceeds—

subscription by

NEW ISSUE CALENDAR

Control

to be offered for

1961

31,

First Philadelphia Corp., New York, N. Y., and United
Planning Corp., Newark, N. J.

33

McDonald

&

underwriting)

$83,813,040

Common
Co.)

$300,000

Class A

King Kullen Grocery Co., Inc
(HemDhill,

Noyes

MacDonald
(Smith,

&

Co.

(E. F.)
Barney
&

Co.

and

Estabrook

& Co.)

180.000

&

Co.

Inc.)

shares

Common

Co
Inc.

and Merrill,
shares

Turben

275,000

Of¬

York City. Underwriter—

Continued

on

page

34

Continued

on

page

34

34

The Commercial and Financial Chronicle

(2194)

.

.

Thursday, May 18, 1961

.

\

(N.

Common

(Stroud

(P,

Co.,

Inc.)

Brooks &

W.

(P.

Co.,

Inc.)

(Hodgdon

(Hornblower

Engineering,

Vector

Broadcast

(Bids

11:30

(A.

Brod

T.

Co.)

Outdoor Advertising
(Lewis

Sica

Inc.)

12,000

(P.

Co.

&

4,000

Inc.)

Columbia Gas System,
(Bids

11

Life

(R.

Dowd

P.

&

15

June

(Monday)

•'

i.

Audiographic Inc.
Chalco

Street

Broad

(First

&

Co., Inc.)

by

P.

(S.

'P.

Brocks

W.

Empire Devices,
(Hayden,

&

Co.,

Continued

from

Securities

page

stock
for

27,

shares

•

(5/22-26)

1961 filed 122,000 shares of class A common

(par $1), of which 100,000 shares are to be offered
company and 22,000 outstanding
the present holders thereof. Price—To be sup¬

equipment and working capital.

Office—300 Huron

Street, Elyria, Ohio. Underwriter—Paine, Webber, Jack¬
son
& Curtis, New York City.
•

Business

Finance

5,i 1960

Aug.

(par 20 cents).

Proceeds—For business

Little Rock,

SL.

N. Ridge

Ark.

Price

expansion.

195,000
—

shares

of

$1.50 per share.

Office—1800 E. 26th

Underwriter—Cohn

Co., Inc..

309

Road, Little Rock, Ark. Note—This letter was

1961 filed 150,000 shares of class A common
be supplied by amendment.
Business
—The company, through its 20 subsidiaries, is engaged
Price—To

the

finance

business in North Carolina,
Georgia.
Proceeds — For working
capital. Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.
consumer

Carolina

Cable
March
—To

and

Carriers,

23, 1961 filed 196,109 shares of capital stock. Price
supplied by amendment. Business—The com¬

which began operations in 1954, is engaged in the
and development of special material handling
systems for industrial and commercial use based on
pany

research

company-owned
tal.

Canandaigua

$825,000

•-

■

-

units

8,000

Georgia

to

(Thursday)

Co.)

Co.)

$112,000

Units
•

150,000 shares

Inc. I

300,000

Shearson,
shares

,

*;
■

.

..Bonds

to

received)

be

$15,500,000

Preferred
received)

be

to

$8,000,000

(Tuesday)

Gulf

•

(6/15)

activities' and

restaurants

adjacent

may

to

.Bond*

received)

be

to

Power

$15,000,000

(Thursday)

Co

the

Proceeds—For

Chaico

Proceeds—To repay a loan and to pro¬
vide long term capital to small business concerns. Office
—1281 Westwood Blvd., Los Angeles, Calif. Underwriter
company.

to

be

received )

$5,000,000

(6/5-9)

Engineering Corp.

Jan.

30, 1961 filed 100,000 shares ot common stock. Price
—$6 per share. Business—The company is engaged in
the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬

electronic, electro-mechanical and mechanical
devices for ground support facilities for
missile and space programs of the U. S. Government. The
and

tems

cystems

and

also manufactures special purpose products
military use. Proceeds—For the repayment of
loans and for working capital.
Office—15126 South
Broadway, Gardena, Calif. Underwriter — First Broad
Street Corp., New York City (managing).

company

told for

(5/29)
of notification)

it Chemonics Corp.
Nov.

14,"1961

common

stock

(letter
(par

one

ness—Manufacturers
industries.

April 10, 1961 filed 500,000 shares of common stock.
Price—$10 per share. Business—A small business invest¬

.Bonds

...

(Bids

The company plans to engage
or

5

December 7

construction, working capital
and general corporate purposes. Office—29 Broadway,
New York City. Underwriter—S. D. Fuller & Co., New
York City (managing

ment

$5,000,000

(Wednesday)

(Bids

Hammill & Co.)

Corp.

entertainment

hotels, motels

track.

Preferred

-

Capital
and

Co.

Canandaigua, New York.

race

$5,000,000

Virginia Electric & Power Co

\

public sale in units, each consisting of $500 of de¬
bentures, 30 class A shares, and 6-year warrants to pur¬
chase 15 class A shares at $5 per share. Price—To be
supplied by amendment. Business—The company owns a
majority stock interest in Finger Lakes Racing Associa¬
tion, Inc., which is erecting a thoroughbred race track at

construct

Bonds

received)

Co

to be received)

(Bids

December

shares

120,000

Co.,'-Inc.) $320,000

Enterprises

and

,

,

Georgia Power Co

1976, 240,000 shares of class A stock, and warrants
purchase 120,000 shares of class A stock to be offered

recreational

be

to

(Bids

for

in

$12,000,000

Power Co

:

..Common

*

October 18

■"

Units

due

and

Proceeds

of
—

shares of

100,000

cent). Price—$3 per share. Busi¬

printed
For

circuits

general

for

the missile

corporate

purposes

working capital. Office—990 S. Fairoaks Ave., Pasa¬

dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los

Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.

patents.

Office—Kirk
be




Proceeds—For working

Boulevard,
fc

named.

★ Chester Litho Inc.

May 12, 1961 filed 100,000 shares of common stock. Price
—$4 per share. Bu iness—Commercial printing and art.

•

Capital

April

Properties

Greenville, S. C.

capi¬
Under¬

Inc.

(5/29)

Proceeds—For

1961 filed $600,000 of 9%% debentures due
1977 and 12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
common
shares. Price—$1,000 per unit. Business—The
company plans to purchase and lease back three build¬
ings to be erected by Tower's Marts, Inc., for use as
21,

retail discount department stores. Proceeds—For acquisi¬
tion of the

Inc.

be

writer—To

&

&

Bonds

Corp

received)

be

pected in late May.

Group, Inc.

April 28,

South

to

7-Dempsey-Tegeler & Co., St. Louis, Mo. Offering—Ex¬

CMC Finance

in

Inc.)

Capital For Technical Industries, Inc.

withdrawn.

stock.

Common

Co.,

May 2, 1961 filed $4,000,000 of Sinking fund debentures

Corp.

(letter of notification)

stock

common

Staats
■

plied by amendment. Business—The production of heattransfer equipment for use primarily in the petrochemi¬
cal, chemical and refining industries.
Proceeds — For
new

R.

*

v •

(Wednesday)

Electric

&

(Bids

-<.

$600,000

Inc
(Ivest,

public sale by the

shares by

•

Ameritronics, Inc..

(William

White, Weld & Co.; Blyth & Co., Inc., and F. S.
Moseley & Co. (jointly): Bids—To be received on June
8, 1961.

March

Inc.)

Lytton Financial Corp

33

Fintube Co.

Gas

Mississippi Power

...Units

;
Sons,

&

$20,000,000

..Common
&

Fund,

(Fraser

Inc.;

Brown

Arrin

Bonds

be received)

September 28

Common

Ivest

Common

387,500

(Bids to

(Bids

Inc.

(McDonnell

Brooks

Approximately $1,050,000

Corp.)

■-•••

(Bids

Bonds

Ltd.__

Common

& Co.)

*

.

$30,000,000

Co.)

&

G-W.

Fox-Stanley Photo Products, Inc
(Equitable

Sales

Debentures

Inc

Stone

W.

(Tuesday)

••

t

&

&

Fuller

(Theodore

Fireco

$2,900,000

Inc.)

Malkan

D.

De-Flectronics,

$1,500,000

Chemical & Research, Inc

Dixon

Leonard

$5,000,000

$20,000,000

Electronics, Ihc.__.__l

$600,000

stockholders—underwritten

to

(Offering

Enterprises. Inc...Common

Underwriting)

September 27

Canandaigua Enterprises Corp

Chemical Coatings,

Soto

"" "

.

Rochester

__

B

(Arnold

Inc
Common
Goldman.
Sf hs
Cc»- ""d L~hman Bros.) 1,000 000 shares
Dixon Chemical Industries, Inc
Debentures

De

Corp...

*

Inc.) $396,000

Northern States Power Co
■

Debentures *.

Co

DST)

a.m.

Common

—

Co.

&

Mountain

August 8

Common

$30,000,000

(Thursday)1

'Ralph

V

Arrow

Common
Common

Corp.)

Street

Broad

'

$600,000

Corp..

Engineering
(First

Corp.)

11

Inc

(Monday)

July 10
Superstition

Bonds

received)

be

-

•<

(Friday)

Mississippi Power Co.
Accesso

June 5

DST)

Electric
to

(Bids

$900,000

Inc.)

&

(Bids

s

Common

Co.,

Bonds

Michigan Wisconsin Pipe Line Co

Co...Common

$840,000

Inc.)

30

Electronics,

(Fialkov

(Wednesday)

Gas

I

Co...

Insurance

Mohawk

14

Baltimore

$30,000,000

Insurance

Securities,

(Life

June

$2,000,000

,

a.m.

Bonds
$17,500,000

received)

be

to

$1,462,500

Co.)

-

11

Co.)

&

Co

Electric

(Bids

(Armstrong & Co., Inc.) $300,000

Debentures

DST)

&

Instrument

(Bids

and

(Tuesday)

Class A
Stout

Virginia Electric & Power Co

June

Inc

a.m.

Preferred

Investors

Triangle

shares

200,000

Corp.

$20,000,000

Taffet

DST)

..

Hammill

Shearson,
547,128 shares

Higginson

(Tuesday)

units

(Thursday)

1

(Lee

Units

received)

a.m.

Class A
$330,000

Co.)

&

$550,000

Co.)

Co
11

$226,217

Corp.)

Kaufmann

W.

(No

June 13

$1.500 000

Common

Brothers)

(Lehman

Common
Securities

Fidelity Bankers Life Insurance Corp.____Common

/-■

Bonds

Lebaire,

King,

(Bids

..Units

Gruber

J.

&

Edison

Missouri

Debentures
of this issue)

Brothers Co

June

$5,000,000

Properties, Inc...

(Eisele

Class B Common

Co

Waltham Watch
Warner

&

,

(Friday)

(Jay

Bonds

(Monday)

shares

Corp

Damroth

Income

Common
$20,000,000

Automated Procedures Corp

,

12

June

shares

is underwriting $445,000

Co.

be

to

J
——.

Amity Corp.*

shares

(Thursday)
(Bids

Class A Common
12,000

underwriting)

(No

26

June

•

Inc

Simon

M.

,

underwriting)

stockholders—no

to

Common

$2,400,000

Templeton, Damroth Corp.

<fo

8

June

and

Inc.

Lenohner,

underwriting)

(No

(Fer-ker

(Offering

$300,000

135,000

DST)

a.m.

$50,000,000

DST)

a.m.

Northern Illinois Gas Co.—
J

Class A
Bruno
Corp.)

Templeton, Damroth Corp

Templeton,

11

<

Common

Brooklyn Union Gas Co

shares

100,000

Inc.;

Co.,

11

(Thursday)

Massachusetts

Securities

&

Karen

22

June 27

Class A

Inc
Treat

(Amos

(I.

$240,000

Longstreth)

&

Inc.)

Co.)

&

Recreation Enterprises,

Common
Mandel

Jennings,

Tassette,

(Bids

$300,000

Skiffs, Inc.

(Warner,

Common
900,000 shares

(Wednesday)

$800,000

Co., Inc

Stoehr)

&

Weld

June

$300,000

Community Public Service Co...

Common
Co.

Securities

(General

Common

Smith, Inc.)

«

,

(Tuesday)
(Bids

$250,000,000

Co.)

$300,000

Consolidated Edison Co. of New York, Inc.—Bonds ;:v

Bonds

Inc

Fenncr &

Common

—______

Securities Co. I

'Karen

Inc

Electronics,

Ruth

Co.)

(Monday)

June 20

$110,000

&

$270,000

Inc.)

Co.,

&

......Common

.

Co

& Galvanizing Corp

Mfg.

June 7

Common
Stonehill

DST)

Odzer

Pierce,

(White,

Panacolor, Inc.
(Pederman,

Lynch,

Manufacturing

Kureen

$300,000

Virginia Chemicals & Smelting Co

Common
(Ezra

S.

June 19

—Capital

Corp.)

(Armstrong & Co..

Units

Corp.

Ram

U.

100,000 units

Co.)

&

American Vending

North

Debentures

Corp

Mercantile

National

(Merrill

$20,000,000

DST)

a.m.

(Naitalin

$20,000,000

Co

Diotron, Inc...

o

Public Service Electric & Gas Co

Longstreth) 60,000 shares

Michigan Electric Co

Indiana &

11:30

International,
(Harry

Capital

Instruments, Inc

(Warner, Jennings, Mandel &

$650,000

Inc

Securities

(Bids

Elion

DST)

a.m.

(Royer

Services,

(Hancock

(Wednesday)

31

May

Co.)

&

American Telephone & Telegraph

$150,000

Inc.)

11

Manufacturing

(Tuesday)

Units

Scheftel & Co.,

(Reese,

Equitable

Debentures

Business

Allison

$300,000

Corp.——

Growth

Western

6

June

.Common
Corp.)

(Bids

Universal
;
'

—Common

Corp
(Cooley

$3,869,750

Inc

Securities

(Omega

Stratton

Ben. Int.

Weeks)

&

.

Bonds

Co....

Southern Electric Generating

$12,000,000

stockholders—underwritten by
Corp.) 80,000 shares

to

*«

Common
Debentures

DST)

^

..

.

shares

150,000

Co.)

&

Securities

$522,500

Inc.)

Co.,

&

(Offering

Units

Partnership

noon

■«

■

—

by

stockholders—underwritten

to

Sherman

D.

Real Estate Investment Trust of America—Ben. Int.
(Paine,
Webber, Jackson & Curtis;
Kidder, Peabody
&
Co.
and Lee Higginson Corp.)
500,000 shares

$400,000

Co.)

&

Life Insurance Co

Southland

Debentures

Investment Trust

U. S. Realty

(Bids

$600,000

Toledo Plaza Limited

Baruch

Pennsylvania Electric Co.__

$750,000

Foods, Inc

Renaire

Inc.) $200,000

(Espy& Wanderer,

Common
&

Brooks

W.

L.

Units

Common

Corp.

(Offering

$412,500

Co.)

&

Electronips Corp
(R

Foods, Inc

Renaire

Micro

shares

283,200

Co.)

&

(Schwabacher

Hart

A.

Planning Corp

$1,000,000

Co.)

&

Co

Research

Income

Common

Magnefax Corp.
Products

Common

Harwyn Publishing Corp

Continued from page 33

.

Photronics

above properties. Office—36 Pearl St., Hart¬

ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.

working

Underwriter—S.

capital.

Schramm

&

May 8, 1961 .filed 1,250,000 shares of common stock.
Price—$11 per share.
Business—A small business in¬
vestment

—6517

company.

Proceeds—For

investment.

Office

Hillcrest Avenue, Dallas, Texas.
Underwriter—
Rotan, Mosle & Co., Houston, Texas (managing).

N.

Y.

New York City

(managing).
Chock Full O' Nuts Corp. (5/22-26)
April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961. Price—To be
supplied by amendment.

Business—The operation of a chain of restaurants in the
New York
of

City area, and the packaging and retail sale
Proceeds—For expansion.
Office—425 Lex¬
Avenue, New York 17, N. Y. Underwriter—F.

coffee.

ington

Eberstadt & Co., New York City

Capital Southwest Corp.

Office—Chester,

Co., Inc.,

Chroma-Glo, Inc.
March

2,

1961

(managing).

(5/29)

shares of
share.
manufacture of pressure sensitive em¬
blems. Proceeds—For payment of
obligations; purchase
of equipment; and for
working capital. Office—525 Lake
common

Business

stock
—

(letter of notification) 90,000
(par 50 cents). Price — $3.30

The

per

Volume

Number

193

Ave., S., Duluth 2, Minn.

6056

.

.

The Commercial and Financial Chronicle

.

Bids—To be received

Underwriter—Jamieson & Co.

June 7 at 11 a.m. (DST) on the
Street, New York City. Informa¬

on

19th floor of 90 Broad

Minneapolis, Minn.
Church Builders,

(2195)

tion Meeting—Scheduled for June 5

Inc.

Consolidated

the 23rd Floor of One Chase Manhattan

2.

(DST) on
Plaza, New York

May

City.

6, 1961 filed 50,000 shares of common stock, series
Price—$5.50 per share. Business—A closed-end diver¬

investment company of the management type.
Proceeds—For investment. Office—501 Bailey Avenue,

sified

Fort Worth, Texas.

Distributor—Associates Management,

offered for

Inc., Fort Worth, Texas.

and

6%

convertible debentures

basis of

one

due

share for each two

new

Jan.

record

ness—The production of motion pictures. Proceeds—For

$5

loans; purchase of equipment; produc¬
tion of four motion pictures, and working capital. Office

management of income producing real
Proceeds—For construction. Office—14

and

St., New York, N. Y. Underwriter—FonSecurities, Inc., New York, N. Y.

tana

City Products Corp.
nated debentures due June 1, 1982.

Business—The

miniature

Proceeds—To

retire

Brothers and

White., Weld & Co., New York
City (managing). Offering—Expected in late June.•

Ciairtone Sound Corp.

March

filed

1S61

29,

shares

of common stock.
Business—The de¬

fund

manufacturing and distribution of stereophonic
high fidelity radio-phonograph consoles and accessories
Proceeds —For research and development,
expansion,
increased inventories and repayment of debt.
Office—
statement

Ont., Canada. Note

Road, Weston,

was

—

share held

This

Credit Corp.

of

electronic

sub-

repayment

of

the basis of

on

right for each

common

on

upon

April 27,
Price—$2

the

on

Rockefeller

Plaza,

New

Consumers Automatic

cents).

Vending, Inc.

tion,

Price—$5

maintenance

(par
Business—The installa¬

share.

per

(5/29)

common stock

and

servicing of automatic vending
machines, including complete in-plant automatic cafe¬
terias, in the metropolitan New York area. Proceeds
—For

equipment,

porate

purposes.

N.

the reduction of debt
Office —59-05

56th

and

other

Street,

Underwriters—Diran, Norman & Co., and
Wickett & Co., Inc., both of New York
City, i
Cortez

Life

cor¬

Maspeth

Y.

V.

S."

Insurance Co.

Jan.

12, 1961 filed 500,000 shares of common stock.
Price—$3 per share. Business—The company is engaged
in the business of

and re-insurance.

munications and Electronics, Business Forms, Burke Golf
and

writing life insurance, annuity policies
Proceeds—For general corporate pur¬
Office—304 Main St., Grand Junction Colo. Under¬

poses.

writer—None.
Criterion

Worthington Golf Ball Divisions. Proceeds—For the

repayment of debt and for working capital. Office—5600

Insurance

Co.

March

1961
per

filed
share.

May 12,

Inc.

latex, resins and plastic

compounds for industrial and commercial use. Proceeds—For plant additions, repayment of debt, and working

capital.

Office—1450 Ferry Avenue, Camden, N. J.

derwriters—Ross,
both of New York

Coastal

March

Lyon
City.

Co.,

&

1

Publications

Inc.,
'

-

.

Corp.

cents). Price

maintenance
duced

$3

—

per

technical

of

of

complicated

Department
general corporate purposes.
York

City.

-

.

common

share. Business

literature

the

for

Globus,

electronic

—

the

on

Inc.,

'

V

be

ities.

and

missile test

facil-

Proceeds—For

inventory expansion, research and
.development, the redemption of outstanding 6% deben¬
tures due Dec.

1, 1961, and working capital. Office—404
Rd., Hatboro, Pa. Underwriter—Hayden, Stone & Co., New York City (managing).

South Warminster

stock (par
The prep¬
and

use

equipment

&

To

other devices used in the

automatic control of aeronautical

Computer Equipment Corp.

pro¬

April

of Defense. Proceeds—For
Office—130 W. 42nd Street,

Underwriter—Jesup

—

one

manufacture of electronic and

Un¬

(5/22-26)

30, 1961 filed 110,000 shares of

aration

and

Underwriters

1961 filed 168,000 shares of common stock, of
which 120,000 are to be offered for public sale by the
company and 48,000 outstanding'shares by the present
holders thereof. Price—To be supplied by amendment.
Business—The furnishing of instruments qnd systems for
missile sites, and the design, development, assembly and

shares of common stock.
Business—The company plans to
and

30,

Ave., Chicago, 111.

named.

200,000

safe of industrial chemicals

27, 1961 filed 515,000 shares of common stock
(par $2), being offered for subscription by common
stockholders of Government
Employees Life Insurance
Co., and Government Employees Corp., on the basis of

West Jarvis

in the development, manufacture, packaging and

engage

Lamont,

1961

5,

common

stock

New

10

shares

on

the basis of

one

new

share for each

held.

Price—$2.10 per share. Proceeds—For
production, and general corporate purposes.
Office
11612 W. Olympic Blvd., Los Angeles, Calif.
Underwriter
Holton, Henderson & Co., Los Angeles,

research and

• Color Reproductions, Inc.
May 10, 1961 (letter of notification) 950 units of $95,000
of'6% subordinated debentures, due June 30, 1971,-and
47j500 shares of common stock (par one cent) to be
offered in units, each unit consisting of $100 of deben¬
tures and 50 shares of common stock. Price—$287.50 per
Business—The

and

schools.

—

Calif.
Consolidated

Feb.

New York, N. Y

Activities,

Inc.

1961

1,

ness—

(letter

37,500

shares

of

(par 10 cents). Price—$4 per share. Busi¬
Manufacturers of greeting cards. Proceeds — For

of the

inventory;

29, 1961 filed 738,000 shares of common stock and
$900,000 of 6% convertible subordinated debentures, due
in July, 1981.
Prices—For the stock: $3.50 per share;
for the debentures: 100% of principal amount.
Business

,

of

loans; acquisition of equipment, and working
Office—311 W. 43rd Street, New York, N. Y.

capital.

Underwriter—Mineo

&

Co., 99 Wall Street, New York,

New York.

—Operates bowling centers and owns real estate.
ceeds— For

•

April 21.

1961

filed

Office—120

writers

—

Probable

To

E.

be

bidders:

Inc.

(6/1)

$30,000,000 of debentures due June
41st

St.,

determined

New
by

York City. Under¬
competitive bidding.

Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). Bids—To be re¬
ceived at the company's office on June 1 at 11 a.m.
(DST).
"
•
/ , "
•
/
Halsey,

Stuart

&

Co.,

.

Consolidated Business Systems,

Pro¬
Road,

Inc.

March 30, 1961
10

Columbia Gas System,

Office — 880
Military
Underwriter—None.

expansion.

Niagara Falls, N. Y.
*

cents).

filed 200,000 shares of common stock (par
Price—$4 per share. Business—The design,

development, manufacture and sale of standard and cus¬
tom
made
printed and lithographed business forms.
Proceeds
To repay loans, purchase additional equip¬
ment, and for working capital.
Office — 400 Jersey
Avenue, New Brunswick, N. J. Underwriter—Milton D.
Blauner & Co., Inc., and M. L. Lee & Co., Inc., both of
New York City. Offering—Imminent.
—

Consolidated

Cigar Corp.

Community Public Service Co. (6/7)
1961 filed $5,000,000 of first mortgage bonds,
series F, due June 1, 1991. Proceeds—For the repayment
of loans and for construction. Office—408 West Seventh

April 10, 1961 filed 275,000 shares of common stock (par
$1), being offered for subscription by holders of out¬
standing common stock at the rate of one new share for
each 8 shares held of record May 8 with rights to expire

Street, Fort Worth, Texas. - Underwriters—To be deter¬
mined by competitive bidding.
Probable bidders: Hal¬
sey, Stuart & Co. Inc.; Stone & Webster Securities Corp.;
Paine, Webber, Jackson & Curtis; First Southwest Co.-;
Kidder, Peabody & Co. and White, Weld & Co. (jointly);

share. Business — The manu¬
facture and sale of cigars. Proceeds — For expansion.
Office—529 Fifth Avenue, New York City. Underwriter
—Eastman Dillon, Union Securities & Co., New York
-City (managing).' •
5 '
-1
— •
■ -

April 26,




record

$6

—

organized

the three

March

per
on

30, with rights to expire
share. Business
The com¬
—

March 22,

1961

by the ihanage-

Government Employees

Group

com¬

and
cor¬

Office—Government Employees Insur¬
Building, Washington, D. C. Underwriter
None.

ance

—

Note—This statement

effective May

was

8.

Crown Aluminum Industries

Corp.
May 1, 1961 filed $2,000,000 of convertible subordinated
Price—To be supplied by amend¬

Business —The

ment.

enameled

aluminum

Proceeds—For plant

development of

new

manufacture and

siding

and

distribution

aluminum

of

accessories.

expansion, new equipment and the
products. Office—5820 Center Ave¬

Pittsburgh, Pa.
Underwriters — Adams & Peck;
Allen & Co., and Andresen & Co., all of New York City.nue,

•

Curley Co.

Inc.

(5/29)

Price—To be supplied by amendment.

(par
Business—

packaging of household liquid de¬
for distribution under private labels. Proceeds
general corporate purposes. Office—Jefferson and

tergents

Masters Sts., Camden, N.J. Underwriter—Carter, Berlind, Potoma & Weill, New York City (managing).

jr Custom Shell Homes,

May 24.

Price

—

$39

per

1961

Inc.

(letter of notification) 120,000 shares of
(par 10 cents). Price—$2.50 per share.
Proceeds—To erect sample homes, repay a loan, and for
8,

*

stock

common

expansion and working capital; Office—412 W. Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,

Washington, D. C.
Customline Control

Pane!s, Inc. (5/29)
(letter of notification) 120,000 shares of
(par 10 cents).
Price — $2.50 per share.
Business—Manufacturers of control panels for central¬
Feb.

March

ColorpEate Engraving Co.
April 25, 1961 (letter of notification) 75,000 shares of
common
stock
(par 10 cents).
Price — $4 per share.
Business—Color photo-engraving. Proceeds—For repay¬

March

record

porate purposes.

•

Consolidated Bowling Corp.

machinery and working capital.
Office—112 Pearl St., Mt. Vernon, N. Y. Underwriter—
D. Klapper Associates, Inc., New York, N. Y.
advertising;

of

panies and plans to engage in all kinds of fire
casualty insurance business. Proceeds—For general

May

101%

for

stock

of

Price

of

—For

28,

for construction of a new bowling alley, r
geberal corporate purposes. Office—26 West Northfield Road, Livingston, N. J. Underwriter—G. F. Nichollj
& Co., Inc., 1 Maiden Lane, New York 38, N. Y.

Inc.

notification)

of

was

$1).

(5/24)

tures,

common

pany

ment

shares held

The manufacture and

benture)

York, N. Yt Underwriter—William, David & Motti, Inc.,

Originals,

5.

principal amount. (Stock) $3.50
per share. Business—The issuer is principally engaged
in the construction
and operation of bowling alleys.
Proceeds—To retire a mortgage and outstanding deben¬

sales promotion;repayment of loans; construction of buildings and im¬
provements of facilities. Office—202 E. 44th St.. New

held

June

1961 filed $1,000,000 of 6Y2% convertible sub¬
debentures, due April 30, 1976, to be offered
by the company and 50,000 shares of common stock (par
50c) to be offered by a selling stockholder. Price—(De¬

company

Proceeds—For equipment;

^Color-Tone

surance

shares

10

by stockholders of Government Employees In¬
Co., on the basis of one new share for each five

March 30, 1961 filed 50,000 shares of common stock

ordinated

makes color photographs
reproductions for churches, institutions, seminaries

and

—

•

share for each

new

and

debentures due 1976.

(letter of notification)' 46,780 shares of
(no par) to be offered for subscription

by stockholders

York City.

1986.

Informa¬

it CompuDyne Corp.

Clarkson Laboratories,

ment

a.m.

Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co., and First Boston Corp.
(jointly); White, Weld & Co., and Paine, Webber, Jack¬
son & Curtis
(jointly). Bids—To be received on May 24
at 11:30 a.m. (DST) in Room
3000, 30 Rockefeller Plaza,
New York City. Information
Meeting
Scheduled for
May 19 at 10:30 a.m. (DST) at the Bankers
Club, 40th
Floor, 120 Broadway, New Ycrk City.

10

eight rights tendered. Price—To be supplied by
company's activities are or¬
ganized on a divisional basis—Business Machines, Com¬

June.

May

Office—30

March 31, 1961 filed 100,000 shares of

one

11

petitive bidding.

amendment. Business—The

of products manufactured by Clark Equip¬
Co., parent. Proceeds—For the repayment of debt.
Office—324 East Dewey Ave., Buchanan, Mich. Under¬
writers—Lehman Brothers and Blyth & Co., Inc., New
York City (managing). Offering—Expected about mid-

unit.

sale

construction.

for each

sales

New

and

at

Meeting—Scheduled for June 13 at 10 a.m.,
Irving Place, New York City.

York 20, N. Y. Underwriters—To be
determined by com¬

\

v

Proceeds —For

To be determined
by competitive bidding.
bidders: Halsey, Stuart & Co. Inc.; First Bos¬

—

Corp.; Morgan Stanley & Co. Bids—To be received

—For

&

the record date, one right for each share
conversion of a series A debenture, as if
such debenture had been converted, and one
right for
each share issuable under the option agreements.
The
warrants will provide that one new share will be issuable

ment

60

importation

components.

issued

oe

issuable

filed $20,000,009 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S. and Canada of retail

•

Brown

debentures, series A, due 1970; and option agree¬
for the purchase of common shares.
Warrants

will

April 21, 1961

time

Alex.

—

50,000,000 of 30-year first mortgage
Irving Place, New York City. Under¬

Consolidated Natural Gas Co.
(5/24)
April 24, 1961 filed $40,000,000 of debentures due May
1, 1986. Business—A holding company for six operating
concerns engaged in the natural
gas business. Proceeds

projects.
Saratoga

West

ments

withdrawn.

Clark Equipment

estate

1961 filed 160,401 shares of common stock to
be offered for subscription
by holders of outstanding
common
stock; 6y2% subordinated convertible sinking

sign,

Rivalda

of debentures held of
expire May 22. Price—

to

March 31,

Price—To be supplied by amendment.

118

$1,000

rights

■*Y

13th floor of 4

held,

Comptometer Corp.

Ltd.

200,000

shares

Inc.

filed

the company's office on June 20

tion

the

on

debt; advertising, inventory and working capital. Office
—3 Foxhurst Road,
Baldwin, L. I., N. Y. UnderwriterFund Planning, Inc., New York, N. Y.

outstanding notes and for working capital. Underwriters
—Lehman

1972

common

Business—The

distribution facilities.

1,

at

share. Business—The development, ownership and

per

refrigerator car icing and vacuum cooling

oil

each

with

stocx

April 20,

com¬

plants, cold storage warehouses, dairies, breweries and
and

for

1,

subsidiaries distribute general merchandise,

pany and its
and operate

cbal

shares

May

ton

being

Components Specialties, Inc.
1961 (letter of notification) 60,000 shares of
stock
(par 10 cents).
Price—$3.50 per share.

1961 filed $15,000,000 of convertible subordi¬

April 27,

105

stock

common

Street, Baltimore, Md. Underwriter
Sons, Baltimore, Md. (managing).

W. 54th

—619

1961

Office—4

Probable

Inc.

common

subscription by holders of its

-^ Cinema Syndicate, Inc.
May 2, 1961 (letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
the repayment of

9,

bonds.
writers

Community Research & Development,
Feb. 27, 1961 filed 620,445 shares of common

Co. of New York,

(6/20)

at 3 p.m.

Feb.

Edison

35

1961

21,

stock

common

of chemical and

control

ized

ceeds—For

a

industrial processes.

Pro¬

training program for additional engineering

personnel; additional capital equipment; payment of a
opening of a Los Angeles sales and engineer¬
ing office; research and development and working capi¬
tal. Office—1379 E. Linden Avenue, Linden, N. J.
Un¬

bank loan;

derwriter—Blaha

&

Co., Inc.,

Long

Island

City, N.

Y.

Dalto

Corp.
March 29, 1960 filed 431,217 shares of common stock to be
offered
for subscription by holders of such stock
of
record

for

Oct.

7

at

share

each

the rate

then

of one-and-a-half

held.

Price—$1.25

per

i.£w

shares

share.

Pro¬

ceeds—For the retirement of notes and additional work¬

ing capital. Office—Norwood. N. J. Underwriter—Ster¬
ling, Grace & Co., 50 Broad St., New York City. Offer¬
ing—Indefinitely postponed.
Data

Processing,

Inc.

(letter of notification) 75,000 shares of
no
par common stock. Price—$4 per share.
Business—
The research, design and development of advanced digi¬
April

12,

1961

tal computer

computer
Mass.
Wall

Proceeds—To purchase or lease
Office—1334 Main St., Waltham,
First Weber Securities Corp., 79

programs.

equipment.

Underwriter

—

St., New York

City.
Continued

on

page

3S

36

(2196)

Continued

from

The Commercial and Financial Chronicle

35

page

•

Dolomite Glass

Fibres, Inc.
27, 1960 filed 200,000 shares of 7% preferred stock
(cumulative - convertible); 200,000 class A common
shares (voting) and 1,000,000 common shares
(non-vot¬
ing). Price—$10 per share for the preferred and $1 per
Dec.

Datatrol

April

Corp.

60,000

filed

26, 1961

Price— $4.25 per

shares of
Business—The

share.

stock.

common

acts

company

as

a
consultant or advisor in matters pertaining to data
processing problems and equipment. Proceeds—To de¬
velop data processing systems and for working capital.
Office—8113-A Fenton Street, Silver Spring, Md. Under¬
writer— First
Investment
Planning Co., Washington,

Columbia.

District of

Davidson

Optronics,

Inc.

May 1, 1961 (letter of notification) 50,000 shares of cap¬
ital stock (par $1).
Price—$6 per share. Proceeds—To
current liabilities and for working capital. Office—
2223
Ramona Boulevard,
West Covina, Calif.
Under¬

pay

writer—Dempsey-Tegeler & Co., St. Louis, Mo.
•

De-Flectronics, Inc. (6/15)
April 13, 1961 (letter of notification) 112,000 shares of
common stock
(par 10 cents). Price—$1 per share. Busi¬
ness

The

—

manufacture

of

electronic

components

and

assemblies. Proceeds
For the purchase of
inventory;
manufacturing facilities and working capital. Office—50
E. Third St., Mount Vernon, N. Y. Underwriter—Theo¬
dore Arrin & Co., New York, N. Y.
—

•

De Soto Chemical Coatings,
Inc.
(6/5)
May 4, 1961 filed 1,000,000 outstanding shares of com¬
mon stock,
to be offered for public sale by the present
holder thereof (Sears, Roebuck & Co.). Price—To be re¬
lated to the current market price of the stock on the
New York Stock Exchange at the time of the sale. Busi¬
The manufacture and sale of
paints, industrial
coatings and wallpaper. Proceeds—For the selling stock¬
ness
*

Address—1350

Underwriters

South

Goldman,

—

Koster

Ave., Chicago, 111.
& Co., and Lehman

Sachs

Brothers, New York City.
•

Corp.

(par

cent), of which 30,000 shares are to be offered for
public sale by the company and 20,000
outstanding
by the present holders thereof.
Price — $2 per

one

shares
share.

Business

electronic
ceeds

The

—

design, manufacture and sale of
for the U. S. Government. Pro¬

equipment

For research and development and for working
capital. Office—850 Shepherd Ave., Brooklyn, N. Y., Un¬
—

derwriter—M. L. Lee &

ic Denver

May 15,
be

Real

Co., New York City.

Estate

Investment

filed 600,000 shares in

1961

supplied

by

Fund

the Fund.

Price—

Business—The

amendment.

Fund

will offer investors the

opportunity to participate jointly
diversified real estate investments which

large and

offer

promise of growth and increased values.

Proceeds

~^rFor investment.

Office—660 17th Street, Denver, Colo.
Bosworth, Sullivan &
Co., Inc.,
and
Co., both of Denver, Colo, (managing).

Underwriters
Bcettcher
•

&

Development

Corp.

of

America

ment

construction

and

communities
rate

in

Office

purposes.

New

York

of

Florida.

Hollywood, Fla.

single-family

—

5707

(managing).

general

Hollywood

Underwriter—Amos

City

residences

Proceeds—For

Boulevard,
Co., Inc.,

Treat

Offering

—

and

corpo¬

&

Expected

in

early June.
Di

Giorgio

$2.50).
—The
tural

common

stock

Price—To

be

Doughboy Industries, Inc.
April 12, 1961 filed 100,000 shares
Price

To

—

common

Business

manufacture and
aroni

sale

of

flour

used

for

stock.
—

spaghetti,

The

mac¬

and

noodles; the production of animal feeds,
plastic toys and swimming pools, and the manufacture
of machinery for heat sealing and
labeling containers.
Proceeds

loans.

For

working capital

and

the

repayment

of

Office—New

Richmond, Wis. tlnderwriter—KalCo., Inc., St. Paul, Minn, (managing).

&

man

—

Dubow

Chemical

(par

of

loan.

a

Office

350

Sansome

Street, San
Underwriter—Dean Witter & Co., San
—

Franicsco.

capital. Office — 3650 Richmond St., Philadelphia, Pa.
Underwriter—Royer Securities Co., Philadelphia, Pa.
Dixon Chemical

31,

ordinated

Industries, Inc. (6/5-9)
filed $1,500,000 of 6% convertible sub¬

1961

income debentures

due

1981

to

be

offered

for

subscription by holders of the company's common stock.
Price
To be supplied by amendment.
Business
The
—

—

manufacture
struction of

of

sulfuric

acid.

Proceeds—For

the

con¬

plant and for working capital. Office
Street, Bloomfield, N. J. Underwriter—

a

Corp.

Broad

P.

Brooks

&

Co.,

Inc.,

New

York

City

(manag¬

ing).
Dixon

Chemical & Research, Inc.
(6/5-9)
31, 1961 filed $2,900,000 of 6% convertible sinking
debentures, due 1978. Price—To be supplied by

fund

amendment.

liquid

Business—The production

sulfur

dioxide,

aluminum

corrosion-resistant

of

sulfuric

acid,

chromic
Proceeds — For

acid

sulfate,

coatings.
con¬
plant, repayment of debt, and work¬
ing capital. Office—1260 Broad Street, Bloomfield, N. j.
Underwriter—P. W. Brooks &
Co., Inc., New York City
(managing).
struction

of

a

new

Dodge Wire Corp.

of

stock

Business—The

notification) 80,000 shares of
(par one cent). Price—$2.25 per
development and manufacture of

chemical products. Proceeds—For general
corporate pur¬

Office—222 Newbridge Ave., East Meadow,
Underwriters

L. I.,
Investing Corp., New
York City and Fidelity Investors
Service, East Meadow,
L. I., N. Y.
Y.

Planned

—

1961

(letter of

stock

common

(no par). Price—$3

100,000 shares of
share. Proceeds—

per

For building, equipment, and
working capital. Address
—Jenkintown, Pa. Underwriter—Harrison & Co., Phila¬
delphia, Pa.

Dynamic Vending Corp.
April 26, 1961 (letter of notification) 75,000 shares of
common
stock
(par 10 cents).
Price — $4 per share.
Business—The purchase and sale of
vending equipment
and electrical

appliances.-'Proceeds—For general corpo¬
rate purposes and
working capital.
Office — 44 Beaver
Street, New York 4, N. Y. Underwriter—A. D. Giihart
& Co., Inc., New York, N. Y.
•

Eastern Camera & Photo

Dec.

29,

1960

.non

stock

(letter

Corp.
notification)

of

(par 10 cents).

ness—Operating
selLng cameras,

a

equ pment;

processes

75,000 shares of
per share. Busi¬

chain of retail stores and concessions

film

also

and

photographic
and

prints

supplies

black

corporate

Office—68

purposes.

Y.

Eastern

W.

Columbia

Underwriter—Casper Rogers

Street,
&

Co..

formerly was
Exchange, Inc. Offering—Immi¬

Camera

company

nent.

Eastern

Lime

Corp.

Kutztown, Pa., and

production

of

limestone

new

equipment

Office—Kutztown, Pa.

for

cement

companies.

and the repayment of
Underwriters—Stroud &

Co., Inc., Philadelphia and Warren W. York
Allentown, Pa. (co-managers).
Ed-U-Cards

—$6

share.

per

aluminum

debtedness
dustrial

&

Co., Inc.,

Mfg. Corp.

and

Dollar

common

stock.

manufacture

of

Price
woven

cloth.

Proceeds—The repayment of in¬
general corporate purposes. Office—In¬

Covington, Ga. Underwriter—Plymouth
Corp., New York City.

Mutual

25, 1961
$1 per

—

Proceeds

Bank Bldg.,

Fund, Inc.
filed 100,000,000 shares of capital stock.
share/Business
A diversified mutual
—

—

For

investment.

Office

—

736

Midland

Minneapolis, Minn. Underwriter—Fund

tributors, Inc.




Aids, Inc.
(letter of notification)

1961

29,

stock

common

(par

Business—Engaged
duction

10
in

Dis¬

100,000 shares of
$3 per share.

Price

cents).

—

medical electronics and the

pro¬

electronic

of

teaching devices. Proceeds — To
purchase equipment and raw materials, and for working
capital. Office—857 N. Eutaw St., Baltimore, Md. Un¬
derwriter—R. Topik &

Co., Inc., 295 Madison Ave., New

York, N. Y.
•

Electronic

Associates, Inc. (5/29)
1961 filed 75,000 shares of capital stock (par
Price—To be supplied by amendment.
Business-—

March 30,

$1).
The

development, production and sale of analog com¬
and precision electronic laboratory equipment;
also computer engineering services at three centers

puters

in the United
loans

N. J.

States

for

and

and

Europe.

working capital.

Proceeds —To repay

Office

—

Long

Branch,

Underwriter—W. C. Langley & Co., New York City

(managing).
Elgeet Optical Co., Inc.
28, 1961 filed 180,000 shares of common stock.
Price
$6.50 per share. Business — The production of
March

—

lenses

and

optical

systems

for

manufacturers.

camera

Proceeds—For repayment of bank loans, new
machinery,
research and development, with the balance for
general

corporate purposes.

Office—838 Smith Street, Rochester,
Underwriter—Troster, Singer & Co., New York
City (managing). Offering—Expected in late May.
N.

Y.

•

Ellon

Oct.

Instruments, Inc.

28,

for

1960

filed

60,000

(5/31)

shares of capital
(par 50 cents), together with five-year warrants
purchase of 6,000 new capital shares, to be of¬

stock

outstanding

the

for
of

10

such

sale

in

units

warrant.

a

of

No

one

sale

units. Price—To

be

share

will

of

be

related

stock

made

of

and

one-

less

than

the price of the
company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes
and sells instruments and
equipment for scientific and
t.o

industrial measurement and
analyses. Proceeds—To sell¬
ing stockholders, who are two company officers who will
lend the net proceeds to the
company. Office—430 Buck¬
ley St., Bristol, Pa. Underwriter
Warner, Jennings,
Mandel & Longstreth,
—

Philadelphia, Pa.

Empire Devices, Inc.
(8/5)
April 3, 1961 filed 105,000 outstanding shares of common
stock to be offered for
public sale by the present holders
thereof.

Price—Between $10 and $12 per share. Business
of electronic test
equipment. Pro¬

manufacture

ceeds—For the
N.

Y.

selling stockholders.

Office—Amsterdam,

Underwriter—Hayden, Stone & Co., New York

City (managing).

Empire Life Insurance Co.
March

of America

14, 1961

(letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders.
Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬

curities, Inc., 2801 W. Roosevelt

Road^ Little Rock, Ark.

Enterprise Equipment, Inc.
April 5, 1961 filed 12,000 shares of 6% cumulative

pre¬

stock.

Price—At par ($25). Business—The com¬
organized in January, 1961, by Arden Farms
parent, to own and lease trucks and equipment

pany

was

Co.,
used

the processing and distribution of
dairy prod¬
Proceeds—For general corporate
purposes.
Office
—1501 Fourth Avenue
South,
in

ucts.

Seattle, Wash.

Underwrit¬

er—None.

Equity Capital Co.
April 7, 1961 filed 100,000 shares of common stock (par
$1.25). Price—To be supplied by amendment. Bus'ness
The making of short-term
construction and second
mortgage loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
—

April 21,
common

(letter of notification)

1961
stock

(par

Business—The
tional

items.

cent).

one

manufacture

of

Proceeds—For

card

100,000 shares of
$3 per share.
—

games

and

repayment of loans;

ing capital; promotion, and
Office

Price

new

market

educa¬

work¬

developments.

1305 44th

Avenue, Long Island City, N. Y. Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co.,
Inc.,
New York, N. Y.
—

it Eichler Homes, Inc.
May 16, 1961 filed $2,000,000 of convertible subordinated
debentures

due

June 1, 1973. Price—To be
supplied by
Proceeds—For the purchase of additional
land. Office—Palo
Alto, Calif. Underwriter—J. S. Strauss
&

Co., San Francisco, Calif, (managing).

Electra
International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—
To

be

ture

supplied by amendment. Business—The manufac¬
of products in the automotive
ignition field for sale

outside

of

the

United

States.

Proceeds

—

For

research,

and development, and
working capital. Office—222 Park
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen
Co., both of

York

City.

tire

debt

and

for

working

capital.

Electrarc, Inc.
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business
The research and de¬
velopment of arc welding and wire shielding. Proceeds
—

—For

—

equipment,

derwriter—P.
Electro

July

19,

class A

de

Rensis

&

Co.

Inc., Boston, Mass.

(letter

common

stock

common

Prices—Of

of

notification)

75,000

shares

of

(no par) and 20,000 shares of addi¬
stock

class

A

to

be offered

common,

$2

to the
per

under¬

share; of

—

430

First

North, Minneapolis, Minn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City
(managing).
Offering—Expected some time in June.
•

Far

West

March

30,

Financial

Corp.

(5/26)

1961

filed 950,000 shares of capital
stock, of
maximum of 770,000 shares will be
offered for
public sale by the company, and a maximum of
which

a

180,000
outstanding shares will be offered by the present hold¬
thereof. Price—To be
supplied by amendment. Busi¬
ness—The company owns
a
majority of State Mutual
Savings & Loan Association capital stock and
operates

ers

insurance agency. Proceeds—To
repay
loans to developers of real estate

an

loans, and to
projects. Office

make
—415

West Fifth St., Los
Eastman Dillon, Union

Angeles, Calif. Underwriter—
Securities & Co., New York City

(managing).
Faradyne Electronics
Jan.

30,

1961

filed

Corp.
$2,000,000 of

ordinated debentures. Price—100%
and

6%

convertible

sub¬

of principal amount.

company is engaged in the manufacture
distribution of high
reliability materials and basic

electronic

components, including dielectric and electro¬
lytic capacitors and precision
tungsten wire forms. Pro¬

ceeds—For the payment of debts and for
woorking capital.
Office—471 Cortlandt

Street,

writer—S. D. Fuller Co.
Federal

Industries, Inc.

1960

tional class A

writers.

working capital and miscellaneous
Washington St., Lynn, Mass. Un¬

Office—505

expenses.

Office

Avenue

Business—The

Blvd.,

Securities

April

Business—The

screen

Electronic

March

ferred

(5/29-6/2)

March 31, 1961 filed $700,000 of subordinated
debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬
ness—-The operation of a quarry in
the

Corp., Washington, D. C.

and

white

and

phonographic film. Proceeds—To reduce indebtedness in¬
curred by acquisitions, to pay notes
due, and for general
Hempstead, N.

and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter — Carleton Securities

—The

Price—$4

2V2 cents per share. Proceeds
inventory to go into the

packaging and export of electrical equipment,

tenth

notification)

Thursday, May 18, 1961

.

company's

the

expand

fered

Dynamic Measurements Co.

April 17,

New

(5/29-6/1)

Dec. 7, 1960, filed 100,000 shares of

fund.

(letter

amendment.

March

Price

1961

common

new

—1260

and

share.

debt.

(6/19-23)

March 29, 1961 (letter of notification)
100,000 shares of
common stock (no par).
Price—$3 per share. Proceeds—
For
raw
materials,
production, testing and working

W.

10,

class A

Proceeds—For

Diotron, Inc.

March

April

To

and

of

supplied by amendment.

be

.

additional class A common,
—

and

supplied by amendment. Business
—The company is the largest commercial
printer in the
U. S. Proceeds—To selling stockholders. Office—350 E.
22nd St., Chicago 16, 111. Underwriter—Harriman
Ripley
& Co., New York City
(managing).

Business

production, harvesting and marketing of agricul¬
products, especially fruits. Proceeds—For the re¬

Francisco, Calif.

•

thereof.

named

Price—To be supplied by amendment.

payment

•

insulation

it Donnelley (R. R.) & Sons Co.
May 17, 1961 filed 270,000 outstanding shares of common
stock to be offered for public sale
by the present holders

Inc., New York, N. Y. Note—This

Fruit Corp.
(5/29)
April 10.1961 filed 275,000 shares of

•

Business—The

glass fibre for

glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For
working
capital and the purchase of additional equipment. Office
—1037 Jay St.,
Rochester, N. Y. Underwriter — None.
Offering—Expected in early June.

con

30, 1961 filed 200,000 shares of common stock (par
10 cents).
Price—$3 per share. Business—The develop¬

-■*

shares.

common

of

—

March

•

sale

N.

(5/22-28)

March 16, 1961 filed 50,000 shares of common stock

in

and

poses.

Dec'tron Electronics

To

manufacture

—

holder.

v

share for the class A and

.

Factors,

Belleville,

N.

J.

Under¬

Inc.

May 8, 1961 filed $700,000 of 6V2% convertible sub¬
ordinated debentures due 1976 and
70,000 Shares of com¬
mon stock.
Price—To be
supplied by amendment.

ness—A

and

for

finance

company.

Proceeds—To

repay

Busi¬

loans,

working capital. Office—400 S. Beverly Drive,

Volume

193

Number

Beverly Hills, Calif.
ston

Co.

6056

,

.

.

The Commercial and Financial Chronicle

Underwriters—Thomas Jay,

&

Co., Beverly Hills, Calif.; Maltz,
and Globus, Inc., New York, N. Y.

Win¬
Greenwald &

Metal

Fiat

Manufacturing Co., Inc.
1961 filed 220,462 outstanding shares of com¬
stock (par 10 cents), to be offered for public sale

March 29,
mon

by the present holder thereof. Price—To be supplied by
amendment. Business—The manufacture and distribution
of

Frontier

(2197)

Airlines, Inc.

March 16, 1961 filed 250,000 outstanding shares of com¬
mon stock. Price—To be supplied by amendment. Busi¬
ness—The
mail

and

transportation by air of passengers, property
cities in

66

between

11

states.

Proceeds—For

selling stockholders.
Office — 5900 E. 39th Ave.,
Denver, Colo. Underwriter—To be named.
Futterman

(5/29)

Corp.

to-midl June.

New York City.
New York City

Fidelity Bankers Life Insurance Corp. (6/26-30)
April 27, 1961 filed 547,128 shares of common stock.
Price
To be supplied by amendment.
Business — The
writing of ordinary, group and credit life insurance in
—

13

states

and

the

additional capital.

District

Columbia.

of

Proceeds—For

Office—Broad at Willow Lawn, Rich¬

mond, Va.
Underwriters — Lee Higginson Corp., and
Shearson, Hammill & Co., both of New York City (man¬
aging).
'
•

March

Ltd.

Sales

Fireco

31, 1961 filed 123,000 outstanding shares of com¬
(no par). Price—To be supplied by amend¬

stock

mon

Business—The service

ment.

ceeds

merchandising of non-food

items in Canada, mainly in supermarkets. Pro¬

consumer

For the

selling stockholder. Office — 33 Racine
Rd., Rexdale (Toronto), Canada. Underwriter—McDon¬
nell & Co., New York City (managing). <
—

it First Diversified

May

1961 filed 20,000 shares of the Fund. Price—
share. Business—The Fund was organized in

15,

$100

per

1961, to provide investors with an opportunity to
interest in diversified income-producing proper¬

May,
own

an

ties, chiefly real estate. Proceeds—For investment. Of¬
fice—627 Salem Avenue, Dayton, Ohio.
Sponsor—The

horses.
South

owning, managing, constructing, acquiring,
leasing and sale of real estate properties. Proceeds—For
the purchase of properties.
Office—580 Fifth Avenue,
Underwriter—Van Alstyne, Noel & Co.,

(managing).

Co., Dayton, Ohio.

First Small

Business

Corp. of New Jersey

April 18, 1961 filed 300,000 shares of capital stock

(par
$1), to be offered for public sale by the present holder
thereof. Price
$12.50 per share. Business — A small,
business investment company organized in July, 1960,
by the National State Bank of Newark, sole stockholder.
Proceeds—For investment and working capital. Office—
810 Broad St., Newark, N. J. Underwriters—Shearson,
Hammill & Co., New York City and Heller & Meyer,
East Orange, N. J. Offering—Expected in early June.
—

First

Small

of

Business

Investment

GPC, Inc.

stock

27,
and

—

For

2,180 shares

of

class

A

common

$125,000

construction

This statement

was

Office

expenses.

Portsmouth,

Va.

—

316

New

Underwriter—None.

Kirn

Note—

withdrawn May 10.

Company

G-W Ameritronics, Inc. (6/15)
Jan. 25, 1961 filed 80,000 shares of

—

To provide investment

capital. Office—Tampa, Fla. Underwriter—None.

common

stock

and

160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Each warrant will entitle the holder thereof to
common

purchase

stock at $2 per share from March

to

August 1961 and at $3 per share from September 1962
February 1964. Price — $4 per unit. Business — The
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
to

April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real
investment

estate

trust.

Proceeds

—

For

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean & Co., Corpus Christi,
Texas.

Supply Corp.

(letter of notification) 42,800 shares of
stock (par 12V2 cents) of which 40,000 shares
are
to be offered by the company and 2,800 shares by
selling stockholders. Price—$7 per share. Proceeds—To
repay debt and for working capital. Office—3900 N. W.
32nd Ave., Miami, Fla. Underwriters—Lapham & Co.,
and Cortlandt Investing Corp., New York, N. Y.
27,

Fox
March

1961

Inc.

operation of closed-door membership de¬
partment stores in Denver, Kansas City, St. Louis, Min¬
neapolis, Wichita, Washington, D. C., and Honolulu.
Proceeds—-For 'the- sellitfg' Stockholders.
Office—10900
Page Boulevard St. Louis, Mo. Underwriters—Bosworth,
Sullivan & Co., Inc., Denver, Colo., and Scherck, Richter
Co., St. Louis, Mo. (managing).
7
r i
Economics Corp.
1961 filed 130,000 shares of common stock.
per share. Business—The company is active in

March

8,
Price—$5

as
both broker and prin¬
cipal, sells mutual fund securities and life insurance, and
finances the payment of life insurance premiums. Pro¬
ceeds—For additional working capital. Office—130 W.
42nd Street, New York City.
Underwriter—Continental
Planning Co., 130 W. 42nd Street, New York City.

General Resistance,

Inc.
(letter of notification) 100,000 shares of
(par 10 cents).
Price — $3 per share.
Business—The manufacture of precision wire sound re¬

sale.

16, 1961 (letter of notification) 52,806 shares of
stock (par $1.25). Price—At-the-market at time
Proceeds—For redemption of preferred stock,
capital.
Office — 227 Maple Avenue,
Wis.
Underwriter — Milwaukee Co., Mil¬

working

Waukesha,

Fox-Stanley Photo Products, Inc.

29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding

shares by

the present holders thereof. Price—To be sup¬
plied by amendment. Businesi—-In May 1961 the com¬
pany plans to take over the businesses of The Fox Co.,
San Antonio, Tex., and the Stanley Photo Service, Inc.,
St. Louis, Mo., which are now engaged in the processing
of photographic
films and the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp., Nashville,
Tenn.

Frederick-Willys Co., Inc.
April 20, 1961 (letter of notification) 150,000 shares of
common stock
(par five cents). Price—$1.15 per share.
Proceeds—To repay debt, purchase additional equipment,
for research and development, and working capital. Of¬
Nicollet Avenue,

Minneapolis, Minn.

Under¬

Securities, Inc., Minneapolis, Minn.

•

Friden, Inc. (5/23)
30, 1961 filed 360,000 shares of common stock of
which 150,000 shares are to be offered for public sale by
the company and 210,000 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.
Business—The manufacture and sale of various
March

products such as calculators, adding machines, data
processing equipment, Ticketograph machines and elec¬
tronic heaters.
Proceeds — For plant expansion, new

equipment, prepayment of loans, and inventory. Office
—2350 Washington Avenue, San Leandro, Calif. Under¬
writers—Dean Witter & Co., San Francisco and Merrill

Lynch, Pierce, Fenner




Pharmaceutical

Corp.
(letter of notification) 50,000 shares of
common stock (par 10 cents).
Price—$4 per share. Busi¬
ness—The distribution and sale of geriatric pharmaceuti¬
cals. Proceeds—For general corporate purposes. Office—
45 Commonwealth Boulevard, Bellerose, N. Y.
Under¬
1961

M.

Kirsch

Co., New York, N. Y. Offering—

Imminent.

(6/5-9)

March

writer—Continental

restance networks and measuring instruments.
repayment of loans; working capital and
general corporate purposes. Office—430 Southern Boule¬
vard, Bronx, N. Y. Underwriters—Flomenhaft, Seidler
& Co., Inc., New York, N. Y., and I. R. E. Investors
Corp., Levittown, N. Y.
28,

& Smith Inc., New York City.

•

Scientific

Corp.
27, 1961 (letter of notification) 30,000 shares of
common
stock (par 10 cents).
Price — $10 per share.
Business—Research, development and manufacturing in
Feb.

technological fields.
purposes.

Proceeds

—

For

general corporate

Office—30 Broad Street, New York, N. Y. Un¬

derwriter—Kidder. Peabody &

Co., Inc., New York, N. Y.

Gilbert Data Systems,

Inc.
April 14, 1961 filed 175,000 shares of common stock.
Price—$2 per share. Business—The affixing of price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬
tions, repayment of debt and working capital. Office—
441 Ninth Ave., New York City. Underwriter—Schrijver
& Co., New York City.
-k Gimbel Brothers, Inc.
May 11, 1961 filed $25,000,000 of sinking fund deben¬
tures, due June 1, 19$1. Price — To be supplied by
amendment. Business—The issuer, together with its sub¬
sidiaries, constitutes one of the country's larger depart¬
ment store organizations. Proceeds — About $7,850,000
will

be

used

to

redeem

the

issuer's

$4.50

cumulative

preferred stock, with the balance to be used for con¬
struction of branch stores and general corporate pur¬
poses. Office—33rd St. and Broadway, New York City.
Underwriters—Lehman Brothers and

Goldman, Sachs &
Co., both of New York City (managing). Offering—Ex¬
pected in mid-June.
Girard Industries Corp.
March 22,1961

filed 100,000 shares of common stock (par
Price—$5 per share. Business—The manufac¬
ture, and sale of certain types of furniture to retail deal¬

50 cents).

ers.

Proceeds—For

a

new

plant, equipment and working

Under¬

&

Breach, Science Publishers, Inc.
(letter of notification) 80,000 shares of
stock (par 10 cents).
Price—$1.75 per share.
1961

Proceeds—

pany conducts a retail credit jewelry business and has
two life insurance subsidiaries.
Proceeds—For expan¬

Office—Stewart

Bldg., Houston, Texas. Under¬
Paine, Webber, Jackson & Curtis, New York
City (managing).
—

Great Lakes

Bowling Corp.
1961 filed $1,250,000 of 6% convertible sub¬
ordinated debentures, due 1976. Price—$1,000
per deben¬
ture. Business—The operation of bowling centers with
adjoining refreshment facilities in Michigan. Proceeds—
For construction and working capital.
Office — 6366
Woodward Ave., Detroit, Mich. Underwriter—None.
Feb.

24,

Great Southern Financial

March

Corp.

1961 filed 500,000 shares of common stock.
supplied by amendment. Business — The
company plans to engage in the insurance and finance
business. Proceeds
To organize subsidiaries. Office15,

Prices—To

be

—

First National Bank Bldg., Gadsden, Ala.
None.
!

Underwriter—

Greater/ Arizona Mortgage Co.
1, 1961
letter of notification)

May

100,000 shares of
stock (par $1). Price—$3 per share. Proceeds
working capital. Office—Mayer Central Building,
Suite 115, Phoenix, Ariz.
Underwriters—Henry Fricke
Co., New York, N. Y. and Preferred Securities, Inc.,

common

—For

Phoenix, Ariz.
• Growth
Properties
May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds
To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif,
(managing).
—

•

Guaranty National Insurance Co.

Feb.

(letter of notification) 120,000 shares t)l
(par 50 cents). Price—$2.50 per share.
operation of the com¬
pany. Office—916 Broadway, Denver, Colo. Underwriter
—Copley & Co., Colorado Springs, Colo., and Pacific
Coast Securities Co., San Francisco, Calif, (co-managers).
27,

common

1961

stock

Proceeds—For investment and the

Hager Inc.
Match 31, 1961 filed 200,000 shares of common stock (no

par). Price—To be supplied by amendment. Business^—
The financing and sale of household food freezers and
frozen foods to the consumer. Proceeds—For the repay¬

ment of debt and

working capital. Office—2926 Fairfield
Ave., Bridgeport, Conn. Underwriter—Marron, Sloss &
Co., Inc., New York City (managing). Offering — Ex¬
pected in mid-June.
•

Hallicrafters

Co.

April 25, 1961 filed 300,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Business—
The manufacture and sale of short wave radio sets and

To selling
111.
Paine, Webber, Jackson & Curtis, New
City (managing).
Offering — Expected in early

military electronic equipment.

Giannini

Office —100

Gordon Jewelry Corp.
May 5, 1961 filed 140,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬

sistors,

writer—T.

waukee, Wis.

fice—6519

stock

Proceeds—For

Feb.

working capital.

Streets, Pittsburgh, Pa.

working capital.
Office —150 Fifth Avenue, New
York, N. Y. Underwriter—First Weber Securities Corp.,
New York, N. Y.

(5/29)

Business—The

Geriatric

Head Brewing Co.

common

and

International,

common

common

of

Gem

April 6, 1961 filed 150,000 outstanding shares of common
stock (par $1).
Price—To be supplied by amendment.

April 24, 1961

Florida Metal

April

•

Jane

For

company

the over-the-counter market

Flato Realty Fund

Gordon

writer

General

shares of common stock. Price

—$12.50 per share. Proceeds

•

April 21,

sion.

•

share of

and

writer—Robert M. Harris & Co., Inc., Philadelphia.

Business—Publishers of scientific textbooks.

filed

1961

principal amount of certificates of
indebtedness to be offered in 1,680 units. Price—For the
stock: $25 per share. For the certificates: $75 per unit.
Business—The company is now constructing a 32 lane
bowling center on Route 58 in Portsmouth, Va. Proceeds

Tampa, Inc.

Oct. 6, 1960 filed 500,000

Proceeds —For
30th

common
•

March

—

Dahio

Triangle Industries, Inc. (5/29)
29, 1961 filed 87,500 shares of common stock.
Price
$4 per share. Business —The manufacture and
sale
of doll carriages, hobby horses and
pony stock

ness—The

one

Fund

Golden

March

31, 1961 filed 1,000,000 shares of class A stock
(par $1). Price—To be supplied by amendment. Busi¬

Building,

(6/15)

Hanly, Hempstead, N. Y. (managing). Brand,
Seigel, Inc.; Kesselmann & Co., Inc.; Casper
Rogers & Co., Inc., New York City. Offering—Expected
in late May.
Grumet &

—

March

•

Underwriter-

Edwards &

the

prefabricated metal shower cabinets, glass shower en¬
and pre-cast shower floors. Proceeds—For the
selling stockholder. Office — Michael Court, Plainview,
L. I., N. Y. Underwriter—Dempsey-Tegeler & Co., St.
Louis and New York City. Offering—Expected in earlyclosures

capital.. Office—San Juan, Puerto Rico.

37

Office

stockholders.
Underwriter

York

—

4401

Proceeds

—

W. 5th Ave., Chicago,

—

June.

^ Handmacher-Vogel, Inc.
May 17, 1961 245,000 shares of common stock, of which
94,950 shares are to be offered for public sale by the
company and 120,050 outstanding shares by the present
holders thereof. Price—-To be supplied by amendment.
Proceeds—For the purchase of equipment and inventory
and for plant modernization. Office—533 7th Ave., New
York City. Underwriter—None.
Hardeman

(Paul),

Inc.

April 26, 1961 filed 350,000 shares of common stock (par
25 cents). Price—To be supplied by amendment. Busi¬
ness—The

design, engineering, construction and installa¬
launching bases and related facilities for
forces.
Proceeds—For working capital.
Of

tion of missile
the

armed

Calif. Underwriter—Michael G. Kletz
Co., New York City (managing).

fice—Stanton,

Harrisonville Telephone

&

Co.

(letter of notification) 12,500 shares of
common stock (par $20) to be offered for subscription by
stockholders on the basis of one new share for each two
April

3,

1961

Price—$22.50 per share. Proceeds—For the
of loans, and working capital.
Address —
Waterloo, 111. Underwriter—McCourtney-Breckenridge
& Co., St. Louis, Mo.
shares held.

repayment

^ Harvey Aluminum (Inc.)
16, 1961 filed 1,000,000 shares of class A common
stock.
Price—To be supplied by amendment. Business
May

Continued

on

page

38

38

Continued
—The

mill

(2198)

from

The Commercial and Financial Chronicle

page

37

For

production of primary aluminum

products.

Proceeds—For

aluminum

and

expansion.

Office—Tor¬

Calif. Underwriters—Kuhn, Loeb & Co. Inc., and
Tucker, Anthony & R. L. Day, both of New York City
(managing).

rance,

Harvey House, Inc.
May 8, 1961 filed 140,000 shares of common stock. Price
—$3 per share. Business—The publication and distribu¬
tion

of

For

educational

expansion

books

and

South Buckout

the

and

materials.

of

repayment

Proceeds

—

debt.: Office—5

Street, Irvington-on-Hudson, New York.

Underwriter—Michael G.

Kletz

&

Co., New York City

(managing).
Harvey's Stores, Inc.
April 28, 1961 filed 150,000 outstanding shares of class
A stock to be offered for public sale
by the present
holders thereof. Price—$7.50 per share.
Business—The
operation of a chain of women's wear and children's
apparel

stores

in

Ohio, Indiana, Illinois and Michigan.
Proceeds
For
the selling stockholders.
Office — 500
Seventh Avenue, New York
City. Underwriter—Maltz,
Greenwald & Co., New York City
(managing). Offering
—

—Expected in mid-June.
•

Harwyn

Publishing Corp. (6/5-9)
1961 filed 110,000 shares of class A common
stock (par 10 cents). Price—$3.75
per share. Business—
The publishing of illustrated
encyclopedic works, princi¬
pally for children. Proceeds—For general corporate pur¬
Office—170 Varick Street, New York City.

derwriter—N. A. Hart & Co.,

of

common

which

be

offered

up

to 90,000

shares

Un¬

Bayside, N. Y.

Hathaway Instruments, Inc.
May 5, 1961 filed 351,280 shares
sale

to

are

stock,
for

of

public

company.

Business—The

design, manufacture and sale of electric
recording instruments. Office—2401 E. Second

power

Avenue, Denver, Colo.
Underwriters—Bear,
Co. and Wertheim & Co., New
York, N. Y.

Stearns &

Manufacturers of barbecue machines and allied

—

equipment. Proceeds

For general corporate purposes.

—

Office—10-20 47th Road, Long Island City, N. Y. Under¬
B. Coburn Associates, Inc., New

writer—J.

York, N. Y.

Offering—Imminent.

~

"

and

women

capital.

children. Proceeds—For additional

Office—311

West

Eighth

St., Kansas

working

City, Mo.

Underwriter—George K. Baum & Co., Kansas City, Mo.
(managing).
Howard

Johnson

Co.

(5/29)

of advances from

oper¬

ate and

supply a large restaurant chain. Proceeds—For
selling stockholders. Office—89 Beale St., Wollaston,
Mass. Underwriters—Blyth &
Co., Inc., New York City
and F. S. Moseley &
Co., Boston, Mass. (Co-manggers).
the

Howe Plastics & Chemical

Companies, Inc.
(letter of notification) 40,000 shares of

29, 1961
stock

(par

cent).

one

Price—At-the-market.

Business—The manufacture of plastic items. Proceeds—
For the repayment of
debt; advertising and sales pro¬
motion; expansion and working capital.
Office—4077
Park
aril

Avenue, Bronx 57, N. Y.
Co., New York, N. Y.

Underwriter—J. I. Mag-

which 155,000 shares
the company and
ent holders

are

common

stock,

of

145,000 outstanding shares by the pres¬
Price—$3 per share. Business—The

thereof.

design,

engineering, production and sale of cartridge
devices, the evaluation of propulsion systems
propellants, and the production of buoyancy de¬

actuated
and

vices for
For

underwater research

and

defense.

Proceeds—

new

equipment and facilities, the repayment of
loans and working capital. Office—West
Caldwell, N. J.

Underwriters—Michael

G.

Kletz

&

Co., Inc.,

H. Kaplan & Co., both of New York
City.

Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of
—$5
ized

and

and

John

Price

share. Business—The firm, which was
organ¬
February, 1957, makes and wholesales products
services for the fiberglass
industry, including par¬
per

in

ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general
funds, including ex¬
pansion. Office—1750 South 8th
Street, Salt Lake City,
Utah.

Underwriter

—

Whitney &

Utah.

Co.,

Salt

Lake

City,

29,

of

common.

stock

(par $1)

per share.
Proceeds—To further the
corpo¬
rate purposes and in the
preparation of the concentrate
and enfranchising of
bottlers, the local and national pro¬
motion
and
advertising of its

beverages,

necessary to make
704 Equitable

and

where

loans to such bottlers,

Building, Denver,

Colo.

etc. Office—
Underwriters-

Purvis & Co. and Amos C. Sudler &
Co., both of Denver,

Colo.

....

I T A Electronics

„

Corp.
(letter of notification) 60,000 shares of
common stock. Price—$5
per share. Business—Manufac¬
tures electronic equipment and components. Proceeds—

1961




Price

vard, Allentown,

Pa.

—

Underwriter—Espy & Wanderer,

Inc., Tearieck, N. J.
Income

Properties, Inc. (6/12-16)
31, 1961 filed 150,000 shares of class A stock (par
50 cents).
Price—$9.75 per share. Business—Formerly
March

Price Investors

as

six

operates

apartment

Corp., the

houses

company owns and

and

plans to construct
two more.
Proceeds—To repay debt and for working
capital. Office—1801 Dorchester Road, Brooklyn, N. Y.
Underwriter—Eisele & King,, Lebaire, Stout &
Co., New
York City (managing).
Indiana

& Michigan Electric Co.
(5/31)
1961 filed $20,000,000 of sinking fund

April 20,
due

1986.

Proceeds—For the

deben¬
of bank

prepayment

loans, and working capital. Offices—2101 Spy Run Ave.,
Fort Wayne, Ind., and 2 Broadway, New York
City.
Underwriters—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Eastman
Dillon, Union Securities & Co.; First Boston Corp.;
Harriman Ripley & Co., Inc. Bids—To be received on
May 31 at 11:30 a.m. (DST). Information Meeting —
Scheduled for May 26 at 3 p.m.
(DST) at American
Power Service

New York

Corp., 2 Broadway

(11th floor)

City/' fV

Industrial

May
per

with rights
share.
Proceeds
18,

construction.

for

expire June 2.
To repay bank

to
—

Offices

1000

—

March

Proceeds—To

(5/18)

struction.

Office—1000

derwriters— To

bank loans and for

repay

Main

—

For research and development,

inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter
Edward
Hindley & Co., New York City.
Industrial

Instrument Corp.

Feb. 27, 1961 filed 60,000 shares of 6%
mulative convertible preferred stock

second series

cu¬

(par $10) to be of¬

for

and

subscription by the holders of its outstanding
and first series preferred stock on the basis of
share of preferred for each
eight shares of com¬
one

new

share for each share of preferred held.

Price—To be supplied by amendment.
Business—The
manufacture and sale of instruments used to measure and
control the flow, level, pressure. and

temperature of
liquids and gases. Proceeds—To repay loans, buy new
equipment and for working capital. Office—8400 Re¬
search

Road, Austin, Texas.

Underwriter—None.

bidders: Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co.; White, Weld & Co.; Salomon Bros. & Hutzler.
Bids—To be received on May 18 up to 11:30 a.m. (DST)
Probable

affice of The Chase Manhattan Bank, One Chase
Plaza, New York 5, N. Y., 23rd floor. Information Meet¬
ing—Scheduled for May 8, at 3 p.m. (DST) at One Chase
Manhattan Plaza (28th floor) New York City.
at the

Collateral Corp.
1961 filed $900,000 of 6%

Invesco
March

6,

registered subordi¬

nated debentures to be offered in three series of

each, due June 30, 1965, 1966
Price—$4,315; $4,190 and $4,079

1967,

and

150,000 shares of
common stock (par one
cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber
glass
material

to

be

in

used

rocket

motor

cases.

Proceeds—

equipment and

expenses,

working capital. Office—
1025
Shoreham Bldg., Washington, D. C. Underwriter
—Atlantic Equities Co.,
Washington, D. C.
•

Intercontinental Motels,
March 28, 1961 (letter of

Ltd. (5/29)
notification) 150,000 shares of
common stock (par 10
cents). Price—$2 per share. Pro¬
ceeds—For acquiring Fleetwood Motel
Corp. and work¬
ing capital. Office—Towne House Motor Lodge, P. O.

International

May

1,

Flight Caterers, Inc.
(letter of notification) 75,000 shares of
(par one cent). Price—$4 per share. Pro¬

1961

common

stock

$300,000

respectively.

per $5,000 of debentures.
wholly-owned subsidiary of
Investors Funding Corp. of New York was organized
under New York law in June,
1960, to purchase, invest
in and sell real estate mortgages. Proceeds—For invest¬

Business—The

company,

ment. Office—511 Fifth

a

Avenue, New York City. Under¬

writer—None.
Investors

May

Funding Corp. of New York
filed

1961

1,

$2,000,000

debentures due 1976

of registered

subordinated

(with class A warrants to purchase

20,000 class A shares) and 40,000 shares of class A stock
be offered for public sale in units
consisting of one
$500 debenture and 10 class A shares. Price—$650 per

to

unit.

Business—The

buying, selling and investing in real
particularly apartment houses in the New York

estate

Proceeds—For

area.

general

corporate

purposes.

Underwriter

Co., New York City.

•

Investors

Preferred

Life

Insurance Co.

March

(6/1)

common

company

stock.

is

au¬

thorized to sell

life, accident and health insurance. Pro¬
to capital and surplus.
Office—310
Spring Street, Little Rock, Ark. Underwriter—Life Se¬
curities, Inc., P. O. Box 3662, Little Rock.
ceeds—To

be added

•

Irvington Steel & Iron Works (5/23)
1
13, 1961 (letter of notification) 150,000 shares oi
common stock (par 50
cents); Price—$2 per share. Busi¬

Feb.

Fabricators

ness—

general

of

corporate

structural

steel.

Office

purposes.

—

Proceeds

Somerset

New

Brunswick, N. J. Underwriter—L.
Inc., Plainfield, N. J.
"Isras"

L.

—

For

Street,

Fane

&

Co.,

Israel-Rassco Investment Co. Ltd.

March

27, 1961 filed 30,000 shares of ordinary stock.
Price—$62 per share. The company may, but is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬
ceeds—For

Industrial

For

con¬

St., Dubuque, Iowa.
Un¬
by competitive bidding.

determined

be

30, 1961 filed 400,000 shares of
Price—$2.40 per share. Business—The

mon

loans

16, 1961 filed $9,000,000 of first mortgage bonds,

1991.

due

components. Proceeds

one new

of

Price

Hutzler; Merrill Lynch, Pierce, Fenner & Smith Inc.;
White, Weld & Co. Bids—To be received on May 18 at
11 a.m. (DST) on the 23rd floor of The Chase Manhattan
Bank, One Chase Manhattan Plaza, s New York City. *

Office—630 Fifth Avenue, New. York City.
—Eisele & King, Libaire, Stout &

common

on

Main

Products, Inc.
March 10, 1961 filed 165,000 shares of common stock
(par
10 cents). Price—$3 per share. Business—The
engineer¬
ing, designing and precision machining of electronic

fered

stock be¬

common

&

City

Control

the construction of
hotels, office buildings,
housing projects and the like. Office—Tel Aviv, Israel.

Underwriter—None.
•

Ivest

Fund, Inc.

(6/15)

Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the
offering. Business
A
non-diversified, open-end investment
—

company,

whose stated
—For

objective is capital appreciation.

investment.

Mass.

Office

—

One

State

Proceeds

Street,

Boston,

Underwriter—Ivest, Inc., One State Street, Bos¬

ton, Mass.

Jackson

April

11,

stock.

National

1961

Price

—

filed

$4

Life

Insurance Co.

300,000

per

shares

share.

of

Business

class
—

A

The

common

company

plans to engage in the life insurance business. Proceeds
—For capital
funds, and working capital. Office—245
West

Michigan Avenue, Jackson, Mich.

ceeds—For plant

N. Y.

Underwriter—

Apex Investment Co., Detroit.

May

facilities, special food trucks and work¬
ing capital. Address—Miami, Fla.
Underwriter—Amber,
Burstein & Co., Inc., 40 Exchange
Place, New York,

if Jefferson Construction Co.
10, 1961 filed 340,000 shares

of common stock, of
110,000 shares are to be offered for public sale
by the company and 230,000
outstanding shares by the
present holders thereof.
Price—$5.50 per share.
Busi¬
ness—The company bids on
government contracts for the
which

International

28,

1961
stock.

facturer

and

ment,

Photocopy Corp.

(letter of notification)

common

com.

Price—$2.50

April 7,

1960

$40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬

Feb.

I C Inc.
June 29, 1960 filed
600,000 shares of

1961 filed 202,333 shares of

Interstate Power Co.

Planning Corp. (6/5-9)
(letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares
of class A common stock (par 10 cents) to be offered in
units
consisting of one share of preferred and two
Dec.

...»•

.

(5/18-6/2)

-

Income

1061, Martinsville, Va. Underwriter—T. J. McDon¬
ald & Co.,
Washington, D. C.

stock.

Co.

Power

Street,
Dubuque, Iowa, and 111 Broadway, New York City. Un¬
derwriter—To be determined by competitive bidding.
Probable bidders: Kidder, Peabody & Co.; Salomon Bros.

improvements, and general corporate purposes. Of¬
W. Washington St., Chicago, 111. Underwriter

Box

common

and

fice—212

Materials, Inc.
April 27, 1961 (letter of notification)

to be offered for public sale
by

record

T., parent; property additions

—None.

•

if Hydro-Space Technology, Inc.
May 12, 1961 filed 300,000 shares of

March 16,

—$22

—

March 13, 1961 filed 660,000
outstanding shares of com¬
stock (par $1). Price—To be
supplied by amend¬
ment. Business—The company and its subsidiaries

common

A. T. &

Interstate

ing offered for subscription by common stockholders
the basis of one new share for each 16 shares held

capital
stock to be offered for subscription by stockholders on
the basis of one new share for each eight shares held of
record May 29, with rights to expire on June 30. Price
—At par ($20 per share). Proceeds—For the repayment

mon

March

.

•

if Illinois Bell Telephone Co. (5/29-6/30)
May 12, 1961 filed 4,190,652 shares of common

and

tendered

are

as

period commencing June 12.
York

Inc.

vale, N. J. Underwriter—Amos Treat & Co., Inc., New
York City .(managing).

Electric

Holiday Sportswear, Inc.
April 21, 1961 filed 86,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and sale of specialized bowling
apparel for men,

& Son,

Thursday, May 18, 1961

.

to the company during a
Office—16 East 40th Street,
York City.
Underwriter—Lehman Brothers, New
City (managing).
-

ferred shares

New

(Edward H.)

May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Proceeds — To reduce indebtedness, to
buy equipment, and for working capital. Office—Mont-

tures

Hickory Industries, Inc.
March 9, 1961
(letter of notification) 25,000 shares of
common stock (par 10
cents). Price—$5 per share. Busi¬
ness

• Ihnen

known

by the present holders thereof and the balance by
Price — At-the-market at time of sale.

the

Philadelphia, Pa.

shares

March 30,

poses.

general corporate purposes. Office—Lansdown, Pa.

Underwriter—Woodcock, Moyer, Fricke & French, Inc.,

.

.

Price —$3

distributor

chemicals

and

of

office

paper.

100.000

shares

share. Business

per

—

of

Manu¬

photocopying equip¬

Proceeds—For

expansion

and

working capital. Office — 564 W. Randolph St.,
Chicago, 111. Underwriter
J. J. Krieger & Co., New
York City.
—

ic International Silver Co.
May 16, 1961 filed $7,822,000 of convertible subordinated
debentures due Aug. 1, 1981 to be offered for
subscrip¬
tion

by

common

debentures for

stockholders

each

15

plied by amendment.
sale

of

shares

Business

the

on

held.

the

—

The

retirement of such

of

Price—To

silverware, flatware and table

ceeds—For

basis

7%

$100
be

manufacture
accessories.

of

sup¬

and

Pro¬

cumulative-pre¬

erection

of

and

buildings, roads, dams, airstrips and canals

undertakes construction contracts for
mercial interests on a
lump sum or a
fee

basis.

Proceeds

—

For

the

private com¬
cost-plus-fixedpurchase of equipment.

Office
75 First
St., Cambridge, Mass. Underwriter—
Pistell, Crow, Inc., New York City.
—

•

Jefferson Counsel Corp.
13, 1961 filed 30,000 shares

March
stock

(non-voting). Price—$10

per

of

class

B

common

share. Business—The

company was organized under Delaware law in January
1961 to sponsor the
organization of the Jefferson Growth

Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For
organiza-

Volume

Number

193

6056

.

.

The Commercial and Financial Chronicle

.

tional and operating expenses. Office—52 Wall St., New

City. Underwriter—None.

York

f®

IP
M

|
m

Offering

—

Expected

about mid-June.
Jodmar

Industries, Inc.
1961 (letter of notification) 75,000 shares of com¬
mon stock (par 10 cents).
Price—$4 per share. Business
—Design, lay-out, installation and maintenance of indus¬
trial heating and air-conditioning systems.
Proceeds—
For the purchase of inventory for current business; pur¬
chase of machinery, equipment and inventory for pro¬

Feb. 24,

posed manufacturing business; sales promotion and~reOffice—8801-11 Farragut Road, Brooklyn 36,
Y. Underwriter—Fontana Securities, Inc., 82 Beaver
Street, New York, N. Y.

serves.

iti

Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of
common
stock (par one cent).
Price — $3 per share.
Business—The manufacture of machine tool products,
..

drift meters, sextants and

related items.

Proceeds—For

repayment of a loan, working capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y.
Underwriter—Kerns, Bennett & Co., Inc., New
York, N. Y.
Jordan

(Edith), Inc.

May 1, 1961 (letter of notification) 32,488 shares of com¬
mon stock
(no par) / Price—$7.50 per share. Proceeds—
For

product line, inventory, and reserve credit. Office
—524 Franklin Street, Fayetteville, N. C. Underwriters
a

N. C.; French &
Atlanta, Ga.; Southeastern Securities
Corp., Charlotte, N. C.; Clark, Landstreet & Kirkpatrick,
Inc., Nashville, Tenn. and C. F. Cassell, Inc., Charlottes¬
ville, Va.
Crawford,

March

Inc.,

Research Laboratories, Inc.

29, 1961 filed 100,000 outstanding shares of com¬
to be offered for public sale by the present

stock

mon

stockholder.

Business—Basic re¬

Price—$10 per share.

search and

development leading to the design, manufac¬
ture and sale of precise electronic components and in¬
struments. Proceeds—For the selling stockholder. Office
West

—603
—C.

130th Street, New York City. Underwriter
Unterberg, Towbin Co., New York City (man¬

E.

aging).

Jungle Juice Corp.
28, 1960 (letter of notification) 120,000 shares of
common
stock (par 25 cents).
Price — $2.50 per share.
Proceeds—For working capital and expansion.
Address
Oct.

(I

—Seattle, Wash. Underwriter—Fidelity Investors Serv¬
ice, East Meadow, N. Y.
Kaiser Aluminum & Chemical Corp.

March

1961 filed 61,169 outstanding shares of 4%%

30,

cumulative

convertible

series) preference stock
($100 par) and 305,834 outstanding shares of common
stock, to be offered for public sale by the holders
thereof. Price—To be supplied by amendment. Business
—The company is a producer of primary aluminum and
aluminum products.
Proceeds—For the selling stock¬
holders.
Office
300 Lakeside Drive, Oakland, Calif.
(1961

—

Kawecki

Co.

Chemical

stock

of debentures for each

with

10

Business
of

rare

ing
M.
•

—

15

expiring

rights

The

research

and

shares held of record

May 24. Price—At par.
pilot plant production
debt and for work¬

metals. Proceeds—To repay

capital.

Office—Boyertown, Pa.

Underwriter—Carl
(managing).

Loeb, Rhoades & Co., New York City

King Kullen Grocery Co., Inc. (5/29)
28, 1961 filed 180,000 shares of class A stock, of
50,000 shares are to be offered for public sale

March
which

by the company and 130,000 outstanding shares by
present holders thereof. Price — To be supplied

the
by

of a chain of selfLong Island, N. Y., area.
Proceeds—For the construction and equipping of a new
178-02 Liberty Ave.,
warehouse and office. Office
amendment.
service

Business—The operation

food

in

stores

the

—

Jamaica,

N.

Y.

Underwriters—Hemphill, Noyes & Co.,
York City (managing).

Estabrook & Co., New

and

Kings
Jan.

27,

Electronics Co., Inc.
1961 filed 295,187 shares of

which 250,000

are

common

stock, of

for public sale by

be offered

to

the

shares, being outstanding stock, by
thereof. Price—$4 per share for the
new stock. The outstanding shares will be offered at the
prevailing market price on the over-the-counter market
or on any securities exchange upon which they may be
listed at any time after 60 days from the date of the
company's offering. Business—The company is engaged
principally in the design, development and manufacture
company and 45,187
the present holders

the

expansion,
repayment of loans and for working capital. Office—

40

Marbledale

Lyon

&

Tuckahoe,

Road.

Co.,

Inc.,

N.

Y.

New York

Knickerbocker Biologicals,

Price—$6

per

Underwriter—

City

(managing).

Inc.

1960, filed 100,000 outstanding

Dec. 23.

stock.

shares of class A

share. Business—The manufacture,

diagnostic serums
grouping and
also operates blood donor centers

packaging and distribution of a line of
and

loan, research and development, new equip¬
working capital. Office—P. O. Box 6, Fox Is¬
land Road, Port Chester, N. Y. Underwriters—Ro«s, Lyon
& Co., Inc., and Schrijver & Co., both of New York City.

cells

used

for

a

ment and

1

Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest.
Business—The partnership
owns

contract to purchase the fee title to the Lafayette

a

Building in Detroit, Mich. Proceeds—To purchase the
above property.
Office—18 E. 41st Street, New York
City. Underwriter—Tenney Securities Corp., 18 E. 41st
Street, New York City.
I

the

purpose

of blood

Lannett

April

Co., Inc.
1961 (letter of

7,

150,000

shares of

ufacture

and

sale

share. Business—The man¬
of pharmaceuticals. Proceeds—For a

building, research and development, and a sales
training program. Office—Frankford Ave., and Allen St.,

new

Philadelphia, Pa. Underwriter
Co., Inc., New York City.

—

Netherlands Securities

common

—Sale

(letter of notification) 60,000 shares of
(par $1). Price—$5 per share. Business
rental of automobiles.
Proceeds—Acquisi¬

stock

and

100,000 will be offered for public
and 20,000 outstanding shares by
holders thereof. Price—To be supplied by
Proceeds—To repay loans and for working

the present
amendment.
capital. Of¬
fice—5309 South Park Blvd., Houston, Tex. Underwriters
—Rowles, Winston & Co., and Fridley & Frederking,
Houston.
,

Mages Sporting Goods Co.
May 1, 1961 filed 1,029,961 shares of common stock to be
offered for subscription by stockholders on the basis of
one




acquisition of additional

share for each two

new

—To

be

common

supplied by amendment.

shares held.

Price

Business—The

mail

order and retail sale of

sporting goods and recreational
equipment. Proceeds—For the repayment of debt and
ouier
corporate purposes.;' Office — 227 west Madison
Street, Chicago, 111. Underwriter—None.

issuer's president, selling stockholder.
Office—New York City. Underwriter—Goldman, Sachs
& Co., New York City (managing).
the

Cournand,

"Lapidoth" Israel Oil Prospectors Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬

organized,, ip October 1959 as a consolidation
corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil lands.
Office—
22
Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter—

pany

April

new equipment, leasing office space, salaries,
advertising, and other corporate purposes. Office—1228
Commercial Trust Bldg., Philadelphia, Pa. Underwriter
—Stroud & Co., Inc., Philadelphia (managing).

Mallory Randall Corp.

(5/23)

March 30, 1961 filed 120,000 shares of common stock (par
10 cents). Price—To be supplied by amendment
Busi¬
ness—The design, manufacture and sale of a line of
plastic insulated food and drink serving accessories, prin¬
cipally mugs, bowls and tumblers. Proceeds—For plant
relocation, new equipment, and other corporate purposes.

Clifton Place, Brooklyn, N. Y.

—Pistell,
•

Crow,

Marcon

Feb.
mon

New

Inc.,

Electronics

City.

York

Underwriter

•

Corp.

27,1961 (letter of notification) 30,000 shares of com¬
stock (par $1).
Price — $10 per share. Business

Manufacture

of

electrical

and

electronic

equipment.

Proceeds—For

purchase of equipment and tooling, re¬
and development and working capital.
Office—

search

199 Devon

&

Terrace, Kearny, N. J.

Unnerwriter—Meade

Co., New York, N. Y. Offering—Imminent.
&

Marine

was

Electronics

Manufacturing

Inc.

(letter of notification) 75,000 shares of
common stock.
Price—$4 per share. Proceeds—For ex¬
penses in the fabrication of sheet metal parts for mis¬

of individual and

Sept.

None.

siles, rockets, radar and marine items.
Address — 319
W. Howard St., Hagerstown, Md. Underwriter—Lecluse

Lincoln
March

Fund,

&

Inc.

951,799 shares of common stock.
Price
Net asset value plus a 7% selling commission.
Business
A non-diversified, open-end, management-

•

—

—

type investment company whose primary investment ob¬

capital

is

•

appreciation

and,

secondary,

income

put and call options. Proceeds—
St., New Britain, Conn.
Management Corp.. New Britain.

filed 65,000 shares of common stock (par
Price—$4 per share. Business—The design,

cents).

manufacture, distribution and sale of heat exchange
products and custom tanks for the storage of water,
chemicals and other liquids. Proceeds—For new equip¬
ment, plant relocation, product development and repay¬
ment of debt. Office—2370 Hoffman Street, New York

Underwriter—Bond,

City.

Richman

& Co., New York

(letter

the re¬
payment of bank loans. Office—200 East 42nd St., New
York City. Underwriters—Lehman Brothers and Smith,
Barney & Co., both of New York City. Offering—Ex¬
pected about mid-June.
chewing tobacco and little cigars. Proceeds—For

Lytton Financial Corp. (6/15)
March 30,
1961 filed 300,000 shares of capital stock.
Price—To be supplied by amendment.
Business—The
owns

loan

and

agency,

the stocks of several California savings
It also operates an insurance

associations.

through

a

subsidiary,

Title

Acceptance

Corp., acts as trustee under trust deeds securing loans
made by the associations. Proceeds—To repay loans and

working

capital.

Office

8150

—

Sunset Boulevard,
R. Staats &
& Co., New

Hollywood, Calif. Underwriters—William
Co., Los Angeles and Shearson, Hammill
York City (managing).
M

&

F

Co.

of class A common stock,
60,000 shares are to be offered for the account
of the issuing company and 20,000 shares, representing
outstanding stock, are to be offered for the account of

May 1, 1961 filed 80,000 shares
of which

the present

holders thereof. Price — To be supplied by
Business—The distribution of photographic

Marrud,

Inc.

(6/15)

April 12, 1961 filed 194,750 shares of common stock, of
which 100,000 shares are to be offered for public sale
by the company and 94,750 outstanding shares- by the
present holders thereof. Price — To be supplied by
Business — The wholesale distribution of

amendment.

cosmetics, beauty aids, health aids and related products.
Office—189 Dean St., Norwood, Mass. Underwriter—Mc¬
Donnell &

Co., New York City.

Worcester, Mass.
Underwriters—To be deter¬
competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston Corp.; Merrill Lynch,

Street,

Pierce, Fenner & Smith Inc.; Kidder, Peabody & Co.,
and Coffin & Burr, Inc. Bids—To be received on June

27, 1961.
Mecanair

April
To

stock

purchase equipment and for working capital. Office
Union Ave., Sudbury, Mass. Underwriter — Old

Metropolis Bowling Centers, Inc.
1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the pres¬
•

May

ent holders thereof.

So.

cipally in New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
Fulton Street, Brooklyn, N. Y.
Underwriters—

Russell &

Saxe, Inc., (managing); Thomas, Lee & Wil¬

liams, Inc., and V. S. Wickett &
Offering—Expected in mid-June.
•

Co., New York City.

Securities, Inc.
(letter of notification) 100,000 shares of
stock (par $1). Price—$3 per share.
For working capital. Office — 919-18th St,,

Metropolitan

1960

common

Proceeds

—

W., Washington. D. C.

Underwriter

—

Metropolitan

Brokers, Inc., Washington, D. C.

(5/23)

April 14, 1961 filed $30,000,000 of first mortgage bonds,
due 1986. Proceeds—For the repayment of debt and for
construction.

Office—415 Clifford Street, Detroit, Mich.

Underwriters—To
,

~

be

determined

by

competitive

bid-

Continued On page

i

I

Business

—647

Michigan Consolidated Gas Co.

.

selling stockholders. Office—120

Price—About $5 per share.

acquisition and operation of bowling centers, prin¬

N.

Mac Donald Co.

60,000 shares of

Colony Securities Corp., Stoneham, Mass.

Office—220 Luckie St., N. W., Atlanta, Ga. Under¬
writer
Robinson-Humphrey Co., Inc., Atlanta, Ga.

Proceeds—For the

(letter of notification)

(no par). Price—$3 per share. Proceeds—

—120

supplies to amateur and professional photographers. Pro¬
ceeds—For working capital and general corporate pur¬

\

Corp.

1961

17,

common

A

F.)

(6/27)

mined by

17,

(managing).

.

Electric Co.

April 24, 1961 filed $17,500,000 of first mortgage bonds,
series F, due 1991.
Proceeds — For the repayment of
debt
and
for construction.
Office — 939 Southbridge

class

—

of

luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif. Offering—Expected in early June.

Nov.

amendment.

shares

purchase raw materials, advertising and for
working capital. Office—204 E. Washington St., Peta-

—The

Graphic Arts & Industrial Photographic

Supply

100,000

ceeds—To

•

company

Corp.
of notification)

stock (par one cent). Price—$3 per share. Pro¬

Massachusetts

*Loril(ard (P.) Co.
May 11, 1961 filed $40,000,000 of sinking fund deben¬
tures due June 1, 1986. Price—To be supplied by amend¬
ment. Business—The manufacture and sale of cigarettes,

for

Structures

1961

1,

common

City.

and

Marine

Feb.

•

Lindy Hydrothermal Products, Inc.

March 30, 1961
10

Co., Washington, D. C. Offering—Expected in early

June.

1961 filed

30,

jective

1960

22,

.

tion of cars for rental purposes;

stock, of
sale by the

company

Office—84

ic Lanvin-Parfums, Inc.
May 17, 1961 filed 440,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To E. L.

(5/29)
April 11, 1961 filed 275,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The creation and administration of incentive campaigns
designed to achieve the sales objectives of its customers.

(Charles), Inc.

which

•

notification)

stock. Price—$2 per

common

(E.

1961

MacGregor Bowling Centers, Inc.
May 3, 1961 filed 120,000 shares of common

ceeds—For

equipment, inventory, and working capital.
Northwest Miami Court, Miami, Fla.
Un¬
derwriter—Lewis Wolf, Inc., New York, N. Y.

Office—1425

City. Underwriter—None.
27,

St., Dayton, Ohio. Underwriters—Smith, Barney
Co., Inc., New York City and Merrill, Turben & Co.,
Inc., Cleveland, Ohio (managing)
&

ceeds—For

poses.

Kreisler

Ludlow

Magnefax Corp. (5/29)
10, 1961 filed 200,000 shares of no par common
stock. Price—$5 per share. Business—The company plans
to distribute desk-top copy machines and supplies. Pro¬

testing. The company
in New York and Philadelphia. Proceeds—For the selling
stockholders. Office—300 West 43rd Street, New York

Feb.

39

ir Lamtron Industries, Inc.
May 3, 1961 (letter of notification) 50,000 shares of
common stock
(par 10 cents). Price—$6 per share. Pro¬

frequency connectors. Proceeds—For

of radio

Ross,

of

ment

Distributor—Horizon

47/s% convertible sub¬
and 17,282 shares of
(par 25 cents), issuable upon the exercise
of warrants. The debentures are being offered for sub¬
scription by stockholders on the basis of $100 principal
May

which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬

For investment. Office—300 Main

March 23, 1961 filed $3,500,000 of
ordinated debentures, due
1976,

amount

rites,

derived from the sale of

Underwriter—None.

common

Krystinel Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces fer-

Kistler & Co., Fayetteville,

—Powell,

Julie

salesroom; advertising and sales promotion and for
working capital. Office—241 Park Avenue, New York,
Y.
Underwriter—Albion Securities Co., Inc., New
York, N. Y.
.
v
' v,
N.

N.

||

(2199)

40

40

(2200)

Continued

ding.

from

The Commercial and Financial Chronicle

39

page

Probable

bidders:

Halsey,

Stuart

White, Weld & Co.; Lehman Brothers.
ceived in Detroit

on

May 23 at 11:30

&

• Model
Vending, Inc.
April 27, 1961 filed 150,000 shares of common stock. Price

Co.

Inc.;

Bids—To be

—To

re¬

candy and

Business—The

opera¬

variety of other food and drink products.
The company also operates coin-type phonograph ma¬

Michigan Wisconsin Pipe Line Co(6/14)
April 21, 1961 filed $30,000,000 of first mortgage pipe
line bonds, due 1981. Proceeds—For construction. Office
—500 Griswold St., Detroit, Mich. Underwriters—To be
determined by competitive bidding. Probable
bidders:|
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc. Bids—To be received on June 14 at 11 a.m.
(DST) in Suite 4950, 30 Rockefeller Plaza, New York
City.
•

supplied by amendment.

tion of vending machines for the retail sale of cigarettes,

(DST).

a.m.

be

chines

a

and

devices.

amusement

Proceeds—For

new

equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,

Philadelphia, Pa.

Underwriter—Milton D. Blauner &
Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia, Pa., and
M. L. Lee & Co., Inc., New York City. Offering—Expedted about mid-June.

Corp. (6/5-9)
31, 1961 filed 100,000 snares of common stock.
$4 per share.
Business
The manufacture of
printed circuits for the electronics industry. Proceeds—
$124,000 for new plant, $76,000 for equipment, and $110,000 for working capital. Office—1191 Stout
St., Denver,

Dispenser Co., Inc.
30, 1961 filed 80,000 shares of common stock, oi

March

March

which 73,750 shares are to be offered for public sale by
the company and 6,250 outstanding shares by the under¬
writer. Price—$4 per share. Business—The manufacture

Colo. Underwriter—R. Baruch &

and sale of

1,

Industries, Inc.

&

1961

Proceeds

(letter of notification) 300,000 shares of
(par 10 cents).
Price — $1 per share.
For purchase of equipment; inventory of

—

parts; working capital;
120

—

S.

and research and

Fairfax,

Amos C. Sudler &

debt,

Street,

Denver,

Colo.

—

to

be

offered for public

manufacture

sale

and

Proceeds—For

of

microwave

additional

search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.
First Investment

devices

and

equipment,

re¬

Office

—

116-06

Underwriter

Price—To be supplied by amendment.
construction, financing and sale of shell
homes principally in the southern and southwestern por¬

Sept. 8, 1960, filed 1,169,470 shares of

common

$994?050 of 6% debentures, to be offered for
in units of

$1

—

Business—The

tions of the U. S.

Underwriter—Harriman

unit.

per

Business

The

—

Ripley

&

1331, Valdosta, Ga.
Co., New York City

(managing).
•

Mohawk

stock and

public sale

fice—198
Dowd

Insurance

Co.

company

will do

interim

financing in the home building industry. Pro¬
ceeds—To start its lending activities.
Address—P. O.
Box 886, Rapid
City, S. D. Underwriter—None.

Mokan Small

Business Investment Corp., Inc.
17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under Kansas law in October 1960 and is
applying to
Jan.

the Small Business Administration for

Minneapolis
March

24,

1961

Price—$1.15

Scientific

Corp.
1,500,000 shares of common
share.
Business—The company

per

stock.

is

censed under the Small Business Investment Act of
is registered with the SEC as a

and

li¬

investment company,
which
electronics, physics and chem¬

management

will invest in the fields of

istry.

Proceeds—For investment and operating expenses.

Office

—

Minn.

First

National

Bank

Underwriter—Bratter

Minn.

Note—This company
tional Scientific Corp.
Miratel

May

1,

Building,
Co., Inc.,

&

Minneapolis,

Minneapolis,

formerly

was

ceeds—For

general corporate purposes. Office —
Walnut St., Coffeyville, Kan. Underwriter—None.

Na¬

named

Monticello Lumber & Mfg. Co.,

April

11,

1961

stock

ital.

Address—Monticello, N. Y. Underwriter—J.
rence & Co., Inc., New
York, N. Y.

•—None.
Missile

Sites, Inc.
30, 1961 filed 291,000 shares of common stock.
Price—$5 per share. Business—A prime contractor with
for

the

building of missile and

radar sites and other specialized facilities.
Proceeds—For

working capital. Office—11308 Grandview Ave., Wheaton, Md. Underwriter—Balogh & Co.,
Inc., Washington,

D. C.

stock

common

(par

Business—The
Proceeds

—

10

cents).

manufacturers

For payment

Price—$1.50
of

technical

shares

of

share.

per

equipment.

of loans; machinery and office

equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter
Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.
—

•

Missouri Edison Co.

May

1,

1961

filed

(6/12)

$2,000,000

first

mortgage

series C.

bonds,

The company is a
subsidiary of Union Electric
Proceeds—For the repayment of loans and for ex¬

Co.

pansion.
Mo.

Office—123 M>

Underwriter

—

North Fourth

To

be

Street, Louisiana,

determined

by

competitive
& Co. Inc.;

bidding. Probable bidders: Halsey, Stuart
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly), Salomon Brothers & Hutzler. Bids—To be received
June

on

way,

12

to be held
ers

•

at

11

New York

Trust

Mobile

a.m.

City.

(DST)

in Room

Information

1900, 60 Broad¬
Meeting—Scheduled

June 6, at 11 a.m. (DST) second
floor, Bank¬
Co., 16 Wall St., New York City.

Credit

Corp.

Sept. 14, 1960 filed 25,874 shares of common stock
1,000 shares of $100 par 6% cumulative convertible
ferred stock. The stock

•toy
«f

shareholders
new

share

common

of

new

will be

offered

for

and
pre¬

subscription

of record on the basis of two shares
for each three such shares held and
one

preferred

for

each

held, the record date in each

38.81

common

shares

case

being Sept. 1, 1960.
share; for preferred, $100

Prices—For common, $10 per
share. Business—The purchase

per

contracts from dealers in
property so

of conditional

sales

sold, such as mobile
and motorcycles. Proceeds—For
working capital. Office—100 E Michigan Ave.. Jackson.
Mich. Underwriter—None.
Note—This statement was
withdrawn May 11.

homes, trailers, boats,




and

fund

For the repayment of interim
public works programs. Address—
Province of Quebec, Canada. Underwriters — Lehman
Brothers, New York City; L. G. Beaubien & Co. Ltd.,
and

Credit

Morris

—

for

Interprovincial, Ltd., both of Montreal.
Shell

Homes, Inc.
$3,000,000 of 8% subordinated de¬
bentures due July 1, 1986; 150,000 shares of common
stock; 150,000 first warrants and 150,000 second warrants,
to be offered for public sale in units, each
consisting of
one $20
debenture, one common share, one first warrant
May

1961

1,

filed

second

one

shell

warrant.

Business

homes.

Office

—

Price

The

505

—

To

be

construction

supplied
and

sale

by
of

Morgan

Street, Knoxville,
Tenn.
Underwriter—Johnson, Lane, Space Corp., Savan¬
nah (managing).
—

Mortgage Guaranty Insurance Co.
Oct. 17, 1960 filed 155,000 shares of common stock
(par
$1).

Price—To

be supplied by amendment.

Insuring lenders against loss
gage
loans, principally
on
West

on

family

Proceeds—For capital and surplus.

non-farm
Office—606

Wisconsin

Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This
stock is not qualified for sale in New York State. Offer¬
ing—Expected in June.
—Bache &

National Bagasse Products

May

2,

1961

common

stock

(par

Proceeds—For

an

capital.

—

Minn.

25

cents).

of

260,000

Price—$1.15

shares
per

of

hard

—

—

•

York

Sponsor—Ira Haupt & Co., Ill Broadway,
Offering—Expected in mid-June.

City.

Municipal Investment Trust Fund,

First Pa.

Series

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied
by amendment.
Business—The
fund will invest in
tax-exempt bonds of the Common¬
wealth of Pennsylvania and its
political sub-divisions.
Proceeds—For investment. Sponsor—Ira
Haupt & Co.,
Ill Broadway, New York
City. Offering—Expected in

mid-June.

class

A

(5/22-26)

insulating

of

10

warrants

(to buy
Price — $163.85
composition board,

shares).

Manufactures

—

and

product

and

common

of

Business

board

waste

board

from

bagasse,

a

refining.
Proceeds
To
plant at Vacherie, Lh. Office—821 Gravier
St., New Orleans, La. Underwriters—S. D. Fuller & Co.,
New York City, and Howard,
Weil, Labouisse, Friedrichs
& Co., New Orleans
(managing).
build

sugar

—

new

a

National

Food

Marketers,

Inc.

Jan. 27, 1961 filed 100,000 shares of common stock. Price

$4

share. Business—The company is engaged in the
and
packaging of quick-frozen, prepared

per

processing

seafood meat and poultry for use
by restaurants and in¬
stitutions and frozen ready-to-heat meals for distribu¬
tion through vending machines.
Proceeds — To repay

loans; purchase additional machinery; establish a food
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
Edelstein Co., Inc., New York
City. Note—This filing
withdrawn.

was

National

Mercantile Corp.

(5/31)

29, 1961 filed 100,000 shares of common stock
and five-year warrants to purchase an
additional 20,000
common
shares, to be offered for public sale in units
consisting of one common share and one-fifth of a war¬
rant.

Price—To

be

supplied

by

amendment.

Business

—The distribution and retail sale of
phonograph records.
Proceeds—For the repayment of loans and for

working
capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue, Union City, N. J. Underwriter—A. T. Brod
& Co., New York
City (managing).
National

The

24,

Radiac,

Inc.

1961

(letter of notification) 75,000 shares of
stock (no par). Price—$4
per share. Business—

manufacture

for

the

of

organic and inorganic

scintillators

detection

and measurement of
ionizing radia¬
tion. The company also produces the
high quality crys¬
tals which serve as integral
components of" the detec¬

tion

instruments. Proceeds

For

working capital and
Newark, N. J.
Underwriter—Hardy & Hardy, New York, N. Y.
general

corporate

—

Address

purposes.

—

if National Semiconductor Corp.

May 11, 1961 filed 75,000
—To be supplied by

shares

of

capital stock. Price
Business—The design,

amendment.

development, manufacture and sale of quality transistors
military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other

for

—

corporate

purposes.
Office—Mallory Plaza Bldg., DanUnderwriters
Lee Higginson Corp., New
City and Piper, Jaffray & Hopwood, Minneapolis

bury, Conn.
York

—

(managing).
New

|

England Telephone

&

Telegraph Co.

March 30, 1961 this

subsidiary of A. T. & T. filed 3,149,capital stock being offered for subscription

615 shares of

by stockholders
shares

seven

expire

on

on

held

May

19.

the basis of
of

record

Price—$42

one

per

share for each

new

April

25

with

share.

rights to
Proceeds—To

retire

$40,000,000 of first mortgage 4M>% bonds, series
which mature May 1, 1961 and to repay advances
the

parent company.

Office—185 Franklin

Street,

Boston, Mass. Underwriter—None.
New

advertising

1521

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business
The
fund will invest in
tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.

A

number

unit.

per

share.

Minn.

New

class

of

like

from

program
and
working
Hennepin Avenue, Minneapolis,
Underwriter—Bratter & Co., Inc.,
Minneapolis,

Office

Corp.

14, 1961 filed 16,200 units, each unit consisting
$100 of 15-year 7%
subordinated debentures,
30

shares
a

B,
Motor Travel

Services, Inc.
(letter of notification)

—

capital,

March

Business-

residential first mort¬

single

of

bowling apparel. Proceeds
For.
construction, and funds estimated at
$125,000 to stock such items as bowling clothes and ac¬
cessories, gym clothing, etc. Office—816 Central, Kansas
City, Mo. Underwriter—Hardy & Co., New York City
(managing).

common

Proceeds

and

Inc.

distribution

working

amendment.

homes.

of

(City of)

amendment.

151,900

Nast,

18, 1961 filed 150,000 shares of class A common
stock. Price—$4 per share. Business—The manufacture

April

and

if Missile-Tronics Corp.
May 8, 1961 (letter of notification)

Nat

for local improvements due May
15, 1981,
$10,000,000 (U. S.) of sinking fund debentures for
public works due May 1, 1986. Price—To be supplied by

borrowings

Avenue, Milwaukee, Wis. Under¬
Co.,.Milwaukee (managing).

April

and

March

agencies

Lau¬

debentures

100,000 shares of
common stock
(par 30 cents). Price—$3 per share. Pro¬
ceeds—To repay
notes, for research and development,
equipment and working capital. Office—1st
St., South¬
east & Richardson
St., New Brighton, Minn. Underwriter

Office—208 Wisconsin

March

Inc.

IVfay 4, 1961 filed $15,000,000 (U. S.) of sinking

Electronics, Inc.
(letter of notification)

power plants, centrifugal pumps, inboard ma¬
engines and a line of leisure time and sporting
goods merchandise. Proceeds—To retire on or about Oct.
I, 1961 all outstanding 1V2% convertible debentures; to
repay
bank loans, and for other corporate purposes.
rine

•

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware. Proceeds—To repay
loans and for working cap¬
common

Montreal

1961

governmental

Pro¬
719

1958

non-diversified,

closed-end,

Federal license

a

to operate as a small business investment
company.

filed

subordinated

auxiliary

•

(6/1)

Broadway, New York City. Underwriter—R. F
Co., Inc., 39 Broadway, New York 6, N. Y.

&

share of stock and 85 cents of debentures.

one

Proceeds—To finance the sale of addi¬

tional shell homes. Office—P. O. Box

Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds. Of¬

Midwestern Acceptance Corp.

Price

sale in 275,000 units, each unit

—

Planning Co., Washington, D. C.

1, 1981 and $1,000,000 of series B
debentures, due July 1, 1981.
Price—To be supplied by amendment.' Business—The
manufacture of a variety of industrial products includ¬
ing woodworking and packaging equipment, power saws,

Co.

shares.

common

instruments.

Construction

consisting of $20 principal amount of debentures and two

Co., Denver, Colo.

if Microwave Semiconductor & Instruments Inc.
May 12, 1961 filed 120,000 shares of common stock.
Price—$3 per share. Business—The research, develop¬
ment,

Homes

May 10, 1961 filed $5,500,000 of subordinated debentures
due June 15, 1981 and 550,000 shares of common stock

development.

Underwriter

Modern

Co., Inc.

debentures, due July

•

•

stock

common

Office

advertising, research and development, pay¬
and working capital.
Office — 20 Main
Belleville, N. J. Underwriter—Vickers, Christy
Co., Inc., New York City.
of

ment

Microtron

Pro¬

ceeds—For

Co., Washington, D. C.

(managing)1.
March

improved towel dispensing cabinet.

an

Thursday, May 18, 1961

.

writer—Robert W. Baird &

Price

—

(J. M.)

.

30, 1961 filed $1,000,000 of series A subordinated

convertible

Moderncraft Towel

Micro Electronics

—

Nash
March

.

Era

Mining Co.

April 6, 1961 filed 1,000,000 shares of common stock
(par
25 cents).
Price — 50 cents per share. Business
The
—

company plans
the Black Hills

to

operate

of

South

two

gold

Dakota.

placer

claims

Proceeds—To

in

repay

debt, purchase equipment and for working capital. Of¬
West Colfax
Avenue, Denver, Colo. Under¬

fice—9635

writer—None.
New Orleans Public

Service, Inc.

(5/25)

April 13, 1961 filed $15,000,000 of first
mortgage bonds,
due

1991.

Proceeds

For construction and the
-repay¬
Office—317 Baronne
Street, New Orleans,
Underwriters
To be determined
by competitive
—

ment of debt.

La.

—

bidding
Lee

Probable bidders: Halsey,

Higginson

Eastman

Corp.;

Equitable

Stuart

Securities

&

Co.

Corp.,

Inc.;

and

Dillon, Union
Securities
&
Co.
(jointly);
Kidder, Peabody & Co. and Stone & Webster Securities
Corp. (jointly); White, Weld & Co.; Salomon Brothers
& Hutzler.
Bids—To be received on May 25 at 11:30 a.m.
(DST).
r
..

Volume

193

Number 6056

.

.

The Commercial and Financial Chronicle

.

+ Nissen Trampoline Co.
May 4, 1961 (letter of notification) 9,400 shares of com¬
mon stock
(par $1). Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th
Cedar Rapids, Iowa.
Underwriter
Woods, St. Louis, Mo.
•

American

North

—

Ave., N.W.,
Yates, Heitner &

Vending Manufacturing Corp.

19,

★ Peninsula Publishing & Printing Corp.
1961 (letter of notification) 57,000 shares of
common stock
(par one cent). Price—$3 per share. Busi¬
ness—Newspaper publishers. Proceeds—For sales pro¬
motion; construction of a storage building; repayment of
a loan and
working capital. Office — 379 Central Ave.,
Lawrence, L. I., N. Y. Underwriter—Arnold, Wilkens &

April 27,

Co., New York, N. Y.

(5/31)

April

(2201)

1961

(letter of notification) 55,000 shares of
common stock (par 10 cents).
Price—$2 per share. Busi¬
ness—The production of ice cube
manufacturing and

Pennsylvania Electric Co.

(6/5)
1961 filed $12,000,000 of debentures, due 1986.
Levergood Street, Johnstown, Pa.
Under¬

March 28,

Office—222

vending machines. Proceeds—For equipment; develop¬
ment of distributors, advertising and research and de¬

writers—To be

velopment.

the

Turnpike, Floral Park,
Underwriter—Ezra Kureen Co., New
York, N. Y.

N. Y.
•

Office—110 Jericho

North

Electric

Co.

March 30, 1961 filed 22,415 shares of common stock to be
offered for subscription by stockholders of record

May

Price—To

15.

This

be

subsidiary

supplied
L. M.

by

of

amendment.

Business—

Ericsson

Telephone Co. of
Sweden,.^manufactures telecommunications
remote control systems, electromechanical

Stockholm,

equipment,

and electronic

components, and power supply assemblies.
Proceeds—To repay loans and for
working capital. Of¬
fice—553

South

Market

Street,

writer—None.

Galion,

Ohio.

Under¬

V

has

company

determined by

competitive bidding. The
before issued debentures. However,

never

following underwriters bid on the last issue of bonds:
Blyth & Co., Inc., and Harriman Ripley & Co. (jointly);
First Boston Corp.; Equitable Securities
Corp.; Kidder,
Peabody & Co.; Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Co.

Bids—To
June

on

5

at

be

received

at

Street, 37th floor,
Information Meeting—To be

(DST).

noon

held at the above address

Pine

80

June 2 at 10

on

a.m.

(DST).

Public

Service

Co.

April 3, 1961 filed 54,571 shares of common stock to be
offered for subscription by holders of common stock on
the

basis of

share for each

one

May 3 with rights to expire
share.
&

Office—Huron,

S.

12

D.

Co., Chicago.
Ohio

Edison

Co.

(5/22)

Price

At

100%

of

principal
amount. Proceeds
To redeem all outstanding 6V2%
preferred stock, series A, B and C, and for construction.
Office—137 West Lockhart St.,
Sayre, Pa. Underwriter—
—

None.
Perini

Corp.

30, 1961 filed 1,451,998 shares of common stock
(par $1), of which 1,350,000 are to be offered for publicsale by the company, and 101,998 outstanding shares
by
the present holders thereof. Price—To be
supplied by

Ohio.

Office

—

47

Underwriters—To

bidding.

Probable

construction
North

be

and

Main

determined

the

repay¬

Street,
by

bidders:

Akron,
competitive
& Co. Inc.;

Halsey, Stuart
Glore, Forgan & Co.; Eastman Dillon, Union Securities
& Co., and White, Weld & Co.
(jointly); First Boston
Corp.; Morgan Stanley & Co. Bids—To be received at 16
Wall St., New York City on May 22 at 11:30 a.m.
(DST).
Ohio-Franklin Fund,
Feb.
be

3,

1961

offered

investors

change Price—Net

through

a

of

asset

stock

common

to

tax-free exchange of

selected list of

a

companies.

Ex¬

value

(expected to be $10 per
fund which provides a medium
through which holders of blocks of securities may obtain
diversification and continuous professional investment

share).

Business—A

company is engaged in the
contracting business in the
U. S. and Canada and recently entered the real estate
development field. In addition it will control and operate

the

new

management without incurring Federal capital gains tax
upon the exchange.
Proceeds—For investment.
Office—51 North High Street, Columbus, Ohio.
Dis¬

National

Underwriters—F.

Corp.
April 28, 1961 filed 285,000 outstanding shares of com¬
mon stock
to be offered for public sale by the present
holders thereof.
Price—To be supplied by amendment.
Business—The marketing of crude oil.
Proceeds—For
general corporate purposes.
Office — 611 West Texas
Street, Midland, Texas. Underwriters—Lehman Brothers
and Shearson, Hammill & Co., both of New York City
(managing). Offering—Expected in late July.
Photronics

Corp. (6/15)
1961 filed 150,000 shares of common stock (par
cents), to be offered for subscription by stockholders

Feb. 24,
the

on

Empire, Inc.
May 1, 1961 filed $700,000 of convertible subordinated

held.

debentures

The

1971.

Price

—

At

par.

Business

—

The

manufacture, packaging and distribution of cosmetics;
pharmaceuticals and household, chemical and industrial
specialties.

property
865

Proceeds—For the repayment of bank loans,
and working capital.
Office—

improvements

Mt.

Prospect Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meeds, Wilmington, Del.
Olson Co. of

April

26,

1961

of

One

Maiden

Fund,

Inc.

7, 1961 filed 300,000 shares of
Price—$3 per share. Business—This is
which

will

new

a

mutual

hold

mid-June.

it Ormont Drug & Chemical Co., Inc.
2, 1961 (letter of notification) 100,000

May

common

stock

(par 10 cents). Price—$3

shares

of

share. Busi¬
ness—Manufacturers of drugs. Proceeds—For expansion,
and working capital. Office—38-01 23rd Ave., Long Is¬
land City, N. Y. Underwriter—Havener Securities Corp.,
New York, N. Y.
•

Fanacolor, Inc.

April 21,

per

(5/31)

Pilgrim

April 25,
common

—For

Helicopter

salaries;

by the Panacolor Process;

development and

promotion, market
for

mortgage

interest

and

payments;

officers'
and

for

working capital. Office—6660 Santa Monica Blvd., Holly¬
wood. Calif. Underwriter

New York City
•

Fantex

Dec.

Federman, Stonehill & Co.,

—

(managing).

Manufacturing Corp.

1960 filed 513,299 shares of capital stock, of
which 307,222 shares are to be offered for the account
of the issuing company and 206,077 shares, representing
outstanding stock, are to be offered for the account
of the present holders thereof. The stock being offered

27,

for the company is a rights offering; one new
be offered for each three capital shares held.
be supplied bv amendment. Proceeds—For
of 200,000 shares of Tel-A-Sign, Inc. for

shares
with

to

be

distributed

as

a

dividend

to

share will
Price—To

the purchase
$450,000, said
shareholders,

the balance for

general corporate purposes, includ¬
ing working caoital. Office—Central Falls. R. T
Under¬
writer—None.

withdrawn

and

Note—This
then




statement

refiled.

is

expected

to

be

shares of
share. Proceeds

per

general corporate purposes. Office

Underwriter

C.

—

Investment

Sade &

—

Co.j

Pillsbury Co. (5/25)
April 27, 1961 filed $10,000,000 of sinking fund deben¬
tures due June 1, 1986.
Business—The manufacture and
sale of prepared food mixes, refrigerated dough products
and flour.
Proceeds—For the repayment of debt, and

working

capital.

neapolis,

Minn.

New

Pillsbury

Office—600

Building,

Min¬

Underwriters—Goldman, Sachs & Col,
City and Piper, Jaffray & Hopwood, Min¬

York

neapolis (managing).
•

Plasticon

are

print color film

Research Co.

1961

pounds, protective coatings, encapsulation materials and
glass skylights. Proceeds—For the selling stockholders.
Office—2919 Empire Ave., Burbank, Calif. Underwriter
—Schwabacher & Co., San Francisco, Calif,
(managing).
Puerto

Rican

Airlines, Inc.
of notification)
100,000
(par 10 cents). Price

8,

which

the

on

Corp.

1961 filed 665,666 shares of common stock, of90,666 shares are to be publicly offered, 25,000
to be offered to
to be offered

basis

of

Leyghton-Paige
be offered

to

promissory

to

Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders

Plasticon

one

shares

held,

holders of the

notes.

Business—The

Price

—

manufacture

and

share

for

400,000

each

shares

three
are

to

•

has

been

8,

10

Designs Inc.

(letter

stock

pay

1700

per

loans, for expansion and working capital. Office—
Shames Drive, Westbury, N. Y.
Underwriter —

Pistell, Crow, Inc., New York City.

Precisionware,

Inc.

(5/25)

March 30, 1961 filed 125,000 shares of common

stock (par
$1), of which 50,000 shares are to be offered for public
sale by the company and 75,000 outstanding shares by

of

$3

per

(par

ceeds—For

*

.

Corp.

of

one

notification) 65,000 shares of
cent). Price—$4 per share. Busi¬

manufacturers
relocation

of

of

technical

equipment.

Pro¬

new equipment; ex¬
pansion, and working capital.
Office — 1562-61st St.,
Brooklyn, N. Y. Underwriter—William, David & Motti,
Inc., New York, N. Y.

RMS

April

business;

Electronics, Inc.
(letter of notification)

12, 1961

common

100,000 shares of
(par 25 cents). Price—$3 per share. Busi¬

stock

ness—The

manufacture of

television

and

radio

FM

an¬

tennae. Proceeds—For general corporate purposes.
Ad¬
dress—2016 Bronxdale Ave., Bronx, N. Y. Underwriter—•

Martinelli &
•

Co., New York, N. Y.

Ram

Electronics, Inc. (5/31)
28, 1960 (letter of notification)

Dec.

75,000

shares

of

stock (par 10 cents). Price—$4 per share. Busi¬
ness—Manufacturers of electronic and replacement parts
common

for television receivers and other electrical circuits. Pro¬
ceeds—For

general corporate purposes. Office—600 In¬
Ave., Paramus, N. J. Underwriter—General Se¬
curities Co., Inc., 101 West 57th St., New York City.

dustrial

•

Real Estate

Investment Trust of America

(6/15)

March 31, 1961 filed 500,000 shares of beneficial interest
in the Trust. Price—To be supplied by amendment. Busi¬
ness—The Trust which was organized in 1955 to acquire
the

three

of

assets

Massachusetts

business

trusts

now

holds real estate properties in 12 states and the District
of Columbia.
Proceeds
For investment.
Office — 294
—

Washington

St., Boston, Mass. Underwriters — Paine,
Webber, Jackson & Curtis; Kidder, Peabody & Co., and
Lee Higginson Corp., all of New York City.
Recco, Inc.
17, 1961 (letter of notification)) 60,000 shares of
class A common stock
(par one cent). Price—$5 per
share. Proceeds—To open a new licensed department in
1961. Office—1211 Walnut St., Kansas City, Mo. Under¬
writer—Midland Securities Co., Kansas City, Mo.
April

Recreation

March 16,

warrants,

and

common

Enterprises, Inc.

per

(6/7)

1961 filed 110,000 units of common stock and
each unit to consist of one share of class A
two

stock

common

purchase

warrants

for

(one exercisable at $5.50

share for 18 months and the other at $6

per

share

within 36

months).
Price—$5 per unit.
Business—The
company plans to operate a chain of bowling alleys in
the midwestern states, initially in Missouri and Kansas.

Proceeds—For the building of bowling centers. Office—
6000 Independence Ave., Kansas City, Mo. Underwriter
—I. M. Simon
•

Reher

&

Co., St. Louis, Mo.

Simmons

Research

Inc.

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For

plant construction, equipment, research
development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., New York City (man¬
and

aging).
•

Renaire

March

Foods, Inc. (5/29)
I.
filed $600,000 of debentures, 6V2% con¬
series due 1976. to be offered for public sale by

30,

vertible

1961

the company and 125,000 shares of common stock, (par
of which 100,000 shares are to be offered for sale by

$1)
the
and 25,000 outstanding shares by the present

company

the

thereof.

Price—At

debentures

and

100%

$6

per

of

principal

share

for

amount,
stock.

the

Business—rne retail distribution of food freezers, frozen

foods, groceries, vitamins, proprietary medicines and
sundries, principally in the Philadelphia and Baltimore
trading areas. Proceeds—For construction, the purchase
of installment

share. Business—The design,
manufacture and sale of power supply equipment tor the
conversion of commercial AC power.
Proceeds—To re¬
Price—$2

—

accounts

,

Instrument

1961

common

for

31, 1961 filed 500,000 shares of common stock (par

cents).

—

withdrawn.

ness—The

holders

Underwriter—None.

Power

March

For

payable, to purchase
equipment and for general corporate purposes. Office—
c/o F. J. Perez-Almiroty, 1764 Ponce de Leon Ave., San
Juan, Puerto Rico. Underwriter—Investment Securities
Co. of Maryland, Inc., Baltimore, Md. Note—This letter

of

large

shares

stock

Proceeds

company's $1,200,000 of 5%
$3 per share, in all cases.

plastic containers.
Proceeds—To discharge the indebtedness represented by
Plasticon's 5% promissory notes, with the balance for
more
equipment and facilities.
Office — Minneapolis,
Minn.

(letter

the purchase of class A common

»

(par $1). Price—$5.50

Bldg., Washington, D.
Washington, D. C.

shares

industries. Proceeds—For the construction of two

Services, Inc.
(letter of notification) 16,000

1961
stock

are

sales

(no par).

for construction, working capital and, general
purposes.
Office—921-1001 Riverside Drive,
Burbank, Calif. Underwriter—Fairman & Co., Los An¬
geles, Calif.

shares

for

shares

corporate

plans to engage in the business of developing and print¬
ing color film primarily for the motion picture and tele¬
to

four

—To pay

May

machines

each

Center, Inc.
(letter of notification) 100,000 shares of
Price—$3 per share. Proceeds

1961
stock

common

Feb. 24, 1961 filed 200,000 shares of common stock (par
20 cents). Price—$4 per share. Business—The company

vision

for

Underwriter—L. D. Sherman & Co., New York City.

•

—One Maiden Lane, New York City. Underwriter—G. F.
Nicholls & Co., Inc., New York City. Offering — Ex¬

about

shares

new

supplied by amendment. Business—
design, development and manufacture of optical
electro-optical systems and components used in

metry and optical scanning devices. Proceeds — For
working capital, research and development, and new
equipment.
Office—134-08 36th Road. Flushing N. Y.

stock.

common

only convertible debentures and
U. S. Treasury bonds. Proceeds^—For investment. Office

pected

three
be

—

manufacture and sale of synthetic rubber
caulking com¬

,

Lane

April
fund

of

Pickwick Recreation

notification)

50,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds—
To repay loans, purchase equipment and raw materials
and for working
capital. Address—P. O. Box 2430, Sara¬
sota, Fla. Underwriter—None.
/
•

and

basis

Price—To

aerial reconnaissance, photo-interpretation, photo-gram-

Sarasota, Inc.
(letter

S.

Moseley & Co., Boston, Mass., and
Paine, Webber, Jackson & Curtis, New York City.

10

Columbus, Ohio.

Old

due

general

League Baseball Club of Milwaukee, Inc.
Proceeds—To repay loans and for general corporate pur¬
poses. Office — 73 Mt. Wayte Ave., Framingham, Mass.

liability

tributor—The Ohio Co.,

and

Permian

Inc.

filed 2,000,000 shares

to

shares for securities of

Business—The

kit¬

which

—

May

March

of

cabinets

(5/29-6/2)
filed 283,200 shares of common stock
(par $2), of which 120,000 shares are to be offered for
public sale by the company and 163,200 outstanding
shares by the present holders thereof. Price
To be
supplied by amendment. Business—The development,

27,

ic Q-Line

construction

Proceeds—For

debt.

Products

March

share.

shares held.

types of wood

equipment, plant expansion and
78 Livingston St., Brooklyn,
Underwriter—Hayden, Stone & Co., New York City
(managing).

tures due June

10

supplied by

new

working capital. Office

common

common

be

manufacturer

N. Y.

A

for each

Price—To

contract

sells to builders, contractors and distribu¬

company

class

1, 1981 to be offered for subscription by
stockholders on the basis of one $100 debenture

other

tors. Proceeds—For

March 30, 1961 filed $600,000 of 5V2% convertible deben¬

amendment.

of

and

1961

due

1991.

cabinets

6,

April 14, 1961 filed $30,000,000 of first mortgage bonds,
ment

tne

thereof.

Business—A

Feb.

shares held of record

May 22. Price—$25.25 per
Underwriter—A. C. Allyn

holders

present

chen

•

Pennsylvania & Southern Gas Co.

—

Northwestern

the

amendment.

41

and

contracts resulting

timore Pike, Springfield. Pa.
&

from the sales of food

Office—770 Bal¬
Underwriter—P. W. Brooks

freezers, and for working capital.

Co., Inc., New York City.
Rocket

March 20,

Jet

Engineering

Corp.

(5/22)

1961 filed 110,000 outstanding shares of com¬

stock

Price—To be supplied by
The design, development and
escape and survival equipment used in
military aircraft. Proceeds—For the selling stockholders.

mon

amendment.

manufacture

(par

75

cents).

Business,

—

of

Continued

on

page

42

42

The Commercial and Financial Chronicle

(2202)

Continued

sale

from page 41

by the

South Flower Street, Glendale, Calif.

Office—1426

Un¬

Jay, Winston & Co., Inc., Beverly

derwriters—Thomas

Co., New York

and Maltz, Greenwald &

Hills,

Calif.,

City.

The latter firm will handle the books in the East.

Rockower Brothers,

Price

thereof.

holders

present

—

To

be

supplied

Proceeds—For the selling stockholders. Office
Lehigh Avenue, Philadelphia. Underwriter
& Co., Philadelphia.

clothing.

West

—160

—Drexel

Ruth Outdoor

Advertising Co., Inc. (5/31)
March 10, 1961 (letter of notification) 80,000 shares of
class A stock (par 10 cents). Price—$3 per share. Busi¬
ness—Outdoor advertising.
Proceeds—For general cor¬

Address — R. D. No. 2, Albany, N. Y.
Underwriter—Lewis & Stoehr, New York, N. Y.
porate purposes.
Louis

St.

Olive

St. Louis, Mo. Underwriters—
Hornblower & Weeks, New York City and I. M. Simon
& Co., St. Louis (co-managers).
Offering—Expected in

March

29, 1961 filed 80,600 shares of common stock (par
$4), of which 15,000 shares are to be offered for public
sale by the company and 65,600 outstanding shares by
the present holder thereof. Price—$10 per share. Busi¬
ness—The design, assembly, manufacture and sale of a
variety of plastic toys and games. Proceeds—For work¬
ing capital. Office—650 Ottawa Ave., North, Minneapolis,
Minn. Underwriter
Paine, Webber, Jackson & Curtis,
New York City (managing).
—

Schneider

real

plant expansion and working capital.
Office—
Whittier, Calif.
Underwriter — C. E. Unterberg,.
Co., New York City.

Shasta

120,000 shares of class A common

allied

business and

estate

Bank

activities.

Proceeds

Office—67 West 44th
Underwriters—Brand, Grumet
Seigel, Inc., and Kesselman & Co., Inc., both of New
general corporate purposes.

75,000 shares of
common
stock (par one cent).
Price — $4 per share.
Business—The manufacture of high altitude breathing
and ventilation

of

advertising

inventory,

and

vV':v

town. N. J.

March

29, 1961 filed 1,096 of limited partnership shares.
$5,000 per unit. Business — The company was

in

March

on

15, 1961 to acquire the Hotel Sherman
Proceeds—To purchase the above property.

Chicago.

Office—10

E.

40th

Street, New York City.

Underwriter
";
V,

—None.
•

May 9, 1961 filed 450,000 shares of common stock. Price

share. Business—A small business investment

company* ^Proceeds—For investment. Office—^Juniper
Walnut Sts.,- Philadelphia, Pa. Underwriters—Blair

&
&
Co., Inc., New York City; Stroud & Co., Inc., and Wood¬
cock, Moyer, Fricke & French, Philadelphia, Pa.

York

Sica

Skiffs, Inc. (5/31)
1961 filed 100,000 shares of
Price—To be supplied
by amendment.
April

19,

manufacture

boat.

motor

sale

and

skiffs"

"sea

of

Proceeds—For

the

stock.

common

Business—The
type of inboard

a

repayment

of

debt, the
development of retail outlets, property improvement,
and working capital. Office—Toms River, N. J. Under¬
writer—Warner, Jennings, Mandel & Longstreth, Phila¬
delphia (managing).
Sierra

Pacific

Power

Co.

the basis of

on

record

May

one

2,

share.

per

common

stock¬

share for each 12 shares

new

rights

with

stock (par

common

$3.75) being offered for subscription by
of

expire

to

Proceeds—For

by stockholders on the basis of four
shares held, with the unsubscribed

the

May

22.

repayment

Office—220

of

South Vir¬

ginia Street, Reno, Nev. Underwriter—None.
Solar Systems, Inc.
April 20, 1961 (letter of notification) 125,000 shares of
common stock (par 10 cents).
Price—$2 per share. Pro¬
ceeds—To repay short term notes,
for additional in¬
ventory, advertising, and working capital. Office—11936

Street, North Hollywood, Calif. Underwriters—
Darius, Inc., New York, N. Y.
and N. A. Hart & Co.,
Bayside, N. Y.

—

production and marketing of new products,- and
working capital.
Office—121 Fairfax Drive, Falls
Church, Va. Underwriter—Hodgdon & Co., Inc., Wash¬
ington, D. C. Offering—Expected in early June.
debt,
for

•

Lad

Scot

March
Price

(5/2^3)

Inc.

1961 filed 250,000 sliares of common stock.
be supplied by amendment. Business — The

28,

—

Foods,

To

packaging of food products for supermarkets.
—The net

Proceeds

proceeds, estimated at $2,185,000, will be ap¬

to outstanding indebtedness, with the balance to
to working capital.
Office—Chicago, 111. Un¬
derwriter—Hayden, Stone & Co., New York City (man¬

plied
be

added

aging).
Seaboard

Electronic Corp.

100,000 outstanding shares of com¬
be offered for public sale by the present

1961 filed

stock

to

thereof.

holders

Price—$5.50 per share. Business—The
manufacture of warning signals, control box^s, intervalometers and related equipment for aircraft and mis¬
sile application. Proceeds—For the selling stockholders.
Canal

Office—417

—Amos Treat &
•

Search

Street, New York City. Underwriter
Co., Inc., New York City (managing).

Investments

Corp. (6/12)
filed 1,000,000 shares of common stock. Price
share. Business—A non-diversified closed-end

Jan. 4, 1961

—$1

per

investment
and

for

investments.

nated

—

Office—1620

For

working

Rand

capital

Tower, Minne¬

Underwriter—None.

Securities

27,

Proceeds

company.

apolis, Minn.
Jan.

Sony Corp.
28, 1961 filed

inventories; marketing and general
Office—10 Pine St,, lvlorristown, N.

50

(par

Credit Corp.

filed

1961

debentures.

$3,000,000
Price

Business—The company

of 6%

100%

series A

subordi¬

of

principal amount.
and its subsidiaries are engaged
—

in the retail

financing of new and used automobiles, mo¬
homes, appliances, furniture and farm equipment for
purcha:ers, and the wholesale financing of dealers' in¬

bile

ventories of such automobiles and direct

lending to con¬
sumers, and the writing of automobile, credit life, and
other types of insurance.
Proceeds—For working capi¬
tal.
Office—1100 Bannock Street, Denver, Colo. Under¬

yen).

The

shares

underwriters

of

will

deliver

to

pur¬

re¬

ceivers, magnetic tape recorders and other electronic
equipment. Proceeds — For expansion. Office — Tokyo,
Japan.
Underwriters—Smith, Barney & Co., and The
Securities

Co.,

Ltd.,

both

New

of

York

City.

common

stock

(par

to be offered for subscription by common stock¬
resident in the U. S., on the basis of one new

share for each share held of record

(about 14 cents). Business

—

March

Price—At

1.

The manufacture

and

sale of transistorized radio and television receivers, mag¬
netic tape recorders and
other electronic equipment.

Proceed^—For expansion. Office—Tokyo, Japan. Under¬
writer—None.

els, varnishes and allied products in the Southern Cali¬
area. Proceeds—For
the repayment of debt, theretirement of outstanding 8%
debentures and for ex--

fornia

Southern

8,

Electric

1961

Generating Co.

(6/15)

filed

$20,000,000 of first mortgage bonds
1, 1992. Proceeds—For construction. Office—
600 North 18th Street, Birmingham, Ala.
Underwriters

due June

—To

be

determined

competitive

by

bidding.

Lynch, Pierce,
Inc. (jointly);
Morgan Stanley & Co.; White, Weld & Co., and Kidder,
Peabody & Co. (jointly); Eastman Dillon, Union Secu¬
rities & Co.; Equitable Securities Corp., and Drexel &
Co., (jointly); First Boston Corp. Bids—To be received
15

at

11

(DST)

a.m.

nue, New York City.
for June 12 at 3 p.m.,

in Room 1600, 250 Park Ave¬

Information

(DST)

on

Meeting—Scheduled

5th floor of 55

Wall

Street, New York City.
Southland

March 28,

Life

Insurance

basis of

writer—None.

—To

Security Acceptance Corp.
7, 1961 filed 100,000 shares of class A common
stock and $400,000 of
10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The

chase

Co.

(6/5-9)

1961 filed 80,000 shares of

be offered to holders of the
one

be

by

the

55%

of

amendment.

the

outstanding

March

Carolina

purchase

stock, to

common

on

the

shares held.

Price

Proceeds—To

pur¬

stock

common

of

• Special Metals, Inc.
May 16, 1961 filed $2,656,250

of conditional sales

Life

subordinated

writer—None.

sale

Proceeds

Servonic

—

For

Instruments,

April

Inc.

26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public




Insurance

Co.

not

heretofore

owned

by
the issuer.
Office—Dallas, Texas. Underwriter—Equi¬
table Securities Corp., Nashville, Tenn.
(managing).

contracts on home appli¬
working capital and expansion.
Office—724 9th St., N. W., Washington, D. C.
Under¬

ances.

York

New

shares of

in

shares.
—The
sion of

common

units

of

$50

due

of debentures- and

three

Price—To be supplied by amendment.
company

190th St., Torrance, Calif.
Allen & Co., both-

4300 W.

in

(managing). Offering—Expected

Security

Standard

Life

Insurance

Co. of N. Y.

filed 162,000 shares of common stock)
to be offered for subscription by holders of common and
class A stock on the basis of two new shares for each five,
shares held.
Price —To -be supplied by amendment..
Business—The writing of life, accident and health in-,
surance.
Proceeds—For general corporate purposes. Of¬
fice—Ill Fifth Avenue, New York City. Underwriter-^
March

1961

27,

None.
•

..'A

Stocker & Yale,

"•".v1.

■

Inc.

(letter of notification) 100,000 shares of
stock, Price—$3 per share. Business—
Manufacturers of precision dimensional measuring de-'
vices and developers of optical and audio-visual equip¬

March

30, 1961

common

no-par

.

expansion
capital.
Office —
40 Green St., Marblehead, Mass.
Underwriter — First
Weber Securities Corp., 79 Wall Street, New York City.
of

•

product development,

Proceeds—New

marketing program, and working

Stratton

Corp.

(6/5-9)

1961 filed $650,000 of 5% convertible subordi¬
debentures, due Dec. 1, 1981. Price—At 100% of
principal amount. Business—The development and op¬
eration of a winter and summer recreational resort on

March 3,
nated

southern Vermont. Proceeds—For'
Office—South Londonderry, Vt. Under¬

Stratton Mountain in

construction.

writer—Cooley & Co., Hartford, Conn.

Straus-Duparquet Inc.

.

(

Sept. 28, 1960 fiiea $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
City. Underwriters—John R.

York

Boland & Co., New

and Paul C. Kimball & Co. (Chicago).

Valley Associates

Sun

1961 (letter of notification) $205,000 of lim¬
partnership interests to be offered in units of $5,000,
fractional units of not less than $2,500. Proceeds—For

March

30,

ited
or

Address

working capital.
writer—First

—

,

Sunnyside Telephone Co.
April

Under¬

Harlingen, Texas.

Realty Syndicators, HE. 44th Street, New

York, N. Y.

,

>

•

(letter of notification) 87,664 shares of
(par $1). Price—$1.50 per share. Proceeds,
building and equipment. Address—Clack¬

1961

13,

stock

a

new

amas,

Oreg. Underwriter—June S. Jones Co., Portland,

Oreg.

common

Business

has contracted to buy the Metals Divi¬

Kelsey-Hayes Co., and will produce special high

Food Services,

Super

Inc.

April 14, 1961 filed 60,000 shares of common stock (par
cent), of which 30,000 shaies are to be offered for
public sale by the company and 30,000 outstanding shares
by the present holders thereof. Price—To be supplied by
one

amendment. Business—The company and
distribute

food

IGA

its subsidiaries

products«to about 643 independently,
grocery stores in Ohio, Florida, New

retail

York, New Jersey and Michigan. Proceeds—Fpr working
capital. Office—105 South LaSalle St., Chicago, 111. Un¬
derwriter
Shearson, Hammill & Co., New Y'ork City
(managing). Offering—Expected in late May.
—

Supermarkets Operating Co.

May 10, 1961 filed 125,000 shares of common stock. Price
—To be supplied by amendment. Business—The opera¬
tion of a chain of "Shop-Rite" supermarkets and the
production
and
marketing
of
"Huber's
Sunbeam"
bakery products. Proceeds — For working capital, and
general corporate purposes. Office—1416 Morris Ave.,
Union, N. J. Underwriters—Robert Garrett & Sons, Bal¬
timore, Md., and G. H. Walker & Co., New York City.
•

Superstition Mountain Enterprises,
(7/10-14)

Price

30,
—

formed

foot
Ariz.

1961
$2.50

Inc.

filed 2,000,000 shares of common stock.
share. Business — The company was

per

in

of

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

It has developed

part of the property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro¬
ductions.

property.

principal amount of 6%
July 1, 1976 and 159,375
stock (par $2) to be offered for public

debentures

City

June.

Jan.

common

outstanding

share for each five

new

supplied

—

Underwriters—Sutro Bros. & Co., and

Previous

bidders: Halsey, Stuart & Co. Inc.; Merrill
& Smith Inc.-and Blyth & Co.,

Fenner

June

Office

pansion.

owned

May

/

Paint Co.

—For

Sony Corp.
May 3, 1961 filed 798,200 shares of

par

J. Underwriter—E.:

Conn.

common

Offering—Expected in late June.

50 yen)

corporate purposes.

May 2, 1961 filed 265,000 shares of common stock (par'
$1). Price—To be supplied by amendment. Business—
The manufacture and direct retail sale of paints, enam¬

stock

common

facture and sale of transistorized radio and television

Nomura

& Co., Hartford,

Standard Brands

York City

2,000,000

chasers, ADR's evidencing American Depositary Shares
(each representing 10 shares of Sony common). Price
—To be supplied by amendment. Business—The manu¬

holders

April 26,
mon

•

April

shares for each five
shares to be sold to

public. Price—To stockholders, $100 per share; to
the public, $110 per share. Business—Manufacturers of;
Pharmaceuticals. Proceeds — For testing new products,
the

Valerio

Inc.
28, 1961 filed 75,000 shares of common stock.
Price
To be supplied by amendment. Business — The
research and development of projects for agencies of the
U.
S.
Government.
Proceeds—For the repayment of
Scope,

March

(managing).

City

ment.

April 10, 1961 filed 132,570 shares of

engines.

it Spencer Laboratories, Inc.
May 1, 1961 (letter of notification) 1,624 shares of class
A common stock (no par) to be offered for subscription

—

formed

Thursday, May 18, 1961

.

melting for use in
Proceeds—To repay a bank .loan. •
Office —New Hartford, N. Y.
Underwriters—White,;
Weld & Co., Inc., and Lehman Brothers, both of New -

of

bank loans and for construction.

Corp.

Capital

Co.

Sherman

Price—$29

City. Offering—Expected in late May.

per

purchase

improvement,

working
capital.
Office — 787 Bruckner Boulevard,
Bronxj N. Y. Underwriter—L. C. Wegard & Co., Levit-

&

—$8

equipment. Proceeds—For repayment ot
equipment, research and development, plant

.

temperature metal alloys by vacuum
jet aircraft

T. Andrews

Shepard Airtronics, Inc. •
April 26, 1961 (letter of notification)

held

Science

Co.

Bldg., Salt Lake City, Utah. Underwriter—None.

holders

•

Chemical

&

ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker

Street, New York City.
York

Minerals

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬

March 24,

on

—For

Corp.

J.)

Price—$5 per share. Business—Organ¬
1961, the company plans to engage in

10 cents).

(par
the

(Waiter

1961 filed

30,

equip¬

new

Towbin

Price

(5/22-26)

Schaper Manufacturing Co., Inc.

ized

1644

Proceeds—For

uses.

St.,

early June.

March

industrial and scientific

loans; new

Capital, Inc.

April 11, 1961 filed 750,000 shares of common stock (par
$1). Price—$10 per share. Business—A new small busi¬
ness investment company.
Proceeds — For investment.
Office—611

research, design, development, manufac¬
precision devices consisting primarily of
electromechanical transducers, for a variety of military,
ture and sale of

by

Business—The retail sale of men's and boys'

amendment.

Price—To

Business—The

ment,

Inc.

May 1, 1961 filed 140,000 outstanding shares of common
stock (par 30 cents) to be offered for public sale by the

and 45,000 shares by the presentbe supplied by amendment.

company

thereof.

holders

.

purchase and develop additional
Office—Apache Junction, Ariz. Underwriter

Proceeds—To

—None.
Suval

Industries

Inc.

April 27, 1961 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for public sale
by the company and 25,000 outstanding shares by the
present holders thereof. Price—$4 per share. Business—
The manufacture of supported

vinyl plastic sheeting for

M
Volume

193

Number 6056

.

.

.

The Commercial and Financial Chronicle

the automobile, furniture and clothing industries. Pro¬
ceeds—For additional equipment, product expansion and

Thor

-

April

Power

Tool

(2203)

Co.

working capital.
Office—Cantiagua Road, Westbury,
N. Y.
Underwriters
Milton D. Blauner &

tools

&

ij
II

If
i,f
i

other industrial

and

short-term

•

and 50,000 class A warrants to purchase common
stock to be offered for public sale in units
consisting of
$240 of debentures, 50 common shares and 20 warrants.
Price — $640 per unit.
Business — The construction of
stock

,

bank

Toledo Plaza Limited

Partnership

(5/29)

April 7, 1961 filed $522,500 of interests in the partner¬
ship to be offered for public sale in 209 units. Price—
$2,500 per unit. Business—The partnership was organ¬
ized

Underwriter

in

&

May, 1961. Proceeds—For the purchase of the above
property. Office—1411 K St., N. W., Washington, D. C.
Underwriter—Hodgdon & Co., Inc., Washington, D. C.

Co., New York

(managing). Offering—Expected in June.

City

Taffet

Electronics, Inc. (6/30)
1961 filed 132,000 shares of

28.

April
Price

—

$3

share.

per

Business

—

The

Trans World

stock.

common

manufacture

Airlines, Inc.
March 30, 1961 filed $111,235,900 of 6V2% subordinated
income debentures, due 1978, with
warrants, to be of¬

of

electronic

equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the
fabrication
the

in

of

electronic

components, for

communications field.

equipment,

use

Proceeds—For

fered

Y.

N.

primarily
additional

shares held. Price—To be supplied by amendment. Pro¬

capital improvements and working capital.
Brooklyn Queens Expressway, Woodside,

Underwriters—Fialkov

&

Co.,

ceeds

Stanley Relier & Co., Amos Treat & Co., Inc., all of New
York

City.

Tassette,

Feb.

Inc.

(5/31)

share. Business—The company

per

under

Delaware law

and sale of

in

"Tassette,"

Proceeds—For

1959

to

finance

was

research

and

for

debentures, if any, to provide
$100,000,000. Offering—Ex¬

least

company

March

administrative

15, 1961

Investment Co.

(letter of notification) 120,000 shares oi
$1). Price—$2.50 per share. Pro¬

stock

common

(par

ceeds—For advances to subsidiaries.

expenses.

Office—170 Atlantic St., Stamford, Conn.. Underwriter—
Amos Treat & Co., Inc., New York City (managing);

Office—278 S. Main

Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building,
Salt
Lake City, Utah.

Corp., New York City.

•

Tax-Exempt Public Bond Trust Fund
Jan.

Trice—To be

computed

on

(5,000 units).
the basis of the trustees eval¬

of
the underlying public bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago,
111., to invest in

Nuveen

&

The

be¬

lieved to be exempted from Federal income taxes. Pro¬
ceeds— For investment.
Office —135 South La Salle

Sponsor—John Nuveen & Co., Chi-

Temp'eton, Damroth Corp.

March 30,

convertible.,

Of

the

amount.

Business

—

$1,500,000 of debentures, $1,260,000
Price—100% of the principal
The

management

distribution

and

of shares of four investment companies, and also

investment counselling.
efforts

and

pany,

for

>

-

private

general corporate purposes. Office—630
Underwriter—Hecker &
is underwriting $445,000 of the de¬

Philadelphia

bentures.

holders

per

for

new

of

the

outstanding

share for each

nine

common

on

shares held.

the

pany's

for the public offering and $11.40
rights offering. Proceeds—To finance
activities of providing equity capital

term loans to small business

concerns.

Tenn.

Underwriter—Paine, Webber,
New York City (managing).
,

Terry

basis

of

Prices—$12.50

share
the

per

share

the

com¬

and

long

Office—Nashville,
Jackson & Curtis,

•'

Industries, Inc.

Feb. 28, 1961 filed 1,728,337 shares of common stock of
which 557.333 shares are to be offered for the account
of

the issuing

company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for

of the present

heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The

balance of the proceeds will be used to pay past
legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I„ N. Y. Underwriter — (For the
due

company's

shares

only)

York City.
•

_

Greenfield

&

Co.,

Inc..
;

Therm-Air

New
\

•

Mfg. Co., Inc.
(letter of notification) 60,000 shares of
common stock
(par 10 cents). Price—$5 per share. Busi¬
ness—Manufacturers of self-contained
packaged tem¬
perature and humidity control equipment, Proceeds-—
For general corporate purposes.
Address — Peekskill.y
N. Y. Underwriter
Harry Odzer Co., New York, N. Y.
Offering—Imminent.
April

11,

1961

—




precision

instruments

and

25

cents).

400,000
62V2

Price

—

shares
cents

of

Co., Washington, D. C.

Car

Tank

Co.

April 28, 1961 filed $40,000,000 of sinking fund deben¬
tures
due/Aug. 1,1986.
Business—The furnishing of
railway tanks cars to shippers of petroleum products and
liquids.

loan.

Office—228 N.

Proceeds—For
La

the retirement of

a

bank

Salle

Street, Chicago, 111. Un¬
derwriters—Smith, Barney & Co. Inc., and Blunt Ellis &
Simmons, Chicago (managing). Offering—Expected in
late May.
U.

S.

Fiberglass

and shipper of

grower

Tne

Vanl-

potatoes and

now being constructed for the proc¬
Proceeds—For the repayment ot debt
capital.
Office — Easton, Maine.
Under¬

essing of potatoes.
and

working

writer—Pistell, Crow, Inc., New York City (managing).
•

Varian Associates

May 1, 1961 filed 347,883 shares of capital stock to be of¬
fered for subscription by shareholders on the bas.s-of
one

share

new

for

each

10

shares

held.

Price—To

be

supplied by amendment.

Business—The design, manu¬
facture and sale of microwave
tubes, and electronic com¬

ponents and systems for military, commercial and indus¬
trial

Proceeds—For

use.

new

a

plant,

equipment,

the

repayment of bank loans and for working capital. Office
—611 Hansen
Way, Palo Alto, Calif. Underwriter—Dean
Witter & Co., San Francisco

(managing). Offering—Ex¬

pected in June.
Varicraft Industries, Inc.
May 4, 1961 refiled 120,000 shares of common stock (par
5(£), of which 100,000 shares are to be offered for the
account of the issuing company and
20,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
underwriter as selling stockholder. Price—
supplied by amendment. Proceeds — To reduce
outstanding indebtedness, for expansion, and for gen¬
be

eral corporate purposes.

Office—45th and Crescent Blvd.,

Pennsauken, N. J. Underwriter—Peter Herbert Co., Inc.,
150 Broadway, New York City.
Vector
March

3,

common

Engineering, Inc. (5/29)
(letter of notification)

1961
stock

(par 10 cents).

Provides

ceeds— For

50,000

Price—$6

per

shares

share.

engineering and design services.

general

corporate

purposes.

Washington Street, Newark, N. J.
Securities Corp., New York. N. Y.

Office

of

Busi¬

Pro¬
—

155

Underwriter—Omega

★ Verlant Automonitor Corp.

May

8,

common

1961
stock

(letter of notification) 90,000 shares of
(par one cent). Price—$2 per share. Pro¬

ceeds—To repay

April

27,
Price—$2

filed 200,000 shares of common stock.
share. Business—The company plans to
fiberglass shingles, beams, purlin and other

1961
per

manufacture

Proceeds

—

For

$3,125

working

capital,

inventory

equipment, and sales promotion.
Office — Clarkville,'Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.

one

share of stock and

one

warrant.

Price—

unit. Business—The design, development and
sale of versatile
automatic
equipment for packaging
items in special heat-shrinkable film. Proceeds—To re¬
pay loans, for additional equipment and inventory; and
per

for

working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
York City.
^ Vic Tanny Enterprises, Inc.
11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
by the present holder thereof. Price—To be supplied by
amendments Business—The operation of a national chain
of gymnasiums and health centers for men and women.
May

Proceeds—The company

will use its part of the proceeds
opening of new gymnasiums and the promotion
equipment. Office—375 Park Ave., New
York City. Underwriter—S. D. Fuller & Co., New York

for

Products Co.

and

May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
one

a

Maine
plant

stock.
—

150,000 five-year warrants, to be offered for public sale

materials.

• Tennessee Investors Inc.

to

(par

other
.

Third Avenue, New York City.

Co.,

common

in units of

finance com-,

new

a

of

^ Yurbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Union

Proceeds—To increase the sales

of.subsidiaries, to establish

shares

Versapak Film & Packaging Machinery Corpa > V
March 30, 1961 filed 150,000 shares of common stock and

stock

T. J. McDonald &

presently outstanding.

a

operate

300,000

by amendment. Business
acquire the business of F. H.

to

per

convertible de¬

bentures, due 1969, with 120,000 shares of class A com¬
mon
stock
(non-voting) -and 12,000 shares of class B
common
(voting) stock, into which the debentures are
are

-

(5/31)

1961 filed $1,500,000 of 5Y2%

sing, Inc.,
to

filed

be supplied

plans

Co., Inc., Seattle, Wash.

—The fund will invest in interest bearing obligations of
states, counties, municipalities and territories of the

•

1961

To

a loan, purchase equipment; for plant
expansion, and working capital. Office — 8525 Steller
Dr., Culver City, Calif. Underwriter—*D.v.E. Liederman
& Co., Inc., New York;.N. Y.

common

Street, Chicago, 111.
cago, 111.

Underwriter—

share. Proceeds—For mining expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &

ther United States.
Sponsor — John
Co;, 135 South La Salle Street, Chicago, 111.

are

of

Proceeds—For

Tungsten Mountain Mining Co.
April 7, 1961 (letter of notification)

of

S., and political subdivisions thereof which

manufacture

equipment, inventory, the
repayment of debt, and working capital. Office—Oak
Drive and Cedar Place, Syosset, L. I., N. Y. Underwriter
—Armstrong & Co., Inc., New York City.

Tax-Exempt Public Bond Trust Fund, Series 2
Feb. 23, 1961 filed $10,000,000 (10,000 units) ownership
certificates. Price—To be filed by amendment. Business

U.

24,
—

ness—

1961

components.

tax-exempt obligations of states, counties, municipalities
territories

—

(6/13)

(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬

common
ness

uation

and

Tr?ang?e Instrument Co.

March 30,

16, 1S61 filed $5,000,000 of interests

Street, Winona, Minn.
Co., Inc., Minneapolis, Minn.

Vahlsing, Inc.
April
Price

To

Transcontinental

stock, by the selling stockholders.
share. Proceeds — For working capital.

per

count of the

organized

the

advertising

opment, medical

unsubscribed

with at
pected in late May.

exploitation
patented feminine hygiene aid.
and promotion, market devel¬

a

the

the

15, 1961 filed 200,000 shares of class A stock. Price

—$12

—

ing trust certificates representing 78.23% of the com¬
pany's outstanding stock, has agreed to purchase enough
of

•

For

repayment of debt and general corporate
purposes. Office — 380 Madison Ave., New York City.
Underwriter—None. Hughes Tool Co., which owns vot¬

(managing);

inc.

for

subscription by stockholders on the basis of
$100 principal amount of debentures for each 6 common

Office—27-01

$2

company

under Maryland law in April 1961 to
acquire, de¬
velop and operate the Toledo Plaza apartment project in
Prince George County, Md., scheduled. for
occupancy

Myron A. Lomasney

—

Naftalin &

—

bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N. Y.
—

Price

Office—516 W. 4th

products. Proceeds—To retire

loans. Orfice
175 North State St.,
Aurora, 111. Underwriter—Hornblower & Weeks, New
York City (managing).
Offering—Expected in mid-June.

Bowling & Leasing Corp.

March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971, 125,000 shares Of common

f'l

1, 1981. Price—To be supplied
Business—The manufacture of portable

by amendment.

—

Co., and
Co., both of New York City. Offering—
Expected about mid-June.
Taddeo

pj

convert¬

ible debentures due June

Brukenfeld

'-■•"I

outstanding shares,

1961 filed $4,000,000 of subordinated

19,

43

the

of home exercise

City. Offering—Expected in early July.

Virginia Chemicals &

(6/6)
stock, of
which 50,000 shares will be offered for the account of the
company and 85,000 outstanding shares for the selling
stockholders.
Price
To be supplied by amendment.
Business—The manufacture of industrial chemicals, re¬
frigerants and aerosol insecticides. Proceeds—For expan¬
sion. Office—Norfolk, Va. Underwriter—White, Weld &
Co., New York City (managing).
Smelting Co.

April 18, 1961 filed 135,000 shares of

common

—

ir U. S. Home & Development Corp.
J
May 11, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business — The
planning, development and marketing of single-familyhome communities in New Jersey. Proceeds—For the
repayment of loans, purchase of land and development
of properties. Office — 52 Neil Ave., Lakewood, N. J.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C., and New York City.
•

U.

S.

Mfg. & Galvanizing Corp. (6/6)
(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds— To reduce current liabilities, sales promotion,

Jan.

3,

1961

purchase inventory, and
5165

E.

11th

for working capital.
Office—
Underwriter—Arm¬

Avenue, Hialeah, Fla.

strong & Co., Inc., 15 William St., New York, N. Y.
U.

S.

Realty Investment Trust

March 30, 1961 filed
in

(5/29)

ership of diversified real estate properties. Proceeds—
For investment.
Office—720 Euclid Ave., Cleveland, O.
Hornblower & Weeks, New York City
—

(managing).
-United

Annuities

Fund,

Inc.

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per

share. Business—A new mutual fund. Proceeds—For
9th Street, Kansas City, Mo.

investment.-Office—20 W.
Underwriter—Waddell

Offering—Expected
•

Universal

Feb.

23,. 1961

common

to

&

Reed, Inc., Kansas
in the fall of 1961.

City,

Mo.

.

Manufacturing Co. (6/15)
,
(letter of notification) 135,000 shares of
(par 10 cents) of which 35,000 shares are
for the account of the company and 100,000

sto^k

be offered

mond, Va. Underwriters—To be determined by compe¬
titive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Stone & Webster Securities Corp.; Eastman Dillon,
Union Securities & Co.; Salomon Brothers & Hutzler;
Goldman, Sachs & Co. Bids—To be received on June 13,
1961 at 11 a.m. (DST) on the 23rd floor of One Chase
Manhattan Plaza, New York City. Information Meeting
—Scheduled for June 8 at 11 a.m. (DST) at the above
Waldorf Auto

Leasing, Inc.

(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness—The
rental of automobiles.
Proceeds—For pur¬

March 23,

chase
and

Variab'e

(6/13)

1961 filed $30,000,000 of first and refunding
mortgage bonds, series Q, due June 1, 1991. Proceeds—
For construction. Office—700 East Franklin St., Rich¬
12,

address.

386,975 shares of beneficial interest
share. Business—The own¬

the Trust. Price—$10 per

Underwriter

^ Virginia Electric & Power Co.

May

of

1961

automobiles,

working capital.

advertising and sales promotion,
Office—1712 E. 9th Street, Brook¬

lyn 23, N. Y. Underwriters—Martinelli & Co., Inc.; First
Atlantic Securities Co. and V. K. Osborne & Sons, Inc.,
all

of New York
Walter

Sign

City. Offering—Expected

in late May.

Corp.

March 30, 1961 (letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬

common

ness

—

The

manufacture

and

installation

of

highway

signs. Proceeds—For the reduction of debt, sales promoContinued

on

page

44

44

(2204)

The Commercial and Financial Chronicle

Continued from page

43

Wilier Color Television System,

n
i

tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange
Place, New York 5, N. Y.
•

Waltham

March

Watch

Co.

(5/31)

9,

1961 refiled 100,000 shares of common stock
$2.50) and $600,000 of 16-year convertible bonds

(par

(convertible into common at $6 per share), to be sold
initially to stockholders in units of 25 shares of stock
and $150 \ of debentures. Price—For the
stock: about $8

share; for the debentures: at par. Business — The
importing, assembling, manufacturing and selling of
watches and jewelry. Proceeds
For working capital.
Office—231 South Jefferson
St., Chicago, 111.
Under¬
writer—P. J. Gruber &
Co., Inc., (managing); Underhill
Securities Corp., and Peter Herbert &
Co., Inc., all
of New York
City.

Inc.
(letter of notification) 80,890 shares of cornman stock
(par $1). Price—$3 per share. Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Jan. 29, 1961

Broadway, New York City.
March
Price
sale

Warner

March

Brothers Co.

29,

Price—To

be

manufacture

men's

and

filed

and

sale

women's

packaging.
cent

(5/31)
200,000 shares of
supplied by amendment.

1961

of

women's

shirts,

Proceeds—To

acquisitions.

repay

Office—325

Conn.

Underwriter—Lehman
(managing).

loans

offering

to

22.

common

stock and

3,500 shares.
The company is
shares for subscription by common

114,884

the

on

basis of

of record

Price—$29

new

share for

each

10

May 1, with rights to expire May

share.

per

one

Business—The

distribution

of

natural gas at

retail in the Puget Sound area of Wash¬
ington state. Proceeds—For the repayment of bank loans

*

and for construction.
Office—1507 Fourth Ave., Seattle,
Wash. Underwriters—Dean Witter &
Co., San Francisco;
Blyth & Co., Inc., and Merrill Lynch,

Pierce, Fenner &

Smith Inc., both of New York
City.

Watsco, Inc.
April 13, 1961 filed 155,000 shares of
which 135,000
shares/ are to be offered

common

..

Wayne-George

Corp.
/ ^'/ V-/.-'
March 22, 1961 filed
80,000 shares of common stock (no
par), of which 60,000 shares are to be offered for
public
sale

by the

the

and

company

holders

present

amendment.

Business

manufacture

of

20,000

thereof.
—

digital

payment of debt, new

outstanding shares by
be supplied by
design, development and

Price—To

The

transducers.

Proceeds—For

re¬

equipment, research and develop¬

ment, and

working capital. Office—588 Commonwealth
Ave., Boston, Mass. Underwriter—Hayden, Stone & Co..
New York City.
Offering"—Imminent.
•

Webster

company

Dr., Denver, Colo. Underwriter—Amos
Denver, Colo.

dresses

—

for

The

design, manufacture

girls and

women.

and

sale

Proceeds—For

of

ex¬

pansion, the repayment of loans,
equipment, and work¬
ing capital. Office
1400
—

(managing).

Broadway, New York City
McDonnell & Co.,
Inc., New York City
/

•

Western Growth
Corp.
March 17, 1961 filed

.

(5/29)

202,107 shares of class A common
(par 10 cents), of which 150,000 shares are
to be
for public sale
by the company in units of 10
shares each, and
52,107 outstanding shares by
selling
stockholders after trading
commences.
Price—For the
company's stock: $100 per Unit. For the
selling stock¬
stock

offered

holder:
'
<

At-the-Market.

Business—The

development

of

property in California for single-family
vestment

homes,

in

and

notes

other

Proceeds—For

contracts secured
phases of the real

or

homes, the inby single-family
estate

business

ordinary

expenses, repayment of
Office—636 North La Brea

and

loans

working capital.
Ave
Angeles, Calif. Underwriter—Reese, Scheftel &
Co!'
Inc., New York City.
Los

Western

})

Land

Trust

est

in

the

Fund. Price

shares

of

inter¬

—

—

real

estate




32

of

shares

common

derwriter

To

—

stockholders
New York

sells

Stephens

of precision

parts or stampings principally

industry. Proceeds—For the
inventory; research and develop¬
working capital.
Office—204 North Fifth

of

and

debt;

Street,
Youngwood,
Pa.
Underwriters — BrunoLenchner, Inc., Pittsburgh and Amos Treat & Co., New
York City. Offering—Expected in June.

ATTENTION
have

you

Our

Corp.
Brown

know about

UNDERWRITERS!

issue you're planning to register?

an

Corporation

Would
write

June

14.

May 15, 1961 it was reported that this company plans to
issue about $20,000,000 of first mortgage bonds in late
1961
or
early 1962.
Office — Lexington and Liberty

Baltimore 3, Md. Underwriters—To be deter¬
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co.", and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).
Streets,

by

Brockton

Edison

ern

its

it

News
so

Department

that

telephone

you

us

was

$3,000,000 outstanding preferred with $4,000,000 of

Mass.

can

we

would

prepare

an

like

item

us

at

Underwriters—To

bidding.
Kuhn,

Probable

Loeb

&

2-9570

or

7, N. Y.

offer

is

mem

record

filing

covering

(par 10 cents).

for

production

of

TV

per

films.

and

company

share.

of

plans

common

Proceeds—To

Office —130

W.

57th

Acoustica Associates, Inc.
April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible product lines

equity

financing

expansion

may

program.

be

needed

Business

—

to

The

finance
company

manufactures

ultrasonic cleaning systems
for missile
equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
a product for
gauging the level of liquids. Office—First
National Bidg., Birmingham, Ala. Underwriter—Lehman

Brothers, New York City.
All

1,

shortly

1961

Price—$4

Airways Co.
reported that a "Reg. A" will be
covering 75,000 shares of common stock.

it

per

was

share.

Office—Danbury,

Conn.

Under¬

writer—Edward Lewis Co. Inc., New York
City (manag¬

ing).

subscribe

Office

is

distribution

100

July

of

11.

carbon¬

&

Weeks, and Winslow
City.

Carbonic
Dec.

—

syrups

in the

Park

1960

Cohu

&

Stetson, all of

Equipment Corp.
was reported that

it

a full filing of about
$300,000 of units, consisting of common stock, bonds and
warrants will be made. Proceeds—For expansion of the

8,

N. Y.

Underwriter—R. F. Dowd & Co., Inc.
House

1960 it

Corp.
reported

that

was

a

full filing of this
public offering,

constituting its first
made. Price—Approximately $3
stock,

York

publishing.

City.

Office—9

per

share.

Rockefeller

Busi¬

Plaza,

Underwriter—To be named.

Louisiana

Electric

Co.,

Inc.

21, 1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in the latter part of 1961. Office — 415 Main St.,
Pineville, La. Underwriters—To be named. The last is¬
sue of
bonds on April 21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc.

(joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Fenner & Smith Inc.
(jointly); Halsey, Stuart & Co.,

Inc.; White, Weld & Co.
Colorado

Interstate

Gas

Co.

Oct. 17, 1960 it was reported by Mr.

A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
Office—P. O. Box 1087, Colo¬
rado

Springs, Colo.
Gas

.

System, Inc.

April 24, 1961 it

was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or
$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York 17, N. Y. Underwriters—To be
determined by competitive bidding. Probable bidders on

the

American

Export Lines,

Inc.
reported that this

May 3, 1961 it was
company plans to
sell $18,400,000 of
government insured merchant marine
bonds

Sea

to

and

beverages, extracts and

Canada.

Co'umbia

American

May
filed

entitled

Ave., New York
City. Underwriter—To be named. The last rights offer¬
ing (of common stock) on Aug. 25, 1958 was underwrit¬
ten by Eastman Dillon, Union Securities & Co., Hcrn-

New

Street, New York City. Underwriter—Marshall Co., 40
Exchange Place, New York City. Registration—Expected
in May.

that

those

manufacture

ated and alcoholic

S.

to. an undis¬
registration state-

SEC

Feb.

shares

100,000

Price—$3

debentures. An

expected to be filed in June and the anticipated
date

Business—The

U.

reported that this company plans to

was

stockholders the. right to subscribe

Central

Productions, Inc.
1961, it was reported that this

A"

Kidder, Peabody & Co.;
Stone & Webster Securities

and

if Canada Dry Corp.

Caxton

U.

"Reg.

bidders:

Co.,

business. Office—97-02 Jamaica Ave., Woodhaven,

REctor

at 25 Park Place, New York

Prospective Offerings
March 15,

a

Office—36 Main Street, Brockton,
be determined by competitive

lower dividend issue.

will be

T.

Co.

reported that this subsidiary of East¬
Utilities Associates is considering the refinancing of

May 3, 1961 it

company's

current

Weeks,

City and associates.

if Baltimore Gas & Electric Co.

Jan.' 24,

and

30.

(jointly); Harriman Ripley & Co., Inc. and Alex.
&
Sons
(jointly). Bids — To be received on

New York

similar to those you'll find hereunder.

a

June

if Baltimore Gas & Electric Co. (6/14)
May 15, 1961, F. E. Rugemer, Treasurer, stated that the
company plans to issue $20,000,000
of non-convertible
debentures
in June.
Office
Lexington and Liberty
Streets, Baltimore 3, Md. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co. and First Boston

blower

stock

about

power

in the semi-conductor

repayment

A.

record

underwritten by Hornblower &

closed amount of

to

of

Plaza, Chicago, 111.
Un¬
The last rights offering to

named.

be

was

manufacture

Do

held

Merchandise Mart

Office—222

Corp.

due

Sept.

passenger

1,

1985.

and

Business—The

cargo

City and the Great Lakes
beneficial

$10 per share.
Business
A
investment trust. Proceeds
For
investment. Office—1031 First
Western Bidg., Oakland
Calif. Underwriter—To be
named.
closed-end

basis

May 16, 1961 it

ates

Fund

March 30, 1961 filed 200,000

and

early June.

—

Underwriter

the
each

Youngwood Electronic IVIetals, Inc.
April 13, 1961 filed 75,000 shares of common stock. Price
—$4 per share. Business—The design, development and

finance

May 10, 1961 filed 120,000 shares of common
stock, of
which 68,000 shares are to be
offered for public sale
by
the company and
52,000 outstanding shares by the pres¬
ent holders thereof. Price—To
be supplied by amend¬
Business

of convertible subordinated debentures on
°$100 principal amount of debentures for

$20,000,000

ness—Book

Fashions, Inc.

casual

manufactures

Hotels, Inc.. Wrather Realty
Corp., Stephens Marine, Inc., and various television film
properties. Proceeds — For construction, repayment of
debt and working capital. Office — 270 North Canon
Drive., Beverly Hills, Calif. Underwriter—Lee Higginson
Corp., New York City (managing). Offering—Expected

stock

ment.

St.

—

sail boats, and various marine and sporting goods
manufactured by others. It also plans to acquire the stock
of Muzak Corp., Wrather

ment,

Proceeds

if Automatic Canteen Co. of America
May 17, 1961 it was reported that this company plans
to offer stockholders the right to
subscribe to about

and

used

manufacturer.

camera

Edison Place, both in Newark, N. J. Underwriter—T. M.
Kirsch & Co., New York City.

mined

ceeds—For

if Westbury

Office

Corp.
March 29, 1961 filed 350,000 shares of common stock
(no
par). Price—To be supplied by amendment. Business—

if Wej-lt Expansion Products, Inc.
4, 1961
(letter of notification)

Fe

of

Price—At

Wrather

May

C. Sudler & Co.,

(letter

stock.

Louis, Mo. Underwriters—
Scherck, Richter Co., and Dempsey-Tegeler & Co., both
of St. Louis, Mo. (managing).

develop program
designed for use in teaching machines and
in other
formats, and for working capital. Office—1154
Reco Ave., St. Louis, Mo.
Underwriter—Newhard, Cook
& Co., St. Louis
(managing).

Santa

1961

stockholders.

Publishing Co.,

300,000 shares of
(par 10 cents). Price—$1 per share. Pro¬
plant and facilities, moving
equipment, in¬
ventory, working capital and repayment of a loan. Office

television

—

6,

if World Color Press, Inc.
May 16, 1961 filed 218,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To
selling

in

Thursday, May 18, 1961

.

—For general corporate purposes, including the produc¬
tion of the TV camera. Offices—136 Orange St. and 49

Proceeds—For investment and

notification) 150,000 shares of
par ($2 per share). Proceeds
r—To discharge a contract payable, accounts
payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los
Angeles, Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif.

—

S.

in

estate properties.

common

materials

4

law

January 1961 and proposes to
construction, investment and operation

the

Wonderbowl, Inc.
Feb.

Inc. (5/24)
March 13, 1961 filed
131,960 shares of common stock, of
which 80,000 shares are to be
offered for public sale by
the company and
51,960 outstanding shares by the pres¬
ent holders thereof. Price—To
be supplied by amend¬
ment. Business—Publishes
textbooks for elementary and
high school students. Proceeds
To

common

in

working capital. Office — 10 East 40th St., New York
City. Underwriter—None.

The

stock, of
for public sale by
the company and
20,000 outstanding shares by the pres¬
ent stockholder. Price—-To be
supplied by amendment.
Business—The manufacture of
valves, strainers and other
products for the refrigeration and air
conditioning indus¬
try. Proceeds—For construction; new
equipment; adver¬
tising; salaries; the repayment of
debt, and working
capital. Office—1020 E. 15th St.,
Hialeah, Fla.
Under¬
writer—Aetna Securities
Corp., New York City (man¬
aging,).
/■
-r.;'
•

Delaware

re¬

purchase

stockholders

shares held

for

Lafayette St., Bridgeport,
Brothers, New York City

Washington Natural Gas Co.
March 30, 1961 filed
118,384 shares of
warrants

Corp.
Feb.. 15, 1961 filed 30,000 shares of class A
lock. Price
—Wj>10 per share. Business—The company was organized

of real

incurred

stock.

common

manufacture and

Wolf

Business—The

garments,
paperboard

of

The

working capital. Office—185 Kent Avenue,
Brooklyn, N. Y. Underwriter—Robert L. Ferman & Co.,
Inc., Miami, Fla.

engage

and

—

products including envelopes, announce¬
advertising materials. Proceeds—To repay

and

under

foundation

sleepwear

shares

Business

debt and for

stock.

common

106,000

paper

ments

per

—

27, 1961 filed
$6 per share.

—

of

.

American Missiltronics, Inc.
May 10, 1961 it was reported that this corporation is
planning to register shortly 125,000 shares of common
stock. Price—$4 per share. Business—The issuing firm
is a holding
company for Jersey
Packing Co. and a

closed-circuit

Offering—Indefinite.

Williamhouse, Inc.

.

vessels

cost of four

Office—39

new

New

oper¬

York

to the Mediterranean and

Ports, India and Burma.

of the

company

between

vessels

Proceeds—To
now

under

cover

Red

75%

construction.

Broadway, New York City. ^Underwriter—
Kuhn, Loeb & Co., New York City. Offering—Expected
in late May.

debentures:
Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
common stock on May 4,
1960 was handled by a group
headed by Merrill Lynch, Pierce, Fenner & Smith Inc.;

Shields & Co.; R. W.
Loeb, Rhoades & Co.
Co'umbus

&

Pressprich

Southern

Ohio

& ,Co.,
Electric

and

Carl

M.

Co.

March

13, 1961 it was reported the company will sell
about $10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N.

Front

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co

Volume

193.

Number

6056

.

.

.

The Commercial and Financial Chronicle

(2205)

\

Commonwealth

Edison

Co.

$5)

10, 1961 it was reported that this company plans to

Jan.

sell $30,000,000 of bonds in the

second

quarter of 1961.

Office—72 W. Adams Street, Chicago, 111.
determined

be

—To

Underwriters
bidding. Probable

competitive

by

Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
bidders:

decides

issue

to

of

any

the

1,000,000

shades

of

cumulative

preference stock approved by shareholders
May 15 annual meeting, it will be on the basis
of convertibility into common with subscription rights to

at

the

City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley & Co., and First Bos¬

Corp., both of New York City. The last sale of bonds
23, 1960 was handled by First Boston Corp.,
and Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley

ton

Nov.

on

&

Co., also bid competitively on this issue.

1961 it

Bank

of

Toms

River

Jan.

16, 1961 it was reported that this company plans
the sale later this year of about $8,500,000 of first mort¬

gage bonds.

Industrial

J.)

(N.

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬

this date to increase the authorized stock to provide

on

for payment of a
new

shares

basis of

of

one

writer—R.

66%% stock dividend and sale of 20,000

common

(par $5)

to stockholders

on

the

River, N. J. Underwriter—None.

derwriter—H.

Co.

about 20%

1961 it was reported that this company may
sell $20,000,000 of preferred and $30,000,000 of bonds
about mid-year. Office—212 West Michigan Ave., Jack¬
15,

Mich. Underwriter—(Bonds) To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; White, Weld & Co. and Shields & Co. (jointly);
Harriman Ripley & Co., and First Boston Corp. (joint¬
ly); Morgan Stanley & Co.
The last sale of preferred
stock, on July 21, 1955, wras handled by Morgan Stanley

The

10, 1961 it was reported that this firm expects to
register 100,000 shares of 10 par common stock. Price—

May

$4

per

share. Business

—

The firm manufactures per¬

fumes, cosmetics, and hair dyes. Proceeds—For general
corporate purposes, Office—5 East 52nd St., New York

City. Underwriter—Nance-Kieth Corp., 99 Wall St., New
York

5, N. Y.

ic Cosmetically Yours, Inc.
May 16, 1961 it was reported

that this corporation is

public offering. Business—The manu¬
facturing and sale of cosmetics.
Office —15 Clinton
Street, Yonkers, N. Y. Underwirter—P. J. Gruber & Co.,
Inc., New York City.
•
contemplating

a

& Broadcasting, Inc.
reported that this corporation will
issue stock later this year. The firm denied the report.
Business
Publishing and allied fields. Office — 488
Madison Ave., New York City. Underwriter—Goldman,
Sachs & Co., New York City (managing).

Magazine

Cowles

1961 it

May 3,

was

voted

authorize

to

a

new

on

issue

tion

may

issue

some

bonds at the

same

Dallas

Inc.

Airmotive,

1961 it

was

ment will be filed

reported that

a

registration state¬

shortly covering 390,000 shares of this

stock, of which 40,000 outstanding
shares will be offered for the account of selling stock¬
holders
and 350,000 shares for the company. PriceAbout $5.50 per share. Office—Dallas, Tex. Underwriter
—Eppler, Guerin & Turner, Inc., Dallas, Tex.
company's

Dixie

common

that the

expected

Tulsa, Okla. Underwriters—First Boston Corp.;
Stanley & Co.; Carl M. Loeb, Rhoades & Co.
Edo Corp.

The manufacturer

of electronic equipment,

particularly

marine, airborne and underwater devices. Proceeds—For
expansion. Office—1404 111 Street, College Point, N. Y.
Underwriter—To be named.

the board of directors approved a
551,250 shares of the corporation's
common stock to stockholders, on the basis of one new
share for each two shares held. Business—The issuer is
a closed-end investment company. Proceeds—For invest¬
ment. Office—14 Wall St., New York 5, N. Y. Subscrip¬
tion Agent—Bankers Trust Co., New York City. Under¬
writers—Glore, Forgan & Co., Francis I. duPont & Co.,
and Shearson, Hammill & Co., all of New York City
offering

rights

of

its

Exploit Films, Inc.
8, 1961 it was reported that this company plans
full filing covering 100,000 common shares. Price—$5

March
a

production of TV and mo¬
films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
per

City. Underwriter—McClane & Co.,
New York City (managing).
•

Fashion

Flair

Stores,

Inc., 26 Broadway,

Inc.

April 27, 1961 it was reported that this company plans
shortly a "Reg. A" covering 86,350 shares of common
stock. Price—$3 per share.. Business—The discount sale
to consumers of women's dresses and sportswear. Pro¬

general corporate purposes. Office—53 West
York City. Underwriters—Ronwin Se¬
Corp., Staten Island, N. Y., and Security Options

ceeds—For

36th

St.,

curities

New

Corp., New York City.
First National

May 8

Bank of San Jose

1961 it was reported that

stockholders the right to




this bank is offering

subscribe to 70,400 shares (par

Under¬

Light Co.

City (man¬

but the current feel¬

Jan.

on

Long

the 22,838,454 common shares outstanding

Dec. 31, 1960, the offering will involve a minimum
1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.

on

of

General
Feb.

Telephone Co. of California

1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
1,

in the first half of 1961.
Blvd., Santa Monica, Calif.
Underwriters—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp. and Equitable Securities Corp. (jointly); White,
Weld & Co. and Kidder, Peabody & Co. (jointly); Paine,

about

of

$20,000,000

Santa

Office—2020

bonds

Monica

Curtis, and Stone

Webber, Jackson &

& Webster Se¬

curities Corp.

General
Feb.

both

of

New York

of

Georgia

bonds

in November.

City.

Bonded Fibers,

Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N.

J., and Buena Vista, Va. Underwriter—Sandkuhl and

Company, Newark, N. J., and New York City.

Georgia Power Co.
Dec.

29,

Louisville

Proceeds—•

construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
For

—

Previous bidders for bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
Co. Inc.;

Equitable Securities Corp., Eastman Dillon,
& Co. (jointly). Previous bidders for

Securities

preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
to be received on Oct. 18.
Gluckin

(Wm.)

19,

Gulf Power Co.

(12/7)

reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.
Office—75 North Pace Blvd., Pensacola, Fla.
Under¬
writer—To be determined by competitive bidding. Pre¬
vious bidders included Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld
& Co. (jointly). Bids—Expected to be received on Dec.
Jan. 4,

7, 1961.

1960 it

company

Masters

was

,

shares (par $1). Busi¬
chain of lumber yards on

common

owns

a

Office—2060 Jericho Turnpike, New Hyde
N. Y.
Underwriter—Edwards & Hanly,

Long Island.
Park, L. I.,

>

Offering—Expected in July.

Inc.

Jan.

6, 1961 it was reported that this
contemplating its first public financing.
operation of a chain of discount houses.

corporation is
Business—The
Office—135-21

Avenue, Flushing 54, L. I., N. Y.

McCulloch
Jan.

9,

Corp.

1961 it
its

schedule

was

initial

reported that this corporation will
public financing for late 1961 or
Business—The corporation manufac¬

some

time in 1962.

tures

Scott outboard

Office—6101

West

motors and McCulloch chain saws.

Century Boulevard, Los Angeles 45,

/••

Calif.

Metropolitan

Edison

"•

Co.

this subsidiary of
to sell about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
Feb.

1,

it

1961

was

reported

that

General Public Utilities Corp., plans

writers

To

—

be

determined

by

competitive

bidding.

Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Kidder, Peabody & Co. and Drexel & Co. (joint¬
ly); Blyth & Co., Inc.
Probable bidders:

Metropolitan

1961

(5/25)

Industries

filing of about 500,000
ness—The

& Co., Inc.

it was reported that this subsidiary of
Essex-Universal Corp., plans to sell about 200,000 com¬
mon shares. Business—Manufactures' and
sells women's
foundation garments. Underwriter—To be named.
April

RR

May 2, 1961 it was reported that this company, formerly
named Macrose Lumber & Trim Co., Inc., plans a full

ding.

&

Nashville

Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler.
Bids—To be received on May 25 at noon (DST).

1960 this subsidiary of the Southern Co., ap¬

bonds, and $8,000,000 of new preferred stock.

&

it was reported that this company plans
to sell about $5,300,000 of equipment trust certificates.
Office—71 Broadway, New York City. Underwriters—To
be determined by competitive bidding. Probable bidders:

38th

(10/18)

1017 Olive St., St.

April 25, 1961

Hempstead, N. Y.

Inc.

—

Island Lighting Co.'

Macrose

Office — 610
Webster
Corp., and Paine, Webber, Jackson & Curtis,

$15,000,000

Securities

May 1962. Office

25, 1961 it was reported by Fred C. Eggerstedt Jr.,
Assistant Vice-President, that the utility contemplates
the issuance of $25,000,000 of 30-year first mortgage
bonds probably in the second or third quarter of 1961.
Office—250 Old Country Road, Mineola, N. Y.
Under¬
writers—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp., and Blyth & Co., Inc. (jointly); W. C. Langley &
Co. and Smith, Barney & Co. (jointly).

Telephone Co. of Florida

8, 1961 it was reported that this subsidiary of Gen¬
Telephone & Electronics Corp., expects to offer

about

until

securities

share. Proceeds—For the

tion picture

opera¬

household

Ave., Bronx, N. Y.

construction program,

1961-65

held. Based

Union

(managing). Registration—Imminent.

selling

ing is that it will not be necessary to turn to long-term

plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage

+? Eurofund, Inc.
On May 17, 1961

Zerega

Business—The

stores

Louis, Mo.

Morgan

March 21, 1961 it was reported that this company plans
the issuance and sale of $2,000,000 of bonds. Business—

to

Laclede Gas Co.

Morgan St., Tampa, Fla. Underwriters—Stone &

is

23

Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for

Corp.

multi-million dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation by late 1961. Office—
It

June

aging).

14, 1961 it was stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962 through subscrip¬
tion rights on the basis of one share for each 20 shares

1,100 mile liquified petroleum gas pipeline from Texas
Louisiana to Mississippi, Alabama, Georgia -and the

Carolinas.

Office—1200

shares.

discount

of

Underwriter—First Boston Corp., New York

March

eral

and

distributed

15, 1961 it was reported that this company is
considering the issuance of $10,000,000 to $15,000,000 of
bonds in the third or fourth qarter of 1961. Proceeds—
For construction. Office—800 Kansas Ave., Topeka, Kan.

Pipeline Co.

April 17, 1961 it was reported that this firm, recently
formed by eight major oil companies, plans to build a

be

March

—

May 10,

would

common

chain

a

Kansas Power &

time.

Bldg., Kansas City, Mo.
Under¬
writers—To be named. The company has never issued
preferred stock, but the last sale of common on April
19, 1954 was handled by Kuhn, Loeb & Co., Eastman
Dillon, Union Securities & Co., Reynolds & Co., and
Allen & Co.
The last sale of bonds on July 6, 1958 was
made privately through Eastman Dillon, Union Securi¬
ties & Co., New York City and Stern Brothers & Co.,
Kansas City, Mo.
General Public Utilities

shares

record

writer—To be named.

Scarritt

700

—

of

goods.

of preferred stock (par $100).
The company is
considering the sale of between $5,000,000 to $7,500,000

preferred and

of

closed number of

April 18
150,000

of

shares

Office

Chemicals Corp.

Cosmetic

Co.

1961, the company reported that

stockholders

of

& Co.

Service

(managing).

ic John's Bargain Stores Corp.
May 17, 1961 it was reported that this company plans to
file a registration statement shortly covering an undis¬

Prescott, Shepard & Co., Inc., Cleveland.

19,

Byllesby & Co., Chicago

May 29. It was also stated that the
company is considering financing to provide additional
funds to expand discount store operations. Office — 111
Eighth Ave., New York City.

son,

Gas

M.

additional

holders

of the offer¬

financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and

April

Corp.

Department Stores, Inc.
April 24, 1961 it was reported that stockholders are to
vote May 24 on increasing the authorized common to
provide for a 3-for-l stock split of outstanding shares.

present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be
offered through subscription rights to Gabriel stockhold¬
and debenture holders with

Inc.

Co.

Interstate

April 27, 1961, the company announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the

ers

&

Parts

April 17, 1961 it was reported that a registration will be
filed shortly covering an undisclosed number of out¬
standing common shares. Business—Manufactures auto¬
mobile equipment and parts. Office—Chicago, 111. Un¬

July 17, with rights to expire Aug. 17. Price—About $22
per share. Proceeds—To increase capital. Office—Toms

Gabriel

F. Dowd

International

share for each 20 shares held of record

new

Gauge & Instrument Co.

Oct. 5, 1960 it was reported that 100,000 shares of com¬
mon stock
will be filed. Proceeds — Expansion of the

reported that stockholders voted

was

Office—710 North Twelfth Blvd., St. Louis,
Underwriter—Halsey, Stuart & Co. Inc., Chicago.

Mo.

ing going to the public. Office —1148 Euclid Avenue,
Cleveland, Ohio. Underwriters—To be named. The last

Consumers Power Co.

Feb.

National

March 22,

shareholders. Office—4 Irving Place, New York

common

Illinois Terminal RR.

May 2, with rights to expire May 24. Price—$32
per
share. Proceeds—To increase capital. Office—One
So. First St., San Jose, Calif. Underwriters—Dean Wit¬
ter & Co., San Francisco (managing); Blyth & Co., Inc.,
and Merrill Lynch, Pierce, Fenner & Smith Inc., New
York City; Irving Lundborg & Co., San Francisco.
First

^ Consolidated Edison Co. of New York, Inc.
May 16, 1961, H. C. Forbes, chairman, stated that the
company
must issue almost $100,000,000 of securities
in late 1961 and early 1962. He added that if the com¬

share for each Q1/* shares held of

one

record

jlnc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.

pany

the basis of

on

45

Food Co.

April 12, 1961 it was reported that this company plans
to sell 100,000 common shares. Price — $5 per share.
Business
Food distribution. Proceeds — For working
—

Office — 45-10 Second Ave., Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
capital.
&

Co.,

Inc.,

New York City

(managing).

(9/28)
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and $5,000,000 of preferred
stock (par $100).
Mississippi Power Co.

Proceeds—For construction and expansion. Office—2500
14th

St.,

mined

by

Gulfport, Miss. Underwriter—To be deter¬
competitive bidding.
Previous bidders for
Continued

on

page

46

/>.

46

(2206)

Continued

bonds

from

The Commercial and Financial Chronicle

45

page

cific

Equitable

Securities

Corp.

Inc.;

Merrill

(jointly); Halsey, Stuart &
Lynch, Pierce, Fenner & Smith Inc.

Previous

bidders

for

Stuart &

Co. Inc.;

Co.

preferred stock included Halsey,
Eastman Dillon, Union Securities &

Co., and Equitable Securities Corp. (jointly).
pected to be received on Sept. 28.
Missouri

Utilities

April 11, 1961 it

Bids—Ex¬

Co.

was

Office—400

derwriter—To be

Telephone-Northwest

Broadway, Cape Girardeau, Mo. Un-«
The last five rights offerings
underwritten by Edward D. Jones

named.

division

new

"as

soon

Board

stock

of

Directors.

About

months

after

the

sale, Pacific Northwest will sell debentures pub¬
to repay a portion of its debt. Office—140 New

90%

over

last

sale

of

by

Dillon, Read & Co.
Kuhn, Loeb & Co. .
,/

-

stockholders

&

Co., St. Louis.

Inc.

Mite

Corp.
27, 1961

April

it was reported that this company, re¬
cently formed through a merger of Teleprinter Co., and
Grist Manufacturing Co., plans to sell about
400,000
shares of
000.

common

Office—446

stock

to

raise

approximately $5,000,-

Blake

St., New Haven, Conn.. Under¬
writer—Charles W. Scranton & Co., New Haven.
Modern

Home Construction Co.

April 18, 1961 it was reported that this company is con¬
sidering a public offering of securities, but the details
have not yet been decided upon.
Office—Valdosta, Ga.
Underwriter—Harriman Ripley & Co., New York City.

Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New
Jersey,
and Lehman
Brothers, had formed this new company
to transport natural gas from southwest
Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be
financed in part by
public sale of bonds. Underwriter
New York City

National

Lehman

—

Brothers,

(managing).

Airlines,

May 8, 1961, it

Inc.

Board

reported that the CAB had approved
the company's plan to sell
publicly 400,000 shares of
Pan American World
Airway's Inc., subject to final
ap¬

of

the

iginally obtained
which the

two

and

under

a

competitive bid

Packer's Super

May
to

10,

file

1961

Texas

was

that this company plans
statement covering about 100,000

May 8, 1961 it

World

the

was

share-for-share

a

lease

respective

each

of

busiest

CAB

later

the

SEC.

The

stock

was

or¬

a

share-for-share

ex¬

other

corporate

Underwriter—Merrill

Inc.,

New

York

Lynch,

City

(man¬

aging).

—$3

per

share.

equipment.
derwriter

Business—The distribution of
Office—38 Park Row, New York

—

Edward

Lewis

Co.

Inc.,

New

(managing).

medical

City. Un¬
York City

National

Semi-Conductor Co.
April 18, 1961 it was reported that this
company plans
file a registration statement
shortly covering an un¬

to

disclosed

number

of

common

shares.

Conn.

Office—Danbury,

Underwriters—Lee Higginson Corp., New York
City and Piper, Jaffray & Hopwood,
Minneapolis, Minn.
Northern Illinois Gas Co.
(6/22)
March 22, 1961 it was
reported that this company plans
to sell about
$20,000,000 of common stock

through a
rights offering to stockholders of record June
22. Rights
would expire
July 11. Office—50 Fox St.,
Aurora, 111.
Underwriters—To be named. The last
rights offering in
April, 1954, was underwritten by First Boston
Corp.,
and Glore,
Forgan & Co., both of New York City.
Northern Natural
March 15, 1961, the
to

raise about

Gas Co.
company

$80,000,000 of

reported

new

that

it

expects
money in 1961. Present

plans are for issuance of about
$30,000,000 of debentures
by mid-year and an additional
of debentures

$30,000,000 to $35,000,000

by year-end. It is also expected that

some

$12,000,000 to $15,000,000 of common stock will
be sold
stockholders through subscription
rights in Septem¬

to

ber or October.
Proceeds—For construction. Off ice—2223
Dodge St., Omaha 1, Neb. Underwriter
Blyth & Co.,
New York City
(managing).
—

Northern States Power Co.
(8/8)
Jan. 10, 1961 it was
reported that this
company plans to
sell $20,000,000 of bonds in
the third quarter of 1961.
Offices—15 So. La Salle
Street, Chicago 4, 111.;
15 So.
Fifth Street, Minneapolis
2, Minn.; Ill
Broadway, New
York 6, N. Y.
Underwriters
To be determined
by
competitive bidding.
Probable bidders:
Halsey, Stuart
& Co. Inc.; Merrill
Lynch, Pierce, Fenner &
—

Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co.
(jointly);
Boston Corp.
and
Blyth & Co.. Inc. (jointly).
Bids—Expected to be received on Aug. 8.
First

Pacific Gas & Electric
March

28, 1961 it

Co.

reported that this company plans
to offer additional common
stock to stockholders on the
basis of one share for each 20
shares held. Based on the
17,929,305 shares outstanding on Dec.
31, 1961 this would
amount to about
896,465 common shares.
Office—245
Market Street, San Francisco
6, Calif. Underwriter—To
be named. The last
rights offering on June 17, 1958 was
underwritten by Blyth &
Co., Inc., New York City.
• Pacific
Telephone & Telegraph Co.
March 24, 1961 stockholders of
this A. T. & T.
subsidiary
approved a plan to form a new
company to be known as
the Pacific Northwest Bell
Telephone Co. The new con¬




was

of

debentures

Aug. 13,
subscription

on

through

handled by Smith, Barney & Co., New
McDonald & Co., Cleveland, Ohio.

$4

—

Sandkuhl

Company, Inc., Newark, N. J., and New York

City.
Panhandle

Eastern

Pipe Line Co.
8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters—

Trunkline Gas Co.
March

8, 1961 it was reported that this subsidiary of
Panhandle Eastern Pipe Line Co., expects to sell about
$50,000,000 of bonds or preferred stock in September.
Office—120 Broadway, New York City. Underwriters—

Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder
Peabody & Co., both of New York City (managing).

Public Service Co.
Dec.

2, 1960,

W.

In mid-1961.

handled

D.

on

Virtue, treasurer, stated that com¬
$20,000,000 of common stock
through subscription rights

Proceeds—For expansion. Office—900 15th
—
Last equity financing

negotiated basis by First Boston Corp.

a

stock,

subject

approval of the New Jersey Public Service Com¬

mission.

Proceeds

For

—

construction.

Office

—

80

Park

Place, Newark, N. J.
Underwriter
Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (manag¬
ing).
—

Rochester Gas & Electric Corp. (9/27)
Jan. 24, 1961 the company stated it
plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
For

construction.

Underwriter

—

To

be

determined

by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.;
Kidder, Peabody & Co., White, Weld & Co.
and Shields & Co.
(jointly); Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman
Dillon, Union Securities & Co.,
and Equitable Securities
Corp. (jointly): Blyth & Co..
Inc.; The First Boston Corp. Bids—To be received about
Sept. 27.
Rowan

Controller

May 10, 1961 it
ning to sell
2313

Co.

reported that this company is plan¬

was

50,000

additional

shares.

common

Homewood

Ave., Baltimore,
Stein Bros. &
Boyce, Baltimore.

Md.

Office—

Underwriter—

ir Sterile Medical Products, Inc.
15, 1961 it was reported that this firm plans to
file 120,000 shares of 10c
par common stock. Price—$2.50
per share. Proceeds
For general corporate

May

—

—

434

purposes.

Buckelew

Ave., Jamesburg, N. J. Under-'
writer
Louis R. Dreyling & Co.,
Inc., 25 Livingston
Ave., New Brunswick, N. J. Offering—Expected in
July
or August.
—

Tampa Electric Co.
May 10, 1961 it was reported that this company
plans
to spend over
$80,000,000 on new construction in the
next three years. No
financing is planned this year but
in

1962 the company
may issue bonds or common stock.
Office—111 No. Dale Mabry
Hwy., Tampa, Fla. Under¬

writers—To be named. The last sale of bonds on
June 29,
1960 was handled by
Halsey, Stuart & Co. Inc., New
York
City. Other competitive bidders were Merrill
Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
&

Co.; Stone & Webster Securities Corp. The last sale
common
stock on Feb. 13, 1960 was made
through
Stone & Webster Securities
Corp.
of

Tennessee

May

10,

1961

Bank

it

was

& Trust Co.

reported

that stockholders have
capital stock to provide for
$5 par shares to stockholders on

voted to increase authorized

sale

the

of

$15

about

basis

record

of

May

per

330,000
33

new

12/ with

share.

shares

for

rights

to

Proceeds—To

each

expire

increase

7

shares

Mav

26.

capital.

held

of

Price—

Office—

Houston, Tex. Underwriter—First Southwest Co., Dallas,
Note—This bank formerly was named Merchants

Tex.

State Bank.

Lynch, Pierce, Fenner & Smith Inc., and Kidder,
Peabody & Co., both of New York City (managing).

■

Universal Publishing &
Distributing Corp.
May 10, 1961 it was reported that this company is con¬
sidering the issuance qLppmmon stock. Business—Maga¬

zine publishing. Office—117 E. .31st
Street, New York
City. Underwriter—Allen & Co., New York City.
* Valley Title & Trust Co.:
May 15, 1961 it was reported that this company plans to

register 120,000 shares of 10c par common stock. Price—
$5 per share. Proceeds—For general corporate purposes.
Office—1001 North Central
Ave.,
writer
Louis R. Dreyling &

Phoenix, Ariz. Under¬
Co., Inc., 25 Livingston

—

Ave., New Brunswick,
August or September.
Vinco

N.

J.

Offering—Expected

by

Corp.

Feb. 20, 1961 it was reported that this
company plans to
sell $2,000,000 of convertible bonds. Business—The man¬
ufacture of precision parts and subassemblies for air¬

craft, missile and other industries.
The company also
produces guages and measuring instruments. Proceeds—
For

expansion and acquisition.

Office

9111

—

Highway, Detroit, Mich. Underwriter—S.
Co., New York City.

D.

Schaefer
Fuller

&

Virginia Electric & Power Co. (12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
March

Office — Richmond 9, Va. Underwriters — To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,
Stuart & Co. Inc.; Stone & Webster Securities

Corp.;
Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬

Eastman Dillon, Union Securities &
&

ers

ceived

ir Se!-rex Corp.
May 16, 1961 it was reported that this firm is contem¬
plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,
N. J.
Underwriter—To be named.

Office

Merrill

of Colorado

Public Service Electric & Gas Co.
(6/6)
March 22, 1961 it was
reported that this company plans
to sell about
900,000 shares of common
to the

National Hospital
Supply Co., Inc.
May 1, 1961 it was reported that a "Reg. A" will be filed
shortly covering 100,000 shares of common stock. Price

City and

sale

stockholders

per share.
Business — Operates a breeding
thoroughbred horses. Proceeds—For building a
barn, purchasing land and acquiring additional horses.
Office—Biscayne Boulevard, Miami, Fla. Underwriter—

plan and ordered the airlines to divest themselves
the stock. Office—135 East 42nd
St., New York City.
Underwriter—To be named.

St., Denver, Colo. Underwriter

About

$20 per
repay a $4,500,000 demand loan, and
purposes.
Office—Miami International

Airport, Miami 59, Fla.
Pierce, Fenner & Smith

Price

of

divest themselves of
share. Proceeds—To

—

was

last

to

farm for

disapproved

pany plans the sale of about
to be offered stockholders

stock.-Price

Ave., Canoga Park, Calif. Underwriter—
The

made

Thorough-Bred Enterprises, Inc.
March 16, 1961 it was reported that this
company plans
to sell 85,000 shares of common stock
(par 10 cents).

this

Sept. 9, 1958 agreement under

carriers agreed to

named.
was

York

exchange of 400,000 shares
jet planes during their

The

be

rights, and

other's

seasons.

debentures. Business—The manufacture and sale of
parts
and appliances for
automobiles, trucks, buses, and air¬
craft. Office—23555 Euclid
Ave., Cleveland, Ohio and

1957

was originally obtained under
Sept. 9, 1958 agreement under which the two carriers

and

and

L' ,;V>■_,v.

of

To

within 30 days. The stock

agreed to

Corp.,

Transmission Corp.

8433 Fallbrook

Airways, Inc.

change of 400,000 shares and the lease of each others
jet
planes during thier respective busiest seasons. The CAB
later disapproved this
plan and ordered the airlines to
the

r

reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
a

Boston

'

Thompson Ramo Wooldridge, Inc.
May 10, 1961 it was reported that the company is con¬
sidering the issuance of $25,000,000 of non-convertible

•

common
stock. Business—The operation of a
chain of supermarkets. Office—7420 3rd
Ave., Brooklyn,
N. Y. Underwriter—Milton D. Blauner
& Co., Inc., New
York City.

Pan American

First

$10,000,000 to $15,000,000 of bonds in the third quar¬
1961. Office—416 West Third
Street/ Owensboro,
Ky. Underwriter—Dillon, Read & Co., New York City.
ter

reported

of

Gas

named.

sell

made

Markets, Inc.

was

registration

a

shares

it

issue

on

be

Jan. 11, 1961 it was reported that this
company plans to

Pacific

March

was

proval

Feb. 17, 1960 was
The one other

annual

m

by Morgan Stanley & Co.

were

Inc.,

..

;

Telephone on
underwritten by Halsey Stuart & Co.,

to

1960

handled by a group headed

was

by

•

However, A. T. & T., which
outstanding shares, exercised its
its. pro rata share of the offering.

debentures

Corp.

the

Bldg., Houston, Tex. Underwriters—To

The last sale of securities

of the

rights to subscribe to
The

in

000 to be obtained later in the year. Office—Texas East¬

not underwritten.

was

owns

stated

company expects to sell about
securities in 1961. Approximately

ern

Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders
on Feb.
25,
1960

Transmission

was

this

new

price to be fixed by

a

6-9

it

1961

Thursday, May 18, 1961

.

report
$85,000,000 of
$45,000,000 of this
amount was raised on Jan. 17, 1961
through the sale of
$30,000,000 of first mortgage bonds and 150,000 shares
of 0.52% preferred
stock, leaving a balance of $40,000,that

will be owned by Pacific Telephone but
practicable" it will be offered for sale to

as

Eastern

April 26,

company

Pacific Telephone stockholders at
the

Texas

which

operates in
All of the stock of the

Washington, Oregon, and Idaho.

licly

reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10
rights
basis.

will acquire the business and
properties of the Pa¬

cern

Eastman Dillon, Union Securities & Co., and

were

.

.

Dec. 5,

on

Walter

1961.

(Jim)

Corp.

April 17, 1961 it
sell

was reported that this company plans to
minimum of $20,000,000 of debentures. Business—

a

The company constructs shell
homes, provides credit life
insurance on home mortgages and
operates a chain of
small

loan

companies.

Office—1500

North

Dale

Highway, Tampa, Fla. Underwriters—To be
West

Coast

April 11, 1961 it
that

Telephone
was

Mabry

named.

Co.

stated

in

the

1960

annual

the

company plans to spend $12,000,000
construction in 1961, most of which is

report

for

new

expected to be
by the sale of securities. Office—1714 California
St., Everett, Wash. Underwriter—To be named. The last

raised

sale of bonds and preferred stock in
May and July 1960
done privately. The last sale of common on

was

16,

Sept.

1960

was

underwritten

York City.

by

Blyth & Co.,

Inc., New
-

'
.

Western

Union Telegraph Co.
Feb. 28, 1961 it was reported that the FCC has
approved
the company's plan to transfer its
Atlantic cable system
to

a
newly organized company, Western Union Inter¬
national, Inc.
The plan provides for the issuance'by

Western Union International of about
$4,000,000 of sub¬
ordinated debentures and
400,000 shares of class A stock
to be offered to stockholders of
Western Union Tele¬
graph Co. in units of $100 of debentures and 10 shares
of stock.
In addition, American Securities
Corp., New
York City, would purchase from
Western Union Inter¬
national about 133,000 additional shares of
class A stock

giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph woud
purchase 250,000 shares
of class B stock for
$100,000 and WUI would sell $4,500,000

of

debentures

or

bonds.

Office

—

60

Hudson

Street, New York City. Underwriter—American Secu¬
rities Corp. (mahaging).

I i
\ V
K

•

Volume

.

193

Number 6056

.

.

The Commercial and Financial Chronicle

.

(2207)

47

hi
Deposit

P. A. Names

Duplex Vending

Exec. Dir.

Insurance
Corporation,
Washington, D. C. (paper).

Common Offered

Manuel Sanchez Rivera has been
Executive

named

Rico

Director

the

of

shares

Ports

stock

appointed Ad¬
inistrator of

it

it

Economic

the

C

m

m

o

o

Mr.

New
also

i

s

•

formerly

was

Chief

Manuel S. Rivera

the

of

Public Corpo¬

ration

Financing

Government

and

such

He has also

Chief

as

San

of

the

of

Atlantic

Rico.

Puerto

the

in

Brewery
is

He

Louis

act

as

University of Pennsylvania.

Caribbean

and the
the

new

Street, St.
(paper).

Islands,
in

distributors

areas

the

on

des¬

basis

same

the company.

to

company's present plans are
expand its direct distribution of

Western Shell

the

Stock Offered

New
sey,

of

120,000

Corp.

at

a

York, the states of New Jer¬
Pennsylvania, Maryland,

Delaware and

shares

Homes

stock

common

Duplex product lines to in¬
clude, besides New England and

Shell

offering

Western

of

C.

Monthly

Bank

of

Expenditures

Construction,
—

Government

Operation,

Maintenance

District of Co¬

the

share is being made today
(May 18) by Joseph Nadler & Co.s
Inc. The offering marks the initial
per

public sale of the company's com-

Transport

and

Taxes

Railroad

on

Cost

Minn.

Wyatt

—

St.

of

Northern

Company, Industrial
Department

City

—

Park, 2925 West 37th
Park 16, Minn,

Louis

stock.

for

Management
H.

and

Manu¬

E.

E.

—

Clifton

Publishing
Wheaton, 111., $18.

Morse—

Company

Cuba—Department of State Pub¬
7171

Superintendent of

—

Documents,
U.
Printing Office,
D.

C.

Security

of

Without

the
net proceeds from the financing
for the purchase of new machin¬
ery
and materials;
increase of
volume purchases of inventories;
reduction of notes, and for pilot
financing operation of a subsid¬
iary. The balance of the proceeds
will be added to working capital
and
used
for
general corporate
intends to

use

purposes.

York,

New

the

under

Equipment
name

was

Nov.

on

25,

1958,

Duplex Laundry

name

Government

S.

Washington

25,

(paper), 200.

Engineering

Outside

Help

and

Its

Inc.

Co.

adopted

on

present

March

6,

Principal offices are main¬

1961.

tained

at

Street,

Bergen

641

Brooklyn, N. Y.

Transportation

&

Stay in Top Emotional and Physi¬
Hall

Import

Liberalization

ployment—Walter

Edition

22nd

—

Association

Dec.

of

31,

Insured

1960

—

and

Em¬

Salant

S.

and

Beatrice N. Vaccara—The Brook¬

Institution,

1775 Massachu¬
Avenue, N. W., Washington
6, D. C. (cloth), $6.75.

setts

India

Economic survey

—

mation Service of

India,

Infor¬

—

India, Embassy

2107

Massachusetts

through

business
The

divisions.
Division

DIVIDEND

COAL

*

of

record

1961.

of

close

the

at

May 26,

basis

of

•

division

„

medical
tion

retirement

clinics,

homes,
•

•

-

vaca-

-

■

s

AMERICA'S FIRST TOBACCO MERCHANTS

•

The

Literature,

and

Schedule
sue

of

Par

Values,

aluminum

fiscal

the

For

year

business

&

NOTICES

BRICCS & STRAfTON

Xbricgs&stratton];

on

Secretary

has declared this

day regular quarterly dividends of $1.12'/j
a
share on the Preferred Stock—$4-50

ESTABLISHED 1760

87'/2

1961,

* a

share

of

Board

Directors

quarterly

regular

share

per

of

1961,

the

on

$1.50

for

a

share

$28,628.
Upon completion of
current
financing,
outstanding
capitalization of the company will
mon

Corporation,

to stockholders of

275,100 shares of com-

stock.

G.

REGNER,

been

DIVIDEND

Milwaukee, Wis.
May 16, 1961

1961?

of

14,

June

record

1961, to

the

at

close

Public Service Electric

of

May 22, 1961.

on

and Gas Company

pont, Secretary

du

Boulevard,

3932

members

of

the Pacific Coast Stock Exchange.




;

XZS

$1.75

share
regular quarterly dividend of $.55

Regular quarterly dividend of
Stock

NOTICE

and

outstanding

per

The Board of Directors has de¬

CYANAMID

Common Stock of P. Lorillard Company have been

payable July lf 1961, to stockholders of record at

close of business June 2,

the

New

Vice President and Treasurer

York, May 17,1961

Cyanamid
a

eighty-seven
(87Vzt)
per

fJ^vri/Zard 0le4etvrcZ

finest

ffit/i

to

Cigarettes

the

holders

record

OLD

GOLD

Regular
King Size
OLD

GOLD

FILTERS

KENT

NEWPC..T

SPRING

Regular
King Size
Crush-Proof Box

STRAIGHTS

King Size
Crush-Proof Box

June

King Size

King Size

ican

'

forty

Cigars

'

BETWEEN

BRIGGS

Chewing

Turkish

Tobaccos

Cigarettes
MURAD

THE

LEADER

UNION

ACTS

Company today
quarterly dividend of
(4Ck) per share on
outstanding shares
of the

BAGPIPE

-

HELMAR

a

payable
at

the

1,

Stock

June
of

of

30,

such

close

of

the

1961,

stock

HOUSE

MADISON
.

BLOSSOM

-

i

to

of

business

.

Series
Series

...

Series

.

.

.

Series

.

.

$1.02

...

.

.

.

1.045
1.075

1.2625

1.32

$1.40 Dividend
.35

.50

......

All dividends

are

before June 30,

payable

on or

19 1 to stock¬

holders of record May

31, 1961.

J. Irving Kibbe

the

Secretary

record
June

1961.
R.S.KYLE.

INDIA

Series

Company,

HAVANA

FRIENDS

4.0S%
4.18%
4.30%
5.05%
5.28%

Preference Common

cents

holders

BEECH-NUT

Dividend
Per Sharp

DIVIDEND

Cyanamid

Common

June

Cumulative Preferred

Common
COMMON

declared
1

Little

of

1961.

The Board of Directors of Amer¬

EMBASSY

King Size

stock of
business

such

close

the

at

1,

of

ending

Stock

Company today
quarterly dividend of
and one-half cents
share on the out¬
standing shares of the Company's
3V2% Cumulative Preferred Stock
Series D,
payable July 1, 1961.
ican

following dividends

quarter

Class ef

DIVIDEND

The Board of Directors of Amer¬
declared

the

30, 1961:

COMPANY
PREFERRED

DAVIES

O.

clared the
for

1961. Checks will be mailed.
G.

DIVIDENDS

QUARTERLY

AMERICAN

the Preferred
per share on the
on

—

staff of California Investors,
Wilshire

26,

Secretary-Treasurer

!X

Tobarcos

Edward
added to the

ANGELES, Calif.

has

June

May

the Common Stock

CFAIVAMIP

the

With Calif. Investors
S. Welge

payable

record

a

cents

($3 par

NEWARK. N.J.

Smoking

LOS

declared

fifty

quarterly interim dividend

P. s.

of

!

of

record at

July 10,

on

on

payable

1961;

stockholders
business

both

business

the second

as

ended Dec.

31, 1960, the corporation had gross
$1,867,894 and net income

of

has

dividend

the capital stock

the Preferred
payable July

on

stockholders of

to
of

close

also

sales of

consist

is¬

31st

International Monetary

—

CORPORATION

NEMOURS&COMPANY

Stock—$3.50 Series,

wide variety of other

a

1960

DIVIDEND

of Directors

Board

Series and

hardware,

windows
build¬
ing materials to industrial users,
contractors and the general public.
appliances,

*-

Review of Metal

—Edited by Marjorie R. Hyslop—
American
Society
for
Metals,
Metals Park, Ohio, $25.

Wilmington, Del., May 15, 1961

my-

The company's

distribution of plywood,

'

Department,

In¬
8, 1chome, Marunouchi, Chiyoda-ku,
Tokyo, Japan (paper).

L.

declared

f-

1960—Securities

dustrial bank of Japan, Ltd.,

1961.

commercial

-

.

Docu¬

will be mailed.

Checks

Vice-President

prefabricated

and

homes

of

Outline of Bond Market in Japan,

and

American Lum¬
ber Co. Division is engaged in the
-

OECD—Superintendent

—

the

on

so

professional

and

structures.
v

answers

ments, U. S. Government Printing
Office, Washington
25,
D.
C.
(paper), 15 cents.

15,

parts and components
buildings,
including

other

motels,
1

makes

also

structural
for

advance,

Co¬

John Corcoran,

the

on

Economic

Development

there is
finished home inventory. The

scheduled
no

and

two

received

orders

in

Questions

value)

a

manufactured

for

and

May 15, 1961.

the

are

Organization
operation

a meeting held today, declared a quar¬
terly dividend of 35 cents per share on
the Common Stock of the Company, pay¬
able on June 14, 1961, to shareholders

25,

homes

Monetary Sys¬
Dahlberg — John
Graff, Inc., 31 East 10th Street,
New York 3, N. Y.
(cloth), $5.95.
Arthur

—

de

at

of

capacity
to
produce
one
three-bedroom
home every six hours.
Approxi¬
mately 440 units were manufac¬
tured and sold during I960.
All

of the

Each

and the American

tem

COMPANY

E. I. DU PONT DE

manufactures

assembly lines has

Money in Motion: A Graphic Por¬
trayal of the Nature of Money

;;£j

CONSOLIDATION

division's

four

Station, New York
71, N. Y., $15 per year (U. S. and
Canada); foreign rates on request.

—

Federal

erection in seven west-

states.

ern

Administration, Inc., Box

DIVIDEND

Banks

NOTICE

ships

ranges for

for

104 Riverdale

(50c)

complete prefabricated
homes in varying sizes and price
*

Business

The

'

and

Pattern

-/1 u

Homes

Western

designs,

West:

The Board of Directors of

.

its.

the

^

a Common
Policy—Barbara Ward
—W. W. Norton & Company, Inc.,

NOTICES

Western Shell Homes Corp. con¬
ducts

and

8,

Fund, Washington, D. C. (paper).
DIVIDEND

Federal Deposit Insurance Corpo¬

ration—Report to

Page

Englewood

Inc.,
Cliffs, N. J., $17.50.

Con¬

America, 1000 Connecticut Ave¬
nue, N. W., Washington 6, D. C.
(paper).

as

—

How to Lick Executive Stress and

of

Technical

Transport

r

Securities

Arnhold
Co., Inc., Dept. CFC100L, 5 East 44th Street, New
York 17, N. Y. (on request).
Bernhard

ventions 1961—Advance listing of

A i

Analysis—

Evaluating

—Prentice
Guide

Hitchcock

lication

for

Method

27 engineering and technical meet¬
states (east of the Rockies), the ings and conferences in U. S.—
company plans to franchise exist¬
Deutsch & Shea, Inc., 230 West
ing andr new? .distributors to sell 41st Street, New York 36, N. Y.,
the Duplex product lines.
$4 (quantity prices on request).
The company was incorporated
Facts
and
Figures
About
Air
in

The company

Facilities

cal Trim—Dr. Robert Collier

Reduction

facturing

Survey

Guide

*

mon

and

Facil¬

and Private Expenditures for

lumbia; and in the remaining

price of $2.50

of

for

ities by Air Highway, and Water¬

ings

The

Public

Park,

of St. Louis

right to select others to

direct

as

ignated

graduate of

a

Fact

Development

with

Mayaguez,

D.

Street, New York 22, N. Y.
(paper), on request.

capacity commercial wash¬
Duplex coin-operated

states

India

Washington

—

—Bureau of Railway Economics,
Books:
Spring 1961
Association
of
American
Rail¬
Catalogue of Publications—Cam¬
bridge University Press, 32 East roads, Washington, D. C. (paper).

Community

a

N. W.,
(paper).

New York, N. Y.
(cloth), $4.50.
April 1961, containing
International Executive
Winter
articles on Individual Responsi¬
Edition containing articles on Or¬
bility,
Collapse
of
Communist
International
Business
Economic Theory, Hard Core of ganizing
from a New Point of
the Farm Program; Fraud of the
View; For¬
Welfare State, etc. — Foundation eign Licensing as an Export Alter¬
native; Investment and Develop¬
for
Economic
Education,
Inc.,
ment
Possibilities
in
Tropical
Irvington - on - Hudson, N. Y.
Africa, etc.—Foundation for the
(paper), 500.
Advancement of International
Freeman

Cambridge

be the

and

Service, French Embassy, 972
Fifth Avenue, New York, N. Y.

Construction, Maintenance of Way

agree¬

an

Eco¬

way

Duplex 12-lb. capacity coin-ooerVice-Presi- 1 ated commercial washer in 38

Caribbean

of

Limited, 271-279 Col¬
Street, Melbourne, Australia
(paper).

new

a

dry cleaning machine

Airlines, and General Manager of
India

into

entered

and

lins

1961, the

1,

Geographic

Australasia

States Power

er,

of

Office

25,

National

—

20-lb.

office

member of the board

directors

Summary

exclusive distributor of the Duplex

held vari¬

main

Traffic

Juan;

dent and

—

Affairs,-; Washington
(paper).

company

Duplex giant

ment with International to

of the Shell Co., West Indies Ltd.,
in

7164

57th

company

of

Director

positions in private enterprise

ous

The

the

No.

Public Services, Bureau of Public

England and

Commencing April

Bank

the Fiscal Agency Department for
the Bank.

state.

distributed

F.

Department of State

Australian Conditions

of the

Division

Development

Rico

Puerto

for

New

Progress—Reprint of

—

Publication

operated commer¬

-

in

for

Address by President John

Kennedy

20-lb.

Duplex

-

i t y
19 5 7,

o r

n c e

York

an

derettes.

been

with the Ports

Aut h

the

Alliance

exclusive

an

A

tion

Avenue,
D. C.

—

Corp.

dryers,
hot
water
heaters
and
tanks, extractors and sundry types
cf
vending equipment used
in
coin
operated launderettes.
The
company is also
engaged in the
business
of
selling services for
planning, opening, operating and
servicing of coin-operated laun¬

Rivera,

has

of

washer

n-

Rico.

Fuerto

who

cial

of

wealth

primarily

was

capacity, coin

the

of

Vending

Duplex

BOOKSHELF

common

par

share.

distributor

Administra¬

10c

Duplex Vending, from the date
commenced operations in early

1959,

Development
tion

of

at $3 per

has been

who

the

of

France:

nomic Profile—Press and Informa¬

Godfrey, Hamilton, Magnus & Co.
Inc.
is offering publicly
160,000

Authority to
succeed Rafael Durand Manzanal,
Puerto

Businessman's

New York, May 16, 1961.

Secretary

ftfPVBLIC SERVICE
CROSSROADS

OF

IHE

{AST

^

48

The Commercial and Financial Chronicle

(2208)

.

Thursday, May 18, 1961

.

outing at Sleepy Hollow Country

WASHINGTON AND YOU

Club.
June 2,

cackles a co.

INTERPRETATIONS

BEHIND-THE-SCENES

.

tion

-STOCK

FROM THE NATION'S CAPITAL

1961

SALES-

D.

WASHINGTON,
President

Kennedy

—
As
in Ot¬

C.
was

chalk

the

7-11

(Ponte

the

faction.

time

His

,

legislative

own

with

first session history,

of

neither
failure.

Overall, he has done

sion

early

came

in

stacked

the

000

■

Committee.*

Rules

the

House,

tion

a

June 8,

dinner

Thus, it is no longer accurate
and appropriate to describe this
the

"powerful

panel

as

Rules

Committee."

of

is

"once

the

of

member;

A

committee

this

member

House
now

tabulation

A

powerful.

a

Quarterly
showed that

Street.

year.

Some important measures are

at
the
Philadelphia Cricket Club, Flour-

in

works, such as Federal aid
education,
social
security,
medical aid to the aged, hous¬

of

29

approved

legislative

277

proposals that Mr. Kennedy had

-

ing, and

June

nearly

every

woman

man,

of proposals

The series

at

This

The facts

nedy
than

under

Mr.

little

a

Kennedy

rule

the

of

should

edge.

President

had

Democratic

a

of

control

better

Eisenhower

President

but

*

President Ken¬

are

done

has

about 10%.

was

pend¬

did,

politics,>

have

has

Kennedy

all

Congress

the

in

legislative

machinery.
Some
to

major

come

tion.

for floor considera¬

up

And

will

there

hard-hitting
mark

of the

some

some

will

that

bills, such

as

mutual

or

whatever

or

be

debate

foreign assistance
curity

yet

measures are

se¬

preference

prefers to describe it.

one

traditionally most welfare

It

is

Approved

tion.

sent

the White

to

House

are:

A

ment, 40-year mortgages to any

Another would amend
system of mortgage

FHA

the

financing to make no-downpay-

40-year mortgages more
attractive to private investors.

ment,

billion

for

over

feed

;

added payments to farmers who
took acreage out of production;

would

:

extension of

the United States.

grain

plantings

less

whose

13

Increase

$1

to

to job¬

have

ex¬

as

$1.25

wage

hour

an

over

two-year period and broaden

a

the

to take

coverage

ditional

in

aid

areas

of chronic

urban

to

and

pro¬

rural

unemployment

in the amount of
A program

ad¬

an

3,600,000 workers;

vide

$394,000,000.

000, and passage of a bill creat¬
ing 73 new Federal judgeships.
Federal

creating

73

judgeship

bill,

positions

plus

new

19

vacancies to be filled, means
that President Kennedy will ap¬

point
he

judges the first

more

has

been

in

office

year

than

a

series of housing proposals that
affect

number

of

increasing

the

elderly

in

persons

would

These

increase the direct loan authori¬
zation

for

elderly

housing '

$50,000,000
to
increase by $500

for

housing
authorize
tional

payment

subsidy

of

of

addi¬

an

$10

to

up

on

and

elderly,

the

ran

tax

into

re¬

heap

a

of criticism.

This program calls

for

taxes

income
abroad, repeal of the 4%
and
$50
exclusion
on

higher

credit

dividend

on

tighter

income;

rules

business expense account de¬

on

ductions,

elimination

and

capital gains treatment

of

on earn¬

ings from the sale of depreciable
assets.

is

It

absolutely

certain

that

office four years before he made

Congress will approve, in more
or

appointments, and so
President Truman, and the

was

is

same

dent

probably true of Presi¬

Franklin

D.

less

the

perfunctory

a

extension

the

the

of

excise

poration
tinue

Roosevelt.

now

matching

programs

because

had

ways

EVENTS

al¬

have
over

the

which
and

roads,

multi-laned,

not in¬

are

they

priority

Interstate

COMING

be

schedule, it

on

The other Federal

appears.

volved

will

program

continue

to

are

divided

IN

same

tax,
rate

Ribbon"

Federal
way,

regarded

are

ribbon"

of the

in

of

the

power.

new

the

by

the "blue

as

patronage

ministration
most

Patronage

judgeships,

Ad¬

Perhaps

judgeships

are

necessary to help break the log

52%

jam

of

piled

court

in

up

Some

states

Congressman
eral

judge.

will
seats
ment

lose

cases

some

that

will

that

have

areas.

will

gain

and

under
that

or

the

will




more

a

a

Fed¬

House

reapportion¬
take

how

place

course,

of

will

constituents

and

others

fail

to

It

now

eral
the

tax

tax
to

cents

26,000

diesel

7

tax

trucks

$1.50
$5

from

$4

1,000

pounds

to

1,000

pounds;

increase

Baltimore

it

far

have

STANY

tax

the

increase the tax
from 9 to

the

tax

10

dinner

cents to

flect

is

of

a

of

good

these

depend
about

Annual
cil

intended

to

the "behind the scene"
may

or

may

the "Chronicle's"

to

express

Sleepy

at

of

National Association

business

Calif.)
70th

Y.

conducting
from

—

under

the

Bernard

Lewis

May

Bernard

at

220

East

Co.

firm

1961

Club

Bond

Castle

offices

Club

at

40

at

Security

formerly

Connecticut

of

Louis,

June

Tau

June

17, 1961

(Milwaukee, Wis.)

Milwaukee Bond Club annual out¬

ing at Oconomowoc Country Club,

June

Group

at

Santa

June 22-25, 1961

Investment

of

Association

Bankers

Park

outing at

Hotel, Bermuda.
Chicago

Club,

(California)

17-20, 1961

California

annual

con¬

Calif.

Barbara,
(Canada)

Canada annual meeting at Jasper

Mo.)

Lodge, Jasper, Alta.

June 23,

1961 (Boston)

field

Lake

day

Forest,

Municipal

Club

Bond

annual

outing at the New

House,

Swampscott, Mass.

June 23,

(Connecticut)

1961

Women's

Bond

outing

Morris

at

Ocean

(New York City)

Municipal

June

Association

annual

summer

of

out¬

ing at Race Brook Country Club,
Orange, Conn.

Inc.

Golf

Country Club.

Women's

Traders

2, 1961

Bond

Vice-President

of

Jersey spring

Montclair

Upper

at

Club

County

Golf

Club, Convent Station, N. J.

June 2, 1961

Patricia
Holley,
Coleman was

outing

Investment Dealers Association of

111.

Warren Coleman is President and

and
Mr.

Hopkins

(Chicago, 111.)

Knollwood

Exchange Place, New York City,
to engage in a securities business.

President;
Secretary.

Mark

Virginia

Harbour

2, 1961

Bond

with

(St.

of

June

Trinity Securities Corporation has
formed

and

^

25,

Meadow-

(New Jersey)

of New

Club

Bond

at

May 26-30, 1961

name

Trinity Securities Opens
been

convention

Security Traders Club of St. Louis
outing at Sunset Country Club.

securities

a

offices

Fairmont

outing June 16 at
Country Club.

tal;

brook

ference

anniversary

Hotels.

Opens

party—cocktail

summer

Oconomowoc, Wis.

(San Francisco,

views.]

Street

18th

of

N.

of

Clubs.

May 21-23, 1961

the

is

(Miami Beach, Fla.)

re¬

inter¬

sociation

party June 15 at Hotel Continen¬

&

California Bankers Association

Bernard Lewis
Lewis

Waldorf-As¬

Meeting of Florida Coun¬

the

(Kansas City, Mo.)

City Security Traders As¬

June 16, 1961

annual

Capital
coincide with

not
own

the

at

7th

Club

(New York
of

New

24,

1961

(Chicago,

111.)

Security Traders Association of
Chicago annual summer outing at
Nordic

Hills Country Club.

City)

York

annual

Attention Brokers and Dealers:

TRADING
-

cr

I

opponents

against

provisions,

but

themselves

in

strong and firm but polite terms.

MARKETS
Cement

Botany Industries
W. L. Maxson

Official Films

,0«®«sec--

Waste

Carl Marks & Co. Inc.
FOREIGN

repealed.

case

V&S

American

them¬

shareholders and business people
need

dance

May 20, 1961

from

rubber

pretation from the nation's
and

Club

inner tubes

on

10 cents.

column

As¬

(New York, N. Y.)

Glee

Investment

[This

Traders

annual

toria Hotel.

cents, and increase
tread

on

Security
26th

May 19, 1961

per

income

feel

make

be

number

a

made

repeal

will

outing

Country Club.

15-16,

Kansas

Md.)

land.

,

per

to

(Baltimore,

spring out¬
ing at the Country Club of Mary¬

tires from 8 cents to 10 cents;

on

3

over

1961

sociation

4

in¬

gallon;

a-

on

pounds

from

19,

May

increase

fuel

cents

the

crease

gasoline;

on
on

June

Congress will
a gallon Fed¬

appears

retain the 4 cents

selves heard through their Con¬
So

'annual

York

stop-light free.

con¬

it. If shareholders, stock brokers

gressmen,

lose

A number of states
one

lot, of

15, 1961 (New York City)
Association
of
New

June

Hollow

cor¬

dividend income.

on

Bond Club 40th annual
the White Bear Yacht
Club, White Bear Lake, Minn.
June 15; preceded by a cocktail
party June
14 at the Nicollet
Hotel, Minneapolis.
at

manner,

However, the odds appear
against repeal this year of the
4% credit and $50 exclusion on

A

INVESTMENT FIELD

are

taxes.

"Blue

Minn.)

Paul,

Investment

Treasurer; Henry Hayward, Vicethe Spot

on

as

many

able

BROOKLYN,

Administration's

earned

(Minneapolis-

1961

14-15,

outing

Highway

per

cupied by the elderly.

in

was

construction

month for each housing unit oc¬

The

Interstate

vast

the

for

the cost limitation

room

per

The

from

Shareholders

Eisenhower

on

any

President in history.
President

Hearings
held

been

vision program

to help dependent

children of unemployed workers
at an estimated cost of $200,000,-

The

have

likewise

$100,000,000;

program.

minimum

the

pay

described

was

billion-dollar

from

weeks

benefits

pired, in what
a

through

unemployment

additional

an

of

acreage

$2.5

period

four-year

a

renewal.

♦

the

hear¬

authorize

would

urban

com¬

conducted

have

that

ings

Senate

and

House

plan

reduce

housing,

no-downpay-

>

to

Congress

different

FHA-insured,

family.

Outing
Sacra¬

Twin City

certain

proposals. One of these would
temporarily broaden coverage,
of

Inn,

mento, Calif.

St.

new

numerous

on

Traders

Security

Sacramento

the

at

disaster area?"

a

June

housing legisla¬
Hearings have been held

mittees

Among the important meas¬
ures passed by both Houses and

place

Legislation

almost

pass

Both

Measures

could get the President to declare THIS

we

Expected

will

Francisco

San

Association annual Spring

"Suppose

legislation becomes law.

the

(San Francisco,

Calif.)

legislation would affect many
people.
Some of them will go
over
to 1962, an election year,

New Housing

meeting and

9-11, 1961

June

ing in connection with welfare

when

of

Rye, N. Y.

■

requested.

New
outing
Westchester Country Club,

the

Club

Bond

annual

York

fect

City)

(New York

1961

9,

Municipal

alone will af¬

measures

Phila¬

outing

town, Pa.

farm bill.

a

These

of

Association

annual

delphia

to

(Philadelphia, Pa.)

1961

Investment

and child in the country.

several days
Congress had

annual

League

Whyte's, 344 West 57th

at

June 9,

by the Congres-

sional

T ago

Bowling

But, back to Congress and the
final months of the first session.

a

Rules Committee."

(New York City)

1961

STANY

a

the
,

Field Day at the

Rapids

Ce¬
Country Club (pre¬
ceded June 7 by a cocktail party
and dinner reception at the Roose¬
velt Hotel).

jurist on the
Appeals receives $25,-

and

(Cedar Rapids, Iowa)

annual

dar

life¬

a

named to

to be

ambitions

Court of

Rayburn

Sam

Speaker

judgeship is

job.
Many attorneys in
section of the country

$22,500,

meeting.

Iowa Investment Bankers Associa¬

position. A district judge¬
ship carries an annual salary of

considering substantial
delays
in getting Congress organized.
The bitterest fight of the ses¬
where

June 8, 1961

during

growth

the

well;

very

A Federal

have

Investment

of

Association

Bankers

decade.

1950-60

every

the:

was

success nor a

complete

a

program,

two-thirds

about

Vedra, Fla.)

Group

national average in

a

population

tawa
addressing the Canadian,
Parliament, he could look back
on Capitol Hill with some satis¬

;

up

to

Road, New¬

Pa.

Square,

Southern

failed

states

outing at Aronimink

Golf Club, St. Davids

June

those

Associa¬

Securities

annual

town

because

(Philadelphia, Pa.)

Philadelphia

20

TEL:

BROAD

SECURITIES
STREET

HANOVER 2-0050

•

Our New

King

York telephone number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5,

N. Y.

TELETYPE NY

f

1-971

LERNER & CO., INC.
Investment

Securities

10 Post Office Square, Boston 9, Mass.
Telephone
HUbbard

2-1990

Teletype
BS

69