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Established
Volume
1839
Number
195
|
ed,tor,al
The U.
S.
Reg. U. S. Pat. Off.
New York 7, N. Y.,
6156
Thursday, May 3, 1962
Price
50
Cents
Copy
a
m
As We See It
s
Forecast of the Business Outlook
Attorney General has returned from an ex¬
populous countries of the East, impressed
tended tour of
and
apparently somewhat distressed by what appeared
to him to be the ignorance of the people concerning us
and our policies, or perhaps it would be better to say by
the
misinformation and ;misunderstanding about us.,
Robert Kennedy Tihds it all but imperative that there
be more visitation by responsible people of this country
in such lands as these aaid a greater and more systematic
effort to "explain" ourselves and our intentions. He
found a great deal of interest—and emotion—in the sub¬
ject of "colonialism" and "imperialism" and soon dis¬
that
covered
the
communists
followers
their
and
GNP
by early .1963.
than
and
v
A
.
Here is
and in
a
situation which exists in
one
form
or
/
degree
our own
thinking,
cast
the
a
Public
V"; ;'y ■;
-
squeeze
seen
not
of the
have
past.
However,
exports.
billion
rent
GNP.
projections
Our
Thus,
for
standard
$565
forecast
billion
of
GNP.
most
least until the steel settlement,
at
the
compare
this year,
The
only
mutual
and
quarterly
•'
to
general has beemless in¬
than
was
the
case
Head
STATE
Office:
be
projections show
going from $5.3
billion in the fourth quarter of last year to a peak
of $6^ billion in the first quarter of this
year, and
then dropping off to $5-&- billion in the second half
William F. Butler
shaping
are
up
the
of
in
stocks
rate
of
any
inventory
case,
our
building
of the year. That's a modest movement — those in
similar past periods have been far more
upsetting.
On housing, .we ""project""a: moderate rise of a
In each case, I shall
analysis
deterrent..1 In
a
the
funds will be published in our May
AND
MUNICIPAL
billion dollars
in
a
over
this year;
period when incomes
are
is available. How-
money
This may be too low
rising and mortgage
(Continued
on page
34)
State,
purchased
Municipal
17 issue.
Lester, Ryons
623
So.
&
Co.
Hope Street, Los Angeles 17,
Bonds and
California
20,
BISHOPSGATE,
NovYorli
LONDON, E.C.3.
Members New York Stock Exchange
Associate Member American Stock Exchange
BONDS
Branches
54
PARLIAMENT
ST. JAMES'S
Members Pacific Coast Exchange
STREET, S.WJ.
13
SQUARE, S.W.I..
CHEMICAL BANK NEW YORK TRUST COMPANY
Offices
Bankers to the Government in: ADEN,
BOM) DEPARTMENT
KENYA,
New York 8, N. Y.
UGANDA,
Branches
770-1234
INDIA,
NY 1-1246, NY 1-457
ZANZIBAR
FIRST
in:
NATIONAL CITY BANK
NORTHERN
CEYLON,
BURMA,
TANGANYIKA,
ZANZIBAR,
ADEN, SOMALI REPUBLIC
Inquiries Invited
AND
SOUTHERN
,
Dept?
Bond
Teletype: NY 1-708
Net
To
T. L.Watson & Co.
on
Municipal
Bond Division
THE
CHASE
MANHATTAN
Southern
California Securities
I
*
New
RHODESIA
Notes
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
PAKISTAN,
KENYA,
UGANDA,
York
Correspondent
—
Pershing A Co.
BANK
Markets Maintained
Active
Dealers,
Banks
and
DIVERSIFIED
Brokers
Canadian Securities
CANADIAN
CALIFORNIA
ESTABLISHED 1832
Block Inquiries Invited
Members
Canadian
New^Yoj-k Stock Exchange
American
Stock
BONDS & STOCKS
Commission Orders Executed On
All
Exchanges
CANADIAN DEPARTMENT
Exchange
-y
Teletype NY 1-2270
■</
25 BROAD STREET
DIKCT
NEW YORK 4, N. Y.
y
■
-
i
*
.
,
■'
_
,
WIRES TO
MOHTBEAL AND TORONTO
GOODBODY
/
v
8e
Dominion Securities
MUNICIPAL BOND DEPARTMENT
Co.
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
BANK OF AMERICA
"
BRIDGEPORT
V
~ PERTH AMBOY !
.
2 BROADWAY
,
NEW YORK
•
.
'
I NORTH LA SALLE ST.
7
CHICAGO
in
periods of past recoveries. Just why this
is so is not completely clear — I'm sure that the
modest charges that banks make for loans shouldn't
GRINDLAYS
BANK LIMITED
London
in
inventories
Housing
NATIONAL AND
Chemical
telephone:
building inventories
hedge against a possible steel
a
business
similar
in annual rates, with the fourth quarter
comprehensive
But
clined to add
projection for the fourth quarter of
closed-end
good clip as
a
strike.
>
of the economy.
volatile, and the hardest to forecast sector ot
period. We operate under the
handicap of not knowing quite where we are at
the moment.
Obviously, steel consumers were, at
explain
areas
capital expenditures reaching an annual
billion in the fourth quarter, an in¬
of $3.6 billion.
Increases in other fixed
GNP in the postwar
a
major
increase of almost 11%
boost the gain in total business capital invest¬
$5 billion..,
Changes in business inventories have been the
I. shall
.
an
year —* on the high end
of what would
to be consistent with the survey. We have
ment to
in
To see how we arrive at this
projection, consider how trends
the
vey
of
more fully later, that's;
good performance—but not"
good enough.
sur¬
in
investment not covered by the SEC-Commerce sur¬
$560-
a
As
mark
review of past experience shows
projecting
we are
the
appear
crease
First,
which
of the
cur¬
well
^are
the
to
rise of 8%
These
that they may tend to underestimate actual invest¬
ment by '2-3%
in periods of general expansion.
a
$570
close
quite
a
last year.
over
rate of $39.5
impli¬
forecast
been
of business
a
business
our
might
happen
to
The standard fore¬
Administration
"first.
and Public
.
teletype:
—
by
but, also,
past
faster
veys
Municipal
Seen ritiesf
P. O. Box 710,
SOON
sold
on
rise
areas
new
A recent SEC-Commerce
survey
Housing,
State and
r-
and
to
line with what I take to be the
our own
COMING
costs
1961.
calls for this to be
year,
our
r
caused
volatile
more
plans to make such investment showed
for the year as a whole
a good
year' of general" pros¬
perity and advance, but not as
good a year as is implied in
another
The truth of the matter is that
Government,
had
Special action recommended is
some
what
change it.
V
governmental philosophy and
public policies are alRbut hopelessly
engulfed in confusion of thought and differences of
opinion, to say nojthing of plain misunderstanding of
elementary sociological, and eco- (Continued on page 13)
U. S.
capacity is blamed
excess
which
falling demand.
to consider
,
the rationale of
Present
demand
satisfactory prosperity level
more
cations of this standard forecast
or
ineffective and useless.
He
mean
the one now being used by most
competent practitioners of the art. Then, I propose
another almost everywhere in the
world—even here among ourselves—and one that can
be definitely damaging/to the cause of human welfare.
The question is what
qan best be done about it. "Explana¬
tions" usually—a? wasthe case with; the Attorney
General—are very likely to develop quickly into some
form of Marxist dialectics ;and,
accordingly,: are quite
one
a
discuss the
plant and equipment
has been increasing since last spring. The annual
rate reached $35.9 billion in the fourth quarter of
last
Sees spurred investments raising
I
'•
■
1962's
productivity and, thus, caused price rise, profits
and
'
for
rate
I propose to do two things in this paper.
I'll set forth the standard business forecast by
concerning
What's .jthfc Answer?
GNP
abortive and weak recovery.
only aiding the economy
questioning thgse critics that their notions of such
as
these were elementary to say the least, but
such terms are essentially labels in these former colonial
dependencies and it is all but useless to expect these
!
by $6-8 billion to
excessive
had
terms
:. y:f/':V'•
billion
an
by five percentage points.
when
;
$576
of
liberalizing depreciation and reducing corporate tax
urges
good use of their time and energy in convincing
these peoples' that we definitely were of colonial leanings
and, in fact, were imperialists at heart. Naturally,he found
them, {
forecast
quarter will constitute
I'll
1961.
Business investment in
Well known forecaster fears that the attainment of the pre¬
vailing
made
colonials to remain unemotional and rational
of
By William F. Butler,* Vice-President,
The Chase Manhattan Bank, Nmv York City
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
N.T.&S.A.
SAN
FRANCISCO
•
LOS ANGELES
The Commercial and Financial Chronicle
(2090)
2
The Security I Like Best...
Dealers only
Banks, Brokers,
For
35 years
each week, a different group of experts
A continuous forum in which,
Specialists for over
'
1
Bank Stocks
wood
Quarterly
soundly
managed,
cons rv
enterprise* which appears to be on
United States
!
in
request
'/'*
Exchange
cost
•
CHICAGO
•
SAN FRANCISCO
for
Monthly
our
Stock
Digest, and our other reports
of the
picture
economy
a
as
The Nomura Securities
61 Broadway, New
This
is
not
orders
an
for
offer
any
SUGAR
■
Refined
—■
to
more
a
SECURITIES;
process
this
of
currently selling: at a reasonable
in relation to the current
annual- rate
of earnings
of ap-
be .attained
price
lengthy
machines.: the
paper
DAI
proximately $1.30. Not only should:,
on
necessary
benefit
stock
Securities Co.9
nomlnal Profit in 1962.
im-
years
\ ■;
paper maker, should improve, and
a
.
These goals have now
The
attained.
making.,
For
obscured
3.6% yield. With
en-
ratio
has
unsettled in-
of earning
by
instance,
Telephone;
power
of
a
times
13
A Continuing Interest in
Fischer & Porter Inc.-
producer of quality lenses for
Richardson Co.
Stouffer Corp.
expected
net income and $3.50-$4.00 net per
share
;
possible by 1964 I believe
Hammermill Paper common stock
to
be
f0r
appropriate
an
institutions-
BOENNING & CO.
Established'1914
1529 Walnut Street
U5.Broadway.
Philadelphia 2, Pau
N. Y." V.
LO 8-0900
CO 7?120Q
ATTi Teletype PH 30
New YorJk 6,
f
the^ product line, expanding, ad*
vertlsmg and. merchandising pro*--,
We will bid
on
-
*
investment-
and
Reyes Fibre Co.
-
sSce, th„at tlme ls. due to the
efforts of these men m broadening
price earnings
1962's
BEekman 3-3622-3
since its inception has been good
a
-
.
;
orderand inventory procedures,
individuals
;;-
r
period*. UNIVIS's net
transition period.-. *-//;■>-—/ r : - seeking reasonable current income income' also
expanded--: rapidly.;
From
a
high - cost, one city, and well-defined capital enhance-; However, a decision to move; the
limited
line' producer
in
1955; ment potential;
:
V, -r ./••;'
Company's maimplant from,Day--
Exports—Imports—Futures
NEW YORK OFFICE r
,
149 Broadway, New York 6, N.Y.
therefore contribute
paper
Ltd*/
'sharply -'
from
^dn^mom intfif make • a < ™edi.ately ahead but the market,,
dustry and general economic conditions
as
well ,as
the., heavy
non-recurring
expenses
of the
Liquid
?
JAPANESE
level in
normal
most
besetting
nressures-
largely
been
—
return
should evaluate these earnings at
a higher multiple fhan is presently
the case.
;.C
UNIVIS • was incorporated m
Ohio in 1919 and over the years,
has developed a strong,position,as:
hancement
Mobile, Ala.
Direct wires to oiir branch offices.
.
.
•, • . ;
The ,o,p e r a t i n g margins of
HammermilUs two recently aequired subsidiaries, Western
Newspaper Union, a wholesaler,
and Strathmore Paper,- a fine
duce costs.
5, N. Y.
been
Raw
V
'
Hammermill formulated more efficient production schedule '(dividends have been paid4 each
a
comprehensive and ambitious plan is to be installed,
v
year since.. 1.928),,UNIVIS^s rapid
blueprint for the long-range exHammermill
Papercommon
development did not begin until
pansion of the business. The pro- stock has been selling at about 33 ^955, when a leading managementgram's objectives were to moder- recently on the New York Stock consultant firm was instrumental,
nize facilities, increase capacity, Exchange.
The
company's indi- in bringing in a new top managebroaden the product line, and re- cated dividend of $1.20
affords a ment team., The 100% sales gain
CO., Inc.
YORK
NEW
New Orleans, La. - Birmingham, Ala."
rapid
for
the
past* twocharges, which re1960 and 196L earnings-by
In 1955,
STREET
WALL
99
have obscured the Company's
development
years. : These
duced
-
NY 1-1557
expenses
In contrast to 1961's losses, how-, higher earnings in the
is the country's
naoer
situation.
own
for
particular securities
LAMB0RN &
recurring
more to earn- eyeglasses. In the past the Comings over the next few years: pany has specialized in multiof 'the paper:industry in recent
Since
most
of HammermiU's .^al lenses which, on the average,,
years. However, the company also
l^rge^acale plant ^expansion
is
about four times tne price oi>
experienced difficulties of a non- completed, management cap* now :iT^le single-visic?n,4ens^ .
•< ,
; repetitive nature peculiar To; iW devote more. attentiqifVto basic L;Although the Company's record
Co., Ltd
solicitation
Non
approximately 400 per share after
taxes, are now behind the cornrepresent party and should allow earnings to
power.
not
high quality fine
8
makers
Of course, Hammermill has shared the problems
.York 6, N. Y.
or
HAnover 2-0700
among
before 1963 because of the
paper
Green 9-2895
BOwling
Telephone;
npfifive
Japanese
whole.
Exchange
Exchange,/
-19 Rector St., New York 6, N..Y..,
(3)
somewhat from the com-
company
give ypu a pretty clear
that
will
adjustment
David A. Baker
vertising
excellent paper merchant relations, and an unequaled
reputation for the quality of- its
specialized products protect the
JAPAN
earning
installation
premier manufacturer of fine writing papers. Extensive brand ad-
Opportunities Unlimited
Write
Ultimate
Established
Hammprmill
Stock
Stock
.
opment.
9
American
Conversion of a paper relation to
sales vinV the
years *
Oswego, New York, ^head. \ •
•
.
.
. ;
entailed start-up expenses of more
(4)' Despite the excellent outthan 20 cents per share last year,
iGOk, UNIVIS Common- Stock isr
'
18
New
machine-'at
provided
v
York
Members
Members
.
,
does: not
it
be,
gain
a
Ol tlNtK, JIUUit Ct UU.
(Page 2).
this performance
as
,
ROUSE & Cfl
STEINER
potential.
solid base for
in
IN
.I^avenport, Jowa,
achievement of HammermiU's full
further devel¬
Wire System
Private
Univls;:jnc,
Eugene F Gerwe
■,-ReseaJth Dept., Quail, & Co..
cent& per
makers.
paper
Outstanding
would
structure
a
Nationwide
,
could
major
o
and
34
versus
year-to-year
the
New York 5
weekg
Bought—Sold—Quoted
.r
the- first
best
ically altered
company's
l
for
reported
City.
York
•••
_
previous
level
gram
which has rad¬
p r
Teletype NY 1-40
PHILADELPHIA
the^ t h r e e
(Page 2)>...
,v
For the full year .earnrise 60% or more to. a
above* $2.50» per share, the
-
Established 1920
BOSTON
quarter
year ago.
ings
growth
year
Associate Member
120 Broadway,
twelye
six-'
ceived-
CORPORATION*
WOrth 4-2300
&-Lament,' New
in fourth
share for the comparable period a
well-con¬
a
stock
of
sjiare
r
•
.
It is
power.
HANSEATIC
#
x?
p
a
earning
completing the
final stages of
NEW YORK
American
each
Louisiana Securities
;
Baker,-Security Analyst, Jfesup
Canadian.:
higher cost
consumed;
Hammermill Paper
and" Trust Companies of the
on
the
resulted
earnings almost doubling those of
Hammermill Paper Company
Alabama &
\
Hammermill Paper Co.—David A.
was
This
New York City
;
Comparison of ^Leading Banks
Available
of
last
DAVID A. BAKER
,
^
>/-<;,
'
Security Analyst, Jesup & Lamont,
Our 120th Consecutive
particular security,
participate and give their reasons for favoring a
Week's
Participants and
Their Selections
advisory field from all sections of the. country
in the investment and
in
This
Forum
Thursday May* 3, 1962
.
Irl- this
-
INACTIVE ^
SECURITIES
■
y
...
diver-
Hammermill has, become a
DIgby 4-2727
/,■.,
;
sified, integrated,' and efficient in- '
Now the company
produces fine paper, coated and
uncoated. book paper, cotton fiber
'
,'-
■
,
n
:
Members: NY$E; ASE (Associate)
industrial specialty papers. It has mills located
in Pennsylvania, New York, Mich-
growth
added
its
YOU WILL FIND THEM
IN
other
any
firm except Scott.
sales
has
increase
major
the
been
companies. Of even more importance, development of a new pulping process enabled the company
shift
to
Record
its
material;
raw
$45
(Single
This
five
on
well
Copy
bound
you
all
as
per
year)
monthly
listed
those
"hard
or
ing
as
find"
New York 7, N. Y.
CO;
.
of
the
new
pulp-
involved extensive al-
in
depressed
past several
the
■
a
(1) operating
more
profits
years
quarter
expenses
normal
level
2-9570
of
1961
as
approached
and
(2)
for /opthalmic
indnsfrv
J
ienstfs
T,
•
•
can
etc
Eugene F. Gerwe-
fluctuations
appears
to have well-defined
for
ahovp-aupraw
the
double
parable
cate
that
company
that
this^
accelerate
as
a
processed' locally,
are.,
types of lenses, and-
in all
of
any
?ate
over
avermore
com-
the
next
could
several
years.
hard
ls.
estimate, the
to
longer term prospects appear very
solicitation
circumstances
of
an
offer
to
to
be construed
buy,
any
as
an
offer
security-referred
to
to
sell,,
or
herein.)*
Over-the-Counter
Quotation Services
ex;
Prosnerts indi-
growth
{^1962 PWhile the^mmed^lmvvhue tne immediate 1m
TT/TTV^a
u
,
•'
:
:
UNIVIS has also made several
recent acquisitions for cash which
materially broaden the Company's'
^ope. In October, 1961; the-Company ^acquired an 80% interest in
American -Aerospace
Controls,
for 49 Years
National Quotation Bureau
Incorporated
a
which
will
be
engaged in the design and manu¬
no
*
price is competitive
Company has ap¬
plied for patents on various plastic
processes and techniques. Market-
new
(This is under
VI
the
fact
(2)7 Since 1955 UNIVIS- has-
than
Fn
g
hire growth
;-
of Plastic Lenses
use.
with glass. The
XrtySSl
prosoects
be
where
"
'
and
>:
-
usable
JLHllctl;
PYnpriy
h
be?n
Plastic
has
advantages over glass, being
breakable, one
half:/ the
weight of- glass and resisting fog¬
ging.
Univis * has; •• made
good
progress
in
developing
plastic
lenses.which are scratch-resistant,
non
ontLf
f]
,
-
many
.
/
_
the development
m
perienced rapid sales growth
of aging 13.3% annually, a rate
began redouble-barreled impetus
fourth
T
.P
th
The-Company .has .Hong
--
industry.!; pfesentr research is' in;
An exciting 'area in
UNIVIS's
''
Jnanv ^
Cq
cord for
kept in production, but it in-
ceiving
a
REctor
...
eurred inordinately high expenses
the changes were imderway.
Artificially
call:
DANA
process
was
quotations.
25 Park Place
per
cost-
teration of the Erie mill. The mill
—tion
the
WILLIAM B.
of $20
an average
Introduction
to
pulpwood
:the;^
n
source
$60 per cord.
will
*
Write
substitutes
a
d ,^
iuiio wine
reasons*W 1" ^
that previously imported at' about
prices
securities0
Over-the-Counter
ing
$4).
—
publication
the
move
With7^^these expenses
these."year's.
,
f
from Canadian softwoods to mixed
domestic hard and softwoods. This
(Only
.
„
as a leader in research ^'.arid development in the opthalmic
op^n^6
This
highest among the sixteen largest
Bank & Quotation
°
•
*
York 6, ;
Teletype; NY 1-2187
'
•*
over
>19 Rector Street, New
DIgby 4-5460
•nths wjth only ! a recognized
minar
Its rate:
iu
of
.capital gain
the
has
,
plant relative to
new
than
size
of
Hammermill
plan,
more
paper
,yy
inception,
the
v
' ;" '
.
plants in Massachusetts, Virginia,
Alabama, Illinois, and California.
;
'
Inc
•
'
set in each of
now behind, and with the benefits
'
!
'of a new and efficient plant, fuI believe the common' stock * of ture earnings growth should equal
Univis,,Inc; offers the prospect of or exceed sales growth. *- ;
igan, Ohio, Washington and Massachusetts; and envelope converting
Since
y sales records'-were
Pacifif Coast Stock Exchange
«.V-" NewWark Security?Dealers Assku-%
w
in-f
^Come. It isuriteresting to note that,
Were written off against net
and Midwest Stock Exchanges
"
-
Univis
Members:
■i
pf Co., Inc^
P.^n?°^ lowa
-
content paper, and
QUOTATIONS?
" '/caused reduced" earnings in both''
1960 and 196T,-as movipg expenses';
"
nn
.
MorrisCohon&Co.'
,!v,ton, Ohio to Fort Lauderdale, Fla. -
EUGENE F. GERWE '
-
'dustry leader.
Need Hard to Find
:
Established
company
facture V of
fi-u-
1
: proprietary
.electro
Continued
page' 16
en
on
46 Front Street
3HICAGCL
!
1913
New York 4, N. Y.
SAN
FRANCISCO
Volume
195
Number
6156
The
Commercial and Financial Chronicle
(2091)
3
CONTENTS
Bond Markets and the
"i •/
LICHTtnSTEir
By Tilford C. Gaines,* Vice-President, First Rational Bank
;
.-'-f1'• Pase
"j-
of Chicago
e
>'
'
'*
period's
charts
influences
unexpected' and
almost
;•.!
;
'»
n-'*.
••
•
Chi6ago- banker
\
responsible
unprecedented
'
bull
bond
store f°r most
•
bank
lending
to pursue a
bond
markets
remarkable
pressure on ;
*
The Avco
O. _ira
-t,!
a
arily had purchased.-
prices
)■{*.»
*
Avid
mercial bank demand for
exempts
has
present; time.
,
new,
V
U.
—
Jack
K.
continued
has
been
to ...the
1
bonds
Impact of Sluggish Economy
to
and
some"
issues
were
"pushing
t
o
markets
for
.—Weston
"21"
C.
&
UNISHOPS, INC.
!
^
.
24
_
SEC's Complaints
Smith
JOHN'S BARGAIN
25
_
STORES
30
the
are
prices upward. Perhaps the most
important influence at this time
4% %. At this writing, there
no
Government issues above
4% and the prices of longer bonds
from
three
to
higher than they
months
.
ago.
four
points
only three
were
was
ance
even
cent
months,
are
still
yields
and
than
higher
But yields
year ago.
bonds
basis
are
currently
are
pointf below
they
were
than 40
more
a
a
municipal
on
and
year ago
presently at the lowest levels
in several years
which
are
the
would
•/
the
bond
BUCKINGHAM
is,
to
what
we^s
,e
NYSE
Federal1
•
Reserve
and
member
increase the rates of in-
terest.they pay
ings
deposits.
!
direct
have
time and
'mercial
been
banks
have
,
depositors has driven banks
and
to
attempt
portfolios.
l
the
As We
.
Bank
on
to
increase
:
/
„
the
'
The first evidence of the emerg-
ing bull market in bonds appeared
in the tax-exempt market
pressure
on
It
and' Insurance
of
this
.
'
-
.r
„
V
Market
'
and You
.
...
.
extend
the
Mutual
New
strong
Funds
18
Broker-Dealer
Firms
Observations—A.
Wilfred
Our
Public
on
Utility
in
BROAD
2
^
'
23
(The)
14
York
Stock
TELETYPE NY 1-5
Boston
Newark
Chicago
Schenectady
Glens Falls
Worcester
E.F.
56
Chi;
page
Published
Twice
tWeekly
Copyright 1962 by William B. Dana
Company
The COMMERCIAL and
4
Reentered
U.
Patent
S.
second-class
as
WILLIAM
25
B.
Park
DANA
WILLIAM
Publisher
J.
In
9576
SEIBERT,
members
per
year;
United
members
plete
state
issue)
(general
and
statistical
issue
corporation
and
city
news,
—
and
news
Monday
every
ad¬
year;
quotation
bank
clearings,
per
year;
Bank
$45.00
Chic.ago
Office:
3,
111.
135
South
and
La
Salle
STate
St.,
2-0613).
rate
$68.00
per^year.
foreign
Possessions
and
Union
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Canada
of
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Record
per
of
the
exchange,
subscriptions
and
INCORPORATED
.
year.
39
Monthly,
Postage extra).
(Foreign
m V. FRANKEL & CO.
$21.50
Publications
account
of
S.
countries
Quotation
year.
Note—On
etc.).
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other
per
U,-
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EDITION ONLY
issues per year)
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THURSDAY
(52
-
EDITIONS
year)
per
Dominion
other
Editor
In
vertising
issues
Pan
in
Rates
THURSDAY
States,
of
year;
Treasurer
MORRISSEY,
AND
United
per
SEIBERT, President
DANA
GEORGE
to
MONDAY
(104
Place, New York 7, N. Y.
D.
Febru¬
Office
COMPANY,
REctor 2-9570
matter
ary
25,
1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
CHRONICLE
Exchange
ST., NEW YORK 4, N. Y.
6
Washington and You.
records,
Nashville
54
;
Corner..
Salesman's
Washington
30
Offerings
1868
TELEPHONE HAnover 2-4300
Albany-
21
Los Angeles
San Francisco
23
(The)
..Every
25
St, Louis
___;
Registration
Security
Cleveland
Philadelphia
Securities.
Now
Teletype NY 1-1825 & 1-4844
Direct Ifires to
May___
Thursday, May 3, 1962
New
inc
40 Exchange Place, N. Y.
Chicago
22
Governments.
Reporter
.
33
Subscription
Founded
HA 2-9000
Tax-Exempt Bond Market—Donald D. Mackey.__.__.
Par-
PREFERRED STOCKS
Spencer Trask &-Co.
&
17
News About Banks and Bankers^
latively slack, and funds avail¬
able for investment piled up.
on
mackie,
35
...
.
State of Trade and Industry
up-
principal money market
centers, loan demand became re-
Continued
Singer, Bean
News-Carlisle Bargeron.... 16
•
s
(The)—Wallace Streete—
Streete...
Security
in
ward movement that appeared in
in De-
Electronic Int'l Cap. Ltd.
:
-
CLAUDE
Members
56
Indications of Current Business Activity^i.
:
Electronic Capital
22
....
Field.
5
-
^
...
Investment
year
we
specialised in
Stocks...
the
Einzig: "Effect of. Lower Interest Rates in Great Britain"
Reg.
have
Espey Electronics
Cover
From Washington Ahead of the
the failure of bank loan de¬
to
Knape & Vogt
8
FINANCIAL
For many
32
bond
influence
DIgby 4-4970
31
(Editorial)
Security I Like Best
powerful
Broadway, New York 5
28
Baird Atomics
ma- r
cago, the
-
■
upward
the closing months of 1961.
ticularly in New York and
their investment
-
See
Coming Events in
has provided
opening months
mand
.
source
39
Regular Features
Securities
was
to re-examine investment policies
rate of return
_*
Dealer-Broker Investment Recommendations
reinvested.in. short
prices.
Another
ing the first three months of this
"•year. Second;"the higher costs involved in paying more interest to
their
Amendments
J.F.Reilly&Co.,Inc„
27
t
Prospective
steady
an
unprecedented rate; these deposits
increased by fully $6 billion dur-
'
11
run
com-
at
grown
Law
ing from this
the
savings deposits of
Tax
the risk that yields would not r'
be higher later in the year. Buy-••
two
First,
consequences.;.'
Expenditures,
;-
in early January,
There
customers.
1957's Record
...
prices for bonds. As the prospect
and in a matter of days most of of higher rates and lower bond'"
the
principal banks around the prices ahead become increasingly •
country had increased the rates uncertain, some banks decided "to i
.offered to their savings and time lengthen immediately rather than:
,
*
;
expecting rising interest rates to make it possible for them *
to lengthen out this year at lower -
time and savThis
permission
*
Kennedy Administration's Proposed Magna Charta for
Railroad Industry i.
turities,
on
went into effect,
had
to Exceed
.'
New York Chamber of Commerce Decries
Man-Made
-v- Obstacles
to Economic Growth..".
l
Clearly, to re-examine their. investment
the most important single influ- plans. Many banks had sold inter-r
■ence has been the permission giv-.'mediate and longer bonds in 1961'
to
31
*
>
...
four months of this year?
banks to
*
Survey Says More Nuclear Power Plants Will Be
Operating in 1962______
many'
CORP.
Fixing S&L Assn. Dividend Limit
on
McMurray-
According to McGraw-Hill Survey.
Uncertainty on
the.'.economic
outlook forced commercial banks
bull
imarket in bonds during the first
'en
P.
Business Outlays
\
movement
circumstances
explain
drive
economic outlook was replaced by
uncertainty as to the economy's
ability - to
sustain
its t upward1
,
V'
Why Bull Market?
What
that
lr\v
corporate bonds
1
help
1961 was that the forward momentum of the economy, .would
approach boom conditions in 1962,
generating heavy-credit- demands
and rising interest rates. Instead,
as
nfw year opened, activity
slackened f rom
Pact main111
^ last quarter of 1961,
anc* buoyant enthusiasm^ on. .the
taxable
on
Changed View
—Joseph
the relatively poor performof the economy in January—
striking than- in
more
to
businessmen and economists had
expected. ..The .standard; economic
taxable bonds. In spite of the pronounced price improvement in re-
-Government
picture
relative,
•
The pattern of developments in
the tax-exempt bond market has
been
A
.
ward
are
.
tax-exempt market until the
part of January.
By that
time, other influences had entered
-
COMPANY
20
__
26
latter
Gaines
BRANDS, INC. ';
BECTON, DICKINSON
15
Lease Financing From the Commercial Bank
Viewpoint
—Donald M. Graham
_*
;
the
Tilford
4-6551
12
Removing Commercial Bank Savings Deposit Ceilings
—Gaylord A. Freeman, Jr.__
bonds
taxable
WHitehall
10
Economic Grounds
on
H. Trezise__
Financial Publicists and the
4
did not respond to the strength in
yield about
4%
.
The
STREET, NEW YORK
Telephone:
•
quoted
were
■
.
the
of
Govern¬
:
!
>
and Sell Stocks-—Roger W.^Babson
Trade With Japan Rests
—Philip
steady upward, moveprice
and
downward
movement of yields.
longer-
in
.9
I
,
WALL
only
genuine-
-
of :a
feet
on
99
:
....
Government's Relationship With Business and Labor
—President Kennedy
-
absorbed
of
January
virtually all
ment
T
■
__
Busby__
the
'>
____
deal
—'-we
to New Heights
Cobleigh_____
Knowing When to Buy
;
without any apparent limiting ef-
ment
Corporation—Flight
OBSOLETES
•
Serfbus Threat Confronts the, Electric Utility Industry
tax
new
A iiuge; volume
bonds
;
3
v-—Joseph D. Coppock___i
com¬
At the middle
term
r
______
.have risen almost
without
interruption.
COUNTERFEIT
Cover
-"
Corporate Outlays and the Demand for Term Loans
—Rudolph e; Palluck_—
size and in longer maturities than
mostcommercial banks custom- L
credit,
•of the
Butler__;!____L._______
F.
•V;
cember, even before the new and
higher savings rates went into ef-
and very
bond
rilliam
The Common Market and Its Impact
Upon Our Trade
have
large demands
rfor
in Today's Forecast of the
;•
,
past several months; In spite feet. Comn&ercial bank buying apvof a strong and expanding econ- peared
in the-market in -large
'
BEWARE OF
{
Pessimisn)
Outlouk-
:/r—Tilford C. Gaines_^_;.-_____-___
.
;'
the
omy
"" /
r,'
Bond Markets and the Interest Rate Outlook
'
•
aPtici-'f';!;
imposing limits to prevent its misuse.
put on a
performance - during
-
Business
to permit healthy credit growth to support
course
'*
1.
'
Unwarranted
1
up
the year progresses. The Federal Reserve is expected
as
middle
the economy's advance while
The
likely to increase
are seen
V
market.
types of obligations iii T962. Moreover, the
pated heavier credit demands
^
^
O
.
vC.*V?.i
this -recovery
severaj forces strongly implying somewhat higher interest rates ary"
,n
^
_•/
for
Looking ahead, the former N. Y., Federal Reserve officer totes
*
*
D.COMPANY
AN
Articles and News
,
BROADWAY, NEW YORK 6
—
fluctuations
remittances
advertisements
must be made in New York funds.
WHitehall
3-6633
in
for
Teletype
NY
1-4040
&
1-3540
.
The Commercial and Financial Chronicle
(2092)
4
Bond Markets and the ;
Interest Rate Outlook
"
growth in money and credit to
support a satisfactory rate of eco¬
nomic advance while at-the
.
.
Thursday, May 3, 1962
.
OBSERVATIONS.
same
time imposing limits upon the ex¬
tent
to
which credit could
be
BY A.
WILFRED
MAY
used.
These middle
ness
3
Continued from page
pol¬
and there
Meanwhile, Federal Reserve
has constantly been a
ply of
investment. '
What's Ahead?-
pected and almost
during
market
bull
unprecedented
a
economic recovery.
period of
Market
strength has derived from real in¬
vestment demand
and has nof
rested
psycho¬
ephemeral
upon
factors. It has grown out
of the
buying by real investors
and not from speculative accumu¬
lation of inventory by profession¬
als or free riders. This being the
logical
may we expect bond prices
continue to rise and interest
case,
to
continue to fall?
rates to
judgment, there is little
if any latitude remaining for fur¬
ther upward price movement in
the markets
for taxable bonds.
In
my
bonds may continue
to improve, in spite of their very
strong movement during the past
four months, since on a taxable
Tax-exempt
equivalent basis yields on munici¬
pals are still substantially above
yields on taxable bonds. But it
seems
to me that in the market
for
corporate
and,
Government
of present
rates of interest? The
answer to this question turns upon
Federal Reserve policy. The Fed¬
eral Reserve
System has main¬
tained
an
ment
months
soon
lor
itself
make
eral
policy mgght not
considerably during the
of this year. Were the
Reserve
tighten
balance
be
willing to supply all the reserves
needed to finance all prospective
credit demands without real pres¬
sure
upon
the credit markets, then
would not rise. In
that
fact, it is even conceivable
they could decline further.
continues
business
if
But
its
present rate of expansion, it seems
unlikely that the Federal Reserve
System would be willing to see
credit generated at the rate that
such
economic
advance
would
imply. In spite of the widespread
uncertainties
is
the economic out¬
on
recent
in
performing
tfee
well
very
sta¬
economy
indeed.
there
why
the
months,
that
suggest
And
a
is no apparent reason
steady rate of increase in
industrial production, retail sales,
employment and the other major
measures
of activity should not
in evidence for the balance
be
involve refinancing $7.7 billion of
1962.
securities maturing on May 15 and
sustained
A
of
of expan¬
rate
sion
$4 billion maturing
both
on
June
15;
maturities will be refunded
simultaneously.1 In addition
to
other large maturities in August,
November,
and
December,
the
Treasury probably will find it
necessary to borrow at least $10
billion in new money during the
balance
of the
year.
Corporate
bond volume also may be expected
to increase. Activity in new cor¬
porate bonds is almost always light
during the first quarter but then
picks up significantly in'the sec¬
ond quarter. This year should not
be an exception. The volume of
offerings of tax-exempt bonds has
been consistently large and there
is no Reason to anticipate any re¬
duction in the volume of
ferings.
the
new
of-
Finally, loan
commercial
demand at
banks has quite
clearly turned upward and, if the
pattern of earlier years of busilThe
Treasury
offered
to
$11,683
million
of
securities
May 15 and June 15 during
through May 2—ED. NOTE.
exchange
maturing
April
courses do, how¬
imply some restraint upon
credit availability and, as a con¬
sequence, somewhat higher rates
of interest. In my judgment, this
is "the pattern we will see during
1962. Federal Reserve policy will
ever,
not be
would, in time, satisfy even
gloomiest 'critics as to 'the
basic strength and health of the
rate of
expansion almost
surely would also generate record
a
for
demands
credit
new
types. The Federal
tlien
tem would
the
old
Reserve
reserves
If
it
supplied
needed to
tain all of the demands for
it
would
Sys¬
find itself facing
dilemma.
all of the
all
of
the risk
sus¬
credit,
again
of touching off a credit-based in¬
flationary spiral. But if it took
run
action to limit credit
once
availability,
it
might also limit economic
pansion and would almost
tainly
down
ex¬
cer¬
bring political
lightning
its head. Fortunately,
upon
this dilemma is not of the either/
type. The Federal Reserve Sys¬
tem need not supinely honor all
or
credit demands
far
as
to
nor
need
the economy as
1960. There
are
of
it did in 1959 and
middle
numerous
30
courses
that would permit
healthy
e a
d y
sure
in
the availability of funds
banking sys¬
upon
the
growth require¬
lead to growing pfes-
ments will
commercial
tem. In short, the outlook appears
to be for good economic expan¬
steadily heavier credit de¬
and, in time, higher rates
sion,
mands
of
interest
most
on
types
of
THE
HITTING
the
basic
most
indictment
talk
Financial
First
by
Mr.
Gaines
Executives
before
Conference
National Bank of
of
the
thw
Chicago, April 24,
1962.
Number-One
a
tax
collecting
Revenue.
Interviewed
oil
and
in
affairs of Illi¬
nois
of
Institute
to
Board
rectors
*■"
Of
a
ther attempts to* educate the tax¬
in that
revenue
it due to sheer
is
one
area,
ignorance.
small
a
many
taxable.
I
have
even
seen
editorial to that ef¬
newspaper
Have
we
The
"Just
You
Be
sure
Reported
4
are
likewise
in
wider
distribution* by
disbursing corporations'
pinning to the check the Internal
Revenue
Service's following
through
(No. 5219), clearly and
simply reminding the shareholder
that
the
accompanying
check is
dividend
taxable.
to report all of your income from all sources
sources
such
interest
as
ernment,
*
!
on
pavings accounts
dividends, particularly when
credited to their accounts rather
are
Your accuracy in reporting
these amounts will benefit both you and your Gov¬
action
and
will avoid expensive enforcement
might otherwise be necessary.
that
COMMISSIONER OF INTERNAL REVENUE
135
South' La
Salle Street.
U. S. TREASURY DEPARTMENT
Dr. Elliott is
member
a
GP0
Sciences'
Dr. Martin A. Elliott
coal, and a board
AutoResearch,
Inc.,
Chicago, and Gas Exhibits, Inc.,
of the Century 21 Fair, Seattle,
of
of
table.
necessity
paying a
of
filing—and
hence
tax which they don't
owe—will
be
activities
His
include
commit¬
tee
memberships of a number of
industry-wide organizations, in¬
cluding the Petroleum and Gas
Industry's Coordinating Research
Council, the American Institute of
Chemical Engineers, the Ameri¬
can
Chemical Society, American
Society of Mechanical Engineers,
American
Gas
Association, and
Society of Automotive Engineers.
He has authored
technology, and is
an
alumnus of
Johns .Hopkins
University from which he re¬
ceived Bachelor and Doctorate degrees in gas
the very
engineering.
the tax
changed
Inc.
to
name
Leib
simple
as
★ Meet
Radio
The
open-end
LO
payments,
items
income
varied
his
from
withheld,
of
interest
the
to
add
and
back
add
up
the
credit,
or
refund
a
withheld.
^
for
Important
April
1,
Television
t
Dominick
&
Dominick
Members New Yorkv American & Toronto Stock
14 WALL STREET
Exchanges
NEW YORK
branch
office
as a
frequent "extra"
complex certificate filing process
INTERNATIONAL SERVICES
4-756Q,, is
Announces" the change of
CORP.
its corporate name to
LEIB, SKLOOT & CO. INC.
Associates,
research
and
has
30
Plaza, New York
Stanley
with
in
the
has
firm
opened
as.
are now
located at
..
1126 Clifton Ave.
Clifton, N. J.
Clarance
associated
Vice-President
new
offices
a
Rockefeller
City.
become
charge of the
The company's
and
at
office.
tax
&
1962.
'
t
the
/
Brokers, Dealers, Underwriters
Price
tax
types
jris other income,
Opens N.'Y. Office
Rowe
the
figure out his tax owed, and claim
An
T. Rowe Price
Inc.,
investment
counselling firm,
ex¬
income
two
maintained to New York City.
T.
now
withheld
and
distributors
seem
multiplication
for wages
Form
Marvin
and
securities.
phone,
W-2
up
tracted
"uncompre-
Press—NBC
broadcast,
principals in the firm,
which acts as brokers, dealers and
of
the
Collector
factor in the taxpayer's already so
are
underwriters
total
saddle him with a
perplexing obli¬
whose ramifications will
report
the
as
and
to
the
due which aggregate
the
"dumb"
idends
his
with
account
supplied to him by his employer,
to report directly the gross div¬
will
present
cum
20%
arbitrarily
from them in advance.
income* recipient,,
when making out his tax return,
with or without a refund claim,
will
be
expected, without
the
benefit of an information receipt
of the with¬
holding system on the wholesale
filing of exemption certificates
and claims for refuhds by the tax¬
duty
intricacies
the
those, includ¬
knowledgable, to adjust
than
The
dependence
hensible"
the
of
aware
the
who
taken away
New Intricacies
make
.
be
even
than
people
many
amounts
less
on
gation
Services
Corp.,
Avenue, has been
Leib, Skloot & Co.,
Harold
Skloot
to
routine?
payer
International
Clifton
as
their divi¬
dend
and
interest
income, how
can they possibly be deemed able
to
perform the infinitely more
complex—and bewildering to al¬
most anyone no matter how ex¬
pert—functions under withholding
The
of
not
the
their
for
existence of the obliga¬
tion to pay
as
1126
ing
true, as is thus so author¬
itatively asserted, that taxpayers
too dumb to be educated
important
red tape fastened on
The Crucial Point
50 papers
some
fuel and gas
of
would
1962,^Hearings before the Com¬
mittee on Finance, U. S. Senate,
April 2, 1962).
are
More
existence
If it is
Wash.
on
(Rev. 10-61)
futility of education at¬
tempts has been likewise stated by
Secretary Dillon (cf Revenue Act
the
chemistry
member
DOCUMENT NO. 5219
of
com¬
on
INTERNAL REVENUE SERVICE
The
Academy of
mittee
•
1961 OF—617180
:
of
National
CLIFTON, N. J.—The firm
OF INVESTMENT SECURITIES
has
"education"
dividend
as
such amounts
>
'•v--
not
your
from
■
is
and this is the rea¬
asking for withnold-
Government
than received in cash;
|
separately
message
income tax return. Some taxpayers, while
reporting income from wages and other principal
sources, tend to forget to report lesser amounts
on
INTEREST?
Byllesby &
Company, Incorpora ted;
the
confidence
no
taxpayer reporting, the
great deal of ignorance
a
letters!
.
ing"). ;
short-fall
the
.
across,
Document
referring to
simple
taxable ("..
This
the tax return we have
black
son
the
are
somehow
getting
I think
by
understand
on
big
much of
I think
tha{; this [dividends and interest]
is not
receipts
year
percentage who
will attempt to evade.
there is an assumption
to
payer
and other interest and
M.
fur¬
but
H .; ;
>
further
of
labeled for dividends and interest
DIVIDENDS?
Di¬
Caplin
fruitlessness
ignorancerather than to evasion
("We have a tremendous loss of
the
of
the
assumes,
been largely due to the citizenry's
Your
been
elected
Commissioner
fact that his dividends and interest
Technology,
has
.
Education Decried
au¬
TV-Radio
there is
industry, and ViceCharge of academic
gas
President
,
top
program*, Mr. Caplin
testified at length that the Treas¬
ury's estimated annual tax loss of
$850 million through non-report¬
ing of dividends and interest lias
on
Commissioner continued:
CHICAGO, 111. — Dr. Martin A.
Elliott, a veteran executive of the
biilion/'V
thority, the Collector of Internal
And
Elliott^ to Board
a misunderstanding
of thcNJaw to the extent of $4,9
'
;
'
V
and
pending
withholding legislation comes,
inadvertently, from the country's
in general
Firm Name
UNDERWRITERS AND DISTRIBUTORS
the
fect").
Byllesby Names
think
tax
a
v
Leib, Skloot Co.
Correspondents inprincipal cities
significant
of
...
*A
the dividends and interest side,
much of therpoor report¬
on
I
CALCULUS
ing is due to
Quite
burdensome
throughout the United Statesand Canyda
"MORONS"
WITH HIGHER
there
obligations.
it go so
wring liquidity-out
ho Id st
-
economic
sound
the
American economy.
may
through the year—but the emerg¬
ing tendency for credit to expand
at a rate more than called for by
our
Such
radically altered—the dis¬
rate
count
rates
interest
Borrowing by the Government,
in particular, may be expected to
be
decidedly heavy: during the
months
ahead.
The
government
debt operation of April 30 will
,
to
System
Reserve
Federal
felt.
v
if
recovery;
inflationary pressures do not
emerge it is conceivable that Fed¬
tistics
demands
first
the
business
of
environ¬
fourteen
money
easy
through
look
should
supply
to
pressure on
and
credit
possible
this outlook without some upward
securities the pressure
prospective
be
credit in the volume suggested by
influences explains the unex¬
ous
it
Will
"
Policy
Monetary
','y^Ar«L:<
combination of these vari¬
The
is followed, we may
expect
a
steadily
growing pressure upon bank lend¬
ing capacity as the year progresses.
remained easy
sizable sup¬
-bank funds available for
icy has
recovery
confidently
N. J.
GR 2-8700
N. Y.
LO 4-7560
Volume
195
Number
6156
The Commercial and Financial Chronicle
/
.
.
(2093)is
the
of
occurrence
a
change in
his status during the
year.
Immorality?
Whether
.
the
not
or
validity of
the trade unions are allowed to
have the impression that the pol¬
the "fiat
money" analogy is agreed
to, the value of. the Option should
be established at its grant time,
—
•
"
:
Surely it must be conceded that
the taxpaying
community which
allegedly is unable to understand
icy of dear
•
its present
better
obligations, will do
with
involved
the
in
the
rather
withholding
holders
rou¬
by
complex withholding sys¬
the sabotaging trans¬
the innocent taxpayers
the government be
cynically
tem,
condoned
need
because
(for-
the
is
well
as
not
we
proposal
moral
the
lieu of
of
case
its
Abbott
valuation for
tax
the value set
as
market
downright:im¬
is
exercise
that
the U.K.'s
initiating
Revenue
capital gains tax,
a
our
Option
mailbox
STOCK OPTIONS AS
I
to
agreement with
feel
that
done
There
421),
was a
and
Option
never
proxies.
racket
has
the
U.
S.
Statute
"restricted"
with
tax
time when I
the
(Sec.
stock
op¬
tionee gets taxed for the first time
be
it.
bothered to sign
the
should
tax
Under
views and
your
something
about
full
favorable
capital
gains
treatment, if he holds the
ercise
time
for
ex¬
the exercise
date.
,
commbn, I
now make it a point
against every plan which
proposes, extends or amplifies
The
corporations of which I
stockholder.
;
am
•'■
Treasury
correspondent Mr. Meyer's
that "something Ja e done
plea
a
about
the
/ ? "y;;
fulfilled
Congress
the
tary
stockholders' equity just
the
as
those
printing
dilutes
money
who
the'
have
v are
as
saved
and
brokers who hold stocks
s
the
from
key
V"
T
cusare
tax
Too
bad
Senator
efforts
to
corporate stock options
successful.
more
•
^A
tt
Ma**
were not
the
H.
E
oy»r|
(;n
TT,,hPrt
N
TW-
change.
Bernard,
been
the
in vest-
for
yours,
J
lawyer
question
and
S
of this, letter, author
Explainedis
a
specializing, in. corporate
>
-
hir
c
r!
me
Atherton & Co.
the
on
reduction
reductions
are
economy, there is
to
for
also
that
not
of
a
justify
the
such
a
disinflationary
taken last year. The fact
reduction of short-term
the
rates
&
announce
as
OF
■
.
THE
considered
follow
On
the
the
downward
hand, the;
government loans
brought down the yield
securities appreciably,
rate
is
be
other
welcome rise of
that the
to
of.mortgage interest
to
"
these
on
indicating
gilt-edged market
at any
optimistic.
more
N.
Bernard, Jr.
Gorham D. Hoff-
with
J. -H.
'
%
Rate
Warranted
Many people feel that the
of
success
is
matters
should
is
be
trend of interest rates the moment
it becomes evident that it
izes
the
of
success
policy.
The
out of its
pause
jeopard¬
the
wage
the
increases
regarded to
If
2V2%
limit
to be
comes
to
dis¬
substantial extent.
a
only the trade unions could
be made
a
to realize that excessive
the
to
dear
and
money
ably
it might conceiv¬
influence their attitude to
some
extent. By
squeeze,
conventional
vices in
trade
ness,
its
a
threatening with
disinflationary de¬
to convince the
way as
unions
it
that
means
busi¬
the government might obvi¬
necessity for implementing
threat.
On
the
exhortation
something
could
is
that
ill
reinforced
the
afford
to
trade
to
try
.
Euro-Dollar
It will be
Market
interesting to
how
see
further decline of interest rates
a
in
London
will ,affect
dollar
market.
terest
differential
the
Already
has
Euro¬
the
in¬
declined
materially and its further reduc¬
tion would necessarily reduce the
for
scope
transactions
in
dollar
deposits in the London market.
government
should go
way to em¬
phasize its determination to do so
moment
But it is. at least
ignore.
suc¬
the downward
reverse
is
It
other
hand,
if
Harriman Ripley
Elects Three
The
election
gerald,
John
of
William
H.
David
C.
Kramer
A.
Fitz¬
Bertram
as
•
and
Assistant
Vice-Presidents of Harriman Rip¬
ley & Co., Incorporated, 63 Wall
Street,
New
announced.'-
joined
York City,
Mr.
has been
Fitzgerald, who
the"" investment
in
firm
February, 1959, is in the corporate
trading
department,
while
Mr.
Bertram, with the firm since May,
1946, and Mr. Kramer, who joined
in
February, 1950, are in the
nicipal department.
mu¬
par¬
government's
policy justifies the
Since
defended
now
has
who
to
We
an
are
pleased to
that
announce
of
Richard A. Hennig
'
high Bank
see
lessened
materially.
take this
view
is
would
in
now
our
associated with
us
Trading Department
the technical position
as
sterling is
no
concerned
reason
should
not
why
be
there
the
is
Bank
reduced.
In
spite of its moderate weakness in
anticipation of the
tion, its undertone
steady
and
ization
the
^
fact
the
by
of
it would be
the
.
from
of
of
If
this
task
pay restraint
extent
Teletype SE 673
is
EXbrook 2-7900
SAN
FRANCISCO
Offices in 26 Cities, Coast to Coast
ft a
of
hot
WE TAKE PLEASURE IN ANNOUNCING THAT
of
Mr. IIiciiard T. Kearns
enforc¬
HA£ BEEN APPOINTED
policy.
to
which
successful,
and
that
so
MANAGER 0FOUR TRADING DEPARTMENT
long
is
moderately successful, a
relaxatipn of conventional dis¬
inflationary measures appears to
be
Seattle 4, Washington
it
•
DENVER
gold
£.
government's
policy
YORK
borrowing
Monetary-
holders
To
as
NEW
disaster/
the
gold reserve to decline
1,000 million its psycho¬
logical effect might even facilitate
-
Building. San Francisco 4
figures
change for the better.
a
the
CHICAGO
•
Pacific Coast Stock Exchanges
influx
Were the
a
1900 Russ
the
rates
the
no
swelling
means
buy
If
money, has created a purely arti¬
ficial
situation,, and its -reduc¬
tion
to
more
realistic
be
and
from Lon¬
International
and
to
better.
reversal
reserve
able
interest
the
much
a
Members: New York, American, Midwest
reasonably
hot money
some
Cruttenden, Podesta & Miller
reduc¬
April.
short-term
so
is
was
during
gold
latest
Exchange Equal¬
Account
gold
more
lower
below
FOSTER & MARSHALL INC.
What
very
produce satisfactory results
unions
government
prepared to
ate the
Lowered
rate
H.
"V
'
by
interest rates in turn would make
the application of wage restraint
difficult.
con-,
be
short-sighted.
laissez faire:
cannot
policy
justifies lower interest rates, lower
the
would
repudiating the conventional de¬
vices. Government by exhortation
Government to
return
of
BOARD
i
too
This means, that while the
cess
of the wage restraint
more
devices
wrong
to fall into the
other extreme by condemning and
trade
by
the
Telephone MAin 4-4550
and
the
Act Swiftly
that
up
credit
*
in the past.
and
unless
Advises the
and
equally
excessive
and
backed
are
rate
dogmatic rejection of the
foolish
provide
credit
rates
is
ing the
Building
.
wrong to oppose direct govern¬
ment intervention
merely because
it is contrary to out-dated doctrine
only temporary is indicated by the
would
-
of
using the big stick;
Bank
ventional
••*.
reluctance
indeed
the election of
Investment Bankers
A
demands would be followed
Fund
CHAIRMAN
dis¬
policy
years.
Co., Inc.
ALBERT O. FOSTER
high
squeeze as
wage
As far
associated
now
Goddard
<
unions would be unlikely to resist.
the
from
>
demands
wage
does
In
1505 Norton
British
labor, would
further reductions even
below the 4% which has been
the
lowest figure in recent
in the past, Portland manager
Schirmer," Atherton & Co., is
ses,
of
stronger
temptation
opportunity for
wage
widespread feeling that the basic
entails
pleased
the
much
position
of
v
the
future
of the British
don,
are
But
justified. From the point of view
divert
We
drain.
whether
any
like to
was
^martib^nVof
.
of "The Securities Exchange Act,
a/fairs.]
relieving the Ameri¬
dollar
Those
Prior
thereto he
•,
CHARLES H. MEYER
and.
of
rate
years
Townsend,
prominence, might help^s o n.
Authorized
opinions
ing it with the aid
Boston
the
appreciable degree by that
policy,
Dabney & Ty~
signer
re¬
in
many
given suf-
(1)
it is felt that the need for
defend¬
in the public press, if
[The
sake
sterling
has recently
■
two
no
reduction of the Bank rate.
been ".with
.New York
level
ment business
to
stockholders
Faithfully
be
can
wage restraint
in
be encouraged to
vote
proxies against proposed
stock options. Articles like
yours
ficient
price
the need for this reduction for
tial
who
has
t
sterling remains
opinion is sharply divided
& Co., Inc.,
Street, members of
Mr.
reduc¬
moderate.
course.
x-
their
'
W1t~, M
further
domestic
There
on
Goddard
should
•
mains
Boston
Stock
I think
encouraged
think, also,
J.
85 Devonshire
continue his efforts.
I
"•
VJ UUU.cU U. V-/V.
with
being no stockholders'
union, his proposals did not ap-
.
*
•
^as tecome'asfociated
Albert
abolish
to excite his colleagues and
• •
(Special to The Financial Chronicle)
roctoiv
Unfortunately,
he did not get very far.
he
should
be
•
t
TT
"
there
pear
the
of
undoubtedly
reasonably firm and that the rise
in
of
loophole
is
for
scope
reversal
Statute
sheltering
v.-*
by/management.
that
recent
the
There
tion provided that
interest
" *
meetings in favor of issues
Gore's
Secre¬
propose
the
TT: "M" " RpTTI ft
likely, wherever they have the
authoiity, to vote at stockholders'
of
Treasury
will
•
recommended
be
(sec. 421).
and
as
ample
measures
of
the
\ todians or trustees for others
may
session
next
when
Dillon
;''y••
b art k
racket"
the
elimination
fiat
wealth
fixed/.;- -"V '
Unfortunately,
-
of
incomes of those whose incomes
-
option
at
One of the vicious features of
the stock option is that it dilutes
much
much
can
Will Move
Our
stock options granted to officers
;
too
brought it down to 4%'% com¬
pared with its maximum level of
the
,
note:
scarcity
reduction of the Bank rate by Vz%
2
years after the
grant date, and for 6 months after
Since
become
to votei
of
Last week's
—
has
countries.
in complete
am
immedi¬
comments
with threats of
of
LONDON, England
assessment, but if he
7% last year, and 6% only a few
holds the stock for six'. months
weeks ago. Even at. 4h>%
it is
plus one day, he escapes further,
higher
than
in
most
advanced
tax entirely.
Dear Mr. May:
•
V.
.
I have been very much inter¬
ested in your articles relating to
I
his* shares
sells
ately, he will be additionally liable
FIAT MONEY
Stock Options.
having exercised his
tions, unless they
the British Bank rate reduction to 4'/2% finds the.
policy justifies the step but that, in turn, the lowered*
position of sterling and the U. K.'s ability to lose gold in the event
of a hot-money out-flow
resulting from the Rate reduction; and
(2) the probable dampening effect on the London Euro-Dollar market.
stock.
new
on
V/2% wage-increase limits Other
the
if the holder
\
Ein/ig
more difficult the
application of wage
restraint. Dr. Einzig advises his
government to act quickly to reverse
v,.;;i the downward interest rate in
the event British labor steps above the
purposes^-with
of
of
is organized labor is not
likely to
be impressed by mere exhorta¬
interest fate trend would make
vs.
established
one-tenth
price of the
Under
Act
from
Commentary
wage restraint
the; proper' time for its initial
as
unworkable?
as
the
mil¬
conclude
By Paul
,
latter!s
juicy $600-800
a.
lion), must
of
Tn
has been
money
favor
wage pause the latter is bound to
fail. Human nature
properly indicated
are
in
being what it
Philbin, the time of-, its grant in
to
carded
Rates in Great Britain
fluc¬
decision handed down in Eng¬
a
land.
with
from
subsequent
This policy now receives a boost
*
V-If the
ferred
via
of the call and its cost to the stock¬
no
-
than
tuations in the stock's market per¬
formance... In this way the value
intricacies
vast
tine.
•
5
C
justified.
lower
The
interest
trouble
rates
is
that
and
more
plentiful
are
likely
to
successful
credit supply
operate against the
application
will
load
tend
on
mean
a
of
to
that
policy.
increase
the
They
over¬
P. F. Fox &
12C)
Co., Inc.
Broadway, new York 5
RECTOR 2-7760
the economy which would
rfse in the cost of living.
This, together with the increased
jr
r
The Commercial and Financial Chronicle
.
.
Thursday, May 3,, 1962
.
(2094)
6.
TAX-EXEMPT BOND MARKET
Issues Scheduled For Sale
business ac?
'
and credit demands under ,
,,
,
.,
present purview.
A
substantial
the following tabulations we list the bond issues of
tightening of the credit situation $1,000,000 or more for which specific sale dates have been set.
at present seems completely un-/. '. A
n/r
0
/rri,
,
x
likely.
A A;
j
;
May 3 (Thursday)
Fort Wayne, Ind.
1:00 p.m.
1,500,000
1963-1976
less than anticipated
tivity
,
.
_
,
.
,
bond
and : municipal
state
The
tempting to many investors even
though the same offering would
have
been 3.70%
as
of Jan. 1,
market after all of these months
(since early .December)
contin-;
1960. However, in January, 1958,
ues
to flaunt an almost virulent
would
have
been but
strength with but little evidence'the yield
,
Light
Calendar
AA
Indicates
More
Fresno, Calif.,.-—
-
Aggressive Bidding
The
issue
new
tinues to
be
con¬
Rockville, Md.
Shawnee Co. S. D. No. 23, Kansas
light. Offerings
the
——
1963-1992
3:00 p.m.
1963-1987
8:30 p.m.
1963-1982
10:00 a.m.'
1963-1982
10:00
rently
scheduled
between * now -Topeka School District, Kansas.
1,500,000
five- 3.00% and \in January, 1956
and June 30 total but little over--. Victoria Co. Navigation Dist., Tex.
1,000,000
months of bull market activity, it yield would have'.been but :2,50%*
3,000,000:'
would appear "that the surge may- and so .on back to January,
951, $450,000,000. A Beyond > that the...West Virginia
A-iAi-A'
easily carry tax-exempt bonds to; when, the yield would.have been,/total thus far scheduled, is nnly .; Ay- A'*vvA
Mav 4 (Fridav)
A
even higher prices. A>A </■
• • •
/ closer ;to .1-60 %•..., .
: .■•.
about. $16,500,000.^ or - nexAweek New York (Albany)..—21,530,000
As we round out
of its tiring.
10:00
1964-1990
1,500,000
—
cur¬
calendar
"
___
2,000,000
1,550,000
1,425,000
r-
Galveston County, Texas.
__
a.m.;
ami:
^
1963-1985
1:30 p.m.
1963-1989
1:00 p.m."
-
Today - J.
,/ I.iyi„s for
of
In-r
Artment
e
from ana
trom ,an assort
dedved
deuved
riev
dex,
bond yield
obligation
ee:neral
market
preselected offerings, averages
2.965%
at
out
we
as
near
seem
press-
up
May 7 (Monday)
- :
: •
•
course> places less restralit onClackamas Co. Water Dist., Oregon
new .issue, bidding; than is .desir^-.Coconino County? AriZ.^:.,ij.,iiv •
further, it- would. able for an orderly, weU associ^ Mesquite^Indep. Sch.,Dist;, Texas
1,000,000.
be com-; ated market., A continuance -o£• A A■■?.CA A A
':<* A A May q /rr;
]yrav
8 (Tuesday)
follow along for some; aggressive new-issue bidding'may • '
"
"
'*'•••-
to
The
gain in dollars is close to xiaii a,:
uL/i„
no
cnrrActivp than
JL*.«...
point.
Since mid-December
thAh
basic.
Even though gold contin
altered little since last reporting.- Mt.
Kisco Cent. S. D. No. 2, N. Y.
average
market for high - grade
ues
its .outward flow with little
According to the Blue List, offer- Ormond Beach, Fla
tax-exempt bonds has improved
indication that the tendency will
ings have hovered in the $500,-. Portage Tp. Sch. Bldg. Corp.," Ind.
about six points; from
a
3.33%
soon abate, a variety of other fac¬
000,000 area during recent weeks. Sweetwater Union H. S.
yield to a 2.965% yield. ;
D., Calif.
tors, not the least of which are
s.The current total of offerings is Washington Sub. Sani. Dist., Md.
important political considerations, $518,714,100. With credit ; condi-;
Facing Market's Realities
flS'Ul,„
the-AA
Jates-SM-jK
„
bond
those
buyers
and
the
submerge
than
more
of
deleterious effects
has. just
The Treasury
mone¬
success-
fully borrowed over a billion dollars in cash which may cover gov¬
cruelly tantalizing.
market
aside from the
to
weekly bill financ¬
little comfort in bidding ahead of but a
bond market
the market in an effort to pur-' government
assured in the interim.
chase new
issues; yet this is
the
only
one
is to
practical
in
the
if
state
and
AA "V."-;:' A
'-i
/yA Tempting Yields—And
affect
tax
all
of
those
a
affair.
To
many it seems apparent that an
even more comprehensive control
interested
tax
individual
or
in
investors
interested
in
been; the
case
-
several
monetary
evitable.
tion
pointed
years.
Administra¬
Reserve
by
the
System
heap-
Adminis¬
current
Tax-exempt bond prices still make
tration
tax
what may lie ahead for the
to
sense
the
investor
average
is
solemn
a
indication
of
coun¬
and, iwith the stock market trou¬
try insofar
bles
rency
controls
present
These
eventuations
looks
long run work against the bullish
tendency that presently prevails
Currently
the
prevailing, the
yield for tax-exempts
relatively much better than
(diminutive
from
of
many
taxable
Right
returns
in
V-A
.
appears
monetary and
as
the
bond
cur¬
concerned.
are
could
market.
However, for
20-year high-grade
now, a
tax-exempt
in
V-,
'
■
of
prac-
tically viewing the near-term1 future, the bond market
very
" v"
'
:
(State)
i.Rate
3i/2%
"Connecticut
New
(State)
3%%
Jersey Highway Auth., Gtd._ 3%
.
New
York
State____
31/4 %
♦Pennsylvania (State)
Delaware (State) ALwAtiAVAA
New Housing
Auth., (N.Y., N.Y.)_I
Los Angeles, Calif
Ai
___
Baltimore, Md.
Cincinnati, Ohio (U. T.)___;
Philadelphia, Pa. __^
♦Chicago, 111.
New York, N. Y.
likely
seems
Maturity
j
Bid
1982
Asked
3.30%
3.15%
3.00%
1981-1982
3.00%
2.85%
1981-1982
3.00%
2.85%
33/8%
1974-1975
2.85%
2.70%
2.90%
1981-1982
3.00%
2.85%
3V2%
1981-19.82
3.00%
2.85%
3%%
1981-1982
31/^%
1981
3.30%
11981
3V?%
y
3.15%
3.00%
2.85%
3.15%
.
*3.00%
3%....
1981
3.30%
3.15%
1981
3.25%
3.10%"
1980
3.10%
3.05%
their
tax-
Cincinnati, Ohio
'A/ V
/
'
<
setting which saw only
of tax-exempt bonds
offered
for
competitive
bidding
underwriters eagerly sought the
dozen
issues
of
general market
a
which
nature
to
came
market
during the past week. Thursday a
week ago, three issues came to
pricing; reaching :tol
level. The City ..of*
Tampa, Florida awarded $15,400,-;
000
(1966-2002);
sewer 'revenue
bonds ; to
the
by
managed
group
interest
cost
runner
bid
up
made
cost was
syndicate
headed
Morton
w
Co.
&
reoffered
to
2.25%
to
3.707o
for
issue
has
been
bonds
from
variety
a
30%
about
and
coupons
The
yield
were
of
of
the
spoken for.
Thursday's only important
general obligation issue involved
$8,000,000
Santa
Clara
County,
California
(1963 - 1982)
bonds
were
count
awarded
headed
by
America
N.
&
interest
cost
bid
second
terest cost
T.
of
the
ac¬
Bank
A.
at
a
2.7269%,;
2.7378%
a
Bank
in¬
the
the
Other
group;.
winning account
Chase
Corp.,
Barney
Illinois
Co.
trading market int
Blyth. &
& Co.
Manhattan
Co.,.Inc.,-Smith,
National
This
offered
1.50%
high
the
to
Continental
and
Bank
and
powered
bonds
2.95%
to
and,
Trust
account
yield
from
initial
upon
Dynatronics, Inc.
1
■1
•
-
A//1,
'
*
-
.
.
•
■
••/
the
:
■
1
^
R. S. DICKSON &
COMPANY
YORK
COLUMBIA
V
GREENVILLE
sold
were
has
2,000,000
3,000,000 A963-1982
been
and
final
sale
note
provement
(1964
-
1983)
bonds
<
ATLANTA
V
GREENSBORO
JACKSONVILLE
terest
2.637 %
of
eost.
The
net
-
a
2.6298%
second
interest
Continued
net
bid,
cost",
on
in¬
a
was
page'
55
11:00 a.m.
11:00
a.m.
1,150,000
1983-1992
8:00 p.m.
1,500,000
'1965-1977
1:30 p.m.
/
Pa.
Comm.
of New
St.
7:3.0
p.m.
10:00
a.m.
v
_
2:00 p.m.
/2:00 p.m.
1965-1988
8:00
p.m.
1963-1991-
Noon
I
1963-1975
ll;00,a.m.
..
7,000,000 '
1963-1987
9:00
1963-1987
.
7:00 p.m.
A'/ / A'/
1,250,000
.
5:15
a.m.
p.m.
1962-2001
7:30 p.m.
1972-1997
2:00 p.m.
.
.
3:00 p.m.
1964-1981
___:__
S.
11,500,000
2,030,000
1965-1980
10:30
1963-1984
20^390,000
Lake
Ohio
a.m.
y'
2,750,000
____—_
City
8:00 p.m.
11:30
1963-1982
35,000,000
25,000,000
City, Utah_____,A_—/
South Plainfield Sch. Dist., N. J.A
'
a.m.
1
1
8.850,000.
—
Willodghby-Eastlake
p.m."
11:00
2,250,000
Orleans, La.
Tucson, Arizona
2:00
10;00 a;mi
1,130,000
Louis Park Ind. S. D. No. 283,
Salt
7:30 p.m.
,
1964-2001
.1,800,000
1,935,000
2,300,000
?
11:00 a.m.
.
1963-1.992
1,975,000/
1,275,000
-
mm.
8:00 p.m.
•
2,724,000
%
•10:00
1963-1992
15
Richfield, Minn.
1963-1990
8:00 p.m.,
10:00 a.m.
D.,
-—A 1*000,000
-
1963-1977
Noon
1963-1999
2:00
a.m.
May 16 (Wednesday)
1,235,0'JO
Benton, 111.
Eastern
Kentucky
|
p.m.
State ^College;
Richmond, Ky.
1:00 p.m.
1963-1997
6,875,000
1964-1988
2,150,000
1964-1988
2,000,000
2,481,000 1
—./—__
New
Castle, Pa._____—
Warren Woods Sch. Dist., Mich.__
7:30
p.m.!
8:00
p.ml
JV^stwood Censol. Sch. Dist., N. J.
?
May 17 (Thursday)
Berlin (City) etc., Joint School
I .District. No. 1, Wis____
Birmingham Southern College,
1:00
p.m..
1964-2001..
10:30
a.mj
1,200,000 .1963-1982
.
1
Birmingham, Ala. A
1,437,000
Kettering City Sch. Dist., Ohio___;
Metropolitan Seattle, Wash.__
Sacramento Mun. Utility D., Calif.
.
.
A •'
A;
1963-1986
Noon
1964-2000
11:00
10,000,000.
1966-1982
11:00 a.m.'
,
!f
•
3,800,000
>
,
1963-1983
,
8:00 p.m.?
j
1962-1966
1C:30 a.m/
1963-1982
7:30
1963-1982
9:00
a.m.;
1965-1982
^8:00
p.m.;
10:00
an;
p.m.l
May 23 (Wednesday)
Co., Va.
/ "4,500,000
New Orleans, La
2,000,000
North St. Paul-Maplewood Indep.;
A Sch. Dist. No. 622, Minn._
1,000,000
Fierce
County
Easley - Central
_____
Water District, _S. C.
A—
Warren,.Ccns. S^D., Michigan
i
?
May 22 (Tuesday)
1,170,000
Indianapolis School City,.Ind.- A-:.
c 1,000,000
Torrance Unified Sch. Dist.,, Calif.
1,750.000
Washoe County, County S. D., Nev;/- *3,000,000
v
j
.
Denver, Colo. (City & County)-.
t
a.m.;
95,000,000
Lower Merion Sch. Dist., Pa.______
•
2,550,000
16,000,000
May 21 (Monday)
Illinois (State of)
;
bid
1963-1982
1963-1982
'
——
Port
Henrico
its
a.m.
2:00 p.m.
*
May 14 (Monday) :
A'__-_-____:—A:.."^1,200,000
Pittsburgh,
cate
were bought by the/syndi¬
jointly managed by Glore,
Forgan & Co. and Stroud & Co.
11:00
1,300,000
______
which
~
*
8:00 p.m.
1963-1973
1,260,000
;
Nashville, Tenn.
marked
of
,
a.m.-
Noon
,
1963-1983
26,500,000
(Tuesday).
Arizona State University AA-A A '• 2,5.00.000
'
Thursday's
on
RALEIGH
bonds
account
Monday the
involved < -$5,000,000'
Lehigh
County, Pennsylvania general im¬
INCOR^PORATEO
Members Midwest Stock
Exchsnge
On
closed.
.
^
NEW
sold.
were
remaining
v
.
•
CHARLQTTE
Noon
11:00
Cobb County, Ga..
v 2,50(k000 :1963-1992
Golden Valley, Minn.2,60®tO0Q j1964-1983
Humboldt Community S. D., Iowa * 1,325,000, 1962-1980
Manitowoc/:Wis. y_—.*-t;"l;50(),000 / 1963-1980
1963-1977
Syracuse, N.
A
4,755,000
West Chester Area Joint School
2,000,000 ,1963-1982
! Authority, Pa.
AAAAAt
1,380,000
1963-1982
Wqreester, Mass
offering, all hut $2,600,000 of the
bonds
a.m.
11:00 a.m.
1963-1987
Austin," Texas
14,000,000
Brick Twp. Sch. Dist., N. J.1,895,000 "1963-1981
of
The
net
2:00 p.m.
10:30
,
May 10 (Thursday)
net
made by the First
was
National City
members
the
S.
of
of
to
a.m.
2:00 p.m.
11:00 a.m.
1,800,000
V-Minn.
Last
which
10:00
a.m.
AAA/'..
.
H.
p.m.
1963-1982
ointiyby.
joinlly by Brco.khaven Union Free
SD, .N; Y.
Halsey, Stuart & Co., Inc.. ahd
Cananda;gua City Sch. "Dist., N/Y.
Glore, Forgan & Co. Other mem¬
Dougherty Co., Co. S. D„ Ga._
bers
of
the winning
group ' are
Edina-Morningside Indep. School
Drexel & Co., Phelps, Fenn &, Co.;
District No. 273, Minn
AAA
Salomon^ Brothers - & .Hutzler,1
Eustis, Fla.
——-—
F. S. Moseley & Co., A. G. Becker
Knox County, Tenn.
& Co., L. F. Rothschild
& Co.,
Los Angeles Unified S. D., Calif.__
Carl
M.
Loeb, ' Rhoades & Co.,
Morgan City, La.A---—--Sheai;son, Hammill & Co., Good-!
Mountain View, Qalif. _l_A—--1
body & Co., Weeden &< Co. and
W.
> 2:00
1963-1987
County,
Valley
of
the
Moon County, Water Dist., Calif. *
Waterloo Indep. Sch. Dist., Iowa__
& JCo. at a net
3.4568%.; The^ Wauchula, Fla.
of a
interest
a m.
1964-1992
1965-1992
1964-1982
Portsmouth, Va.
of
-
10:00
8,900.000
,
Sonoma
Recent Awards
In
11:00
10,000,000
.
Danbury,
-----
Bank, Bankers Trust Co., Morgan
Guaranty Trust Co., First Boston
availability.
We maintain active
increased
include
May A, 1962 Index = 2.965%
*No apparent
to,
Conn.
AAA
East Hartford, Conn
exempt
bond
commitments. As
Fairbanks Indep. S. D., Alaska._
profit
m a r g i n s .C have
been;
Georgia
State
School
Building
squeezed, the business of banking
Authority (Atlanta)
more
state and municipal bonds
Jefferson County, Ky._A
is another manner of covering the
Pawtucket, R. I.__
AAA
A
overhead.
' *
extent
some
3.15%
1981-1982
3V2%
____
•
the
<
A/
*
purposes
MARKET ON REPRESENTATIVE SERIAL
ISSUES
California
have
.
late, lamented
our
growth type stocks.
3%
1965-1981
May 9 (Wednesday)
invest¬
are,
generally
in-, Kidder, ; Peabody
is
system
recent
The
proposal that the head of the
Federal
municipals than has
in
the
over
actively
are
day-to-day
a
comes
exempt
bonds to the same adverse degree.
Despite the higher prices, more
-
monetary needs
continuum of bor¬
a
they
as
rowing rather than an'occasional
financing, the advent of progres-. market with
sively stronger sponsorship be¬ a new high
.
however, does not
exemption
represent
now
A
Backward Glance
V This travail,
-
•
Since Treasury
municipal bond
-A./■! AAA
AA
Likely
Policy
business!
easy
bankers
$165,000,000
Monetary
Over
Controls
More
practically evaluate the
that presently prevail
symptoms
seems
now
procedure
as
Since this period represents
mere
six weeks, a steady
ings.
but-
seems
mid-June,
until
needs
ernmental
For the dealers that have reluc¬
followed
the
heights there
to
devaluation. jA
tary
eral tightening up of the .money
situation, the bond markefs more
recent
upside antics have been
tantly
tionsr
ment
term
gen¬
a
for
present time at least the long-
tend
who
awaiting the
4:00 p.m.'
*,
1962-1981
1,159,000
2,600,000; 1966-1997
1,265,000 ' 1964-1988
1964-1986
1,085,000
15,000,000 '1964-1993
,
recent
;"■*
'•««»
2,000,000
-
_________
alinost
1963-1992
'1962-2000
.
have been patiently
business resurgence
8:00 p.m.
2:00 p.m.
any
at 2.992%.
averaged
For
1966-1937
1964-1970
.1.400,00(1
,1,425.000
that they may likely
pelled
Only a week ago the Index'
time.
Although many of^the dealers '
are restive abo"t ,l°llov™g A
•'
1963-1983
1.964-1987
,
1965-1990 '
-•
^
8:00 p.m
10:00 a.m.!
2,500.000
2,980,000
""
1963-1987
Volume
195
Number 6156
-
.
\
The
.
Commercial and Financial Chronicle
engines
(2095)
"for
helicopters
account
now
for
15%
(which
"
of
.
volumes) and is applying
uniquely
equipped - ?to
handle
profitably, Avco .Corporation«hasi
sales
gas tur-.
acquired
bine propulsion to an
exciting line
of hydro .'foil boats it is research¬
ing— boats "that can skim the
,
1
By >Dr. Ira U. ^Gobleigli, -Enterprise Economist
^
V\
■
.•
Fulfillment,*at Jong dast, of
to
i
.
'
;'
corporate destiny, following accession
a
management of can ^executive
team
imbued
with
zest
and
years
In
the-.1930s,
it held
83
*out
The Aviation
ago^as
'
•
Corp.t
Avco
a holding com-as
major interests -.in
as
pany
Rewarding
a
has
zeal;
•
and
jPha®?»
War
became,, during "in
'II, our third
military -contractor -- a
largest
1954 vWere.*$4
the
•
/fhmro
in-
and
vehicles. ;
multi-fuel en- .*
new
The
uses.
..'Other,
Avco
search, or
'.
to
production,
^ 5
^
At the end of the war, .the corporate
decision
was
to
*whig
sharply t&way
rom
and uo iconcentrate
-was.
mill
<
inn'-:
on
<
consumer
reenters
the
jBffedbe^Divisions: The Con-
^955
has
f0r
Avco.
(becoming the keystone of/Gep- standard on
eral dynamics Gorporatioih), .the
Minuteman
.changed•
/•
i.nclude
.
by 1952, the company <had become,
and
rdther
unhappily, a 'major
factor -in
Avco
reaching
to
missile
Leader-
nose
begun
contracts '
bit?
the Atlas
multi-billion
at¬
are
Titan I and
were
at
has -projected
Jt has been consistent?y; profitable. Lycoming Division, in -addition to producing
re-entry vehicles,, gas turbines
an(^ rocket chambers for the mili-
10,300,000
For
—
dollar
long
a ;
moon-
range
program.:.,:
a
nadian
share.
sell
at
other
scientific
main
panding
strq^m
of
cording
com¬
gas turbine
partner >(mu-'
coast-to-coast;
investment
began
way,
5'%
business
and
States
1952,
he
sales
Chicago
and
his
death 4n
Co., 115 Broad¬
New York City, members of
in
a
firm.
is
a
•
.
.
.
the
staff
This advertisement is neither
ure
corporation, specializing more in
"wheeling and dealing" in 'merg¬
in
sales
and
ers
running
E.
Securities
Inc.
Officers are Leon Spilky,
President,
and
Joseph Eckhaus
Secretary and Treasurer.
*
J. W. Loveless Opens
CHICO,k
is
.
Caf -^-J.
Wayne Loveless
securities busi¬
offices at 14 Dean Way.
engaging in
from
ness
and
management
a
progress
that
earlier
occasions*
Mr.
-and
Mr.
Subordinated
Price 95% and accrued interest
always
-background
(United States Trust
Company and Lehman Brothers),
while
Mr.
sales,
coupled
62,860 Shares
Kerr's Toi:te .has -baen
with
great
a
zeal
for
'research
and
development:
Working smoothly with this duo,
is Col. Earl H. Blaik, renowned
as a collegiate fodtball'coadh, and
Chairman
Committee
.
Capital Income Debentures
6% Series A, Due 2010
profit¬
but
—
Wilson's
is in finance
ticularly
•
the
missed.
now
;
$3,000,000
iprofit-
'team.-
company -seemed
to ^achieve ^011 /-several
destined
of these securities.
Budget Finance Plan
Wilsori, Jr., (now '49)
Chairman, and Mr.-'James IR. >Rerr
(44), President, are giving Avco
ability
any
.May 1, 1962
Kendrlck R.
the -'pace,
buy
NEW ISSUE
Emanud^ied 'in'T960,
'intelligent
ergeuc,
solicitation of an offer to
offering is made only by the Prospectus.
however, 'he "left tne 'company an
important legacy—a .young, enprone
nor a
of
the
Common Shares
(50'.' l'ar Value).
;
v
f
Executive-
at
Avco,' and
par¬
effective
in
topside
•
•
"
i
•'.•••
'
^
..
,;'
•.
Price $16.75 per Share
-
liaison with the Pentagon.
Documented
:
But,
enough
ground.
Of
Progress
*
v
;
•
historic
back-
-
Copies of-the Prospectus may be obtained in any State in which this announcement is circulated
from only such of the several underwriters as may lawfully offer these securities in such State.
Where is Avco today and
where is it headed? Avco is
diversified
^enterprise,
big, j
-mak¬
a
now
ing a profit in every division and
looking forward to a substantial
expansion in sales -and net
ings
in
coming
years.
gross
business of $321
1956,
which
million
$16
year
ends
only
were
loss,
gins
in
was
have
1957
Against
$2
1931
million
but
a
a
BACHE S CO.
million in
"sale:
net. of $13
•
WALSTON S CO., INC.
huentzsco.
/
William r. staats s co.
expanded
bateman, elchler g co.
mar¬
3.4%
from
1
GRANBERY, MARACHE S CO.
'
J. barth s co.
,.higherr
achieved. Pretax
to >7.9% .last year.
.
a
(fiscal;
Novemberf 30)j
($323.1 million)
million
for
shearson, hammill s co.
earn¬
down5 to
distilled
:
>
^
/
opened
business.
properties dnan
"taut -ship," and a
a
When Mr.
offer to sell
has
offices at d0 East 40th Street, New
York City, to conduct a securities
of
cost-conscious ^production Tine.
"
an
The
He
of
corporate
060, Mr.
Emanuel, a legendary fig¬
in
Wall
Street, guided dhe
of
S. E. Securities
S.
principal1 of the
,T A
•
firm
partment (municipals).
securities business.
en¬ Neil 1. Woolf is
J
In
with
Cruttenden,
Podesta & Miller in 1958, as man¬
ager of the Chicago buying de¬
C. Langley &
to engage
investment
.
Until
a
with
Co.
associated
eluding, 'for over 30 years,
this large-scale enterprise,
r
-
as
Assistant Vice-President.
joined
Crpsley
Victor
career
engineer
Gypsum
became
success
Management
Walsh
Mullaney, Wells & Company, ris-"
ing through the ranks to buyer
the New York Stock
it
his
trainee
W. C. Langlev to
Admit Skinner
wholly
subsidiary,.
which
,...y
j
Mr.
the
W.
contracts,
firm,
John J. Walsh
United
^
•;
R.
-
and accounts for about
total sales. Another sub-
military
an
nicipals) of the :
ex¬
not
D.
fBonniwel 1,?
These
currently unattractive at a
price not quite 20 times 1961 net
earnings.
,
-
a
.
veloped and produces
but ^high
a c-f
to
from
seem
tove^6-^ Sf #:f!tt0n and P^jble ^ropulsioa:jearchv effective...cost, control,,
corporate direction, with
01 space vehicles. Avco de-. smart selling and "bidding
developed
profitability and ..solid
.Ex
announcement
,
zagging
large sales
York-
'
change,
5%
our
e w
Stock
operating
of
Jqckson.
mem-,
bers of the
the
space programs, may
&■
Bldg:,
204.
common,
pliances,
fields,too,: sidiary,
Salle
castipg about for* a
equity with growth po¬
Avco
of
La'
Miller,
N
shares
Walsh
manager
Podesta
.
sales
Exchange, on
Broadcasting May 10 will admit William B.
is a pioneer.Tn magnetohy- Corporation, owns and operates
Skinner
to
Avco, and by
partnership
in
the
drodynamics - (the longest word an am radio station in Cincinnati,*
the
company was in :a real fiever
appearing in this column!!) four VHF television Stations in firm.
nancial flutter. In 1956, Avco sold
fRe
company
is
experimenting Cincinnati, Dayton and Columbus,
otf
a., substantial
portion of its,wRR Rf
gh
temperature
gases,
Ohio, in Indianapolis, Indiana,
Neil I. Woolf Co. Formed
household .apphance business, and
which ,C£ftl. conduct
electricity in and one "in Atlanta, Georgia,
cmce .again
Neil I. Wolf and Co., Incorporated
^reoriented its major
: v ^ '
effort, toward diversified military a magnetic field/This interaction
may
provide a new> low cost>
A Buoyant Look (|j ; i) ; has been formed with offices at
production
(a f 1 eld it should method for
electric power, gen-Altogether, by sophisticated re- 276 Fifth Avenue, New York City,
appliances. Hep.^again,
jn
nign
protitamnty
ana
^tiurabie Avco
success eluded
_
:
.
on
per
now
makes commercial goods and ap-
of
John'1?.
the municipal
department in the
Chicago head office of Cruttenden,
those
proven
\
...
$11.50
"converts"
ep£ines used in Beech and Piper
•
-r—
.appointed
$500 million.
are
at
f mon
equipment.
limited,
been
NYSE,
be increased
a pioneer in the development and tentials,
production of specialized farm in the
•
has
,
dividend
debentures,-convertible into
airplanes.
CHICAGO, 111.
'
:
V2, and this
its
Avco,'.common ^listed
prestige! tary, turns out the reciprocating
cones
elements for the
Apollo
1965
-There
;
' '
missiles,/ and Avco. rMoffats'
should*haveia leading part in the owned C
corporation, and Re-entry
aw
led
and ^reat technological
solidated Vultee property AVas sold
i! init
ballistics
atmosphere
ship in Re-entry Vehicles
the. Crosley' jn
n£?v
a
intercontinental
the ^military,
appliances, ithrough
aM
.
:f
Podesta •& Miller
our
is
systems, radio receivers, and corn- which amount may
ponents for aircraft and missiles > 8%. by, full ./-conversion of
million.,For-1961::
and ordinance,devices. ;
$10.1 million of outstanding
nose .cone that can
.withstand the fierce temperatures,
up
to 16 000 degrees
when an
.
it
Earnings, which
Wilson
man-
DrAxtSj
trowitz> of
at 23
increased
has
in
even
haps-$2 per-share by"1964. Chair¬
radar systems, air Traffic controls
^ommercial
«
and
sells
now
70 xents.
re- i for
-volume-"Probably the most r:significant',
Business; ;
producer cof .aircraft, ships and
^technological "break through" at/
Avco's commercial business acjeeps. cIts -biggest .property, then, Avco
was the development
under
counts -for -around 40% of sales,
was
Consolidated Vultee;
the guidance of
"Kan-' The New Idea Division has been
Military to Civilian ^reduction
zest,
Walsh Mun, Mgr.
For Cruttenden,
$1.24 for 1961, are
expected to
reach '* $1.45 fthis -year and, per¬
>
in
and
year,
xom-
.
projects,
-
-common
"stable
AV
PSby WR1 probably have a major
position in the C 141 jet transport
.
Avco
economy,"
tracting new .friends. :
marine, i aircraft- and
getting' Rrogram.- r A;
company
seeking and
the-burgeoning an> transport;.-m- ; defense' *
contracts,' for which " it
ctustry ~ in Pan American Air-: has
special capabilities," arid; by
ways,: and in the enterprise that -a. most-successful and-accelerated
later became American Airlines.
J program'Of'research and
develops
It sold these out'and, in its next
ment.vlts billings for >R and- D
World
speeds
Whereas
for years,' a tired, "draggy"
equity in the market, it now has
to Hand
power
„
growth
a
for
power
stationary
attained, status
monev-maker
great
convert
Gas' turbines" and
Research
mow
drive
at
stantly
image.
.'rgines are believed to have great
•B
potentials as future suppliers of/.
Avco.Corporation started
.
corporate
new
was,
water
.
>•_
brand
a
7
sutro & co.
The Commercial and Financial Chronicle
Plastics
&
investment literature
Government
recommendations
the
Industry — Review
A. C. Allyn &c Co., 122 South La
.Salle Street, Chicago 3, 111. Also
available are reviews of Charles
Aerospace
Industries,
American Life Insur¬
Dresser
Ritz,
^ Inc., North
and
Company,
ance
Inc.
Talon,
Aluminium Ltd., At¬
chison, Topcka & Santa Fe, Aztec
Oil & Gas, Canada Dry, General
Telephone & Electronics, Libby,
and data on
McNeil
Libby, Ryan Aeronau¬
&
tical, Sperry
continent Oil
Rand, Sunray Midand Tennessee Gas
Transmission.
— Earnings compari¬
leading banks stocks
20
of
York—Laird, Bissell
&
Meeds,
120
Broadway, New
York 5, N. Y.
Bank Stocks—Quarterly compari¬
son
of leading banks and trust
companies of the United States—
New York Hanseatic Corporation,
120 Broadway, New York 5, N. Y.
outside New
York 6,
available
N. Y.
Household Electric Ma¬
chinery Industry — Review —
Nomura Securities Co.,
Ltd., 61
Broadway, New York 6, N. Y.
Japanese
Market — Review —
Securities Co. of New
Japanese
Inc., Ill Broadway, New
6, N. Y. Also available is a
report on Takeda Chemical Indus¬
tries Co., Ltd.
York,
York
particular reference to Life
Company of Alabama,
Nebraska National Life,
Coastal
States
Life, and
Guaranty Na¬
tional Insurance Co.—Copley and
with
In6.,
.'y'1
Wills, Bickle & Co., Ltd., 44
Street, West, Toronto 1, Ont.,
New York 5, N. Y. Also
available are discussions of Na¬
tional
Lead,
Sealright
Oswego
Street,
Electric,
Gooderham &
Emerson
Walker
r a m
Worts,
-
Gulf
Texas
Giannini Controls. :
^ulphur and
particular reference to JosInc., Kingsport Press and
Holt, Rinehart & Winston—A. G.
Edwards & S on s, 409 North
Eighth Street, St. Louis 1, Mo.
Also available is an analysis of
with
tens,
First Quarter
Resources.
Babson
L.
&
Co.,
Inc., 89 Broad Street, Boston 10,
Mass.
•
'■
.
Food Stocks for
> • •
y
Growth—Analysis
with particular reference to Beech
Nut
Life
Savers
Co., Standard
Brands, General Foods, and Pillsbury
Co.
Goodbody
&
Co., 2
Broadway, New York 4, N. Y. Also
available are reports on Black &
—
Decker Mfg. Co.,
Champion Spark
companies listed on the New York
Stock Exchange, whose names are
still
displayed
listing
the
on
—
Read¬
Current issue of "Investor's
Lynch, Pierce, FenSmith Inc., 70 Pine Street,
er"—Merrill
ner
&
New York
5, N. Y.
Trends—Review—Brand,
Grumet
&
67 Broad
Seigel, Inc.,
Statements
Oil Company Financial
—Comparative Figures — Carl H.
Pforzheimer & Co., 25 Broad St.,
New York 4, N. Y.
Oil
Stocks
New
Review—Hemphill,
—
Street,
8 Hanover
York 4, N. Y.
Noyes
&
Co.,
Allied Stores
Also
Brunswick,
Over-the-Counter Index
son
an
&
—
Folder
up-to-date
stocks
counter
in
S.
Metals
Co.
&
lotte
Bank
memorandum
industrial
stocks
used
and United
American
14
International
Memorandum
dum
The
Life
—
Analysis
—
J. C. Bradford
—
Salada
Group
Foods
—
Ltd.,
Hardee
&
Crush
Farms
Derrick Co.
—
Foundry
Inter¬
Inter¬
—
Analysis—
4, N. Y.
Nor walk
Truck
Lines, Inc.—Re¬
Columbus Corp., 52
port—First
East
Gay St., Columbus ,15, Ohio.
Pacific
Air
—Hooker
Lines
Inc.—Bulletin
&
Fay, Inc., 221 Mont¬
gomery St., San Francisco 4, Calif.
Gas
Pacific
Electric
& Electric Company
report—Pacific Gas &
Company, 245 Market St.*
Francisco 6, Calif.
Dodge Corp.—Analysis—
Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.
Phelps
Also
available
sion
of
is
to
reference
Food
Alterman
discus¬
with
All
Foods,
Giant
Stores,
Pueblo
Food,
Corp.—
Reading
Bros.
and
*
Supermarkets.
&
par¬
Grocery
Borman
&
Co., 80
Street, New York 5, N. Y.
Pine
Corporation
Bulletin—Courts
rietta
St.,
of
&
is
America—
Co.,
11
Atlanta
W.,
N.
available
Also
on
brief
a
Supermarkets,
ticular
Radio
1,
Ma¬
Ga.
memorandum
a
Rudd Melikian.
Services
&
Gas
a"
Fuel.
&
N.
Y.
on
N.
4,
50
Y.
National Life Insurance
Jefferson
.
Review
—
Company
—
—
Pan American Sulphur.
-
Marrori &
Analysis
New York
Co.
York
—
Louisiana Gas
—
Report
New6 York
are
Merck
Kodak,
&
Also
Y.
N.
—
Cohon
Co., Inc., 155 Sansome
Street, San Francisco 4, Calif.
St.,
&
Report—Rey¬
—
randum
Co., 120 Broadway, New
Brown,
Allen
4, Calif.
Club
Month
tion
—
Gorey
J.
Tidelands
on
Royalty
S. D.
yy-
.
Fuller &
Co., 26 Broadway,
4, N. Y.
New York
Susan Crane Packaging Inc.—An¬
alysis—Parker, Ford & Co., Inc.,
Vaughn Building, Dallas 1, Tex.
United
—F.
gress
Company—Analysis,
Fruit
& ..Co.,
Moseley
S.
50
Con¬
St., Boston 2, Mass.
United
Pine
Sheet Metal
—
Memoran¬
Pressprich & Co., 80
Street, New York 5, N. Y.
Oil
Universal
Products
Company
—Review—Carl M. Loeb, Rhoades
&
Co., 42 Wall Street, New
York
5, N. Y.
Memorandum—Walter
Co., Russ Building,
4, Calif.
C.
San
Francisco
Inc.
Laborato¬
Electronics, Inc.—Data—
Sterling
Co.,
Massachusetts Protective Associa¬
Corp.
Co. and FMC
—
&
Trust.
York 5, N. Y. Also available are
for
Creole
Petroleum
reports
Corp., Electronics Associates, G. C.
the
—
Inc., Texas Bank Building, Dallas
2, Tex. Also available is a memo¬
Company
of
Trust—Memo¬
Petroleum
randum
2, N. J.
nolds &
cisco
dum—R. W.
Marine
Co., 744 Broad Street,
French
&
&
10, Mass.
Boeing
Book
Morris
—Birr
Bird & Son—Memorandum—C. D.
in
Inc.
—
Longs Drug Stores—Memorandum
140 Federal
Gannon, Inc.,
Boston
D. B.
Analytical Bro¬
& Co., 19
Rector Street, New York 6, N. Y.
Son—Memorandum—May
&
—
Bergen, Lynn & Lee,
West Olympic Boulevard, Los
chure
Minnesota
and
Analysis
Co:, Inc., 63 Wall Street,
5, N. Y.
Korfund
Eastman
on
—
Kline
Smith
Angeles 6, Calif.
Manufacturing.
Mining and
Bird
6,
.data
Co.— An¬
ries—Report—Schwabacher & Co.,
100 Montgomery
St., San Fran¬
Taylor,
1830
—Smileri & Safian Inc., 61 Broad¬
Power
alysis—First California Company,
300 Montgomery St., San Fran¬
cisco 20, Calif.
;
1
Kendall Industries—Memorandum
5, N. Y.
Tele-
Rochester
on
Pacific
Sierra
— Indianapolis
Corp., 120 East
Street, Indianapolis 4, Ind.
Kalvar Corp.
Wall Street,
—Halle & Stieglitz, 52
New
*
—
data
are
phone;y'; VJ:''}'i\-;■:'' 'y;
Study
Share
&
Market
American Viscose
sue
bulletin
York
Motors
of Canada.
International Silver
Co.—Analysis
Eisele & King, Libaire, Stout &
Co., 50 Broadway, New York 4,
Co.,
&
is
ing Company
—
9, Mass. Also available are
reviews of Fruehauf Trailer and
West
Ohio
Gas
Company
—
—
R.
*
f
Browning Arms Company
—
Japanese Securities
Re¬
port—Loewi & Co., Inc., 225 East
Mason
Street, Milwaukee 2, Wis.
Also
available
are
reports
on
Safeway Steel Products, Wiscon¬
sin Power and Light Co.* Johnson
Co.
Co., Inc.
Brunswick
and Howard W.
,v
—
-
-
1
Sams
-
Memorandum—Sin¬
YAMAICHI SECURITIES COMPANY
and
Co., 208 South La Salle
-Street, Chicago 4, 111.
cere
COMMUNITY CHARGE PLAN
Burlington
—
Memorandum
request
erson
Electric,
Cable and
;
Swank,
-
-
:
—
Also
74 Trinity Place, New York 6, N. Y.
available
Celanese,
i
are
-
Combustion
Affiliate of
Review—
reviews
ing, General Motors, International
data
on
First
Mortgage
y>
y
YAMAICHI SECURITIES CO., LTD.
TOKYO,
JAPAN
of
Engineer-
Harvester, and Lockheed Aircraft,
:and
Bankers
General
Paine, Webber, Jackson & Curtis,
25 Broad Street, New York 4,N..Y.,
Members New York Security Dealers Association
Brokers and Investment
Reyere.Copper & Brass.
Burlington Industries
YORK, INC.
—
Cohen, Simonson & Co., 25 Broad
Street, New York 4, N. Y. Also
^available are memoranda on Em¬
\
of NEW
In¬
111
BROADWAY,
An¬
alysis—A; G. Becker & Co., Incor¬
porated, 60 Broadway, New York
4, N. Y.
General Industries.
of Atlas
CORP.
Teletype NY 1-376; 377; 378
Airlines
Gruntal & Co., 50 Broadway, New
Reynolds Metals — Discussion in
Sons, Inc.„ current issue of "Investment Let¬
Street, New York 5, N. Y. ter"—Hayden, Stone & Co., In¬
Also available is a detailed report
corporated, 25 Broad Street, New
on Consolidated Mining &
Smelt¬ York
4, N. Y. Also in the same is¬
—James Richardson
Purcell
available
Service
Sing
Co., 414
Review of
national and Vendomatic
Chas. Pfizer, Texaco
Boston
&
TJroster,
Northwest
Philadelphia
national, General Bakeries, Globe
Envelopes,
Bond
TIIOMASVILLE FURNITURE
Primary Markets
a
Memoran- ' Analysis—Sutro
Street, Nashville 3, Tenn.
Colby & Co., Inc., 85 State Street,
CORP.
GEOTECIINICAL
—
St. Louis 2, Mo.
Insurance
Horsey
—
Gas Corp.
—
Eastern
FINANCIAL
THE
& Co., 4 Albany St.,
6, N. Y. Also available
report on Thiokol Chemical.
New York
is
Chains,
Corporation
Gulf
W. E. Hutton & Co.,
Wall Street, New York 5, N. Y.
Also
'
BUCKINGHAM CORP.
Capital
Bear, Stearns
—
Wall Street, New York
1
Co.,
Locust Street,
—
Bulletin
JOHN'S BARGAIN STORES
VASSAII
H.
—
Dempsey-Tegeler & Co., Inc., 1000
Broadcasting,
American Machine >&
Street,
WO U Til CRAFT CREATIONS
Review
—
Williston &
Beane, 2 Broadway, New York 4,
N. Y. Also available is an analysis
FIRST REPUBLIC CORP.
on
Data
—
Securities
5, N. Y.
Enter¬
Drexel
Hoist &
Analysis
PRINTING CORP.
Prospectuses
6, N. Y.
Can—Report—Bregman,
Cummings
14 Wall
MORSE SHOE
WINE
&
Building,
Columbia
Lane Bryant,
Trading List:
CO.
Electronics
Analysis —
Company, Inc.,
on
National
San
—
—
Cyanamid
on
Newark
PETROL.
&
Co., 36 Wall Street, New
5, N. Y. Also available are
Averages, both as to yield and
market performance
over a
23year period — National Quotation
Inc.,
46 Front
4, N. Y.
61
Wall Street, New
York 5, N. Y. Also available is a
report on Manhattan Shirt. "
Bache &
Robbins
Quotation
York
Co.,
& - Miller,
La
Bldg.,, Chicago 4,
111.
—Annual
Union
American
Bureau
National
the
&
Analysis
Hentz & Co., 72
prises Inc.
over-the-
35
—
Char¬
2, N. C, Also available is a
Wachovia
Dow-Jones
the
the
and
—
Oliphant
Goodman
Fram
industrial
used
Averages
H.
Analysis—Crut-
—*
Podesta
Curtiss-Wright
v'.;'yy;;y.,;.
Atlantic
tenden,
Corp., 80
Wall Street, New York 5, N. Y.
memoranda on
are
Dickson
Allvac
R.
compari¬
the listed
between
*
Great
available
INC.
HAnover 2-2400
■<—
Broadway, New York 6, N. Y.
Jas.
Broadway, New
Harvey
on
-
York
Inc.
Plan
Continental Insurance
—
Railway.
way,
BESCO ENTERPRISES
.
115
Gamble-Skogmo, Perfect
Circle, American Smelting, Royal
Dutch
Petroleum
and
Southern
4, N. Y.
BRENTWOOD
TAYLOIt
and
Report—Reuben Rose & Co., Inc.,
Pacific,
Stern, 30 Broad Street, New York
BillGGS LEASING
"21" BRANDS,
Machine
Charge
Community
Co., 1 Chase Man¬
available
Analysis
RECTON, DICKINSON
Milling
Cincinnati
PlazS, New York 5, N. Y.
hattan
For banks, brokers and financial institutions
our
S.
U.
Celanese,
on
Clevite.
Memorandum
—
E. F. Hutton &
Murphy
REALTY &
and
Steel,
Amsted Industries, General Cable,
;;yy:y
.V:- *
*
.I'.'
Arkansas
Stocks—Bulletin—Herzfeld
showing
reports
are
American
Street, New York 4, N. Y.
Bureau,
AM Ell.
survey
Co.
Ltd.
New York
Recently added to
Cyanamid
Walston & Co.,
—
Broadway,. New
Market
Paul
Pacific, General Precision
a
Courtesy Products—Memorandum
York
Corp.
Plug Co., Chicago, Milwaukee, St.
&
is
—
;
V
•
1
New
Hubbell Inc. and Massey Ferguson
data
Oil
Results—Analysis of
market—David
and Chase Cap¬
'
'
Education for Investment—Report
Pan American
Dis¬
on
King Living Names on the Big Board—
Can¬ Biographical data on founders of
Companies—Discussion in
current issue of "Investornews"—
Francis I. du Pont & Co., 1 Wall
II i
reports
Also available are
ital
Cement
Ametex,
Colorado
Street,
—
ada.
Falls,
North Tejon
Springs, Colo.
620
count Stores, Inc.,
Discussion
Bulletin
Stocks
Life Insurance
Insurance
Canada.
—
Chase
York 5,
Weeks,
—
Canadian Base Metal Industry —
Review—Equitable Brokers Ltd.,
60 Yonge Street, Toronto 1, Ont.,
; yv-
Bulletin
—
American
Also
data
Avenue,
Inc., 119 Monona
Madison 3, Wis.
rell,
Steel
in
v,.y
Company,
Canadian Budget
attractive
—
available
Y.
of
market—Bell & Far-
current
&
Plaza,
N.
Inc., 74 Wall Street, New York
vyf'/V:'
Japan—Analysis of financial state-* 5, N. Y.
Review —
ments of 149
selected Japanese Textiles in Fashion
corporations — Daiwa Securities A. M. Kidder & Co., Inc., 1 Wall
Co., Ltd., 149
Broadway, New Street, New York 5, N. Y. Also
quarter.
Yamaichi
Bank Stocks
son
Equipment, Gulf, Mobile & Ohio,
Harris-Intertype Corp. and New
York Bank Stocks for the first
Hornblower
Bulletin <of is¬
appear
Colo.
Survey—
Commercial Solvents
Wall Street, New
—
Bul¬
—
Company
Analysis—Amos C,* Sudler & Co.,.
Seventeenth Street, Denver 2,
Salle-Jackson
Manhattan
Stocks
which
sues
The
3, 1962
818
Metalfab, Inc.
5, N. Y,
Selected
Co.
Inc.
letin—Laird, Bissell & Meeds, 120
Broadway, New York 5, N. Y.
Savings & Loan Stocks—Survey—
Shields & Co., 44
Securities
Christiana
Rico--Report—
Bank
and Time
Chemical
Stauffer
Rico, San Juan, P. R.
Puerto
lor
York
of
M-ky
Thursday,
.
Co.,1 Mayfield Engineering
Manufacturers Hanover Trust Co.,
Development
-
Biscuit
National
vestors,
—
Washington
Pa.
Juan, Puerto
San
Bulletin
—
Co., "524
Reading,
Street,
'
and
Industry
Mackay
dealer-broker
■
■
.
.
'(2096)
8
NEW YORK 6
COrtlandt 7-5900
\
V
Volume
195
6156
Number
.
.
The Commercial and
.
Financial
Chronicle
(2097)
GOrpOr^tG Olltl&YS £Lnd th.6
"Demand for Term Loans
X/^lliailU. xyi
JJUail°
yvA
vA ^yV
r
Vaa vxwJ kj
v/vaav*.
capital expenditures in 1957
John Kirvin Joins Hennig Now
(jlore' For^an Co- Cruttenden,
Glore, Forgan
vided
Street,
result of higher working capital
requirements and
strong upa
/Tl
■
v
By Rudolph E. PalluekVVice-President, Term Loan
First
National
Bank
Division
it
of Chicago.
of
stresses
total
long
generate
taken
internally
Term loans
funds
is
debt
output
but
the
most
anticipated
'">
■ *
expenditures by business
the major and often the most
volatile
factor
in
term
interest
rates
the
of
growth
commercial
bankers-
today's favorable financial climate
and the
Capital
are
insuffi-
was
As
ability
capital
is
leave the
- - ;
-
savings
funds;
demand
which would
came
of
of corporations
outlay
put not
total
*♦•*
financing
important
an
much
below
in
the
A
tures
level.
term
climb-
refinancing
,
recently,-the bond market has
been strong. Both from the standpoint of the flow of savings into
conditions
for
the
later
intention
contrast
when
were
more
In
While idle plant
to
finance
capital expenditures
pacity has contributed tofhis weak--and permanent additions to workconcern.
ca-
ness, of equal
the
squeeze
Profits
importance has been
iti profit
margins,
better than they were
are
ing capital will be supplied by the
flotation of bonds in the public
and private placement markets.
of
ume
new
term
loans^will
ably not be much in
run-off
the
excess
the
trough, but
recession
manufacturers
their
continue
margins
Third, short
-
credit from
term
banks and trade. The demand for
than
thinner
find
they
bank
in other prosperous
were
many
to
periods,
Reflecting the broad and diversified uptrend in general business,
loans
has
been
disappointing
and
recently
loan - deposit
ratios have declined. The liquidity
of the commercial banks,
as
re-
of the
or
fleeted in the free excess reserves
and holdings of short-term governments, is considerable. Therefore, bank credit should be readimate such expenditures
will in- Jy available to finance increases
crtease 8% over last year to a total in
inventories, receivables, and
of $37.2 billion.
This would put installment credit.
expenditures
by corporations for
new plant and equipment are expected to set a new record this
year.
Government surveys esti-
spending slightly above
capital
the
term
Fourth,
loans
from
the
to
them
in
now
the
San
that
asso¬
trading
Francisco
Mr.
with
Brush, Slocumb
&
Co, Inc.
First California Company.
Operations
June
1958.
Prior to
the
of
had
been
John H. Kirvin
an
Stock
of
Diamond, Steckler & Co 37 Wall
Street, New York City, members
employed both by of the New York Stock Exchange,
and >private industry have appointed Robert D
Ogden
clearing affiliate. Prior
financial association, Mr.
his
was
government
,
systems and methods analyst,
a
„
.
York
Vice-President
as
their stock
as
Diamond, Steckler
Names Trading
Managers
Reynolds'
association, he
Kirvin
summary
Summing up; first, capital expenditures
by
corporations
for
new plant and equipment are expected to increase 8% over last
announced
Hennig is
Hennig was formerly in the
trading department" of Walter C.
Gorey Co. and prior thereto was
and
since
to
.
A.
with
department of the
as
Exchange
on
r™*
office, Russ Building.
prob- officer of the New
payments received
outstanding loans.
h
,
Darticularlv
nrfy,ni7atinnai
nrr^ram*
and Robert A. Manghir co-manof the trading department,
aSers
active
in
th^
p*
j
\\r
tj
q
«.•
financial community and has rOrm Wm. Bones Securities
total of $37.2 billion,
with a continuing. upward trend
throughout the year. The staying
power in the second Ijalf may be
stimulated by general tax inducements. However, the major stimuli
will have to come from prospective sales and a political climate
which will provide an opportuyear
,
of
served
have
_
ciated
Co, whom he
Director
of
_
at
changes,
Richard
&
has
FRANPKrn
fenden PodSi. S'
hers of' the New Yn^ Storey"
change, and oTher lead.ng ex!
of
Reynolds
With
i
,
PoHp^t^
SAN
Kirvin
partner
market
favorable
equity flotations.
today,-the
supply
the economy. The. lag in business the financial institutions and in"funds — both from internal and
Capital investment since 1957 and terest rates, the financial climate external sources—appears *
ample
the sharp decline in such expendi- is favorable for long - term debt to
finance the business expansion
tures in relation to Gross Nation- financing.
Therefore, it is likely with little pressure hn the capital
al Product has been a matter of that a large amount of the funds markets.
Consequently, the vol-
great
Mr.
of
bond i>r
Co, 45 Wall
City, has an-~
has .recently
resigned as a
commercial' bank,
with
&
York
New
porated.
<
corporations
capital expendi-
their
through
loans
,
Glore, Forgan
& Co., Incor-
number ,of
financed
of
excess
started
'
bsid ia ry,
. u
long
rapidly after the middle of
1956.
of
^
'
*
rated
needs.-
1955-57
result,
ing in 1955 and the trend accele-
to
source
a
TJ
_
nounced that John H. Kirvin has
joined
them
as
Administrative
Vice-President of their corporate
whose
to $443 billion,
economy
cient to meet all needs for invest,
their
of
flow
probecause
thrust
ment
expected to continue to be
are
repayments
of
financing,
an
interest Jo
particular
Note
'
of
term
into
expenditure and financing outlook
corporate capital
item
one
loans.
term
for
the
tremendous
hit
The
Review
9
a
served
several regulatory and
on
association committees.
,
.
di
tor
of
PHOENIX, Arizona
the
National
fices
.
uver-tne-Lounter
poration,
a
Clearing
member
Lor-
Association
of
of the Busi-
Stock
at
2727
officers
William W.
are
North
conductfrom of-
Central
William
W.
Ave.
Bones,
President and Treasurer; William
D.
Procedures Committee of the
ness
—
Bones Securities Co. is
inS a securities business
Currently,
Nielsen,
Vice-President;
and
M- J* Bones> Secretary,
Exchange
mtY to farn a falr return on inni
vestment.
'
J.
Officers t\f
Firm
capital outlays and
Second, credit conditions are tnct Uniform. Practices Commit- wmcer* or securities Tirm
expenditures in proportion to permanent
working capital re- favorable to business expansion tee of the National Association of TORRANCE, Calif. — Robert D.
Gross
National
Product
are
at quirements.
However, the demand with little pressure on trie capital gecuri|ies Dealers Inc.
Hebard and Robert O. Gose are
their
lowest
point
since
1950. for term loans will be substan- markets. The total voiume of term
M
x^;r..5„ nniuavl rMnnn(!i
Vice-Presidents of Western Church
Based
previous record
However,
when
it
this
is
is
impressive
not
recalled
of 1957.
year
that
business
estimated Gross
of $560 billion,
the ratio of business expenditures
upon
National
to
National
Gross
with
For
the
the
the
in
post
would
Product
1959 Xver'v
theWl°9U59 recovery
in
in
6.9%
8.4%
and
an
Product
1956-57
war
period.
commercial banks will continue to
be
to
an
important
source
of
funds
....
.
.
•
,
*
^
«
finance
tially
less
period
sion
than
of
rapid
when
mercial
the
bank
in 1955-1957, a
business expan-
volume
of
,
-how
outstanding
a
smaii
com-
term loans outstand-
ing increased 48%.
loans
At that time
,
business began to find its liquid-
will
'
probably
.
n
-
+hf4
functions
year-
their
^,§2^ SZJ™*
oinarlCexT^Sr^j
-»i
operational Street. V. R. Hebard
y
increasd dtiring the
*
of
offices
the firm,
in
embracing
Treasurer of the firm.
Chicago, Boston,
ficers
Los Angeles, and San Francisco
p
Financial Executives Conference sponsored
by his bank, Chicago, in., April 24, 1962.
,,
as
well
are
estimated
New York.
President.
Jhe ratio
years
spread
with
gains
wide¬
are
This advertisement is not
non-rail
transporta¬
tion
the
only
major
industry
planning to reduce spending. The
outlays have been rising moder¬
ately, but steadily, since the early
part of last year and a continu¬
an
offer to sell
or a
solicitation of
an
offer to buy these securities.
„
ing upward
Most
for
of
cost
will
trend
the
continue
facilities
to
be
the
that still exists
gap
In
capacity
1955 the
for
ment
30 in favor of
invest¬
invest¬
and
now
it is
70 to 30 in favor of modernization.
Management
decisions
by
ernment
toward
businessmen
revision
of
Federal,
the
that
tax
and
a
May 1, 1962
Due
May 1, 1977
gov¬
business.
feel
State
of
Dated
in¬
are
the attitude
5lA% Fifteen Year External Loan Bonds of 1962
70 to
was
expansion;
fluenced
Kingdom of Denmark
man¬
demand.
ratio between
expansion
$20,000,000
narrow
in many
and
ment for modernization
are
driving
industries between domestic
ufacturing
NEW ISSUE
This
purposes.
force until increased sales
the
offering is made only by the Prospectus.
is projected.
new
reducing
The
Many
thorough
structure
local
at
OFFERING PRICE 97%% AND ACCRUED INTEREST
levels
coupled with a liberalization of
the present unrealistic deprecia¬
tion
allowances
would
stimulate
capital expenditures and provide
the push necessary to sustain the
high level of business activity.
The
to
Copies of the Prospectus
principal sources of funds
undersigned and others
the
finance
projected capital
expenditures,
rising inventories,
receivables, and installment credit
may
be obtained in
as may
any
State only from such of the
law)idly offer these securities in
such State.
will be—
First, internally generated cash
from retained earnings and depre¬
ciation
It
charges.
is
expected
that the volume of funds provided
from
internal
further
this
sources
year
as
a
will
rise
result
continuing advances in deprecia¬
tion
charges and larger
earnings.
Depreciation
retained
charges
alone in 1962 should run in excess
of
$24 billion.
Second,
flotation of bonds
Smith, Barney & Co.
Incorporated
Incorporated
The First Boston Corporation
Eastman Dillon, Union Securities & Co.
and
equities in the public and private
placement
markets.
While the
equity market" has been ^erratic
Kuhn, Loeb & Co.
of
May 2, 1962
Harriman Ripley & Co.
Lazard Freres & Co.
Incorporated
Blyth & Co., Inc.
Kidder, Peabody & Co.
Other
of-
Roger D. Hebard, Presi-
averaged 7.3%.
The
Secretary-
dent, and Clarence C. Hunt, Vice-
,
as in
.West 182nd
is
Dominick & Dominick
White, Weld & Co.
10
\
,'(2098)
The Commercial and Financial Chronicle
Coal and Steel
The Common Market and
Council of Ministers of the
Advisory
By Joseph D. Coppock,* Director, Foreign Economic
Staff, Department of State, Washington, D.C.
-
•
countries
ben
ihree
-
which
There
communities.
searching—did the United States
sion.
Yor trade.
ties
In thinking
anything which
it is hard to recall
excited
tention
much interest and
as
as
less-favoured,,/
,
at¬
has
means
of
European
policy
to
'
Common Mar¬
ket
The
.
PURPOSING-
the
of
ai.n's
of
Corn
1846,
the British-
RESOLVED
treaty
of
estab¬
of;;
Joseph Coppock
the
4
-
V
v
■
prin¬
countries- in the
-Trading
perial Preference System in 1932,
the initiation of the Hull Trade
Agreements Program in 1934,-the
creation / of
the
International
Monetary Fund and the Interna¬
Reconstruction
in
1945,
the
for
Bank
Development
signing of the General Agreement
on Tariffs and Trade in
10,47—all
of
these
notable events in the
field of international trade, and
at least at present,
seem,
important than the European
Economic
Community. Only an
Economic
European
.
nity
"
,.
.
set
to
'j\f
;
.
Proposed Procedures
What
EEC
the
to pursue
great importance would
amount of ink that
the
been spilled and the amount
woodpulp that has been used
up in describing and analyzing it.
It has titillated the political mind,
the business mind, the financial
mind,
the academic mind,
the
military mind. Maybe other minds
has
of
too!
A
on
treaty
signed
was
March 25,
at
Rome
1957 by representa¬
Germany, Italy,
The
Netherlands,
Belgium and
Luxembourg. It was ratified by
their governments in the course
tives
of
of
1957
France,
and
•
do
to
proposes
"(1) To
"•
follows:
as
:V;
tariffs, quotas,
remove
and other barriers to trade within
tariff
the
between
act
as
unit
a
external
world, and to
negotiating on
in
commercial
others;
'
into
went
effect
(3)
pblicy
with
the
abolish
restrictions
on
of
movement
capital,
services, labor,
enterprises
Community;
business
and
within the
(4) To allow colonies and asso¬
ciated
territories
of
Six
the
(mainly in Africa) to link them¬
selves
to
the
Common
Market,
extending
the
benefits
of
the
Common Market to their
exports,
while allowing them to maintain
restraints on imports;
(5)
To prohibit private
and other restraints
less
are
purposes
ex¬
economic
ployment,
progress;
prices stability in
each member country;
and
vividly in the preamble;
(7)
To
establish
of the Treaty as follows:
agricultural
policy
Community;
ECM's Purposes
pressed
"RESOLVED
foundations
establish
to
of
ever
an
the
among
the
closer
European
•
DETERMINED
to
(8)!
To
create
Bank for
for
common
a
within
the
investment
an
a
Develop¬
Associated
Over-,
Territories to transfer capital
to the less
ensure
the
economic and social progress of
their
countries
by
common
developed parts of the
Community and to dependent or
associated
areas;
abolishing the bar¬
riers which divide Europe,
ASSIGNING to their efforts the
main
of
constantly
improving the living and work¬
ing conditions of their peoples,
purpose
REALISING
of
existing
that
obstacles
concerted
action
guarantee
stable
expansion,
fair
the
in
removal
calls
order
conditions
balanced
trade
for
to
of
and
competition,
ANXIOUS
unity
ensure
of
to
their
(9)
and
To equalize wages for
women
ods
of
undertake
the
economies
and
their harmonious devel¬
opment by reducing differences
men
meth¬
overtime;
(10) To create
a
to
Social Fund to
finance
retraining, resettling, or
otherwise
assisting
workers
harmed
by
liberalizing
trade
,
within the Common Market.
we
want
a
lot of weak ones.
/.
is
It
than
more
treaty, a plan, a cbnstitution for the gradual but complete
a
integration
of
economies
the
of
;
These
I
European1 Economic
ever.
Europe, -but
since
of
through
1945,
deal
shall
only
I
The end
them.
Another
,
.some.
World War
of
left
Fnrnnp
in
n
wpakonpA
left
Europe
in
a
weakened
condition, unable to defend ftself against the; aggressive push
the
without
Russians
militaryand /economic
ance
the
of
United
alternative
long-run
hicteerin*?
internal
weakness—if;
to
anH
assist-
:
militarv^■
' of
cooperation.: Western Europe
re-
some
success, *
as
the
"arrange¬
sufficiently complex to
description. In order to
are
do this
I
must refer to
S.
two
other
U.
S.
EEC
in
countries
1960.
exports to
Hence, if the marginal propensity
to import approximates the aver¬
propensity,/a 5%
increase
in the EEC GNP, about $9 billioA
with reference to the I960 figrire
of
$177 ' billion, would increase
EEC imports by 11% of $9<
total
billion. The'U. S.
$1 billion would be
one-eighth or $125 billion, , I can.
think of one good reason why thefigure might be -larger, namely,
that
the
Europeans
will • want
billion,
$1
or
•share of that
more
and
more
of our
consumer
gadgetry. as they get -better off.
But I can thirtk of another good
at
statis-
why
reason
,
the
figure might
be
aMltaUon
I
™Hnrnonfv
do
not know how.you
but the
these forces,
a
measure
way
several
hundred. American
companies
have rushed to establish subsidi¬
half
Britainwas the
.Driisill ,W3S xne
aries
mdustUal couritr^*„ .jn thp
world; she ruled a vast empire,
^er navy ruled the waves Now
or
(the ' last
;
rope
in
affiliates
four
think that the
U.
Europe
in.
years /! makes me
production in Eu-
will have the edge. Of course
operating there will
their earnings. '
S.- firms
increase
Another effect that can be analyzed pretty well is the so-called
discrimination
effect;:
As - the
•/'
pating
in
the
North
Atlantic
Treaty Organization. It was essential that some way be found to
bring - Western
Germany—since
unification of Germany
seemed
fractiori
of
Western
1^960- the
vision
of
a
tarily unified
vention
i
r
v a
1
cooperative
Europe.
the
of
required and
first
r y:
or
to
community
strong measure
a
a
volun-
Social ,inorder' was
Plans
ITS A
the
maintained
the EEC
Portugal, which
f
^
*£f tar^{
+
lv! ellmination
the mpbers,
ma
a+m{n&
.tariff with respect to outsiders. By 1961 it-became appar-
the east and from
to
envisaged. When
United Kingdom, *,Sweden,
0.J wvf^';
-fS
1^
economic union could
without the two;'c5
the'U.S.S.R. to
the
Market
Market
ing
Qwn
The
its threaten-
the- U.S.A.
main-";*erit"that this organization did not
encouraging ■ posture. • h'aV-e the vjtayty that the EEC
historically, the Russian-^' ^
w
elrt;.VaY.
posture;
tained
its
Viewed
attitude
is
more'
standable than
same
sians
have
readilv
our own.
had
strong
under-"
The Rus-
historical
external
projected
the
tariff
is
now
tariff.
Al¬
Common
known,
it
was
nrogressed
pressures-from
the
consummated, Britain took is subject to reduction through
the lead in organizing a European .negotiation. Whatever its height,
Free Trade Association, composed howeverf .it will discriminate to
first
really
for welding these
external
and
-
mon
Despite these European efforts,
if the steps toward
strong
zero
.
it is. doubtful
have
members of the
toward
move
external tariff becomes standard¬
themselves as firmly with continental Europe as the developing though
old enemies together as friends.
European
EEC
ized. Am efiCan companies selling
in Italy, for instance, will be at
a disadvantage as compared with,
say, German companies, because
American imports into Italy will
have to-pay the tariff while Ger¬
man
imports will not. How im¬
obligations and their positions
with the United States were such portant this. effect will be will
that they should not associate depend on the height of the Com¬
coal and steel
the
of
United States.
During the discussions of European economic union in the early
1960's, the British took the position that; their Commonwealth
many
was
As
Product
tariffs among the
dedicated perto the opportunities. The
sons rose
was.
National
-WU
the
Franco-German
it
what
Gross
|j i1'
mo! Jiill ^
}Loncnrii!1TTni^n' 2hfiiLn
-V i cf'
Europe, particularly
of great vision sublong
history "of
Men
ordinated
Of
.
*
remote—into close and permanent
association with
other
countries
organizations,
embracing
the
membership: the European
for
demand
age
of GNP,
15%. { -
of
lentov aso^reat
iliry
vxrGEii
poverty,
kind
take-over—was
sign
increasing;
them amounted
$2.25 billion, .or one-eighth of"
the total of imports into the EEC.
^ ^
^sTT^s.f<f,
The'
Communist.:
not
-
•
-
imDreSSiVe
the
that
,
'the
States.
g
*\;'\ A'';*:
:
smaller, namely, that the Euro¬
f rar w
for membership in. the EEC by peans—and associated/ American
the
United
Kingdom. The
an- : firms—will produce many, of thenouncement
was
made
in
July mass-market consumer goods., in
Europe instead of importing them.
tt
of
t
reliable.
to
more
or
our
if*? ISbto
only
with
and
with
compared
yv-ith
circumstances-
and
running at 20%
*
is
the
the
for
U.
moderately liberal capital move-
history, to unify
many
exports. Imports from the outside
amounted to about 11% of GNP
Origin of ECM " /■ ;:{>,"'merits. Unemployment is hot..-{a
•{" : /:
>'4major problem, except in parts of
First its origins. It is tempting Italy. Capital investment has been
review::; the "efforts,
'./' "
One
increase
v"
modern European
too
are
European prosperity * will tend to
-
to
there
Some things can be said, how¬
.chpngqs..
major questions concerning
state right off that
me
think. that
unknown.
P^thpirt {adjustment
with
deal
to
in
Moreover, some of the. variables.,
such as "our own trade policy, are
dollar values,
to current
Community.
like
now
are
economists
titative' predictions
for price
Inflation- has
heen
it. First, What brought it about?
brought under control. The EEC
Second, How is it doing-?. Third, f?°untries
have built, up large
How does. it. affect
the" United enough ^monetary
reserves to
States?
I shall be glad to try to .allow full convertibility of their
answer other questions later.-''. '■J"1-' currencies ^crn current, account and
should
I
usv
variables involved to make quan¬
These expoTts and import figures.
barebones of the
the
are
on
The financial and
press have vied with,
tistics. Let
_
customs urtion.
a
We\ wel-
Economically,
fects, usually with masses of sta¬
product of the EEC countries rose
at a rate of 5.5% per year, the
.United States GNP grew at a rate
hf '-2.5%, These comparisons re.move; the -; influence
of
price
.changes. EEC exports increased
-from $14.1 hillion in 1953 to $30.0
billion■« in;/1960, or 113%, cornpared with a 29% increase in U, S.
exports. EEC imports went up by
99% and U. S. imports by 35%.
planned actions, the EEC involves
U.S.S.R.
organizational
warrant
;
third
my
clear.
Governmental
the
V{
:
is. the European Economic Community doing? It is doing fine,
the statement of purposes and the
much
is
States
-
®
^W
•
rate of economic growth .than the .
EEC and it had been in balance
against American ex¬
that degree
ports—and all other non-EEC ex¬
ports—and in favor of internal
EEC
a
us
feel
that
union.
Lest
this
of
make
gloomy, please remember
other things besides
many
tariffs affect
As
is the nature
This
trade.
customs
"■
The
•
...
to
improve and har¬
monize living and working condi¬
tions with the Community;
ments
strengthen
and harmonize
computing
to
me
strong allies:
economic
"provide a common' exterhal But let me give some numbers to
policy, including a common .support -this statement. Between
tariff. As should be evident from ;1953. and i960 the gross national
Schuman Plan for
,
in
* j "
•
complicated.
trade
France.
Europe and
ment Fund
seas
■' /./.
peoples,
its
in
against us.
strong ally,
they foster the improving of
or
distribution
or
and
of
process
'-// '
effects of the EEC
the
un¬
(6) To coordinate monetary and
The
come
production
technical
sensitive
brings
United
Now the second question: How
-
cartels
trade
on
throwing
Russians
Successful Performance
customs
which will elimiinternal trade barriers
all
events
'
To
this compli¬
and7
This
and
Community
and the rest of the
fiscal policies in order to promote
balance
of
payments, high em¬
action
the
been
feature,
nate
uniform external
a
detached role in
turning out analyses of these ef¬
.
(2) To create
on
union
union
the Community by gradual stages;
January 1, 1958. The Treaty is of
book length. It has 248 articles in
the main body and several lengthy
annexes.
has
attention
the
Therefore,
••; .not a
of the EEC to which
Americans
have
paid, most
three
these obectives has been
concisely stated
Europe
with
The aspect
a
Commu-
{/
v
;
,
up
less
of
Unification .;.•*. •;/;•
eration;
DECIDED
HAVE
~
•
event
Political
and
Economic
Eventual
up this combination
the member countries. ;Of neceseand calling upon -sity, such 'integration calls- for
peoples of Europe who much political " cooperation, pertheir ideal to join in their
haps even confederation or fed-
'efforts.
18'70's, the suspension of gold pay¬
ments by the British in 1931, the
establishment of the British Em-
warrant
lot
resources,
share
the^gold standard by the
finance
unified
.
the other
the acceptance
and
-•>.
.
by building
,;
lishing almost
free1
trade,
tional
Charter.
strengthen
to
safeguard of liberty and peace
French
cipal
Nations
United
the
of
Laws in
of
terri¬
and
and wishing to ensure
their
increasing prosperity in
accordance with the principles
repeal
1860
•
-
tories,
B r i t-
the
' •
•
confirm" the
to
countries
overseas
verein in 1833,
Great
'
• •*
-
-
sympathetic
,
<•'<
;
ties which unite Europe and the
Zoll-
German
'•-A;
trade,
establish¬
ment
restrictions
of
■
1970
bv
>
gradual removal
on international
the
Govern¬
a
Effects of EEC Upon the U.S.A..
of., freedom1: and . democracy so
deeply that there is no risk of a
European
effect
contributing by
common commercial
a
played
negotiation.
.
we
the
States
.
of
DESIROUS
has
cated
ica
Economic Com:
munity is expected to be in full
regions
backwardness of the
the
and
seeking admis¬
United
Authority
The
•
various
the
between
back over the history
international economic events,
of
countries.
but
also
are
the
to them
Market- Other
Common
The
ment
Western Europe and North Amerwould "have a preponderance
the
are
and
the
British
seen,
of the Coal and of military and economic power question: How does the Common
Commission {which could deal with the Soviet- Market affect the- United* States?
already- indicated that
of the Atomic Energy Community*, iCohimunist: menace. We have be- I,:.haveand the Commission of the Euro- come convinced that the people of from { a • political- and
military
pean Economic Community.
p Western Europe share our ideals point of view, the" position' of the
higher rate and in the duty-free brackets
European Common Market
the
do
level
have
available
Steel Community, the
maximize the good effects. Table provided shows
have more rates in the
Then
countries.
.
executive
the
legislatures
national
member
the
High
the bad effects of the evolving
1962, he opines that it will minimize
than
of
Trade Expansion Act of
In endorsing the President's
EEC and probably
we
and; by' the
in
Communist threat was of such a
magnitude that a unified Western
Europe was not only in the inter¬
est of the Europeans but also in
our basic interest too. Together,
of the three
aEuropean,
Parliamentary ''' Assembly, ~ composed of members elected Yroni
on
Soviet
the
that
conclude
;quite
the
and,
they
opportunities
a
is
legal adjudicator
treaties.
There
is
skeletonized
depiction of that organization's development, successful performance,
and objectives. Mr. Coppock evaluates the "pro" and "con" effects
of developing European economic integration and of U. S. firms estab¬
lishing themselves there upon our export position, and sees a dubious
prospect unless we lower our trade barriers to increase opportuni¬
that
countries
as
Economic Community upon the United States in his
pean
leaders
.
people
struggles. Only after World War
II—after much debate and soul-
Court of Justice which also serves
Top State Department economist measures the impact of the Euro¬
British
all
mem-
serves
3, 1962
{/ It is to the great credit of the
pean Atomic Energy Community,
reminders to them< Until quite rebegun in 1958 under the popular, cently Americans have felt -insunarrie of EURATOM. There is a
lated from the European power
Upon
Its Impact
reasons
in 1962 under the popular name of
the Schuman Plan, and the Euro-
May
Thursday
.
Of ' payments.; difficulties
frequently/ / /. \ 'J
'«v
to fear a strong unified
Western Europe. Napolean, WiL
.helm II, and- Hitler are / bitter
Community, begun
.
.
I
trade.
said
earlier, people who
analyzing the effects of the
like to inject statistics into
the picture. I wishs to indulge in
start
EEC
--that
game-'and
figures which
to
are
present
some
seeing the light
Volume
Number 6156
195
.
.
The Commercial and Financial Chronicle
.
(2099)
of
day for the first time, as far
I know. This is a frequency
as
N
in
ad valorem percentage terms
they are the rates in existence prior to the round of negotiations completed in Geneva last
month. They are as follows:
and
distribution of the tariff rates for
the
United
States
and
for
the
EEC.
The
fates
all
are
expressed
Frequency Distribution of
Economic
Rates (or
ad valorem
Percent
of
of
Rates
\
Free
990
18
19.9
1,510
15
30.0 and above
895
;\w:
;,
y
■
'
13'
'2
45
Hill
The
not
the
but
the
At
the
items
median rates,
-33%
of
above; 15%
or
rates
that
are
high.
other
end, 20% of our
duty-free, while only
are
10%
is
here
spread.
20%
are
EEC
the
thing
of
average
rather
rates
our
of
interesting
2,835
of
theirs
Now
are.
it
is
a
tremendous
ing
the
then}
similar
to
1962
into the
comes
Europeans
tiate
the
where
workers
and
reductions.
Congress
asks
to
authority , for the
negotiate reductions
of up
to 50% of the present levels
in return for, equivalent conces¬
sions by other countries. It also
,
asks
for. authority
to
way
zero
the
and
wfe
the
conclude:
To
order
before
now
total
to
Free
all
go
items
on
EEC
of
export
World
the
which
80% .of
exports.
Adjust¬
the
one
new
life.
>
The
>
y
fact of
a
world
effects
nomic'
to ascertain,
on
us
difficult
are
effects will be minimized and
good
is; also
a
provision
for
lowering tariffs down to zero on
mon
market of the United
the
common
items of particular interest to the
less developed countries, provided
founding fathers of this Republic
the
1787.-
along and
not
new
affected.
that
out
U.
S.
I
should
agriculture
to? divide
tend
the
of
point
has
a
that
most
raised
•
.
business
firms
have
diture
survey indicated
in. capital invest¬
increase
A
year.
ment of
U.
capital spending.
♦An
S.
W;.-//
.
market
-■
wisdom
Research:
$12
ment
the
that
in
to -establish
address
by Mr. Coppock before
Group, Investment Bankers of
America, San Antonio, Tex., Apr. 9, 1962.
O'Halloran
(V i c e-President - ofT
Manual, Inc.),. V/"
Security Analysts of San
cisco
elected
Jack
President
Canvin
as
for
the
H.
be¬
year
ginning July
1, 1 962. Mr.
Canvin has
been
emphasis
on
modernization,
ber'
than
:
group
FedA
since
Franciscan
o?
of
1943, he is
For
a
of CaliforVice-President
California
First
its
new
Company.
year
the
elected
as
Terasurer
Bay
the
Area
chief
Eugene
H.
will be outgoing President George A. Hopiak
(Vice-President of Wells Fargo
Bank);
William K.
Bowes,
Jr.
(Vice-President of Blyth & Co.);
Ralph B. Gish (Vice-President of
coming year's Board
1+u
,
Investment
Davis
Co.),
Frank
B.
search
at Sutro & Co.), and P. J.
s,>)i
(Director of Rey
in¬
at
their
year
and
recovery
recent
budget
industry,
fall,
planned
when
7%
a
in¬
lower level of investment
it
did
of
a
then, and this is be¬
slight cutback in petro¬
investment.
investment 5%
is less
on re-
than
this
the
9%
—
over a record
ma¬
trade,
11%
an
$8.5 billion
have
completed
their conversion to jet aircraft and
thus expect a lower level of in¬
vestment
this
substantial
Electrical
but this
year,
cut
indicated
but truckers,
year,
shippers, buses
telephone
the
last
probable
Commercial businesses
finance and services, plan
and pipelines plan
increases,
and
other
tions firms.
as
do
the
communica¬
*
Electric utilities plan to increase
expenditures
every
year
their
through 1965.
increase
Gas utilities plan an
this
year,
but
taper off
The strength
utility field makes
for greater
stability in the total
investment picture because of the
long time required to manufacture
in
the
in
the electric
ahead.
years
generating equipment, the report
says.
All
segments of the mining in¬
dustry expect to increase outlays
with nonferrous
mining showing
the largest percentage
gain.
(bill^s$)
•HJJUvV.
Actual
V
Iron
Steel
&
1
$1.13
Machinery
Trucks & Parts_i
'.64 V
'65
Metals
&
$1.30
15
$1.27
$1.05
.32
25
.37
.40
20
1.29
1.38
1.41
.66
—5
.65
.67
.64
.75
.90
20
.86
.98
.49
28
.90
1.07
19
1.03
1.06
1.86
—1
1.92
2.00
.68
-.63
.88
:
.50
.44
.42
1.07
2.12
Coal
&
.75
10
.22
.29
30
.30
..32
.32
.51
.59
16
.56
.55
2.76
3.09
12
3.09
3.34
________—
1.11
13
.98
.67
.68
1.00
MANUFACTURING*:—
—
A.
of
Miller
the
Secre¬
firm.
Mr.
Miller has been associated with
the firm in the research and
trad¬
ing departments.
.56
12
.48
.49
.49
1.33
12
1.19
1.13
1.15
13.67
15.41
14.89
15.15
15.03
Petrochemicals, included under chemicals and petroleum and coal products,
only once in the total.
counted
;
J. M. Buchanan
Opens
.99
.50
1.19
Manufacturing—
Stuart
tary-Treasurer
3.34
.98
Products____—
Beverages—
& Co., Inc., 15 Wil¬
Street, New York City, has
.58
v
-
"
Clay & Glass,:
A. M. Lerner
liam
elected
*
Instruments,,--.
Pulp
$
v:
Rubber
Elects Miller
.94
.38
A. M. Lerner Co.
.41
1.32
__
Chemicals
is
'63
.69
__
Transportation Equipment V"
(Aircraft, Ships, R.R. Equipment),.
ALL
Preliminary Plans
61-'62
.26
L-i
Electrical
&
jj,
1.10
—,
Metals
Machinery
Paper
'62.
Ch'g
1.88
Nonferrous
Autos,
Planned
•61
WASHINGTON, D. C.—James
M.
Buchanan is engaging in a securi¬
business from offices in the
ties
Warner
Building.
NOT A NEW ISSUE
May 2, 1962
100,000 Shares
as
finan¬
followed
Witco Chemical
course
interests
1947.
the
until
in
of
the
V
Common Stock
many
similar
(Par Value $5 Per Share)
formation
Analysts Federa¬
The
San
Company, Inc.
inde¬
an
Francisco
has been prominent in the
of
that
the
national
Price
federation
time.
This
Now Phillips, Rosen
Appel &
Walden
Effective March 26 the firm
Gray (Vice-President of Bank of
California). Also serving on the
Commonwealth
this
every
since
a
$29 Per Share
announcement
constitutes neither
an
securities. The
State
name
offer
to
sell
nor
a
solicitation of
an
offer
to
buy thest
offering is made only by the Prospectus, copies of which
may be obtained in any
from such of the undersigned as
may lawfully offer these securities in such State.
analystsPhillips,
as
or
30%
a
1929;
Rosen & Appel, 115
Vice-President, W. Ed-/
Broadway, New York City, memward Bell
(Assistant Vice-Presi- ^ers ^
jyjew York Stock Exdent of Crocker-Anglo Bank), as
cjiange) was changed to Philips,
Robert
B.
Johnson Rosen
Secretary,
Appel & Walden.
(Manager
Research
Department
'
of Schwabacher & Co.); and "re¬
elected
in
as
Jack H.' Canvin
University
the
in
affairs
native San
capacity
machinery makers plan to reduce
INDUSTRY
prominent indus¬
groups resulted
of the Financial
Analysts
ate
of
of
Society
common
a
tion
nia in
some
officers
The "'Financial
eration.
Francisco
as
pendent
of
Director
San
The
is
and
1958
currently
an aver¬
Only the chemical industry
a
cause
mately 300 members today, consisting of representatives of all
leading financial institutions
in
cial
since
ernors
is cited
from
Capital Spending Plans of Manufacturing Companies
trial companies with headquarters
in this area.
of Gov¬
Board
in
founded
analysts organization.
From
an
original group of 20 members the
Society has grown to approxi-
the
its
of
covery
10%
in
second oldest financial
is the
well
mem¬
a
was
and
meeting, April 25, The
Security Analysts of San Fran-
plans
plans
The survey highlights industry's
Walker's
Francisco
FRANCISCO, Calif.—At its
of
sees
decisions
crease.
Textiles^
The
rise
manufacturers
*
Billion
ranging
spent last year.
Most
airlines
•
it reports, has increased its invest¬
great
Texas
*
to
chemical
Miscellaneous
annual
83%
reviews.; Nearly
Depart¬
Commerce-Securities and
Petroleum
SAN
.
operating at
in business sales and
profits fa¬
vorably influencing capital expen¬
preliminary
4%
FOod
-
billion dollars
one
McGraw-Hill
sights significantly
since last fall, when the McGraw-
Stone,
S. F. Analysts
of
in¬
another 18% by 1965.
manager
Services, points out
'their
Fabricated
the
./
Greenwald,
Economic
Europe
greater, older com¬
States,
even
the
the
market
common
ad¬
.
versely
Douglas
the
effects
will
be
maximized if we equip ourselves
—through a clean Trade Expan¬
sion Act—to negotiate substantial,
gradual reductions In the tariffs
probably
had
Equipment.
but the probably bad
There
is
rate
age
is of
the
first Exchange Commission
survey in
importance for us
in6 January
and j February >-'showed
political* terms.- Its
eco¬
only an 8% increase in over-all
and
go
were
success
Kingdom is included in the EEC.
agriculture
history,
they plan to
than in 1961.;
They
of
which
Europeans will
-
European* ment this
Community is
Its
manufacturing indus¬
indicate increases of
increase,
more
vey
a
Statistical analysis shows that this
has meaning only if the United
provided
average
consecutive years in U. S.
Hill
Economic
President
is
Conclusion
picture. The
bill
resulting
here.
the
tariff
spending during
of nearly
$36 .billion per year, exceeding
the average spending in
any three
an
of
prepared to nego¬
reductions if we are.
Therefore,
continue
at
their
jor contributing factor.
ican
of
are
to
1963-65
advantage
raised
.
during 1963-65,
vest, each year,
spent last year, and companies in¬
tend
.
Manufacturers alone will spend
billion in 1962, they say, a
13% increase over last year. And
$15.4
was
They expect sales
has
Presi¬
Act
than
more
7%
element
Expansion
11%
were
a
preferred rate.
tariff
is
is
on
year-end,"~seven points below
firms
provision and
crease
volume
assistance
here
tries
-
Plants, and
~
also
several
ment
Trade
This
taken
Rubber: 30% Increase
provisions for overcoming
seriously adverse effects on Amer¬
\
bill
this
All other
according to the 15th Annual Sur¬
of Business Plans for New
■/
President's
The
from
Now
agricultural
our
programs.
the
dent's
mar¬
protective arrangements, many of
that lower trade barriers increase
opportunities for trade.
European
ket, but that the European farm¬
are
understandably reluctant
to
give up
their long-standing
ers
fine
parlor game to speculate on
the expansionary effects of tariff
reductions, but it is not a scien¬
tifically dependable exercise. All
we
can
say
with confidence; is
reported.
maintain¬
in
interest
to
access
Company's De¬
Economics, recently
of
textile
and
the rubber
of
obsolete
industry to
facilities,
10% for paper and
pulp producers.
continuing search for
..In
new
non-manufacturing categor¬
products, new processes and
facilities.
cost-cutting
Research ies, railroads plan the largest per¬
increase —27%
and development will amount to centage
after
a
decline of 35% last
year.
nearly $12 billion this year and
Freight
traffic created
$13.3 billion by 1965.
by the business re¬
Publishing
partment
■
5,064
of
*
placement
plants and equipment in 1962,
topping the 1957 all-time high by
one
billion dollars, the McGraw-
.
Total
this year than last.
more
and
new
:57
:
358
equipment, have
more,
,19
-
■■
Apparel
permitted faster write-offs of their
investment plans.
high
optimistic assessment of spending plans than
January-February by the Government notes that
manufacturing plans to spend 13%
,
fall..
more
United States business is
planning
to spend a record
$38 billion on
io
f
1,624
18
•V
This
made last
one
an
Rates
538
-
/Topping 1957's Record
,
270
,
30
775
-
of
„
1957.
the
Percent
Rates
20
894
20.0-29.9
10.0
in
of
' V
Rates
9.9
0.9-
European
Number
*
\
last
manufacturers, who recently
McGraw-Hill survey of U. S. business
spending in 1962 forecasts
11% gain over last year and $1 billion more than the record
-E. E. C.-
Number
*
r
duty
and
-U.S.
equivalent rates)
of
States
;.'v /'y/•
Community Tariff Rates
,
_
United
Business Outlays Seen
11
Advisers Fund Branch
WAYNE,
Pa. —Advisers
Smith, Barney & Co.
Incorporated
Blyth & Co., Inc.
& Col
The First Boston Corporation
Fund
Eastman Dillon, Union Securities & Co.
Management Corporation has
opened a
branch office at 420
Sharon
Goldman, Sachs
*
«
.
Drive,
under the management of John H. Morrell.
Kidder, Peabody & Co.
-
:
-
-
Incorporated
Lehman Brothers
*
Form M. L. Towbis Co.
M. L. Towbis & Co., Inc. has been
formed with
offices at 165 Broad-
-way, New York City, to
in a securities business.
engage
-
*
.
Wertheim & Co.
'White, Weld
Incorporated
& Co.
The Commercial and Financial Chronicle
12
R.E.A.
try. The evidence at hand suggests
next major step by gov¬
Non-Electric
Subsidized
that the
•
Serious Threat Confronts the
Loans
,
Since
tion's
Electric Utility Industry
President, Pennsylvania Power & Light Co.,
By Jack K. Busby,*
Allentown, Pa.
uncovered costs of
acquiescent taxpayer who underwrites the
The
*
business said to represent at
R. E. A.'s
as
It
would
seem
pect, on the record of power sup¬
ply performance, that our industry
would have a broad base of public
and
govern¬
northern
mote
from
load
any
ou<5»v
proposing government
building of a tidal-power, hydro¬
known
development
mental sup¬
port. However,
at the level of
Passamaquoddy. This is the case
even though
the economic feasi¬
Federal
Government
bility of power development at
Passamaquoddy was just recently
tainly not the
case.
an International Joint
Commission set up by the United
The pro-
by
States and
posals and
Canada.
Valley
Authority, is reported by the press
as
openly campaigning to have
TVA take over power supply for
the Executive
of
tors
Departments
of the Federal
Government
the
v
ski
a
Tennessee
resort
in
few.
-
«.
*
will cite
I
specific situations.
a
territorial
defined
limits.
-4
Midwest, the Rural Elec¬
In the
Examples of Needless
Government
Power
In
the
government
Pacific
the
administration
Northwest,_
sponsors
a
the
propo¬
hundreds of mil¬
lions of dollars to build transmis¬
sion
lines
down
into
Southern
California and into the Southwest
sal
to
calling
for
expand the sphere of influence
One current example
in Penn¬
sylvania is the Raystown Project.
A recent statement by Mr. Rod-
pacity
power
$60
a
tives in southern Indiana to build
large
steam generating
station
dis, President of the Pennsylvania
Electric Company, on this project
makes
clear that Raystown in¬
and
related
even
though the
volves uneconomic electric power
these co-ops and the power needs
and
of
the unnecessary
some
funds.
In the
$50
expenditure
million
Northeast,
public
of
C'\
on
a
of the
met
region
by
transmission
power
are now
utility
lines,
nbeds of
being fully
I
companies.
can
easily furnish further information
■;
the farther¬
junct to th'fe Hanford, Washington,
Plutonium plant. When faced by
the fact that such additional ca¬
million loan of
public funds at 2% interest to a
group of rural electric coopera¬
made
on
did not fit in with the
needs in the Pacific North¬
west, the argument was then made
that government transmission lines
were therefore required to export
the
sentatives.
California.
Ulti¬
Hanford plant was
to
power
mately, the
rejected by
the House of Repre¬
v'
Government Transmission Lines
From this
see
how
are
quick review, one can
government power proj¬
spotted across the coun¬
tax
*
^
application
eral
corporafe in¬
electric
taxes. But
come
business
all
to
which would reduce
singled
were
coopera¬
from
income
tax
liability,
even
though'
co-ops
generally
were
being subjected to some measure
of income tax
Of
offer to sell
The offering is
NEW
nor a
solicitation of
an
offer to buy any of these securities.
business at all, in view
readiness and willingness
the power
the
of
to do the job. Yet
disregard
this point.
It,
therefore, becomes important to
identify the source of the pres¬
sures
for
government
electric
of
industry
many
power.
;
.
ISSUE
May 1, 1962
rv,:;;v
Power
main
The
is
sures
of such pres-
source
policies and place them on
a
sound
When PP&L requires
additional
capital to build facilities to serve
customers, it must obtain a large
part of these funds from selling
securities
in
the
competitive
market, and pay the price
money
interest
the
dividends
and
at
the
agreed to
reserve
Commission: '
Trade
loves, and hopes to
find, bargains. It is this universal
"Everyone
Fictitious pricing is
tool of de-
a
cepton to promote
customers
the myth that
being given a bar¬
are
gain."
it
And
is
fictitious
government
sells
Millions
priding the
in
engages
electric
when
below
power
it
cost.
being exploited. This
will only stop when the
public understands what is going
are
process
on.
;V:
Obviously
information
much
more
public
and
understanding
are required. This is a
part of the
continuing struggle for economic
literacy which is so closely tied in
effective functioning of our
system of government. In working
for
economic
understanding,
the
interest and support of all seg¬
ments of the public is needed, and
particularly the interest and sup¬
port of shareowners in American
enterprise. With such support, we
keep intact, and extend to
can
younger
a
generation, the dynamic
and fruitful forces of
our
free and
competitive market economy.
*
An
address by Mr. Busby to the com¬
shareholders, Sunbury Steam Elec¬
Station, Sunbury, Pa., April 16, 1962.
tric
L'-yu r;
—
■
OlYnPri VlOimoy TPnnrl
WppGIinGllIier J? 11110
\T0rVk,~0
I
IN <dlll6S k)CH6rl
9
Oppenheimer Fund, Inc., 5 Hanover Square, New York City, has
—
trative and investment
ment structure
in a move
toward more
manage-
self-contained
operation and
greater con-
cent ration of
PP&L must pay
portfolio
adincome
taxes
and
other
taxes, visory servThese two costs, taxes and cost or ices,
rental of money from investors,
A r c h e r
these
of
our
costs
lies
h a s
of
myth
the
elected
companies, it would have
mu
>
The
Taxpayers
,
revolves around the
of
taxpayers in
been
Exec-
Archer Scherl, Jr.
utive,-VicePresident and Chief Administrative Officer.
Mr. Scherl has resigned as re-
Management Corp., its investment
adviser, to devote full time to his
' t
p
great majority
a
a
4
•
,
answer
Jr.,
search director of Oppenheimer &
'this Co., the fund's underwriter, and
as Vice-President of Oppenheimer
46%.
Acquiescent
Blames
Scherl,
Vice - Presidentofthe
mutual fund,
to
transferred
are
Herein
cheap government power.
If TVA had to operate on the
same
economic ground rules as
of
offering price to designees of the Company.
recent decision by^
a
Federal
competition
acquiescence
5000 shares
As stated in
requires. And
state and federal
which
well ask, how can
sort of thing exist?
•The Underwriters have
/,
announced changes in its adminis-
economic basis.
You may
INC.
as
inefficient.
>
electric
that government
is priced very substantially below cost. This is why privileged groups that, now get this
advantage paturally want more
and more. And the more they get
the harder it is to change pricing
to raise its rates
MOUNTAIN ELECTRONICS CO.,
rules
pany's
power
utility
140,000 Shares*
ground
way
by which to determine
who, indeed, is the efficient or the
Sources Pressuring Government
others.
made only by the Prospectus.
is
with
responsibility.
the basic issue is
whether government should be in
course,
yearly cost of doing business.
However,
under
government
power operations, all or most of
an
re¬
under the
operates
economic
to
no
out
and confirmed in their status as exempt
tives
account for more than 40%
This advertisement is neither
it
is
do
government
business itself. Otherwise there is
in the
legislation
proposals, utility companies were
excluded from a proposal of gen-
—
ects
this subject.-
Another sidelight is that,
administration's
Rocky Mountain region,
action in the
electric power field is cloaked by
blending it with reclamation proj¬
ects.
In Idaho, for example, the
Burns
Creek
Project has been
pressed for, by the Bureau of
Reclamation, as a reclamation un¬
dertaking even though, admitted¬
ly,
98%
of the
Investment is
allocated to power, and less than
2f% to reclamation1 purposes.
much
business
same
to
when
human trait which is exploited by
the practice of fictitious pricing.
in
of R.E.A. cooperatives or
case
but utility
obliged to
pay the fair market value of the
right-of-way privilege.
ment.
trification Administration (R.EA.)
has
in
need
we
that
the
southern
Jack K. Busby
communities now served by an of the Bonneville Power Admin¬
legislation
investor-owned
electric
utility istration, a Federal Government
sponsored in
producer
and
marketer
Congress by the administration company. He is urging the crea¬ power
constitute, in the whole, a serious tion of a harcl-core political ac¬ now limited to the Pacific North¬
At the same time, the ad¬
threat to the future of the investor- tion group vOf Congressmen and west.
Senators who will Vo^e a change ministration sponsored building a
owned electric utility industry.
nuclear - fueled
The basis of this general state¬ in the 1959 federal law which re¬ 700,DOO ' kilowatt
TVA
power
operations steam electric station as an ad¬
ment of concern is a number of stricts
certain
quire
-
government agencies,
companies would be
snow-making equip¬
and
within
What
to intercon¬
government
power
regulations on payment for rightof-way privileges across govern¬
ment
owned
lands, it specified
the
In
to
In
Chairman
by
businesses.
A recent example is a $30,000
.
Southeast, General Vogel,
of the Board of Direc¬
In the
studies an¬
nounced
as
careful
and
long
after
rejected,
study,
taxpayer.
that there would be no charge
them to
their customers
loan
Maine, re¬
center, the
of
to
their
ness.
Federal Government is now seri-
this is cer¬
in
enable
to
4%
at
use
interest to
effect, R.E.A. is now loaning pub¬
to cooperatives to place
them in a sideline banking busi¬
electric
the
made at 2%
are
commercial-industrial
new
government is losing money, add¬
ing further to the burden on the
plants.
I
might mention a couple of
other sidelights on this matter of
lic funds
its businesses
tip
236
necessary
as
these
nect
to finance service to
customers, which goes
Illinois to buy
most
alleged
used
cooperatives
for
applied to private business.
reasonable to ex¬
com¬
or
re-loan
loans; and the
against private utilities. To de¬
efficient, Mr. Busby asks that the Government
are
electric
cooperatives, it is clear
that
the
many
new
loans
by
R.E.A. to finance generation and
transmission facilities are actually
funds
present an investment of $20 billion;
applying the same economic ground rules to
consent to
by
advocates will be
proposal for a massive program
of nationwide government-owned
transmission lines. These will be
a
R.E.A. whereby loans of taxpayer
discriminatory tax policies proposed
termine who is more
ernment power
na¬
■
of subsidized non-electric
extension
the
beyond the original purpose government policy in the field of
of the R.E.A. act.
Also question¬ electric power. When the Depart¬
ment of Interior recently issued
able
are
the
new" policies
of
unnecessarily
costly, and fears the Government's next major step will be the
acquisition of transmission lines. In addition to this type of en¬
croachment, Mr. Busby decries the spread of non-electric Government
the
Thursday, May 3, 1962
.
type activities. In many cases the
way
Mr. Busby\avers such power is
electric power.
eral
all
electrified
are
service
through
panies
non-farm
operations, together with the privileged, subsidized
of that power, are blamed for the alarming spread of Fed¬
Government power
consumer
practically
farms
being
~
.
.
(2100)
picking
up
.O
the
check for the costs which govern-
/
HiYTVlTl
-
_
finflQ
r
I
"TIP
operations do not col111 ±
LilL/.
lect. This acquiescence, rooted in Onrvvmrm
Qnlrl
apathy and lack of understanding v^UIIlIllUll OU1LL
of what is going on, must end.
Offering of 100,000 common shares
ment power
Common Stock
(Par value $.50 per share)
Otherwise, we will see an endless
succession of government winning
of
political popular-
^
and
more
Price:
$3.50
per
share
ity
by
concessions
mmority
are
of
Copies of the Prospectus
undersigned
as may
pressure
to
groups
various
which
paid for by the great numbers
the
Other
may
more
citizenry.
Government
Extrin FoodSi Inc
>
at $3 25 per
Fales
McLaughlin, Kaufman
& Co
New York City.
Net proeeeds'will be used by the
sbare js being made by Hay,
£
d
<£m_
pany
to engage additional chem-
jsj.g
Enterprises
be obtained from such of the
^ further development of
present products and to do re-
search on new products, and to
acquire other companies or products in the food flavor and additive fields.
,
The company of 70 Barclay St.,
New York'City, is principally en^gaged in the creation and manubusiness concerns. Total
federal facture of a variety of flavors for
government investment in such use by the baking and confectionactivities is more than $20 billion, ary industries.
Extrin also proIn a recent 3-year period, the gov- duces
special cake topping for
Already the cost to the taxpayer
lawfully offer these securities in this state.
government-in-business is staggering, for the federal government
is
engaged
in
many
activities
other than electric power, but involving the same basic problem of
unfair competition with existing
of
Maltz, Greenwald & Co.
Clayton Securities Corporation
Cantor, Fitzgerald & Co., Inc.
William Norton Company, Inc.
V»1
1-
ernment
undertook
to
engage
in bakers.
-
-
—V—V A
Volume
195
Number
6156
..
The
.
Commercial and Financial Chronicle
(2101)
As We See It
be
'Continued from page I
.
,
time
the
,,
truths.
nomic
A
There
was
a
,
_
,
And
.
such,
,
,
£
£
'2.
j.
point of fact it the
in
half-century ago when is, but the ground had been
broad
philosophy of our pretty well prepared or else
conduct
clear
was
Franklin Roosevelt could not
and definite at least to those
have been
who had given thought to the
was
successful
as
he
as
in
changing almost
long everything except the tides
matter. Adam Smith had
laid it out in unmistak- and the winds.
^
.
had
and-
.
in
likPe S i
mina
;a
the
concepts
popularized
sense
It
then
was
that
we
really /believe d, broadly
speaking, that that; governmerit «was'
erned
best
least,
.
i
£
of
which
i
i
the
had
we
-•
i
i
£
con,
term
not laissez
a
as seems to
the
at
present
other
ous
cessions
av^a"
but
base
a
the
nation
still
directions
that
national
a
had
we
more
that
from
th
lead
tH
f
situation
to be radically different from anything we had
ever known in this country,
„
...
i
i
By the time the New Deal
despite our was well established our sysmore recent
meanderings. We tem was so altered from what
had not become contaminated our fathers had known and so
in:„Q£>y
deviations
Co.,
borders
own
and
—
not
Such
to
reason
do
so.
istrange
who
took to place this
under-
new
and
12
years* he
15,
respect
7
sometimes a little
.^wuciuiw d nine difficult to ; their own ideas
uiiiiLiii
iu
v
persuade some of the other osmose tmngs..
about
the
^
peoples of the world that sucR y' Ol
case,
v
1
r
..
.
course,
,
these,
ui
uit-
where
Previously,
he
a
■
.
v;..1■ ' v ■■■>':
•
Milton Fox-Martin
rnmn!)n„
Geist, former VicePresident of Rockaways'
Playland.
has been elected Executive
VicePresident of First Chelsea
Corpo-
underwriter for
L.
ratl°n> securities dealers,
j-ieiiruan
security anaiyst.
,
Rosenwald
v
„
has
.
Fundamental In¬
Diversified
Investment
vestors,
50 Broad
Fund
and Diversified
Stock Fund.
Street, New York City.
Mr. Burr
President
J. W. Redmond Co.
W York as
To Admit Partner
been with
,
WASHINGTON, D. C.—Robert
,
Bogue
May
on
funds
and
the
Long Company.
a
Mr.
Burr
has
Vice-President
The
St., N. W., members
pointed manager of the company's
One
Director
DETROIT, Mich.
As- /Spring
cor-
associ-
ated with Spencer Trask & Co.
The
—
.
of
and
1,
1962
the
at
;
Canada.
But times
change, and we themselves at all points, and ;
presently began to show the many economists and others
effect
of
opinions held in do not agree with anything •
countries
which
never
had/'that is said on the subject by
been followers of Adam: these -special,
pleaders. One'
:
net result is that there is a.
curred in the world in
gen- great deal of division and coneral. Little
by little our devo-: fusion amongst us about our :
changes that
oc-
•
tion, to; traditional
American'
views about public
•
policy be-;eigner is likely to get in
? "explanation"
of us and
"
own
What
course.
the
gan to weaken. As is usual in
such cases, what
for-
National Associa¬
Investment
Companies,
the
as
Investment
any:
our
President
Golf
Dated
that at this
was
of
Broad
Street
Relations
Manager
of
lington Company.
tional beliefs. The
programs
were
demand
more
for
arose
The
such
more
/adopted
views
the• about
of
more
and
May. 1,1962
'
eral
long
situation
would
in
function
the- gen-
as
which
was
these
tional
a
basic
our
Of
pattern
policies,
course,
.a
this
basi-
of
na-<
•
movement
had gained considerable head-
by
way
Deal
came
but the
era
the
time
upon
the' New
the
What
They such
so
cally altered by modifications
in
~
as
:
impressions
so-called
ri his announcement is
backward
so
fast
and were of suqh far
reaching
nature that it
appears to mark
the point of
as
S. is
that
insofar
concerned
we
to prevail abroad would
ap-
pear'to be essential.
But for'
is
a
xK.fi f
v
home
-
:
on
,
..A
:
*
-
like best of all to
american securities corporation
bear, stearns &,co.
a.
g.
x'z'c.
hallgarten
r.
w.
'
'•*
"
&
'C
■
'
'•*, '
salomon
baxter
&,
new,
to where
all this and the
are
we
are
direction
in
i
(
dick
&
merle-smith
-
v.
l.
'-'A
•
&.
•••
•
;
V
•
•
•
,V-
.
hutzler
company
'
t.
•
f.
;
.
'
....
rothschild
'
'•
shearson,
stroud
&
company
'
&
CO.
'
hammill &. CO.
gregory
&.
sons
.
INCORT ORATEO
,
,
.
haupt &. co.
hirsch
&. CO.
wm.
e.
j.
bradford
c.
shelby
pollock
&
&
cullom
co.,
new
york
inc.
-
'
B
hanseatic
co.
davis
*
cooley
&
co.
h.
&.
corporation
bacon,
whipple
&
co.
courts
ol.
co.
McDonnell
&
co.
company
hentz
&
in
traveling. It is,and the
adop- of course, obvious that the
half-baked ideas., general world situation
has to
'
co.
'-1
brothers
&
co.
paine, webber, jackson & curtis
co.
'
stern
brothers
&.
co.
van
notions
/tkm of
.
.
bache & co.
&.
incorporated
CO.
pressprich
'
becker
see
our
awakening here at
we
.
; •'
INCORPORATED
we
as
•
■*.-f
haljsey, stuart & co. Inc.
ira
part, what
real
departure from which
older
U.
of / any
hardly feel competent to
A diplomacy carefully
designed to counteract these
false impressions .-that seem
scene,
thick .and
outcome
not an
offer to sell or a solicitation of an offer to buy these securities. The offering is
'y by the Prospectus which may be obtained in any State in which this annottneewent is circulated from only such of the undersigned and
other,; deakrs
t> ; ■ y as-may
lawfully offer these securities in such State.r
a y.,.
••••.
made
-
guess.
changes of this latter should
came
the
venture
the
Due May 1, 1987
.
that prevail in most
us
point of fact they; countries today is the product
presently became so general of propaganda largely of com-,
that replacement of one or a
munist origin. Counter
propafew of them with
formerly ganda is apparently the
popular and really sound al- course that the
Attorney Genterpatives could not be eral would have us follow,
so
y
.
ice 100% and accrued interest
of them. In
achieved
Company
Refunding Mortgage Bonds, Series O, Due 1987.
,
May 2,1962
' "
'
•
:
;
'
*
'
-
' '"v '
Vice-
Sales
Corporation and previously, Dealer
'1
actually hap-* programs from any* amongst
or that- us is
very likely to be colored
point; policies were adopted if not governed by political
which were not
quite consis- predilections and very quicktent with our
presumed na-; ly brought into controversy.:
pened
as
President in charge of Sales, was
Southern California Edison
First and
of
Mr*., Fox-Martin, before joining
-
'
Smith and of
the
director
$40,000,000
,
of
Street
-
v
Anchor
Executive
Hugh W.Long & Co., Inc.
-
;
known
;>
Country Club, Windsor, On¬
tario,
ac¬
Compapy Institute.
Friday,
Essex
been
and
the
of
now
Annual
on
of
parent
William
tion
Outing of the Bond Club
of Detroit will be held
funds
Fund,
Inc., and prior to that, Executive
Exchange.
Detroit Bond Club
To Hold Outing
:
these
Fund, Inc.,
Chairman
partner in J. W. Redmond & Co.,
of the New York Stock
elected Vice-
of
Corporation,
734 Fifteenth
_
ReamS DCUt Head
was
each
Growth
cording to an announcement by
Hugh W. Long, President of these
W.
10 will become
also
was
of
and of Westminster
n
ap-
Edward B. Burr
Martin has been elected President
of
Hugh W. Long & Co., Inc.,
Westminster at Farkqr, national
spent 14
had been
he
and prior to that he
newer
fTwtheorists do not agree among
effective
Milton Fox-
Department of
security analyst and
manager,
and
was
a
present.
porate trading department at Har.June
riman Ripley & Co.
Incorporated;
.
.
Executive,
1962fand
Trust
as
Richard
research di-
now
Vice-President of the
many
J
B.-
Chairman
Northwestern Na¬
First Chelsea Corp.
'
has followers and near trading- department.
apparently followers who have developed : ; Mr. Kearns was previously
if it is
even
Edward
—
Geist V.-P. of
Tr°U?nri
RosenwMd
been
been rather badly discredited,
J.
elected
Minneapolis, where
tentative
not last very
long. Our'record
is still
fairly clean in that
been
has
associated
with
Hornblower
&
Weeks and with the United
States
Mr.
Chief
May
York' Stock
has
commercial loan officer from 1957
to
even
near-economists
Burr
.
MianwSntraub
corporation
of
portfolio
■
<?h®firn>'s
years.
&
Street,
the position of VicePresident. From 1949 to 1957 he
worked in the Investment
Divi¬
Exchange; have
announced the admission of three
,^-x.^ucnt
the
he has held
V1
near, Stearns & Co., 1 lxr .. Street,
Wall
New York
City, members of the
New York Stock
Mr. Coughtry,
Dain
6th
the New
past
with
the bank
4.
is the
been
;
n~
E' John
South
tional Bank of
sion
T)
• .
: ^ ,
xIlQIIIIlS Jl clTlIlGrS
trv
of
For%the
•
system
xxcau
movements iupon some sort of solid philo- The investment linn of P. F. Fox
niaue
made' 111 the direction' ui im- sophic basis. They are still at
in nit uiiecuuii of mi
r
420 Broadway New
4.4.1
York City, has announced that
penalism came later and did 1t- Keynes has in part at least Richard T.
Kearns has
much
very
-
;
110
ELIZABETH, N.
Exchange.
a^Lrmum. Thty cer
Mfe be Jed «•
;
Inc.,
members
should
to the profes- Bea^ Stearns &,Co. since 1954.
pies) with imperialism. We sional economist, that there
had indeed little or no incli- :grew up a
very substantial'
p ¥ FnY Nam(»g
nation to look much
beyond number of economists and + • x
-ttaiiico
our
ices Department of J. M.
reC0snizeda7.LhanH
be
Fox-Martin.
Vice-
a
Corporate Serv¬
in hart
us
Harold
—
was
„
so
(in the minds of colonial peo-
MINNEAPOLIS. Minn.
G. Olson has been
named
President in the
obiiged to make con-'
faire. And in vari-
been edging more and
toward
such
which has since been the continuous envy of the world—
is
i
very
,.
J
the influence of mercantilism,
built
we
.
a
subsidizing agriculture under
,
that
for
reveal
word
upon
,
that
further
siderable period of time been
i
.
will
affairs,
case
was
inquiry
in con-
time.
and
an but
.
largely
disapprobation
It
state of affairs around
the
now is such that we
arfi
.
.
a
,
worid
■
economic
our
conjure with—not
be
left
Olson Named
' Hugh W. Long
V.-P. of J. M. Dain Elects
Burr and
own
also that-
But let us not forget that
baclJard
les
long before 1933 we had de-•
; :
■ "
veloped &. system of protec'
nx
five tariffs that made a mockJjGcir, ubGcirHS1
ery of laissez faire.-Very little ; a
" " •,
.
Laissez faire was then
to
gov-
and ; which
natural forces
of
when
our
.examples set for emulation by
•
..
account
_
them.
trol
Not ol Very Beeeo, O.tgi,.
4-u<-
into
formulating
held to
.
"
I
broadened
2
are
P°licies. It is clear
a
national
ago
taken
we
13
alstyne,
1ncott ot/.ted
noel
&.
CO.
The
Wel¬
*
The Commercial and Financial
Steel
Output
Retail
.
'
Production
("105.0%),
research
activity'was in a mod¬
rising trend during the
first quarter, with factory output,
employment and hours worked,
income and trade showing March
advances that were indicative of
the impressive basic strengths in
the economy, says The First Na¬
tional Bank of Boston in the cur¬
rent issue of its New England Let¬
ter.
Continuing, the bank says,
/
steel
the
strength
in
Federal
new
the next
has
goods
There
in
—
a
accumulation
February and
cautionary note.
of steel in the first
four months of 1962,
and
trade
take an
equivalent period to accomplish
appropriate liquidation, bringing
productiuh and consumption, into
line. While industry shipments in
May and June are expected to
drop markedly, some recovery is
anticipated for fall, with the an¬
nual tonnage total moderately ex¬
ceeding. last year.
5*
expects
source
it
continued
has
Reserve
of
monetary
been
needs.
fill its
to
The demand up-
new
are
or-
make itself felt if
a
severe
sum-
letdown is to be avoided,
mer
Second-Highest
Envisioned
for
Auto
This
Level
Quarter
increases
injected
second-quarter programming
will boom U. S. auto output to its
second-highest level for the AprilMay-June period in history,
Ward's Automotive Reports said,
The statistical agency said that
increments in factory output for
April point to 617,000
assemblies
for the month, best April on record except ' in 11955, and; 38.1%
* above
production for the month
last
-•;,>*
year.
V
.
Cincinnati
Ward's said that boosts in asby increased usage
sembly rates, primarily by Ford
U. S.
'
•
*
V.
Motor Co. and General Motors,
v
"The- outlook for cadmium will -will result in the highest weekly
117
v
be
determined
partially by the output of the year for the session
114 y;
;
124 >S? -'U current U. S. stockpile investiga- ending tomorrow. .? ? ?
St. Louis
112
Detroit
a
Southern
leled
tion.
r
\
105.0
—
million
10
Some
In total, the industry is expected
the
of
Y
surplus. To produce 152,377 cars by the
•':
close of the April 28 week, a 4.3%
1
,
The steel market is
*
lb.
Iron Age Sees Hard-Core Signs
of Underlying Strength
;
Total
.
metal have been declared
r
■
104y•;
Western
;.f
paralin the
.
114
_________
•
in
increase
;
______
in Europe has been
surge
.
Chicago
~
ease,
moderate
one
may
a
credit.
bank
considerable inventory
was
..
mills
that
means
fighting the
;rise from
146,028 last week, and
33.2% above 114,378 in the corresponding week a year ago. Pro-
psychological effects of high in- ; duction of cars so far this year J
ventories, The Iron Age reports,
amounted to 2,354,252 assemblies
the economy
-Efforts
of steel
consumers: to, whereas
last year to. the same
New Orders for Steel Somewhat
gish, credit demands will likely, i
work off stocks of steel built up
comparable date it was 1,633,875.
;
Offset Cancellations
follow a similar pattern, minimiz- „■
as
a possible strike
hedge distort Truck production this year to date
May steel shipments will -fall
ing the need for any marked shift
the
market
picture. Underlying was
409,374
units and
it was
10 to 15% below April's as users
in monetary policy. But the direcstrength of demand of many steel'359,683 for the same period last-
orders and backlogs for dur¬
March—provide
upward movement of
14 months old, the
now
albeitsomewhat less "aggressive" since
the turn of the year. So far in
1962 the money supply has not
shown any growth, although there
policy
settled. Two months of decline in
able
the
With
:
months will likely prove un¬
few
three years. Western Europe, which used to be a net cadmium exporter, now has to import
nearly
•
._____ _
has
industry,
:
going to determine the
week - to - week and month - to month steel production rate. Underlying strength will have to
are
into
duction both here and abroad for
Ingot
* Index of
All this
.
been fur¬
ther tested in the second quarter.
In
■•
-
,
.
business
buying
>.
,
^
in
the
until
consumer-
"
■
*
will* remain
—
Cadmium in Short Supply
■
services, which would be in-/
.-V: ' '"V.:
5 /• * .V
Pl OdUctiol) for
Week Ended
of strong growth, of ef¬
*
■
April 28,1902
fective markets moving closer to:
North East Coast.;-." 99
"
or
ahead of productive capacity,
Buffalo
80
"
and of support for a level.of sales,
/
Pittsburgh
99 > ' >
which would underpin investment
Youngstown
97 vexpansion through larger total—if
yCleveland
110
smaller unit—profits.
dicative
when Easter
volume
late
so
question
Thursday, May 3, 1962
back to the point where
Chicago
$32),
-
28
and
holiday
buoyant
of
future
occurs
.
Production
through
year
($31
,
-
from
.
($26-$29), and Philadelphia ($32).
April 21.
•Production- this
of
'
which sometimes borrows
—
flow
a
Pittsburgh
amounted to 39,702,000
new
processes and products, re¬
!
A major shortage of cadmium
tons ^*±25^%),
or 46.8% above
main as powerful-reasons for new
has hit the Free World market,
the*/period through April 29, "1961.
plant and equipment spending. It
Steel reports. Cadmium's big use
Institute
concludes
with
is likely, however, that the most VThe
is as a corrosion resistant plating
index
of
Ingot
Production
by
potent stimulant of all would be
material for iron and steel.
Districts for week ended April 28,
vigorous and sustained consumer
Demand has been outracing pro' - . . / . * ;
buying of durables, nondurables,; 1962, as follows:
April was apparently marked by
modest gains. How much
of the recent vigor and optimism
is due to better weather and to
effects
contribute
April
further
.
development activi¬
and
which
ties
erately
against 2,138,the week
as
(*114.8%), in
tons
ended
composite is based on prices
of No. 1 heavy melting grade in
The
1962 was 1,957,000
ended April 28,
000
Business
ing scrap price composite slipped
$1 per gross ton to $30.33 after
holding
unchanged
in
a
slow
market for three straight weeks,
^
,
the week
for
production
stitute,
Commodity Price Index
tons
the
.
upturn are dim. Steel's steelmak-tders
According to data compiled by
the American Iron and Steel In¬
Failures
Business
Previous Week
market has resumed
for an early
scrap
its decline. Prospects
,
8.5% Decline Against
>'
•
April 28,
Ended
Shows
Index
Price
Auto
-
.
The
for the
1962
Data
Production
Week
Trade
Food
TRADE and INDUSTRY
;
s
,
*
Carloadings
The State of
•
! Steel
Production
Electric
trade
Chronicle
(2102)
14
If
Index
weekly
the
expansion in
continues to be slug¬
production
of
based
production for 1957
average
on
"
1959.
-
.
-
.
tion
of
any
change
rather
seems
.
inventories
reduce
and
to
revert
users
has been overshadowed by ;year.
y- Y',:T.U';.
'
definitely indicated, if one accepts t buying patterns of" a year, ago, cancellations and setbacks.^Of this week's output, General
Steel
magazine
predicted
this
the
estimate
of
rising
activity
..About the best that can be said - Motors was expected to account
week.
A .'UyY Ya i'y \"L y YY
through 1962.
>
'
•
y
-A U.
of the market on the surface is for 55.2%; Ford Motor Co. 30.1%;
Users will do more inventory
That new orders are now gunning Chrysler
Corp. 6.8%; American
Bank Clearings Drop 7.6% Below cutting fir IVlay than they -did in
ahead of cancellations, and mills Motors '•■6.3%,
and - StudebakerApril because most of their April
:
-1961 Week y /oy,.
are holding their own on tonnage
Packard 1.6%., ' ■.
tonnage was in production at the"••
booked for May. The short-term
>:
Bank clearings this week will mills before
they thought of can¬
Electric Output 5.6% Higher
show a decrease compared with:;
order outlook shows little to cheer
jjT\
celing
or "deferring
Than in 1961 Week
it.
ResultJ
It seems evident that the trend
a
year
ago.
Preliminary figures',
about.,
•
April shipments, on a daily aver¬
The amount of electric energy
of steel and of the economy de¬
But
there
are
some
definite,
compiled by the Chronicle, based
age- basis, - were
only 5% lower
hard-core I signs: of
pend in large measure upon what on telegraphic advices from the
underlying distributed-by the electric light
than those of March. ^ ■ ' Y*Y'Y\>
'•
happens
to
investment
plans. chief cities of the
strength, the national metalwork- and power.industry-..for the week
country, indi¬
Since
the - labor
settlement,
There are a number of conflicting
ling weekly says. .Occasional ton- ended Saturday, April 28, was escate ' that
for
the
week - ended users have reversed their buying
elements
at work, and the out¬
nages that had been set back to ' timated at 15,054,000,000 kwh., acpatterns. Instead of ordering far in
come
is by no means clear. Un¬ Saturday,
April
28,
data
from
July are now reinstated for June, cording to "the; Edison Electric
advance, they / are,,- ordering - for
doubtedly, the effect of govern¬ ^all cities of the United States1
There-are rush orders from small Institute, Output was 275,000,000
•
immediate
ment
price increases,
hostility to
however necessary
they
may
secondarily
on
hoped
ficially
offset by
of
have
on
profits,
that
this
more
need
the
to
totals
on
the
to ob¬
possible
year.;
stand
Our preliminary
$27,800,736,405
' at
$30,075,755,685
the"
for
a
tive
summary
principal
money
some
centers
will
business
month's
v
book
in
the
kwh. less than that of the previous
that some ' week's total of 15,329,000,000 kwh.,
major steel users are exceeding and. 800,000,000
kwh., or 5.6%
their own production forecasts and
above that of the comparable 1961
chewing
up' steel faster / than . week. ,,,
.vV^
of
is
month
it,
preceding
More important, there
consumers.
most
then 20 : to 30% " of
tonnage after the month has
started..
" ;
A. •*'." YY'T; Y
the
a
strong
suspicion
,
-Y Although
shrunk
backlog
This could ease the problem of
have
orders
by about one-third in the
•
Week End.
view
profit margins
raising prices,
essentiality of sustaining
(000s omitted)
,
April 28—
1962
York__ $13,729,284
Chicago
Philadelphia
1,311,507
1,230,000
+
8.0
903,890
907,834
—
0.4
510,979
City
have
$16,968,421 —19.1
1,329,000
____
Kansas
would
%
1,517,504
___
Boston
■
N
,1961
500,764
+
2.0
4-15.7
stuff
out
be
to
has
that
been
be reinstated."
•
mills
Eastern
.
business.
of
figure that
of
some
canceled
-
-
We
that
Tons.'";
Y •.' /''••
.
r
'
liquidate about 500,000
of steel in May. Some ana-
Users will
the
will
tons
predict users will liquidate
-about half of their excess steel,
lysts
.
report
million
can¬
and At a rate of 500,000 tons a month,
appliance firms have been offset this indicates a trough in steel
c •
to some extent by reinstatements .production through August.
cellations'
from
This announcement ia under
no
circumstances to be considered
as
an
offer
!
.
week in 1961. Our compara¬
for
coiisumption.
Steelmakers
working off anywhere from two to
last four weeks, mill executives .four million tons of what -could
of the are not worried. Says a leading be called excess steel in the hands
follows:' producer: "If, our recent bookings of consumers. The buildup probreflected
market
conditions, we ably- totaled a little over four
•' "
same
New
squeeze
last
against'
be
equipment.
costs, in
and the difficulty of
and
week
and
realistic policies
cut
is
figures will be 7.6%
weekly
some
cari
it
below those for the corresponding
expansion. It is of¬
the useful life of
The
tain
the tax credit incentive
device and
on
will
effects
adverse
and justifiable
be, in addition to shak¬
confidence
ing
which
from
.
from
smaller
automakers,
customers,
'
»
;
little
is
There
Carloadings 6.8% Abovei , Yolume.
in l9bl WeeK
; Loading of revenue freight in
the week ended April 21 totaled
569,493 cars, the Association of
American
Railroads
announced,
increase of 14,548.
cars or 2.6% above the preceding
week. • ■.'}". •
•■
The loadings represented an
increase of 36,456 cars or 6.8%
above the corresponding week in
1961, but a decrease of 55,917 cars
This
was
an.
.
.
or 8.9% below the corresponding
week in 1960. ^
;■
v.(il
order outlook is/
There were 13,644 cars reported
basis for
a
firm
ventory
or
a
solicitation of
an
offer to buy
any.
of these securities.
The offer is made only by the Prospectus which is available
only
in such States where these securities
may
NEW
be lawfully sold.
ISSUE
May
•
1,
*.
1962
.prediction. The
erratic, and if taken on face value, loaded with one or more revenue
the short-term prospects are not
highway trailers or highway conliquidate its surplus in¬
v? *
^
v-./-\U'?.tainers (piggyback) in the weekin
a
hurry.
Its
May* good.
releases
to sell
will
tjnlike most large consumers,
General Motors Corp. is not plan¬
ning
to
lower than
be
only
It will not make any
95,000
cutbacks
SHARES
5.to
10%
originally programmed.
before
big inventory
This aimouncctftent
.v
September.
New Issue
Warning
Visual Art Industries, Inc.
COMMON
the
first two
to
for sale at the public
directors, employees and designees of the
persons
offering price
company.
The number
purchase the reserved shares.
months
614,325
mills
to
and!
PER SHARE
cut their prices.
for
in
the
the
fifth
ROSS, LYON & CO., INC.
the
Common Stock
(Par Value SI
per
Share)
-
Price S4.00 Per Share
;•;
ingot
pro¬
Copies of the Prospectus may be obtained from.the undersigned only
in states in which, the undersigned is qualified to act as a dealer
in securities
industry
and in which the Prospectus
may
legally be distributed.
VNDRESEN & Co.
"J.
Output during April was about 9.4
in March;
vs.
•.
10.6 .million tons
Y/ '
-I."
'••. •=•
April.25; 1902
Littlefield, Adams & Company
were
corded in the final week af March.
million tons
■••'•
150,000 Shares
poured last week. Weekly produc¬
tion is 13.7% below the rate re¬
GLOBUS, INC.
,
consecutive
nation's
estimates
•*.•''
:
duction this week. Output, will be
less than the 2.1 million tons that
Steel
'
; /
this year'
of
.tons"
;
Cut
undoubtedly t reflects
some
strike
hedge buying. Im¬
porter? warn that the-pressure of
excess capacity may force foreign
decline
$2.00
;
rise
Look
PRICE
"
The offering is made only by the Prospectus.*
•-
period in 1961 (297,941 tons). The
of shares offered to the general
public will be reduced to the extent
that these
■
thamdouble those of the like
sharp
♦Including 12,000 shares reserved
May
.-
Imports of steel mill products in
more
(Par Value $.01 Per Share)
Mills
Their Prices
.
•
totaled
STOCK
Foreign
is neither an ofjer to sell nor the solicitation of an offer to.buy any of these securities.
\v
•.
Volume 195
Number 6156
ended April 14, 1962 (which were
in that week's over-all
.
.
The Commercial and Financial Chronicle
.
Business
,
included
Failures Drop
From
I
to
Wcek-Ago Peak ~
"
-,
total). This was an increase of
2,316.cars or 20.4% above the corr
Commercial and/industrial fail¬
ended
three-Week rise\ by'" -"
dropping down to 335 in the <week "
ended April 26. from the postwar
ures
responding week of 1961 and 3,030
cars
q
"
the
first
15
totaled 191,352
of
34^414.
weeks
21.9%
or
1962
Inc.
for..an increase
cars
cars
of
While
we^re less <"» ■>
than in the similar week -.
numerous
above the
last year when 269
corresponding period^ of 1961,; and
remained
35,794
and
cars
23% above the
or
cor-,
responding period in 1960. There
were
originating this type traffie
of
326
325
by 3%
in
your friends are
Truck
Tonnage Gains 7.5% Over
1961 Week's Volume
Intercity
ahead of the volume in the
previous
corre¬
ing,
.*
;.;,/
•
..
of
,
173 from
••
services
22
to
tonnage handled at
than. 400. truck terminals of
of
more
com¬
in the week ended
to
42
from
to
thousands
the
are
board
figures
feet
was
also
upsurge
clothing.
Home
goods
,+
;;
April 81,
".
1.
..
made
^1-
auto
and
irf
good
1962
Production
—241,810
Shipments
-_259,542
Orders
238,865
266,012
—.___-_269,451
233,426
'251,109
228,431
Wholesale Commodity Price Index
Turns Down Again in Latest Week
1
price
and
weeks
to
the
since
the
•While
some
North Central +18 to
Atlantic +19 to +23.
all
level
same
ago, which
was
high prices
outnumbered
Week
Department
dipped
as
the
to
Federal Reserve
reported
the
outweighed by
J
On Monday, April 30, the Daily
-Daily Wholesale Commodity Price
Index
stores
country-wide basis
.
and
other
-
statements
This
up
a
his"
debts-
to
haH
his
world
Florida,
Lake,
am--wr^it4mx_-mv
week.'
Weil V."P. Of
-1-
_
/.
^
is ovtf
expansion
eral
of
era
an
when
Yef the
.
York
it..
other
incentives
to
N a t
tion.
Under
it
above
column
from
losing
their
"I
>
cnGciaiist in unlisted real
ing as a speciaiisi m uimsLt-u icctx
money.
estate securities
»estate secunueu.
an
offer to sell
nor a
Nat
Berger
is
Mr. Weil
week
a
1%*
.
of
the
same
formerly Manager
department
of
Sons,
stock
trading
Walker
Prior
that he held the
to
position with H. Hentz &
be-
Co. and was a member of Hayden,
and
Stone & Co., all members of the
New York Stock Exchange,
solicitation to buy
any
of these securities.
offering, is made only by the Prospectus.
'•""
/'.;■
on
April 27, 1962
a
taken from
Board's
Texas Tennessee
in¬
increase for
sales
Industries, Inc.
ended
were
175,000 Shares
i
1961. For the week ended
from
preceding week and
17,500 Units
-
:
up
/"'4 'Class A Common Stock
y
•
'
.
1
•
(Par Value $.20
per
Share)
..
..
269.06..
•
.
.
^
.
4
J
Wholesale
Off
r
'
Price
Fractionally
The Wholesale
'1961.
;
.*
r
Food
.
•»
Price
-serve
'
In-
-'. dex,
compiled by. Dun & Bradstreet,/ Inc./. .dipped • slightly to
S5.85 on May 1 after
turning up
to,
(
$5.87.
week
so
run
below
els.
In
down
comparable
this
on
In,
ago.
every
1962,. the index has
1961
lev-
latest: week, 'ft
was
2.0% «.from
corded
.
week
.a
far in
the
$5.97
re-
The
total
:31
•
>.
Index
of
raw
general
1960.
week
'
.
.
-
week.
For
the week, ended,
V
April 14, sales gained 24% when
compared with the same week
in 1961.
For
'
.
ended
April 21 jf were 19%
greater than in the corresponding
1961
Class A Common Stock
.
-
i
The Common Stock and Warrants
are
*
*
•
:
being offered only in immediately
1
r*
•
•
sepa-
-(ruble Units; £ach Unit consists of 10 shares of Class A Common Stock and
one
Warrant, pursuant to the terms and conditions set forth in the Prospectus.
the four weeks end¬
ing April 21, 1962, an .increase of
16% was reported as against sales
in the comparable period in 1961;
Price $50.00 per
Unit
■
*Accrrding
to
the
Federal
Reserve
Board, "Interpretation of the weekly per¬
/-
the
represents
price
foodstuffs
use.*
It
is
per
the
sum
pound
and*' meats
not
a
of
in
cost-of-
living.Index:,; Its chief function is
to
sales
the
Federal RcSystem department store
in New York City for the
to
the similar day of both
-/last year and
'
//
17,500 Warrants to Purchase 17,500 shares of
According
This Week
Food
'/■■
.
.
-
Index
show the general- trend of food
prices at the wholesale -level.-
-
v
Copies of the Prospectus
centage changes during the Easter scascn
is
affected by the shifting
date - of the
underwriters
holiday
(this year,
April 2Z and last
year. April 2).
Adjustment factors have
been developed f«r. this calendar irregu¬
larity.' For
the
weeli ending April- 21
as
may
may
be obtained only from such of the
lawfully offer these securities in such State.
,
the
factor
.'jusled'
United
is
year
-1-14%;
-
States
t^
this
- vear
of-1%."
yielde an
change
for
;rd
;'■
v
S.
'adthe
/' *
.
D.FULLER & CO.
a
Syndications.
was
J
14
sales
affiliated
Associates,
leading broker-dealer in the sale
broker.
in 1929-30, sitting in the bonds safer for investors to buy.
The
^
corporation
The
with
ciftincf
This announcement is neither
activities
while continu-
pre-
Securities &, Exchange
Regulations
1
s
brokerage
b'u si ness,
Charles Weil
and
died:
he
Mr.
in the general
vented
the
two
men, described
near,
chair
of
corpora¬
.
Weil, the firm
will
expand
compensate
Well, he told
before
shortly
a
by
Berger,
the
Joseph
had
anr
President
goes
Surely mothing could have
City,
w as.
nounced
for the risks they are taklnS-
in
Bercer
52nd St., New
corpora-
price
Nat
Securities
Corp., 10 East
ca's Richest Man."
He
a year.
mar-
th? ?ecu"ties & Exchange Com/*
on./as
m?n/
en with mortdy have irefused to
^ directors,of.corporations. The
officers arecgiven "options" and
(a
-wide
-
•
stock-
many
th,e ™™?r that such a
dividend will be paid. Since
stock
ai
went to work
known
is
before.,
neigh-
wife
more
investors
-
»P eJe" ?"
collection to
voung
to ifrom
even
free—once
A.
How to Lose $45,000,000
000,000
-
which
receive
tions are makinS foolish "sPlits"
After you rtteeive a stock; diyidend your, original stock, plus
be new stock, is worth no more
German
hp
kmd*
fpe"?'
annual reports and proxy
Corporation Officials Take Notice
ctafina* that
mnnpv
the cost of
Ste
rea(j
and
voune
as
$25>0oo to $50,000. It is
important
that
small
of Real Estate
^
to
arpnnntant<!
Furthermore, I could give many
desk which the present generous other similar illustrations.
These
owners of his late home gave to
men had economic education, roWebber
College.
This
famous bust health, honest intentions, and
man was written up in the magav^,e^.as Sood .men as any reader
zines during the 1920's as "Ameri- of mis, column.
April 14,
5%* compared with
272.67
a
month
the
earlier.
How¬
corresponding
1961
week.
ever, it continued .to run higher /InVthe four-week- period-tended
than on the comparable
day last April 21, 1962,. sales were 5%:s
year
when
the
indexstood - ai above the corresponding period in
271.71
burden
your
you owe. /
Russiall.
April 21, 1962,
compared with the like period- in
;
272.36 in the
contalned
vctv
wife)
man
of
iawVprx
"S one kn°ws: but
do earnestly Charles Weil has been appointed
advlse that you sel1 enough and to Vice-President and will head
take profits enough to pay up all the trading department in a gen-
man
+22; South
Ending April
reg¬
dex
and
declines.
I
a
growing companies,
Th» tim»
stateme
P,_ _T?5,.t™,e holders
stnn
i"n that
lieguiauons
+12; made $50,000,000 sitting in that
funy approve an the steps
+13; chair in 1926-28; then I lost $45,- ing taken to make stocks
Nationwide Department Store
March.
were
importance
tn
aujte
Sales Up 1%* From 1961 for
istered; notably for- wheat, hides,
rubber, • corn and lard; they were
•the
to
the
k6t wi" do befor.eT
<VEW ISSUE
.
lowest
beginning- of
Qne
two
as
the
+8
+9
woman,
time to stop. What this stock
twG sealed trun,cs in
Mountain
this
+10
to +14; West South Central +13
to +17; Middle Atlantic +14 to
+ 18; Pacific +18 to +20; East
moving lower
cost,, the index re-
wholesale
turned
,
oats
Central
Central
South
to
New England and Mountain
.
in
North
East
,
man
frien.ds ,ara ad bullish, and''you
ZnlLl
eFaI air." That is the
"walking on
aid nearly. $2,000,000. for
whprpT
ago,
West
level, following last
week's
slight ..upturn,- dropped
back to 271.71 • last
Monday,-• re¬
ports Dun & Bradstreet, Inc. With
livestock, tin, steel scrap, butter,
sugar
their
•
varied from comparable 1961 levels by the following percentages:
The general wholesale commod¬
ity
at
according to spot estU
^nates collected by Dun & Bradstreet,
Inc.
Regional
estimates
year
is
utility circles had a~winter home
^
showing
trade in the week surveyed ranged
from
15
to
19%
higher than a
1961
,
236,057
-•
l
A
my
money
when
iv.t
second.flte' we™.:.t° »OTk;./^h
their
sales. continued
rLdThem^Moreove^hlv^are
During
Hetty to have who would
Green)
lost
f "™5 /
.i-!;.•■■">:'*> /V
well-known
well-known'
they took
^COnd
:
*
"
The total dollar volume of retail
April 22,
^ had
nay this
—c
_
a
steep rise.
.
April 14,
'
atMc..
bors
men's
took
illustrations
never
knowinsr
re¬
printed,
prospective
to retire fr°m the stock market is
on'invert-
this
this;
tbit; forpiffn
customary Easter beating. Garden
supplies and building materials,
for,the
>
.
hi
of chil-.
in
occurred
.
weeks indicated:
sue-
provided- a.
,
.r, /
d|.ed. he le£t
.final rush
a
any
SEC
prepared,
given serious .consid¬
was
When
buy women's accessories; shoeSi
millinery. An eleventh-hour
however
of
m,ents
eration.
and
.
orders .gained
and
m_^n
speetacu-/^'1^been
apparel climbed
larly,, and there
233,426,000
"V!'(,. ;'•
higher,
a
verv
cles'thia man'.s
April 28^ When
assured. Purchases
seems
dren's
above
readers
a
board feet. ;,y ■
•
1. Compared
with
1961
levels,
output rose 3.6%, .shipments were
3.4%
r
^^su^merhywe^promment
.substantial gain.tarecord levels.
a
241,810,000 -board
feet,
compared with 236,057,000 in the
prior week, according to reports
from regional associations. Aw
'by 18%,
'. Following
:»
Massachusetts
1 a
last.year,.thus ad- rubles ; and >'the'
justing for different Easter dates,-marw H#a lpft
Lumber production in the United
States in the week ended April 21
was
!
wfthpraTn/™ nnT2,S
•»* «» 1lPWnr°oS^
similar monthsi
totaled
figure
-knew
.once
4
Ihire^tof hfs^friends" an7sSS
yo ume
fs measured agoinst the
thW.year
-
,
tbe,.
Duped
^
the
which
be
to
never
st?cK: buyers, but there is no way
a
when things look good and
the only
was
met
would
Plymouth Rock.
the
Regulation
letter.
wrote
speculating. The lesson, however,
which I want to drive home to
Sometimes
from
th? combined March-April
;
ago ■-«
-
th;
give
Street.
in
He did his business
never
not t0 criticize anyone.
never
mk director who founded
phopp-ing, aided by superp.weather, boosted
retail sales; strongly
general
Shipments Rise 3.4%
From 1961 Level
-
".+*••+
-
-
fenerous
uoturn
32. Wholesale trade
Lumber
,*
Are
salers
an
i
Wall
on
Pilgrims
believe
Statements
buyeToJ 5°'yearS ,°£ aCtive' + 1 have
Duyer, or
(or
a
a
S^fc^Ex^hanse"
took
chair."
same
by telephone;
..
In contrast,' casualties among
manufacturers held steady at 49,whUe
casualties
among
whole-
freight
throughout the country.,: v:; / V * •
-
Stock
28.
April
flects
-
Bankers
-
I
mild dip In
a
•
.
survey
carriers
the
of
York
seller without
seiier wiinoux
Even
on the
group
in which more concerns
of 34 metropolitan •failed than a year ago.
V:
areas conducted by the ATA De¬
v:
■;-*•.
partment of Research and Trans¬ Easter Buying Ends in Final Surge
port Economics./The report re¬
mon
buyers
New
^cannot be a buyer without at
.
claim
-p
=■«
was
These findings are based
weekly
*
the
the
seuer..
ago,
230, and .in
j
there
commercial
■-■+.
.
down to
+—tr—
tonnage - decreases
week
a year
construction, down to 51 from 77
.partially attributable
religious* holidays.; observed
third
week and 327
As well,
at least
during the
this year.
,
Tolls dropped steeply in retail>Us
nounced. Truck tonnage was 2.8%;
faehind the volume for the pre¬
vious
week ; of
this - year.
The
were
of
:
on
buy when they should
®el1' a"d sell when they should
the comparable
A-downturn also
ing
sponding week of 196,1, the Ameri¬
can
Trucking - Associationsan¬
to
to
,
1961.
fner^lh^Uttles^ Cun^^r*e\'l0ftO000 bfa
liabilities
under
$100,000
d
tonnage in the
April 21, was 7.5%
week-to-week
size
of
half
/
truck
week -ended
.this
week
the
I
quires
stocks:;,
an
inherent
seems
bet
cannot
have landed at
..
One
is
It
speculation.
which
birth, and endures through
education, marriage, and to death.
People will bet on horse races if
and
buy when they should sell, and vice-versa, are cautioned on the
"importance of knowing when to stop" and how to use properly
\.
their instinct to speculate.
-
topping
-
from
Furthermore, if it had not been
for this
instinct, Columbus would
not have discovered
America; yes,
who
in 1939.
instinct
they
things look good and
all bullish, and you are 'walking on air.'" Those
...
1960
$100,000 declined to 37 in the
in this year's week
compared* with • latest week from 53 a week earlier
58 one year ago and 52 in the
cor¬
but were not far short of the 42
responding week in 1960.
; •
of
Babson
Babson knows full well of what he speaks when he
says "the
time to retire from the stock market is when
the prewsir-
Failures with liabilities
&y Roger W.
Mr.
occurred, they J.
the
above
exceeded
levei
58 class I D. S. railroad
sys¬
tems
casualties
*
!
.
advise my clients to co-operate
the SEC. But no laws can
eliminate
e
-
15
with
to Sell Stocks
.or
28.5%
above, the
1960
week,
record
of 416
set in
the
prion
•>'
Cumulative piggyback loadings,
week, reports Dun & Bradstreet, /
for
(2103)
WHITMAN SECURITIES COMPANY
16
The Commercial and Financial Chronicle
(2104)
MANUFACTURING
AT A II
r
EATON
is engaging
Zalta
COMPANY
CLEVELAND
in
securities
a
where the wage earner
ize what tax he has to
business from offices at 2130 71st
10, OHIO
•
Street.
DIVIDEND No. 168
\
the
per
May 4, 1962.
R. G. Hengst,
Dividend of
A
The
Co., Limited
and Smelting
record at the
close of business
BY CARLISLE BARGE RON
Mining
Hud sou Bay
Company, payable May 25, 1962,
to shareholders of
Secretary
Kennedy family, father and
is not together on the busiof holding the price line. No
son,
seventy-five cents
ness
($.75) (Canadian) j>er share has been
declared on the Capital Stock of this
Company, payable June 11, 196-2, to
increases
of $6
of
ton died down,
than Joe Kennedy's famous Chi¬
Merchandise
Mart
raised
rentals on expiring leases by 3 to
shareholders of record at the close
cities, located in six states,
Canada and Brazil.
business
May 11, 1962.
on
first
At
admitted
The
declared
has
FERRED STOCK, payable
i
to
share on PRE¬
July 20, 1962
shareholders of record July 6, 1962.
in
s
&
PER CENT or $1.50 per
June
on
The Board of Directors to-
f:
f|
dividend:
June 15, 1962 to
holders of record
m
Thomas Welfer
close
I
Secretary
The
1
jumped $6.
HARVESTER
THE GREATEST
I
IN
rental increases
Foundry Company
declared
quarterly dividend of thirty cents (30?!)
share on the outstanding Common Stock
of this Company, payable June 15, 1962,
to stockholders of record on Jiine 1, 1962.
RUBBER
The
The
financal
schizophrenia ilthe double standard
which is applied by the Admin¬
istration.
Fortunately
for
the
Kennedys, but unfortunately for
their tenants, the Kennedy man¬
agement did not subscribe to the
the
some
I-
remaip^ppen.
Foundry Company
CORPORATION
>■
made
:
the close of
1962.
,
1
COMMON STOCK
GAS
NATURAL
award.
an
Payable June 28, 1962
Record June
Declared
1,1962
April 25,1962
••; ;
- -
wage
a bill to repeal the
withholding law. It won't
get anywhere but it serves a pur¬
5
• ■ ■
able
June
Tax
withholding has resuited in"the employer practically
paying the tax.
pose.
J
It
to
J
earner
S
for
W. S. TARVER,
Secretary
■
j
-
a
Board
the
dividend
is
on
of
$1
^
Most important of all, UNIVIS
has the financial strength as well
as the
technical ability to grow.
The Company has no debt and no
million.
bank loans. Current assets
did
It
record
declared
1,
on
seven
declared
per
Common
share
Stock,
close.
not
C. JAMESON
April 26, 1962.
,
of
.
,
•'
$10
per
share
(roughly, half the recent market
price of the stock). Capitalization
consists solely of 271,595 shares
of common stock.
1
and
a
ti
82
as
a
papers
full
were
in the House and
seats
•
UNIVIS's
home
in
"take
few
a
a
earnings
at
approximately a $1.30 annual
Since I expect a 10%-15%
rate.
sales
acquisition should be¬
gin to add importantly to earnings
the
last
half
of
1962.
This
should
make
earnings
V"
COMMON AND
The
as
taxes
had
consider his
taxes
absorbed
the
increased'
was
by
take-home
to
what
been.
full
the
The
l!
The Board of Directors has declared
a quarterly dividend of
1214c per share on all Common Stock
outstanding and
regular semi-annual dividend of $2.50 per share on the "5%
Preferred Stock, both payable May 15,1962 to stockholders
May 1, 1962,
•R
*
%
.
||
i
These
j',,
rn
;LPr
dividend.
•
_,j_
_
1
■
PI
1
1
Globus, Inc., and' Ross, Lyon &
Co., Inc., New York City, have an¬
nounced
the
offering of 95,000
common
;
the
articles.
pay
i.6',
Hentz
New
"JAMES E.
...
'
.
opening of
office
at
50.5
a
Park
new
Ave.,
City (on the corner
of 59th St.). The new facilities,
under the managership of Julian
Wilson, replace the firm's of¬
fices situated-for the past 15 years
in
•
the
Netherland Hotel,
Sherry
and
Fifth
Ave.
New Viner Branch
i
HAVEN,
A., Viner
branch
P.
&
of
—
has
at \37
;
Edward
opened
College
a
St.,
the; management of Justin
Ruocco
Both
Conn.
Co.
office
and
.
McCAULEY. TrcasMrer
v
May-2,1962
,
the
York
under
■
Stock
announced
1962 to stockr
,
Co,, members of the
Exchange, have
&
York
NEW
18,1962.
v
New Hentz Branch
H.
^
idividefidsf aire' payablb Juris
'
ten¬
59th
share
of Visual Art In¬
shares
dustries, Inc., at $2 per share.
Net proceeds will be used by the
company
for the ..repayment of
debt, and working capital.
The
company
of
68-33rd St.
Brooklyn, N. Y., is engaged in the
design, assembly and marketing of
creative art, craft, hobby and edu¬
cational
toy
sets
and.
related
pay
•/«
holders of -record at the close 6f business May
^ Cth consecutive
the
QtOCK feOlu.
have been declared as follows:
'
1
,"
.
$2.25 Series B Convertible 2nd Preferred Stock: $.56% per
•
when
IHQUS iTlCS
but only
$4.50 Series A Convfertible 2nd Preferred Stock: $1.12V2 per share
•
should,
and
"
had
$4 Cumulative Preferred Stock: $1 per sfiare
.
"
Vice President & Treasurer
-
Common Stock*! $.20 per share
H.G. DUSCH
April 24, 1962.
•
some-
alleviate this condition.
is never
now
pay
NEW YORK 20, N. Y.
'
- >
sub¬
situation warrants, take action to
that
Diversified Products For Home and Industry
•
.
of
rate
very
Over-the-Counter
present
problem
take-
on
the
dency of the worker
...
'>
annual
However, the Company
management is well aware of this
"Wage
pay."
result
The
gradually
with
President
| quarterly dividends
.
PREFERRED DIVIDENDS
of record at the close of business
■
:
the
year-end
Market for UNIVIS stock is
H.
.
by
stantially above the current figure
and speaks well for 1963 prospects.
:
the
THE FLINTKOTE COMPANY
.
•
in
of
\
i
earnings
year,
the Bishop
.
f!
this
increase
share for 1962 should be well
above this
figure. Furthermore,
per
New
RUBBER COMPANY
share in the past six
per
to nine months have been running
branch
GOODALL
gauge
of
earning power
current
they were reduced by the
abnormal expenses. Actually,
pro¬
coining
based
months
employer
was
home
were
pay.
been
to
FLINTKOTE
1961
since
immediately went
however,
FERTILIZERS
METALS
Vice President and Treasurer
work,
demands
50% stock
•
the
above,
accurate
an
a
slogan
j
dividend.
WILLIAM H. DEATLY
PLASTICS
Title
have
CHEMICALS
•
not
are
of the Congressional elec-
Labor leaders
dividend of twentyhalf (27%) cents per
stockholders
mentioned
As
reported earnings of 98p per share
showing just what your
vjould be. As a result there
complete turn-over in Congress, the Republicans picking up
designated as the second
quarter annual dividend for 1962,
payable May 25, 1962 to stock¬
holders of record May 11, 1962,
and which includes those addi¬
tional shares recently distributed
to
Treasurer
June 1, 1962.
LIQUORS
The
Dec.
1961
approximately
year
The
share
1962, to stock¬
May 11, 1962.
books will
PAUL
V
rec¬
Trustees
on
were 5.5 times current
liabilities and working capital was
31,
notice
Guarantee Company
has
Directors
June
on
holders of
payable June
ord
of taxes.
marketing agent for
Bishop's products. 1961 sales
these - products
approximated
t__
eve
tions.
to
NOTICE
outstanding
payable
dividend
'■
quarterly dividend of 30<
on
the
of
The transfer
1962, to shareholders of
Since mid-1960 UNIVIS has been
the exclusive
charts
THE TITLE GUARANTEE
industry Future
DIVIDEND
this
capital stock.
The
of
the
;
COMPANY
v%
Fifty-
22,
the
wage
Bishop Com¬
well-regarded manufac¬
quality eyeglass frames.
a
turer
"•
-
a
Company with
the Five
The
on
pany,
portionate number in the Senate.
The
1962, de¬
share
all the stock of the
"\7icmal A
V loLLcll ril L
CHEMICAL
162nd DIVIDEND DECLARATION
a
for
1962,
January,
taxes
CORPORATION
Company
Pittsburgh, Pa.
(55tf)
conscious
that
1942
making. the
applications. In
UNIVIS acquired
only but since that
time has served exactly
the] opposite effect.
It was passed .on
J
Dated: April 28, 1962.
Fire Insurance
Five Cents
of
defense
as
;
on
was
NATIONAL UNION
in
passed
was
purpose
at the
May 31,
1962
14,
close of business
i
dividend of
has
film
as
well
has introduced
■
and
cash
still
tpTin
* " «'
. _* "v
Representative Alger of Texas,
S
DISTILLERS
a
business
j^rTi„ae,
v
^
I
clared
receiving
fingers crossed, at least as long
young Bobby Kennedy is the
Attorney General.
;
j
5
.
..
j 1962.
1,
But
latter's
its
5
A regular quarterly divi- S
S dend of 50 cents per share ■
S
has been declared on,: the !
2 Common Stock of Southern J
;
Natural Gas Company, pay- ■
NATIONAL
May
the
■
>
' r*
Common Stock Dividend No. 93
■
■,
■
on
of
S
Birmingham, Alabama
5 stockholders of record
company
a
occasion
|
J.
■
;
:
!
iiiiiiiiieiiiiiiiiieiiiiiiiiiteiiiiieiiiiiiiiiiiiiiiieiiiiiiiiiiii
of
be¬
Chamber
meeting and
telegram of congratula¬
tions to Roger M. Blough on the
'
QUARTERLY DIVIDEND
5.
Directors
speech
States
of Commerce annual
COMPANY
•
of
United
Continued from page 2
as
•
Board
has
forgotten. He
conciliatory
a
the
fore
i
'
SOUTHERN
-
increase
which also has been
transfer books will
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■J
W/2( per share
The
price
forgotten and constituted
unpleasantness at the time
he sent
•
of
steel
been
JOHN W. BRENNAN, Secretary & Treasurer
J. EGER, Secretary
(jERARD
necessitated
operating costs,
lustrates
of
*
holders of record at
business on May 4,
were
President Kennedy is trying to
reassure business that the incident
The Board of Directors this day
COMPANY
International
Harvester Company have declared
quarterly dividend No. 175 of one
dollar and seventy-five cents ($1.75)
per share on the preferred stock,
payable June 1, 1962, to stock¬
in¬
principally labor and taxes.
a
laiiiiiiiiiiiiieieiiiiiiiiiiiiieiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiini
Directors of
steel
is busily
taking steps to protect the profit
margins of their business.
NOTICES
United States Pipe and
The
the
the 18-story Mart, said the
ager of
Presumably the cost
Burlington, N. J., April 26, 1962
||
NAME
that
Wallace Ollmann, General Man¬
per
INTERNATIONAL
ironic
is
costs.:
minimum unit
a
United States Pipe and
|
May 1, 1962
several hun-
Merchan¬
President's theories and
|:
|
Secretary
on
DIVIDEND
%
May
every
the
dustry is being investigated for
doing what the Kennedy family
store has found it necessary to do
—raise prices to meet increased
it will have its rental
so
in
by the increased
Practically
run up to
rental
$200
j|
Goodyear Tire & Rubber Co.
By R. L. Miller,
I
The
was
stock- %
at the 3
business
they
|
15, 1962.
I
Pittsburgh, April 26, 1962
of
largest office building
world.
dred.
$
22% cents per share on the
Common
Stock, payable
/
it and
3
day declared the following
the
kind of business is represented in
I
No. 116
1, 1962 to shareholders of record
May 10, 1962.
DIVIDEND I
;
•
m
DIVIDEND of $.45 per
COMMON STOCK, payable
Also declared a
share
COMMON
Si
Joe
years
increase
Mart.
It
..
which
the increased rentals will be
passed on to the consumers.
•
While son Jack is telling the
steel industry to hold the line, his
father is putting an inflationary
dise
it—then
,
Mart
is the
and
1
for
it.
of
rental
Kennedy
ago ,for
a sprawling 92acres of office space.
The build¬
ing has IVz miles A of corridors,
m
Directors
denied
it
bought
several
$100,000,000 has
GOOD/rVEAVt
of
a
cago
5%.
quarter ending June 30,- 1962 DIVI¬
DEND of ONE and ONE-HALF (1V2%)
,
had the storm about steel's
sooner
j. f. McCarthy, Treasurer
Manufacturing plants in 18
Board
pay.
•
DIVIDEND NO. 90
share
shares of the
common
•
will real-:
dividend of
a
forty-five cents (450
on
He.has.
,
_
NOTICES
DIVIDEND
April 23, 1962, the Board of
On
Directors declared
;
Thursday, May 3, 1962
,
largely lost any feeling^of the tax.;
Alger wants to get it .back to:
N, Y.—Maurice
BROOKLYN,
*
what his take home pay is.
M. Zalta Opens
NOTICES
DIVIDEND
.
were
the
Harry E,< Ruocco.
formerly
local
office
co-managers
of
John
H.
7
6156
Number
Volume .195
THE MARKET
.
(Commercial
The
...
.
(2105)
developing new' markets for its
metal, it could be significant that
AND YOU
.
Chronicle
and Financial
its
latest
announced
intention
*
stock
market
the
in
selloffs
April
during
were
dearth
One
no
significant
,
Wide
question
has
of
made
base.
a
is
the important
whether the market
open
The
dipped
there
is
more
solid
under 660,
More
is
not
the
over,
loss
of
confidence both in the market it¬
which
self
shown
has
a
perverse
ability tp ignore a steady stream
of good news and sag dispiritedly,
and
of
held
were
market
million
1.3
135
by
value
of
excess
fund
have
shares
funds,
the
running in
then
three-fourths
The
The
of
issues
in
Deflated
Steels
struggling
duction
with cost re¬
improve
the
profit
to
investor
new
interest
shares that have been
in
will
The
Firmer
these
overly
selling
steel
prominent
and
little
there
domestic
then
are
available
better
by
the business
attitudes
leaders,
good quarter for the industry. But
unan¬
after
swered; the chief one being what
it will take
to
bring back ex¬
some
to
the
excessively
price-earnings
vailed
to
until
now
at
around
Yields
questions
many
The
run
investor
uberant
interest
the
to
and
equity market.
At
least
far
as
at levels that
now
excessive
industrial
don't show
enthusiasm
It
years.
earnings
times
of
And
cline,
around
from the
the
the
past
the
for
point
de¬
correction,
10%
a
third
for
pgak definitely indicates
that the quality items with favor¬
quarter
well.
as
bargain
Other than
hunters,
the
steels
to offer little allure for gen¬
seem
eral
and bonds
Even
Situation
last
companies that have been
immune
both
the
to
1960-61
re¬
cession, and current uncertainties,
were
swept down a bit by the
heavy selling, although the su¬
perior value
items
and
year
those of
while
were
its
The
not
cide
necessarily
with
those
at
of
any
the
Rosenthal,
turnout
at
was
the
forth¬
predicted by
distinguished guest speak¬
UJA's
neth
Melis,
Co., Inc.
of
Some
with
Factors
Finance
and
of
Eberstadt
F.
serving
on
berg,
foremost
in
men
are
the Division's Execu¬
General
Commercial
Ac¬
ceptance Corp.; Herbert A. Busch,
"Chronicle."
Northern
Financial
Corp.; David
Rosenthal,
Corp., for one, ignored the
Inc.; Oscar Dane, Inland Credit
were
recently when hopes were
unfavorable and mixed business
Corp.; Arthur O. Dietz, C. I. T. Fi¬
far higher.
conditions of last year to turn in
nancial Corp.; Moses F. Dworsky,
a record performance and
The Technical Aspect/
cap off
;Fidelity Factors; Emanuel Fine,
a
• w
•
K .<
Wormser & Co.; Harry L. Gold¬
string of 12 years without a •p.
The ease with which the mar¬
\
break that sales and earnings had
stein, Concord 'F actors Corp.;
ket retreats when selling is per¬
increased
Monroe I. Katcher, Academy Fac¬
steadily.
But on
one
sistent and buying support absent,
Doremus & Company, 120 Broad¬
tors Corp.;. Frederick Klein, For¬
day of pressure it was clipped for
was
best illustrated by the fact
way, New York City, national ad¬
several points in the general liq¬
tune
Factors,
Inc.;
Monroe
R.
that
nearly
30
points, w/re
vertising and public relations Lazere, Lazere Financial Corp.;
uidation.
dropped by the industrial aver¬
agency,
announces
the appoint¬ Emanuel P.
Lewis, Shapiro Bros.
FMC once was best known for its
age in only five sessions of
ment of Anthony .Broy as.an ac¬
J con¬
Factors
Corp.; and Herman A.
tinuous selling. In January, when food machinery, but research and
count executive on its New York
Linde, Linde Factors Corp.
resistance
to
selling
was
still development in recent years has public relations staff. Mr.
Broy
reduced this section of its
busi¬ has been associated with two New v\The other outstanding partici¬
around,
it
took
four times
as
ness
to 36% of sales.
Meanwhile
pants are: Abraham S. Mannes,
long to exact nearly the same toll.
York public
relations firms and
chemical
Coleman & Co.; Julius N. Meshactivities
have
Neither the
rails nor
utilities its
was formerly a correspondent for
berg, Majestic Factors Corp.; Her¬
were^able to hold out against such emerged as the major operative a
leading newspaper and maga¬
bert
one,
accounting for more than zine
Pechman, Sterling Factors
pressure and both not only dipped
syndicate in Australia.
two-fifths of its total volume.
Corp.; Louis Rothstein, New York
sympathetically when pressure"
So far this year operations of
Factors, Inc.; Samuel S. Salitan,
was rampant, but were also unable
FMC have been running substan¬
Credit
Industrial
Donner, Kern Formed
Corp.; Nathan
to make a stand when the belated
tially above last year so there is Donner, Kern & Co., Inc. has been Schulman, The Mastan Co., Inc.;
support moved in.
able business prospects
better
are
bargains at the minute than they
strate.
was
to demon¬
easy
Food Machinery & Chem¬
ical
They
author
are
presented
those
as
of the
Custage,
Rosenthal
&
only.]
Broy Joins
Doremus
What
investment
not new —
issues, the tradi¬
"defensive" items, and pre¬
apparent
were
selected
tional
ferred
were
utility
where
stocks
income
on
preferences
and
not
the
is
stress
intangible
on
"growth" where the emphasis had
lain for
so
of
preferreds
the*
°
And
long.
good share
a
utilities
were
no
apparent reversal of its favor¬
able prospects.
tem
Premiere
them
Casualty
growth
which
high-priced
all,
tional Business
of
was one
casualties
Shares
selling.
heavy
Interna-^
Machines,
definite
the
of
the
of
this
of
highly publicized growth situation
for years had seemed impervious
to
the
market
seesaws
as
they
moved from 270 to 370 in 1957, on
in
550
to
1958
1959 when
The
380
in
they
above
without
ers
eration.
from
ranged
that year, reached 600
733 last year prior to
488
1960 and
another
3-for-2
shares
new
low to
split.
In
607 at the
1961 the
at
the
high which
was
from
sold
447
pretty much the end of the run, at
least
The best they
saw
this year was 578 and that
briefly. They were down to 485
to
temporarily.
start off this
than
two
back
to
drops
week and
sessions
in
430
per
?1
had
20
and
session.
30
cut
point
They
re¬
bounded when the general market
rallied
more
but
There
the
still
volatile
was
show
one
of
the
swings for 1962.
little
excessive
to
swings,
account
for
notably
a
the
the
newest
'
at
516
Fifth
Avenue, New York City, to
gage in a securities business.
consisting
class
A
Jacob
J. Schulder,
Gibraltar Fac¬
tors; Walter S. Seidman, Jones &
Co.; Jacob M. Seiler, A. J. Arm¬
en¬
of
warrant, at
a
of 10
plus
price of $50 per
common
unit.
Of
the
sold
for
for
the
total
the
150,000
of
the
certain
The
warrants
exercisable
are
from May 7, 1963, to May 5, 1967,
and entitle the holder to
share
one
$6
class
at
proceeds
from
the
of
under
last
that
for
manufacturing equipment, and the
development and market testing
of various
derived
warrants
products.
new
from
the
will
used
be
of
for
work¬
6502
Rusk
The
of
company
Ave.,
Houston,
formerly
known as Production Tooling Co.,
is engaged in the manufacture of
heavy duty, insulated, lightweight
water
Texas,
coolers,
water cans, and
beverage^dispensers
portable hot
sold
under
the
trademarks
"Igloo,"
"Horton"
and
"Polar
King," primarily to industrial and
commercial
is
this
in
tests
on
general
users.
The
in
enameled
steel, polyurethane
chest, a 40-quart ca¬
pacity picnic-type all plastic ice
chest; as well as an all-stainless
steel portable coffee dispenser.
an
insulated ice
Syndications Funding
Syndications
tion
Funding
engaging in a
is
business from
offices
Corpora¬
securities
at
erty Street, New York
May 3, 1962
100,000 Shares*
a
that
is
definitely
a
"growth situation" that hasn't yet
bumped into any important hur¬
company
dles
its
on
this
way
year.
The
to
new
\
:
Common Stock
Aluminums
0
(Par Value $.10
,
A
different situation is that
the
aluminum
companies
troubles
have
?ii
.
where
•
■
.
least of them.
To
'
been
field,
of
troubles
the
this
seem
of the stu¬
some
to be
some
of
share)
the
resolving with
'
/'
persist¬
ent for several
years, overproduc¬
tion and price problems not the
dents
per
in
,
their
FOODS, INC.
records
^
Uncertain
EXTRIN
Price $3.25 per
'
--
share
♦Includes 10,000 shares to be offered at the above price to certain persons
designated by the Company. The number of shares available to the
eral
public will be reduced to the extent that shares
are
so
gen¬
purchased.
industry poised on the brink
resuming the traditional
of
growth pattern that it had shown
in the immediate postwar
days.
Meanwhile the
tags
on
optimistic price
aluminum company shares
have been
favored
cut in
ones
half.
could
The
be
com¬
panies that have gone in for endproducts rather than primary alu¬
minum production.
In the
case
of
Reynolds
been
active
Metals,
in
this
Copies of the Prospectus may be obtained from only such of the underwriters
as
may lawfully offer these securities in this State.
more
the
which
field
and
has
in
Hay, Fales & Co.
company
of
completing
a number of products for
consumer
use
including
process
NEW ISSUE
at¬
more
the
ing capital.
nearly 20
year's high, to
much
Proceeds
exercise
at
representation
sale
'1
shares will be used by
company for the reduction of
outstanding debt; the purchase of
the
is neither an offer to sell nor a solicitation of an offer to
of these securities. The offer is made only by the Prospectus.
any
purchase
common
A
share.
per
Net
of
announcement
buy
stock¬
holders.
shares,
current,
market's
This
refrig¬
being
are
and 25,000
company
account
method
for
need
available
them
tractive
in less
been
the
Meanwhile
in
been
make
in
600
split 3-for-2.
were
shares
new
to
and
is
offices
preparing foods for shipment
and storage in
air-tight contain¬
points
issue
company
with
purchase
offering is in immediately
of
have
premiere
Research has also
importantly
freeze-dry processing sys¬
the
in
caught
chosen to double the hedge.
The
the
placed
formed
+*
17,500
units
one
and
tive Committee: William R. Blum-
time coin¬
and
its 150,000
the
the factors and finance world
[The views expressed in this article
do
J.
J.
Financial
Division luncheon will be F. Ken¬
greater.
are
at
er
Jersey Standard, Jersey's
payout and yield
record
Tennessee
shares
the chairmen.
earnings
comparable
Ezra
are
Imre
A
shade under 10-times its
a
Division
Standard
coming luncheon
offering satis¬
Royal Dutch, because of some
American prejudice against for¬
eign investments, has been avail¬
earnings,
"Still-Growing"
as
Texas
separable
chairmen of UJA's Factors
and
shares
The
Rosenthal and Rosenthal, Inc.
factory yield.
able at
investors.
A
estimated
70-odd
only
for the second
quarter but for the usually slow
level
a
components
its
1962.
of
hovering at
was
16V2
some
tiik
as
is concerned, the index is
average
not
000
guest
Finance
of
warrants.
John D. Revene
Corp.,
first quarter, operations: Socony and
dropped off rather persist¬ sey, which enables them to com¬
ently to cloud their earnings po¬ pare favorably with bank rates
tentials
the
Denerstein,
for some, notably
Standard Oil of Jer¬
sale
Inc. class A common
stock through the offering of
l^S,-
Bank,
be
underwriting
an
Industries,
of honor at the event.
4%
the
public
Presi¬
of
head
group which is making the initial
Senior
-
will
have
leaves
Memphis,
Man¬
12-
earnings.
D. Fuller &
Co., New York
City, and Whitman Securities Co.,
Re¬
hattan
pre¬
S.
Plaza.
dent
high
that
Units Sold
a
Chase
recently, most of the
international giants
15-times
than
ratios
Industries
at the
D.
Vice
and
trast
\
Adjustments, Inc.
Texas Tennessee
to
John
be
House of
ia 1
Hotel
corrected.
Diners Financial Corp.; Louis S.
Stamm, Credit Exchange Service
Corp.,
and
David
B.
Wiltsek,
United
on
at
be held
They are, by and large,
statistically cheap since in con¬
the
showed up, to
the
ay,'
o n
vene
excessive price action to
d
24
was
able,
rallying
tendencies
firm although their
investment stature definitely had
been impaired first by the price
tangle with the government, and
were
of
con¬
finance
its
luncheon
reasonably
Consequently,
years.
ever
and
and
York
r s
May
Oils
up
behalf
height
testim
held
factors
reach
T K"u
have
intensive
Ap¬
New
er
flated.
Oils
most
peal of Great¬
well de¬
so
the
of
Jewish
showing. Any better profit mar¬
gin accomplished could lead to
market wonder-workers for
many
spotty earnings re¬
ports for what admittedly was a
in
still
in
through the recent selling,
mostly because they have beenono
Administration
also
the
by
leaders
well
weren't
the ;
ducted
is
bil¬
a
already well-deflated
whejft
importantly,
than
less
while
If this contention
right, the selling
merely interrupted.
IBM in
time
of
some
the pet holding for these
investors. At the end of last year
support area is in the.
is
concen¬
made it
agreement that the
some
vicinity of 650.
-
holdings
portfolios
for
news.
average' lion dollars.
industrial
shade
a
approaching
anything
the
that
was
trated
rally.
the first quarter it was able
report record sales although it
far-reaching campaigns
to
some 20,000 tons of idle
capacity shows that its aggressive
any
clue
finally interrupted this week by
a spirited rally and the
best vol¬
ume
of the year.
It was, at the
very
least,
a
sizable
technical
.
of
One
For
ominous
John D. Revene
merchandising is making inroads.
The
strong Co., Inc.; Theodore H. Silbert, Standard Financial Corp.;
Herbert R. Silverman, James Talcott, Inc.;
Wesley W. Simpson,
UJA to Honor
to
reactivate
WALLACE STREETE
BY
.
.
17
McLaughlin, Kaufman & Co.
92
City.
Lib¬
-
Chronicle
The Commercial and Financial
Co.
curities
MUTUAL FUNDS
»Y"
The Funds Report
.
it
has added Eastman Kodak, Polar¬
oid
and A Virginia"
Electric" &
Power Co.
It eliminated Ameri¬
C. POTTER
JOSEPH
Cyanamid.
can
Anyhow, It Was
or
Invest-In-America Week.
One of its sponsors is the Invest-,
ment Company Institute, which is
spokesman for the mutual funds.
To most folks in therfmancial
is
the
before
the White House
its own Pearl Harbor on
the steel industry, the profession¬
als had shown only a moderate
Long
prise
of course,
who buy mutual
funds also will take this dismal
view of equity fare. At least they
showed considerable zest during
It remains to be seen,
whether people
months of this year:
the first two
over
$633 million
funds, up sharply from
bought
they
of
$456.5 million in the first two
months of 1961. And redemptions
the
in
of 1962
January and February
$183.4 million from
down to
were
$207.6 million in the like period
of
last
What's
year.
more,
new
accumulation plans, voluntary and
contractual, rose this year to 78,171 from 66,571 ,in the first two
months of last year.
But
investing.
.
.
earlier
until
making
$158,512;i80,
likely to be today's first cus¬
tomer.
•
>
1 A
this country
If the investors of
—the
working
the merchant,
man,
the retired couple, the
well-to-do—have a common char¬
"frightened" may be too
term to describe the re¬
a
of
investors
action
reflex
events
the
to
uncontrolled.
was
context, the former
Secretary of the Treasury, George
M.
Humphrey, expressed fear of
depression that will curl your
And it could happen under
"a
hair."
a
government that feeds the fires
of
inflation, shows little sense of
the
STOCK FUND
A
GROUP SECURITIES, INC.
mutual
income
for
business
the
gimmicks
new
even
growth possibili¬
through seasoned com¬
stocks selected
tle
com¬
investment.
as
investment
though they
and
too
tax credits
by business,
may
be too lit¬
encourage the
idea that .this Administration will
for their
not
late,
kind of
demagogic class warfare against
the
business
community.
The
stakes may well be nothing less
quality.
Mail this advertisement.
JFO
deliberately
A
than
Address.
ment who
national
influential
wage
survival.
the
Even
men,*in- this
are
govern¬
something less than
and
*• '
"
ivioior
.
The idea of
DISTRIBUTORS GRQUP, INC.
New York 5, N. Y.
ica
Week
would be
bers
be
of
assets
$19.07
nicer
on
quarter
were
share.
a
if the
•Delta
a
time
of
to
it
year.
commitments
it
ration
*
From
Corp.
of
at
of
1961.
.j.
to
*
*
Southwestern
Investors,
jandVeiimu-
Finance
General
Connecticut
nated
holdings Aof
A;
reports
(.*
,
t
-
A
*
-A.
,
"-:;„
*
*
total net assets at
were $2,957,844, against
held
were
'first
to
a
March
on
This
31.
ah
of
the economic-policy committee
Mr. '- Pattberg
that ^ organization.
the -lives in Ridgewood, N. J.
in
gain
th„
^ firiance committee and
of.
ber of
-
totaling $1,228,606,-
quarter,
000
1%
n
the Association for the Aid. of.
Crippled Children; and is a direc'tor of The' Chamber of Commerce
the Unitei} States and a mem-
Assets of the United Funds group
^
that
March 31
4^ ?
5^
..;A.
s|: •
S|s
;
during
-n
+v.
_
Asset value"
record hieh
-
Industrial Income Fund
Financial
a
Mr. Pattberg,
1955,
rec^AOr^ °^i^me^Cja'
He ls als0
thl ;."antf
w
Inc.
oer share
the six mdnths
Life -chmbed to S8
;;Ctimbed to.$8.52 from $8
from-?8.41.
Insurance; Martin-Marietta a n-d
United Aircraft.
A,,
■658.698
to
1949
partment of the corporation,
Mr. Pattberg is a member and
a former chairman of the Gov• ernmental
Securities Committee;
of the Investment Bankers Asso-
a
the end
October, 1929 and was
Vice-President in 1945.,
a
headed the government bond de-
reports
March
at
in
elected
31 of $2,579,008,
share. This compares
with $2,143,385 and $11.54 a share
bought
compares
with $1,221,902,600 on Dec. 31 and
$2,467,765 at the Dec. 31, 1961,
$1,010,475,600 a year ago,j Sales
closing and $1,241,542 at. the end
•in the firsts-quarter totaled $63,of March,
1961. t Net asset value
•*'■704,500, a 28%. increase fromA„a
per share at the end of the latest
quarter was $9.7455, little1 changed year-ago.-; First-quarter redempfrom the $9.7498 oh Dec. 31 and ,-tions were equal to 1.5% of as"sets, compared with 1.8 a year
$9.67 a year earlier.
;
Net
assets
of
of
$74,323,396
•
.
Mr. Coggbsnall,'who is retiring,
afcer 43-years of service with The-
First'Boston -Corporation
and
a
predecessor, has served as President since Jan. 1, 1948 and as a.
director Asince
1934.
Mr. Cog-
geshall will continue as a director
of the corporation.
:
...A
A
a
-
-A
.
March
31
...
be
share)
31, 1861, and $66,133,683 on March
31,
1961.
Net asset value per
share
of ;$268.91
on
March-31,
1962, compares with ;$278»80 on
Dec. 31, 1961, and $258.79 at- the
end of last year's first quarter.
■
a
even
the
A *
*'
-
300
•■
$14.60
a
re¬
a
a year
earlier.
A
with
A-.;®:
A
■"
Nation-Wide
Se¬
*
*
A
■
Fund, Inc. have
0f
city.
Fund
($12.98
come,
Common Stock Investment
Fund
,
An
for
investment'company seeking
its shareholders
possibilities
long-term
growth of capital
and a reasonable current income.
■
May 3, 1962.
Prospectus
upon
request
31
net
amounted
assets
This compares
share
of
at" the
$13.57
to
$13.56 a
with assets
or
close
1961.!
A
shares
the
among
being offered were
juiy
0f
of 300,000
aggregate
issued
by
Witco Chemical
stockholders;
i960, to the
Sonneborn
Chemical & Refin-
new
investment
was
made
1,500
of U. S. Steel was
during the quarter.
shares
eliminated
;
A
Illinois
—-
Los Angeles
—
Sam Francisco
chemicals,
with
formed
First
National
engage
in
a
offices
and
Bank
Building
also
acquired two
manufacturing
Witco's
in. the
securities business.
as-
Ema11 manufacturers of tar prod"
ucts.
(Special to The Financial Chronicle)
been
and asphalt and
petroleum derivatives and chemical specialties through the acquisition of Sonneborn Chemical,
a major manufacturer of
such
products,
United Inv. Funding
Minn. — United
Investors Funding Corporation has
Lord, Abbett & Co.
wide range of
products including organic chemicals, detergents and detergent
tures and markets a
phalt compounds. In 1960 it exiri tended its operations to certain^
MINNEAPOLIS,"
Chester D.r Tripp r
Chicago
share.
a
A,.
of
—-
per
31,
2,600 shares of Carpenter Steel
•icommon stock and a holding of
Fund
Atlanta
Co.
Goldman, Sachs & Co.,
compared
$353,765,900 ($13.41) Dec. 31;
$304,709,943 ($12.32) ,a year
Av AI
'
.N
March
Inc. and
New York
The-stock is priced at $29
&
Barney
Smith,
The
record•-$13,460,045,
A
dividend of 3<t
share from earned in¬
—
100)oqO
.
*
Income
$353*639,000
on
March
per
New York
•
o(
o£fering
secondary
A
.
United
of
share.
President
All
.
•
date: '
v
jng Corp. in exchange for all the
Record quarterly sales of $43,01,4,,ago.
outstanding stock of that corpo-..
•100during
the
three
months
A *
'•
Aration.,
' '■ '"
'■
' '*v
.•.-••»
ended March 31 were repotted by I -""U" A '■«" Al* A
-Assets of United Continental Fund
Witco Chemical intends to apthe ~B.
C.
Morton
Organizationi
.^.totaled $54*012,900 ($7.86) March piy for listing of its common on
Inc.
This
figure
included
a
31,
compared
with
$55,011,900 ,me
y0rK Stock i Exchange.
new high in mutual fund volume
($7.98) Dec. 31; and $52,264,200 ihe shares presently are traded
amounting to $15,034,300.
($8.04) a year ago.
'
jn the over-the-counter market.
*
*
>|:
*
*
*
The
company
of 122 E. 42nd
A new high
in total net assets
Whitehall
Fund
reports that at Street, New York City manufacwas
scored
.,and
a
May 3, 1962. Div¬
share) a year ago.
ago.
-share)
"A
by
A
a
A
I Fir4
Common Offered
^oi.sn.ioo
totaled
$1,688,113,472, equal
share,
com-
($7.58 a share), compared with
$211,753,600 ($7.89 a share)
on
Dec. ,31; and $175,047,000 ($7.82)
on
with assets of
share),
P'.nTnTTfTUIV
r
j j
A.."'
^common shares tof Witco ChemiAssets of United Science Fund on ,cai Co., Inc. is being made by an
March
31,
totaled
$213,670,900 underwriting group managed by
A-;.
year
March 31 total net
assets
were
$1,805,403,722,
or •I. AAssets
$15.11, a
share/This compares
ports That-
$697,283,100
Dec.
cn
($14.28
A^
v-
Investors Trust
Massachusetts
political
and
a
,
compares
and investor
small
totaled
31
(equal, to $14.92
quarterly reporting date. ..This
-pared with
with $72,931,941 on Dec.
any
to
some A".
of
March
the highest for
were
Witco Chemical
« a
a'
d
t
United Accumulative Fund assets
on
on
6 ,V V
I
In¬
Investors Mutual Fund
stitutional
The Directors of Television-
Chairman
Woods
Mr. Pattberg joined the corpo-
p'
and
Gas
reduced
-
Beneficial
upside potential enormous.
;120S. La Salle Street, Chicago 3,
*
Investing
$11.64
or
54™ CONSECUTIVE DIVIDEND
April 26, 1962
r
Borg-Warner;
of
Natural
period
Oddly enough, fthe in¬
vestment would
FUND, INC.
reinvestment
'
And wU1 COntinue
ft0Aa mat posI"
a n
making
Petrolite
in
*
aSsets
and added
Products
while
Lines
Pied¬ .ports that at March 31, marking
Sealright- -the end of the first half of
Oswego Falls Corp. Over the same fiscal year total assets were SJfi -
holdings
mont
could
invest
greater
good will
confidence.
ELECTRONICS
record
D
A..'Pattberg has been a director since
A
and-Royal Dutch Petroleum.
.
profit if they could instead create
TELEVISION-
idend
't
...
Carter
Air
McGraw-Edison;
Insurance
Northern
mem¬
They 'might
with
out
come
payable May 31,
1962, to shareholders of
#
•elfminated
"'.A'" "
:|s
this
of
Eeneficial Corp.;
It
consequences
private capital.
a
riporffp
•
Mutual Investing Co.
that during the initial
discloses
divided society and a drying up of
per
v^on-
lexas
Lanes,
,
Research
'sis
sis
Invest-In-Amer-
Administration
the
on
.
commendable.
even
this
-
.
an
is
prevailed
thought
declared
quarter
latest
,
A
with assets of $64,-
*
stand that.
Electronics
record $16,-
a
Fasf''ltot<AgeLinesrAexasrC^In" Coggeshall> Jr" who has retire,A
"Ltd16" ^*naPce ^orp; an^
Loeb, the Board, has. announced. Mr.
$21.28.
was
Fiduciary
a
friendly to business must under¬
.State.
80 Pine Street,
were
During -the
J? asi
.
Name.
City.
31
or
,
fund investing for
mon
of
discourages
not,
Such
and
ties
needs
munity and, whether it realizes it
or
of
share
A'
another
In
describes
COMMON
New
-
,
$16.82 a share. Value
per share at the close of 1961 was
$17.31 and oh March 31, 1961, it
was .$15.68.
■' .A; .' ■. A;'- ■,A\
A
825,625,
870,451, or $18.84 a share, a year
earlier.
At
Nov.
30
value per
not
.
A
sis .'.
net
or
This compares
new-commitment is
any
total
28
Feb.
at
befoi*!
settles
dust
the
'
❖
sis
"This
too shall pass."
But the prospect
who thinks he ought at least to
wait
$213,363,006
$12.22. a v •
Fidelity Capital Fund reports that
April, but if they were merely
concerned or dejected, then their
THE
*
.
,
Prophet," that
the
of
words
$224,135,714, put¬
of
assets
share value of
in^the
to reason,
all right
is
It
action
prospectus
March
at
>!'
*
•
r
ting"
asset value per
share at
$12.81. This compares with year-
_
in
•
-
'of the fund was
portfolio, have been in de¬
■ /
A
'A
'
The fear psychosis induced by
a
mindless Administration could
result in a -decline too of interest
the
tn
cline.
strong
-
been
First
,
of
.V
has
The
Jr.
of
the
company
established • new ; port¬
controls on the
folio positions in Milton Bradley
sponding 1961 period. "The fund
steel industry and followed it up
with scarcely
veiled suggestions also recorded its best March with Co,, C. B. S., Diner's Club, Pitts- 'g
that it, would .move against other sales of $2,540,220, up 85%; from burgh & West Virginia Railway,
the like 1961 month.
Aa:A a a United Financial Corp. of Cali¬
industries, the whole market re¬
'' A \
'
*
s|:
;
- A fornia and Wesco Financial Corp.
acted. •r.;': A
; ■/;'*> ,s;A A A
A
Eliminations
included - Frontier
Eaton & Howard Balanced Fund
.'The result: .assets per share of
Emil J- Pattberg, Jr. James Coggeshall, Jr.
reports that at March 31 the size Refining,. Great Western Financial
the funds, with or -without steels
Now,
booklet-
Pattberg,
Corporation, 15 Broad St.,
York City, succeeding James
assets! of Oppenheimer Fund
Net
sales" were
reported by Delaware Fund. To-,
taling $8,452,868, representing an
80%
increase
from
the corre¬
acteristic, it is an impulse to rush
in when they are confident and
to flee when they are frightened.
ree
J.
Boston.
1962.
to $22.91 at March 31,
'
r
..
sis-
first-quarter
Record
■;
•
at
per
reports
Inc.
the net asset value per share
dropped to $15.59 from $16.85.
;
all,
Emil
elected.. President
share rose from $22.02
the end of the previous fiscal
value
*
;
Of First Boston
total net assets were $46,769,899, compared with $43,183,454 at Sept. 30,
1961. Net asset
year,
the doctor,
market in retreat
the
with
second
price
of
brand
staged
' ;
Pres.
date,
the March quarter,
period of- its fiscal
:during
the
apt
funds
thq
sell
who
people
that
traditional
a
have, as a general rule, been able
to point to the steady growth in
assets per share.
When the Ad¬
ministration
imposed, its
own
April -'looked pretty
Dis-Investment Month.
appetite for stocks. Since the sur¬
attack by Washington, their
approach has been akin to a hun¬
ger strike.
* "p A *
u ,
front,
brord
a
announces
"Shares,
Automaton
selling point for the funds is
to lose some of its edge, After
community,
much like
worth
.Thursday, May 3, 1962
March 31, accord¬
on
ing to its report for the first. six
months of the fiscal year. On that
year
Nice Thought
a
Fund, Inc.
Advisers
I
BY
This
,
.
(2106)
18
to
tions
are
cations
carred
in
the
on
United
two in Canada and
land.
in
opera¬
at 11 plant lo¬
at
States,
one
at
in Eng¬
Net sales and other income
1961 ..totaled
$102*611,000.
f
"
Volume
Number 6156
195
The Commercial ahd Financial Chronicle
.
(2107)
Alberta-California Natural Gas PipelineSide boom tractors lay section of 36-inch steel pipe
O
56th
AN N U AL
REPORT-1961
EXCERPTS
\/:
Northern and
Central California in 1961 Was reflected in
an-
other year
our
of rapid growth and
Company. Continuing
for sales of gas
progress
i
for
unbroken trend of
an
high records
many years, new
•
OPERATIONS
OF
Operating Revenues and Other Income
established
were
HIGHLIGHTS
Taxes and Franchise Payments
and electricity and for operating :
,
$ 697,402,000
.
V $ 169,263,000
.
.
.
.
Natural Gas Purchased
186,776,000
revenues.
■
.
v
..
.
-
V—.
—'
..
•
.
t
'
*
■
•
Operating Payroll V
.:v"
V
Expenditures for construction amounted to
$228 million in 1961, exceeding those of
previous
year.
Other
any-
provided from internal
struction
at
$221 million.
■;VV:
w.
;
••
<V-.;v:
-
•
'
-\.'v
m
....
•
.
The most notable
was
gas
the receipt in
into
our
,
are
•
,
Construction
a
Number of
-
vast;
Company. The
our
,$1.62
,
,
r
.
.
.
$2,644,467,000
Expenditures
,
.
,
.
$ 228,086,000
.
v
.
(MCF)
.
387,491,000
.
,.
.
Employees
;
»
.
.
.
.
♦
.
'
.
•
«
.
.
3,809,960
18,383
.
.
231,646
(a)After giving effect to 1961 3-for-1 stock split
:
*
a
for Northern and Gen-y
tral
of energy
California, and is of great significance in the
future outlook of the
000
->
Company. This $300,000,?
project represents
of economic
.
outstanding
an
cooperation, based
on
A 60,000 kilowatt nuclear unit is now under
construction at
example
the principles
will be
internatiqpal comity and mutual responsi¬
bility, between Canada and the United States,
and
completed this
In last
were
substantial benefits to the economies of
continuing
announced
principal business. During 1961
erating
resources were
pletion of
a
our
electric
augmented by the
this
i
addition,
we
have under construction
or
at
•
a
from
author¬
cost
and
we
We
Company's activities, commencing
energy
source
•
>
We
-
same
i
years.
Company with optimism.
serve a
BOARD
OF
an
orderly
an average
dollar
age
of about
We have competent personnel
our
condition is sound and
of the
mi
highly diversified
operate a modern and efficient
alert to the needs of
tively high cost fuel area in which we operate.
minimizing the problems
growing rapidly and in
plant which has
particularly in the rela¬
THE
power
reasonable grounds to view
are
privileged to
which is
eleven
holds great promise as an economic
FOR
are
manner.
early conviction that nuclear
of electric power,
obtained.
conventional steam unit at the
a
face, there
area
development during this period has, we beour
are
plant will produce
Without in any way
-
in the field of nuclear power. Research
lieve, justified
on
substantially competitive with that
the outlook for the
in 1951,
325,000
capa¬
Stockholders have been advised from time to
time of the
a
Bodega Bay, about 50
governmental approvals
location.
city in conventional steam, nuclear, geothermal,
hydro plants.
intention to construct
our
We feel confident this
completion before the end of 1965,
2,348,000 kilowatts of electric generating
and
large scale nuclear plant close to
a
plant will start late in 1962, provided all
necessary
which brought the total installed
capacity of this plant to 1,320,000 kilowatts. In
for
we
con¬
miles north of San Francisco. Construction
gen¬
com¬
y
ized
stated that
was
studies looking to the
kilowatt nuclear unit at
our
330,000 kilowatt unit at Pittsburg
Power Plant,
our
Eureka,
near
Francisco, which
the San Francisco Bay area. In June 1961 we
continues to be
course,
plant
year.
year's report it
struction of
both countries will flow from it.
Electricity, of
steam
our
about 250 miles north of San
of
-
i
•
mental
source
much needed supple-
;
.*
.
.
Number of Stockholders
of Western Canada has.1.
reality for
.
Electricity to Customers (KWH) 26,767,868,000
Total Customers
project makes available
'
Sales of
year
system through the facilities of the
thus become
.
*
v.".
4
102,241,000
ShareVy;,-
Sales of Gas to Customers
s-..
;
$ 166,888,000
v<.
-
December of the first Canadian t
of natural gas
,.
,
•••'
•
development of the
Alberta-California project. Access to the
reserves
Total Assets
>
&&
.• v
83,244,000
■
V.vV» $
.
(on average shares)(»)
estimated
.
,
.
$
.
,
sources.r Con-
expenditures for 1962
Expenses and Chargpf.:.
Earned Per Common
proceeds of about $123 million, the balance:
being
*""«
.
...
Net Income
To finance this outlay the Com-;
sold securities from which it received net
pany
.
British Columbia's Elk River. Natural gas.
■
Accelerated economic activity in
■
across
from Canada began moving south into P.G. &-E.'s
service area in December 1961. Start of operations
of the 1,1^00-mile pipeline climaxed several years
of preparation and 11* months of construction.
public.v,
;•
/ <;
customers. Our financial
enjoy the confidence
we
-
;
-
DIRECTORS
President
Chairman of the Board
z^r
PACIFIC GAS and
245
For added Information
on
MARKET
ELECTRIC COMPANY
STREET, SAN FRANCISCO 6, CALIFORNIA
this company write K. C Ctirlatonsen, Vice President and Treasurer,
245 Market Street. San Francisco 6, California, lor P. G. 4 E's 1961 Annual Report.
: 19
20
The Commercial and Financial Chronicle
(2108)
i
administration, composed
amdunt,
of
few years.
we hope
possibly feel
they'..can survive without business,
Government's Relationship
rational men,
how
or
With Business and Labor
unless
the
the
and
ness
can
nation
government and
all
other
groups
anti-business
is
ministration
or
of the United States
mindful of the business community's
.
We
resentment of his recent role in
the
of
rise attempt, President Kennedy
spells out thfr Administration's concept of "responsible" business and
labor decisions, and the economic climate the Administration is trying
reversing the steel industry's price
&
to
briefed
also
I
role
our
do
not
establish
we
capital formation—all within a non-inflationary environment
the need to raise prices in order to enhance profits
and/or to permit wage advances.
want
I
to
convey
thinking
my
the
present and future re¬
lationship
of
government
and
business,
and to penetrate the
about
dust
of
con¬
stir
the
gold
at Fort
,j
^
business
As
is
an
men,
.
.
interest
your
profits or the maintenance
adequate margin of return
of
on
means
ob¬
rela¬
tionships.
tent
all
Almost
the
of
has
we
guidelines
the
on
the
and
political
capitals
lo¬
equipment
in
being
now
city
same
their
—
Pres. J. F.
Kennedy
others.
and
Madrid
Our
founding fathers chose differently,
effort>rto^T isplate,
ini"&n'
political
leaders from the immediate pres¬
of political
life and national
life, but this has placed a sped al
obligation upon all of us, to speak
clearly and with precision, and to
attempt to understand the obli¬
gations and responsibilities which
sures
of
each
The
face.
us
foundation
Chamber
States
April
of
1912
point
in
the
there
are
the
of
of
marked
who
in
turning
a
between
business,
and
some
United
Commerce
relations
government
balance.
leaders
rate
of
our
abroad
and
return
lie
in
for
labor
on
say
efforts
devoted
are
and
that the
tical, because
tive
to
for
are
se¬
their
iden¬
must have con¬
to absorb our vast prod.uc*,
sumers
we
capacity, and
reminded
this year has
national gov¬
as
the
you
income
1
also
lives
taxes.
off
the
To
personal
extent
that
call private interests and the gen¬
eral welfare must be met, and it
to
seems
responsibility
for
care
by
me
assumption of
all of us who
by
country.
our
Denies
Price-Setting
have
sides
will
emphasis upon the ob¬
understand
each
new
ligation
other's
both
to
problems
attitudes.
wholly
that I was the
and
In 1960 I do not think it
inaccurate
second
to
choice
business
President
the
of
of
the
United
States,
approached the White
cheers
the
members
of
Chambers
of
country
overwhelming
:
of
office
the
of
the
around
majority
a
for
men
and when I
House
say
of
not
deafening.
or
We
have
dividual
burdens
many
burden
of
prices
products.
We
for
seek
concept
.
in
determining in¬
individual
instead
economic climate in which
panding
of
an
an
business
ex¬
and
'labor responsibility, an increasing
awareness
of
world
commerce
and
the
frpe forces of domestic
competition will keep the price
level stable and keep the govern¬
ment out of price-setting.
Commerce
were
If
American
business
sufficient
earn
a
does
revenue
to
not
\
And Economy's
But
in
Sectors
fair profit, this government can¬
earn
sufficient revenues
to
its
outlays. If
American
business does not prosper and ex¬
cover
almost
every
major pand,
this
government
cannot
problem .that I have encountered. make gooddts pledges of economic
[i since assuming this responsibility,
\ I have been impressed
by the
growth.
for
Our foreign policies call
increase in the
sale
of
an
degree to which the best interests
American
of
business
the
national
government
and
the
country are tied to the en¬
lightened best interests of its most
important segments.
,
But I have also been
impressed
that all the segments, including
the
national
government, must
operate responsibly in terms of
>
each
'
be
or
the balance which
general welfare will
lost.
As
President
my interest is in
which will be strong
enough to absorb the potential of
/
an
.
•
pther,
sustains the
,
economy
a
rapidly expanding population,
steady enough to avert the wide
swings which bring grief to so
many of our people, and non-in¬
flationary enough to persuade in¬
vestors that this country holds a
steady promise of 'growth and
stability.
My
specific
interest
at
this
maintaining a com¬
petitive world position that will
time
is
in
"r
:
ma-
tne
lite
ot
qt
Commerce has
shares your concern
cost-profit squeeze on
you,
the
about
perity
.
tneunamoer
Commerce,-are base
on
t
and
in
a
free
enterprise
without
oi
^itnrnl
ic
oortant basic
one
two
or
industries
companies
50%
over
thP
n
of
may
total
the
our
na-
has
not
hesitated to seek Taft-Hartley injunctions for national emergeneration
the
on
urged mod-
steel workers
and
other
unions, has expressed a firm
continuing opposition to the
25-hour week, or anything less
and
than
the
gone
on
40-hour
and
record
feather¬
week,
against
has
ancj we wm have little
surely does not need to be asked
whether it will invoke the national
prove -our
whSi
balance
of
payments
interest
wherever
it
believes
it
reduci"g our commit- to be threatened.
: ,
>
ments abroad> and we cannot in- - In addition, this Administration
crease our
s"rPlu.s.. which- can help alleviate the businesswe ™u®t, withopt ipoderni^me our
cost-price squeeze through
™ith00t
control
national
thafUie government
production,
maintain
point that
administration
an
revenue" to finance them unless
there .g profit
we want to im-
m
A
to
when
bedding
and
racketeering
and
road
blocks
to
automation,
it
programs
h*
U
to
tional security and other essential
system must be truly competitive
Ariri
And may I add at this
•
system there can be no prosperity cies, has successfully
basic
e
by creating
bargaining
climate of collective
in which increased wages are held
within the appropriate limits of
r
American business. We want prosT.T
help
they50-year
Chamber
assure
considered; by
i
Wages
on
also
can
history) rising productivity, a rising productivity that will also provide
j^s dedication to a vigorous econ- for investments in modernization,
0my been more in the national
for profits, and even we hope
ancj international interest than it
lower
prices, -to
stimulate
in¬
js today. This Administration, I creased purchasing,
senate.
ing
should
concerned
he
realities
of
thai
competition
goods abroad, but it is
government
who
not
must
actually
these
goods.
produce
Commission
Trade
based
r
Plants through profit. We
the
exist
can
!hrough new trade policies that at providing increased
as
is
the
in
business,
public.
as
men
and
When
sell
a
I
talk
of
long called for and needed,
being carried through. I
recognize that many of you would
the
establishment
and
se-
budget
bur-
draw
security
our
Thi$ is
which
the
commitments,
heart
of
the
issue
has*occupied the attention
of so many of us in recent
months,
of
our
efforts
to
persuade the
steel union to accept a non-inflationary wage agreement — and
to persuade the steel companies'
to make every effort to maintain
price stability
since
the
us..From
the
11%'
end
of
am
sure,
end
of
to
any
of
the Korean
rose
about*
lveragTexport
while
prices
Market
held
steady.
There
were
significant
wage raises during this period, as
we know. Indeed our wage levels
Washington
officials
in the large
responsible
collective
bargaining
wage-price
de¬
and
we
tax
policies
and
stimulants
can
provide, these matters all
come down,
quite properly in the
last analysis, to private decisions
by private individuals.
It is easy to
charge an admin¬
istration is
anti-business, but it is
more
difficult to show how an
the
tries
Common
rose
manufacturing indus30%
in the
United
aimed
are
creating conditions of high employment, and what is most important I know t^ all of you, high
capacity utilization.. For when the
is
economy
generally
are
expanding,
profits
expanding, and not
revenue
in
toto.
But
should look ahead to the maxi-
hinged to
high fixed
duction
tions,
few
firms
on
prosperity.
costs
and
can
With
modern
been
the
pro-
organiza-
American
earn
business
adequate profit
an
adequate
an
have
of
business
volume.
under
Profits
since
early in 1957 because the economy
has been operating below capacity
pressure
extent possible, as we have
already done in textiles, and as since 1957. To restore profits to
we are now examining in steel, an adequate level, to maintain an
and we are quite conscious of the
competitive
advantages
which,
rapid depreciation gives to' the
Western-European manufacturers.
We are looking ahead now to
these depreciation schedules
realistic.
Ta
Credit
Pronosal
Credit Proposal
_
adequate level of employment, we
must restore the economy to full
activity.
>
•
■
Challenge of
;
(
.
Larger Economic
a
Pie
In short, our primary challenge
1S- n<?_
±dlvlde
e^nomic
piG)
but how to enlarge it. To fight
We can helP>
Congress will now over larger slices of the existpass the pending bill by granting ing pie, by seeking higher margins
?n
tax cre(m f°r investment 0n lower volume, or higher wages
^ equipment and machinery, and ahead of productivity, can only
those of y<™ who do not feel weaken our effort to expand the
that that is sufficient, and it may economy of the United States,
well not be, must recognize that
The recovery of the past year
^liis particular provision, limited hag already raised our total out-
^ is> will cost put rate
a^ y°u may
^ke government
year one
in
The next fiscal
billion, 800 million dol-
by $50 bullion. Corporate
profits by 13 billion. Personal income
by 32 billion.
Employment
in the
in
France
and
But their output per
increased
sufficiently
lars ^ tax revenues if^ it.is ac- by one million, 200 thousand. And
cepted by the Senate. And I be- industrial production by 13%. And
hove in the* form that it is in it this upswing is continuing. Houswill result in far more stimulus ing starts rebounded vigorously
that their costs per unit of out-
,t° business for every dollar of tax last month. Retail sales are rising,
revenue foregone than the more Consumer intentions are encourfamiliar alternatives that many of aging. Business plans an 11% in¬
you might have preferred.
crease
in its investment in new
States but
same
they
period
Germany.
man-hour
so
of
the
not been wholly
exDort prices
our
in
also recognize that, be¬
neath all the laws and
guidelines
reve-
we
as
mum
the
point out the
necessity of increasing the rates
of
investment,
of
modernizing
plant
and
productivity,
while
we
we
competitive contest for* m£|ke
markets, upon which the more
balance of payments depends, our
In
ment economists
responsible
sources
world
perform these jobs. While govern¬
cisions,
nues.
.
satisfactory, I
and
loss of governmental
If
wish to bring our
closely as possible to
den, we have two alternatives— balance as far as the economy
one, to lose gold, as we have been permits, we do not feel able to
doing; and two, to begin to with- relinquish
at
this
time
these
War
urge
,
mean a
finance this
to
efforts which
at
I would, to have far more at the cost of the consumer. But
depreciation schedules. I when the economy is slack, we
can assure you that we are limited not only have unemployment but
only by the fact, which you must profits are inevitably slack. Just
recognize, that these depreciation as there can be no prosperity
changes will in their early years, without profits, so are profits
in
favor
perhaps most important of
are our
as
curity commitments abroad. If the
balance of trade is not sufficiently
our
But
all
rapid
the United States $3 billion a year
to maintain our troops and our
defense
now
like,
in-
public
I am not
rhetorical phrase. It costs
employ¬
ment, but it is business not gov¬
can
the
income tax guideline on the depreciable lives of business assets,
these matters,
ernment
actually
of-
a move
terest in
using
endorsement
Trade Expansion Bill. We can
help by making more realistic the
interest, therefore,1 of
well §s of the general
Korean War has
may
historic
new
:
Balance of Payments Problems
record
must
its
been
brought
themselves. This
Our domestic programs call for
substantial increases in
who
have
complaints
upon
by business
earn
not
parallel Interests of Government
a
profit. We want a growing
en- .economy,
and there can be no
forcement of the anti-trust laws,
growth
without the
investment
for example, to be anti-business, that is
inspired and financed by
These
statutes,
most
of which profit. ;,
"
have a long historic past anted atWe
Washington—we do not want the
added
that
in
Never
0f the
and
in
sense
"
Views
We
world
Wants Prosperity With Profits
Role
relations between government and
business. I hope that this is so,
the
*
r
the
v
/
.companies >here
know^uitc
of 1962 have also
turning point in the
a
in
American
help^new transportation policies aimed
freedom of
well a5; their annearance But this inciease the businessman s access v competition , ati'. lower cost to the
their efforts take the form of de¬
is in the interest of business and to
foreiSn markets, particularly shipper, through fiscal and monemands which will not upset the
you
well that nearly
the expanding markets of tary policies aimed at making
balance
which
has
thus
far
every action taken by this gov- nearly 200 million people which .more capital available at less cost,
stemmed inflation in this Admihernment, and previous adminis- wo will have in Western Euiope. and through a whole host of other
istration,
our
interests
are
in
And I want to salute the United policies on patents, productivity
concert. These areas where con¬ trations, in the field of anti-trust
flict exists between what I would actions, or actions by the Federal States Chamber of Commerce for and procurement.
ernment
events of April
marked
position
want
interests
curing equitable wages
workers, our interests
London, Paris,
Rome,
your
our
markets.
in-
and
discharge
relative
chinery, which has been proposed
their melnbers. To the extent that
the
in
delicate
Union
their financial
home
at
in
stand
have
cated
raise
must
you
interests
the
nations of
that
the
payments,
national
de-
the ,8% .tax .credit for
balance of
our
far-flung interobligations,
we
must
avoid inflation, modernize American
industry, and improve our
are
your
prices to make these profits,
great
world
protect
one
W.ith
totality,
Jptforcement Not
issues and the
basic
to
by
eliminate
which must, pay the taxes which
they do not.
in
suggest that
.
the basic
scure
want
you
gold
must
we
another,
or
years,
the
to
taken
to
vestment
is
stem
and continue as I believe we must
income tax
and
which
three
or
to
our
of
responsive to the problems of
the
two
are
tax credit. But we cannot responsik)ly forego such a large amount
of our budget unless we consider
alternate means of recouping that
loss. We take these steps only for
budgetary reasons, and in the case
of tax havens abroad in order to
make less advantageous the flow
of American capital into other
countries and to place enterprises
there on a fair competitive basis
record
profit margins, our interests are
^
„
P
,Anti-Trust
identical, for after all we in the
Considered Anti-Business
national government have a large
I do not regard the vigorous
stake in your profits. To the ex¬
to
extent
last
if «we
the
from
the
rises
that
the
To
exports
comparative
has improved
our
revenue
incur
deficit in
your
investments.
performance
^he
And
balance
we
and
that
occasionally
troversy
we
to
which
economy,
one
to
losses
that
say
ommended
think
not
and
past
-
the
preciable lives of business assets,
Knox.
-
in
to point out soon to more realistic
further
not
to
mean
no^
outflow,
take
portation .policy, for example, recently enunciated, as tenders of
this concern. I expect to be able
,
the
;
prjce
balance of payments, to the trans-
obviates
that
to
in
"
«2o billion testify that we
Gver
jn
business. I will point to our efforts
in the field of inflation, to
the
duction, restore employment, improve our balance of payments, en¬
courage
0f
But
worked
nQ^
>
have
coopera-
responsible view that
decisions,
dispassionate opposition to wage inflation. It is
host of other measures designed to expand pro¬
a
on
have
been
Business is promised that the fight against price
bring about.
inflation includes
our
;
,
billion
■
markets. Our merchandise
in
Quite
set prices.
that it seeks to
in
c[q
$11
have priced ourselves out of world
busi-
c?Pnj:ry. are ex.en^_ their best
efforts
an
atmosphere of un-
the nation's business leaders denies his Ad¬
address to
j
survive
can
derstanding, and I hope
President's
Thursday, May 3, 1962
.
i
*
By Hon. John F. Kennedy,* President
...
put
less
rose
than
58%
During
period, our gold stocks declined by $5V2
billion, and the
rose
ours.
this
short-term
dollar
claims
foreigners, a potential call
gold
stock,
rose
by
an
on
of
I
our
are
equal
recognize
that
opposed to
nue measures
some
which
some
of
of. the
we
you
reve-
have
rec-
plant
and
equipment.
struction awards
high.
I
am
are
at
And
an
convinced
con-
all-time
that
our
/
Volume
•
'
.
and
\
'
'I
;
Commercial
The
6156
Number
195
.
Chronicle
Financial
21
(2109)
,"■***
1962 will break all
production,> employ-
economy
in
records
in
the sinking fund payment
crease
date by
on any
amount not in
an
profits. But we.must, of-ex(?ess of the required payment.
always do better.
: Optional r e d e*m p t i o n prices
course,
For had
full employment and high capacity, I am confident that none
of r* the
which
events
month
this
made
would
memorable
so
have taken place at all. And if we
On- April 27, 1962, the company
can
now
join in achieving these changed its name vfrom j Sunray
T\/Tt/4
PAVi4-iio/Mo4
Oil
P/-4
lA 'Cimyoir
goals, I am confident that they Mid-Continent Oil Co. to bunray
may' never need to" take
place DX Oil Co. It was merged with
again:
7 v V;7,;7"'.;- 'V-'*1 ■
Sunray Oil Co., its wholly
I realize thatNve shall not reach owned
marketing; and. refining
these goals overnight, nor shall we subsidiary, on May : 1, 1962.x ; •
achieve them without inconveniHeadquartered in Tulsa, Okla.,
«
"i
,7.
.
"°1
•
■
_
i
_
*
i
f
a
~
tion
"
to the principal
V
amount.
The debentures are not
'
redeemable prior to May 1* 1967,
;
from borrowings at an interest 77: v
cost of less than 4.33%.
/.V-rrr*.
of
last
TV*-,
>
a_vLjl "v
x-
^
:
^
x
government.
;
-
BY JOHN
T.
k time to gather stones
together." And ladies and gentlemen, I believe it is time for us
all to gather stones
together to
*.
The Treasury in its combined refunding of nearly $11,700,000,000
of May and June maturities followed pretty much the pattern
which has been used since the
present Administration took
build
LU"
-i xr__
Tp
address
by President
For
Kennedy to
the
wLhi'S^'D ec CAp';'il;e3o",i 962nn,"rce' 1961' the.
mgton, u.
April 30, 1962.
of
before
come
taxes
Foster Chmn. of
§
Foster & Marshall
ended
year
Dec.
SEATTLE,
W ash.
resigned
has
partner
of Harris,
Albert
—
as
capital
provision for income
O.
/n
Upham &
-i
•
n
bank
■
the
market
defensive
_
Ex¬
tion
7
m an
of
Boa
r
'
Foster & Mar-
shall
Inc.,
Bldg.
Norton
Mr.
due May
Foster^
founded
Marshall, a
Partnership,
1938.
n
O
Proceed^ from
used
n
March 1, 1961,
the New York
Stock
term
Albert O.
Foster
&
the
new
Marshall
derwriters
The
able
those
less
Foster
said
"I
ine
the
firm's
*
ing; tne firm s activities.
..
,
•;
Sunray Dx Oil
at
Los
electricity to,
at
interest
yield approximately 4.33% to
turity.'' • "
•"
;
to
ma-
'
throueh
of
effective
-
sec-
wel1
■
preferred stock, series A.
working
"
1971,
the
company
will make semi-annual
sinking fund payments calculated
7 to
retire
prior to
'
7
*
80%
of
thei debentures
maturity.*;'
The
fund
x
x
js
believed
terest
ratA<s
rnllrknn
die-
that
rates'will
long-term
continue
to
in-
coupon rates, can maxe
use °* refundings hke this one to
the due date of the Gov-
extend
eminent
debt,-at
in
least
measure
meaSUre'
ing
amount
Receives Slate
H* Lawrence Bogert, Jr., of Eastunion
man
has
Co.,
been
President
of
the
Bond
Club
Bond
to
nudge
of
.
4
Drices
un
fpg fro^
he
levels
to
fast
easv
hL lone
in
the
Caution
This
does
where
the
will be
the
:
well
as
as
are
a pass-
attention
r"
-
.
^
preceded
by
a
buffet
sinking
7*
Onpn» Rranrh
7;
7
.
-
or
as
far
Incorporated,
in
^
immediate past
headed
^
conditions will
^
the
club
Suggested
the
for
past year. The
election
will
not,
economic
has
who
immediate past
take
place
the
at
Field
mean
H. L.
Day to t
early
held
be
competition for the funds of
investors through loans and mort-
more
Bond
annual
Club's
in June.
Bogert, Jr.
Mr-
'
;
Bogert
recently named Vice-Presi-
was
of the
dent
following the
club
resignation 'M' Robert C. Johnson ;
of
*
|idder: Peabody
e;-1'
,
&.<Co. Nomi-
-
.
,
to bond yields
as
times goes along.
setback
in
the
a
bond
any
sizable
f
market
yet,
fairly high plateau
in
the
moved up sharply and nothing but
clear
dieted
sailing
as
weather
was
pre-
kppp^pv
v
eludes
^ ^
Upham
Co<
&
c
.
for
Treasurer.
^
m
'
■
'
•
i.
^
of
have
Governors
nated
to
They
are
serve
been
•
; '
'
7
Robert
A.
Powers
;
THREE MONTHS TWELVE MONTHS TWELVE MONTHS
'
,
ENDED
:
r
ENDED
MARCH 31, 1962
MARCH 31, 1961*
MARCH 31, 1962
Before, F.I.Tf^.::._-._-L
Income-
MARCH 31, 196L
$12,690,263
$48,965,641
.$46,152,268
$ 2,211,530
.
Sales-
income
Net
'*7
.
ENDED
$13,441,351
::7>|, ''
$ 1,944,661'
$ 5,763,420
$ 5,333,233
972,161
$ 2,999,620
$ 2,634,533
$
1,068,530
$
Earnings Per Share
$ .63
$ .68
;
■
$1.21
7
Shares Outstanding.
Average
Annual
Dividend Rate....
7; ;;7Working <Cap|tal
,
—
x
SUBURBAN
*+:
GAS
1,561,186
S3.96
$1.73
$1.90
$1.13
f
$1.24
$11,971,740
1,489,263
$3.76
«-
CORPORATION
1,453,175
1,543,675
$1.12
$12,098,753
*Adjusted to include heretofore unconsolidated
PROPANE
subsidiaries.
General Offices; Whippany, New
THE ONLY FULLY INTEGRATED LE-GAS COMPANY
7*4*' .-7
Jersey
New York Office: 20 Exchange Place
LA
J O L L A, Calif.—Sanford,
Hanauen &
Co.
has
opened
branch roffice at 7734 Herschel-
of
Smith, Barney & Co. and H. Virgil
\
THREE MONTHS
nomi¬
three-year terms.
PROPANE
...
^
'
n.
Two new members of the Board
Sherrill of Shields & Company.
being 'ahead.
of
t,'y.
Baker, W^eeks & Co. for Secretary
and Howard B. Dean of Harris,
supper
*-*Peils Drancn wrriCu
W.
Ripley & Co.,
it
as
however, mean
that a good return will still not
be available to investors in bonds,
but it does appear to indicate thac
a
continued and healthy uptrend
Cash Flow Income Per Share
7
to and from theby private car or
7
*.'-r " :
"Phillips B. Street of The First
Boston Corporation is in charge ot
arrangements.
;
■
7
.)
York
succeed
Reds
7:; The nights at the ball park wilL
be
-7" ; V
Net
777
of
in town.
.
A
Cincinnati
of
Club
Harriman
go-
is not likely to
on
now
not a^few quarters of the fidistrict that borfd yields
7_"' '
Philadelphia
Wednesday, May 16, when the
and
for
Scott Cluett of
EARNINGS
-
...
.
night
planned by
is
&
Securities
nominated
yieIds of these bonds has carried
SUBURBAN
''-Club Plans^Outing
The
*
;
;
New
nancial
^be long-term sector
as
,
Pa:"—
some
*
re-
?ag®s s0 that bonds (yields) might
be less attractive to those who
could put money into them.
capi~
In other words, it is believed
?,
•
mai,A
Aan
"
on
the side of ease even
though the fairlv shorn decline in
opinions are strong
7'
redemption priee ds7100% 7 Avenue under the management of
••j-The^ompa^' has^iii-ot)ti-dm'to:iiaJ^®otert:-Dieckerf'
.
will
g°inS to be given at least
1965,' Transportation
7 and $38,481,152 to the redemption game can be
of the 1,524,006 outstanding shares
chartered bus.
note due in installments to
1,
it
operation for credit control and of bond prices and, although they
wiB leave the Fidelity-Philadelphia Trust Building for the
Cricket Club at 4:45 p.m. sharp.;
cumulative convertible
preferred stock, series of 1955;
$10,750,000 to the prepayment of
May
pattern
estt-!
an
5V2%
ond
Commencing
in£? monetarv nolicies unless there
1 S mo etary po c
su
ess
e
js a rebirth of the inflation fears.
over-all open market type of ,but this is
at the Germantown. Cricket Club'
where food will be served from
^*15 p.m. on.- A. chartered bus
7v
to be any substantial modification of the exist-
Angeles,
proceeds,' the comoany
will apply ab^ut $21,600,000 to the
redemption of- its outstanding
the
capital.
Strengthened
•
though the
Philadelphia Bond
Phillies
of 4V2%
the
as
Treasury,
ENDED
priced
-It will add the balance to
notVoing
there is
1.nteres^ rate. level purposes is go- may stay there for a considerable
be with us for the foresee- period of time, it does bring with
from able future. This is taken to mean it just a thought of caution since
May 1, that the intermediate term area in the past there have been rethese' df .the Government, market - as actions when bond prices have
77
'
for
a
pretty
the
.<* 5.120-°«0
The
LOf
far
as
public utility;
a
sinking fund debentures due 1987
.
and
and
what
of attractive maturi-
■
in
PHILADELPHIA,
at the ball game
accrued
an
bonds.
Dillon, Union Securities
Co., New York City, heads an
underwriting, group offering $75,000,000 Sunray DX Oil Co. 41'%%
and
but
use
the
San Bernardino.
&
98.75%
unfavor-
California, excluding the City of
Eastman
are
as
Angdes and certain other:
cities, but including Long Beach,
7 Santa Barbara; Santa Monica, and
Debs. Offered;
debentures
been
.Los
v
question
with the
company of
effective
interest
the company is
expand-:
activities"
to
Headquartered
to reioin
"v I d firm and^ look tu™ishing
forwaTwUh keen anticipation °o
assisting my associates in
of
none
'redeemed
the
cost of these
nleased
am
be
cost
than
marLt spedaTists
the operation
the
become
ranging
borrowed
interest
to
an
much in agreement that the "bills
in
to 100%. Prior to
mav
areas
Mr
prices
however,
funds
on
market
money
a"d evidently gain strength that This does not indicate
the^useT directly^rintoeSly"
in
agencies
at
;
used
bonds will be redeem-
1967,
bonds in Washington,
Oregon, Idaho, Western Montana,
Alaska, and provide all types
of municipal-financial consulting
public
be
program
will
.
most
short-
all
construction
bonds
of
municipal
to
will
sale
incurred
loans
balance
new
104.25%
and
services
the
retire
to
treasury funds.
corporation.
Inc. are 7 un¬
distributors
and
the
and
Company
and
the
investment
hanking part of the business was
in
bank
company's
with
retained
part
maturing
w^? had .an important ; influence £re approaching levels where it nated to succeed hnxi jn .that p s
®n ^®xW?^
?n<^,capital might be advisable to revalue the is Blancke Noyes of Hemphill,
^^kets bave behaved ijn the past, situation in light of what has tak-/ Noyes & Co.
: ' Tnis time, howeverjUt appears en place and what might happen
Th
Bond Ciub slate also in-
Foster
7 ;7'7y/n;'->7.' 7:
Exchange business was
Harris, Upham &
merged
in
"i;~,
the
owned
ac- ?
interest, to yield 4.25%. The
group was awarded the bonds in
its bid of 99.32%;
-.L''-7vV^:7 7
&
i
1987 at J 00% and
crued
the
business
With
stock
\^none^. and
tirjt and
1
Markets
l!?i
funding mortgage bonds, series Or-
firm of Foster
.
Co.,
'
•
the
concerned.
is
be
15!
G,aix|al ma^ts15.or7th®
jRyeseeable future. This kind of
writing group which is offering
$407000,00(1
Southern
California
Edison
of
which will prevail- and what the
• r*..--
...
f
o
The
Stuart & .Co.'.Inc.,;'New
York City, is managing -'an* under-
the
d
ailo/
*a£a £he kind of monetary policy
Halsey,
Chair-
of
market
Bond
Bonds; Offered
change, to ac¬
cept the posi¬
is
\
NewWIYeo^mber firm of the Edison Company
Stock
not
will
conditions
keel, while at the same time
protection in some measure will
be given to our gold holdings and
the international position of the
dollar. <
:
.'
47/2%, and Pas s°ne in
^
to
5%
developments
bond
r
,
Treasury
tone
have
who
area or the main
the
rate 'from
able
b0. Lalll01TI.ia
Co.,
following the
is staying away
The favorably received
refunding operation as well as
another reduction in the British
•
••
••
.
is
offerings.
and
special items of $51,•396,000.
Comparative figures for
the
preceding year,were $467,218,000 and $54,233,000.
general
a
re-
.x
froiR ,the long-term
market,
Foster
due
cash-ins
•
x_
addition, by
pattern, that
usual
31,
*
ii? corporate to leave this sector for
net in- continui.ng and tax-exempt new
$479,765,000^md
mcome
of
economic
even
an attractive one
amount
x„.i
keep
over.
(note)
which
program
expected to be important.
In
and
tw
the
—x
not
Alaska.
—
that
so
exploratory
in Australia
is held
acreage
areas
ir,
Substantial
zuela.
country as it must be
built in the coming years.
producing
States and in Vene¬
of the United
this
*An
1963 at 100, the 3%s
Production operations are in most funding package
of the
principal
is
obligations, but also to those who
had funds to invest.There is no
.
The company's 3*94%, the Treasury made the
and its products.
stones and
Treasury, terms of
just made public last
were
those
m
elude the exploration .foi, devel-
'
,
opera¬
no
departure from the
which has been in use
right along.- The refunding issues
were such as to appeal to not only
CHIPPENDALE. JR.
and
•
the
Extension
refunding
program
Sunray is an. integrated oil enter- By offering the owners of the
some adjustments; on
every side— prise^doing business primarily in maturing obligations a 'choice of
among
labor, business and the the United States Operations in-,the 3V4s (certificate) due May 15,
disagreement,
some
of
week,
;
:
o
x
Debt
current
which
—
.
'
ence,
The
:
range from 103%
achieved these goals
we
Partial
Our Reporter on
•
ment and
The Commercial and Financial Chronicle
Mr.
This Week
Insurance Stocks
—
degree
from
Scnool
vard
I
holds
a
Harvard
is
and
-
Business?
•
as
College, Class
of; 1931,.
en-
as an Ensign in'
discharged in 1947
Commander following
39
He
a.
months
PRICES IN 1962
of
duty
overseas
The record level of fire losses
experienced to date has been heavdate
ily influenced by the severe winpopular market averages. While ter weather experienced throughmost
insurance stocks
are
cur- out
the nation during the first
rently below the price levels at three months of 1962.
The
1961; the declines have!'/
proportion, and
year-end
*
v
,
moderate in
insurance stocks, both : life
fire and casualty, are at or
I
many
and
their yearend
near
"
weeks
'
"
"
*
V-,
The
t
'
;
Forum
York
Junior.-,'-President.-
on
Vice-President
that they
;;
"
.
,
tneo^
affiliate,
figures of 1961. Preliminary indications of underwriting results for
con P
/Consumer Organizations; Josepl,
which
miums in
fire
lieved
lines
have
to
better
been
of $16.7
.Vice-President
Gem
of
those of the first three months of
Native's
office
v'AssistBnt.-Vice-President in ;tthe
international- department at the
: Bank's head office and from 1957
l^he Forum
1
w
b oken
1955
chase Manhattan rep-
,to 1960
parts, the first part will cover.;
tt--,
"closed door- or member, organi- :resentatlve ^
.
property line results may
raraf,at;
Division Street in Peekskill.
Caracas, Venezuela.
.
•••.,.
.
-4s
<
•.
.
4s-
,
First National Bank, Boston, Mass.
has made N..John Girbau
-.
•
to 1961 he was in-charge of
County Trust office at 4 South
the
Vonezimla
A
,
-
-
department in White Plains. From
mobile insurers and do a large zation discounting, and the second
be roughly comparable to those of
business in all other lines. The portion will^cover leasing operar ,First -'National City Bank* New
a
'York annouiiced that George Cv
year ago
'
group includes a life iterance tions.
'
•
* {;A. ' /
T'
Scott, Senior Vice President,
Life insurance stocks have company, owned by an affiliated
The Discounting Forum.will be- transferred from the National Diposted new highs in 1962 follow- ho.aing company, Nationwide Cor¬ -gin promptly at 4:00 p.m. qtHhe
division to the -'Overseas Division
ing the unprecedented advances of poration,. which owns control-of headquarters of The New York 0n
May 1u 1 :
, 1961. (Prices have been bolstered several insurance concerns.
The
1961. and
,
insti¬
retired April 30. Mr. Langan pre¬
viously had been associated with
the mortgage department and for
three years had served as Officer
in Charge- of a special mortgage '
u
//ManUeLH.
,w ? 1S in
';charge of; the office, has been^an
-Inter-
„,ni
two
the Board of
on
combined
the
Bank's mortgage department, re¬
placing Charles H. Robinson, who
32
L
\
^+W
on its books at yea
serve
of
-
Snain
Madrid
in
AlcSa
de
million in ..national, Inc.' Washington, D: G.,
and Bernard Waltzer, Vice-Presi•dent of E. J. Korvette, Incv/^
"
The Nationwide .companies are
among the country's largest auto-
than
continue to
Directors
_
at
but will
merger,
„■
Marcus. 'Executive
Joseph
Unc.;
the
.
tutions.
./C
''. : '
V
participation, new sub-, r.,*iV.4s."' ''4s.',.;
4«
scriptions .for capital stock will Thomas J.
Langan, Jr., Vice Presi ¬
be made, after which Banco Lar
dent and Mortgage Officer of The
will have a capital of 1,570,000,000
County Trqst Company, has been
cruzeiros ••
- '
named Officer in Charge mf the
Meyers,;;^e
firm of Perry
.consultant
^Lrance on^tfbooksa^year-
be-
are
insurance
writer of fire and
time^ of
the
York, May 2 opened a ;represen-
Perry Meyers,-with the marketing
a.
1961
1 ^ insurance
encu
losses and heavy windstorm losses
Liability
J-
title
a
affairs of the Bank
tion in the
;
The,chase Manhattan Bank, New
m
d
,
casualty insurance, had gross pre¬-
the first quarter are more encour-
March.
V
and
rolTDanv
'
The Com-
bas^ ui^^e^ctatiomof merciai standard GrouP)
thi^vear after the disappointing includes the Parent> a llfe insur"
year alter
this
-.
.
of
as
Mean's
v
.
standard insuranCe Co,
'
_
-
..
Ply
■
;ciJies%
,1..
-.
.;,
In connection with Chase Man-
_
Investor enthusiasm hasicont
in
-
announced.;
-
' /v
.
k;0'BA#1t,-„r;have bought.a controlling interest
Taking part in the discussion
dn
a
group
0f Texas insurance will-be: Barney Goldberg, Director
ued into 1962 tor fire and eas
y
^companies headed by Commercial
of 'The
National
Association
of
insurance equities.
This spm T
Manhattan
a s e
deposits
in
Under the agreement, Jackson
Chambers, who for the past 45
years has been the chief executive
officer
of
The
Gramatan
Bank,
will retire from active participa¬
,
Monday, May 7, 1962, Eliot
Black, Abbott, Proctor & Paine,
try
of the Nation-
Capitalizations
Revised
•
December 31st.
,
C h
Rockefeller,
f
Society of
etc.
$16,000,000 '*
-
Analysts
Will hold ,af-'« The Brazilian ..bank,, has 31
the Discounting Indus- branches in the country's principal
on
;
companies
'0hio> have announced
'
New
Security
A
wide Insurance Group,.Columbus,
posted new highs in recent
have
*
ACQUISITION
•
Two
A few
prices..
*
NATIONWIDE GROUP
* u
Bank, New
.Janeiro, Brazil, it was announced
ovbr
the- week
end
by
David
To Hold Forum
i
Manhattan
Chase
ownership of Banco Hipotecario
Lar
Bra Jleiro,
S.
A.,
Rio
de
Junior Analysts
l
Officers,
New
•
York has become associated in the
-
relatively
ty*
Branches
New
•
the .E
in
European and Pacific Theatres of
operations.
~
prices have given
good performance to
in 1962 as compared with the
Consolidations
was
Insurance stock
been
■
graduate of Har¬
a
te^ed'the Navy
1911.
INSURANCE STOCK
who
-Amazeen,
master pf business administration
INSURANCE
BANK AND
a
.Thursday, May 3, 1962
.
(2110)
22
resident-:
Vice President in New York.
.
;
purchase
by the excellent annual reports of
many life insurance concerns.
In
addition, life sales to date :in 1962
of
the
Commercial
;
' 4s
4s
4<
was
Manager
of
dock
•
Office
vania
of
appointed
the Brad- i
Western
National
•' ■.J.
V
'
Balkey
Assistant
fy°sCtfis Wimanm0rstSNcwY0Aa" ^' l» be assocjated with Walter B;
his new assignment Mr. Scott
lysts, f5 wimam St., New York.
will
tandard Group is being made by
' ' ~
••;
.;
.
James 'A.
Pennsyl¬
Pittsburgh,V
Bank,
;"?Wriston,"Executive^Vice President, Pa.'
-tw° mutual companies — NationV.
A rl o rY^o
are running well ahead of the rec1'..,
4s ':,4s.. :
*
Mu^ljMurance Co.- and T if Flnk-Fi^l rl jTa.vi.<XIIlb iTn the senior group coordinating
the -Bank's lending a c tiy i t ies
Old pace of 1961 indicating that 'Nationwide Mutual Fire Insurance .LilLLlv^lItJlU-j
>Th^ merger of' Easton National
1962's total
life
O nA
1 "
' abroad and its relationsMp witfr;
insurance sales '
not by'the.holding company,
Bank of Maryland,
Easton, Md.
Vy0IIIIHOIl VO01Q ^theEkport^Import Bank and other
may well reach the forecast of $84 •
*
with (; Maryland
National: Bank,:
'
i
;
r v
billion compared with $79.5 billion
v I ;;overseas financial agencies of the > Baltimore
A TYYQT'PP'n*
AT
3, Md. - has been ap¬
Andresen & Co., New York City,, Government.'
'y
;
.W,
in 1961.
This will be -fully re- -CLlIiaZiV^il
V .-J. . Ui
proved by the 'Comptroller of the
:
;
1
•
*
..
nvii
w-k
r
•
.
,
-
.
is
fun'year"earnings rep°rts for the William St. Fund
-
Insurance stocks have withstood
the
sharp
values
view
in
drop
of
the
stock " market
past few
of ;the
Edward
favorable
elected
in: Qne
weeks
industry
End
Recent
1961
Price
Div.
Aetna
Casualty......
$67
$77
Aetna
Life......
l.l%
$0.88
133
1.60
32
29
1.30
j |;:
Boston
45
39
1.80
4^" will
Connecticut General..
Continental Casualty.
141
132
0.80
0.6
101
99
1.50
New
1.5
Federal Insurance....
70
72
1.00
1.4
ager
64
68
2.00
2.9
One
140
139
Insurance..
Insurance...,
Fireman's
Franklin
Fund
.../.
Life
.......
Lincoln
1.5
Lehman;
2.20
4.0
1.80
1.9
Vice
-
Life
174
dent
and
St.
F.
Paul
&
177
1.00
0.6
47
51
1.90
3.7
123
3.00
2.4
l:am
91
89
1.44
1.6
168
165
1.60
&
Guar,
Life..........
82
78
a
FIRE
1.20
72
71
*
1.7
0.20
0.2
>:<
LOSSES
losses
in
the
United
States
estimated at $363.8 million
by the National Board of Fire Un-
were
derwriters.
This
amount
is
6%
greater than the $343 million losses
estimated
1961
and
for
19%
mated
losses
period
of
$114.4
the
more
of
million
somewhat
comparable
March
were
a
quarter of
than the esti-
the
1960.
than those of
first
losses
4.8%
than
greater
although
year ago,
more
at
the
amount
estimated for February.
in 1959
as
.
and
■
.
Bulletin
on
,,
in
i
outstanding, compared
National
Members New York Stock
Telephone:
Bell
BArclay
Teletype
Specialists in
NY
Bank
President
a
7-3500
Stocks
and
of
Trustee
Cemetery
Trustee
effering
$3,000,000- 6%
bentures
In¬
Bank,
elected
New
Edward
L.
Palmer,'..a Senior, Vice-President,
<!
-
Bank
Chemieal
!'
New tYork
Company, .New York
Zender
R.
it
has
its
to
Trust
elected
Board
of
by
announced
rwas
in
of
5:5
The
*
He is also
Governor
a
of
of
to
.
Lincoln
new
of Bankers Trust
of
2(H0
vard
a
Club
A.
vard
Club.
the
Old
Di-
a
and/ Chairman
Board
the
of
Directors
of
of
Easton'
will
the
Easton Office Advisory Board and/
a
member of the Trust Committee
of
Maryland
National
members
of
All
Bank.
Board
the
of
National will-
Easton
become members of the
Advisory^
Easton
National
Bank
stock-^
Maryland National Bank stock for
Trust's
Bankers
48th
branch
four
each
$
*
tional.
%
Bank and
Trust Co.,
approved
Gramatan
the
of White
Company
Trust
have
plans to
Bank into
County Trust according tc.an, anby William L. Butcher Chairman and John A. Kley .
..
.
Junes
of
company
-
Los
6434
of
shares
of
City, the
Colony Har¬
affected
115
through
shares
of
15
The
each
capital
of
Gramatan Bank
The
merger
approval
both
merger
of
the
the
institutions,
issue
Easton
Na¬
ment
basis.-
sold
.
on
a
time- pay-^
'
J.
\
The
be
with
the
of
resources
will
indicate
in
of
the
75,000
of The
outstanding,
subject-to: the
stockholders of
Gramatan
bank,
$590,000 000:
funds
exceeding
$44,000,000.
4-
•
The
4s
4!
Savings
DeuO;it
and
Bank
Tru-t
Company, Elyria, Ohio, has;
converted into a national bank,
First
National'
Bank of Elyria, effective
April 16.;
the
under
title
/'*'•
of
i':
Homer
J.
Livingston,
Chairman
of the Boa^d of The First National
Bank
of
Chicago, ,111.
announced
representative of--
open a
fice
in Tokyo.
was
established in London in 1959.
A European office
of
stock
the
of
the
total
merged
excess
caoital
that
ijt
5-S
Trust
Superin-
affiliate of the County Trust Company.
banks
two
of
statements
#
County
now
is
would
business, and to a lesser extent, in tendent of Banks of the State of
purchasing installment sales con- New York and the Federal Re¬
tracts originating wich retail dealserve
Board. The Gramatan Co.,
ers
in
automobiles,,, household an affiliate of The Gramatan Nafurniture, appliances/and other* tional- Bank, will not become an
merchandise
1
be
Current
plans to
Under the terms ratified by the
Wilshire' shares
Angeles,- - operating
through wholly-owned
-
banks' directors, the
;* Company for
-
in
later.
Bank
had
'
Advisorythe
Office. T. Hughlett Henry, Jr.,
become
Vice ; Chairman
of
New
Fi-
states, is engaged primarily in the small loan
Navy League, Downtown Club of
and
become
holders will receive five shares of
merge
i
subsidiaries
.
Boston
will
Office: Board of the Easton Office.
Square
Company,
de-
J "v.
The
member of the Har¬
Club of New York
Willis
Broadway and 66th Street, it will
Plains
used initially;
short-term
indebted-
..reduce
Blvd.,
member and former
Bond
Budget
South
,
Boston and
Mr.
}
rector of Maryland National Bank :
York opened April 30. Located at
County
series
ness-
mostly
the
of
Directors of
*
of Brcnxville, New York, and The
caoitaL income
due
of the company and
Everett,
the
close
other
Chairman Harold H' Helm. "
tan National
Net proceeds from the financing
will be added to the general
Imports, Inc.
Exchange
1-1248-49
u
City
The directors of both The Grama -
HammilL:& .Co., New
City,
and
associates
are1
subordinated
Scituate Savings Bank of Norwell,
Mass., and a Director of Loire
BROADWAY, NEW YORK 5, N. Y.
*
First .-National
announced
Association
Currency, to
the
the
be
272,867 shares in
on
,
York
Companies (now Invest¬
Companies Institute). He is
Mass.,
Members-American ^tock Exchange
120
divisions,
President of The County Trust
Company, and Jackson Chambers,
Se Plan at 95%^ plus accrued1 President of The Gramatan NaNlr.
Amazeen
has also held
fnterlst from Aoril 19? and1 tional Bank and Trust ComPany?everal important committee posts
IS l60 of Ts emmon st«k at fateatfor stockholders' meetingsin botk t.he National Association
of' Securities
t0 yote on the merger will be
Dealers,
Inc., and $16.75 per share.
■Woodlawn
Laird, Bissell & Meeds
was
300,-
on
Shearson,
member and former Chairman of the Investment Companies
Committee
of
the
Investment
Bankers Association of America,
also
'
'
1961
share
Common Offered
A
ment
Request
were
a
•'
Directors,
..
four ;of
,
'
,
to "Austin
Budget Finance
Plan—Debs.,
vestment
;
added
$2,600,- ;
with -$2,444,292 in
.
Securities Co.
of
in
served
major
the
.
1961
Bank's
,
d?nt ?f William Street Financial
Planning earlier.-this year.
the
Christiana
for
preparation,
be
has
1
Vice-Presi-
a
and
r
income
shares
use pro-
in
Bank
become effective at;
business, May 4, ac-cording to a joint announcement/
Metropolitan, Overseas, National, by Hooper S. Miles, Chairman of -,
and';'the ^Comptroller's , Division: the Board' of Maryland Naticrnal
where he worked with the Over- , Bank, and J. McKenny Willis, Jr.,';
seas Inspection staff.
President of Easton National Bank.
He
Yorkhas
.r;'.
-
tbe
'
aSer,;.ior One William sales m its
New England territory. He be™me.
Sales Manager in
March of
1960
i."
j0j[ped
office.
regional Sales Man-
~
^
in
Net
1960.
Planning, Inc.
man
sales
with 24 cents
Edward S. Amazeen
Long active in investment banking
circles, Mr. Amazeen joined Leh¬
During the first quarter of 1962,
fire
000
Street
Financial
,
will
equal to 29 cents
1.0
and
in
now
compared
1960.
Di¬
nursing
publication
for
balance
705,
rector of Wil-
M....
titles
Net
Presi¬
and
loans
working capital.
and
134
Insurance..
Fidel.
S.
1.10
95
Travelers
U.
74
Department of
;
of-plates
The
3.6
55
Insurance,..
S.
William
0.4
reference
students
medical,
retire
to
new
2.00
59
Phoenix
•cost
0.50
and
college
books.
-ceeds
57«
105
for
gc0^
X929.
the
Littlefield, Adams will
■
" the
Am.
Maryland Casualty...
U.
of
No.
of
Haw
Sales Man¬
Brothers
Insurance
Co.
books
continued
National
;Home
paperback outlines
President. He
as
1
public offering pf
Paterson, N. j!, comwhich publishes and sells
-distributes
d
h
u
share.
]y[r
•
stock in the
pany,
by
80
American.....
Hartford Fire
Ins.
:
com-
Littlefield,, Adams
It is the first
The
Inc.,
'York
was
59
Great
!
Street,
F
ter, '
142
American
of
& Co. at $4 a
Allan B. Hun¬
Yield
shares
mon
>
William
it
publicly ,150,M0i
been
of
Fund,
announced
Estim.
has
Street
City,
Year
Amazeen
Vice-President
a
William
fVe
prospects.
S.
offering
Mr. C. Edgar Johnson, Senior Vice
President
Bank
,
of
pleted 50
tired
on
The
of
First
Chicago,-111.,
years
on
National
who
com¬
April 23,
re-!
April 30.
Mr. Johnson will be retained
a
consultant
for the
4s'
Empire
Missouri
State
'
as
bank.
4s:
Bank,
elected
.
Kansas City,
Charles
President and Chairman.
Hipsch
.
V
-
Volume
195"
Number 6156
The Commercial and Financial Chronicle'
v,
(2111)
""
\
■
■
23-:
•
n.
It
Of NY Savs. Banks
'
Alfred
S.
^ Bank
BY KENNETH HOLLISTER*
BY
Selling Bonds
Texas Eastern Transmission
In
7/
the* period
disoraer
confusion, and
estimated
existed
in
the
at
million Tor
$60
The
V/ -*
;
facilities and about
of
that' has
natural
Corporation
$10 million xor
Cash generation?
"^ected at least
assets
a port-ion of their? • and" public financing may be limactivities that were not, ited to about $30 million,
about;
to
closely regulated.
first acquired
em
Texas East-
000 to
/sion.
^
-77
one-half of which may be a con-
;
,
vertible preferred.. At the present
production s u b s i d i a r y (subse-' time the capital structure of the
7
quently a division)>'and then re-" company, aggregating $847 mil'V
converted part of its pipeline for lion, is fairly heavily
leveraged first "mutual 'savings bank, has
the
transportation of petroluem consisting of 62% debt, 17% pre- been
elected
President
of
the
products.
More
recently it has ferred stock and 21%
common
Savings Bank Association of New
proposed-building (in conjunction stock and/surplus. 'Adjusted for York State.,
.
with
r'Coai
Consolidation
)
pany
able
full
Com-
coal pipeline of consider-
a
convertible
length.
tiUXI
tion
of
U1
will be
being
Assuming construeldCllliy
facility the company
tut; UUlIipdil j
step closer to its goal of
"Pipeliner of Energy."--
p;
Big
uii
Inch* pipeline from
com-
be'
J
„
Government in 1946 for $143
millicn,'the Texas Eastern system
Interest
.
recently
has grown until it-now has-assets
in
11-..-
Texas
been concentrated
-w
^
$840
natural
a
'Kingdom 'of
proposed pipeline to carry a coal
slurry
(60%
coal,, 40% .water.)
million.
As these
sales
are
the
over
"
-
"
through condemnation pro-.
ceedings. Until now the proposed
~"J
1
The
973/'%-
way
the Une has been held up
At
Cit
be authorized to acquire right of
ing years, natural gas is likely to
remain
the -primary/source.' of
Revenues-^jandMncome;
present
~
~
""1 "
pipeline
a
bonds
^nd
v.
bought
security
with the
vestments such as Federal Agency
issues, and public housing author-,
ity obligations; Risk investments
official who has the responsibility
consisting of State and local
who
respects
need 1 for
this
bank
officer's
idea of selling it before
maturity.
All
needs for liquidity should be
provided for by primary and secondary investments in cash, gov-
gen-;
'
yield 5 47% ■
n
New
.
York
priced 'at
interest
to
appre-
Every bank has a different
problem.' Some small banks have
accentuated liquidity considerations which are the direct result
limited
time
deposits
and
a
high'proportion of demand deposits to capital funds, plus the status
of their general earning assets. A
heavy : proportion of -commercial
.
direct;^un-
are
of
.
Regarding tax-exempts, naturally a very small bank, where tax-
information, able income is either
accurate
ex--'briefly dispensed, will be
1977 ciated--? ,-
5%%
ara
accrued
becauseofbb£ds^Which^
I
/4
« n 1
be
-Approach your client from the
side of the desk where he is sitting. Every conscientious bank
?• time will be made. The salesman
$20 000 000
Denmark
"Lazard - Freres & Co
ommendation that such:
ex-
com-!
corporate
or
ever
ernments,
consisting
of
U.
<S.
***">—
=
Treasury obligations,quasi-risk in-
true
,
pected to increase
should
corporate bonds make up the genbank, the more desirable the' era*
reserve
of
a?
Commercial
account, the more calls upon his Bank's portfolio.
gas
revenues.
nicipal
principles hold
m
servicing commercial? bank
accounts as with private individuals, as far as the sales policies
are concerned. Enumerated briefly, these policies are:
ly, these policies are: '' '"7 / " *'•
" " *
same
the
ternal loan bonds due May 1
Transmission of
jg b0jag made by an underwriting
remains the.most im-! from,West Virginia mines to elec-group managed by Kuhn Loeb &
portant facet of the
company's tKC generator boilers'-.pn the east' Co; jnc; Smith
Barney & Co. Inc.,
business, .accounting for 80% of coast.
The project has perhaps
Karriman Ripley & Co
Inc' and
assets
and
84%
of consolidated been aided by a Presidential red-
of
sold
„
has"^ - rjubli^i offering^of
on
discus-
be
phone him repeatedly. The larger
r
_
.
>■,
Eastern
this
to
problems of liquidity. In
other words, no longer-term mu-
*
*
the Fed-'
in
have
ever
meet
\
of managing a bond portfolio is eral obligations, tax-exempt aujr •
i
.•//•//'..
pressed for time.
Many ■ bond thority or revenue obligations,,
xVin.ffQ.01Tl
.f 7 i' "V''•/ salesmen call to see him, and tele- railroad trust equipments and
Ui
IUtctl
25% of total CdjJlbcllJ.ZiClU.Ull. The; ^ f. 'X^\- >
capitalization./ J. 11V^1^
ta
1
1
changing : characteristics/of
the
(jJT Jj6Rin<irK
pipeline; industry would seeni to>
i
•'
,
T/I
-i.
I '
1 ^1
indicate the desirability of fur-/
KfYfifJCy Sf)l(1 "
ther; increasing'! the equity fatior ^VAfM;^ HV^Vf ;'
eral
?
the
included
iTlie;
should
to
"/'•;; 7'/"" v 7 /
outstanding
preferreds
,
AO /O
Since the purchase 01 tne kittle
-
of
'
stock and surplus would
mon
llllb
this
a
a
conversion
not
are
V
Y
-
commercial' • banks
$10;000,1$150,000^000. Savings-banks
"
oil and gas
an
generaL.security; salesman in his'its,
approach'-; to
gas'-'.industry
in recent? otnqf operations.
*rY
of toe long distance/will be aided by"
non-recurr-m^' 7 ?
companies have di- refunds from pipeline suppliers
"
suggestions
are- issues that are classifed
as
genpresent a guide to the eral reserves against time
depos-
.with total assets of from
transmission
so
..
.
to the Smaller Banks
followinj
intended to
ga&*_"
most
years
JOHNDUTTON
Mills, President of The
Savings, New York's
for
under
$25,-
000 or over $25,000,
(before
non-recurring profits or • losses)
the Federal normal tax rate of
30% is applicable. On all such
fully taxable income in excess of
$25,000 there is a 22% surtax in
addition, making a total combined
rate of 52%. An individual bank
may,, therefore, be; in the
30%
bracket on fully taxable income
of
0—$25,000,
and'
marginally
.
,
l03118' not too well distributed, i$25,00QYtO' about^J40,000), ^but
J
A
J-
_
-
-
l
-
i
'
"
'
CO/W
^
1_~.
1
4.
related
12%-13%
ux*
ctsacis
miu-
wnu™-
Hni.Prt
growm; may
purrpnrv
maKe
11
man-
rne
pomqno
manager
ot
a,,;
little'to'earnings, although it $160 million,.and;4elivep/cpal/at
currency.
datory
that
such
banks
lean Commercial Bank
in ' the
30 % a
may provide som,0|i'incbnYS}"iSftClr' about
a
10% ^saving under •tKe ^-^The/bonds are not .callable for
.".-callable for heavier upon "riskless" sechrlt'^s, bracket has nothing to gain • by vcharges, for the first time in 1962. present delivered rail price/
......
-10 years except through operation both as to quality and market sta- investing, in tax-exempts but the
The remaining 6% of the business
In 1961 the company settled rate
;ana alter bility. In such cases the only an- situation is fentir.ely changed when
utes
,,
1n
.
.
.
...
-----
-
...
is
in
oil production, exploration
increase applications then pend-.
refining. Little expansion is' ing before the Federal' Power
and
foreseen in this activity.
The
natural
gas
pipeline
Commission.
-
ex-
rently
for
this
the New
for
the
and
York
Metropolitan
parts of southern
land.
It is
area
New
Eng-
settlement
2
recent
for
are
follows:
as
In
•
operated
I960--
for
Texas
gas
share
Ohio,
eastern
Pennsylvania, New Jersey and New York.
largest customers are the
„
inco
on
>
the New York Stock
'
•
change
.
X1
Ihe
reserves.
ol; la cents. Over the bemg carried out
ong.er term P™sP3cts for a con• >r U
tinuing growth at a moderate rate yni1ri^Q;n
income
(an
affiliate)
and
Improvement Co.
Philadelphia).
In : total
Gas
,
IVlOllilvalil
.
,
with the Federal Power Commis-
en
sion
annual divioencb Where
further
-7
-
.
are S
;
there are 72 contract customers,
/At the present price of IT.the
excluding special services.
The shares sell at 17.5 times 1961 recompany" has filed an application ported earnings and yield 4,7:%
to
./
tipwarti to $50
enlarge the pipe-
two
to
Pretax income
$4,000
through
For
a
.
example,; here
that should
security
a
bank
officer
certain
are
be
salesman
clarified
is
going
select
if
to
bonds
posits to total capital funds? What
the proportion of demand deposits to short-term riskless in-
is
the recently1"increased 80 cent
$1,920
$2,750
$2 750
+$8,300
.
Stagger Maturities
approach
that meet his requirements. What
is the proportion of demand de-
,
*Tax return
2,080
$2,800
by the salesman. An analysis of ■' Since bond markets are unprethe portfolio can be of construe- diciable over the longer-term and
tive assistance to the bank off'cer subjected to forecasting imposas wen as to*the salesman, if dur- sibility with any assurance of ac-
help
.
intelligent
an
$4,COO
1,200
—
Advantage over 10 yrs. —$500
' *On 2*14% municipal bonds;
needs,^
Kingdom ing the first interview these problems are openly discussed.
Denmark.
.
$75 million, also
these problems, as well as
other particular investment
can
that
only
be
uncovered
factors
in
or
have
+
Consolidated Natural Gas System,
Columbia
Gas,* Algonquin
Gas
.(serving
'
ExJ;hange' / ' •'
process received from the
saje of. t^e bonds will .be added
ihitiaUy to Denmark s foreign^ex-
%
'
7
Application will be made to list
.
„
.
^or 1962^earnmg^may/ncrease intends.to use the proceedj^to a
a,- e?t C8?
are
w | large extent, to finance part of the
The four
United
...
earnlngs^ouid^be^^!0"
:
.
the oonds
1.23
_____
#
are
par-
0.92
1957
central
Transmission
sinking fund redemption price is
0.74
1958-——
to
Eastern,
x
of
.
-
1.03
1959.
intermediates
aPnual payrPoc<H three years- Other Joanks ranging Pax liability
?Lf 'and
I'- yT-T i6" in size from $20 million in assets
Net return
197b
$1,674,000 in 1977. The
$0.97
__________
termed
by
years
Per Share
*1981_>,
permit
greater peak day deliveries during
the heating season.
—6
Major marx,x«JVi
•kets
•
nd will retire 100% of the issue
,
Earnings
addition, extensive under¬
storage facilities are
and
:^gmg _trorP 101 % if-, redeemed paper, heavily weighted to: ma- following illustration'is pertinent:
kpt01'6,;137 :17L7
,°.n1^n^ turities under one year and run/
'■
ffteT
J; i Au
ning n0 lonSer than into what ar3 -tV ^ ■s^o.ooo at 4% ^30^
52%
•
-•
ground
owned
^ 1 ?. ■/'p the^^ ponas, are^subject gwer is
a heavier reliance upon the
59%
tax
rate
is
charged
to °Ptlonal
at Prices short-term U, • S. Government against operating
earnings,
The
Hr»rUo>f
adjusted
1 stock split,
line
systems in the country with
an
authorized daily delivery ca¬
pacity of 2.5 billion cubic feet.
cur-
and
earnings for the past several
of the largest pipe-
one
actions
contemplated. Restated
are
tends from the Mexican border to
No rate
vestments
an above
there
any
in
governments?
periods
when
a
Are
curacy,
consist
the bond
of
portfolio should
staggered
maturities
which
run off at,
or
in nearly
amounts, each year.
This
management the opportunity
of
reinvesting
available
funds at rates that will strike an
average of the bond market over
a
period of years; rather than
necessitating the reinvestment of
equal
affords
large amounts of funds during any
one period when the market may
bank ;be
abnormally high.
who
desires
to
the accounts of
should acquaint
excellent
written
Federal
year
Deliveries
ucts
last
of
petroleum
year
barrels
the
Construction
cilities
of
both
previous
w a stttngton
company
in
In
of
use
the
fa-
the
should
permit
utilization
of
the
interconnection
Pipeline
of
of
,
Ohio
Ohio
and
this
division,
v.-
,
. 1
•
OAKLAND
Securities
—
most,
most
.
*
-
:
-
:
•
/
Pinch-hitting for Owen Ely.
appear
Ind.,—Variable
uao
to engage
officers
CITY,
in
uvvxi
Q
are
Cecil
H..
Gladish,
_
Presirient
and
Treasurer-
T„K_
Tohn
a
»•
Allen,., Vice President; and
:
S.:- Carter,
-
dress is R
,
Secretary/
R.
3.
;
~
-
Mail
receivers
w.'
W
v*
Paul
ad-
as
repayment?
-
Chippendale Jr. have been
•
espe-
to the port- 'dally helpful to me in quickly;
fobo; what is the relationship of obtaining current information
tromc parts, components and7'riSkiess" short-term governments that I could not as readily secure 1
equipment for sale to the service ^ demand deposits; of longer- anywhere else. It also saves my;
trade and to industrial users.
term treasuries (intermediates) to time and is written for the general*
well
Corp. has been formed
con,irifioc
in a securities hncinooc
business.
Loouu
*
radios, television
Jr aad other consumer products
securities.
.
Construction costs this year are
.as
.
Variable
recent
Michigan which ...should enhance
the company's long term earnings
from
v
has-. extended
~
int.n
into
/
tion of
ultimate
A
:
d^Laa"d wiHiam T. Wirtner,
with the Buckeye
system
"ir
service
service
line.
;Alevandpr
|^|
_
in Ohio
areas
greater
Net proceeds will .be used by
beenVc^ed
P
'
further
pipeline.
.
particular construction of
larger LPG storage
~
for
well
auger
increases
and
D
&
year.
terminal
new
by shippers
—"-11
on
Re-.
serve
Bulletin, and such articles
in the Commercial and
company has
with'c?™panZ:}°^:5fpur5hase i60Y relationship of commercial loans ■Financial Chronicle by recognized
^ 02RS ronneetS9 aT 000 of its outstanding shares from to capital 'funds? Are there any. authorities on the " bind" and
N
w
1
securities"'^r' and Mrs. Henry L..Kohn;-to particularly concentrated com- money markets. The municipal)
bue'ne'cc;
Officers * are
Eric
E
rep?y loans' and increase working mercial loans that are of longer bond market covered every week:
H m
^ President and Tre^s- cap) tal"i - •
'
"
than normal maturity,- or where "by Mr. Donald D. Mackey, entitled®
nt
^
Vice PrTsi
The company of /08 Bigley amortization of such loans
■
The ^company of 708 Bigley -amortization of such loans may be the "Tax Exempt I
Bond Market "
dint' "and Mliam T Wktner Ave.,, Charleston W. Va is en- delayed ^or accelerated in the and the, column Our Reporter?
gaged in. the wholesale distrib
-years these loans approach
final on
Governments"
by
John
T. I
prod-
aggregated^ 61.6
million barrels, up from 49.8 million
deposits to capital funds and also
m demand deposits?
What is the
as
an
extensive line
of elec-
Finally
we
come
total
:
'
Howard Kahn Up<
—^^ens
LONG
Wmjiarfl
Howard
ISLAND
Kahn
CITY, N.Y.—
^
oncmainor
is.engaging in a
in
securities business from offices at
2150
33rd
Road.
'
.
/•••
deposits, and of corporate
and tax exempt securities to time
deposits.
Conservatively
it
is
recognized that no commercial
bank
should
..portfolio
look
wherein
upon
its
bond
of
maturities
reader, and securities saleswho desires to be of helpfult
service
to
his
bank
ciientele;
whether it is composed of large or
small commercial banks, and also;
other institutional investors. - '
lay
man,
Another
Trade With Japan Rests
Orr Economic Grounds
al¬
industry
Japanese
for
By Philip H. Trezise,* Deputy Assistant Secretary of State
Economic Affairs, Department of State, Washington, D.C.
completely dependent upon- to Canada. Tne data are incom¬
imports for its raw materials is plete, but it seems that after J apan
the petroleum refining industry.: our next largest foreign customer
was
the United Kingdom wnicn
At the beginning of the last dec¬
ade, Japan's refining capacity was purchased from us goods worth
about
69,000 barrels per day.
By
capacity was up more than
nine times to 640,000 barrels per
day and imports of crude oil, in¬
1960
,
cidentally, were
official for trading with Japan em¬
phasizes that thisstrade is not "another kind of foreign aid," Even if
the cold war tensions subsided, Mr. Trezise points out, trade with
Strong brief by governmental
times
view
Whole
stressed, particularly for those unappreciative of the *•
Japanese market's dimensions for American goods and of the fact
that Japan cannot buy our goods uriless it earns dollars. In tracing
the stimulative beneficial effects, Mr. Trezise does not gloss over the
is
growth
of
I intend to discuss is
that of trade between the United
The subject
particu¬
larly and why such trade exists.
Japan
and
States
erately
con¬
hope I can
c o n tri b u t e
light,
some
be.
of
Pro b
b 1 y
a
and
common
the poorer
themselves. 'V '..'-v ■
jus¬
accepted
Japan, for the past decade, has
in the process of growing
tification for
might
Japan
otherwise
neutralist
richer at
take
a
leftist course or en¬
or
political
a
tion with
Union.
•
;
believe that this line of argu¬
and the Soviet
I
,
although it is necessarily
oversimplified, is essentially cor¬
rect. There is undoubtedly a close
causal
connection
between the
ment,
Japan's external trade and
state of
a more
than
ably,
accommoda¬
the Chinese Communists
into
ter
Philip Trezise
is that
any
It
great' cities
ary
a
General
will
can
raw
set
States-
United
the
dominant
trade
Asia.
Since
occupies
so
Northeast
in
world
place in Japan's total
a
policies
relevant here.
picture,
particularly
are
our
We
indeed if
we
failed to give dup account to
this factor in United States-Jap¬
would
shortsighted
be
five
years
furthered
only briefly.
Within
after the surrender, it
world.
its own way in the
the
1950's, this hope
than realized. During
earn
In
.
more
of
Trade Is Not Another Form
Foreign Aid
At the
order-
time, the trade-in-
same
to-keep-Japan-on- our-side
only
is
argument
of the
part
a
story.
In some respects it is a
troublesome one. In thus focusing
considerations, we
agree with the proposi¬
political
on
tend
to
that
tion
avoidable
that
is
trade
kind
We
evil.
of
seem
a
the
to
say
the
Recently
al product for
prices for sustaining our political
position in the world. Trade be-
Government
lief
of
foreign
in
another, kind
econothic
tensions
the
of
those tensions
presumably
reasonable
of
cold
the
we
and
In
war.
to
These
re¬
parts of our
the
for
case
stand
or
irrelevant, need not
alone.
I
think
demonstrable that
our
that
it
is
trade with
exist independently
political requirements. It
Japan would
of
any
would do
United
so
States
becalise it
and
because
it makes the
more
prosperous,
creates jobs and wealth,
because it coincides with
interest
our
in
economic
benefit in
promoting our own
well-being.
All of us
one
fashion
or
another
from international trade. This ap¬
plies just
Japan
as
as
much
to trade
with
to trade with any other
rate
last
be
called
is
pattern of frugality
a
of
the
ure
was
steel.
lion
By
1960
this
22.3 million tons.
endar year
1961
come
economy
to
years
and
a
our
that
in
categories where
esp
highly competitive.
be
Unless
a
will
rapid
come.
our
would
our
access
trade
to the
or
to aiminish
booming and ex\
IV
her
continue to
for some
big
finance
the
whole
be
able
about 1.7 billion dollars worth of
Japan, was far
Furthermore,
imports
some
employment of American labor,
Postwar Japan has been responsible for a number of innovations
which
than
deserve
and
attention
more
have
they
received
cite
me
in
this
few cases.
a
fered
whole
a
us
fine
of
range
quality equipment,
of it refjecting
highly
ingenious
improvements on what had existed
some
keforet
,
o
•
,
,
■■
,
,
ft+ I*
^
camera addicts that the Japanese
iri d u s ***' has l' offered them
cameras> hlghly competitive with
the better European products and
with those of our own industry?
+
^ers^o^not^thinV^o^for
ft
\
~
steadnyAncre^ing Acceptance
steaaiiy nc eas ng ccepta ce
ft .ft ftn fLt
bvl0us> tl at
JaPanese
ivf VGf'
ft ftr
n
of
mpact
,
cameras
in
has
been
,
to
five impetus to sales of photoftft 1C -1 ft ai? ft,
°y™eft fti
ft
f1} _irl
f ft ft
ft a d^ ftftc
C
ft
f'
r
ing
stands
stllL
Imports
can
disPIaf domestic pirod,uction tern*
a.lso ?
+ft°.?ftftft ftftft
ftn.s ft ft® expansion of domesAonld'be
interesting bit
ft Cftft°ditftSpSUrCft ?S
d a d ce am
JaPftn- 1 e e ep
nnin?
eosts' from the consumer s point
of
,
_
view, has surely been favor¬
able, The result almost certainly
been
to
widen
and to increase
trades
the
market
employment in the
and in
a
variety
licensed to Japanese companies,
The astonishing rise in Japanese
sales of this item in the United
higher future vol-
a
The
American
-
mar-
responded by developing
a
com-
petitive product. During the first
half of 1961, Japanese exports of
transistor radios were off by half
a
million units as against the
same period in 1960. During the
; Its largest,single customer.. If, for
same- period,
factory shipments
..any:reason, Japan's ability to sell from U. S. firms of directly cornpart of the world
Japanese production
and trade patterns are of such a
character that Japan must continue to., look on this country as
ket is
commodities.
t
.
unless it has substantial dol-
bilateralism.
Japanese Market's Dimensions
imports
.
fig¬ ^maintain.
,
#
Stimulative Effects of
Competition
States within a brief period suggests
very
strongly
that the
lar
earnings from sales to the American market was created by
United States.
the
product. This having hapThis is not a matter of crude pened, however, our own industry
ume,
to
In cal¬
Germany
with his pocketbook vote, and the
volume of our purchases from
Japan
has
increased
fairly
steadily.
builoing
Japan
its
nothing of
imports and this propor¬
advantages that we
on
society, has registered his
of Japan's sales to us
our
approval
has
for
cannot hope to
in anything
like their present volume, to say
structed,
reflects
should
in
Now, of course, if we could go of other activities
along
increasing
our
sales
of
A most impressive case has
goods
to
Japan,
while
the been the small transistor radio.
Japanese refrained from trying to If I am correctly informed, this
sell to us, we would have what .product was in the first instance
some
people would consider the a Japanese innovation, although
best of all possible situations. But
it was based^-en^ technology deas
the world happens to be conveloped in the United States and
dominent, place in that market.
sell Japan about a third of
all
The same thing can be said of
imports, including imports from
japan, The American consumer,
a
ourselves
Japan Must^Earn Dollars
Dollar Imports
a
tion
however, if it is really as onerous
as
is sometimes suggested. The
proposition that imports are
a
burden is true in the same sense
that the grocery bill is a burden,
Still, despite the pain of paying
the grocery bill, we find it desirable to have the groceries,
an
sensible con-
any
hurt
to
to reduce
ex¬
a
to
from
Japan. This is a fact of international trade that seems sometimes
to sit badly with us. I wonder,
our
justify measures that would serve
pace
This implies
sell
11 wauft be an fte es S
export trade ana tor
ft arl?
ft, AftL't.-,,,balance of payments means ftftft
-ft. ® ft! nfttor ctiii
we must attend to the Japan- * -building
mausury, or bet p s
market
Onlv
policv
inupon the do-it-yourself industry,
events,
for
tended
We
it passed 28 mil¬
of
can
cern
into play, the
and Japan became the
The dimensions of the Japanese
greatest steel producer in -market are not always fully ap¬
the world with only the United
preciated in the United States. In
States, the Soviet Union, and the 'calendar 1961, we sold to Japan
Republic
and
even
At all
still
tons
ahead of it.
that
or
phe¬
fourth
Federal
such
cameras,
a broad sense a subcomparative
advantage,
individual American products will
steadily expanding market
for somebody's exports.
If the past is
any
guide, we
should have a prominent, probably
Japanese iron and steel industry,
which as you know is heavily de¬
pendent upon imports of raw ma¬
terials, produced 4.8 million tons
crude
exhausted.
expand at
are
of
as
leather
panding economy of Japan.
been
anese
the
1950,
removed
stantial
economic
are
to
buy
Japan has in
supposition must be that the Jap¬
specific details of
equally remarkable. In
and
compatible
are
ternal factors
phe¬
the Japanese accomplishments
freedom
Japan's performance
not
nomenal.
Some
are
AnToy T
So far as one can see, the
potential for economic growth has
of
only
imports
on
as
will increase. I would not wish to
there.
and
of
can
re-
and
Japan
toys, textiles,
plastic goods—I
select these examples advisedly—
and
However, my point now is that
ingredients which have made
for
year,
than 13%
in-
in
the
expansion, under
comparative price
stability, and coming after a full
decade in which average annual
growth rates were in the area of
trade, although it is certainly not
inaccurate
items
nomena.
end¬
year
before that nearly 18%.
rates
conditions
9%,
political
more
was
If
commerce.
fact,
turn,
growth
in the year
would consider it
desirable
The
to
relaxed,
were
ever
duce or abandon some
foreign
related
closely
aid,
the fiscal
that
progress
ing April 1 will have grown 10%
real terms over the previous
year.
S AsPersonal
opportuniUes^for sale! If
eral
in
cpmes
strictions
in the Japanese
Japan estimated that gross nation¬
provide access to our
market, reluctantly, as one of the
we
consumer
rise
comes
community, a gen¬
receptivity to change, and an
extraordinarily adventuresome
business leadership.
I
find
the
story
of postwar
nary
foreign aid, built a new
Japan a very exciting one in it¬
economy far more bountiful than
self. The recovery and growth of
any Japan had ever had in the past
and one that was expanding at a
Japan under democratic institu¬
rate rarely if ever matched under tions bears out better than any¬
one could have
similar conditions anywhere.
expected our be¬
un¬
of
a broad
manufactures
the
harawork,
decade, the Japanese people,
without Empire or colonies, with
unusually scanty domestic natural
resources, and without extraordi¬
In short, if we are
Japan we must also
japanese manufacturers have of-
also, for
case
and luxury
basic^ ingredients were, I think,
this
abroad, including purchases from
In the optical field, for instance,
e
S.
outlook, then, is that Japan
grow as a market for Amerigooas. This will be true for
materials
for
agricultural
.
nad become clear that Japan could
hope to
:
exaggerate the immediate prospects,-or to understate the advanpossibilities
for tapp, that Taninpsp nroducers will
growth and development.
:
: continue to
theh own
But neither occupation policies
market, but I would observe that
nor
postwar American economic there is already widespread conassistance provided the essential cern in Japan over the prospective
expansive force. The achievement influx of "cheap" American conwas a Japanese
achievement.
Its sumer eoods The point of course
shattered
their
This bleak and despairing pros¬
pect lasted
was
relations.
anese
reorganized
country.
'
a
.
products, and for industrial., progoods. It will be increas-
stage
political
yond repair. The outlook, at the for Japanese rehabilitation and
well-being. One can see readily
most
optimistic, was for a full growth.
Where
it
could
have
how a serious blow to trade could
generation of hardship, while the easily
restrained
or
prevented
lead through a chain of events to
Japanese people painfully rebuilt Japanese progress, it fostered and
a
political disaster for the free
and
domestic
country's
the
activity in Japan and, in.sequence,
a
reduction - of
purchases from
ducers'
on
MacArthur
a
country. Let
110%.
ingly the
back
but
.
the postwar
period, the Wisdom of our occu¬
pation policies is more than ever
apparent. The occupation under
Looking
export
lortir-'■
Outlook fn'w'tt
for U.
revolution¬
General MacArthur
involve
would
process
sharp aecline in domestic business
from Japan have had an evident
stimulating effect on U. S. industry and consequently upon the
ranee
were
were
imports from Japan
our
of
ment
who is not the most vocal element
Japan,
The
A;.
■
Credits
in ruins;
shattered; the
Empire was lost. There was even
reason, to
believe that the very
bonds that hold a society together
might have been weakened be¬
Its
industries
its
one.
well be
ran
700 million dollars. This
some
markedly diminished, the adjust¬
•
ture. The lesson in it for Asia and
•Japan was as nearly prostrate as
a
modern industrial nation could
be.
Japanese
Africa may
mil-
exports to Japan
our
Thursday, May 3, 1962
about
and
upon,
of
all. It reflects,
of
course, the possibilities inherent
in
the
application
of
modern
nowadays
War II ended,
200
boom year in
a
.
ing the 1.950's, our exports to
Japan grew from 416 million to
1.3 billion, or almost. 220%. For a
comparison, our sales to the most
rapidly growing part of Western
Europe, the countries now organized in the Common Market, rose
from 1.6 billiotf to 3.4 billion or
^
remarked
of
surplus was exwe do
customarily run a favorable trade balance with Japan and the long run
curve
for
our
export trade has
been consistently upward.
Dur-
startling
recalled
World
when
that
seldom
tons
exports to Japan
traordinary,
technology to small farm agricul¬
seldom
is
by
level
ing farm area, is possibly the most
rapid pace, prob¬
other country in
world.
the
exceeded
accomplishment, in a land of small
farms and in the face of a shrink¬
been
trading with
Japan
countries
,/
than
more
in which
one
even
everything- else,
million
of 150 million dollars.
excess
1961 was
farmer began pro¬
ducing rice in quantities that now
make Japan mainly self-sufficient
in this basic cereal grain.
Tjiis
poor
among
or
widely
most
and
rich
tween
the
coun¬
than trade be¬
countries
tries is far greater
most
the
richer
and
industrialized
smwive.
whaf is
Trade between the
other nations.
in
pities/ in their present form
Capping
mills
Machinery
question whether Japa¬
open
can
of economic
level
n
an
nese
com¬
coal mines. found a
five
for
other
and
wheat
in
lion dollars worth of raw material,
sufficiently/general as to make it
directly with the
achievement of
varies
merce
foreign
our
million dollars
beans, and 65 mil-
Our
anese
goods
important
an
to
250
cot-
coking coal in the booming Japan
steel industry. Our exporters of
iron and steel scrap sold to Jap-
place in the consumption pattern.
Ownership
of
an
automobile,
while still uncommon enough, is
prospects for the future
Experience tells us that
volume
the
without heat.
dishwashers—found
seem
raw
100
soy
dollars
market
projected
consumer
rqachines,
washing
tors,
Growth
examining our trade with
it is useful to consider
wnat has happened to the Japa¬
nese economy in recent years and
may
durable
of
grains.
Television became a major
industry and Japanese consumers
bought more television sets than
any people outside of the United
States and the United Kingdom.
Electrical appliances — refrigera¬
In
what the
which I
to
Postwar
Japan,
troversial top¬
ic
vv
.
in
Japan's
lion
into
came
suddenly
was
the
we
Japan upwards of
about
worth
age.
partners
abroad.
more
This is a mod¬
commercial
our
Japan
into
example,
sold
ton,
chemicals and in electronics.
ftY'ft'
■■■■''■if'
■
have
example, in petro¬
for
as
notable individual
million dollars worth of
industries
new
being,
need to provide
problems bound to be caused by competition and the
v.v
adjustment assistance required.
than 15
more
1950.
over
For
dollar
billion
1.7
are some
items.
Consumption of electric power
by
150%
during the
1950's. Textile production, most of
it for domestic use, grew by 280%.
further economic
is reviewed, and its potential for
economic growth
up
figure
the
.
the United States.
dollars.
billion
1.2
Within
increased
would exist independently of any political requirements in
of its economic benefits to us. Japan's phenomenal postwar
customer, next
largest
our
away
.
most
about
Japan
Financial Chronicle
The Commercial and
(2112)
24
so
market
•
in
the
large
a
and
United
States were
to, be
5
petitive radios increased by more
Volume
than
million
a
to
classic
case* of
jpetitive
units.
have
seems
Number-6156
195
Here
been'
The
.
Commercial and Financial Chronicle
a
(2113)
there
to
??? Financial Publicists and
an
kind
the
;
of
of
com-1
an
from
which
enterprise
obtained
have
we
The S. E. C.'s
and
system,
a
Complaints
m
j
..
jobs
Small
By Weston Smith,* President, Weston Smith Associates,
well.
as
One
could
through
run
New York City
many
more commodities imported from
Japan and argue that the Ameri¬
can' consumer, and
often related
house"
the SEC
restrictions.
industries, have been
for imports. We need
not think of our purchases from
<Japan as" acts of political neces¬
sity,
:
or
Imports
part
which
are
in
•process
iations
,
get
from
of
publicity
York
stock splits
forgotten:
Office
■
Smith
Mr.
a
quacks who conduct themselves unethically.
involving
options
a
new
Otherwise,
he
warns,
What
-
to
the
quacks in
not find
that
they
frequent and difficult.
!
are
,*
;
financial
-for
our
news
'
and purpose
„
^nts» we ar.®
u
e
/
•
the
Securities
been, filed:
or
Act
of
had
"It. would
all
predated
recently
have
we
to;
to
move
if
be
the
and
have
SEC
the
Act
„
Small
licizing
new
offerings.
brokers,
m new
After
corn-
all,
the
are
investment
vesting public;
do
want
we
to
be
jn pubiic relations
registered with the
SEC, and subject to
variety of
a
regulations and restrictions,
which
0f
would
be
aimed
most
the
at
unethical / nractitioners
few
I
«N0» We do not want or
need
any form
of governmental
supervision.
Recent New Fron'tier attacks on business morality,
say>
jn
reality,
extend
be
may
Federal
dustry
and
unethical
finance.
business, let
house, and not
there
is
conduct
in
clean
us
be-
in'~
over
If
'
immoral
or
attempt to
an
control
0ur
The letter
financing.
and
registered with the
SEC for the protection of the in-
our own
goaded
into
doing it by an agency of the National Government/
>
The public Relations Society of
'.America,
of which I was the first
president of the N6w York Chap—
^Discussions with both financial
leaders and lawyers reveals that
this letter was in no way a de-
mand for sample material, such
+Pr
as
following
organization
itc
has
excelient "Declaration of Prirt-
an
ciPies "
news releases and fact sheets.
It
is simply a courteous request for
offerin§ of securities, may be due The vast majority of experienced
'
financial
financial
-
dealers
advisors
also was received by publicity
firms which.had no'clients involved
liaison.
ap-
N
With
handle
and
munity
Yfh}c^ had be®n involved in pub-
*
public relations-coun-
who > distribute
forward
would
you
and
news
N
accordingly
the letter sent only to publicists
•
attitude
well
licists
1933
become: effective.;
my
background, and 20
d a m n e d if
years
experience as a financial
; where
else, is looked upon as we
do
and
editor and
director of the
Anquantitatively
and
qualitatively damned if we
nual Report Surveys, and AwsrciSj
different from ordinary competi- don t.
Weston Smith
; I feel amply qualified to state that
tion. American producers are no *
jThe misuse
the number of publicists involved
different
in
this
respect
tlian.: °'* financial
other "producers"
i^ic l u d i n g ■ publicity, particularly during the in unlawful practice in handling
Japanese producers/ Given this*Per*od
registration. of a new financial publicity is very small,
universal
spreaders
-
option-takers, the
sellors
have
bulling the stock,
Number
rumor
under
,
'
cli-
Finds
Basically, I suppose, import
competition, from Japan or any-
of
do
we
revised to require the registration
of all press agents, financial pub-
.
you
If
and
way to curb the'activthe
market-riggers, the
fast-buck
^
assure
business?
our
do
to
charlatans
a
of
may
planning
few.
false
agents, publicists and counsellors who distribute financial news and
"
copies of any such releases which
highly, productive and increas¬
do financial community liaison will be subjected to Federal control.
you
have prepared or released
ingly inventive industrial econduring the past six months. Your
.omy in Japan a great many useful things which make our lives
Public relations firms and 'par- normal developments as the an- early cooperation will be appremore comfortable and our ec.on>/ticularly those of us who handle
nual
report,^ the shareholders' claJ®d;
financial publicity, are in a period annual
meeting,
the
quarterly
This was the bombshell.. .The
omy stronger.
"
'
*
*
- . . .
...
mi-of grave confusion.' As either the earnings
and
dividend
notices, financial publicists who received
Inevitable Problems of
directors
of
Any areamed-up publicity stunts this letter were quite upset—but
Competition
or
public
relaout-of-the-ordinary press re- those who did not get it were
It would be naive, of course, to
leases are taboo during registra- even more upset. So far as can be
tions
for
a
tion, and the ethical professional determined, this SEC letter was
think, because we gain as a na- corporation,
tion from trade, that there are no
financial publicist
knows it. In seat V?
or financial
a_. random selection of
his
best
specific problems in our commer- publicists, rejudgment,
he
would publicity firms
it was not a
caution' and
then
prevent
his carefully stratified selection, acj'cial relations with Japan. I be- tained as conclient from issuing a' press
'lieve that I encountered most of sultants
to
recording to sizes of firms, or by
lease with the
deliberate intent geographical
location. Nor, was
them over a period of four years,
disseminate
Ican
j
.
to offerings of securities
which, at the time of the
release, - registration
statements
He
.
'
we
the
ities
with
press,
are
about
in-
to
as
,
issue registrations, proxy contents, and acceptance of
warrants of a client's stock.
or
is
respebt
the Public Re-
Society of America's existing code of practices against those
or
office
or
.
"
receiving.- copies of
information releases
or
distribution
-
host of unnecessary regulations and
commends the application of
in
publicity
-
"This
overlooked
were
What the SEC May Do
prepared by representatives firms
in the' public relations field- for
explains what must be done to prevent misuse of finacial publicity
our
we
subjects the trade to
few charlatans
unavoidable
exports,
of a desirable
as the
sustaining
even
of
means
■
,
against the few unethical practitioners in the business before
the gainers
Issues:
terested
•Y
:
Experienced financial publicist calls upon his colleagues to "clean
American
:
list
New
SEC, signed by Llewellyn
Young, Regional Administrator; and Ezra Weiss/Chief of the
Bureau
of
Interpretation
and
new, widely sold product and new
•
the
the
P.
response that we associate
with
"selected"
a
firms from
25
and
"Code
for
of
rather
a
Practice
the
complete
Standards
Professional
Public Rela-
of
'
Part to tbe ignorance of the public relations consultants con- cooperation, and no publicist republicists, or it could be a de- duct an ethical practice, and deceiving this letter need reply or
m
recognize that imports
particuTarly when their impact is concentrated
a
be
an
industrial sector 1
one
on
few
or
communities,
'
appear
to
unfair and unreasonable in-
trusion
Nobody
worker for
feels
that
from
his
blame
can
a;
being aggrieved if he
;
has
he
abroad. Nor
a
we
can
fail to sympa-
been
liberate attempt by an unethical arty of these have been involved..send any material to the SEC. It
practitioner to boost the price of m wr&hg doing it is through Sg- could be assumed that any firm favors "full disclosure - of the
a "hot issue.".
ftbranoe OR the public relations .ignoring this request might be facts» and «good conduct in all
Perhaps, too many Broadway counsel has been deceived or mis- considered as suspect, or perhaps reSpects" and Section VII has this
Press agents and Madison Avenue led by his client, whp also could* afraid to submit material that to say "A member shall not in-
in the face of import competition. As a community, we can
least*
provide
assistance
°
-
in common for
workers, firms,
where
misleading information.'
of building up a.'movie When Options Or^ Warrants Are supplying, printed matter.Above Board
There is nothing in the
star, broadening a corporate* imSecu-; Perhaps many detest, as I do,
age and promoting a product or
So far as the acceptance. of rities & Exchange Act of 1933 on fhe designation- of "Press Agent;"
service, but they fall flat when options or warrants to buy. a cli-publie
relations
counsel,
press and * WQuld prefer "publicist" or
thfy move south of Wall Street, ent sr,stockj are concerned, there .agents or financial publicists, their ; "public relations counsel," but we
become
would
Assistance
Adjustment
ic
is, what
what
is «.W
rrhie
This
_..is
President
Preside-.
adjustment
ing to
plane
legislation- the
deal
imports
thp
Executive
basis
the
on
conduct,
,I( financial publicist. But, such options • and
warrants
must
be
public properly explained, first in the
death
the
behalf
on-
community.
We
the
of
publicist
or
prospectus
on a high ethical
integrity. By the saipae
^
are
in
reauirements
resula-
or
mud
manj
uClCai,
the
0ftPn
thfe
included
State ' Blue Sky
implication
same
various
is
then
in,
Laws
and
statutes
that
acfr^o
Di0itation
if the client's shares v in
registration; and
aa
*
theatrical
tpphnimip«
and
aeents
Dress
to
falsehoods
stunts
aain
to
ex-
who
nromoters
resorted
ri^ht
th*
too
and
out-
headlines
the^cSu^s fo?
other than-the
the
Attorney
or
^
and sudden illnesses of stars ih
.soon-to-be released feature md-
articles independent public accountants,
However, here is the important tion pictures.
/
*;
/
;
^ih
^
<^)°SS-excep^?n
-^ra?:
- Which
• • j say that for we who practice
MarLt to Cr(lt oKr y0nPP.
P^lic relations in the best innvp^-cFrTarffpt- r,m-Tnmn- Ucity,
^orneys^ and ac- counsel have fallen and may fall; terests of 0ur^ clients, whether
jnp. p/hiiritv"- "Ifp
sppkc
2+1°
a
m^°
fu^ure- The publicist, they be personalities, industrial
g Pnhliritv"'* "SFC Fxamines dls<:^slng tbeir^fmaPclal, interests ^ as the agent of the client cor- £orp0rationS, trade associations or
on
Publicity
SEC- Examines m the corporation involved in a
,?•' ••
rec
,
^p^^ntfon^a'T"^^
^
r
•
_
whole
overdue
are
jtcihc«|js
publicity with intent to defraud '
will be subject to prosecution. But'
any
operate
of
fonAcTernev
the
that
—-
either the proxy statement or in Securities &: Exchange Act of 'movie stars.' You do not have to
footnotes/to . the -financial 1933. Thus, as long as the publicist go too iar"bacicVin;"the-newspaper
demn anyone guilty of employing statements in the annual report,
has no intent or purpose to de- morgues to find false reports of
the leSitimate techniques of pub- ; in this connection, the SEC has'fraud, he is operating within the kidnappings, jewel robberies,
ralat.10n? to deceive, defraud or * never considered publicity firms letter of the law and should have shattered romances, divorce cases
community as a whole has an
'obligation to assist those who may
have
been' affected
by
actions
taken
the law to prevent
in
ii proposing that we try' ch!at the investing-public. - -^ * as 'participants in proxy fights, no fear of the SEC
with the ?ocal ^imbact of.
A greaj ^an?L of us hfvebe,en The same applies to lawyers and. General. •
Branch
to
nothing
is
ex-
iVouTd b/the fir^t t/c^
our
tariff
no
relations' practitioner who is try-
ic
is
tra^legislatiori that °s bling sent
w/xfarH \n
first^ih tlS^istb?Y of
Fnr
■
r
:—
__
as-
^
'
is
professionals. : Thus,
defend-to
-
agent,
press
• Prociriont
the
in the
proposing
—
.
Ignorance of the law
'
tentionally disseminate false or
misleading information, and is obiigated to use ordinary care to
.
away
-
an
his^sales an^profits^Hp^ng- caPahle
finds
Vat
with
up-lifting Preamble and 16 provisions, which
include all possible infractions: It
public relations consultants have be; ignorant of the law and the could be questioned. It is doubted
reached beyond their depth in regulations set forth in the SEC that the SEC will take any action
their. efforts to handle financial Act of 1933.
'
'against any public relations firm
displaced
product from
by
job
tions"
•
for
•
,
~
poration;
*
—
can
be
a
party to
a
fraud
J
governments
honesty is the
best
"'
"
diS-
l
o
;
'
promises^to "Z/Ztt'cfuntr/s
attentfon
import
and
ThnJ^r
SEC ^tudv
ex-
never before
our
on
We
•
port business
'pan
shanincr
now
v
as
thJ ffrS
thaC
hnnp
im
will
bring
forth'
^ado no^fpv ^aw suited to
tine*
T
u/al?r hone^that
a
i
a
vfniTt
with
with
the-
e
it:
that
flnnMr?
Here, again- only a very few age
buying
cS'
public relatlo^s counsel firms' and st^k>
of
to
is limited
new*
•% lsrt. ? ^1 to new of-, certainly no .Broadway'
tn registration, or if: the agents> are involved in
•
press
officers
m terests
in
nation^ As
11
nations.
understand
rv*inQt
nf
to^ToSrl Ton'/ 7/each
company's
have
we
we
trade
the
issues
pome
come
better,
and
bought
J*
nnfoiinHpHl
niiY*
stock
a
prior to
Gataeson Dudle^ kIL \tssel h,,?i
V-x0Or§0SOrij, Ulldl0y xvillgj xVlSS0I9 bull
the
miKiinn
Av,
iS
as
abroad
we
well
enrich
hafnf ourselves^
rouW do
more
d?fficultie?
difficulties
nublic
as
selling
rn,3.Fk0tS
to smooth
and
frictions
I
thtok
over
Tn
in,
-
^
the'
our
F0C0rit
y0UrS,
/
cl
R. A.
<
h!gb^ sPeeialized business. And,
0mnl?ntf- indicate
address' by
The Japan
Mr.
Trezise^ before
publicity
Society, Inc., New York City,
wlth
.
-rumors' to - bull- the client comtbey are engaged in a good pany's shares. Among the tricks
as
Hennig Joins
Cruttenden, Podesta
(special to thkfin^cialchron
>
1 the S
mvestigation is re- many proxy contests every year,'of this trade are false reports of. SAN FRANCISCO, Calif. Richstricted to unethical practice of I doubt that they would risk their merger negotiations, dividend in- ard A. Hennig has become conPubllc. relations in general, and own money in any of the fights, 'creases, stock splits and manage- nected with Cruttenden, Podesta
financiai
particular.
in
'
^understanding ^f thi^not^No qualified financial , publicists
S«r?r rSSLv SrnnncWnrf
very revolutionary, proposition-,
,
record
^
Ox
^rfrddthV0thPelf
-'-red
-
rather» than
Nothing
*
*An
wt
one
established
or
■
buying
an
If the Publicist's firm its
„A11V__
to
the
.
our
ether
other
the
th*
some
of
s0und and highly ethical practice,
personnel, know that would take a littld time from our
proxy the press release is based on false busy schedules to do the same,
£ publlc relatlons firms,. fights. ThUs; the big majority of information, and the management :-we would not have to worry
officers or employees, have ethical practitioners would never of the company in question insists b t poSsible SEC • registration
accfPted options on stock, war- coxne ^ for criticism for their on its publication, they had better ^ an^regulation
'
°ts to baY th^ shares;ta price. part in proxy contests. There jare resign the account, rather than
a^som.e futujeadvance information just a handful of public relations be a party to a fraudulent action.
date, or .have taKen.
/From a talk by Mr. Smith before the
advantage of
-n™/handlincr
brow
workof
,•
Pubhcitv Club of Boston, April 4, 1962.
?
OphatP
"CottCeming °ffer" has""almost be^n torgitten™:
J Wi
_jr__
any
exPenence
™
Wall
street, Would^distribute any news
release
/
.
1
*
'
'
•
>
a
client
during
&
Miller,
Russ
Building.
Mr.
■
ments were sooner or later denied, Hennig
was formerly
in the
^ To this point,^ the ethical public by the managements of one or trading department of Walter C.
relations counsel had no reason .both of the companies supposed; Gorey Co. and prior thereto was
the to be concerned, but on' March 7,
period of registration, except such-'l962,- the following letter was sent
for
ment^"changes. ^The^e^nnounce-"
SEC's Bombshell
to be merging; while the predic-, with-Brush, Slocumb & Co., Inc.
tions of increased dividends
or* and First California Company. •
i
26
The Commercial and Financial Chronicle
(2114)
1
*
p
'
»
Removing Commercial Bank
Savings Deposit Ceilings
depositing, v and
services which they need.
canning
plant
First National Bank of
if"
¥1
failed,
Chicago
perhaps
laid
be
remarks to a panel discussion dealing with the
We' have
Chicago banker
suggests the removal of ceiling rates so as to allow interest rates
to find their own area-wide competitive level. The existence of a
maximum standard is said to pressure competitors to go to that
of its ceiling rate policy. The
extreme
for
them—or
for
Conflict
bank
level
us.
its
raise
would
lead
event that
In the
one
rate
to
a
failure.
one of the
real loss to
the community would be the loss
suffered by the stockholders, the
loss of employment
to the em¬
ployees, and the loss suffered by
those few depositors who had in
real blow to
excess of $10,000—a
the community, but perhaps less
^ the mill
re oi
miUClearly, the public has some interest in preventing the failure of
either type of business.* But does
who ^ have so much greater interest
subject,
ing
conflict
which
hide
'(or
what
say
we
lieve
U
"Yes,"
the
we
we
parpar-
_i_i_
•
-
-
.in
—
—i
our great goal
world conflict lieeuuni. xto
worm coninci, freedom. Its
the
tne
expression m the ecoof our society is free
highest
nomic
is
that
Each of
it.
to
we
us
devoted
are
throughout the
country has said times without
number, at the dinner table, to
our
bridge groups, to the local
Chamber of Commerce, Kiwanis
and
well
Lodge, as
communities at the
Masonic
or
to
as
our
Fourth of July or Armistice
of
our
do
But
it in
we
"really want to face
business—or "is our
business different?"
.
but
m
respect of this schizophrenic
dichotomy between belief in free
competition and
our
desire to
avoid it, we are really representative of virtually all businessmen.
Competition imposes a severe
discipline — for despite the
relative
period,
immediate
the
of
ease
postwar
"profit"
the
is not
ours
system. It is the "profit
and loss" system
a system In
which • failure " is
as
strong
a
counterpart of success as death is
of life. Success can be guaranteed
only in a society (or an industry)
which has sacrificed freedom.
We know this well
even
of
follows.
wish
we
as
both
enough; and
"the
for
worlds,"
we
recognize, as does the rest of
American business, that we must
pay the price that freedom de-
mands—we
tion
must
.
Preventing
in
meet
competi•
-
-
that
of the
^
(2) If not limited by regulation, the banks would engage in
such
intense
competition
that
would fail.
Let
the
consider
two
or
suggest
snendthrift
an
w.jien
ghown
we
facecj
^elp
with
wages
pay
unnecessarily
Are
we
so
high
or
at
we
yhargP
inter_
improvidently
low
levels?
D0
Wg
render
services without
improvident expenditures in any
of these aspects have led us to
become reckless in our lending?
First,
does
an
the
have
public
to
as
free
The traditional
and the reasQn
bu
answer
Do you or I urge that levels of
the such expenditures should be lim,'tedby law, that our salaries, ad-
ls "yes"
iyen is that
interest in:
h
vertising
Ca) the preservation of safety
of-deposits,
; : '
appropriations, invest ments
or
expenditures for. our
quarters or furniture be fixed by
(b) The maintenance
payments' mechanism.
statute? I think not.
It is, of course, true that
the
of
Still, we repeat,
different"* and in
unlike most
nesses,
profits
"banking
a
sense
it
is
is
other businot our first
of
are
oS?''firIthey are SeCOnd' Sa£ety 13
But
is
this
fundamentally dif-
ferent from other business? Is not
,
safety, solvency, survival first in
-mindc nf thp managers of vir-
th#»
tually
arp
in
every
other business? If
himine^
for
20
nranuLllv
busines^es
^0
all
or
pnti firtr
come first.
which
from
super-
we
pay
more
on
There may be several contribut¬
we
ing
but
reasons,
clear that
it
fairly
seems
when the Federal Re¬
yields in the past? If we are not
serve
sets
a
maximum rate for
willing to sacrifice some liquidity, is there any way we can savings, such rate tends to become
not only the maximum but also
prevent our earnings from going
.
in
down
the minimum.
when most other
ehjoying increasing
earnings? Will the much-heralded
a
business
interest
year
-
is
stocks
bank
in
The fact
public
can
Cause
Failures
Bank
Past
of
in
paid for savings was
important contributing
of bank failures
pression
a
by the
as
afford
YOU
CAN'T
CAUSE
PAY
THE
MORE
BE¬
LAW
PROHIBITS
IT, AND YOU CAN'T PAY LESS
prior period?
or some
interpreted
quence,
the de¬
in
allows
may feel that he can prof¬
itably pay the rate. As a conse¬
this becomes the
rate.
rates
fact.an
cause
<•;:=
......
..
Fed
petitor
;ls there,evidence that competi¬
tion in
is
the
implying that the banks
to pay that ratec The
public expects it, and your 1 com¬
lived?
;
..
that
certain rate
short¬
be
Regulation Q came BECAUSE COMPETITION PRO¬
into effect as a recognition of the HIBITS IT.
fact that excessive competition for
Thus, the Federal Reserve by
deposits had led many banks to such a policy doesn't
merely per¬
invest in high-yield bonds of low
mit, but sets the rate.
quality.1 But the abuse may have
It was this line of thought which
stemmed from competition for de¬ led the
Commission on Money and
mand deposits and public funds Credit
in its
Certainly,
more
Report last June to
suggest that the regulation of in¬
than savings, for banks were
of 2.35% in¬ terest on savings
by commercial
terest
on
deposits and banks "be revised:
2.69% on public funds. The sav¬
"(1) to convert the present
ings interest rate was 3.96,2 a
power into a stand-by authority
higher rate it is true, but on a
rather than continuous
regula¬
smaller portion of total deposits.
tion, (2) to include under* the
Gan we accept the implication
appropriate regulatory authori¬
that if our price is fixed we will
ties savings and time
deposits
then prosper? This might possibly
and similar liabilities of
savings
be
so
if we
commercial banks
banks and savings and loan as¬
were
the only institutions com¬
sociations, and (3) to permit
peting for savings. But obviously
differentiation among types of
this is not the case. Government
deposits, including those of U. S.
bonds and corporate securities, in¬
residents and those of foreign
surance, the stock market, mutual
residents. The
paying
average
demand
an
.
Commission fur¬
ther recommends that these in¬
stitutions should be subjected to
unions,
and,
of
course, the mutual savings banks,
and
savings and loan associations
have
of
the
been
maximum
beneficiaries
real
the
interest rate limitations.
our
have
We
been
not
when
commercial
we
only when in
the appropriate
of
competition for these deposits is
deemed not in the public inter¬
est, and that when applied, con¬
competition — merely pro¬
frdm
competing.
Since
hibited
1945
rates
opinion
authorities further interest rate
protected
banks
sideration
be
given
to
taining
banks
and
appropriate
necessarily
identical
savings and loan associations,
our
rate
insured
in
commercial
share has dropped every year until
at the end of 1960 we had approxi¬
mately
A
only 52.1%.
case
tion,
but
against it.
The other
have
to
also
can
one
be
question is: If
regulation,
made
we are
kind
what
should it be?
Dec.
is
of
that
that
if
recom¬
there
is
ceiling, the rate paid in each
munity
will
be
set
by
the
imposition
no
com¬
the
competitive situation in that
without
area
of
a
"standard" to which all competi¬
are
under public pressure to
Had
the
the
Federal
Reserve
re¬
ceiling entirely as of
Jan. 1, it is quite possible that by
action
the
majority
this
the
of
in
increase
the
author¬
rate, most of these banks have
raised their rate to
now
rationale
impression that last fall,
1,
the
The
conform.
banks in the big cities were paying
the maximum rate permitted, 3%.
With
competiing
institutions."
Regulation?
before the Federal Reserve
on
not
interest
-
moved
of
Kind
It is my
for
main¬
but
tors
Ill
What
maxima
mendation
be made for regula¬
can
the
new
maximum.
date
some
banks
in
some
cities might be paying
4J/4%, but
it is also very possible that fewer
banks
would
have
moved
' up
to
3%% and 4%. They wouldn't have
been under pressure to
go
to a
specific rate level accorded the
visors do look at these expendiimplied
approval
of
the
Almost all large banks in the
public interest in the banks so lures and comment in their
Federal Reserve—and hence made
largest cities have raised their
unique that they must be pro- reports on any that might seem
"standard."
rates and have, raised them pll the
v.tected from'.free price competi- excessive. But they could not do
Under the
CMC recommenda¬
tion which we not only permit the same as to excessive rates, of way. I idon't know of any bank
that raised to 3V&%' or 31A%, or tion, there would be 'greater di¬
but
insist upon for other busi- inteiest paid on savings, even in
versity,
greater
possibility
to
anything short of 3'%%. Nor do I
nesses Aand, indeed,
in other as- the absence of Regulation Q.
review the earnings
opportunities
know of any that aren't paying
pects of commercial banking)?
Why, then, should the interest
in
the
various
communities,
4% on one-year money, either in
T
.
f,
+
rate be regulated?
greater freedom for those
who
This is true enough, but is the
^vnirafl
f
id
inv in alt
^
These are some of the questions
-°
.
and
a
SwTlv la7ge
plant
whlch
we
seek the
answers,
ln the ?xpectatl(f Reaching any
j?a"k ar).dr?ngeneral accord, for it isn't
S,
not
a
72 Sf lii
mat-
tfer of pure philosophy as my
^haSe^a large paTt of the product ^uest^ may ts-eT to++imply' U
ac„JPE ls a .hard' practical matter of our
°f the surrounding area. Which earnings and stockholder attinr
a
™0™™u£tv^the^fa?lure
community — tne failure
of
the
of tne
hank or the failure of the canning
lactory-
•
tudes- Th9sf ofwithwho- like
are associated
a bank
that
has a substantial portion of its
deposits in savings and which has
CredU L0SSes" "the bank failed'
faced' wUha very' substenuS
^ °£ ItLjSg1 "eddi£orst1& jncirease in costs. An increase in
™tbId
?ndre*
?he
ra^e o£l"terest on tour loa.n®
bff p?'d
.
tb® of perhaps half a percentage point
-bJJiUh l± the plant failed, all or so would provide an offset, but
we''5^"n^'tftheT ^botocas^ ''"a h?%20t yet °tchcurred' B/ thef
^
owing to them. In both cases, end of this month a quarter of
regular
savings
accounts
or
in
certificates.
lar^o the stockholders
^on+vvfnien^:
^
would suffer.
If. ,tke,
.
bank
failed, the public might have to
g0
to
the
next
town
to
get
the
the year will have passed.
Can
we raise our income in the next
three quarters sufficiently to offset
our
higher cost for
the
four
wanted
to
compete
all-out
with
the savings and loan associations
interesting, too, because to
pay whatever
rate they
felt
these same banks are all issuing
they could afford to pay.
certificates of deposit to corpora¬
Yet, if competition threatened to
tions. Because such time deposits
get out of hand and
That is
evidenced by certificates
come
in
large amounts, they are cheaper to
handle. It is easier to change the
rate from day to day on such cer¬
tificates; and the bank, which ac¬
cepts them, knows just how lorig
they
can
will
be
with
it
and
hence
invest the funds
Also,
accordingly.
certificates of deposit
the
customer
is
business.
Some
Thus,
reason
1 The
profitable bank
there
to
answers
tionnaire
of
there
prefer
would be
such de-
the
of the A.B.A. to
U.
S.
a
ques¬
Committee
on
Banking and Currency. 1941. p. 90.,
2 Survey on Interest
Rates, A.B.A. Bul¬
letin
#57, 1931.
was
a
prospect of unsound lending, the
Federal Reserve could step in to
impose
As
temporary limit.
a
each
from his
of
own
us
knows
well
so
experience,
we are
under considerable
pressure to in¬
crease
our
earnings adequately to
offset increased interest
costs. We
tend to think of this
as a
possible
usually a large cus¬ threat to
tomer with other
100
hopeto be—surviva 1 or
safety must
securities
have been content to take smaller
ized
'
For,
those
Why
do
savings?
liquid than
less
but
rate
for, one-year c.d.'s is
as against 4%
paid on sav¬
ings by the same banks.
salaries at had 80.2% of the combined
savings
levels?
intenselv competitive
that to get loans
rates
propensity
competition for
&
warrant
a
prohibition of
competition in interest rates
payable by commercial banks?
^
going
3^%
real
sure,
to savings. Yet we
don't
much for them. Indeed, the
pay as
unwilling to
seek longer term
we
more
be
from
interest in sound banking
premises of that syllogism.
to
ten-
charging adequate fees?
Have we been extravagant in
building too
elaborate
banking
houses 'or
squandered excessive
sums in advertising?
Does anyone suggest that our
us
posits
pres¬
which
assets
estate
loans,
more medium and long-term mu¬
nicipal bonds—all desirable assets
+
of\ reputation
H/ye
es^
■
(3) Therefore, rate competition
must be regulated.
T\
^gncy?
which
action
any
banks
many
J._0
extravagant
would lead to the failure
best
possible
little: .judgment
so
11-M
action
(1) The public has an interest
different;
Our business may be
,
have
"
^
loans,
-in
were
we
Will
take?
be under
we
invest
Do we beUeve that bankers <. are,•-so unwise funds,'7 credit
■
—»•••,
on;
....
such
own
our
v<j?
,,
believe it when we say
we
u..
The Public Interest?
it. It is true.
We might also want to look at
limitation on > free the seebnif1 premise.
some
....
meet-
free
unrestricted
ings, that the basis
society is free and
competition.
And
of
Knights
Elks,
Optimists,
Columbus
Bankers Weaknesses Under
Competitive Pressure?
"
banking
sound
in
-
able by commercial banks?,.,
have sojudgment that
The
The argUment in favor of some they cannot be trusted to pay a
argument in iavur ui suae Reasonable" rate? Does our bast
limitation might be expressed as
reasonable ^ate Does our past
"
area
competition, and
tions and their implications.
perhaps
competition in interest rates pay-
*■,
J
in
in
Perhaps
we
bankers
should
give more thought to these ques-
important question that
interest
warrant
Jr.
G. A..Freeman,
UVUiaiij
ticularly say—that we believe
freedom,
Be
persist, "but our busi-
we
most
lie
the
bankers
bank that it should fix the price
which the bank can pay, but rely
°?,/ree1 C0i?^? ?10f1u *n
<Lai?e
9^*
plard- 0.r ls the real public
should examine. Does the pub-
we
Yes, we say
—
Pay
We
is different." That is
ness
really want.
„
Rate
the
Regulated.
be¬
and
what
the failure of the
of banks?
Should
in
we
in)
*n preventing
interest only in preventing the
failure of any substantial number
eminent
be¬
believe
we
managers
survival
goal is taken for granted. .In ours,
it
must
be
recognized as pre-
en¬
wha-t
tween
stockholders
most
tirely,
that
agonizing
conflict
hired
profits. Perhaps in the case of
other businesses, the first
and
might
prefer
sugarcoat
to
or
we
our
nesses,
owe
to
we
to
sure
only
to
"Reflections on the be able to regain their initial inSavings Interest Rate Situation," vestment—and they will not comis a very difficult one—difficult
mend us if that is all we achieve,
because it presents an embarrass- Like
the heads of other busiOur
quarters? Will
heretofore
banks failed, the
two
stock-
Our
are
that " only
and
would
that
not invest merely to
did
holders
that there
assume
failed, for if there were no local
competition, it is unlikely that a
is not enough
alone
perhaps assumed an
It might be more
banks
two
and Credit rec¬
ommendation to convert the present power over interest on savings
by commercial banks into a standby authority rather than continuous
regulation. Questions are raised as to whether present policy serves
the public interest; whether "bankers are so unwise or have so little
judgment" that they must be regulated; and whether banks have been
protected from competition —or, merely prohibited from competing.
Yet safety
bank
case.
plausible to
approval. Mr.
specific rate accorded an implied Federal Reserve
Freeman concurs with the CED's Commission on Money
the
off.
laid
wrangle," Mr. Freeman asserts the Federal Reserve
sets the rate because
If
10
people would
off. If the plant failed,
100 employees would be
perhaps
his introductory
failed,
the
cal farmers would have to go to
next town to sell their prodUnemployment.
Vice-Chairman of the Board, The
By Gaylord A. Freeman, Jr.,*
The
Thursday, May 3, 1962
i
■ '
cashing,
"interest rate
.
.
i
In
.
.
of
the quality and
liquidity
assets, but there are other
our
elements in
this
come
that
it
what
society which
force
in
us
they consider
servative
These
our
change,
will
positions
elements
are
the
to
our
of
;j
wel¬
belief
abandon
too
the
con¬
past.
hopeful that
|.
Volume 195
Number 6156
.
.
.
The Commercial and Financial Chronicle
(2115)|
'\h
this pressure will cause us to
the additional loahs which
consider necessary
accelerated
growth
New NASD District Officers
they
to provide the
consider
they
Elections
economic
of
rate
which
make
is
not
commercial
conservative
whether
or
in the past. Most of us
would
completed for
are
1962
officers
the choices
of
district
the
by districts:
(Alaska, Idaho, Montana, North Dakota, Oregon,
Washington): Chairman, William T. Patten,
Vice-President, Blyth & Co., Seattle; Vice-Chairman, Robert H.
South
underlying difference here
banks have been too
been
Dakota
and
Atkinson, partner, Atkinson & Co.,
say
Pittsburgh, and Robert V. H, framed, Presi¬
dent, Warren W. York & Co., Allentown, Pa.
District No. 12 (New York, New
Jersey & Connecticut): Chair¬
man, John W. Callaghan, Goldman, Sachs & Co., Ndw
York; ViceChairman, George T. Flynn, partner, Hornblower & Weeks, New
York.
■/:>' v
■/%',/ K
District No. 13 (Maine;
Massachusetts, New Hampshire, Rhode
District No. 1
important.
The
have
committees of the NASD. Here
so
Norman Ward & Co.,
\
27
Island and Vermont):
Chairman, Ro&de A. Hayes, partner, Paine,
Curtis, Boston; Vice-Chairman,' Walter T.
Burns of Burns, Barron & Co., Portland.
^Portland.
Jackson
Webber,
&
Some
might acknowledge the
possibility and yet feel that this.
no.
is
not
time for
the
hard
These
change.
realities
,
tend
•
to
dampen our enthusiasm for the
higher rates. On the other hand,
all
recognize that in
regulated business as
we
a
to
we
tend
the
public applauds
our
More Nuclear Power Plants
.
highly
banking
as
fx
/
In the long run, it is
interest to pay rates which
our
the
suffer as
condemns
or
or
to
#
dilemma:
the
Committee.
f
earnings and to the
rates which the public must pay
on
its
obligations
(public
and
private).
our
up-to-date score card of the progress made by privately sponsored
nuclear electric power plants is presented to the Joint
Congressional
w
our
Hence
An
Y
public considers fair in rela¬
tion
To Operate in 1962
1
service.
in
prosper
William T. Patten
A. B. Fox
1961.
Arthur N. Honig
by electric power trade head depicts broad partici¬
pation by utility companies to show superiority of this method to
produce economically competitive nuclear power.
Willard A. Johnson
During 1962
un¬
involved
combined
plexity, the
have
of
one
and
future of
our
*From
impact
Elliot H. Stein
Clyde Ulmer
Albert E. Bernet, Jr.
J?
Savings
sored
Interest
Rate
Situation"
Listing New Cos.
paring
list
to
trading
their
The
on
companies
National
lor,
&
that
Co.,
Gordon Bent
W. R.
Springate, Jr.
Norman B. Ward, Jr.
from
Stock
have
by
future.- •/•
near
'
/The companies
]
;
>
*
poration,: South Braihtree, Mass.;
California
Corporation for Bio¬
chemical
Robert V. H. Harned
r
:
No. 2 (California, Nevada and Hawaii):
Chairman,
Fox, partner, Stern, Frank, Meyer & Fox, Los Angeles; CoChairman, Arthur N. Honig, Brush, Slocumb & Co.; San Francisco.
n
d
t
u s
r
i
e s
District No. 3 (Arizona, Colorado, New Mexico, Utah and
Wyoming): Chairman, Willard A. Johnson, manager Denver office,
Merrill Lynch, Pierce, Fenner & Smith Inc.;
Vice-Chairman, Mal¬
colm Roberts, manager Denver office, Hornblower & Weeks.
Corporation,
•
the
to
as
date
which
on
District
initiated, Mr. Taylor said.
Phila. Sees. Ass'n
Hear
at
to
Meeting
PHILADELPHIA,
Pa. — Kermit
Fischer, President -of Fischer &
Porter Co.,
at
a
will be
luncheon
-
be
Little
guest speaker
,
,
held
on
would be
J.
& *
held
Pearson,
Co., is in
pre¬
the
May
of
District
Co.
&
of
Ellis
Cohn
With T. L. Watson
are
and
now
registered
Johnson
'
'
Walter
associated
Breslav,
wvith
T.
representatives.
office of G. H. Walker & Co.
No.
Jr.,
8
(Illinois,
9
sales
District No.
Michigan,
Indiana, Iowa,
Minnesota
(Kentucky
manager,
and
Ohio):
Security
&
Chairman,
Bond
Co.,
W.
Roger
Lexington;
10
(Maryland, North Carolina, Virginia and Dis¬
trict of Columbia): Chairman, R. Eldridge Longest, partner, Scott
L.
as
Mr.
No.
7,
& Simmona, Chicago, and Julian A. Kiser, Chairman, Kiser,
& Shumaker, Inc.-, Indianapolis.
*"
/
Springate,
String-fellow,- Richmond; Vice-Chairman,
partner, Mackall & Coe, Washington, D, C.
Thomas
&
-
formerly in the trad- '
ing department of the Bridgeport !
was
No.
Vice-Chairman, Leslie B. Schwinn, L. B. Schwinn& Co., Cleveland.
Jr.
Co.,-122 John Street,
the
submitted
on
-
:
District
No.
IP (Delaware,
produced
L.
Anglin,
Pennsylvania, West Virginia
and
nu-
_
-
_
Q
ISootn
„i
United Planning
Kroesen,
with
conduct
Upens
Booth and
been formed
—
Wilshire Ave.,
0ffices at 300
Officers
&
„
Calif.
Inc. has
.
Roberts
Kroesen
oc
ANAHEIM,
securities
a
Thomas
are
business.
F.
Booth,
President; Paul M. Kroesen, Executive
Vice-President; Robert E.
Weiss, Vice-President; and Wilma
Booth, Secretary and Treasurer.
Mr. Kroesen was formerly with
Powell,
Booth
myre
year,
there are two other
projects that are under construetion or design. Two projects arel
in preliminary planning or contract negotiations.
Electric com-
panies
also
participating
are
other nuclear
seven
,
,
Johnson
& Powell. Miss
with Marache, Doffle-
was
& Co.
these
latter
George
a
York
,
result
,,
,
and
the
to
beneficial
further
even
that
are
most
nuclear
these
that
is
potoma
New
reactors
Divine
York
of
&
Broadway, New
New
Berlind, Weill
..
_
,
of Carter,
Berlind,
Weilli 37 Wall street>
City, associate mem-
the, American Stock Ex-
change,
has
been
changed
to
Carter' Berlind & Wei11'
'
Milgrim & Co. Formed
p.N«>.cm ckok.cl.)
to
LOg
ANGELES, Cal,f. - Harold
operating on'the systems .Milgrim is
engaging in a secfurielectric
com-
He said that operation of
plants clearly
ing large nuclear
utility
system
as
a
upon
power
and
......
plants
in
business
South San
,
t
name
at
321
under
Milgrim & Co.
on
.....
know!-
which to build future
plants.
offices
from
Vicente Blvd.,
Forms Leslie David Co.
N- Y-
addition
foundation of
nuclear power
ties
demonstrates
the technical feasibility of operat-
edge
&
elected
been
of
n2fm^ers °*
Exchange,
name
commer-
power
L
,
to
encouraging
experience
investor-owned
panies.
1
Stock
The firm
bers
being gained with three
cial-size
has
Now Carter,
.
Clapp called particular at-
tention
Colan
Fishman, Inc., 2
in the nuclear field.
Mr.
c:
Vice-President
Some of
may
o
•
O* Divine & Fishman, Inc.
nation's expanding knowledge
our
tv
rvr
projects and there-
contribute
by
in
«
.
projects
in construction
-
Geo. Colan Named V.-P.
research, de-
.
,
and study projects.
sign
a
.
TT
flrm name to Eliot,
Company, Inc.
this
of
1
expected to go into operation
are
,
part of New Jersey): Co-Chairmen, Norman B. Ward, Jr., partner,
electric-
seven
clear power plants that are in the
final stages of construction and
serves
,
two
over
In addition to the
__
^.as announced the change^ of its
five nuclear power
in; which investor-owned
^plants
£Iiot, Roberts Co.
.„Tjr
opera-
1967 respectively.
billion kilowatt hours of
ity.
]Nfow
______
Corporation, 11 Commerce Street,
for possible
....
Chairman, Gordon Bent, partner, Bacon, Whipple
Chicago; * Vice-Chairmen, Robert M. Clark, partner, Blunt
-District
BRIDGEPORT, Conn.—A. Maurits
Watson &
*
and Wisconsin):
Smith,
charge
District
7.
arrangements.
Johnson
.
(Florida, Georgia, South Carolina and a part
of Tennessee): Chairman, Roy F. Hunt, Jr., Vice-President, Alester
G. Furman & Co., Greenville; Vice-Chairman, H. George Carrison,
Vice-President, Pierce, Carrison, Wulbern, Inc., Jacksonville.
Wednesday,
Philadelphia. It has been
viously
announced
that
Barney
Rock.
(Texas): Albert E. Bernet, Jr., Vice-President,
Schneider, Bernet & Hickman, Inc., Dallas.
May 9, 1962, at the Warwick Hotel
Edwin
4
District No. 6
meeting of the
Securities Associa¬
in
luncheon
No.
(Kansas, Missouri, Nebraska and Oklahoma):
Chairman, M. J. Warren, President, Storz-Wachob-Bender Corp.,
Omaha; Vice-Chairman, Elliot H. Stein, Vice-President, Scherck,
Richter & Co., St. Louis.
District No. 5 (Alabama, Arkansas, Louisiana, Mississippi and
a
part of Tennessee): Chairman, T. Clyde Ulmer, Co-Manager
Birmingham office, Courts & Co.; Vice-Chairman, Louis A. Lanford, Secretary and Treasurer, Hill, Crawford & Lanford, Inc.,
-
to
also
position
NEWARK, N. J.
and
.
Philadelphia
tion
Hayes
District
trading in each of the issues will
be
Roscoe A.
A. B.
A special announcement will be
made
John W. Callaghan
these
Company
(The
Cisco
Group),
Denver, Colo.; Giffen Industries,
.Inc.,
Coral... Gables,
£la.;: and
Hollywood, Calif.
Clapp
nuclear
electric companies are participants
are
in operation.
During 1961
Research,
f
North
plants
plants
*'
Los Angeles,
Calif.; Colorado Insurance Service
Wells I
Public
At- present
Ainslie Cor-/
are
General
projects range from
study
groups
to
operation of plants already producing power. The electric utility
Companies', nuclear power development efforts involve utility expenditures of about $700 million.
^
,
validity of this approach," he
Mr.
nuclear
research
numerous
announced' in. the
the
consideration
under
The
corporate list¬
new
Atomic
Corp. and three electric
companies in Connecticut
tion in 1966 and
corporations « were - being
by The National Stock k
Exchange and that a further sub¬
be
that
power
other
ings would
Electric
on
,
utility
processed
stantial list of
Edison
Utilities
Taylor, Sirota, Tay¬
Chairman. He noted
applications
the
development achievements."
"Experience to date demonstrates
Institute's
dicated
for
Exchange have been released
Lawrence H.
Roy F. Hunt, Jr.
pre¬
shares
of
Committee
^
Nat'l Stock Exch.
of five
re-
-
spon¬
by ^ the
names
research
industry
ownership of special nuclear ma124
Participating Companies
terial
(i.e.
nuclear
fuel).
He
One hundred and twenty-four
pointed out that the electric utilelectric utility companies are parity industry is in favor of modifyticipating
either
singly
or
in
ing the Atomic Energy Act of
groups
in
23
separate
nuclear 1954 to
permit ownership of spepower projects aimed at attaining
ciai nuclear material by induseconomically competitive nuclear try under appropriate licensing
power,
according to Mr
Clapp, procedures
established
by
the
who is also president of the FloAtomic Energy Commission.
rida Power Corporation.
He in¬
Savings
Division
of
the
American Bankers Association, New York
,,City •
.>
■ •J
..
■'.
The
stresses
concepts with actual construction consistent with research
were
Power.
the
at
Conference
that
development of promising
actor
the
Institute
commercial banks.
National Savings
program
an(j
electric
and
Chairman
the
by Mr. Freeman in mod¬
erating the forum on "Reflections on the
59th
about the
Congressional' Committee on
Atomic Energy by W. J. Clapp,
-
talk
a
facts
disclosed recently before the Joint
'
can
on
other
companies' nuclear activities
com¬
to which
answers
significant
a
great
competitive
nuclear
in this country is the maximum utilization of
private industry in a broad and diversified
p0Wer
about 1,000,000 kilowatts
capability. Five different reactor types are involved.
These
M. J. "Zack" Warren
problem—but
nomically
gregate
simple
a
Edison Electric Institute that "the
best method
of developing eco-
electric
of
ef¬
earnings.
not
investor-owned
companies are participating. These
12 nuclear power plants will
ag-
fort to pay maximum rates, main¬
tain
our
safety,
and
increase
Obviously this is
which
in
prepared
statement, Mr.
ciapp reiterated the belief of the
bring to- 12 the number of
operating nuclear power projects
have all of'the
in the
Nuclear Power
jn
will
problems of investment, expense
control, and public relations which
are
Best Method to Further
sponsored
by
investorowned
electric
companies
are
scheduled to begin operation. This
which that inevitably involves.
we
nuclear power
seven
plants
pleasant choice of what might be
even more severe
competition on
the one hand and, on the other,
the acceptance of legislated price
fixing and the loss of freedom
Beyond this
Twelve will be in operation in 1962 compared to five in
Statement
T
Donald B.
Gruskoff
;ties
is engaging in a securibusiness from offices at 622
East -53rd
name
Street
under
of Leslie David
the
Co.
firm
(2116)
28
N. Y. Stock Exch.
Tax Reform
have
fair treatment to the individual;
investor, will help provide that
capital to new and growing enterprises.
****
J
The
Proposals
Keith
Stock
States
United
realistic
mpre
initiate
must
lion
of
treatment
tax
economic leadership.
industrialized
other
'Most
•
in
and
U^eatment^f^both 'capitafTgains them wd' undertake the
Sensible
enlightened than that
of the United States," Mr. Funston
ably
more
-introduction
the
in
observed
The
of
many
tax
■*'
on
revision,
p
'
1
firm
also
announced
that
necessary Vincent A. Autuori and Charles
risks if encouraged to do so."
income is consider-
dividend
and
35
are
potential source of billions of in- nounced.
—
.
,
investing, Mr. Fun-
dollars
p,
.JJon A. Vtiapin CO.
11/11
u
n
commented:
vestment
.
FT, COLLINS, Colo.—The Don A.
G. H. Walker & Co.
Chapin Company «i Fort Collins,
AoDoints P L Poffue Colo,, has been merged with Boet,
APP«»n«
rogue tcher and Company of Denver
BRIDGEPORT, Conn. — Province with.new.offices at,117 West Oak
Law Pogue has been appointed Street in Fort Collins.
manager of the Bridgeport office
The an n0 u n c e m e n t of the
f r
H
walker Rr Co
118 Rank
merger under the name of Boet™ G' H: Walker
Co., U8 Bank tcher and Company, was made by
Street, members of the New York Robert R. Baker, Manager of the
Stock Exchange, it has been an- Fort Collins
Company, and E.
ex-
the
to
and
Absorbs
Co.
«
encouragement.
today
in
"These millions of people are a
na-
capital
economic growth
and
shareowners
interested
ston
.
tions have recognized that
investment
invest
to
million non-shareowners who
in order to maintain its
investors
world
people
funds
panding industry, the Exchange
notes, but they will do so only if
they see the prospect of a fair
return in relation to their risks.
Pointing to the nation's 15 mil-
■;
President^of the
Exchange, said
Funston,
York
New
the
American
the
Boettcher
offering with „Mr. Pogue.
_
.Godfrey,, Hamilton Offices
Godfrey
Tavlor
Hamilton
&
Co
eJ' W^ton, .Taylor & Co.
Incorporated, of New York, has
opened three new Massachusetts
Warren, Willard, Managing Partne*\0
e Aem^5
Patrick Clooney, in the Zyer De-
^Yfotoded
Partment Store,. Braintree; at AO?
in
19?o"by
associated Chapin, who has^een active in
Townsend will be
W.
ci*1 activities until ill health
prompted his retirement last year.
The . company has been a coi-re-*
spond en t of Boettcher and. ComMr- B®ker l01ned
firm
m 1949 and became a partner in
1955. He assumed ownership in
1961.
company,
community and finan-
offices '1 under
the
direction
of
Western Avenue, Brighton, and at
727 Lynnway, Lynn, Mass.
to
booklet, "Chal¬
lenge of Economic Growth."
exchange
new
a
United
States
policies
tax
on
capital gains and dividend income
ere badly in. need
of a "thorough
reorientation."
the
ExchangePresident
said
-
.in
the-
32-page
publication.
nation
The
face
must
the
fact,
he declared,
that the private sec¬
of the economy will be called
tor
upon
ments
to make tremendous invest¬
in the future. The capital
of
needs
lie
industry
noted
have
in
the
19'd'J s,
estimated
been
at.
nearly$400 billion.
Although the bulk of this
sum;
will probably come from retained
^sS?
corporate earnings, and some from
>y/&s//*y+iv
borrowings, Mr. Funston said "the
critical
balance"
from
come
will
have
to
"million^of individuals
UXl&x
who must be encouraged to invest
part of their savings in American
enterprise."
i
V
.
Among the tax revisions
recom¬
mended
by the' Stock; Exchange
are:-Reducing the maximum tax
rate
on
long-term capital gains
from the present £5% to I2V2 %'.
booklet cites a 1961 Exchange
Study indicating that reducing the
rate would have promoted share-
The
unlock
to
owners
approximately-
$77.7 billion, or five times
as
much
.tii$t
as-under the present tax .rate. The
that there would also
survey notes
be
an
initial
in
increase
$2.9
revenues
billion
Federal
"$1.4
versus
billion-rt-with
excellent
for continued
high returns to the
Treasury.
prospects
*
'
;
>
; Reducing the. long,-term holding
period to .three months from the
present six.
time
a
(This is the length of
capital, investment must be
BNMi
sv%^<<%v:vX
•
.
^S*$Ss
'
Y
j/P-'-i ^::> V:i
v-V
j
''
•held
to
qualify
for
,
dend
tax
instead
rate
tax
credit
v
the
capital
being
taxed as. ordinary, income).
-T■?* V
; Increasing the present dividend
tax exclusion from $50 to $100.
Increasing the present 4% divi¬
gains
to
of
10%
eventually, to 20%.
'
r
1
and,
.
:
NATIONAL S"T
In recent years, the rate of eco¬
nomic growth in the industrialized
nations of Western Europe and in
Japan has outstripped this coun¬
A
booklet notes.
on
individuals' gains from the
securities. Dividend
in-
of
come,
has
too,
liberal
tax
the
received
treatment
countries
which
perienced
in
more
have
dramatic
since World War II.
a
divisions
Steel's
new
enables
.manufacturers
can
package for the
way
-
of life.
Above,
'
to
>kind of .tin container. It combines "light weight
cans-the standard
with all other characteristics that have made tin
of
most
lighter high-strength electrolytic tin plate being produced
National
develop
Significantly, during the period
sale
new,
by
studied—1950 through 1958—none
of these
countries
imposed any
.tax
EW WAY TO
,
try's growth rate, the Exchange's
.new
.
many
;
products that contribute so much to our
...
„
.
.
.
..
left, you see an example of the special,
..
:.
„
very
..
precisely
engineered facilities required to produce this metal: the Unique
ex¬
temper mill at our Midwest Steel plant
growth
in the Chicago
area.
It's
the first in the world
nesses
heaviest for
can
expressly designed to produce steel in thick¬
varying from the extremely light basis weights to the
subsequent electrolytic tin plating. In
reduce thickness of
a
From this mill, coils of steel pass
and emerge as
a
single
pass,
it
steel strip by 50 per cent.
through
a
700-ft. plating line
gleaming tin plate (shown at fight), ready to be
•made into the familiar, convenient tin can. Tfie facilities at Mid¬
west
and
at
our
Weirton
Steel
Division
give National Steel
a
leadership in the manufacture of lightweight tin plate appropri-
"It is surprising," the publication
.
.declares, "how many nations with
particular commitment to a free
enterprise economy embrace con¬
po
-
structive policies
the flow of ventureHcapital.
which^ilburage
The
United States, on the other hand,
which holds risk-taking to be the
^essence
free
of
enterprise, is
FIVE OTHER
in
ways
backward, when it
homes to encouraging the flow, of
wenture capital into our economic
-many
I MAJOR
*
STEPS
I JO FURTHER
.lifelines." ;
i ' Y
^
<
Y, ~ b
The booklet traces „the history
and effects of the capital gains '
tax „and the double taxation of
PROGRESS
NEW BASIC OXYGEN FURNACES at Great Lakes
AT WEIRTON STEEL in Weirton, W. Va., new and
•dividend income (once at the cor¬
Steel.
improved faa'iities throughout this division Increase
porate level and again at the in-
oxygen
■dividual's
•rate)
taxes
and
tend
personal
.
details
to
.
income
tax
how. present
inhibit the flow
of
will
j
tS6888888aaeggW!sagpi
>
To
add
be
completed in
built—which
capacity and greater efficiency.
furnaces—the. largest,
new
1 962, two basic
ever
the
tin
production and improve the quality of Weirton's
plate,, galvanized sheets and cold-rolled sheets.
Volume
Number 6156
195
him
NY Municipal
of
The Commercial and Financial Chronicle
.
.
.
A.
J. .Bianchetti,
be Alfred
will
J.
,
the
tertainment and other activities at
Outing Announced
Annual
29th
Field
outing
of New
Friday,
Finance
by
Alfred S. Mante of Smith, Barney
Prizes, and
&
John B, Stevenson,
.usual, the site of the outing will
;be the Westchester Country Club,
■Rye, N. Y.
••
"■
;
v
&
o
James F. Reilly, .of Goodbody &
Go.,
has
been
■Chairman for
Field
named
Day
this. year. -Assisting
Ventures—William
&
Weeden
Simon,
E.
Co.; Sports—
Hayden, Stone
Co.
A*
Daily
The
of
Cner,, .annual ..lampoon
municipal
will
be
this
edited
year
securities business.
Officers are Steven Mayer Mizel,
President, and Lionel E. Z. Cohen,
th
which
business
Mizel
with
formerly
was
F.
R.
Burns & Company.
by John .direction, of
of
name
A. Arthur
Jr.,
H.
Kirk
Schminkey
elected
director of Fundamental
a
&
Investors,
Diversified
4
®
1
Jo
gart,
fied
in
a.
Growth
Stock
and
Broadway, New York
engage
tment
nves
Fund, Diversi¬
Corporation has opened of¬
160
the
(N. J.) has been
I
Esico
.
of
executive
an
Esico Corp. Opens
business.
Sherman.
Burks.
55
at
Associates.
City,
Equity Securities Corporation has
0pened a branch office at 37 Wall
Street,. New York City, under the
a
offices
Standard Oil Co.
fices at
Equity Sees. Branch
from
Elected Director
securi¬ ELIZABETH, N. J. —Harry G.
West Main Street, under the firm
Vice-President and Secretary. Mr.
is
,,
of
business,
bond
to engage in a
ties
29
Harry K.
—
Schminkey is engaging in
Form Steven Mayer Co.
TULSA, Okla.—Steven Mayer &
Company has been formed with
offices in the Kennedy Building,
Bond
„
.
.
,
the1 outing
of
highlight
publication
^
.
J
William
—
Durkin, First National Bank of
Chicago; Announcements — Henry
Milner, R.
S.
Dickson
&
Co.;
June 8, it has been announced
Co., President of the Club.* As
following
the
are
Chairmen:
of
Day
the Municipal Bond Club
York
will
be
held
on
the
Schminkey Opens
Co.
MIDDLETOWN, Del.
five committees
appointed to supervise sports, en¬
Heading
•Bond Club
The
G. Thompson, of MorgamGuaranty
Trust
Hogle & Co.
(2117)
Fund
Westmin¬
ster
securities
Fund,
mutual funds
Officers
President;
Vice-President;
Harold Bo-
are
Eugene
and
.
which
Vizzini,
Morton
have
total
more
Le-
assets
than
billion
vine, Secretary and Treasurer..
of
one
dollars,
it has been
an-
nounced
by.
H
Dr.
Harry G. Burks
d:.. C..
o w a r
Shepe'r d,
Chairman
the
Funds.
associated
Dr.
Burks
has
of
been
with
Standard Oil and
its affiliates since his business ca¬
reer
began in 1924.
director
of
Executive
as
Esso
He
technical
served
service
as
and
Vice-President
Standard
Oil
of
Co.
prior to
assuming his present post in 1954.
He
is
responsible for the world¬
wide
refining and manufacturing
operations
Burks
of
also
Research &
Standard
is
Oil.
director
a
Dr.
of
Esso
Engineering Company.
F.L. Klemm.With
McDaniel Lewis
GREENSBORO, N. C.-r-McDaniel
<n
Lewis
&
have
Co., Jefferson Building,
that Francis L.
Jr. of Baltimore is now
announced
Klemm,
associated
with them
as
manager
of' their
municipal bond depart¬
ment, and has moved to Grejensboro. Mr, Klemm for eleven
tylears
with Mercantile-Safe Deposit
was
and Trust
Company, the last four
in the municipal bond de¬
partment. When the bank closed
years
its bond department in the fall
of
1961 Mr. Klemm became manager
of the municipal bond department
of
Mead,
Miller
He
more.
adviser
&
Co.
of Balti¬
has also been
to
Charles
financial
Calvert
and
Counties in Maryland. Mr. Klemm
is now manager of the municipal
business
bond
McDaniel
ize
in
started
tax-exempt
1922
by
securities
.
~
f
•
•
'V
«r
for
individuals!
institutions; trusts &
+
in
Lewis and will special¬
„>.*
Fraschilla, Seelen
*
:*
: ;
Fraschjlla, Seelen, Marshall & Cq,j
Inc., is 'engaging ip
a v securities
,
business from offices at 50 Broad
Street,
City.
York
New
Gerald
Fraschilla is President and Treas¬
ELECTROL.YTIC TIN
MAKE
and Laurence Seelen, Vice-
urer,
PLATE
Mr.
President.
formerly
with
Co. Mr. Seelen
.
ate to
our
position of
so many years as a
^mill products. The recently completed
v
country's most modern'steel finishing plant. Yet it is only one
phase of National Steel Corporation's $350,000,000 program of
improvement and expansion to give our customers better steels,
To give our employees better and more secure jobs. And to give
you, the ultimate consumer, still better values in the many useful
products you buy that are made of fine modern steel.
major producer of tin
Midwest plant is our
David
BOSTON,
&
STEEL
CORPORATION
SUBSIDIARIES
GREAT
LAKES
STEEL
•
WEIRTON
STEEL
♦
STEEL
MIDWEST
•
AND
STRAN-STEEL
•
business
Street
PITTSBURGH, PA.
DIVISIONS:
&
with William,
was
Fechtor Forms Co.
/T\
,
was
Bacharier
Motti, Inc.
Mass. —Sheldon
M.
engaging in a securities
Fechtor is
NATIONAL
Fraschilla
Jay
Fechtor & Co.
84
offices at
from
under
.
firm
the
He
was
State
of
name
previously
1
ENAMELSTRIP
•
HANNA
FURNACf
•
with H. L. Robbins & Co., Inc.
NATIONAL STEEL PRODUCTS
Now McNeel and
Company
ATLANTA, Ga.—The firm name
of McNeel-Rankin, Inc., Candler
Building, has been changed
to
McNeel and Company.
The firm
maintains
branch
a
office
in
Co¬
lumbus, Ga.
New Hentz Office
SWAMPSCOTT, Mass.—H. Hentz
& Co., will open, a new seasonal
office
in
Hotel
Under
the
New
Ocean
House
*
-
the
David "W^isman.
OUR
Steel's
NEW
RESEARCH
headquarters
exploration of
new
for
CENTER is
the
now
National
expanded, continuing
and better
t
materials, facili¬
products of steel.
raw
ties, manufacturing processes and
pi
'
AT STRAN-STEEL in Terre
facilities
are
Haute,
new
finishing-line
boosting quality and output of popular
color-coated steel panels for Stran-Steel's handsome
new
line of contemporary
'
'
:
pre-engineered buildings.
AT
GREAT
controlled
LAKES
and
STEEL
operated
in
80"
fastest, most powerful hot-strip
providing
more
Detroit, the
Mill
of
the
computer
Future—
mill in the world—is
and better automobile body sheets.
management
-
-
-
of
-
Lubetkin, Regan Branch
Lubetkin, Regan & Kennedy has
opened a branch office at 673
Madison Avenue, New York City
under
the
D. Yarkin.
management
of
Leon
v
-v
*•30
The Commercial and Financial Chronicle
(2118)
rely on the credit of the
lessee, on the credit both of the
lessor and of the lessee, or on the*
credit of the lessor, lessee and a
rect
may
v.,
Lease Financing
From the
Commercial Bank Viewpoint
than in normal term credits which
the
this
of
out
lease
of
bankable
financing, and the clauses
of
form
debt.
term
of lease financing
types
Graham
Mr.
describes
the use
transactions;
the
In
single
with
multiple
and
purpose
leasing com¬
credit
lessor's
and
compared
leased
the
to
value
collateral
lease
a
sufficient in amount
the
of
of
lender
(3)
The
lessee
can
acquire
with no down pay¬
been leased for many centuries, 'equipment
the
development
of equipment ment as opposed to the down pay¬
leasing has largely taken place ment normally required in the
acquisition of assets under a con¬
in
the
post
War
World
period.
the
to
lease,
the
recent
i d
w
spread
of
method
have made it
fi¬
of
the
Whatever
leaseback
business
a
nancing real
entire
amount
lender
the
ever,
on
rather
payments directly to the lender
source
provided
a
for
acquiring the
of
use
Donald M. Graham
business
of
assets
such
of lease financing,
been said that there is $2
has
it
as
statistics concerning the
of growth
rate
wide
a
range
accurate
machine
billion
and
lease
in
of
cost
equipment
on
tools,
office
furniture
equipment, electronic com¬
puters,
automotive
equipment,
railroad
cars,
microwave
and
systems,
there
building
lessor'may be
pledge
communication
bulk storage, tanks, road
parties to
is, of course, the lessor. The
manufacturer
a
or
equipment, drag lines used in strip other supplier of the leased prop¬
coal mining, barges, .tankers, ma¬ erty, an independent professional
terial handling equipment,
elec¬ leasing corporation, or an ^entity
tric
signs,
automatic
sprinkler which the lessee has cau'sed to be
organized for the
systems, vending machines, bowl¬
ing
alley: ^pin setters, oil field
equipment, air conditioners and
appliances
motels.
in
These
of
are
Many
What
we
is
of
values
by
mean
by
"lease
most
of
t,
lease
a
There
be
the
of
the
to
as
effective
an
an
ment
is
out
leasing
program
and at other times
economic
own
the
as
of the loan, the
make
the
"sale"
the
agreement
running
in
ing
manufacturer,
at
its
riSkf t0 extend lease financterms to a customer whose
credit
standing
otherwise
we
regard
as
might
not
satisfactory.
promise
contained
a
negotiable
assignee of the lease."
by
the-
bank
as
•
"Tailor-Made" Transactions
indicated
financing
above,
most lease
follow
a
transactions
pattern.
However,
others are "tailor-made" to
fit "the
particular needs and requirements
of
customer. Examples of trans¬
a
actions
arranged
by this bank to
circumstances are
following:'
\
cover
the
special
,
,
(a) Independent distributors of
a
manufacturer
trial
of
equipment
heavy- indus¬
offer
rangements a^Well
al time
as
lease
ar¬
convention¬
sales' plans for the
equip¬
ment involved: Not£s executed
the
distributors
-
in
manufacturer "and
favor
of
the
by
the
secured by as¬
signments of leases-from the
of
equipment,
users
purchased
at:;parf- less finance
by the bank:
are
charges under-an arrangement
whereby the -manufacturer pur¬
chases paper -in default.
(b) A railroad tfarbuilder
pur-
chases-iused cars at a greatly de¬
preciated. pricdfcHhe purpose of
rebdildhtg sttcfr car? and leasing
them
to
have
loaned
amount
several-^fhrlfoads.
the
price of the old
of
"v'
an
purchase
plus the cost
cars
reconditioning them,
being
We
,
builder
car
-e^uafMicr-the
secured
our
loan
^assignments
by
of
rentals due from the several rail¬
roads to whom the cars are
leasecL"~~"
together
the
wit&r&hattek- mortgages
cars.
Additionally, the car
undertakes, in the event
builder
Discounting Leases
in
promissory note executed
lessee and payable to the
on
,/•*
.■
ring which the amount of the loan,
Another form of lease financtogether with interest, will be re- ing, most commonly used in cases
paid from the rentals specified.,.^ where the lessor is a manufactur-
dof *aidefault,.'to
to
sell
to
or
use
its best efforts
re-lease the
cars.
.
(2)
The
lease
tenance
and
property,
be
must
"net
a
which
to
pursuant
main-
repairs of the leased
payment
insurance
of
be
to
are
borne
obligations
the lessee
by
,
carried
ly bound to pay the lease rentals
"comediell or high water."
The
typical
dependent dealer organization.
outright
personal
to
the
non-cancellable original term du-
(3) The lessee is unconditional-
through its in¬
relying
are
definite
a
a
equip-
rentals-
of payout
order
ables
equip¬
by the manufacturer directly
the
we
is
and
of which the manufacturer repurchases leases in default.
This en-
"bankable" it
must
there
rentals
on
assigned
purchase
•
^
of
favor of the bank under the terms
Criteria
rather than the lessor.
regarded
a
manufacturer is willing to assume
a credit risk in the form of a re-
the loan,
secure
y
instances
mortgage
and while
the
In
leased
Lease
and taxes and all other
"sales tool." Sometimes
The
incident
manufacturers
of
du¬
offer customers the
to
transaction is also supported by a
commitment of the manufacturer,
a
purchasing or leas¬
ing goods. Leasing has come to be
distinguishing
a lease financing trans¬
the acquisition by
the
feature of
lessee
•
i
At
must, in general, have the following essential terms:
lease"
goods
alternative
banks.
do
financing?"
action
rable
parties
latter
assignment
chattel
require that
widely
subject of lease financing
commercial
stock to
To render
(1)
also
are
How-
In'.such
negative
covering
the
also pledge its
and
Bankable
being the borrower in financ¬
ing the lease acquisition.
only some examples of the wide
variety of items which have been
the
express purpose
the
into
enter
assets
common
lease
a
of
covenant
leased
financing transaction? First of all
other
lessor
i
the
are
assignment.
control
today.
Who
the
in
assets the lender may
the
lessee.
disposing of its product,
an
times it may be impossible to perfeet a chattel mortgage lien, and
as
the
turer in
as
instances, it
can
be
said
that
equipment lease financing has had
enormous impact in recent years.
While it is impossible to obtain
method
of
equipment to assist the manufac-
a
purchase equipment in particular
•evolved,
we
ment,
obtain
of the equipment
which'is to be used in
number of lease borrowing trans-
will undertake to make all rental
to
ar-
chattel
take
to
estate, the
has
financing
by this
other security inter-
or
equipment
lease
in
acquisition
which
than
lease
engaged
the business
lessee, on whose
ip making the
This
conventional
bank, the transaction has been
the
in
est
v....
actions entered into at the request
of the manufacturer of the leased
lender
the
the
of
we
lease contains a
recital that it is "an
unconditional
obligation of the lessee to make
all payments thereunder
to the
same
extent and with the same
force and effect as if such
financed,
has
ranged at the request of the lessee,
a customer of the bank, to finance
collateral v^alue df the
equipment, it is common
mortgage
most
with; the : involved
concerned
bank
Agreement
In
property,
other fi-
in
Manufacturer's Repurchase
;
attractive to
lease
this
relied
As
equipment, in addition
to the assignment of the rentals.
Normally the lessee will transmit
to the lender a receipt of notice
of the assignment of rentals and
reasons
appear
to
actions
the
credit
purchase.
were
my rem arks
transactions
the
for
sheet.
ance
and
with
plan.
showing the lease financing obli¬
gation as a liability on its,, bal¬
er
use
sale
the
use
primarily
lessee
experience
our
typical of other
"here will deal
with the kind and type of trans-
■
credit standing and ability of the
lessee to pay and only secondarily
leased
The lessee can acquire the
of
the
equipment
without
(4)
a
as
is
the
on
would be
area
banks,
return to
interest and any
nancing costs.
While the
other
or
type of instalment purchase
P e r-
by¬
product of the
haps
contract
sales
ditional
II
this
during the basic term
borrowed to acquire the
equipment.
have
buildings
and
land
Feeling that
financing transaction
plus
While
restrictions
periodic rentals designated will be
conventional time sales financing. Stressed is the importance
lessee's
nancial
in the conduct of its business.
ments be made to the lender; The
and manufacturing companies' finance subsidiaries as well
of
panies;
as
lender
lending bank will normally
require that the lease rentals be
assigned and that all rental pay¬
of manufacturer's
purpose
the
the
>
various
repurchase agreements; the purchases of leases by banks and their
dealings
which
on
Lender's Requirements
to make
necessary
explained by Mr. Graham in taking the mystery
are
lessee
Thursday, May 3, 1962
.
customer,
lease
would ordinarily be covered by a
special loan agreement placing fi-
party—the manufacturer of
equipment. However, in most
financing, it is the credit of
places primary reliance.
ABCs
fact, if
a
the
By Donald M. Graham,* Vice-Chairman of the Board, Continental
them
In
in
third
Illinois National Bank & Trust
The
basis.
involved
amounts
transaction
are
substantial, the
risks to the lender may be greater
lease
Company of Chicago, Chicago, III.
loan
term
the
.
.
lease
clause
included
the
to
reserves
in
the
the
lessor
(c) To provide funds for retiring
existing debt to an insurance com¬
er, involves the discounting of the
lease with the lender. Instead of pany and also additional working
lending money on the security of capital, we entered into a revolving
credit
with
a
manufacturer
of
the lease, the bank will, in those
instances, purchase the lease. Un- graphic arts equipment secured
like the formal borrowing ar- by assignments of rentals due un¬
der leases of such equipment to
rangement, there is no promissory
n®te of the lessor to evidence the newspapers. Borrowings under the
advance. There was formerly some
Question as to whether the lease
*
copshUited an evidence of
jjfkj.'i. within the meaning of the
credit
limited to lease rentals
are
due within
leases
rowing
one
year
and defaulted
excluded from the bor¬
are
base.
right to assign the rentals as
authorizing J (d) As part of the arrangements
ownership of items of
dependent leasing corporation are curity, and the lessee agrees to Rational banks;to discount prom- involved in inducing a primary
property, in return for which the
used, the lessee generally enters pay the rentals to the assignee as issory ? notes, drafts,, bills of ex- aluminum producer to locate a
lessee
undertakes * a
contractual
new plant in
its service area,ah
tinto a leasing agreement covering- they fall due, waiving all defenses,
-•
S ??f»® J?
* ot^er
commitment to make fixed pe¬
? electric
the equipment which is then or¬
utility company agreed to ,r/\.
counterclaimsand
setoffs.* The. debt. ^However, withthe develriodic
rental
payments but in¬ dered
by the lessor from the man¬ lessee reserves the right to assert oproont/of..lease forms containing provide very costly rectifiers, an
Where
the
services
of
in¬
an
obligation
no
lump
to
are
in
or
a
ufacturer
payment at the outset
sum
to pay a purchase
The
rents
payable
or
basic
make
the
primary term of the lease
portion of such
or
cost
is
fi¬
option to extend the term of
lease
for
periods
less
one
at
than
term,
a
or
more
rental
the
renewal
substantially
that fixed for the basic
both such options.
or
basic
advantages- claimed
for leasing rather than
its
Lessee's
:
"Dummy"
However,
tions
involve
which
is
the
cases
lessor,
bound
purchasing
are:
the
executed
equipment
by
a
lease
user
terms
on
and
leaves
it
available
for
oper¬
ating purposes with the expecta¬
tion of earning additional
profits
through
the
use
of
the
freed
working capital.
(2)
The
be
flexible in
tal
additions.
pense
of
equipment can
the timing of capi¬
user
(Because of the
ex¬
involved in arranging long-
term debt
feasible
to
financing it is often not
finance
acquisition
of
individual items of capital
equip¬
ment
for
piecemeal
long term through
borrowings
in small
a
amounts.)
The
lease term is
an
Many
transactions
involve
the
of
of
which
year
to
er,"
with
earlier
long
be
as
that
of
the -bank
maturities
"lead
entering into
an
arrangement
erty
under
a
lease,
of prop¬
the lender
money
of
the
lessee
to
of
the
nature
of
the
financing is
borrowing in a different
and the obligation underby
the
lessee
in
a
lease
interest and
ments
credit
of
of
a
sinking fund requiredebenture
the
important
other
lenders
to the
same
as
:
and
a
lessee
factor
refuse
issue.
is
and
subject
The
the
(1) All the obligations of the
lessor must have been performed
or,, if the lessor retains further
obligations,
the
term
to«finance
there
must
be
an
agreement between the bank
and
the lessor obligating the lessor to
save the bank harmless from any
losses, counterclaims- or offsets
resulting from any failure on its
par* *°
Jts obligations,
(2) The lessee must be unconditionally obligated to pay the
specified rentals,
(3)
There must
the
lease
in
be
covenant
a
which
the
^lessee
agrees not to ^assert any
offsets
defenses,
counterclaims he may
or
is
our
state
mitted
to
understanding
banks
are
discount
character.
In
which
bank
this
leases
most
that
also
per-
of
this
instances
has
in
discounted
leases, the lease has been of this
or
unconditional obligation type and
lessee
analysis
borrower
a
It
most
all-
banks
sort of credit
prospective
°* ™?e Currency has taken the
Position that national banks may
jow purchase leases under the
following conditions:
have with respect to the lessor
against any assignee of the rentals
typical payable under the lease,
represents a form
debt, the rental payments
fixed obligations like the
being
absolute and unconditional-promlses Jj° PJ^ rent, the Comptroller
in
pay.
of term
will be placed with a
pension trust, insurance company
In
advancing
the credit
taken
taking the
(perhaps
as
to finance the acquisition
the
bankable
lend¬
institutional investor..
is
cases
guise;
20
five years) and the longer
other
included
are
and must be able to rely
the unconditional obligation
merely
maturities
or
even
lease document, lease
lease, which is well beyond
will
under-
rentals
clauses
on
Because
the normal commercial bank term.
In such instances the role of the
bank
above
lender
lessee
equipment
10
the
the
be destroyed.
may
upon
.important
a
the
pay
primarily
factor from the commercial bank's
standpoint.
is
to
in the lease because in most
have been arranged by the lessee.
'•
(1)
Leasing avoids tying
up
working capital in fixed assets
absolute
to
The
typically,
the
lender
though the subject matter of the
only a nominal amount of
capitalization and borrows entire¬
ly on the basis of the lease obli¬
gation
So
the
taking of the lessee that it is even
provided that the lessee remains
arranged for by the lessee. In
such
or
of
from
lessee.
"dummy" corporation established
or
a
shifted
Corporation
lessor
a
breach
warranty by the
manufacturer
or
supplier
with
respect to the product leased is
leasing transac¬
many
obligation under the lease
of
has
Claimed Advantages
The
lessee.
facturer.
nanced
by borrowing. Frequently
the lessee is given an
option to
purchase the leased assets, or an
the
to
quently, through sources arranged
by the lessee, borrows the pur¬
chase price and pays the manu¬
at least that
which
manufacturer
claims it might have against
any
the lessor and thus the risk of any
failure by the lessor to perform
The lessor, in turn, either through
its
own
sources
or,
more
fre¬
normally calculated to return,
to interest, servicing
other charges, the entire cost
of the leased assets
detailed
to
purchase orders prepared by the
lessee and delivered directly by
price as such.
during
the
addition
and
pursuant
^
.
...
curs
lease
transaction
for!, a eompany to
which they would be unwilling to
lend an equal amount on a di-
we
the
have, additionally, obtained
undertaking of the manufac-
turer-seller
of
repurchase
the-equipment to
any
defaulted
leases
held by us.
In one instance we
purchased a lease from the manufacturer
at
i
the
request
of
our
essential part of the plant equip¬
ment, under a long term lease ar¬
rangement. Borrowings
are
se¬
cured by an assignment of rentals
due under a 25 year lease from a
leasing company to the utility
company, and a sublease from the
utility company to the aluminum
company.
Earlier maturities are
taken by the bank, with pension
funds
holding the longer term
debt.
,
Leasing Companies
For
have
number
a
been
in
of
there
years
existence
indepen¬
dent
single-purpose leasing com¬
panies, largely operating in the
field of leasing fleets of automo¬
tive
equipment. This bank has
made substantial commitments
loan
certain
against
We
the
an
of
these
assignment
also receive
to
companies
of
leases.
assignment of
leasing company's right, title
and
interest
an
in
all vehicles, but
perfected liens and
our primary collateral consists of
the assigned lease contracts. These
these
are
not
automotive
leases,
unlike
the
typical "bankable lease," are full
service
leases
.under
which
the
lessor
provides
all
necessary
maintenance, insurance and re¬
pairs, While the amounts of credit
involved
are
substantial,
lender does not
reserve
and
the
the
right "
to pass on the credit of the lessee
in each particular
action,
the
leasing transleasing
automotive
companies involved have substan-
-
Volume
6156
Number
195
tial net-worth and have had wide
There is
experience in the field.
also
obligation
an
vehicles
repossessed
in
broad
a
A committee of New York financiers and
market;.-Moreover,, the
value of any individual fleet leas¬
ing
is
arrangement
large
not
Manhattan's
independent
multiple
purpose
companies which finance
leasing
wide
a
variety of different types
equipment.
While these pro¬
of
fessional
leasing companies are
sometimes thought of as compa¬
rable to finance
of
basic
the
companies, because
terms
the
of
lease
contracts it does appear that they
would be able to liquidate their
debt
nearly
rapidly
as
finance
average
been
the
has
as
It
company.
practice to enter into
financing arrangements with these
companies only where the lessee
is
our
customer of
a
and
ours
we
ex¬
ercise judgment on the particular
credit involved.
The significant
characteristic of
arrangements
our
with companies of this type
loan
the
tion
covers
involving
have
is that
single transac¬
a
manufacturer,
one
and
lessor
one
lessee.
one
established
not
We
general
a
line of credit for any
independent
leasing company which can be
used by that company at its dis¬
cretion
in
with
connection
balance
of
payments
deficit
and
transactions
with
a
large number of lessees who are
not
customers.
our
line
credit
of
which
could
cretion
then
the
used
blanket
a
extended
were
be
the
of
If
leasing
have
to
protection
against
transactions
/which^j»i'ght, Jnyotet an undue
concentration^ particularly large
and
items
costly
manufactured
would have
market
in
a
to
of
event
default.
independent multi-pur¬
review each
the
lease transaction
new
basis
of
credit
the
stand¬
ing of the individual lessee. While
guidance lines of credit may tie
established, the financial strength
of the leasing company itself sel¬
dom
furnishes
support for the
credit; and sound practice would
appear to require the lender to
reserve the right to
screen indi¬
vidual
credits before approving
a
By Joseph
unsatisfactory
financing transaction.
manufacturing
y^hich
are
we
companies
to
extending
cured lines of credit now
unse¬
provide
leasing arrangements in addition
Chairman
economic condition.
to
to
United States'
of the
committee
captive finance companies
partially support leasing as well
to these
McMurray
vestment
said
home, increase effi¬
and productivity, reduce
continuing unemployment, and
accelerate our growth rate."
and
that
Criticizes
to curb
cessful, fortify
payments.
George Champion
The
the
and
finance
cur-
of the New York Chamber
of Commerce cautioned in a 5,000-
rency
It
report.
out that the basic
deficit
"worsened
pointed
payments
greatly during the second half of
last year," rising to $2.5 billion
for the year, from a first-half deficit of $0.6 billion.
committee
The
is
Champion,
George
headed
Board
by
Chair-
year,
dollar
the leading
from
it
said: "Longabroad, if suc¬
our
balance
of
"cannot
currency
survive"
as
of the world
means
by which American plants
hurdle that area's tariff wall,
reason
the committee said.
"The
essence
of the
v
ministration's proposal for
long-range
face is that of enabling our private economy to earn,
in an increasingly competitive
problem
we
to
ceiling
ceive
1 ation
s
Boston.]
the
giving
the
association.
If
a
dividends could be im¬
on
posed it might well be asked why
could not a ceiling be put on all
Board author-,
action
the dividends they re-
on
from
ceiling
kinds
of dividends, and you can
imagine what would happen in a
capitalistic
society
if
anybody
dared to make such a suggestion.
Moreover, we cannot escape the
I
from
fact that the very essence of mu¬
asso¬
ciations, attor¬
tuality would be largely destroyed
by the imposition of such rate
control.
savings
e c o n-
omists,
from
also
*From
news-"
address
an
delivered
stories
year
a fiveTrade Expansiott Act "a chal-
lenge to management and labor to
accept
added
competition
turn for easier
access
to
in
torneys
and
the
economists
back to the 1920s and also
hark
provide
considerable amount of support,
Some savers are also in favor of
a
of the Chase Manhattan Bank.
Noting that the
ot
the
at
U.
by Mr. McMurray
Savings & Loan
S.
"if we try to restrict its use, either
League Management Conference, Green¬
and editorials,
brier Hotel, White Sulphur Springs, W. Va.
Joseph P. McMurray
by our own citizens or by forand, of course,
eigners," it held.
from savers, which is exactly what
Named Directors
The committee stated that in¬ I
expected and what I wanted. Let
vestment in Com m o n Market me
say that the opinion is not uniElection of William S. Robertson
countries both "reflects a confiform; surprisingly, the greatest and Kenneth J. Thornhill to the
dence that the rate of growth in
support for the program comes Board of Directors of Institutional
that area will be more rapid than from
savings associations. The at- Shares, Ltd. and Institutional
in the United States" and is a
nation's continuing
earn,
i
g
paper
"Above all," it said, "the climate
for the for investment in most of these
payments defi- countries is more hospitable to
cit
is
that
"our government
is private enterprise than that prespending more abroad than pri- vailing in the United States."
vate enterprise has been able to
The committee termed the Ad-
man
Bank
neys,
rather
so¬
permission
re¬
investments
than
Loan
why should they be singled out
from all other persons who receive
dividends
by imposing a
con¬
after
word
Bureau's
have had
term
on
e
Boston*
studying
request
the
commend
e
dividends,
.
income
year
committee
1
in
was
should
siderable
that
expedients,"
lutions,
Budget
r
Board
it
such
Noting
"short- term
long-term
the
investments has exceeded outflow
are
Home
ity to impose
ceilings
o n
Investment
Outflow
im¬
balance
pressures
Curbing
cor¬
the
rect
"short¬
outflow of private long-term
capital for investment abroad.
connected
present
efforts to
as
the
are
Federal
of
statement
my
whether
sighted" present
inextrica¬
bly
Since
that
The committee termed
recently.
The two
so
at
ciency
mists
e c o n o
holders
to stimulate in¬
serve
our
f
leading
financiers
March 29,
"
which will
position recently taken and, thus,
legislation providing authority to set ceiling
reverses
savings and loan associations dividends. [See this "Chronicle,"
1961, p.p. 40-41, for Mr. McMurray's address to the stock-
vironment for savings and profits,
payments
of
a
o
on
petitive position in the world."
They would lead to "a better en-
balance
problem,
ten
obstacles
limiting dividends
world,
certain
in-
_
^
Reverses View
Rate
re¬
overseas
in
Income Fund, Inc.
was
announced
by Samuel R. Campbell, President of the Institutional group of
mutual
funds.
Robertson,
formerlv.Chairman of the Board and
stances, but most savers feel that 'President of American & Foreign
they should ndt be deprivted of an Power, and until 1956 Director of
opportunity to earn 'his1 much on Grace " National
Bank1 of* New
their savings as the earnings of an York, also is Director of Canadian
association will permit.
International Growth Fund, Ltd.
From
and
,
,
Regarding Interest
Ceilings
careful
comments
study
after
of
all
the
considerable
Mr.
and
Thornhill
is
Director of
a
Ltd.
and
troleum
Vice-President
Long Island Co.,
Director
a
Corp.
Prior
of
Lico
to
Pe-
joining
Long
a surplus sufficiently large markets.
^
Island,
he
was
Portfolio
cover our government's foreign
«The need for more liberalized reflection, I have come to the con-yManager with the Ford Foundaclusion that I shall not recommend
expenditures, or of reducing the trade
\ipn.
policies is indeed evident,
to the Budget Bureau for clearlatter to proportions that can be
^
rpbe real qUestion js whether we
carried without large chronic balance, legislation giving the Board
17 p
Hutton & Pn
are
willing to face the factg of
the authority
to impose a divi^ r* nii«on
ance-of-payments deficits.
international competition and
to dend
ceiling.
Customers Branch
It urged the Administration to
review all 0f our policies-labor,
remove the shackles from enterI know this will be disappointE.
F.
Hutton
&
fjscai agricultural—accordingly,
Company has
prise
and
create
a
climate
of
ing to a large number of those opened a newly established cusbouyant optimism.
"The emphasis in the program good people who have written me tomers branch office on the
■
on adjustment aids to employers in
support of such legislation, but eleventh floor at 61 Broadway,
Given a favorable investment and
empIoyees adversely affected I have
subjected their views and New York City, it was announced
climate the United States may be
b
foreign
competition, not
to all the arguments in favor of such
found to be the most underdevelby Sylvan
C.
Coleman, senior
mention the new agricultural proan
authority, as I indicated, - to managing partner,
oped country in the world,
as
gram> casts doubts on the readivery intense study and analysis.
Arthur A
Goldberg has been
™ej^edjy|he amount of money ness 'of government to confront I have come to the conclusion named
it can profitably employ.'
manager of the office.
the hard realities of freer inter¬
to
<(rriu
.
,
,
.
.
,
that
to conventional time sales financ¬
ing for the products of the parent.
Thus indirectly our lines of credit
P. McMurray,* Chairman, Federal Home Loan Bank
Board, Washington, D. C.
essential
is
i
Many of the finance subsidiaries
of
continuing
which have extended
leasing companies prefer to
pose
on
equipmenti-y&hii c>h
very limited resale
the
Most banks
credit
in. specially
or
domestic
growth
the solution
company,
would
lender
dis¬
the
at
of
economic
Fixing
on
S & L Assn. Dividend Limit
will not request Federal
Removal
31
con*
The committee offers its prescription of what
our
^
lease
financing
-
our
singles out barriers
great growth in the number of
a
,
Changed View
should be done to redress the problems uncovered in their study of
there has been
years
A
economists, headed by Chase
George Champion,
economic growth pace.
the net worth of the lessor.
recent
Chairman
tributing to
in
relation to the over-all credit and
In
Group Decries Domestic
sold
be
can
(2119)
Obstacles to Economic Growth
default'^'nd
items in
any
Business
the lessor, to
on
purchase
Commercial and Financial Chronicle
The
.
.
Three
.It
Major
that
said
national trade and competition."
Obstacles
this
climate
could
.
Commenting
major
by removing three
obstacles to domestic eco-
nomic
growth*
monetary
^*TanSements by
States Treasury and the
achieved
be
on new
it
will
not
solve
basic
the
problem of providing against un¬
safe
and
unsound
operation of
what may be imprudently managed savings and loan associations
The
61
board
New
Broadway
office with
is the third serving
City customers of the
room
York
nationwide investment firm,
on
E. F. Hutton & Company, whose
main office is at 1 Chase Manhat-
that the
^an Plaza, has been at 61 Broadway
authority will eventually have to
be used, once the Board has it,
and its imposition
would create
more
■ problems. .than;
it would
solvb.
Moreover,
it would < not
solve the fundamental problem of
providing funds in capital-scarce
areas,
or
an
orderly means of
transfernng funds from the capital-surplus areas. Some of the industry leaders in the northeast
areas
of the nation, who suffer
Credit Conference, Chicago,^111.
to "monopoly practices" permitted *ac*: that we need to take funda- most from the
high dividend rate
labor unions which long ago were' meJ1tal measures, above all fiscal m the
west, inform me that they
outlawled for business.
and wage policies, to deal with believe that a ceiling, rather than
Elected Director
solving the problem," would soon
(3)
Deficit financing
by
the
asic lm£a ai^ceJohn T. Monzani, a partner in the
Federal Government and "attendThe committee s ^report will be become the rate they would be
New
York
investment
banking
ant fears of mflation." It said that Jointed in booklet form for distri- forced to pay.
If this be so, we
firm of Kuhn, Loeb & Co., has
Administration pledges
to safe- baba? to members of the Admin- would have a great multiplication
been
elected
to
the
American
guard the dollar and balance the ^tration, Congress and to busi- of the problems that already exOptical
Company's
board
of
generated by
budget lack "sufficient force to Bfss
civic groups throughout ist, or would beincreasing divitrustees.
some associations
allay some of the uncertainties the nation,
Mr. Monzani has been active in
dends much above their competion this score,
and the underlying
p
.
r1
11
«.
A JJ
the investment banking field for uneasiness
'tors, locally or nationally.
remains, here and
i enington, Colket Adds
16 years. Besides being a partner abroad."
It urges "much greater
Another fundamental
problem
PHILADELPHIA,
since 1914. The firm's major operations divisions, including its
RCA three-computer complex
as
time sales financing.
mi
Anticipates
We
Substantial Growth
(.1
called
,
,
for
,
,
,
T,
present tax structure. It
"a fundamental
revi-
Federal Reserve System to smooth
and limit exchange rate fluctua^ons,' the committee asserted:
and the
the
of their actions
effect
industry.
,
I have .been
convinced
.
substantial sion of our tax system, including
transactions may spare
growth in the demand for various depreciation
reform,
to
induce the dollar from manifest symptypes of lease financing in the greater
savings, and increased in- £oms of weakness in the foreign
years ahead: As mew applications Vestment in'domestic
productive exchange markets,'but'it Should
of this type of financing develop,
enterprise "
* •
be borne clearly in mind that they
we, as commercial bankers, stand
(9)
The waae cost nrnhlem
haVe n0 effect Up0n the basic bal"
ready to assist our customers in un
+
/ wage cost problem. ance
payments deficit problem."
"Constant upward wage pressures
^
providing the funds to finance and restrictive
work practices are
warned: These new techthese transactions.
pricing many American products fl10^8 W1D he positively harmful
out of the world market," the com*An address by Mr. Graham before the
through their technical success,
American
Bankers
Association
National mittee stated. It called for an end they
distract attention from the
anticipate
a
T,
,
,
aJ1.(t
in Kuhn,
President
Loeb & Co., he is
of
Incorporated.
Kuhn,
He
Loeb
joined
a
Vice-
&
Co.
Halsey,
Stuart & Co. Inc. in 1946, serving
for
11
years.
In 1957, he became
associated with Kuhn, Loeb & Co.
restraint in programming government
expenditures—Federal, State
and local—if we are to promote
confidence here and abroad in the
integrity of the dollar."
These
are
"the
reforms, it maintained,
key to insuring our com-
Pa.—Penington,
Colket & Co., 123 South Broad St.,
members of, the New York Stock
Exchange and other leading exchanges,
announce
that
James
Wright Scott is now associated
with their Philadelphia office
a registered representative.
as
created
by
a
dividend
system, and order and wire
not like indeposits
The
could
logically ask
savings shares
are
shareholders
1 Commercial
March
29,
1962
and
Financial
(page 40).
Chronicle,
■
.
.
With "enington, Colket
WILLIAMSPORT, Pa. — Peningt0n, Colket & Co., First National
Bank
Building, have announced
,baj
Donald
Scott
Randolph is
now
assocjated with
them
in
the
sales department.
Wifk F
wit
P
.
Rictino
r. ivibune
PHILADELPHIA, Pa. — F. P.
Ristine & Co., 123 South -Broad
St., members of the New York
Stock Exchange and other leading
exchanges,
announce
that
Williapa? T. Powell, II, is now associated with their Philadelphia
office
as a
registered representa-
^ve-
ceiling
terest payments on
_
_
ivt
a 11
d
i_
INew Aliyn Branch
arises from the fact that dividends
on
rooms,
are located at this address.
quINCY,
Co
has
Mass.—A. C. Allyn &
opened a branch office
in the South shore National Bank
Building,
James
under
the
F. McCormick.
direction
of
The Commercial and Financial Chronicle
(2120)
32
PViarf-Q
TV/Forma
ofir^-n
.
.
.
Thursday, May*3, 1962
them with the service they desire which should be removed. Extend- equality
with
freight
forwarders
cXllojJOX La/blUIl IVld/^Ild; vyllcvi. \jCX
at the lowest total cost, both pub- ing to all other carriers the ex- and other shippers in the use of
Dynnnonrl Ivir Pt»OC!1 Honf TTormOflv licLt"d Pjiv-ate'u
^
emption from the approval or the promising and fast-growing
jLlOpOooll uy riebiueill iv^llllcuy
This basic objective can and prescription of minimum rates piggyback and related techniques.
X i
+.
.
,
.
,
.
President Kennedy calls for major
..
.
.
,
continued reliance
,
;v'"-: "
primarily
on
by would permit the forces of
unsubsidized
*
Interstate
Commerce
prevents'
now
Act
which
railroad
a
from
these commodities, while protect-
hauling cargo it owns The need
checks of competition ing the public interest by leaving for this provision, which goes back
maximum extent practi- intact the ICC's control over maxi- to the days of oppressive railroad
profit
and
ttie
V"-to
Repeal'the provision of the
(5)
com-
petition an equal opportunity to
replace cumbersome regulation for
privately-owned facilities, operating under the incentive of private
conflicting problems burdensomely crippling use of most economical
types of transportation.
achieved
be
must
-
,
reforms in our transportationi pol-
Statement to Congress contains a frank appraisal of vexations,
icies.
President the transportation industry are re- cable/ The role of public policy mum railroad rates and other monopoly has largely passed' and
Kennedy on April 4 to enact fun- strained unnecessarily; others are should be to provide a consistent safeguards - (such as the prohibi- its current effect is' to handicap'
damental, far-reaching changes in promoted or taxed unevenly and and comprehensive framework of tion against discrimination, and the railroads in competing with
our
current
inconsistently.
equal competitive opportunity that requirements on car service and other modes of transportation The
Congress was asked by
S9KB3|Hfl
Some carriers are required to will achieve this objective at the
9jf provide, at. a loss,, services for lowest economic and social cost to
Federal trans-
portation polof
One
icies.
i
singular
the
reforms
pro-
which there
is little demand, the nation. •
Some carriers are required to ; -p^is means
aBgh&C, ^41B|§| char?e rates which are high in
.
mS
for our
anachronistic,
posed
relatl0r) to cost in order to shelter
wlri
inconsistent
fjijH competing carriers. Some carriers
are
Prevented trom making ruil
~
policies would
remove: (1)
of their capacity by restnc-
use
carrier
responsibility>. anti-trust-laws can insure protecwhile this would be the preferable tion against the possible abuse by
common
way
more
a
pederai policy
and
mented approach. It
coordinated
less
a
ing by repealing the existing
undue
and
preference to
regulation
It
none.
and
very
" likely
pres-
p"s-J-F-i
inequalities;
and
(3)
barriers
liance
on
cost increas ng
tion- And » mians thaV,° the tent a part of carrier traffic to
ex^ent possible, the users of trans- continue to be governed so unPortation services should bear the equally by Federal rate regulation.
frequency of service.
achieving Some carriers are subject to rate
to
genuine economies.
0f competition
regulation
J
.
excessive
the
on
transportation
reliance
greater
means
particular
commodities
re-
^he restraints of regula-
these commodities
^theT those®servYce? ar^pro6whetherriva+fiv
f*®1^
and
^aildre
or none.
'
* No simple Federal solution can
the flexibility of our defense end the problems of any particuto
ability
our
to
preparedness, and both the busi- lar company or mode of transporness
and
recreational
opportu- tation. On the contrary, I am connities of our citizens. This Nation vinced that less Federal regula-
of the most
has long enjoyed one
Hi\r<ircifierl
on/l
highly developed and diversified
transportation systems in the
world, dnd this system has helped
us
to achieve: a highly efficient
utilization of our manpower and
-
_
Transportation
thus
is
indus-
an
rltei * tt?ihiit5m2
to
Jnd
*ede*ai ?_ i.snS
reguiat on to aajust to t e neeas
tn
largp
a
J"
evtent
the
tn
it
at
the
that
n
as
toral^governments as
hf
.l.n
tge
rf" ^ with his
rier witehhis
tn
.Y
neeaea to re"telize 1 ou^ transportation0 serl
vixaiize our transportation serT
try which serves,, and is affected vlces;
with, the national interest. FedThis Administrations study of
eral laws and policies have ex-. long-range
transportation needs
<
carI
cause>
common
obligation to serve
obligation to serve
the transportation indus-
_ujDDers
,.
iaree and
small
on
all shippers—large and small—on
certain
routes
without
and
performs
tariffs
discrimination
any
essential
an
that should
known
at
not be
too impor-
tfnn
dlVrfoSmlnt^of tr^sl
development
and
and
tion
oi
«jans
portation facilities, such as highairwave
wave;
ana
airways,
ways,
through
watprwav<?-
anH
waterways,
regulation
the
of
+hrn,i0h
QnH CprviPP5.
and services,
rates
cx^npral
and through general
and
far-reaJhfn?
ana lar
function
•
,.
i,
tions and reduce costs; and shiptions and reduce costs; and shipPers should consequently enjoy a
dovoto
devote
tavatinn
tions
nrnrnrpmpnt
procurement,
nrogram
program
all
of
and
labor
transportation
transportation
for
tor
consider
lahnr
and
comprehensive
A
these
must
must
elements
of
•
4.U
„
1
•
i.
During the last
^
*
session
of Con-
a
is
ponsidorahlo
a
I
believe
below
tions
timp
consiaeraoie
were
taken
operations of
cies through
ginning
our
to
improve
regulTtorv
reorganisation
was
also
made
the
agen-
A
hp
toward
to
task
10
Deiow
gency.and
Congress
the
nf
arp
aie
ot
et
not
guarantee
meantime, it
lowing
begin
considera-
tho
IS
in
in
full
Tn
lull,
m
to
of
thp
the
clear that the fol-
fnndamphtal^ rpfnrm«
fundamental* retorms
transportation
our
needed now.
policy
*
j
in
m
are
the
needs
of
cities
our
_
.
..
Intercity Transportation
+•
does
times.
not
dramatic
of
the
This
fully
reflect
changes
past
patchwork
either
the
in
technology
half-century or the
artificial
distortions
and
parallel
of
changes in the structure
competition.
.
...
The
regulatory commissions
required
detailed
of-date
to
make
are
thousands
decisions
based
standards.
The
on
of
out-
chronic
mje,,oP
excess
capacity-involves
innir
The
resources
nf
devoted
provision of transportation
vice
should
excise
tax.
re-
peal of the 10% passenger transportation tax/This tax, a vestige
of World War II and the Korean
has
War,
undoubtedly
discrimi-
continuation
continuation of the 2-cents-perof the 2-cents-per-
gallon net tax
on
gasoline and
ex-
a
5% tax
on
airline
By delaying until Jan. 1, 1963 the
effective date of all proposed
changes as they affect aviation—
v
y
bv the Civil Aeronautics Board of
oy t ie ^ivii aeronautics rsoara oi
■
" ««vc*wuxi.
possible as long
f.
jjui,
as
uniform
»
-ffptpt
and
wavhill
tavP«:
will
Federal agen- I he ticket and waybill taxes will
minimum
xxx^ umxuim. muxuiium
rates
be passed
would
on
*
directly to ultimate
y
.
,
general
.
t.
aviation,
eventu- recreational flying and
such
as
company
To prevent the absence of minirate regulation under the
user
charges — will recover only
of the annual cost of
mum
about half
above three proposals from resulting in predatory, discriminatory
trade practices or-rate wars refleeting
monopolistic
ambitions
rather than true efficiency, the
Congress should make certain that
such practices by carriers- freed
from minimum rate regulations
would be covered by existing laws
against monopoly and predatory
trade practices.
the Federal airways
is properly-allocable
tion. Total airways
are
approximately
system which
to civil avigcosts, which
$500 million
annually, have risen steadily in
the past decade and will continue
to grow as airways facilities and
services are improved to acconjmodate future air traffic. Repeal
of the 10% passenger tax as it now
applies to aviation should not he-
investment or tions in the form of legislation
^?h?tfntfnllv ?dministrative action that will
reaSrpmentJ
fo? improve the regulatory process.
nf
progress.
Transportation
while the above three recom- come effective therefore, until the
mendations relate to the most recommended user charges are in
or critical—and controversial—prob-. force for all. segments of civil
T
adequate capacity jeopardizes "
to
(1)
be
used
in
the
ser-
most
lems of unnecessary or unequal aviation.
„ 'V ■
1
regulatory curbs on transportation,.
(3) Inland Waterways; Also in
Eq[ual competitive opportunity-other changes in the Interstate the interest of equality of treatunder diminished regulation. Commerce Act and the Federal ment and-opportunity, the'prin-
(1)
Bulk" Commodities
—
At
present, the transportation of bulk
commodities by water carriers is
exempt from all rate regulation
Aviation Act are needed consistent ciple of user charges should be
with these same principles. I rec-, extended to the - inland waterommend - that legislation be en-, ways. A tax of two cents per galacted to:
Ion should be applied to all fuels
under the Interstate Commerce
(4) Assure all carriers the right used in transportation on the
this, in turn, means' Act, including the approval of to ship vehicles or containers on"-waterways. The recommended eftransportation is subjected to exthat users of transDort facilities minimum rates; but this exemp- the carriers-of other branches of- fective
date, Jan. 1, 1963, will
cessive,
cumbersome and
timelrl
.
,
...
.
tion is denied to all other modes of the transportation industry at the/allow time for review by the Inconsuming regulatory supervision sdC)uia De provided with incen- transportation. This is clearlv in-~ same rates available to non-carrier-, terstate- Commerce Commission pf
that shakles and distorts mana- tives to
use
whatever form of equitable both to the latter and shippers. This change will put the any adjustments that may be necgerial initiative. Some parts of transportation which
provides to shippers—and it is an inequity various carriers in a position of essary in common carrier'rates.
ment
of
the
various
managemodes
of
effective and efficient
sible;
,
•
these
our
ineffi- on a gradual or temporary basis Federal investment in the airways,
under existing authority. ;
"
All of the above taxes—in effect
.
nnr
telow
Hrpnm
roads, trucks, buses, ships and ment of maximum rates only. In a fuel tax of three cents per gal-'
barges, airplanes and pipelines — the case of the airlines, it may be Ion is recommended as a mmimSl
is seriously weakened today by preferable to initiate this program step toward recouping the heavy
on
specific
nf
molded
industry made fit, lean and pro- any tariff adjustments that may be
y
.
'
POmnptition'^reauired bv the carriers to recover
gressive Dy Vigorous competition lequtreu uy Hie Ldiueiis iu letuver
and innovation. But this is not the cost of user charges on fuel,
legislation which
arp
e
have
I have already recommended
p
™
™
accident*
that
taxes. As a result, inequities have
developed and in some instances
have persisted for many years. ».
f?r
'3en?tr ttrfhVe
rfomnaend? us!fs'
therefore, that the Congress enact
For
.
ciencies inherent in existing Fedfor mass transnortation Bv Execeral Policies. Built up over the
utive Order
I recently assigned
Basic National
years, they can be rerhoved only
to the Department of Commerce
Transportation Policy
gradually if we are to mitigate the
authority for emergency transporbasic objective oi our na- hardships that are bound to arise
tation" planning. '
tion's transportation system must in any program of far-reaching
But
Dressing
tvrn h lc
be to assure the availability of adjustment,
K
burdening-our national transnnr
die fas*' .safe and economical^ As an initial step, I am requesttation
svstem
ieonarHiying
thZ transportation services needed in ing the Chairmen of the Civil
progress
and 'security
whirh
a growing and changing economy Aeronautics Board, the Interstate
we
depend
A chaotic natchwork
move Pe°Pte an4 goods, without Commerce Commission and the
of inconsistent and often oh^olpfp waste
or discrimination, in re- Federal Maritime Commission to
legislation
and
regulation
has
sP°nse tc) Private and public de- meet at frequent intervals to diseVolved from a historv of specific mands: at-the lowest cost consist- cuss regulatory problems affecting
actions addressed to specific probp^lfrH
c0?veFenc?' ^ the various modes of transportalems of specific industries at
° ?r braad" tion and to seek coordinated solumeeting
saiT1G
fuels; and (b)
ended in tne long run only in an
.
Part I
,
develon
vices or require even more difficult and costly solutions in the
hot-too-distant future. : r
^
puG
stance
.
.
,
npar
that confront us now will cause
permanent loss of essential ser-
..
achievement
objectives
and decisive
in
takpn
.
transportation
the
obipctivps
the
ur
tion of them at the earliest praci<?
torms
dus
ur-
that
.
(3) Intercity passenger rates—tickets and on air freight waybills.
extinguished.
,
suffiripnt
^origiess; snouia oegin consiaera
action
,
tnese
sumcient
/r) Consistent oolicie* of tnmtinv
;<B)
know enough about the costs subsidlze weak segments of the including the repeal of the pas?
"
8
7
tranqnnrtation
inrlii<;trv
rhrnnir
senger tax for the airlines
amole
and other characteristics of van- .transportation industry
unronic .singer Lax 101 me airnnes ampie
formc.
nf
transnortation
to
over-capacity and deficits can be time will be allowed for review
recommenda-
importance
should
pf-
and
undesirable
steps
Wnile
task
and
time
ticabfe date. If direct
public policy.
TA
is
requirea
which the Congress will wish to
fort,
competition.
reauired
documentation,,
combinations of
service tension of that tax rate to all jet
wider choice, improved
^nd lower rates.
mmtteconsiderable research and anal- The traveling public, like the comysis. g°ing far beyond our present'rnercial shipper; is also umnterfashion While findings. will be required before ested in paying higher' rates to
eacning tasnion.
or
,
fundamental
recognizing that a revision of the
magnitude
magmiuae
governmental policies relating to
taxation,
in the
and
kinds
new
1S n0 effectlve truck or water car- tion in favor of the automobile. I
rier competition to keep rates again recommend repeal of "this
down.
•
tax to improve the competitive
The combined effect of extend- position of intercity railroad and
in§ these bulk and agricultural bus-passenger transportation sysexemptions will be to reduce dras- terns, which/generally are not
fo5»iw
r»nhlielxr
to
nloon
tically and equalize fairly the publicly supported, and to clear
regulation of freight rates in this the way for an equitable system
country. Freed to exercise normal,of user charges for aviation.
managerial initiative, carriers will
(2) Aviation. For the commermanagerial initiative, carriers will
(2) Aviation. For the commerbe
to
opera- cial airlines, I.have suggested (a)
b.e able to rationalize their opera- cial airlines, I.have suggested fa-
fPrraenS5n1rfi1^nnnarhcnlarivrfnShe cSrrent^Federal^Dolicii
reshaned
and
service.*
-erest 2 tbosVre?S wher+e there nated aSainst Publid transporta-
the
are
wfii
agen-
experimental
to that described above, and now
a
well
sanction
products —An exemption similar and programs have largely deter*mined s p e c i f 1 c transportation
nr
tion and subsidization is in the u'rHen^ nf regnlatinn
handi
lnntf t*nn
nrime nrerennisite nf
ou.luens or icguiduun die imiiux
long.run a prime prerequisite of
the
eerthieated
eommon
a-healthy inter-city transportation S ^Her i nh i <Teff nrt^ f
meef hi«?
network. The Constructive efforts
*nmnehtion
what
and
of State and local governments as
=8" ^ a c
p common c^'.
w
resources.
as
AS"Cu»ural and fishery transportation regulatory policies
(2)
Snl
vldecl privately or puoiiciy.
are
while
compete
abroad. It influences both the cost
vital
to
classification
higher though more stable rates,
Whichever alternative is adopted,
the
on
and less
Far some 75 years, common available only to motor carriers
The text of the President's mes- other carriers, competing for the carriage
was developed by the and freight forwarders, relates to
sage, in part follows: I
same
traffic, are exempt. Some intention of Congress and the re- agricultural and fishery products,
An efficient and dvnamic transcarriers benefit from public fa- quirements of the public as the This exemption from minimum
nnrtation
svstem is vital to our
cilities provided for their use, corevof our ,transport system. This rates should also he extended to
domestic economic
growth, pro- while others do not; and of those pattern of commerce is changing— att carriers. Here, too, the ICC
ductivitv and progress. Affecting enjoying the use of public facili- the common carrier is declining should retain control of maximum
the cost of every commodity we ties,
some bear a large part of in status and stature with the con- railroad rates and certain other
consume
or
export, it is equally the cost, while others bear little sequent growthi of 1P"vate and controls to protect the public inof
status
(6) Direct the regulatory
cies
in
forces
^^randUtraffice7oTicitltion "'or
the
ing
dual
its
of
ity 0f opportunity for all forms emption — although this would freight rates, modifications and
of transportation and their users result in more, instead of less, variations in existing systems of
Se ttTfoSSf'of
take tne lorm oi
charged
rates
railroad
shipper and carrier,
ex-
tions on freedom to solicit business or adjust rates. Restraints on
cost-reducing rivalry in rate-mak-
minimum
the
a
to
place all carriers on an equal foot-
seg-
equal-
means
to eliminate the existing- in*
equality, Congress could elect
and
manner pos-
Number 6156
195
Volume
'.
.
Rigorous
enforcement
of the
board's "use-it-or-lose-it" policy
waterways traffic, is carried by and further development of the
unregulated rather than regulated Class Rate Subsidy Plan which
even
carriers.
-
The" new
should include
tax
•Fnrofon
nv
trade,
Atlantic
or
and
between
Pacific ports of
trade
the United States
United States
hPtwPPn
tradp
of its pos-
sessions. Vessels in domestic trade
toThose
similar
routes
and
11«51 ntt
foreign
eneaeed in
iif
trade
and vessek in coastal trade which
ana vessels
coastal traae v/nicn
too
are
eoastal
large
to
exempted
the
should
also
be
.
.
Administration
recognizes
of the govern-
responsibility
Winslow Adams Co. Opens
C. S. Lubetkin Co.
wlnslow Adams Co
Inc
has
opened offices at 82 Beaver st
New York City, to engage in a se-
ORANGE, N. J.—C. S. Lubetkin
& Co„ Inc. has been formed with
^
annually,
about $70'million
sists
though
even
fraction
small
of
of the
only
traffic
which
carriers
common
a
con-
all shippers and
the general
public. The users of the waterways include some of the largest
and financially strongest corpora¬
tions in the United States today,
serve
should
mi~
Th
user of transportation
To assure the greatest
oc"cx<4
s
^
practical use of the transportation
industry by government, I am directing all agencies of the govern-
their
own trans-
uge
authorized
nee(js>
commercial facilities in all modes
of
transportation within the lim-
pay
small
a
costs in providing
and maintaining
waterway improvements.
Income Taxes: Another ef¬
(4)
fort
to
improve
equity in taxa¬
the Treasury
which is reviewing
tion is being taken by
Department,
the administrative guidelines now
governing
tho
depreciation
transnortation
obiective
indmtrv
The
Administration
this
of
in
rates
will be to give full recognition
current economic forces
including
^hich i^'their
obsolescence
to
im-
bact upon the lives of depreciable
pact lipon the lives oi depreciable
assets may affect quite differently
the different modes of transportation and
five
tive
therefore
their cnvrmeti-
relatinn<?him:
Tn
I
addition
relationships. in addition, l
recommend that the Internal RevCode be amended to increase
enue
from five to
the pe¬
during which regulated pub¬
lic
utilities, including those in
transportation,
can
apply prior
year losses to reduce current in¬
seven
years
riod
for tax
come
(C) Even
-
purposes.
handed Government
achieve
To
Federal
better
a
tion
of
the
Civil
proposed
Aeronautics
to make
year
air
legislation
Board
by
last
the domestic trunk
carriers
ineligible for operat¬
ing subsidies in the future,. These
carriers
miles
provide
of
than
passenger
more
transportation
the
of
any
service
other
common
carriers;
and*
while
they
are
experiencing
temporary
over¬
capacity and have recently sus¬
tained financial
losses, they have
nrosncrts
bright
growth
paJ
and
should
fnr
inn?
„rnc«or.i+J
prosperity
make
them
^
run
which
Post
Office
Department be given
in
arranging
lor the transportation of mail by
motor vehicle common carrier. /
(5) Last year the Congress ex-
greater
flexibility
tended
until June 30,
1963, the
authority by which the Interstate
the
to
Commission
railroads
maintenance,
subsidies,
limited
to
available
the Congress has
million the funds
$6
in
fiscal
1962
for
the
by
which
helicopter
Appropriations
requested the
Civil
Board
Aeronautics
pre-
a
tion
for
and
operations,
capital
im¬
»
the
A
similar law
government
this position
of this
endorse
and seek the exten-
principle. I
am
asking
the board to develop by June 30,
1963, a step-by-step program, with
specific annual targets, to assure
sharp reduction, of operating subsidies
rlines.
;
be
to
all
other
domestic
well,\ within ...periods to
by the .board for
type ,of service .or ^carrier,
as
established
each
air-
,
guar-
sistency of policy these activities
be
further
have
vir-
taken
initiative to foster these
_
Estate
firm
name
.
c
—
Securities
been
to
Form
arrangements which could greatly
increase service and convenience
new
Congress
declare
as
of
matter
a
public policy that through routes
and joint rates should be vigorously encouraged, and authorize
all transportation agencies to par-
ticipate in joint boards.(3) I have requested the Secretary of Defense and the Administrator of General Services to make
the fullest possible use of their
statutory powers, and I urge the
enactment
of
such
additional
legislation
formed
Cornoration
with
offices
explore
simplification
in
engage
securities business.
a
Planning
business from
Fifth
under
offices
~
310
at
firm
the
West
of
name
Estate Planning Service.
Forms
curities
200
Mutual Fund Co.
structures—and
to
rate
the
development of systems that will
make rate ascertainment and pub-
Planners
gaging
is enbusiness
securities
a
from offices at 309 West Main
St.
Officers are Thomas
M. Frishe,
President; Jean E. Sapp, Secretary
and Treasurer; and V. D. Frische,
encourage
guarantee
s
authority,
,
.
and
dim
the
uie
aviation loan guarantee authority
u
{o
u
if it is ovtonL
extended, be transferred
North American Inv.
ican Investing Co., Inc. is
ing in
to
the
Department of Commerce.
problems are not regula¬
tory in nature and- are clearly
separable from the chief functions
These
of the Interstate Commerce
Com¬
mission and the Civil Aeronautics
and
be
can
acted
upon
Conference
0n
0n
Uniform
Unilorm
Commissioners
State Laws, in cobtate baws, in COof
operation
Interstate
"the
with
with
the
_
interstate
Commerce Comjpission to
develop
and
urge
adoption
of uniform
State registration laws for motor
carriers
operating within states
but handling interstate commerce.
The
Congress should, consistent
with
this
state
Commerce
give
effort,
the
Inter-
Commission
au-
^ore exPedltlously by an execu- thority to enter into cooperative
tive
agency.
enforcement
(D) Protection
of the
Public
Mergers. A great
railroad
resurgence
talk has occurred in the
and
airline
the last several
industries
years,
in
and major
have been proposed in
months in both industries.
mergers
recent
The
various States, covering both the
economic' and
Interest
of merger
soundness
of
such
mergers
abstract, but by. applying
criteria
stances
and
the
to
conditions
appro-
circum-
aspects
safety
the
of hi6hway transportation.
I recommend that all com¬
carriers, including freight
forwarders and motor carriers, be
required to pay reparations to
shippers charged unlawfully high
(5)
mon
rates.
(6)
priate
agreements with the
recommend that
Finally, I
Corp.
offices at 4200 Hempstead Turnpike,
carriers for failure
to file
be substantially
particular case. This Administra- -increased;
that the same civil
tion has a responsibility to rec- penalty be imposed for violations
ommend more specific guidelines of
safety
regulations
and
for
than are now available and more operating without authority; and
w««i«s
vvn»vuv
sPeclflc
procedures
for
of
each
applying
them.
I
have
nf
formation'of
to
first,
anr
an
proper
with interested
on
mergers
the
two
tasks:
consultation
parties, to formu¬
administration poli¬
general
cies
directed
inter-atfpnrv
inter-agency
undertake
after
late
in each segment
transportation
industry;
second, to assist the Depart-
ment
Justice
of
in
developing a
government
position
oh
each
merger application for presentabefore
the
regulatory agenwill consist of
agency representatives designated
the
by
Attorney
General,
the
Secretary of Commerce, the Secretary of Labor, the Chairman of
This
group
the Council of Economic Advisers
and
that the safety regulations ot the
Commerce
Interstate
Accordingly,
the
required reports
the
heads
involved
in
a
other agencies
particular
case,
of
Under the Chairmanship of Commerce,
this,
group
will
examine
each pending merger in transpor-
Commission
be made fully applicable
to private, as Weil as TO COmm(
to private, as well as to common
and
contract carriers,
and contract carriers, sof^as to
so |as
should
clarify the at present.
^ambiguous situation
prevailing
Va.
Frederic
E.
—
Barth, Jr. is conducting
business from
ties
Grove
a
offices
Mr.
Avenue.
securi¬
at
4614
Barth
from
Mass.
BOSTON,
—
Raymond
E.
Wells and Warren S. Anthony are
continuing
of
ness
the
investment
=>
Bishop-Wells
Devonshire
St.,
Both
been
have
as
a
busi¬
xou
Co.,
185
partnership.;
CO.,
associated
with
J.
Mutual
A. I. Bennett
West
Man¬
ness
is
Street.
..,
He
..
,
formerly
was
.
from
ness
Fulton
of
name
offices
Street
at
311
under
the
formerly
Company.
Form Amco Inv.
Corp.
PONCA
CITY, Okla.—Amco In¬
vestment
Corporation
has
been
engage" in
to
ties business. Officers
a
are
Royalty
securi¬
William
D. Wimmer, President; George B.
Hill, Chairman of the Board and
Gage, Secretary and Treas-
Joe
J. W. DeRaffele
FROVIDENCE, R. I.
Massasoit
—
Investment
Trust
is
business
securities
a
firm
Company. He
with Kellogg and
Securities, urer.
Massasoit R. E. Trust
conducting
busi¬
North
Price and
was
Inc-
Estate
Price
R.
"securities
a
_
y1**1 First Alabama
Real
Calif.—James
engaging in
Building
from offices at 1950 Govern-
ment
Opens
formed with offices in the
Opens
MOBILE, Ala.—Alfred I. Bennett
is ^engaging in a securities busi-
Opens
NEW ROCHELLE, N. Y.—Joseph
W.
DeRaffele is engaging irb a
securities business from offices at
246
Centre
Avenue.
from offices in the Industrial Bank
Building. Trustees
are
Kennedy Inv. Services
Christopher
Del
Sesto, Alexander H. DiMartino, Herbert W. Ellis, Stanton M.
Latham, and Earl C. Sylvander.
Form Norman Bernstein Co.
WASHINGTON, D. C.
—
Norman
Bernstein Securities Inc. has been
Ark.
ENGLAND,
—
vestment Services is
business
securities
Officers
here.
Kennedy In-,
conducting a
from
are
offices
William
S.
President; William
S. Kennedy, Sr., Vice-President:
and Beverly C. Kennedy, Secre¬
IV,
Kennedy,
tary and
Treasurer.
formed with offices at 1415 K St.,
n. w.
to
urer,
securities
engage in a
Officers
are
Norman
President and Treasand James R. Connell, Vice-
business.
Bernstein,
President,
Form
Corp. Underwriters
derwriters
308,
Ariz.—Corporate Un¬
Co.
is
conducting a
Guaranty
Officers
Forms
Kennedy, Levy Co-
WOODLAND HILLS, Calif.
are
>rV Pr^si,^
Building.
Bank
Ernest
a?,d
A.
Ragland,
Treasurer;
IhJw:lR°raik Secretary
and Shirley R. Elhs, Secretary.,
O.
Jones
CHARLOTTE,
N.
C.
securities business from offices at
firm
name
Co.
•
Kennedy,
the
Levy
&
■
■
Clement
^ecuritTes*
,50
McLean
Opens
engaging in a
teirness~from offices at
WeSt
57th street,
New York
CUy. under the firm name o£ Mc_
Lean & ComPanyrorms
vjpens
William
of
Clement McLean is
^
—
—
Louis B. Cherry is conducting a
5716 Comanche Avenue under
securities business from offices at
W.
OKLAHOMA CITY, Okla. —
Depositors'. Investment Company
has opened offices at 836 Northwest 39th Street to engage in a
securities business. Partners are
Eddie Bryson, Olen Gist and Mary
F. Bryson.
514-516
R. Price
FRESNO,
a
the firm for some time.
Depositors' Inv. Co.
offices
(Special to The Financial Chronicle)
was
Vice-President
of
Securities Corporation.
formerly
PHOENIX,
Rartners in Bishop-Wells
Opens
chester Boulevard.
are
the civil penalty pow imposed on
motor
engag-
securities business from
a
from offices in the First Se-
ness
W 1 am requesting tne rsiationonoration
Co.
Paul Miller
curity Bank Building. Officers
requesting the Nation-
am
Fund
INGLEWOOD, Calif.—Paul Miller
is conducting a securities business
OGDEN,| Utah- -The Weber Corp.
is engaging in a securities busi-
RICHMOND,
(4) i
ai
at
BETHPAGE, N. Y.—North Amer-
Vice President.
Form Weber
a se-
offices
Ky.
of Kentucky, Inc.
in
from
34th
Street, New York
City, under the firm name of The
FRANKFORD, Ky.-Pension
eral.
consolidated, I
recomr"end tha* the railroad loan
business
West
Mutual
Pension Planners of
every
of
515
Avenue, New York City,
may
services—to
and
has
at
.
be necessary,
experimental rates
as
encourage
+w
rP(>nmm„nj
cies.
I
-
Madison
they
the
under
Merit becurities Formed
at
--
air carriers will expire lication less costly and more com- James A. Watson, President, and
thls year- Since the DePartment of venient. These experiments will Everett W. By.ers, Vice-President,
Commerce is already a focal point be pilot studies for a more gen- Secretary and Treasurer. '
fo?. government > transportation eral simplification.of rates and for
E. F. Barth Opens
^ivities and since, in the interest the application of new kinds of
of Pr0^ram coordination and con- service to transportation in gen-
tion
subsidies.
se-
a
offices
from
icated
these
of
been
being purchased by certain certif-
schedule for the termina-
pare
sion
to
has
antees loans for aircraft and parts
ar,d
certificated
and the
Committees
have
conducting
business
~
City
of Marklo Company.
Service of Southern California.
no
promising
the
three
curities
is
ices;
reasonable Jerms.
of
.
Atkinson
Merit
to
payment of operating subsidies to
services;
J.
York
CLEMENTE, Calif.—Donald
158 Avenida de la Paz, under the
firm name of Unified Business
provements for which the carriers
cannot otherwise obtain funds on
group
tion
SAN
ODESSA, Texas—Roland A. Lips-
and
the
^
(2) With respect to other avia¬
(Special to The Financial Chronicle)
.
comb is engaging in a securities Marvin H. Litt is conducting
and
perma¬
nently independent of government
support.
at >303
opportunities for all carriers,
I recommend, therefore, that
economical
5(1)
promotional programs:
(1) I urge favorable considera¬
Weinstein is engaging in
securities business from offices
West 42nd Street, New
a
latory agencies have been authorized to appoint joint boards to act
on proposals for intercarrier serv-
but
President
Morris
,
Business Service
(2) Through routes and joint
rates. For many years some regu-
tually
is
to the general public and open up
of
balance
.
Lubetkin
to
business.
efficient
of
operations
Bdard,
promotion of inter-city trans¬
portation.
.
,
S.
Street
Forms Marklo Co.
Forms Unified
the merger.
,
securities
Treasurer.
(3) Affected workers should be
.
Sheridan
a
of the firm. He was formerly with
J- R- Williston & Beane.
.
/ON
395
in
requirements
of military readiness.
(4) I also recommend that the
its
guaranteeing interest and principal payments on emergency loans
to
be se¬
realization of gen¬
by the
at
Charles
Wilen, President; Benjaand
and
min Hoffman, Vice-President
Jack
Adelman,
Secretary
uine economies.
Federal Government is
ma^or
o
a
priate
them
subsidies—should
public
cured
offices
engage
(2V?he goafs of ewSomicaf e?- ^Aes
Sation facilities without excessive' Siven the assistance to make any
and unjustifiable costs.
v'
necessary adjustments caused by
Commerce
share of the Federal Government's
1
William
a™? i,Jai Federal Govern^
l**8 ?re
!,jpminfA LrnnS and needs °r
adec*uate airports
air navi-
and it is surely feasible and appro¬
for
maintained
be
ficient, and adequate service to
the
public—and, reduction in any
'
^
system of inland waterways. Over
$2 billion of Federal funds has al¬
ready been invested in capital
improvements. Expenditures for
operating
and
maintaining
the
are
January,
in
.
mejtJ;o maintain and improve^our ment, in meeting
waterways
Effective
(1)
Lamong'S-
services.
'
.
This
intra-
the
use
waterwavs
New Broker-Dealer Firms
develop:
may
^adjacent <55* <***&&
airports, is also clearly ilecessary
between the
or
and any
the basis of the follow¬
ing criteria and others which they
1
ves^emnloved
foreign
on
33
1961, with the cooperation of the ternative forms of transportation,
ocal service carriers would clear- and, where traffic volume per>y facilitate this objective The mits, between competing firms in
an
initiated
board
the
.
exemption similar to the current
exemption from taxation accorded
the
tation
deferral
is
recommended
though the bulk,* of inland
This
(2121)
The Commercial and Financial Chronicle
.
bamuels l^O.
(Special to The Financial Chronicle)
SAN
~
FRANCISCO,
1
-
Calif.—
formed
Howard Jones is conducting a se- Charles C. Samuels has
curities business from offices at Charles C. Samuels & Co. with
3101 Loma Lane under the firm offices at 301 Pine Street to enname of Howard Jones & Co. Mr. gage in a securities business.
Jones was formerly with Merrill Samuels was formerly a partner
Lynch, Pierce, Fenner & Smith in the East-West Securities ComInc.
pany.
_
34
to a full prosperity level- the free, world is on a dollar
1963A- A ;v A S-"
A % standard,Kiti* i$> 'all-important to >
maintain confidence in the integ¬
The tax credit proposal now be¬
fore the Congress seems to me less rity of thev dollar. Thus, we must
take steps to bring our interna- the recent past.
satisfactory. It is smaller — less
tional
payments
accounts
into
basic
factors
underlying than $1% billion instead of the
until late in
with income
rising, housing should do rela¬
tively better in the next few years
cannot
Unwarranted Pessimism t
In
■
-
would appear
upsurge
to argue against an
in housing
Our
exports
have been
in
move
the
v
than in
The
'
doing
point to
nrospectTve
hfthe'pacfofbusSlrWestZtc Un°fPe goods and
Zr.nlJa?nH'
of
ZJZ
services
volume of
of goods and
services
billion; annual
rate in the fourth quarter of last
buy a
^ e gro.
ot
pace
ousmess
ports
exceeded
imports
by a $4
sails
bit
would be showing
2 lTfoSfSI
headed upwards.
and services
rvf
rising
there
have
from
will
the
of
end
the
All
vear
this
of
the" Adm1nis?rattn
teat
its attempt to
balance the Federal budget in fiscal 1963, and
not
that calls for
manner
in
worsen
in business
All of these changes
At? U
in business jevejs that fall short of the
f changes
i"V!n
—will
income.
Our
of
rise
projections
5V2%
show
income
in
a
injuayoneVbooK
we
raSenfe«4?htefnn
of $348 billion
te®
or.
§£,
quarter o£ last
year to one of $369
billion in the final quarter of this
This would mean auto sales,
including imports, of about 6.6
year
and
Why
aoies.
.
.
71
an;?wers
f
mV^icense
ivm
First,
should
we
*
consider
the
possibility that the standard forecas^.
{.QO
The
iow.
of
record
,y, 'u g
J^e $
„,Zri 4year 1 T
billion strength of every postwar recov'0
,at ery, except that in 1958-60. It is
!nnr?hZZJ. T'fofiJ3*'Z" the possible that at present we are
to
15576
billion "more
th™S
down-grading prospects forR<y
busiJ
0"> "10|c than 6% ness capjtal investment, invenln the inrfo
lier. The increase tories and consumer durables too
r.MO
th»
'
f
l
of industrial produc-
?
.
...
This
good
at
is
first
picture.
glance
It shows
a
very
continued
throughout the year,
highs in various busi-
expansion
with
new
indicators. And yet it seems
to me that these
projections, which
ness
would
I
able
regard
the most prob-
as
based
on
what
we
really add
up
to
economic
ones
now,
an
know
picture which is not good enough,
In general, the picture is one
of an economy in a
phase of sluggish growth. By the end of this
almost
year
two
years
after the
bottom of the recession—the
would be
concepts
but
operating at
I
Corp0rate
cash
flow
are
rate
difficult to measure,
believe
leasonable
that
represents
appraisal.
and
a
equipment and inventories
have projected. The longfactors underlying consumer
than
we
term
durables markets
the favorable
tion
the
of
fluence.
ment,
which
up
the
to
best judg-
wouid
against
carry
full
a
the
economy
prosperity
level
second
a
consideration
sonable
1S
i^i
would
a
goal
for
our
Bu.siness
u16'
be
rea-
economy
at
with
pares
an
Pas*
A
investment
periods
rate
of
of
Moreover,
the
sents
I
about to move
o
think
picture
of
this
a
discussing
m
am,
would
ous
fore
the
rather,
implications
have
fourth
to
quart.er.
how
see
of
a
the
One
vari-
factors develop this year be-
talking
in
any
about
the
phase
of expansion.
length
precise terms
of
is
of
one
the
But,
has
been
assume
out
to
for
be
what
equal.
we
look at what has been happenr
ing during the past five
find
that
the
been
equipment,
housing.
main
years,, we
lagging
business
consumer
plant
areas
and
durables and
ure
as
of
in
partly
incomes
earlier
if
impetus
rise
postwar
as
rapidly
years, and
population trends,
housing, a renewed
from population factors
to
In the
to
the
case
of
restored,
a-
ac¬
will
we
average'
growth
5%
per
annum.
this
means
ahead at an:
rate of at least.
In my opinion,
to
re¬
barriers ta trade around
duce
the
must
we
work
Sher
cies
significant
if
vantage
to
inflation..;.
•
other poli-,
growth without
pursue
we
encourage
problem. The
increase
an
in
our
ex¬
seems
if
the
most
are
es¬
achieve
the
are
the
required
also
of
balance
pay¬
problem. But significantly,
of
which
purchasing
steps
with
deal
to
rise in exports.
necessary
Other
economy
are
we
them
represent
also
are
measures
necessary
for the
One
'
•
-
Final
/: r
Thought
It's obviously impossible to sum
this discursive! discoufse. How¬
I'd like to register one final
thought.. We are living- in an era
of rapid change on all sides —
technology,
international
rela¬
tions communications, "and most,
significantly, ideas. In appraising
our economic prospects or in eval¬
uating
economic
policies,
it
is
up
ever,
important
to
in
keep
mind
the
fact that the economic framework'
is
constantly
nomic
1930s
changing.
of
ideas
or
even
The
eco¬
the
1920s,
of the 1950s cannot
transferred
be
the
the
into
1960s
has tended to grow too fast. well-being of the domestic econ¬
without
drastic
adaptations.
In
and other costs have ad¬ omy. They relate to the need to
fact, a 1*00d many of the economic'
vanced more rapidly than produc¬
keep our costs in, line so our ex¬
ideas of those eras might better
tivity.
With
industrial
prices porters can compete in world mar¬
have never been invented.
and
to
follow
national
stable, this has placed a squeeze kets,
In other words, we must reorient
on
policies
designed
to
profits. The inadequate level economic
our
thinking from a framework
of profits .has held
back capital achieve growth without inflation.
of the depression
1930s and the
investment,
and hence
over-all
Le me try to set forth briefly
inflationary ideas - of the 1940s
economic growth. We have excess the nature of our balance of pay¬
and most of the 1950s to the new
capacity at the moment not be¬ ments problem. Last year
our
situation
we
now
face.
To
my
cause
of
over
expansion,
but private exports of goods and serv¬
mind this new situation calls for
because of the lag in the over¬
ices exceeded our imports of goods
an
approach which stresses poli¬
all
economy
resulting from and services by $5 billion. How¬
cies of price stability, cost control,
thei| lpw rate of investment and ever, we paid out, net, $5.6 billion
modernization.
for military expenditures abroad, emphasis on business capital in-r
vestment
and
education,, and a
In
considerable
part, this re¬ U. S. private investment abroad
thorough-going review of govern¬
flects a necessary adjustment to and other smaller payments. Thus,
ment
expenditureson programs
the end of inflation. Costs must be we had a basic deficit of $600 mil¬
which
operate, largely
through
brought under control to restore lion. This represented a sizable
subsidies, to reduce the economy's
the necessary rate of profit. We improvement over the two previ¬
over-all efficiency.
have
been
making progress to ous years—this basic deficit was
Because of the acceleration in
this end and the steel settlement over $4 billion in
1959 and $2
the pace of change, we must seek
represents
a
notable
advance. billion in 1960. This improvement
a greater flexibility
in our think¬
However, I do not believe we can, was chiefly due to a 17% increase
Wages
-
a
the
non-inflationary setting,
the- present
burden
of
sus¬
taxa¬
on
saving and hope to have
quantity and the quality of
investment
needed
for
salubrious
progress.
Would
Thus,
needs
in
our
and
to
showing.
gives
encourage
actions than in the
one
adjust
to
future
as
confidence that
the
we
we
can
challenges-' of
the
have in the past.
the remainder from an increase in
mind, the best
year
" to
short-term
to do this would be to press
on the Treasury's program
liabilities
Internationally
abroad.
*An
•
frre
address
the
Boston
Mass, April
10,
by William F. Butler beInvestment
Club, Boston
1962.
^
Wm. Fraser With.
Solvent hut
Not Liquid
revising depreciation practices
and, in addition, cut the corporate
This does not mean that we are
income tax rate by five percent¬
going broke internationally—the
age points. These two steps would ^growth in our total foreign assets
reduce this year's corporate taxes
exceeds
that
in
our
liabilities.
i
.,
by around $4 billion. It seems to
such
that
meet
with
that
greater
than
a
approval
it
could
increase
the
program
tax
by
should
business,
stimulate
in
saving.
a
investment
In
fact,
I
believe it would, by increasing the
incentives
forth
a
our
past. The past record'of America
short - term capital
movements went against the U. S.
for
me
ing and in
and
action
special
taken
be
to
goods
1959
the tune of almost
$2 billion. Thus, our total deficit
was
$2V2 billion, almost half of
which was financed with gold and
■ ...... ■, . .....
,, .
Corporate Tax 5%
believe
I
of
exports
between
However,
last
!
Cut
private
services
1961—a very good
ahead
and
The lag in housing and consumer
durables is partly due to the fail-
international
our
power
way
economists
eye
sential
of purchasing
that
one
•
throughout
ments
lem
Pa^w|ents Problem
to me that a higher
level 'of investment, and the in¬
creased vigor it would generate
To the contrary, the prob¬
investment. To my
wary
involves
has not been
lack
of
is
ports,. It
to
a
as
only good solution to that problem
under analysis. Our problem
during most of the past five years
keep
a
in
up
power.
$6-8 billion.
like much, and
balance of payments
been" holding'
has
in
need to push exports
why I believe we need to
encourage - a high rate of invest¬
ment.
The
United States has
a1
excess
that
er
trade
reason
capacity resulting
purchasing .pow¬
back
investment.
However, I
do not
believe that such arguments stand
is
exports
our
competitive. Once
intensely
counts has been
abortiv^and weak recovery.
There
.
in
That will not be easy:
economy
Balance
arguments that
who have to make decisions should
current
they
of
aware
am
the
change the business outlook. When
billion rate of
GNP
This
part of the
things which business forecasters
assume
to be equal—and it re-
aJ
Point I am not have
forecast
I
the
the
in-
repre-
economy
into another period
readjustment. I want to empha-
^.olrivU?
making
United States.
on
an
a
Beyond that, action can, and in
my judgment should, be taken to
an
I
tion
always change in
can
manner
research and development. /.
world in which the international
a
situation
investment
year.
moving into, world. And we can do this only
reducing
our
own
barriers
in a strong" and vital by
against one experienc¬ against foreign competition, a stepwhich would operate to our *ad-
an
year
ing an
estimates show
—
tremendous
our
tain
live
We
full
prosperity.
of
in
outlook.
next
ahead.:
need an.
we
to achieve in a world where
perhaps
by
tween
industry has slowed to
pace
this
goal
10%
of
increase
yet it could be the difference be¬
has
It
minimum
a
balance
billion
serious
reasons.
a
encouraging re¬
front. /'•/;*
wage
However, we must press
As
quarter standard forecast of $576
productive equipment has
our
part, I have managed
an opti¬
back around to
come
the
on
restraint generally, plus ac¬
tion to encourage investment, I
believe we
can
top the fourth
actually been growing older. We
are failing to take full advantage
in
business
investment inforces the admonition that those
running at a rate only
bit above 9% of GNP. This
com-
snail's
a
the
effort
a
that
is
creased
represent
American
something will happen to change
above, and perhaps
uncomfortably above, the 4% figmay
by
the end of this year or early 1963.
that would call for
which
be
move
a
manner
ment would be
easy
benign in-
moment
are
would
of
a
my
However,
at
the odds
that
continua-
policy
should exert
money
swinging to
are
side. The
old
Unemploy-
uie
is
port a more rapid increase in
business investment in new plant
econ-
a
short of its potential. These
4-5%
heavll
rising in a manner that could sup-
about 67
is
straint
wage
from insufficient
Optimistic Analysis
an
of
lag
export
mounted, and the-
been
fiscal 1963 and of
is
heavy industry. It means
rate of modernization' of
on
the
that
it
economv'
of business forecasting shows that
they tended.:-to underrate the
.,
y™
trate
as
n-f
fhtnrA
competent practitioners of the art
jAdding Up the Projections
n
t
Can Be Made
good
reasonably
a
for appliances and other
^
raise some ques-
validate
Qunilf
Amedcan
congenital
a
as
me Amerlcan economy.
year.
million
'wi»
that
te the fourth
in
rHi0
poten-
marked down
am
number
a
on my
inconsiderable
no
mistic view of the outlook. With
complicated the employment prob¬
lem, since the growth of jobs has
lagged in localities which concen¬
that
Now before..!
rnndprnTiJv ^ saJings total down "pessimist,\ let{ me
have
con- L
moderately,
for
have found tor¬
may
That doesn't sound
investment
has
reasonable settlement in steel and
below a rea¬
of the longbusiness
capital
of
some
involved
to
$6 billion
projection
trend
This
aavance
after
Thus, through-a process which.
fear
pain
constant dol¬
investment.
tials provided by a growing labor
force and rapid technological
;
ts.ZnvLg?Vernmenf
to boost personal
operate
that
argue
shows a low - investment and,,
hence, a low-growth economy. It
shows an economy operating at
increase
an
Probably
term
would
I
tions I have described for this
y®ar 1S n°t a satisfactory one. It
a
defense
in
all,
least
drive
An
movements;
rate
has
quarter of last year was 5 % below
its level five years earlier, The
standard forecast places, the level
in the fourth quarter of this year
sonable
impact of short-tej*m :
to reduce the
capital
tuous, though assuredly the process
in
equipment. In
technical devices have been set up;
new
I
lars, such investment in the fourth
at
a
of business invest-' need to encourage exports unde£-r;
plant and equipment, lies Administration policies of at- >
could be increased by $2-3 billion. tempting to balance the budget in >
been that in
new plant
past five years has
nroiec-
as
chance that the fourth
a
quarter
consumer
Investment Lag
business investment
the picture painted by the /proj ec-
that the international
will
situation
the
in
moderate.
in
All
in
persevere
shown
as ar^Qsii,"U
tlons for 1962> would
in
.
and
is
ment in
comeback
Serious
.
$113 billion in
quarf
of last year to $121 billion at 35?*
there
The most serious lag during the
in inventories and business invest-
ter
assumes
Thus, it is possible to see
a
strong
durables.
following such modest advances
rate
a
ttfif fourth
the
Kiiitpn^n
*11Q
of
grow.
might add that any downturn,'
are
is
regarded
is
It
acted
promptly,
and ,'combined
time, replace-; with an aggressive pursual of the
continuing
to Treasury's depreciation program,
demand
a
and
same
balance.
Good progress is being made by
gimmick,, the Administration on some as>and perhaps a temporary one, by
pects of the problem. The dollar
many
businessmen. And it may drain- involved in our oyerseas;
involve certain distortions in in¬ military
and> economic aid.- ex¬
vestment decisions. Nevertheless, penditures is being reduced from
last
year's $2.6 billion. Various.'
it is better than nothing. If en¬
tax.
units.
rental
ment
plausible argument, it doesn't
$4 billion rate. Business in West- seem to fit the past business cycle
em
Europe and Japan should be pattern in the United States. If
moving ahead at a good clip by
Pace °f
advance in general
then
business tapers off, this is almost
Government vurchases of aoods
always the Prelude to a downturn.
half
Wp
rables. At the
out. While this sounds like
process
could rise in the second
restore a surplus at a
exports
for
in
involved
billion
$2.8
five-point cut in the corporate
a
house, though they add
demand
.
roughly
durables
consumer
However, they do buy autos, ap¬
pliances, furniture and other du¬
because
It has been argued that the way
to prolong periods of prosperity
This siirplus mightshrink iis to moderate the ^advance, in the
during the first half, but earlier stages, and thus stretch the
year.
a
west-
m
by early
growing strength from
a
new
the
to
P^bably the
be
«**• decliningwould
Profits trend
f
tne
in
for
markets
set
manner
economy;
forth in the projections I have now on. The new young families
outlined, my feeling is that we being formed in increasing num¬
would be not too far from a turn- bers are seldom in a position to
family formation
in
trends
should
>
be, expected
the decade. However,
Today's Forecasts
Continued from page 1
ever,
Thursday, May 3, 1962
The Commercial and Financial Chronicle
(2122)
an
for
investment,
call
increase in investment of
magnitude sufficient to lift the
But
we
have
been
reducing
our
Stern, Frank,
:
Meyer. & Fox
LOS
ANGELES, Calif. —William
international
liquidity at a pace K. Fraser. has joined the trading
that cannot be long sustained. If
.department • of
Stern,
Frank,
this process were to continue, at
some
point—no one knows when Meyer & Fox, 325 West Eighth
—our short-term international ob¬
St., members of - the ' New York
ligations would be so large in and, San
Francisco
Stock
Ex¬
relation to our basic gold reserves
changes. Mr. Fraser, a graduate
that they could no longer be sup¬
-of Glendale College, is the son of
ported. The result would be a run
on
the
dollar
and
since
much
of
James
G.
Fraser;
'
.
.
.nd:
Volume
Number 6156
195
v
Indications of Current
Business
The" following statistical tabulations cover production and other figures for the
latest week or month available. Dates shown in first column are either for the
Activity
IRON
Indicated
steel
-
Equivalent
;
"
Steel
to—
—April 28 :
(net tons)^
,
y
April 28
at——
at
(bbls, 4
7^94,110
20
7,931,000
S.
Private
construction—
2,462,000
3,140,000
20
12,580,000
.13,355,000
13,774,000
11,217,000
20
5,723,000
5,710,000
6,131,000
——:
202,016,000
♦204,061,000
206.631,000
207,799,000
*23,594,000
87,156,000
23,989,000
23,668,000
COAL OUTPUT
Bituminous
86,855,000
84,622,000
39.925.0U0
37,426,000
and
lignite
(tons)
569,493
Active
554,945
555,873
513,630
526,904
Pig iron
(per gross
$427,100,000
176,000,000
251,100,000
206,700,000
26
44,400,000
$506,100,000
$443,000,000
$555,000,000
206,000,000!
182,800,000
259,500,000
232,300,000
295,500,000
Nondurable
203,200,000
193,500,000
212,000,000
33,800,000
129,800,000
83,500,000
.
'•»•
A
8,620,000
r
8,230,000
Payroll
All
(St.
333,000
297,000.
Aluminum
Straits
n52
165
15,054,000
15,329,000
15,552,000
14,254,000
335
416
330
369
$66.44
$66.44
$66.44
$66.44
April 23
$30.50
$30.83
$31.50
;rv :
at___
5,308,000
110.9
*109.5
98.9
16,511,000
employees in manufac¬
28.575c
9.500c
9.500c
221,253
275,703
295 739
327,210
288,576
292,361
$349,100,000
$320,700,000
$304,200,000
74,700,000
70,000,000
62,900,000
12,500,000
11,300,000
91,000,000
56,400,000
163.700,000
(tonnage)—estimated
(tonnage)—estimated
of
TO
PAYMENTS
INSTITUTE
—
LIFE
OF
January:
at_
28.575c
11.000c
payments
paymerts
.' Annuity
9.300c
9.300c
9.300c
10.800c
12.500c
12.500c
12.000c
Policy
11.500c
12.000c
12.000c
24.000c
24.000c
24.000c
26.000c
121.375c
124.000c
124.000c
88.81
88.85
86.78
87.72
90.48
152,700,000
91.91
88.67
—
—
90.06
90:17
——May
1
87.32
87.32
W.48.
88.95
87.05
86.91
86.38
—
82.15
81.90
May
1
84.04
84.04
83.91
1
88.27
88.27
87.59
89.78
89.51
88.95
88.95
—
—May
1
...
Group.
—
—
1
112,500.000
$711,200,000
INSTITUTE •!
INSURANCE—Month of February
89.09
1
PURCHASES
INSURANCE
345,400,000
$967,500,000
$4,145,000
——
82.15
.—May
May
128,900,000
$808,900,000
—
1
87.18
82.03
__—
dividends
Total
OF LIFE
1
Group.—
Group.!
11,900,000
81,200,000
138,500,000*
108.125c
89.54
values
—
11.500c
*
May
——«■—:—
!
Disability
27.875c
9.500c
'.
endowments
12.000c
—-April 25 1
>—-April 25
___
Matured
28.600c
30.600c
'
DAILY AVERAGES:
PRICES
BENEFIT
benefits
Surrender
.—
;.
York)
28.600c
-
April 25 >'
April 25
.April 25
—_—:
.:
at
30.600c
——-—April 25
:-—
!-.
at—
"30.600c
April 25
— April 25
,
at———__—
Utilities
Public
7,091,000
March:
INSURANCE—Month
L—2-
—
——
Industrials
8,775 000
*7,164,000
C6NSTRUC-
STEEL
OF
of
closed
POLICYHOLDERS
■%
1.,
Railroad
15,866,000
♦9,288,000
(AMERI¬
STEEL
STRUCTURAL
1
-
r<}rn
omitted):
(000's
•;!_,_
—
—
.
•
,
$3,827,000
$3,970,000
571,000
494,000
544,000
1,130,000
Ordinary
1,670,000
"
$5,846,000
•
;
•16,452.000
9,334,000
7,177,000
goods
INSURANCE
LIFE
Death
'
.
_
1—
A
;
6,353,030
100)—
avge. =
_
89.23
■
♦6.824 000
*5,369,000
goods
INSTITUTE
CAN
Contracts
$37.50
ton)
M. J. QUOTATIONS):
91.48
:
11,666,000
6,861.000
5,376,000
-
of
TION)—Month
-
April 23
corporate.
Average
•12,193,000
——
number
FABRICATED
&
—April 26
Government Bonds
S.
$997,602
" 58,782,86*
'.
(1957-59
Nondurable
LIFE
U.
»
of
workers)
(production
industries—
manufacturing
All
144
141
ton)
&
(New
BOND
V- 59,997,055
DEPT.
S.
SERIES—Month
manufacturing
Shipments
(primary pig, 99.5%) at—
tin
MOODY'S
58,100,723
'
$1,086,486
6.196c
Louis)
St.
65,230,527
60,103,210
28
goods
indexes
Durable
6.196c
refinery
Louis)
(East
-
turing
7,696,000
331,000
♦8,260,000
-.317,000
6.196c
gross
(E.
(delivered)
Zinc
63,331,894
of
12,237,000
Feb.
at
customers
REVISED
237,000,000
6.196c
Export .-refinery at
----(New York) at__J__A>—
Lead
410.0
consumers—
(000's omitted)-—
customers—Month
PAYROLLS—U.
AND
LABOR
All
PRICES:
Lead
tZinc
ultimate
of
manufacturing
Durable goods
April 23
Electrolytic copper—
•'
430.8
March:
1
Domestic
10,253,000
431.1
$1,068,590
OF
lb.)
(per
(per
DUN
—
-
COMPOSITE
steel
Scrap steel
ultimate
to
ultimate
EMPLOYMENT
April 28
INDUSTRIAL)
AND
INC
Finished
METAL PRICES
sales
February
of
from
''Number
April 21
kwh.)—
(in 000
(COMMERCIAL
BRADSTREET,
IRON AGE
17,430,000
8,615,000
INSTITUTE:
ELECTRIC
output
17,127,000'
8,622,000
489,091
Month
•
FAILURES
March
on
INSTITUTE—
ELECTRIC
Revenue
RESERVE
:
place
533,037
516,256
April 21
SYSTEM—1947-4!) AVERAGE=100
in
spindle hrs. for spindles in place Mar.
Kilowatt-hour
-
—April 21
—:
INDEX—FEDERAL
SALES
19,462,000.
Estimated
Pennsylvania anthracite (tons)—
STORE
19,475,000
17,105,000
spindles
41,791,000
BUREAU OF MINES):
<U. S.
coal
DEPARTMENT
!
19,773.000
COMMERCE):
31—
26,447,000
87,899,000
40,175,000.
—April 26
—April 26
:
2,614,000
>
EBISON
April 26
™—_1__———:—
Federal
Electric
$1,957,200
5,980,000
.i—r--.—i—;.—April
State and municipal
EDISON
$544,400
$2,074,700
;
(DEFT. OF
spindles active on March 31
Active spindle hours (000's omitted") Mar. 31
Spinning
2,758,000
—April 26
——
construction-—~——
vA»';Public- construction
-
March:
of
Spinning
20
Revenue freight received from connections (no. of cars)—April 21
civil engineering construction-—engineering
■■■rx' news-record: ■ •a'.:a:
v.■ 'i ■"' aav' -,'a-a'V■■';a■ .■
Total U.
7,267,860
7,765,000
1
>
•.
Ago
OF
DEPT.
S.
—
SPINNING
COTTON
26,963,000
.28,971,000
April 21
cars)
'
8,152,000
27,978,000
April 20'"
(number of
7,356,610
8,136,000
27,790,COO
Residual fuel oil (bbls.) at———s——-—.——-—April 20 :
ASSOCIATION OF AMERICAN RAILROADS: -A
<
A
4 :
freight loaded
7,405,710
20
-April 20
—*—--April 20
.—
1
V
20
A
.
COMMERCE—Month
1,853,000
2,417,000
CORPORATIONS—U.
S.
(000's omitted)
at.__—1„_—.—
(bbls.)
Distillatevfuel oil
Revenue
;
Year
Month
CASH DIVIDENDS—PUBLICLY REPORTED BY
INSTITUTE:
gasoline-(bbls.)
Kerosene
3
2,138,000
Previous
Month
64.0
82.5
of that date:
are as
Latest
Ago
■
73.0
1,957,000
of quotations,
cases
Year
Ago
in
or,
and
Finished
'
-
Month
that date,
U.
condensate output—daily average (bbls. of
42 gallons each)
——April
Crude runs to stills—daily average (bbls.)
—:——-April
Gasoline .output, (bbls.)—April
Kerosene output (bbls,)_——
—i.—
—-—-April
Distillate fuel oil output (bbls.)
April
Residual fuel oil output»(bbls;—-—<
April
Stocks at refineries, bulk terminals, in transit, in pipe lines—
'
Week
■
67.0
on
'
■/,..-m
PETROLEUM
Crudet oil
month ended
or
Previous
J
Week
capacity)
(per cent
ingots and-castings
AMERICAN
INSTITUTE:
STEEL
AND
operations
week
j
Latest
AMERICAN
35
(2123)
The Commercial and Financial Chronicle
.
944,000
$5,458,000
$5,991,000*
85.20
MANUFACTURERS*
of
Month
INVENTORIES
SALES—
&
dollars):
of
(millions
February
h
MOODY'S
Inventories—
DAILY AVERAGES:
YIELD
BOND
.
'
-
,,.
'
U.
<
S.
Li
Bonds—
Government
Aaa
:-May
■
3.72
4.61
-
3.80
4.65
4.58
4.38
4.51
4.41
*$31,840
24,160
*24,140
23,160
$56,520
*$55,980
$54,080
30,560
*31,470
27,420
$30,910
4.28
4.31
I
$32,360
3.71
4.61
3.65
r.
.i—May
corporate——i-——-'——-—
Average
1
—May
4.47
•-
4.31
4.49
!
Nondurables
—
'
;
.tAa""—
-
.'•!.■• A
Railroad
Public
Group
;
MOODY'S
Group
Group
4.68
5.01
5.03
5.01
4.86
4.86
4.87
4.77
of
(tons)
4.63
•
4.54
1
May
i;
May
•
4.59
4.54
•
365.5
Sales
4.49
367.0
Gold
(in
(in
350,465
306,093
351,417
338,314
354,443
322,181
Lead
April 21
April 21
97
94
97
92
Zinc
(in
475,747
491,242
464,757
As
Short
sales.
Other
sales.-
Total
-sales-—'-.
Total
!
—-I—-.-
—
off the floor-—.
transactions initiated
Other
—
403,940
435,510
921,740
1,752,890
1,669,640
3,387,740
Cash
on
2,307,350
2,156,836
2,105,150
4,309,480
Total
of
April
234,720
222,110
,
Total
purchases
of
Member
Member
261,203
5231.430
733,540
694,749
790,890
1,330,847
174,200
86,910
74,150
292,370
-April
—April
747,221
815,260
777,552
1,464,741
921,421
902,170
851,702
1,757,111
3,212,300
3,060,178
3,296,670
6,620,977
Manufacturing
April
April
637.550
519,650
526,860
1,348,410
Distributing industries
2,900,991
3,538,541
2,800,553
2,661,422
5,442,301
Service
3,320,203
3,188,282
6,790,711
Government
(DEPARTMENT
Total
4
EXCHANGE
sales
Odd-lot
ODD-LOT ACCOUNT OF ODDSPECIALISTS ON N. Y. STOCK
v
Number
■
of
EXCHANGE COMMISSION
(customers' purchases)—t
dealers
shares
Odd-lot
purchases
,—
—
by
(customers'
dealers
of orders—customers'
Number
Customers'
short
sales..
Customers'
other
Dollar
value
"Round-lot
Number
:
sales
of
labor
sales
1,638,543
Personal
Transfer
1,669,528
3,077,144
15,954
10,897
9,669
1,659,859
$91,429,539
$82,199,434
$85,173,189
$145,401,925
504,200
April
1—April
purchases by dealers—Number of shares
504~200
•:
AND
ON
SALES
THE N.
527,980
.-—April
STOCK
ROUND-LOT STOCK TRANSACTIONS
STOCK
ROUND-LOT
2,056,000
*$433.3
$407.3
561,000
.
STATES
UNITED
294.3
V
*293.1
271.1
116.7
*116.2
106,5
92.8
*92.0
84.1
76.2
*76.1
45.4
55.7
55.4
12.1
12.0
10.6
37.7
37.6
36.0
*12.9
13.0
11.5
11.5
11.4
15.1
*14.9
14.2
28.9
28.7
26.8
33.4
*33.2
33.7
—
—
;
income
professional-™
of
:.
persons-
4
interest
income.—
payments
i—
!
——:
contribution i for
71.8
42.1
'
50.7
social
-
10.6
*10.5
9.6
417.6
♦415.8
390.4
244
243
233
!
a
227
224
317
285
217
246
240
3,068,984
April
—
438,000
*2,940,000
45.7
—'
employees
insurance
8,160
1,627,646
—
—
347,575,879
684,000
$435.3
only
income
3,061,349
1,655,831
—.—
sales—
383,423,569
.
3,056,000
income
and
$156,089,293
April
April
*
sales—
EXCHANGE
1,671,785
1,643,324
$86,138,259-
Total
Y.
!
509,420
535,080
535~080
509,420
469,250
501,580
nonagricultural incomes
PRICES
by dealers-
Other
TOTAL
$85,677,987
Less
—
shares—Total
Short
Rour.d-lot
1,612,710
1,742,029
$99,185,236
—April
April
sales
109,936,802
industries
Rental
sales)—
total sales
106,247,637
..
COMMERCE)—Month
OF
Dividends
April
April
—
—
Dollar value.—
shares
427 000
1,507,000
107,404,231
,
1,190,000
(in billions):
personal
Business
SECURITIES
—
by
'-.55.C90
1,154,000
balances
421,000
381,361,363
credit
Wage and salary receipts, total
Commodity .producing
industries
STOCK TRANSACTIONS FOR
AN.U
$3,656,000
34,000
426,000
S
13.0
April
sales.,
March
of
of members—
—
DEALERS
$4,100,000
34,000
U.
724,120
.
Other
LOT
listed
April
.'.—
$4,117,000
balances
bonds
PERSONAL INCOME IN THE
—
for account
$31,800,000
borrowings of U. S. Govt, issues—__
borrowings on other collateral
.1
309,770
!
sales
Total
value
134,300
589,820
214,230
—
sales
Other
Market
695,200
263,630
17,200
,
,
the floor—
—
$32,800,000
banks in
listed
April
transactions
Short
of
28,800
■
round-lot
value
April
on
$32,900,000
omitted):
accounts—
free
232,403
sales
.
Total
customers'
April
initiated
38,836
customers
in
^prH
.Other sales..—
( Total
sales
.
to
and
26.800
purchases
Short
hand
282,970
.
Other transactions
Total
extended
Credit
April
-
sales
20 804
*37,780
margin
debit
net
;
sales
Total
(000's
carrying
customers'
436,550
•
31
firms
Total
1,870,800
!i_—
sales
Other
March
of
As
Member
4,594,930
2,242,150
2,256,650
purchases
Short
*22,487
36,977
EXCHANGE—
Market
'■
--
22,053
omitted)
(000's
28
STOCK
April
—April
April
_——
-—
February
YORK
NEW
2,130,709
tons)
CIRCULATION—TREASURY DEPT.
April
—
...——
of
short
113.02
109.26
110.41
OF MEM¬
SPECIALISTS
purchases™-——™
Total
•;
•
in which registered—
in stocks
specialists
of
111.70
-April 27
ACCOUNT
TRANSACTION^ FOR
88,303
;
419,627
INDEX—
BERS, EXCEPT ODD-LOT DEALERS AND
113,831
2.878.913
*102,965
(in short tons)
(in short tons)
-.
Transactions
*123,195
*3,046,667
101,270
Copper
MONEY IN
ROUND-LOT
116,787
2,939,806
—
318,745
1
OIL, PAINT AND DRUG REPORTER PRICE
194.)
AVERAGE==)00
;
fine ounces)—
fine ounces)—
328,885
—
end of period
February:
States—
—April 21
April 2i
-
MINES)—
OF
production of recoverable metals in the
United
Silver
—
at
of
Month
Mine
4.49
369.3
<
(BUREAU
OUTPUT
METAL
4.48
4.45
.366.9
4.43
l
—1_:
activity
orders
■;
ASSOCIATION:
(tons)
Percentage
J
—
INDEX.—
Total
4.62
5,02
1
(tons)
Production
Unfilled
4.64
1
——
:
PAPERBOARD
received
Orders
:
—
COMMODITY
NATIONAL
1
——May
May
—
—
Utilities
May
—
—-——
—
(Industrials
1:'..
May
—L—„—
L
—■
Baa
*,'
May
RECEIVED
NUMBER
935,400^
BY
U.
—
TURE— 1910-1914
All
935,400
farm
S.
=
FARMERS
DEPT.
—
of
INDEX
March
15:
_!
products
Crops
907,540
—
AGRICUL¬
OF
1(H)—As
—
Commercial
vegetables,
fresh—
—__
248
:
.
153
219
229
217
252
150
152
223
grain and hay
Feed,
243
253
"
FOR
ACCOUNT
OF
MEMBERS
Food
(SHARES):
Total round-lot sales—
.
'
.
.
r;
•
4:
,
■
.
grains
•
"
208
"
260
Total
-April
-———.———.——-———April,
April
sales
Other
—
sales—
sales
—_——.
PRICES, NEW SERIES
LABOR — (1957-59=100):*
WHOLESALE
Commodity Group—
All
•
4
•
U.
'
sold
"
;—
Processed foods..—_____—
on-delivered
629,040
15,345,960
14,903,917
264
6
16,137,700
15,532,957
684,400
1,473,930
29,149,630
132
125
30,623,560
543
543
257
253
254
264
256
307
305
309
15,916.830
;
100.5 <
100.6
——4———;-—April 24
♦97.3
100.1
—
April 24
94.6
—-I April 24
100.9
——------
foods—.—
>
98.1
*100.1
97.9
—
100.5
products
—
_—
Poultry
and
—
240
516
154
147
eggs
161
„
.
160
237
226
Not avail.
101.2
Not avail.
*94.0
94.9
Not avail.
100.9
100.7
Not avail.
tNumljer of orders not reported since introduction of Monthly Investment Plan.
"Prime
at centers where
freight from East St. Louis exceeds one-half cent a pound.
basis
Not avails
crops
animals
Meat
—.April 24
—
Oil-bearing
Dairy
r
-
products
"Revised- figure:
OF
*
All commodities other than farm and
•
S. DEPT.
791,740
6
—April 24
Meats
.
'.
•
—
commodities
'Farm
:
>
—
6
15,232,430
254
Short
-
UNITED
STATES
BUREAU
(000's
Western Zinc
EXPORTS
AND
OF CENSUS—Month of
omitted):
IMPORTS
February
;
$1,752,500
$1,642,200
$1,670,900
1,224.200
*1.372,600
*1,067,400
36
The Commercial and Financial Chronicle
(2124)
Thursday, May 3, 1962
.
.
^
,
* INDICATES
Securities
Now
in
•
—For additional
—
Because of the large
sales
personnel, moving
number of issues
corporate purposes.
awaiting processing by the SEC, it is becoming
23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty
chemical products. Proceeds—For general corporate pur¬
Advance Mortgage Corp.
April 27, 1962 filed 100,000 common.
but
not, in
are
expectations of the underwriter
general, to be considered as firm
•
writer—Robert
Office—First National Bank Bldg., Detroit.
offering dates.
•
Aerodyne
Corp.
ignition systems for engines. Proceeds—For equipment,
improvements, advertising and working capi¬
tal. Office—80 Wall St., N. Y. Underwriter — Bertner
leasehold
Bros., N. Y.
L.
A.
Steel Corp.
filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N .Y. Under¬
parts.
component
Proceeds—For new products,
corporate purposes. Office—
Y. Underwriter—Paisley &
Co., Inc., 15 W: 44th St., N. Y.
28,
1962
Accurate
tiles.
advertising,
working capital.
more.
•
Office—522 W. 29th St., N. Y.
•
ment
(max.
starter
drive
devices
automobiles.
for
Office—1313
selling stockholders.
Underwriters—McDonnell
Ind.
&
Proceeds
—
For
S. Jay St., Kokomo,
Co., N. Y. and Raf-
common, of which 200,000 will
public and 13,427 to stockholders on
basis.
Price—By amendment. Business—A
small business investment company. Proceeds—For in¬
Adekphi Research & IVIfg^ Co. (6/25-29)
22, 1962 ("Reg. A") 53,300 common. Price—$3.75.
Business—Manufacture and distribution of diazo, brown,
Air
print paper. Proceeds—For. debt repayment,
& working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
expansion
New
York.
'
,
-
,
Admiral Automotive Products,
the
(5/21-25)
11, 1962 filed 100,000 common. Price—$4. Business
—A warehouse distributor of automobile equipment ac¬
cessories and supplies. Proceeds — For expansion and
working capital. Office—^294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
Inc.
aluminum
restaurants
expansion,
S.
motor hotel.
a
&
windows
be
manufacture
and
doors,
supplied
and
and
other
• Air Reduction Co., inc. (6/5)
April 27, 1962 filed $45,000,000 of
tures
due
holders
repayment and equipment. Office—29
Blvd., Memphis.
Underwriter—James N.
shares
other
Admiral
Business Systems, Inc.
28, 1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
offered
for
of
of debentures
$100
June
record
5,
Business—Production
E. 42nd
and
basis
of
subscription
1962.
of
debt
and
repayment
St., N. Y.
Inc.
»
Business—Publication / of
amendment.
mass
capital.
Office—551
Fiftn
Ave.,
N.
Y.
working
Underwriter—
Bache & Co., N. Y. Offering—Expected in June.
All-Star
Insurance
Corp.
Mar. 30, 1962 filed 1,000,000 common. Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
of
Teutonia
•
Ave., Milwaukee. Underwriter—-None.
All-State
Properties, Inc.
April 24, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par. Business—Company and
subsidiaries
emphasis
conduct
on
a general
real estate business with
development and home construction
land
Fla., Md., N. Y.,
debt.
and Ky.
Office—230
Proceeds—For repayments
Park
Ave.,; N. Y. UnderwritersBear, Stearns & Co., and Allen & Co., N. Y.
by stock¬
Alsco
Electronics, Inc.
1962 ("Reg./A") 100,000 class A common.
Price
$3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
10
March
Price—By amend¬
28,
—
oxygen,
acetylene
expansion.
and
Pro¬
Office—150
Underwriters—-Kidder, Peabody & Co.
Dean Witter &
equip¬
tors' books. Proceeds—For debt repayment and
alu¬
for each
Proceeds—For
catalogues (for department stores and mail
order firms), a semi-annual magazine and stamp collec¬
deben¬
welding tools and related equipment.
gases,
ceeds—For
Feb.
be
to
the
held
ment.
»
1987
on
dolls.
circulation
of
subord.
conv.
of
Graphic Arts,
P^ice—By
by
sale
sale
and
in
Proceeds—For
Co., Memphis.
Allied
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This
offering has been in¬
definitely postponed.
debt
Bellevue
Reddoch
and
Price—To
The
Md.
,
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a
stpckholder.
products. Proceeds—For working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
Inn, Inc.
March 23, 1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. Price—
By amendment (max. $18).
Business—Operation of a
of
storm
—
Bethesda,
advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y.
minum
Admiral Benbow
chain
Business
Ave.,
Y.
ment,
(5/7-11)
present holders thereof.
Wisconsin
27, 1962 filed 133,333 common. Price—$3. Business
—Manufacture
Master
amendment.
Jan.
Office—7720
Allied Doll & Toy Corp.
Feb.
Corp.
May 26, 1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares
by
blue
the
to
Underwriter—Allen & Co., N.
boys' underwear and pajamas.0 Proceeds—For
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce &
Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
Mar.
and
Corp.
offered
vestment.
men's and
fersperger, Hughes & Co„ Indianapolis. Offering—June.
•
Ainsbrooke
Capital Corp.
l-for-10
a
Jan. 8, 1962 filed 200,000 capital shares, of which
100,000
are
to be offered by the company and 100,000
by the
stockholders. Price — $8.75. Business — Manufacture of
filed 100,000 common. Price — By amend¬
$13). Business — Rebuilding and sale of
Allied
be
Under¬
March 30, 1962
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
Oc|, 20, 1961 filed 213,427.
office and warehouse and
new
Office—5007 Lytle St.,
Philadelphia.
writers—International Services Corp., 1126 Clifton Ave.,
Clifton, N. J., and Market Values, Inc., N. Y.
Inc.
Parts,
and
acquisition, debt repayment
for common). Business—Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Coia syrup. Proceeds—
For an acquisition. Office—1601 Guilford
Ave., Balti¬
Proceeds—Debt payment, new products, sales pro¬
motion
an
max.
Agency Tile Industries, Inc. (5/21-25)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
Packaging Corp. (5/28-31)
filed 80,000 common. Price—By amend¬
ment. (max. $3), Business-~Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y.
Accurate
Feb.
For
—
Allegheny Pepsi-Cola Bottling Co. (5/16)
March 5, 1962 filed $1,250,000 of 6%% subordinated
sinking fund debentures due 1977 (with attached war¬
rants) and 312,500 common. Price—By amendment ($8
Aerosystems Technology Corp.
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
—For new products,
inventory and .working capital.
Address—Route 15, Sparta, N. J.
Underwriter—Chase
Securities Corp., N. Y.
debt repayment and other
White Plains Rd., N.
Proceeds
general corporate purposes.
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
,
E., Atlanta. Underwriter—Robert M. Harris & Co.,
Inc., Philadelphia.
it Accurate Instrument Co. Inc.
April 24, 1962 ("Reg. A") 80,000 common. Price—$2.50.
Business—Manufacture
of electronic test instruments
2435
doors.
and
N.
Y. Offering—In July.
writer—Bernard L. Madoff, N.
Busi¬
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
Electronics, Inc.
' '
March 16,-1962 ("Reg. A") 92,000 common. Price—$3.25.
Business—Design and fabrication of instrumentation
and telemetry systems.
Proceeds—For equipment, in¬
ventory and working capital. Office—3181 Roswell Rd.,
March 29, 1962
and
Proceeds—For
Aeroscience
S.
,
missile, rockets and aircraft
equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Co:, N. Y.
industries.
Ayres, Inc. (5/8) *
-.-T*
28, 1962 filed 100,000 common. Price—$5. Business
Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common. Price—$4.25.
trols and assemblies for the
28, 1962 ("Reg. A") 100,000 common. Price—$1.25.
Business—Design, development and sale of transistorized
.Under¬
debt repayment, equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
J. R. Williston & Beane, N. Y.
(5/28-6/1)
29, 1962 ("Reg. A") 90,000 common.
Price—$2.
Business—Design, manufacture and sale of systems, con¬
Feb.
-
—For
Controls
Jan.
(5/30)
Electronics, Inc.
E. C.
A.
Rd., Baltimore:
Sons, Baltimore.
&
—Design and manufacture of women's dresses. Proceeds
—Shields & Co., N. Y.
•
Garrett
Alison
Feb.
Underwriter
Fairfield
Office—3440
poses.
Price—By amend-"'
ment. Business—The making and servicing of real estate
first mortgage loans.
Proceeds—For debt repayment.
items reflect the
Corp.
March
ing—Expected in June.
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
ISSUE
REVISED
ITEMS
Chemical
Alcolac
expenses and
Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y. Offer¬
other
NOTE
ADDITIONS
PREVIOUS
SINCE
,
4-*
and H.
Co., N. Y.
A. Riecke & Co., Inc.,
Philadelphia.
Alumatron
•
Air-Tech
Mar.
23,
Industries, Inc.
1962
("Reg.
A")
Business—Manufacture
73,500
and
Price —$3.
common.
distribution
of
variety of
air-supported structures, radar antennae, and solar re¬
Proceeds—For expansion and working
capital.
Office—30 Garden St., New Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co., Inc., N, Y.
YOUR PRIME SOURCE FOR
a
'
flectors.
Alan-Randal
NEW
att
(6/15)
Co.,
Fla. Underwriter—B. C.
SOLD
-
Inc..
Feb.
28, 1962 filed 112,000 shares of beneficial interest.
Price—$10. Business^-A: real estate investmentr trust.
Proceeds—For
Underwriters, Inc.,;; (same address): Note—This
formerly was named Amerada Properties Trust.
Offering—Imminent:
QUOTED
All
.
Nov.
Petroleum
Pacific
1961
and
lumber
working
July
■
-
:
of
credit
sales..
American
common.
Price — $5.75.
Proceeds—For construc¬
Office—614 Equitable Bldg.,
Office—981-
/^Underwriter^G. H. Walker &
Summit
St.;
Nilesy
Ohio:
->
..Mining Co.;Ltd*
:-.Vvvfiled 400,009 common shares. Prices—50
is engaged in exploration,
31, 1961
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
Biltrite Rubber Co.,
Inc.
-
March
29, 1962 filed 200,000 common, of which 100,000
by company and 100,000 by stockhold¬
ers.
Price—By amendment (max. $25). Business—Pro¬
duction of rubber and vinyl soling materials and heels
company.
Homes, Inc. (5/7-11) '
March 14, 1*962 filed $5,000,000 of conv.subord.. debentures due 1982, also 150,000 outstanding common. Price
—By amendment (max. $30 for common) Business—
Sale of pre-cut, packaged home bhilding
materials for
construction, of "shell" homess Proceeds—Fonexpansion
.
development and mining. Proceeds—For diamond drill¬
250,000
capital.
.*
cents. Business—The company
are
-
to
be offered
for footwear, floor
coverings and industrial rubber prod¬
equipment, plant expansion and
working capital. Office—22 Willow St., Chelsea, Mass.
Underwriter—Goldman, Sachs & Co., N.- Y.~ /„ v /7." 7
ucts.
Albee
TWX: N.Y. 1-5237
Amerel
-
Lumber Co.,
filed
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
j
lV:'
: :
to
17,
Business—A
Broadway, New York 6, N. Y.
V HOLTON,. HENDERSON &
CO., Los Angeles
American
corporate purposes.: Office—715 Midland Savings Bldg.,
Denver.
Underwriter—None.
tion
.
of a shopping center. Office
Blvd., Los Angeles. Underwriter—Real
company
Corp.
Feb. 15, 1962 filed 2,000,000 common..
Price—$U Busi¬
ness—Acquiring, exploring and developing oil and gas
properties.
Proceeds—For debt repayment and other
of New York Security Dealers Association
Dlgby 4-2370
Direct Wire
acquisition
Wilshire
Estate
Alaska
»
39
.
^
—6363
Alaska
Members
Properties Trust
minent.
siegel
;
Amecana
Inc., St. Petersburg. Of¬
„
capital. Office — 11608
Blvd., Studio City, Calif, Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. Offering—Im¬
for Banks, Brokers, Institutions
esta.LI.HO 1942.
;
•
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other
advertising ma¬
terial. Proceeds — For working
ISSUES
-
Malfoy,
fering—Imminent.
Ventura
BOUGHT
International, Inc.
Nov. 13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business. Proceeds—
For general corporate purposes. Office—St. Petersburg,
Proceeds—For
.
'
American
Bolt
Dec. 15, 1961 filed
&
Screw
Mfg. Corp.
150,000 common. Price
(5/21-25)
—
'
ment: Business—Manufacturestandard and
dustrial
aircraft
7 debt.
repayment/
and
missile
equipment
fasteners;
By amendv
special in¬
Proceeds—For
and,, other.- corporate pur*
Volume
Number
195
6156
.
The
.
v;
Commercial and Financial Chronicle
\
(2125)
•
37
v.
■'
■
■
■
poses.
'•
'
• •
:
"
'
,
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
Southbridge, Mass.
derwriter—S. D. Fuller & Co., N. Y.
•
American Cardboard
&
&
Packaging Corp.
&
Peck, Cohn
Jan. 5, 1962 filed
ket.
Price—At-the-mar-
common.
posable
150,000 common. Price—$3.50. Business
sale
of
cardboard boxes,
display
boards, etc. Proceeds—For general corporate purposes.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
'"VJ;
•
and
Anchor
.
American
Diversified, Inc. (5/21-25)
21, 1961 filed 110,000 common. Price—$7.50. Busi¬
holding company whose three subsidiaries are
a life insurance
company, a broker-dealer-underwriter,
and a loan and finance company.
Proceeds—For gen¬
eral corporate purposes. Office—930 Grant St., Denver.
ness—A
(a subsidiary).
•
American
'
'
,
Gas
Underwriters,
Co.
Denver-,
Inc.,
*
.
(6/11-15)
;
Marph 26, 1962 filed: 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new
shares for each share held.
Price—By amendment (max.
Business—Transportation, distribution and sale of
Proceeds—For debt repayment and expansion^ Of¬
$5)..
gas.
fice—546
S.
24th
Ave., Omaha.
Underwriter—Crutten-
clen, Podesta & Miller, Chicago.
"American Hospital Supply Corp.
April
(5/8)
16,1962 filed
760,000 common, of which 400,000
by the company and 360,000 by stockhold¬
ers.
Price—By amendment (max. $30). Business—Man¬
ufacture and distribution of products used in the medi¬
cal health care, and education fields and in industrial
will
be sold
research
laboratories.
Proceeds—For debt repayment,
advances to subsidiaries and working capital.
Office—
1740 Ridge Ave., Evanston, 111. Underwriters—Eastman
Dillon, Union Securities & Co. and Smith, Barney &
Co., n. y.
'■■vx.v
•
American Laboratories,
Inc. (6/18-22)
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
Feb.
laboratories.
Proceeds—For debt repayment and work¬
capital. Office—660 S. Bonnie Brae, Los Angeles.
Underwriter—California Investors, Los Angeles.
ing
American
Management & Investment Corp.
Dec. 20, 1961 filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10. Business—A management in¬
vestment company which plans to acquire firms in the
insurance and finance fields. Proceeds—For general cor¬
porate purposes.
Office —
D. C. Underwriters-Jo one.
American
Modular
Warner Bldg., Washington,
Corp.
(5/7-11)
Nov.
27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
home.
Proceeds—For
debt
repayment, equipment, and
working capital. Office—4950 71st Ave., North, Pinellas
Park, Fla. Underwriter—Equity Securities Co., N. Y.
American Mortgage Investors (6/4-8)
Feb. 8, 1962 filed 1,300,000 shares of beneficial
interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
I
*
Options Corp.
April 11, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, n. y. Under¬
writer—Provost Securities, Inc., n. y.
Jan.
24,
1962
Corp.
315,000 class A shares.
filed
real estate.
Interamerica Securities
American
March
tures
30,
Underwriter—
Corp., N. Y.
Plan
1962
1982
due
Price—$10.
Proceeds—For corporate
Office—320 Park Ave., N. Y.
^purposes.
Corp.
filed $2,480,000
and
248,000
of
convertible
shares
common
(of
deben¬
which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
Fidelity Fire Insurance Co. Office—American Plan
Bldg., Westbury, n. y. Underwriter—Bear, Stearns &
Co., n. y.
can
American
Feb.
Southwest Realty
Trust (5/28-6/1)
12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. -Proceeds—For
investment.
Office—800 Hartford Bldg., Dallas.
writers—Kidder, Peabody
Pierce
•
&
&
Under¬
Co., N. Y. and Rauscher,
Co., Inc., Dallas.
American
States
Life
Insurance
Co.
(6/11-15)
March
22, 1962 filed 300,000 common to be offered in¬
itially for a 30-day period to its stockholders and those
of its parent, American States Insurance Co.
The re¬
maining shares will then be offered to the public. Price
—By amendment (max. $5). Business—Writing of ordi¬
nary and group life insurance.
Proceeds—For general
corporate purposes. Office—532 n. Meridian St., Indian¬
apolis.
apolis. *
.
Underwriter—City
Securities
Corp.,
Indian¬
expansion and working capital.
Corp.
Ohio.
Office—Mill St.,
Utilities
Corp.
1962 filed 200,000
(5/7)
common.
Price—$6. Business
operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
plant expansion, and a loan to a
subsidiary. Office—
17850
N.
29th
and
Court,
Opa
Hardy & Co., N. Y.
•
'
Locka, Fla.
New York.
Apache Corp.
v
March 21, 1962 filed $3,750,000 of
participating units in
Apache Canadian Gas & Oil Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
Underwriter--*
,
Atmosphere Control, Inc.
5, 1962 ("Reg. A") 86,000
Feb.
(5/15)
ucts.
common.
Price—$3.45.
Business—Manufacture and sale of Mist-I-Cone humidi¬
fiers. Proceeds—For
equipment, advertising and work¬
ing capital.
Office—668 Jenks Ave., St. Paul.
Under¬
writer—Pewters, Donnelly & Jansen* St. Paul. Note—
This letter was withdrawn.
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000
Proceeds
common.
For
Price—$3.50.
repayment of loans, acquisition and
Office—715 N. Fayette St.,
Alexandria,
Va. Underwriter—First Investment
Planning Co., Wash¬
oil and gas in Canada. Office—523
Marquette Ave., Min-1" ington, D. C. Offering—Indefinitely Postponed.
neapolis.
Underwriters—The company and
•
Aubrey Manufacturing, Inc. (5/15)
APA, Inc.,
Minneapolis (a subsidiary).
March 28, 1962 filed 140,004
common, of which 100,000
shares are to be offered
Arde Inc.
by company and 40,004 by stock¬
holders.
Price—By amendment (max. $7). Business—
March 30, 1962 filed 100,000
common, of which 80,000
Design, manufacture and sale of kitchen range hoods,
are to be sold
by the company and 20,000 by stockhold¬
exhaust fans and kitchen cabinet hardware.
ers.
Proceeds—
Price—By amendment (max. $8.50). Business—Re¬
For plant
expansion, equipment, debt repayment and /
search, development and engineering under defense con¬
working capital.
Office—South Main St., Union, 111.
tracts. Proceeds—Repayment of bank
loans, equipment, >
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
plant expansion and working capital. Office—Paramus,
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
N. J. Underwriter—McDonnell &
—
working capital.
Co., N. Y. Offering-
Sometime in June.
Proceeds—For investment.
nesses.
Office—1118 Torrey
Pines
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same
address).
•
Arlan's
April
to
19,
be sold
Department Stores, Inc. (5/15)
1962 filed $3,000,000 conv. subord debentures
by the company, and 250,000 common shares
by stockholders.
eration of
Price—By amendment.
chain of
a
Business—Op¬
self-service discount stores.
Pro¬
ceeds—FoE-<working- capital.
Office—225 W. 34th St.,
Y„)i Underwriter—Eastman Dillon, Union Securities
n.
&
Co., n. Y.
!
,;:.v -;
Arnav
Industries, Inc. (6711-15)
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock
purchase
warrants to be offered for sale in units of ohe
$1,000
debenture and 60 warrants.
Price
By amendment.
Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
—
ceeds—For
debt
the
repayment and
purchase
Aronoff &
Richling, Inc.
27, 1961 filed 108,000 common. Price—By amend¬
ment (max. $5). Business—Design and manufacture of
women's junior sizes. Proceeds—For selling stockhold¬
Nov.
ers.
Office—1400 Broadway, N. Y. Underwriter—Carreau
Co.,
n.
drawn.
Y.
Note—This
registration
.:/;/■/../;.//•'• v':;.
has
Dec. 28,
Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and
trial
machinery
and
automatically"operate indus¬
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
Underwriter—S. Schramm & Co., Inc., N. Y.
processes.
N. Y.
Automatic Marker Photo
Corp.
Dec. 1, 1961 filed 150,000 class A
shares, of which 125,000 are to be offered by the
company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of
ceeds—For
a
photocopy machine and supplies. Pro¬
equipment, expansion, and working capital.
Office—153 W. 36th St., N. Y.
Babs, Inc. (5/21-25)
Nov. 27, 1961 filed 150,000
Underwriter—None.
common.
Price—$4. Busines«
"Dairy Drive-ins."
Proceeds—For debt repayment and
working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwrite?—
Pacific Coast Securities
Co., San Francisco. 4
—Sale
of
dairy
products,
through
Bacardi
Corp. (5/15)
1962 filed 35,000 common. Price—$50. Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
March
—For
Rico.
8,
a selling stockholder.
Address—San Juan, Puerto
Underwriter—Eastman Dillon, Union Securities &
Co., N. Y.
of addi¬
equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
•
Automatic Controls, Inc. (6/20)
1961 filed 50,000 common. Price—$4.
1
^
Argus Financial Fund, Inc.
Feb. 12, 1962 filed
$00,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per
share).
Business—A diversified open-end investment
company
which plans to participate in the
long-term progress of
savings and loan associations, and allied financial busi¬
been
with¬
7/'■/.;/
• Artlin
Mills, Inc. (5/28-6/1)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—7$5. Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
Bank "Adanim" Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative
preference
dividend participating dollar-linked shares.
Price—By
amendment. Business — A mortgage
lending company.
Proceeds—For general corporate purposes. Address—108
Achad Haam St.,
Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
•
Barish Associates, Inc. (5/21)
x
Sept. 1, 1961 ("Reg. A") 50,000 common.
Pr&e—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For
working capital.
Office—224 JE. 38th St.,
Underwriter—Gianis & Co., N. Y. Offering—In¬
definitely postponed.
N.
Y.
cotton pillow cases. Proceeds—For
inventory, repayment
of loans and working capital. # Office—1030 Pearl
March 15, 1962 filed 200,000 common.
Long
ment.
Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
•
Publishing Co., Inc.
Jan. 29, 1962 ("Reg. A")
103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For
Barker
and
and
Ascot
general
corporate
Office—14
purposes.
W.
55th
Bros. Corp.
(5/21-25)
Price—By amend¬
Business—Merchandising of home, commercial
institutional furnishings. Proceeds—For expansion
debt
Angeles.
repayment.
Office—818 W. Seventh St.,
Underwriter—William R. Staats & Co.,
Angeles.
Los
Los
'
Barogenics, Inc.
30, 1962 filed
St.,
March
postponed.
Business—Research and development in ultra high pres¬
sure technology
and the design and sale of ultra high
N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., n. Y. Note—This offering has been
temporarily
'
; .A-.
•
Ascot Textile Corp.
Feb. 23, 1962 filed 100,000
<•'
'"~"2 '
•
*
■
;•* "* -;r-»
Price—By amend¬
ment. (max. $7.50). Business—Converter of
linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and
working capi¬
tal. Office—335 W. 35th
St., N. Y. Underwriter—To be
common.
named.
■
j
.
•
Assembly Products, Inc. (6/11-15)
March 29, 1962 filed
$1,250,000 of 5J/2% conv. subord.
bentures due
ture
of
1972.
Price—At par.
electromechanical
ceeds—For
debt
and
electronic
devices.
Pro¬
equipment and working
Mills Rd.,
Chesterland, Ohio.
Co.
&
"
Co., Inc., Cleveland.
and
William
T.. Robbins
■
'
Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000
common.
Price—$12.50. Busi¬
ness—A small business investment
company. Proceeds—
For general corporate
purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Note — This offering was indefinitely
postponed.
Mid-Continent Corp.
March 30, 1962 filed 600,000 common.
Price—By amend¬
ment
(max, $6). Business—A holding company. Primarily
concerns.
Proceeds
For acquisitions.
E. Jefferson
Ave., Detroit. Underwriter—
F. J. Winckler
Co., Detroit.
for
insurance
Office—8469
—
100,000
common.
Price
—
$7.50.
equipment. Proceeds—For inventories, research,
St., N. Y. Under¬
writer—Globus, Inc., N. Y. Offering—In July.
pressure,
and sales promotion; Office—51 E. 42nd
Barr
Corp.
27, 1962 filed 150,000 common. Price—$4. Business
—Manufacture and sale of quilted and laminated vinyl
sheeting. Proceeds—Expansion and working capital. Of¬
fice—127-09 91st Ave., Richmond Hill,
N. Y. Under¬
Feb.
writers—Michael
de¬
Business—Manufac¬
repayment,
capital." Office—Wilson
Underwriters—Prescott &
Atlantic
Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
•"discount department stores.
Proceeds—For debt repay¬
• Ames
ment,
*
Industries
Hudson,
St.,
Phoenix
Business—General
St.,
Proceeds—For machinery
research, :sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
&
American
American
Main
tional
•
Investors.
N.
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
•
Manufacturing
Office—34
Underwriter—None.
Dec.
Underwriter—Nation-Wide
Business—Design and development of sterile dis^
hypodermic ampoules.
Proceeds—For selling
stockholders.
Atlantic
—Construction
Inc.
March 28, 1962 filed 5,900
—Manufacture
•
Jan. 26,
.
Ampoules,
(5/21-25)
,
Underwriter—Kahn
Co., N. Y.
G.
Kletz
&
Co., Inc., and Rittmaster
Voisin & Co., N. Y.
Barton Instrument
Corp.
filed 120,000 common, of which 50,000
by the company and 70,000 by stock¬
holders. Price—By amendment (max. $11). Business—
Design, development, and manufacture of differential
pressure-measuring devices and related
instruments.
Proceeds—For working capital.
Office—580 Monterey
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton & Co., N. Y.
.
{
March
are
5,
to be
1962
offered
Bay State Electronics Corp.
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St.. Boston.
Underwriter—S. D. Fuller & Co.,
New York. Offering—Indefinitely postponed.
Continued
on
page
38
.
A-
:
yr
•
..
■'.'-v
■.;.
'
,
The Commercial and Financial Chronicle
.
.
Thursday, May 3, 1962
.
%
'
.
5,1* f'
1
:■'
•
■-
.
'
•
'
Bloomfield
•
Continued from page 37
Mar;
Investing Corp.
Beacon
1961 filed
Dec. 20,
,
*300,000 shares of capital stock. Price
fund,, Proceeds
value. 'Business—A mutual
asset
Net
Un¬
Office-rr?2 The Fenway, Boston.
—For investment.
derwriter—None.
/..■//•Vr; -v;V
..1 v
porate
Bebell
Color
Bebeli
&
Laboratories,
&
rel
Inc.
photographic
color
—
tific
Inc.
in
concepts
debt
•
and construction.
general corporate
design
repayment
and
Begley Drug Co.
5, 1962 ("Reg.
A")
Business—Operation of
19,900
ness
Cosmetics,
•
Berkshire
For
advertising,
inventory
and
Securities, Inc., N. Y.
Gas
Co.
(5/7)
Feb. 20, 1962 filed 26,500 common to be offered
for sub¬
scription by stockholders. Price—By amendment (max.
$24.50). Proceeds—For debt repayment. Office—20 Elm
•
'
Y.
(5/15)
March 7, 1962 ("Reg. A") 70,000 common.
Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment. Proceeds —
for advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y,
Underwriter—Amber, Burstein & Co., Inc., N. Y.
\
• Berne of
California, Inc. (5/7-11)
Oct. 27, 1961
("Reg. A") 85,000 common.
Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles. Underwriter
Beryllium
Securities
Co., San Francisco.
are
Foundations, Inc. (5/21)
filed 185,000 common, of which 36,500
are to be offered
by the company and 148,500 by stock¬
holders. Price—By amendment (max. $20). Business—
Design and manufacture of popular priced foundation
•
processing
for
Underwriters—Jones, Kreeger & Co.,
Planning Co., Washington, D. C. ■>
of
working capital.
common. Price—$3. Business
plastic raw materials into com¬
moulding into plastic prod¬
repayment, equipment and
Office—35 Pequit St.,
Camden, Mass.
Underwriter—Godfrey,
N. Y.
debt
Hamilton,
Offering—Expected
Taylor
&
sometime in June.
to
•
Costa Mesa, Calif. Underwriter—Hill
Co., Los Angeles. Offering—Imminent.
Capital Management Corp.
S
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
due
1974.
Price—For
stock:
Business—Company
par.
a
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This, company formerly was
named
•
Continental
Champion
Investment
Parts
&
Mortgage
Rebuilders,
Co.
Inc.
Feb.
2, 1962 filed' 150,000 common with warrants, of
90,000 are to be offered by company and 60,000
by stockholders. The "securities will be offered in units
which
of one share and one warrant.
Price—By amendment.
Business—Rebuilding functional parts for motor vehicles.
Proceeds
For equipment, working capital and other
corporate purposes. Office—4301 W. 69th St., Chicago.
Underwriter—Straus, Blosser & McDowell, Chicago.
—
•
Charter
Credit
Corp.
("Reg. A")
28, 1962
^
100,000
common.
Price
$2.
—
Business—The construction and financing of motion pic¬
ture theatres. Proceeds—For general corporate purposes.
Office—234 W. 44th St., N. Y. Underwriter—M. R. Zeller
Co., N. Y.
Chemical
Dec.
Coatings Corp.
27, 1961 filed 75,000
common. Price—$5 Business—
particularly for use in tropical
semi-tropical climates. Proceeds—for equipment
working capital. Address—Santurce, Puerto^ Rico.
Manufacture
and
Blvd.,
filed
$5; for deben¬
was formed to
hold
mortgage company, an insurance agency
and a real estate development
company. Proceeds—For
debt repayment and working capital. Office—44
Forsyth
at
the stocks of
Feb.
Office—1895
1962
be offered
tures:
Underwriter—Schweickart & Co., N. Y.' >
1962
26,
debentures
Underwriter—Philips,
general corporate purposes.
Note—The
Co.,
Inc.,
SEC
has
issued
an
order
temporarily
sus¬
pending this issue.
Caribbean
Capital Corp.
28, 1962 filed 400,000 common. Price—$3.60. Businee-s—A small business investment company. Proceeds
—For general corporate purposes. Office—23 DronninFeb.
v
gens
120<000
For
Y.
Investment &
Mortgage Co. (5/17)
130,000 common, of which 100,000
by the company and 30,000 by stock¬
holders; also $600,000 of 6J/2 % convertible subordinated
are
nurposes.
Dec. 27 1961
Price—$3.
extruding and
—
N.
Central
and
of
paints
Underwriter—To
®
be
named.
\
Chenango & Unadilla Telephone Corp.
(5/14)
March 30, 1962 filed 52,363 common, to be offered for
subscription by common stockholders at the rate of two
new
shares for each five held
Price—By amendment
struction
debt
and
(max.
of
&
repayment.
April 30, 1962.
Proceeds—For con¬
Office—Norwich, N. Y.
E. Hutton & Co.j N.
Meeds, Wilmington, Del.
Underwriters—W.
Bissell
record
$33).
Y.,
and
Laird,
—
First Investment
Proceeds
•
Proceeds—Inven¬
corporate
("Reg. A") 75,000 common. Price—$4;
making of real estate mortgage loans.
Newport
Inc.
Blane Chemical Corp.
ucts.
29,
Richards &
Business—Application of electronic and mechanical dataprocessing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales
promotion and expansion.
Office—10419 Fawcette St.,
pounds
St.,
tubes.
other
Proceeds—For
—
^aSu29, 1962
—The
23rd
and
Business—The
Proceeds—For equipment and
general corporate purposes. Offices
7520 Bergenline
Ave., North Bergen, N. J. Underwriter—None.
and
electronic
Capital Alliance Corp.
March
purposes.
Md.
Acceptance Corp. of Delaware
29, 1961 filed 150,000 class A common. Price—$5.
Business—A sales finance
company. Proceeds—For ex¬
pansion. Office—526 North Ave. East, Westfield, N. J.
Nov.
Jan.
Appel, N. Y.
Puerto Rico.
Biologies International, Inc. (7/16)
30, 1962 filed 125,000 common. Price—$3. Business
—Company plans tp breed and supply animals for bio¬
Kensington,
Star
10, 1962
Underwriter—To be named.
Lingerie, Inc. (5/7-11)
12, 1962 filed 190,000 common, of which 120,000 are
to be offered by the company and 70,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital. Office—Fajardo,
March
common.
•
Central
/
Feb.
common.
Price—$4. Business
—Operation of retail toy, stationery and variety stores.
Proceeds—For expansion and"
working capital. Office—
832 Scarsdale
Ave., Scarsdale, N. Y. Underwriter—Irwin
Karp & Co., Inc., N. Y.
Associates,
new
working
Spokane, Wash.
Cameo
• Big Top Stores, Inc.
April 30, 1962 filed 85,000
&
of
Gold Mines, Inc.
("Reg. A")< 1,200,000 common. Price—25
exploration, development and pro¬
duction of mineral deposits.
Proceeds—For mining ex¬
penses.
Address—Box 469, Wallace, Idaho. Underwrit¬
ers—Pennaluna &
Co.
and
Standard Securities,
Inc.,
Long Beach, Calif. Underwriter—To be named.
Price—$5,.
hosiery and lingerie stores. Proceeds—
For expansion,
inventories, working capital and other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y.
E.)
Price—$5. Busi¬
plastic and rubber film laminates,
laminating and embossing machinery.
of casting,
cents.. Business—For
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate/ Proceeds—DgbfiMrepayment and working capital, Office—324 E. Bixby Rd,,..
discount merchandise center
15, 1962 filed 80,000 class A
Industries Corp.
120,000 common.
Center
•
and four ladies'
March
&
of
capital
Office—220E.
Big Mart Discount Stores
(Ernest
working
Rosen
Ave., L. I. C., N. Y. Underwriter—Smith, Barney &
Co., N. Y.
one
construction
1962 filed
and
April
offered by
distribution
tory,
47th
common.
Proceeds—For
products, debt repayment, inven¬
capital.
Office—11-17 Clintonville
St., Whitestone, N. Y. Underwriter—Arnold. Malkan &
Co., Inc., N. Y.
30,
to be
and
garments. Proceeds—For working capital. Office—38-01
60,000
line
tories
Electronics^ Inc.
1962 filed 80,000 common, of which 40,000
company and 40,000 by stockhold¬
Price—By amendment (max/ $5). Business—Sale
March
1962
A")
30,
Proceeds—For
Calvert
Bestform
Blanche
a
29,
ers.
logical research
Co., Inc., N. Y.
Interstate Telephone Co.
(5/8)
29, 1962 filed 160,000 common. Price—By amend¬
ment (max. $30).
Proceeds—For debt repayment, con¬
struction and Working capital. Office—16461 Mojave Dr.,,
Victorville, Calif.
Underwriter—William R: Staats &
Co., Los Angeles.
working capital. Office — 528 Union Trust Bldg.,
Washington, D. C. Underwriter—None.
30, 1962 ("Reg.
Business—Operation of
Kansas.
and
ness—Manufacture
California
International,
March
April
March
and
23,
in
mausoleums
—
Inc.
1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
•
Inc.
consisting of $100 of debentures and 13
Price—$178 per 'unit.
Business—Operation- of
cemeteries
it Centco
(6/4-8)
Inc.
America,
working
capital.
Office—3096
Hutbhings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
1962 filed 93,000 common. Price—$3.25. Busi¬
ness
Company processes black and white and color
photographic film, and sells photographic supplies and?
equipment. Proceeds—For sales promotion, equipmentand repayment of loans. Office—21-20 45th Rd., L. I. C.,
N. Y. Underwriter—Amber, Burstein & Co., Inc., N. Y.
Feb.
Feb.
of
Publishing Corp.c
Calev Photolabs,
—
—Pacific Coast
five
:
Jan.
of
offered in units
shares.
Co., Inc., N. Y. Offering—
27, 1961 filed 137,500 capital shares.
Price—$5
Business—Publishing of text books and'^general educa¬
tional works. Proceeds—For general corporate purposes
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
tor Co., N. Y. Note—This^kistratioff was withdrawn.
;;
Bernalen, Inc.
and
Mount
Caldwell
Oct.
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
N.
Cemeteries
March 27, 1962 filed $500,000 of 7% conv. subord. deben¬
due 1974 to be offered by the
company and 65,000
common shares by
stockholders. The securities will .be
tures
Corp. (5/14-18)
Sept. 22, 1961«filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and?
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
working capital. Office—114 W. 13th St., N. Y. Under¬
•
20, 1962 filed 9,964 common. Price—$100. Business
Company plans to qualify as a pu^ic utility and
water
and
sewage
disposal services /in ,-and,
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28, Cedar Lake, Ind. Underwriter—None.'
furnish
working capital. Office—1101 Albany Ave., Hartford,
Burton
Office
Underwriter—White,
Cedar Lake Public Service Corp.
Distributors, Inc.
Proceeds—To retire outstanding debentures,
repayment and construction.
Ave., N., Seattle.
Co., Inc., N. Y;-."''^
&
March
Offering—Expected sometime in June.
Inc.
—
—
$1,000 debenture and
—
1962 filed 100,000 common. Price—$5. Busi¬
Operation of self-service discount department
N. Y. Underwriter—Milton D. Blauner &
„
2, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
Proceeds
and
debt
Fairview
Weld
Buddy L. Corp.*^.
April 2, 1962 filed 2^5,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
March
writer—Granite
—222
77,420
22,580(max.
scien¬
develop¬
one
warrantyto purchase 15 shares. Price—By amendment.
Proceeds—For
Expected sometime in July.
repayment. Office—201 E. Irvine St., Rich¬
Underwriter—J. J. B. Hilliard & Son, Louis¬
ville, Ky. Offering—Imminent.
(Michael)
Conn. Underwriter—Gianis &
Proceeds
chain of drug stores.
a
research
18,
shares to be offered in units of
a
29,
stores.
Price—$15.
common.
Bruce
for
.
Feb.
Proceeds—For
Cascade Natural Gas
Corp. (5/15)" 1
1962 filed $6,000,000 of subordinated deben¬
tures due 1983, and warrants to purchase 90,000 common
systems. Pro¬
be
to
instruments.
March
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
-
cosmetics.
•
April
equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co.r N. Y.
purposes.
Bene
and other corporate purposes.
Office—250 VreeAve., Paterson, N. J. Underwriter—Foundation Se¬
■';'s. curities, Inc., N. Y.
land
ment,
1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
mond, Ky.
loans
Office—201 Lau-r
1962
are
$7.75).
Feb.' 14,
debt
For
Instruments, Inc.
filed 100,000 common, of which
offered by the company and
by stockholders. Price—By amendment
Business—Importing and- distribution of
26,
$7.
—
of
plastics, marble and ceramics
the packaging1; and building Industries. Proceeds—
expansion, leasehold improvements, repayment, of
for
St., Beverly, N. J. Underwriter—To be named.
Mar.
$4.
N. Y.
—For
'-/'v.".'■■'%.'
/s; '!
Inc.
21, 1961 filed 350,000 capital shares. Price
Business—Production
Ave., Memphis,
Co.,, and Morris
electronic equipment and conimunication
ceeds—For general corporate purposes.
shares
radical
.
Aug.
holders. Price—$4. Business—Design and manufacture of
slides, transparencies and photo-animations. Proceeds—
For
equipment, sales promotion, leasehold improve¬
ments, a new product, and working capital. Office—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
porating
;
Inc.
Casavan Industries,
-
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
to be offered by the company, and 25,000 by the stock¬
shares
Proceeds—For
&
Co., N. Y.
Bridge Electronics Co.,
prints,
Bede Aircraft,
Popular
Cohon
....,
75,000 common. Price
of
Production
—
(6/11-15).
Brinkmann
("Reg. A")
1962
29,
Business
Office—2600
Underwriters—Lieberbaum
(5/28-6/1)
Jan.
purposes.
Tenn.
Beauty Industries, Inc.
;
V
April 19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership, operation
a n d
franchising of
beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office—300
Chancellor Ave., Newark, N. J. Underwriter—Seymour
Blauner Co., N. Y,
v "/■
•
Building Industries, Inc.
1962 filed $2,000,000 of conv. subord. deben¬
tures due 1977. Price —At pftr. .Business — A: holding
company for 16 subsidiaries in the real estate and gen¬
eral contracting business. Proceeds—For
general cor¬
26,
Gade,/ St. Thomas, Virgin
N. Y.
Islands.
Underwriter—
Richard J. Buck & Co.,
•
Carolinas
Capital Corp.
general corporate purposes. Office—1200 North Carolina
National
Bank
&
Bldg., Charlotte, N. C. Underwriter—R.
Co., Charlotte.
Hill
Industries, Inc.
filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clavton Securities
Corp., Boston, Mass. Offering—Expected in August;
29,
1961
Builders, Inc.
1961 filed 50,000 shares of
Church
(5/8)
Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment company. Proceeds—For
S. Dickson
Chestnut
Nov.
Feb. 6,
common stock, series
share. Business—A closed-end diver¬
sified management investment
company. Proceeds—For
2.
Price—$5.50
investment.
per
Office—501
Distributor—Associates
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth.
Number 6156
195
Volume
.
.
The Commercial and Financial Chronicle
.
Cine-Dyne, Inc.
writer—R.
Holman
A.
&
Clark Cable Corp.
N.
,
stockholders on-the basis of
shares
100
facture
held.
*$150 of debentures for
par.
Business—Manu¬
Price—At
Computet: Control Co., Inc. (5/14-18)
Jan, 24, 1962 filed 157,500 common, of which 62,500
of
electrical, electronic and mechanical systems
components, and replacement parts for aircraft, mis¬
and
siles and
naval
Office—3184
vessels.
West
Robert L.-Ferman &
to
St., Cleveland.
Co., Miami, Fla.
'
r
•
Coastal
Acceptance Corp.
'
•
to
be
and 12,000
small loan
fi¬
company.
Lowell
5123 Glenmont Dr.,
.nent.
•
Coburn Credit
Co., Inc.
April 27, 1962 filed $5,000,000 of conv. subord deben¬
tures, due 1982.
Price—By amendment.-^Business—A
consumer
sales
finance
ing capital and
corporate
Park Ave., Rockville Centre, N. Y.
Brand, Grumet & Seigel, Inc., N. Y.
Coleman Cable & Wire Co.
Jan.
•
•
18,
filed
1962
$6.
Business
trie
wire
—
and
120,000
A
Distribution
of
Inc.
Office—39
Arthurs, Lestrange &
—
special 'types
Price—
(5/21-25) ;/•'
May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public/sale by the company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
Co.,
and
Oct.
cajole, and the manufacture of insulated
use.
equipment, possible acquisitions and working
Proceeds
cap¬
—
of
For
Ave.,
March
<
Stock¬
Office—129
Securities
Bancorporation
Feb. 23, 1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
•
food
ing
recently formed to acquire stock of First
Western Bank & Trust Co., Los Angeles. Proceeds—For
acquisition of First Western stock, and working capital.
company
Office—1000
it Columbia Gas
N.
N.
*
Y.
Office—120
Underwriters—(Competitive).
E.
Probable
41st
Ohio
Electric
Co.
•
Dec. 29, 1961 filed 2,000,000 common. Price—By amend¬
ment ($3 max.). Business—A mortgage and real estate
-investment
derwriter—Continental Securities
/Stuart
&
Co.
Inc.;
Dillon,
Hutzler
Read
&
Research, Inc.
April 19, 1962 ("Reg. A") 50,000 common.
Business—Production
(jointly); Halsey,
Co.-The Ohio Co.
Proceeds—For
Olson
(jointly); Lehman Brothers; White, Weld & Co.; East¬
Dillon, Union Securities & Co.-Glore.^Forgan &
Co.
(jointly). Bids—Expected May 16, 1962 (11 a.m.4
(EDST) at the First National City Trust Co., 6th floor,
St., N. Y. Information Meeting—May 9 (2:30
EDST), at the same address (5th floor).
•
ment
1962
p.m.
E. F. Hutton &
•
Applications
1 rvfn/4
lated
4-
to
y-N.
use
-C
of
Price—By amend¬
Business—Furnishing of services
i
/\1
A
electronic
J
-
data
-
•
•"
'•
processing
'
•
J
equipment.
Co., Inc., N. Y.
Computer Components, Inc.
Dec. 6, 1961 filed 120,000
common, of which 90,000 are
to be offered by the
company and 30.000 by stockhold¬
ers. .Price—$3. Business
Manufacture of miniature
—
in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate
pur-
Dynamics,
1961
Cooke
re-
Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y.
Underwriter—L. M. Rosenthal &
coils for relays used
24,
Co., N. Y. Offering—Expected in June.
Inc.
filed 500,000
-
.Dec.
(F. J.), Inc.
29, 1961 filed
1"r
"
J
ness—Manufacture
" * * '
of. high
Price—$3.75. Busi
common.
4
1
"
systems and elec¬
For ddbt repayment and
general corporate purposes. Office—145 Water St., South
tronic equipment. Proceeds
vacuum
—
Norwalk, Conn.
Underwriters—John
ates and Bull & Low, N. Y.
R.
the
on
the Danish
•
'>
—
& Son, Inc.
(S.)
basis of
Address
13
new
shares for each
shares
53
Sandy Hook, Conn.
Underwriter
Ramsey & Co., Inc., Bridgeport, Conn.
held.
•
—
Cut & Curl,
(5/7-11)
Inc.
Smith,
—
/
Dec. 20,
.
♦
1961 filed 100,000 common. Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y.
J. Merritt & Co., Inc., N Y. \
Underwriter—M.
Daisy Manufacturing Co. (5/8)
Ma^ch 9,11962 filed 135,000 common. Price—By amend¬
ment (max. $8.50). Business—Design, manufacture and
sale of air rifles, toy guns, fishing rods and outdoor
Proceeds—For
boots.
>
selling
Rogers, Ark. Underwriter
Address—••
stockholders.
Eppler, Guerin & Turner,
—
Inc., Dallas.
,
Inc.
April 26, 1962 filed 200,000 coiftmon. Price—$5. Business
—Company plans to design, develop and produce elec¬
it Data Systems Devices of Boston,
tronic and electro-mechanical devices, including
electronic computers.
for
opment,
new
printers
Proceeds—For product devel¬
plant and equipment and working capital.
Ave.,
Boston.
Underwriter-
Western
Office—342
Schmidt, Sharp, McCabe & Co., Inc., Denver.
•
Davis
Nov.
(H.)
Toy Corp.
(5/28-6/1)
27, 1961 filed 100,000 capital shares (with attached
purchase an additional 100,000 shares), to be
warrants to
offered in units
of
one
repay
Office—794 Union
share and
one
warrant.
Price—
educational toys,
debt and increase working capital.
St., Brooklyn, N.-Y.
Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
Decorative Interiors, Inc.
Feb. 26, 1962
spreads for hotels and institutions. Proceeds—For
expansion and other corporate purposes. Office—1191
bed
N.
W.
St., Mami, Fla. Underwriter—Lancer
Co., 92 Liberty St., N. Y.
22nd
curities
•
.
Decorel
_
Telephone Co., Inc.
May 1, 1962 filed $15,000,000 of s. f. dollar
debentures
due
1977.
Price—By amendment.
Business Company,
by
Y.
Se¬
Maher Associ¬
it Copenhagen
owned
N.
1 Price—$19. Business—Production of wooden handles and
paper boxes. Proceeds
For building and equipment.
Dec.
50.65%
Inc.,
("Reg. A") 52,000 class A common. Price—,
$2.50, eBusiness—Manufacture of draperies, furniture and
(5/14-18)
125,000
Co.,
April 11, 1962 ("Reg. A") 13,000 common to be offered
for subscription by stockholders of record May 11, 1962
Proceeds—To
Price—$1.15, Busi¬
common.
&
$3.25 per unit. Business—Manufactures
ness—Development and production of electronic testing
and
training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis.
Underwriter—Brandtjen & Bayliss, Inc., St. Paul.
Inc.
87,000,,common.
Control
Oct.
Proceeds—For selling
stockholdes.
Office—505
Court "St.,
Brooklyn, N. Y.
Underwriter—Shearson, Hammill & Co., N. Y. <
Computer
Office—6500
Telephone Co.
Price—By amend¬
(max. $15). Business—A telephone holding com¬
pany.
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and
proprietary drugs.
March 23, 1962 filed
ment (max. $5).
general corporate purposes.
Memorial
ment
filed
distribution of
Price—$5.65.
dispensers.
oxygen
March 30, 1962 filed 475,000 common.
Drug Co., Inc. (5/14-18)
100,000 common. Price—By amend¬
(Max. 22). Business—Manufacture, packaging and
9,
of
Continental
Commerce
Feb.
sale
and
Highway, Golden Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
man
55 Wall
Corp., Salt Lake City.
it Continental
—
&
Proceeds — For working capital.
Savings Bldg., Scottsdale, Ariz.^ Un¬
company.
Office—Scottsdale
(5/16)
12, 1962 filed $16,000,000 of first mortgage bonds
Proceeds—For debt repayment and construc¬
tion. Office—215 North Front St., Columbus. Underwrit¬
ers
(Competitive). Probable bidders: Lee Higginson
Brothers
Corp.
Kahn
Euclid Ave., San Diego. Underwriter
Holton, Henderson & Co., Los Angeles.
Industrial Electronics
Investment
M.
-Office—1925
Ave., Chicago.
Underwriters—Rittmaster,
Co., N. Y. and Midland Securities Co., Inc.,
City, Mo.
•
N/
Continental
Bernard
Mar. 26, 1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Curtis
r)ffice—2724 Leonis Blvd., Los An¬
—
Crownco
(6/4-8)
geles. Underwriter—To be n^medr
1992.
Corp.-Salomon
America, Inc.
26,
Underwriter
&
corporate purposes,
April
due
Department, Inc. (5/7-11)
1962 filed $1,200,320 of 7% conv. subord. de¬
due
1974 and 54,560 common shares to
be
offered in 2,728 units, each consisting of $440 of .-deben¬
tures
and 20
common
shares.
Price—$550 per unit.
Business—A consumer sales finance company. Proceeds
—For debt repayment.
Office—1775 Broadway, N. Y.
■
bidders:
.
Southern
one
to purchase
warrant
a
Credit
St., Dover, Del. Underwriter—Dana
Corp.
Price—$2.50. Busi-r
ness—Development and manufacture of television pic¬
ture tubes.
Proceeds—For debt repayment and other
St.,
Weld
Halsey, Stuart &
Co. Inc. Bids—Expected June 7 (11 a.m.
EDST) at the
company's office.
..'
V'. • • Vv.Columbus &
29,
bentures
Co., Inc., N. Y. Offering—Expected in July.
Continental
Merrill Lynch, Pierce, Fenner & Smith
Inc.,-White,
& Co. (jointly); Morgan
Stanley & Co.;
•
Y.
N.
1962 .filed $1,000,000 of 6V2% subordinated
due 1972, 60,000 common shares, and war¬
rants to purchase 20,000 common shares. The securities
Jan.
Nov. 21, 1961 filed 200,000 common.
Systems,' Inc. (6/7) \
$25,000,000 of debentures due 1987.
construction.
Co.,
Office—905 Fifteen Peachtree
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N. Y., and Wyatt, Neal & Waggoner, Atlanta. OfferingExpected sometime in June.
Harlem
Kansas
1962 filed
Proceeds—For
S. State
Consumers Mart of
Voisin
Vermont
Ave., N. W., Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
J..."
Offering—Expected sometime in June.
April 26,
&
other corporate purposes.
other
Jan. 8, 1962 filed 72,000 common. Price—By amendment
-Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
in units. Price—By amendment: Business—A bank hold¬
1!
Underwriter—Goodbody
Properties Inc.
$100 debenture, 6 shares
2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt repayment and
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
..expansion, equipment and debt repayment. Officl—615
Parker St., Manchester, N. H.
Underwriter—Putnam &
Co., Hartford, Conn.
"
Louis.
.
holders. Price—By amendment, (max. $15). Business—
.Manufacture of shoeboard and boxboard. Proceeds—For
Columbia
the
as
debentures
and
.it Consolidated Leasing Corp. of America
April 27)rr3,S62vfiledJ^,100,000 of 6%% subord. debenPrices—$1.
Business—Composition, publication and distribution of >.'• tures due 1977 (with warrants); also 305,000 common
study manuals for examination preparation/ Proceeds—
\shares, of which 285,000 will be sold by company and
For equipment, expansion and other corporate purposes.
20,000 by stockholders./ PjdcfJ-^Fbr.idebentures, at par;
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
for stock, by amendment (max. $9). Business—Renting
—James Co., N. Y. '
,of cars, trucks and equipment. Proceeds—For debt re¬
;:;f •
• Colonial Board Co.
payment, an acquisition and other corporate purposes.
(6/15)
'
" $4 '
Office—1012 Baltimore Ave., Kansas City, Mo.
Under
March 28, 1962 filed 164,000 common, of which
i|5,000 writer—Blair &
are to be offered by the
Co., N. Y.
company and 49,000 by
t
known formerly
was
will be offered in units of
Inc.
Underwriter—To be named.
vgj
St.
Cousins
•
College Publishing Corp.
(5/16)
^March 16, 1962 ("Reg. A") 155,000 common.
Proceeds—For
Country Set, Inc. (5/21-25)
Mar. 2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—For selling stockholders. Office — 1136 Washington
(5/28-30)
equipment, debt repayment and
records.
•
corporate purposes. Office—110 "A" St., Wilmington, Del
ital. Office—1900 N. River Rd., River Grove, Ill,4£nderwriter—Divine & Fishman, Inc., N. Y.
phonograph
Co., N. Y. Note—This firm
125,000 class A common. Price—$3.
service and kitchen equipment
1961 filed
19,
Business—Sale
Proceeds
of
Cosnat Record Distributing Corp.
Houston. Underwriter—To be named.
Supply Co.,
distribution
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
warrants
Concors
ol elec-
Underwriter—R. F. Dowd^
/-.I, Cosnat Corp.
—
common.
Broadway, N. Y.
Inc., N. Y.
Co.
&
/',.■// //
Products, Inc.
Proceeds^-For expansion and working capital.
company.
28, 1961 filed 120,000 common (with attached 3to purchase an additional 60,000 shares
at $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes
Office
525-535 E. 137th St., New York City.
Under¬
writer—M. G. Davis, 150 Broadway, N. Y.
Underwriter—
wire and cable for electronic and electrical
—For
Concord
year
(5/10)
class
•
Corporate Funding Corp. (5/21)
/. /
April 26, 1962,,("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment * and holding
Mass.
Nov.
Proceeds—For work¬
purposes.
Office—53
company.
general
N.
-•
," ;/
Business—manufacture
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
-Computers, Inc.
April 2, 1962 filed 10,000 common. Price—$40. Business
—Design, engineering, manufacture and sale of compu¬
ting systems and process control equipment. Proceeds—
For equipment, inventory and working capital. Office—
Proceeds—For debt repayment. Office—
St., Manchester, N. H. Underwriter—Eastern
Investment Corp., Manchester, N. H. Offering—Immi-
36
Underwriter
maximum)
general corporate purposes. Office—5642-50 N. Western
re¬
to be offered
Pittsburgh.
(5/16)
Price—by amendment
of photo-copy
machines and the distribution of office copy machines,
photographic laboratory equipment, etc. Proceeds—For
filed
1962
23,
Copymation, Inc.
($15
are
135,000 common, qf which 100,000
by the company and 35,000 by a stock¬
holder. Price—$4. Business—Electronic data processing.
Proceeds—For computer systems development, additional
personnel, and working capital. Office—119 Federal St.,,
are
of which 68,by
common,
by the company
stockholders.. Price—$12.50. Business—A
nance
Office—983 .Concord
Pittsburgh.
offered
Proceeds—For /debt
Computer Oriented Research & Engineering,
(5/15)
...-v:
Feb.
•
1961 filed 80,000 class A
digital-equipment.
St., Framingham,
Underwriter—Kidder, Peabody & Co., N. Y.
Equipment Co.
March 22, 1962 filed 125,000 common. Price—By amend¬
ment (max. $34). Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
.Co., Inc., N. Y.
•
Dec. 28, 1961 filed 60,000 common.
by the company and 95,000 by stockhold¬
Price—By. amendment. Business—Design and manu¬
payment:
Clark
Dec. 11,
U00 are
Office—Copenhagen Denmark. Under¬
writers—Smith, Barney & Co., Inc.; Kuhn, Loeb & Co.
Inc.; Harriman Ripley & Co., Inc., and Lazard Freres &
Co.
Offering—Expected in early June.
$5.
offered
facture of
Underwriter—
.
be
ers.
Proceeds—For working capital.
32nd
For construction.
—
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use
of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., Nv W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.
Co., Inc., N. Y.
39
supplier of telephone service to the major Danish islands
of Zealand, Lolland-Falster and Bornholm. Proceeds—
Expressway, Jamaica,
Co., N. Y.
(5/7-11)
Computer Concepts Inc.
,
1962 filed $787,500 of 6V2% conv.<subord. de¬
bentures due 1972 to be offered for subscription by com¬
each
Wyck
W. Kaufmania &
Y. Underwriter—Jay
/Dec, 29, 1961 filed 100,000 class A common. Price
April 30,
mon
Van
Office—88-06
poses.
April 9, 1962 filed 100,000 common. Price—$4. Business—
Production of motion pictures and TV films. Proceeds—
For production of a picture, equipment, debt repayment
and working capital. Office—40 E. 49th St., N. Y. Under¬
(2127)
Government, is the
sole
X
are
29,
Corp.
1961
5/28-6/1)
filed
to be offered
120,000
common,
of
which
90,000
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—production and
Continued
r
on
pace
40
Mip
40
i
nfi'i
ttw
t, itf «
HAW* HMJ
*pl HWfWH^W/ ffiWWfcViWW.'
W<Ur«iWW*siiiUMV<JiW
'
w
The Commercial and Financial Chronicle
(2128)
...
Thursday, May 3, 1962
"V
n
Dunhill Food
Continued from page 30
and metal framed
of wood
sale
Dec. 29,
etc. Proceeds—For debt
and working capital. Office-—444
frames,
Mass
pictures, wood utility
repayment, inventory,
Courtland St., Munde-
Duro
iy
Dec.
(5/16)
Inc.
Homes,
DeLuxe
•
Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and working capital. Office—79 Wal
worth St., Brooklyn, Underwriters — Carroll Co. and
Paul Eisenberg Co., Inc., N. Y.
Underwriter—Clayton Securities Corp., Boston,
lein, 111.
Business
capital. Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y.
Proceeds—For working
.
Deuterium Corp.
with attached war¬
rants to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
A stock held and one unit for each 10 class B shares
held. Price—$20 per unit. Business—Company plans to
manufacture and utilize all kinds of chemical materials.
Proceeds—For start-up expenses for a laboratory and
small plant.
Office—360 Lexington Ave., New York.
to
Bergeri, N. J. Underwriter—Auchincloss, Parker &
Redpath, N. Y. Offering—Expected in mid-June. "
•
;
•
Dyna Mfg. Co. (6/14)
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865 Exposition Blvd., Los Angeles. Underwriter—Ray¬
mond Moore &
Co., Los Angeles.
Jan.
•
Business—D
e s
300,000 common. Price—By amend¬
"packaged"
electronic
(max. $6). Business—Manufacture and test mar¬
keting of a vitamin-enriched sugar. Proceeds—For debt
ceeds—For
products.
Dextra
•
Corp.
28, 1962 filed
expansion and general corporate-purposes.
A-Kendall,' Miami, Fla. Underwriter
Address—Drawer
—To
•
named.
be
Diamond
Dust Co.,
27, 1962 filed 102,000 common. Price—$3. Business
graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,
Feb.
Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Expected sometime in June.
•
working
and
capital.
1962
22,
Corp.
i g n,
circuits
and
Price—$2.
production of
common.
and
sub-systems.
Pro¬
~
new
Manufacturing Co., Inc.
100,000 common. Price—$3.
Business—Manufacture and distribution of screens, windows, doors, etc. Proceeds—For debt repayment, plant
expansion, and working capital. Office—910 Line St.,
21,
("Reg. A")
1962
Camden, N. J. Underwriter—H. A. Riecke & Co., Inc.,
Philadelphia. Offering—Imminent.
•
& Photo Corp. <
$500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film
and
repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
Eastern
Camera
March 28 1962 filed
Diamond Mills Corp.
Jan. 23,
1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
derwriter— Drexel & Co., Philadelphia.
Offering—Immi¬
nent.
/£:'■ .:m*'•//'".■
r
'
\ ;
■
• Discount Sundry Sales, Inc.
April 17, 1962 ("Reg. A")' 50,000
Price—$6.
Business—Operation of a sundry department in a dis¬
count department store,Proceeds—For expansion and
common.
working capital. Office—2000 Oakdale Ave., San Fran¬
Underwrtcr—Stewart, Eubanks, Meyerson & Co.,
cisco.
fice—68 W. Columbia St., Hempstead, N. Y.
Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Co., Inc., N. Y. Offering—Expected sometime in June.
Eastern'Investors, Inc.
Dec.
27,
1961 filed
(6/4-8)
10,000 common shares and $625,000
San Francisco.
^•oi 6V2% con. subord. debentures due 1972. Price—For
Diversified
stock, $2.50: For debentures/at par. Business—A hold¬
ing company for small loan and credit accident insurance
Real
Trust
Estate
March 8, 1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate investment
Proceeds—For investment. Office—500 Fifth Ave.,
Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address).
trust.
N. Y.
Doman
Helicopters, Inc.
April 19, 1962 f|led 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.
$1.25).
Price—By amendment (max.
Business—Research, development and construc¬
tion
experimental
of
helicopters. Proceeds—To obtain
models, train service personnel, repay
Address—Municipal Airport, Danbury, Conn.
certification
debt, etc.
of
Underwriter—None.
•
Donaldson
Co.,
(5/14-18)
Inc.
Feb. 26, 1962 filed 80,000 common, of which 35,500 are
to be offered by the company and 44,500
by stockholders.
Price—By
amendment
manufacture
sale
and
(max.
of
air
$25).
Business—Design,
cleaners.
Proceeds—For
working capital. Office—1400 W. 94th St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
•
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000 common, of which
50,000
to be offered by the company ana
100,000
are
by stock¬
Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For
working capital. Office—
holders.
1115
N.
Broadway,
Y.
N. Y. Underwriter—Goodbodv & Co.,
offering has been temporarily post¬
Co.
Price—By
amendment
manufacture
of
Proceeds—For debt
•corporate purposes.
(max.
industrial
Business—Design
metallurgical furnaces.
repayment, equipment and general
Address — Red Lion Rd., and Phil-
Bethayres, Pa.
Ave.,
$12).
Underwriters—Janney, Bat¬
tles & E. W. Clark.Toe. and Stroud &
Co., Philadelphia.
•Drew
Realty Corp.
March 6, 1962 filed 163,000 class A.
Price—$10. Business
—General
real
Office—50
Broad
rities Corp.,
estate.
Proceeds—For
St., N. Y.
(same address).
debt
repayment.
Underwriter—Drew Secu¬
•
Dulany Industries, Inc. (5/14)
26, 1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The
canning and freezing
Feb.
of
foods.
investment
Proceeds—For
debt
repayment.
Third Ave., N. Y. Underwriter—Blair &
Office—850
Co., Inc., N. Y.
in
subsidiary
a
and
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
Inc., N. Y.
Eastern
equipment, construction of
ment
(max. $16). Business—A small business investment
Proceeds—For general corporate purposes.
Office
3
—
Tenn
&
Center
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
body & Co., N. Y.
Eastern Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬
tures, Igl,000; for stock, $10.
tate.
Business—General real
es¬
Proceeds—For the acquisition and
development of
real properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be
named.
Economy Food Enterprises Corp.
29, 1961 ("Reg. A") 190,000 common.
Nov.
Price—$3.
Business—Sale and servicing of home food freezers and
sale of bulk food to freezer owners. Proceeds—For gen¬
eral corporate purposes.
Office—180 Babylon Turnpike,
Roosevelt, L. I., N. Y. Underwriter—Sentinel Securities
Planning Corp., and Bassior & Co., both of 101 Cedar
St., N. Y. Offering—Imminent.
Econ-O-Pay, Inc.
26, 1961 filed 1,000,000
General
dealer
recourse
corporate
Valley City, N. D.
Valley City, N. D.
•
Edge Ltd.
common.
Price—$3.
finance business.
purposes.
Office—164
Busi¬
Proceeds
E.
Underwriter—Reserve
Main
Funds,
St.,
Inc.,
26, 1962 filed 125,000 common. Price—By amend¬
ment (max. $4). Business—Merchandising and sale of
phonograph/ records. Proceeds—For debt repayment, ac¬
quisitions, and working capital. Office—2235 TwentyPL,
N.
E..
Washington, D. C. Underwriter—Ritt-
master, Voisin & Co., N. Y.
•
Ehrenreich
Photo-Optical Industries, Inc.
filed 150,000 common, of which 100,000
are to be offered
by the company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
Jan.
26,
1962
distribution
instruments.
of
cameras,
Plohn
&
Co., N.
Un¬
Y.
Electromagnetic
Industries, Inc. (5/21-25)
30, 1962 filed $256,000 of 6V2% conv. subord. de¬
bentures due 1987, also 70,000 common shares, of which
45,000 are to be offered by company and '25,000 by
March
stockholders. Price—By amendment
(max. $1 per com¬
Design, production, assembly,
transformers, magnetic com¬
ponents and electronic instrumentation and control de¬
mon
share).
distribution
Business
and
sale
—
of
vices. Proceeds—For
equipment, debt repayment, a new
and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
plant
•
Electromagnetics
Corp. (6/4-8)
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
Nov.
Proceeds—For
general
corporate
pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
poses.
•
Electronic
Transmission
Corp.
(5/17)
March 22, 1962 filed 125,000 common. Price—$3. Busi¬
ness—Manufacture and distribution of components for
background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
debt
repayment, expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co.^ Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
ing
N.
Y.
,
Pike, Inc. (5/15)
S
27, 1961 ("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
Ellner &
Dec.
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook 'Se¬
curities, Inc. Hempstead, N. Y.
•
Enviro-Dyne, Inc.
(5/15)
Feb.
13, 1962 ("Reg. A") 300,000 common. Price
$1.
Business—Research, development, manufacture and sale
of enviromental testing equipment. Proceeds—For equip¬
ment and other corporate purposes. Office—24447 Haw¬
thorne
Blvd., Torrance, Calif. Underwriter — Garat &
Polonitza, Los Angeles.
". ■/
...
_
Epko Shoes, Inc. (5/15)
March 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $12). Business—Operation of a chain of re¬
tail shoe stores. Proceeds
For selling stockholders.
Office—237 Cherry St., Toledo, O. Underwriter—Shearson, Hammill & Co., N. Y.
—
/
•
Equity Capital Co.
(5/7-11)
Nov. 29, 1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
in mortgages and the making of construction loans to
and
property owners. Proceeds—For repay¬
working, capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
Equity Funding Corp. of America
filed 240,000 common. Price—By amend¬
ment (max. $6.50).
Business—A holding company for
firms selling life insurance and mutual Tunds. Proceeds
March 29, 1962
—For
new
sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
waukee.
Esslinger's Industries of Philadelphia, Inc.
28, 1962 filed $850,000 of 6%% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals,
and the sale of galvanized iron and steel products. Pro¬
ceeds—For debt repayment.
Office—10th & Callowhill
Sts., Philadelphia.
Underwriter—Woodcock, Moyer,
Fricke & French, Inc., Philadelphia. Offering—In July.
March
European Coal & Steel Community (5/9)
April 17, 1962 filed $25,000,000 of sinking fund bonds due
April 15, 1982. Price—By amendment. Proceeds—For ex¬
pansion. Underwriters—Kuhn, Loeb & Co.; First Boston
Corp.; and Lazard Freres & Co., N. Y.
•
Evans,
Inc.
(5/7-11)
Jan. 23,
1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
S. State St., Chicago. Underwriter—Allen &
Co.,
ers.
(5/28-6/1)
Mar.
Fifth
building, and working
ment of debt and
Price—By amend¬
company.
writers—Drexel
•
a
Office—187 N. Water St., Rochester, N. Y.
builders
Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common.
ness—A
March 9, 1962 filed 122,700 common, of which 42,500 are
to be offered by company and 80,200
by stockholders.
mont
Proceeds—For
Oct.
Drever
and
subsidiaries.
Note—This
poned.
Components, Inc.
1962 filed 100,000 common, of which 75,000 are
to be offered by the company and *25,000 by a stock¬
holder.
Price—$4.
Business—Manufacture, assembling
and processing of metal parts and products. Proceeds—
5,
instrumentation.
(5/30)
A") 143,000
development
("Reg.
Eastern Aluminum
March
Inc.
—Production of
advertising
Dyna-Mod Electronics
products and working capital. Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey &• Co., Inc., Glens Falls, N. Y.
ment
repayment,
Eldre
Feb.
derwriter—Gharles
Proceeds—For expansion and workOffice—401 W. Main St., Louisville. Under¬
writing— Shearson, Hammill & Co., N. Y.
Feb.
Dover, N. J. Underwriter—Sherman & Hall, Inc., Allenwas withdrawn.
capital.
ceeds—For working capital. Office—2321 Hudson Blvd.,
j ing capital.
^
equipment.
Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
For
:. North
Chapman & Scott Corp., parent. Price—By amendment
(max. $25). Business—Manufacture of paints, resins and
related
Godfrey,
(with attached warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to pur¬
chase 60 common shares. Price—By amendment (max.
$1,000 per unit). Business—Manufacture and sale of in¬
candescent, flourescent and mercury vapor lamps. Pro¬
Reynolds Co., Incf (5/7-11)
23, 1962 filed 400,000 common, of which 200,000
be offered by company and 200,000 by Merritt-
Inc.
electrical
due 1982
Devoe &
March
¬
April 6, 1962 filed $1,750,000 of subordinated debentures
Underwriter—None.
are
—
Duro-Test Corp.
*
Co.,
("Reg. A") 75,000 common. Price — $4.
Business—Manufacture of transformers and inductors for
1962
28,
town, Pa. NoteT—This letter
(5/21-25)
Inc.
Transformer
Eisler
Feb.
common.
Office—573 Broadway, N. Y. Underwriter
Hamilton, Taylor & Co., N. Y.
1961 filed 140,000 common
Sept. 28
Pen Co.,
100,000
Jan. 5, 1962 filed 125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt-repayment, equpiment and working capital.
1961 ("Reg. A' ) 60,000 common. Price — $5.
—
Construction and financing of shell homes.
11,
•
(5/21-24)
Equipment Corp.
1961 filed
lenses,
Proceeds—For debt
accessories
and
optical
repayment, expansion,
working capital. Office—111 Fifth Ave., N. Y. Un¬
Higginson Corp., N. Y. Note—This of¬
fering has been temporarily postponed.
—36
N.
Y.
•
.
.
/
;
Everbest
Engineering Corp.
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electr'c
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth
St., N. Y.
Underwriter—Planned Investing
Corp., N. Y.
Fairbanks Wire
Co., Inc.
**
Oct. 30, 1961 filed 54,000 common.
Manufactures
specialized
and
Proceeds
derwriter—Lee
purposes.
Price—$3. business
machinery and equipment.
—
For debt repayment and
general
corporate
Office—Walnut St., M D 23, Newburg
Underwriter—First Madison Corp., NY.
N
''
Y
'
Volume 195
Number 6156
.
.
Commercial and Financial Chronicle
The
.
(2129)
Fairway Mart, Inc.
.1
;
March 19, 1962 ("Reg.
A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
ters.
Fidelity Mining Investments Ltd.
1961 ftled 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
/and
Nov. 30,
Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
&
Market
St., Youngstown, Ohio.
Co., Inc., N. Y.
Carno
•
Underwriter—A. J.
First New York Capital
Fund, Inc.
Oct. 27, 1&61 filed 2,770,000 capital shares.
Industries,f Inc. (5/21-25)
26, 1962 ("Reg. A") 63,000 common. Price—$4.75.
Feb.
Business—Manufacture
of
blouses.
Proceeds—Debt
re¬
payment, equipment, inventory and working capital. Of¬
fice—Gauthier St., Tuskegee, Ala.
Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
Fastline
-
offered
in
units of
and 50,000 warrants
common
100
and
common
50
warrants.
Price—By amendment. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt
repayment, advertising
and working capital. Office—8
Washington Place, N. Y.
Underwriter—Jarco Securities Co., Inc., N. Y.
•
Fastpak, Inc.
devices
manufactured
repayment
Benson
and
Place,
by
general
others.
fastening
Proceeds—For
corporate
Freeport, N. Y.
Business
Fire
April
11,
—For
reserves
&
Marine
Underwriter
Insurance
debt
Office—8
purposes.
—
Co.
r
1962
("Reg. A") 125,000 common. Price—$2.
Business—Writing of special risk insurance, Proceeds
—324
and
Guaranty
Sudler
&
150,000
general
corporate
Office
Underwriter—Amos C.
Bldg., Denver.
purposes.
Co., Denver.
(Offering
•
Jackson
May 7
Curtis)
by
Paine,
amendment
Bruce
&
Reuben
Homes, Inc
(G.
H.
Rose
Walker
&
Co.)
(Equity
Securities Co.)
(Hardy
(Offering
Gas
—$5.
to
Business—A
(Pacific
"
20,500
Coast
Co.)
',
,
Cut
&
Curl,
&
Co.,
Inc.)
(Shearson.
&
Co.,
Utah
Concrete
&
Co.)
(No
;
Co.)
Securities
130,000
&
Inc.
(Stanley
Harper
H.
&
Co.)
Co.)
(Globus.
M.
Frumkes
(Dempsey-Tegeler
Books,
&
;
Wiegand
Medical
(J.
Co.)
McMeen
&
Western
shares
31,000
(Bids
j/rtf,.
Ben.
(Offering
Ints.
to
$300,000
Burton
Mount
/
Roadcraft
(Vickers,
&
Co.)
Warwick,
Inc.)
400,000
^Seashore Food Products, Inc.
(Terrio
&
Co..
Shelley Manufacturing
.'..(George.
O'Neill
1
Inc.)
.
(Underwriters
...
John
R.
to
&
Maher
Associates
to
Inc.)
be
named)
and
R.
_
Securities
\
Corp.)
•
(Andresen
&
Co.)
Star
&
V
•
Co.,
"(Costello,
Russotto
&
Co.)
$300,000
C.
(Bacon,
400,000
&
Happy House,
Co;
Allan's
211,250
and
^____
underwriting)
■
&
.
Corp.
(Eastman
Co.,
Co.)
—Common
Bond,
&
Co.,
Inc.)
$150,000
.Units
_
$1,262,500
Co.)
&
—Common
Inc.)
$562,500
Capital
Inc
Common
Corp
—Common
&
Co.,- Inc.)
r
..—Common
$308,000
Common
Inc
Securities
Co. >
&
250,000
Union
Securities
!
and
A.
shares
Debentures
Stores, Inc
Wulbern, Inc.
&
Co.)
$3,000,000
...Common
—
M.
Kidder & Co., Inc.)
Common
—
Dillon,
Union
Securities
&
$1,750,000
Co.)
Common
-—
Burstein
(Amber,
Cascade
Natural
Gas
Weld
&
Co.,
Inc.)
$183,750
Units
Corp....
&
Co.,
Inc.)
6,000
units
Computer Oriented Research & Engineering,
*
'
$700,000
Honora, Ltd.
Co.)
&
Capital
Inc.-'—'-
Union
Dillon,
(White,
'
Magnus
140,004 shares
Capital
Myerhoff
and
shares
Manufacturing, Inc
Bacardi
.Common
Freehling,
&
Burstein
Dillon,
Carrison,
shares
shares
Co.
&
Bernalen, Inc.
&
shares
Common
Department-Stores,
Aubrey
(Pierce,
Dempsey-Tegeler
175,000
Corp
Department
(Eastman
Common
,
Inc.)
Inc
(Tuesday)
Industries
(Eastman
$330,000
and
Corp..-Common
Co
F.),
(Amber,
Common
Inc.__
(Sunshine
Arlan's
shares
Research, Inc^-f_-_
Whipple
(L.
May 15
Anchor
shares
__jy
Inc.)
...Common
$276,000
Hotel
(Godfrey, Hamilton, Taylor & Co.) $486,000
$468,750
80,000
—-Common
$975,000
Co.)
Warwick,
&
Stock
Pioneer
Common
Low)
&
Langley & Co.) 550,000 shares
•
underwriting)
Inc.)
-
'
\
&
& Curtis)
Jackson & Curtis
(No
Common
and Bull
$300,000
$300,000
Co.)
Taylor
Aviation,
Widmann
shares
Television
Webber,
$1,947,000
Lighting Co
157,500
Capital
Inc.)
(Kidder, Peabody & Co.) 371,750 shares
...Common
Jackson
162,500
Class A
''
•«
(Paine,
Geriatric
Inc.—_____-Common
Co.)
Inc
Webber,
(Globus, Inc.) $175,000
•
&
Common
Corp.________—Common
of Texas, Inc.
(Rowles, Winston
100,000 shares
—
shares
Common
International, Inc
Walston
Commpn
Co.)
Vending Co., Inc
Four
,
$165,485
Volt Technical Corp.__
White
Co.,
(Blair
Folz
*
Common
Hamilton,
(Gateway
Inc.
Common
Inc
(No
156,000 shares
Universal Lighting Products,
•
$211,400
Common
Common
(Lehman Brothers)
(Continental
-t
Co.
300,000
shares
—
Western
Dulany Industries, Inc
Low;
$385,000
U-Tell Corp. .v-.1Z.I.
-
&
Inc.)
:
Transogram Co., Inc.___
v
&
Co.)
Corp
Cantor
Electronics
Common
&
&
135,000
Inc..—
Unison
'
$hares
Co., Inc
Maher Associates
(Paine.
Units
Bull
B.
Marts
Urethane
Common
Peabody
J.),
Donaldson
$600,000
by
(F.
(John R.
Common
Tropik & Co.,
Co.)
(Kidder,
Cooke
'
$357,500
Inc
(Carroll
■
x
v.
/
(Shearson, Hammill
Common
Co.,
.stockholders—underwritten
Torch Rubber Co.,
,
Blyth
Computer Control Co., Inc
Technical Animations, Inc.—
(Offering
'
'
-
Inc.)
Co..
International
(W.
.
Light & Power Co.-Common
by
$1,000,006 '
Winston & Co.,
Towers
"
'
$2,250,000
Common
150,000
/•'.-
486.111
Inc.)
Mfg., Inc.
Jay,
MacPherson
(Godfrey,
Bonds
(Offering to stockholders—underwritten by W. E. Hutton & Co.
and Laird, Bissell & Meeds) 52,363 shares
$300,000
Sokol Brothers Furniture
Co., Inc.__'
-•
}Joore, Leonard & Lynch;
Corp
Commerce Drug
shares
Common
Co
'
'
(Vickers,
(Reiner, Linburn & Co.) $600,000
-Common
&
&
Tork Time Controls,
'
Corp.
MacPherson
Co.)
Corp.
Thunderbird
$8,000,000
Corp.)
Co.,
(Irving J. Rice & Co., Inc.)
Chenango & Unadilla Telephone Corp
$5,000,000
&
Instrument
Bakers,
»
Boston
Common
&
Zuckerman. Smith
606,450 shares
(Monday)
_
Walston
First
(M.)
Ten-Tex
Common
stockholders—underwrittern
May 14
•
Common
and
Stephens
'
•'
shares
_______/
Stereotronics
$450,000
'•
145,000
Common
(S.
Co
Hopwood)
&
(Joseph W. Hurley & Co.) $208,980
-Common !
EDST)
Jaffray
Inc.—
(White
..Capital
Co.
a.m.:
Capital
Piper,
Common
Plant Equipment
Sterling
(Friday)
and
$300,000
(Tyche Securities, Inc.) $400,000
Pennsylvania Real Estate Inv. Trust--/-Ben. Ints.&
11
.Common
$750,000
Corp
Common
(Balogh
Electric
—Ben. Ints.
Inc
Black
(Thomas
Inc.)
$700,000
Irving Wels & Co.)
Elmaleh
and
and
P.
$25,000,000
•
May 11
(H.
♦
Class A
Gardner)
.
Inc.)
Inc
Brothers,
Superior
Co.,
.
$5,000,000
Corp.
Bonds
Co.)
«&
&
Co.,
Co.)
&
and
Corp.
Co.
&
(Burnham & Co.
Co.)
$500,000
Co
&
Tucson Gas Electric
Inc
(Stroud
Malkan
&
Investors
and
Products,
Rosenau
Steel
Berman,
>
Co., Inc.-
Richmond
$325,000
and
Corp
Massachusetts
r
units
Trust
(Switzer & Co.. Inc.)
Co.
shares
335,000
Common
(Hirschel
Fishman, Inc.). $720,000
(Edwin L.)
Units
Co.)
&
Reinholdt
Common
160,000
Multronics, Inc.
Pal-Playwell
(Arnold
.
$247,500
Investment
Allen
Co.)
Protein
Weeks)
(Roth & Co.. Inc.) 541,000 shares
Bonds
(Government of)
Peabody
Units
Site-Fab, Inc.
(Eastman Dillon, Union Securities Co.;
Common
As
Publishers
——Common
&
$2,450,000
$240,000
Common
&
Inc.
Higginson
____Common
Vine
Co..
&
$3,150,000
Cantwell)
shares
Inc
Semiconductor
(Gross
Coleman Cable & Wire Co._
shares
Inc
(Meade
&
100,000
.Common
(Hayden, Stone & Co.)
&
$120,000
Curtis)
&
Inc.)
J.tRice
Regal-Meadows,
Freres
Common
Ltd.)
Dielectrics, Inc
Research
Abraham
Co.;
(Divine
180,000
Inc.)
Williams
&
International
$100,000
Co.,
shares
Lazard
shares
75,000 shares
(Thursday)
Common
(H.) & Co., Inc
(Kidder, Peabody & Co., Inc.)
McWood Corp.
(Lee
$20,000,000
Corp
(Kidder,
,
May 10
$300,000
Kohnstamm
Midwest
National
•>.,
Common
Inc
Inc.)
$700,000
Inc
290,000
Corp.):
(Irving
f
National
-Debentures
Industries,
Common
Richardson,
Maradel* Products,
Molecular
$1,000,000
110,000
CDST)
noon
&
shares
Inc
Mercury
City
New Zealand
Common
(Shearson, Hammill & Co.)
Kogel,
(H.
$2,000,000
100,000
Inc
(Greenman
&
Mil
A
Waeckerle,
Co., Inc
Co.)
Co.)
EDST)
Inc.)
Sounds Corp
(Street
(Kuhn, Loeb & Co.; First Boston Corp.;
Flower
(Seidman
Parker, Eisen,
Inc.) $300,000
&
Box
Blair
Vending,
Harrington
(Bids
Class A
Heller
York
(D.
<fc
Co.,
Jackson
(Boettcher
Commop
Inc.)
Inc.
-
(Arthurs,
.
Ellner
&
Pike,
Lestrange
Common
-
Co.)
&
$540,000
Common
Inc
(Meadowbrook
Securities,
Inc.)
$300,000
Common
Securities,
Inc.)
$286,875
42
Common
Webber,
Midwestern Mortgage
$500,000
Inc.)
Co.,
Co.,
Inc
Micro-Dine
(Wednesday)
*
shares
Properties, Inc
Greater New
Inc.)
t
\ T5* J*
Common
Co.,
page
Common
Hammill & Co.)
(Hornblower
.
$25,000,000
and
Purcell,
*
V'
shares
European Coal & Steel Community—;i
___Class
Co.,
9
•,«.
#;;; r'
Common
a.m.
$3,000,000
Corp
Adams
Gould
&
shares
&
Corp:.
(Shearson, Hammill & Co.)
Chicago, Burlington & Quincy RR.
Common
Financial
(Midland
May
shares
—
(Allen
First
100.000
Woodhill,
11
Maur
Magellan
shares
Common
120,000
Wisconsin Telephone Co
Debentures
underwriting!
&
Supply
(Darius
Co.)
&
Hospital
(Paine,
shares
135,000
Pipe Co
(Bids
on
Common
Dempsey-Tegeler
shares
Livestock Financial Corp
Equip. Trust Ctfs.
Common
400,000
Equity Capital Co
Evans, Inc.
160,000
Inc.)
and
Co.
(Martin-Warren
La
Common
Malkan
(Schwabacher
(with
unit. Business—
amateur use, o£
Jamoco Air Conditioning Corp
Common
Turner,
Richter
(Shearson,
Barney
Common
H.
per
sale, for
lighting equipment and photographic accessories.
—
For equipment, new product
development.
Ipco
Common
Corp
(M.
$350
—
consist¬
shares
common
250,000
$5,000,000
Co.)
$400,000
Co., Inc.—
Hammill
Smith,
•
$1,500,400
Inc.)
&
warrants). Price
manufacture and
(Scherck,
Common
and
Co.
Spartan International Inc
Common
Merritt
J.
&
Co.)
&
Wilkens
(Arnold
Units
Kahn
Devoe & Raynolds
*
Plastic
&
Common
Inc
(M.
^
Rona
•
Department, Inc
M.
&
Staats
R.
securities will be offered in units
$100 debenture and 50
Continued
Common
Dickson
S.
shares, of which 44,650 are
by the company and 2,850 by selling stock¬
The
one
camera
760,000 shares
Corp
Guerin
(Doft & Co.) $500,000
(Bernard
Securities
Magazines for Industry, Inc
$255,000
$950,000
Mfg. Corp.
Proceeds
$500,000
Instruments, Inc
•
&
& Beane)
Kollmorgen Corp.
Common
(Schweickart
ing of
Design,
Interstate Telephone Co
Industrial
Common
Co.)
holders.
Proceeds—For
Daisy Manufacturing Co
shares
Securities
general
Hackensack,
/
Investment Securities Co.__
Co.)
Capital
(William
Inc.)
Barney
St.,
Products, Inc.
16, 1962 filed $95,000 of 6% subord. debentures
to be offered
Price
common.
company.
Supply Corp
Union
(Arnold,
Computer Concepts Inc.__;
Credit
loan
(Putnam & Co.)
Smith,
Main
due 1972 and 47,500 common
Common
Hospital
Dillon,
,
$1,200,000
by
March
(Tuesday)
&
Common
Lingerie, Inc
#
small
(Hayden, Stone &
California, Inc
.
Cameo
8
(Eastman
$500,000
stockholders—underwritten
.
Price—By amend¬
Ayres, Inc
American
Common
Co.)
Berne of
Co.)
Business
Proceeds—For
Electric
working capital. Office — 751 Minnesota Ave., Kansas
City, Kan. Underwriters—Midland Securities Co.. Inc.,
Common
&
trust.
'
attached
"
Co
(A. J.)
Price—$10.
common.
investment
handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth
St., Brook¬
lyn, N. Y.
Underwriters—Professional
&
Executive
Planning Corp., Long Beach, N. Y. and E. J. Roberts &
Co.,.East Orange, N. J.
.•.,,
Flex
Corp. (5/7-11)
March 6, 1962 ("Reg. A") 60,000 class A
shares
Utilities-Corp
Investment Trust of
,
First Financial
Common
150.000
Estate
estate
Fleres
Investment Co.
v
(Eppler,
i
Blvd.,
Feb. 2, 1962 ("Reg. A") 80,000 common.
Price—$3. Busi¬
ness—Manufacture and sale of metal frames for ladies
By
of 11
(max.
Webber,
Co
&
Northern
Jersey
corporate purposes. Office—477
N. J. Underwriter—None.
—
Ownership
—
(5/21-25)
March 9, 1962 filed 200,000 common.
ment
Carolinas
American Modular Manufacturing
Corp.
Berkshire
Business
Office—1295
Underwriter—None.
1962 filed 67,750
4,
—Real
Co., N. Y.
(R.
and
Jan.
Co., Los Angeles.
First Connecticut Small Business
California
Inc.,
New
Price—$1.
investment company. Pro¬
business
..
•
$1,750,000
Atlantic
(max. $105).
May
Capital
Co.,
First Real
California savings and loan associations. Proceeds—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
$5,005,700
Corp.
&
Federation, Inc. (6/4)
March 30, 1962 filed 75,000 capital shares. Price
(Monday)
Ainsbrooke
(Richard
&
Manhasset, N. Y.
which
Financial
Debentures
stockholders—underwritten
(6/4-8)
shares, of
capital
Witter
Dean
—•
(J. R. Williston
Wayne Corp
to
Barbara
200,000
offered
be
small
investment.
stockholders.
(Friday)
Symington
filed
by the company and 50,000
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
by
Alison
Albee
to
are
shares
NEW ISSUE CALENDAR
May 4
1962
$15).
Business—A small business invest¬
Arnold
ment-company. Proceeds—For investment. Office—955
Main St., Bridgeport, Conn. Underwriter—P. W. Brooks
J & Co., N. Y.
Malkan & Co., Inc., N. Y.
Federal
16,
Donnell &
(6/4-8)
Nov. 30, 1961 filed 125,000 common.
Price—$5.
—The distribution of
nuts, bolts and other
Business—A
ceeds—For
Financial Corp. of Santa
March
Calif. Underwriter
Inc. (5/31)
Sept. 28, ,1961 filed 100,000
to be
Kirby
Associates, Ltd., Toronto.
•
Fashion
Eisen, Waeckerle, Adams & Purcell, Inc.,
Kansas City, Mo.
erties. Proceeds—For general corporate purposes. Office
—62 Richmond
St., Toronto. Underwriter—G. V.
801
Parker,
41
Continued
on
page
42
The Commercial and Financial Chronicle
42
St., N.Y.
promotion and other corporate purposes. Office—
39-08 24th St., Long Island City, N. Y.
UnderwriterBond, Richman & Co., N. Y.,
/
•
sales
Palm-Aire Corp.
Donnell &
Hammill
&
Co.)
and
150.000
shares
Greater
Pittsburgh Capital Corp
.
(International Services
,
&
Co.,
Common
Inc.
Reuben
and
Rose
&
Co.,
$840,000
Boston
Smith.
Lee
Fashions,
(Godfrey,
Read
&^Co.,
Co.,
&
: i,
(Milton
Inc.
and
Americai?
Co.
&
and
Penzell
Babs,
Co.)
&
(J.
Little
Beane)
&
(Glass &
Ross,
Inc.
Lunar
Films,
&
Co.,
Co.,
(Bids
(Stone,
10:30
EDST)
a.m.
Ackerman
&
and
Equity
(Van
Puerto
McDonald
J.
Microwave
Cosnat
Inc.)
Land
(Lieberbaum
&
& Co.
and
D.
Morris Cohon
Blauner
Co.)
&
y
& Co.)
Electromagnetic
Inc.}
(Pierce,
$1,590,000
Fashion
Class A
First
Capital
Inc.)
Mosley
Co.,
Hall,
..Common
^70,000
11
Wulbern, Inc.)
(Andresen' &
$250,000
Myers
May 22
Common
&
Bessel,
Inc.)
W.
Brooks
&
Co.)
200,000
(Van
&
Co.,
Inc.)
200,000
1
Alstyne, Noel
Homes,
Inc
A.
Co.)
&
shares
&
-
shares
700,000
V
160,000
Co.)
(Bids
.
(Bregman,
Kiddie
&
Co.,
Stores, Inc
(Bids
110,000
_
Kimball
&
Hanna-Barbara
Co.)
1,000
(Carl
shares
Inc
C.
D.
Blauner)
$567,000
11
&
Co.)
-
Rhoades
Enterprises,
Films
(Pacific
&
17
(Thursday)
Central Investment &
(Joseph
Walker
&
Sons
Inc.)
Central
(Joseph
Clark,
130.000
Electronic
S.
Landstreet
Sous
and
Clark,
&
Co.,
Co
Landstreet
200,000
Common
72,000
Kelley
(Fulton,
Corp
..Common
$25,000,000
Realty Corp
Bjeld & Co., Inc. and Walston & Co.)
&
Co.)
50,000
(Hodgdon &
Class
Inc.)
Ross, Inc.;
.shares
and Globus,
"
r
Corp.) $525,000
Co.)
Artlin
Inc.)
'
,
i
1 '
(A. L. Stamm & Co.)
(A.
C.
Allyn
&
Co.
112,500
and
A
•
Mills,
H.
shares
•
v
"
(A.
^Regulators,
>
•
,
-
&
G.
<
&
-Common
—
^-
Co,.
Inc.)
$675,000
,
,.r'
;
.
..
&
Co.)
Decorel Corp.
Becker
&
Inc.)
Corp.)
Securities
:.,J
;
:
Units
Corp.
$325,000
and
v
.
.
————————Common
;
(Clayton Securities Corp;)
Edge Ltd.
;.
shares
—.Common
Co.,
*
;
_____
Aetna
Corp.,
i.".
—Units
i
120,000 shares
*
.—Class A
360,000
Investing
Atlas. Securities
<s>.
;
Capital
>'• v.;:
Inc.___
Toy Corp
(H.)
(Hampstead
P^ncoast)
154,800 shares
Co.); $687,500
Cantor
B.
Products,
(M, G. Davis) $240,000
Davis
,
—Common
—_;
Blair
.
,
,
170,000 Shares
Inc.
(Myron A.
$180,000
Co.)
&
Burnside
<S.
:
.
——Common
——
Public Loan Co., Inc
.
80,000 shares
Inc.)
& Co.,
Clark
Inc—
(Mortimer B
•
Concord
.
(D.
Bros.
s
Corp.———Common
Caidwell Publishing Corp.——-——.
"
/
shares
(Bear, Stearhs & Co.)
Primex Equities Corp.
Common
>\
.
.
j
.
Robertson
Dewar,
Perfect Photo, Inc._
250,000 shares
$300,000
Bebell & Bebell Color Laboratories, Inc.--Common
(Stevens, Hickey & Co.) $300,000
;
r.
-
.Common
$1,500,000
Brewing Co.——-—
shares
$444,000
&
148,300
Units
Co..
—Common
&
Investing
'
West Falls Shopping Center Limited
Partnership
$1,200,000
Hope Academy of the Arts, Inc.
,
Bonds
EDST)
Inc.)
!
Pearl
v;
Termitial *Co.—Common
Co.)
American Southwest Realty Trust—
(Kidder, Peabody & Co.
and Rauscher, Pierce
VA'v" •
$11,000,000 - '
Paragon PrerCut Homes, Inc.———Common
and
"
#
(Mayo
Madway Main Line Homes, Inc—
(Drexel
(Cortlandt
New
/
'
;
&
(Monday);
(Robbins,
Class A.*
Glass
$10,000,000
Aerodyne Controls Corp..——_________
shares
Corp..
Co., Inc.;
;
.
EDST)
a:m.
Solderless
(BarUch
$800,000
Corp.)
Co.,
95,000
Kirkpatrick.
Inc.; Thomas, Williams & Lee, Inc.
&
Co., Inc.) $375,000
**"
a.m.
&
Debentures
&
Crosse
11:30
Polarized
(Ross, Lyon
11:30
Packaging
Accurate
—Common
&
V-
shares ;
Co.__—______—_-Bonds
(Harrison
-
•
May 28
shares
Inc
Llederman
!
Incf.___——Capital
Inc.)
National Equipment & Plastics Corp,——Common
Florida Power Co
(Bids
E.
Kirkpatrick,
$600,000
Transmission
Wickett
.Common
&
shares
Investment & Mortgage
Walker &
Inc.)
(V.
Marks
Mortgage Co._
and
A'".,,-''I'/.
.
(D.
480,000
(Thursday)
May 24
Hollingsworth
Jaylis Industries, Inc.—
May
v
-
——-——-Preferred
-
EDST)
p.m.
V
shares
—Bonds
$22,000,006
$17,000,000
Co..
Securities
120.000
EDST)
Light Co.
12:30
"(Bids
&.
—.Debentures
Corp
Coast
Grant
$10,000,000
Productions,
Lneb.
Co.)
a.m.
Gas Service
Louisiana
.Bonds
EDST)
a.m.
.
"
'
~
'May 23• -(Wednesday)
-
shares
Co
(Swltzer & Co., Inc.)
Jayark
Common
(Milton
M.
Hargrove
Units
units
Signalite Inc.
J
'.'.
Common
Stearns
Utilities
(Bids
$300,000
Capital
Cummings &. Co.)
Rides,
(Paul
Inc.)
,„
States
11:30
Power &
Utah
>
-.Common
Lomasney
(Bear,
Gulf
Common
;
(Alessandrini
Jefferson
-
Common
shares
$4,035,000
noon-EDST)
Southwest
(First
:
.———-Common
Grayson-Robinson Stores, Inc.—
shares
60,000
125,000
Utah Power & Light Co.——
stockholders—underwritten by Hess,
Remington, Inc.) 140,000 shares
to
*
Kass)
$300,000
Inc.)
Inc——
Co.)
.
Tyler Pipe & Foundry Co.———Common1
,
shares
Devices, Inc.L
(Offering
Common
(Kenneth
Co..
&
.
.—Common
(Tuesday).;E,' a;:': /
:_
_^Equip. Trust Utfs.
(Bids 12
Common
Corp
(Myron
Bonds
Copymation, Inc.
DeLuxe
—Debentures
$350,000
Northern Pacific Ry
$299,250
Bancgrowth, Inc
General
EDST) $16,000,000
a.m.
Irwin
(Ehrlich,
Wynlit. Pharmaceuticals,
shares
Gaslight Club, Inc.
$1,250,000
$155,000
Southern Ohio Electric Co
(Bids
$600,000
Corp.)
Inc.,.
Wulpa Parking Systems, -Inc.—
V
Inc
Inc.
Co., Inc.) '
Rose &
Inc.——-———Common
Securities
(Standard Securities Corp.)
$300,000
Inc.)
Wulburn,
h
—v-—^-Class A
Reuben,
and
World Scope Publishers,
Common
;
Debentures
Inc.)
shares
156,762
Co.)
&
Inc.
World Scope Publishers,
^
.
Columbus &
Common
Co.,
&
j[y
-
•
Common
(Standard
Copnecticut Small Business Investment
Frouge
shares
Common
Co.)
Joshua
-.
...
•
$500,000 >' '^
Investors)
(William Blair
-Common
Industries,
(Dempsey-Tegeler
Common
312.500
College Publishing Corp
(James
Co., Inc
&
,'.
——
Electronics Corp
(John
$250,000
Co.
Allegheny Pepsi-Cola Bottling Co
Yeatman,
Corp.
Voron
Industries, Inc
Florida
Co.,
$500,000
Co. >
$300,000
Inc.)
Co.,
;,:"V
Common
&
(California
Vapor
;
-—.Common
Eisenberg
Carrison,
(Wright.
Allegheny Pepsi-Cola Bottling Co
(Suplee,.
/
shares
165,000
—Common
150,000 shares
Co.)
Electromagnetic Industries, Inc—CSpnv. Debentures
140,000 shares
Mosley
Co.)
&
;
Co
'V"v.Z
$300,000
Common
Garrison,
(Pierce,
Common
Co.,
Paul
and
(Sherman
$5,000,000
(Wednesday)^
Yeatman,
Valve
Vacco
.
.—Class A
Equipment Corp
Co.
(P.
(Suplee,
shares
Common
Eisler Transformer
'
$300,000
Wade, Wenger ServiceMaster Co
16
Noel
90,000 shares
—Common
$375,000
Co.)
&
(Moran
.
(Godfrey, Hamilton, Taylor & Co.) $500,000
(McDonald & Co.) 150,000 shares
May
185,000
&
Upited Markets, Inc
Co., Inc
.
Manufacturing Co
(Laren Co.)
Alstyne.
Food
(Carroll
Common
(Milton
Go.)
Ilogle
A.
—Common
Set, Inc.
Duro Pen
Units
Trans-Alaska Telephone Co.
Tremco
Dunhill
150,000 shares
Rising's, Inc.
&
&
:
^^om)pon
———
(J.
and Reuben
.
———
—
Corp.
/'■■■/r,■
.
'
Common
Development Corp
(Adams
Traid
Common
Inc
^____i__UnitS
(Magnus
200,006 shares
,
...
110,000 shares
Bruce & Co., Inc.
Inc.)
$600,000
and Penington, Colket & Co. !
Inc.
Corp.
Common
(Van
$300,000
Corp
Alstyne, Noel & Co.)
Rico
Barney
& Co.,
(Stroud
^
—.Common
Day)
L.
.
$200,000
'
Co.)
shares :
V:';.
; .-.E'.
Rose & Co.,
Tactair Fluid Controls Corp
Tellite
Corp
Country
Corp.)
Common
Co.,
&
Co.)
&
& R.
■
________Common
550.000 shares
Cycle Corp
(Goodbody & Co.) 150.000 shares
Laboratories, Inc
(T.
Premier
&
Staats
R.
Anthony
(Tucker,
v
..
Common
Inc—
(Lloyd Securities, Inc.; Richard
$600,000
150,000 .shares.
shares
Co
375,000
Corp.)
State Products,
Common
Foundations,
$420,000
New World
Co.)
(R. F. Dowd & Co., Inc.)
$15,000,000
Heritage
Securities
Inc.-
Corp
(Smith,
^—Common
Inc.
Co.,
Coast
Corporate Funding Corp
►__Bonds
Systems Corp
Stelber
Common
_
Bros.
Bestform
$718j750
Inc.)
Milwaukee Gas Light Co..
Molecular
Inc.)
Common
_____
Sessler &
^
$825,000
—
(William
shares
Inc
(Fred F.
Graber
Solid
—Common
Inc.)
Broadcasting
(Pacific Coast Securities Co.)
V,
shares
.___
Underwriters,
Associates,
Barker
Common
Samson,
and
165.000
Inc
(Gianis
shares
150.000
_
Inc.
Barish
Common
Williston
R.
Ruffy Togs, Inc
150,000
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Diversified,
(Pacific
166,666 shares
Lily Lynn, Inc
Co.)
&
,
.Class A
150,000.
Co.)
Corp.--..-
Service
Skiers
--
.Common
&
(First Boston
$300,000
Common
Co.,
Sulzberger,
."(Nation-Wlde
—.Common
Taylor
Blauner &
D.
Hallowell,
Inc.,)i$15,000,000
Inc
Hamilton,
Common
and Market Values, Inc.)
$1,000,000
_____—
Stearns
Scripps-Howard
American Cardboard & Packaging Corp.--Common
Bonds
—
Dillon,
Corp.;
Barney
UM':
..
Japan Development Bank—
(First
Common
$400,000
Inc.)
Engineering
'(Bear,
^
.
—.Debentures
and Jessup & Lamont)
Peabody & Co.
(Kidder,
Corp.
$250,000
Inc.)
Seigel,
Salant & Salant, Inc
Schaevitz
43
on page
Common
Co.,
&
&
Grumet
(Brand,
$300,000
Products, Inc
(S. D. Fuller
Inc.)
Continued
Brothers
Lehman-
—
'■■■'•
'
Roblin-Seaway Industries, Incl—
Cbmmon
American Bolt & Screw Mfg. Corp
Manufacturing Co
Bruce
Jersey,
Agency Tile Industries, Inc
Common
$2,750,000
(Richard
Co.)
&
(Baruch Brothers & Co., Inc.)
(Moore, Leonard & Lynch and Singer, Dean & Scribner)
Iona
Greenbaum
Automotive
$300,000
Ave., N. E., Minneapolis, Underwriter
),
(Monday)
May 21
Admiral
Pacific Coast Securities Co.)
22nd
washers', and
automatic
Brothers, N. Y. Offering—Imminent.
(Baruch
of New
>
selling stockholder. Office—65-
a
Ridgerock of America, Inc
Co.
E
L.
refrigerators,
freezers,
driers. Proceeds—For
(Friday)
Electric Service
Inc.
Common
& Co., Inc.
Moore
hold
Co., N. Y. Offering—Expected in earlv June.
(D.
••
22, 1961 filed 349,590 common. Price—By amend¬
ment. Business—Design, manufacture and sale of house¬
Products, Ltd., Inc.
April 18, 1962 ("Reg. A") 100,000 class A common. Price
—$3. Business—Manufacture and sale of cosmetics. Pro¬
ceeds—For advertising, and equipment.
Office—163418th
St., Santa Monica, Calif.
Underwriters—Rutner,
Radio
Franklin Manufacturing Co.
•
Dec.
• "42"
$300,000
Airlines
(Raymond
finance company. Proceeds—For debt
consumer
repayment and expansion. Office—105 N. Sage St., Toccoa, Ga. Underwriter—None.
vvv:
Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
—Common
(Shearson,
Futura
t
toys and games.
May 18
Polonitza)
&
discount Co.; :J
/<;/;• •'
A, >;////
$500,000 of 8% subordinated debentures)
due. serially 1969 to 1973 and $500,000 of 8% subordi-,
nated capital notes due about 1970. Price—At par. Busi¬
March
Common
Epko Shoes, Inc
.
j
\ Franklin
ment
Continued from page 41
Enviro-Dyne, Inc.
-
.
Feb. 9,1962 filed
Fors$ (Alex) & Sonsrinc.
231^ 1962 filed 100,000 common. Price—By amend¬
;(max^ $15)/ Busines^Wholesale distribution of
April 12, 1962 filed $25,000,000 of first mortgage bonds
due May 1, 1992. Proceeds—For debt repayment,
and
construction. Office—10i Filth St., South St. Petersburg,
Fla. Underwriters — (Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.: Kidder. Peabody & Co.-Merrill Lynch, Pieree, Fenner & Smith Inc. (jointly); Leh¬
man
Brothers-Blyth & Co. (jointly); Eastman Dillon,
Union Securities & Co.-Harriman Ripley & Co. (joint¬
ly); First Boston Corp. Bids—Expected May 17 (11:30
a.m. EDST)
at office of Shearman & Sterling, 20 Ex¬
change Place, N. Y. Information Meeting—May 15 (11
(Garat
;
(5/17)
Power Co.
,;
.
Calif. Underwriters—Paine,- Webber./Jackson- & Curtis^
N. Y. and Dempsey-Tegeler & Co., Inc., St. Louis.
ness—A
Aagaard, Salt Lake City. '
;;
'
general corporate purposes.
Office — 425 Las Vegas
Blvd., S., Las Vegas,
Nev. Underwriter—Elmer K
.
■!
(5/14-18)
16, 1962 filed 211,250 capital shares. Price—By
amendment (max. $25). Business—Production and, mar¬
keting of television films. Proceeds—-For selling stock¬
holders.
Office—4030 Redford Ave., North Hollywood,
Electronics Corp.
Forest
Television
Four Star
.
March
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
ponents. Proceeds—For debt repayment, equipment and
i6. Price—$2. Business—Purchase, devel¬
opment and sale of undeveloped real property and
related activities.
Proceeds—For debt repayment and
general corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
\
r
.
Inc. ■:
v,VA V
,■
■
March 27, 1962 filed 103,000 common. Price—$3. Busi-'
ness—-Design, manufacture and distribution or mens
outerwear, sportswear, and rainwear.
Proceeds—For;
plant expansion, equipmentr and working capital. Office
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
Inc., N. Y. Offering—Expected sometime in August. '
'
Four Star Sportswear,
Dec.
tion date May
Florida
Flower
•
Laird, Bissell &
Jackson
\
■
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None. ~ \
19," 1961 filed 310,000 common being offered for
subscription by stockholders on a l-for-3 basis. Record
date for the offering is ApriJ 26 and the rights expira¬
,
•
•
Folz Vending Co., Inc.
(5/14-18)
>
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
•Oct.
t
* •
—
Bancgrowth, Inc. (5/21-25) .
March 16, 1962 filed 200,000 common. Price—By amend¬
ment
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
Co., N. Y.
'
.
City Industries, Inc. (5/9)
^
Nov. 29, 1961 filed 100,000 common. Price—$3.25. Busi¬
ness.
Design and manufacture of plastic - artificial
foliage and flowers. Proceeds — For general corporate
purposes. Address—St. Thomas, Virgin Islands. Under¬
writer—Seidman Williams & Cantwell, N. Y.
;
Florida
Florida
Thursday, May 3, 1962
.
& Gray, Inc., Los Angeles and
Meeds^N. Y.
/
Co., 54 Liberty
at Morgan Guaranty Trust
EDST)
a.m.
I
Continued from page 41
•
.
.
(2130)
•
-*
——————Common
______
"(Rittmaster,
Voisih
&
Co.)
125,Ooo 'shaires*
;
Gould Paper Co.——_^_Commen
'•
(Van Alstyne, Noel & Co.)
$i;540,000 ;• V" • ^ j '
'
"
Common
Lomasney. & Co.) $375,000
,
V
:
,
,
•
•"
•
.
■
Continued
on
page'43
Volume
Continued
195
from
6156
Number
42
page
.
.
.
The Commercial and Financial Chronicle
pansion. • Office—19 W. 34th St., N. Y.
Preiss, Cinder & Hofmann Inc., N. Y.
#. •
Frazier-Walker Aircraft Corp.
Jan. 26, 1962 filed 140,000 common.
Frederick's
Industries, Inc.
1962 filed 100,000 class A common shares.
amendment
(max. $11). Business—Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,
March
30,
Price—By
N. Y. Underwriter—To be named.
Garden
of
Underwriter—
Gabriel
Price—By amend¬
Business—Company plans to produce its Gyrojet
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,
N/ Y.
Underwriter—None.
:
"""V*
ment.
•
(2131)
Hollywood, Inc.
~
State
Small
'
.
Business
Investment
Co.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
March 26. 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
investment. Office—1180 Raymond
Blvd., Newark, N. J.
Business—Operation of a mail order
; Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
of women's apparel stores.
Pro¬
^Offering—Expected sometime in June.
ceeds—For
expansion
and
other corporate purposes.
Gaslight Club, Inc. (5/21-25)
Office—6608 Holywood Blvd., Los Angeles. Underwriter
holder.
Price—$5.
business
and
chain
a
—Garat & Polonitza,
Inc., Los Angeles. Offering—June.
ment.
Business—Construction and
fi
Feb. 28, 1962 filed 100,000
A
Frouge Corp. (5/21-25)
Jan. 26, 1962 filed 700,000 common.
ment
'
Price—By amend¬
operation of various
type apartment, industrial and office buildings. Proceeds
an acquisition, construction, and
working capital.
common. Price—By amendBusiness—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
(max. $7)
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital.
'
,
Office—134-01
Atlantic
Ave.,
Jamaica,
N.
Y.
Underwriter—J. R. Williston & Beane, N. Y.
General
Classics
Inc.
March
23, 1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
new products, expansion and working capital.
Office—
2555 W. Diversey Ave., Chicago.
Underwriter—Michael
G. Kletz & Co., N. Y.
•
General
Devices, Inc.
(5/21-25)
Jan.
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders: Price—By amend¬
ment. Business—Development and manufacture of elec¬
tronic
and electromechanical components and systems
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital; Office
—Ridge Rd., Monmouth Junction, N, J.
Underwriter
for
—Hess, Grant
General
—For
; • Gateway Chemicals, Inc.
Office—141 North Ave., Bridgeport, Conn. Underwriter < Nov. 22, 1961 filed 100,000
common, of which 50,000 are
—Van Alstyne, Noel & Co., N. Y.
to be offered by the company and 50,000 by a stock¬
"s / ' !
Y'•
holder. Price—By amendment. Business—Compounding
• Futura Airlines
.(5/15)
Y!
and packaging of ! chemical products, primarily
Oct. 20, 1961 ("Keg. A") 60,000 common.
Price — $5.
defer$
gents. Proceeds—For working capital. Office—8136YsC
Business
Furnishing of scheduled air transportation
> Dobson Ave., Chicago. Underwriter—Federman, Stone¬
service. Proceeds—For debt repayment and general cor-f
hill & Co., N. Y. Offering—Imminent.
porate purposes. Office—8170 Beverly Rd., Los Angeles.
43
& Remington,
Economics
April 11, 1962 filed 400,000 class A
Business—An insurance holding
in
investment
For
Inc.
•
•
Price
common.
—
$10.
Proceeds—
company.
subsidiaries, -and
working capital.
Underwriter—G. E. C.
Office—625 Madison
Ave., N. Y.
(same address).
Securities, Inc.,
Philadelphia.
Inc.,
Syndicate,
—
s'
Underwriters—Raymond Moore & Co., Los Angeles and
Securities Co., San Francisco.
Pacific Coast
it G. IV!. S. Stores Inc.
April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
Continued
from
Gemco-Ware
March 9, 1962 filed 146,000 common.
ment
42
page
Price—By amend¬
$8).
Business—A holding company for a
equipment manufacturer, a wholesale distrib¬
houseware products and a company operating
(max.
of
.Electromagnetics Corp.
(R.
W.
Common
Pressprich
&
Co.)
300,000
Co.)
50,000
Fastpak,
(Arnold
Units
(Hayden,
Stone
&
(To
be
named)
Financial
Common
2,000,000 shares
Co., Inc
(Kinder,
Common
(George.K. Baum
&
Co.)
(Chcca,
j,
.
(J.
Common
Whiteside
Winslow,
&
Met' Food Corp.'______
Inc.)
-Met
Food
Grumet
Siegel,
34,200
Grumet
(Dean
Safe
&
Siegel,
Inc.)
Inc.-.Yt
Witter
&
Co.)
Oceana
&
Co.,
2o0,000
Inc.)
RF
.Common
125,000
'
Securities
Co.,
Inc.)
(Vickers,... MacPherson
•
125,056 shares
&
Warwick,
Sportsways, Inc.
(I.
200,000
shares
and Federman, Stonehill & Co.)
&
Co.)
Inc.)
Co.)
Y
'
United
U.
Common
Colonial
Units
i__
Davis
G.
J
Co.,
&;
Universal ^Industries,
(Edward
'
Inc.)
Common
(Globus.
Inc.
and
Plastics,
(Investment
First
Philadelphia Corp.)
_
Corp.
...
.
Inc.)
$300,000 x
June
Brothers)
Ripley
Co.,
&
•
May 29
Gotham
(Tuesday)
Investment
(Rouse,
Brewer,
.
Corp.—
Becker
&
Inc.)
Reduction
(Offering
to
&
Common
Bryant,
Air
.
Y
.Class B
Inc.)
100,000
Mountain States Tel.
$600,000
"
New
England
Electric
System
Philips
N.
(Offering
,
___i
(Fulton,
May 31
A.
E.
C.
Reid
Smith,
Co.,
shares
«■
.
.
,
(Jarco
'
Automatic
(Bids
"
- r
Rosenfeld
Co.,
A.
June 4
Martin
(Hayden,
__Ben.
^__
Co.)
Eastern
(Arnold Malkan &
Investors,. Inc...
(Arnold
Malkan
to
&
$25,000,000
"
Inc.)
$302,250
(Prescott & Co.
:
and
&
—
Co., Inc.)
-
Y
*.••_,
'
.-Debentures
""
$625,000
Sierra
/
by
26
(Monday)
|
Sessler
F.
&
Common
$199,875
Inc.)
Co.,
Inc.)
13,400
units
(Tuesday)
Pacific
Power
to
be
Bonds
Co
received)
$5,000,000
Saw
Mill
William
Robbins & Co.,
Inc.)
Morris
Cohon
&
Ahalt
&
Biologies
Inc.
and S.
$425,000
&
Co.,
November 7
Inc.)
114,500
(Hemphill, Noyes & Co.)
(P.
W.
Raceways,
Brooks
&
Cc.)
shares
(Eisele & King,
Co.)
$485,000
(Bids
Ben. Int.
$6,500,000
Bonds
(Bids to be received) $23,000,000
*
Southern Electric
Preferred
—:
to be received)
November 28
$1,000,000
Libaire, Stout & Co.)
Common
&
(Wednesday)
Georgia Power Co
Inc._*_—i-_—-Units
Metropolitan Realty Trust
Moore
Georgih Power Co
172,500 shares
•
..Common
$375,000
underwriting)
(Raymond
Common
Lewiston-Gorham
(Mondiy)
Inc.)
Common
Inc.____
O'Connor,
Common
$325,000
August 13 (Monday)
Hydro-Swarf, Inc,
$2,000,000
—Common
Kasdan
$500,000
Inc.)
Co.,
International, Inc
(No
$1,250,000
Debentures
Co.)
Distributors, Inc._
Co.,
July 16
*
Industries, Inc
and
&
(Arnold Malkan & Co.. Inc.)
_____Conv. Debentures
T.
Common
Industries, Inc
Malkan
Spears (L. B.), Inc
Securities
units
600
River
(Arnold
Common
City
(Monday)
July 2
Cruttenden,
Lenoxj Inc.
■-
,
Common
$300,000
Units
Inc.)
Co.,
Inc
Laboratories,
(Searight.
'
$25,000
__
Joanell
;
\
Co.; Inc.)
Co.)
&
June
Common
Inc
Insurance Co
&
Co.
Interworld Film
Int.
Bonds
Hi-Press Air-Conditioning of America, Inc.—Units
v
Industries, Inc.__
Assembly Products,
..Common
Midland Securities
Co., Inc.)
.
Co.,
stockholders—underwritten by
Corp.) 300,000 shares
(General Securities
Investors,, Inc.-^_-___.l.i-^
••
Arnav
$19,500,(X)0
72,000 shares
-Y
Eastern
(Offering
I
$25,000,000
to be received)
Research & Mfg. Co
(Fred
Common
Common
&'Co„
and
Jurt'e 25
Co
(Gianis
shares
120,000
—
Burstein
Ctfs.
Podesta & Miller) 548,532 shares
•
Common
Consumers Mart of America, Inc...
.
V,
-
Common
Investors
&
(Thursday)
(Bids
$8,100,000
stockholders.—underwritten
to
125,000 shares
Inc.)
Schuss
/ American States Life
Inc.—
Inc.)
Gas
'"*-
(Lieberbaum
Stone
(Rittmastei;, Voisin & Co.
.
$1,000
$40,000,000
$15,000,000
(Monday)
Bloomfield Building
Photolabs, Inc
Sf' ..>.•/( Amber,
-,f •
:.\YY
_______Common
Associates,
American Mortgage
Calev
(Offering
(Monday)
-
'
Inc.)
O'Connor,
&
11
American
Units
,
Bonds
—
11:30 a.m. EDST)
(Bids
/v.
—.
(Henry), Inc.'_Y-
(Robert
.
Ahalt
June 21
Debentures
EDST)
Scientific
(John
•
and H. B. Vesey & Co., Inc.)
Index & Retrieval Systems,
(Searight,
Brunswick
June
$200,000
Inc.)
(Bids to be received)
Adel/hi
a.m.
!
.Common
——
Co.,
&
Corp
(Pistell,
New
Common
(Prescott & Co.) $1,400,000
•
Schramm
Cincinnati Gas & Electric Co
EDST)
Y,!
:
(Friday)
$17,000,000
Tiger Stores.-J-_
:
11
Gas
Debentures
Equip. Trust
noon
'
Wisconsin Power & Light Co.—-—.-—-—Bonds
$50,000,000
Co
12
Debentures
$1,250,000
Corp.)
Controls, Inc
(Bids
Peabody
(Thursday)
June 8
$125,000
——
Securities
received)
Columbia Gas Systems, Inc
'$286,000
Giant
Pacific
June 7
•./
Bonds
--'
Kidder;
$45,000,000
& Tel. Co
be
Securities
(Wednesday)
Common
Bros.)
(Genesee Valley Securities Co.. Inc.
•
"
shares
Electronics, Inc.-
Fastline Inc.
by
Co.)
(Wednesday)
(Bids
60,000
Alabama Power Co
•
Southern
Barney
(Thursday) .>!,/
(Bids to be received)
-
6
to
&
Common
Inc.)
Dyna-Mod Electronics Corp
;
June
Common
Corp.'
&
(Bertner
:
by
shares
& Co.) 6.153,140 shares
.
Ridgewood Financial
.
872,876
:
stockholders—underwritten
to
|
.
V
(Bids
Common
(Offering to stockholders—bids to be received)
•
Witter
Dean
Common
(Bids 11 a.m. EDST) $100,000,000
'
,
^Debentures
Co., Inc
and
Y,
(Tuesday)
19
June 20
United
stockholders—underwritten
Co.
Y
>-
...Common
$500,000
Corp.)
Space
Lane
shares
475,000
(Tuesday)
June 5
164,000 shares
Co.)
Maintenance Corp
Laboratories, Inc
(S.
,
:
..Common
"
Common
Group,
Common
Inc.). $220,500
Co.,
Consolidated Edison Co. of New York, Inc.__Bonds
:.
-Common
(Harriman
$150,000
Inc._____
Planning
&
Co
(Standard
"
Wiggins
•-
$300,000
Co.)
&
Morse Electro Products Corp
$315,000
$340,000
Zeckendorf Properties Corp...
(Lehman
f
•'
(Monday)
18
Common
Common
Zayre
$500,000
Sessler
F.
(Johnson,
American
$360,000
Inc.)
Inc.)
Co.,
Common '
Co.,
>
^
(California Investors) 200,000 shares
Common
Inc
Lewis
Welcome Baby, Inc.
;;
(Friday)
(L. P.)
Y
June
Common
McLarty & Duddleston)
Inc.)
Co:,
Lewis
$300,000
1
~
Common
Board
shares
Corp
(Edward
Common
v' •''
■
Moore
(Putnam &
Martin
McLarty & Duddleston)
Exchange, Inc..;
Scientific
S.
$440,000
...'
shares
Y 60,000
Camera
$305,000
Co.)
Industries, Inc.(Fred
"
.
15
$316,000
Inc
(Packer-Wilbur
•
June
Air-Tech
Class A
and Kroeze,
&
Dowd & Co., Inc.)
:,<■
.
(Raymond
shares
160,000
Corp.)
Common
Bruce
Co
Mfg.
•
-
.
Dyna
$200,000
Corp
Investors
Common
$280,000
Co.)
&
14c(Thursday)
$825,000
Thompson Manufacturing Co., Inc
;
■*;.
CM.
Products, Inc..
(Finkle
E.
*....'
175,000 shares
Sun City Dairy
R.
June
Common
&
Common
(Wednesday)
(R. F.
shares
303,900
Co.)
^
110,000 shares
Corp
A.
;.un.'
Common
Common
&
13
v
Common
Malkan
Witter
Pictures,
.
.,._r.„Common
(Troster, Singer & Co.
!
Co.,
$480,000
Inc,.)
Jaap Penratt Associates, Inc
&
'<
(Equitable Securities. Corp. and Kroeze,
•
June
Capital
Co.), "
Bradford
C.
shares
&
Inc.)
Debentures
$750,000
J.
Dominlck)
&
(Equitable Securities Corp.
Common
Inc.)
Corp.)
Co.,
&
(Meade
(D.
44
$350,000
Co., Inc
Financial
page
—Common
Ahalt & O'Connor.
shares
Worth
Co.,.Inc.)
Paper Converting Corp
shares
146,000
and
inc.
40,000
Security Aluminum Corp..—__
75,000
Pictures, Inc
School
.—Common
(McDonald & Co.)
;
Beane)
Inc
$300,000
Inc
Co.)
Corp
Co.,
Manufacturing
i
School
Rego Radio & Electronics Corp.-Y—-—^—Common
(General
&
Thom-Tex
on
—Common
&
Corp
Electronics
Seg
(Searight,
Drilling Co
-
•."»>•
•••
-
Seaway Food Town,
Fe
Salro
:
*
-
&
Brothers
(Dean
Rhode Island, Inc..—Common
of
McDonnell
Corp
Gilhart
D.
(Kordan
Capital
shares
.Capital
Securities
(Arnold
Santa
(Fred F. Sessler & Co;, Inc.) $676,500
-!•••■•
200,000
Interonics, Inc
;
Common
(Stewart, Eubanks, Myerson & Co.)
Product Research
\
(Baruch
shares
Inc
-
•
Williston
Electronics
$625,000
International, Inc..
Common
Pioneer Restaurants,
Y
R.
(Dominick
;
•
(Underwriter, to be named) $1,750,000
"
*
.
Inc.)
Inc
and
Mandrel Industries,
-
Orion
Peerless Radio
Common
(Robinson-Humphrey
shares
517,122
Co.)
140,000
Common
Co
(Blyth
f.
<•
•
$1,500,000
National Security Life Insurance Co
•
Co.
Debentures
Morton's' Shoe Stores,
.
&
Kingsbury Homes
shares
Corp
(Brand,
Mosler
Inc.)
Co.,
Inc.
Price—$7.50. Busi¬
Continued
(A.
Corp.
(Clayton
l
Common
&
&
&
Connecticut,
...
$375,000
Jackson's/Byrons Enterprises, Inc
•
$600,000
'
(Brand.
Peabody
Gemco-Ware
$651,300
Masury-Young Co
Witter
Financial- Federation,
_
•
Mac-Allan
Malkan
(Dean
of
common.
Stephen, Inc., and Reuben Rose & Co.. Inc., N. Y. v
Common
Inc.)
Co.,
Corp. of Santa Barbara.--.
units
Lehigh Industries & Investing Corp
&
Inc.
shares
! Kavanau Corp.
&
Common
(Gianis
Halo Lighting, Inc
.
Co.
St., New Haven, Conn. Underwriters—Ingram, Lambert
restaurant
utor
Investment
1962 filed 200,000
14,
ness—A small business investment company. Proceeds—
For 4debt repayment and investment'. Office—348 Orange
(6/4-8)
Corp.
General
Mar.
$7,000,000
(Wednesday)
Generating Co
(Bids to be received) $6.soo ooo
Bond*
*
44
The Commercial and Financial Chronicle
(2132)
Continued from page
Government
Employees Financial Corp.
17, 1962 filed 547,560 common to be offered for
subscription by stockholders of affiliated companies at
the rate of one share for each 15 rights held of record
June 1, as follows: To common stockholders of Govern¬
ment Employees Insurance Co., two rights for each share
held; to common stockholders of G. E. L. I. Co., one right
for each share held; to common stockholders of Govern¬
ment Employees Corp., four rights for each share held,
and to common stockholders of Criterion Insurance Co.,
one right for each share held.
Price—$7.50. Business—
43
Realty Income Trust
April 27, 1962 filed 1,000,000 shares. Price—A maximum
of $10.
Business—A real estate investment trust. Proceeds—For investment.
Office—111 Broadway, N. Y.
Underwriter—King Merritt & Co., Inc., N. Y.
• General
Vitamin &
General
Business—Sale
mail
and
Drug Corp.
78,000 common. Price—$2.75.
("Reg. A")
April 3, 1962
vitamins
of
Proceeds
order.
—
through department .stores
For debt repayment, new
A
products, sales promotion and working capital. Office—
Rd., Great Neck, L. I., N. Y. Underwriter
Krieger & Co., Inc., N. Y.
—J. J.
Inc.
Geriatric Research,
(5/14-18)
Whipple. & Co. and Freehling, Myerhoff & Co., Chicago.
Inc. (5/31)
140,000 common. Price—$10. Business
—Company operates a discount department store chain.
Proceeds—For expansion and working capital. Office—
1407 E. 40th St., Cleveland, Ohio. Underwriter—PresGiant Tiger Stores,
Mar. 2, 1962 filed
&
Co., Cleveland.
Corp.
1962 filed 254,000 common. Price—By amend¬
(max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
April 4,
ment
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles.
•
Industries
Girard
Corp.
fled $250,000 of 6% conv. subord. deben¬
due 1972 and 90,000 common shares to be sold by
certain stockholders.
The securities
are
to be offered in
units consisting of a $100 debenture and 36 shares.
—By
and
Price
in
Puerto
Proceeds—For
Rico.
equipment and
Address—San Juan, Puerto
Rico. Underwriter—Edwards & Hanley, Hempstead, N. Y.
Great
general" corporate purposes.
Glass-Tite
Industries, Inc.
Sept. 27, 1961 filed 185,000 common, of which 135,000
are to be offered
by the company and 50,000 by,,a stocjcholder.
Price—By amendment. Business—Manufacture
of
glass-to-metal hermetic seals.
Proceeds—For pur¬
chase of equipment, investment in a subsidiary,.research
and development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
March
23,
Smith &
women's
Ave., N. Y.
•
bank
filed
Donald
&
poned.
:
Gold
Underwriter—Sprayregen, Haft & Co., N. Y.
•
electric motors,
Ave.,
powdered metal
products
Dayton. Ohio.
repayment
Golden
Pagoda,
ness—Company
and
working
plans
common.
build
and
Price—$10.
operate
a
Proceeds—For construction.
Office—1477
nianaloe Ave,, Hilo, Hawaii. Underwriter—None.
1962
-v
550,000
class
A
shares.
July.
"
Investment Corp. (5/29-31)
Nov. 21, 1961 filed 100,000 common.
Price—$6.
—Real estate investment.
tal and other
corporate
•
\
Business
Underwriter—Rouse, Brewer'
140,000
common.
Price—$11
Busi¬
Proceeds—Expansion
26, 1962 filed 200,000 class A shares. Price
$10.
Business—^General real estate.- Proceeds—For
debt re¬
-—
and
general
LO., IN. Y.,
corporate
purposes.
Underwriter—Stanley
,
,
Heller
;
.
Union
&
.
.
Inc.
Harris
sale of M-14
(max. $30}.
rifles
to
Business—Manufac¬
U. S.
Govt.
Proceeds—•
(Paul)
Stores, Inc.
N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
Shumaker, Indianapolis and Cruttenden, Podesta &
Co., Chicago.
~
/
/• ;
/.
:
;
2920
&
¥
.
,
Hart's Food Stores^ Inc..^
.
28, 1962 filed 235,550 common. Price—By amend¬
ment (max. $16).
Business—Operation of supermarkets
and
small
food
stores.
Proceeds—For
selling stock¬
holders. Office—175 Humboldt St., Rochester, N. Y. Un¬
derwriter—Merrill Lynch, Pierce, Fenner & Smith Inc.,
New York. Offering—Expected sometime in August. < 1
Business—Company
communities
and
debt
Office
Underwriters
—
—
repayment
557
Northeast
Morris
Cohon
&
Harwyn Publishing Corp.
1962 filed 300,000 class A
general
81st
Jan. 29,
St.,
Co.
and
(5/21)
v
Co.
Price
—
jBy
—
derwriter—Van
Proceeds—For debt repayment and construc¬
Office—285 Liberty Ave.,
Beaumont, Texas. Un¬
&
common.
Business
Publishes illustrated encyclo¬
works for children and operates an advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick St.,: N. Y. Un¬
amendment.
pedic
Utilities Co.
Securities
and
March
Lynch, Pierce, Fenner & Smith Inc.; White, Weld & Co.
(jointly); Salomon Brothers & Hutzler; Eastman Dillon,
Office—370
-
April 2, 1962 .("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
Busi¬
derwriters—(Competitive). Probable bidders: Lehman
Brothers; Stone & Webster Securities Corp.; Merrill
Jam
Co., N. Y.
Equipment, plant expansion and working capital. Office
—320 Park Ave., Worcester, Mass. Underwriter—Shear*
son, Hammill & Co., N. Y.
1992.
tion.
For
Price—By amendment
ture
April 18, 1962 filed $17,000,000 of first mortgage bonds
due
.
.
Land
purposes.
Gulf States
and
,
Harrington & Richardson, Inc. (5/7)
<
March 7, 1962 filed 180,000 common, of which 40,000 are
to be offered by company and 140,000 by stockholders.
measur¬
Proceeds—For
Fla.
(5/7-11)
•
July.
in the development- of planned
Florida.
—
Greenman
Street & Co., Inc., N. Y.
Properties, Inc. (5/7-11)
Lexington Ave., N. Y.
in
shares held. Price—At par.
engaged
Miami,
(5/28-6/1)
ness—Manufacture of paper.
is
corporate
working capital. Office—Lyons
Falls, N. Y. Underwriter
—•Van Alstyne, Noel &
Co., N. Y.¬
payment
Proceeds—For
Corp.
Feb. v28, 1962 filed
$11,000,000 of 6V2% conv. subord.
debs, due 1977, to be offered for
subscription by stock¬
holders at the rate of $200 of debentures for each 60
in
Washington, D. C.
Gould
I.
Inc.
12,
.
Beane, N. Y,
Gulf American
common
Becker & Bryant,
Inc.,
filed
R. Williston &
Proceeds—For working capi ¬
Office—1707 H St.. ;
C.
1961
L.
Underwriter—Finkle & Co., N. Y.
expansion, debt repayment, and working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
Acres
ing atmospheric conditions. Proceeds—For debt repay¬
ment, equipment and working
capital.
Office—2500
Shames Dr., Westbury, L.
I., N. Y. Underwriter—None.
purposes.
N. W., Washington. D.
Paper Co.
Stream,
ness—Manufacture of precision instruments for
Price—$10.
Gotham
Sept. 28,
Valley
• Green (Henry J.) Instruments Inc.
April 30, 1962 filed 150,000 common. Price—$2.25.
to develop, operate, construct
and manage real estate. Proceeds—For
general corporate
purposes. Office-r-151N. Dean St.,
Englewood, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon &
Co.,
N. Y. Offering:—Expected sometime
in
Gould
Center,
Green
toys, hobby lines and sporting equipment. Proceeds
debt repayment, inventory and
working capital.
Office—35 Engel St.,
Hicksville, N. Y. Underwriter—J.
Business—Company plans
•
ceeds
in
—For
Realty & Construction Corp.
filed
N. Y.
Harper Vending,
1962 filed 80,000 common. Price—$3.75. Busi¬
ness—Operation of automatic vending:;machines. Pro¬
• Greenman Bros., Inc.
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by
company and 75,000 by stockholders.
Price—$10, Business—Wholesale and retail distribution
tourist
Kala-
—
way,
v#
area
(5/21-27)
Harley Products, Inc.
28, 1962 filed 75,000 common.. Price—$4. Busi¬
Design, production and distribution of bolts and
related products. Proceeds—For/sales promotion, expand
sion, inventory, and debt repayment; Office—476 Broad¬
ness
Inc.
recreation
and
Inc.
March
Jan.
Expected sometime
Busi¬
'.i
'
..
Dec. 8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave., Cheverly, Md. Underwriter — Switzer.. & Co.,. Inc., Silver
Springs, Md.
of
to
1962
poned.
1961
Shopping
capital.
hotel.
Good-Era
Proceeds—For working
general corporate purposes. Office—120 Broadway, N. Y.
Underwriter—R. L. Warren Co., St. Lotiis. Offering—
Inc.
March 28, 1962 filed 260,000
V
^
;
Distributors, Inc.
filed 200,000 common, of which 100,000
are to be offered by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware,
lighting
fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.- Office—1416
Providence
Highway, Norwood, Mass/ Underwriter—McDonnell &
Co., N. Y. Note—This offering was temporarily post¬
26,
scription by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
filed
debt
(5/28-31)
Hardlines
Jan. 23, 1962 filed 225,000 common to be offered for sub¬
Underwriter—Mc¬
Office—36 Lawton St.. New
Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.
2,
14,
Green Acres Funtown
Pharmacal
1962
Inc.
Hargrove Enterprises,
indoor amusement
Leaf
agency.
Pittsburgh Capital Corp. (5/15)
filed 250,000 common. Price—$11. Busi¬
business investment company. Proceeds—
For investment. Office—952 Union Trust
Bldg., Pitts¬
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.
.;Vv'^
Co., Cleveland. Offering-'— Indefinitely post¬
ing^ research,
April
insurance
an
ness—A small
tical and veterinarian products. Proceeds—For advertis¬
•
and
Greater
Nov.
,
13,
i
Co., Inc. (5/7-11)
29, 1961 filed 100,000 common. Price—By amend¬
ment ($7 max.). Business—Manufacture of
corrugated
board and containers. Proceeds—For general corporate
purposes. Office—149 Entin Rd., Clifton, N. J. Under¬
writer—D. H. Blair & Co., N. Y.
Co., Inc.
80,000 common. Price—$4. Busi¬
ness^—Manufacture, development and sale of pharmaceu¬
March
Corp.
Greater New York Box
accessories, and sportswear. Proceeds
corporate purposes.
Office—417 Fifth
Stanley
Plains
Dec.
and devices for the missile and aircraft industries. Pro¬
ceeds—For debt repayment and working capital. Office
—1784
•
Jan.
Office—116 John St., N. Y.
Deetjen & Co., and Zuckerman,
purposes.
Denver.
Globe
miniature
Lighting,
27,
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. /
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo: Underwriter—Birkenmayer & Co.,
Industries, Inc.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the
company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of
Co.
("Reg. A") 60,000 class A common. Price
—$5. Business—Company plans to- establish an industrial
fashion
general
Mar.
March 26, 1962
to be offered
—For
Halo
'
Co., N. Y.
Great
Corp.
1962
Insurance
Underwriters—"Emanuel,
v
150,000 common, of which 60,000
by the company and 90,000 by the com¬
pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7).
Business—Design, production and sale of
are
Eastern
general corporate
..
Glensder
plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc., 115 Broadway, N. Y.
new
April 13, 1962 filed 381,600 common. Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
Offering—Expected sometime in June.
•
filed $250,000 of 8% subordinated deben¬
200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
.
amendment. Business—Manufacture of restaurant
type furniture which it sells, principally to
other
dealers
•/'
Rock & Sand Co.
—
March 28, 1962
tures
Hallandale
March 30, 1962
tures due 1977,
working
.
EDST) at
a.m.
1962 filed 300,000 common, of whichu 100,000
Granco, Inc. ..• Z;/,•„///•/'....4.
//-v.;, will be sold by the company and 200,000 by ]£. stockf
March 23, 1962 filed $600,000 of 6% conv. subord. de¬
holder. Price—By amendment. • Business—Manufacture
bentures due 1977 to be offered in 1,200 units. Price—
/ of recessed incandescent lighting fixtures. Proceeds—
$500 per unit. Business—Operation of jewelry stores,
For
general corporate purposes. Office—Chicago, 111.
jewelry concessions and a liquor concession in discount / Underwriter—R. W. Pressprich &
Co., N. Y.
department stores. Proceeds—For debt repayment and
Halsey Drug Co.
working capital. Office—182 Second Ave., San Fran¬
March 30, 1962 filed 79,500 common. Price—$4. Business
cisco. Underwriter—Midland Securities Co., Inc., Kansas
—Manufacture, packaging and sale of proprietary drug
''City, Mo. Offering—Expected in July.
products. Proceeds—For debt repayment, expansion and
• Grand
Bahama Development Co., Ltd.
other corporate purposes. Office—1827 Pacific St., Brook¬
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
lyn, N. Y. Underwriters^-Packer-Wilbur & Co., Inc.. and
ment. Business—Sale and development of land on Grand
Alessandrini & Co., Inc., N. Y. Offering—In late July.
Bahama Island for residential and resort purposes. Pro¬
Hampden Fund, Inc.
ceeds—For general corporate purposes. Office—250 Park
Jan. 24, 1962 filed 500,000 common.
Price—$10. Busi¬
Ave., N. Y. Underwriter—Allen & Co., N. Y. Offering—
ness—A closed-end investment
trust which plans to
Expected sometime in June.
become open end.
Proceeds—For investment. Office—
Grayson-Robinson Stores, Inc. (5/21)
2100 East Ohio Bldg., Cleveland. Underwriter—Fulton,
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
Reid & Co., Inc., Cleveland. Offering—In June.
bentures due 1985.
Price—By amendment. Business—
• Hanna-Barbara
Productions, Inc. (5/21)
Retail sale of women's and children's apparel and photo¬
Dec. 29, 1961 filed 200,000 capital shares. Price — By
graphic and audio equipment. Proceeds—For expansion,
amendment. Business—Production of television cartoons
diversification, and working capital. Office—550 W. 59th
and commercials. Proceeds
For a new building and
St., N. Y. Underwriter — Bear, Stearns & Co., N. Y.
working capital. Office—3501 Cahuega Blvd., Los An¬
Great Continental Real Estate Investment Trust
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
Aug. 3, 1961 filed 300,000 sharers of beneficial interest.
N. Y.
Price—$10. Business—Real estates Proceeds—For invest¬
Happy House, Inc. (5/14-18)
ment. Office—530 St. Paul Place, Baltimore. Underwriter
July 28, 1961 filed 700,000 common shares \ Price—$1.
—To be named. Note—This firm formerly was known as
Business—The marketing of gifts, candies and greeting
Continental Real Estate Investment Trust.
cards through franchised dealersProceeds—For equip¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago, Underwriters—Bacon,
Gilfcllan
Proceeds—For
(11
1962
.
12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
cott
V
None.
Feb.
•
company.
Thursday, May 3,
Irving Trust Co., One "Wj/all St., N. Y.
capital. Office—1700 Broadway, Denver. Underwriter—
Cutter Mill
88
finance
consumer
.
Information Meeting—May 16
City.
Aug.
.
.
(jointly); Halsey, Stuart & Co.
noon
EDST) in New York
Bids—May 21 -(12:00
Heartland
;
Alstyne, NoeL & Co., N. Y.
Development Corp.
March 28, 1962 filed 23,300 shares of. 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
—For
general
corporate
Office—40 Beaver St.,
purposes
and
debt
repayment.
Albany, N; Y. Underwriter—None,
"
Volume
Number
195
it Helix Land Co.,'Inc.
J
April 27, 1962 filed'586,000
6156
.
.
.
The Commercial and Financial Chronicle
Hunsaker
,
March
Price—By
amendment (max.
$5). Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
Summit Dr., La Mesa, Calif. Underwriter—None.
Herald
capital
shares.
Price—$3.50.
phonograph
records.
Proceeds—For relocation, equipment, accounts
payable, and working capital. Office—150 W. 55th St.,
N. Y.
Underwriter—Whitestone Securities Ltd.,
15 E.
40th St., N. Y.
v.;.
distribution
and
...
of
„
Hickory Industries, Inc. >
Aug. 31, 1961 v("Reg. A"). 40,000
Business—The
allied
manufacture
of
common.
Price—$5.
barbecue machines and
equipment.
Proceeds^—For equipment, inventory,
saies promotion, expansion and working capital.
Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Cojburn
Associates, Inc., N. Y. Offering—Indefinite.
,||i-Press Air-Conditioning of America, Inc.
(6/25-29)
'
Mar. 26, 1962 filed $670,000 of 6V2% con. subord. deben¬
due
tures
1974 and
134,000
common
shares to be offered
units
consisting, of $50 of debentures and 10 shares.
Price—By amendment (max. $82.50 per unit). Business
—Production of air conditioning, commercial refrigera¬
tion and industrial heat transfer products. Proceeds—
in
For
debt
repayment
and
Office—405 Lexington
general
corporate
purposes.
Ave., N. Y. Underwriter—Pistell,
Inc., N. Y.
debentures due
Business—Manufacture
of
from
and
Office—15855 Edna
PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
•'
Hutton
(E.
L.)
Associates, Inc.
March 29, 1962 filed 50,000 common.
Price—Net asset
value per share plus 2%.
Business—A closed-end in¬
vestment company.
375 Park Ave., N.
Proceeds—For investment.
Office—
Y."* Underwriter—None.
Hydra-Loc, Inc.■/"*".1
'
10, 1961 ("Reg. A") 60,000 common.
Price—$2.
Business—Design, development and manufacture of a
Oct.
braxe control.
Proceeds—For debt repayment and gen¬
eral corporate purposes.
N.
Office—101 Park Ave., Hudson,
Underwriter—McLaughlin, Kaufman & Co., N. Y.
Offering—Imminent.
•
';V
Hydro-Swarf, Inc.
March
will
30,
1962
97,000
common,
and
sale of aircraft and missile components on a
sub-contract
basis. Proceeds—For debt repayment and
working capital.
Office—7050 Valley View St., Buena
Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
D. Precision Components Corp.
26, 1962 ("Reg. A") 25,000 common.
April
Business—Manufacture
of
miniature
Price—$2.
precision
components.
Proceeds—For
research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
—89-25 Van
Underwriter—To be named.
•
Hillside' Metal
Dec.
15,
are
shares
by
Products,
Inc.
of which 200,000
to be offered by the company and 100,000
stockholders. Price—$6. Business—Manufac¬
1961
shares
filed
300,000
common,
ture of steel office furniture. Proceeds—For debt repay¬
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.
Blauner & Co. and M. L. Lee & Co., Inc., N. Y. Offering
—Imminent
,
1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on: a share-for-share basis.
Price—$3. Business—A
management investment company.
Proceeds—For in¬
Office—760 S. Hill
St., Los Angeles.
Co., Inc.
28, 1962 filed $250,000 of 6y2% subordinated sink¬
fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
ing
Manufacture
of liquid and semi-solid
specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
—
salad dressings and
Wis.
Offering—Sometime in May.
1962 filed 3,500,000
31,
Under¬
-v
products.
general
Proceeds—For
corporate
Hollis, Long Island,
Weld & Co., Inc., N. Y.
Index & Retrieval
N.
Underwriter—White,
"The
abstracts.
Price—By amend¬
Financial
Index"
and
Proceeds—For equipment,
promotion, office relocation, and working capital. Office
River St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor, Inc., N. Y.
—19
Industrial Finance & Thrift Corp.
Industrial Growth Fund of North
America, Inc.
April 20, 1962 filed 100,000 common. Price — Net asset
value (max. $11.50) plus 8.5% sales charge. Business—
A closed-end investment
company which plans to be¬
come
open-end in 1963.
Proceeds — For investment.
Office—505 Fifth Ave., N. Y. Distributor—Industrial In¬
Inc.
(same address).'
Industrial
and 5-year war¬
rants to purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 per unit.
Busi¬
ness—Development and operation of mobile home re¬
sorts. Proceeds
For debt repayment, expansion and
working capital. Office—4344 E. Indian bchool Road,
mal
Phoenix. Underwriter—None.
and
common
—
Hollingsworth Solder less Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia.
•
Home
Feb.
9,
Builders
1962 refiled
Acceptance Corp.
800,000 common. Price—$1.
to
gages and real estate.
Proceeds—For working capital.
Office—409 North Nevada St., Colorado Springs, Colo.
—
J.
W. Kim &
registration
was
Co., 11 Broadway, N. Y.
withdrawn.
it Honey Bowl of Memphis, Inc.
April 19, 1962 ("Reg. A") 270,000 common. Price—$1.
Business—Operation of a bowling center. Proceeds—For
equipment and operation of a motel. Office—Suite 601,
Exchange Bldg\, Memphis. Underwriter—None.
distribution
in
the
U.
S.
Proceeds—For
and
Proceeds—For
corporate purposes.
ness—A
repayment
Commerce
Underwriter—Hay den, Stone &
Industry Capital Corp.
26, 1961 filed 500,000
Dec.
debt
Office—89
Instromech Industries, Inc.
30,
1962
("Reg. A")
100,000
common.
Price—$3.
Business—A contract manufacturer of precision products.
Proceeds—For acquisition of land and building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington
Station, N. Y. Under¬
writer—Price Investing Co., N. Y.
Instron
Engineering Corp.
Price—By amend¬
(max. $14). Business—Development and produc¬
equipment for use in testing the physical char¬
acteristics
of
stockholders.
general
various
materials.
Proceeds—For
Office—2500 Washington St.,
selling
Canton, Mass.
Underwriter—None.
•
House of Koshu,
Inc.
1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt repayment,
advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
Business—Manufacture
and
Price—$1.
common.
distribution
of
electro-me¬
rotating devices.
Proceeds—For debt repay¬
ment, sales promotion and working capital. Office—312
Mt. Pleasant Ave., Newark, N. J.
Underwriter—GoldSlovin Co., Inc., 1270 Avenue of
Americas, N. Y. Note—
This letter
Vision, Inc.
March 29, 1962 filed 150,000 common. Price—By amend¬
ment (max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
ceeds—For selling stockholders.
Office—137 N. Wabash
was
withdrawn.
26, 1962 filed 90,000
March
Drug & Surgical Corp.
23, 1962 filed 150,000 class A shares.
Malkan &
licensing,
and
working capital and other corporate
375
common.
and
animal
Co., Inc., N, Y. Note—This firm formerly
By-Products Corp.
waa
'it International Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000
units,
shares
shares.
debt
shares to be offered in 180,000
of $100 of debentures, two
common
each unit
common
consisting
and
to
warrants
purchase
three
addi¬
Price—By
amendment
(max. $110 per
Business—Real estate investment. Proceeds—For
repayment, construction, and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬
poses.
writer—Kidder, Peabody & Co., N. Y.
International
Systems Research
Corp.
March 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electro¬
mechanical
agencies
and
and
electronic
the
military.
equipment
for government
Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
Interstate
Equity
March 30, 1962„filed
1,605,100 shares of beneficial interest.
Price—(max; $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Offering—Expected in June.
Interworld
Film
Distributors, Inc. (6/11-1.5)
common. Price—$4. Business
Theatrical
and
distribution
domestic
feature
and
co-production
films.
Proceeds—For
of
foreign
acquisition,
-co-production, dubbing, adaptation and distribution of
films, and working capital. Office—17-76 B'way, N. Y,
Underwriters—General Securities Co., Inc., and S. Kasdan & Co., Inc., N. Y.'
■(5/14-18)
16, 1962 filed 250,000 common, of which 125,000
be offered by the company and 125,000 by a
stockholder. Price—By amendment (max. $20).. Business
—A management investment
company specializing in
March
are
to
the
insurance
field. Proceeds
For debt repayment,
capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
—
working
lona
Manufacturing Co.
(5/15)
N
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares
by a
stockholder.
P r i c e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
ceeds—For
new
products and working capital.
Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose &
Co., Inc., N. Y.
Ipco Hospital Supply Corp.
(5/14-18)
of which 200,000
by stockholders.
Price—By amendment (max. $12). Business—Distribu¬
tion of surgical and hospital supplies and equipment.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office—161 Avenue of Ameri¬
cas, N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
March
16, 1962 filed 290,000 common,
will be offered by company and 90,000
—
International, Inc.
Feb. 28, 1962 filed $4,036,000 of 6Y2% sinking fund de¬
bentures due 1980-86 and 40,360 common shares (with
warrants)
to be offered for sale in units of
one $1,000
(with warrants). Also
registered were $2,760,000 of 6y2% dollar debentures
due 1980. Price—For units, $1,050 each; for
debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
Office—229
South State St., Dover, Del. Underwriter — American
Israel Basic Economy Corp., New York City.
debenture and 10
•
common
shares
Jaap Penraat Associates, Inc.
(6/13)
Jan. 30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
and
For
the
production
expansion,
—315
new
of teaching programs. Proceeds—
facilities and working capital. Office
Central Park W., N. Y. Underwriter—R. F. Dowd
&
Co., Inc., N. Y.
•
Jackson's/Byrons Enterprises Inc.
(6/4-8)
1962 filed $750,000 convertible subordinated
due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
13,
retail department stores. Proceeds—For
purposes.
debt repayment
and
working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston.
Public Service Ltd.
March
Price—$4.
manufacturing of
pharmaceutical and medical instruments^ Proceeds—For
Business—Importing,
V
(5/10)
Price—$5. Business
by-product proteins.
Proceeds—For expansion,
machinery, and working cap¬
ital. Office—233 Broadway, N. Y. Underwriter—Arnold
—Distributes fishmeal
Jamaica
International
.
International Protein Corp.
debentures
chanical
House of
•
Jan.
March
Instrument
Components, Inc.
March 23, 1962 ("Reg. A") 135,000
March 29,
Ave.,
Chicago.
Underwriter—Hornblower & Weeks,
Chicago. Offering—Expected sometime in June,
S. La Salle
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Offering—Indefinite.
March
Denver.
Israel Hotels
Price—$15. Busi¬
small business investment company. Proceeds^
common.
March 26, 1962 filed 120,000 common.
writer—Sunshine Securities, Inc., Rego Park, N. Y.
components.
general
Rd., Cedar Grove, N. J.
Co., Inc., N. Y.
tion of
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
•
company
conductivity equipment; general purpose electronic
electrical testing equipment; and automated
pro¬
duction and test equipment used to manufacture and test
ment
Honora, Ltd. (5/14-18)
Nov. 29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase
of cultured pearls in Japan and
their
offered by
For general corporate purposes. Office—208
BusU
ness—Company makes hom'e improvement, construction
Note—This
be
and 90,000 by stockholders.
Price—By amendment (max. $10).
Business—Design,
development and manufacture of electrolytic and ther¬
.and subdivision loans and buys, sell and trades in mort¬
Underwriter
(5/8)
Inc.
March 9, 1962 filed 120,000 common, of which 30,000 are
electronic
(5/24)
Feb.
Instruments,
Corp.
Price—$2.50.
common.
Investment Securities Co.
finance firm. Proceeds—For repayment of debt and ex¬
pansion. Office—339 Carondelet St., New Orleans, La.
Underwriter—None.
•
Container
200,000
of
Sept. 29, 1961 filed 106,250
(5/31)
common.
filed
plastic products produced by
and
thermoforming.
Proceeds—For
equip¬
ment, rent, salaries and working capital. Office—818—
17th St., Denver.
Underwriter—Amos C. Sudler & Co.,
•
Business—Publishes
indexes and
Y.
Systems, Inc.
29, 1962 filed 125,000
other
debt
repayment and
Office—184-10
Jamaica
purposes.
Ave.,
comes
Holiday Mobile Home Resorts, Inc.
Jan.
Office
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures due 1974. Price—At par. Business—A consumer
Feb.
unit. Business
related
Under¬
writer—None.
Hoffman House Sauce
setting stockholder.
it Ideal Toy Corp.
May 1, 1962 filed 490,000 common, df which 250,000 will
be offered by company and
240,000 by stockholders. Price
—By amendment. Business—Manufacture of toys and
ment.
"Oct; 16,
vestment.
writer—None,
Jan.
»
Hill Street Co.
'
control
Wyck Expressway, Jamaica, N. Y.
Proceeds—For equipment,
a
Plastic
1962
extrusion
unit).
of which 80,000
17,000 by certain stock¬
Price—$5. Business—Manufacture, assembly and
company
26,
Business—Manufacture
tional
(8/13)
filed
sold by
be
holders.
International
March
45
named Marine & Animal
test
models.
products
1977
250,000 common shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For debt repayment and other
corporate purposes.
it I.
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Corp.
1962 filed $1,600,000 of convertible subordi¬
—
Corp.
("Reg. A") 60,000 common.
Business—Manufacture
30,
nated
Music
March 20, 1962
(2133)
Office—
Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N, Y.
30, 1962 filed 215,000 common, of which 100,000
shares are to be offered by company and 115,000 shares
by stockholders. Price •— By amendment (max. $25).
Business—A holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
»'
Continued
on
page
46
The Commercial and Financial Chronicle
46
Underwriter— Auchincloss,
Continued from page 45
Conditioning Corp.
Air
(5/14-18)
1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systefhs. Proceeds—
For inventory, equipment and other corporate purposes.
Office — 954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warden Co., Ltd., N. Y.
*
Japan Development Bank
•
(5/15)
incorporated in 1951 as a
Government financial institution to supply
long-term funds to Japanese industry for the promotion
reconstruction and industrial development.
Proceeds—To be converted into Japanese currency and
to
leading
Underwriters—First Boston Corp.;
Inc., and Smith, Barney & Co., Inc.,
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb &
(5/21-25)
Jayark Films Corp.
rate purposes.
motion
of
picture
purposes.
Jays Creations, Inc.
...
30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital aftiLpossible acquisitions.
Office—254 W. 35th St.. N. Y. Underwriters—Seymour
•
25,
•
Office—2557 W. North Ave., Chicago. Un¬
62nd
St., Miami, Fla.
mings & Co., N. Y.
Underwriter
—
Bregman, Cum-
and
,•
,
•
Joanell
Laboratories,
Inc.
(6/11)
82,500 are
stockhold¬
ers. Price — By amendment. Business — Development of
simulated weapons training devices for U. *S. Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102 Dorsa Ave., Livingston, N. J. Underwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Lenox, Inc. (6/11) '
v 'v'i'''30, 1962 filed 172,500 common, of which 25,ft)0
are
to be offered by company and 146,800 by stock¬
holders. Price—By amendment (max. $18). Business—
Manufacture and marketing of dinnerware and giftware.
Proceeds—For purchase of leased plant. Office—Prince
& Meade Sts., Trenton, N. J.
Underwriter—Hemphill,
Noyes & Co., N. Y. '
\; V. W
'
•
(H.)
Feb. 21
ment.
order
sale
of
Proceeds—For
debt repayment and general corporate
Office—8737 Wilshire Blvd., Beverly Hills,
Calif. Underwriters—Morris Cohon & Co. and Leiber*-
purposes.
baum &
Levine's, Inc.:
March 19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
stockholders.
\,
of
colors
and
flavors
Imminent.
Lewis
for
drugs
common.
Price—$5.
Busi¬
sold by
Price—By
Proceeds—For
the company 4and 60,000 by stockholders.
amendment. Business—Manufacture of op¬
equipment and working capital. Office—1924 Washing¬
ton Ave., Bronx, N. Y.
Underwriter—Arnold, Wilkens &
Co., Inc., N. Y. Offering—Expected in June.
•
•
April 19,
•
Kavanaur Corp. (5/28-6/1)
March 29, 1962 filed 50,000 shares
6% cum. preferred
stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
four-year
Business—Real
common
estate
investment.
repayment and working capital.
N.
•
Y.
Proceeds—For
Kwik-Kold, Inc.
^
Foods Corp.
29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and
44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—-For
general corporate
purposes/ Office—241 N. Franklintown Rd., Baltimore.
La Maur Inc.
,
Lewiston-Gorham
Liberty Records, Inc.
April 2, 1962 filed $2,000,000 of convertible subordinated
debentures due 1977; also 100,000 common. Price — By
amendment (max. $20 per common share). Business —
Records and distributes stereo and monaural phonograph
'
expansion and working capital. Office—6920 Sunset Blvd., LOs Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles. Note—
This registration will be withdrawn.
Lilli
•
Ann Corp.
March 29, 1962 filed $750,000 of conv. subord. debentures
due
1977, also 100,000 common shares to be offered by
Price—By amendment. Business—Design,
and distribution of women's high fashion
stockholders.
manufacture
(5/14-18)
^March 22, 1962 filed 100,000 common, of which 60,000
ape to be offered by the company and 40,000 by a stockv
sub¬
convertible
1977. Price—At par.
—
—
Dec.
due
records and albums. Proceeds—For
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. " Price
$3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif.
Office—30 E. 42nd St.,
Foods, Inc.
Maine. Proceeds
For debt repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
v
March
debt
Underwriter—Hayden, Stone & Co., N. Y.
Kay
Co., Hartford.
Kreedman
Realty & Construction Corp.
1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment. • Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
N. Y. Offering—Expected in mid-June.
Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds—For expansion,
inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
and
&
Dallas.
Raceways, Inc. (6/11-15)
14, 1962 filed $1,000,000 of 6
firsts mortgage
bonds due 1977 and 200,000 common to be offered in
units consisting of a $500 bond and 100 shares. Price—
$500 per unit. Business—Conducting commercial parimutuel harness racing meets in Lewiston and Gorham,
Proceeds—For debt repayment. Office
—347 King St., Northampton, Mass. Underwriter—Put¬
nam
Row.
March
tical equipment.
Kaufman Carpet Co., Inc.
March 29, 1962 filed 250,000 common.
Ambassador
Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y. Of¬
fering—Expected sometime in June.
Kollmorgen.Corp. (5/8)
:
1961 filed 100,000 common, of which 40,000 are
to be
8908
>
(Tillie)
ordinated debentures
Proceeds—For
•
—
April 9, 1962 filed $4,000,000 of 5^%
and cosmetics; also industrial chemicals.
general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter — Kidder,
Peabody & Co., Inc;
food,
Office
Underwriter—Kidder, Peabody & Co., N. Y. Offering-
(5/7-11)
1962 filed 160,000 common. Price — By amend¬
Nov. 9,
merchandise.
Co., N. Yy
•
Kohnstamm & Co., Inc.
Business—Manufacture
(Louis) Enterprises, Inc.
1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
other industrial gases and welding equipment. debt repayment. Office—~
Lexington Ave., Clifton, N. ST Underwriter—None.
Globus, Inc.
..
ness—Mail
March 30,
Kogel, Inc. (5/7-11)
8, 1961 filed 100,000 common. Price—$1. Business
—A holding company for three subsidiaries in the wall
and floor coating business. Proceeds—For product de¬
velopment, advertising, and working capital. Office—
26-32 Second St., Long Island City, N. Y. Underwriter—
Corp. ■
29, 1962 filed 140,000 common, of which 70,000
are to be offered by company and 70,000 by stockhold¬
ers.
Price—By
amendment
(max.-$10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working
capital.
Office—6272 Canal Rd., Cleve¬
land.
Underwriter—Robert
L.
Ferman
&
Co., Inc.,
Miami, Fla.
"
Kapner, Inc.
+
March 29-, 1962 filed 50,000
Lesser
-
-
•
Kaiser-Nelson
Busi¬
utilities,
•
•
Price—At-
Business—Sale of oxygen, acetylene, hydro-
concrete
March
Dec.
March
Price—$3.50.
sanitary structures, fallout shelters and play sculptures.
Proceeds—For debt' repayment, sales promotion
and
working capital.
Office—145 W. 11th St., Huntington
Station, L. I.. N. Y. Underwriter—Blank. Lieberman &
Co., Inc., N. Y. Offering—Expected sometime in July. %
Proceeds—For expansion and
594
Lembo Corp.
ness—Manufactures steel re-inforced
gen, and
Dec. 21, 1961 filed 114,500 common, of which
to be offered" by the company and 32,000 by
Proceeds—For debt repayment and work¬
vr-rtrq
•
operation of garages and parking stations; renting
leasing of cars; cleaning and maintaining of com¬
buildings and conducting of funerals. Proceeds
—To buy additional automobiles.
Office—111 W. 50th.
St., N. Y. Underwriter—Bear, Stearns & Co., N. Y.
the-market.
"
Price—By amend¬
Business—Importing of low priced ladies' scaifs
blouses.
Dec. 21, 1961 filed 100,000 common.
and
Inc.
32,686 common.
20
Lehigh Industries & Investment Corp.
(5/28-6/1)
Dec. 29, 1961 filed 2,000,000 class A common.
Price—By
amendment. Business—A holding
company for
three
subsidiaries which operate utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds^-For debt
repayment, construction and working capital. Office—
800 ,71st St., Miami Beach, Fla. Underwriter—To
be
named (a newly-formed subsidiary).
and J. C. Bradford & Co., Nashville.
^ Koeller Air Products,
April 27, 1962 ("Reg. A")
Fashions, Inc. (5/15)
^ v
27, 1961 filed 166,667 common.
—
Securities
•
Kinney Service Corp.
March 28, 1962 filed 262,500^ommon, of which 112,500 ;
are to be offered by the company and 150,000, by stock-/
holders. Price—By amendment (max. $12). Business—
of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
Office
purposes.
Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.-
mercial
tion
corporate
ing capital.
100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Klnderwriters—The Robinson - Humphrey Co., Inc.,
Jiffy Steak Co.
5, 1962 filed 65,000 common. Price—By amend¬
ment.
Business—Processing,
packaging and sale of
frozen meat and meat products. Proceeds—For redemp¬
other
Lee
ment.
Inc.
The
•
Feb.
and
Busi¬
linens, place mats,
equipment, moving expenses, sales
27th
Dec.
Louie
Atlanta,
'
St., N. Y. Underwriter—Fabrikant
Corp., N. Y. Offering—Expected in late June.
which
(5/16)
Inc.
1962 filed 110,000 capital shares.
Price—By
amendment. Business—Operation of discount appliance
stores.
Proceeds—For expansion.
Office—3700 N. W.
,
W.
•
Kingsberry Homes Corp. (6/4-8)
' April 9, 1962 filed 140,000 shares of capital stock of
Co., and Wm. Stix Wasserman & Co., N. Y.
Jefferson Stores,
King
Proceeds—For
promotion
Bowling Corp.
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt and for other corporate purposes.
Office—8788
Metcalfe Rd., Overland Park, Kan. Underwriter—George
K. Baum & Co., Kansas City, Mo. Offering—Imminent.
Co., Inc., N. Y.
March
Jan.
•
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman &
Blauner
30 of common.
derwriter—Underhill
Jaylis Industries, Inc. (5/21-25)
Oct. 18, 1961 filed 150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as
window coverings, room dividers, folding doors,
etc. Proceeds—For debt repayment and general corpo¬
rate
etc.
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
Securities Corp., N. Y.
San Francisco.
Underwriter—Blair & Co.,
March 22, 1962 filed 80,000 common. Price—$3.50.
ness—Production and sale of gift sets,
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
Bldg., Toledo.
Offering—Indefinitely postponed.
Laminetics Inc.
Nov. 21,
television films. Proceeds—For
and
N. Y.
derwriter—Paul C. Kimball & Co., Chicago.
Kine Camera Co.,
28, 1961 filed $2,200,000 of s. f. subord. debentures
1977
(with attached warrants).
Price—At par.
Edward Lamb
Cq.,
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general corpo¬
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers. Price—By
amendment. Business—The distribution
Industries, Inc.
plumbing fixtures, water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
related aluminum products. Proceeds—For debt
repay¬
ment, plant expansion and working capital. Office—500
nated debentures due 1971 and 30,000 common to be of¬
of $1,000 debentures and
line of industrial, Hospital and
instruments. Proceeds—For debt re¬
payment, construction, and working capital. Office—
3Q70-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
porarily postponed.',.V/VC'/
:v:"
due
Riites,
in units
extensive
an
Business—Manufacture of gas and electric water heaters,
Inc. (5/16)
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
fered
of
■
New York.
Kiddie
Instruments, Inc.
23, 1962 filed 142,860 cqmmon, of which 122,168 are
to be offered by the company and 20,692 by stockhold-1
ers. Price—By-amendment
(max. $9). Business—Manu¬
Lamb
facture, design, and distribution of plastic toys. Proceeds
general corporate purposes. Office—912 Sycamore
Bros.,
Lab-Line
Dec.
—For
Inc.
March 23, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $12). Business—Installation of plumbing,
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders. Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter^-Shearson, Hammill & Co., N. Y. Note—This offering was temporarily
postponed.
Jarcho
•
„
Price—By amendment (max. $24). Business—Manu¬
ers.
debt
clinical laboratory
v
Co.
distribution of hair
and
Feb.
facture
:j
are
York.
New
■
March 30, 1962 filed 542,000 common, of which 205,000
to be offered'by company and 317,000 by stockhold¬
private electric power companies
electric power facilities.
Office—Tokyo, Japan.
Dillon, Read & Co.,
Products
Kenner
thermal
of
'V
Kelley Realty Corp.
of economic
construction
•
<
(5/17)
March 16, 1962 filed 250,000 class- A common. Price —
By amendment (max. $10).. Business—Company owns
an(j operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. ~
~ *
Elwood St., Tulsa,
Okla. Underwriters—Fulton, Reid & Co., Inc., Cleveland
and Walston & Co., Inc., N. Y.
-':V\
Japanese
advanced
■
Thursday, May 3, 1962
(max. $16). Business—
preparations and
repayment, equipment,
new products and working capital.
Office—110 N. Fifth
St., Minneapolis.
Underwriter—Paine, Webber, Jack¬
son & Curtis, Boston.
,
1962 filed
ing—Expected in late June.
1962 filed $15,000,000 of 6% guaranteed exloan bonds due May 15, 1977. Price—By amend-,
ment. Business—The bank was
for
.
"Proceeds—For
cosmetics.
—
24,
^vfcernal
.
Price—By amendment
Manufacture
,T
Associates
165,000 common, of which 100,000
are to be offered by company and 65,000 by stockholders.
Price—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer-'
28,
April
"holder.
Wash¬
Keene Packaging
•
April 2,
Greenshields & Co., Inc., N. Y.
Jamoco
& Redpath,
Parker
ington, D. C. Offering—Indefinitely postponed.
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters — Stone & Webster Securities Corp. and
Feb.
.
(2134)
f
.
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds'of the
*
-i
-
r'\i
-
•
4* *
A4r
.y
,
j.
i
wh
195
Volume
.
.
The Commercial and Financial Chronicle
.
.•
(5/15)A:
23,1962 filed 150,000 common, of which 86,000 are to
and 64,000 by the stockhold¬
ers. Price—By amendment (max. $12). Business—Design,
manufacture and sale of women's casual dresses. Pro¬
be offered by the company
working capital and expan¬
Bidg., Riverside Ave.,
Bedford, Mass. Underwriter — J. R. Williston &
ceeds—For debt repayment,
Office-—Herman L. Bishins
New
Beane, N. V. ^
f'"1.•
'AY*.'
V
•
Nov.
ment.
28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur-
Manufacture
—»
sale
and
-•
chase 60,000 shares at $4.50 per share)
-
units
(5/14-18)
of children's
.
Magic Fingers,
•
Underwriter-s-Stanley R. Ketcham & Co., Inc., N. Y.
subsidiaries. Office—-26 Piatt St.,
it Magnetics Research Co. Inc.
April 30, 1962 filed 100,000 common. Price—$3. Busi¬
ness—Design, engineering, assembly and sale of magnetic
square loop transformers and
magnetic memory units
for digital data handling systems. Proceeds^—For equip¬
ment, inventory and other corporate purposes. Office—
179
Westmoreland Ave., White Plains, N. Y.
Under¬
writer—T. W. Lewis & Co., Inc.,' N.-Y.
N. Y. Underwriter
Shearson, Bammill & Co., N .Y.
"-J8*
Lockfast Mfg.
Co., Inc.
•
{
Jan. 11, 1962 ("Reg, A"),,85,000 common. Price
Business—Manufacture
to
furniture
-^$3.50
hardware for sale
Proceeds—For debt r^pay-
furniture
of
manufacturers.
inventories nad plant expansion. Office—
3006
Boarman
Ave., Baltimore. Underwriter—Rf*& D
Investors Corp., Port Washington, N. Y, .'a-'
steel
.ment,
Lockwood Grader Corp.
20, 1962 filed $900,000 of 6% sinking fund
fices.
deben¬
-/a; a
-
a
;
Mammoth Mart
Lordhill
■V
Corp.
A~
.
.
,vA^\A{
Mandrel
;
':
;V'a
;
; aaa'Ya/
Price—$5. Business
•
Service
Gas
Inc.r
Lucks
*•*"
*-
•
.
•' *.*
and 14,000 by stockholders.
Business—Manufacture,
packaging
and.;{
{
sale of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital; 'Office—156 Tillary St!, Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y. Offering
'—Expected sometime in June.
expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Expected sometime in June.
Lunar Films, Inc. (5/15)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi
filming and production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—Fred F. Sessler
& Co., Inc.,. N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc.
••• •'
*' a ?;• Y
1
•'
Lustig Food Industries, Inc.
by company
•
Maradel
Products, Inc.
(5/14-18)
March
12, 1962 filed 335,000 common. Price—By amend¬
ment (max. $20);
Business—Manufacture of toiletries
and cosmetics.
Proceeds—For acquisitions, debt repay¬
ment and working capital. Office—510 Ave. of the Amer¬
vf •"
ceeds—For
offered
be
to
Underwriter
icas, N. Y.
;
holders. Price—By amendment, (max. $5).-Business—
.Canning and marketing of vegetables and meats. Pro¬
'
Marine
—
Price—$20 per unit. Business—Operation of a
—
For construction, equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First Fidelity Securities Corp.; Atlanta. Offering—
-.July.
'■
'• ■; ■ ■
•{;
common.
J
marina.
Proceeds
•;■/• Marks Polarized Corp. (5/21-25)
June 27, 1961 filed 95,000 common shares.
Price—By
amendment.
Proceeds—For expansion,
acquisition of
facilities
•new
153-16
and
Tenth
other
corporate
purposes.
Office—
Ave.,* Whitestone,
Ross, Lyon & Co., Inc.
~
100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the canning and bottling of fruits and vegetables. Proceeds—
For
debt repayment and working capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
•
•
MRM
N. Y. Underwriters(mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C.
•
,
Co., Inc.
1961 ("Reg.
•
29,
-Note—This letter
Mac-Allan
was
Maintenance Corp. (6/15)
100,000 common, of which 20,000
are
to be offered by company and 80,000 by a stockholder. Price—$5. Business—Cleaning and maintenance
of buildings and the sale of
janitorial supplies and
equipment. Proceeds—For debt repayment and work¬
ing capital.
Office—840 DeKalb Ave., N. E., Atlanta.
Underwriter—Johnson, Lane, Space Corp., Atlanta.
-
.
Co.,
Aw)
withdrawn.
Inc.
.
bentures
■
Broadway.
-
Baum &
•
'
a
of
one
$100
debenture
and
10
common
shares,
except,
that up to $700,000 of debentures and 70,000 shares may
be
jewelry, ladies' handbags, and accesso¬
For working capital; Office — 1650
Kansas City, Mo. Underwriter—George K
.
1962 filed $1,500,000 of 6% conv. subord. de¬
due
1972; also
150,000 -common shares, of.
the company and 70,000
stockholder. The securities will be offered in units
by
for
—
Co., Kansas City
become
open-end.
Proceeds—For
Business
plans
investments in
to
the
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
—677
(
Medical Video Corp.
Nov.
1961 filed 250,000
13,
ness—Manufacture
Proceeds—For
Studio
Price—$10. Busi¬
electronic
equipment.
common.
medical
of
general
corporate
O f f i
purposes.
c e—
City, Calif. Underwriter—Financial Equity Corp.,
Angeles.
Merco
Enterprises, Inc.
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000
by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
phonograph records through leased record departments.
capital
general
Utica
moving expenses, working
corporate -purposes. Office—1692
and
Ave.,
Brooklyn,.N. Y. Underwriter—D. J. Singer & Co., N. Y.
Mercury Books, Inc. (5/7-11)
Feb.. 14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing bf nCswly written popular biographies.
Proceeds—For working capital.
Office—1512 Walnut
St., Philadelphia, Underwriter—Meade & Co., N. Y.
March
nated
30,
Corp. (5/28-31)
1962 filed $1,500,000 of convertible subordi¬
debentures
1977 to be offered by company
by stockholders. Price—By amend¬
(max. $10). Business—Distribution of food and re¬
lated products to supermarkets and other retail stores in
and
34,200
due
common
ment
the New York Metropolitan area. Proceeds—For
general
corporate purposes. Office—345 Underhlll Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet &
Siegel, Inc., N. Y.
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail
sales.
Western
Proceeds—For working capital. Office—5422
Ave., Chevy Chase, Md. Underwriter—To be
named.
•
•
-
•
•
'
•
Metropolitan Realty Trust (6/11-15)
Dec. 20, 1961 filed 1,600,000 shares of beneficial interest.
.Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate purposes.
K
St., N. W., Washington, D. C.
Office—1700
Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
Micro-Dine
Corp.
(5/14-18)
13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines. Proceeds—For debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
Louis Park, Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.
if Microdot, Inc.
April 30, 1962 filed 170,000 capital shares, of which 156,000 will be offered by company and 14,000 by stock¬
holders. Price—By amendment (max. $20). Business—
Design,
development, manufacture and sale of compo¬
nents, instruments and systems used in missiles and
satellites, radar and communications systems. Proceeds
—For debt repayment and working capital.
Office—
220 Pasadena Ave., South Pasadena, Calif. Underwriter
—White, Weld & Co., N. Y.
Mid-America
Minerals, Inc.
April
2, 1962 filed 225,000 common to be offered for
subscription by stockholders on the basis of one new
share for each four held of record June
1, 1962. Price—
$6. Business—Oil and gas production and development.
Proceeds—For
and
expansion, preferred stock redemption
working capitaL Office—14 North Robinson, Okla¬
•
City. Underwriter—None.
Midwest
Medical
Realty
Investments
(5/7-11)'
Dec. 11, 1961 ("Reg. Aw) 15,000 shares of beneficial in¬
terests. Price—$20. Business—A real estate investment
trust which plans to own interests in medical
office
•
of costume
Proceeds
Oct. 23, 1961 filed 25,000 common.
Pricepr$10.
—A
closed-end investment company
\^hich
homa
which 80,000 will be offered by
(5/28-31)
23, 1962 filed 130,260 of class A common, of which
are
to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
ries.
>
Medical Industries Fund, Inc.
filed
1962
Masters, Inc.
March 22,
Feb.
tion
(L. P.)
23,
'
65,130
r
Martin
March
150,000 common. Price—$2
Business—Design and manufacture of automatic filling
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry St..
Rrooklvn, N Y Underwriter—A. J. Gabriel Co., N. Y.
Nov.
^
Feb.
Development Corp.
March 30, 1962 ("Reg. A") 15,000 units consisting of one
share of 8% cumulative preferred and two shares of
Dec. 29, 1961 filed
•
Dempsey-Tegeler & Co., Inc., St. Louis.
Hornblower & Weeks, N. Y.
'
"
producers,-
areas
Metropolitan Acceptance Corp. •
Price—$3.50.
-Feb.- 28; 1962 filed'282,496 common, of which 142,500are to be offered by the company and 139,996 by stock¬
•
from
and sells it to refiners.
Proceeds—For debt repayment and working capital. Of¬
fice—Oil & Gas Building, Abilene, Tex. Underwriter—
Drug Co., Inc.
{March 29,1962 filed 72,000 common, of which 58,000 are
of-outstanding 57/s% bonds due 1985. Office
.—1233 W. Bank Expressway, Harvey, La. Underwriters
.—(Competitive). Probable bidders:' W, C. Langley &
.Co.; Merrill'Lynch, Pierce, Fenner & Smith Inc.-Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co.; White,
Weld & Co j .Salomon Brothers & Hutzler-Eastman Dil-~
Ion, Union Securities & Co.-Equitable Securities Corp.
(jointly)> Blyth: & Co. Bids—Expected'May 23 (11:30
a.m.
EDST), Information Meeting—May 17, 1962 (10:30
a.m.
EDST) at 2 Rector St.,'N. Y; Y
\-A •> >
~
crude; oil
—
'
Manhattan
~ r
retirement
A*
Company buys
transports it to own storage
Met Food
—
/"*/ !{?:\;A'
(5/23 J'1:
YYxY
April 19, 1962 filed $10,000,000 of first mortgage bonds
due 1987. Proceeds—For debt repayment, expansion and
Louisiana
subordinated con-*
vertible debentures due 1974 and 310,000 common to be
(6/4-8)
220,000 are
stockhold¬
ers.
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
sorting machines and geo-physical exploration devices.
Proceeds
For debt repayment, acquisition of 90,000
shares of its own stock, and working capital. Office—800
Welch Rd., Palo Alto, Calif. Underwriter—Domin^k &
Dominiek, N. Y.
—Company provides optometric services and dispenses
•optical items. Proceeds—For expansion, a laboratory and
.working capital. Office—130 W. 57th St., N. Y. Underiwriters—J. R. Williston & Beane and Doft & Co., Inc.,
,N. Y.
Industries, Inc.
Feb. 27, 1962 filed 303,900 common, of which
to be offered by the company and 83,900 by
...
1962 fil^d 63.000 common.
30.
<5/7-11 >
Proceeds—For
Inc.
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
^self-service discount department stores. Proceeds — For
debt repayment and working capital. Office—106 Main
St., Brockton, Mass. Underwriter—McDonnell & Co.,
New York. Offering—Expected in late June.
1962
11,
general corporate purposes. Office
Americas, N. Y. Underwriter—Globus,
Inc., N. Y.
filed 250,000 capital shares.; Price — By
-amendment, (max; $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
•Smyth, N. Y. ; -AA Y*" ! A' ■ : r
■April
Proceeds—For
—145 Ave. of the
B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
•purposes. Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb./Offer¬
ing—Temporarily postponed.
:
•
tures series
hLogos^Financial, Ltd.
Corp.
1962 filed $3,100,000 of 6%
8,
offered in 31,000 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment
(max. $160).
Los
if Mail Assembly Service, Inc.
April 27, 1962 filed 100,000 common, Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
'
•Feb.
McWood
Feb.
medical
whose subsidiaries in¬
the lives of all types
new
Inc.
29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
massaging a person in bed. Proceeds — For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
of animals. Proceeds—TcNiorm
sure
Office
N. Y.
Dec.
filed 245,000 common. Price—$10. Business
Feb 23, 1962
>—An insurance holding company
•
(each consisting of one share, one class A warrant
games. Proceeds—For general corporate purposes.
—130 E. 40th St., N. Y. Underwriter—Darius Inc.,
clothing. Proceeds — For debt repayment and working
.capital. .Office—112 W. 34th St., N Y. Underwriters— c
Glass & Ross, Inc. and Samson, Graber & Co., Inc., N. Y.
Livestock Financial Corp.
to be offered in
•
and one class B warrant); Price—$4 per unit. Business
—Production of educational and recreational devices and /, Business
Ruffy Togs, Inc.
Business
Office—5150 Rosencrans Ave., Hawthorne, Calif. Under¬
writer—Smith, Barney & Co., N. Y. Offering—Imminent.
(5/14-18) •'
Magellan Sounds Corp.
(max. $45). Business — Design, manufacture and
quality toys. Proceeds—For selling stockholders.
sale of
Feb.
(5/15)>,'Vvr:?Y A
29, 1961 filed 165,000 common. Price—By amend¬
Little
ment
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., If. Y.
{V X'-/- '• "AA
Fund, Inc.' ?! ~-V
-'Y,, < •
March-30, 1961 tiled 951,799: shares of common stock.
Price—Net asset value plus a 7% selling commission.
Business—A > non-diversified,
open-end, managementtype investment company whose primary investment obr
jective is capital appreciation and, secondary,- income
derived from the sale of put and call options; Proceeds—r
For investment.. Office—300 Main St.* New Britain, Conn.
Distributor-^Horizon Management Corp.,- N. Y. j
r
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co., Inc., N. Y. Offering—In June.
,
Lincoln
A
47
Masury-Young Co. (5/28-6/1)
financing of manufactured homes. Proceeds—For.
financing of credit sales of homes. Office—315 E. / Dec. 4, 1961 filed 100,000 common. Price—$6. Business—
Manufactures commercial and industrial floor mainte¬
Manchester Ave., Wayne, Pa.
Underwriter — Drexel~&
nance
products. Proceeds — For repayment of debt,
Co., Philadelphia.
v
: .
..
equipment, and other corporate purposes. Office—76
•
Magazines For Industry, Inc. (5/8)
^
Roland St., Boston. Underwriter—Chace, Whiteside &
Aug. 2, 1961 filed 100,000 common, of wbich 80,000 wjll
Winslow, Inc., Boston.
;
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period- * • Mattel, Inc.
icals. Proceeds—For promotion, a new publication and
April 4, 1962 filed 275,000 common. Price—By amend¬
Feb.
sion.
,i$W>
the
■
..
i1
and
-v''*/-
Inc.:
Lily Lynn,
ment
Co., San Francisco and F. S. Smithers
Co.,. New York..
Main Line Homes, Inc.
(5/17)
1962 filed 50,000 common, price — By amend¬
(max. $10). Business—Production, sale, erection
March 6,
loans. Office—2761
writers—Sutro &
(2135)
Madway
portion of which may be used to retire short16th St., San Francisco. Under¬
company, a
term
&
Number 6156
rffr
-
offered
separately. Price—For debentures, at par;
$10. Business—Operation of discount de¬
common,
partment stores selling a wide variety of merchandise.
expansion. -Office—135-21
38th
Ave.,
Proceeds—For
.
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind.
Note — This company
formerly was named Midwest Medical Investment Trust.
\
.
.
Continued
on
page
48
(-•
48
The Commercial and Financial Chronicle
(2136)
Continued from page 47
.
Multi
,
State
.
Industries,
Inc.
(max. $27).
6, 1962 ("Reg. A")
80,000 common,
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
April
Midwest Technical
Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
for
shares held. Price—By amendment
two
each
$7). Business — A closed-end management investment
Proceeds — For general corporate purposes.
Office
2615 First National Bank Bldg., Minneapolis.
•
Multronics,
Brothers-Bear,- Stearns & Co.
(jointly);
Loeb, Rhoades & Co.-Ladenburg, Thalmann &
& Co.
(jointly); Merrill Lynch, Pierce,
Fenner & Smith Inc.-Kidder, Peabody
& Co.-White,
Weld & Co. (jointly). Bids—May 29. Information Meet¬
ing — May 23 (10:30 a.m. EDST) at Irving Trust Co.,
(47th floor), One Wall St., N. Y.
Carl
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
Midwestern
Mortgage Investors
(5/14-18)
and the burnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
'v.'. •/;
-
Feb. 26,
1962 filed 500,000 shares of beneficial interests.*
Price—$io.; Business — A real estate investment com¬
Proceeds—For investment and operating expenses.
Welton St., Denver. ;
Underwriter—Boett-
pany.
Office—1630
'
cher & Co., Denver, y-,v
•
National
Mil
b}.
28, 1962 filed 100,000 common. Price—$5. Business
dry cleaning and laundry equipment.
Proceeds—For sales promotion, inventory and working
Feb.
Office—1101 E. Tremont/Ave., Bronx, N. Y. ;
M./Frumkes & Co., Abraham & Co.,
Underwriters—H.
Berman, Sterling & Vine Co., N.
and
•
Milli-Switch
N. Y.
Y.
20, 1961 ("Reg. A") 100,000 capital shares. Price—
Business—Manufacture of "switches and other elec¬
tronic components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter—Seymour Blauner Co., N. Y. Offering—
Indefinitely postponed.
Dec.
Gas
&
ated
Business
common.
Price
—
—
Sept.
1,
Underwriter
filed 150,000 common, of which 135,000
by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
health
letter
Investment
Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
Liquors,
and
was
to
Piper,
be
St. & Central Ave., Baltimore. UnderwritersStreet & Co., and Morris Cohon &
Co., N. Y. OfferingExpected sometime in late July.
29,
Jaffray
&
Hopwood,
Minneapolis
(mgr.).
cleaners.
Proceeds
—
For
expansion
Bowling Corp.
19, 1961 filed 100,000 capital shares (with attached
.warrants). Price—By amendment. Business—The oper¬
ation of
and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp.,
Morton's
Stores, Inc. (5/28-6/1)
16, 1962 filed 517,122 common, of/which 175,000
be offered by
company and 342,122 by stock¬
holders. Price—By amendment
(max. $18). Business-
•
11
a
realty acqui¬
Commerce St.,
Brunswick Scientific Co.,
28,
1962
and other chemicals. Proceeds
For expansion, equip¬
ment, research, and working capital. Office—1130 Som¬
erset
St., New. Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y.
—
(5/28)
New
Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
to be offered by the
company and 75,000 by a stock¬
March 23, 1962 filed 260,000 common.
Price—By amend¬
ment (max. $20). Business—Manufacture
of
safes, bank
vaults, security systems and office equipment. Proceeds
selling stockholders. Office-^320 Park Ave. N. Y.
holder.
—For
ment and
Underwriter—Blyth & Co., Inc., N. Y.
Price—50c.
Business—Exploration,
mining. Proceeds—General corporate
develop¬
purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
Mott's
Super Markets, Inc.
March 29, 1962 filed 75,000 common.
Price—By amend¬
ment (max. $8). Business—Operation of
a chain of su¬
permarkets.
—
Inc. (6/8)
("Reg. A") 50,000 common. Price—$6.
Business—Design, development and manufacture of pre¬
cision apparatus used in production of pharmaceuticals
Retail sale of popular priced shoes. Proceeds—For debt
repayment and working capital. Office—558 Pleasant
St.,
New Bedford, Mass. Underwriter—Dean Witter &
Co..
N. Y.
Proceeds—For debt
repayment, equipment
and working capital. Office—59
Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair &
Co., Inc. N Y
New
March
to
Mosler Safe Co.
Office
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia. Offering—Sometime in June.
%^-Y.
Shoe
March
are
bowling centers. Proceeds—For
sition and working capital.
,
—
shares,
of Which
275,000 by
$6). Busi¬
and
New England Electric System (5/29)
April 12, 1962 filed 872,786 common shares to be offered
for subscription by common stockholders on the basis
of one new share for each 15 held of record about May
29 with rights to
expire June 14. Price—By amendment
Business—Manufacture,
synthetic
process¬
essential
essences, etc., to food
For debt repayment,
corporate
purposes.
and drug industries.
working capital and
Office—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—June.
^ Nortex Oil & Gas Corp.
April 27, 1962 filed $5,000,000 of 6% conv. subord de¬
bentures due 1977.
Price—By amendment. BusinessProduction of crude oil and natural
gas.;.' Proceeds—For
repayment, working capital and other corporate
purposes. Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.
b'X v
debt
North
;
America
Real
Estate Trust
13,^1961 filed 2,000,000 shares
Nov.
ital.
of beneficial interest.
estate
investment
trust.
Business—Real
Proceeds—For
are
offered
Nationwide
March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
vacuum
other
Price—$10.
Oct.
ordinated debentures due
and
Proceeds
Semiconductor Corp.
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,
N. Y. Underwriter—Ezra Kureen Co., N. Y.
Electro Products Corp.
(6/18-22)
1961 filed $1,250,000 of hVz% convertible sub¬
capital
company
distribution of natural and
oils, flavor,
Proceeds—For investment.
N. E. Albuquerque, N. M.
Morse
Dec.
ing and
named.
by company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
Bank
by
Essential Oil & Chemical Co., Inci
20, 1962 filed 200,000 class A shares. Price—By
amendment (max. $15).
company.
Alvarado,
Tele-Systems, Inc.
27, 1962 filed 82,000 comnion, of which 65,000
be
offered
Norda
March
withdrawn.
National
Feb.
be
Hills, Calif.
V
Corp., Manchester,
(5/14-18)
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The
design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y.C/\
Inc.
April 5, 1962 filed 160,000 common. Price—By amend¬
ment (max. $5). Business—Blending,
bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
•
130
—
National
Blvd., Palisades Park, N. J. Underwriters—Stone, Acker-
•
insurance
Office
to
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
1962
Underwriter—To
Systems Corp. (5/15)
Dec. 12, 1961 filed 140,000 common.
Price—$3. Business
—Production
of
polyethylene materials
of
varying
grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
&
Eastern
—
common.
reinforced
be
holders.
Molecular
Montebello
18,000
of
Security Life Insurance Co. (5/28-6/1)
filed 100,000 common, of which 80,000
offered by company and 20,000 by stock¬
Price—$17.50. Business—A life, accident and
23,
to,
are
perature electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blv<L, Clifton, N. J. Under¬
writers—Street & Co.. Inc. and Irving Weis & Co.. N. Y.
man
("Reg. A")
Production
H. Note—This
March
are
Price—By amendment (max.
ness—Acquisition and development of oil and natural
gas
properties. Proceeds—For ^drilling expenses and
National
1961
Corp., Ltd.
1962 filed 375,000
29,
100,000
Price—$12.50.
plastic products.
Proceeds--For debt repayment, expansion and working
capital. Office — North Bedford St., Manchester, N. H.
to be offered
withdrawn.
was
Nordon
March
Reinforced Plastics Corp.
—
prepara¬
working capital. Office—47 West St., N. Y. Under¬
stockholders.
National
N.
hair
and
Nigeria
tion
"
in May.
(5/14-18)
and
repayment
Chemical Corp.
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and deiivatives and to distill and sell
industrial and potable alcohol in Nigeria. Proceeds—For
equipment, debt repayment, and working capital. Of¬
fice—1060 Broad St., Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J. Note—This registra¬
Pa.
April 4, 1962
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
Co., Phoenix, Ariz.
'.-r.'""'
ere
•
Ave.,
Offering—Expect¬
&
cosmetics
Dec.
ex¬
Business
of
debt
Co, N.- Y.
tional capital and reserves. Office—2147 University
St. Paul, Minn. Underwriter—None.
Production
Inc.
debt
Family Insurance Co.
1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi-
$1.
Proceeds—For
New Zealand
(Government of)
(5/9)
April 12, 1962 filed $25,000,000 of bonds due 1977. Price
By amendment. Proceeds—For capital works and ex¬
penditures program. Underwriter—Kidder, Peabody &
National
Proceeds—For
Molecular Dielectrics,
Proceeds—For
repayment, store
•
300,000
and
Dec. 26,
Underwriters—McDonnell
/■
Laboratories, Inc. (5/15)
("Reg. A") 100,000 common. Price—-$3.
writer—Robbins; Clark & Co., Inc., N. Y. Offering—In
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
and sale of new type butterfly
purchase of the patent and pro¬
duction and development of the valve.
Office — 5909
valve.
stores.
1961
general
Lexington Ave., N. Y.
early June.
Corp. (5/21-25)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
Valve
Corp.
("Reg. A")
expan¬
Jackson, Miss. Under¬
Directories, Inc.
ed
24, 1961
will
National Equipment & Plastics
Co., N. Y.
Missile
Milner Bldg.,
Price—$11.
Washington, D. C.
veffew York Testing Laboratories, Inc.
Jan. 29, 1962 filed 50,000 common.
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For
plant relocation, equipment,
fied
Price—By amendment (max. $14). Business—Opera¬
Nov.
shares
shares.
Un¬
general cor¬
porate purposes. Office—1610 14th St., N. W., Washing¬
ton, D. C. Underwriter—T. J. McDonald & Co., Inc.,'
Inc.
unsubscribed
13,
tions.
A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
(5/15)
.'«*£•} ■•
St., N. Y.
Office—1000
National
tion of sell-service discount department stores. Proceeds
—For debt repayment, expansion and working capital.
Office—370 W. 35th
stockholders;
World
Office—369
Business—Manufacture
March 29, 1962 ("Reg.
1962 filed 295,000 common, of which 140,000
.to be offered by company and 155,000 by stockhold¬
ers.
by
Realty Corp.
filed 150,000 class A
1962
New
Nov.
writer—None.
April 20,
are
•
Busine^—-Rental of
sion.
—
lnc«
Rental System
offered to the public. Price—$1.
vehicles and related activities. Proceeds—For
1962 filed $15,000,000 of first mortgage bonds
Proceeds—For debt repayment and construc¬
tion. Office—626 East Wisconsin Ave., Milwaukee. Un¬
derwriters
(Competitive). Probable bidders: Kidder,
Peabody & Co.; Halsey, Stuart & Co.; Kuhn, Loeb &
Co.-Blyth & Co. (jointly). Bids — Expected May 15,
(10:30 a.m. EDST).
IViart
Car
24,
corporate purposes.,
Underwriter—None.
;>;r,
.
be
1987.
Miracle
•
Plan
Business—A real estate management
company. Proceeds
—For debt repayment,
working capital, and
W. "Missile
subscription
April 11,
due
T.
National
H. Hentz & Co. and Herzfeld
Light Co.
Jan.
March 19, 1962 filed 2,000,000 common to be offered for
Stern, N. Y.
Milwaukee
New
Underwriter—None.
^ Minkus Stamp & Publishing Co., Inc.
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of leased stamp
and coin departments in department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working capital.
Office—116 W. 32nd
—
poses. Office—152 Whitemarsh Rd.,
Philadelphia.
derwriter—Mayo & Co., Philadelphia.
/
Engineering, Inc.
Dec. 29, 1961 filed 250,000 common. Price—$8. Business
—Engaged in the aircraft and missile industries. Pro¬
ceeds—For debt repayment, inventories and research and
development. Office—4820 Alcoa Ave., Los Angeles.
$3.
&
C..vi;/
N.
Corp.
St., N, Y. Underwriters
Hope Academy of the Arts, Inc. (5/21-25)
17, 1962 filed 150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
and young adults. Proceeds—For general
corporate pur¬
—
—Distribution of
capital.
New
Jan.
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business —The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
(5/9)
Corp.
M.
Co.-Wertheim
(5/7-11)
Inc.
and
subsidiaries
to
Office—441 Stuart St., Boston.
Co.-Lehman
—
Underwriter—None.
For loans
—
Underwriters—(Competitive). Probabie bidders: Blyth &
275
company.
Proceeds
Thursday, May 3, 1962
.
other corporate purposes.
working capital and other corporate purposes. Office—
New Jersey Railroad Ave., Newark, N. J.
Under¬
writer—G. K. Scott & Co., Inc., N. Y.
(max.
.
.
acquisition of property and working cap¬
Fifth Ave., N. Y. Underwriter—None.
Office—475
North
Atlantic
Industries, Inc.
1961 filed 131,500 common, of which 120,000
will be sold by the company and 11,500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
Sept. 26,
cision
electronic instruments. Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A.
Saxton &
Co., Inc., N. Y. Offering—Tem¬
porarily postponed.
it Northern
April 26,
due
1992.
Fifth
States Power Co.
(Minn.)
(6/12)
filed $15,000,000 of first mortgage bonds
1962
Proceeds—For construction.
Street,
Minneapolis.
Office—15 South
Underwriters
—
(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith, Inc.; Kidder, Pea¬
body & Co.-White, Weld & Co. (jointly); First Boston
Corp.-Blyth & Co., Inc.
12, 1962.
•
Northern
Wood
(jointly).
Products
Bids—Expected June
Corp.
Nov. 29,1961 filed 100,000 common. Price—$3.50. Business
—Manufacture of wooden kitchen cabinets and related
appliances. Proceeds — For debt repayment, expansion,
working capital. Office—201-221 Godwin Ave., Paterson, N. J. Underwriter—United Planning Corp., New¬
and
ark, N. J. Note—This registration
was
withdrawn.
^-Norwood's
Superettes, Inc.
April 23, 1962 ("Reg. A") 75,000 common.
Price—$4.
Business—Operation of superettes.
Proceeds—For ex¬
pansion and working capital. Office—10 Merrick Lane,
Northampton, Mass. Underwriter
Co:, Inc., Boston.
/ r
■
-
—
Walker, Wachtel
"
\
-
*
-
&
\
Volume
Number' 6156
195
.
.
The
.
Nuclear
•*
Data, Inc.
28,. 1962 filed 170,000 common, of which 30,000
be offered by company and 140,000
by stock¬
holders. Price—By amendment (max. $12). Business—
Design, development and assembly of instruments for
Pal-Plavwell
March
detection, measurement and analysis of nuclear
tion.
Inc
(2137)
(5/7-111
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y.
radia¬
Proceeds—For
working capital. Office—3833 W.
Highway, Madison, Wis. Underwriter—McCorCo., Chicago.
Beltline
mick &
Nuclear
Science
&
Pan
■*
Engineering Corp.
American Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Feb.
Proceeds
March 29, 1962 filed 100,000 common.
Price—By amendment (max. $15). Business—Research and
development
For
—
debt
repayment, equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬
writer—To be named.
contracts using radioactive
tracers; precision radio¬
activity measurement; production of radioactive isotopes
furnishing of consulting and radiation measure¬
ment services. Proceeds—For.
equipment, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh.
Underwriter—Johnston, Lemon &
Co., Washington, D. C. \ 1
on
PanAm
Paragon Pre-Cut Homes, $nc. (5/21-25)
1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turnpike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
interests
in
the
Fund.
Price
—
By
Aug. 25,
amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
John
investment.
Nuveen
&
Co.,
N.
Salle
St., Chicago. Of¬
to
political
subdivisions
be exempted
For
from
investment.
thereof
which
are
Office—Chicago,
111.
believed
Sponsor—John
&
Co.,
Oceana
t
March
N. Y.
Note—This
-
,.
registration
—Louis
(6/4-8)
Co., Inc., N. Y.
Optech, Inc.
/Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
and
N.
optical
working
electronics.
capital.
Main
a
common.
and installation
of
automobile
ac¬
Co., Inc., San Diego. Note—This issue
States
Steel
Business—
—
•
Peerless
Radio
Corp. (6/11-15)
120,000 common, of which 100,000
are to be offered by the company and 20,000 by stock¬
holders. Price
$4. Business — Distribution of electric
parts and components to industrial customers. Proceeds
March
.
22, 1962 filed
—For
debt
Office—19
Kordan
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
&
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares.
Price
Business—The manufacture of building materials.
—$5.
Corp.
June 21,
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
Port
ceeds—For
&
the
selling stockholder. Office—35124 Alvarado-Niles Road, Union
City, Calif. Underwriters—First
California Co., Inc., and Schwabacher
San Fran¬
cisco (mgr.).
Pacific
Offering—Indefinitely postponed.
Westates
Land
Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord
debentures due 1976 and 300,000 common shares to be
offered in units, each
consisting of $100 of debentures
and-20 common shares.
Price—$200 per unit. BusinessGeneral real estate. Proceeds—For
debt repayment and
Reading, N. J. Underwriter—Mortimer B. Burnside
Co., Inc., N. Y. Offering—Temporarily postponed.
Penn
Square Corp.
March 30, 1962 filed 60,000 class A common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. Pro¬
ceeds—For
equipment, salaries, advertising and working
capital. Office—6 Penn Center Plaza, Philadelphia. Un¬
derwriter—Robert M. Harris & Co., Inc., Philadelphia.
Pennsylvania Mutual Fund, Inc.
21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
March
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif.
Underwriter
Morris Cohon & Co.> N. Y.
Proceeds—For
Note—This company was
Underwriter—Sackville-Pickard
—
formerly named Westates Land
Development Corp. Offering—Expected in May.
Pak-Well
Paper Industries, Inc.
March 30, 1962 filed
150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en-'
velopes, packaging materials of various kinds, wrapping
,
paper,
selling
stationery, and school supplies. Proceeds
stockholders.
Office—198
W.
Alameda,
Underwriter—Francis I. duPont & Co., N. Y.
—
For
Denver.
Palmetto State Life Insurance Co.
March 28, 1962 filed
100,000 capital shares. Price—By
amendment
(max.
$19).
Business—Writing of
life,
;
par.
construction, sale of liquid asphalt, production and
sale of concrete, sand, gravel and crushed stone. Pro¬
ceeds
For debt repayment, equipment, purchase of
plant and other corporate purposes. Office—50 Haarlem
Ave., White Plains, N. Y. Underwriter—First Albany
Corp., Albany, N. Y.
Price—By amend¬
is being withdrawn.
Pacific
convertible subordi¬
Price—At
1974.
—
cessories. Proceeds—For expansion and working capital.
Office—6125 El Cajon Blvd., San Diego. Underwriter—
&
due
Road
Pacific
Roberts
-
Industries, Inc.
1962 filed $500,000 of 6%
debentures
nated
Mining Co., Inc.
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
C.
Y
Y
(5/21-26)
Price—By amend¬
(max. $26). Business—Company owns and operates
brewery. Proceeds—For selling stockholders. Office—
Peckham
Outlet
N.
investment.
health, accident and hospitalization insurance. Proceeds
—For working
capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson &
Co., Charlotte, N. C.
Office—1613
investment.
Office—60
dress).
•
&
Co.,
Wall
Inc.
St.,
N. Y.
(same ad¬
i
C.
Petro-Capital
March
28,
small
ceeds—For
Sherry
'
Y
Feb.
21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Proceeds'—
working
For
debt
repayment and acquisition and
Address — 2220 Philadelphia Saving
capital.
Bldg., Philadelphia. ^Underwriters—Stroud & Co.,
Inc., Philadelphia, and Walston & Co., N. Y.
Fund
Penta
business
Y Y
Price—$11.
common.
investment
company.
Pro¬
corporate purposes. -Office—-6130
Dallas.
Underwriter—McDonnell & Co.,
general
Lane,
New York.
Corp.
filed
556,700
4962
Business—A
Offering—Expected sometime in July.
Philips N. V. (5/29)
April 3, 1962 filed 6,153,140
subscription by stockholders
to
common
on
the
be
basis
offered
of
one
for
new
or 15
participating preferred
May 29. Rights will expire June
22. Price—By amendment (max. $65). Business—Manu¬
shares
held
of
common
record
wide range of electronic, electrical and other
the Netherlands and 30 other countries for
a
products in
sale
throughout the free world. Proceeds—For general
purposes. Office—Eindhoven, The Netherlands.
Dealer-Managers—Smith, Barney & Co., N. Y., and Rotterdamsche Bank, N. V., Rotterdam, The Netherlands.
corporate
Pictronics
Corp.
v
1962 filed 80,000 common. Price—$5. Business
of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
Jan.
18,
ment and
working capital. Office—236 E. 46th St., N. Y.
Underwriter—To be named.
Pierce Proctor Schultte & Taranton
Investment Co., Inc.
20, 1961 filed $465,000 of 10-year 8% debentures.
Price—$15,000 per debenture. Business—The company
plans to organize and sell real estate syndicates. Pro¬
Dec.
ceeds—For
Central
general corporate purposes. Office—1807 N.
Ave., Phoenix.
.Underwriter—None.
Pioneer Restaurants,"Inc.' (5/28)
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
tion
Price—By
six
of
restaurants
amendment.
in
Business—Opera-
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J St., Shcramento.
Underwriter—Stewart, Eubanks, Myerson & Co.. San Francisco.Plantation
Patterns, Inc.
1962 filed 100,000 common, of which 70,000
are to be offered by
company and 30,000 by stockhold¬
ers.
Price—$5, Business—Manufacture bf wrought iron
furniture. Proceeds
For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala. Underwriter—Godfrey,
Hamilton, & Taylor & Co.,
N. Y. Offering—Expected sometime in July.
March
30,
Plasticon
Chemicals, Inc.
7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth Ave., N. Y. Under¬
Feb.
writer—Arden Perin & Co., N. Y. Offering—In June.
Policy-Matic Affiliates, Inc.
1961 filed 200,000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
Oct, 16,
ceeds—General corporate purposes. Office—1001 15th
N.
St.,
W., Washington, D, C. Underwriter—To be named.
Polytronic Research,
Inc.
June 7, 1961 filed 193,750 common shares, of which
150,000 will be sold for the company and
43,750 for stock¬
holders. Price—By amendment. Business—Research and
development,
electronic
engineering
devices
for
and
production
aircraft,. missiles,
of
certain
oscilloscopes*
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co.. and Balogh &
Co.,
Washington, D. C. Note—This offering
poned
was
post¬
indefinitely.
Premier
Microwave Corp.
(5/15)
filed 150,000 common, of which 75,000
by the company and 75,000 by stock¬
holders. Price—By amendment (max. $12). Business—
Design and manufacture of microwave components. Pro¬
Feb.
are
28,
to
1962
be offered
ceeds—For
—33
debt
New Broad
repayment and working capital. Office
St., Port Chester, N. Y. Underwriter—
& Co., N. Y.
Van Alstyne, Noel
Prescott-Lancaster
Corp.
30, 1962 filed 150,000 commor). Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J,
Underwriter—Jacey Securities Co., N. Y.
March
Pennsylvania Real Estate Investment Trust
(5/7-11)
Proceeds- -For"
Eye
St., N. W., Washington,
Underwriter—Sidney Z. Mensh Securities Co.,
Washington, D. C.
D.
products in
Dreyling & Co., Inc., New Brunswick, N. J.
Brewing Co.
April 2,
Feb. 28,
26,
new
Busi¬
Parkway, San Antonio, Tex. Underwriters—A.
C. Allyn & Co., Chicago and
Dewar, Robertson & Pancoast, San Antonio.
'
:
;
•
ment.'Business—Sale
»
Price—$5.
312 Pearl
Orion Electronics Corp.
(6/11-15)
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The
manufacture of precision electronic sub-sys¬
tems for the
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, Equipment and
working capital. Address
—Tuckahoe, N. iY. Underwriter—A. D. Gilhart & Co..
Inc., N. Y. C.
'/44Y:Y''Y^YYYY
Oct.
Business—A real estate investment trust.
ment
equipment
St., Chatham,
J.
Big Wheel
1961 filed 100,000
R.
Pearl
Underwriters—Stone. Ackerman & Co.,
Inc., and
Heritage Equity Corp., N. Y. Offering—In June.
I
common.
March 30, 1962 filed 148,300 common.
Proceeds—For
Office-^246
Development, Inc.
150,000
nurseries
businesses.
'Proceeds—For
expansion,''
working capital and other corporate purposes. Office—
514-524 Pike St., Seattle. Underwriter—Dean Witter &
Co., San Francisco.
.
in
filed
and
tons.
Proceeds—For
equipment and' working capital.
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter—
used
1962
/-
,
Perpetual Investment Trust
Nov. 9, 1961 filed 500,000 snares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
—Manufacture
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
1962 filed
150,000 common.
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but¬
Baruch Brothers &
corpo¬
if Pay'n Save Corp.
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
is
29,
,
deben¬
various fields. Proceeds—For general corporate purposes.
Office—35 Third Ave., Long Branch, N. J. Underwriter
■
International, Inc.
15,
ness—Design, manufacture and sale of
repayment, working capital and general corporate pur¬
poses. Office—8255 Beverly Blvd., Los Angeles. Under¬
writer—Allen
subord.
conv.
Grand
Office—2323
Patent Research &
Business—Production of oil and gas. Proceeds—For debt
being withdrawn.
of
Price—At
Ave., Kansas City,
Underwriter—Scherck, Richter Co., St. Louis.
purposes.
Feb.
shares held. Price—$100 per unit.
common
1977.
Y::"Y;." YYV'Y"
Underwriter—Arnold Malkan & Co., Inc., N. Y.
con¬
vertible debentures due 1977 to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
100
due
•
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
v
For an acquisition, research and other corporate
pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.?
Federal income taxes. Proceeds—
30, 1962 filed $4,674,100 of 6% subordinated
for each
N. Y.
facture of
Mo.
Occidental Petroleum Corp.
March
Photo, Inc. (5/21)
14, 1962 filed 154,80o common. Price—By amend¬
(max. $20). Business—Photofinishing and the dis¬
tribution of photographic equipment and
supplies. Pro¬
ceeds—For selling stockholders. Office—4747
N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
ment
share for each five
rate
Nuveen & Co., 135 So. La Salle St., Chicago.
4
Perfect
Feb.
ment, redemption of preference stock and other
the Fund.
Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
and
;v YY::'"' Y'Y
Barbara, Calif. Underwriter—Francis J. Mitchell
Co., Newport Beach, Calif.
par.
Business—Operation of
drug stores and licensed departments in membership de¬
partment stores. Proceeds—For expansion, debt repay¬
Tax-Exempt Bond Fund, Series 4
1961 filed $15,000,000 of units representing
fractional interests in
•-
tures
Nuveen
17,
Y.
if Parkview Drugs, Inc.
April 30, 1962 filed $2,000,000
Office—Chicago, 111. Sponsor-
135 So. La
fering—Expected in mid-June.
Oct.
&
•
Tax-Exempt Bond Fund, Series 3
Oct, 17, 1961 filed $15,300,000 of units representing frac¬
ceeds—For
r
Price—$10.
Business—A real estate holding and developmenKcompany. Proceeds—For general corporate purposes. Office
—70 N. Main St., Freeport, L.
I., N. Y. Underwriter^
Underhill Securities Corp., N. Y.
v
Nuveen
tional
Realty & Development Corp.
12, 1962 filed 400,000 class A stock.
March
and the
49
Santa
•
Nov.
to
are
1
Commercial and Financial Chronicle
Laboratories, Inc.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment
(max. $4.25).
Business—Development^' manufac¬
Prestige Capital Corp.
19, 1961 filed 200,000 common. Price—$5. Business
—A small business investment company. Proceeds—For
investment. Office—485 Fifth Ave., N. Y. Underwriter
Oct.
—To
be
named.
Primex Equities
Nov.
■
Corp.
27, 1961 filed 360,000
amendment.
Business—A
-
(5/21-25)
class A common. Price—By
real
estate
investment
firm..
ture and
>—For
marketing of electron vacuum tubes. Proceeds
selling stockholders.
Office—312
N. Nopal St.,
-
Continued
on
page
50
'
•,
50
The Commercial and Financial Chronicle
(2138)
•
•
s
Heller & Co., N.
' '
property acquisitions and working cap¬
Hawley St., Binghamton, N. Y. Under¬
writer—D. H. Blair & Co., N. Y.
Proceeds—For
Product Research of Rhode Island,
Inc.
July 28, 1961 filed 330,000 common shares. Price—$2.05.
— The
manufacture of vinyl plastic products
stores
working capital.
•
Woonasquatucket Avenue,
Underwriter—Fred F. Sessler &
Office —184
Providence, R. I.
Co., Inc., N. Y.
Motor
Prom
Stanley
—
sale of men's wearing
apparel < and 'hard
Proceeds—For
1, 1962
(5/28-6/1)
("Reg. A") 80,000 common. Price—$3.75.
distribution of automobile radios,
replacement parts, air-conditioners, etc. Proceeds—For
inventories, research ' and t development * and working
capital. Office—46-25 58th St., Woodside 77, N. Y. Un¬
derwriter—General Securities Co., Inc., N. Y.
to
:
7'v/ ■/
;\7 •?
Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
Price—50 cents. Business—Acquisition and ex¬
holders.
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto/
Prosper-Way, Inc.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Jnc
Feb.
N. Y.
Public
Loan
Co., Inc. (5/21)
March 28, 1962 filed 170,000 common. Price—By amend¬
ment (max. $17). Business—Operation of small loan of¬
fices. Proceeds
For general corporate purposes. Office
—41
Chenango St., Binghamton, N. Y. Underwriter—
A. G. Becker & Co., Inc., Chicago.
—
Publishers Co.*
Nov.
Inc.
(5/14-18)
28, 1961 filed 541,000 common. Price—By amend¬
ment.
Busjn^s—Book publishing. Proceeds—For
an ac-
quisitioirand other corporate purposes. Office—1106 Con¬
necticut Ave., N. W.. Washington, D. C. Underwriter—
Roth & Co., Inc., PhiladbTphia.
.
electric
the
electronic
and
fields.
Proceeds—For
and
Co., N. Y.
Research Products,
inc.
(5/14-18)
—Manufacture of
debt
Address—Hato
Rey, Puerto
&
Rico. Underwriters—Gross
Resin Research
Laboratories, Inc.
Feb.
Puerto Rico Land and Development Corp.
in
(5/15)
24,
fered
1961 filed $4,000,000 of o% conv. suborn, de¬
bentures due 1971 and 200,000 class A shares to be of¬
25,000 units, each consisting of $160 of deben¬
eight shares.
Price—$200 per unit.
Business
tures and
—Real estate and construction. Proceeds
For
general
corporate purposes. Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon & Co—
New&York.
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson. Johnson & Higgins.
San
Francisco.
Note
—
This
offering
was
temporarily
postponed.
...
J
Quality Brake Rebuilders, Inc.
Jan
3, 1962
(^Reg. A") 300,000 common. / Price—$1.
Business—Rebuilding and reconditioning of automotive
brake shoes.
Proceeds—For general corporate purposes.
Office—94 Gazza
Blvd., Farmingdale, N. Y. Underwriter
—Meadowbrook Securities,
Inc., Hempstead, N. Y.
Queensway Mines Ltd.
March 15, 1962 filed 150,000 capital shares.
Price—$1.
Business—Mining., Proceeds—For debt repayment,
sur¬
veying and general corporate purposes, Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
x
•
RF
Interonics, Inc. (6/4-8)
Oct. 30, 1961 filed 40,000 common.
Price—$5. Business
—Manufacture of radio frequency interference filters
and capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate
purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & CoN. Y.
x
•
Radio EU>ctric Service Co. of New
Jersey, Inc.
-Jan. 23, 1962 ("Reg. A") 55,000
common, of
will be offered by'the
company and
ers.
Price
which/50,000
5,000 by Stockhold¬
-$5.
Business—Wholesaling of
electronic parts
supplies and equipment and the retailing of high-fidel^
ity and stereophonic equipment and
components. Pro¬
ceeds
and
For debt
repayment, expansion^ moving 'expenses
working capital. Office—513-15 Cooper JSt./Camden,
N. J.
Underwriter—Lee^Mosson
&
Co., Inc., N. Y.
• Real Properties Corp. of America
April 27, 1962 filed 300,000 class A'shares.
Price—-By
amendment (max. $16).
Business—-Company owns cer.tain real estate, general
insurance agency and a mort¬
gage servicing company. Proceeds—For
debt repayment.
•
Rosenfeld
(Henry), Inc.
(5/31-6/1)
-
March 23,
ment'
Nov.
are
7 ^
Rubber & Fibre Chemical Corp.
;
7
-
7
7
■
Sept. 25, 1961 filed 120,000 common. Price—^$5. Business i
—Exploitation of a new process -for reclaiming urrvuhcanized rubber. Proceeds—Purchase of equipment and'
named.'7';/^
Silver Mines, Inc.
Jan. 2, 1962 ("Reg. A") 2,400,000 common. Price—12% ^
cents. Business—Exploration and development-of mineral i
deposits. Proceeds—For debt repayment ;and -generdL
corporate purposes. Address—Box 1088, Wallace, Idaho. *
Underwriter—Pennaluna & Co., Spokane, Wash, v ^ 4 ;kf
27, 1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
field. Proceeds—-For expansion of facilities, debt'repay^
ment and working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
and
—A real estate investment company.
Incw San Francisco and
—
S.
M.
S.
Inc.
Instruments,
Nov. 28, 1961 filed 100,000
ness—Repair
common.
and maintenance
Price-^$3?25. Busi¬
instruments1
oi aircraft
aqcessories. Proceeds—For fequipment, «detat irepay-»
• Rex Craft Associates, Inc.
;
ment, and other corporate ipurposes. Office — Idlewild
International Airport, Jamaica, 7N. X. ^Underwriter—Dec. 27, 1961 ("Reg. A") 100,000 common. Price — $3.
To be named.
*:>" .:7 7'7
....
7t
Business—Design, installing and constructing packaged
commercial interiors and exteriors for buildings. Pro¬
^ Sage InternationdI ln& 77
/■':
•" .<'*7
ceeds—For general corporate purposes. Office—Route 315
April 30, 1962 'filed 150,000 capital shares. Price—By
& Vine St., Avoca, Pa. Underwriter—M. G. Davis & Co.,
amendment (max. $13). EBusiness—Operation Of mem-'
Inc., N. Y. Offering—Imminent.
bership discount • department Stores. Proceeds—Eor ex- /
Richmond Corp. (5/14-18)
pansion and inventories.
Office—3I5\ S. Beverly 'Dr.,'
Dec. 21, 1961 filed 142,858 common. Price—$7. Business/ Beverly Hills, * Calif. Underwriters—First California 'Co. •
Proceeds—For debt
repayment and general corporate purposes. Office—220
&
St., |N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md.
poses.
Address — Sebring,
Co., Inc., N. Y.
O. Underwriter
Brothers &
i
—
v
Mardh
Office—330 Fifth Ave., N. .W.—Underwriters— I
Kidder, Peabody & Co., and Jessup & Lament, N. Y.
Salro
;//■■■■/'
.v
—
Sampsoiv Enterprises, Inc."
Price — By amend¬
Business—A holding company-for a
real estate concern, motor inn, shopping centers, bowl¬
ing ^establishments, etc. Proceeds-7-For debt repaymentand working capital. Office—222 E. Erie St., Milwaukee./
Underwriters — Straus, Blosser & McDowell, Chicago,
and Dempsey-Tegeler & Co., Inc., St. Louis.;
ment
Price—$6. Business
and distribution of receiving tubes, television
picture tubes, and eleetroinc components, parts and
equipment. Proceeds—For an acquisition^ equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y. Underwriter—-Robbins, Clark & Co.,
Inc., N. Y. Offering—In eariy June.
<(5/7-11.)- ;,
26, 1961 filed 400,000 common. Price—-By amend¬
ment. Business—Design, ^manufacture and sale of mobile
homes and office .trailers. Proceeds—For general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Vickers, MacPherson & Warwick,
Inc.,'N/Yt
.
—Purchase and sale of scrap steel and other metals and
operation of a rolling mill, a stevedoring business and
two demolition companies. Proceeds—For general cor^
porate purposes. 'Office—.101 East Ave., North Tonawanda, N, Y. Underwriter—Brand, Grumet & Beigel, Inc.,
New York.
Roha Plastic
Corp. (5/8)
15, 1961 filed 200,DOlUcommon. Price—$5. EBusiness
—Manufactures plastic housewares; baby products and
other plastic items. Proceeds—For .debt
repayment and
Dec.
other
corporate purposes. Office—1517 Jarrett Plaee,
Bronx, .'N. Y. .Underwriter—Arnold Malkan & Co., Inc„
N. Y.
,
Capital Corp.
1
Underwriter—Cantor, Fitzgerald & Co;, Inc.,
Beverly Hills, Calif.
"'-r
<-.-'7-
;
(6/4-8);- .-v
March 30, 1962 filed 160,000 common, of which lOO^OOQ
are to be offered by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—-Furnishes
labor and equipment to major oil companies and drills,
.for oil. Proceeds—For debt repayment and - equipment.
Office—11015 Bloomfield Ave., Santa Fe Springs, Calif..
Underwriter—Dean Witter & Co., Los Angeles.
Santa Fe Drilling Co.
Save-Mor Drugs,. Inc.
-.
Dec.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washing-'
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.'
conv.
River Industries, Inc.
(7/2-6)
1962 filed 100,000,common. Price-7$5, Busi¬
ness—Design, development and manufacture of steel;
products for'home use. Proceeds—For working capital..
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. 'Y.
Saw
Roblin-Seaway Industries, Inc. (5/21-25)
;
March 29, 1962 filed $1,000,000 of 6% convertible sub¬
ordinated debentures due 1982. Price—At par. Business
•
Francisco.
Roadcraft Corp.
Dec.
—
(max. ;$8).
April 23, 1962 filed 60,000 common. Price—$12.50. Busi¬
ness—A small business investment company.
Proceeds"
—For
investment.
Off ice—400 i Montgomery . St., San,
•
—Sale
Calif. Underwriter
.
Feb. 28, 1962 filed 450,000 common.
San Francisco
$3.
Business—Distribution of electrical and electronic parts,
components and equipment. Proceeds—For debt repay¬
ment and working capital. Office—151 N. Vermont Ave.,
Los Angeles. Underwriter—Adams & Co., Los Angeles.
•
unit. Business
purse-und'hand^
per
frames, for certain manufacturers. Proceeds—For,
debt repayment, equipment, and working eqpital. Pro¬
ceeds—-From the stock sale will go to selling sharehold¬
ers. Office—413 Thatford Ave., Brooklyn, N. Y. Under¬
writer—I. R. E. Investors Corp., Levittown, N. Y,
•
7r
•
common.
s
bags
Price—$30 per unit. Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—-LaGorce Sq., Burlington, N. J. Under¬
Price
Price—$632
—Manufacture and distribution, of metal
warrant.
common.
(6/4-8)
Shares to be offered in units consisting of '$500 of
debentures and 33 shares.
Riker Delaware Corp. *
;
'
March 29, 1962 filed 200,000 class A common and 50,000
warrants to be offered in units of four shares and one
Rite Electronics, Inc.
Jan. 29, 1962 filed 62,000
Manufacturing Corp.
March 19, 1962 filed $250,000 of^Vo convertible subordi¬
nate debentures due 1972, and 16,500 outstanding com-'
mon
Office—1717 E. 9th St.) Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland.
}
Co., Inc., N. Y.
•
holders.
investment.
Rising's, Inc. (5/15)
April 3, 1962 ("Reg. A") 100,000
(mak.!/$35)rBusiness—Manufacture of men's
utility and sports' clothes. Proceeds—For' selling -stock-»
Ridgewood Financial Corp. (5/29-31)
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment (max. i$9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma;
in Cleveland. Proceeds—-For organizational expenses and
writer— H. Neuwirth &
.
(5/21-25)
23, 1962 filed 150,000 class A shares. Price—By
amenclmeht
Baruch
,-v
All|im^Co.,^^Y;7^v •''(7
Salant & Salant, Inc.
Ridgerock of America, Inc. (5/21-25)
Dec.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For debt reduction and general-corporate pur¬
Rico
500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business—Company plans
to
produce beer and natural malta (a non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc., N. Y. Offering—Expected in June.
Nov.
Proceeds—For
Ruby
Co., and Elmaleh & Co., Inc., N. Y.
tures due 1977 and
•
Price-—By amendment (max. $12). Businessand sale of girl's dresses and sportswear.
debt repayment. 'Office—Fox 4St;. and
Roberts" Ave., Philadelphia.
Underwriters—Burriham &
Co., and Zuckerrrian, Smith & Co.,*N. Y.
■ ."*//T
Manufacture
writer—To be
lithographic blankets used in printing.
repayment and working capital.
Proceeds—For
K
Puerto
are
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. 'Under- *
c
Price—$9. Business
Dec. 28, 1961 filed 250,000 common.
Brewing Co., Inc.':'1 '/'"•"
March 23, 1962 filed $2,500,000 of sinking fund deben¬
•
•
holders.
debt
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
repayment
ronto,
•
(5/14-18)...,
8, 1962 iiled 300,000 common, of which 150,000 ,
to be offeted by "the company and 150,000 by* stock- ;
Regulators, Inc. (5/21-25)
'» • -f-'v - -'''w1
29, 1962 filed 75,000 common, of which 50,000 are
be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
'Rego "Radio & Electronics Corp.
March
Jan.
Gold
Brothers, Inc.
Rosenau
March
Royaltone Photo Corp.
29, 1961 filed 300,000 common, of whidh 100,000:
to be offered by the company and 200,000'by ' Stock- ;
holders.
Price — By amendment. .Business — Develops:
and prints' color, and black and^ White photographic;
film. Proceeds — For equipment and Working capital.
Office—245 7th Ave., N Y. Underwriter — Federman,
Stonehill & Co., N. Y. Offering—Expected sometime in >
June.
'
C/7
77',:■ i
•
■
Imminent.
■Promistora
Thursday, May 3, 1962
1962 filed 120,000 common. Price—By amend¬
(max. $10). Business—Design,- manufacture iand .
sale of women's .* dresses. Proceeds-4For a selling vstock- •
holder. Office—498 Seventh Ave., N. Y. Underwriter— *
Robert A. Martin Associates, Inc., N. Y.
'/■/■/ ' • '
Hotel, Inc. •/Feb. 19, 1962 filed 50,000 class A common. Price — By
amendment (max. $10). Business — Company owns and
operates a motor hotel. Proceeds—For expansion. Office
—6th and Main Sts., Kansas City, Mo.
UnderwriterBarret, Fitch, North & Co., Inc., Kansas City. Offering—
'v
•
..
Business—Wholesale
automotive,
North
for the
goods.
marine and household fields.
Proceeds—For repayment of debt, new equipment and
the
Underwriter
Y.
debt repay men tp inveiitory, «■ and
other corporate purposes. "Office—11 Stanley St., New
Britain, Conn. Underwriter—Hay den, Stone & Co., N. Y.
Business
in
N.
March 22, 1962 filed
are to be offered by
(5/28)
used
Ave.,
Y.
Regal-Meadows, Inc. (5/14-18)
145,000 common, of which 100,000
the company and 45,000 by stock-holders. Price—By amendment (max. $11). BusinessOperation of leased departments iir discount department
Office—66
ital.
Fifth
Office —745
Continued from page 49
.
■
Mill
March 29,
"
Sawyer's Inc. /
.7' 1
7 26, 1962 filed 7240,000 capital .shares, of : which
140,000 are to be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photography
and viewers. Proceeds—For working capital. Address—
Portland,- Ore. Underwriters — -Strausr Blosser. "& "Mc¬
Dowell, Chicago, and 'Hill, -Darlington & Grimm, N. Y:
..
,
Mar.
-
-Saxon -.Paper'Corp.
/7
■
.'V•'■'
March 30, 1962 -filed ^00,00.0 common. Price—By amend-,
ment (max. $9). -Business — Wholesale /distribution of
Volumb
195
Number
8156 /
.
Financial Chronicle
The Commercial and
.
r)
51
(2139)
N
•
.
printing
and paper products. Proceeds—For debt
paper
repayment and expansion. Office—240 W. 18th
Underwriter—Bear, Stearns
Proceeds—For
& Co., N. Y.
Schaevitz Engineering (5/21-25)
March 13, 1962 ifiled 150,000
common, of which 100,000
are
to be offered by
company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating,craft
and
Address
missile
U.
-—
controlling devices
•
S.
'
(Jos.):. Brewing Co, * ~/,
7 ."'/'
(max.: $35). Business—Brewing
—
-
Schneider
Corp. •
V
' V.
$5,500,000 of 6V2% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to purchase a like amount of class. A - common.' * The
Heck
basis
of
one
share
new
lock.
\pnent. Business—General ureal estate. Proceeds—For ac¬
quisition of property.;,Office—67 W. 44th St., N. Y. Un¬
&
60,000
■-/
• Scientific
Equipment
1962 filed
Manufacturing
83,500
Corp.
Ernest
M.
Office—20
expenses.
North
Underwriters—Coggeshall
Fuller
&
Co., N. Y.
Hicks
/
Statewide
Proceeds—For
•
Service
Sielber
•
Seaway Food Town, Inc.1 (5/28-6/1) V;V7/'7
March 29, 1962 filed 125,056 common.
Price—By amend-'
ment (max. $12), Business —
Operation of a chain of
St., Toledo. Underwriter—McDonald &
Co., Cleveland.
7:/'/7 •//'ji/;,7t 7 V
/
/7/:;i
•
Security Aluminum Corp. (5/28-6/1)
'[
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium
sliding win¬
dows and doors. Proceeds—For
equipment, moving ex-:
penses and working capital. Office—503 E, Pine
Ave.,'
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
•>'
:?> •--/
Jan.
and
other household
and modernization
N.
Y.
Seg Electronics Co., Inc. (6/11)
r
Sept. 28, 1961 filed 110,000 common. Price—By amend-'
ment.
Business—Design and manufacture of networks
transmission/filters, transceivers
equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter— SeaHght, Ahalt
•
Selective
Feb.
•
28,
Financial
1962
filed
&
O'Connor, Inc., N. Y.
each consisting of one $200
Price—$500 per unit? Business—Manufacture of,
bicycles,, tricycles and toy automobiles. Proceeds—For
debt repayment, moving expenses and a neW product v
line. Office—744 Berriman St., Brooklyn,* N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Co.,
Life
common,
held.
Remaining 94,822 and any unsub¬
publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage/in the consumer finance, mortgage, general fi¬
nance/and related businesses/Proceeds
For general
corporate purposes. Office—830 N. Central Ave.,
Phoe-,
nix.
Underwriter—None. No'e—Warrants, expiring in
scribed shares will be offered
—
about
120
May 4.'
;j
days, will be /mailed
'
" /'//."'/ '
to
,
Business—Real
struction
of
a
:
/ "
\
common.
-
Price—$10.
investment Proceeds—For con-'
building. Office—565 Fifth Ave., N. Y.
//;
'
•
;
Servo Ironies, Inc.
March 30,
about
estate
/ Underwriter—None.
:r•
stockholders
•
./
.
1962 filed 125,000
;
ment.
■
capitah"sliares^
Price
—
$3.
and manufacture of pre¬
associated" products. Pro¬
repayment, equipment and working
Office
—
190
Underwriter—General
Shainberg
•
(Sam)
March .30,
ment
Gruner
Rd.,
Securities
Cheektowaga, N. Y.
Inc., N. Y.
Co.,
Co.
1962 filed 236,000
(max. $13). Business
.
t
Price—By amend¬
Operation of a chain of
common.
—
junior department stores and self-service discount stores.
•
and
Salem, Mass.
Day, N. Y.
working capital.
amend¬
plant, debt
Pingree St.,
Anthony & R. L.
a
new
Office—1
Underwriter—Tucker,
expansion, inventory and working capi¬
tal. Office—39
Harriet PL, Lynbrook, N. Y. Under-,
writer—S. B. Cantor Co., N. Y.
"
7 / + 7 ;
,
Underwriter—None.
be offered
ers.
Feb. 21,
to be
Price—$5. Businessr^-Design, development and
as
a
.
tion of fish foods and distribution of various types of
and
man¬
source
1962 filed 115,000 class A, of which 40,000 are
and 75,000 by stockhold- /
offered by the company
Price—$6. Business—Manufacture, sale and distribufish
ers.
are
by the company and 26,000 by stockhold¬
ufacture of devices using sound or fluids
Inc.
Sternco Industries,
Sonic
to
stereophonic sound equipment,
of home
Business—Sale
at designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,;
Development Corp. of America
Oct. 27, 1961^ filed 56,000 common, of which 30,000
(5/14-18)
100,000 common. Price—S3.
("Reg. A")
23, 1962
Proceeds—For
ment
C.
(5/14-18)
Stereotronics Instrument Corp.
March
Solon Industries, Inc.
//
Dec. 28, 1961 filed 75,000 common. Price—By amendment.
Business—Installation of its coin operated laundry equip¬
D.
Inc.
28, 1962 ("Reg. A") .75,000 capital shares. Price—
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital; Office—814
E. 29th St., Los Angeles. Underwriter — Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif.
Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For
repayment
Stephens Mfg.,
(M.)
March
Solid State Products, Inc. (5/21-25)
1962 filed 110,000 common. Price—By
/
Inc., and Reuben Rose & Co., Inc., N. Y.
named.
*
of
supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,".
aquarium
new
fice—260
Allendale, N. J. Underwriter — Andresen & Co., N. Y.\
Offering—Indefinitely postponed.
ing—Expected sometime in May.
March
Proceceds—For general corporate
energy.
purposes.
Of¬
Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y. Offer¬
Stratford Financial
1962 filed 700,000 common. Price—By amend¬
(max. $13.80). Business—A real estate investment
trust.
Proceeds—For
investment.
Office—600
E.
nance
29,
company.
Madison
—95
Wash¬
Stratton
Southeastern
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common/ Price—$3.;
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
•
29,
1961
22, 1961 filed 175,000
—Manufacture of
rceptors,
metal
(5/8)
metal
showers,
(7/2-6)
Operation of retail furniture stores. Proceeds
For
working capital. Office—2212 Third Ave./N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
Spenard
March
30,
Utilities, Inc. ?
1962 filed 117,541
be
named.
Sun
Oct.
City Dairy Products, Inc.
27, 1961 filed 110,000
,
'
>
.
of which 50,000
are to be offered by
company and 67,541 by stockhold¬
ers. Price—$2.50.
Business—Installation, operation, main¬
tenance and ownership of public water distribution and
sewage disposal systems. Proceed—For general corporate
purposes. Office—3110 Northern Lights Blvd., Anchor¬
age, Alaska. Underwriter—To be named.
common,
southeastern
purposes.
states.
common.
(5/28-31)
Price—$4. Business "
dairy products in Florida and
Proceeds—General
corporate
Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter—Finkle & Co.. N. Y.
Superior Bakers, Inc. (5/14-18) >
28, 1962 filed 325,000 common, of which 294,000
to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
Feb.
are
Underwriter—M. H. Woodhill, Inc., N. Y.
(L. B.), Inc.
To
baseboard
radiators and rope and twine. Proceeds—For a new plant
in Canada. Office—52-55 74th Ave.,
Maspeth, L. I., N. Y.
Spears
Inc.
Realty & Construction Fund,
1962 filed 500,000 common. Price—$20. Busi-:
ftess—A real estate investment company. Proceeds—For
investment. Office—50 E. 40th St., N. Y. Underwriter—
March 20,
other
Price—$4. Business
receptors, precast con¬
common.
shower
prefabricated
,
—Distribution of eggs and
Spartan International Inc.
Dec.
Proceeds—For debt repayment. Office
Underwriter—Mortimer B.
Ave,, N. Y.
Inc., N. Y.
Burnside & Co.,
ington St., Orlando, Fla. Underwriter—None.
Nov.
Corp.
1962 filed 315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial fi¬
Southeastern Real Estate Trust
—
cision control components and
ceeds — For debt
capital.
be
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
■
Business—Design, development
expansion
buildings, repayment of debt and
capital." Office—253 Columbia St., Brooklyn,
Underwriter—To
crete
• Sentinel Properties Corp.
May 1, 1962 filed 200,000 class A\
For
tf
of
ment
of which 405,000
are to be
offered for subscription by holders of the
A,
B and C stock of Selective Life
Insurance Co., an affili¬
ate,-on the basis of 4 company shares for each class A or
B share .and two-thirds share for
each class C share of
Selective
—
debentures
offered in
debenture and 50
units,
April 2,
7r'.T^V''"
Corp.
500,000
goods. Proceeds
>■
shares.
7 '/"•,'/
Sokol Brothers Furniture Co., Inc.
(5/7-11)
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, appliances
•
for data and program
and related electronic
y-:7-//- ////'v6 77/ ;
-
Feb, 1,
?
'
supermarkets. Proceeds—For selling stockholders. Office
—1514 S. Detroit
Corp.
ance
(5/21-25)
Cycle Corp.
Jan. 5, 1962 filed $240,000 of 8% convertible
due 1972 and 60,000 common shares to be
Pacific Coast Securities Co., San Francisco. Note — This
firm formerly was named National Vending Ski Insur¬
Aug. 29,'1961
-
(5/14-18)
Equipment Corp.
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
30,
working
:
Plant
Business—Distribution
of
coin-operated insur¬
vending machines to brokers at sporting centers
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
and
food products, i Office—13480 Cairo:
Lane, < Opa Locka,
Fla. Underwriters—Terrio & Co.,
Washington, D./C.
Steel
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—-For equipment and working capital. Address—
ance
("Reg. A-') 75,000 "common.
Price — $4 ;•
Business—The manufacturing and processing of assorted
Vending Corp.
23, 1962 filed 88,250 common. Price—$4.25—Busi¬
ness—Sale of cigarettes, coffee, beverages, candy etc.,
through vending machines. Proceeds—For debt repay¬
ment, leasehold improvements, expansion and working
capital. Office—354 Hempstead Ave., West Hempstead,
N. Y. Underwriter—M. H. Myerson & Co., Inc., N. Y.
ment.
r
-
and
Corp. (5/21-25)
1961 filed 550,000 common. Price—By amend¬
Oct.
<;./
Products, Inc.' (5/7-11)
investment
March
Skiers
Scripps-Howard Broadcasting Co. (5/21-25)
/
20, 1962 filed 375,000 common. Price—By amend¬
ment (max.- $20).
Business—Company, owns and oper-/
ates TV,-radio and FM
broadcasting stations. Proceeds
/—For selling stockholders. Office—1121 Union
CentralBldg,, Cincinnati. Underwriter—First Boston Corp., N. Y.
Seashore Food
Proceeds—For
insurance.
writer—None.
•
-
■
working capital. Office—1760 High St., Denver. Under¬
general corporate purposes. Office
Bldg., Providence, R. I. Underwriters—G.
H. Walker & Co., Providence and Blair & Co., N. Y.
March
-
^
27,
accident
and
repaymeht,
•
trust.
Ave.,. Larch-,
&
debt
.
1962
filed
300,000
common.
Price—By
amendment (max. $5). Business—Writing of life, health
—909 Howard
^
;
For
—
/
.
State Life Insurance Co. of Coloradq
March
(5/14-18)
Realty Trust
1962 filed 350 common. Price—$1,000. Business
—Company plans to qualify as a real estate investment
of
sterilizers, multi-dose jet vac¬
injectors,? operating lights , and
other : medical
equipment, j Proceed:—For inventories, new products
moving
N. Y.
Pizzini
Sixty
cine
and
W.
B.
.///17'* •'
.
Feb. 28,
ness—Manufacture
mont,
and
V.'--
/ v
—
1^62 filed 135,000 common. Price — By amend¬
(max. $4). Business—Construction of homes. Pro¬
D. C.
.Price—$6.,/Busi¬
common.
Co.
.//
Co., Inc.
27, 1962 filed 307,000 common, of which 27,000 are to
by the company and 280,000 by stockholders.
Price
By amendment (max. $18). Business — Manu-.
facture of aluminum and fiberglass pleasure boats. Pro¬
ceeds—For working capital. Office—Goshen, Ind. Un¬
derwriter—A. G. Becker & Co., Inc., Chicago. Offering—
Temporarily postponed.
acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Ohio/ Underwriter—H. P. Black & Co., Inc., Washington,;
table Securities Corp.*
Nashville,? and Kroeze, McLarty
$ Duddleston,. Jackson. Miss.
/
;
- .
.;/'
April 30,
&
Star Tank & Boat
be offered
Feb. 27,
*
and
common
Plohn
•-.'7/'/ 7
y.
Site-Fab, Inc.
ceeds
filed
n7
Co.,
ment
1962
•
either
of
Business—Manufac¬
Feb.
equipment, research and develop¬
working capital. Office—150 Broadway, N. Y.,
"
40,000 class A
common, of fohich 41,864 common are to be offered by
the company; .the entire class A and
18,136 common
will be offered by stockholders./
Price—By amendment.
($35 .max.); Business—Company,>develops, prints, and
finishes "school pictures." Proceeds — For plant and/
equipment, acquisitions/and working capital. Office—
1610 N. Mill St.;
Jackson,, Miss. Underwriters—Equi¬
7,
shares
10
$7).
(max.
distribution of skin diving equipment, and ac¬
Proceeds—For working capital. Office—7701
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
N. Y.
7 ,/;
7
'v"/7'//'' ':/-'"77777 7 --'
Proceeds—For
';7':;.7
Feb.
for. each
and
E.
,
held. Price—By amendment (max. $20). Busi¬
ness—Development and sale of a new type combination
Price—By amend-
///.. :,;,V.}»
•
.
company
Underwirters—Charles
"■'}<_
Price—By amendment,
ture
Ave., Neptune, N. J. Underwriter—
7 /
A stock and 10% debentures due 1976.
Pictures,-'Inc.- -(6/4-8)■
(5/28-31)
cessories.
ment and
School
Inc.
Feb. 20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.;
plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
•
Sportsways,
/
scription.-fcy stockholders of the company and of Associ¬
ated Development and Research Corp.,
parent, on the
.
company
derwriter—None.
;
;
Simplex Lock Corp.
^ "■
/•/• •/; ■ -'/-/ ;i •../>7*
7//
April 20, 13|32 filed 20,000 common to be offered for sub-
Feb. 28, 1962 filed
•
/ /
29,
Milton D. Blauner & Co., N. Y.
.
(Walter J.)
& Co., N. Y. Note—This offering was temporarily
postponed.
{
■: '
v \
Office—1933
By amend¬
of
Milwaukee"
,
(5/16)
•
Blair
1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
For debt repayment, equipment and working capital.
Jan.
-
"Schlitz'^.and"
beers." Proceeds—For selling ^ stock¬
holders." Off ice—235 W; Galena St., Milwaukee. Under-'
writer—Glore, Forgan -& Co., Chicago.' Offering—In-*
definitely postponed. :
^
:
V; '
"Old
equipment, advertising, plant expansion and
Signalite Inc.
-
(5/7-11)
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
'7,77,
March 2, 1962 filed 347,543 common. Price
ment
'
Inc.
29, 1961 filed 230,000 common of which 200,000 are
by the company and 30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic devices ancl
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
packaged foods, and various food serving/devices. Pro¬
ceeds—For
air-"
in
Shelley Manufacturing Co.
Sperti Products,
to be offered
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture of automatic .equipment for
handling
systems. Proceeds — For expansion.
Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
Schlitz
used
Nov.
selling stockholders. Office—1325 WarSt., Memphis. Underwriter—New York Securities
Co., 52 Wall St., N. Y.
...
recording, testing and
•
ford
St., N. Y7
of baked goods.
Proceeds—For debt repayment and gen¬
corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
eral
Washington, D. C.
•
Symington Wayne Corp.
(5/4)
1962 filed $5,005,700 of convertible subordinated
debentures due 1982, to be offered for subscription by
common stockholders
(and warrant holders) at the rate
Feb. 23,
of $100 of debentures for
record
held
of
1962.
Price—By
each 38 common (or warrants)
Rights will'expire May. 21,»
amendment. Business—Manufacture of;
May
4..
frini'Tnimrl
r\n
r»nnt>
52
(2140)
I ne
Continued from page 51
•
v
Thunderbird International Hotel
Corp.
Jan.
gasoline
dispensing pumps, service station equipment,
specialty steel castings for railroads, and mechanics hand
tools. Proceeds—For debt repayment and working capi¬
tal. Office—Salisbury, Md. Underwriter—Paine, Webber,
Jackson & Curtis, N. Y.
Szemco, Inc.
Dec. 29, 1961 filed 66,666 common. Price—By amend¬
ment ($1.50 max.). Business—Design and manufacture
of ordnance,
automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers. Office—4417
Okechobe Rd., West Palm Beach, Fla.
Underwriter—None.
/; ///. *•;/'•/•
Tabach
Industries, Inc.
:/7'/ /7'\
March 29, 1962 ("Reg. A") 30,000 common. Price — $6.
Business—Manufacture and sale of women's wear. Pro¬
ceeds—For debt repayment, leasehold improvements and
expansion. Office-^-217 E. Eight St., Los Angeles, Calif.
Underwriter—Costello, Russotto & Co., Los Angeles.
•
Tactair
Fluid
Controls, Corp. (5/21-25)
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft
Proceeds—For
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
Taylor Publishing Co.
Dec.
-^-
common.
Price—By amend¬
Production and distribution of school
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriter—^-DallasRupe & Son, Inc., Dallas, Tex. Offer¬
ing—Imminent.
Taylor Wine Co., Inc.
Feb.
15,
1962
subscription
filed
40,312
common
the basis of
on
one
being
offered
for
share for each 32 held
of record April* 16, with rights to expire May 2, 1962.
Price-^-$20. Business—Production of various type wines.
Proceeds
For
plant expansion
working capital.
Office—Hammondsport, N. Y. Underwriter—First Bdston
Corp., N. Y.
—
and
Teaching Systems, Inc.
March 8, 1962 ("Reg. A") 50,000
common.
Business—Production
musical
records.
and
sale
of
Price—$2.
educational
Proceeds—For
equipment, sales promotion and
working capital. Office—1650 Broadway, N. Y. Under¬
writer—Ezra Kureen Co., N. Y.
>
•
Technical
Animations, Inc.
(5/7-11)
Nov. 30, 1961 filed $211,400 of 7% conv. subord. deben¬
tures due 1972 (witli warrants) to be offered for sub¬
scription by holders of class A and class B
common at
the rate of $100 of debentures for each 280 shares held.
Price—$100
unit ($100 of debentures and one war¬
rant to purchase 14 class A shares).
Business—Design
and
per
manufacture
animated
of
transparencies and other
technical
training aids and displays. Proceeds—For debt
repayment, expansion, research, and working capital.
Office—11 Sintsink Dr., East Port
Washington, N. Y.
Underwriters—Bull & Low; Johp^. MaheT
Associates;
and R. Topik & Co., Inc., N.
Y/T
4r Technical Capital Corp.
April 30, 1962 filed 500,000 common.
ness—A
small
business
Price—$10.
investment company.
Proceeds
—For investment.
Office—235 E. 42nd St., N. Y.
writer—Straus, Blosser & McDowell, Chicago.
Tellite
Corp.
Busi-'
Under¬
(5/21-25)
nection
with
electronic
circuits.
Proceeds^—For
expan¬
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus &
Co., N. Y.
Ten-Tex Corp.
(5/14-18)
("Reg. A") 120,000 common. Price—$2.30.
Business—Manufacture of a machine for production of
Jam 31,
tufted
1962
textile
products. Proceeds—For debt repayment
working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice &
Co., Inc., St.
and
Paul.
Texas Technical
•
Torch
Oct.
16, 1961 filed 275,000 common.
Price—By amend¬
(max. $20). Business—A small business
investment
company. Proceeds—General corporate
purposes. Office
ment
rf?47..F- Gray Ave., Houston.
Smithers &
For construction. Office
525 N.
—
Controls, Inc. (5/14-18)
150,000 common. Price—By amend¬
Business—Design and manufacture of time con-*
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y. '
v/;/;/'//' •'./
Towers Marts
Feb.
1,
1962
International, Inc.
filed
550,000
(5/14)
shares. Price
capital
—
By
Langley & Co., N. Y.
(5/21-25)
12, 1962 filed 150,000 common. Price—By amend¬
(max. $9). Business—Design and sale of special
eral
for scientific
Encino,
photography.
Proceeds—For gen¬
purposes.
Office—17136 Ventura Blvd.,
Underwriter—J. A. Hogle & Co., Salt
corporate
Calif.
Lake City.
construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office
110 E. 6th Ave.,
Anchorage, Alaska.
Underwriter—Milton D. Blauner & Co.,
Inc., N. Y.
—
27,
Research &
1961 filed 47,000
ment. Business
Capital, Inc.
Price—By amend¬
common.
Manufacture of high pressure valves
and accessories. Proceeds—For
expansion, working cap¬
—
ital, and possible acquisitions. Office
Pacific National
Bldg., Bellevue, Wash. Underwriter—To be named.
—
Bank
Trans-Western Service Industries
ment
and
(max.
$10). Business—Development
electrical
fields
and
the
devices
used
manufacture
in
of
of
plumbing
compact
electronic^
and
heating
electric
water
heating units. Proceeds—For
equipment, working capi¬
tal
and
other
corporate
purposes.
Office
Blvd., Westbury, N. Y. Underwriter—J.
ci?f4es, Inc., N. |Y.
Thom-Tex Paper
March 15, 1962 filed
—
492
Grand
B. Coburn Asso-
Converting Corp.
(6/11-15)
70,000 common. Price—$4. Business
writing paper items. Proceeds—For
debt repayment and
working capital. Address—Highway
3, Rio Grande, Puerto Rico.
Underwriter—Meade & Co.,
—Manufacture
of
Thompson Manufacturing
Co., Inc.
caster, N. H. Underwriter—Packer-Wilbur
Co., Inc
N
Y
Y>' •-/
: / V/
highrrprecision. instrument'
guidance .systems.^
equipment and working:
Marion St., Grand Haven,. Mich.
capital. Office
1634
—
•
United Camera
Exchange, Inc. (6/4-8)29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W.
Jan.
St., N. Y. Underwriter—M. G. Davis
&
Co., Inc.,
N. Y.
United Data
April 2,
1962
Processing, Inc.
("Reg. A")
3,000
Business—Furnishes electronic
L
Price—$17.50.
processing services.
common.
data
Proceeds—For working capital and expansion. Office—
1430 N. W. 10th Ave.,
Portland, Ore. Underwriter—First
Corp., Portland, Ore.
/
United
Inns, Inc.
March 26, 1962 ("Reg. A") 80,000
Business—Construction
and
Price—$3.75.
common.
operations of
hotels
motor
under license
granted by Holiday Inns of America, Inc.
Proceeds—For debi repayment and general
corporate
purposes. Office—704 Dermon Bldg., Memphis. Under¬
writer—Wilder, Hansbroi^gl^J|ine£ & Co., Memphis.
United
Dec.
15,
shares
Investors
1961
United
Life
562,500
Insurance
Co.
of
common,
which
472,100
to be offered
are
Waddell
of
filed
for,inscription by stockholders
Reed, Inc.,-parent, on the basis of one
&
share
for
each
two;* Waddell
shares
held.
The
remaining 90,400 shares will, be offered to certain
associated
with
the
parent
company
or
its
per-'
-
sub-"
Mo. Underwriters—Waddell &
Business—Operation
cleaning and lahndry plants. Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer—Granbery, Marache & Co., N. Y.
•
Transdata, Inc.
sidiaries.
Price—By amendment. Business—A legal
re¬
life insurance company. Proceeds—For the account,
of Waddell & Reed. Office-^20 W. 9th
St., Kansas
City/
Reed; Inc., Kansas City,
Mo., and Kidder, Peabody & Co., N. Y. Offering—Ex¬
pected in late June. 7
7
7" "
7:
,
•
United
Markets
Inc/.
(5/21)7;///
Nov. 29, 1961 filed 100,000 common.
Price—$5. Business
—Research and development in the data15 and
March 15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets: Proceeds,
processing and
transmission field.
—For general corporate purposes. Office—531
Ferry
repayment
other
image
N.
and
Johnson
named.
corporate
Proceeds—For
debt
Office—1000
Underwriter—To be
purposes.
Ave., El Cajon, Calif.
.Offering—Indefinitely postponed.
Transogram Co., Inc.
(5/7-11)
March 15, 1962 filed
156,000 common. Price—By amend¬
ment (max. $12).
Business—Design,
assembly and man¬
ufacture of toys,
games, children's playroom furniture,
and sports sets. Proceeds—For a
selling stockholder. Of¬
fice—200 Fifth
Ave., N. Y. Underwriter—Lehman Broth¬
ers, N. Y.
Tremco
Manufacturing Co.
St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.
United-Overton Corp.
Mar. 26, 1962 filed 450,000 common, of which
90,897 are
to be offered by the company and
359,103 by stock¬
holders.
Price—By
Operates
ment
hard
Needham
amendment (max. $18)/ Business—
goods' departmentsr in discount depart¬
Proceeds—For debt
stores.
repayment.
Office—19:
St.,
Nugent Highlands, Mass.; Underwriters—
McDonnell & Co., Inc., and Oppenheimer &
Co., N. Y.
Offering—Expected in early June.
United
(5/15)
coatings, sealants, mastics, paints, etc. Proceeds
For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald &
Co., Cleveland.
Packaging Co., Inc. /,t\,
filed 102,000'common. Price—$3. Business
packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y. Offering—June.
Tri-Department Stores Associates
9, 1962 filed $2,436,000 of limited partnership in¬
terests. Price—$6,000 per interest.
Business—Company
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
Feb. 26, 1962 filed
150,000 class A common. Price —By
amendment (max. $15). Business—Producer of
protective
—
Feb.
was
formed for thve purpose of
acquiring for investment
to three discount department stores.
Pro¬
the fee title
ceeds—For debt repayment.
Office—30 E. 42nd St., N. Y.
Corp., N. Y. '
Underwriter—Adler Securities
Electric
Light & Power Co. (5/11)
April 11, 1962 filed 486,111 common, to be offered for
subscription by stockholders on the basis of one share
for
each
10
amendment
held
of
record
May 11, 1962. Price — By
(max. $25).,Proceeds—For debt repayment
/-■
Mar. 23, 1962 filed
150,000 class A shares, of which 100,000 are to be offered
by company and
50,000 by stocksBusiness—Through its' subsidiaries
is engaged in the wholesale distribution
of electrical supplies and
equipment. Proceeds
For
debt repayment and
working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
holders.
the
Price—$8.
company
—
Reuben Rose & Co.,
Inc., N. Y.
Offering—In June.
Turbodyne Corp.
March 2, 1962 filed 127,500
common.
Price—$5. Business
—Research, development and production
and
overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N.
W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
N. Y.
(6/4-8)
Dec. 22, 1961 filed
90,000 common, of which 80,000 shares
are to
be offered
by the company and 10,000
by stock¬
holders.
Price
$4. Business—Design and
manufacture
of special
machinery for the paper industry and the
construction of bowling
alleys. Proceeds—For expansion
and general
corporate purposes. Office—Canal
St., Lan¬
c
components for aircraft and missile
Proceeds—For debt repayment,
of dry
Tujax Industries, Inc.
Price—By amend¬
Corp.. (5/14)'
serve
.
common.
Electronics
April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and
80,000 by stockholders.
Price—By amendment (max. $10).
Underwriters ^i;,F-S.v and
construction. Office^35 W.-Pennington
St., Tucson,
Ariz.
Underwriters—Blyth & Co., Inc. and First Boston
Corp., N. Y.
Thermotronics Corp., Inc.
Unison
sons
Co.; N. Y., and Morpney,:Beissner/&
Co.,
Inc., Houston. Note—This company
formerly was named
Texas Electro-Dynamics
Capital, Inc.
Mai ch 30, 1962 filed
100,000
•
Cascade
Trans-Pacific
gen¬
March 30, 1962 ("Reg. A") 100,000
common.-Price—$1.50.
Business — Manufacture of
•
Trans-Alaska Telephone Co. (5/15)
Nov. 29, 1961 filed 265,000
common, of which 250,000 are
to be offered by the
company and 15,000 by a stock¬
holder. Price—$6. Proceeds—For
Nov.
,r
vending and recreational machines./Proceeds-—For
43rd
Traid Corp.
cameras
Underwriter—
.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
amendment. Business — Company builds and
operates
retail discount department stores. Proceeds—For
expan¬
sion. Office—41 E. 42nd St., N. Y.
Underwriter—W. C.
Feb.
Rd., Swan, Texas.
Co., Dallas,/
eral corporate purposes. Office—250 MeserOle
St., Brook¬
lyn, N. Y. Underwriters—Fabrikant Securities Corp. and
Karen Securities Corp., N. Y.
T-7/.<,
rA ■
1961 filed
trolled switches. Proceeds—For debt
repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Oj,
Vending Service, Inc.
Dec. 14, 1961 ("Reg. A") 73,500 common. Price — $3/
Business —* Purchase of new and used coin-operated
Tork Time
12,
xixcxj
j
Uneeda
derwriter—Carroll Co., N. Y.
Dec.
lllUXdUdj
Office—Lindale
ers.
First Southwest
Co., Inc. (5/7-11)
Jan. 26, 1962 filed 110,000 common.
Price—$3.50. Busi¬
ness—Manufacture of waterproof rubber footwear. Pro¬
ceeds—For equipment, moving
expenses, expansion and
working capital. Office—1302 Inwood Ave., N. Y. Un¬
ment.
,k
Tyler Pipe & Foundry Co. (5/22)
25,, 1962 filed 120,000 common:; Price—By amend-;
ment. Business—Design, development and manufacture
of cast iron products.
Proceeds—For selling stockhold¬
Rubber
Tucson Gas,
Capital, Inc.
—
Chronicle
Jan.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y.
•
Jan. 29, 1962 filed 125,000 common.
Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
(5/14-18)
2, 1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds
ment
21, 1961 filed 152,000
ment, Business
ment
commercial and Financial
Turner (J. L.) &
Son, Inc.
Mar. 27, 1962 filed 120,000
common, of which 60,000 are
to be offered by
company and 60,000 by a stockholder.Price—By amendment (max. $15) Business—Bale of
retail
merchandise.
purposes.
Proceeds
For
general
corporate
Office—East Main St., Scottsville, Ky. Under¬
—
writer—Bear, Stearns & Co., N. Y.¬
Nov. 29, 1961
—A
general
United
Telephone Services, Inc.
Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave., N. Y. Under¬
writer—J. R. Williston & Beane, N. Y.
company.
U.
Electronic
S.
Publications, Inc..
?
^
1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and * industrial hand¬
Sept.
-
26,
books. Proceeds—Debt repayment, expansion and work-,
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
United States Realty & Investment^ Go?,*
.£,v/t
30, 1962 Tiled 150,000 capital shares., • Price—By
(max. $8). Business — General reap estate.
Proceeds—For working capital. Office—972 Broad St.,
^
March
amendment
Newark, N. J. Underwriter—H. Hentz & Co., N. Y. Offer¬
ing—Expected sometime in June.
•
U.
S. Scientific Corp.-:. (6/4-8)
v
/
V
22, 1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of
Mar.
products, including an air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
N. Y. Underwriter—Edward Lewis Co., Inc., N. Y.
consumer
United Variable Annuities Fund, Inc. *
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in August.
•
Universal
Aug.
7,
Business
marble and
and
Industries, Inc.
1961
—
(5/28)
filed 100,000 common -shares. - Price—$5;
importation and distribution of Italian
The
mosaic
installation
of
tiles.
new
Proceeds
—
For
the purchase
moulds, machinery and equip-:
Volume
Number
195
6156
Commercial and Financial
The
Chronicle
(2141)
ment, research and general corporate purposes.
ness
250 Goffle
and
Office—
Road, Hawthorne, N. J. Underwriter—Edward
Co., Inc., "N/Y. Note—This company formerly
named Aero-Dynamics Corp.
Lewis
was
Preparation and production of books, catalogues
other printed material;
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
&
payment
*
of
Victor
lighting
fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 "Bergenline Ave., Westwood, N. J.
Jan. 23,
known
Underwriter—Globus, Inc., N. Y.
Telephone, Inc.
unit.
Color
V
Virco
of
IVIfg. Corp.
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by
company and 200,000 by stockholders.
Price—By amendment (max. $5.75). Business—Manu¬
urethane
working
facture and sale of classroom
furniture, folding banquet
tables and chairs.
poses.
Proceeds—For general corporate pur¬
Office—15134 So. Vermont Ave., Los
Angeles.
Underwriter—Crowell, Weedon & Co., Los Angeles.
Utah Concrete Pipe Co. (5/8-9)
Feb. 8, 1962 filed 110,000 common. Price
Volt Technical Corp.
(5/7-11)
29, 1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation of technical publications. Pro¬
ceeds^—For selling stockholders. Office—241 Church
St.,
—». By
amend¬
Manufacture and sale of
Jan.
concrete pipe, masonry products, corrugated metal
pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working
capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwa-
N. Y.
bacher & Co., San Francisco.
July 28, 196L filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test
equipment,
the sale, installation and
"
Light Co. (5/22)
.April 2, 1962 filed $22,000,000 of first mortgage bonds
due
Proceeds—For debt repayment and construc¬
tion.' Office—1407 West North Temple
St., Salt Lake
(Competitive). Probable bidders:
& Co., Inc. (jointly); Kidder,
Peabody & Co.; Halsey, Stuart & Co. Inc.; White, Weld
& Co.-Stone & Webster Securities
Corp. (jointly); East¬
man
Dillon, Union Securities &. Cp.-Sncw.thr /Barney. »'&
Co.-Salomon
Brothers
&
Hutzler
(jointly); Lehman
Brothers-Bear, Stearns & Co. (jointly). Bids—May 22
(11:30 a.m. EDST). Information Meeting—May 18 (2 p.m.
EDST) at 2 Rector St. (Room 240) N. Y.
ders: First Boston Corp.-Blyth & Co.
(jointly); Lehman
Brothers; White, Weld & Co.-Stone & Webster Securi¬
ties Corp. (jointly);Kidder, Peabody & Co.-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Eastman Dillon,
Union SeciSHties & Co.-Smith, Barney & Co.-Salomon
Brothers & Hutzler (jointly). Bids—May 22 (12:30 p.m.
EDST). Information Meeting—May 18 (2 p.m. EDST)
at 2 Rector St. (Room 240), N. Y.
U-Tell Corp.
(5/7-111
Sept. 18, 1961 ("Reg. A")
Business
Operation of
33,097
—
Office—3629 N. Teutonia
writer
•
$5.
—
Ave., Milwaukee, Wis. Under¬
Continental Securities Corp., Milwaukee, Wis.
—
Vacco
Feb.
Price
common.
discount department store.
a
Valve
Co.
(5/21-25)
12, 1962 filed 100,000
common.
Price—$5.
Business
oil, chemical
acquisition#of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter — California Inves¬
tors, Los Angeles.
Homes
Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and build¬
ing components. Proceeds—For working capital. Office
—765 River St.,
Paterson, N. J. Underwriter — To be
named.
•
-
Vapor Corp.
;'■>
•
(5/21-25)
Feb. 2, 1962 filed 156,762 common. Price —
By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control systems for rail
Cars, buses and aircraft; and door
rail passenger cars. Proceeds—For
Office—80
E.
Blvd.,
Co., Chicago.
William Blair &
control
devices
Inc.
Jan. 12, 1962 ("Reg. A") 300,000
Business—Manufacture
,
chines.
Proceeds—For
of
coin
common.
operated
Price
—
vending
$1.
ma-
acquisition and general cor¬
porate purposes. Office—1290 Bayshore Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities Co.,
San
Francisco.
March
Offering—Expected sometime
ness
1962 filed
30,
in
June.
100,000
common.
Price—$4.
Busi¬
Manufacture, design and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For
new products
Office—204
Railroad
writer—Keene
.
Verlan
March
are
to
/ holder.
30,
be
&
and
other corporate
Ave., Hackensack,
purposes.
N. J.
Under¬
Co., Inc., N. Y.
Publications, Inc.
1962
filed
offered
Price
—
by
By
amendment. Business—Sale of franchises for on-location
/
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning equipment
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N.
Underwriter—Laren Co., N. Y.
•
Wallace
Wayne, Chicago.
Investments, Inc.
Feb.
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22).
Business—Company makes short-term
real estate loans,
acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford
Bldg.,
Dallas.
Underwriter—Harriman
Ripley &
Co., N. Y. Note—This registration is being withdrawn.
Walston
Aviation,
Inc.
(5/14-18)
^Oct. 30, 1961 filed 90,000
common, of which 60,000 are to
by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
be offered
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general
corporate pur¬
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
—
Waterman
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
89,500
common,
of
which
and 9,500 by a
amendment (max.' $5.50).
company
ceeds—For
Neuhaus & Co.,
common.
Price—
lithography
Pro¬
equipment, debt repayment, and inventory.
Office—3407 N. El Paso, Colorado
Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
Western Massachusetts Electric
Co.
(5/10)
April 3,
1962 filed $8,000,000 of first
mortgage bonds,
series E, due 1992. Proceeds—To redeem
a like amount
of 5%% first
mortgage bonds, series D, due 1989. Office
Brush Hill
Ave., West Springfield, Mass. Under¬
writers—(Competitive). Probable bidders: First Boston
Corp.-White, Weld & Co. (jointly); Blyth & Co.,
Inc.;
Equitable Securities Corp.-Lee Higginson
Corp. (joint¬
ly); Halsey, Stuart & Co. Inc.; Eastman
Dillon, Union
Securities & Co. Bids—Expected
May 10 (11 a.m. EDST)
at 201 Devonshire
St., Boston. Information MeetingMay 7 (11 a.m.'EDST) at same address.
•
Western Pioneer Co.
(5/14-18)
19, 1962 filed 371,750 capital shares
Feb.
,
of which 175,000
by the company and 196,750 by stock¬
holders. Price—By amendment
(max. $42). Business—
The making of loans secured
by first liens on real estate.
Proceeds—For debt repayment. Office
3243 Wilshire
Blvd., Los Angeles. Underwriter —
Kidder, Peabody &
Co., N. Y.
to be offered
are
—
Western States Real Investment
Trust
Nov.
13,
4
1961 filed 32,000 shares of beneficial Interest.
Price—$6.25.
Business—A
Proceeds—For
company.
Ursula
St., Aurora,
Aurora, Colo.
small
business
investment.
Colo.
investment
Office—403
Underwriter—Westco
Corp.,
v
*
Whirlpool Corp.
April 25, 1962 filed 1,000,000 common.
Price—By amend¬
ment (max. $30,125).
Business—Manufacture and sale of
home
appliances.
Proceeds
For selling stockholder
(Radio Corp. of America). Address — Benton
Harbor,
Mich. Underwriter—Lehman
Brothers, N. Y.
White Lighting Co.
(5/7-11)
Feb. 26, 1962 ("Reg. A")
75,000 common. Price
$4.
Business—Manufacture and distribution of electrical and
lighting fixtures. Proceeds—For debt repayment,
equip¬
ment and
working capital. Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., Los Angeles.
—
—
Widman
Oct.
(L. F.), Inc.
(5/14-18)
,
r
27,? 1961 filed 162,000
common, of which 102,000 are
company and 60,000 by stocks
be offered by the
holders. Price—$3. Business—Operates a chain
of retail
drug stores. Proceeds—Expansion, equipment and work¬
to
ing capital. Office—738 Bellefonte Ave., Lock
Haven, Pa.
& Co., N. Y.
Wiegand (Edwin L.) Co. (5/10)
Underwriter—Godfrey, Hamilton, Taylor
March 30, 1962 filed 606,450 common.
Price—By amend¬
Business—Manufacture of electrical heating ele¬
ments for industrial, commercial and
household applica¬
tions. Proceeds—For selling stockholders.
Office—7500
ment.
Thomas Blvd., Pittsburgh. Underwriters—Eastman Dil- *
Ion, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt
&
Gardner, St. Louis.
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price
ment (max. $11).
Business—Operation of
stores.
Proceeds—For
debt
working capital. Office
—
By amend¬
chain of shoe
—
a
repayment, expansion and
808 Dakin St., New Orleans.
Underwriter—Howard, Weil, Labouisse, Friederichs
&
Co., New Orleans.
•
Wiggins Plastics, Inc. (5/28-6/1)
Oct. 20, 1961 ("Reg. A")
100,000 common. Price—$3.
Business—Custom compression, transfer' and
injection
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. <
Winslow
—
Dec. 28,
Proceeds—For the purchase of vessels, and
working cap¬
ital. Office—71 Saint Joseph
St., Mobile, Ala. Under¬
—Design
writer—Shields
Electronics, Inc.
electronic
&
Co., Inc.,
Temporarily postponed.
N.
Y.
(mgr.).
Offering—
Welcome
Baby, Inc. (5/28-6/1)
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
Dec.
of retail stores. Proceeds—For debt
repayment and gen¬
eral corporate
purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
Welsh
Panel
Co.
March 30, 1962 filed 135,000
corpmon. Price—By amend¬
(max. $9). Business—Company processes plywood
into factory finished wall panelling. Proceeds—
Equipment, inventories and working capital. Address—
P. O. Box 329 Panel
Way, Longview, Wash. Underwriter
Miami, Fla.
v
—Ferman & Co.,
•
West Palls
poses.
Shopping Center Limited Partnership
(5/17)
a
shopping center at Falls Church, Va.
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western Gas Service Co.
March 19, 1962 filed 65,000 common, of which
50,000 are
to be offered by company and
15,000 by stockholders.
Price—By amendment (max. $25). Business—Distribu¬
80,000
stockBusi-
tion of natural gas and the
to
communities
debt
4"
repayment
Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
Wisconsin Telephone Co. (5/8)
April 18, 1962 filed $20,000,000 of debentures due May 1,
2002.
Proceeds—To repay advances from A. T. &
T.,
parent. Office—722 N. Broadway, Milwaukee. Under¬
writers—(Competitive). Probable bidders: Morgan Stan¬
ley & Co.; Halsey, Stuart & Co. Inc.; First Boston Corp.
Bids—May 8 (11
way, N. Y.
a.m.
EDST) in Room 2315, 195 Broad¬
Wolf Corp.
Jan.
26, 1962 filed $4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached
warrants)
to
be
A
stock
offered
on
for
the
subscription by stockholders of class
basis
class, A
Real
shares
estate.
held.
of $500 debentures for each 100
Price—$500 per unit. Business—
Proceeds—For
acquisitions. Office—10 E.
Proceeds—For general corporate purposes. Office—1411
&
and
,
Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units.
Price—$1,000. Business—
K
1961 filed 125,000
common. Price—$4. Business
manufacture of precision electrical and
measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other
corporate pur¬
ment
Development of
—
expansion,
.
an
Vending Components, Inc.
Underwriter—Underwood,
Lithographers, Inc.
March 30, 1962
("Reg. A") 120,000
$2.50. Business—General
printing and
—
sheets
Vendex,
Western
—
for
selling stockholders.
Chicago. Underwriter—
Jackson
(5/21-25) /
poses.
■—Production of valves, and regulators for
and missile industries. Proceeds—For
Val-U
Corp.
duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office
1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters
John
Joshua & Co., Inc., and
Reuben, Rose & Co., Inc., N. Y.
• Wade
Wenger ServiceMASTER Co. (5/15)
Dec. 28,
1961 filed 140,000 capital shares. Price—By
—
First Boston Com.-Blyth
Utah Power & Light Co. (5/22)
j ,
April 2, 1962 filed 480,000 shares of $25 par cumulative
preferred, series B.
Proceeds—For debt repayment and
construction. Office—1407 West North Temple St., Salt
Lake City. Underwriters—(Competitive). Probable bid¬
Electronics
servicing of industrial and
commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling, pro¬
1992.
City. Underwriters
Underwriter—Andresen & Co., N. Y.
Voron
>
Utah Power &
Ave., El Paso.
Houston, Tex.
—174
Corp.
advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C.
Underwriter—Mitchell, Carroll & Co., Inc., Wash¬
ington,-^. C.
\
•
—
device
;
Business—Manufacture
(max. $10). Business
amusement
debt
debt repayment,
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer—Rowles, Winston & Co., Houston.
ment
For
services closed circuit television systems. Proceeds—For
(5/14-18)
equipment,
Golfit. Proceeds
Price—$5. Business
an
Video Engineering
Co., Inc.
''Mar. 26, 1962 filed 125,000 class A common. Price—$4.
Business -— Company designs, fabricates^ installs and
Feb. 14.1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—
Proceeds—For
common.
working capital. Office—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin &
Co., Inc., Minneapolis.
Redevelopment Corp.
per
1962 filed 150,000
as
Video
Angeles.
$5.05
915
April 6, 1962 filed 1,000,000* common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic¬
ture tubes. Proceeds—For
equipment, inventories and
Price—By amend¬
ment.
Business—Company operates the "Kellogg Plan"
which provides 100% financing and construction through
a single source for
renewing older residential properties.
Proceeds—For
debt
repayment, sUfles
financing
and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles.
Underwriter—Holton, Henderson & Co., Los
foams.
—
Electronics, Inc.
delphia. Offering—In late June.
March 29, 1962 filed 100,000 common.
Texas, Inc.
Office
purposes.
general
/
150,000 common. Price—By amend¬
Business—Operation of telephone
facilities in N. Mex., 111.,"and Wis. Proceeds—For expan¬
sion and working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall Co., Milwaukee.
Urethane of
corporate
repayment and
corporate purposes. Office—1 Bala Ave,, BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
-
March 29, 1962 filed
ment
(max. $5,625).
Urban
other
—Manufacture, lease and sale of
—
Universal
and
;Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
nor, Inc., N. Y.
"Universal Lighting Products, Inc. (5/7-11)
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer
—
53
in
furnishing of water service
southwestern
and
expansion.
U.
S.
—S. E.
debt
40th
repayment and realty
St., N. Y. Underwriter
Securities, Inc., 10 East 40th St., New York.
Wolverine Aluminum
Corp.
March 5, 1962 filed 100,000
common. Price — By amend¬
(max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment.
Office—1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler &
Co.,
ment
Detroit.
Work Wear
Corp.
Mar. 26,
common.
ment
—
1962 filed 130,000
(max. $27). Business
Price—By amend¬
Manufacture and sale of
Proceeds—For
Office—9065
Alameda
"
Continued
on
page
54
54
The Commercial and Financial Chronicle
(2142)
Hutzler and
Continued from page 53
May 9 (12
,
is also engaged in industrial
Company
clothing.
work
•
:
(5/21-25)'
Publishers, Inc.
July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—
$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
debt repayment, working capital and other cor¬
For stocks:
of
—For
porate purposes. Office—290 Broadway,, Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N. Y.
;
•
Financial
Worth
Columbus
(6/11-15)
Corp.
Electric
Co.
(6/21)
Dec.
22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
Mar.
Capital Corp.
1961/it
11,
general corporate purposes. Office—114 E.
N. Y. Underwriter—D. A. Bruce & Co., N. Y.
ceeds—For
South
40th St.,
v -
*
Wulpa Parking Systems, Inc. (5/21-25)
13, 1961
("Keg. A") 75,000 common.
Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y. Underwriter
1958
spring.
New
York.
to
Brothers, N. Y.
Zeckendorf
Creative
(6/4-8)
Properties Corp.
On
amendment
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
ness—A
one
New York.
Zero
March
30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
tional
Co., Inc., Oklahoma City.
common
The
stock.
offering would
be
made
on
the basis of
each 10 shares held. Based
on
.
ATTENTION
UNDERWRITERS!
Market
to know about it
so
that
can
we
prepare
similar to those you'll find hereunder.
Would
write
telephone
you
us
us
at
REctor
at 25 Park Place, New York
<
2-9570
or
Florida
7,.N. Y?
March 19,
to
offer
457,265
Power
1962 it
stockholders
additional
Office—101 Fifth
•
Alabama
Power
Co.
*
(5/31)
On Jan.
12, 1962 it was reported that this subsidiary of
plans to offer $17,000,000 30-year first
mortgage bonds in June. Office—600 N. 18th St., Bir¬
Underwriters—(Competitive) Probable
bidders:
Blyth & Co.' Inc.-Kidder,
Peabody & Co.
(jointly); Morgan Stanley & Co.; First Boston Coi^.;
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
rities Corp.-Drexel & Co. (jointly); Lehman Brothers,
Halsey, Stuart & Co. Inc. Bids—Expected May 31. Infor¬
mation Meeting—May 28, 1962
(2:30 p.m. EDST) at 20
Pine St., (Room 905), N. Y.
Auto Machine
Systems, Inc.
14, 1962 it was reported that this company plans
to file a "Reg. A", covering 135,500 common.
Price—$1.
Business—Operates a communications network for the
-purchase and sale of used cars. Proceeds-—General cor¬
porate purposes. Office—Westbury, L. I., N. Y. Under¬
March
M.
Baltimore
March
.to
Kirsch
Gas
9, 1962 it
issue
about
&
Co., Inc., N. Y.
Electric
Co.
reported that this company plans
$25,000,000 of first mortgage bonds in
was
the second half of 1962
or early 1963.
Office—Lexington
Liberty Sts., Baltimore 3, Md. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.-First Boston Corp. (jointly) j Harri¬
and
man
Ripley & Co., Inc.-Alex. Brown & Sons
it Boston Edison Co.
May 2, 1962 it was reported
vote.June 14
on
approved,
the
(jointly).
stockholders
the company's plan to refund
of series G, 5 1/a %
If
that
are
to
$15,000,000
first mortgage bonds due Oct. 1, 1989.
new
bonds would be issued in late
June.
Office—182 Tremont St., Boston. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Harriman Ripley & Co., Inc.;
White, Weld & Co.; Lehman Brothers. ~
Chicago, Burlington & Quincy RR.
(5/9)
was reported that the
company plans
$3,150,000 of equipment trust certificates in May.
Jackson Blvd., Chicago. Underwriters—
Salomon
Brothers
a
l-for-20
bonds
&
was
in
615
to sell
Ave.,
last
Bellwood,
sale
of
111.
bonds
Underwriters—To
Natural
on
be
14, 1960, was
bidders were:
Inc-Equitable
& Co.
'
•
'
Gas Co.
Underwriter—To
be
named.
The
Nov.
16, 1960 was handled
basis by Blyth & Co., Inc., N. Y.
on
Northern
last
on
sale
of
de¬
negotiated
a
Pacific
Railway (5/22)
reported that this company plans
$4,035,000 of 1-15 year equipment trust certificates
in May. Office—120 Broadway, N. Y. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.,
Inc., and Salomon Brothers & Hutzler. Bids—Expected
May 22 (12 noon EDST).
1
April 17, 1962 it
$23,000,000 30-year first
November.
Office—270
"
Peachtree
Power
reported
was
•
$30,000,000 of first mortgage bonds due 1992. OfFannen St., Houston, Tex. Underwriters —
Probable
bidders:
Northern
March
States
Power Co.
Lehman
Brothers-
Union
Securities
&
Co.-Salomon
Brothers & Hutzler (jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; and
Blyth & Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly). Bids—Expected in June.
(Minn.)
(6/12)
t
19,
1962 it was reported that this company in¬
tends to sell $15,000,000 of 30-year first mortgage bonds
due 1992. Proceeds—For expansion. Office—15 So. 5th
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co.; Merrill Lynch, Pierce,
Fenner & Smith Inc., Peabody & Co., and White, Weld
& Co. (jointly); First, Boston Corp. and Blyth & Co..
Inc.
(jointly). Bids—Expected June 12, 1962. Information
Meeting—June 7, 1962 (11 a.m. EDST) at Schroder Trust
Co., 57 Broadway, N. Y.
Norton
.
.
..
.
\
Co.
Jan. 17, 1962 it was reported that this closely held com¬
pany
of
had
1962
its
postponed until at least the second quarter
original plan to make a public offering of
its stock, due to the inability
to obtain a favorable tax
ruling from the IRS. Business—Manufacture of various
abrasives and cutting machines.
Co.
that this company plans
fice-*-900
Dillon,
The
bentures
(11/7)
Lighting &
was
y
or/hort term borrowing. Office—2223 Dodge St., Omaha,
Neb.
reported that this subsidiary of
Oct. 5.
it
(I
to sell
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
Southern Co. plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg.; At¬
lanta, Ga. Underwriters—(Competitive), Probable bid¬
ders: Blyth & Co., Inc.; First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled
for
1962
May.
Feb. 28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
On Jan.
28,
Eastern
Northern
the
Houston
in
Vegas,
July
handled by First Boston Corp. Other
Halsey, Stuart & Co., Inc.; Blyth & Co.,
Securities Corp. (jointly); Glore, Forgan
Oct. 5.
Mar.
publicly
named.
basis.
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart &
Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
Eastman
Office—547 W.
(Competitive). Probable bidders:
on
& Light Co.
Georgia Power Co.
(Competitive.)
April 17, 1962 it
to sell
shares
the Southern Co. plans to offer
mortgage
Lynch,
$25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
St.,. South, St. Petersburg, Fla. Under¬
12, 1962 it
Underwriter—Merrill
program. About
Ave., Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. and
Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
On Jan.
Fla.
Northern Illinois Gas Co.
—25 S. E. 2nd
~
59,
Feb. 28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of 1962. Office
mingham, Ala.
—
Office—2011: Las Vegas Blvd:,
Nev. Underwriter—Eastman Dillon,
Union Securities & Co., N. Y.
\V 'V\:
-
reported that this company plans
the right to subscribe for about
common
Power
or¬
was
Northern Gas Co.
South, Las
on
Florida
the Southern Co.
writer—T.
stock'
Carl M.
May 4, 1959 wds underwritten by Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
mon
stock
28, 1962 it was reported that this subsidiary of
Southwest Gas Corp., plans to sell $2,000,000 of common
writers—To be named. The last rights offering of com¬
Prospective Offerings
The
Feb.
Co.
was
Miami
Nevada
Del. Underwriters—(Competi¬
Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
item
an
Airport,
share for
St., Wilmington,
tive). Probable bidders:
SEC.
a
of the stock? Price
About $20 per
share. Proceeds—To repay a $4,500,000 demand
loan, and
other corporate purposes. Office—Miami International
standing oil Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Do you have an issue you're planning to register?
Our Corporation News Department would like
and the
divest themselves
the number of shares out¬
one
the Board
Sept. 9, 1958 agreement unaer
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
planes during their respective busiest seasons. The CAB
later disapproved this
plan and ordered the airlines to
to
stockholders first
common
of
proval
Power &
writer—Don D. Anderson &
company
.
iginally obtained under
corporate guidance and interim financing com¬
Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
new
National Airlines, Inc.
May 8, 1961, it was 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¬
Light Co.,
March 9, 1962 it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
ities.
formed this
Boston Corp. Bids—Expected June 5.
5, 1962 this company reported that it plans
registration of 150,000 units, each consisting of
common share and
1/5 warrant. Price—$2.25. Busi¬
Delaware
re¬
sidiary plans to sell $50,000,000 of debentures in June.
Proceeds—To repay .bank loans Office—931 14th St.,
Denver. Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Corp.
Proceeds—For general corporate purposes. Office
Underwriter — Hampstead Investing
Corp., N. Y.
V,/-;
Brothers, had
,
pany.
m
debt
.
—New York City.
Mountain,. Inc..
Proceeds—For
Mountain States Telephone & Telegraph Co.
(6/5)
;
/■v
March 21, 1962 it was reported that this A.T.&T. sub¬
early
30, 1962 filed 100,000 class B common. Price—By
(max. $16). Business—Real estate. Proceeds
—For general corporate purposes. Office—383 Madison
stocks.
common
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in
part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
;
- '
4
:
Mar.
March
and
southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
Power Co.
Ventures
•
.
to transport natural gas from
9, 1962 it was reported that this company plans to
$40,000,000 of securities, probably first mort¬
gage bonds, about mid-year. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
common,
.
1962
Lehman
and
Jan.
1962 filed 475,000
v
it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
sell
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,
sell about
of which 175,000
are to be offered by company and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds—For working capital. Office
—One Mercer Rd., Natick, Mass. Underwriter—Lehman
•
T
■
about
Consumers
(6/4-8)
Zayre Corp.
be
financing, partly to refund $125,500,000 of bonds.
Office—4 Irving Place, New York. Underwriters—(Com¬
petitive). Probable bidders on the bonds: First Boston
Corp.; Halsey, Stuart & Co, Inc.; Morgan Stanley & Co.
Bids—Expected June 19 (11 a.m. EDST)/at company's
office. Information Meeting -4 June 11, 1962 (10 a.m.
EDST).
Wynlit Pharmaceuticals, Inc. (5/21-25)
28, 1961 filed 125,000 common. Price—By amend¬
Business—Development and manufacture of phar¬
maceuticals and medical products. Proceeds—For general
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
May 21,.
payment, and construction. Office —- 161-20 89th Ave.,
Jamaica, N.'-Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by. Blyth & Co.
Other bidders were: Halsey, Stuart & Co.
Inc.; Kidder,
Peabody & Co.; White, Weld & Co.The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was
madebthrough Blyth &
Co., Inc.
_■ 'Vb/.v':: b
\'-4 J ;•••//
•
.'y/..
of
Dec.
•
1963
Under¬
on
Halsey,
preferred
Office—297
•
111.
Decatur,
Jamaica Water Supply Co. -1
1962 it was reported that the company plans
$100,000,000 of mortgage bonds in June.
the" company expects to do about $168,000,000
issue
In
ment.
April 20,
v^vV:"
St.,
made
was
March 20,
to
April 25,
'
-
(6/i9)
27th
through First Boston Corp. Other bidders
Stuart & Co. Inc.; White, Weld & Co.Lynch, Pierce, Fenner & Smith, Tnc.: (jointly);
Eastman iDillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly). - '
'
newly formed
/Underwriter—'To
Columbus,: O.
St.,
South
Merrill
*
Consolidated Edison Co; of New York,; Inc.
•
e-.
Ehrlich, Irwin & Co., Inc.,
—
High
Office—500
were:
named.
Oct.
.
1963.
Co., plans to sell $10 to $20
stock in the late
common
"
.
that this
reported
was
Small Business Investment
million of
*
Co*
writers—To be named. The last sale of bonds
139 East Fourth St.,
Cincinnati. Underwriters—(Com¬
petitive). Probable bidders: Merrill Lynch, Pierce, Fen¬
ner
& Smith, Inc.-Lehman Brothers (jointly); Morgan
Stanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Stuart & Co., Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.-White,
Weld & Co. (jointly).-Bids*—Expected June 21. Informa¬
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
Co. (47th floor), One Wall St., N. Y.
Weeks, N. Y.
World Scope
&
April 17, 1962 if was reported that this utility plans to
sell $25,000,000 of 30-year first mortgage bonds. Office—
payment, acquisitions and working capital. Office —
1768 E. 25th St., Cleveland. Underwriter—Hornblower
&
Gas
Power
Thursday, May 3, 1962
.
Feb. 28, 1962 it was reported that this utility expects to
sell $25,000,000 of debt securities in late 1962 or early
noon
Cincinnati
laundering and garment rental. Proceeds—For debt re¬
Illinois
Halsey, Stuart & Co., Inc. Bids—Expected
CDST) in Chicago.
.
,
Office—New Bond
St.,
Worcester, Mass. Underwriters—Paine, Webber, Jackson
& Curtis and
Goldman, Sachs & Co., N. Y.
Pan
American
World
Airways,
Inc.
Oct. 30, 1961 it was reported that the CAB had
approved
the company's plan to sell its 400,000 share
holdings of
National Airlines, Inc.
However, it said Pan Am must
start
selling the stock within one year and complete the
sale by July 15, 1964. The stock was
originally obtained
under a Sept. 9, 1958 agreement under which the two
Volume 195
Nuryiber 6156
.
.
The Commercuftand Financial Chronicle
.
700,000; common shares. " Business—Manufacture of elec¬
tronic equipment for missile
analogy computers,: guided
missile controls, etc. Office—408 Bank of the Southwest
Bldg., Houston, Texas.
Underwriters—To be named.
(Expected' to be- a group of leading New York invest¬
ment bankers)., Offering—In June.
of 400,000*
carriers, agreed, to. a sharer for.-share exchange
,
planes during their?
.shares andi lease, of * each, other's jet
respective busiest seasons*; Thej CAB later disapproved!
this plan,and.ordered.the airlines to divest themselves
.of.the stOclt. Officer—135 East 42nd St., N. Y, Underwriter—Merrill' Lynch, Pierce,, Fenner &
Smith Inc.
'
Panhandle Eastern; Pipe Liiie Co*
1
' v
;Marcn<- 8, 1961 it was reported! that thi*- company ex*pects to sell about $72,000,000. of debentures sometime ih
1962* subiectto FPC approval ofits construction program.
Officer—l20 Broadway,, New YOrk City; Underwriters—
-Merrillt Lynch;, Pierce, Fenner & Smith Inqa, and Kidde*
Peabody & Co./ both/of New York City (mgr*). Offering
'
—Expected* in the. fourth quarter of 1962;
Virginia Electric & Power Co. (6/5)
19, 1962 the company announced plans to offer
publicly 650,000. common shares. Office
Richmond, 9,
March
(6/26)
,
Mar. 28, 1962 if wasreported that this company plans
to sell $5,000,000 of fitst.mortgage bonds. Office—220 S.
Virginia St.,. Reno, Nev. Underwriters^— (Competitive.)'!
Probable bidders:. Kidder; Peabody & Co.-White; Weld1
&Co, (jointly); Salomon Brothers & Hutzler; Halsey,
Stuart. & Co., Inc.;: Stone & Webster Securities Corp.*
Dean Witter & Co. (jointly). Bids—Expected June 26,,
1962 (41 a.m. EDST), at 49 Federal St., Boston. Infor¬
:
—
Va.
^Proceed&r^For construction and'the retirement of $17,-
:000,00a .of maturing,"bonds. Office—9th? andi Hamilton
Sts., A'lientown, Pa;. Uhdei%riters—Tq» he; named. The
last sale of* bonds oh Nov: 29„ 1961 was wori. at ' com- ?
•
'
by White, "Weld & Cou,t and. Kidder,
Peabbd3\&' Co; Othen bidders were Halsey;, Stuart &
Go; Inc.; First; Boston- Corp.-Drexel & Cb* (jointly). petitiye, bidding
'
•
Pubiic Service. Co.. of; Colorado
1
March 9, 1962. it. was reported that this, company, plans
to sell1 about $304)00.000 of common stock tov stockhold¬
»
,
On Jan. 12, 1962 it was reported that this subsidiary oi ~
the Southern," Co. plans to offer $6,500,000 30-year first;
mortgage bonds In November. Office—600 N:
18th St;r..
Birmingham,; Ala. Underwriters — (Competitive) Prob*
able bidders:; First Boston Corp.; Halsey Stuart & Co.,
Inc.;,White, Weld & Co.-Kidder, Peabody & Co, (jointly);
Merrill! Lynch, Pierce, Fenner & Smith Inc.rBlyth &>.
Co., Inc. (jointly); Eastman Dillon, Union Securities; &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected: Nov. 28. Regis*
ers
★ Southern Pacific Co. (6/6)
May 2, 1962 it was reported that this company plans to
sell: about $8,100,000 of 1-15 year, equipment trust cer¬
Blythi & Cov Inc.,; andi Smith,, Barney 8&GbvInc.
San Diego Gas &
March
tificates in June.
Electric Co.
"
&
plans to
Office
—1525 Fairfield Ave., Shrevdport, La.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
note.
A. total
for this
~frffinr$)ttge'
Continued
?
'm
Calendar WeeK.'s
The
There
were
of
-
upr
;
an. annual net in3.398% came from
wiSSSe
£ l™TBiate &
C
Co
^eres^ cos^* The bonds were not
reoffered and were taken for the
bank's portfolio account. It is unusual that, almost every large
*
De
f Sic., de^5rfTdeto,tb\f
S
Merrill Lynch, Pierce^ Fenner &
Smith, Inc., Bear, Stearns & Co.,
ofi
Brothers
This
is
a
tha
ll^e'
,1
vfnpStVvf'
Co,„ Shields &
Co., Wertheim; & Co., Weeden &
Co., Hayden, Stone & Co. and
Barr
?
•
B. J. Van. Ingen &
im-
21. accounts bid
a^fiQi^nPt ^
at
the*
J
of
issue, with the First Na-
kxgh. bidder at a 2.691% net in-
& Co
knd%affiinan Rinlev & Co
Other^^ Sr members of
portanee-for sale on Friday and
only two issues of note on Mbnday. The City,of Akron, Ohio«put
•
of
the^ arouD! headed'bv Blvth
Business
issues
no
cost
terest
by the-First Boston Corp.Kidder, Peabody & Co* account.,.
Tbe wdmiing:-group offered/ the
bonds* to yield, from 1.70.%* to
2.80% and. upon-, reoffering about'
$2,000,000 of the bonds-were sold.
■'
setting
coupon
made-
company
sell: $40;000,000 of first mortgage- bonds due 1982:
if-SchCitmberger Ltd: v
'
May 2* 1962' it* was reported* that a registration, statement
will be filed) shortly covering a secondary offering of
89%
Windjantmer Cruises, Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000; ordinary shares.
Price—$4. BusinessOperation of "Windjammer" sailing ship cruises. Pro*
ceeds*
—
For acquisition of additional vessels. Office —
Bay St.,. Nassau, Bahamas. Underwriter—J; I. Magaril
Co.; Inc., N. Y.
Turnpike
other
up 234
points to 86% bid;
New York State Power 3^10s up
point.
bid;
Kansas
3%
3As of
point to 9634 bid; Penn¬
sylvania Turnpike 3:10s up one
point to 95 bid; Texas Turnpike
2%s up one point to. 86% bid and
West Virginia Turnpike 4% s up
one point to 71%
bid. Gains in
a
At
other
for
as
are
no
as
a
large
typC issues 'ready
This*
seems
some
much
important toll rdad
revenue
market.
market
for
ran
present,there
otherwise
or
or
issues
secitfr
of
the
likely to be quiet
time.
•
ln
«r
h %tl
Th® be^)t bid f?r $9>000»Q00 pos
t
A
Angeles, California Department of
divided
to
Washington Gas Light; Co.
Mar, 28; 1962 it was reported that this company plans
to sell $15,000,000 of bonds* Office—1100 H
St., N. W.,
Washington, D. C. Underwriters — .(Competitive.)
Probable bidders:!" Eastman Dillon, Union Securities &
Co.; Equitable Securities Corp.; Kidder, Peabody & Go,;
First Boston: Corp.;. and Halsey, Stuart & Co. Inc. BidsExpected in May.
if Wisconsin Power~& Light Co. (6/20)
May 2, 1962 it was reported that the company plans to
sell $15,000,000 of bonds in June.
Office—122 West
Washington Ave., Madison, Wis* Underwriters^—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White/ Weldi & Co.-Kidder, Peabody & Co. (jointly);
Eastman Dillon, Union Securities Corp.-Equitable Se¬
curities Co. (jointly) ; Blyth & Co* Inc.-Lehman Brothers
(jointly); Kphn, Loeb & Co.-Salomon Brothers & Hutz¬
ler (jointly); Smith, Barney & Co.-Robert W. Baird &
Co. (jointly). Bids—Expected June 20.
Under¬
Halsey, Stuart
Hutzler. Bids—Ex¬
&
if United Gas Corp. (6/6)
May 2; 1962* it was reported'that the
'
•
Co.
Inc.; Salomon Brothers
pected June 6 (12 noon EDST).
Calif. JJnderwriteiv-Blyth .& Co.,. Inc., N. Y
San Diego,
N. Y.
writers— (Competitive). Probable bidders:
19) 1962 11 was?reported] that this, company plans
to sell- about 500,0001 common to stockholders in; late
T96k t0, raise
$17.5Q0,Q0(L Office—861 Sixth Ave.
h
Office—-165 Broadway,
—
(11 a.m. EDST> at One Chase Manhattan Plaza (23rd
floor), M. Y. Information Meeting — June 1 (11 a.ih.
EDST) at same address.
tration—Scheduled for Nov. 1.
through subscription rights during, the. fourthi quarterof 1962 or the first quarter of 1963:. Offices—900) 15th.
St., Denver, COlb. Underwriters — Fifc&ti Boston Corp.,
Underwriters
(Competitive). Probable bidders:
Merrill Lynch,. Pierce, Fenner & Smith
Inc.; Stone &
Webster Securities Co.;
Khhn, Loeb & Co.-Ladenburg,
Thalmann & Co.-Allen & Co.
(jointly). Bids—June 5
Pennsylvania!Power
Light Co.. \
mation: Meeting-— June 22 (10:30 a,m. EDST) at 90
; Feb..20t, 1962 Jack K. Busby* President! arid C. E.,Qakes;
Broad;St., 19th floor.
i
*
Chairman, stated that, the1 company will, require about
," Southern Electric. Generating Co. (11/28.)
$93,00:0,00.0 in debt.financing, in the period^ 1962 to 1970: *
...
55
Inc.; First Boston Corp.-Harriman Ripley & Co., Inc.Goldman,,. Sachs & Co. (jointly); White, Weld &; Co.Equitable? Securities Corp. «(jointly).
Bids—Expected
June 6 (11:30 a.m. EDST).
V
_• Sierra Pacific PowerCos
.
>
(2143)
Kingdom of Denmark Financing
accouht^^with^Inembers controlling Water and Power <1963-1092)
90 % of their owi^bonds lt is dllbonds was submitted by the group.
St't® hHlM^ ffie^ amount Of headed andvC. by Devine Forgan
i°intly
Glore,
group'
& Co.
J.
Si Co.-
$3;00t6,QOO, Expressway
(4963-
•'4982^y*^nds».a^y.fit^acted: .i4^bid's;:
4. for .its bonds. The winning
headed, 'by the, Harris; Trust;
1
&
Hands.
However, the
10&'retataed'-S1oSiSrrt"£.,?ia Iwjunim!'''
tor group sales: has been sold
The .other
13 bids ranged^ fibom a
2.'813;%'. hef1
2:;930f%
in teres t./cost;.: to-a
m^ergsh dost: Assoeiated-
withv-the: *Harri§/-Trust] & Sayings
Bank.
ae
major-members of this
grohp, afh.fihas.e:; M.ahhuttap
First
National -.Bank Qf Dallhs,
Texas, and * F.' S. Moseley & <|o.
Reoffered-
ahyield) pf frbfen. 1450%
4o "2.9h% for^a 27/s'% couppn{ about
$1,3QO,'OBO*bf the^ bdndl liave been
°:?2'rS)0,«^tr;.$ystem^ Revende
a c c ^ u n t
headed by. Lehman.
^ ta dhe^ group. -Brothers. Other major members-;
a il^ Vof the winning group, are^ Stroud'
cost; °f • 3:1036% *"
;The; & Co:> F: j; duPont.
Co.,; First
second bid* of a
3.134%^ net^m- of Michigan < Corp.); Ira; Haupt .^c:
terest ..eost earner
from^the-First Go., Baxter & Co., J<. C: Bradford;
;Boston\ CoiTf, syndicate,
Other & Go. and Ladenburg, Thalmann
major.-members _of the: successful-7^ ^o.: Thev bonds were- offered? to.,
,
headed^by Blyth- &
interest-.
•
grmip
-
mplude
Harriman
.
RiPjey; yield
Op..
to, 3.25%
and,
importance^ involved! $10,000,000
Hawaii) general obliga(1965-1982)' bonds
which
were awarded to the" Wells Fargo
Bank American Trust Co. bidding
as we go
.
(1963
to^ yield.ffpm, 3.30% tp 3.25%
1990)
-
awarded tb5 the
dicate headed jbiintiy by
Trust Ge.- -and-the - First
syn- • vestor
of 2.838%
The;
<
was
North
has
been
Carolina
state, of
School- bonds
interest
cost-
.
due
chovia Bank & Trust Co* at;
10'cents les& per bpndt; than
tion
(Greensboro)
sold
$5,000,000
(.1964-1984;) to
the:.. groupi headed? by the
Wa-
marie
by the Chemical Dank New Yark
Trust Gov and this- bid1 amounted
to only
to date
Gtiilfofdi County
,
rtLnneru^ bid of a
2.939% net interest cost
dernand
Northern quiet with the present balance in
National account $6jl00;000.
-
City Bank iatv a net interest cost
2.7,461%.
of
the
a.
net
.
made
were
bond.
rated
1.50%
for
presently
count,
«•
remains in
:^;;, ,>
Week's. Major
sociated with the Wachovia Bank
& Trust Co.
are
ac¬
:
.
-
sale of the week
Tuesday's $35,000,000\Fort of
largest
awarded
to,
the
group
3% %
coupon/setting:
an, an¬
nual. net .interest cost. of. 3.360%.
at a price
yield about 3:33%. *A
The bonds are feoffered
Of 98.56 to
competing'bidof 97.77-fora5 3.30%
John Nuveen &.
2.90%,
initial
demand,
appeared
area
with
all the bonds
were
jointly by. Halsey, Stuart & Co.,
Inc., Drexel & Co., Glore, Forgan
& Co. and Ladenbiirg, Thalmann
C6/. on -its. dollar bidt of -97.509
ai
to time
differentials, no balance is pr.esently available.
maturing from 1964
spoken for and the overall balance in. account $1,800,000,
to
'
Term Bonds Continue Price
major underwriters
from banks in the local
(1993)
headed
as
Co., Cruttenden Podesta & Miller, Industrial,
Nationail Bank of Rhode Island,
McDaniel, Lewis & Co. and Republic National Bank of Dallas,
Reoffered to yield from 1.70% to
Sale
New York Authority term
revenue
bonds
which
fering the bonds to yield from
4.90% to 2:95% for coupons bear-
Co., Inc. syndicate. As¬
highly
Scaled to yield, .from
to 3.10%, a balance of $1,-
600,000
The
this
alone and naming a; net interest
cost of 2.7147%. The bank is of-
The, ing;2%&, 2%a and* 3s. Due
winning; bid* Jn addition, 13 second: bid of a 2:757% net inother bids- ranging from- a*- 2*95% terest cost came from the
Halsey,
interest cost to a 3.03% interest; Stuart &
for
1.60%
m-
bonds Were
was
from
to press, a balance of
$7,105,000 remains in account.
' This
week's f i n,a,l sale of
'
f
Lansing, jMichigan
cost
rmmerup bicl of a 3.001%interest cost came from the
^^%Nuveen^ Uo., White,
cr- :•£ 4; /' •ir/.i/r-/'!•• - r% ■v;..\Wr®^cv
Monday evening, $.4,500,000 ?nd .^,*,^
!e
sold..
-V
ald^he
out,
Arizona, awarded $8,— net
1974
'.
:
Highly Competitive Bidding for
Enhancement
The signing took
May 1 in the offices of
Kuhn, Loeb & Co* Incorporated.*
Participating in the ceremonies
are,
seated, left, Steen Secher,
Chief of Section, Ministry of Fi¬
of
Denmark 534% 15-Year Ex¬ nance, Kingdom, of Denmark, and,
ternal Loan Bonds due 1977 which standing, left to right, Edwin. H.
was made May 2 by an underwrit¬
Herzog, Partner in Lazard Freres
ing' group headed by Kuhn, Loeb. & Co.; W. Scott Cluett, Vice-Pres¬
& Got,. Incorporated;, Smith, Bar¬
ident of Harriman Ripley & Co.,
ney & ~ Coi Incorporated;: Harriman Ripley. &
Co., Incorporated* Incorporated, and Robert F. Seeand Lazard
Freres & Co.
The? beck, Vice-President
of Smith,
ket
rise
Those
wen
was
issues
about
doing
a
half point.
particularly
the week, past are;
County, Washington PUD
Ordinarily we do not comment 5%s up 1% points to 115% bid;
on smaller loans
but an issue of Florida Turnpike 4%s up % of a
$1,600,000 Palm; Beach, Florida: point to 10934 bid; Illinois Toll
serial
(4963-1982)' bonds which 3%s up % of. a point to» 97*%« hid;
sold late Tuesday is worthy of Indiana Toll 334 s up 234 points bondsMinor. Issue
Samuels, Senior Vice- yield
place
5.47%.
President of Kuhn, Loeb & Co.,
term revenue
bond
Incorporated
(seated* right), is
yield
Index
averages
out
at
shown affixing his signature to,
3.737% as of May 2. A week ago
documents relating to the public?
the
Index
averaged
a
3.769%
offering of $20,000,000 Kingdom
yield. In terms of par, the mar-
Chronicle's
''
,
,
The long-term revenue issues
have moved along with the bond
market this week. The toll road
issues have in a few instances
Nathaniel
done better than the market. The
during
Chelan
are
priced
at
97%%, to Barney & Co. Incorporated.
f
56
-
•'
f
•
•
•*
The Commercial and Financial Chronicle
(2144)
,«
Thursday, May 3, ld62
...
May 19-23, 1962 (Detroit, Mich.)
WASHINGTON AND YOU
Financial Analysts Federation
15th Annual
Convention at the
Hotel.
Statler Hilton
behind-the-scenes interpretations
►
(Omaha, Neb.)
May 24, 1962
Association Annual
the
.
:
Fourth
the
Before
Administration
is
as ex¬
■
Meantime,
Congres¬
Joint
the
Committee
ner
the Library
on
Library
the
Congress
of
There
and
has
was
been
criticism
some
raising lately
going on a spend¬
for themselves.
How¬
ing
spree
itol
Hill,
this
nation
mighty
a
and
The
fice
building,
carried
now
the
of
out
at
about
of
cost
$500,000,000.
Blocks
ing
to
stores,
hotel
a
houses
restored
and
are
go¬
in this building
razed
The home
"sore"
according
their
to
work
has
the
"A"'
of
face
print
for
front
was
added
been
the
blue
vast
a
to
ac¬
•'
v
^
spending,
demoli¬
of
already
.
thing,
to the
statements.
amount
complished.
In
letters
published
substantial
tion
in
augurated
East
Capitol
new
the
January,
members
the
of
Senate
House, usually ready to op¬
big spending programs like
foreign assistance are assertedly
pose
convinced
and
will
Other
eveiy
books
our
much
as
as
we
owe
that
those
expenditures thus
that
are
proposed
be spent soundly.
the land,
owe
telephone
have
of
minimum
a
have
office in the Capitol
an
three-room
Twin City Bond Club annual out¬
ing at the White Bear Yacht Club,
company."
June
14-15, 1962 (Kansas
City, Mo.)
their
Aoron'o
nnJ
PanRnl
nn
private
al, June
win
ro°™ on Capitol Hill.
There is no disputing that the
than private industry
can afford. The Senate is more
rators
and
a
place to rest.
seek
Members
to
Projects
'
criti-
answer
pointing out that the popula-
by
tion
186,000,000
than
more
States is
United
the
of
now
and
our
country"
is heading:' for the 20#,000,000 mark during this decade.
With
the
Federal
Government
growing all
of
Congress.
the
cite
shops and stores and home
owners
have begun moving out,
government
because the bulldozers will follow
such
and
placed
more
being
are
extension
members
Members
The
time,
the
demands
the
pared, with
enators.
IN INVESTMENT FIELD
Canadian
\a-vU.-v
destined to
.Y5■
cost many
May 2-4, 1962 (New York City)
New York Stock Exchange Con-
ference
on Registered Representatjve Selection and Training at the
Commodore Hotel,
May 4, 1962 (Pittsburgh, Pa.)
Pittsburgh Securities Traders As-
millions of dollars are still on the sociation
drawing-boards. When completed
they will lend beauty to Capitol
Annual
Spring
Outing
might be expected from many
people who - have long occupied
homes in the area, or who have
operated
for
many
Right
restaurants
in
the
area
June 15, 1962
Investment
York
the tearing
buildings is
attributed to the late Speaker of
the House Sam Rayburn of Texas.
The late Speaker had a great love
for the Capitol where he served
as
Speaker longer than" any one
down
else.
posed
of
wrong,
or
the
many
He did not regard the pro¬
beautification of acres of
things
came
into
second House
(now called the
Building) in
point out that back
then the Federal budget was $3,-
Building
Office
1932. Members
320,000,000. Now Congress has be¬
come
the board of directors, for a
$90,000,000,000 corporation, that is
growing rapidly
„
...
A
in
a
Congressional secretary back
the early 1930's could answer
half dozen letters
outing at
Country Club.
New
Sleepy
?
,
June
17-20, 1962 (Canada)
Investment Dealers' Association of
at the Oakmont Country Club,
Canada
May 6-9, 1962 (Seattle, Wash.)
the
call
for
the
four-level
a
construction
parking
garage
under the East front plaza of the
fnv.
merit
Spring
Bankers
Meeting
Association
of
ve™ors-
^
of
Board
46th
Manoir
annual
meeting' at
Richelieu,
Murray
America annual Conference at the
Santa Barbara Biltmore.
;,
Hill
building
maintains that it is
bucket"
foreign
in
in
a
"drop in the
comparison
comparison
assistance
program
to
our
programs
that
have been in effect since the Mar-
shall
Plan
was
launched
in
to
1946.
Botany Industries
Maxson
Waste King
Dealers annual spring party.
May
17-19,
Ta.)
1962
,
,
Our
(Rolling Rock,
#
York telephone number
is
Western Pennsylvania Group In¬
B
a n
k
e r s
Association
reflect Meeting.
views.!
New
CAnal 6-4592
'
-
LERNER & CO., INC.
"behind
scene" interpretation May 1S 1962 (Baltimore, Md.
from the nation's Capital and may or
may no} co"lclde with the Chronicle s' ciation 27th annual Spring Outing
own
Electronics
Official Films
1962 (Nashville, Tenn.)
Nashville Association of Securities
vestment
[This column is intended
American Cement
May 17.18
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
at the Country Club of Maryland.
each day
Now a Con¬
or so
assistance.
without
of
annual
Hollow
TRADING MARKETS
after the
House
(New York City)
Association
Attention Brokers and Dealers
Some of these
New
years.
Investment
k
Plans
Capitol
Office
Group
the Veter-
nrogram
few.
existence
&
v./.
into
private
lives
ever-expanding so-
the
as
securitv
...
(Toronto
Bankers, Association Meeting
(June
14,
Toronto;
June
15,
Montreal). *, ';VV-
Capitol to park some 2,000 auto- May 14-15, 1962 (Detroit, Mich.)
mobiles. This proposed project Association of Stock Exchange
would cost in the neighborhood of Firms Board of Governors spring
before long. Even the Capitol Hill
Administration,' expanded $50,000,000.
meeting at the Dearborn Inn.
Club, which has been a Repub¬ ans
While $500,000,000 is a substan- May 15, 1962 (Boston)
lican
Club, has shut its doors agricultural programs, community
lending programs, housing, and tial sum in these days of large'New England Group Investment
waiting the bulldozer.
'
the defense agencies, to name a expenditures, one defender of the Bankers Association Meeting,
Criticism
has
been
cial
:
1962
at
Club, June
Hill.
National Association
of Mutual Bay, Quebec.
The Library of Congress is to
get a third building on the Hill.
5ai£f oivmnhvHote?"", June 23-26, 1962 (Santa Barbara,
Cdlif.)
It will cost an estimated $70,000,- terenco at the Olympic Hotel.^,
California Group of the Invest¬
000, plus an underground vault May 9-12, 1962 (White Sulphur
ment Bankers Association of
that will cost another $24,000,000.
Springs, W. Va.)
of
of
yearsb<with the
six
tournament
•
14-15,
Montreal).
space,
ways" for the Senators who have
them. Most of them have refrige-
golf
June
taxpayers
Congressional staffs
are liberal with spending taxpayers'
expected to increase."
funds in-just about all areas, than
The Capitol offices of the Sen- the House of Representatives. The
ators, usually unmarked and dif- ®Jou®e ^ecftbers come up for reficult to find, are so-called "hide- election every t^oj^e^rs as com-
14;
15,,.
more
"fringe"
expense of the
enlarged quarters, too. With more
party-
summer
Meadowbrook County
.
,
Senators
annual
Cocktail party at Hotel Continent¬
rKnmd
nvixrofn
City Security Traders As¬
sociation
under-
have
benefits at the
and House* officials will
Capitol offices.
"Committees are to get much
suites,
on
sharp, ^as
13-14, 1962 (Minneapolis-St.
Paul)
tHled t0 USe them- The Senators
in/a
Members of the House will
more
Republican Club Closed
the
now
"v
a-■
>
balanced—we
are
-
bGIl3t0r
cism of the Capitol IJill expansion
1961.
and
far
them
itself.
before President Kennedy was in¬
Some
lord
:
also
in particular
owners
about the whole
editors and
A
"Well,
also have
be
program.
are
Country Club.
June
Kansas
Ifro8W
nf
will have
of
numerous
8, 1962 (New York City)
Municipal Bond Club of New York
Annual Outing at the Westchester
(pictures and text) on the
changes going on on Capitol Hill:
"With the new buildings, Sen-
Of
Investment
June
whov opposed Y
up
.
Group
Association Meeting.
the additional third
on
port recently reported in a round¬
100
a
Bankers
agree that its purpose is to
provide more work space rather
than create luxury for themselves.
The U. S. News and World Re¬
occupied
by
Senators,
and the new $82,000,000 House of¬
fice
building under construction
are
just a part of the five-year
Capitol Hill building plan being
half
about
:
Southern
tion
.
Hotel.
7-10, 1962 (Ponte Vedra,
Fia.)
; v;;v
...::
Office Building appropria¬
House
landmark of
symbol
Seville
June
Space"
Representatives
each other
$37,000,000 Senate of¬
new
Work
"More
the
at
ditures
bright
a
of the Free World.
Spring Conference of the National
Association of Investment Clubs
question about non-urgent expen¬
this' year and next.
members seem¬
the criticism is
unjustified.
They
have
some
strong arguments on their side.
The biggest
transformation of
all time is now underway on Cap¬
annual
Detroit
of
,
limit be raised,
exceptions, most
ingly think that
(Detroit, Mich.)
Club
June 1-2,1962 (Miami Beach, Fla.)
to ask that the Federal debt
there is a serious
year
ever, the question is: Is that criti¬
cism fair? With perhaps some few
outing at Oak
spring outing at Essex Golf and
Country Club, Windsor,
Ont.,
Canada,
•' a',
' *• ' ■
the Treasury
Dillon likely to be going to Cap¬
itol Hill for the -second time this
about Congress
annual
1, 1962
Bond
With Secretary of
eyebrow
some
June
Library of Congress, among other
Just a year ago
$293 billion.
year.
limit
first
Hills Country Club.
things,
is
pending
before
the
Hofise Public Works Committee.
one
dance at the Plaza.
tonio
cost
to
lion in
debt
(New York City)
May 25, 1962 (San Antonio, Tex.)
Municipal Bond' Club of San An¬
Congress has reported out au¬
thorization for a second annex to
$70,000,000.
A second authoriza¬
tion for $32,000,000 to include an*
underground annex for the
the
pre¬
cocktail and
Traders Association of
New York Glee Club annual din^
.v
of
to
Day at
Club;
Security
sional
ask
to
ceded on May 23 by a
dinner party.
May 25, 1962
-•
again raise the debt
limit by $8 billion; IF and when
this is done, Congress will have
raised our debt limit by $15. bil¬
Congress
Field
Country
travagance for the future genera¬
July the
of
Omaha
tion.
4
going
building-studded land
new
WASHINGTON, D. C. — Nearly
knows Congress ap¬
propriates more arid more money
every year in order to run our
big and growing Federal Govern¬
ment.
"-1.
■
everybody
Bankers
Investment
Nebraska
from the nation's capital
,
Teletype
HUbbard 2-1990
BS
69
«..
gressman answers about 50 letters
on the average a day.
Of course
EXPERIENCED
letters
TRADER
AVAILABLE
A
Well-known from coast to Coast
—desires
position
generate
more
Cove Vitamin & Pharmaceutical
mail.
Common and'Warrants
"Rub-Down Quarters"
with
New
Representative usually has
staff of five
ing in
different
or
This
room.
the
on
a
six persons work-
small
one
Senate
is
side
York Stock Exchange house in
where there
New York City—prefers salary
available. The Senators have their
and bonus arrangement.
own
Chronicle, 25 Park Place
New
York
7,
N. Y.
.
V
athletic
quarters.
Box 426, Commercial & Financial
-
~
is much
more
"rub
and
This does not
space
.
expense.
at
the
However,
FOREIGN
SECURITIES SPECIALISTS
down"
TEL: HANOVER 2-0050
mean
all
tax-payers
each
is
en-
Common & Warrants
5=3 Carl Marks & r.o Imp
20 BROAD STREET
members of the Senate approve of
these facilities
Versapak Film & Packaging
X^
•
NEW YORK 5, N. Y.
TELETYPE NY 1-871
L.
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*
HILL, THOMPSON & CO., INC.
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.70 Wall
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