Full text of Commercial and Financial Chronicle : May 4, 1961, Vol. 193, No. 6052

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The COMMERCIAL and FINANCIAL

ESTABLISHED

1839

Reg, U. S. Pat. Offu:•

Volume

Number 6052

193

AS WE SEE IT

Editorial

"The first hundred
have

New York

passed and

first hundred

7, N. Y., Thursday, May 4, 1961

days" of the Kennedy Administration
the inevitable comparisons with the

part,

we

are

well satisfied with the

Cents

Copy

a

Of Civilian Atomic Energy Uses

days of the first term of Franklin Roose¬

day. Obviously, Presi¬
dent Kennedy has been able to come nowhere near the
early days of the New Deal in terms of revolutionary
changes in the legislative structure of the nation. There
was, of course, no earthly reason why such an achieve¬
ment should have been expected, and if there are those
who now find revolutionary hopes
disappointed, the
fault is really that of President Kennedy and those who
surrounded him during the campaign and during his
early days in office. It was they who did their best to
convince the public that rather terrible things were the
matter with the country, and that only the most ener¬
getic and radical action by a new Administration could
be expected to set things aright. It is clear that the great
rank and file did not take such ideas very seriously, and
the temper of the people at large has been and is being
reflected in Congress.
our

50

The Not Too Well Known Realities

velt have become the order of the

For

Price

By Loren K. Olson,* Commissioner, U. S. Atomic Energy
Commission, Washington, D. C.
Ticked

off

energy

than

power

for

300,000

cost

plants

by

kilowatt,

(1)

Commissioner's

certain completion

1962;
and

realized.

(2)

of 16 elec¬

construction

larger,

plants;

plans

made

(3)

and

AEC's

goal to produce power competitive with fossil fuels.

Olson

Mr.

achievements in peaceful atomic

that generally

notes:

report

progress

tric

avowed

the greater

are

uses

1968, and

by

areas

pulsion

nuclear electric power in our country's high

sees

details

radioscopes,

power,

nuclear

travel

large nuclear

major

goal

nuclear

energy

electric

have

I

power.

will

ity
more

United

rational attitude

each year

and hence with the refusal of

to

displayed by the people of this nation,
Congress to be stampeded
into the sort of legislation which at one time at least
the President appeared to wish. The fact is that we
should have been pleased if some of the legislation that
has actually reached the statute books had suffered the
fate of other proposals by the President. The cold fact
is that the whole theory of "the first hundred days"
as
expounded by the Kennedy entourage is quite with¬
out validity in current
circumstances. In the first place,
the country is in no situation from which it needs to be
rescued by a hodge podge of revolutionary legislation—
the only kind that is likely to come out of a hundred
day legislative marathon. There was, of course, no rea¬
son for it in
1933—only a sort of popular excuse—but
today even the excuse is absent. Now that the first
hundred days of the present Ad!(Continued on page 16)

keep

in

an

on

picture?

research,

and

actual
it

as

next

century.

tors—

fossil

fuel

for

production.

The

objective

capacity

it will be augmented during
as it will
be still further

as

and

,

nuclea^pawer

plants of still larger capacity now are

1

operating.
One

both the

of

these is

the

110,000-kilowatt reactor of

the Yankee Atomic Electric
Loren K. Olson

United

the

of

power

States nuclear power program has been stated many
It

year

Two other

and eventual dwindling
of fossil fuel supplies—present

power

exists,

now

current

the

summarize

Shippingport, Pa., plant operated by the Duquesne
Light Co., of Pittsburgh—the first atomic power
station ever to be brought into sustained civilian
power production—with a present capacity of 60,000
kilowatts, but due, with a new reactor core of
advanced design, to produce 100,000 kilowatts of
electricity late in 1962.

power

times.

to

civilian nuclear power production

5,000 electrical kilowatts; the Santa Suzana,
Calif., plant of the Southern California Edison Co.,

re¬

compelling reason and
the needed opportunity for the
development of nuclear energy
as
a
major source of electric

the realities in the

whose capacity is 6,000 electrical kilowatts, and the

of

demands

are

like

is

the
These two fac¬

increasing

What

should

include the Vallecitos plant of the Pacific Gasr&
Electric Co., at Vallecitos, Calif., whose capacity

the

average

the middle

I

plants are producing significant quantities
tricity for home and industrial consumptioi^mese

for the next 10 years
with the mush¬

by

realities.

increased in the year to come.
As of today, five central station

pace

exhaust

already said that immediate "prospects"
nuclear uses are more than prospects

are

ing of fossil fuel requirements
sources

our

for civilian

rooming demands for electric
power in this country.
At the
same time, present compound¬
would

It is

power

in the civilian development of
has been its use as a source of
Current estimates are that about

installed

be

States

power

1968.

—they

million kilowatts of additional electrical capac¬

11

by

pro¬

area.

plants

on economic grounds
hope that in subsequent
years an increasing number of utility executives
will make such a choice in an ever-widening range
of locations and plant sizes.

alone

the
One

Our immediate goal is"to reduce the cost of

nuclear power to a point where utility management
in high cost fuel areas can make a decision to build

in

progress

thermonuclear

in the space

fuels.

basically, to develop the technology
which will permit the production of this power at
low cost in competition with power from fossil
is,

Co., which began full
production in January of this year. The other

is the 180,000-kilowatt Dresden plant of the Com¬
monwealth Edison Co., of Chicago, so far the world's

largest nuclear power reactor. Although the Dres¬
den plant was shut down
recently to permit the
resolution
technical

of

control

nature, it

rod

1

difficulties

drive

is

(Continued

of

on page

Underwriters and distributors of

——■

STATE, MUNICIPAL AND

STANY Pictorial Section in This Issue

PUBLIC HOUSING AGENCY
BONDS

U. S. Government,

AND

NOTES

Dealers in and Distributors of Securities of

Public

Housing,

State and

Federal Land Banks

JAPANESE

Municipal

STATE

m

MUNICIPAL

Lester, Ryons
So.

623

Co.

Hope Street, Los Angeles 17,

SECURITIES

Securities

&

California
Members New York Stock

telephone:

HAnover 2-3700

The Nikko

New York 4, N. Y.

COMPANY

Telephone:
DIgby

THE FIRST NATIONAL CITY BANK

Teletype:
NY 1-2759

4-7710
Office:

Head

DEPARTMENT

•

•

/

Affiliate:
SAN

Nikko

OF NEW YORK

DEALiBJR.

Kasai

Southern

Securities

Co.

Bond Dept.

Teletype: NY 1-708

New York Correspondent

—

Pershing A Co.

Federal Intermediate Credit Banks
Federal Home Loan Banks

Banks for Cooperatives
Federal National Mortgage Association

United States Government Insured Merchant
Marine Bonds and

International Bank for Reconstruction
an
and

Development (World Bank)

Municipal Bond

Division

O

THE
MANHATTAN
BANK
HAnover 2-6000

THE

Net Active Markets Maintained

To Dealers, Banks and

T. L.Watson & Co.
ESTABLISHED

American

Brokers

Exchange

Stock Exchange

We

Invited

DEPARTMENT

Teletype NY 1-2270

STREET

COMPANY
NEW YORK 4, N. Y.

DIRECT WIRES TO MONTREAL AND

TORONTO

Goodbody a Co.

offer

to

buy the above rights
which expire on May 15, 1961
at

Commission Orders Executed On All
Canadian Exchanges

goat/uceAt
25 BROAD

Rights

LOBLAW, INC.

CANADIAN

TORONTO-

DOMINION BANK

1832

Block Inquiries

New York Stock

the

Direct

current
Private

market
Wires

to

Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax

Dominion Securities
Grporatkhi
Associate Member American

Stock Exchange

MEMBERS NEW YORK STOCK EXCHANGE

DAL.3L.AS




on

LOS ANGELES

FRANCISCO

Members

FIRST

Inquiries Invited

California Securities

UNDERWRITHR
DISTRIBUTOR

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

U

TOKYO

o

*

in

•

30 Broad Street

New York 15

-

Offices

25 BROAD STREET

NEW YORK

BOND

BONDS

Securities Co., Ltd.

CHEMICAL BANK

TRUST

Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange

BRIDGEPORT

•

PERTH AMBOT

2 BROADWAY

NEW. YORK

1 NORTH LA SALLE ST.
_

CHICAGO

40

Exchange Place, New York 5, N. Y.

Tel. WHitehall 4-8161

Tele. NY 1-702-3

MUNICIPAL
FOR

CIVIC

BONDS

CALIFORNIA'S

IMPROVEMENT

MUNICIPAL BOND DEPARTMENT

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

SAN FRANCISCO

•

a

28)

LOS ANGELES

2

The Commercial and Financial Chronicle

(1954)

'

1

1

,

Brokers, Dealers only-

For Banks,

The Security

I Like Best...

A continuous forum in

Specialists for
35 years

in the investment and

over

which, iafch week,

reasons

for favoring a particular security.

J. WALTER

partment,

Quarterly

Comparison of Leading Banks

New York

Companies of the

Stock

American

Dennison

Exchange,

Exchange, Midwest

Exchange

"A"

Manufacturing Company

request

can

a

situation

be

to

1

1920

Stock

Teletype NY

4-2300
BOSTON

SAN

•

Private

Nationwide

5

1-40

Greatly

FRANCISCO

and

ambitious

One

IN JAPAN
Stock

Digest, and our other reports
that give you a pretty clear

picture

the

of

obscure

21

possible

at

about

1960.

Despite

times

as

The Nomura Securities Co.,

slow first quarter,

a

will probably do

company

{ 61 Broadway, New

York 6, N. Y.

Telephone: BOwling Green 9-2895
This

is

orders

not

an

for

offer

any

or

solicitation for

particular securities

higher rate of
be

should

should
of

also

the

earnings
share

greater

should

Within

it is

could

be

the

re¬

next

estimate that

our

reach

the

and

evidence

increasing

company's

years,

There

bulk

derived

$3.50-$4
of

a

earnings

from

Derini-

son's participation in dynamic new
fields.

A Continuing

Interest in

A base of

ucts

Fischer & Porter Inc.

its

6,000

over

prod¬

paper

developed by Dennison since

founding

in

1844

provides

entire

his¬

promising

the office copy paper
market.

The

research

com¬

the

on

which is

process

Electrofax process makes

high resolution be¬

very

commercial

quirements and is
for

a

re¬

adequate

even

exacting engineering applica¬

tions.
Dennison
its

has

been

working

on

copying machine for approxi¬

mately the last three ye'&Vs. It has
already developed a good white
electro-photographic paper. Work
on
the photocopy machine itself
is

encouraging

field

tests

and

lead

may

to

the

by

end of 1961,
especially since the electrofax pa¬
per is of remarkable quality and
ready for actual use. It is a natu¬
ral

market

sales

enormous

an

tential.

Dennison

"for

and

its

specialized
technologies

this

integration

abilities

conservative

with

transform

may

efficiency
(1)

1529 Walnut Street

Philadelphia 2, Pa.
LO 8-0900
ATT Teletype PH 30

Broadway
New York 6, N. Y.

B.

Reading

&

Corp.

Apart

The

company.

into several
Division; (2)

Box

and

Coated

Paper

Resale Products

dustrial

divisions:
Gummed

Division;

Division;

Products

have

widespread

as

search, J. R. Williston & Beane,
York City. (Page 2)

New

The

in

Machine

shares

and

distribu¬

electronic

bright

data

future

processing.

machines

Its

have

been

successfully used for several

experience

in

at

Dec.

31,

I960,

class

"A"

common

and

of

voting common
both of $5 par value. The class
"A"
and
voting common
(held
solely by employees) differ prin¬
cipally in respect of voting privi¬
leges. Book value per combined
class
of

a

$8

par

of

Systems Division

have

to

Print-Punch

"A"

Dec.

and

31,

common

1960,

HAi

product, or the likelihood
manufactured segment
nent

will

next

moon

shares

$17.41

was

as

a

share. Net working capital at this
date
was
$14,973,000
and
was

easily strong enough to support
substantial expansion program.

information.

of

The

recently

nounced Dat-A-Read uses

an¬

DAVID

B.

a

HILL

Philadelphia

&

the

at

to

serves

introduce

a

the

advance

recent

market

(the

the

of

price

current

is very near the top

in

Reading Corp.

Dat-A-Read

which

choice

such

working,
could add $5-$10 million annually

send

the

to




in

might

environment

market

months

a

the

company

Dennison's

is

volume

of

data,

Modern

Packaging magazine
I860) has called the

company's Therimage transfer la¬
beling method one of the "great

packaging discoveries." This
olutionary

process

any

film,

in

paper and

currently in, makes
doubly difficult,
For

we are

one

(the

of

a

number
extent

of

variety of reasons
is limited only by
one's

the stock market

a

rev¬

single step

pany

imagination),

seems

for many

to have been saying that
important in a given com¬
is not the size and extent of

OFFICE:

Telephone: BEekman 3-3622-3

price range of 66-33), but which
is run by a management operat¬
ing

under

rather

some

old-

TAX SHELTERED

fashioned

(by some standards)
financial precepts, and with a rec¬
ord
of
achieving
results
that
well for the future,

augurs

r

,

By long-term association, Phil¬

anthracite

an

con¬

coal company, and

a

producer,

that.

at

People recall plans for formation
of chemical companies using an¬
residue

thracite

did

which

not

come
to
fruition, and they are,
perhaps, vaguely aware of the
management repute of the prin¬

OIL AND

GAS

information

free

for

on

the

tax

shelter and other economic advantages

found

be

to

adelphia & Reading Corp.. is
sidered to be

INVESTMENTS
IN
Send

and

oil

in

This

is

such

interests which

by

not

the

Commission.

A

sheet

latest

ests

on

will

interests.

the

sale

of

only be made
of an offering sheet filed
Securities
and
Exchange

means

with

gas

for

offer

an

the

of the offering
offering of inter¬

copy

furnished.

be

also

can

ADMIRAL

information

is

much

not

400B

OILS, Inc.

Bettes

Oklahoma

City

Building
6,

Oklahoma

greater

than

that, we point to the follow¬
ing: PRG is no longer in the coal
business (the last coal properties
were
sold early in
1960); it has
in

recent

ber

of

acquired

years

LAMB0RN & CO., Inc
99

WALL

STREET

num¬

a

companies producing such

NEW YORK 5, N. Y.

items

as
men's and boys'
work clothing, dress
sportshirts,
cowboy
boots,

diverse

underwear,
and

and

toys

this

that

list

dolls, and

Before

cals.

of

is

the

protests

rather

really

dull

a

should like
to
point out PRG's basic target
of obtaining at least a 15% return
on
investment in every acquisi¬
tion they make. This is not an un¬
products,

we

achievement

handsome

Raw

Refined

—

Liquid

—

Exports—Imports—Futures

DIgby 4-2727

to

report,
point might well be borne

and the

mind

in appraising future
quisitions of the company.

in

SUGAR

chemi¬

basic

reader

taken

steps
his

and

ac¬

Mr.

by

New¬

in

trans¬

associates

forming Philadelphia & Reading
a deficit-ridden coal mining

from

cal

Ih.

(toys)

Chemical

came

earlier

and

into the PRG fold,

this

as

a

earning assets, or the demon-,
strated ability and capacity of its

such

as

the

number

of

PHDs

working in a laboratory, or the
glamorous nature of a particular

plastics. Ther¬

no

circumstances

solicitation of

an

offer

to

to

P&R

year

ac¬

quired Fruit of the Loom.
Each
of these companies was important
in

its

wear

own
was

field:

Union

Under¬

the largest producer of

undergarments for men and bovs.
and currently sells something like
8

millipn

dozen

garments

each

be construed

buy,

any

as

art

offer

to

sell,

or

security referred to herein.)

Over-the-Counter

Quotation Services

year.

permits it to distribute direetlv to
merchants,

by-passing

jobbers).

for 48 Years

National Quotation Bureau
Incorporated

Acme Boot

was

acquired from

initial cash payment of

(This is under

Reading
Reading

in 1960, Deluxe
and
Chatham

The company is well man¬
aged, and has profit margins sub¬
management,
or
the
record
of stantially higher than its competi¬
sales
and
earnings growth, but tors (margins are aided bv the
that
Union's
high
volume
rather some more esoteric aspects, fact
its

heat-transfers labels in five colors
on

as

choice

the

what is

processing business.

hungry thru the (September,

CARE Food Crusade. New York

YORK

NEW

149 Broadway, New York 6, N. Y.

64

of

quired;

Print-Punch

of

others

which

you

Securities Co*9 Ltd•

operation
into
an
exceedingly
profitable soft goods and chemi¬

one

choose

machines
give
growing position in
this
vital
industry. These
and
other data input developments on

$T package

DAIWA

of this year's

a

combination

Dennison

world's

offices

stock

mal" circumstances. To make such

punch

and

the

branch

our

SECURITIES

company

which has by no means lagged

the

fo

to

JAPANESE

point

coded tickets through
processing computers. Com¬
patible with all major systems,

photo¬

data

with every

wires

corporation were as follows:
1956, Union Underwear Co.
was acquired. In 1958, Acme Boot
and
Blue
Ridge
Co. were
ac¬

of

friendship

Mobile, Ata.
Direct

as¬

security above all
appeal to a
wide range of investors is clearly
an awe-inspiring task, under "nor¬

a

electric beam for rapid processing

and

NY 1-1557

Birmingham, Ala.

to

seems

"non-value"

an

New Orleans, La. -

best, and • that at
security buyers will
begin to shift away from un¬
known
glamour
favorites
and
completely
unsupportable priceearnings ratios (some companies
we
know
of are selling on
the
basis of price-sales
ratios!) and
once
again buy, on a reasonable
basis, a dollar of sales and a dol¬
lar of earnings.
This
rather
lengthy
preface
transitory

some

man

Manager of Research, J. R. Williston
& Beane, New York 4, N. Y.

To

in

New York 6, N. Y.

700

r /-(

pect of the stock market must be

The

an

It

a

ov

compo¬

or

used

shot, etc.

such

that

us

itself

find

that

Co!

York Stock Exchange

American Stock Exchange

19 Rector St.,

years

input media in data process¬
ing to code-punch industrial tags
and tickets (also made by Denni¬
son) with a substantial quantity
as

food

Members New

Howard Newman. To those whose

29,420 shares of $100
debenture stock, 1,145,470

75,318

$45,523,000.

appears

give

Steine r, Rouse &
Members

cipal officer of the company, Mr.

of

shares

tion. Dennison's total sales in 1960
were

Capitalization
consisted

(3)

Division,

with

States

In¬

(4)

the newer divisions (5) Machine
Systems and (6) Therimage. Few
companies are so well diversified
or

You

Bought—Sold—Quoted

—

Hill, Manager of Re¬

Minnesota

from

i

/•

New

po¬

(1)
coated paper;
(2)
buildmg
machines; and (3) selling office
equipment and supplies.

business has been reorganized for

Established 1914

David

Louisiana Securities

Depart¬

profit

and

United

development

new

BOENNING & CO.

"A"

has

Mining and Eastman Kodak, Den¬
nison is the only company in the

of

Keyes Fibre Co.

Co.

and

and

Stouffer Corp.

CO 7-1200

the

investment strength. In¬
creasing expenditures for research

unusual

Richardson Co.

115

its
very

ordinary

yond

earn¬

reported.

be

efforts.

search
few

as

better in 1961. By the end

or

of the year, a

Ltd

the

share earnings reported in

ings

economy

the

its

is

dry
electrostatic method of reproduc¬
tion. The

a

well

Japanese
a whole.

to

in

many

and

years

program

the

doing

Electrofax

tended

SI.82

the

in

is

pany

being made. The stock is

progress

Monthly

our

Leason

busi¬

have

ness

Walter

J.

de¬

of

machine

and

the

available
for

efforts is

subsidi¬

general

Opportunities Unlimited

research

current
most

and

pioneered

the

tory.

aries,

in

has

over

of

new

cline

a

two

acquiring

Write

products

development,
expenses

System

Wire

in

growing so
comfortably

one may

Dennison

re¬

search

million

is

possibility of adap¬
tation of Therimage techniques to
glass bottles.

ex¬

panded

$3

be

market

There is also

Stock

CHICAGO

•

PHILADELPHIA

the Ameri-

Exchange.

Exchange

The

of

"A" traded

„ng
on

c a n

Broadway, New York

WOrth

of

project $6 million to $10 million
sales in the reasonably near
future with a considerably higher
profit margin on this
business.

Dennison

Associate Member

120

growth

possibly

rapidly that

by

presented

may

1961.

Such

Manuf actur-

Corporation

Alabama &

decorated products. Sales of Ther¬

old

an

ing limited risk.

New York Hanseatic

American

these
semi-rigid
polyethylene
bottles.
Dennison
recently
purchased
a
small
plastics molding company
which will also make Therimage
rapid

image were $20,000 in 1958; $300,000 in 1959; $1 million in 1960 and

seems

Established

the

York

Philadelphia

.

Manager,

Leason,

Gregory &
Sons,
City. (Page 2)

ment,

Thursday, May 4, 1961

and

Research

Investment

shapes in 1961; in fact,

conservative

Sometimes
company

on

of various

Therimage is an important reason

provide unusual in¬
vestment opportunity while offer¬

United States

Available

image will decorate over 300,000,blow
molded plastic bottles

000

for

Neiv York Stock

Members:

Stock

and Trust

LEASON,

Investment Research De¬
Gregory & Sons, New York,

Manager,

Walter

J.

.

Selections

Manufacturing

Dennison
—

Our 116th Consecutive

Participants

Their

different group of experts

a

.

'

advisory field from all sections of the country

participate and givs their

in

Bank Stocks

.

■

Week's

This
Forum

f

'

^

with

$2.5

million

an

$1 million,

subsequently

Continued

on

page

16

Established

46 Front Street
CHICAGO

"

~

1913

New York 4, N. Y.
*

SAN

FRANCISCO

Volume

193

Number

6052

.

.

The Commercial and Financial Chronicle

.

(1955)

CONTENTS

The Economic Outlook

On the New Frontier

iicminsTfi

B.S.

By Elliott V. Bell,* Editor and Publisher, Business Week Magazine,
Neiv York

City

AND

and

member

of

and former N. Y. State
tax

and

cut

tax

task.

nomic

In

his

which

he

depicts

as

dealing with

paper

Mr.

Bell

reviews what the Administration

the

pace

of

legacy of incomplete

a

such

of our recovery;

problems

has

.

The

Too

Energy

problems,

Well

Known

Uses—Loren

change,

structural

The Economic

Outlook

state

nedy

of

business,
as

revealed
in office,

Administration

and

On

major eco¬
nomic prob¬

nation
years

the

ately ahead.
We need not

too

much time
the

has

on

It

about

a

V.

Elliott

been

It

has

that

the

from

to

followed,

re¬

a

close

is

It

already

are

the

very

or

liquidated.

being

Spending

had been cut back

the

in

past

for

uled

at

a

Expenditures
local

by

Federal,

Oil

Constantino E. McGuire___

happy
throw

we

Adler Electronics

;___'

13

Amer. Int'l
The

Outlook for Electric Utility

—Jerome

C.

Hunsaker, Jr

14

>

The International Economic Imbalance Can Be

—J.

H.

!

Richter

Resolved

Singer, Bean

J

!___

Challenge Inherent in International Banking

—S.

Waldo

of

1960-61,

Teletype NY 1-1825 & 1-4844

Coleman

19

Direct Wires to

Chicago
Los
San Francisco Reader Scores Federal Debt Trend—___w_.

23

doubt

Dallas

Philadelphia

San Francisco

Regular Features
J.,/

7

;

'

7/7":

'

>."■»(.>(•

7

.

worry.

See It

'

7

■

,

(Editorial)

.

St. Louis

sealectro corp.*

"7'

/

■

.

Cover

■

Coming Events in the Investment Field

followed

it

so

decline.

of

the

recession

and

Cleveland

Angeles

even

ended, will leave be¬

We

the

after

soon

apt

aqua-chem, inc.*

as

back

and

to

higher peak of

even

*

adler
48

electronics

to

cycle

are

business

comprising
a
complete
wave—
from a peak of prosperity to a pit

state

inc.

40 Exchange Place, N. Y.

hats

our

haunting legacy of

a

1957-58

governments are rising.

mackie,

&

18

HA 2-9000

The

Bowling

Common Stocks

it

there,,
thought

Recovery

flqua-Chem, Inc.

12

Bank and Insurance Stocks

of

4-6551

air, it should be noted that

think

im¬

WHitehall

Oakland Consol.

Expansion

__;

that

provement later this year.
and

A/Schapiro

thing that has been really
disturbing about this recession is

is sched¬

moderate

Dept,

STREET, NEW YORK

10

scant

The

$2-$2!/2 billion

months,

12

least

WALL

Why Gold-Backed Treasury Bonds Should Be Issued

As We

on

i

10

Legacy of Incomplete Recovery

plant and equipment, which

new

before

hind

are

say

Dough"

Telephone:

Biggest Railroad Mergers

on

New Public Policy Toward Bank

•—Morris

billion
a

quarter.

leave

a

recession

and

inventories

let's

when it has

Signs of recovery are multiply¬
ing. Eusiness has begun to reduce
at which

A

Product

first

the

have

we

in the

clear

now

at,

to, the bottom of the down¬

rate

sustained.

National

in

moment

But

turn.

the

busi¬

some

to hold.

precise pat¬
experts foresaw

start.

that^we

billion

while

most

3

—Roger W. Babson

the

markable degree, the
tern

hand

Gross

the

exceedingly
mild.

unem¬

record, 1962 will almost
certainly be the most prosperous
year in our history thus far. For

Bell

sell that "Dog"

Obsolete Securities

____

own

On

year,

has

it

$500

for

progress

7%

or

running at a rate of $520
or
better, compared with

in

been

other

with

ous

current

recession.

6%

view is the recession
will /have clearly passed its turn¬
ing point within the next month.
By June the forces of recovery
will ue obvious to all; and by late'
autumn the revival will be vigor-,

immedi¬

spend

of

vigorous and

My/

our

in

the

sharp,

lems that will

not

and then

"Hello,

the New Frontier

on

__

U. S. Industries, Incorporated—Ira U.
Cobleigh

university economists—
probably a minority at this point
—think
the
recovery
will
be

the

confront

Cover

...

why

.

us,

unemploy¬

and

ness

of

some

Olson

.

to

ployment in the fall.

the Ken¬

in its first three months

Civilian Atomic

99

—Elliott V. Bell

Some Background Facts

rent

of

be done about them.

continuation

My purpose is to examine the cur¬

Realities

K.

accomplished to date

ment, economic growth, high production costs and inflation, Mr. Bell
addresses himself to what should

Not

eco¬

Noting the interrelatedness

recovery.

BYE

DOGGIE!"

and suggests what should be done

technological

as

major national

a

major economic

and

to avoid

"BYE

Page

Secretary Goldberg's Advisory Committee

banking head urges top priority be given to

reform

COMPANY

^

Articles and News
Publisher

3

a

Dealer-Broker Investment Recommendations

8

hydrocarbon
Einzig: "Second Thoughts Held

British Budget Economics"

on

11

chemical

new

prosper¬

From Washington Ahead of the

News—Carlisle Bargeron

15

dyna-therm

All government

ity.

and

business cycles did have this neat,

Indications of Current Business Activity

31

orderly and rather reassuring ap¬
pearance. Not so the recessions of

Mutual

22

spending on goods
services,
incidentally,
this
year
will
exceed
$100
billion,
which is equal to one-fifth of the

Indeed,

value of all

1957-58

tion

were

we produce. Construc¬
fc-eling the lift of spring.

is

Good

and

not

weather, after a rough win¬
ter, is cringing cheer to the hearts
of auto dealers and producers of
durable goods. The stock market,

gether

fulfilling its classic role of har¬
binger of things to come, has been
forecasting, ever since the elec¬
tion, either a dramatic business
recovery or a great inflation or

earlier

our

1960-61.

postwar

These

recession

actually

were

achieved

*

News About Banks and Bankers

Observations—A.
is

fact

lull

we

1958.

really

never

from

recovery

of

Even

Our

the

in

the

most
prosperous
period of 1959
unemployment remained substan¬
tial. Ft is possible that we should

both.

present
pression

ceed the minuses.

much

the Great
I

think

turn has

we

can

come;

safely

recovery

when
say the
is under

less

had

The big question, of course,
vigorous and sustained a
recovery it will be. On this point

oscillations
but

the

though
than,

to,

severe

several

curve

is

quasi-de-

could

of

the

not

up

and

from
unemploy¬

these

opinion.

the

At the first

meeting, last month,

told

surprised
business

us

he

would

not

ending

with its

the President's Labor-Manage¬
ment
Committee, President Ken¬

of

nedy

haunting
recent

question

is:

Salesman's

.

specialized in

.

or,

are

we

witnessing

Corner

Continued

on

page

Spencer Trask & Co.
Founded

New York

1868

Stock

*

25 BROAD ST., NEW YORK 4, N. Y.

Capital Corp.

29
Twice

Weekly

TELETYPE NY 1-5
Chicago.

Schenectady

Glens Falls
Worcester

Copyright 1961 by William B. Dana

COMMERCIAL and

Place,

REctor

CLAUDE
WILLIAM

Reentered

U. S. Patent Office
DANA

B.

Park

Company

CHRONICLE

FINANCIAL

D.

COMPANY,

Publishers

New York 7, N. Y.

2-9570

to

SEIBERT,

second-class

matter

Febru¬

Subscription Rates

9576

SEIBERT, President

DANA

as

ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.

Treasurer
Editor

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

W? V. FRANKEL & CO.
INCORPORATED
/

Thursday, May 4, 1961
Every

vertising
plete
state

issue

—

market

quotation

corporation news, bank clearings,

and

Other

Other

Thursday (general news and ad¬
issue) and every Monday (com¬

statistical

records,




Electronics

48

Article not available this week.

Exchange

TELEPHONE HAnover 2-4300

Newark

2

—

—

GEORGE J. MORRISSEY,

Nashville

17

a

PREFERRED STOCKS

Boston

Wallace Streete

Washington and You

The

Albany

30

6

25

,

DIgby 4-4970

9

WILLIAM

,

Broadway, New York 5

43

The State of Trade and Industry-

Reg.

Members

Offerings

and You—By

39

32

Security I Like Best

.

Published

have

Security

J.F.Reilly&Co.,Inc.

24

Registration

return of the dilemma of the pre-

to
see
a
recovery
of
this
summer
but
a

For many years we

in

The

pent-up demands, inflated
inadequate productive

capacity;

request

24

Market

crqdit and

be

on

¥

Do

reflect merely
the postwar era

years

of

Prospectus

4

Tax-Exempt Bond Market—Donald D. Mackey____-_

massive

of

curse

The

there is considerable difference of

May

The

business

escape

ment.

how

Now

Prospective

Security

Wilfred

Securities

Depression of the 1930's

we

down

way.

of

analogous

happily

Recovery's Vigor

period

a

20

Governments-

on

Utility

Securities

ing from the middle of 1957 to the

There are, of course, still many
soft spots, but the plus signs ex¬

Reporter

Public

think of the entire period extend¬

as

chemical

inter¬

dependent.
The

-

two

only closely bunched to¬

but

Funds

city

Office:

Chicaao. 3...

111.

news,-etc.)
135

South

"(Telenhone

"

Bank

$45.00

La

Salle

St.,'

2-0613).'

rate

foreign
must

be

Quotation

year.

Note—On
the

STate

and

per

Publications
Record

(Foreign

account

of

the

39

Monthly,
Postage extra).
fluctuations

of

in

New

York

funds.

WHitehall 3-6633

in

exchange,
remittances
for
subscriptions
and
advertisements
made

BROADWAY, NEW YORK 6

—

Teletype NY

1-4040 &

1-3540

4

The Commercial and Financial Chronicle

(1956)

ten to

OBSERVATIONS...

to

cause

the

been

SIGNAL ERS

THE

(April

Last week's "Observations"

correlate the

to

odd

figures and make them turn
hand-springs.
In order to get the most out of

OUR MAIL BOX)

(VIA

trying

the worthwhileness of the

odd lot
interpretation, the figures have to

correspondent
refers below, was devoted in part be examined over a reasonable
to Market Signals' Jamming. We period of time—in my opinion at
maintained that
(1) the market least ten to fifteen weeks. Fur¬
gadget-eers' reliance on "bucket¬ thermore; it is equally silly to
ing"
on
the premise that "the take just the short selling figures,
crowd is always wrong," typifies whether they are high or low, as
the technicians' course to logical a broad manifestation of bullish¬
absurdity; (2) this is currently ness or bearishness without at the
time
co-ordinating
them
highlighted by the reasoning by same
27)

which

to

our

Odd-Lot and Short-Sell¬

both the

ing Signal-men that their catego¬
ries

—

the

both

comprising

unso¬

phisticated (odd-lotting) and the
sophisticated professional (short-

with

the

ordinary

buying

investors

—

at

was

its peak when

"Sucker"; and (4) that the futility
of using combined tools is strik¬
ingly demnnsLrated by the latest
odd-lot figures' expert interpre¬
tation

bullish

as

simultaneously

short-sales

the

with

data

as

bearish.

selling
and

letter follows, is

has

been

interested in
and senior

long

Odd-Lot interpretation;

Stock

the

Exchange

partner

in

member

firm bearing his name.

i

have

in your

the

lost

column of April 27

so-called

lots—and I must take you
as

well

as

the

the
odd
to task
on

who

people

have

reason

our

that the public had

bearishness.
was

because

on

the

than

the

side

other

story,
of the

sales.
will

next

which

evaluated

either

share

100

In

two

or

still

time

some

to

York

the

to

glamorized

sonality
in

hope that the investment

us

Split Per¬
be built up—bearing

can

mind

this

that

will

without

possible

im¬

be

in

COE.

above

("a"),

the

Tribune

ourselves

on

page

same

ordinary
selling
and
buying combined with the short-

sales, have indeed been examined

nent

reasonable>

a,

net

weeks

for
months,

fifteen

method

of

period

only for ten

but

Do

fifteen

or

than ten or
the authority

more

by

In

lie

to

seems

investing

on

value

in

basisy of

OUR

r

■

.

a"

mous

sages
■ ,

.•

SPLIT-PERSONALITY

(Item No.
"Bigr Board to Try
Ticker

Run Its
The

conducting

than

the

ance

:

must

hearings

with
cases

are

1960's.

the

in

absurdities,

so

tacitly ignored

or

to

Subcommittee

Policy

the

Machinery

on

at

pouring
does

some

on

the

"musts"

real

The

legislative

obliterate

not

Spingam, Heine & Co.

Difficulties

arising from

a

Designated personal

Faster—"

Members New York Stock Exchange

the formation of a corporate affiliate

late,

Spingarn, Heine Trading Corp.

of

last

cur-

the

two

tape

to

to laiiaew

volume-digits

transactions

in

100-share

stocks, regardless of size, will
deleted. Sales in a particular

be

stock

the

at

price

same

'bunched' whenever

Teletype NY 1-5590

will

possible

.

efiua/rterj at

The

Trading activities will be under the supervision of

public

"there

will

present

is

be

reassured

jtyew 0/c4</c

change in

no

practice

(formerly of First Chelsea Corporation)

the

3elefi/ione:

of

is five minutes late

or

*jV. Q/.

5,

that

printing
FLASH stock prices when the tape

japha, Vice President

S/treet

80

be
.

etc.

Mr. R. Karl

cfficej

run

unit

50 Broad Street, New York 4, N. Y.
•

the

all

t/ie i<emewal

announce

that the vol¬

appears

cause

may

e

speeding-up

ticker.

quotation

"When it
ume

HAnover 2-9590

the New
Exchange of its fur¬

ther achievements in
the

announce

announcement by

Stock

5^6020 6C26

(imm€wtaei/ )

more."

It is

Specializing in

Complete Units

•

-

"Stripped" Bonds • Stocks * Warrants

May 1, 1961

'

explained by the Exchange
that while the printing capaciiy
of the present stock ticker is 80 to
85

sales,

ute,

or

"it is

change's

S. Schramm & Company
ZNCQHFaHATBa

500 characters, a min¬
believed that the Ex¬
procedures

new

increase

the

ticker

could

tape's

■yf/fty

/, /,96/

speed

by at least 25%."
Electronics
We

have

previous

Investing

vs.

commented

occasions

in

two

on

this

space*
on the Split
Personality exhibited
by
both
the
New
York
Stock

1870

Exchange and the American Stock
Exchange or rather Split Abilities,
in

the

contrast

between

their

The Partners of

Myron A. Lomasney 8c Co.

great scientific progress in speed¬

ing

the quotations; and on the
hand, in the lag in the
elimination of the public's specu¬
lative excesses. Perhaps even the
quotation speed-up actually sabo¬
tages the Exchange's advertised
pro-investment theme ("What will
up

are

pleased to

announce

the admission

other

Correspondents inprincipal cities

throughout the United States and Canqda

UNDERWRITERS AND DISTRIBUTORS

retirement income

your
you

be

financially

send your

OF INVESTMENT SECURITIES

Dominick

&

Dominick

Members New York, American & Toronto Stock
14 WALL STREET




Exchanges

NEW YORK

New

be?

to

can

Will

prepared

milton van riper

Stock

contribute

security."—From N.

Y.

to

S.

and the

E.

re¬

our firm name to

Lomasney, Loving & Co.

*"Tops

in Stock Market Automation;
Vs. Investment," Jan.
12, 1961.
"Schizophrenia at
the
Stock
Ex¬
change," March 30, 1961.
and

change in

family

lease, Jan. 31, 1961.)

Science

loving, jr.
and

Exchange's
spring advertising program
[$460,000] will pose questions like
these in showing how stocks and
bonds

general partnership of

graham

to
children to college? The

York

of

The Conflict of Interest problem

buried

accompanying article in the

an

York

end

Stockholding Designated

action

New York Times of April 28 car¬
ried

National

the

February.

enor¬

New System

a

compli¬

would

lead

often

Literal

statutes

3)

Tape

on

Appointees-des¬

volume of Presidential Mes¬

branch
on

that

of

try," thus reported Senator Jack¬

THE

RULES

hope

im¬

else circumvented through casuis¬

■therein.;

DEPARTMENT

to

We

Agencies
most

nistic—addressed in many respects
more to the problems of the 1860's

son's

long-term

*

*

OF

—AND

criteria.

over

a

INTEREST

OF

GROUND

cen¬

appraising individual is¬
the

that

and,

the Congressional Com¬
obligation to fill in the
by making ad hoc decisions

they

CONFLICT

endorsement

approach

[

believe

slip by the copy editor?
perhaps merely this news¬
make-up merely manifests

orneriness, like your columnist?

event, the logical con¬
of this fortnight's discus¬

an

readers

independently

individual

Departments;

some

we

any

sion

or

paper

cited, the Gar¬
field A. Drew Odd-Lot Studies.

clusion

our

rules

"These laws are disjointed, over¬
lapping, ambiguous, and improp¬
erly focused. They are anachro¬

Freudian
—

decisions resulting

of

ignate.

Ponies.

the

on

ground

existing laws; from their

Confirmation

[shj]

column

so

replaced must be the

the

by

gaps

handle,
$3,187,881; attendance, 32,321"— and
flush against Tom Reilly's promi¬

"over

application of the
Thus

while

Aqueduct "Track fast...

Pari-mutuel

and

mittees'

the

as

here,

the

portant,

April 25, six columns

very

personal

Crazy-Quilt

need

by

formal

and

quotation tables appeared

the

charts at

the

time "

the

own

Herald

their

President, is
government-wide uniformity

set

York

New

of

of stock

turned were away from, not for,
the whole-souled interpretation of
the
Odd-Lots,
("b") the figures

with

crucial

crazy-quilt

PONY

THE

to

power

Branch.

Present

from the
ON

of

Executive

rules.

the

of

the

holdings, by appointees

recognized

vigorous

the

support

PLUNKED

In

we

the

for

PAGE

"hand-spring"

retention

The

of the Exchange's

yours,

foreword

the

The

City,

our

sues

The Partners of

Let

side

May 1, 1961.
Per

closer

whole-hearted

JACQUES
New

to

"invest¬

to

this

has

directly, is the fair and con¬
structive application of standards

Bingo?)

before

go

government, with which

President

property

is

orders.
problems of

the

deal

indoor-out¬

the

between

discussing
and

among

the

(pre¬

score,

actions

ethics in

Dow

member firms and their associates.

Faithfully

three

selling in the ordinary course
of events running at least between
10% to 15%—and consistently for

other

any

easing

conflict

in the

section

Con¬

be found

Included

signboard,
lights the exact

outdoor

an

(III)

the

Or

or

somebody rings the bell.

on

again begin to get odd lot buying

by

or

lots

odd

in

Presidential

have

firms

v

Special

on

It is to

ment" and World Series reporting.

for that matter.

have

tered

we

door

other

that if during the
months

by

up

sumably

of bounds fac¬
ever
be

cannot

words, my opinion is
that
barring
any
political
up¬
heavals, or any major change in
United States foreign policy, we

of
agree

lots

indication

still selling

were

buying, thereby nulli¬
low percentage of odd

out

are

and

tors,

whose

the

half

only

coin the odd lots
more

lot

of

interpretation

its

This

fying

paragraphs

of

lately" Jliscoverers
of odd lot
characterized the
as
being very vulnerable

I

read

went way down,
"Johnny come

figures

some

interpretation,

Dear Mr. May:

(a)

the odd lot short

ago,

market

international market economist

who

weeks

for the

Mr. Coe, whose
an

ten

at all times

member

flicts of Interest.

At

Game.

Numbers

our

two

1961

Message to the Congress

or

displaying in neon
twice-a-day changes
Jones Average box

THREAT

of this of course is subject
major political moves, Which

to

of

rigged

All

the market

to

are

tion

Thursday, May 4,

.

in last week's Presidential

city's
night will
further moderniza¬
fair

our

d&y

any

to you

least

OUT-OF-BOUNDS

IMPORTANT

over

selling and vice versa.
(b) I can give you an excellent
illustration: Odd lot short selling

be was at its latest bottom. This was
bucketed as wrong; (3) that this a very good and bullish sign; in
adds up to the fantastic conclusion fact it always is. More recently,
that practically every investor is a or as a matter of fact, starting

selling)

major reversal in

a

Market.

lot

AGAIN

JAMMED

fear

Stock

.

Biiiffo-ed

along

boulevards

reveal

J.

D.

walk

A

remain very low—then—and only
then will you have a legitimate

WILFRED MAY

A.

BY

The

fifteen weeks—while at the
figures

time the short selling

same

.

May 7, 1961.

Volume

193

Number 6052

.

.

The Commercial and Financial
Chronicle

.

(1957)
stock

holdings gained the public's
cognizance in 1953 through
"G.M.'s"

Charles

Wilson's

highly
publicized run-in with the Senate
Armed
his

Services

Committee
"What's
good

famous

General
U.

Motors

S."

via

is

advent

of

The

Admin¬

new

istration,

Secretary of Defense McNamara
agreed to liquidate his Ford stock
holdings: and, setting a precedent,
to

inform

the

Committee

of

the

disposition of the proceeds, namely
into a trust.
In selecting the in¬
vestments
the

for

adviser

to

had

abstain

might

this

be

the

periodic

instructed

issue

any

called

thermore

instrument,

been

from

reports

tax

has

in

million
full

a

year

time

£83

in

budgets,

tion

mil¬

rise

try by

a

lower

by

Con¬

profits

raised; there
rarely been any attempt at
nomic

rationalization

these

volume

has

from
him

eco¬

increases,

behind

stage

Chancellor's
when

the

uproar

to

in

Tory
speech —
are

in

whole

chap,

benches

in

ten

some

the

Yet

West.,

under

the

Robert

E.

basis

of

record

the

&

opened

branch office at 107 Central

of

Arnold

a

Ave.,

direction

of

Schaeffer.

right to purchase 114,884

shares at $29 per share.

new

Economist,

Kalman

the

the

for

offering

each

May

10

is

The

one

shares

a

Stock

new

held

of

May 22.
The

net

will

the

Exchange, and

Divine

as

proceeds will

incurred for

repay

be

bers

used

of

the

change.

bank loans

Fishman,

merly

construction, and for

construction.

New

Mr.

York

which

fair

in

Ex¬

for¬

Rittmaster,

Adelberg, Voisin & Co.

Senate

rev¬

only

seems

On the other

Under
Mr.

hand, the incoming
of
Commerce,
Gudeman, a former

Secretary

-

Edward

officer

Sears

of

Lehman

Brothers

and

Roebuck, along with others,

agreed

to

set

up

irrevocable

an

trust.
The

SEC's

The rules

Exchange

Self-Discipline

of

the

Securities and

Commission,

in a dif¬
fering approach, do not prescribe
the liquidation of
any securities
from

an incoming
official, instead
confining its authority to subse¬

quent

transactions

both

on

buy and sell sides. Formal
ance

be

must

from

the

should

secured

in

Commission.

not

have

the

clear¬

advance

Hence,

it

On

been

surprising
to hear that Chairman
Carey en¬
gaged in no liquidations, except¬
ing for some Mutual Fund issue
shares

held

by

himself

with

his

and

one

wife.

Also

under

SEC

ployee must keep
for

at

least

a

rules,

lon, volunteered and agreed with
the confirming Senate
Committee,
to
place the proceeds from the
his

securities

into

retary

of

the Treasury. Twelve
being retained by Mr.
Dillon, including that of U. S. &
Foreign,
the
listed
investment
are

in

company,

family
The

own

which

he

his

and

38% interest.

a

Interstate Commerce Com¬

carrier

any

related

or

agency.
A

The
New

Timely

of

York, through

committees

has

the

one

made

a

Bar

of

of whose
most

ex¬

haustive study of the
subject, with
the findings published in a vol¬

Conflict of Interest and Fed¬

ume

eral

Service.

securities

mendation

close

In

that

his

the

corporate

it made the

area

the

recom¬

official

dis¬

and

then

interest,

disqualify himself from acting in
related

any

What
comes

case.

the solution that be¬

ever

agreed on, let it be adopted

all-inclusively,

uniformly

and

—

promptly.

A

Just

as

in

us

excel
In

the

PAINS

Russians have it

Astronautery,
us

the

OF I

SOOTHER
TAX

in

the

art

context

the

of

of

on

British

writing.
taxes

even

more

intricate than curs, with the

most

complex provisions affecting

both investment income and
pany

profit s,

cousins'
been
the

cur

political

com¬

democratic

rowdyism

has

translated,

soothingly

into

following' gloriously sophisti¬

cated

fiscal

"The

chequer,

prose:

Chancellor
Mr.

of

Selwyn




de¬

the

Ex¬

Lloyd,

employed at the firm's home office to
with maximum

Goodbody & Co. maintains
oldest and most

customers

one

of the largest,

respected Research Departments in

Wall Street. Built
its sole purpose

serve

speed and efficiency.

on

the

principle of creative research,

is to supply information and informed

judgments to help investors choose securities which

investors.

may

Today there

are

including the

new

22 general partners, 44 offices
Home Office

.

.

.

.

.

and nearly 1500

a

service organization,

Goodbody realizes that

minutes may mean dollars in

the confidence of

carrying out

your

and efficiently

a

Goodbody is

now

processes

into

one

in the

CREATIVE

our

firm is based

on

customers, and we affirm our
serve

them faithfully

ahead.

years

GOODBODY & CO.

"phasing in"

ESTABLISHED

giant RCA 501 computer and will be the first

ing

growth of

in¬

70-year record of

RESEARCH

fast accurate service,

our

determination to continue to

employees at Goodbody & Co.
As

be profitable investments.

We believe that the
.

brokerage firm to consolidate all its vital account¬

Study

Association

telephone. From

beginning, through two

vestment decisions. To maintain its

mission forbids the holding of
any

security in

three clerks,

plete system is typical of the automated methods

the firm has earned the confidence of generations of

trust

a

irrevocable while he remains Sec¬
issues

one

established

pressions, in good times and bad,

"At the Treasury"

of

was

World Wars, through two major

year.

Secretary of the Treasury Dil¬

sale

office and

the firm of

1891,

three partners,

this modest

em¬

purchase

new

a

an

May 1,

Goodbody & Co.

computer operation. This com-

Members of
Key

HOME
-

ATLANTA

to sound

DETROIT

1891

leading Stock and Commodity Exchanges

OFFICE

2

BROADWAY.

BOSTON

NEW

CHICAGO

MIAMI

ST.

investing
OFFICES

IN

41

CITIES

YORK

2

mem¬

was

officials.

to

surely

Inc.,

Stock

Adleberg

partner

a

York

of May 4

member of the firm

a

&

make

The trust will be

ocable,

of

acquire

New

Broadway, New York City,

by the utility to

additional

Adelberg

will become

of

The rights expire

1.

J.

membership in

Committee, containing a portfolio
inventory
and
transactions
in7
formation.

area

stock the

of
on

share

—

natural

Sound

Adelberg to Join
Divine, Fishman

of

afternoon."

London

Puget

Washington.

The

emanates

front

Offering

the

Washington Natural Gas Co.,
Seattle,
Wash.,
is
offering
holders of its outstanding common

to

the

minutes

April

too.

question

that

MINOT, N. Dak.
Company
Inc.
has

quieten the House by show¬
that he is a very egali¬

tarian-minded

noise

decibels

New Kalman Branch

ing
the

the

—From

the Chancellor wants

—

few

a

of

for

coun¬

retails

company

in

gas

April 22, 1961.

every

budget

Labor benches

The

Wash. Nat. Gas

com¬

Chancellor's desire

annual

an

which
have
merely been imposed because at
some

taxa¬

most

To Stockholders

eleven

that

business
the

Makes

running, and

been

of

one

stantly be decided in this

in

This

year.

is

plicated economic problems that
any Treasury has to solve. It is
intolerable that it should con¬

full

a

level for

proper

Fur¬

will

to

fifth

servative

that

Defense.

trustee

the

the

surtax

£70

a

profits tax in

misconstrued

a

by

on

is the second

nonuniformity of an appointee's
obligations regarding his property
holdings is now again highlighted
the

relief

year

of

most

cover

lion

for

lifting-out-of-context).

by

to

the

for

good

(completely

over

having rejected a capital gains
tax, has felt politically obliged

5

4

DALLAS

PETERSBURG

6

The Commercial and

(1958)

Today it stands at 3.30%. A week

TAX-EXEMPT BOND MARKET

this

ago

3.323%.

By DONALD D. MACKEY

yield

market

age

average

three-eighths of
this brief period.
The
The

tax-exempt

continues

well.

do

to

While

bond
market
exceptionally

both

long-term

gov¬

^nd corporates have

ernments

cently

shown

these

performances

generally

improved

an

erratic

re¬

tone,

have

been

compared

as

with the gradual but steady gains
indicated in the state and munici¬

pal

bond

several

lists

through

weeks.

The

the

past

stimulus

for

these

gains has derived from the

body

politic

from

and

the

ma¬

chinations of the Federal Reserve.

and

Factors

Favoring

Bond

these

on

ministration's foreign and domes¬
tic

policies,

passed

legislation

and

sideration,

under

well

as

unannounced
ernmental

etc.,

serious

con¬

of

and

beyond

amounts

earlier

the

are

the

guessed

in

the

year

general

Federal

belief

Reserve

at

leading
that

the

may

cooperate

in

reducing

more

extensively
long-term rates.

possible anticipation of later
needs, the Treasury has increased

weekly

bill

borrowing which
may
amount
roughly to
about
$1,500,000,000
during
May
and
June.
This
increased
financing
may be interpreted as helpful to
the

market

since

the

in

Since most of it will be

ease.

short-term

form,

it

will

be

helpful to the Federal Reserve in
its

balance

ment

of

international

problems.

In

moderate

some

this

rate

pay¬

respect,

increase

the short-term market would
be

welcome.

long-term

The

rates

in

now

relationship
would

to

not

seriously disturbed within
able

be

reason¬

limits.

fact,

Moreover,

the

deal

mand

for

increased

with

of

Lower

its

has

can

the

the

Federal

market

a

token

gesture

Tax-Exempt

factors

normal

the

in

state

and

extraneous

mentioned

in

our

municipal bond column

they have been the guid¬
ing bond market influences, par¬
ticularly in recent weeks. The
conditions

able

than

those
and

ernments

surrounding
more

the

Treasury

that

the

gov¬

"modest" deficits

(State)

calendar

concerning

gov¬

new

a

this

condition

well adjusted
weeks.
said

has

Consequently,

that

become

during the past two
it

can

be

municipals, rather than

passively following the- lead of
governments and corporates dur¬
ing this recent market move, have
led

the

In

vance.

be said

pal

with

way

a

general

a

the

larger

bonds

issuers

and

flexible

pricing

unusual

or

policies

under

Commercial

Financial

was

reduced again

this week.

SERIAL ISSUES
Maturity

Bid

1978-1980

3.65%

1980-1982

Asked

3.50%

3.35%

3.20%

1978-1980 ! 3.30%

3.20%

1978-1979

3.30%

3.15%

1974-1975

3.05%

2.90%

3.20%

3.05%

3.30%

3.20%

1978-1980

3.70%

3.55%

3V4%

1980

3.35%

3.25%

3%%

1980

3.40%

3.30%

3Y4%

1979

3.70%

3.55%

3Y4%

1977

3.70%

3.55%

3%

1961

1978-1979

1977-1980

3%%

City, N. Y

issues

sealed

bid

follow

this

time

Recent

1980

3.55%

3.50%

Harris

Trust

which

"A"

and

and

Dominick

district

Stock

1962

to

COMPANY

RALEIGH




GREENSBORO
MIAMI

in

This

of

area

COLUMBIA

1980.

The

last

coupon

yield

4.15%.

to

excellent

in¬

in

account.

GREENVILLE
ST.

Union

PETERSBURG

1,012,000
6,275,000

1962-1981

8:30 p.m.

1962-1981

10:00

4,400,000

1962-1973

Noon

1,180,000
21,500,000

1962-1990

11:00

1971-2001

Noon

1963-1980

6,000,000
2,700,000

1963-1991

1962-1970

2:00 p.m.

3,038,000

1962-1982

3:00 p.m.

2,400,000

1961-1984

2:00 p.m.

1,750,000

1982-1981

7,500,000

1962-1981

--.

Sch.

Free

a.m.

Dist.

No. 2, New York
Cincinnati, Ohio
East

-

— -

Peoria, Illinois--

:-2__.

Dist., Cal.
Niagara Falls C.ty Sch. Dist., N. Y.
Oakland County Eig.it Mile Drain
District, Mich.
Piscataway Township School Dist.,
___—

New Jersey
St.

L-

Louis County,

a.m.

8:30 p.m.

10:30

a.m.

Hazelwood Sch.

Eist., No. R-l, Mo._.___________
Dmgo County, California--—

San

8:00 p.m.

10:30

a.m.

May 10 (Wednesday)
Bloomington
Indep.
No. 271, Minn
Rockville, Md.
Terrebonne

Sch.

Dist.
1,400,000

1964-1991

7:30 p.m.

1,225,000

1962-1981

8:30 p.m.

1,200,000

—

Louisiana

Parish,

1961-1980

7:00 p.m.

May 11 (Thursday)
4,500,000

1963-2000

11:00

a.m.

1,075,000

1965-1980

10:00

a.m.

2,000,000

1962-1981

1:00 p.m.

1,650,000

1961-1970

8:00 p.m.

Luvahoga Falls City School Dist.,
Ohio

Multnomah

County School District
3, Oregon.

No.

May 12 (Friday)
Oklahoma

thority,

Industrial

Finance Au¬

Oklahoma

2,000,000

1991

9:00

a.m.

May 15 (Monday)
Baker; Ciregon

1,014,000

Chicago, 111
Florida

7:30 p.m.

40,000,000

Development

Comm.,

1963-1981

10:00

a.m.

2,600,000

1963-1976

11:00

a.m.

Fla.

May 16 (Tuesday)
Berkeley, Calif.

1,643,000

8:30 p.m.

1962-1981

8:00 p.m.

3,000,000

Indep. Sch. Dist., Alaska
Greenville
Spartanburg
Airport

1962-1981 "•

1,000,000

—

Fairbanks

new

issues which

to market.

came

largest issue of the day, $30,000,000
Los
Angeles
Unified

School

District,

California,

account

Lehman

Brothers,

Harriman

Ripley & Co., Inc., and
Halsey, Stuart & Co., Inc. In¬
cluded among the major under¬
writers in the group were Weeden
& Co., Blair & Co., Inc., Phelps,
Co.,

New

York State

Portland

Housing Auth

offering

Water

Stanislaus

to

1964-1991

Noon

1962-1996

10:00

Co., Goldman, Sachs &
Eastman Dillon, Union Se¬

yield from 1.50% to 3.60% for
V2S, met with good investor de¬

mand.

The

reported

as

present

balance

is

in

the state, came to market with

concurrent

bond

sales; $9,650,000
Revenue (1962-1985) bonds

$3,000,000

bonds.

these

finance
and

Sewer

,well

Revenue

The

proceeds

regarded

various

extensions

the

Boston

Corp., Harriman
Inc., and First of
Corp.,
and
including
the
major
underwriters

successful

bonds.
to

3.45%

The

yield

bidder for

the

issue

re-

from

in

was

in

1.70%

1984.

The

last

maturity bore a 1% couoon and
was
priced to yield 4.10%. Upon

reoffering about two-thirds

of

issue

the

headed

by

Phelps, Fenn

&

1981

Noon

1,000,000

1962-1982

10:00

a.m.

1966-1985

10:30

a.m.

1,500,000

1962-1990

10:00

a.m.

1961-2000

Noon

School

Orleans, Louisiana

Pennsylvania State
Building

Public

School

Authority,

University

Pa._

24,580,000

Illinois

1

7,050,000

of

Warren Consol. Sch.

Dist., Mich.__

2,750,000

1963-1987

8:00 p.m.

May 18 (Thursday)
Janesville, Wisconsin

2,615,000

1962-1981

11:00

a.m.

May 20 (Saturday)
North

Dakota

St.

Bd.

of

Higher

Education, North Dakota

1,200,000

1963-2000

2:00 p.m.

May 22 (Monday)
Monterey

Union

High

Sch.

Dist.,

California
Palm

3,200,000

Wicomico County,
Yellowstone

Md

County

1962-1986

3,000,000

Springs, California

1962-1991

3:00 p.m.

1962-1981

8:00 p.m.

10:30

a.m.

1,800,000

School

Dist.,

Montana

1,800,000

May 23 (Tuesday)
Owensboro,
Salt

Lake

Ky.

25,000,000

County

1962-1991

1,200,000
1,300,000

■

1984-1991

Improvement

District, Utah
Spartanburg, S. C._.

5:00 p.m.

1962-1991

Noon

1952-1974

Noon

May 24 (Wednesday)
Ohio

(State of)

32,000,000

&

Co., J. C. Brad¬
ford & Co., Dominick & Domi¬
nick, Ira Haupt & Co., and others,

to

syndicate

1,000,000

Co.,

Nuveen

the

a

issues

city
water supply system. The syndi¬
cate
managed
jointly
by
The
First

a"m.

May 17 (Wednesday)
New

improve¬
to

by

District, Calif.

$4,400,000.

Also on Tuesday, Grand
Rapids,
Michigan, the second largest city

handled

Me

High

to

3

4,000,000
50,000,000

Calif

Union

&

curities & Co., and several others.
The bonds, which were reoffered

,

4,200,000

1,370,000

County,

Sweetwater

be

District,

managed

by

jointly

Fenn

—

County Sch. Dist., Colo.
Marlon, Ind. 4

was

the

by

won

District, S. C
Jefferson

(Negotiated

Underwriters were kept busy on
Tuesday, May 2, with the several

Initial
JACKSONVILLE

Babylon

theb

includes

with

met

offered
CHICAGO

a.m.

May 9 (Tuesday)

miles in

V4 of 1%

a

priced

IF62
ATLANTA

10:00

-

was

Members Midwest Stock
Exchange

RICHMOND

an

square

and

3.50%

maturity bore

water

YORK

Dallas,

Dominick.

encompasses

Ripley &
Michigan

INCORPORATED

NEW

Savings Bank
White, Weld

&

Pima

1964-1999

F,835,000

—————

the

City of Tucson.
The bonds were
reo'ffered to yield from 1.70% in

John

CHARLOTTE

bonds

by

managed

the First National Bank in

among

&

Wis.

Albany County, New York—_—

bidding to

included

will

Engineering

R. S. DICKSON

close

Co:,
Wertheim
&
Co.,
The
Valley National Bank of Arizona,

Water

Index-3.30%

Common

Madison,

Bowling Green St. University, Ohio
Cumberland County, Tenn._______

&

ments

Class

year.

(1962-1981)
in

syndicate

a.m.

May 8 (Monday)

>'■

trading market in:

Soroban

of

May 1, $4 436,000
High School District

awarded

(1965-1982)
active

8,800,000

Cranford Township, New Jersey—

that

Financing

1, Arizona

10:00

Valley Water Supply

District, Miss.

moderate

Monday,

Pima County,

from
an

little

know

comments

for

the

$380,000,000. Those that
particularly

total

3,

totals

a

is

and

We maintain

May

our

this

On

favorable

a

of

schedule

than

more

bears

As

reception and only $547,000

3V8%

Orleans, La
Chicago, 111

new

remain

Downward

and

River

Pearl

calendar

bonds

3%%

New

of

the

vestor

3%%

___

reported as $4ii,May 3 the total was
$368,767,000.
With
issues going well, this figure
likely go somewhat lower.
at

connection,

and

27,

municipal

On

this

the

April

state and

In

No.

im¬

much

be

was

relationship.

1963-1971

May 5 (Friday)

Fresno City Unified Sch.

under

3%

Calif

will

to

Thursday,

List

total

was

20
year
high grade
general obligation bond yield In¬

Housing Auth. (N. Y., N. Y.)

On

Blue

rates.

The

3%%

3,

proved.

issue

Chronicle's

(State)

ad¬

municipal inventory

seems

and

circumstances

Yield Index Continues

dex

tax

market

3V2%

May

situation

The

time.

The

the

coupon

street

tax-

extraordinarily
large
within a brief period of

volume

„_

Baltimore, Md.
Cincinnati, Ohio

average

The

more

of

their

in

unexpected

or

considerations;

vantages inherent in their better
than

Central

job,

7,500,000

aver¬

municipal
continue
to

considers

can

good

gap

judgment is largely

it

consistently

a

Seattle, Washington

and

approximately 247

that the state and munici¬

the

bond

will

ad^

bond underwriters have been

doing

state

gradual
way,

of

,

were

Although inventories have been
high,

that

road

intrinsic

on

issue

favorable

generally
price level.

average

favor¬

led to a
relatively
supply situation coinci¬

with

dent

the

May 4 (Thursday)
Port

category m

toll

This

also

was

this

in

average

based

has

favorable

York
(State)
Pennsylvania (State)
Vermont (State)

Angeles,

and

bond

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

"die

resistance

believe

the

narrow.

For

Thursday, May 4, 1961

.

last

average

corporates. A mod¬

erate and well balanced

it

said

between

the

27,
date,

.

In

Toll

the
steady
price ris^
fall; at times against the

We

061,000.

Fine

because

technical

of

market.

the

opera¬

advisable,

view

since last

it

Co.

price

normal

reported

seemingly

are

Jersey Highway Auth., Gtd.__/ 3%

New York

Market

Some

seems

new

New

Los

reducing

rates.

involving

and

run

Connecticut

New

toward

Shape
These

pressures

is

within

3.69%.

during

averagea

April

on

weekly reporting
previous week the

age

about

point

a

Barney &
yield Index

bond

3.70%

bond

by

activity

at

aver¬

of

Smith,

Road

long-term

of

interest

long-term

Rate

New

open-

government bonds have been but

MARKET ON REPRESENTATIVE

California

Reserve

purchases

de¬

long-term bond rates

seem,

ernment

Senate-House Eco¬
Committee
has
charged

exempt

sua-

a
greater
stimulated

politically

Secretary

of

more

accomplished

appear

wouljd

to

business

"

Reserve

ability

fqnds

framework
tion.

Federal

Reserve

slvely

easily

the

both in their consultation services

From

Federal

to the demand for money.

sponse

with

Help

re¬

lower long-term rates at
least for awhile; This Adminis¬
tration seems not likely to tolerate
higher long rates in natural re¬

for

demand

short-term investment has greatly
increased
with
increased
mone¬

tary

vortex

a

municipals have been

In

its

in

quiring

gov¬

moderate

to

the

involve

the vicarious

as

activities

above

will

managers

money

departments, bureaus,
logically presume a

might

deficit

recently

points.

financially,

that

Inferences drawn from the Ad¬

without

easy

Thus, it would seem to many
investors, as well as bond dealers,
that further political implications

nomic

Market

credit

running the risk of inflation, al¬
though he is publicly challenged

In

Vital

keep

an

betterment

.

Larger Issues Scheduled For Sale

at

was

This represents

Financial Chronicle

was

sold; the present

Continued

on

page

7

May 25 (Thursday)
Grand

Fcrks

Indep.

School

Dist.,

North Dakota
San

1,075,000

11:00

a.m.

Diego, Oceanside Small Craft

Harbor

Souta

District,. Calif

Davis

County

Sewer

4,500,000
Im¬

provement District, Utah—____

1,500,000

1986-1996

8:00 p.m.

1962-1991

4:00 p.m.

May 31 (Wednesday)
Lafayette Parish Sewerage District
No. 1, La.
—

1,452,000

Volume

Tax

193

Number

6052

.

.

.

The Commercial and Financial Chronicle

(1959)

7

Exempt

F. L. Putnam Co.

Bond Market

-

Official Changes

Continued

from

totals

balance

The

$3,005,000.

bonds were awarded to

sewer

BOSTON, Mass.
& Co. Inc., 77

6

page

Street,

by Drexel & Co.
and
included
Wertheim & Co.,
Lazard
Freres
and
Company,

bers

duPont

issue

&

2.30%

3.40%.

to

about

to

40%

of

yield
this

At

the

have

from

that

Frederic
Putnam

out

are

n-

a

nounced

writing

bonds

the
Stock

Exchange,

Co., and others. The

scaled

was

been

of this account.

L.

has

elected

Chairman

Tulsa, Oklahoma sold two issues
of

the

bonds

totaling $7,600,000 bonds
(1963-1986) on May 2. The syn¬
headed

dicate

Co.

Trust

majors

the

The

by

which

and

Harris

&

Trust

of

New

Bunkers

high

bid

for

York
Co.

Trust

in

4.25%

with

of

the

present

thirds sold.

loan,

1%

issue

last

The

3V2S.

as

reoffered

was

yield

to

is

has

become

cial

(seated left to right)
counselor

senting

of

F.

Brandi, President of Dillon, Read & Co.,
Inc.; and Hachiro Ohashi, President of the Cor¬

Hideo Suzuki, finan¬

poration. Standing

the

Japanese Embassy, repre¬
Japanese
Minister
of
Finance;

the

H.

partner

zenbach,
Edward

(1. to r.)

of

Townsend,

are:

E. B. Schwar-

West

Street.

Seventh

formerly with

Hayden,

Co.

and

thereto

his

own

Smith,

Barney & Co., and
V-P of First Boston Corp.

prior

Limited Access
bonds, was bought by
Halsey, Stuart & Co., Inc. syn¬

dicate.

Scaled

1.80%

to
than

more

initial

awarded

to

the

yndicate

majors
York

the

3.45%

Interest

Exempt^ in the opinion of counsel, from personal income taxes
of the State of California under present state income tax laws.

reoffered

;

■

./

■

in

of

yield

to

Los

4.20%.

$1,573,000 bonds

re¬

issue

May

'

\

.

1'

.

the

of

market.

Los

week,

$35,-

To be dated

Due June 1,

June 1, 1961

managed

jointly by
Halsey, Stuart & Co., Inc., Drexel
& Co., Glore, Forgan & Co. and

Eligible, in

our

opinion,

as

.:

$1,200,000

1969

2.80%

$1,200,000

1976

1,200,000

1970

2.90

1,200,000

1977

1,200,000

1971

3.00

1,200,000

1978

3.40

2.20

1,200,000

1972

3.10

1,200,000

1979

3.45

1966

2.40

1,200,000

1973

3.15

3,600,000

1980-82

1,200,000

1967

2.60

1,200,000

1974

3.20

2,400,000

1983-84

3.55

1,200,000

1968

2.70

1,200,000

1975

3.25

2,400,000

1985-86

3.60

1962

1.50%

1963

1.75

1,200,000

1964

2.00

1,200,000

1965

1,200,000

priced
The is¬

likely to receive good

&

Devine

Co., | Blair & Co.,
Inc., Merrill Lynch, Pierce, Fenner & Smith and B. J. Van Ingen
&

Co., Inc. The issue

to

yield 1.60% to 3.60%.

was

or

Price

Amount

1,200,000

C.

Yield
Due

Yield

$1,200,000

were

'

Due

Yield

in the account

shown below

Amount

Due

underwriters

as

Legal Investments for Savings Banks and Trust Funds in New York.

'

Amount

Ladenburg, Thalmann & Co. In¬
cluded
among
the other major

seems

3Vz% Series B Bonds

:

extremely close bid¬
ding, the issue was bought by ;he

investor

Angeles County, California

^

In

account

Angeles Unified School District

the

3,

000,000 Port of New York Au¬
thority consolidated bonds, 18th
series,
due
1962-1981
came
to

sue

,■

..

f

account.

Wednesday,

J.

;,rn

■

lk of 1% coupon

a

priced

balance

largest

$30,000,000

Kuhn, Loeb

were

1.50% in 1862 vo
1987.
The
last
four

were

On

as

New

Ban*

from

in

mains

MEW ISSUE

Trust

included

and

^

bonds

maturities bore

A

Exempt, in the opinion of counsel) from present Federal Income Taxes under present Federal income tax laws.

upon

Bankers

which

Co.

The

yield

and

Interest

was

sold

Chemical

Trust

Co.

to

one-third

May
2,
$3,080,000
North Carolina various
(1962-1991) bonds were

purpose

&

from

issue

on

Raleigh,

.

yield

the

reoffering.

Also

Co.

to

4.25%,

demand.

3.30%

,

3.35

(Q

100

(and accrued interest)

Kentucky Turnpike Issue in
Qffing

These bonds are offered when, as and if issued and received by us and subject to approval of legality by Messrs.
O'Melveny & Myers, Los Angeles, California. Such offering is not made hereby but only by means of the Offering
Circular, copies of which may be obtained from such of the undersigned as are registered dealers in this State.

Although voters have recently
approved a relatively heavy vol¬
of bonds, this is not being
immediately reflected in new is¬
sue offerings. At the present rate
of
new
issue
generation
there
would appear
to be no under¬
ume

writing

volume

issue

negotiated
to

appears

problem.

be

In

imminent

fi¬

nancing of importance. However,
it

is

may
sue

that

reported

market with

to

come

of

Allen

about

$45,000,000

bonds

in

Kentucky
from

30

Toll

to

60

Halsey, Stuart & Co. Inc.

Ripley & Co.

Incorporated

•

Weeden & Co.

Blair & Co.

Incorporated

Incorporated

Eastman

Phelps, Fenn & Co.

Salomon Brothers & Hutzler

Shields & Company

Dillon, Union Securities & Co.

Goldman, Sachs & Co.

Co.

&

is¬

an

A. C.

Paine, Webber, Jackson & Curtis

Allyn and Company

Stone & Webster Securities Corporation

Incorporated

the

of

Turnpike Authority of Kentucky,
Western

Harriman

Lehman Brothers

the

there

category

no

B. J. Van

Ingen & Co. Inc.

F. S.

Braun, Bosworth & Co.

Alex. Brown & Sons

Moseley & Co.

Incorporated

Revenue

Estabrook & Co.

days.

Hemphill, Noyes & Co.

Fidelity Union Trust Company

First of Michigan Corparation

Newark

Bache & Co.

S. D. Slater With
Herzfeld & Stern
Sidney D. Slater has become

asso¬

Baxter &

Dominick & Dominick

Hayden, Stone & Co.

National Bank of Commerce

A. G. Becker & Co.

of Seattle

Dick & Merle-Smith

Company

Tucker, Anthony & R. L. Day

Incorporated

Wood, Struthers & Co.

Schwabacher & Co.

Adams, McEntee & Co., Inc.

Barr Brothers & Co.

i

ciated
Broad

with

Herzfeld

Street,

members

Exchange,

of

New

the

New

&

City,

York

King, Quirk & Co.

Goodbody & Co.

The Ohio Company

Robert Garrett & Sons

Stock

manager

of the

I

^

re¬

search department.




Stifel, Nicolaus & Company
Incorporated

Incorporated

May 3, 1961.
as

■

Stern, 30

York

—

H*nry

affiliated

-A-

He

wau

Stone

?z

conducted

investment business.

$1,600,000

Facilities

the

Sullivan, Jr.

with Dempsey-Tegeler & Co., 210

Signing agreements for $20 million Nippon Tel.
& Tel. Public Corp. bonds being offered here
are:

The other part of the

ANGELES, Calif.

Hartman

two-

about

E.

(Special to The Financial Chronicle)

LOS

At

coupon.

John

With Dempsey-Tegeler

the

the

1985

maturity

f

succeeding Mr. Putnam.

$6,000,000 mu¬
nicipal building bonds. Upon reoffering, the bonds were priced
to
yield from 1.85% in 1963 vo
3.50%

o

the company,

the

and

submitted

has

elected

President

ings Bank, The Chase Manhattan
Bank, The First National City
Bank

Jr.

been

Sav¬

f

Sul¬

E.

livan,

as

o

Board.

John

Northern

included

Putnam

m e ru¬

of

Boston

Shearson, Hammill & Co., Francis
I.

L.

Franklin

an

headed

account

F.

8

(1960)

The Commercial and Financial Chronicle

Bureau,

Inc.,

Combustion

Engineering—Memo¬

Hey den

randum—F.

P.

Broad

port—Courts & Co., 11 Marietta
Street, N. W., Atlanta 1, Ga.

AND RECOMMENDATIONS
TO

THAT

THE

INTERESTED

SEND

FIRMS

PARTIES

MENTIONED

THE

WILL

FOLLOWING

BE

Public

Industry

Ellis

&

Anderson,

New York

quarterly
banks

seatic

—

Green,

Broadway,

116th

—

consecutive

comparison

and

United

61

6, N. Y.

Stocks

Bank

Study

—

of

leading

trust companies of the

LITERATURE:

States

New

—

York

Han-

Corp., 120 Broadway, New
5, N. Y.

York
Bond

Market

in

Japan,

Bank

Inc., Ill Broadway, New
6, N. Y. Also available are
reports on The Daimaru, Inc. and

Stock

—Nomura

Securities Co., Ltd., 61

Broadway,
Also

1960

Survey

—

New

available

York

6,

N.

Hitachi

tronics);

Kirin

Limited

(elec¬
Sumi¬

—

of

tomo

Y.

are
analyses of
Steel; Fuji Iron &

Yawata Iron &

Breweries;

Chemical;

T

Rayon;

o y o

Common

Stocks—

Stocks

Analysis —
Bache & Co., 36 Wall Street, New
York 5, N. Y.
Also available is a
list

of

selected

—

Utility

Common

Stocks for investment.

&

Co.,

15

Street, New York 5, N. Y.

Shoe Machinery
Corp.—
Analysis—Loewi & Co. Inc., 225
East Mason Street, Milwaukee 2,
Wis.
Cornet

Stores

James

Anthony

Memorandum

—

Illinois

Inc., 37
Wall Street, New York 5, N. Y.
Corning Glass Works
E.

F.

Hutton

Avenue,

& Co., 42
Wall
York 5, N. Y. Also
are
reviews of Trans-

New

available

america and

Transfer

Falconbridge Nickel.

Taxes

forth

current

stock

original

Booklet

—

Federal

issue

setting
State

and

and

transfer

rates—Registrar and Transfer

Japan, Lim¬
Toanenryo Oil Company; Sekisui Company, 50 Church Street, New
ited, Marunouchi, Tokyo, Japan.
York 7, N. Y.
Chemical
Co.
(plastics); Yoko¬
Canada and Canadian Provinces,
hama Rubber Co.; and Showa Oil Treasury Market—Review
New
Funded Debts Outstanding—Sup¬
York Hanseatic
Co.
Corp., 120 Broad¬
plement
to
1960
Funded
Debt
way, New York 5, N. Y.
Dealers'

Asso¬

Market Situation—Review in

cur¬

ciation of Canada 55

rent issue of "Investors Reader"'—•

Toronto

Merrill

Yonge Street,
1, Ont., Canada.

Common

Wood,

Stocks

Selected list

—

Walker

Smith
—

York

&

Co., 63
Street, New York 5, N. Y.

Wall

of

'Tnvestornews"—Francis I.
Co., 1 Wall Street, New
York 5, N. Y.
In the same issue
du Pont &

analyses

are

of

Aircraft

Com¬

panies, General Electric, Standard
Oil of Indiana, Decca Records and
Warner Lambert Pharmaceutical.

Also available

memoranda

are

on

Phelps Dodge and Delta Airlines.

Cyclical Stocks
Laidlaw

&

New York

—

Memorandum—

4, N. Y.

are

Y.

Also

in

discussions

Helene

Brooks,

Foxboro

Company,

Transwestern

Pipelines,

Laboratories,

Electric

Share,

Continental

United

Financial

fornia,

—

Discussion

same

Bobbie

Industries,

Eurofund,

the
of

Baxter
Bend

Air

Corp.

Cotton

Futures,

Cali¬

Raymond

Inc.,

Inter¬

national Corp., O. M. Scott & Sons

Co.,

S.

S.

White

Corp.,
and

Co.,

Dental

Elastic

Lockheed

Manau-

Stop

Aircraft

Nut

Corp.

Magnavox.

Wall

—Report

Magnavox, P. R. Mal-

on

"Exchange" lory, Motorola, Square D Co. and
Exchange Magazine,
11 Zenith Radio—H. Hentz &
Co., 72
Street, New York 5, N. Y.— Wall
Street, New York 5, N. Y.

in

$1.50

per copy,

Also

per year.

the

same issue are discussions
Shoe Industry and data on
Standard Pressed Steel

of the

ican

Co., Amer¬
Co.,
American
Re¬
Development Corp., and

Meter

search

&

Hewlett

Packard.

York

4, N. Y.

bulletin

studies

on

Also available is

Union

Natural

Gas

—Sartorius

Industry
&

York

New

Educational

6,

Tank

Car

a

and

ExCell-O Corp., Grey¬
hound Corp., Columbus & South¬
on

Ohio Electric, Distillers
CorpSeagrams, Gulf Mobile & Ohio,

—

Co., 39
N. Y.

New

Analysis

Broadway,

Review

—

available

York

are

5,

N.

reports

1 Wall

Y.

Also

Hudson

on

Pulp & Paper Corp., Illinois Pow¬
er
Co.,'
Brunswick
Corp.
and
Southwestern Life Insurance Co.

Long

Iowa

Island

Power

&

Lighting,

Light,

Union

Pa¬

cific, and U. S. Rubber.
Japanese
ko

Market

Review—Nik

—

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

Street,

available
bishi

is a report on Mitsu¬
Chemical Industries and an

analysis
which

of

are

16

Japanese

Japanese Market
maichi

stocks

ADR candidates.
—

Co.

—

of

Ya-

New

countries

York

as

Day¬

light Saving" Time—also included
is a map of the time zones in the
U.

S.

International Department,
Manufacturers Trust

Co., 55 Broad
Street, New York 15, N. Y.
i\i

8;S

Co., 7616 Girard
Jolla,
Calif.
Also
report

a

Advance

Ross

&

Co.—Analysis

ical

Corp.—

Aetna

Finance

New

&

York

Algoma

N.

5,

New

available

is

orandum
Dreyfus
&
Co.,
Broadway, New York 4, N. Y.

Y.

&

Gas Interests—Information

tax

shelter advantages — Ad¬
miral Oils Inc., 400 B Bettes
on

Bldg.,

Oklahoma

City 6,

Okla.

showing

Allvac

Green-

—

(N. Y.) Inc., 64 Wall
York

N.

5,

Also

Y.

Metals

S. Dickson

Co.

Analysis

—

—

Co.

&

Inc., Wacho¬
Bldg., Charlotte 2, N. C.

Bank

American

National

Securities

Co.,

Insurance

Dallas

—

Co.

Union

Adolphus

Tower,

Dallas 2, Texas. Also available are
memoranda

Co.,

El

Aztec

on

Paso

Oil

Electric

Gas

&

Co.

and

Ennis Business Forms.
American

Pipe

&

Construction—

between
stocks
used
son

Averages
counter

the

the
in

and

market

the

the

industrial

National

performance
—

over-the-

stocks

to

used

in

Bureau

yield
over

National

bouisse,

Friedrichs

Carondelet

Borg

&

Street,

Co.,

New

211

Orleans

York

a

and
23-

Quotation

Memorandum

—

Co., 50 Broadway, New

4, N. Y.

Bradley Real Estate Trust—Mem¬

cent

&

Also available

are

Moore,

Philips

Incandes¬

Lamp Works Holding Co. and
Steel

Companies, Ltd. and

memoranda

NEW

Corp., Heileman Brewing Co. and
Radio Corporation of America.

*

Daffin Corporation

trade

Hammill

Street, New

Sigma Instruments, Inc.

Heller,
and

*

*

*

i

*

'

Adler

Electronics, Inc.

Nedick's Stores, Inc.

Dynamic

Aqua

-

Chem, Inc.
on

Request

Co.,

Members

New

York

Security

Dealers

Association

5, N.

Y.

Also available

are

Iron Fireman Manufac¬

on

turing Co. and the Seeburg Corp.
and
a
suggested
portfolio with
emphasis on safety and income.
Superior

Oil

—

Cessna

,74 /Trinity Place, New York
6, N. Y.




Teletype NY 1-376; 377; 378

of the Oil Shares.
J.

Little

J.

Ives—Memorandum

&

&

6, N. Y.

York

Co.,

115

Chemical—Report—Walston
Co., Inc., 74 Wall Street, New
N. Y.

Broadway,

Electronic

Memorandum

Grant &
Remington, Inc., 123 South Broad
Street, Philadelphia 9, Pa.
Stainless

Steel—Discus¬

in

ter"

—

current

& Beane, 2 Broad¬
York 4, N. Y.
Also
available is an analysis of Repub¬

the

of

Carpenter

Development
and

issue

same

lic

Steel,

Corp.

of

is

Also available

Nuclear

Electronics Inc.

is

parative figures
&

K

a

large Electric

on

Companies.

Film

National

on

Co.,
120
N. Y.
report on Sig¬

Studios

Baruch

N.

Street,

W.,

District of Columbia.
National Presto Industries—Mem¬

orandum—

Pershing
New York

Washington 20, D. C.

Obear

Electronics

Nester

Refining

alysis—A.
South
111.
of

C.

La

Also

Company—An¬

Allyn

Salle

& Co.,
122
Street, Chicago 3,

available

is

analysis

an

Sunray Mid Continent Oil

General

Co.

Cable—Review—Blair

Incorporated,

20

Broad

&

St.,

Co.,

&

Glass

—

5,

120
N. Y.

Memoran¬

dum—Edward D. Jones &

Inc.—Re¬

Fourth

port—Cortlandt Investing Corpo¬
Missouri.
ration, 135 Broadway, New York
Papercraft C
6, N. Y.
Frontier

Memo¬

Co., 1518
Washington 5,

Broadway,

Video

—

&

port—O. R. Sheppard & Co., 3422
Highwood
Drive,
Southeast,
Foto

5,

Light

randum—R.

Re¬

—

Company

Gas Company and com¬

nal Oil &

Standard Packaging.
Federated

Register

—Report—Reynolds &
Broadway, New York

America,

report

Memorandum

N. Y.

Cash

National

Power

a

—

Haupt & Co., Ill Broadway,

New York 6,

Let¬

Royal Indutsries.

available

Electronics

—Ira

Elliott-Automation, Ltd.—Report
—Hill,
Darlington & Grimm, 2
Broadway,' New York 4, N. Y.
Also

Corp.

Loral

discus¬

are

New

way,

Hayden, Stone & So., 25
Street, New York 4, N. Y.

Also in
sions

"Investment

R. Williston

J.

Industries—

Hess,

—

Theatres, Inc.—Analysis—

Loew's

Richards

Co., 300

Street, St. Louis 2,

o r

p.—Analysis—Hill

&

Co., 621 South Spring
Street, Los Agneles 14, Calif.
Reeves Brothers,
Eastman
&

Inc.—Analysis—
Securities

Dillon, Union

Co., 15 Broad Street, New York

5, New York.
Susquehanna

New York 5, N. Y.

dum—Wm.

General

150

Motors—Memorandum—

South

Corp.

H.

—

Memoran¬

Tegtmeyer
Salle

La

&

Street,

3, 111.

cago

Temperature Engineering Corp.—

Colo.

Analysis

Also

is

a

memo¬

Ling Temco Electron¬

Industries
&

New

available

—

Report—

McKinnon, 2 Broad¬
York

is

a

Columbia

N.

4,

Y.

Also

technical

analysis
Broadcasting Sys¬

tem.
W.

tro

R.

Grace

Bros.

& Co.—Report—SuCo., 80 Pine Street,
5, N. Y.

&

Dittmar

Antonio

&

Company,

5, Texas.

Vance-Sanders & Company Inc.—

Analysis—Wedbush
157 Santa Barbara

geles 8, Calif.

&

Company,

Plaza, Los An¬

Also available is

memorandum
Ward

New York

—

Inc., 201 North St. Mary's Street,
San

way,

of

available

on

on

Vitramon

Inc.—Memorandum—A.

M. Lerner & Co., Inc., 15 William

Street, New York 5, N. Y.

Specialists in Canadian Securities

as

Principal for

Brokers, T)ealers and Financial Institutions
%

Grace Canadian Securities, Inc.
Members: New York Security Dealers Association

25

Broadway, New York 4, N. Y.

TELEX 015-220

•-HAnover 2-0433-45

Orders Executed

at

ysis—Frank
74

N.

Trinity
Y.

5,

N.

•

NY 1-4722

regular commission rateI

through and confirmed by

C.

any

Y.

Technical

Corp.—Anal¬

Masterson

Place,

New

&

Co.,
6,

York

Memben: Principal Stock
The

25

National

a

Montgomery

Co.

&

Aircraft—Analysis—L. F.
& Co., 120 Broadway,

York

Co.,
Chi¬

Peters, Writer & Christensen, 724
Seventeenth
Street,
Denver
2,

Rothschild

Columbia

Ana¬

5, N. Y. Also available is a review

Memo¬

randum—Jacoby & Co. Inc., 541
Spring Street, Los Angeles
13, Calif.

New

HAnover 2-2400

&

Development Corp.

South

Troster, Singer & Co.

—

lytical brochure—Hemphill, Noyes
& Co., 15 Broad Street, New York

Wall

14

are

Canadian
*Prospectus

&

York

General

York

Corp.

Oil

Burroughs Corp.—Report—Harris,
Upham & Co., 120 Broadway, New
reports

Instrument

Taylor

5, N. Y. Also
reports on Walter E.
Crown Cork & Seal Co.

available
*

Delhi

memo¬

Bucyrus Erie Co.—Report—Shearson,

we

on

a

Dow

Thomson

Diamond National, Fisch-

is

6,

Nopco Chemical Co.

on

—Carreau

Co.

Glas-Tite

5, N. Y.

available

New

Abrasive

Hutton &

United

Charles of the Ritz, Inc.

Louth

Brunswick

on

Francisco

San

Street,

Kayser-Roth Corporation

Motor

ics.

CURRENT
*

Interstate

on

System, Ironrite, Inc., McSteel Corp. and Mid West

Mass.

Corp.—Report—W. E.
Co., 14 Wall Street, New

Corporation—Analy¬

randum

Manufacturing

Freight

randum

bach

ISSUES-i

memoranda

orandum—Dayton Haigney & Co.
Inc., 75 Federal Street, Boston 10,

York

sandoFinancial Institutions
rek rB,sknaB

—

Steel

gomery

Memorandum— Wm, C.
Roney & Co., Buhl Building, De¬
troit 26, Mich. Also available are

Co.,
Warner

-

Purcell &

data

For

Co.—

Memorandum—Howard, Weil, La-

Dow-Jones

35

as

Folder

industrial

Quotation

both

period

year

—

compari¬

listed

Petroleum

Polarad

on

Corp.

Calif. Also

North

12, La.

up-to-date

an

&

W.

—

Broad

Billups Western

American

on

Gasket

Chem¬

&

sis—Dean Witter & Co., 45 Mont¬

2

—

a

Kaiser

Danly Machine Specialties—Mem¬

—

Street,

Minerals

memorandum

is

Electronics

Mills—Report—Shields
Co., 44 Wall Street, New York
5, N. Y.

Eastern

an analysis of French
Company of Canada.

Petroleum

via

Wall

37

Steel—Analysis

Street;

R.

Memorandum

—

Co.,

a

Central.

Pressprich & Co., 48 Wall Street,
New York 5, N. Y. Also available

&

sion

Schrijver

Illinois

Corp.—Memorandum—R.

Dan River

Co.

and

Co., 139 West Main Street, De¬

International
Crown Cork & Seal

—Droulia & Co., 25 Broad Street,
New York 4, N. Y.

Dubrow

Electronic

Analysis—H. 1VI. Byllesby & Co.
Inc., 135 South La Salle Street,
Chicago 3, 111.

on

Steel,

Co.

catur, 111.

Corp. and Leesona.

Detroit

Armco

Paper

Honeggers—Memorandum—Tabor

Fluor

on

York 5,

$

Texas,

memorandum

—

—

National Insurance.

memorandum

a

Averages,

Review

Securities

100

New

Oil

and

Over-the-Counter Index
-

Securities

Chart—Showing dif¬
over

with

Report—William R. Staats & Co.,
640 South Spring
Street, Los An¬
geles 14, Calif.

ern

Textiles,

in

compared

-—Memorandum

Tools

—A. M. Kidder & Co. Inc.,

Street, New

Drug Industry—Analysis—Goodbody & Co., 2 Broadway, New

Time

ferences

shields & Co.
Companies

The

200

World

&

Lines,
of

Raybestos-Manhattan

Midwestern Electronic

Ocean

in current issue of the
—

issue

N.

facturing

Co., 25 Broad Street,

Desalting the

5,

Curtis

Computers—Discussion in May is¬
sue

Lynch, PPuce, Fenner &
Inc., 70 Pine Street, New

of

Hammermill

—

Book—Investment

Power, General American

Co.

Oil

&

La
is

Report

—

Company—Data

—

Co.

&

Insurance

Home

Chemical—Re¬

Newport

—Paine, Webber, Jackson & Cur¬
tis, *25 Broad Street, New York
4, N. Y. Also available are data
on
Canadian Pacific, Magnavox,

Rhoades

Street,

tax

M.

Ristine

Compo

available

Shares—Review—Carl

Loeb,

Market

Stocks—Mem¬
&

Co., 45 Wall
York 5, N, Y.

Utility

Textile

Gunze Silk Manufacturing Co.

Steel;

Brochure—Securities Department,
Industrial

York,

York

Japanese

Street,

Comparative figures—G. A. Saxton
& Co. Inc., 52 Wall
Street,
New York 5, N. Y.

PLEASED

Publishing

Auto

Front

46

orandum—Cowen

Street, New

UNDERSTOOD

Thursday, May 4, 1961

.

Over-The-Counter

INVESTMENT LITERATURE

IS

.

New York 4, N. Y.

DEALER-BROKER

IT

.

Auociation

Exchange« •/ Canada
of

Security

Dcolon

Broadway. New York 4. N. Y.

Volume

193

Number

6052

.

.

The Commercial and

.

Financial Chronicle

(1961)
Steel

Production

Electric

So

Output

The State of

Retail

Trade

Food

Price

Price

prices and

Index

out

the

a

the industry is sweat¬
price squeeze. But, at

time,

same

leaders

Clearings
29

for

Were

Week

13.9%

Ended

Automakers

Over

a

the

Chronicle, based on teleadvices from the chief

graphic

cities of the country, indicate that
for

the
week
ended
Saturday,
April 29, clearings from all cities
of

the

it

is

United

clearings
of

States

possible

from

obtain

to

13.9%

were

which

most
that

industry

prices

n°t

he increased under
market conditions.

to
in

can

current

that

started

several

construction,
canning,
read
building,
farm
equipment, air conditioning, rail¬
road track
maintenance, and pipe¬
lines.

It's
will

Automakers

their

output

in

will

step
to

response

up

im¬

proving sales and shrinking dealer
inventories.

that

operations
this level in

below

nonholiday week before June 30,
1962,, when the industry-USW

labor

contract

Steel

said

that

expires.

the
many

market

picture
industries are

buying; all products
and quick

shipments
Although seasonal

automotive

(3)
Buying will match con¬
sumption as users stop trimming

bet

fall

a

shows

(2)

safe

a

not

are

are

demand

responsible

for

are

the

of

about

output

Year.
,

p0r
car

further

comparison,

Three
market
developments
make the Outlook for May bright,
(1) The seasonal upswing in

April

production hit about 450,000.

weekly

highest in

IIV2

was

months.

the

Produc¬

tion has gained for seven

corresponding week last
Our preliminary totals stand

$30,638,903,288 against $26,888,085,249 for the same week'in 1960.

Our

comparative

straight

weeks.

Continued

";;

Week End.

April 29—

1961

+
+

851,412

-t

Industry

an

ojjer to buy securities.

Pickup

ordering,

The

strong

Iron

$20,000,000

Indication

Shows

upturn in the steel
starting to cut into rush

Age

Nippon Telegraph & Telephone Public Corporation

reports.

Guaranteed

of the first indications

one

"snowballing"

a

solicitation oj

May 5, 1961

6.6

:

market is

of

or a

New Issues

6.5

907,834

is

ojjer oj securities Jor sale

8.5

1,209,387
1,155,000

Of May

This

an

+ 20.2

$14,097,949

1,311,508
1,230,000

Boston

The

not

1960

S16.968.421

Chicago--..
Philadelphia

Steel

is

(000 Omitted)

r-

New York-_

This announcement

for

summary

the leading money centers follows:

effect

of

the

Telegraph and Telephone Dollar Bonds

May pickup.

Up to
able

steel

now,

to

place

demand,

and

time

of

is

as

Payment

to

Principal and Interest by

can

Japan

virtually im¬
most prod¬

get,

delivery

on

ucts, the magazine
For

for

out when consumers

mediate

Unconditionally Guaranteed

still

But

tonnage.

emergency

running

are

orders

users

rush

says.

example, speedups in re¬
delivery
of
automotive

quested
sheet

beginning

are

deliveries

to

strain

cold-rolled

of

sheet.

$15,000,000 6% Fifteen Year Bonds Due April 15,1976

This may be the first break in the

general buyer practice of pushing
mills to the limit for fast
But
mill

continue

buyers

suggestions
not

may

ness

orders

filled.

be

some

good
have

not

the

upturn in

promising

are

plus accrued interest from April 15, 1961

arguments.

that

mills

fully in

Price 95V2%

oppose

rush

always

they have
Some

that

delivery.

to

And

shared

busi¬

new

shorter

even

delivery dates to get the business.
But

and

more

$5,000,000 Three, Four and Five Year Bonds

frequently,

more

tonnage
is
being
out-of-district when usual

sources

deliver

not

can

Amount

the

on

May

June

and

orders

steel

Rate

for

1,700,000

been

the

1,700,000

have

strong point in the current upturn.
But farm implement makers, ap¬
pliance manufacturers, and serv¬
ice

centers

the

10%
for

ness

The

have

pickup

contributed

in

overall

to

busi¬

May. '

outlook

continued

June

for

gain,

but

is

for

with

schedules

look

steel

will

hinge

this month. If

large
held

they fail to hold

tonnages

June

The Three,

Four and Five Year Bonds are not underwritten but are being offered
by Nippon Telegraph & Telephone Public Corporation with Dillon, Read & Co. Inc.,
The First Boston Corporation and Smith, Barney & Co.
acting as offering agents.

will

Copies oj the prospectus

may

be obtained from such oj the undersigned {who

in the prospectus) as may

up,

are among

the underwriters named

legally ojjer these securities under applicable securities laws.

be

or canceled.

up

The

for

100%

plus accrued interest from April 15, 1961

pro¬

auto sales

on

100%
100%

good

through the first half, June orders
for

April 15, 1964
'April 15, 1965
April 15, 1966

Price

one

hedge. Although automotive
duction

a

Maturity

5%
5i/8%
51/4%

$1,600,000

spot.
Automotive

Interest

Principal

emergency

placed

market

is

not

likely to
Improvement,
while healthy, is gradual. But this
break

wide

the

week

first

real

Even

notes

stand

out

the
and

summer

effects of

automotive

level

The First Boston Corporation

out

at

the

June

Blyth & Co., Inc.

The Dominion Securities Corporation

model

changeovers will cut into July and
possibly August.
Although
a
quarter - by - quarter
pickup
is
forecast, the market is still likely
to

Dillon, Read & Co. Inc.

apparently feel their

Smith, Barney & Co.

confidence.

so,

vacations

open.

bullish

steelmen

as

rate

for

Goldman, Sachs & Co.

Eastman Dillon, Union Securities & Co.

Harriman Ripley & Co.

Kidder, Peabody & Co.

Incorporated

Lazard Freres & Co.

Lehman Brothers

Merrill

Lynch, Pierce, Fenner & Smith
Incorporated

some

weeks, then pick up again
midway through the third quarter.
But

May,
the
new

on
the strength of a good
the best shipping month of

year,

the

industry is showing

life.

Furthermore,
duction

automotive

schedules

give

pro¬

them

something (o cheer about
pro¬
viding sales back up production
—

estimates.




market's

plate, sheets, galvanized
items, reinforcing bars, and stand¬
ard pipe.
Plates, structural, and

above those

at

and

mainly

stronger tone, there's more to the
story. Makers of household ap¬

the

year.

gaining;
wanted.

factors

compares

year

Preliminary figures compiled

ago.

by

with

concede

consumption

weeks ago will accelerate
demand
Jor products used in

1.5 million. This May Steel Output.and Shipments inventories. '
with a second quarter
10 Ke
/o Above Aprils
farm
Look for ingot output this week pliances,
machinery,
and
electrical equipment are
I960 of 1.8 million, but is a deMay steel production and ship- to exceed the
stepping
1,810,000 tons that
up production.
cided improvement over the 1,- ments will be 10% above last Steel estimates the
industry
188,000 cars produced in the dis- month's,
Steel
magazine
preDemand is
poured in the week ended April
accelerating fastest
appointing first quarter of this dieted.
in
tin
29.
Last week's

ter

clearings last week showed

increase compared

an

planning

average 525,000 cars a month
May and June for a second quar-

Corresponding 1960 Week
Bank

are

this

earnings of the first
again focus attention on

quarter

Failures

-

April

in¬

poor

"

Bank

will

17%

production

month.

ing
"■"*

auto

a

Index

The

Commodity

schedule

better than

in

Production

Business

May-June
to

crease

Auto

TRADE and INDUSTRY

the

amount

Carloadings

9

White, Weld & Co.
The Daiwa Securities

Dean Witter & Co.

Co., Ltd.

The Nikko Securities Co., Ltd.

Bache & Co.

The Nomura Securities Co., Ltd.

Yamaichi Securities Company of New York, Inc.

on

page

27

10

The Commercial and

(1962)

have

machines

U.S. Industries, Incorporated

successfully

Prudential Insurance has used the

priced! model for training
salesmen; and over 50

insurance

educational institutions

interesting and- diversified company moving aggressively forward
in the fields of automation and teaching machines.

An

years' time the corporate

In seven

has
undergone dramatic changes — in
name, in product mix, and in poimage of U. S. Industries, Inc.

As Pressed; Steel Car,,

rential.

this

enterprise
ranked
as
the
fifth
largest builder of railway freight
cars.
That was before 1954.
In
that

manufacture of freight

year

abandoned, and the com¬

was

ears

its

under

pany,

launched
cation

a

calcu¬

lated to broaden tne base of earn¬

ing power, reduce the cyclical na¬
ture of corporate operations,
arid
net the

sion

stage for profitable expan¬
new
fields.
Although

into

along these lines to date
a little uneven, the pros¬

progress

has been

of

pects
within

S.

U.

the

much

past

brighter

loss of

Industries have,
assumed a
hue.
Whereas a
year,

cents

10

share

a

this

ported

for

show

will

substantial profit.

a

of

review

brief

A

1960,

re¬

was

year

the

line of USI should prove

product

of bene¬

fit in

appraising the company and
noting the areas of activity

in

offering the greatest promise for
in the fu¬
ture. When railway car building
expanded profitability

discontinued, USI acquired in

was

1854, Clearing Machine Corp. This
delivered, in 1960, about

division

45%

of

the

volume,

and

of

$87.7
is

million

sales

major producer
and
hydraulic

a

mechanical

and other products

offices

overseas

products.

There

activity to which we

want to devote

but

little

a

these not only

siderable

ti ne,

more

provide
and

romance

they

open

for

located

Electronics Division
Santa
Barbara,
Cal.

and
at

This

division

grammed

up

major

Design

is

pioneer in pro¬

a

teaching

tionize
ods.

an

—

technology that

new

may

exciting
revolu¬
meth¬

educational

current

Western

Design assembled a
gifted team of educators, writers,
and

engineers, and worked out

a

technique which breaks

teaching

dcwn text materials into segments

quickly absorbed by students, and
combined this with a system for
correction of

and

errors

recording

bridge,

the
USI teaching machine is an elec¬
tronic
device, something like a
microfilm projector that presents
equipment

of

Facts
the

teach

a

made by

or

The

enormous.

missile

our

Automation and Training Devices

produced

and

facilitate

provide

lines

for

industry.

feRotots"

universal

are

assembly

versatile

swiftly

that

adapted to

different

of

they

line

thanks

to

a

sharp pick-up

in or¬

ders, ah

I

Southern

Through

field.

the

Pipe,

company produces water and pe¬
troleum pipings, coatings and cas¬

ings, and this section, too, is show¬
ing

substantial

ment.

improve¬

current

Through

Axelson-Garrett,

USI supplies the petroleum indus¬

try with a broad line of oil pro¬
duction equipment—pumps, valves
and drilling gear, etc. Although
oil
at

drilling operations
lower

a

in

rate

Axelson-Garrett

years,

have

the

been

past

has

two

man¬

aged

to operate steadily in the
black, and is expected to make an

expanded

contribution to net this

year.

Other

ducing

Solar

manufactures

dairy

divisions

pro¬

equipment

lines

company

standard

include

Permanent

milk

storage

which

tanks,

automation

ntainless
There

steel
are

equipment
cookware.

also

substantial

and

frame

will

view

that

and- outlines

series

immediately

explains
the

his

correct

fold

proc¬

but

can

also

whereby
button for

the

be

in

used

instead
may

pushing

a

microfilm frame,

new

a

answer

of

form,

be

on

a

different

bock. page.
This
is
called
"scrambled" book method.

the

tronic

teaching
method
seems
sirrple, the real educational woi*x
is done in

the programming. This
planning for a single term course
in a subject, such as English or
algebra,
may
take
a
team
of
teachers
or
professors
several

months

and

Western

cost

$20,000

or

more.

Design Electronics has

developed two models of teaching
machines

the

which

One

other

it

sells

calls

at

around

"Auto-

around

$5,000.

$900,
These

rights.
paradox.

hold

comptometry.

or

believes

vision
within

a

to

ond.

Se

mineral

valuable

po¬

only

real

is

land,

valuable.

most

let

What Northern

Such

a

which

should

the

United

States.

A

large-part of-feMs--mileage should

these
cult

rails,
to

get

ments

by

mantle
and
and

of

built.

been

have

never

millions

bonds

the

be v-efy

major part of

a

the

diffi¬

Recent

in

shares

listed

N.

on

Y.

common

S.

E.

and

selling, around 1314. No divi¬

now

dends have been paid since April,

1S58,

there

and

prospect

of

business

is

no

immediate

resumption

needs

and

The
at

due

certain

curities.

a

to

Small

and

preferred
that

These

way

merged

to

prevent such

railroad

system

going into bankruptcy is to

With

For those

and

reduce

the

number

cf employees proportionately. This
thought causes great consternation
among the labor unions. They will
net only fight for their own jobs;
but will feel in doing so they are
fighting a battle for every rail¬

road

romance

in

the country which

at

in
earnings,
the
expanding international business
(estimated at $24 million for 1961)
of

this

is

which
Yet

common

share!

per

experience

personal

industrial

for

is

now

angers

railway
workers
the thousands of

and

way

depends

pays

and

tion,

Union

den

between

Coast
to

As

It

and

has

trip, largely
not

is

a

for

extent

about

has

per

rich

both

other

great
hid¬

shortest

line

the Pacific
least mileage

and

the

the

making

double track. I do

on

railroad

any

in

this

report what

stockholders

at

and
the

recommend

can

is

when

stocks

and

Union

and

Chicago

maintain

of

dividend

Pacific

oil, gas,

assets.

Pacific

stock

sells

$1.60

management

mineral,

a

are

column;
I

think

or

but

large

doing.

life

Cairns & Campbell Formed

railroad sta¬

GLENDORA, Calif.—Gladstone J.

think their

having

especially

merger

latter

along the lines which

stations
on

stock

The

32

I

of

their

the

Pacific.

in

Northern

sell

will
into

advise

to

me

think, however, that

many

switch

other

likewise

over-the-

automation,

today

upon

printed."

are

years

this

good

discharge

speculatively minded,

the

stock

paper

for $1,000

difficult

talking merger. But the expected

turnabout

educational

is

year.

mileage,

certain

the

two

"Tell

Northern

satisfactorily; but

common

the

se¬

good; that the
will
probably

stocks

sold

stock

dismantle at least one-third cf the

bor¬

common

trade

the

to

as

Pacific

the

are

but fairly

work

a

Towns

should be abandoned. These towns

into

I

"Uncle

my

replied:

that

Nat
bonds

within

convertible

convertible

$16,393.

only

great

from

$13,935 per share and the 5V2S

are

when

opinion

My uncle

Cousin

Pacific

bridges,

little towns

are

his

ask

railroad

debentures.

1970

Once

the value of Northern

certificates

of

4V2S

and

the

convertible

of

Vice-President

to call upon

me

holders

rowing restrictions. There is also
a
$2.25
preferred
stock
selling
around 38 to yield 5.8% and two
issues

all
was

present holder of Northern Pacific

The

netted
$600,000
in
that
period. For 1961, earnings of per¬
haps $1 a share have been esti¬
2,471,527

mine

Pacific, with his

Paul.

what to do. I

pany

the

of

it

Labor

$245,000 in 1960. The last quarter
of
1960,
however,
marked
the
turning of a corner and the com¬

.

life

to

going to St. Paul to visit the
family of my late wife—Grace K.
Babson
my
father, Nathaniel
Eabson
of
Gloucester,
Mass.,

dis¬

rights-of-way. A legal merger

register has been noteworthy. USI
lost
$1.7
million
in
1959,
and

on

lesson

a

senti¬

a

my

cated.

cash

the

at

in

simple, but a division of the
"spoils"
is
exceedingly
compli¬

Earnings

progress

St.

Do

was

is

Uptrend

Northern
in

worth

rails,

its

assets.

Facific

uncle

An

net

to
a

on

agree¬

necessary

bondholders

liquidate

with

Yet

outstanding

it will

be

the operating

the

of

home

asked

in

oil

May

recollection

John"

t'~e planned merged railroad;
roughly figure that this will
have the greatest mileage of any
railroad

the

all

awakens

merger

mental

I

interest¬

the
an¬

—

refer to the size

me

the

Pacific

of

and

Stockholders

cf

di¬

$25 million

an

the

of

some

years.

adds up

and

cf which the Northern Pacific has

Manage¬

Robodyne

few

very

this

All

that

gross above

can

gas,

great

inflat'on

against

Northern

ownership

operation.
Already
in
use
for
training postal workers, it may be
adapted
to
training
in
many
manual
keyboard skills such as

oil,

with
The

of

have

as

This creates
Handling of

the

enable

not
to

tential

hedge

portions

such
Pacific

o.her

mineral,

to

operate

device for instruction in keyboard

counter.

Japanese Securities

to

Northern

once

wealth.

lines

roadbed

done

business is a big loss;
the freight is declining.

properties

the

e r a

investors.

mated

While this mechanical and elec¬

revert

F.e d

or

valuable

answer.

book

former

have

branch

or

that

the county, state,
1 Government,
the
newly merged lines will continue
will

proprietary ma¬
chine, the "Digiflex," is a training

Another

esses.

come

knowledge, and asks
questions.
Tne principle

even

line

means

But the Northern Pacific has very

error,

further

further

Like

passenger

of "frames"

Then the machine proceeds to un¬

tutors."
for¬

a

main

usually

brag of t;e rail¬
of
the
Northern
most railroads, the

traffic

Facific.

be

can

to

1960, Clearing Machine division
pot back on a profitable basis,

screen,

the

of

could

way

major Competitor from the

was hard hit in the 19581959 recession, but by the Fall of

a

sometime

may

will

they

feel

may

range

assembly

road's

better. I will not

broad

a

man

ill

are

handling machines which
replace urskilled workers and

so

the

can

and

to
are

freight by trucks would ordinarily
be the answer; but trucks would

Northern Pacific stockholders who

"Trans-

The

Pacific

of Northern

this

First,
have

assembly

regard

stock.

mineral

Stockholders

training,

employee
automated

woigh with

Pacific

other

Attitude

a

family of devices which accelerate
and

N 0 rthern-Burling-

ton Railroad merger.

Through Rcbodyne division, USI
and

e

who must operate a Northern

man

Pacific- G rest

developed

any

those of the A. T. & T., but by t

Hound

units for Atlas,

Dog, and Minuteman missiles.

has

of

Union

General Electric officials, or even

incisive program of cost
reduction and the departure of a

tool

mathine

The

lathes.

and

Lusine^

on

headache

biggest

into

sys¬

ing picture, Here's a company that
has completely digressed from its
to the student. These frames pre¬
original corporate^ direction.' De¬
sent
information and ask selec-,
pendence
on
the more cyclical
tive choice questions. The student
lines—machines, tools, piping and
may press a button to incicate his
petroleum equipment — is being
answer.
If he's right, the machine
lessened
due
to
entry into the
proceeds
to
another frame
(by
rapidly growing teaching machine
pressing a button). If he's wrong, and'automation
technologies.
a

machines

forming

metal

presses,

switch

-

.program,

check-out

electronic

for

to

rs

report that he believes large stockholders will sail aad

corporation official in the Uni ed
States
will be suffered, net by

addition, Western Design pro-

c uces

stockhold

No recoinmindation io mado, but the financial

Mr. Babson.

does

v

leading position in
machines. The po¬

tential market could be
In

Pacific

planned niergar with til3 Graat North:rn-Bur!ingtcn Raitroad

writer

has

USI

Northern

for

Babson

W.

of

series

swiftly

arithmetic

algebra,

these teaching

ment

actual

whole

a

which

•

typing

of progress.

The

By Roger

electronics.

con¬

glamor,

interesting new
expansion
in
profitability. The first is Western
vistas

market

"Tuto texts,"

including

divisions

other

two

are

of corporate

since

the

on

tems

Teaching Machines

of diversifi¬

revitalization

and

which

Division

and
agents;.merchandising subsidiaries
which distribute machinery in the
Philippines, Puerto Rico and Ven¬
ezuela; and
licensed foreign
manufacturing
for
certain
USI
through

name,

new

program

sells company

evalu¬

are

testing these machines.

or

Further, working with the pub¬

conducted through

International

the

ating.

lisher, Doubleday, USI has placed

Operations

eign

Thursday, May 4, 1961

used and tested by the Air Force;
lower

By Dr. Ira U. Cobleigh, Enterprise Ecotiom'st

been

Financial Chronicle

freight.

To

a

Cairns

is

conducting

a

securities

railroad

business from offices at 728 North

will have these handicaps.

Live Oake Avenue under the firm

the

every

abandonment

of

a

rail¬

name

of Cairns

and

Campbell..

and

and

the

rising trends in sales1 and profits
suggest that USI common or the
"converts"

may

present

worth¬

while possibilities for a long-term

gain. 1

YAMAICHI SECURITIES COMPANY
of NEW

YORK, INC.

.

New Trading Hrs.
For NYSD Ass'n.
we
Member

,

Brokers and Investment Bankers

Affiliate of

YAMAICHI

the

of

cording

SECURITIES CO., LTD.
JAPAN

to

Weinberg,

the

The

COrtlandt 7-5680

York

an

announcement

President

by
of

association.

tate

111 BROADWAY, NEW YORK 6

New

Security Dealers Association have,
effective May 1, agreed to cease
daily tracing at 4 p.m., EDT, ac¬
Samuel

TOKYO,




firms

action

was

taken to fafcilf-*'

the

handling of the current
heavy volume of business and to
lessen 1

the

resultant

NSDA. •.personnel,.

said.

tension

on

Mr.,. Weinberg

make firm

trading markets in

ELECTRO SCIENCE □ WALLACE PROPERTIES □

NAMCO

Members Midwest Stock
Exchange

PARKER, FORD & COMPANY, INC. Investment Bankers

D^las

Ft. Worth

Wichita Falls

Paris

Tulsa

Abilene

Amarillo
Denton

Ardmore, Oklahoma

El Paso

Sherman

Volume

193

Number

■

6052

.

.

.

The Commercial and Financial Chronicle

»

.

•.

.

Second Thoughts Held on
British Budget Economics

also

emerges

Lloyd's

anticipated
of

consumers' indirect taxes and

on

last week's

*tion

would

measure

would

be

employers' payrolls.

on

In

tion

He

-:d.

does

yield

it

in

to

the

yield

the

not

appear

to

is

^

not

:

v

is

if

the

figures

Static

other.

such

theory

by

the

reached.

it

Yet

in

of which he had Leen
chairman of the Legislation Com¬
mittee of the New York District.

Of Walston Co.
Walston & Co. Inc., 74 Wall Street,
New York City members of the
New York
Stock
Exchange, has
announced that Gustave A. Alexis-

has joined

son

the

firm

President

Vice-Presi¬
dent in charge

makes

'practice

whether supply and demand are
balanced following on an increase
Society
in
1959
en¬
London, England—On closer ex-^ Economic
on
the supply side or on the de¬
amination,
Mr.
Selvvyn
Lloyd's dorsed the idea that "the best'
mand side. If the initiative is on
way to cure inflation may some¬
revolutionary
innovation,
an¬
the demand
side
equilibrium is
nounced in his budget speech, to
times
be
to
raise prices."
(Re¬
reached
as
a
result of a rise in
try to run the business cycle with printed in the Economic Journal,
prices.
..-.V \
-"f
; -y
December 1959, p. 1641). *
the aid of fluctuating surcharges
%
The
government
is- mistaken,
on
This manner of thinking indi¬
indirect
taxes
and
payrolls,
cates
that
official
does not appear to be as satis¬
opinion
in therefore, to assume that merely
.

that

of
syndicate^
underwriting

factory
be

device

a

first

at

it seemed to

as

Admittedly,

sight.

change of opinion

was

is still very

my

which

largely the

looked

is

ing the

definite

of the Budget De¬

largely based
theory

under

purchasing power
as:v something

consumer

result of the admission made dur¬
course

economic

static

cn

upon

that it is assumed that

so

increase

in

of prices

bate by Sir Edward Boyle, Finan¬
cial
Secretary to the Treasury,

an

is bound

to

curtail the

that it is the government's inten¬
to employ
the new device

demand.

It

is

largely

under which the amount of money

as

device

substitute

a

credit

and

reinforcement

a

bank

If

squeeze.

available

the
as

conventional

of

crease

granted to

merely

earners

less

importance.

Since, however, it is
government's declared policy

to

rely

tirely,
fects

is

wage

so

is :

in¬

any

a group

for

deter¬

a

that

necessarily
available

the

of

fund" theory

wages

quantity

monetary weapons its short-com¬
ings would be of relatively small
the

for

volume of

reminiscent

mined

intended

were

for

group

19th Century "wages

tion

rate

a

of wage
that

means

the

the

Apparently

earners.

of

rest

on

liable

are

to

The

static

same

After

British

conception

higher

a

the

tion
of

.

all,

balancing

even

considerably

less

mopped

in taxation.

up

taxa¬

than

half

incomes Lis

additional

the

under

high

system of

British

Moreover,

under

the

system

purchasing

income

in

power

up

relatively

is

So

of

increase

only

of the lower

that is mopped

groups

taxation

equalitarian

mop

taxation
a

up

low.

revenue

fraction

consumer

of

spending

was

a

annual

be held

he

,

,

,

,

a special event to
the late aftenoon.

in

special feature and Frederick T. J.

thereto
Gustave A. AKexisson

with

Clement of Drexel & Co. is Chair¬
man

Hornblower &

•

-

of

the,

*

arrangements

Weeks and Kidder, Peabody & Co.
where he headed up most of the

departments

Foremost

these

among

S. Schramm in

of

various times.

these

With

firms

at

Kidder, Pea-

body & Co. he was head of the
syndicate, underwriting and insti¬
tutional

joint

departments,
of

manager

office.

and

the
•

S.

uptown

;

the

National

Securities

York,

Association

Dealers,
is

and

Exchange
former

Inc.

of

Club,

of

governor

the

&

announced

offices

Company,
the

the

amounting ..Jo
certainty, that in pre¬

vailing

conditions

of
a

"

"

larger quarters at
80 Pine Street, New York, N. Y.

the

and

a

Invest¬

Association

of

Halle & Stieglitz to Admit
On

May 4, Hattie G. Strasser will

become
&

a

limited partner in Halle

Stieglitz,

York

City,

York

Stock

Wall

Street,

New

members

52

of the

New

Exchange.

I

IrTliis annomicemenff is neither on Pjfpr to sell nor a solicitation

imposition

the

<•>

rr,

r

<i<

i

if:

does

the

not

be

to

seem

realized

of on offer to buy any of

LliespJJpfoen Lures

'
-

The

\

surcharges will tend to cause
rise in prices. This obvious fact

offer is made,only by the Prospectus.

V

"<

*s"

by

government and its economic

advisers.

Indeed,

vice is based
tion that
of the

the

whole

de¬

prices

goods and services affectel

by the surcharge will simply
up

$100,000,000

the false assump¬

on

increase in the

an

corresponding

a

purchasing
sible

the

for

believe

price

of

tobacco,

leaves

less

money

of

the
an

the

consumer,

in

in

rise

a

of

respon¬

seriously

measure

that .since

mop

amount

Those

power.

,

Debentures Due

4Vz%

all-round

They

at the disposal

will

to

National

to

lead

duction in

employers'

the

on

tribution

above

doubtless

May 1, 19(11

i V

Interest

payable May 1 and November 1 in New York City,

con¬

Insurance

corresponding

a

Dated

re¬

dividends thereby cur¬

tailing the spendings
of equities.
The

etc.,

it should result
fall
in
prices.
believe that tve sur¬

also

charge

drinks

be

by

holders

assumptions
substantially

Price 99V4% and Accrued Interest

would
correct

amidst conditions of deflation and

possibly

in

But

then

They
amidst

government would
applying surcharges.
would
only
be
applied
inflationary
conditions.
of

amidst

Yet

in

conditions

such

of

creases

sult

of

such

amidst

the

think

not

conditions

even

stability.
conditions

rises

in

re¬

prices

It would

wages.

Copies of the Prospectus may he obtained in any Slate from only such of the undersigned as may
legally offer these Debentures in compliance with the securities laws of such State.

in¬

would

surcharges

be

easy

and

MORGAN STANLEY &

in

CO.

for die

trade unions to enforce additional

increases

wage

the

rise

firms

in

the

would

the ground of

on

living, and
their
prices

raise

rather than reduce their dividends
to

make

up

BLYTH &

THE FIRST BOSTON CORPORATION

CO., INC.

of

cost

for the

payroll

EASTMAN DILLON,

sur¬

HARRIMAN RIPLEY & CO.

charge.

Incorporated

Criticizes

The
truth

British

reason

has

been

Static

why

this

a

theory

adopted

obvious

was

has

some

years

not

since

his

public. That

personal

MERRILL LYNCH, PIERCE, FENNER & SMITH
Incorporated

F. S. SM1THERS & CO.

SMITH, BARNEY & CO.
Incorporated

become

evident

STONE &

DREXEL &

from

CO.

SALOMON BROTHERS & HUTZLER

public

Robert




WEBSTER SECURITIES CORPORATION

WHITE,

WELD & CO.

LEE HIGGINSON CORPORATION

theory

pronouncement by Sir
Hall, until recently the
government's Chief Economic Ad¬
viser, who in the course of his
Presidential Address to the Royal
a

LEHMAN BROTHERS

by

who first voiced it in

it

LAZARD FRERES & CO.

,

overlooked by the

the Treasury
and sar¬
castically referred to by the op¬
position
as
"Boyle's Law"
be¬
cause
it was Sir Edward
Boyle
ago

KIDDER, PEABODY & CO.

"

Theory

government lies in the acceptance
of

GOLDMAN, SACHS & CO.

UNION SECURITIES & CO.

May 3, 1961,

of

to

likelihood,
a

Inc.

removal

of

New

York, the Stock

Luncheon

Bankers

in

member

a

Bond Club of New

Schramm

have
their

Mr. Alexisson is Vice-Chairman
of

Larger Quarters

was

defects
'

is

and

outing committee.

therefore, the utmost attention.

almost

,

Hardy of The First Bos¬
Corporation is in charge of a

ton

1948, and

w a s

the

of

Rubin

Marache & Co.

prior

Philadelphia
outing

golf, tennis and

partner

Granbery,

from

L.

The day's activities will include

Alexisson

ment

power.

the

•

Previously,

in

the

Club, St. Davids Road, Newtown
Square, Pa.
\

tional sales.

of taxation the proportion

of

the increase in

in existing conditions.

and

wages

in

result

taxation

of

inflation.
the

will

crease

of

of. the budget would mop up that

essentially dynamism of price in¬

deserve,

They

consequences.

yield

the

crave

produce

will

profits

government has yet to realize the

largely, if not en¬
the new device, its de¬

very

inflation

because

of

.

association will be held on
Friday,
June 2, at the Aronomink
Golf

and" institu¬

Mr.

Outing

Securities Association, announced

.

Britain

To Hold

Keen, of R. W. Pressprich & Co.,

as

in

Phila. Sees. Ass'n.
PHILADELPHIA, Pa.—Gordon

invest¬

ment

11

America,

Alexisson V.-P.

equi¬

way

arithmetical

:

difference

the

all

the

is

static concep¬

a

concerned

librium

That this

could hardly work is Dr. Einzig's conclusion.

taxation

sufficient

each

which

subsequently learned that this innovation
monetary Weapons.

of

inflationary expansion

an

is

equate

■

merely reinforce traditional monetary credit and
for traditional

increase

of incomes Under

He has

substituted

Selwyn

Mr.
thanks

the
budget and the
will be balanced during

1961-62.

higher
sur¬

column, Dr. Einzig had thought that this price-stabiliza-

bank rate controls.

that

taxation

economy

result of

Einzig changes his mind about the newly proposed British

charges

from

claim

have allowed for the fact that the

By Paul Einzig
Dr.

(1963)

i,

DEAN

WITTER & CO.

12

The Commercial and Financial Chronicle

(1964)

attract

A New Public

Policy
Toward Bank Expansion

vigorous

and

inventive

management, and investment

cap¬

small,

City

I

by Congress and New York leading to passage of laws saying "yes"

the

bank

expansion.

Kefauver's

Estes

Association's

Justice

banking

of

last

was

Senator

of

the

bank

shares

they

22nd;

to

relegated

advisor's

an

role

Allowing

companies.

holding

and

mergers

dead

more

than

discussing

bank

and

mergers

the actions of the Justice

ment,

banking
I

utes.
a

be

to

on

this

of

from

them

country

are

the

but

belonging
hostile to them.

to

as

of

system

a

branch

banks

very
simply
and
inexpensively
managed
could be established

an

the

...

which would

put the

Department

of
the rich banks of the country at
the disposal of whole countrysides

in

to

position

of

Justice

the

moving
against bank
mergers

is

and

investment

analyst, I

events

Morris

can-

bank

A.

Schapiro

how

on

the

affect

these

future

in¬

of

commercial

am

particularly

status,,

shares.

restricted and local credit

a

now

the attitude of plain

open,

This advice
Wilson

row

opinions

will

vestment

I

concerned about the

growth aspect

nual

delegates

furor

involving

partment

the

current

Justice

De¬

District

and

spread

across

advice

has

holding companies.
The

present

mergers

of

a

The
the

hubbub

changing
growth

impetus

for many years.

us

branch

behind

been going on for a
I

suspect

it

part

as

that has been

scene

of

bank

over

should be viewed

passing before

will

banking,

mergers,

has

long time, and

continue

for

a

the

this,

let

me

Bearing

come.

quote

a

upon

statement

1914

System

Banks

An¬

American
Denver.

convention

and

of the

with
24

Fed¬

its

12

branches

the country. But this

not

been

accepted

by

majority of American bankers.

to

the

its

at

trend

the

has become basic to modern bank¬

ing.

I can think of no single de¬
velopment in the recent history of
American banking that has done
to

stimulate

new

meth¬

ods, services and efficiencies, ben¬
efit the public and
stockholders,

of

Mr.

anti-trust

or

con¬

banking industry.

I do

propose

Senator's

to

comment

philosophy of

the

on

anti¬

our

trust laws, but I do think

must

we

always keep our facts and history
clearly before us.
The

Senator

number

of

noted

banks

in

that

the

the

country
shrank from 30,000 in 1921 to
13,472

at

the

the end

New

could

to

accounted
in

article

suggest

for most

the

cited

by

of this

number

Senator

During the

Nineteen

of

so

of

reduc¬

banks.

figures

Kefauver

are

prosperous

Twenties

the

country

over-banked, and because

this

the

brittle,

banking

that

depression

system

bank

averaged 600
forced

I

was

that mergers

The facts behind the two

was

From

year.

Tunes

only conclude that this

intended

tion

of last

York

per

to suspend

so

suspensions

When the

year.

hit, '9,000

on

tual, savings

public

also to

seems

The fact

mergers.

bank¬

banks

were

operations dur¬

banks,

serving

1959,
offices,

the

It is

24,242 at the end
gain since 1934 of 5,123

a

27%.

or

than

more

rural

likely that small

communities

bankless

are

because they are too small to sup¬

port

laws

boring

banks

people

have

1850

vanished

by

1,600 banks have
of

way

and

merger

consolidation.

accounting

liquidations, suspensions, and
other changes, the net reduction
in the total number of banks from

1950

the

to

this

At

end

of

of

rate

1959

719.

was

decline,

it would

the

the

end

of

in

the

tion

the

Mr.

that

of

of
of

last

in

14,854, a
1933, to
there

year,

to

reduc¬

banks

was

reduction

Thus,

1921

Since

of

has

only 800

100

further

largest

47.4%

of

all

stated

banks

now

not

say

NEW ISSUE

May 2, 1961

that

the

occurred

Nineteen

and this would still leave

7,000 banks

in the

in

the

Twenties,
with

us

Although much good has come
from branching and
merging, they
have

brought criticism from

side

the

industry and caused bit¬

terness

and

bankers.

bickering

While

this

among

is

unfortu¬

nate, it is not surprising.

We have

in

the

United

States

13,000 commercial banks.
these':afe

Some of

subsidiaries' bf

holding

companies. There are small banks
big banks, branch banks and

Federal

and

often

statutes

different

mean

different

states

things

different

to

such

a

inevitable

jumble

growth
would

and

that

things

■

in

different

and

people.

of

With

regulations,

that

the

expansion

into

run

to declare

all

on

of

bank

Con¬

a

con¬

expansion,

of

two-year moratorium

a

bank

tions.
the

and acquisi¬

mergers

Meanwhile, the Comptroller
Currency, Ray N. Gidney,

agreed

to

postpone

merger

Justice

approval of
which he had

over

jurisdiction

where

the

Department threatened to

While

sue.

this

places

move

virtually all national bank merg¬
ers
in a temporary
deep freeze,
it

also

A
I

minimizes

the

number

of

:

prominent lawyer with whom
acquainted observed that

am

tain

pessimism among
in

yers

bank

New

York

mergers

cer¬

law¬

working

bank

or

a

some

organizations

company

on

holding
to

as

the

time required to bring such trans¬
actions to fruition."
know

stockholders

some

might consider this
ment.

You

that

he

would

will

did

note,

not

be

never

who

understate¬

an

however,
they

that

say

brought

frui¬

to

tion.

Congress Had Said Yes

it

recent

of

banks

Largely overlooked in the

Bank

Two

trying times.

months

Friday,

on

well,

change

Bank

The

Philadel¬
ap¬

proved by the Comptroller of the

Currency.

The

next

step
was
approval by shareholders. The re¬
institution

would

become

the hundreds

that

taken

have

of

others

On the

Department
in

tion

Court

in

filed

United

a

Section 7

consummation

Since

the

Sherman

of the

than

a

of events has taken

moved

against

a

Lexington, Ky., that had already
been approved by the Comptroller
of the Currency and actually-; con¬
summated.
It
also
filed.
,kuit
against

a

company

banks,
had

to force it to divest two

the acquisition of which
previously approved by

been

the Federal
the

holding

Milwaukee bank

1956

Reserve

Federal

Board

Bank

under

Holding

Subsequently,
serve

of

the

tion

in

Board

Federal

Re¬

denied

Marine
New

the

applications
Midland Corpora¬

York

and

the

Ohio Corporation in Ohio

Bank-

through

these

holding

form

of

bank

legislation,
panies
to

holding

no

de¬

com¬

be

enacted.

they

be

legislation

Would

holding

permitted

lived,

com¬

because of the
the

over

company

holding

new

were created

uncertainties

live?

to

would

under

legislation?

the

new

the

provisions
All these

being

were

had

been

hearings.

many

asked

as

upon

abolition.

gathered

Congress
regulation

The

ground

from

finally
not

—

rules

for

the

establishment, operation and
growth of bank holding companies
laid down by
Congress. Ingiving the Federal Reserve Board

were

the task of

law,
tion

administering the

Congress

Board

to

to

panies

size

and

the

new

instructed

give careful

the

competition

of

the

considera¬

holding

com¬

prese):vation

of

in

banking.
Inter¬
preting these directives, the Board
in

Company Act.

at

panies. For 18 years, during which
Copgress debated the purpose and

decided

Depart¬
merger in

followed

levels.

closer

In
1938
President
Roosevelt
asked Senator Wagner for
legisla¬
tion to abolish bank

mony

place:

be

state

at

decisive,
study, and

of

cisions by the lawmakers.

<

succession

years

look

us

1960,

Congress pounded out the Bank
Holding Company Act.
In '1956 after volumes of testi¬

and

On March 1 the Justice
ment

Let

of

expansion.

were

undoubtedly

elsewhere

questions

ofj the

Act

said

Further¬

Act

bank

established

to

Clayton Act.

rapid

to

yes

measures

of

States

Philadelphia

1960,

they be al¬
lowed to grow and
prosper with
the rest of the
banking industry?
Could ngw holding
companies be

charging violation of Sec¬
of

1

the

Banking

said

will

If

following day, however,
Feb. 25, attorneys for

Justice

of

the New York State Legis¬
lature, with the enactment of the

companies

place during the
expansive postwar years.
5

cur¬

more,

the

of Girard Trust Corn Ex¬

Act

expansion.

representing

merger

into

bank

These

Merger
ago,

Merger

to

yes

Omnibus

Trust-Philadelphia

National

years

fact

Congress, in en¬
acting the Federal Bank Holding
Company Act of 1956 and the

also

Guard

District

Company

critic

impasse is the funda¬

merger,

Mitchell &

awakened

expansion^

Wright Patman,

gressman

laws,

yet.

newly
bank

over

sistent

not

that

prevent




clamor

has

the

rent merger

the

Goodbody & Co.

it

Amid

mental

complaint

Nugent & Igoe

least

at

state

Saturday,

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

under the anti-trust

sue

banks, national
and
state
banks, and all are supervised and
regulated
by
a
multiplicity
of

*

$6.75 Per Share

into
over

objections of the Justice De¬
which, however,
did

not

I

than

more

similar to

(Par Value $1 Per Share)

Bank

Company

partment,

out¬

largest commercial bank in
Philadelphia, but, in all other re¬
spects, this was a normal merger

Common Stock

ap¬

Rock-

these events have "induced

2061.

year

the

Fabien Corporation

the

under the anti-trust laws.

sulting

60/000 Shares

Trust

Boston

decline

commercial

of these K

of

National

Street

in

Board

50%

decade of

But he apparently
that this figure is

any

And

Reserve
merger

land-Atlas
State

bank hold¬

Justice Department law suits until
the action now pending in Phila¬
delphia establishes its jurisdiction

deposits."

virtually unchanged from 15

the

company
the first

been

new

bring about the
reduction
of
7,000 in the total
number of banks, matching the

was

Kefauver

control

did

1933.

,

"the

bank

States

51%.

net

a

6%.

or

number

of

end

of

1933, the total

United

decline

end

beginning

Banking

100 years to

phia National Bank had been

Price

proved

unit

the

and

an

take

1930

an

•'

Federal

primary

after

have

ing company law.
the

established
for

and

from

would

any

ing the four-year period between

offer to sell nor a solicitation of an offer to buy
securities. The offer is made only
by the Prospectus.

NOT A

which

under New York's

Actually, from 1950
through 1959, 763 new banks were
and,

acquire

announced he would ask Congress

reported
that, since

was

further

than

more

the

serve

communities.

Kefauver

said

neigh¬

establishing

could

those

Senator
to

from

which

of

larger

prevent

sought to

subsidiary bank.

In New York State the

unit bank, and frequently

a

state

each

Board denied permission to
Bank¬
ers
Trust
and
County Trust to
form
a
bank
holding

the

Feb. 24, I remember the day
we
heard
the
news
that

This announcement is neither

mu¬

totaled

of

Federal

monopolistic

not

been

form of evil; it

toward

of the

the

a

revision

blamed

branches

Times,

criticized

trol

branching is not

much

Senate

other laws to check what he called

Contrary to the stand of the
Independent Bankers Association,

so

long time to

Reserve

mergers

bank

vs.

the

in

that

to

eral

of

core

of the

1908

had just survived the money panic
of
1907 that led directly to the

establishment in

the

the

Association

of commercial banks, which seems
at

given by Wood-

was

before

Convention

Bankers

The

the

Washington.

these:

to

be

farmers

generation."

a

mmM

escape

forming

and

everywhere towards the
banks and banking w o u 1 cl be
changed utterly within less than

other hand, as

not

merchants

resources

men

holding com¬
panies. On the
an

whose

only

of

Association

According

famous

a

of

communi¬

that the total number of

of

by Senator Estes Ke¬

Bankers

a

power

"If

pre¬

resist

account

an

Chairman

Kefauver

people and the
people regard them as not belong¬
some

and

not

by

ago

years

banks

remote

Times

convention in

banks to

Democrat:
"The

not

regulatory agencies and suggested

53

ing to

not

lawyer,
do

tend

certain

to

stat¬

am

I

expert

and

laws

anti-trust

to

Depart¬
reference

avoid

cannot

we

could

York

ent

alive.

made

get into
bank merg¬

over

just

speech

drastic
In

I

to

Anti-trust and Monopoly subcom¬
mittee given before the
Independ¬

cessfully for additional capital and, thus, should no longer be worth
V

intended

reading in April 23 Sunday's

Mr. Schapiro opines, means they will be able to compete suc¬

grow,

but

fauver,

in

1960, the regulatory agencies involved, and the banking industry will
bank

not

controversy

the

clarify and overcome their current differences as to the public policy
toward

had

New

reviews

(2)

American

By implication that
is

ers,

Independent Bankers

April

"hundreds

ing offices, including those of

after

and (3) anticipates that the

merger moves,

which

(1)

rebuts:

voiced before the

Convention

Department,

banker

investment

arguments

Annual

of latest

status

The

rural

also reported

was

that

be

stresses searching inquiry

to

said

ties have become bankless towns."

hold.

mergers

Kefauver

'have

apologetic about the merger trend
banking nor about the merger

Answers Kefauver

Rsply to current criticism of bank

additional

Mr.

value

By Morris A. Schapiro,* President, M. A. Schapiro & Co., inc.,
New York

which

actually down from 56%
1940, despite the merger trend.

to

in

Thursday, May 4, 1961

.

in

commercial banks need

feel

.

ago and

ital—as the physical expansion of
bank
facilities.
Stockholders
of
never

.

1958

tion
Bank

turned down

of

to

The
form

First
a

Moreover, the
preclude

the

the

applica¬

National

holding
new

Justice

Continued

City

company.

law

did

not

Department
on

page

25

Volume

193

Number

6052

.

.

The Commercial and Financial Chronicle

.

f

(1965)

long-term

By Constantine E. McGuire, Consultant, Washington, D. C.

and

Paul

United

M.

Warburg, offers

States

turities

long-term gold clause

ranging from 3? to

clause

with

carefully brought out proposal for

a

mint

value

57

bonds.

They would

contain

years,

have

specified, not be callable for 25 years, and

provide for earmarking of gold for these bonds.

The writer

objections apt

advantages

proposal.

He

short-term

and

raised

such

sees

points out the
terest rates;

be

to

ma¬

irrevocable gold

an

outlines

the

attracting

bonds

foreign

need to consolidate

urgent

earmarked

capital flow difficulties;
internationalize

For

several

years,

made

members

the

of

gradual return
vertibiiity
through the
issue

ter

of

and

gold;

"It

Federal debt at low in¬

at

in

Senate

to

currency

a

is

further

over

in

the

is

accepted

of

United

of

the

as

to

time

Bonds

in

issue.

in

which

it

of

and

ted, the sug¬
gestion called to
various

the

members

both

gress

ize

suggested

that

houses

the

1934

issue

of

long-term bonds,
the distinguishing characteristic of
which

would

be

the

the holder

to

pay

maturity,
maturity,

such

pointed
the

out that

the

would

Joint

States

to

Resolution

of

were

whether

by

ip^jvjdual citizens,

natural

or

corporate,

,

,

.

..

/-1s,

"It. is further suggested that the

to

Secretary of the Treasury be

of

thorized

directed

and

to

au¬

have

if called prior to
the date of payment,
gold coin of the United States of

converted into gold coin of estab¬
lished weight and fineness, from

the

tions

or,

on

weight

established

fineness

and

the

on

by. law

date of issue.

future

devaluation
be

time to

time, appropriate

of

quire.

further

nished

to

cient

propor¬

the

to

and

their

2 5

respective

maturities;

that their interest rates
at 3%,

prior

years

to

and

maturing

after

37

years

and

up

all

international

or

other

"It is believed that these United

States Gold
age

the

Bonds would

individual

crises
to

in

an

The

offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.

any

successive

of

of these securities.

will

Treasury
in

the

ties.

Adequate

be

years

mining

able

and

their

enter-

disposed

production.

would

come

gold

mining
its

million

upon

be

built

first

maturi¬

African

industry

alone

production
to

by

in¬

over

record

a

a

political

some

Communist

-

likely to remain

above
per

(at

$35
the

over

Telephone Company
of Pennsylvania

measurable

Due

in

due

moderate and
As

May 1, 2001

Price 102.732% and accrued interest

and

by

prices

as

predictable,
to

the

but

When

Copies of the Prospectus may be obtained from any of the several
underwriters,
including the undersigned, only in States in which such underwriters are qualified

while

to

mines,

rather

to

such

clause

a

issued

For

in

private

the

future.

as

long

so

in

the interest payable
obligations of the states and

upon

other

public

borrowers

will

re¬

main

exempt from Federal taxa¬
tion, these borrowers have enough

what
at

explicitly

was

the

recite

exactly
the weight and fineness

date

its

of

circumstances

issue.

If

to

were

some

cause

subsequent alteration of the
resentative
the
at

value

Government

the

time

of

the

would

of

a

rep¬

dollar,
bound

be

payment

to

the

weight and fineness stipulated in
bond, even though the dollar
then represented less gold; it is

the

not

bonds

appreciate

point

to

necessary

these

would

in

out

price, in

such

cumstances,
and
the
scrupulous
compliance
promise
would

its

by

the

cir¬

eventual

with

its

Government

immeasurably

credit

that

greatly

very

strengthen

(which

perhaps would
not be too strong
after another
devaluation). Various govern¬
have

ments

managed

in

the

to .be concerned
right to incorporate the
gold clause in their offerings; and
the issue could be
expected rea¬
sonably to work itself out when

with the

the

door

tion,
act

another

upon

regrettable
would

be;

had been restored, as it
of course, automatically
on
the day when the
first of the gold-clause bonds were

would,
be

it

such

an

provides

a

to bolster the credit of the

means

Government

through

such

any

perilous operation.
Interest would

tender,
be

jin

but

gold

on

no

permissible

due to mature, if it had not al¬
ready been restored. On the other
hand,, the states and municipali¬

ties

of

the

the date of

if the holder

in legal

ambiguity
to the

would

payment

principal amount,

maturity

so

or

It

is

derive

substantial

borrowing operations when
the Federal Government had
pleted

its

conversion,

thereafter
to

recur
some

ad¬

have
the

less

and

once
com¬

would

occasion

1935

Supreme

Gold
So far

Court

Decision

private obligations

as

it is

concerned,

in mind what the Supreme Court
did in
its
decisions
of Feb.
18,

1935, in the group of

involv¬

cases

ing the constitutionality of public
help

may

of June 5,
refresh the

10

to

recollection

of

the

1933.

action

of

exploit

their

than

10

days

after

the

decisions

were

"The position of the gold clause
in obligations of the Federal Gov¬

the

ernment

is

left

uncertain

Continued

on

by
page

an

The

offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
'

Issue

any

of these securities.

.May

,

4, 1961

150,000 Shares
General Precision

Equipment Corporation

Common Stock
($1 Par Value!

a

s-itpipfrfc-

Price $70.50 per

share

who

may

legally be distributed.

Corporation

warrant

subsidy

suggestion

elapse

between

those

are

payment

time

to

assemble

12

Granbery, Marache & Co.

to

affords

bonds

to

The securities listed below-

the

are

being offered

as a

secondary distribution by the undersigned.

'

•

•

Nor

a

New Issue

'

'I

May 4, !%l

enough

earmarked

redeem

first

be

gold
gold
and
is a

234,511 Shares
General Precision

call

turity, there would be
to call them

of

a

tual

of

tual

pressing

upon

-

earliest

Equipment Corporation

Common Stock
{f I Par Value.'

promulga¬

gold-clause

conversion

help

because

to

such

stabilize
a

obviously imply the

convertibility

our

no

at the

The

would

would

date.

of

our

policy

Price $70.50 per

even¬

share

cur¬

the arresting cf the growth

public debt and the

restoration

of

even¬

approximate

budgetary equilibrium. The effect
Tucker, Anthony & R. L. Day

Tucker, Anthony & R. L. Day

earlier than, 25 years prior to ma¬

rency,

Hornhlower & Weeks

Corporation

years

beginning of

called;
since what is contemplated
37-year maturity, with
no

plan

Francis I. duPont & Co.

The First Boston

such

analo¬

or

that

the

of

prices,

Paribas Corporation

Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in whichyuch underwriters are qualified
as dealers in securities and in which the
Prospectus may legally be distributed.

to act

better

chiefly

inflationary trends would be

decisive.

the

Court to cite the comment which
the writer of these lines circulated

issue

that

This advertisement is neither

mining

It

reader's

might be raised

conceivable

employees

are

to bear

necessary

ceiling

which

their

for

handed down.

if Congress were to authorize the
issue of gold-clause obligations of

New

to

market

money

years.

Re

of call,

desired.

of discrimination

would

vantage from the additional elbow
room
they would have for their

resolution

be paid

as

restored

last

devalua¬

though

but

convertibility of the national

currency

assistance.

gous

tion




of

obligations

boncj, advantage, not

should

stable

those

with

things
and

permissible

Spencer Trask & Co.

lished by law on the date of issue
the . bonds;, ,/and
each ,

of

sion

buy remain firmly stable in
price, the companies find it worth

reason

Shearson, Hammill & Co.

of

at

gold clause in existing private ob¬
ligations or permitting the inclu¬

must

clause

Hemphill, Noyes & Co.

would be paid
maturity would be gold
the weight and fineness estab¬

out

the suspension of the effect of the

supply.

become

even

contend

reserves

Company

clearly 'that what

reasonable lag, was

matched

soon

with

course,

date

Allen &

devaluation. The enabling legisla¬
tion
would
have
to
stipulate

each

the period of conversion into
gold
bonds
and
the
earliest
possible

Dean Witter & Co.

again,
resort to

circumstances,

any

the

never

harassing controls, tax¬
confiscation, the demand

or

it

The

May 1, 1961

Salomon Brothers & Hutzler

United States should
in

currency.

that

free from

as

Forty Year 4%% Debentures

Incorporated

the

and

future.

centuries, whenever the
of searching
for gold
extracting it was relatively

whose costs of production

Merrill Lynch, Pierce, Fenner & Smith

of

believes

states

billion

one

ounce)

recent

tion.

The Bell

The First Boston

value

writer

permitting other
borrowers,
such
as
the
municipalities, to do
the same, and without terminating
public

is

operation

companies

Prospectus

The

Government, without
time

same

prices manage to increase produc¬

$50,000,000

dealers in securities and in which the

upon another devalu¬
alteration of the repre¬

or

sentative

unrest,

world

dollars

have

to act as

closing the door

Federal

at the

total

unfavorable economic
The
gold production of

non

ation

be

definitively

certain

year

of

to

21,350,000 ounces; and this

spite of

the

that

the

likely

up

South

the

ounces,

over

to

before

1960,

creased

of

reason¬

few years, those

a

is

ation,

the

remain

reserves

In

always
May 3, 1961

raised

objection

100
years
to honor gold
clause
agreements punctually. In a word,
this proposal does not even shut

market to enable satisfactory

encour¬

NEW ISSUE

Dated

more

Supply

gold

Enough ..gold
the

and

ownership

of

increase

for
This advertisement is neither

the

levels

wage

engaged

In

transactions.

commence

increase to 3Vs% for those

the

earmarking of
those portions of the gold reserve
for
such
coinage take priority
over

redeem

ably stable for

in

statutory reserves estab¬
by
the
Federal
Reserve
that

the

availability of an ample
supply of gold depends upon the
profitability of the operation of
mining gold. If commodity prices

Act;

than

with

Devaluation

Another

The

States

sooner

deal

Gold

gold reserve of the
United States, over and above the

and

detailed

more

maturities.

factors.

turities range from 37 to 57 years;
that the bonds
be
not
callable

and

objections to this course.
One
objection
was,
of
course,
paramount — namely the availa¬
bility of a supply of gold suffi¬

lished

ma¬

dollar

obvious

and

that the

the

disavowed."

memoranda would have been fur¬

minimum

Bonds;

of

decisively

some

service, for study of the legisla¬
tive changes which it would re¬

"It is further suggested that the
bonds
be
described
as
United
Gold

to

as

If
the
suggestion
had
been
referred to the legislative
drafting

.

promise
date

of

the United States.

the

on

speculation

en¬

need

1935, as prohibited, or
still prohibit, the ownership

of gold coin

\

like; and that the

case

and

may

Con¬

of the United States author¬

the

each

concerned,
and such of the legislation of 1933,

Congress, the Secretary of the
Treasury, and the Reserve Board:
is

in

legislation

United

of

of

"It

of the Treasury
of the Gold

1933 invalidating the Gold Clause,
insofar
as
obligations
of
the

attention

of

for
pro¬

the

Availability

is

amend
C. E. McGuire

Bonds,,

maturity

issued

abling

submit¬

was

any

payment

Gold

Secretary
the

"It

precisely
language

in

par

an

accelerating in¬
interest-rates, price-

would

final.

be

follows,

the

that

however, that the decision

established by
law
at
the
of

at

States

vided,

fineness

There

suggested

outstanding interest-bearing obli¬
gations
of
the
United
States
regardless of date of maturity, be

weight

and

so

"It

long-

coin

by

that the final maturity
cf 57 years from the date of issue
should carry the rate of 4]/4 %.

maturity in

the

thereafter

subsequent

that

of

way

creases

percent during
period
of two

one

believed

effective barrier would be created

levels

and

years,

years,

con-

payable

gold

39

one-eighth of
each

the

on

part of business
enterprises of the United States.

and scores current proposals to

to

has

various

obliga¬

m

tions

effort

an

interest

to

in¬

of
all
categories,
at
abroad, including cen¬
tral
banks,
commercial
banks,
saving's banks, investment trusts,

home

recurrent

been

financial

of

stitutions

abroad

monetary reserves.

our

portfolios

moving out of this country or
by way of large scale investment

this

it would assist countries to tide themselves

avers

the

tal

answers

of

in

scale;

become the basic securities

companies; that the
flow of foreign funds into these
obligations
would
diminish,
or
wholly offset, the flow of gold
and
of
dollar
capital
abroad,
either by way of repatriated capi¬

experience in finance goes back to Treasury
Secretary McAdoo and with Messrs. John Bassett Moore

with

that they

very

and insurance

McGuire, whose

work

securities

great

a

would

Bonds Should Be Issued
Dr.

government

on

Why Gold-Backed Treasury

13

The First Boston

Corporation

Bear, Stearns & Co.

the
26

14

The Commercial and Financial Chronicle

(1966)

net

lieve,-■

amounced

primarily a
offering' satisfactory income, but
now
also recognizes the excellent

ratios.

level

Mr. Kunsaker ventures to

wili continue at

in

current

We

particularly from pension funds.
like to

see

ting in stock ownership, and
instead

of

on

remind

ourselves

a

issues

have

this problem,

stocks

common

in the market

let's first
electric

where

past

stocks, the story

selling

are

place and how this

Now

shares

done

of the

and

why

and

it

age

more

has

this

able growth in earnings. The elec¬
tric

rently

selling

21.2

at'

months'

ings

volume

with

ings

ratio

yield of

14.2

years

trial

ago.

and

Hunsaker, Jr.

a

a

and

year ago,

4.4%

yield
be

not

may

a

currently selling also at 21 times
earnings and the yield is just over
?%. The figures a .year ago for
the Dow-Jones Industrial

the

Average
18 times earnings, and five
14.5 times. We all know

current

been

means

the

growth

carried

stock

market

is

in

down

in

dividend

payments.
common

investors have been good.

(1)

remind

ourselves

The product
industrial

•inelastic

of

some

is

a

consumer

necessity

demand.

with

an

'

(2) Electricity is a consumer
expendable, the demand for which
■

be postponed.

cannot

(3)

companies
growth
under

haps

a

stocks;
with

utilities

selling

are

yield basis and

abound

These figures
the

solid

moderate

very

prospects

5%

while

times

12

at

There

is

little

competition

with other products and
eign competition.
(4) Labor costs are low

no

for¬

per¬

earnings.

clearly indicate that

are

higher than

they

to

sales

harmony is

and

labor

in rela¬

rule

peace

rather

and
than

Growth

in

of

1958

ties

of

to

is

the

showed

the

tion

86%

an

holdings
2

of

two

failed

in

to

three

its utili¬
in

these

three

their
their

tric utilities held

less

none

in

dividends.

A

use

trend in

public

Demand

Now

not an

offering of these Shares for sale.
such Shares. The

or an

offer

to

let's

capital

appre¬

ive

income.

the

at

of

expense

There
number

plain

in

are,
o&

the

my

factors

increase

opinion,

know,

that

in

help

the

a

htty.

or a

for

ex¬

offering is made only by the Prospectus.

bay,

f :

ait)

utility

suitable
The

we

aL

common

almost

for

ail

in¬

individual

is
slowly being educated
by the investment community as
well as by the efforts of EEI to
overcome
its prejudices concern¬
ing regulated industries inherited
the

of

New

utility holding
The efforts of the

public
days.

company
to

As

York

Stock

Exchange,

security houses around the

■

New Issue

the

coun-

>ry
and,
of course, the mutual
.funds,, have all been helpful, in

.•

May 4, 1961

ccpliiarizing

114,884 Shares

stock

common

Rights, evidenced
share of stock, at

Company

to

May 1, 1961.

by Transferable Subscription
$29,00

share)
to

subscribe

the holders of its Common

Stock

of

record

at

the

close

as

one

more

fully

set

forth

in

the

new

is

the | way

to buy

seems

frontiers

make

to

stocks.

common

entirely reasonable

on

increase

have

on

Now

class

Prospectus.

that

let's
of

which

chat

well

may

turn

to

a

will

and

common

stock

match

industry.

very

institutional

large

investors

will

I

nickname, 'fiduci¬
term, I include
school,
hospital
and
college,
church
accounts,.- trust
depart¬
ments of banks, lawyers' offices
and others. By and large, the cap¬
aries."

agreed, subject to certain conditions, to purchase
unsubscribed shares and
during and after the subscription period may
offer shares of Common Stock as set forth in the
Prospectus.

number

the growth of the utility

May 22,

The several underwriters have

in

funds for

new

'.investment

by the

of business

These rights expire at 3 P.M., Pacific
Daylight Saving Time
1961

to

for each (ten ,shares held, have, been issued

per

new

the 15,000,000 individual investors

will

Warrants,

that

message
.money

It

per

growth,

any

By

this

ital managed by what I term fidu¬
ciaries

is

not

growing

rapidly.

There

is, of course, some growth
through the increase of population
Copies of the Prospectus
in which the

and

be obtained from the undersigned only in the States
undersigned is qualified to act as dealer in securities
may

and in which the

Prospectus

may

the fund

stitutions.
funds,

be legally distributed.

^people

The managers of these

usually

and

have

usually

more

conservative

only

a

Dean Witter & Co.

Blyth & Co., Inc..




Merrill Lynch, Pierce, Fenner & f

much

acccunt

portion,.

than half and often

three-quarters of the

invested

in

common

-toeks. .Furthermore, a pretty sicable
proportion of the common
stock

J

Incorporated

as

money

inhibition

income

of

of the

in¬

stocks.

common

trustees

from

in

The

corporation and

the

of

pension ::und
important indirect fu¬

ture benefits to the company wili
be realized
if, through common
stock

investment,

income
undue

the

fund

in¬

in value and in the process
has not been reduced and

creases

tion

risks of loss have not been

If the fund has

cush¬

a

is in utilities.

A

conspicuous feature of., the
poetyar
financial scene has. of
course,
been" the growth of
mutual fund industry. In 1959

capital appreciabook value, it can afford

over

from

risk

standpoint not
the stocks it has but

a

to carry

increase

be

is

tern

the

stocks.

common

percentage

The current

increase

to

only
may¬

the

of
pat¬

stock

pro¬

portion, the conspicuous example
being that of the Telephone Com¬
pany.
This is being done, not by
sale of

vesting

bonds, but by each year in¬
a larger proportion of new

in common stocks.
It is obvious for this type of in¬

money

vestor

by

steady growth accompanied

low

the

risk

ideal..

and

It

is

income

some

also

obvious

is

that

electric utility shares fit the pen¬
sion fund book as well or better
than

other group.

any

Corporate
The

Pension

figures that

we

Funds

have been

able to assemble indicate that

porate

invested

pension

in

billion.
mate

•is in
a

market

Of

this,

indicates
common

value
an

-even

that

close

to

45%
.ban

common stoiks

utility

interest

more

in

$33

informed esti¬

invested in electric

growth

now

about

stocks and less

quarter of the

Of

cor¬

funds

("this excludes insured plans)
total

pension

is

.snares.

is

funds.

xhe

It

is

estimated that the current annual
rate
a

of

new

is $3.8

money

oillion

year and remember this will in¬

each year.

crease

half

We believe '.hat

than one-third and less than

more

of

this

invested in

new

money

common

is

being

stocks, rouid¬

ly $1.5 billion, and in the vicinity
of $300 million is allocated to khe
purchase cf electric utility com¬
mon

stocks.

Another
the
an

significant feature of
pension funds is that they are
important stabilizing influence

on

the

and

utility stocks in particular. I
told typical pension fund ouy-

'

as

in

managers

raising efforts of in¬

are

a

in-

/and inflation all carry an implied

Common Stock
(Par Value $10.00

si on-of

;cu

provide

of this actu¬

excess

little

have

realize that

get that the constant political dis-

Washington Natural Gas Company

on

bonds

standpoint

We also should not for¬

•Lv'es.in.ent.

yield

funds

requiring a
the invested

ion of unrealized

demand

the

basis

Since

vesting

in

vestor

price-

earnings ratios assigned to utility

solicitation of an offer

the

the

pension

the

the

requirement, the pension

funds

Equities

growth.

electric
are

investors.

to 3 V2 %

accepted.

consider

continued

on

arial

nat¬

might nick-name the
;for electric utility common stocks.
super growth utilities would have
The story here is one of prospect¬
shown even better
but

large

run

yield well in

im¬

we

ciation

and

capital.

•

of

seems

3%

plants.

power

amount

By

,

from

This is

is

utility
Their

in our judgment vo
off in the future, prooabiy
beyond the lifetime of most of us.

worries

are

there

and

k

be way

dilution, it

there

course

The

retired

by

%K1 'future'* $$3*' 'regulation
states

and

benefits.

urally concern over future com¬
petition from Federally financed

ac¬

list

Of

prove.

for

stability when new money coming
in is matched by payments to \,he

re¬

usual equity

K .j;

h

liberalization
of
of pension
day of theoretical

and

coverage

rate

share earnings should

certain

companying high price and low
yield and the companies which

higher

than

<

side

is explained by a combi¬
rising wage levels, an in¬
the number of people

employed

shares

accompanied

capacity

a

in

crease

com¬

their

do

nation of

years.

growing into

to

really important factor

demand

are

five

r•

■.

y

the

growth

postwar),

same

divi¬

and

continue

shares is the pension funds.

reasons

utility

by growth

earnings

to

Now the
on

This

30%

zero

electric

and

per

as

by The Colonial

Fund represents a compromise be*
tween
those
companies with an

pay

ers.

is obvious that the rate of increase

dividends

outstanding growth record and

almost

of

serve

once
during the three
The particular list of elec¬

years.

of

not. increase at the

grow

dividend
and

number

a

in the past

least

at

1960

years.

and

good job of financial public :relations with the mutual fund buy¬

This factor is a very important
point not only with respect to the
supply of equity shares, but be¬
cause
of its effect upon earnings.
With
companies
continuing
to

14 electric

years,

on

to

supply
as

the

increase

our

of

increase

two

measured

as

share

per

dends

opinion that

approximately

now

will

their

increased

the

of

to industries.

therefore, for the
industry to deliver1' per¬

utility

and, (3) increasing cash flow from
operations. These factors in part
explain our opinion that the new

has

increased

each

next

This ap¬

necessary,

formance

1958 $290

million,

our

is

It

mil¬

$258

of the others.

only to

not

the amount devoted

(reserve generating capacity

pared

for

institutions

the holding of
individual companies but also co

(1) the presently satis¬
factory capitalization ratios, (2) a
highly comfortable reserve posi¬

beginning

that

was

value and that 7 of

energy

increasing

customer. The rising

Fund

from

based

is

portfolio

financial

as

some

plies

including,

investor.

date

the

the

done very well for us. The actual

period

1956

195^ $543

in

stocks

electric

reflects the compounding of popu¬
lation growth and
per

level

Fund has always
important position in the
utility business and over the years

current

the

the exception.

(5)

mon

Colonial

experience

than

of

issues of electric utility com¬
stocks will continue at a low

new

per

segment of the

that

the mutual fund buyers are
quicker to change their minds

common

1957 $452 million,

weights

this

is

note

under¬

new

of

in

$126 million. It is

an

same

totalled

million,

to

as

offerings

averages

or

had

just what

V

.

tion

to

A Particular Experience

The

dividends

fundamentals of the utility
business:

and

just

one

institutional

an

years,

Let's

440

problems

up

figures

Fundamentals

.

growth

bring

utility

of the

con¬

spicuous for the high price-earn¬
ings ratio and low yield offered
by

to

share earnings of
5% and a parallel

per

Attractive

per¬

index,
but
it
is
certainly
xvidely used and well-known. It is

were

stock

from

figures for size of company.
I
thought it would be helpful, there¬
fore, to use the real experience of

experi¬

five

fect

years ago

growth

The Dow-Jones Indus¬

Average

the

Naturally the results for
4%

over

times

has

^approximately
C.

J.

of

17.6 times and
a

that

so

growth in

a

price-earn¬

a

is

industry. This

business each 10 years. The
financing of this grawth has been

yield. This
compares

the

arranged

points

55%.

or

they

record

of the

pro¬

3V2%

a

The

up

approximate double in the size

an

earn¬

measures

test.

250

Average

7% annual compounded

a

in' volume

of

ence

12

and

vides.

growth

growth

times

latest

the

on

of

lion,

Industrial

question,

show that

years

stocks

whether

securities. The

indicates

increase

an

15%,

pen next? To get a prospective on
this, let us examine the supply of
new
issues
of
electric
utility
shares. The figures for the past

electric

85.37,

now

share

average of

electric utility
stocks is cur¬

important

written

is

more

become

industry

investors

how

in the order of 10% *o
for utilities.
We should

perhaps

is—What is going to hap¬

course,

five

com¬

difficult to find depend¬

utility

few

a

Averages .always
have the infirmity of being unreal.
Nobody owns an average. Also

utility
price? One

is that in

in

fared

690,

electric

well in

so

reasons

petitive

with other

have

just

to

as

present

money

go,

The
to

billion and $lvL

Almost all of ;nis

I960.

in

redemptions

over

$1.5

to

finds its way into trie
stock market and a portion of it,
new

Sees Earnings Per Share Growing

continue in its past

like

billion

,

growth record of the industry.

at¬

expect

Dew-Jones

be different.

may

these

utility

shares
as
defensive investment

70%. During this same period the

but when compared to other

were

Federal

and

a

electric

utility
shares, particularly in the recent
past.
Moody's
Electric
Utility
Average, Jan. 1, 1958, was 50.30

f

3 years.

or

view

and

mount—

utility top management participa¬

existing policy of waiting every 2

in

important, I be¬
change in
investor
He no longer seems to

is

thinking.

L *

would

figures

change to annual dividend increases

compares with
the

I

passing observation he adds

a

change

no

fundamentals

increased

To start

utility

new

demand will continue to
As

in

more

see

pattern.

price-earnings

opine that electric utility

earnings should improye, and

that he would

utility

explained

the

not

the industry to

level in the next 2 years, the rate of increase

low

a

electric

of

states,

tractive

institutional investor's point of view anticipates

the

the

is

laree, reasonable.

Management Associates, Inc., Boston, Mass.
an

sales

of

shares. The most

customer

per

Government and has been, by and

By Jerome C. Munsuker, Jr.," Vice President, Colonial

of

Thursday, May 4, 1961

.

by

Utility Common Stocks

continuation

.

by
continued
mechanization
of
industry, commerce and the heme.
(6) Rate regulation is performed

usage

The Outlook for Electric

Appraisal from

.

am

ers are

of

stock

market

as

a

whole

currently somewhat scared
level

the

cf

the

market

and

have been

holding back from buy¬
ing equities the p~st six months.
It follows that with any real de¬
cline

Lie

would

the

stocks

in

these people
electric power
like veritable tigers.
Thus
the

be

market

buying

Volume

193

Number

6052

.■.

The Commercial and Financial Chronicle

.

(1967)
the

past increase

ity Stockj

is

equation
.current

the

in price of

expiameu

the

of

cels

demand

over

qy

to

Wilson to Join

ex¬

oi

continue

-

haps

we

should

from

be

low,

to

expect

stocks

at

in

I960.

mod

demand for these

current

price

levels

individuals, fiduciaries

mutual

-

funds.

,/

1

•

:

and

•

...Ahead of the News

on

an-

jounced

by

BY

Formed in N.Y.C.
President
more

than

Wilson is

conclusion

relationship between
and

the

supply

indicates

the

ratios.

Bank

demand

the

I

Trust

shares
of

the

utility price-earn¬
like

him in

of

and file

it

bank

opportunity to urge that the
excellent work of the Edison Elec¬
tric Institute in financial

customer

public

relations

be

continued

Presidents

more

him
in

municipal
Mr.

whatever

finance

Wilson

will

Senate

Foreign

for

a

It

the

current

is

also

apparent

executives
efforts

must

to

that

utilitv

continue

explain

the

their

financial

facfs of life to the state
regulatory

bodies,

in

particular,

how

sensitive

kets

are

to

the

explaining

financial

change

and

mar¬

particu¬

Second

of

the

not

gest

that

stock

top

management

much

stock.

I

sug¬

ownership
plans for top

man¬

own

stock

option

agement

acts

as

and

important

an

incentive to unite stockholder and

interests

management

helpful if

dividend
in

and

is

ap¬

pattern of annual

a

increases, even if small
were
developed rather

size,

than waiting to raise the dividend

two

every

in large

long
to

or

jumps. In

deliver

will

three years and then
as

continue

can

growth

a

have

opinion

our

the industry

as

the

of

the

in¬

Chase

1

June

Manhattan

the

Edison

Mr.

Electric

Hunsaker

before

Institute, -Investor
Committee, Boston, Mass., April

Rela'icns

24,

by

1961.

-

:

'

wind

asked

for

that

the

Laotians

apparently
He

no

points

Communist

<

nations

most

South

which

is

menace

concerned

Viet

stand

to

be

so

to

and

the

York

New

Stock

Gruss

the most

medical

firm's 'arbitrage

the

Claude
the

Sherman,

foreign

Sklar
tive

as

in

section;

also

enlargement

of

Martin

the

morale

of

A

Con¬
Con¬

internationally
incident

but

the

that

mestic

stocks

-

bonds,

they

and

markets

active

convertible

will-now
in

foreign

may

for

the

changes,

P.

partner.

Stock

Ex¬

principal

ex¬

been

announced

Goodbody,
They

Larkin,

York

other

has

Harold

J.

has

•

J.

Lehnberg, .and

Millett.

Millett

.

by

managing
Edward

are

Werner

Frederick
Mr.

New

and

of Goodbody's securities
department after a long
distinguished career in fi¬

manager

"research
and

nancial

research.

Goodbody

&

Bank

over

President
and

where

he

charge
of

to

comes

from

in

Investment

He

Co.

member

a

the

Han¬

was.

Vice-

Research

of
the

Committee

Officers"
which

is

the bank's investment policy body.
Mr.

Lehnberg

pointed
Co.'s
he

has
been
ap¬
Goodbody &
division where

director

of

commodity

has

served

as

been

since

manager

editor of the Fitch

He

became

bard

Bros.

Publishing Co.

associated
&

Co.

with

in

Hub¬

1937,

head

of

its

commodity

Larkin,

American

26,

Gcodbody

partner.

a

Stock

research

He

&

member

Co.'s

will be in

floor

American

change.




at

charge of

transactions

the

the

is,

youngest

Goodbody's
of

of

Exchange,

York

the

Stock

that

associated

now

Exchange, have

Frank

with

Institutional

Mace

is

their firm

in

The

affiliate

of

Sons.

■

Department.

into

has

been

the

The

new

social

aid

In

the

which

measures

include

the

security

for

benefits,
schools,

public
and

bill

area

re¬

Greenshields,
DawsonHannaf ord
To

Merge

Greensftie'Idb & Co. Inc. and Daw¬
son,

'Hannaford Limited1

nounced

intention

firm to be called Greenshields

one

Inc.

effective

June

maintains

5,

offices

which

will

Management is to

brooke, and London, Ontario.

instance,

to

prone

fill

a

decision

on

occupy

a

more

an

offer to sell

nor

a

solicitation of

an

offer to

buy these securities.

by the Prospectus.

Kingdom of Norway
Fifteen Year 5%% External Loan Bonds of 1961
Dated

.■ • ■

May

1,

Interest

-

1961

Due

May

1,

1976

payable November 1 and May 1 in New York City

in

complete units, "Stripped? nonds,
Mocks and warrants, will be :.nder
the
supervision of R. Knl
Japha, Vice-President. Mr. Jap ha *
was
formerly associated with the
First Chelsea Corporation.

Price 97V2% and accrued interest
•

In 1957 Mr.

Japha originated the
trading in "Stripped''
bonds through the "due bill" sys¬
tem. "Stripping" is the method nf
trading bonds and preferred stock
and

term

not

bearing

stock,

Other
are

attached

/

officers

of

the

are

obtainable in
as

may

any

State from only such of the undersigned and

lawfully offer these securities in such State.

common

new

HarrimanRipey&Co.

Kuhn,Loeb&Co.

Incorporated

Incorporated

firm

LazardFreres&Co.

Smith,Barney&Co.
Incorporated

Max

Heine, President; Howard
Spingarn, Secretary, and Frank
Feldman, Treasurer, all partners

of

Copies of the Prospectus

such other dealers

stock purchase warrants.

or

on

the

Stock

Ex¬

The First Boston Corporation

Spingarn, Heine & Co.

Drexel & Co.

Gratza Chicago

Eastman

Blyth & Co., Inc.

Dominion Securities Corporation

Dillon, Union Securities & Co.

Ladenburg, Thalmann & Co.

Mgr. Westheimer

Kidder, Peabody & Co.

Dominick & Dcminick

Hailgarten & Co.

White, Weld & Co.
Wood, Gundy & Co., Inc.

CHICAGO, 111.—William J. GraLa
has

been

appoiot°d

Westheimer

Clicago
La

Salle

and

office
Street.

of

manager

R.W.

;

Pressprich & Co.

Swiss American Corporation

Cell, Gouinlock & Company

'

Company's
at

120

Incorporated

new

May 3, 1961.

South
•

The

Mont¬

real, Toronto, New York, London,

a

new

specialize

in

Ottawa, Quebec, Winnipeg, Shei>

;

the

1961.

whether

Glators, for

Heine & Co., members of the New
York
Stock
Exchange, 37 Wall
Street.
'■;•'

of

merge

has to make

:

". Trading' activities

an¬

to

investment dealing, stock broking and related interests inxo

firm

meantime, Mr. Kennedy

their

their

$18,000,000

is

He

>;

New Issue

firm

L.

formerly with Alex. Brown &

was

as

department.
Mr.

New

.

Co., 25 Broad Street,
City, members of the

the Office of Civilian Defense and

and

joined Goodbody & Co. in 1939

York

varied list

a

rep¬

adversely. Headline hunting legis-

Spinrarn,

the

beginning of 1960.
Before
launching his career in the bro¬
kerage field, he was commodity

&

New

of

announced.

firm,

Hirsch

securities.

•._

named

which

headed for passage.

housing
development.

Congressional

Spingarn,
Heine
Trading Corp., with headquarters
at 50 Broad Street, New
York, has
corporate

registered

performance has not been affected

Spingarn, Heine
Trading Corp.
Formation

a

.

maintain

.

been

measure,

aged,

wrench

The offer is made only

partners of Goodbody & Co., 2
Broadway, New York City, mem¬
of

the

omnibus

This announcement is neither

change

key

for

be affected

Federal

Cuban

Goodbody Admits
The appointment of three general

with

Hirsch & Co.

announced

"

primary

bers

care

President.

to have extended it.

by

as
.

Mrs.

associated

was

Co.

Prior

Chronicle,

Frank Mace With

depressed

parent

Congressional leaders don't try to
explain this—they merely report
it. They say that the President's
image may have been tarnished

handling institutional inquiries.
Supplementing the service in do¬

of

Three Partners

the

through

de¬

arbitrage

it,

one

monkey

thrown

new

seems

the

resentative.

enacted.

was

for

measures seem

the

announced

its

<

debacle

arbitrage department.

firm

a

enough,

registered representa¬

a

the

The

and

of

joining

Marshall

the

threatening retaliation against the

members

execu¬

assistant to Mr. Preiss.

de¬

"through

Kennedy honeymoon, the invasion

gress'to

of

manager

among

regis¬

a

session, the big Kennedy domestic

4nd the fiasco recently has

plummeted

department;

as

Latin-American

a majority in the House
Ways and Means Committee, and
will probably not come
up at this

in

concern

as

and

$600,000,000

still lacks

get out of.
more

editor of the Com¬

Financial-Chronicle

representative

Ingerman

the

low. But strangely
far <'from cancelling the

gress.

formerly
a.
partner
.of
Co., to be ip^'yharge .qf

&

far

of

deliberations,
young Bob Kennedy's ap¬
impulsive action on civil
rights in Virginia. This has burned
up the Southerners and they are

Cuba

Exchange, have
announced
the
following appointments: Albert B.

Cohen,

is

to

bill

Save

Mr. Kennedy has made a com¬
mitment, however, which will be

hard for him

wake

The

sailed

appropriate

areas

are

Nam

tive

tion to backdoor
spending, that is,
having the money come from the
Treasury without Congress having

that

out

the

5

Ingerman, formerly

news

and

joined Their staff

tered

and

House
intact, 330
to
82.
And
despite the Conservatives' opposi¬

.

Fulbright points

"wait

Kennedy
to be getting its

in

velopment

out

Hutzler Add
of

:has

the

moment

Helen

mercial

President's

is

at

Jules

assistant

a

entire

debacle.

satisfactory results.

There

the

program appears

hurt. He doesn't understand why
they should not do the fighting.

Hutzler,

the'

offices

Edmund

are

Mrs.

re¬

in

with

Preiss, Presi¬
Cinder,
SecretaryTreasurer,, .and Leon Hoffman.

to

Actually,

have

Thailand,

&

for

Cuban

Salomon Bros. &

Brothers

the

attitude

second

fighting.

If the

1, 1961.

in
address

no

India

Salomon

around
But

political
burst

may

com¬

~have

we

the

at

head.

already
poured
$300,000,000 into that country with

partment to provide greater scope

•

for

that

offices

it

record,

support
stitutional investor.
*Ar>

taste

strong,

on

torrent

Relations

would be

we

and

swamp,

Co., Inc., also President
Schapiro & Co., Inc.; an
investment
banking
firm /' that
specializes in bank stocks. The
two
firms, now located at One
Wall Street,
will move " to new
Plaza

criminations

not with

soldiers to warfare in

our

themselves

Se¬

M. A.

of

members

propriate in the utility industry. I
might add that it would probably
be

Schapiro,

District

have made is that in

we

utility field

does

mitting

curities

larly unfavorable changes. An ob¬
servation

Mr.

years.

many

President

cers

the Cuban set¬

on,

formed

dent,

see."

the

points out that

investors

over

Later

Capitol's

ties, Co.,
Inc., which has
been
dealing in Government obligations

concerning their companies.

back.)

rank

Committee, is outspokenly against
any
intervention
in
Laos.
He

op¬

have

restraint.

more

"witch hunts"

deems

of

activities.

supervise

opening,

,

as

(A
may be former Presi¬
Eisenhower's opposition to

dent

intervening
Fulbright
of

Senator

of major utilities
adopt the procedure of visiting
financial centers to explain to in¬

facts

are

an

hungry

-

Broadway, New York City, to en-r
gage
in an investment banking
and
underwriting business. OffG

factor here

all

the

for

showed

Arkansas, the powerful Chairman

erations of Second District Securi¬

stitutional

he

But

Republicans,
are

never

the question of

on

financial

Vice-Presidents

action

Congress

Laos.

James G. Wilson

r-ri';es. and

that

and

and

-

they

they will support

advisable to take.
of

have

been

And

security

leaders

assured him that

portfolio;

this

three

or

Republican

any,
Hart¬
ford, in charge

take

to

two

"Ingerman Joins Staff

Preiss, Cinder & Hoffman Inc. has

accountably held back.

conferences have dealt with Laos.

Com-

of-utility

would

last

Mrs.

the hopper on the slightest
provo¬
with resolutions, have un¬

cation

he is with
Cuba, a matter
Congress doesn't understand.

and

continuation

current level of

ings

the

that

much

seems

His

Connecticut

is

Kennedy

preoccupied today with Laos

that

n>w

Presi¬

dent of the

■/Conclusion
Our

demanding that it be enlarged.

Preiss, Cinder Co.

BARGERON

A.

S c h a p i r o,
Preside.it. Mr.

;

CARLISLE

.

by

Merrs

■*'

;

..

was

u

strongly,

grow

City

June 15 as Execu¬
tive Vice-President and Director,

funds

continued

erate growth in

York

per¬

pension

continue

we

from

to

little higner than

a

Demand
and

expect

is

James G. Wilson will join Second
Distric': Securities Co., Inc. New

couple oJ years. The new
of electric utility common

stocks

2nd Dist. Sees.

r

:

nex:

suppiy

prominent place in the scheme of

things.
The
director, Frank B,
Ellis, is am aggressive'fellow and

me

We 'expect

supply.

conditions

util¬

me

siae

15

'

16

The Commercial and Financial Chronicle

(1968)

be

AS WE SEE IT

Continued from

page

drafted

passed into

have

been

rather

generally

and

practical politics.

At the
moment, we cer¬
excel¬ followed in recent years—and
lent thing if President Ken¬ not always to the advantage tainly have
nothing of the
sort. President Kennedy has
nedy forgot about the sort of of the country.
We have no intention of sought to pre-empt the field
drive he apparently contem¬
with ideas which the country
plated, and along with Con¬ embarking upon any discus¬
sion of the
gress set about developing a
theory of demo¬ would do well for the most
sane
program
for the re¬ cratic government. Suffice it part to reject. Currently,
to
mainder of his term.
say
that the Wilsonian these multifarious sugges-f
tions appear to be gathering
History will, we venture to theories have certain very

history, it would be

an

appraise both the Presi¬ obvious and serious limita¬
Professor
dent and Congress far more tions.
Wilson
(he
by what they do from this expounded his theories long
day onwards than by any before he ever entered prac¬
legislation already adopted or tical politics) would hardly
proposed by the Democratic agree that he advocated mak¬
say,

The country is in real
need
of
drastic
change in
policy and law, but the
changes needed are not of the
sort that can be successfully
drafted over night and rushed
through a panic-stricken Con¬
gress. About the only record
that President Kennedy has
regime.

so

far broken lies in the

num¬

ber and sweep of his

suggestions by the President
rather vague

they1 employ,
than

cases

in the terms
but in more

definitely in the
For

tion.

tend

not

the

rather

direc¬

wrong

most

part they

would

simply push the New
type of program further

Deal
and

thus

farther

get

away

where

we

farther and
from the place

ought to want
trouble, or one
that

there

counter

been

to

be,

or

to

be.

of

them,

almost

are

The

is
no

proposals which have

worked

out

and command the

responsible

groups in Washington or in
the councils of the major

parties. It
son

who

years

President Wil¬

in

relatively recent
ardently preached the

doctrine
has

was

that

the

President

the

matter

instances,

some

Congress

doubtless,

members
tions of it, have had
in

or

or
a

sec¬

hand

shaping Administration

the

Congress. Whether the Ad¬
ministration will presently be
able to arouse Congress, or
influential
draft

members
to

measures

policies,
sions

with

of

it, to
the

meet

matter.

less will

depend largely

the

That

is

doubt¬
upon

degree in which the Ad¬

ministration

has

been

suc¬

in

convincing and
arousing voters generally.
Meanwhile,- it is dishearten¬

ing and

final

deci¬

have

been

who

think hazardous,

we

members
do

not

of

Congress
with the

agree

the

President

has

laid

down (and that would include

Constructive

Opposition

a

Needed

number of the members of

his

own

party) have no care¬
formulated policy to
substitute for any of the pro¬
posals of the President, no

Among the shortcomings of fully
the

Wilsonian doctrine is the

fact

that

room

it

leaves

for constructive

tion upon

uations

little

so

opposi¬

Capitol Hill. In sit¬

programs

which

they

could

and would take to the

people
home after ad¬

such

somewhere
than

in

ought

—

and where else

Congress?

to

be

a

—

there

continuously

functioning constructive
group

of influential

men

for¬

like

free of the de¬

policy. His idea formulated at the White
subject appears to House. They should, of course,

of
is

mined

ism

are

conspicuous in those

Dealish

plans

cies which
so

out

much

to

an

thinking

and
Administration

which
wide

take

us

deter¬

much

far¬

along the path of radical¬
and
away
from the

policies
have

and

philosophy that

enabled

marketed

are

us

to

become

of the world.

sell

in

readers of these re¬
marks who are parents with small
children

will

and profits growth

only

as a matter

of record.

Last

June

P&R




Electronics, Incorporated
(A Virginia Corporation)

two

(Par Value 10c Per Share)

Price S3.00 Per Share

Wabash Chemical. Houston is

Beaumont,
Texas, to produce ethylene glycol,
automobile antifreeze, as well
tetraethyl and tetramethyl lead
gasoline additives. Wabash Chem¬
ical operates a sulfuric acid plant
or
as

Chicago, 111.
it might

near

to

that

some

enter the

mobile

In

my

Reading,

the New York Stock Ex¬

on

change, is attractive for its man¬
agement, for its earning power,
its determination

for

*

to

determine

criteria

cial

let finan¬

its

expan¬

sion, and for the financial poten¬
tialities
the

available

company

beco

ally

investors

to

the public

as

of

aware

m e s

and

nature,

in

gener¬

the

the

poten¬

tials, of this new, diversified, in¬
dustrial giant.

Firm Named Now

has

Company,
banking firm of 67
Street, New York City, as

Broad

has

chosen

May

1,

Lomasney,

became

to

highly competitive auto¬
field
(Houston

also

this

Lomasney

A.

investment

surprising

seem

PRG

Commercial

purchased

Solvents' anti-freeze division)
of its

Lomasney, Loving
Myron

antifreeze

is

extremely

ability to make
product

tivities

Houston

of

clude 50%

from

money

from

and

the

confident
its

chemical activities. Other

other

new

ac¬

Chemical

in¬

(with Great
a
new
bro¬

ownership

Lakes Chemical)
of
mine-producing |acility and, held
in

reserve

profits

carried

as

Chemical

contributor

future

a

is

further

work,

through

on

to

be

Chatham

Milton Van Riper

anthracite

of

waste

Loving &
name

Philadelphia & Reading's most
recent
acquisition was Fruit of

adding

Loom,

purchased
million. Fruit of

$6V2

licenses

over

produce

and

soft

market

a

variety

of

sheets, towels,
underwear
( Union

and

was

1960,

over

Loom

as

Underwear

of

the

an

on

$40 million,

li¬

important

sales volume

Union earned

$3.5 million.
The

in

numbers

Philadelphia
reports in
distorted
because of the presence of coal
operations. For example, in 1960
the company earned $2.56 a com¬
mon
share; this was after a loss
from coal operations.
However,
in
the first quarter
figures re¬
Reading's

past

earnings

have

years

last

showed

the

week,

company

decline in reported per-

a

share

of

the

1960

to

33

first

been

from the 42 cents
first

cents

The

quarter.

three

in

months

this

the

the
is

company

Milton

partners,

Van

Graham Loving.

Milton Van Riper has been with
the

the

of

since
September,
formerly manager

company
He was

1959.

New

Fodesta

position

he

he

of

Crut-

Company,

&

held

that

Before

wi h

office

York

fenden,

five

for

for

was

a

years.

14

years

C.

John

Legg & Company.
Graham Loving, has been with
the Lomasney organization since
August, 1959. Previously he was
for
seven
years with the
Okla¬
homa City law firm of Mosteller,
Fellers, Andrews & L.oving.
Mr.
Loving is a graduate lawyer and
began his

with the Depart¬

career

ment of Justice.

H. Stewart Joins

Eppler, Guerin Co.

year's

explanation,

that the first
quarter last year was cold—so an¬
thracite sales were up, and coal
enough,

two

Riper and

about

100 manufacturers to

goods such

shirts,

for

In addition to

Co.

change,

products.

the

Graham Loving

division, in the field of

utilization

is

profits contributor in that
period
of
1960.
This
year,
of
course,
the coal properties were
a

EL

PASO,

Stewart

Texas

has

with

Eppler,

Inc.,

members

Stock
their

of

El

Bassett

Tower,

&

the
as

Paso
Mr.

S.

associated

Guerin

Exchange,
new

Harold

—

become

Turner,

New

York

of

manager

office

in

the

Stewart

Prior to
the
release
of
the
first
quarter
figures we had been estimating
PRG's
1961
profits
at
perhaps

formerly

$3.25

was

Garvin, Bantel

part of the

We

a

company.

common

see

no

share.

reason

at

this

Stewart

President
&

of

Harold

S. I

Company.

stage

modify that estimate, but 1961
results ought not be the most im¬
portant point for new investors

To. Admit Byrne

Garvin, Bantel & Co., 120 Broad¬
consider (for way, New York City, men bers
example, if our $3.25 figure is of. the New York Stock Exchange,
correct, tve stock at 64 is selling, on May 18 will admit James F,
at
about
19V2
times this year's Byrne III to partnership.
earnings, hardlv a bargain price).

in

this

company

to

However,
ly

we think it quite like¬
that earnings of the company

higher
divisions,
profits
contributions
chemical
operations,

range, supported
volumes
in
existing

sales

and

from

new

bv

and

not taking into account at

any

new

tend

all

acquisitions which might

be effected in corning months
the

toward

range,

With Bos worth, Sullivan
(Special to The Financial Chronicle)

could be in the $4.00 to

$5.00

Co., Inc.

listed

of

While

next year

B. N. Rubin &

summarize, then:
opinion Philadelphia &

sub¬

to

Common Stock

situations.

To

Chemical

Houston

are

a

Chatham

to

constructing plants at

not

Meridian

in

Chatham's

sidiaries

was

95,000 Shares

purchased

interest

Chemical.

simply

May4, 1961

have been out¬

look

to

capability to
stock prices in

present

investment

changed

majority

of
appears

surprised to
Reading's sales

standing.

a

of these shares having been sold, this advertisement

be

not

that Deluxe

learn

and

support

nation¬

a

unreasonable

seem

1962 for the earnings

and

share, earnings,

All

on

not

100,000 super¬
The
company's
the
$7 to $15

outlets.

products
range,

leased

the envy

to provide the usual hedge
analysts are by tradition and
training required to insert). Con¬
sidering that we have only twothirds of the year to go, it does
that

basis through

market

&

apparently

only

2

page

earnings. Acme's
present earning power (about $1.2
million annually) exceeds P&R's
initial investment. Blue Ridge is
the
largest
producer
of
work
clothes in this country, much of
its
production being distributed
through major retail and mail
order chains. Deluxe Reading is a
major, producer of children's toys,
of

censee). In

which

ther

year.

leaving the field to the

New

mulating and advocating poli¬

duty to lead in the
fects
of legislation and
gen¬

Continued from

payable

to

lines

made at the White House.

Thursday, May 4, 1961

.

THE SECURITY I LIKE BEST...

company

cessful

to

appear

constituencies

another

the

but

their

that

eral national
on

of

as
that
now
when they go
carefully
existing, it seems to us to be journment Tater this
support of of vital
importance that This seems almost too

influential

and

files

the

in

a

us

want

somewhere

"rubber stamp" of Con¬ requirements of the Presi¬
dential messages and to give
gress, and no President yet,
not even
excepting Franklin them real support in the Con¬
Roosevelt, although he came gressional mill, we, of course,
very
near
it at times, has have no way of knowing. At
quite succeeded in doing any this time, at least, there is ap¬
such thing. It is rather ob¬ parently little tendency to do
vious, though, that real lead¬ anything of the sort. What
ership in Congress has not may happen after members of
sustained itself well in recent Congress have had an oppor¬
to talk things over
years. Presidents have gone tunity

ing

"urgent"
proposals to Congress—which through the motions of con¬
apparently has filed most of sulting members of Congress
them away for future refer¬ and in various ways attempt¬
ed to get their support for
ence, if any.
tailor -made
programs.
In
Many, if not most of these
are

dust

.

knowledgable

both in economic policy

men,

ministration have

by

1

.

the

higher

(we

side

of

and mention the lower

DENVER, Colo.—James 1. Geddes
has

become

associated

with

Eos-

wcrth, Sullivan & Company, Inc.,
660 Seventeenth Street, members
of the New York Stock

Mr. Geddes
his

own

Andrews

in

&

Exchange/,

the past conducted

investment
Co..

firm, Geddes,
in Los Angeles

and Grand Junction.

Volume

193

Number

;

,

6052

'

■

.

.

The Commercial and Financial Chronicle

.

'

1

'

'

•

'

,

THE MARKET
BY

.

.

WALLACE

inconclusive

an

In the

respite the list has had since

hit

bottom

then started

Much
this

last

October
bull

new

a

and

swing.

made of the fact that

was

the period when commit¬
taken on last October be¬

was

ments

long-term holdings to

come

the

tax

Some

burden

of

list

profit-taking.
evidently

this

the

of

trim

selling
started late in April.
But

inten¬

no

tion of backing away
significantly
the 696 posted on April 17.
It retreated only around a score
from

of points from

the high when ex¬

pectations

were

tion

showed

that

drastic.

more

seemed to

that

a

correc¬

would

up

Up

be

any

here

to

be

it

has

where indus¬

case

trials

particularly were bent on
consolidating rather than correct¬
ing the long runup.

fact

that

level

which

industrials
rarified

from

there

was

prevented

showing

for the

area

the

in

that

first time in

the

been

favorable

a

able

were

traders
that

to

soar

jumped in
favored

a

independent
There

had

from

the

before

566

last

with

could

make

started

level

uphill

reached

just

year's

elections, so
improvement
of
130

an

correction was,

a

anything overdue.

its

and

quarter

that

so

wasn't

covered.

the: road
is

year

for

High-Yielding Issues

forecasts

that

low

the

point had been passed. This prob¬
ably was more than offset by the
dreary first quarter reports when
Armco

even

Steel,

something of

ability,

which
has
superior earnings

a

failed

to

the

cover

divi¬

dend requirement.
Armco

had earned

the

its

came

pany's
that

63 cents against

to

dividend.

annual

there
in

ment

the

meeting

final

the

com¬

told

was

definite

was

the

But

improve¬

month

of

the

quarter and that improvement will
continue
So the
in

the

current

dividend is

jeopardy

to

shade

a

prices.

That

"growth"

is

where

area

far

levels

in

1%

a

the

yield

around

62, that

of

well

ture

is

with

Baltimore

ironed

yield

item,

is

also

high-

a

its

return
running
around 4%%. It is also one with¬
out

too

since
the

shares outstanding
a million shares
of

many

nearly

2.6

million

owned

by

General

capitalization

American

Cable

are

Smelting.

weathered

the

re¬

cession last year in good style, its
3% sales decline mostly due to

price

cuts.

benefit

Nevertheless

from

improvement
in its

could

earnings.

The

in

it

general business
with marked gains
a

unknown quantity
new

and

merger

Ohio

effected,
huge

some

sav¬

ings from the combination which
give it

The

to

room

railroad

im¬

make

picture

in

this

country has been sufficiently
appetizing so
that even
up
Canada

where

un¬

in

rail

hasn't suffered

transportation
drastically from

as

competition, Canadian Pacific has
its

ignored

yield

Canadian

point

where

close to 6V2%.
is

Pacific

far

in Gen¬

participation

missile work, specifically com¬
and control cable for

producers

stem

solution.
diversification

no

nouncing

Like the American carriers, Cana¬
Pacific has problems includ¬

ing

arbitrary,

posed

government-im¬

rates

and

service. But up
set

was

unprofitable

there

two

un

commission

a

years

to

ago

route,

take

time

to

earnings

figures,

but

the

offers

bit

issue

4%

and

a

possible

a

better in

basic

its

until

when

estimated

at

more

$12 million ultimately won't
results

the

of

second

deliveries

General

Cable

half of this
start.

And

year

this

phase of its business could be the




dollar

in

appear

the

meanwhile
better

than

for

turn

the

fortunes, pend¬

[The views expressed in this article

do

not

necessarily at any time coin¬
with those of the "Chronicle."
They are presented as those of the
author only.]
cide

that

announced

Albert

Duval have been admitted to gen¬
eral
partnership
in
the
firm.

Messrs. Hill and Steine will make
their

headquarters

in

the

firm's

Nashville, Tenn. office, 418 Union
Street,

while

Mr.

Duval

fice

at

44

Wall

will

be

City of¬

Street.

the

of

most

With the hope of
lief

for

the

facing

this

future
the

Pacific.
re¬

problems

Canadian

carrier,

brighter

than

deficit-ridden

its

that

American

lines

where even the promise of
specific relief has yet to apear.

There

also

are

available

some

the

in

good yields
shares

tobacco

which, apart from a good run in
years
by Lorillard on its
marketing success,
haven't
had
any
enthusiastic investment in¬
recent

for

terest

Morris

diversified
interests
ASR

long

a

offers

time.

4%

a

firm

when

it

in

the

of Abbott, Proctor &
President; David D. Wil¬

Trust

Officer

of

and

the

Assist¬

National

Bank

of Detroit, Executive VicePresident, and George M. Hansen,
of

Keystone

Csutodian

Funds,

Boston, re-elected Executive Sec¬
retary and Treasurer.
the

the

Executive

Federation's

in

special

Council

Institute

session

of

Analysts,
and

chose

University of Virginia's Grad¬

tration

of Business Adminis¬

the

as

Institute's

national

other

mitted

to

nancial
These

action, the board
the

Federation

Analysts
moves

of

14th

tion

through
has

and

Fi¬

Ga.
the

annual

of

conven¬

the

academic

ness

sales

Annual

sponsored

pal

Bond

Bradford

been

Co.

active
of

trict

Department
&

in

New

1955

will

in

continue

The

event

attendance

an

of

Mr.

the

of

J.

C.
has

Duval

financial

City for more
and was previously

Halsey, Stuart &
vice-president of the

Dr.

Inc.;

this
of

C.
fall

the

b roke

r s

a

versity,
J.

C.

and

and

Mr.

has

at

Vanderbilt

been
&

formerly

Coca-Cola

a

consultant at

Co.
an

Uni¬

since

1955,

executive at

Bottling

Works

in

will

would

School
at

is
of

the

at

serve

Institute.

Sheppard

Graduate

a

who
professor

become

of the

Dr.

Cur¬

Dean

of

Business

Cornell

Uni¬

Jenks,

who

is

associated

with Cyrus J. Lawrence and
New

York,

tends

to

said

the

charter

bers rather than

charters

cause

Sons,

Institute

qualified

in¬

mem¬

certify them, be¬

can

be

evoked

or

suspended for unethical perform¬

Nashville.

while

ance,

SPRINGFIELD, N. J.—Wilbert W.

are

lifetime

certificates
awards.

usually

A

formal

code'of ethics for analysts will be

adopted by the Institute.

Layng

is conducting a securities
business from offices at 90 Lyon

of

Place.

nancial

For

administering the

The

the

and

spread

a

Institute

of

Analysts,

All of these Shares

its

acquired

American

its

own

doing

sales

field

Philip

reporting

well,

increase

and

5%

a

Conference Chairman,
has announced that the forecast¬

ing session will be opened to the
Sessions
amine

niques.
casting

program

Chartered

the

Fi¬

University

gain for the first quarter
Some

of

showing

and

long-term fore¬
among
the subjects

are

under

come

business

outlook

will

sales

A.

of

meeting will
May,
Executive

nancial

"Commercial &

Chronicle," faculty
the New

School for

The

gain in

popular

when

it

ficial.
Other speakers are:

Drew,

Drew

Garfield A.

Investment

growing

and

Profit

in

the

Stock

Market,"
Tabell, noted
analyst; Partner, Walston
Company,
members
New

Edmund

W.

market
and

York Stock Exchange.

Registration fee is $12.50 for the
day session, including lunch¬

full

The

eon.

luncheon

program,

vard

Duesenberry of Har¬
University will speak on the

subject of Economic Growth,
also open to public attendance
a

cost

of

$6.50.

Persons

ance

should

Sameth,
American

contact

Executive

New

York

and

is

immune

fluctuations

Tobacco.

tobacco

look

Mr.

It

is

a

all

to

is

of
Chapter,
Association,

at WA 4-2510, Ext. 272, or Miss
Margaret K. Matulis at LO 4-3000.

having been sold, this ad¬
of record only.

(Par Value 1 Shilling)

the

Universal
broker

and

Price

supplier not only for the

foreign

industry
users.

also

results

Its

mirror

quently,

but

and

the

$4

which

current

makes

it

a

an average

is

one,

Share

of
on

3 V2 %

•

DAVID BARNES &

anticipated for
is modest, and

candidate for

per

for

conse¬

the fortunes
The return

the entire industry.

price of 44 is

$3

a

better

payment.

Long-neglected Texas Gulf Sul¬

phur has had problems,lor ^long

125 Maiden

Lane, N. Y. 38

Sidney

Area

Statistical

Common Stock

with

wishing

Secretary

past

shares

is
at

to make arrangements for attend¬

its

find the most rapidly

brand

that

brand

the

at

which James

that company. One, how¬

on

ever,

in

Associ¬

ates, Inc.; author, "New Methods
for

decade.

tobacco

to

comes

to try to

a

game

Social

and former Securities
Exchange
Commission
of¬

and

PALM DEVELOPERS LIMITED

form

show

to

Fi¬

mem¬

Research,

Philip

king-size

be

the

Wilfred

Editor of the

growth

brand

this

first sales

favor

in

and

also

discussed.

100,000 Shares

this

review.

forecasting techniques

brands

good

brand

enabled

Leaf

of

newer

introduction of the old

Morris

was

its

economic

range

-

ex¬

tech¬

and

will

Sales

to

forecasting

Short

forecasting

the

scheduled

are

modern

31/2%

earnings

York

Economist for Luria Brothers and

Morris
a

Sta¬

New

subsidiary, the old American

In

all-day

Conference

Safety Razor.
is

market

an

Company,

the

vertisement appears as a matter

the

a

busi¬

Chapter at the Plaza, Fifth
and 59th
Street, on Fri¬
day, May 5, 1961. Roger Williams,

versity.
Mr.

by

take

on

Avenue

Sheppard,

administration

Administration

professor of business ad¬

Bradford

was

consultants.

Stewart

Director

as

1957 to

Steine,

school

University of Virginia, will

Trust Co. of New York, and from

Dancy,

Jeremy C. Jenks

the

and
administer
for chartering analysts.

business

rently,

date, he was an officer of
Duval
&
Co.,
business

that

develop

program

dis¬

York

years

help

at

Association's

Chairman

the

explained

em¬

Area

last

since

prospects

Forecasting

tistical

been

of the Munici¬

will

conditions, the stock

and

has

and

world

look at the outlook

new

the

years

now

6,800 analysts.

distinguished group of experts
business, government and

ber of

manager

experienced

and

from

eration President

30

has

Scheduled
A

than 1,400 persons.

more

identified

been

Organized in 1947,

growth

some

of
in

now

Forecasting Conf.

that

Saturday

Wednesday.

attracted

the

part

opened

Richmond

ad¬

Atlanta,

were

Federation's
which

organizations

Federation

braces

soci¬

number

public.

headquarters.
In

the

continued

Atlanta

the

invest¬

firm

Paine,

the

26

Philip

yield

that

officers, who will as¬
positions July 1, 1961,
George S. Kemp, of Richmond,
Partner

component

with the municipal bond business
in
Nashville
and
Tennessee for

has

W. W. Layng Opens

Tobaccos Interesting

new

General

a

support

slate

new

their

ment

of

to

the Federation.

be

Hill

ministration

legislative

thornier

seems

of

important

Canadian

to

Analysts

brings

Concerning the appointment of
University of Virginia as
ICFA headquarters,
outgoing Fed¬

Mr.

Co.,

one

The
sume

are

S.

Hill, David Steine and Gordon B.

the

of officers.

uate School

J. C. Bradford & Co., members of
the
New
York
Stock
Exchange,

of

name

to the Financial
Federation and named a

the

Guaranty

be found,

change the

meeting

group

met

Admits Three

have

annual

Chartered Financial

a

resulting report

recommends subsidies to make up
for
some
of
the
losses
until a

to

Earlier,

mend solutions. Its

is

voted

their

financial

Admission

ety

of the

at

receive

17

from the Institute.

National Federa¬
Financial Analysts Soci¬

of

eties,

of

J. C. Bradford

with

commodities

tion

ant

consider the problems and recom¬

can

Directors

liams, Vice-President

ing the diversification benefits.

However, the $1.40 payout, against
$3.43 earned in its last fiscal year

benefit

an¬

than 30

bases for the Minuteman. This Air
than

chose

multimillion

a

will

'

Change Name

runs

trucks, steamships
and
hotels, plus other enterprises that
also give it oil and gas revenue.

its

contract

low-

Texas

easy

the

airlines,

munication

Force

from

competition, for which there

located in the New York

more

railroad since it

mere

a

the

to

comes

domestic

eral Cable is its

pic¬

merger

out

&

C & O could show

are

Cable

represents
above
6%.

Eventually, when the

year.

is considered generous.

General

the

over

return

a

at

better

available

returns

of

rest

$5 against the $4
requirement. At recent

dividend

and

shade better than 4%

a

the

quarter.

considered

not

particular

any

returns
recent

than

in

is

improved results and

to match last
year's results when earnings came

dividend

through 1960, ending
the year with per-share earnings
of $4.76 against the $3 dividend.
For this year's first quarter re¬
75-cent

outlook

the line is expected

each quarter

sults

dividend

the

particularly in hauling grain which

still laggard, despite

were

year's first

the

But

for

to

carloadings

down 23% in this

permanent solution

Sfteels
industry

immune

dian

virtually no
industrial aver¬

it

points behind it
if

evidence

been

since

ever

cash-laden

as

progress.

correction for the
age

few items

on any

item

And

omen.
a

entirely

recession

were

than

was

in the doldrums

cost

Nat'l Analysts

quar¬

will

which
even

a

hold

hasn't

been

only

was

to

potash operation which is its first
major move in that direction. It

mildly discon¬
certing,
Volume dropped off
rather
sharply
on
the
respite,

history,

Section

portant strides in the future.

sort of resistance around the

some

700

the

made

able

even
where, as in the case of
Chesapeake
&
Ohio,
there
is
superior earning power. C. & O.

With Wall Street sentiment still

bullish,

Rail

tion

would

Worry Only Mild

have

was

this year; and could benefit
importantly from a general busi¬
ness pickup. The problems of sul¬

really liberal yields are in
thoroughly deflated rail sec¬

for

showed

it

ter

The

the

to

seems

that

earnings stable for the first

phur

Stocks hovered in

it

but
in

turn

STREETE

pattern this week to continue the
first

while

AND YOU

.

(1969)

\'

CO., INC.
WH

3-0834

18

The

(1970)

The International: Economic

Imbalance Can Be Resolved

countries, but also their accumu¬
lation cf currency, reserves.)
The

U. S.

thus

indication

an

is

world

liquidity,

"basic

division

of

imbalance"

balance

our

and

Mentioned is the

international, arrangements
head

to

into

affecting the

expense

a

and

bankers

the

"balance of

payments is character¬
loss of gold and

ized by the U. S.
the

not will tend to

is

of

the

disappear if

to tackle the basic one; and

quickly

to

respond

persistent
accumulation
of
short-term foreign funds (which,

monetary

together with previous accumula¬

it will

measures

of

in turn signifies
two
disequilibria: The first is a
"basic imbalance."1 It shows that,
Tris

and

over

what

above

fi¬

be

can

nanced out of earned surpluses or

credits accruing to the
dealings with

long-term

U. S. currently in its
rest

(a)

the U. S. Government extends

that

cannot

—not

credits

makes

or

it

investments

in

foreign

coun¬

disequilibrium

what

might be

con¬

called

an

unduly long period.1
disequilibrium is. ;'an excess

over

of

an

outpayment

an

funds
ments

portfolio

to

of

and
of

vestment
or

for

private
abroad

investments

(purchases
abroad

volatile

The outpay-

payments

are

bonds)

of

receipts.

over

foreign stocks and
the accumulation

for

liquid

deposits, for in¬

speculative

or

gain

from

reasons

interest

differ¬

entials, as well as for withdrawals
of foreign
liquid deposits or of
short-term foreign funds
resulting
-from the liquidation of portfolio
investments in the U. S.
U.

S.

stocks

ceipts
of

(sales of

bonds).
to

The

the

re¬

U.

S.

corresponding character,
For

,

and

payments

are

type

obvious

of

reasons,

disequilibrium

the

first

"basic

or

imbalance" requires correction by
basic
adjustments.
The
second

1 Walter

cal

presentation

makes

"basic

balance"

Papers,

(See

and

it, but also

to

previously

not

of

resources

recurring,

foreign
to

ac¬
as

funds that

repay

short

on

of

thoughtful

the

this

baiance

distinction

and

"open

forthcoming

analyti¬
ot

article

pay¬

between

market
in

IMF.)

bai-

Staff

wrong

deficit

countries

their

with

act

international

far

So

to

economic

in
re¬

current

other

countries

would

pur¬

all

these

return

if

route.

be

of

result

a

buying

of

thalj

hoarding by
international

it

rule

increase

international
ence

claimed

longer

over

run

in

a

liquidity.
however,

can,

it

short

inad¬

or

country's
Inadvert¬
only

be

periods; in the

be corrected by

can

appropriate policies.

To

some

ex¬

tent,
increases
in
a
country's
liquidity may be quite compatible
with good-neighbor behavior and
actively supported by other coun¬
tries

already
of

serves

United
Plan

holding

large

international

witness
States

the

not

physical

re¬

buying

policy of the

under

the Marshall

which, at least in part,

couraged
of

out

en¬

only the movement

resources

into

con¬

cf

as

in-transfer

short-term

in

case

"standby"

or

serve

as

tempo¬

a

expedient to combat

rary

speculation
for

against

increase

an

wave

a

the

in

dollar

the

price

gold).

is

that,

States

most

should

that

needy

most
.-.

the

is

U.

of

much

be

curtailment

And

that

citizens

countries

,

a

give

or

well

loan

For

economic

States

share

trol

would of

ly in
of

older to

and

Flow

safeguard

account

capital

for

are

freedom

current

movements

desirable

even

as

sulting
end

up

in

of

Agreement of the IMF provides

import

a

are

aid

and

imports.

roundabout

or

capi¬

countries, unless
leakages
into

those

appears as a

matter of record

only.

broad

guidance

for

the

settlement

commitments,
emergencies.
Measures

any

of

could

in

be

avoided
can

countries

sure

in

ance

kind,

whose

U.

the
an




existing
specified

would

S.

open

if

question;

international

be made to

transitional

essentially

assists

temporary

Such
ments

Arrangements

international

periods

arrange¬

of

trapsistion

crisis,

or

the leading central banks,
head
off
speculation against

to

dollar

or

(that is to

other currency,
for an increase in

speculation

or

the

price

are

of gold.

In

fact, there

indications

many

the

that

leading countries would be eager
to

'such

into

enter

well

understood

funds:

of

may

be obtained from the Undersigned in

the

Undersigned

may

legally offer these shares.

it

accords;

and

the

is

would

own

cur¬

long-run welfare

of their economies.

Such arrange¬

supplement the
now

pro¬

afforded by the

increased quotas in the IMF.

for

of

vola¬

fundamental

corrective

policies.3
Reform

Toward

this

All

with

ranged

easily

be

ar¬

without the help

or

IMF. As

the

of

could

we

towards

move

arrangements of this kind, the
IMF might, also explore the possi¬
bilities of obligating central banks
to sell gold at their currency pari¬
ties only to such central banks as
in turn obligate themselves to sell

countries

for

discussion.

detailed

be reasonable to

ex¬

agreement among the cen¬

an

of

with

sult

IMF

the

view

a

would

to

con¬

suspending

purchases of
gold or reducing
purchase prices without
changing inter-currency parities,
to the extent necessary, to remove
threat.

the

nearer

of nations
rational system of

more

a

would

moves

community

the

bring

other

and

These

exchange rates and equili¬

parities

inler-currency

pend
of

the permanent retention
of international

on

gold

as a means

payments, but would" more as¬
combine international

suredly

bal¬

accounts. No

the national

in

ance

international

with

liquidity

however,
should
be
raise this basic

attempts,

made at present to

issue; it would dramatize the bal¬
of payments problem at the

ance

time.

wrong

.

Conclusion
The above approach to
ent

problem would
itself for

mend

the pres¬

to com¬

seem

of rea¬

number

a

First, it would give the U. S.

sons.

elbow

more

for

room

expansion

it would exert
pressure upon countries hoarding
international
buying
power
to
take on more of the job of foreign
home.

at

aid,
it

Second,

to let the United States do
(This, incident¬

or

their agent.

as

ally, is what a prolonged "stand¬
agreement, and a prolonged

still"
need

Federal

tional

2

Reserve

system

to

neu¬

any

there
may
be an inadvertent
political
wisdem,
s~-to-speak,
in
such
developments. We need only contemplate
the resentment,
even
in seme advanc3d
Als^,

much

by
cf

lack

tude,

a;d

Incorporated

concerned

shifted in quan¬
The}" should act thus pend¬
needed
application
of

Kingdom,
Switzerland,
France,
Italy, Japan
and perhaps other
countries to accumulate, if nec¬
essary, large dollar balances at the

has

there
was
too
foreign country; or the
or
outright ingrati¬

one

enthusiasm,

for

bilateral

eccncmic

aid

in

man""

country.
A
declining share of
United
States in
total
international

and

tally*
we

any

investment

peer

the

Karasify
& Co,

central

the

more

anything
that would protect the U. S. dollar

a

Frank

substitute

to

currency

tral banks of the United

any

than

their inter¬

on

accumulation of balances

bank

that

countries, which foreign
caused,
particularly
if

State in which the

hoarding
more

a

it

those

national accounts) to act promptly
in preventing sudden movements

loan

fit

would

operations

w-uld,

inciden¬

well into a situation in which
increasingly favor multilateral

for

stein

—

i~ht

world

contrary,

total

might well increase
a
declining
share

total.

United
the
the

over

in

the

that

made

mee'ing

Association

the

IMF

of

all

(meaning

same

holders of reserves

large

of

and

dollars

mainlv

Pounds

which

their

banks

would

undertake to

governments

their

of

amounts

exchange,

foreign

under

stated

arrangements

int">

en'er

the

reserves

M. Bern¬
American
30, I960,,
idea: but it

Dec.

to
have m"re in¬
Bernstein suggests

preferable

arrangements.

"with

Sterling)
central
Fund

<-r

lend

the

currencies,

'he

Fund's, request, i^ return for
•■orest-bearing note of the Fund J
Fund

to

all

would
or

these

flow

call

en

of

its

part
notes

funds
fry

member

a

agreed

whenever

that currency
of

r)',rr>-.-.ri

rr

to

is

an

by E.
cf
the

on

the

much

to

be

formal

of

requirements

proposal

at

amounts

needs

the

On

with

co¬

to safeguard interna¬
liquidity—one of the most

Eccncmic

States.

aid

international

determined

important

up

years,

Third

mean.)

drive home the need

operation

approaches.
This should net he taken
as
the
expression
cf
an
att'tude
un¬
friendly t-ward foreign aid bv the United
States

would

it,

for

it would help

3 The

Copies of the Offering Circular

run

ephemeral surplus

Germany,

Share

to

up

the

do

say,

any

panicky movement of
short-term private funds. Such an

per

who

countries

be

all

It

that

whose maintenance would not de¬

and should be made for

can

tralize

Offering Price: $2.50

understood

above

brated
International

pect

Share)

be

also

stable

emergencies.

But it would

Common Stock

by other countries.

power

should

as¬

that

PRESTO DYECHEM CO., INC.

of

their

this

be

case

of

except in

effectiveness
in

remain

per

such

Again, the types of measures
might be envisioned must

110,000 Shares

result

a

by
stipulating
that gold only to other central banks.
there
might
be
a
capital movements must; Conversely,
be exercised in a manner which': strong hint to the effect, that, if
does
not
restrict
or
delay pay¬ speculation were.,to threaten in¬
ternational liquidity, the member
ments for current transactions and

tection that is

May 2, 1961

as

control of

for¬

above, the re¬
demand
should

in the aid-giving

tal-exporting
there

if

implied

ISSUE

(Par Value 10*"

purposes.

Sec. 3 of Article VI of the Articles

the

way,

ing

tity.
ing

If so, the action
be taken precise¬

on

those

which

sical

Hence,

and

tile private funds

operations.2

course

payments

ments
NEW

carry

among

through

strain

temporary

capital movements might

over

capital imports by other countries
are mostly
needed to secure phy¬
resources

understood,

tha't

ment,

become desirable.

rencies

having been sold, this advertisement

to

pre¬

international

of

|

by

aid

would also protect their
All ot these shares

that

economics

economic

other commercial trans¬

as

actions.

United

the

increased

It is,
therefore, quite possible
that, if ether measures are not
sufficiently effective, some con¬

aid and direct business investment
as

the

be

case

the

reconstructed

indeed- arrangements

government

through

any

of

Control of Capital

current

exports.

imports.

funds

its

eign

to

quite naturally in the wake

the

and

and

way

on

a

require¬

States

in

of

been

larger

for

increase in

would

reasonable

to

undergo some curtail¬
Incidentally, such curtail¬

our

increase in exports follows

an

often

account;

desirable

this

S.

we

increase

desirable than

more

such

corrective

surplus

an

Obviously

concerned,

are

to

current

on

the

increase

of

is

seek

surplus

side

desirable

be

regulations

elementary
economics
far as measures on the

so

United
the

touched,

movements

may

would

some

Increased Exports
It

United

grant and loan

of
so-

—

would

It

would

a

the

see,

funds

"standstill"

be

course

cap.tal

surplus

are

vious

must

we

corrective

the

the hoarding of international buy¬

have

in¬

an

shall

we

credits—may

or

source

basic

of

not

private

ability

order

Since the inflow

a

such

increase

is

of

the initiative of its government.

in

Government

concomitant

outward

or

funds

as

(although,

account

comes
this context

(Hoarding in
simply a deliberate

vertent

from

imbalance

about.

is

only

can

received

power

others

It

the

countries

some

circuitous

by

(multilateral)
as

things.

dip

a

issues of trust and freedom,

ment.

as.

to

issuing country in settlement
of claims currently accruing, such
as
for imports from the issuing
even

capital,

herently unstable

the

country,

of

short-term

of

to

over

reduce

account,

vaiue

the
"United
States
would
be
willing to participate
in corresponding assistance to the
currency of any other participat¬
ing country similarly put under

inward movements, or do some of

of

Any

handed

power

in

that,

exchange

the

would be made part of the agree¬

present

long-run

movements

length of time persist.
chasing

is

country

clear

riods,

essen¬

ments,

equilibrium,
increase our surplus on

must

of

imbalance

States

would guarantee, for the same pe¬

that

"inadvertent"

United

deficit

it is

restore

we

the

as

time.

a

the United States

eign countries, other, than out of
previously accumulated resources

right policies of the

or

present

cerned,

of inter¬
national payments cannot for any

such

as

be

and government assistance to for¬

countries.

called

reason

less

oatunde¬

how

while

ment

need

If

And,

should

entirely, of course,
can be made

or

items

matter

no

may

basic

the

under

hoarding

more

organized

notice.

power;
Gardner's

ments

■ance."

accruing

have

lations,

■

"open market imbalance" persist¬

ing
This

the

of

all

at

or

The Essence of Imbalance

1

second

of

out

out

may

will

at

resources

as

say

fond perdu to foreign

a

tries.
The

only

of

out

U. S. citizens make long-term

sists

recall

currently

countries; and
(b)

they svow
away or loans
countries assets which

foreign

it

by

Not

months at

six

pensions
and private remittances, involving

extent, with the hoarding

such

lot

a

a

one

to

well

long-term

control

and

might
the U. S. gives

together,

cumulated

of the world,

the

grants

policy

Looking at the two disequilibria

be withdrawn in terms

can

gold).

since

of
of

capital movements.

tions,

is

others

imbalance

other

States

the

imports.

it is clear that responsi¬

some

obvious determination

an

of

United

e

tial items

bility for correction rests, at least
to

type of disequilibrium more likely
there

of

expense

review,

speculation.

than

some

t

both

IMF

the

equally clear that

of

Simultaneously

dolla: at present parities with the

payments:

hoarding
of
international
buying power by some countries
at

agreement might be made for the

respective currencies concerned—
subject only to any IMF-approved
change in the gold parity of any
country's currency undertaken on

include

the U. S."

case

Thursday, May 4, 1961

.

through increased ex¬
Adjustment will have to

among

other

If

essence

with the control of capital flow,

off-currency

problem of the U. S.

current

of

.

adjustment is likely

come

ports.

ex¬

O'^entins' Imbalance

^

countries.
The

Second, it is
to

.

duration

sirable,-there

possible resort to Section 3

with central

Problem

Current

liquidity

in this

—

the

at

intermediate

some

not all of the

rest

to hoard interna¬

power,

the

countries

suggests temporary and basiG measures to

under the IMF dealing

;

disequilibrium

He depicts short-circu.iting

i

liquidity abroad at our

return flow of funds, and
correct the imbalance.

difficulties,

our

increase in international

and

payments

of

the

"open market imbalance" permits author to

pinpoint the essence of

of Article VI

of

buying

that

at

;

Imports and Capital Movement

acting to increass

or

tional
pense

Two-fold

stages.

im¬
balance characterized by the out¬
flow
of gold
from the U. S. is

its

Department of Agriculture, Washington, D. C.

hoarding

international

present

of the

By J. H. Rifilter,* Economic Advisor, Foreign Agricultural Service,

Commercial and Financial Chronicle

an

at

in-

.

The

to

take

subscription

another

member

meet a major out¬
presented with a
of large balances

e"Tw»rsions

Volume

193

Number

6052

expanding world economy, inter¬
trade, and economic de¬
velopment of less developed coun¬
As

for

of

course,

another.

main

much

one

way

less

Challenge Inherent in
International Banking

or

will

imbalance

basic

a

re¬

if

Mutual

article

opinions

of

essarily

the

expresses

reflect

the author and

officially

personal

does

not

accepted

for

views.

.

the

•

•

marked

&

Co.

r

127

which

publicly

sold

1

issue

of

Oil

nental

The

1991.

due

4V2%

a

firms

May

$100,000,000

Co.

An

group

investment
on

3

a

Conti¬

debentures

debentures

were

priced at 991/4% and accrued in¬
terest
to
yield
approximately
4.55% to maturity.
The proceeds of the
will be

sue

used

$50,400,000
to

general

such

payable

notes

of

to

The balance will be added

banks.

funds

purposes

used

and

for

in

investments

as

and advances to domestic and for¬

subsidiary

eign

and

companies,
and

affiliated
exploration

and

development

for
of

oil

and

gas

properties.
vided

the

for

in

mencing
retire

sinking fund
is

1966
of

80%

pro¬

debentures

com¬

calculated to

the

issue

prior to

redemption
103%% to the
principal amount beginning 1986.
The
sinking
fund
redemption
maturity.

changes

;in

is

the

the

production.

well-known to every¬
investment industry,

extent

Optional

prices range from

price will be 100%, It is provided,
however, that the company may

business

which

to

ment

daries.
and

technology
the

made

world

coming

'.

compelling polit¬

a

for the Free World not

interdependence of
portion of the

United

succeeded

largest

Britain

Great

market,
sists

Continental's
include

development
oil

crude

integrated

opera¬

exploration for and

of

production

and

and

natural

and

gas,

refining transporting and market¬

ing of petroleum and its products.
The
company
ranks
approxi¬

eighth in domestic crude
production, fourteenth in do¬
refinery runs and twelfth
domestic refined product sales.

there

the

financial

and

also

are

—and

extra

added

great opportunities
and

For

American

panies,

„

whose

companies, the company also car¬
on business and operations in

ries

of

number

a

Both

directly

diary
a

the

consolidated

ported

subsidiaries)

of

income

net

(and

company

revenues

of

$61,233,000

respectively, in

$60,272,000,

re¬

$799,145,000

$786,752,000

with

compared

of

and
1959.

Continental

subsidiaries

consolidated

and

as

adjusted to give effect to this fi¬

$204,040,987 of
long-term debt, 21,139,016 shares
of capital- stock at $5 par, capital
showed

nancing

$116,237,000

of

surplus

and

re¬

tained earnings of $286,525,000.

around the

has joined

the staff of

Paine, Webber, Jackson & Curtis
in their Sheraton Cleveland office.
was

globe

formerly associated with
Siegler & Co.

of

desire

mination

to

traditional

instance,
such

make the

economic

the

Monroe Now
is

Monroe

colonial

vast

a

need

to

now

American
Gardner
fund

and

W.

it

there

in

the

United

more

in

U.

the

2506 River Road.

in




for

235

are

1,000 of

of

pop¬

being

are

markets

of

kind
we

States

changes

277

rise

in

have risen like this: Great

and

France, all

and

Germany, 538%.

de¬

than

more

300% ;

Bell Tel. of Pa.

being made in
is the creation of the

Debens. Offered

of better regulations like
SEC, and standards of finan-

10

in

20

our

cial practice similar to

What all this

which

to

means

largest

single

of

source

capital, technical skill, and indus¬
trial capacity in the world, is that
there are extremely attractive op¬
portunities
business

ways

book

of

value

vestments
rose

about
to

on

Or

1,000
only

per

the

be

of my

one

are

early trips

questioning

fact

that

someone

there

seemed

provided for in
some housing facilities I
saw be¬
ing built. The answer I got was
that the people there would never
no

garages

be

never

to

money

For

a

cars.

able
pay

to

They would

save

enough

for one, I was told.

long time that

was

very

installment buying and con¬

financing

known

over

were

there.

almost

un¬

Now all that is

changing.
In
Britain
increased
productivity has brought
about
what

is

called

"hire

tion

purchase,"

rect

into foreign op¬
in
various
reasons.

The

foreign in¬
S." companies

U.|

cor¬

is

overseas

in

through

di¬

securities

of

development

remarkable

of

recent years

that

anyone

hardly have
familiar with the

securities markets is the

like

few

international

Royal

Dutch,

companies,

Unilever,

Nickel, and Aluminium have long
been standbys in American port¬
folios, of course, but they are now
being joined by many others.
of

Hundreds

foreign

securities

traded

regularly in this
country. One has only to look at
the .'financial press to see the ad¬
now

vertisements
the

dozens

them

for

that

the

the

are

and

listed

to

see

on

the

All these shares having

political

appears

NEW

areas,

of

,

basic

such

is

taking

cation

services, mainly local and
telephone service, in the Com¬
monwealth of Pennsylvania.
On
toll

Dec. 31,
1960, the company had
4,302,914 telephones in service, of

about

and

about

Total

ad¬

operating

operating
000
in

and

are

only

in

just

the

the

and

f.
'

of

income of

as

stock, par $20.

only in
offered.

PLYMOUTH SECURITIES

*4

revenues

33,000,000

political and eco¬
being made: a

•

to

with

total

$397,876.-

$55,834,000

of

Dec.

31,

of

1960

$245,000,000 in funded debt;

was:

are

;\*v:

to

income

net

compared

company

Share)

CORPORATION

and

of vhe

amounted

debentures, capitalization

new

STOCK

Copies of the Offering Circular may he obtained
such Stales where the securities may be legally

revenues

1960

1959.

Price $4.00 Per Share

be¬

in

net

Pittsburgh

Giving effect to the sale of the

consumer

had

in the

the

area

area.

$419,472,000

is

happening

24%

$59,738,000

in

were

metropolitan

metropolitan

Corporation
per

44%

Philadelphia

ISSUE

(Par Value lOe

sale

the

The company is engaged in the
business of furnishing communi¬

been sold this announcement
of record only.

COMMON

proceeds from

Co., and plans to call for redemp¬
tion on June 2, 1961 its $30,C00,5%% debentures due 1994.

matter

Tronomatic

re¬

1, 1996.

.000 of

the

rapid

mass

have

a

those

after May

debentures, the com¬
pany will use a part to repay out¬
standing advances of about $36,500,000 from its parent company,
American Telephone & Telegraph

65,000 Shares

territories,

of
is

as

for

100%
or

new

company

Philips Lamp, International

are

of

which foreign securities

have become popular here.
A

prices ranging from 105.732%
redeemed prior to May

which

can

There¬

those

to

direct

of

investment

to

for

on

by established American

extent

tion

1967

course,

by

American

prior to May 1, 1966.

1,

from gbout $12 billion in 1950

escaped

able

coupon.

not redeem¬

are

after, they are redeemable at the
option of the company at redemp¬

deemed

foreign companies.
A

The debentures

in¬

corpo¬

of the Bell

Pennsylvania's

.

Of

and for various

of

debentures,
due
May
1,
2001, at 102.732% to yield 4.60 %.
group was awarded the issue
at competitive sale on a
bid of

for

American

great many

Co.

asso¬

May 3

on

The

...

available

Italy.

Telephone

for

and

Corp. and

publicly

4%%

both

overseas,

operations

vestment.

offered

issue of $50,000,000

an

America,

has succeeded Great Britain

the

First Boston

ciates

101.884% for the 4%%

ours.

in the

com¬

The

means

people

sets:

1,000

per

S., it is only

England

being destroyed, thus opening
wider markets, and economic co—
5:

124%

a

past

.

Britain, 179%; Netherlands, Italy,

changes
era

the

1952,
impressive,
indexes in foreign

representative

for

amounts

in

ours

"•

^

this

porations, another important way
in which American capital is tak¬
ing advantage of the opportunities

Germany and 70 in France.

I recall
to

r

.-,r

there
per

people in the U. S., there
36

are

t
.

America,

against 315

kind of "United States of Europe"

at

all

phase of the economic and

erations,

machine

and

FALLS,

business from offices

from

television

Or

with

is being created through organiza¬
N. Y. — Wil-! tion of common 'markets and free
R. Johnston is conducting a trade areas where tariff barriers

securities

Goods

washing

where

pared

consumer-oriented

What

The necessary
nomic

Johnston Opens

of

enormous

ginning to be developed there.

Road, dealers in mutual

R.

chines.

advanced

especially,

markets

have

the Dow-Jones average since
which
we
consider

for, and de¬

get,

form,

that

sole

shares.

NIAGARA

liam

Prop.

C. —-James

for. Capital

than

Compared with

,

are

new

A

output.

people in Italy and 45 out of 1,000
Germany have washing ma¬

countries,
Europe, there is an equally
powerful wave of rising expecta¬
more

industries.

M.
proprietor of
Mutual Funds, 312
N.

Con¬

in

in

tions,

con¬

the

on

changes in

and

underdeveloped

former

In the

growth

ulation, looking at the figures that )itp around $30; billion by 1960.
reveal that only 7 out of
In
addition
to such participa¬
1,000

improvements as irriga¬
tion, flood control, and hydro¬
electric projects.
as

of

Common

Durable

a

appliances

patterns necessary to achieve im¬
provement.
.
-

is

this

Helped by

trends -1

years.

for
an
improved life,
willingness and a deter¬

a

vances

N.

ASHEBORO,

is
of

pursuing the

are

standards

there is

the

of

manufacturer

economic

CLEVELAND, Ohio—Lawrence C.

Edward

periods

living which
modern science and industry have
made possible.
Not only is there

In

counties

Imagine

true:

higher

Need

rations have gone

sumer

termination

Paine, Webber Staff

He

major

change in economic history. There
sweeping the world what has
called "a wave of rising ex¬
pectations,"
in
which
people

:

six

be able to afford

taking place abroad

those

deal

The

third of the national

been

there

Schmelzer Joins

Schmelzer

of

one

a

Capitalization

is

What

great

a

growth.

for example, which

of

is

products.

1960

For

and

and

variety of petroleum-based

chemical

investor.

Rapid Growth Abroad

corporations,

manufactures

Continental
sells

through

individuals
may
invest,
rapidly-growing international
economy constitutes a logical op¬
portunity for further service to

through

affiliated

and

ap¬

which

countries.
subsi¬

foreign
and

One

impressive.

economic

risen faster
few

same

■

ing facilities that
veloped abroad.

as

tinent, has as many people as the
States, but so far only a

popular

very

a

medium

com¬

fund

the

the

Netherland,

automobiles:

investment

proach has become
reliable

economic

importance

political

the

perform¬

describing, and no doubt by
increasing American interest,
foreign securities markets have

said

now stands where the
in the period
after

for

that

very

all

required for the vastlyexpanded production and market¬

follows:

as

Netherlands

mutual

and

Through subsidiary and affiliated

invest¬

; •/

ing.

mately

in

complexities

international

oil

mestic

strength,

challenges because of

risks

in

involved

be¬

of the

United

as

of export capi¬

source

,•

dustrial

were

pro¬

States

some

which

States,

prior to May 1, 1966, redeerp- tal, this international era holds
debentures from or in antici¬ great challenge and opportunity.
investors,
whose
pation of moneys borrowed at an For American
interest
cost to
it of
less
than savings underlie the nation's in¬

'

1959,

still

Dearth

the

United

and

is

for

room

world.

the

the

abroad

coun¬

the non-Communist

has

in

1953

There

only to accept, but to strengthen,

For

iron

industrial

Britain, 20%;
39%; Germany, 62%.

tries has added

growing

be

can

had then.

we

capital

S. Waldo Coleman

the rise of the Iron Curtain

the

general

Great

more

reason

French

it

ways,

stood

is

us

.

closely inter¬

ical

in

gains

be¬

are

where

tween

na¬

tions

*

and

duction

economies of
different

areas

the

crease

the

smaller;

is

impres¬

the

foreign1 equities has

been

Europe

S.

The

recently, for. example,
largest
steel
mill
in
shortly to be built, not

the,

economy's

important,

of these

been

■

national borders.

across

More
ance

characterized

near

national boun¬

have

that

ore

across

Science

on

read

have

coal are
available, but
economic climate and institutions
Dunkerque, where for the first to
fulfill this great need for capi¬
time large basic industry will de¬
tal.
Sounder currency and mone¬
pend
largely
on
raw
material
tary practices are recognized as
sources
in other countries.
necessary
to
encourage
invest¬
Under this new impetus, indus¬
ment.
Individuals are being en¬
trial production has risen impres¬
couraged to invest, and foreign
sively. Compared with a 15% in¬ capital
is
being
attracted
by

capital

increasingly
flow

I

that

many

The
^

the Over-the-Counter Markets.

the

growth.

that

•

and

and

advertising and promotion

potential

a

Dow-Jones

our

techniques,

American

Mr. Coleman notes, for

in

in vest¬

not

tions

to, create

production

mass

World War I, with much the

-

operation and integration is being
carried

any

4.55%.

tending

France

enterprises
and

U.

Europe": and to advance the standard of living

outstanding economic trend of

one

related; and

A mandatory

opportunities
These include

example, the faster rise of foreign stock indexes than

recent years,

present is¬

part to retire

on

of

States

and

by Mr. Coleman.

economic

and

challenge

buying. It is New York Stock Exchange, the
widespread, along American Stock Exchange, and in

very

methods

In

Average, and the popularity of foreign securities here.

heads

underwriting

comprising

political

great

outlined

are

and concomitant need for greater

Sells Debentures
Stanley

investors

nec¬

Continental Oil

nationwide

providing

abroad

American

"United

Morgan

modern

v

19

installment

the

marketing

that

Developments

""This

with

sive

feasible.

prove

new

Funds

is,

becoming

the

By S. Waldo Coleman, Chairman, Commonwealth Group of

the

that have been indicated

measures

.

necessary,

(1971)

that

rest, correction
basic imbalances is,

But

as

The Commercial and Financial Chronicle

.

the

persistent

of

.

The

national

tries.

.

shares of

common

20

NEWS ABOUT

pointed
Assistant

BANKS AND BANKERS

and

of

ap¬

and

in

National

Mellon

Branches

New

New

•

Offices, etc.

'

Revised Capitalizations

•

*

J.

Thomas

H.

joined

has

Shagam

Warrensville

Taylor had

beenl

asso¬

with

Chemical

Bank

New

Trust

Company

on

Board. Mr.

Commercial Bank of North Amer¬

ciated

ica, New York, as Vice-President,

York

its

ad¬

visory board from 1941 until 1957
when he resigned upon his ap¬

pointment

Ambassador

as

to

Switzerland.
bank

The

opened

1

May

on

a

the

one

Robert

is Manager.
Assistant.

J. Klopfer,

Metropoli¬

York's

New

office

is in charge of

system

President.

banks

by
Jacob
President. Mr. Sha¬
formerly Assistant

announced

gam

was

Vice-President

C.

Albert

J.
appointed

and

Bossert

Joseph

been

have

O'Brien

been

had

he

1937.

since

associated

New

Company,

which

with

York,

of Chemical Bank

Trust

York

New

in

Vice-Presidents

the

de¬

trust

partment of the Chase Manhattan
Bank, New York, David Rocke¬

May

announced

President

feller,
2, 1961.
Mr.

joined

who

Bossert,
in

with

1923, has been associated
operations since 1933
heads the division.

now

pointed

Ap¬

Assistant Treasurer in

an

1951, he was promoted to Assist¬
in

Vice-President

Mr.

and

sion

of the

has

heads

O'Brien

rate

the

trust

department.

associated

with

divi¬
He

the

de¬

partment since he joined the bank
in 1929.

He

named

was

Treasurer in

ant

sistant Vice-President
*

❖

Assist¬

an

arid

1953

an

As¬

1957.

in

York, has been appointed to

the bank's

Trust
cj!

City Bank,

Advisory Board.
;I*

JjJ

Fifth

Avenue ad¬
quarters are

new

as

ready.
Thomas H. Bennett, Vice-Presi¬

dent, will be in charge of the 350

Co-Chairman
Area

of

the

Upper

Advisory

Chemical

Bank

New

Company,

New
with

Roy

to

expects

tb'wn

its

move

building
in
bank's city and

headquarters

late

The

May.

departments

scheduled

are

Park

to

and related

divisions

out-of-town

in

Avenue

to

early

June.

Peoples
in

Bank

Green

Smith,

90,

has

resigned, after 66 years, from
his post as Trustee of the Frank¬
lin Savings Bank, New York.
He
is

Honorary

an

The

York

Mr.

W.

of

Trust

of

Trustee

New York

the

of

consin

State

Bank

Traders

and

Taylor

Howard,

who is Chairman of this Advisory

Trust

by

the

Banking-

State

Department.

The

ject

exchange proposal is subthe

to

Federal

approval

Reserve

corporation which
in

effort to

an

secure

of

Co.

Fargo,

increased its

land, Vt., and the
& Trust

will

the

Killing-

Vermont

Bank

Company, Brattleboro, Vt.

vote

to

the two insti¬

merge

Cit.y,

The

of

and

ratio

exchange

Trust stock for

would

each

be

share

of

.

,

"

,

charter

The

resulting bank would have

total of

BANK STOCKS

in

been

National

Citizens

on

Request

Texas.

Henry

Stock

Members

Stock

120

American

BROADWAY, NEW
Telephone:

$600,000

Bell

Teletype NY

5,

N.

Cash

Y.

7-3500

from

_________

Loans

89,059,013

81,671,805

201,926,328

199,308,528

8,908,235

London Branches

U.

STREET, S.W.I.
S.W.I.

S.

due

ADEN,

KENYA, UGANDA, ZANZIBAR
Branches in:

INDIA, PAKISTAN, CEYLON, BURMA,

KENYA,

TANGANYIKA, ZANZIBAR,

UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN

AND

SOUTHERN

RHODESIA




244,938,439

223,034,892
37,551,018

cfT

security

holdings

42,399,003

45,653,430

discounts

120,863,162

127,446,836

4,500,652

4,094,592

Undivided

In

Anfift'

J.

died Apnl 25.

1908

Mr.

Hambro
&

British

in

merce,

the

as

Son.

&

When

merged

of

joined C.
C.

with

Northern

J.

the

Com-

it became known

1920,

Hambros

After

Bank.

profits-

a

its

stock dividend, the KeansNational Bank,

common

$300',000
$450,000

to
to

N.

J.,

Co

has
nf

kept

thp

increased

has

capital
$450,000,
$500,000

stock

from

and

from

by

the

of

sale

pace

Ampri-

Today the company
to handle

the

of thousands

business

of

cus-

tomers.

who
a

\Tralr

Q-

OiepilBnSOll IN OW

is

been

has

the

over

em-

service

of

1

40-

last

*1

Tt

/"I

With FariDaS COTD.

i9> 1918.
chronicle

Paribas

Corporation,

Wall

40

Street, New York City, the New
York investment banking subsidiary of The Banque de Paris et des
Pays-Bas, has appointed Edwin A.
Stephenson manager of its munic-

odd years. In 1918, Mr. Maher was
one '0j?
Goodbody's 50 employees;

the company employs
i;500. At that time there
was
no
ciearirrg house and dehveries were
made daily to all
brokers and certificates had to be

today

nearjy

ipal bond department, it was announced
by
Robert
H.
Craft,

personally by one of the
Of course only about

President.
in cernHtipc;

A

work

50 CertifiCatIS Chffnn fmw" Mr Ifephenson Tas affihated
S*1 average daf/
S certlflcate with The Chase Manhattan Bank
day was a really big day.
ig2g

tQ

1961

He

wag

charge of the bank's correspondent

the "Wall Street man" was
starting in

office in Chicago from 1946 until

says,

Members of the ex-

it closed in 1957.
Returning to
Chase Manhattan Bank's head of-

usually older than
today;
sports clothes
strictly taboo in Wall Street

fice in New York, he became Assistant Vice-President in the bond
department.

different when he was
the business.

change
they

were

are

were

Managing Director of the bank.

McDonnell Names
Five V.-Ps.
McDonnell

&

Co.

Broadway,

to

announcement

members

of

the

"ISSUE
New

York

100,000 Shares

City,

York

Stock

TELE-GRAPHIC ELECTRONICS CORPORATION

Exchange, has elected John P.
Garvey, Leon H. Grayson, Clinton
G.

|
York)

(Incorporated,

New

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

neither an

is

buy any of this Stock. The

(Intrastate

New

Common Stock
(Par

Hough, Roland Seidler, Jr. and

dents
and

A.

of

Mr.

the

firm.

Seidler

headquarters

in

Angeles office,
Street.

Vice-Presi¬

Yancey

Mr.

will

Value

the

firm's

their

Copies

of

Los

$1.00

Per Share)

the

offering

$3.00-Per Share

R.

circular

LEE

are

obtainable from the undersigned

HOLLINGSWORTH

510 South Spring
80

Mr. Hough will be located

new
stock, effective April 21.
(Number of
shares
outstanding

in

5,000 shares, par value $100).

Berkeley Carteret Hotel.

the

Price

Grayson

make

Asbury Park office, in the

in

Generally speaking, Mr. Maher

❖

*

burg-Middletown

Middletown,

&

Pvnane:4nn

economy

frQm

Hambros

Son

Bank

Walter

By

Maher

Street

Wall

signed

M

th

has 22 general partners

partners.

120

from

*

to the Government in:

oldest

Co.'s

$

33,868,880

&

&

length

j^js reminiscences are

Government

Loans

is

with the firm since Aug.

NEW

Dec. 31,'60

212,620,134

and

banks

Bankers

OF

235,483,668

resources

Deposits

ST. JAMES'S SQUARE,

BANK

$

Cash

L.

james

*

PASSAIC, NEW JERSEY

Total

today

in

This

NATIONAL

Apr. 12,'61

Head Office:

°t

*

*

BANK LIMITED

26, BISHOPSGATE, LONDON, E.C.S.

*

can

8,234,301

profits-

FIRST

NATIONAL AND GRKNDLAYS

Hays

total

a

World War I Mr. Hambro became

holdings

Undivided

THE

13

125,995,109

discounts

&

*

54 PARLIAMENT

77,936,685

Government

S.

security

1-1248-49

Specialists in Bank Stocks

due

and

banks

U,

372,698,840 402,218,444

___

James

surplus and capital.

in

Hambro

$

$

P.

^as

TRUST

428,416,119 465,731,956

resources

Deposits

Exchange

YORK

BArclay

AND

Bexar

its President and Alton R.

is

years,

v

BANK

1

Total

Exchange

*

CONNECTICUT

San

of

Antonio,

the

to

a

COMPANY, HARTFORD, CONN.
Apr. 12,'61 Dec. <30, '60

Laird, Bissell 8 Mjeeds
Members New York

Bank

San

approximately $40,000,000
*

Available

oi

1st

issued

Antonio,

assets.

THE

the

*

.

has

-th

the
the

from
one
of

prospered

Goodbody

pioyee

of

Killington Bank and Trust stock.

11 . Y. CITY
N

Vice-

Assistant

April,
A

and

and

Dallas,

country.

of

the

announce

effective

Goodbody

Robert Goodbody

largest and most successful in the
The

of

appointment of William Miller lo

position

firm

The

Charlotte,

Atlanta,

Memphis.

& Co. came into being.
outset

*

Mo,

Street Journal,

with

1939

in

acquisition of the old estabcommodity firm of Hubbard Bros. & Co. having offices in

Gcodbody,

outstanding

City National Bank & Trust Co
Kansas

a

value $100).

1 11/60th shares of Vermont Bank

QUARTERLY ANALYSIS

by

established

^be

iished

formed

he

1885

in

S.

U.

firmly

On his arrival

in business.

the

The Commodity Department was

age

to devote his full time to the Wall

Directors

of

years

of 22, he had
organized Goodbody & Webb, a
brokerage firm in Dublin, which
at the

Co. had

Goodbody &

including one in midtown New
York.
Additional correspondent
accounts
were
acquired at''The
same time.

partnership
Co. (The
to Goodbody

Nineteen

1914.)

1925

opened additional branch offices

&

has

C.,

N.

$1,200,000,

*

*

By

no

was

Glyn & Dow.
When
Charles H. Dow withdrew in 1891

County,

tutions May 20.

accurate daily chart of 20 railroad

P.

capital stock

common

Board

changed

in

earlier,

in

dividend, effective April 21.

The

Goodbody

was

Co.

is still

stock

the
of

firm kept a complete file of railroad reports and maintained an

the

formed

he

Robert

&

$600,000

par

0f

name

from

to

when

the

*

Fargo,

Trust Company, Rut¬

&

Qlyri & Dow days when there was
little available information about
securities other than railroads, the

was

Harold

of

Goodbody

Robert

the

The First National Bank and Trust

President

stockholders

was

1917, but even this had a predecesser.
Back
in the Goodbody

sfranger to the brokerage business

of

cooperating
approval at

are

*

body,

and

Board

stockholders of both the bank and

*

Bank

Goodbody

& Co.'s Monthly
something new in

Goodbody
Letter,

the
Goodpresent managing partner
firm and the great grand-

Robert

grandfather

Milwaukee

of

Pres.eil y pending before the
Reserve Board.

s^ares

Company, Buffalo, N. Y., was dis¬

up

hours.

Oak
is in

t?
federal

*

Manufacturers

ton

The

Bay.

of organization and is

process

of the State Bank of

merger

Goodbody set

securities. Because of the firm's
continuing close association with
expected to open for business this 0f the
Charles H. Dow even after ( he
summer
or
early fall.
Total as- father of James B. Goodbody, who [moved to the Wall Street Journal,
sets of the group at Dec. 31, 196J,
two years ago became the fourth these probably were the beginning
were
approximately $280,000,000. generation of Goodbodys to be- of the present Dow-Jones averAn application to acquire the Wis- come a
partner in the firm.
ages.
the

well.

as

Newfane, Newfane, N. Y., into the

The

Savings

and

Creek Marine National Bank

*

Caswell

Howard

Mr.

and

Merton

and

Trust

the earliest possible date.

Mid-

Board

York.

serve

Hanover

Brcokfield

kee,
the

County Ma-

the Waukesha

Bank,

personal trust division to the up-

approved

Henry J. Taylor, has been elected

Milwaukee

South

12,000 shares,

New

will

soon

as

branch

the

at

reopen

dress

will

Plaza

The

location.

*

of First National

town

now

Bank

man

the

Bank

rine Bank, with offices in Pewau-

nearing completion.
At the same time, Hanover tem¬
porarily moved the staff of its
Plaza
Office, Fifth Avenue and
60th Street, to the Park Avenue
ing,

*

Howard C. Sheperd, former Chair¬

modern quaiters at 2 Bioadway.

"roup

includes

Exchange

build¬

story uptown headquarters

move

corpo¬

operations

agency

been

1957.

the

waukee;

first

sion to a full-scale electronic com—
puter, are utilized to speed Goodbody services to its customers.
Orders placed in cities across the
U. S. are immediately transmitted
to New York over direct telephone
and teletype lines, transactions
are completed and confirmations
put into the mail in a matter of

Corporation

presently

Marine Bank, the Cudahy Marine

the

trust

ant

branch office at 350

a new

its

published

unit

grated

office was moved to 115 Broadway
from its original headquarters at
30 Broad Street, and in September, 1959, moved to its present,

Avenue, May 1, marking the
bank's initial move
into its 30-

Park

busi-

Monthly Letter. In 1918, the main

and the Capitol Marine Bank, Mil-

Park Avenue office.

bank

and

opened

York,

New

Bank,

the

in 1917 and Goodbody's research
department working as an inte-

from

which

in

account;

cf another firm was acquired

ness

shop in

National

Marine
Hanover

all

to

IViarine

The

office

room

was

correspondent

Corporation stock
to recommend

ers.

of

made; the following year
Goodbody opened its first member

York,

cry

1914 the first major acquisi-

in

home tion

agreed

exchange

Gibbons, Executive Vice-

John L.

have

far

a

opening

was

1891.
Here the most advanced
automatic equipment arid operother stockhold- ating techniques in the investment
field, from closed circuit televi-

share of Marine
and

is

and

the U. S.

Gcodbody & Co.'s headquarters

National

the

exchange stock of the bank on the
basis
of
one
share
for
9/10th

Chemical

was

of

directors

The

expansion

branch offices in various areas of

and has 44 branch offices in 41
cities throughout the U. S.
Broadway

George

it

bank

at 2

Edward F. Gordon is his

Liechtman,

office,

holding company.

three was in the midst of a program of

had

square feet at the
2 Broadway, New

Manufacturers Bank have voted to

Avenue.

Tne

Marine

Milwaukee

Corporation,

Co.

&

three clerks in one
with one telephone,

Center in Massa-

Shopping

pequa

Melvin H. Shagam

the

of

it

Just about the time Mr. Maher
joined Goodbody & Co. the firm

for busi-

Goodbody & Co. now employs
nearly 1,500 persons and occupies

75,000

member

___

Goodbody

1891,

1,

office

will become ihe

Neenah, Wis.,

newest

0r( May

at the corner of Jerusalem

Park

tan

of

Robert

as

small

*

*

*

ness

National _partrlers and

of

The National Manufacturers Bank

banking office in the Holiday

new

office

City Bank of Cleveland, Ohio.

Thursday, May 4, 1961

.

,

When the firm opened

Murray, Jr.

.

Gcodbody & Co., one of the na- offices and the Wall Stieetei was
tion's largest and most respected recognizable by the way he was
investment firms marked its dressed — notably by his derby
seventieth birthday May 1.
and winged collar.

*

*

has been
Manager of the Van Aken-

named
Melvin

Pitts-

Company,

Trust

burgh, Pa.
•

Trust

the

.

Goodbody & Co. 70th Anniversary

named

been

Secretary

Denartment

bank

has

Woods

been

Officer

Investment

P.

john

has

Sturek

T.

Frank

Consolidations

Chronicle

The Commercial and Financial

(1972)

Wall

Street

New York 5, N.
May

8,

1961

Y.

>

Volume
&•

193

Number 6052

.

.

.

{

steyH This mark tells you

The Commercial and Financial Chronicle

a product is made of modern, dependable Steel.

How cold is

up?

We know that outer

which all molecular motion

ceases.

exchanger to produce temperature
such

to

%

space can never

be colder than minus 459.72° Fahrenheit

We don't know what coldness like this will do to materials, but we're
as

low

as

—

that's absolute

zero,

finding out. Scientists

minus 443° Fahrenheit. They test materials in this extreme cold and

see

are

the point at

using

a

heat

how they perform. Out of

testing have already come special grades of USS steels that retain much of their strength and toughness at -50° or below; steels like USS

"T-1" Constructional
new

(1973)

Alloy Steel, TRI-TEN High Strength Steel, and

our

9% Nickel Steel for Cryogenics applications. And the heat exfchanger

produce the -443° Fahrenheit is Stainless Steel! No other material

could do the

job

as

well. Look around. You'll

getting ready for the future.
trademarks




see

steel in

a

USS, "T-1" and TRI-TEN

lot of places—
are

registered

-

-

21

22

(1974)

The Commercial

With Draper, Sears
BOSTON, Mass.

Paul

—

R.

ROBERT E.

Hamilton,

Pa.

Magnus

—

&

Godfrey,

Co., Incor¬

symbol

porated, has opened

branch of¬

a

under

L.

the

management

of

John

as

Its advisor

The

Management Corp.,
parent, Fahnestock & Co.,

has

been

fixture

a

of

the

of

fluential

small

a

phia

Fund
than

more

When

in

has

1923,

fund

does

booklet-

nowadays.
Great

In

Crash,

as

for

asset

such

are

ing

safeguarding

against

describes

And

In

Elsctrcnics - Electrical

1952,

Fahnestock

An investment in the growth
possibilities of selected com¬
stocks

of

the

aviation-

electronics-electrical

equip¬
ment industries is offered by
this 25 year-old mutual fund.
Mail this advertisement.
cpc

steady

but

slow

few years under the
ment. The
set

out

change

balanced

a

concept

tive

was

capital

the

to

one

aged

80 Pine

sales

growth

presentations

ing

the

client

Conversely,

of

income.

the

on

approach

the fund

of

in

Thomas

salesman,
up

a

properly

new

called Univer¬

utor

of

Inc.
the

This

corpora¬

national

give

major

a

is

Over

tendency

a

known

share

of

the

values,
who

It

Programs,
imagina¬
selling and merchandising of
Flaherty, who is 36.
has

only

praise for

the

m

The
common

stocks

selected for possibilities of growth
in income and capital
over

the years.

fund

900,000,
the
000

has

from

grown

$4,-

when

Flaherty came on
1957, to over $21,000,-

in

scene

today.

There is another $59,000,000 pledged through Universal

Programs,
Sales

Flaherty.

in

Arizona

to

East

come

into the fund field.,, He
admits to a first year of intensive
move

work

DIVERSIFIED

INVESTMENT FUND, „
,

lenging

a

and

have

for

profitable
any

wards
As

venture.

young

man,

fertile field than

more

men

the

confirmed

There is

a

cf qualified young men.

ing

but

right

shortage
I'm look¬

row.

The

re¬

of

part

color

the'Universal .Pro¬

ing

DIVERSIFIED GROWTH
STOCK FUND, *

merchandising activities,
film

strip

audio

with

a

accompany¬

background

has

been

introduced. Called "Pay Yourself,"
it

the

covers

pects

of

most

mutual

a

important
fund

a

understanding

of

clear

the

on

pro¬

Mr.

they need
The
into

to

the

a

to

presentation

first

things

impart

lure.
that

of

mutual

fund.

Philadelphia

investing

the

better,"

says

"If

89.7%

a

stocks

&

Howard

value

in

31,

also

common

should
a

they

do

Fund,
Tom

choose

so

much

Flaherty,

f*' >

i:

*.

'A *' i-

S

'

-

Br

,

A

r

,

r~«t

i,-.

z'i

,*

objectives of this Fund
1-ng-term capital and
for its

Prospectus

bonds., and

,.

shareholders.

upon Request

natural
■:

...

,

*

Westminster at Parker

•

Elizabeth, New Jersey

MHBHH




New York

—-

Atlanta

—

Chicago

—

Los Angeles

—

be

a

The

13.7%

in

in

ago,

report

invested

11.9%

9.1%

$12.37,

year

in

pre¬

corporate

U.

S.

Gov¬

SrieJ.

gas.
*

-

.v

Fund

:]:

Research

•

Drug &
Manufacturing,

Aircraft,

Warner-Lambert

maceutical.
it

Chemical,
United

Rexal

Over

the

Pnar-

same

liquidated holdings in

span

Interna¬

tional Paper and Kimberly-Clark.
sales

offices

for

by

he

rapidly
Boston
would

ters

Management
management

Pioneer

Fund,

were

the

quarter

was

31, it

W.

of the

reported

Goldberg,

Chair¬

nationally-represented
group.
At the same

investment

time,

$32,861,000

during

Morton

man

of

March

announced that, due to
rising sales volume, the
company's
ho,me
off ce

be

moved

next

to

larger

quar¬

summer.

Dealers

mutual

in

New

England: Fund, a fully
balanced fund.
Like

aged,
neer

Fund,

,

Fund

is

the

11928.

savings, bank time deposits
and realty syndication, the firm's
first-quarter volume bettered by
59.5% the previous quarterly total
of
$20,607,000,
and
was
17.7%
above the $27,919,000 of last year's
opening period.

During the recent quarter. B. C.
opened 17 regional and

Morton

resident

offices
in

resented
several

is

and

40

some

now

rep¬

and

states

foreign nations, Goldberg

disclosed.

A

new

high in total net assets

New

been

by Nation-Wide

Co.

March 31, according to the

on

Securl ies

report for the first six months of
its

fiscal

current

date,

total

net

On

year.

assets

were

that
$40.-

379,154, compared with $33,804 089
at

Sept. 30, 1960.

Net asset value
$18.95 at the

per

share rose from

end

of the

previous f'scal

year

March

59%
31

common

the

of

stocks,

assets

on

represented

were1

by

/

remainder

the

man¬

Pio¬

England

founded

in

in

v
❖

Fundamental

*

TELE VISION-

*

Investors

Inc.

puts

net

assets at March 31 at $672,937,010, or $10.17 per share, com¬
pared with $554,549,915 and $8.83

a

share

a

earlier.

year

small

*

Capi'al

business
fiscal

Cleveland

investment

year,

cor¬

a

10-month

60 cents

per

share, before

pro¬

This in¬

reserves.

cludes $29 386 of long-term capital

ga'n.

After
cf

serves
were

$89,357.

serves

10

deducting

$233 840,

for

Earnings

the

$18 460.

first

loss

"

to" end

re¬

earnings
after re¬

six
'

decision
cn

net

declared

a

months

per

Inc. hove

dividend of 4«

share from earned in¬

come,

1961,

payable
to

May

shareholders

dend

reinvestment

requirements of the Small

date:

April 28, 1961.
April 27. 1961

Tripp
President'

first

March 31 after only

of

April 28, 1961. Divi¬

Chester D.
the

31,

record

'

months of operation was .mah

to meet

The Directors of Television-

Electronics Fund,

pe¬

riod, ending Mar^h 31, of $323,197,
or

FUND, INC.
53!H CONSECUTIVE DIVIDEND

poration, reports earnings for the
first

ELECTRONICS

#

Inc.,

to

$22.10 at March 31, 1861.

has

originated

was

was

scored

the oldest mutual

among

f'scal year
San Francisco

-

in¬

funds,

sured

Only

*

&

and

sponsor

company

The

Lord, Abbett & Go.

Incorporated

date.

ernments,/ short-term notes and
cash.; Largest common stock hold¬
ings by industries were power and
light, oil, insurance, banking and

were

Hugh W. Long and Company

high

report

of the fund

stocks,

definite

Common Stock Investment Fund

growth

record

a

stocks,

visions f^r 1~ss

possible

Fund

$12.22

was

share value would

.

Fund
Investment

Balanced

quarterly

any

ferred

the

Affiliated

are

compared with

share

per

film, funds, having
'1931.. Pioneer

in many fields of scientific and

income

graph,
Singer

The

year

*

*•••*-.

an

stock

Growth

A

ago,

report
of the fund invested

of'the

Investing for long term growth
in securities of companies]
development.

year

19%.

shows 65.3%

it

portion to be put to work through

the

a

compared with $11.09
increase of 11%.

in-,

and

The:

with income is set aside

as¬

$11.68

of

gains

the per
$13.88, com¬

cents,

:

per

set

byt

one

family

a

Arkansas-

"no-nonsense, become principal underwriter for

business

misrepresentation

"get-rich-quick"

Express,

Gas, Beneficial Finance,
International Telephone & Tele¬

83

capital

15

an

What

|possibilities

economic

a

Not only does this make

proper

Eaton

Adjusted for the December capital
gains distribution of 15 cents, the

fits

be

can

of

with

March

on

why

which

office.

or

is

sees

approach"

vesting.

case,

home

any

the viewer

a

December

e

common

for

that

America

projector,

attache

an

for

t'*

Eaton

investment program.

an

film

in

up

Mrs.

and

initial quarter of this year include

produced by B. C. Morton & Co.'s

asset

fund.
Members of his selling group, who
operate
throughout * the
United
States,
are
equipped
with
this
tells

his¬

Quarterly

and

Balanced

cal.

when

film

the

ago.
The largest
holdings by indus¬
tries were insurance, power and
light, oil, natural gas and chemi¬

any

and

is

from
the
$21.06 at the end of 1930.
Common stocks bought during the
up

Record

86.3%

*

uruform the approach and presen¬
of all salesmen
selling the

projector

share,

a

with

in

tation

mcvie

assets

This

total

shows

Flaherty feels that this problem
be minimized by.
utilizing a
system which is designed to make

or

net

with

increase

can

Fund,

31

-

reports

Fund

pared

be

part": of

$400,000,-

in

$187,717,702

share value would be

of mis¬

case

time

of

distribution

misrep¬

result,

a

first

Howard

for

client.

tries
grams

accused
as

exceed

now

Fund

Louisiana

31, a record high for any
quarterly report date. Adjusted

aware

is

resentation,
actually it is

:'f

'

v

$70,382,957.

to $22.65

American
#

March

to reap the full benefit
investment.
A sales¬

often

avoids

handsome."

are

a

outstanding,

to

ago

yqar

si:

Life

March

at

ended

sound

a

man

stimulating, chal¬

"For

no

mutual funds.

stocks.

profit,

years

of

he:

there is

in bonds, preferred stocks and
common

vision

Says

A balanced investment

small

three

past
his

with

■

in
in

Eaton & Howard Stock Fund asset
value
per
share
was
$13.73 on

on

to

and

;

'(!

$213,363,006.
The
of
$401,080,708
compares
$349,436,718 a year ago.

of the longterm growth and the time element

Philadelphia

month.

a

Flaherty left the insurance

business
and

by

$3,000,000

run

Tom

headed

job

purchaser of

is fully

gram

necessary

of Universal

tive

INVESTORS,

&

assets

a

on

shares

the

of

assets

quick paper

salesman's

that the

sure

Funds
for

common

of

Flaherty. John J.
Fahnestock partner and

a

director

envy

speculated

assets,

share

tory of the two funds.

been

•-

the

is

Smith,
a

with

has

and garnered

own

have

equal

total

one

$7.96 per share.

or

_

shared

reports, dated
March
31
show
Eaton & Howard Stock Fund with

percent¬

profits.

credit to young

Investing in

look

to

neighbor
his

they

of

000

Although the fund
be showing excellent growth

in "share

distrib¬

Philadelphia Fund.

at Fahnestock there
to

head

to

i

fund

•1:

amounted

Combined assets of Eaton & How¬

the :the salesman.
may

secured

program

became

to

to

195X*the services
Flaherty," a " born

J.

Programs

mer¬

".

were

tion

best

available

the

of

$1,616,848,

that

said.

ard

they should be getting rich much
faster, prompting them to blame

decide

must

or $8.61 per share, at
beginning of the quarter. Net

the

Common¬

per

*

of these criticisms is not jus¬
tifiable.
Many
individuals
feel

it

in

told

a

$3,484,588,
worth

Common¬
in

the

1961,"

quarterly
reports Net worth at the end of
the
quarter
was
$8,253,292,
or
$12.04 per share, compared with

established

—

30,

Sheldon

in

shareholders

the

and

Fund

value

asset

Coleman

age

sal

FUNDAMENTAL

greater

a

Income

during

March

President Albert M.

Co.,

Fund

number

confused

a

the

Investment

increases

net

have not been

with

of'

40%

ending

Massachusetts

the

of what has been purchased.

sense

earlier,

Coleman told

share of Imperial

a

increased

quarter

was

three

wealth

fully emphasized, sometimes leav¬

from

main

long-term

and

Therefore

Street, New York 5, N. Y.

fund

$205,-

meeting.

are

During this
planning period, Fahnestock knew

.State.

DISTRIBUTORS GROUP, INC.

the

fully-man¬
objec¬

a

whose

investing public.
City.

in

new

Fahnestock had

reason:

to

present

Address.

$600,000. Growth

some

the March 31 financial statements.

wealth

pointed out that certain points of

cepted responsibility for the fund's
In that year the net

chandising

Name.

first

ac¬

In¬

compared

year

a

Waldo

wealth Stock

living

manage¬

Co.

public offering is not reflected in

Commonwealth Funds—Common¬

justi¬
fied.
There have been charges of
misrepresentation, which could be
the
result
of
inadequate
sales
training or ignorance of proper
selling techniques.
It has " been

&

20,000 shares of Mansfield Incommon stock through a

Fund

American

$177,073,984

31.

March

of

as

dustries

"The value of

31,

on

All

personnel of fund organi¬

of these criticisms

some

management.
was

INC.

dividend

share.

a

assets were

of GROUP SECURET5ES,

in

even

1929 it managed to
pay a

of $1.01

mon

1928.

North

of

statements

Consequently a profit of $220,000
made on April 13 from tne sale

net

totaled

the

zations have at times been subject
to criticism.
As in any business,

of

cial

total

in

March

with

protect¬

or

inflationary

the

close

level

Chairman S.

costs.

Sales

Business Administration for finan¬

the

Group

fea¬

to $5.49 a share, a relatively
negligible slide from the $7.82 at

fell

prospectus

Thursday, May 4, 1961

.

passed

107,595

sound financial

and

age

has

monwealth

dependents, providing for old

by

.

of

vestment Corp., parent organiza¬

planning,
cost of college education, retire¬
ment income,
creating an estate

value

hit

1929,

net

incorporated

Group

tion of the Commonwealth Group,
were informed. Assets of the Com¬

supervision
professional man¬

tures

there were no
meaningful regu¬
lations, but the members operated
pretty much as the typical fund
the

a

constant

Also

launched

was

how

advantages

agement, and participation in the
growth of the American economy-.

today

to
shareholders.

15,000

the

meeting

easy-to-understand terms.
diversification
of
in¬

full-time

and

Philadel¬

grown

clear

Funds

covers

vestment,

businessmen, who pooled

$200,000

some

It

of in¬

group

makes

j

assets, shareholders at the annual

long-term fund investment in

a

simple

community since 1881.
by

film

fund works. It stresses

invest¬

of

TY

unds Report

r

$200,000,000

running time

a

1

Commonwealth

Mutual

minutes.

13

Hall, is

mutual

a

advantages."

T71

The

with

program

is Fahnestock
whose

Begun

FOR THE GROWTH

Independence

of the older funds.

ment

Alliger.

uses

in the

properly

are

.

of

Philadelphia Story

Philadelphia Fund, which
its

its

and

The

one

fice at York Road and West Ave.,

is

thing,

what

to

as

RICH

Exchanges.

The

important

is that they

introduced

mi

Godfrey, Hamilton Branch
JENKINTOWN.

run,

fund

BY

JDraper, Sears & Co., 50 Congress
St., members of the New York
Boston Stock

the

long

FUNDS

Fer-

verda has become associated with

end

"but

MUTUAL

(Special to The Financial Chronicle)

Financial Chronicle

ana

123 S. LaSa'

e

Slreel, Ch

caqo

3, ii!ino:s

"Volume

193

Number 6052

.The Commercial and Financial Chronicle

.

.

(1975)

consisting of preferred stocks
and

corporate

U.

S.

and

Government

bonds.
*

At

March

*

31

New York

net

asset

value

Capilal Fund Ltd.

S22,159,601, equal
against $13.68
of

:

#

to $15.69

was

share,

a

share at

a

of'

the

end

1960.
$

Over

The

-

$

$

Counter

-

Securities

Fund lac* reports these
tions

to

its

portfolio:

Cook

Electric,
Strouse, Avery

A

g r

Adhesive

Prod¬

ucts, Admiral Benbow Inn, Nease
Chemical, Wiser Oil, Ott Chemi¬
cal, Kerr Manufacturing, School

Pictures,
er's

Oglebay Norton,

Cookie

Tensor

and

Moth¬

Electric

Development.
*

>

*

Selected American Shares reports
net assets at March 31 were

$103,094,026
the end of 1960 and $95,991,194
March 31, 1960. Net asset value

at

at
a

from

u.p

share at latest report was $10.07,

against $9.21 at Dec. 31, and $8.79
a year earlier.
New

additions

quarter

in

included

Life

In¬

Allegheny Ludlum Steel,
Metal Climax, Ameri¬
can
Potash
&
Chemical, CocaCola, Ingersoll Rand, Johns-Manville, Marquette Cement, H. W.
Sams, Socony Mobil, Southern Co.
and
United Aircraft.
Major in¬
creases
in previous holdings in¬
surance,

Boeing, Jones & Laughlin,

Paramount

Pictures, Pepsi-Cola,
Steel, Standard Oil of
Sunray
Mid-Continent

Republic

Indiana,
Oil

and

Sheet

Youngstown

&

Tube.

Among stocks

eliminated

were

American Cyanamid, Baltimore &

Ohio,

Chesapeake & Ohio, Con¬
Corp.,
Dow
Chemical,

tainer

The

Sperry Rand.and Union Carbide.
were decreases in holdings

There'
of

Ford Motor Co., General Elec-J
trie,
Olin
Mathieson,
OwensCorning Fiberglas, Parke, Davis
and Radio
Corp. of America.

bonds

net

assets

all-time
of

a

previous.

share

ter

6.5%

in

the

the past

represented

$1,700,000 of 5%% bonds due 1965
$1,700,000 of 5V4% bonds due
1966, which are priced at 100%.
The bonds maturing in 1964, 1965,
and 1966 are being offered by the
corporation through Dillon, Read
& Co.

Inc., The First Boston Corp.
and Smith, Barney & Co., acting
as offering agents for the corpora¬
Proceeds

«

$1,130,988,

three-month

share

per

up

271%
$15.36

to

ments

records

Inc.

Fund

in

net

and

.

or

net

assets

31

and

$5.85

outstanding
of

a

has

made

to

the

shareholders

was

also

of

existing facilities in

other

or

said

is

meet

increasing

equity

Harold

W.

at

high
of

fully

common

in¬

South
was

ager

&

has

Glore,

Calif.—R.

become

to take

Spring Street.

Mr.

Co.,

Glen

510

Brewer

formerly Santa Monica Man¬
for

Paine,

Webber,

Curtis.




greater

private

destroyed

in

growth of 3.5%, 4.0%

by

the

the

purchasing

Personally,

only

can

greater

our

I

or

forced

continuation

deficits

and

ing value of

the

Such

if

of

debt-pay¬

dollars.

am

F. W.

Craigie Co.
Craigie Jr.

RICHMOND,
&

to

ac¬

Va.—F.

W.

to

Walter

W.

Craigie,

to

from the government

over

furnishing
of
public
tele¬
phone, telegraph and related com¬
munication services

is

the

only

in Japan

and

furnishing
such services in Japan. It is whol¬
ly-owned by the government and
of

company

its

business and

activities

rious

is

exercised

finan¬

by

va¬

governmental

bodies, with
principal supervision by the Min¬
ister

of

Posts

Telecommuni¬

and

cations.

corporation's operations

concerned

are

primarily

with
the
providing of telephone services
and by far the largest portion of
operating
from

revenues

these

de¬

are

services.

to

year

Oper¬

$565,000,000 for the
March 31, 1960.

1960

ended

bonds due 1976 will not

redeemable

prior to

Southern Natural Gas

1966 and $600,-

15,

thereafter

to
and
including
1975, calculated to retire
the issue prior to matur

15,
of

tops a decade of Growth

Jackson

with The Industrial Southeast
1960

was a

good

year

Federal

Intermediate

Thirteen Banks

and

announced

Daily

and

*

quarters
York

of

were

Mr.

Building af One

the

Plaza.

for

Gas Sold

Operating
Revenues

Income

Paid

(Million Cubic Feet)

(Billion Cubic Feet)

1960

$130,986,000

$11,299,000

$9,927,000

1,365

356.47

1955

69,326,000

8,534,000

5,807,000

990

3,344,000

506

1950

5,338,000

27,136,000

Banks

These results indicate

Head¬

in

New

formerly located at 130

of

264.11
.

142.04

.,

has

held

the

in

post of

s;x

a

ten-year increase of about 250% in pipeline delivery capacity and volume

gas—nearly 300% in dividends. It is good to see this practical justification of our investment,
The

Industrial

Street.

Knox

Fiscal Agent of the banks for
years

Volume of

Delivery Capacity

larger quarters in Chase

Manhattan

Chase

i

Dividends

Net

on

May 1 the removal of his office to

best to date. Here are some highlights of Southern Natural's progress in the

last ten years:

T.

Cooperatives,

new

for the still-booming Industrial Southeast—and for Southern Natural Gas,

growing along with the region. In service to our customers—in total facilities—in revenues—

,

Southeast, including our recently completed expansion program, costing

$100,000,000.
For

a

complete

copy

of

our

1960 Annual Report, write to Department FC
*'#■

.

4

•

■

and has been with the banks

26

years.

experience

in

banking field.

He

has

the

also

had

investment

SOUTHERN NATURAL GAS COMPANY
WATTS

Jr.

general partnership in the firm.

of

and

Craigie

Co., 616 East Main Street, has*

admitted

prone

11, Calif.

Admits

mean

depreciation

and

San Francisco

;

only

the

William

associated

&

and

growth

billion
will

Nippon Telegraph & Telephone
Corp. was formed in 1952

for

securities,
Story, President.

Forgan

bonds

a

Federal

of

$871

annually.

the

monetizing

already has

achieve

the

of

and

BELT

Taylor Street

Public

Credit Banks

type

Glore, Forgan & Co.

with

government
credit

"the

Knox, Fiscal Agent for
the Twelve Federal Land Banks,

stocks

(Special to The Financial Chronicle)

Brewer

conception

$792

Administration

5.0%

1632

GNP potential in 1970

yours,

attempt to

demand

Manhattan Bank's

ANGELES,

clear

that

of

Cordially

construction expenditures of ap¬
proximately
the
equivalent
of
$482,000,000 for the fiscal year
ending March 31, 1962.

John

peak

a

am

meaning of his expression to

the year was our

Dec.

R. G. Brewer Now With

LOS

an

Fiscal Agent for
Gov't. Banks Moves

number

almost

in

a

$755,

$90

profligacy?

<

,

improve the efficiency of its serv¬
ices. Nippon Telegraph & Tele¬
phone's current budget calls for

Twelve
fund

(95.3%)

and

I

majority

have not the proper

men

of

about

HALLER

■»

|

carefully,
vast

gance and

I am equally fearful of
Chairman Walter W. Heller's pre¬
a

by

we
really in a very pre¬
monetary
predicament?

Also,

diction of

na¬

enclosure.

new

modernization

and

thereof.

6,775.
The

business

it
the

nations

tele-'

price is 100%.
After April 15,
1971, the 6% bonds due 1976 will
be redeemable at the option of the
company at the principal amount

Shares

new

a

and

vested

large

facilities

84%

new

on

ago.

2.684.638,

read

that

interest-bearing

The corporation
expenditures an¬

$19,153,560,

$6.50

I

rity. The sinking fund redemption

number

were

rose

the
yen

nually for the construction of

Oct.

shares ,.out¬

year

of

into

corporation's

phone facilities.

000

$7.13 per share, as of March 31.

This compares with

sale

converted

cluding April

standing during the first quarter
of 1961, shareholders were told.
Total

As

fearful

the

of gold and its annual
pro¬
duction and the price
level, wages,
bank notes and credit."

the

publicity.

April 15,
1971,
except
for
semi-annual
sinking fund payments of $150,000 from Oct. 15, 1962 to and in¬

Inc.

reached

assets,

shareholders

be

the

to

The 6%

$11.04 at the close of 1960.

Wisconsin

really is deserving of greater

"front page"

between

stock

it-

How much longer can we
keep up
this public and private extrava¬

primarily for ad¬
extensions, and improve¬

ditions,

increased

in the
value
from

Asset

span.

It

.

relationship

our

world

Aren't

and will be used

fiscal

#

rose

profligacy."

normal

1970

Also, he advised last

billion—see

"public

Federal

a

in

tional debt of $285 billion exceeds
the
combined
debt
of
67
other
free

unduly

that

billion

ating revenues, which totaled the
equivalent of $342,000,000 for the
year ended March 31, 1956/

reports that at March 31 net assets
were

the

from

will

bonds

be

American Industry

and

have

halt to

a

Director

prediction that

fiscal

12 months.
*

Shares In

calling for

private extravagance

Editor, Commercial and Financial

effect

tion.

rived

23.1%

and

and

debt in

$160

of

sooner.

year

Budget

Stans'

pointing toward

carious

.

its

for the quar¬

for the .year,

quarter

Philip Cortney's observation thatwa

private and public
•

are

The

and
date

same

after
adjusting for the capital gains
distribution of 44 cents per share
paid to shareholders on Jan. 30,
1961.
The
4,549,566 shares out¬
standing represent an increase of
in

Mr. Belt agrees with

monetized

due

increase

an

Net asset value

of 7.7%

and. 11.8%

an

quarter'

$11.68

of

increase

an

the

for

compared to the

year

per

$53,133,538,

high, reflect

14.7%

32.5%

of

Scores Federal Debt Trend

Chronicle:
:,
1976, priced at 95.%%-ybeing underwritten by May I congratulate you for the
a
group headed by Dillon, Read
publication in your April 6 issue
& Co. Inc., The First Boston Corp. of
that
very
fine letter from
and
Smith, Barney & Co.; and Philip
Cortney
on
the
"Gold
$1,600,000 of 5% bonds due 1964, Standard."
bonds

which

cial

virtually
every phase of its operation for
the quarter ending March 31. To¬

tal

not

H.

re¬

in

records

new

$20,000,000 guaranteed
and Telephone dollar
consist of $15,000,000 of 6%

are

budget

Telegraph

control

Shareholders' Trust of Boston

ported

we

of

$20,030,000 of Nippon
Telegraph
&
Telephone
Public
Corp. dollar bonds, uncondition¬
ally guaranteed as to payment of
principal and interest by Japan,
were
publicly offered on May 3.

latest

the

Aetna

American

cluded

total

San Francisco Reader '

and

*

total

$114,857,283,

A

former

cept

Maurice

Bonds Offered

addi¬

new

Swingline,
o w
Seed,

LETTER TO THE EDITOR:

Nippon T. & T.

23

BUILDING, BIRMINGHAM, ALABAMA

24

The Commercial and Financial Chronicle

(1076)

Fabien

Our Reporter on

T.

PUBLIC UTILITY

$6.75

share. The shares

short-term

positions of investors in spite of
the
competition
that
is
en¬

ing sold by stockholders.

3%

obligations, namely, a
certificate in the amount of

a

countered from time to time from

ceeds

$5,250,000,000 and a twoyear
3V4% note to approximate
$2,500,000,000 to the public in its
refunding operation to provide for
the May 15 maturities of the 4%%

the

yields that are available in
obligations continue to at¬

designs

these

types

certificate

tract

funds, and there is growing
evidence
that
the marketability

cluding

the

and

3%%

(Of

notes.

maturing debt, about $4,665,-

private inves¬
indicated by
the Treasury they would accept
oversubscription from
non-Fed¬
eral buyers of the $4,665,000,000
refunding issues to a modest ex¬
tent
of
about
10%
or
approxiis held by

000,000

It

tors.)

also

was

Imately $466 million. A successful
is

venture

3V4%

the

with

indicated,

likely to be the morp

note

purchases

which are being
for market "nudging" pur¬

made

There is

poses.

the

securities

these

of
A

doubt but what

no

improving.

attributed

of this is

deal

good

is

No pro¬

largest

received

trading market which has
developing in the recent past

been

in the middle-term

the

which are around
refunding" offers

opinions

that

"advance

made

will be

certain

for

these

of

announced
money by
during
May
and

addition,

that

the

the

it

Treasury
could

June

to

roughly

$1.5 billion, which would have to
be

picked

in the market.

up

1960-1961

new

The

period starting on

July 1, will also entail important
new
money
raising
operations
since

tax

smaller

revenues

in

fiscal year.
funds

half

the

of

It is expected that the

will

Treasury

much

are

first

the

obtain

also

short-term

from

these

borrow¬

The

demand

Government
the

on

there

ligations

is

strong

will

be

being invested in
the

to

matu¬

near

regular

In

flow

of

into the most liquid Treas¬

money

issues,

ury

haven

securities.

government

addition

additional

there

are

and

new

commitments

made in these

anything

movement

securities.

Nonetheless,

bit

a

although
yet that

side,

indications

no

wholesale

like

a

these

into

there

are

commitments being made by some
non-Federal investors in the 3V2S
and 4s and 4V4S.

floating
other

The fact that the

supply

of these
is

bonds

the

and

maturities

distant

ernment

ob¬

because

funds seeking a temporary

rity

long-term
been

Gov¬

of

limited

prices

has

being

obligations for for¬

fair¬
buyers come in

move

sharply when

up

The

still

need

to

put funds to work
favor

to

appears

chase of

the

instances, municipali¬
ties.
The latter two buyers are
thus employing the proceeds from
the

some

sale

It

of

is

their

in

less

most

in

than

cases

obtained

be

down

in

the

evident

which

have

that

been

the

from

what

bond

can

new

for

is

money

limited

a

Treasury

has

being committed
period cf time in

bills.

vestment

result, this

a

This

kind

tended

to

sharp demand for short-term
ernments

these

that

so

in¬

of

create

the

a

gov¬

yield

on

Effective

Rate

Stemming
low

is,

the

a

April

be¬

27

in

4%%

to

other

centers.

free

world

Evidently,

supply

the

in

from
money

order

market

money

to

ment

bonds

bears

a

4 V4

that

announced

the

an

though

even

not

issue

new

rate not exceeding

cf interest

ment

of govern¬

where the

coupon

%,

rate

the

under

effective

certain

issues,
the
Treasury
Monday borrowed $100 mil¬

last

lion

of

new

26-week
short

-

cash

bills.

term

in

If

the

the

form

demand

government

tions continues to be
it would not be

of
for

obliga¬

strong,
surprising if the
very

Treasury would

continue to fur¬
nish the money market with more

short-term
curities
The

new

from

money

time to

refunding

of

raising

se¬

time.

rate

is

on

limited

than

more

technically
figure.

that

interest
bonds

4(4%.

the

May

15

supplied
the
money
market with near-term issues and
to is operation was a
continuation
of

the

vogue

tion

policy which
since the

took

over

demand

from

securities that
did

new

at

However,

year.

not

add

has

the

been

in

Administra¬

the

tie

start of

the

replacement

owners

govern¬

by

law

to

of

the

very

being paid off
much

to

the

issue.

Intermedia
The

es

in

exchanging bonds at

a

not

bonds would be sold
in

the

near

future

or

that

exchanged

under

circum¬

stances

requiring application of
this ruling.
However, in view of
recent

Congressional

and public
Secretary Dillon asked
Attorney General Robert F. Ken¬
nedy on April 7 for the opinion

interest,

so

that

ever

if

such

become

an

issue

desirable

would

should

the

have

been

legal
re¬

Attorney
General
Robert
F.
Kennedy on April 25 delivered his
cpmion that the 4(4% "ceiling"
applied only to the coupon rate
on

bonds, and that issuance

of bonds

below par as authorized
by law does not "circumvent" any

Congressional prohibition.

to




move

power

to

do

so

exists." the

Attorney General con¬
cluded, "and I cannot see anything
inappropriate in exercising it if

the

answer,

your

affirmative."

question

and

also

Division of the company
serving
Washington,
O r e g o n,
Idaho and part of Utah and Colorado. In 1957, this division, as the
old
Pacific Northwest
Pipeline
Corporation, sold an, average of
337 million cubic feet per day; in
1958, 398 million; in 1959, 443 million; and in the year 1960, an
average of 493 million."

has

$30 Million Bonds
Of Los Angeles

Natural

Public

Gas

Like other big

holdings
interest

In

1960,

system

Calif.

District

is

of
At
the end of 1960 some $277 million
of past revenues represented increased rates placed in effect in

net

Los

interest

of

cost

Sachs

Fenn
&

Co.;

Co.;

2

went of this case would doubt.ess
form a pattern to decide the three

t on,

other pending

own

pipeline

an

important

gas

were

cf.

in

reserves

estimated

gas

re-

source

the

in

S.

U.

January,

at

over

the

to

the company controlled some
27 trillion cf. under contract. The
C

stem's

oil

and

decided

Allyn and Company, incor¬
porated; Stone & Webster Secu¬

leasehold

rities

ing offshore Louisiana,

C.

514 net

J. Van In-

interests

acres

net

835

gen & Co.

At Dec. 31,

totaled

in the U. S.

1960,

2,545,excluG-

and 372,Canada, with

in

acres

2,920 net gas wells and 342 net oil
wells.

Meridian Elect.

A participation is also held

under

in Venezuela
The

perhaps
joyed the greatest percentage

Stock All Sold

system

has

B. N. Rubin &

Co., Inc. announced
on
May 4 that its public offering
of 95,000 shares of Meridian Elec¬

and

in

the

last

Revenues

$505

Pillion

year

compared

ex-

o

less

than $40

million in 1950. The 1S60
figure was well over double the

$3

the

books

a

0±

sells
electronic
parts
equipment directly to indus¬
trial
users,
educational
institu¬
tions,
branches
of
the
Armed

equipment

and

a

television

line

parts

radio

other

pair and service

During

the

pansion.

and

The company

with

Colorado

nish

re¬

(under

of gas

amounts

and

rapid exis working
to

so-called

fur-

"Rock

and

were

sales to service deal¬

For

32%

the

1960, sales
net

totaled

of total

year

totaled

$20,637.

$528,188

July

$1,027,078

$17,304.

months ended Jan.
totaled

volume.

ended

For

the

and

,

.

...

,

Gas

&

ElecT.

|

.

It

.

,

„

31,
and
six

if

also

planning to import from Can(in cooperation with Pacific
& Electric) some 150 million

acia

Gas

totaled

per

the

As

in

approves.

day of additional gas, with

deliveries
late

FPC

expected

to

UTnvcipr

Pipeline —a

have

Earnings for
estimated

been

the

latter

recent

t

basis,

price

n 5

H

the

stock
28

around

eamings.

out.

in

at

its

The divi.

y

,

.

dend of $1.30 aifozcts a yield of
4.7%.

Homer Fahrner Admits
(Special to The riNANciAL Chroxicli:)
„

a

,.■>

k-ACRAMENTO, Calif.

^

a

Hariy A.

Snelbaker and Bruce E. Rueppel
have been admitted to

itfa

Homer

Fahrner

partnersbio
in

Homer

Jay

Street

,

Fahrner
nnint.pd

by

selling

is

commence

1961.

Paul

Northwest

iybl nave Deen estimated oy
Standard & Poor s at $1.60. On

ls

trie

1961, sales
net

it to Pacific

deliver

cf.

31,

.

nonrecurring item).

.additional

to suosi: laries of

Pacific Lighting, which

retail gas
ended Jan. 31, 1961, sales to in¬
to a large part of California.
El
dustrial users constituted approx¬
Paso
is also planning to obtain
imately 55%
of
the
company's ladditional
gas
from Texas and
ers

Pacific

company,

Interstate

the

Springs Project") large

period

-

.

Chairman

force of the
to continue this

plans

men.

12-month

/o4

Kayser,

guiding

elec¬

tronic products to dealers and

nearly

Paul

manufac¬

of

and

,

E1 PaE° s, share earnings have

aswswswrss

and

and

the

Virginia

company,

Forces

from

ov,

D

closed.

Electronics,

ei

,

share has been oversubscribed

Meridian

instruction

The 1959 rillm§ allowed only tne
cy
rrnruipfirm
rifp
ha^o
8
~
'
f J J
late oas
«hlch was Provided by tax bene"gv
■

were

with

this

will be allowed at least
1% ,°"Qthe Paction rate base.

en-

sion 01 any American corpora
pansion ofanv American cornora-

ticn.

cases. The case was
the Commission m

by

August, 1859, but was appealed to
the Circuit Court of Appeals-whxen
ordered the Commission to "parmit a fair return on the wellTncuth investment and provide the
incentive necessary to attract eapital to the exploration and developrnent activities of the company."
The Commission is hopeful that

interests

gas

from western Canada to the

ranee

A.

per

refund,

possible

Docket G-4769, and final settle-

its

Pa(ine, Webber, Jackson & Curtis;

at

to

pipeline system, and about
P00 billion cf. in Canada. In add-

1961,

Dillon,

stock

some

10

of

Gulf of Mexico.

common

subject

also

produced

company

being residue gas produced in
conjunction
with
oil.
Directly

to

Company;
Salomon Brothers &
Futzler;
White,
Weld
&
Co.:

tronics, Inc.

hand,

available

1960, the

quirements,

Goldman,

B.

Commis-

Power
other

affording a partial offset to the
system's potential liability. Presum ably income tax adjustments
would cut these amounts about in
half.
The company's principal rate
case before the FPC is known as

In

Union Securities & Co.; Shields &

Corporation;

the

not justified

resented producers'increased rates

trillion

Eastman

Federal
On

"may

increases

Nonregulated activities accounted

the

of

the

of

any

the

by

for about 18%' of 1960 net income,

Blair & Co. Inc.;

&

ultimately be found

$43 million of gas purchases rep-

owned

other members
underwriting group are:

Phelps,

that

sion."

Angeles.

Among

Weeden & Co.;

refund to customers to the extent

1959 and
1960, the
being subject to possible

1958,

100

15%

3.4165%

more.

or

1955,

4

Total

1986.

in

years

7

Miscellaneous

bid 101.086% for the
competitive sale May 2.

at

five

past

amount

under¬

an

prices to yield 1.50%,

1962 to 3.60%

the

10

Liquids

Petrochemicals

1962-

due

bonds

being made by

regula-

operations

the

77

Sales

Gas

Crude Oil & Refined Products

Unified

3(4%

Commission
rate

to

as

%

offering of $30,000,000 Los

Angeles,

courts

covering

tion,

were

revenues

the

Power

Federal

and

follows:

as

pipeline systems,
involved with

heavily

the

Northwest Production, and

composed

is

Paso

in Tekoil.

S. D. Marketed

of
of

income

Gas, 28% in
of America,

Corp.

21%

of

19%

a

Natural

Metals.

end

Other

include

Western

the

of

field.

revenues

at

west

the

in

and

plastics

net

$6,000,000.

in

volume

plainly

believe that the circumstances
require such action.
I therefore

obliga¬
in.o

"The

the

assets

66%

turers,

solved.

placed

growth of the load of the North-

El

nan

contemplated

you

Favor

intermediate-term
continue

is

is

it

$145,000,000

of El Paso

legal
whether

prohibition of the Congress.
It

total

of

about

in

and is increasing steadThis is indicated in the

ten years

refining

business

into

$82,000,000

The

was

had

1960

,

were

floating supply of the short-term

tions

presented

or

Question

maturities

It

com¬

1960.

and

oil;

substantial program

a

expansion

ac¬

procedures

exceed

selling

with

near-term

the

on

initiated

Rare

a

question

here

1959

marketing;

petrochemical

The group

discount which produces an effec¬
tive rate above 4(4%
violates a

funds"

in

stock

issue

the

"hot

and

lines,

States,

supplied by gas has substantially
increased in the past

crude

necessary

more

used in
and the

energy

am0unt

com-

subsidiary,

tion, operation of
and
products

Capitalization of the company
as
of Jan.
31, 1961 includes no
long term debt and 179,134 shares
of common stock, par value $1.

Bonds

advance refundings

important

the

of

Western

the

Products, is engaged in exploration and produc-

ended

40%

today.

The

quarterly

latest

than

Washington,

interest in the

oil

dividend

stock

& Co. Inc. at

should not go because it could
again bring about a movement of
so-called

5%>
mon

1986

on

New

19%

a

supplies

"Natural gas now

Paso Natural Gas

dividend,
paid
April
10,
1961
equalled 8 cents per share.
In
addition the company has paid a

School

opinion
from the Attorney General which
confirms its authority to engage

The

level

which these near-term yields

months

four

30, 1959.
The company's

boom

Can Exceed

Tide?

however,

the

in

Mr. Kayser stated:

company.

Pany.

Nov.

slow¬

Treasury Secretary Douglas Dillon

would

There

it has

year.

for

of adjoining states served by the

gas

border

The same is virtually true

U. S.

companies

Westeoast Transmission line at the

totalled $687,861 and net
$84,523,
compared with
sales of $680,919 and net of $79,078

industrial

from which it draws Canadian

For the four months
ended Nov. 30, 1960, sales of the

in

Gov't

counting

obligations moved down.

fiscal

and

Canadian

pared with sales of $1,716,284 and
net of $197,144 for the like 1959

A

market.

on

as

net

amounts

used for boiler fuel by

increasing beproduces less smog than
The company ties in with the

oil.

Brothers; Harriman Ripley & Co.,
Incorporated and Halsey, Stuart

the

to

Treasury has received

immediately and,

ended July

sales totalled $1,975,204
totalled
$228,379 com¬

1960,

substantial

York So-

the New

States, the population of the Pacific Coast States having increased
40%; in the past decade or more
than twice as fast as the entire

—with the demand
cause

year

able

and

be put to work

fiscal

the

For

and

bonds.

inflation

the sale of the non-Federal bonds
stocks cannot

utilities

in Lodi, N. J.

cated

where

of gas are

writing group headed by Lehman

funds

obtained

lo¬

are

psychology would be very favor¬

securities.

own

plant

fornia

cus¬

pur¬

stocks, although
the return that is currently avail¬
able
in
equities is considerably
common

eign accounts and by corporations
and, in

and

its

by

a

for these issues.

for short-term

very

the

expansive

are

there

ly

Temporary Home
The demand

for

bonds has

tendency to

ings.

are

Long Governments Not Neglected

new

amount

well
as
New
Mexico,
West
Texas, and Arizona.
One of its
most important markets is in Cali-

totalled

was

for

need

Offices

tomers.

31,

owned

and

Company
before

talk

ciety of Security Analysts in February,
El Paso's 'market is the
fastest growing area of the United

the

in

systems

Gas
a

as

company

securities in the future.

favored issue.
In

synthetic materials in¬
Arnel and nylon tricots

of

pipeline

of the

one

country, serving the Pacific Coast
area and other far western states,

incorporated in
1946, prints colored
primarily
on
various

supplied

and

issues.

Also, sight should not be lost of

be

New Jersey in

the

to

sale will

El Paso Natural Gas is

by the company.
Fabien
Corp.

about

of the

be¬

are

El Paso Natural

ELY

BY OWEN

SECURITIES

Goodbody & Co. announced on
May 2 that an underwriting group
headed by it and including Nu¬
gent & Igoe and Mitchell & Co.
offered publicly 60,000 shares of
Fabien
Corp. ,commOn stock at

CHIPPENDALE, JR.

expected, the Treasury offered

As

Thursday, May 4, 1961

.

.

Stock Offered

GOVERNMENTS
BY JOHN

Corp.

.

BuildinS.

&

Co.,

926

Volume

•'

193

Number 6052

Thursday, May 4, 1961

11

THE
!

Supplement to The Commercial and Financial Chronicle

A

...

SECURITY

'H

h-i-1

.M

ASSOCIATION

TRADERS
OF

NEW
ANNUAL

25TH

YORK, INC.
DINNER:

WALDORF-ASTORIA

•

•

•

APRIL 21,

FIRST

SECOND

VICE-PRESIDENT

PRESIDENT

VICE-PRESIDENT

1961

SECRETARY

TREASURER

Officers
1

John S. Barker
Lee

Higginson
Corporation

Directors

it

Eibridge H. Smith

S. E. Dawson-Smith

Stryker & Brown

Cruttenden, Podesta

Salvatore J.

Wilbur Krisam

Rappa

&Co.

John C. Legg &

Mergott, Rappa &
Co., Inc.

Bernard J. Conlon

Joseph R. Dorsey

Joseph C. Eagan

Raymond C. Forbes

P. F. Fox & Co., Inc.

Bache & Co.

Frank C. Masterson

Shearson, Hammill

& Co.

& Co.

Company

D.

Raymond Kenney

D. Raymond

Kenney

& Co.

Joseph D. Krasowich

Edwin J. Markham

Barney Nieman

Lewis H. Serlen

Alfred F.Tisch

Gregory & Sons

Wertheim & Co.

Carl Marks & Co.

Josephthal & Co.

Fitzgerald &

Inc.

A




Company

(1)

(2)

Thursday, May 4, 1961

Volume

193

Nat

Krumholz, Ogden, Wechsler & Krumholz; Bob Topol, Greene and Company; Bernard Weissman
Gold, Weissman Co.; Hal Murphy, Gregory & Sons; Jack Barker, Lee Higginson Corporation

Number

Hans

6052

.

A Supplement to The Commercial and Financial Chronicle

.

.

Ben, New York Hanseatic Corporation; Maurice Hart, New York Hanseatic
Corporation; James
Donnelly, Wertheim & Co.; Austin Umstead, A. E. Masten &
Company (Pittsburgh);
Ed Zinna, Smith,
Barney & Co.

A.

!

'1

/

'1

'

'

'

/

"

'V-

•

Blyth & Co., Inc.

Distribution

Primary Markets

Coast to coast retail

§

distributing facilities

j

Public Utilities

through 24 offices

j

Industrials

located in principal

|

Municipals

Bonds

financial and business

1

|

BOSTON

•

•

DETROIT

•

PASADENA

SAN FRANCISCO

PHILADELPHIA
MINNEAPOLIS
•

PALO ALTO

Stocks

Banks and Insurance

centers.

NEW YORK

•

•

CHICAGO

PITTSBURGH

•

•

SAN

LOS ANGELES

•

CLEVELAND

•

SPOKANE

•

Complete Trading Facilities

OAKLAND

•

DIEGO

•

SAN JOSE

SEATTLE

'

LOUISVILLE

•

EUREKA

•

FRESNO

•

PORTLAND

•

•

INDIANAPOLIS

•

SACRAMENTO
OXNARD

•

1

a




/
'

.

..

1

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Morey

D. Sachnoff, Cook Investment Co. (Chicago); Joe Hutton, Equitable Securities Corporation
(Nashville); Joe Smith, Newberger & Co. (Philadelphia); William Elliott, J. Barth A Co.
(Los Angeles); Hank Serlen, Josephthal & Co.




Wilbur

Thursday, May 4, 1961

Krisam, John C. Legg & Company; John Wasserman, Asiel & Co.; Albert Moore, Burgess A
Leith
(Boston); Ed Stryker, Moore, Leonard & Lynch; Leo Brown, Asiel & Co.

We Make Markets in Over the Counter Securities
Private Wires to:
Atlanta

Budd & Co,

Charleston

For Banks, Brokers

Johnson, Coleman,
Manning & Smith, Inc,
Wyllie and Thornhill
Wm. H. Tegtmeyer & Co.

Charlottesville

Chicago
Cleveland

Dealers & Financial

J. N. Russell &

Denver

Detroit

•

I

'

.

Your

Grand

Rapids

Hartford--■.

/

Lowell, Murphy & Co., Inc.
Baker, Simonds & Co., Inc.
King and Company
Cohurn & Middlebrook, Inc.

Houston

A. G. Edwards & Sons

Kansas

City
Barret, Fitch, North & Co., Inc.
Kansas City
O. Peet & Co.
Los Angeles--Currier & Carlsen, Inc.

Orders Invited

Louisville

The

—

Lynchburg
Inquiries

Invited

the Purchase

or

Co., Inc.

Dallas—_—Dallas Union Securities Company

Institutions

Kentucky Company
Mason & Lee, Inc.

Martinsville

John W. Yeaman

Minneapolis

on

Sale of

Piper, Jaffray & Hopwood
H. A. Riecke & Co., Inc.

Philadelphia
Pittsburgh

Large Blocks of Stocks

Portland

(Ore.)

San Francisco
St. Louis

Arthurs, Lestrange &
Black & Company,
Walter C. Gorey
Fusz-Schmelzle & Co.,

Troster, Singer & Co.
Members:

74

Neiv York

Security Dealers Association

Trinity Place, New York 6, N. Y.

Telephone HAnover 2-2400

(3)

Teletype NY 1-376; 377; 378

Co.
Inc.
Co.

Inc.

(4)

Thursday, May 4, 1961

Mick

Volume

193

Number

Charters, Association of Stock Exchange Firms; William De Marrais, Bache & Co.; John Jacobs,
Eastman

Dillon,

Union

Securities

&

6052

.

.

.

A

Supplement to The Commercial and Financial Chronicle

,

Co.

Sidney

Wertheim

&

Members ZNjew York Stock

NEW

A. Siegel,

Sidney A. Siegel & Co., Inc.; Malcolm Weiss, A.
Co., Inc.; Moses Altman, H. Hentz & Co.

IV. Benkert &

Co.

Exchange

YORK

5

'

:

V;-

:

j'-

'v

,

V : ;VV'v'

'■ V;

!

Sam

Weinberg,

S.

Weinberg, Grossman & Co., Inc.; George Searight,
O'Connor, Inc.; David E. Brill, David Morris & Co.

Ahalt

Searight,

WARNER, JENNINGS, MANDEL & LONGSTRETH
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING EXCHANGES

Bank &
121

SOUTH

BROAD

Over-The-Counter Securities

STREET, PHILADELPHIA 7, PA.

Trading Dept.— Klngsley 5-0866

Klngsley 5-5567

•

Insurance Stocks

Specialists in

Christiana Securities Co.

Teletype PH 305

Common

NEW

Inquiries invited in all Unlisted Issues

YORK,

REctor




Preferred

N.

Y.

2-5477

NEWARK,
MArket

N.

J.

3-6480

HONOLULU

6-6191

Laird, Bissell & Meeds
Members New York

120

and

American

Telephone BArclay 7-3500
,

WILMINGTON,
SALISBURY,
DALLAS,

DEL.

MD.

TEXAS

Stock Exchanges

BROADWAY, NEW YORK 5, N. Y.
Bell Teletype NY 1-1248-49

PHILADELPHIA,
SALEM,

N.

PA.

NEW

J.

HAVEN,

CONN.

DOVER,

ZURICH,

DEL.

SWITZERLAND

Volume

193

Number

6052

A

...

Supplement to The Commercial and Financial Chronicle

Sid

Thursday, May 4, 1961

(5)

Spector, R. Baruch & Co. (Washington, D. C.); Brad Smith, Rouse, Brewer, Becker & Bryant,
(Washington, D. C.); Frank Gorman, H. G. Kuch & Co. (Philadelphia); Joe McNamee,
Hopper, Soliday & Co. (Philadelphia); Russ Dotts, Rambo, Close & Kerner, Inc. (Philadelphia)

Inc.

George

McAleer,

Dorninick

&

Dominick;

Bill

Kumm,

Hill,

Darlington

&

Grimm

Securities Markets
to
Clive

Fazioli,

White, Weld & Co. (Boston);
&

Co.

Inc.

C. E. Wiltshire,

Greenshields

suit every

(Montreal)

need

of Institutional
STOCK

&

BROKERAGE

Investors

BOND

SERVICE
Securities of the United States

for Banks, Brokers and Dealers

Government and its Agencies

State, Municipal, Revenue and Housing
Securities

UNDERWRITERS and DISTRIBUTORS

of

30

ST.

&
543

MEETINGHOUSE
MADISON




AVENUE,

SOUTHAMPTON,

NEW

YORK

22,

N.

•

Chicago

DIgby 4-1515
Philadelphia

Cleveland

Bankers' Acceptances

Teletype NY
LANE,

NEW YORK 5

Securities of the International Bank for
Reconstruction and

MAIN

•

Pittsburgh
San Francisco

NEW YORK 4

DIgby 4-7800

Boston

Company Stocks

Exchange

Telephone

15 Broad St.

Casualty, Fire and Life Insurance

Exchange

BROAD STREET

Corporations

Bank Stocks

Hardy & Co.

CORPORATION

Industrial, Public Utility and

Railroad

Members American Stock

FIRST BOSTON

Bonds, Preferred and Common Stocks

of CORPORATE SECURITIES

Members New York Stock

The

1-733

L.
Y.

Development

Underwriter

WMrilmter

^dealer

Canadian Securities
I.,

N.

Y.

External Dollar Securities

<Snve4tment

TPecurilied

-

(6)

Thursday, May 4,

1961

Volume

193

Number 6052

...

A

Supplement to The Commercial and Financial Chronicle

PRIVATE WIRES TO

Glore, Forgan & Co.

Chicago
Schneider, Bernet & Hickman, Inc.

G.A.Saxton&Co., Inc

Dallas

Underwood, Neuhaus & Co.
Houston

Teletype NY 1-1605-1606-1607

Crowell, Weedon & Co.
Los

Angeles

52 Wall St., New York 5, N. Y.

Hess, Grant &

Remington, Inc.
Philadelphia

Reinholdt &

Gardner

WHitehall

4-4970

St. Louis

Stewart, Eubanks, Meyerson & Co.
San Francisco

Trading Markets in Public Utility, Natural Gas and Industrial Securities

STOCKS AND

BONDS

Louis

Lerner, Lerner & Co., Inc. (Boston); Dick Feldman, Granbery, Marache & Co.
(Syracuse, N. Y.)

COMMODITIES
..

.

.

.

.

..

^

Unlisted

..

Trading

. .. .

.

, . ....

.

Department,

.

.

. .

Corporate and

Municipal Bonds, Canadian Securities

Inquiries Invited
CREATIVE
RESEARCH

on

Large Blocks of Stock

I GOODBODY & CO
ESTABLISHED

1891

Members New York Stock Exchange and other principal Stock and

Commodity Exchanges

2 BROADWAY, NEW YORK 4, WHitehall 3-4141 Bell Tele.: NY 671-672
60 EAST 42ND

STREET, NEW YORK 17, IVlUrray Hill 2-6350

N. Y. Cable Address: Accurate

Branches in
Anderson,.S. C.
Athens, Ga.

Charlotte, N. C.
Chicago, III. (2)

Atlanta, Ga.

Clearwater, Fla.
Cleveland, Ohio
Cocoa, Fla.

Birmingham, Mich.
Boston, Mass.
Bradenton, Fla.
Bradford, Pa.
Buffalo, N. Y.




Coral Gables, Fla.

Dallas, Texas (2)
Detroit, Mich.

Flint, Mich.
Fort

Lauderdale, Fla.
Worth, Texas
Houston, Texas
Jamestown, N. Y.
Jersey City, N.J.
Louisville, Ky.
Memphis, Tenn.
Fort

Miami, Fla.
New London, Conn.
Niagara Falls, N. Y.
Orlando, Fla.
Passaic, N. J.
Palm Beach, Fla.
Paterson, N.J.
Pittsfield, Mass.

Pompano Beach, Fla.
Rochester, N. Y.

Royal Oak, Mich.
Petersburg, Fla.

St.

Sarasota, Fla.

Tampa, Fla.
Wilkes-Barre, Pa.
Winter Park, Fla.

Mike

Heaney, Michael J. Heaney <fi Co.; Ed Caughlin, Edward J. Caughlin
(Philadelphia)

Charles Bezer, Sutro Bros. & Co.;

Frank Hall, Sutro Bros. & Co.

&

Co.

-

ittJ

Volume 193

Murray

Lerner, Adler,

Number 6052

Coleman

&

Co.;

...

Irving

A Supplement to The Commercial and Financial Chronicle

A.

Greene,

Greene

and

Company

Bill

Thursday, May 4, 1961

(7)

Bozsnyak, White, Weld & Co.; Richard Bozsnyak, White, Weld & Co.; Martin Davis, S. D. Fuller
&

Co.; Larry Lyons, Allen & Company

HMncnmpiTEP^
UP m UP wBm WW WW Ok 1 I mm Ot^W

and

Bob

Crosbie, Dominion

Securities

Corporation; John
Corporation

C.

Calef, Dominion Securities

BROKERS

NEW YORK

John S. Barker, Manager

Irvin Hood, Jr.

Salvator D'Angelo

Harold C. Whitman, III

Wallace Peters

James J,

Kelly

BOSTON

Frederick W. Parent, Manager

James D. Browne

Helen M. Huxley

CHICAGO

Underwriters and Distributors
William J. Dreyer, Manager

Corporate and Municipal Securities

Joseph T. Feeney

Dorothy R. Schirmer

Specialists in Rights and "When Issued" Securities
Institutional Research for

i
NEW

Banks and Institutional Investors

McDonnell & To.

LEE

HIGGINSON

WW

fm A 11 %M wm

Established 1905

New York 5

in

_

_

Chicago

JIfj}M3

Uptown:
.

1.1

Denver

Newark

■

M vital
investment
analysis




Detroit

San Francisco

TT

_„

250 Park Avenue

Investment

E:'<%kange—American Stock Exchange

120 Broadway

BOSTON

Los Angeles

Service

Since 1848

CMIGAOO

.

MEMBERS
New York and other

incorporated

Members New York Stock

YORK

Principal Stock Exchanges

(8)

Thursday, May 4,

1961

Volume

193

Number

6052

...

Supplement to The Commercial and Financial Chronicle

A

Specialists in Canadian Securities
Principal

as

for Brokers, Dealers and Financial Institutions

Grace Canadian

Securities, Inc.

Members'. New York Security Dealers Association

25

Broadway, New York 4, N. Y.

HAnover 2-0433

NY 1-4722

Telex 015-220

Orders Executed

at

regular commission rates

through and confirmed by

Members:
The

Principal Stock Exchanges of Canada

National

Association

of

Security

Milton

Dealers

Fisher, A. D. Gilhart & Co., Inc.; Willard Malkan, Arnold Malkan & Co., Inc.; Esther Richards,
Malkan & Co., Inc.; Arnold Malkan, Arnold Malkan & Co., Inc.; John Anton,
Arnold Malkan & Co., Inc.

Arnold

25

Broadway, New York 4, N. Y.

Midland

Canadian

Corporation

Dealers in
Canadian Securities
2

WALL

STREET, NEW YORK 5
WOrth

4-5280

Affiliated with:

Midland

Securities

Gorpn. Limited

Member:
The Investment Dealers' Association

The

Midland

of Canada

Company Limited
Member:

The Toronto Stock

Exchange

Canadian Stock
LONDON

SAULT

TORONTO

STE. MARIE

Montreal Stock Exchange

MONTREAL

Bernstein,

Aetna

Bernard

HAMILTON

ST. THOMAS

SARNIA

Jack

Exchange

Securities

Berk

&

Corp.; Peter Morganstern, Newburger & Co.;
Co.; Nicholas Brieger, Hopp & Co. (Passaic, N.

Irving
J.)

Resnick,

KITCHENER
BRANTFORD

BONDS

Primary Markets in

STOCKS
v.*v

Life, Fire & Casualty

'y:<:

<5

..y-

Insurance Stocks

Markets

maintained in all classes of Canadian external
and internal bond issues.

Bank Stocks

Stock orders executed

High-Grade Unlisted Industrials

Exchanges,
DIRECT

the Montreal and Toronto Stock

on

net New York markets

or

PRIVATE

WIRES

CALGARY,

TO

TORONTO, MONTREAL,

VANCOUVER,

BELL

quoted

SYSTEM

VICTORIA

TELETYPE

NY

OTTAWA,

AND

on

request.

WINNIPEG.

HALIFAX

1-702-3

AcH. JQJeh&C).
■

3nc.

•

£

BUSINESS ESTABLISHED 1068

Member New York Stock

Exchange and other

leading Domestic and Canadian Exchanges
1

Wall

(-

DIgby 4-2525

i

New York 5

Member

American

Stock

Boston

London, Eng.

Calgary
Halifax

Exchange
Toronto

40

EXCHANGE

PLACE,

NEW

YORK

5

Telephone WHitehall 4-8161

Ottawa

Street




Associate

Canadian

Affiliate

and

—

Member

Canadian Stock

Toronto,

Exchanges

Montreal

Winnipeg
Montreal

Vancouver
Victoria

Volume 193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

Over Half

Century

a

of Investment
With

over

ments,

50 years of

Experience

experience in Canadian invest¬

organization is well prepared to

our

serve

investors interested in Canadian securities. Our
ices

readily available

are

(9)

serv¬

investing institutions,

to

banks and dealers.

Direct private wire connections with affiliated offices
in

fourteen

and

principal Canadian cities provide fast
service in Canadian securities,

accurate

able

us

6tock

to

orders

execute

exchanges,

or

at

promptly

and

prices in United

net

en¬

all Canadian

on

States

funds if desired.

Wood, Gundy & Co., Inc.
40
Louis

Wall

Street, New York 5, N. Y.
Telephone DIgby 4-0633

Zucchelli, J. B. Maguire
Co. Inc. (Boston); Frank Harrington, H. D. Knox & Co., Inc.
(Boston); Fred^Carter, De Haven & Townsend, Crouter & Bodine (Philadelphia);
Perry Selheimer, De Haven & Townsend, Crouter & Bodine (Philadelphia)

Affiliated with

Wood, Gundy & Company
Members
The

of

Stock Exchange

Montreal

Canadian

Toronto

Exchange

Stock

Exchange

Stock

and

Wood, Gundy & Company
Limited
Head

Office

—

36 King St., West, Toronto 1, Canada

Branches in the principal cities of Canada and in London, England

Canadian
Investment Securities

A. E.

Ames & Co.
Limited

UNDERWRITERS AND DISTRIBUTORS
Jack

Stieber, Eastern Securities, Inc.; Gerald F. X. Kane, Gerald F. X. Kane & Co.; Harold Clouser,
Laird & Company, Corporation (Wilmington, Del.); Ted Plumridge, Eastern Securities Inc.

A. E.

Ames & Co.

Members Toronto and Montreal Stock
Affiliated

cities

fifteen

A.

in

Exchanges

offices in

Canada, England and France

E.

Ames & Co.
Incorporated

New York

Boston

BUSINESS

ESTABLISHED

1889

What
•moon

Your

Canadian Securities

-moon

H

investors and dealers

-00

II

Trading

Inquiries welcomed from institutional

Wf—OftM-

Problem ?

OurlargeandexperiencedTrading Departments may be help¬
ful
•

Greenshields & Co

(N.Y.)

Inc

York 5
•

Telephone: WHitehall 3-9525
Canadian Afiliate:

MONTREAL




TORONTO

Teletype: NY 1-3708

OTTAWA

WINNIPEG

SHERBROOKE

not

let

us

know

your

trading requirements ?

securities.
nation-wide wire system, we provide broad insti¬
tutional and dealer coverage—and cost
you less.
We provide facilities for skillful
handling of large blocks with¬
out
disturbing existing street markets.

Through

a

Address: Mr. David D.

Greenshields & Co Inc—Business established 1910

QUEBEC

Why

We make primary markets in an extended list of all
types
of corporate

•

64 Wall Street, New

to you.

LONDON

Lynch, Manager, Dealer Relations Department.

Kidder, Peabody

&

FOUNDED 1865

JMembers "tieto York and American Stock

17 Wall
boston

Co.

Exchanges

Street, New York 5, N.Y.

philadelphia

chicago

los

angeles

(10)

Thursday, May 4,

1961

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

/

'

•

.

V

'

V

'*••••

.

|

Shelby Cullom Davis
Members New

York Stock

&

Co.

Exchange

Underwriters and Dealers in

INSURANCE STOCKS

CORPORATE & MUNICIPAL BONDS
Oldest

Specialists (with Predecessor Firm) in Insurance

Stocks.

Serving Dealers and Institutions

116

1927.

JOHN STREET, NEW YORK 38, N. Y.

Telephone BEekmaij 3-0626 •

^IN

since

Teletype NY 1-384
Alan

THE

HEART

OF

INSURANCE

THE

DISTRICT"

Curtis, Englander & Co., Inc.; Milton Capper, Russell & Saxe; Edward Welsh, Herzfeld & Stern;
Seymour Blauner, Seymour Blauner Co.; Les Gannon, Stanley Ketcham & Co., Inc.

ALL MARKETS ON ONE CALL
Irving Stein, M. W. Wien & Co. (Jersey City, N. J.); Jerry F. Monahan, Purcell <£• Co.; Percy J.
Wien, M. S. Wien & Co. (Jersey City, N. J.); Stephen S. Wien, M. S. Wien & Co. (Jersey City,
N. J.); Ralph Fenimore, M. S. Wien & Co.
(Jersey City, N. J.)

Dealers, Brokers and Dealer Banks

^

Railroad, Utility, Industrial,

¥

Convertible and Foreign Bonds
*

*

*

If

*

*

*

it may

*

*

to

avail

Listed and Unlisted

*

are

interested in

PREFERRED

Municipal, State and Revenue Bonds

*

you

to your

yourself of

and

Preferred and Common Stocks

be

STOCKS

our

advantage
long experience

knowledge in this field

*
★

★

★

*

MABON & CO.

Spencer Trask & Co.

Established 1892

Founded
MEMBERS
NEY

YORK

AMERICAN

|

STOCK

EXCHANGE

STOCK

25 BROAD

Broadway, New York 6
Bell

System Teletype NY 1-2152

*




★

★

York Stock

Exchange

*

American Stock Exchange

Telephone REctor 2-2820

•

ALBANY
,

STREET, NEW YORK 4

EXCHANGE

Members New

115

1868

★

★

*

•

BOSTON

•

CHICAGO

•

SCHENECTADY

~

GLENS
•

FALLS

WORCESTER

•

NASHVILLE

•

NEWARK

m

Volume

Bill

wwwki

193

Number 6052

...

A

—

.mi

nr-ww-frw

Thursday, May 4, 1961

Supplement to The Commercial and Financial Chronicle

Schliemann, A. W. Benkert & Co., Inc.; Martin King, Suiro Bros. & Co.; Mike Dougherty,
Benkert & Co., Inc.; Edward Tabackman, Eastern Securities, Inc.

A. W.

Norman
&

(11)

Weltman, Schweickart & Co.; Hoy Meyer, Schweickart & Co.; Norman Lev], Diran, Norman
Co.; Norris Rosenbaum, Englander & Co., Inc.; Arnold Klugman, Schweickart & Co.

PRIMARY MARKETS

INSTITUTIONAL SECURITIES
U. S. Governments

Federal

Agency Issues

Municipals
Public Utilities

Industrials

Coast-to-Coast
•

Underwriters of
Bonds •

Correspondent Network

Corporate Securities • Underwriters of State,

Complete Brokerage Service in Stocks and Bonds •
•

Primary Markets in over 300

Railroads

Municipal and Revenue

Comprehensive Research

Equipment Trusts

Unlisted Securities

Bankers
Finance

York Stock

Exchange
Midwest

•

Stock

American Stock Exchange
Exchange

J,

7J&
Telephone
Corporate

Teletype:

NY

1-865

Cable

We have direct wires to

&/.

WHitehall 3-7600
•

Address:

Municipal Teletype: NY 1-1691
Gregsons

Correspondents in the following cities:

Boston
Burlington
Charlottesville
Chicago
Des Moines
Detroit
El Paso
Farmington, N. M.
Fayetteville, Ark.
Fullerton
Grand Rapids
Harrisburg
Herkimer, N. Y.
Houston
Indianapolis
Joplin
Kansas City
Kilmarnock, Va.
Los Angeles
Malone
Minneapolis
Nashville
New Orleans
Philadelphia
Pikesville, Md.
Pittsburgh Portland, Ore. Potsdam Redlands, Cal. Rome, N. Y. St. Louis
Salt Lake City San Antonio
San Diego
San Francisco
Santa Ana
Santa Fe
Seattle
Toronto
Tulsa
Utica
Victoria, Tex.
Albuquerque




Anaheim

Asheville
Baltimore
Beverly Hills
Cincinnati
Cleveland
Columbus
Dallas
Denver

Washington

Paper

Canadian Issues

Members
New

Acceptances

Westwood

Whiltier

Preferred Stocks

||

1
||
||

||

SALOMON

|g
j

L.

BROTHERS

rl ^HUTZLER
BOSTON

||

SAN

.

FRANCISCO

SIXTY WALL STREET
NEW YORK 5 N.Y.
HAnover

CLEVELAND

PHILADELPHIA

DALLAS

2-8700

Members New York Stock

Exchange

CHICAGO
PALM BEACH

(12)

Thursday, May 4,

Our

1961

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

identity with the following stocks for
years qualifies us as specialists in:

many

American

Greetings Corporation "A"

Baker Oil Tools Inc.
Brush

Beryllium Co.

Dictaphone Corporation
Equity Oil Co.
Interstate Bakeries Corp.

ERNST
Members New

York

other

and

120

Stock

&

CO.

Exchange

leading Security

American

and

Stock

Exchange

Commodity Exchanges

Broadway, New York 5, N. Y.

231

So. LaSalle

Private

Wires

to

St., Chicago 4, 111.

Los

Angeles

and

Chicago

H.

Dealers and Brokers in

Nickel,

Grace

National

Bank; Walter Wiley, Wiley-Kiernan, Inc.; Milton Van
Lomasney & Co.; David Howell, Myron A. Lomasney & Co.

Riper,

Myron

Railroad, Public Utility & Industrial
Bonds & Stocks
Over-the-Counter

D.

Howard

Trading

Dept.

Brown

MacKain

Frank

Ingalls & Snyder
Members

New

Members

York

American

Stock

Exchange

Stock

Exchange

BROADWAY

100

COrtlandt 7-6800

NEW YORK 5, N. Y.
—

Bell

System

Teletype

NY

1-1459

Our Seventieth Year

1891

UNDERWRITERS • DEALERS

PRIMARY
IN

•

1961

DISTRIBUTORS

MARKETS

CONNECTICUT SECURITIES
Larry

Lansner,

David

Ginberg,

Frank

Ginberg, Gerald Markowitz,
Ginberg & Co., /ijic.

and

Irving

Frank

Ittleman,

Chas. W. Scranton & Co.
Members New York Stock

Exchange

NEW HAVEN
New

York

Danbury

REctor

2-9377

•

Bridgeport

Bell

Teletype

New London

NH

Brokers and Dealers in

194

Waterbury

Listed and Unlisted Securities
We maintain markets in

Convertible Bonds

Convertible Preferreds

Rights

Active Markets Maintained

Reorganization and "When Issued" Securities

in

FOREIGN

SECURITIES

Inquiries from Banks, Brokers and Dealers

LEVIEN, GREENWALD
Members New York Stock

Alfred L. Vanden Broeck & Co.
Members: New York Stock
American Stock
55

Tel.:

Liberty St.,

BE 3-8880




Private Wire

American

Stock

are

&

invited

CO.

Exchange

Exchange (Assoc.)

Exchange

Exchange

50

Broadway

New York 4

New York 5

Teletype NY 1-4686
System

to

Canada

WHitehall

3-4924

Teletype NY 1-3733

all

of

A.

Volume

193

Number

6052

...

A Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

(13)

Y
_

V

f

UNDERWRITERS, BROKERS and DEALERS

A-

distributing
CORPORATE and

MUNICIPAL SECURITIES

since

1886

W E. HUTTON & CO.
Members New York Stock
and other
NEW

||

YORK

CINCINNATI

Philadelphia

Boston
Lexington

East on

||
Welch, R. S. Dickson & Co., Inc.; Plato Pearson, R. S. Dickson & Co., Inc. (Charlotte, N. C.)
Kenneth Houschild, Chase Manhattan Bank; John D'Angelo, Merrill Lynch, Pierce, Fenner
<6 Smith Incorporated; Ed Stein, Asiel & Co.; Larry Mascera, Kuhn, I.oeb A Co.

Biddeford

Burlington

Hartford

Columbus
Lewiston

H ackensack

Washington

London, England

;

Dayton
Portland

Baltimore

|

Frank

Exchange

leading exchanges

W axn e

Rome, Italy

Underwriters, Distributors and Dealers
in

Corporate and Municipal Securities

HIRSCH
Members

Noel & Co.;
Co.

York

BROAD

25

Frank Sassa, Frank Sassa Co.; Lew Krohn, Ira Haupt & Co.; Martin Gilbert, Van Alstyne,
Samuel Masiello, James Anthony & Co., Inc.; Lamar Tuzo, F. S. Moseley &

New

Stock

WASHINGTON

Teletype: N.Y. 1-210

MIAMI

NEWARK

Palm

Fort

BEACH

PALM

GENEVA

AMSTERDAM

Service:

Wire

Washington,
Beach,

BEACH

LONDON

Direct

York,

Exchanges

STREET, NEW YORK 4, N. Y.

LAKE WORTH

New

Other

and

Telephone: HAnover 2-0600

FORT PIERCE

CO.

&

Exchange

Newark,
Pierce,

Miami

Lake

Beach,

Worth

White, Weld & Co.
20 BROAD STREET

NEW YORK 5, N.

Y.

SPECIALISTS IN ALL UNLISTED
Members New York Stock
and other

Exchange

BOSTON

principal Stock

and Commodity

RIGHTS AND WARRANTS

CHICAGO

AND LISTED BOND RIGHTS

Exchanges

PHILADELPHIA
LOS

Complete Investment

ANGELES

SAN

FRANCISCO

NEW

Josephthal&Co.

HAVEN

FOUNDED

MINNEAPOLIS

Banking Facilities

members

HARTFORD

and

120

HAGERSTOWN
WOrth

FOREIGN OFFICES

LONDON




•

ZURICH

•

CARACAS

•

new

other

york

19IO

stock

leading

BROADWAY,

exchange

exchanges

NEW YORK 5,

WINCHESTER

direct

HONG KONG

19

telephone

CONGRESS ST.,
LAFAYETTE

PRIVATE

WIRE

brooklyn, n.y.

N. Y.

Teletype

4-5000

SYSTEM

TO

to

BOSTON 9,

1-319

MASS.

3-4620

CORRESPONDENTS

hanover, pa.

NY

boston

IN

PRINCIPAL

lock haven pa.

CITIES

plainfield, n. j.

:

Volume

Thursday, May 4, 1961

(14)

{Irst

op Michigan*

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Corporation

Underwriters and Distributors

MUNICIPAL

STATE,

and

SECURITIES

CORPORATE

Members:
New York Stock

Midwest Stock

NEW

Stock

American

Exchange

Exchange

(Associate)

Battle Creek

•

Grosse Pointe •

Bay City * Flint ' Grand Rapids

•

Lansing • Muskegon • Saginaw ' Birmingham

Carl M. Loeb,
Members T^ew

Goode, A. C. Allyn & Co. (Providence, R. I.); John D. Ohlandt, New York Hanseatic Corporation;
Frank Mulligan, Goodbody & Co.; Arthur C. Murphy, A. C. Allyn & Co. (Boston) ; A1 Moore
New York Hanseatic Corporation (Boston); Leon Yeager, Stern, Lauer & Co.

CHICAGO

DETROIT

YORK

Columbus

Bill

Detroit Stock Exchange

Exchange

Rhoades

Co,

&

Robert

Herzog, Herzog & Co.; Arnold Runestad, Garvin, Bantel & Co.; Bert Ostrau,
& Co.; Bob Topol, Greene and Company

GarVin, Bantel

Tor\ Stoc\ Exchange, American Stoc\ Exchange
and principal Commodity Exchanges
NEW YORK 5,

42 WALL STREET

N. Y.

Underwriters and Distributors of

Corporate and Municipal Securities

LONDON, ENGLAND
375

PARK

NEW YORK STATE:
Middletown

AVENUE,

Auburn

Syracuse

•

•

NEW

Elmira

•

Utica

•

YORK
Geneva

Watertown

•

CITY
•

Hornell

•

Ithaca

Stroudsburg, Pa.

•

CORRESPONDENTS

Anderson 8C Strudwick

Richmond, Charlottesville, Fredericksburg, Va.

Betts, Borland 8C Co
William Blair BC

Boettcher 8C

Chicago, III.

Company.

Company

.

•

.

Chicago, III.

Denver, Colorado Springs, Grand Junction,

.

Pueblo, Colo.; Chicago, III.

J. C. Bradford 8C Co

Nashville, Knoxville, Jackson, Kingsport, Memphis,
Clarksville, Tenn.; Atlanta, Ga.; Jackson, Miss.

Chaplin, McGuiness & Co
Chapman, Howe 8C Co
Cooley 8C Company
Dittmar 8C

Pittsburgh, Pa.

Chicago, III.

.Hartford, Conn.

Company, Inc

A. G. Edwards 8C Sons.

.

.

San Antonio, Dallas, Tex.
.St. Louis, Crestwood, Clayton, Mo.; Tuscaloosa, Ala.;

Phoenix, Ariz.; Jonesboro, Little Rock, Ark.; Naples, St. Petersburg, Fla.;
Belleville, Jacksonville, Springfield, III.; Ames, Keokuk, Iowa; Lake Charles,
Shreveport, La.; Hutchinson, Salina, Wichita, Kan.;
/
*
Laurel, Miss.; Houston, Tex.
Elder 8C Co
Chattanooga, Tenn.

Hill 8C Co

.

Investment

/.

.

Corporation of Virginia
Janney, Battles Bi E. W. Clark, Inc

.

.

.

Elmer

Myers, Sandkuhl & Co., Inc. (Newark, N. J.); Gilbert Lochrie, Sade & Co. (Washington, D. C.);
Henry Sandkuhl, Sandkuhl & Co., Inc. (Newark, N. J.); Dan Daniels, C. W. Daniels
(East Greenbush, N. Y.)

Cincinnati, Ohio

Norfolk. Hampton, Va.

..

Philadelphia, Bethlehem, Easton,

Germantown, Johnstown, Lancaster, Norristown, Pittsburgh, Sunbury,
York, Pa.; Baltimore, Md.; Camden, Woodbury, N. J.

Johnston, Lemon 8C Co
Loewi Bi

Washington, D. C.; Alexandria, Va.

Co., Inc

Milwaukee, Appleton, Beaver Dam,

Chippewa Falls, Green Bay, Janesville, Madison, Mosinee,
Racine, Waukesha, Wausau, Wauwatosa, Wisconsin Rapids, Wise.

W. L.

Lyons 8C Co

.Louisville, St. Matthews, Danville, Lexington,
Bowling Green, Ky.

Mead, Miller 8t Co

Baltimore, Md.

i

Piper, Jaffray 8C Hopwood
PreSCOtt BC Co.

Sanders Be

Minneapolis, St. Paul, Rochester, Minn.;
Billings, Great Falls, Mont.; Fargo, No. Dakota
Cleveland, Shaker Square, Canton, Columbus, Toledo, Ohio

.

Company

Dallas, Tex.

:

Sutro BC Co

.San Francisco, Los Angeles, Berkeley, Beverly Hills,

Hayward, San Jose, Calif.
FOREIGN.

Melbourne, Australia
Tokyo, Japan

•

•

CORRESPONDENTS

Sao Paulo, Brazil

•

Montevideo, Uruguay

PRIVATE

WIRE

Montreal, Toronto, Canada
•

Caracas, Venezuela

SYSTEM

Providing immediate access to primary markets through,
Branch Offices and Correspondents and their connections
in over 100 cities throughout the United States and Canada




Fred

Santi, Lieberbaum & Co.; Daniel Basile, James Anthony & Co. Inc.; Theodore Lipton, T.
Lipton Co.; Jack Magaril, J. I. Magaril Co.; Mickey Burstein, Amber, Burstein & Co., Inc.;
Walter Wiley, Wiley-Kiernan, Inc.; A1 Haig, James Anthony <fi Co., Inc.; Larry Levine,
James Anthony & Co., Inc.
j

J.

h<

'I V

•tiS&idSaSW UV TO

HfHH

um i»nii

Volume

193

Number

6052

...

Thursday, May 4, 1961

A Supplement to The Commercial and Financial Chronicle

(15)

PRIMARY MARKETS

UTILITY and INDUSTRIAL STOCKS
NEW ENGLAND SECURITIES

J. B. MAGUIRE & CO.,
31

Milk Street,

INC.

Boston 9, Massachusetts

Open-end Telephone Wire to New York
Boston—HUbbard 2-5500

New York—CAnal 6-1613

Bell

System Teletype—BS-142, BS-145
Portland, Maine—Enterprise 2904

Providence, R. I.—Enterprise 2904

Hartford, Conn.—Enterprise 6800
Private Wire To A. M. Kidder &

Co., Inc., New York

For
Bank and Insurance Stocks

Duke

Wellington Hunter Associates (Jersey City, N. J.); Maurits Johnston, C. H. Walker &
(Bridgeport, Conn.); Abe Strauss, Abraham Strauss & Son Inc.; Chuck Moser, Abraham
Strauss & Son Inc.; David Strauss, Abraham Strauss & Son Inc.

Hunter,

Co.

SINCE 1929

Primary Markets
USf

Primary Markets

Research
New

EnSland

Maintained

BS
Special

Situations

NEW YORK

ABELOW

IRVING

boston

Hartford

Department

Trading

Manager

-

Telephones:

new

CORNELIUS B. SHERIDAN

.

.

haven

providence
Warrants

and Reorganizations

baltimore.

philadelphia

JACK A. JOSSEM
Don

Williams,

Burnham

and Company;

Frank Racaniello, Burnham and Company

T»

Bank

and

Insurance

Stocks

j

EVERETT F. WENDLER

and

in

Securities

902
"CAnal 6-2610
nubbard 2-8360

Enterprise 9830
Enterprise <$<543
Enterprise 9830
Enterprise 6643
Enterprise 6643
•H'lse o

s!rec,oi^z^v,oNewY^

Corporation Bonds & Arbitrage
B. ABELIOW

HERBERT

Industrials

®S5S-

CHARLES E. ANDREWS

Utilities

Public
THOMAS

Adams & Peck
Yor\ Stoc\ Exchange

Members

And American

F.

Real Estate

ROBERT

ROONEY

Securities
C.

EBLE

Stoc\ Exchange
Some of the New

England companies in which

we

maintain primary markets
Precision Bearings

Brokers and Dealers in

INDUSTRIAL & RAILROAD SECURITIES

Miniature

Geophysics Corp. of Am.

National Shawmut Bank

Bates Manufacturing Co.

—

Foxboro Co.

Grinnell Corp.

New Hampshire

Baystate Corp.

•

Amoskeag Co.
Baird-Atomic Inc.

—

High Voltage Engineering

Nicholson File Co.

Ball Bearings

BROADWAY




•

Members

NEW YORK 3, N. Y.

Philadelphia-Baltimore

Telephone REctor 2-4949
Teletype NY 1-724
Private wire to Philadelphia

Riley Stoker Corp.

Ionics Inc.

Scott & Williams Inc.

Cons. Investment Trust

Itek Inc.

Sheraton Corp.

Dun &

Keyes Fibre Company

Southern New England Tel.

EG &G

Laboratory for Electronics

State Street Investment Corp.

First National Bank

Ludlow

Warren Bros.

Foster

Millipore Filter

Berkshire Fine

Mitchell & Company
120

Infrared Industries Inc.

Boston Herald Traveler

Stock Exchange
120

NEW

BROADWAY

YORK

CITY

Spinning

Bradstreet, Inc.

Grant, Inc.

Bell

Teletype NY 1-1227

West Point Mfg.
UNLISTED

Primary Markets
Distributors

—

MANAGEMENT

Group, Class A

Hamilton Management

Telephone WOrth 4-3113

Corp.

Debentures

Corp., Class A

COMPANY

SHARES

National Securities & Research
Television Shares Management

Keystone Custodian Funds, Class A

Waddell &

Hugh W. Long and Co., Class B

Wellington Management, Class A

Reed, Inc., Class A

(16)

Thursday, May 4, 1961

Volume

193

Number

Bob

A

6052

...

A Supplement to

The Commercial and Financial Chronicle

Mottershead, McDonnell & Co. Incorporated; George Noke, McDonnell & Co. Incorporated; Peter
Noon, Hoit, Rose & Company; Paul Cranis, H. M. Frumkes & Co.

Complete Money Service
for

banks,brokers and dealers

COLLATERAL LOANS, INSURANCE LOANS

Billie

Burke, May & Gannon, Inc. (Boston); Robert Diehl, Wheeler & Cruttenden, Inc. (Los Angeles);
John Mayer,
Merrill Lynch, Pierce, Fenner & Srtiith Incorporated; Joseph Sevenliss,
Merrill
Lynch, Pierce, Fanner & Smith Incorporated
'

FEDERAL FUNDS

GB

Garvin, Bantel & Co.
Members New York and American Stock

120

FOUNDCD 1931

lZ/

Exchanges

BROADWAY, NEW YORK 5

Phone REctor 2-6900
Teletvneleletype.

Money NY 147

Securitie8 NY 1. 1544

Compliments of

Richter

&

Co.

MEMBERS
NEW YORK STOCK EXCHANGE

AMERICAN

STOCK

350 Madison

EXCHANGE

CHEMOIL

Ave., New York 17, N. Y.

Telephone: MUrray Hill 7-9020

70

WALL
NEW

Underwriters—Distributors—Dealers

Corporate

Financing—Private

Placements

Unlisted Trading Department




INDUSTRIES

(ASSOC.)

STREET

YORK

Ed

Opper, J.

B.

Maguire & Co., Inc. (Boston); Jack Bleckley, J. Barth & Co.; Bill
Gannon, Inc. (Boston); Bill Elliott, J. Barth & Co. (Los Angeles)

Burke,

May

Ted Widenski, Hoit, Rose & Company; Carl Swenson, G. H. Walker <ft Co.; Thomas Brown III,
Reynolds & Co.; Charles Clausen, Hoit, Rose & Company; Stan Jackson, Estabrook & Co. (Boston)

&

Stone & Young heeg
MEMBERS PACIFIC COAST STOCK EXCHANGE

Investment Securities

•

California Municipal Bonds

S

Municipal Financing Consultants

RUSS

BUILDING

•

SAN

FRANCISCO

Telephone YUkon
Bell

1-1314

System Teletypes • SF 492 • SF 1139 • SF 799

(Bond Dept.)

T

MEMBERS

New York Stock Exchange
Direct Wires to

Midwest Stock

Singer, Bean & Mackie, New York

*

Fairman & Co., Los Angeles

Exchange

American Stock Exchange

A

(Associate)

ACJIU
and

Underwriters and Distributors
with active
in

N

trading markets

Rocky Mountain

area

securities.

Co
mjoany
INCORPORATED

Investment Bankers Since 1912

Y
CHICAGO
INVESTMENT
BANKERS

CLowell-Murphy &
INCORPORATED

_

Co.
New YORK

460

DENVER

CLUB

BUILDING

63 Wall Street




•

•

DENVER

2,

COLORADO

New York City, N. Y.

•

ACOMA

2-4831

BOSTON

(18)

Don

Thursday, May 4,

Volume

1961

Erwood, Harris & Partners Ltd. (Toronto); Earl Hagensieker, Reinholdt & Gardner
Lloyd Garrett, La Maison Bienvenu, Ltee. (Montreal); Mort Cayne,
J. N. Russell & Co., Inc. (Cleveland)

193

Number

6052

...

A

(St. Louis);

Bob

Albert Frank-Guenther

Supplement to The Commercial and Financial Chronicle

Woeber, Arthurs, Lestrange & Co. (Pittsburgh); Henry Robson, Eastman
Dillon, Union Securities & Co.; Dave Wittman, Schrijver & Co.;
Herb Schweitzer, Robert L. Ferman & Co.

Law, Inc.

Advertising
Public Relations
Cedar

131

New York
Philadelphia

Street

6, N. Y.

Boston

San Francisco

Chicago

Los Angeles

John Craddock, Mason & Lee, Inc. (Lynchburg, Va.); A1 Seigenfeld, Richter & Co.;
Jim Richter, Richter & Co.; Dick Shipman, Richter & Co.

oils

-

mining

-

industrials

-

Specialists in

natural gas
1

m

i

Foreign Securities

-

-

Foreign Investments

m

'

■

.'

•

'

-

'

'

■

•

-

;

'

'

.

/

■'
,

''

-

.

•'

,

•/

;

v

.

..

'

«?fon/w/d and>9.^/e('c/ilC€d&i

J. F. Reilly & Co., Inc.




<£fnc.
INVESTMENT

Direct Wires
LOS

ANGELES

SAN

SECURITIES

Associate Members American Stock Exchange

to

FRANCISCO

30 Broad

Telephone
WHitehall 3-9200

Street, New York 4, N. Y.
Teletype
NY 1-515

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

(19)

Dealers In
\

::/•'

:

■'

:■

:n.

'■

..

•

''

'

.

:

■■

'•>

'

';

•

Unlisted Securities
;-U

;

-

U-U;

'■'v:/-'

■

U

y,

C

-/-v ■■■

•

.

.U

■

..V

V-J

-

J'■Uu

.;

fC

i

v"-./

-vvt--

Public Utilities—Industrials

™

A

Charles

Ogden, Ogden, Wechsler
Krumholz; Sal D'Angelo, Lee
Corporation; Jim Durnin, Ogden, Wechsler & Krumholz

A

A

Higginson

WM V. FRANKEL & CO.
INCORPORATED

39

BROADWAY

NEW

YORK

WHitehall 3-6633

Harold

P.

R.

P.

Black,
&

R.

H. P. Black <fi Co. (Washington, D. C.);
Richard A. Miller,
A. Miller & Co., Inc. (Philadelphia); Edward A. Monaghan,
Martin, Monaghan & Mulhern, Inc. (Ardmore, Pa.)

6, N. Y.

Teletype NY 1-4040 & 3540

1930

1961

TRADING MARKETS
m

OVER-THE-COUNTER
New York Hanseatic

SECURITIES

Corporation
Established 1920
Associate Member American Stock

Exchange

&YeeTve<m£ompaT\\^

Members New York Security Dealers Association

A

Complete World-Wide Service

in the Over-the-Counter Market

37 Wall Street, New York 5, N. Y.
Teletype

Telephone

NY 1-1126 & 1127
)

120

BROADWAY

•

NEW

YORK

5,

N.

HAnover 2-4850

Y.
PRIVATE

CHICAGO—First
BOSTON

•

DIRECT

PRIVATE

CHICAGO

•

WIRE

Teletype: NY 1-40-1-2

Telephone: WOrth 4-2300
PHILADELPHIA

•

SAN FRANCISCO

Securities

SYSTEM

Company of Chicago

DALLAS—Parker, Ford & Co., Inc.
Cleveland,

Dallas,

WIRES

Houston,

TO:

Atlanta,

Chicago,

LOS

New Haven,

SAN

Boston,

Los Angeles, Louisville,

Philadelphia, Pittsburgh, Portland, Ore., Providence, San Antonio,
San Francisco,




Washington, D. C.

ANGELES—Mitchum, Jones & Templeton

FRANCISCO—Mitchum, Jones & Templeton

Direct private

telephone: Philadelphia-WAlnut

2-1514

A* "■
^

;

■-

(20)

Thursday, May 4, 1961

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

BROKERS and DEALERS
in

INVESTMENT SECURITIES

James

Anthony

Co.

INCORPORAT

ED

Complete Trading Facilities
John

Active Markets in

Unlisted

Securities

McCormack, F. S. Smithers & Co.; Bill McCullen, Hess, Grant & Remington Inc. (Philadelphia);
Serlen, Josephthal & Co.; Willard Rice, Eastman Dillon, Union Securities & Co. (Philadelphia)

Hank

I.¬

37

Wall Street

New York 5, N. Y.

BOwling Green 9-4290

Over

Teletype N Y 1-4541

Half Century of Efficient and

a

Economical

Service

AS TRANSFER AGENT
in
I

New York, N. Y. and
We

afford economies

Jersey City, N. J.

and

other

Jim

Goodbody,

Goodbody & Co.; Bob Hawkey, E. F. Hutton & Company; Stanley
Cruttenden, Podesta & Co.; Ed Larkin, Goodbody & Co.

Dawson-Smith,

advantages to

underwriters, distributors, corporations
and
Write
and

for

State

our

stockholders.

free booklet setting forth the Current Federal

Stock

Registrar
50 CHURCH

their

Original Issue

and

and

Tax

Rates.

Transfer Company

STREET

New York 7, N.

Transfer

15 EXCHANGE PLACE
Established

Y.

Jersey City 2, N. J.

1899

BEekman 3-2170

HEnderson 4-8525

Jim

Gahan,

E.
J.

F

Hutton

Barth

&

& Company; Charles
Bocklet, E. F. Hutton & Company; Jack
Co.; John Latshaw, E. F. Hutton &
Company (Kansas City, Mo.)

Blockley,

TOUR PRIME SOURCE FOR

a«NEW

ISSUES
BOUGHT

-

SOLD

-

QUOTED

for Banks, Brokers, Institutions

9tdneu d SIEGE!
'/ A:\. jtic.
39

Dlgby 4-2370




J

Broadway, New York 6, N. Y,
Teletype No. N.Y. 1-5237
Martin

Gilbert,

Watts

&

Van Alstyne, Noel
Co.

(Baltimore);

&

Joe

Co.; Mike Cito, R. S. Dickson & Co., Inc.; John Yeager, Baker,
Scheidecker, Coffin & Burr, Incorporated; Mel Ackerman,

Coffin

&

Burr,

Incorporated

Volume

Hal

193

Number

Murphy,

6052

...

A

Supplement to The Commercial and Financial Chronicle

Commercial & Financial Chronicle; Joe Monahan, J. A. Hogle & Co.;
National Quotation Bureau; Ed Welch, Sincere and
Company (Chicago)

Lou

Thursday, May 4, 1961

(21)

Walker,

Dick

Feldman, Granbery, Marache & Co. (Syracuse); Wesley M. Bishop, Smith, Bishop & Co.
(Syracuse); John J. Kelly, National Association of Securities Dealers; Jim Gavin, Merrill Lynch,
Pierce, Fenner & Smith Incorporated; Joe Foley, Merrill Lynch, Pierce, Fenner & Smith Incorporated

Gearhart & Otis, Inc.
74

Dominick

Dominick

&

Members New York, American and Toronto Stock

14 WALL

UNDERWRITERS

in

Teletype: NY 1-576

Portland, Oregon

AND

INVESTMENT

Direct

WHitehall 3-2900

Exchanges

STREET, NEW YORK 5

Buffalo, New York

OF

Trinity Place, New York 6, N. Y.

DISTRIBUTORS
SECURITIES

private wires to correspondents

principal cities through the United States and Canada.

Robert Garrett & Sons

Baltimore

•

J. M. Dain & Co., Inc.

Minneapolis

Townsend, Dabney and Tyson

Philadelphia

•

Butcher & Sherrerd

•

Refsnes, Ely, Beck & Co.

•

Moore, Leonard &

Cleveland

•

Davis & Davis

Davenport

•

George D. B. Bonbright & Co.

Boston

William Blair &

Company

Chicago
McCormick & Co.

Chicago

Ball, Burge & Kraus

Quail & Co., Inc.

Phoenix

Listed

Lynch
Pittsburgh

&

Unlisted

Securities

Providence

Rochester

Baker, Simonds & Co., Inc.
Detroit

The Pierce,

Los




•

Norman C. Roberts &

Schwabacher & Co.

Jacksonville

Stern, Frank, Meyer & Fox

The Milwaukee

Smith, Moore & Co.

•

Carrison, Wulbern

Corporation

—•—

Angeles

Company
Milwaukee

Canadian

St. Louis

•

Canadian
•

Company
San Diego

San Francisco

Michael J.

James Richardson & Sons
Winnipeg

Affiliate—Dominick Corporation of Canada

Heaney & Co.

Members American Stock Exchange

Correspondent
120

BROADWAY

•

NEW YORK 5, N. Y.

Telephone WOrth 4-4176

Thursday, May 4, 1961

(22)

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

:

\

'

'

UNDERWRITERS
INVESTMENT

DISTRIBUTORS
DEALERS

SECURITIES

BROKERS

UNLISTED TRADING

DEPARTMENT

'

1

*

★

★

W.

M. L. LEE &
135

Rowe

CO., INC.

Rowlings, Boston Safe Deposit & Trust Co. (Boston); Duke Hunter, Wellington Hunter
(Jersey City, N. J.); Gary Galdun, Wm. J. Mericka & Co., Inc. (Cleveland);
Mike Growney, Gregory & Sons

Associates

BROADWAY, NEW YORK 6, N. Y.

Telephone COrtlandt 7-3708

Teletype NY 1-62

1

1961

UNLISTED

SECURITIES

SPECIALISTS SINCE

1922

Harry

Peiser,

Ira

Albert

Haupt

&

Co.;

Frank-Guenther

Tom Costello, Albert Frank-Guenther Law, Inc.; Quintin
Law, Inc.; Charles O'Brien Murphy III, Mackay & Co.

Smith,

INQUIRIES INVITED

JOHN J. O'KANE, JR. & CO
ROBERT N. KULLMAN
Members

42

New York

—

MANAGING PARTNER

Security Dealers Association

Broadway, New York 4, N. Y.

Phone—DIgby 4-6320

Teletype—NY 1-1525

Frank

Orlando,

Goodbody

&

Association

Co.; John Meyers, John J. Meyers & Co.; George Rieber,
Security Dealers; Gambol Dunn, Dunn & Taylor

National

of

I
|

j

Investment

I

-I

'

'

John J. Meyers
WHitehall

3-2850




•

30

&

Broad

Co.
St., N. Y. 4

Bill

McGovern,

Blyth

&

Co., Inc.;

Gregory

Joe

&

Hayes, Eastman Dillon, Union Securities
Sons; John Cirenza, Gregory & Sons

&

Co.;

Joe

Farrell,

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

(23)

GRACE NATIONAL BANK
OF NEW YORK

COMPLETE

CLEARANCE

FACILITIES

FOR

LOCAL

AND

Brokers

OUT-OF-TOWN
and

Clearance

Department

HANOVER SQUARE,
Milton

Goldstein, Hay, Fales & Co.;
&

Irving Silverherz, Hay, Fales &
Co.; Bill Candee, Candee & Co.

Co.;

Irving Feltman, Hay, Fales

Member Federal

Dealers

NEW YORK 15, N. Y.

Deposit Insurance Corporation

TELECHROME MFG.

F.X.R.

JAMESBURY CORP.

NUCLEAR DEV. AMERICA

C-E-l-R

COLEMAN ENGINEERING

LIQUIDOMETER

GOVT. EMP. INS.

Call

"Les"
Sidney

Jacobs, Sidney Jacobs Co.; Sylvester Bies, Edward S. Ladin Company; Arnold
Ogden, Wechsler & Krumholz; Joseph Lann, Joseph J. Lann Securities, Inc.;
Nahum Birnbaum, Birnbaum & Co.

"Nat"

"Tom"

"Frankie"

Wechsler,

•

GERSTEN
Members N. Y.
150

& FRENKEL
Security Dealers Association

BROADWAY

NEW

Telephone: DIgby 9-1550

YORK

1923
Tom

Lynch,

Frank

C.

Master son

&

Co.;

Joseph

Eagen,

Frank

C.

Master son

&

Co.;

David

Magid,

38, N. Y.

Teletype: NY 1-1932

1961

Trading Markets
Retail Distribution
Floor

Brokers—Specialists

HILL, THOMPSON & CO., Inc.




70 WALL STREET-NEW YORK

Frank C. Master son & Co.
Established

1923

Members American Stock
74 TRINITY PLACE

Telephone FIAnover 2-9470

Exchange

NEW YORK 6, N. Y.

Teletype NY 1-1140

Volume

Thursday, May 4, 1961

(24)

193

Number

6052

...

A Supplement to

The Commercial and Financial Chronicle

BROKERS & DEALERS
IN

UNLISTED SECURITIES

T. L. WATSON & CO.
Established

1832

MEMBERS

New York Stock

Exchange * American Stock Exchange

25 BROAD

ST., NEW YORK 4, N. Y.
Teletype NY 1-1843

Telephone WHitehall 4-6500

Our unique
are

Trading and Research facilities

devoted to helping other dealers
and

Bcb

Begley, A. G. Becker & Co., Incorporated; Jim Lewis, S. J. Brooks & Co. (Toronto); Charlie Lein,
A. G. Becker & Co., Incorporated; Ted Robinson, A. G. Becker & Co., Incorporated

professionals

JOHN R. MAKER ASSOCIATES
32

New York 4,

Broadway

N. Y.

PRIMARY MARKETS

COMPLETE TRADING FACILITIES

Hill, Darlington & Grimm
Members Netv York Stock

Exchange and other

leading exchanges
2

Broadway

Teletype: NY 1-4996

Offices In Principal Cities

SERVICES

EXPANDED
to

Inc.

New York 4, N. Y.

•

Telephone: HA 5-6200
18

Anthony R. Marino, A. G. Becker & Co., Incorporated; Howard Speer, Shumate & Company,
(Dallas); Charles Dudichum, Thayer, Baker & Co., Inc. (Philadelphia); Stan Peszka,
Montgomery, Scott & Co. (Philadelphia)

serve

DIAL direct to

you

our

better...

NEW trading room

for markets

HAnover 2-8422
j

"Specialists in Sensible Over-the-Counter Stocks"

George, O'Neill & Co.
Incorporated

30 BROAD STREET, NEW YORK 4, N.Y.
NEW YORK

•

FORT LAUDERDALE




•

MIAMI

•

BEVERLY HILLS
Jack

Wertheim,

Wertheim & Co.; Tom Greenberg, C. E. Unterberg, Towbin Co.;
C. E. Unterberg, Towbin Co.; Lewis Frazier, J. A. Ludlow & Co.

John

Schneider,

Volume

193

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

Harold C. Shore

&

(25)

Co.,

Incorporated
50

BROAD

STREET

NEW YORK

4, N. Y.

Telephone: WHitehall 3-6750

Ed

Teletype: NY 1-5126

Rosenzweig, Ladenburg, Thalmann
Ghegan, Edwin L.

Tatro

& Co.; Frank
A'Hearn, William I. Rosenfeld, Jr. & Co.;
King
Company; John De Marco, Edwin L. Tatro
Company

S.

WEINBERG,

GROSSMAN
& CO.

INC.

Members
N.

Y.

Security Dealers Ass'n

Render

a

in

Unlisted

all

brokerage service
Securities

for Banks and Dealers
40

Exchange Place, New York 5
Phone:

WHitehall 3-7830

Teletype No. NY 1-2762

CORPORATE BONDS
ODD

Contact
Donald

Ghegan,

Edwin

L.

Tatro

Company;
Kaplan,

Howard

Jim

Crystal,

Ladenburg,

guest; A. T. Geyer,
Thalmann & Co.

A.

T.

Geyer

&

us

LOTS —ROUND LOTS
for bids

on

$1,000

Brokers

—

Underwriters

We

invite

lished
some

11 BROADWAY
K.

Grunebaum, New York Hanseatic Corporation; Kurt H. Grunebaum, New York Hanseatic
Corporation; Frank Ronan, New York Hanseatic Corporation; Paul Jacoby, Asiel & Co.




$100,000

Distributors

correspondence from estab¬

dealers
of

—

Dealers

our

interested in

details

on

issues.

J. A. WINSTON &
Peter

to

Co.;

WHitehall 4-6600

CO., INC.
NEW YORK 4, N. Y.

Thursday, May 4, 1961

(26)

Volume

Straus, Blosser
MEMBERS

YORKl STOCK

NEW

DETROIT STOCK

111

EXCHANGE

EXCHANGE

MIDWEST

-

Number

6052

...

A

Supplement to The Commercial and Financial Chronicle

M«Doweil

&

AMERICAN

-

193

STOCK

STOCK

EXCHANGE

EXCHANGE (ASSOCIATE)

Broadway, New York 6, N. Y.

Teletype: NY 1-1385

Telephone: WOrth 4-1155

CHICAGO

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MT.

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CLEMENS

Stan

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Established

Corb Liston, Prescott & Co. (Cleveland); Frank
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1928
We

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a

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'

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in

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including

PUBLIC UTILITY—RAILROAD—INDUSTRIAL
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We

to Service
With Retail Distribution

Your

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FOX

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BROADWAY, NEW YORK

5, N. Y.

Teletypes

Telephone

REctor

Firms

Particularly Adapted

are

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1-944

&

NY

1-945
Frank

Vaccaro, Cruttenden, Podesta & Co.; Elliott Glasser, Bache £ Co.; Louis Ciffohe, Bache & Co.;
Raymond Ramos, Bache & Co.

UNDERWRITERS—DEALERS—DISTRIBUTORS

Wholesale and Retail Dealers
in Unlisted Securities

Active Markets in New Issues

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Members

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Telephone: HA 5-5570

•

Teletype: NY 14949

Trading Dept.: BO 9-6244

Direct Wires to San Francisco and Los Angeles
Bill



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I

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Gibson, Mohawk Valley Investing Co., Inc. (Utica); Gayle Williams, Kidder, Peabody & Co.

I

Volume

193

'

■

Number 6052

...

A Supplement to The Commercial and Financial Chronicle

Thursday, May 4, 1961

(27)

Brand,
Grumet
Seisrel

inc.

Est.

Ed

Members

Zinna, Smith, Barney & Co.; Jack Honig, New York Hanseatic
Corporation; Anthony T. Sansverie,
New York Hanseatic
Corporation; Harold Fuchs, New York Hanseatic Corporation

New

49 West 33rd

1927

York

Stock

Exchange

Street, New York I, New York

LOngacre 5-0500

Correspondence invited
Ed

Welch,
Equitable

Sincere and Company (Chicago); Edgar Hardy, Pennsylvania
Railroad;
Securities Corporation (Nashville); Les Thorsen,
Glore, Forgan & Co.
John
D.
Ohlandt, New York Hanseatic Corporation

Joe

Hutton,
(Chicago);

r

from

underwriters

distribution

as

seeking wider

well

distributors

as

seeking participation in
issues

new

of merit.

J. I. Magaril Co.
37 WALL STREET

NEW YORK 5, N. Y.
WH

Edward

J.

McElhiney,

Smith,

Barney <£ Co.; Louis S. Levine, V. K.
Magid, Hill, Thompson & Co., Inc.

Osborne

<ft

Sons, Inc.;

4-2359

David

Albion

Vestal Securities
CORPORATION

SECURITIES

CO.,

INC.

Underwriting

Underwriters

—

Dealers

—

Distributors

Distribution
('
j

52




Broadway

New York 4, N. Y.
Dl

Ferd

S.

52
NEW

Broadway
YORK

4, N. Y.

4-7310

Vestal, President

Active

Trading Markets
WH

1

3-0527

,

(28)

Warren

Volume

Thursday, May 4, 1961

Shore, George, O'Neill & Co., Inc.; William Gregory

193

Number

W.

III, Gregory & Sons; George E. George,
Friedrichs & Co. (New Orleans)

J.

George, O'Neill & Co., Inc.; Parks Pedrick, Howard, Weil, Labouisse,

Angelo

Lombardo,

New

York
Hanseatic Corporation; Jerry
Donnegan,
Corporation; Jack Scott, J. W. Scott & Co., Inc.

Service

New

York

Neill

Hanseatic

Basic analysis

*

6052

...

A

Supplement to The Commercial

and Financial Chronicle

Warkentin, Harris, Upham & Co.; Henry E. Lautz, Harris, Upham & Co.; Joe Titolo,
Upham & Co.; Bill Wittich, Hill, Darlington & Grimm; Stanley Waldron,
Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mallin,

*

Barth

Thomas

&

Co., Inc.; Frartk Jannette, Barth
H. C. Keister & Company

Thomas

&

Market facilities

Singer, Bean & Mackie, inc.
Members New York

40

Security Dealers Association

Exchange Place

New York 5, N. Y.

HAnover 2-9000

NY 1-182 5 & I -4844

FIRM TRADING MARKETS
IN OVER 450 STOCKS
■

'

1

■

'

■

Direct Wires

'

to

Burton J. Vincent & Co.
.

)'




Saunders, Stiver & Co.

Dallas Rupe & Son, Inc.

Chicago

Cleveland

Dallas

Evans MacCormack & Co.

Los

Angeles

Stifel, Nicolaus & Company, Incorporated
St.

Louis

Stone & Youngberg

San Francisco
Warner, Jennings, Mandel & Longstreth
Philadelphia

.

1

:

■

Co., Inc.;

Harris,

Paul Beerman,

Volume

193

Number

6052

.

.

The Commercial and Financial Chronicle

.

(1977)

application

A New Public Policy
Toward Bank Expansion
Continued from page
from

acting under

laws.

Holding

tions

and

tions

provisions
Thus

anti-trust
acquisi¬

stock

of

subject

are

the

transac¬

Clayton

to

action

partment's
america

against

Corporation

overriding

First-

in

ID 5 9,

decision by the Fed¬

a

Reserve

Board.

advice
to the

of

the

Justice

contrary.

followed with
to

Department

to the usual
statutory bank merger where the
purchase or acquisition of shares
in

the

Act applies

ordinary

is

sense

merger

measure

considered

was

for about

forms

ous

Congress enacted the
merger
law.
This

bank

in

vari¬

10 years dur¬

ing which time numerous hearings
held.

were

There

that

advocated
control

stricter

For example,

Association,

asked

al¬

as

Independent

the

ways,

of

support

and,

Congressmen,

some

into

the Justice

the

with

Department

merger

written

be

measures

the law.

who

were many

Bankers

Congress

to

the

primary

This

Congress

Instead

it

mergers

regulatory

agencies

the

Department in

Justice

and

visory capacity only.
tion

of

under
Act

gave

jurisdiction over bank
to the three Federal bank

statutory

Section

The

ad¬

laws.

the

It

is generally

The reply
bank

of Congress to critics
was the enact¬

ment

of

year.:

It provided that, before
prior

merge,

the

13

May

on

commercial

insured

from

1062

S.

last

bank

is

consent

an

may

needed

Comptroller of the Cur¬

acquiring bank is
to be a national bank, the Federal
Reserve
Board
if
the
acquiring
if,

rency

the

to be

is

member bank, and

the

if

acquiring

the

interests

ards,"

acting

request
tive

on

a

"In

stand¬

the competi¬

on

involved

factors

Attorney-General

shall

merger,

a

report

a

bank.

uniform

of

be

the law, "each agency,

says

before

is to

bank

insured

non-member

the FDIC

from

the

and

the

other

said

it

that

to

wanted

the

Justice

outweigh the competitive factors,
and that the competitive factors,
however

able,

favorable

the decision.

controlling

on

of

the

course,
not

are

tion

of

the

And,
agencies

banking
in

bound

the

by

unfavor¬

or

not in and of themselves

are

their considera¬

factors

competitive

report

of

the

Attorney

General."

The

law

provides that,

before
a

is

approving or disapproving
the appropriate agency
required
to
consider
among

merger,

other factors:

(1)

The

condition

of

and

history

each

of

the

banks

involved.

The adequacy of its capital

(2)

structure.

(3)

Its

earnings

future

pros¬

pects.
(4)

Clayton
in

bank

for

The general character of its

slated

for

June

powers

consistent

are

wLh

the purposes of the Act.
tion

on

effect

of

the

transac¬

competition, including

found to be in the public
the

before

5

trial

the

for

Federal

would

any

proposed

interest.

merger

in

Philadelphia, the Comptroller of
the
Currency,
acting independ¬
ently as provided by tine new




Banking

result

sell

the

Clark, said that
weighed

that

holding

in

Now

let

in New York State. Tnis
produced after five

State

imposed

a

that
lasted
July 1 of
The Independent Bank¬

holding
from

companies

January

last year.

to

1957

Association advocated that the

ers

freeze

that
to

New York
"freeze" on bank

of deliberation.

years

made

be

permanent

status

the

and

regard

with

quo

branching be maintained in the

state.

The Legislature, after weighing
bank

state

decided to allow

to
be
under

companies

holding

established,

to

and

supervision

grow

addition

in

effect.

regulation already in
might add that the New

I

State

Association

Bankers

supported this decision.

The Leg¬

islature

to

also

decided

allow

City commercial banks

saving's banks to branch into

the

counties

neighboring

Nassau
So

now

we,

a

of

Westchester.-

and

that

see

Washington
and
York, lawmakers,
ating

twice

in

in
New
after deliber¬

once

said in each case

to bank expansion. It is im¬
pressive that these three measures

yes

of

shareholders
to

and

(3)

public policy help or
competitive position of
this

Does

policy

allow

growth—branch banking or merg¬
ers, for instance?

it

its

Will the attitude of govern¬

(4)

con¬

ment

larger

hurt

agencies

my

invest¬

ment?
too

not

since

long

the

lished

book

banks

bluntly,

New

In many

directs

branching

where

especially

&

and $500

Picture

million of related assets

and

tion

but

be

can

tailored

to

meet

Gain in

vs.

Competition

the

when

the

the scales of the Jus¬
tice Department, almost all bank

for

I

May

weighed

observe

that,

on

tion: "Mr.

public
many

the

extent

competition
ment

and

which

to

*An

is

retarding

how restrictive laws are pre¬

In any
event, competition lost should be

of

bankers,

Chairman,

by Mr. Schapiro bef-re
Savings Bank Officers
Mass., April 25, 1961.

Karasik

Co., Inc.

Net

the

and

the

from

will

shares

common

closed.

books

the

proceeds

sale
be

company
for promotion
advertising of its dye markers
and shark repellent products, to
increase dye inventory, and for
and

The

the

of

balance

used

be

and supplies.
proceeds will

of casings

purchase

for

working capital

un¬

Co.,
produces

Dyechem

N.

Yonkers,

Y.,

markers and shark repellents.

authorized
Air

for

have

products

company's

new

laws

are

other services'

and

life-saving jackets

and

rafts.

is presently

limited to sales to the
the company plans
non-governmental

Armed Forces,

the

enter

to

a r

m

k

e

t.

Management

there

that

for its

give

is

a

potential

believes
market

products in the boating and
industries, as well as for

aircraft
water

skiing

equipment

diving

skin

and

manufacturers

companies.
The super¬
visory agencies and the banking in¬
dustry are now learning to live with
these new, relatively untried laws.
The
Justice Department,
under¬
standably not satisfied
with its
limited role of advisor, is seeking

Authorized
company

of

capitalization of the

consists of 990,000 shares

common

stock.

the

tion

of

there

will
of

shares

be

Upon

current

comple¬

financing,

outstanding 310,000

common

stock.

Unbilled Balance
and Number of Employees
Three

March

holding

in guiding fu¬
bank growth and expansion.

greater

authority

will emerge a

tory

clarification, under¬

by the
regula¬

and

agencies,

and

the

New

period from shipbuilding, ship con¬

and other work $ 41,454,855

$ 38,206,455

Estimated balance of major contracts

of the

period

.

.

.

•

•

L,

At March

27, 1961

23, 1960

unbilled at the close

$478,622,327

.

number of employees, on a

Eq uivalent

working during the last week of the

The

Company

reports

State

the

income from

$300,975,906

15,863

15,673

40-hour basis,

period

.

long-term shipbuilding contracts on

period will therefore vary from the
to possible adjustments resulting

subject

York

the

repairs, hydraulic turbines

At March

any

panies.
In

1960

•

banking

industry on public policy toward
bank mergers and holding com¬

bus

March 28,

and from them

agreement
Department, the

standing,

during

versions and

I believe that these current dif¬
pass

Fiscal Months Ended

27,

1961

Billings

such income for
and estimated unbilled balances are

the percentage-of-completion basis;

billings on the contract. Contract billings
from statutory and contractual provisions.

Omni¬

By Order of

Banking Act of 1980 has been

subject to almost continuous test¬

ing since its enactment. Recently
the
Banking
Eoard
denied the

April 26, 1961

and

supplies.

—

aspects of mergers and bank

Al¬

though Presto Dyechem's business

Quarterly Statement of Billings, Estimated
of Major Contracts

The

standard equipment

as

Force

es¬

bank
expansion and, in their practical
application, each involves the in¬
terpretation of certain statutory
directives governing the competi¬

Inc.,
dye
been

legislating such major banking
three

and

general corporate purposes.

laws.

These

of

used

the

by

exception to the historical pattern
of

of

stock at a price
share has been over¬

per

noteworthy

a

an¬

offering

common

of $2.50

ques¬

can you

Inc.

Co.,

their

110,000 shares of Presto Dyechem

stockholder

logical

&

that

nounced

stockholders,
public, the Justice

anyone

the

ad¬

an

address

Boston,

Frank

a

think

venting needed expansion.

Department to

Stock All Sold

discouraging investor interest,
market quotations for commercial
bank shares might return to a dis¬
count from book value.
I can't

banks

was

when it relegated

year

Presto Dyechem

year?"
growth factor in commer¬
cial banking is retarded, thereby

invest¬

in stockholder-owned

in Lie

not found

Massachusetts

Club,

If the

destructive

of

visory role only.

more

interest is thereby hurt,
questions, depend upon
circumstances. They include

other

last

the Justice

good reason why we should
continue
this
business for
one
us

competition.
How
serious this loss is, and how the
loss

some

all

—

success

conclusion, might I add that

aware

is

reserves,
stood at $53.84 at
year-end, and he knows that
market will pay him only $40
his stock. And so he rises to

his feet and asks the

show

acquisitions

and
of

mergers

involved
the

to

are

just told that the per share
book value of his bank, not count¬
ing

Loss

banks

basic

Of this Congress

was

requirements of public policy.

the

Clayton Act.

the
stock¬
questions
being counted.

One timid but puzzled

the

banking authorities to
adequacy of capital,

these factors

asks

while the votes are

acquisitions need not
rigid affairs of the past

the

companies

investment in banks.

holders if there are any

bank

that
be

of

factors

chair¬

The

conditions.

routinely

man

subsequently divest
This illustrates

would

it

to

regard

the

Presto

annual meeting

an

these

der

with

holding

earning
prospects, character
of
management, history and condi¬

prohibited, this is still-true.

would be used to form a new bank

the

consider

places,

sidiary,

The First Western Bank
Trust Co., 65 banking offices

York

and

mergers

worth more

were

alive.

than

dead

with its other banking sub¬

at less than the pub¬
value.
To
put
it

quoted

try

California

ing that after merging

in

we

from
that remarkable
spectacle of seeing the shares of
major commercial banks in the
world's foremost capitalistic coun¬

realign¬

a

seat.
All
of the
legislation 1 re¬
cently enacted in Washington and

subscribed

is

It

are

private capital
seeking a profit although this fact
may at times seem to take a back
with

do better else¬

bank?

my

banking structure is
found in California, whdre Firstamerica
Corporation
settled
a
Justice Department suit by agree¬
Bank

I

can

emerged

such

for

Will

(2)

hinder the

assets.

Precedent

or

banks

commercial

that

operated

the

Shall I invest my money in

where?

divest
offices

to
certain

of

Trust

of

a

competition with other busi¬
In the marketplace, where

(1)

very

a

as

with

additional

for

banking,

for

agreement

an

related

ment

accept,

joining

in the
capital.
It

alone

not

sive, the investor asks:

of

Conceivably

necessary

to

fact

judgment is impersonal and deci¬

of the

share

in

is

law¬

policy

public

framing

enacted without the pressure

banking crisis,

a

become

may

its

market.

relevant

com

of

that

the

shares of that

at¬

in

another

or

company

precluded from

be

nesses.

bank branches.

because of

outset

and

total of 33 years, gathering

vast information,

were

is

to

Federal

York

market

itself of this bank.

all the testimony,

the

is

bank

Banking Act

was

measure

holding

a

com¬

a

in

Federal

and

state

makers

toward banks did not overlook the

In

Banking

re¬

41%

implies

managers

Banks Must Compete for Capital

con¬

assets

and

investment

If

com¬

regulatory

the

or

who would gain from

—

development.

a

The

cern.

and its absorption into

area

are

tracted to the

County Trust is already too large

County
enact¬

bank

statement

in the

Basic
among
the growth pros¬

pany,

the Board

by

County,

the commercial

bank,

the

consider

us

major

a

County Trust's total
nearly 50%

commercial

This

the securities of

as

seriously inhibited in
they would hardly

or

con¬

a

constitute

sources

bank¬

concluded that growth was absent

consistent
competition."

effective

sideration

tests

pany.

limits

beyond

County

nation's

companies.

these

giant

tests

same

other

"formation

bank

proposed

dition

New York State

Justice

tendency toward monopoly, and,
finally, the transaction must be
In

may

Judge Thomas J. Clary.

ficulties will

community to be served.
Whether or not its corpo¬

The

lose

authority

new

homework

of the

(7)

should

Meanwhile,
the action are doing

their

ture

(6)

the

If

Act.

mergers/

the parties to

management.
(5) The convenience and needs

rate

the

Philadelphia, it

Congress

tive

official

the
the

that

sentially permissive toward

Federal

the

centration of assets in Westchester

jurisdiction

Department

action

over

from

mergers

Department's

under

"make

various
banking factors in any
particular case may be held to

the

company

bank

and

crystal clear its intention that the

of

decision,

noted

tory

Justice

New York

noteworthy that in its re¬
port on S. 1062 the Senate Com¬
mittee on Banking and Currency

its

gress

is

It

In

the

to

Investors submit bank stocks to

im¬

few

a

in

the conviction that growth

pects of the industry and the

Westchester

banking agencies."

two

by

based

ing system.

institutions."

all

state Federal Re¬

bank
serve

a

believed that, in

ment of the Omnibus

mergers

on

con¬

banking

appropriate

belief is

This

essential

is

that

restrictions
be
statewide

S. 1062 last year, Con¬
intended to exclude statu¬

last year

of

of

New

of

prevent

to

enacting

Clayton

Passage of S.1062 Last May 13,1960

posed
trol

York

State

appropriate

was

mergers

continued.

was

part

Superintendent of Banks, G. Rus¬

exemp¬

bank
of

7

placed
an

the

with

approving bank mergers, pre¬
the
Justice
Department
from attacking such an approved
statutory merger under anti-trust

ask

Act.
do.

by Congress
responsibility

ease.

the

of

find

to

applying the new laws
the present impasse, in time,

will

involved

cludes

the

to

charged

exclusive

consideration

issues

for

place bank mergers clearly under
Clayton

bank

a

government agency,

a

specifically

the

refused

by

full

agencies

are

for

means

and

Department
such

searching

viewed

be

is to be

the authorities

Bankers and

company.

should

for approval

case

made.

it
is
hereby declared to be the policy

Board

(2) Whether approval of

with

"After

complex

in¬

not
b

recently, we saw the Justice De¬
partment move against a bank
holding company in Milwaukee.
Last year

the

of

7

holding

decision

clear

a

against the preamble to the Omni¬
bus Act, which states in part:

promises

Section

Whether

Clayton

bank

a

This

That agency then
suit that

a

volved.

new

form

of

more

And,

the County Trust
Company,
the largest
bank
in
suburban Westchester County, to

test:

(1)

Act.

witnessed the Justice De¬

we

eral

the

such

as

law, gave his approval, despite the

company

clearly

are

12

matched by competition gained if

the Bankers Trust

of

and

Company

25

the Board of Directors
Financial Vice President

R. I. FLETCHER,

26

The Commercial and Financial Chronicle

(1978)

Would

Why Gold-Backed Treasury
Bonds Should Be Issued
preciation of the

13

Continued from page

opinions. The resolution could not
prevail against the gold clause in
an instrument of the Federal Gov¬
ernment

itself,

the

though

even

within

in

time.

declared

court

set

to

currency

short

a

Had

the

the

resolution

wholly unconstitutional the

ensu¬

ing depreciation would have been

by 5 to 4, holds that it
must prevail in the case of any
other
type
of instrument. But
even though the gold clause in an

relatively mild one, due only to
deficit-financinig in- Washington,
the adoption of bimetallism, and
such measures.
The court having

obligation of the Federal Govern¬
ment may he said to retain its
existence, it is deprived of any

things,

Court,

neither of these two

done

but

having
declared
the
gold
possessed of certain limit¬

clause

unless and until holders
obligations demonstrate

ed, mysterious, obscure and yet
surviving qualitiies — despite its

they have been damaged by
substitution of legal tender

subordination to what
passes
for public policy at the
moment—the depreciation of the
dollar may proceed spasmodically

effect;
such

of

a

that
the

for currency convertible
demand into instrinsically
valuable coin. The Court takes its
currency
upon

temporary

go

far indeed,

two

position on the following theses:

but

or

four years.
$

the

maintain

the

and

currency,

equal

of

all

value

drawn

one

several

or

with¬

having

Congress

of lawful money from

categories
circulation,

directed the giving in

and having

exchange for them of other cate¬

gories, unit for unit, it is to be
presumed that such categories as
are
still
lawfully in circulation

equal value one with an¬
and that therefore no one
has been deprived of property nor
other,

damaged

this

by

public

policy.

have

interpreted

to

in

payment

mean

bullion

specified, or
payment in currency as measured
by the market value of a specified
quantity of gold of a specified
quality,
it
means
payment
in
or

money,
to

as

and it must therefore con¬
the regulation of money

by Congress.
"Four

held

members
the

that

regulation
a

of

regulation

Four held

in' all

the

of

resolution

alter,

a

all,

contracts,
in

all

a

but
is

and

respects.

that it is constitutional

bonds

(and not in the form

gold certificates,

as

or

of

like forms of

currency). One Justice held that
resolution

was

constitutional

respects, without exception.

Justice Stone declined to associate

himself

in

opinion

of

ever,

all

respects

the

other

with
four

the
with

general conclusion, how¬
he agreed, because he ap¬

parently perceived an inherent
inconsistency in the simultaneous
declarations
that
the
power
of
Congress to regulate the currency

credit

when

borrows. He

is

way

forts

left

to

the

gold

the

time

government

pointed out that the
open

ascertain

the

for

further

the

position

ef¬

of

clause, even though for
being its effect is neu¬

tralized;

and he would not ac¬
quiesce in so much of the opinion
as implies that the
obligation in¬
herent

in

the

nevertheless, in
to

some

perior
the

gold

extent,

to

the

not

bonds.'

rather

He

more

'is
and

stated, su¬
regulate

to

power

currency which

clause
manner

some

we

to be superior to the

the

taken

now

hold

obligation of

revealed

logical

himself

than

his

brethren of the

majority; although
like them, he was dazzled
by the
theory
of
absolute
sovereignty

impair private

the

power

the

contracts

foundation

all

of

nomic

life.

stance of the gold
the

was

the basis

in

real

eco¬

sub¬

clause—namely,

their

respective obliga¬
tions in an agreed medium—is re¬
vived from the suspended anima¬
tion in which the Supreme Court

measure

bonds

proposed

would

also

on

the subject

of value.

it

is

tion

For reasons indicated

possible
of

that

the

deprecia¬

the

markedly

dollar may be rather
retarded. Had the court

given the government the
sweep¬
ing' victory which was so widely
acclaimed by the press on the
day
t^e decisiohs came
down, we could

fairly have expected the rapid de¬




substantial

pro¬

categories,

notably

funds and the

acquire
their

Many

pension

institutions,

like, at home would
as a
basic part of

them

capital

vestments.

structure,
And

or

There
vate
in

dictatorship

which

forth.

the

outstanding pri¬

issued

securities

before

gold clause

1933

set

was

When the gold clause cases

being argued before the Su¬

were

Court, the writer caused to
be compiled a tabulation by years

maturity of all gold clause ob¬
ligations then listed on the New
York Stock Exchange.
The num¬
ber

not

was

the

In

year.

for any one
interval of over a
large

century, many of those
obligations have been paid off or
quarter

converted.
tion

The

would

lem

be

to

vertibility
been

this

leave

with

dealt

of

legisla¬

enabling

best

prob¬

when

con¬

currency

the

had

Need

for

Fiscal

is believed

United

States

Gold

proposed

Bonds

v/ould

bring about the orderly consoli¬
dation of the Federal public debt
at low

of

rates

interest, upon the
basis of an inviolable promise to
redeem it in gold some time be¬
tween 12 years and 57 years after
the
plan
was
put
into
effect.
After

30 %

years

of

an

average

increase in the aggregate national
debt
of
over
a
million
dollars
every

hour,

halt

the

ute

the

it

is

surely time to
redistrib¬

and to

process

of

obligations in
manageable maturities. Surely, in
a fiscal year when
average inter¬
est

mass

disbursements

million

dollars

country

should

and

aggregate

each

the

put

management

.power

of

hour,

of

one

this

ordering

its

interest

offer
that
in

they could be used

A

agencies

or

carrying

mercial

ernment

could
least

as

fund

or

as

this

well

as

make such

No

gov¬

States

of

loan

decided,

were

basic

policy,

loan.

a

Stranger to

Balanced

There

has

oeen

made of the international

deal

balance

of

payments in the discussion of
the movement of gold.
The bal¬
of payments has been a par¬

ance

ticular

these

lines

the

of

concern

for

of

writer

long

years,

many

before, in fact, it was picked up
in .public discussion of war debts

of money,

er

ments

in

Times,

balances

of

pay¬

Antiquity and Medieval
well as in more recent

as

centuries

with

the growth of public

the

and

led

his

to

Secretary

association

Treasury

the

of

W. G. McAdoo in the work
Fan

American

ence

Confer¬

1915, and the Inter Ameri¬
High Commission of Ministers

can

of Finance which that

established.

conference

The balances of pay¬

ments of American countries with

Europe,
were

and between
matter of

a

themselves,

daily

preoccupa¬

tion in those years.
A few

credits

-

days after the first large
of $100 million each —

—

opened by the Treasury for

were

Great Britain and France in

outset

contemplate
be

Mr. McAdoo

memorandum
the

urging

all

such

a

that

credits

arrangement, to
in whatever in¬

an

incorporated
should

struments

1917,

close

the

mark

of the war,

charged with preventing disturb¬
ance

of the normal financial trans¬

actions
travel
the

arising

the

of

out

investment

and

belligerents.

of

trade,

Secretary

Adoo found the suggestions

esting, but the momentous
for

quences

that

at

Mc¬
inter¬

many nations have
crumbled
under the backbreaking task of

caring for every marginal element
in their populations as have
gone
down

under

foreign conquest.

earn

concern

transferring capital
assets, rendering services, or sell¬
ing
the

Institute

ago,

years

Economics

of

the

President

forth

set

that

of

Insti¬

the

A.

dent

priniciple.

Lowell

L.

in

letter

his

in

Robert

3.

as

the most mischiev¬

of

ithe

Brookings,
book

ous

Chairman

to

it,

20th

Century.

mission

included

John
M.

politan

scoffed at the idea
public

press,

international

massive

that

could

obligations

not

expert

Warburg.

guidance,

Under

the

and

all

their
Gold

guaranteed

"in

this

were

a

treaty

with

It will be

service, in the long

no

to the peoples of this hemi¬

run,

sphere

the other, to part with
our gold in some elab¬

or

the rest of

internationalization

orate

any

it by

postpone

case

such

serves,

for

genera¬

some

financial

The Econo¬

years.

gold

the international standard.

as

community

and

Recently

sonie

and

have become

of our own nubbanking
officials

truly lyrical in their

praise of the dollar, rather than
gold, as the monetary standard of

ciple

the

just

defined.

The

balance

of payments had been regarded as
abstract

some

of

formula

the

practical
decisions
of

economists,
with
bearing
upon
the

no

world.

There

vast differ¬

a

a

that

is

strong

so

rency

is

the status of

between

ence

it

cur¬

the

measuring rod of commerce, of in¬

vestment and of- price trends for
Yet, within a decade or; a number of countries outside of
less, the bulletins of leading'banks its own legal jurisdiction, and the

State.

in

this

other

and

countries, im¬
before
gath¬

public

addresses

and

portant

commercial

financial

erings,

well

as

meetings

political

international

as

all dis¬
balances of

were

international

cussing

In
Washington
and
i t a 1 s official stud'es

payments.
other

c a p

were

under

of

status

become

reality

of

specific

of

the

international

balance

formation

vitiated

and

almost

in

by

cancer¬

obligation
ccuntrv

to

vertibility

its

serve

primary

people

the

unless

United

the

of

currency
cannot

this

of

until

and

its

con¬

unequivocally

is

cf payments.

stored.

of

re¬

immediate restoration of that

Then came the crisis
liquidation.
From
Oc+ob°r

1929

the

until

convertibility
tember
cf

suspension
of sterling

of

the

in Sep¬

1931 the orderly processes

international

distorted, and

settlement

were

general acceptance

of

goods

services

and

made

in the

no

further

years.

Best

all

of

would

vertibility; but at the

commercial

and

the

movements;

international balance of payments

regarded
as
something for
public policy to fashion and chan¬

self

States

like

the

ducts

of

d'tioning installation.
ever

was

sion.

on

an

air-con-

The matter

present in public discus¬
the widest variety of oc¬
deal

any

with
years

to

it

of

by

governments

decree.

But

of bondage have

leave

an

impress

to

these

30

not failed
upon

the

concept of international payments,
which now, in the minds of the

majority of people,

no

longer

sug¬

the
con¬

least,

very

to

now

should

a

to

in

gold

at
or

its

dictable

future,

way

and

to

in

date

is

not

conversion

the

soon

that

drift into

a

into

some

determinate
notes

tie

which

pro¬

both

our

debt

bility into gold at

abouf the

even

pro¬

a

resembling

public

our

a

to

pre¬

measurable

adopted,

cross

and then attain far

be

of

If this

something

public debt will

until

it¬

its

of

maturity.

purpose

currency
convert

'

of return

public
long-term bonds payable

cedure,
in

commit

program

was

nel

be

in all honesty the Congress of the
United

it

authority
everywhere
undertook
to
regulate financial

a

an

proliferation of public debt.

The

at Geneva was

capital

area,

unmanageable and
ous

States

an

has

of account,

money

contrivance,
a
symbol, separated from the

mere

scale; and the League of Nations

on

which

currency

arithmetical

an

elaborate

way

a

mere

a

pre¬

the

re¬

political leadership of those years
were not ready to accept the prin¬

tensions

United States, when suddenly the

of

brewing

been

(London) celebrated the first
decade of the inconvertibility of

lications

tions.
The

has

as

the dollar had been substituted for

balance of payments, and must in

casions, notwithstanding the

prepared-to

of

the

of

reserves

States.

sterling that began Sept. 18, 1931,
by opining with much relish that

un¬

in peace
A number of Ameri¬

countries

conclude

was

circumstances,

and in war."
can

banks

monetary

im¬

to

Public

Fund

central

the

exchange

commission

International

an

lead to the internationalization

United

to

and

steps,

eventually

may

debt into

eminent

these

that

believe

actually taken,

normal

fail

restoration of

peril the

war.

Moore

to

as

which

convertibility by
gressive conversion

High Com¬

two

Bassett

son

if

now

for

The Inter American

bound up in
those charged
with responsibility for public pol¬
icy will soon take. There is rea¬
steps

mist

progress

the

on

The future of mankind

the

Sunday supplements of the metro¬

multitude of day-to-day decisions
make

-

vaguely hinted

Reviewers, whether
in
learned
and
professional quarters or in

nations

to

political involvements
to be too technical
obscure for the public mind

grasp.

is

the book

denouncing

proof,

the

from

Board of Trustees when
was

Presi¬

Harvard

of

resigned

University,

between

had

to

1

the complexity of the

now

supposed

and

in

Washington

Reserves

Monetary

economico
is

38

over

Our

And

goods.

Somewhat

the

he

than

moment

of

currencies by

—•

Internationalization

Warns Against

those

true reflection of the trend

equivocally

as

only to the

can

of

that

find

own

they

industrial

chiefly

—

notably in Europe.

abroad,

of the balance of payments as the

conse¬

balances

future

payments were of less
him

of

any

tween

history will

that

extent

tion

The

of

rencies than their

ernmental

whereby all intergov¬
obligations should be
by an international
liquidation commission expressly

investment

countries

taken

great

student

that

proposition

years,

impact of rising costs at home, the
acceleration of long-term dollar

reparation pay¬
violent

undertaking funda¬
mental research into the composi¬

over

the gradual shift of
the
public1: debt into relatively
close maturities,
and under the

make payments in other cur¬

can

of the

of

Financial

the

to

post¬

chain of commitments in the
war

But opposition was

tute, Dr. Harold G. Moulton, which

great

a

of both debts and
ments.

to the

Bretton
Woods
Agreements, the vast outlays of
the
war
years
and the endless
and

Tripartite

and the writer
cancellation forthwith

the

public

assqrance,

serene,

devaluation of 1933-35

the

first

of payments;

ance

urged

with

Payments Problems

largest
units of collective, savings
such
as
the
insurance
companies or
concerns.

With

would do to the bal¬

debtedneses

character,

in

authority has glided from one set
of involvements to another, from

in¬

published Germany's
to
Capacity to Pay (New York, 1922),
| in the
preparation of which the
writer
was
privileged to work

Convention,
whereby the sovereign ownership
of the gold entrusted to the Fund
for the clearinig of balances be¬

industrial

in
the

on

emphasis was

eign Affairs. Great

at

international

any

of

matter

a

ex¬

The

type

if it

agency,

com¬

to finance

or

United

the

of

make

the

over

operations.

particular

bonds,

from

tide

to

difficulties,

change

Clearance

the

paper

economic consequences of the can¬

payment of intergovernmental in-

collateral

credits

banks

devised

it does to

1921—a

February

the

of

Relations,

Foreign

gov¬

serve

adequate

as

short-term

for

would

314%,

borrower

means as

as

of

put upon what the systematic re¬

guaranteed

clause

gold

41-year

Paul

much to the poorest and
dependent individual in the

Council

loans,

as

20-year loan, say, of $30 million

Stable

pur¬

authorities,
interna¬
capable of
weighing the factors needed to
balance the accounts, and to allow
for
progress
and improvement.
tional

debtedness, and the Council pub¬

by such governments, in place of
large grants and loans in dollars.

men,

currency

dinners

earliest

the

cf

the

small amounts, to foreign

ernments

top-ranking

the

regulatory'

effected.

been

The writer likewise read at one

lished the paper as one of its

from

Order

that the

gests now to most people some
supervised adjustment, guided by

could

publications, antedating even For¬

brief

It

have

1929-30,

in

Settlements,

cellation of intergovernmental

States, these bonds would
a
material
advantage,
in

the writer gave to

restored.

coun¬

tries to the Bank for International

United

preme

of

American

of

number

a

diffusion of goods
and services across the borders of
autonomous economic systems.
The balance of payments sug¬
the

and

forces

furnished

have

economic

between

equilibrium

which the adherence

point of view of the budget of the

debt,

still

are

all

in

might
on

self-regulating mecha¬
to effect a sort of

tending

nism

was

in¬

as

from

even

treaty
treaty

of

banks

companies.

insurance

and

financial

central

reparation
payments.
The
it, we are headed for the and
gradual /annihilation of private, writer's interest in the relation¬
enterprise, and the" exaltation ofJ ship between the purchasing pow¬

country

above,

herein, but there
a

leaves

*

..

be

portion of them acquired by for¬
eign financial institutions of all

most

muddled

into the gold clause

converted

to
to

right of contracting parties to

chasing

genera¬

operation

be

long-term

the

Unless

tion,

them, too, he

ratified,

to

obligations into the
place on its agenda.

like

the

larger part of the gold earmarked
for foreign central bank accounts

lines

these

Thursday, May 4, 1961

.

gest some

its mind and
withdrawn.
Had
been concluded and
its smooth and simple

convinced that not only would the

cf

.

changed

Treasury
the

writer

the Federal
government. Private contracts are
impair

which has wrought such havoc in
the law
during the last

and

as

for¬

have intended
expressly

supposed to

reserve

is paramount and that the nation
is bound by the commitments of
its

to

its framers can hardly

contracts;
be

object

States

economic life."

respects, except insofar

whose

the

Constitution

The

measure.

bade

and

currency

stipulated

some

not

relates to obligations of the Fed¬

in all

lawful

relation

the

necessary,

between

governmental

eral Government itself in the form

the

as

merely

Court

is

at

money

of

unconstitutional

of

meant

That can
to fix and

and short-term operations

"(3) Whether the gold clause be

form

'to coin

power

regulate the value there¬

of, and' of foreign coin.'

possess

directly

Congress the

upon

conferred

Constitution

money,

categories of lawful money.
"(2)

"The

to

Gold

is

of

4-

-"!=

Congress has the power to

"(1)

regulate

coin

the next

over

Earmarked

Attract

The

.

the

300 billions,

higher figures,

only
will

prospect
be

left

of

will

perpetual debt, Or

obligation

maturity
represent

of

like
-

the

in¬

the
par¬

ticipation of the United States in
the

World

Fund.

Bank

and

Monetary

Volume

193

Number

6052

pipe

as

115,306,

gcods

are

cause

downriver

Oil

be-

stocks

inventories

are

assemblies

are

ina
?
p.eam,
completed in tne
,

modest buildup

a

SeTfll1Vovner0ntee
the

next

over

t.

rpontbs. That s the
purchasing agents contacted in the
metalworking
magazine Sv; quar-v
^

^ ^ ^

^

w

price decline

scrap

is

QUP,liap

No.

1

heavy melting

another

$1.34

The

ton.

$37.33

to

softer

slackening
increased

demand

ters

metalworking

industry

uicioiwuiiviiig

Steel survey

indicate

Comments
u

.^7+

j

through

the

like

of

.

.

confined

was

mostly

"This

to:

and
aim

Canadi^failures edSed
from 37
jasj.

0f

up to

year

1

Lumber

nartly

of

its

feet,

Shipments

this

1%

than

below

^

.

cording

Am?eleo

15>

Most

industry

nrefer

fon

rates

would
and

representatives

liberalization

saving

provide

would

faster writeoff

a

immediate

be

simpler

cash

to

by

0.9%

the

in

to

221,882,000

prior, week, acfrom regional
aav.aaa

to

22,

Production Data for

As

Ended April

previously
26 of

page

the

the

tonnage,

—

(see
the

American Iron and Steel Institute
has mater
Tally

report
at

the steel industry

on

The

ons.

changed its weekly

revised

a

percentage

the

of

operating rate based

HrnnnpH

nqoi

dropped

Ford

nnH

0.9%,

J°,'t
"'Vnilowifu*

artivitv
at
activity
at
J.), Lorain (O.)
City
Falcon-Comet

j

•

,

.

.u

w

thp

arP

thoulLndHf

as

I860, uvet-au productive wuduiv
over-all uruuuaive capacity

effec^We

index

of

production based

uioliv

fnr

?Le7ra|qe WGekly Productlon lor
°

mi

•

,

,

•

.a

.

The revised met,"od of report-

.

presents the

mg

Production

following

for

Ap^il 29.; 1961,

week

was

cats:
ending
tons

1.858.000

the

■

fianrpc

in

in

feet®for

board

previous

„19«L

auto

s

plants

the

all

tion

n

April
tons

29

Electric

085.4%),

43,740,COO
period
ex

27,041,000
33.2% bslow the

0133.1%)

in

the

yrouifn April 30 1989.
Institute
concludes

The
Inc

or

tons

to

WI

of

. h.

Ingot Production by Di3-

tricts, lor week ended April
1961, as follows:
*'C

develop.

reported

to

Some

reluctant

make

close

a

in

the

New

a

.

*111-'ex of

change occurred

T

Wholesale Commodity Price Index
Dips Moderately from Prior Week
—1 —Reflecting lower prices

April 29, 1!)(»1

103 -'

Buffalo

100

Pittsburgh

——_

Youngstown

______

Cleveland

,

freight

revenue

April

22,

533,435 cars, the
American

of

-i'

A

lard,

on

in

the

mu

i

latest

week

iaf,esi

.

w^.^-

Wholesale Commodity
Pnce Index, compiled by Dun &
A11U^A» UUII1^"CU uy -U""
Bradstreet,

date

Inc.,

stood

at

nnTn^v81

^
w

The
■

Output

4.4%

1960

in

22, were 11,049

Higher

the

Week

-

amount

-u

.

i

*

of

electric

,

i

energy
•

.

i--

in

street,

,

Detroit

industry for the week
QatnrdaV
Anril
was
Saturday, April 29

pnrpd
ended

estimated

Associa-

last

an-

Jnstilute.
^wh.

at

"14

September

week

week>s

t

the

of

714

previous

narc.

the

Cincinnati

103

St. Louis

113

Southern

Western

593,000,000' kwh.,'

or

Total

industry

__

moderately
it

and

was

un-

On May

the

in

320

from

occurring in the

This

t^e

I960

cars

of

cor-

and

an

41 1%

or

piggyback

loadings

15

first

of

weeks

,.

above
.

„

,

—^

corresponding

1 oca

^period of
S.

increase
Systems
originating
•.325...^^^: In-^tlie current

above: the

.comparable

last, year- and "the

:

,

raid
tl is
week

275

wl

wr en the toll was 326.
pn fhe toll was; 326.

-

.

-

Intercity Truck Tonnage in Week
Infercitv

-

,

Ended April

Failures

liabilities
involving
iiduiuuej
under $100,000 climbed noticeably
327

from

276

a

week

■

and

ago

among

with

large

losses

truck

cf

tonnage

oats,
hogs,

lower

quoted

were

n

v

interest,

was made on May 3 by
an underwriting syndicate jointly
underwriting syndicate iointlv

an

managed by Harriman Ripley &
Co., Inc.; Kuhn, Loeb & Co., Inc.;

weekly

rf

pre-

althcugh the toll in
this size group did remain higher
than last year's 38. In fact, with

99.7

producti n based ti
production fcr 1957-59.

Auto

Production

Increased
•

U<

for
4-

S.

the

from

month
V,

March,
Reports, said
Setting

*

week,

nounced.

this

car

of April

rising

9.7%

APri?/®3e 9;?%
Automotive
output

at

sale

of

the acquisition and importation of
capital equipment required for the
further development of the Norwegian

Food

j

11 ls

-

a

total

0f 31
ox
in

meats

and

not

Pnce

sum

pound
lJUUUU

er

pllLfc:
stuffs

the

Inc.

Index

f0odiUUU

raw

lc,w

use.

,

Week

Truck

tonnage

sinking-fund commencing in the
Fall of 1964, calculated to retire

Retail Trades

Hurts

Endcd

April

bonds by maturity. For

be redeemable at 100%, plus
u

the

cost-of-living index. Its

Weather

they will be redeemed at prices
ranging from 101% to 100%, plus
accrued interest. The bonds will
have the benefit cf a semi-annual

ad

of

general

.

For

able, at the option of Norway, until May 1, 1971, and thereafter

the sinking fund the bonds will

chief function is to show the general trend ot .f30d prlces at the
wholesale level.
Ba:j

146,

occur, ea

'

55, and

among
p.n

187

wholesalers to 35 from' 31.

t.h-p othpr hand,

slieht. dins

Cn the other hand, slight dips
peared

an-

ap-

in

construction, off to 59
60, and in commercial - serv-

ice, down to 26 from 28. Neither

,

no.ov,i0

and

direct, unconditional
obligations
of
the

general

Kingdom

of

Norway
and
.will
equally with all other loan

rank

indebtedness of the kingdom,
to

list

1he

new

on the Nsw York stock Ex"

change will be made by the Kir.gdom of Norway.

thK

As of Dec. 31, 1860, Norway had

m0d5at^h^n^ foil
ThI mo"f nb ceXe dicliLs from
,%°Jr^onciwfed in Sriea 5
y

•'

an(?l r^demP^iaa Ppce, of
^^onds
t,""
ot„,®e JVn,t?d States The
bonds will be

Application

effects of sales promotions
se^ the e
holding overall retail trade in the

acand

nn

i5iff-1

th*

26

ocu

last.

interest

3t'

rn

saies

01

totaI

a

population 'of

approxl-

mately 3,601,000 and

gross - na«onal product (at current prices).

of

35j657)000

kroner.

Gross

na-

W
^moderate c iDs 'tlonal Product in 1959 was 33,329 pare1' wh-le n.-°.e m°deiate cups 000 kroner. Agriculture, manufac■

reported

cniiaren s
children

in

and turing, and
mining, fishing, ship-

women s

apparel, iuiiinuic, floor ping,
aypaiji, furniture, uuui n^no.

coverings v,_vv,r,and draperies. Volume
+r.

liinens remained clo56 *0

fbat

sales

of

new

i„C4.

are

^

whnlpcalf
wholesale

among
n'"uu6

industries.

passenger

cars

but

thev

^tched a ■week eaihers but they
were
^ last ,year'
,

was

anH
and

retail
retail

frarlp>
trade

the «i6wi,uiiiu.vvaj o
largest of Norway's
Public'

debt

of

the

Kingdom of Norway as of Dec. 31,

196°- including direct funded and
f]oating debt> aggregated 9,051,476,000 kroner.
77"11Lr.nyY.11Y>r|
Jt\_JjLv3XXl Lillll

Tru-mc

J Olllb

/->u

Vjf|0F6?

J:

Or^clll

Charles H. Kuhnemund has joined

Municipal

Bond

Department

of Glore, Forgan & Co., 45 Wall
Street, New York City, members

freight South Central —6 to —10; -West
'• *
South Central —3 to —7; Pacific

of the New York Stock Exchange,

mon carriers of general
throughout the country.

among

from

to

jnterpq+

d

Bad "veather in many areas off_ bonds

weak

economy.

The bonds will not be redeem-

P0/4^Connn^eShandeiedrearmo^^ tefl ^4 "to-16; South Atlafltic
tean 400 teuck terminals of Tm? and Mountain -7 to -11; East

retaUers

from

from




casu-

manufacturers to 62

production

Word's

week's

trade

with5 'the'tek alnong

April

rose

Manufacturing and

.

9.75% Over March

passenger

n/r

for

average

the

will

initially be added
Norway's foreign exchange re¬

"

""Index

bonds

Tnp

Rr;iH„trppt

The total collar volume of retail trade in the week aaded this
3.1% behind the volume for the Wednesday was 4 to 8% below
previous week of this year.
the similar 1960 week, according
only two exceptions so far this
These findings are based on the to
spot estimates collected by
year, more large failures have ocweekly survey of 34 metropolitan
& Bradstreet, inc. KegiOnai
curred than in the corresponding
areas conducted by the ATA Deestimates varied from the comweeks of 1960.
partment of Research and Trans- parable 1960 levels by the foi owvious

121

from

proceeds

"

„

£he Dun & _Bradstreet

m

in the
week ended April 22, was 1.1%
below that of the corresponding
week
of
1960,
the
American
Trucking Associations, Inc., an-

casualties,

in-excess

1.1% Below

Corresponding I860 Week
Intercity

last year. However, there was
dio

•■

22 Was

and

hams, lard, beans, eggs,

Wholesale

1961

fhe corre=oondteg°'period

the

preceding week, reported Dun &■

Bradstreet,' Inc.
hfted
casualties-

of

of

L1

the

rebounded to 389 in tbe week
27

above

week

rye,

wheat,

potatoes,

s(eers and iambs.

week

increase

an

fjg^car^orVlOs^f

Commercial and industrial failfail
April

was

Cumulative
for

$100,000, to 42 from 44 in the

94
__________

loae'^oods.

eaternal

i
i qtc
If qn\/o7
UUJ
May 1, 1976, at 97V2% and accrued

M

the

year ago.

a

flour,

Commodities

represents

3^297
fbovTthe 1959 wee^

14,3i k000,003- increase

week,

ended

in

inc

ft 7%

nr

responding

4.4% above that of the comparable

ures

This

total)..

57,003,000

was

of

cocoa,

corn,

reported

cars

9^4^000000"'kvv'f ended April 15, 1961 (whicn were
kwiL, included in that week's over-all

at

total

'and

kwh.

fniggvback)

3 aLP.WjgX

were

Sugar}

2.1% above

14,254,060,000

Outout

below

those"

102

_

^cf fn?"' ^ Sm,th'

dipped

Inc.,

changed from

April

of

week

cars or

preceding week.
were 11,323

tainers

according to the Edison Electric

a

113

Chicago

_

A?P A/TQT»lrO'l"Orl
^ IVIdl Ke ieU

aeo.

this week to the lowest level since

loaced with one or more revenue
highway trailers or highway con-

*

CIS]ributed ,bT tbe flectr.lc
and cower

287

84
105

no

year's

the corresponding Barney
y & L°" Inc-

011

year

a

n

1961,

Railroads

There

to

90

last

over

same

NOT* WP PH £1T1
tdgid/li OU1IU.D

commodity price level dippt^d 5^%

■

No"th Ea,st Coast-_

the

England

'

253,302

c

Wee^Fndin^

.

decrease of 20% from

sales,

area
area.

the

we ;k -domcbred With 52
one
year
a?o
in -1959.. ;ii,'d 47 Tn the
corresporsdin« week
Some 13% m, ore business^
b
U
' !
Infot,-cumbed
than
in
pre-w&r
1939 " ""
1

2.7,

precedin
i

ri°d> while Jan. 1 to April 22

im.

243,811

;
Loadings in the

Than

through

year

amounted

the

a,

pe-•

shippers

not

shipments in the early part of the
week as labor negotiations drew

1959.

Business Failures Up Moderately

this

of

ended

week

totaled

were

for

ending April 22.

showed

to

of

Apr"22' Apr" 15' Ap,i123' and 274'82

pro-

week,

1950

week

store

same

4

51

■

week in I960. For the four weeks
ended April 22, an 8% decrease
was reported below the 1960 pe-

influenced by the possia work stoppage which

were

bility

w,Th

_

Loading

five-day

(:;:99.7%), a 4.1% increase and
output of 1.784.000 tons ("95.8%)
Production

In

year.
a

to

full

on

nrnHaion

22,

the

over

lasl

Federal. Re-'.

try

weeks tedicated

1.3%.

industry's

ivcu

the

department

April

loss

"

..

was

week ended April 15, sales showed

fell The Daily

orders

Foliowing^ are the_ figures

^

Shipments.—251,109

9anrl

the Jan. 1,

on

re-

loss

certain
other
decreases
in
the
northeastern section of the coun-

f^n

n^prc

and

•

thgtiyity^^at,

a

nation

Ccip.

no

Instead ana eiiective Jan. i, 1961'
Jan 1
rnsxeaa, and
lyoi,
the output figures are given as
an

h

cper-

formula

longer relates production totals

to

an

?

announced

was

8%

an

System,

serve

' overall week-to-week decrease of 1%.
19.9%, This sizable decrease and>ri°d

^atiye.
J
nounced. This was a decrease of 2 it stood at $5.97, down 0.5%
,r0,f.
week s automobile pro- 9^975 cars or 14.7% below the from the prior week's $6.00. This
-$uc !ai]'i^e"elai ^°Jors accaaa J corresponding week in 1960, and was the lowest since the $5.96 of
AM
fWn
a decrease of 115,884 cars or 17.8% Sept. 14, 1960.
relsJTrCbelow the corresponding week in
Gorp. 10.1%, AM Co.p
Higher in wholesale price this
sti-fienaker-Parkai
6.9%;
and

29

issue Dec. 22)

our

1961,

According

reports

factory:

In

:

reported.

nrprpdincr

increased

moderately

extended

sites

(N.

maintained
grams.

Week

last

wM.js'Afe.1'8' asjaffls&ac

-

ad-

minister.
Steel

period

A few one"day shutdowns took Freight Car Loadings for Week
i^asi ocpieiuuci
serves,
serves.
n
It is the intention of the
is
me
me
Place in other General Motors and Ended April 22 were 14.7% Below ' The Vholesale Food Price In- Kingdom of Norway that these
Ford plants, but American Motors
Corresponding I960 Week
deXj compiled by Dun & Brad- net proceeds will be applied to
Corp.
and
Studebaker
Packard

den^ecia-

of

like

decrease of 17%

a

April

Commared

auYafou^'Wi
'tntod.sw; sale
put
declined
10.1%,
shipments

shutdowns
biiuiuuwub

&

t

Sat,]rrfav
Saturday
Saturday

,.

Corvair

the

Perted.^For the four weeks en.ed

more.

Net
but

m-

yfar' For the wepk ended April

other

were

Were

with

compared

board feet

DeSoto

t-os

offset

Kansas

however,
favorable

mQre

a
-

tke weak ended April
s}:owed a decrease of

a".V

did

Behind 1960 Volume

&Tour shi^Ch^l^o^SrS
^n-l-Our shifts. Chevrolet ordered

is

a

preceding week
and 38 in the corresponding week

Quarmaking

Imperial

Ctievrolel

weeks

and

than

New Sltatoc
England and West North

(Mich.)

Vonevioiei

Metuchen

inadequate,
no
change
plants,
." Scattered praise

a

Ppntral

*!-«»

hrt,,
scheduled

"Incom-

plete,
gimmick,
stimulus,
won't
questionable.

-■

work

managers

these:

tolls

plant for the
Lumber
production
in
the
lmP'er]al car as~ United States in the week ended
i?\S ^ee April 22, totaled 233,426,000 board

co'iiDsnv's

were

Studded

more.

replies

words

were

executives

i

expected

where

12

t^rec
Fo"d

demise

^djustlrent
Fordl

from

car

for

the

<■>•«

15

,

cThc

shows.

to

,

used

since

is

j.AivA 1A0./A±0

ssr^jssffsss£\
ncdy's tax incentive proposals, a
had

cars

A wrthl

A?1'

yacated Dearborn

hot

blast furnace

of

metal.

The
xiic

new

T

seip¥^

and

States

Central

13.2%;

on

taken from
-

tile F„ederal Reserve Boards

register the greatest
last
year's

trailing

wag

sales

as

^ 2»area? s,howed decreases, week in New York City for the
sales ended
Boston
terminals
reflected

ot

^0]t Chrysler
p ?f1mgrr11n
0

reflects

South

terminals

More" bSsfne^es^faLd
More businesses failed

auto makers

.

c?l/\

r«v»

gross

a

market

export

use

dropped

62 fram 52>

UP' to

East

regult

to

Store

registered

901P:' facilities ,m0?x?ra^
PP°"
,lsn^e ' ,WanIs said.
p' clo^ed ds

ac-

celerating. Steel's price composite

the

Mountain

rose

semoiy in tnree 01 seven cnrysier

inventories.

in

continued

Detroit

store

country-wide basis

since early this year. Three
trucking
centers
showed
year-to-year decreases of 10% or

and

volume.

Department

1% From 1930 Week

Department

last

over

decreases,
traffic by

ended

^/osiiig^iff" its3Ford" Central States.

Co.

15%

North Central>

1UiU

Mo^or°

than

more

Down

gains—

P^dimtive week

135 515

.

each

year-to-year

Casualties
climbed
m0st sharply in the Pacific States,
up
to 83 ,fr0m 61j in the Eagt

Meicury site at Loa Angeles foi
,.^?s an^ suspension of as-.

of ferrous materials plan
coast along with hand-to-mouth

on

t

.

1

largest

Nationwide
Sales

Atlantic Region _held steady at
1G8, and those in the South Atlan-

previous

wlek-lon^ shutdo^s In
TX/rnrmifflr

Euyers

f The

d

the

at MinneapolisBirmingham showed

and

respectively,
in contrast, failures in the Middle

*.

1960,yfhe nations

of

e

terminals

Paul

27

anits
five-

,

S

St.

year's

and

">y

above 1860 levels,

ran

Truck

just

51?^?
A

had

Seven of the nine major regions
rep0rted higher tolls in the week

in

output was ade|line

are

predicts

metals

other lines

Wnrd\

low, buy-

are

for

Steelmakers

5tcel

service

c<°njPaie(I wit]h 407,!159
Marcl^ but-.equal to
^niy ?6-8% of 582,869 cars pro-

quick, shipment,
boosting output
stay competitive, but deliveries
still

statistical

the mont)h,

low.

in greater demand

gaining moderately.
is

the

service

nor

failures as in the similar
last year, but mortality in

many

week

■

a total or44/,«U3 new cars duiing

country

Bars, tool steels, and stainless
Since

a.'^

+

benefiting; from in- saia mat; tne industry turnea out

are

construction.

creased

to

(1979)

i-icorvc

Continued from page 9

to

The Commercial and Financial Chronicle

.

■

lid \J±

n

ing

.

i

OT? TT? A
AT\JTVTXFTYrTfiTT?Y Wholesale trade
± ±lJrx±yU Jrxly U L1M xJvJ UllV 1

QT A

k)

line

.

1

■

•

The ' terminal
wfink
wbek
over

showed
showed
a

year

survey

increased
increased

ago

in

14

! for

last

tonnase
tonnage
localities:

Coast —2 to —6; West North Cen-

Tra7
,

tial

Twentypoints reflected decreased +1
from
the
1960
level. —2.
tonnage

to
.

ro°

-'."muji.

__5''Middle

'

"

a

Atlantic

it

has

been

announced.

He (was

formerly with F. S. Moseley & Co.
1

IVinl

and prior to that
Tv„c,

rn^nanv

iT7i+V>

Tho

T\/rot-inp

with The Marine
rf

We-tern

New

to -*3; New England +2 to Trust Company cf We_tern New
York.

t

28

(1980)

The

Two

The Realities of Civilian
Continued

Total
these

net

five

electrical

plants

is

1961.

installed

watts.

Five

operation

late

1864.

central station nuclear

new

for

I

in

yv.

,

submit

of the

that, in view of the
achievements already realized and
of those confidently expected to

the

materialize in the

plants

power

scheduled

are

to

onto the line in various parts

come

country in 1961. These are
3,250-kilowatt reactor of the

Nuclear Experimental
Corp., at Saxton, Pa.; the 11,400-

nuclear

operated

by

Ohio:

the

station

city

the

to

of

kilowatt

duction in this country within the
next few years.
In 1958 we set

17.400-

Experimental

Reactor No.

be

Piqua,

commission's

future, not

only is nuclear power a reality
today, it is a reality due to play
an increasing
part in power pro¬

Saxton

kilowatt

near

Breeder

ing

2, which will furnish

competitive

from

goal of reach¬

a

nuclear

power

Testing
Station
in
Idaho:
the
22,000-kilowatt nuclear plant to

plants in high
cost energy areas of our country
in—as I have already indicated—

be

1968.

the

at

power

operated

operative
Elk

National

Reactor

the Rural Co¬
Association
at

by

Power

the

of

reactor

in

Point,

1868, I

York, at

No

Sixteen

Plants

Including
River

instances

nuclear

will

add

Point—by

these

made

plants

300,000

net

ing

generating capacity.

fuels

In

.

six

1962

are

American

nuclear

power

pacity

the
of

total

plants

nuclear

last

and

in

27

packages

shipped by air and sea to Camp
Century im Northern Greenland,

ca¬

where

already

it

assembled

was

;

over

In

with

of

plants

fired

reactors

ing

petitive

with

in

capacity

that

electricity,
the

could

U.

S.

that, through

hour

development

a

cf

area

thoroughly

Naval

Of equal or

and

feasible,

interest

er

tion

pro¬

of

pulsive

six

to

of

per

conventionally produced
high cost fuel areas.

plants

of

kilow7att magnitude—and larger—

already

in contemplation. One

are

of the most

in

significant happenings
pressurized water reactor

the

field in 1960, for
announcement

California

example,

that

Edison

inghouse

the

Co.

Electric

reached

was

Southern

and

West-

Corp.

agreement

the

on

made.

Co.

The Pacific

has

disclosed

construction of
w7ater
near

York

reactor

future

State

a

interest

the

relatively

group

utilities

has

of

New

recently

tion

cf

nuclear

500,000

looking toward the selec¬

a
reactor
system for a
plant in the 300,000 to
kilowatt range in 1965.




ami

confidently

are

have

made

the

around

world.

headlines

Now, a
cruiser,
the
Beach, and a nu¬

S.

Long
clear-powered carrier, the U. S. S.
Enterprise, are in advanced stages
of construction and will
to

soon

the

nation's

peaceful
S.

be

unit

two to three times the values thai-

be obtained in chemical

can

bustion

com¬

rockets.

Thus, they have
the capacity of putting into space
far larger payloads than would be
possible by chemical means. Nu¬
clear energy is, in fact, the key
to space travel—the only means of
obtaining the complete operational

independence from earth neces¬
to explore the planets of our

sary

solar system.
Nuclear

energy,

be called upon to
power

food and
will

aux¬

for

suc¬

flights into
will

power

controls

space.

needed

such

en¬

water,

as

oxvgen regeneration.
It
needed
to
power
com¬

be

munications,
equipment

scientific

continuous

other

and

manned

on

missions

manned

be

missions for

manned

on

supply the

necessary

vironmental

will

moreover,

and

and

to

low-thrust

for

power

propulsion engines.
Again, the great payload capac¬
ity of atomic energy per unit of
weight is | the answer.
The objective of our SNAP Pro¬
clear

Systems

for

Nu¬

Auxiliary Power—is the de¬

velopment

of

small, lightweight
nuclear-powered electrical gener¬
ators

for satellites,

special applications.

Nuclear

heat

in

\

7.

.

is obtained by the radioactive de¬

radioisotopes

cay

of

the

use

cf

highly

using

or

through

compact

very

reactors

enriched

uranium.

Other significant achievements in
this part
of the atomic energy

have been in the direct

program

conversion

I

of

should

like
of

now

to

atomic

turn

unlock

the

of

secrets

pests and diseases that in¬

destroy them.

or

In medicine

they have helped in the study of
cancer, leukemia, heart malfunc¬
tions, multiple sclerosis and ojher
diseases and have made possible
advances
in
medicall
diagnosis.
Over
2,500 hospitals or medical
now

the

use

radioisotopes

for

of

radiation

treat¬

of radio¬

uses

isotopes follow the principles
tablished with X-rays,
the

in

trials

measured

to

pre¬

cise standards by an isotopic gage.
Introduced in minute quantities
in

various

materials, radio¬
have proved their im¬

isotopes
portance
studies

of motors,

the

in

"tracers"

as

and

in

wear

lubricants;

the efficiency

study of

mixing operations,

such

of

those

as

conducted in the soap industry; in
the

discovery of

leaks

in

under¬

ground piping and in the tracing
of
flow
in
pipelines,
catalytic

crackers,

chemical

processing
plants and fluid owslurry systems.
Radioisotopes
now
are
used

routinely
to
ships, tanks,
tainment

inspect
welds
on
pipelines and con¬

vessels.

The
isotope
employed for
illuminating safety signs for civil¬
ian and military purposes — has

tritium

been

already

—

authorized

of radium

in

for

in

use

place

luminescent watches

The Office of Isotopes Develop¬
ment

recently

strontium-80

has

the

Arctic

to

this

will

developed

powered

weather station

tion

treatment

of

es¬

particularly
cancer.

But

by reason of the
flexibility of treatment
they permit, have greatly

ceasing to supply materials and
when adequate commer¬

services
cial

miles

automatic
installed

be

The

summer.

in

sta¬

readings
on
wind speeds, wind
barometric

stations

several

Success

away.

attomic

The Key
Still

loom,

to

more

*

in

in

the

space.

tional Aeronautics and

ministration

».

been

hundred

this

with

let

to

build

cesium-

a

137 battery for oceanographic in¬
vestigations at great depths. This
equipment will power radio tele¬
metry units for transmitting in¬

formation

surface

to

units aboard

receiving

ships.
of

uses

radioisotopes

investigation
water

have

tivities

and

the

events
use

The

of

Na¬

Space Ad¬

Atomic

En¬

ergy Commission have established
a

joint

work

by

office

which

to

control

of

water

bioassav

now

to

do
air

and

methods

of

po¬

beam

that

would

control

has been carried

organizations

within

agency to

develop nuclear

reduce injury to
.property damage in
AEC plants were so satisfactory
in I860 as to deserve specific men¬
tion.

for

missions.

space

number of

during

in

history.

received

having

of radiation in

helping to

pre¬

food.

the Award

achieved

Commission

research

radiation

have

assumed

extend
of

dose

classes

selected

outlined

is

plan

for

we

extension

by

of

lcw-i|

feasible;

specific

hours

for

The
for

the

for

mil¬

best

in

record

our

injury frequency
operations was 1.68
million
man-hours

AEC

injuries

per

worked, or 20% below the 1959
figure of 2.11 injuries per million
man-hours

previous
the

and

best

rate

The

injured

in

we

Of the lost-time

only one
radiation.
This

The

foods

certain fruits and

M.,

who

received

has

been

for

installation

might

ccnceritrating

add

on a

designed

that

we

overex¬

an

cf radiation from d particle
and

localized

lost

10

burns

days

due

face

of

and

The incident occurred Nov.

1960.
Four

1960

fatalities

occurred

AEC

operations.

in

death

that

was

of

during
One

professional

a

skin

diver

while

performing" assigned duties

the

at

who

drowned

was

Eniwetok

Proving Ground.
fatality was that of an
employee who was scalded while
The second

helping to pour soup in a kitchen
at the Nevada Test Site. The t ird
occurred

ployee

fell

killed

tion.

em¬

at

the

Accelerator

University. The fourth
when

by

an

wall

a

Electron

at Harvard
occurred

when

from

Cambridge

a

painter

a

fail from

Twelve

was

scaffold at

a

Testing Sta¬

fatalities

occurred

during AEC operations in 1959.

Unfortunately,

the

new

year

has not begun so auspiciously. We
have already had eight unfortu¬

deaths:

nate

three

Reactor

accident

in

one

falls;
in

an

This

is

one

every

at

I

are

SL-1

three

safe

in

offset

that

we

effort to make

our

the

accident.

proof

in AEC

that
of

to

the

Idaho;

by asphyxiation and

added

jcb

hopeful

in

in

automobile

cannot relak in

able

irradiator

fabricated

was
case

an

accelerator

have

develop¬

labo¬

employee
of' the
Laboratory, Albuquerque,

posure

8,

workers

,1960,

by

Sandia

to

of

404 compared

was

1859.

in

our

when

plants and

1860

involved

1957

1.95.

AEC

ratories in

below

of

number

with 497 in

N.

14%

vear

was

total

vegetables. The first experimental

I

three

lost-time

all

food

M.I.T.

Honor

of

over

—

months

and

in

contractors

lion man-hours without any in¬
jury to their employees. One of
these
the Sandia Corporation
plant at Albuquerque, N. M. —
achived a total of 14,936.000 man-

items

and

them.

we

food

and

research

a

refrig¬

shelf-life
food

development.,

ment

the

that

cf

radiation

have

low-dose

foodstuffs,

refrigerated

certain

for

to

of

use

determined

the

of

on

shelf-life

erated

in¬

year

year

any

Nine

the National Reactor

the

primary responsibility last spring
for

workers

calendar

the

than

lower

was

AEC's

and

the

year

this

I

am

remaining
will

we

poor

be

start.

the

limited number

have

tried

to

cover

some

of

principal advances which al¬
ready have been realized in the

and

private

do

extended

the

therapy.-

use

They

of
are,

this

form

of

moreover,

substantially
cheaper
than
cost of X-ray therapy.

tne

In( industry, radioisotopes have
found

out

cut

each

The

jured

of

wide variety cf uses, par¬
ticularly in process controls which

energy

field.

and

fatality

efforts.

Finally, progress in specific
areas of iso'opes development in¬
cludes that having to do with the

Since

of

efforts to

workers

successful demonstration will lead

the

consolidate

this

in

Our

develop¬

resources

disclose the presence
cf hidden
explosives and techniques to iden¬
tify the origin of ooium in drug

use

my

energy law provides for a
comprehensive system of licensing
and regulation of all private ac¬

hands.

traffic

close

mention

some

atomic

caused

a

Record
cannot

I

radioactivity. It is because cf the
overriding importance of safety in
all uses of atomic energy that the

injuries

and

reason¬

ularly safety from the hazards of

pres¬

long-lived fission product has
so encouraging that contracts

Other

at

so

safety of AEC operations,' partic¬

radioisotopes,
which

Space Travel

us

power

*

-

remarkable

before

atomic

power-

that

without

paper

greater

under

feel

been

under

do

can

prices.
Safety

I

for automatic transmittal to

manned

sources

able

a

collect

temperatures,
directions, and
sures

as

history.

clocks.

and

include fish and
area

ment, many of the

the

a

tobacco content

serve

agriculture, radioisotopes ate
tool, helping scien¬

In

vessel, is
sea

jure

It is virtually a cer¬
cigarette has had its

detective

important

the

level.

proper

industries; the development

in¬

and

began

a

of

growth of plants and animals and
cf

that

drug

dustry.

to

insure

in

diagnosis.

Savannah, the world's first

rapidly nearly her first

agriculture, medicine

tists

The

to

energy

Westinghouse

of cobalt-60.
In iso¬
in other areas, the Com¬
will continue its policy

radioisotope

a

to

used

in

tential usefulness in the food and

uses are an impor¬
reality today. Of more than
10,000
licenses
issued
by
the
Atomic
Energy Commission for
the peacetime uses of nuclear en¬
ergy, more than 8,000 are for the
possession and use of radioisotopes

In

levels

pollution; development of analyti¬

which civilian

an

that

are

was

ment;

Radioisotopes

field

another

of

of

of beer had been filled to the

can

cal

fleet.

uses,

gage

production of

electric power.
Use

are
proving in¬
liquid level indicators

as

closed vessels and containers.

with

the

pro¬

General

iodine-131.

and

mission

measurement

chances

using thermi¬

process

diodes for

onic

the

.

devices

SNAP

Electric

have

vehicles

space

and

density

Radioisotopes
valuable

for

un¬

supply

electrical

gram—meaning

the

of

commercial

started

duction

are

other industries.

tainty that

rockets
will
provide
impulses — or thrust per
weight of fuel consumed—

groups

added

atomic

maritime

nuclear cargo-passenger

in

announced sponsorship of a
major
private research and development
program

S.

Gas & Electric
its

in

and

U.

In

300,000-kilowatt

a

globe

nu¬

a

Nuclear

;

in

be

nuclear-powered

N.

Two
other
announcements
of
similar importance also have been

which

may

submerged,

throughout

had

of
a
375,000-kilowatt
plant in the near future.

nuclear

cruising,

the

con¬

struction

in

The historic feats of our atomic
submarines in navigating successfully beneath the Polar ice and
in

300,000

field

expected.

•

Significantly,

applica¬
for pro¬

spectacular

as

of

specific

space

great¬

even

the

already

greater magnitude

power

Plans for Large Plants

the

development
clear rocket engine.

in which accomplishments of still

seven

kilowatt hour — figures
competitive with the current cost

in

elude

in-

would

at

light,

energy

power—a

characterized

at

Facility

which

participate in the nuclear
progra m.
Subsequent

of the contract

measuring

ratories

at

Some

now

production cf isotopes
Abbott Labo¬

topes,

tant

been

nuclear

could be constructed which would
power

to

Air

perhaps

has

achievements

produce

shipped

the world.

units

mills

be

to

Propulsive Power

aimed at improvements that

gram
are

1961—

produce

kilowatt

per

in

heat and power for scientific ncrsonnel stationed in this isolated

pres¬

water

today under private financ¬
ing that would cost from nine to
mills

is

The plant will provide

power

ten

v

MoM.urdo Sound in the Antarctic.

300,000-kilowatt

the

range

such

construction

under

are

remote

a

other

This year—in November

plants

boiling

or

Two

pressurized water reactor, which
will
produce
1 500 kilowatts cf

country.

indicate

water

reactors

this

of

post.

a

com¬

phases

Private

began during 1960.

rubber, plastics, metal, paper and

se¬

rocket

tool.

isotopic gauges

ver¬

production

invitation

an

on

efficient

and

most

a

thickness of sheet materials in the

Pro¬

proposals

basis

Thursday, May 4, 1S61

.

the

year

Nuclear

.

in

industrial contractor would be
lected to

op¬

Wyoming and Alaska.

water

conventional

areas

studies

surized

that

ice

full

in

now

for

the

con¬

tests

an

and

and heat for

power

units

fossil fuels,
year's experi¬
have confirmed

opinion

is

reactor

military

competi¬
can
be

already nearly

are

in certain
Our

kilo¬

by

programs

tun¬

eration—the first to starti supply¬

past

our

previous

our

how7

nuclear

those

mental

electrical

of

matter

our

results

well

in

Greenland

~'7/7

The

oper¬

to

truly impressive figure.

the

tive

amount

million

one

watts—a

become

to

will

1962

and of

the

Joint

of

this

of

which

was

fabricated

cap.

expected

1,500-kilowatt

a

pcrtable nuclear power-plant1

begin production this
in

distinct advan¬
vk.b:-b

year

beneath

those

fossil

of

.'V

nels

able

areas

transport¬

supplies

'

in operation, of those expected to
year

of

clearly give the employment

Late

ca¬

production

be

of the

isolated

logistics

adequate

tage.

pacity.

Thus,

in

use

the

cf atomic energy a

more major nuclear
scheduled
to
reach

criticality during the year to add
nearly 30G,000 additional kilowatts
to

for

where

kilowatts to the nation's electrical

plants

would

power

wholly feasible and prac¬
applications of nuclear en¬
have been and are being

ergy

than

develop¬

fact that

at

combination

in

heat,

more

be

—

nuclear

be

Electric

the

of

2

cessful sustained

in Isolated Areas

being

are

series

a

Feb.

industry

would

iliary

complete without mention
tical

Indian

fuel

of

schedule

on

thereafter.

discussion

ment

to

power

two

and

conventional

with

1962

some

in

generated
Elk

by

right

confident it will be

am
soon

Energy

Y.

N.

goal

our

achieved

Consoli¬

dated Edison Co. of New7

Indian

If for any reason we do not

make

River, Minn.; and the 255,000-

kilowatt

large-scale

for

pulsion Office issued
to

completed
in
1962.
Added
equipment to
produce
approxi¬
mately 650,000 kilowatts of elec¬
tricity from this reactor is to be

capacity of

reactors

On

AEC-NASA

be

361,000 kilo¬

work

structed

that

the electrical requirements
Chicago and Northern Illinois.

5,000

satile

.

techniques in which

isotopes have proved

mental

from page 1

meet

gauging

are

successfully at design power dur¬
ing 1969 and higher power experi¬

I might add, incidentally, that
our new production reactor which
the station will
Tis under construction at our Hango back onto the line within the
ford
works
in
Washington will
reasonably near future to help
of

experimental

reactors for space use were tested

Atomic Energy Uses
anticipated

low-power

Commercial and Financial Chronicle

a

costs

result

in

to
a

manufacturers

better

and

product for the

consumer.

Foremost

among

these controls

foods

with

the

idea

that

a

industry to exoand the
technology to other food products.
The
for

number

the

use

of

of

licenses

issued

radioisotopes

tinued to increase last year.
all
the
total
rose
by 9%
1959 to, as I have

cated,

more

Included

in

than

licenses.

this* increase

was

a

12% rise in the number cf licenses
issued
to
industrial
users
of

isotopes.

uses

of

indicate,

future.

atomic

energy

I" promised to

as

What

still

lies

Thermonuclear

Over
over

to

at the outset, some of the de¬
velopments we foresee for the

con¬

previously indi¬
8,000

peaceful

The

thermonuclear

prcgrair^-directed
day

ahead.

Progress
research

toward

some¬

oroducing

power

useful electric
from the atomic fusion of

light elements
appears

—

has made what

to be promising progress.

Scientists

in

a

number

of labo-

193

Volume

ratories

building

are

machines

which

6052

Number

Variety of

a

designed

are

to

hold ions of the light elements in

.

The Commercial and Financial Chronicle

.

But

able

This

energy.

been

first step will

achieved

when

reach what is called the

temperature" for
which

"ignition

for

time

long

we

plasma of ions

a

confined

is

ficiently

heavier

release of consider¬

a

have

form

to

together

atoms with

we

be¬

closer to this than ever

came

stages of a pro¬

fore—using two

three-stage magnetic com¬

posed

summer,

machine. By early
we
hope to try
this

machine

with

pression

all

three

stages
in

succeeds

machine

the

Examines the
I want
after

bit

a

to look

our

step would be to try to

extend the period

of plasma con¬
help assess the pos¬
sibility
of
achieving
a
fusion
reactor that will yield more power
than it takes to operate.
to

words,

would have

we

reached the first goal of our pro¬

of controlled thermonuclear

gram

research.
the

Thus

atomic

of

horizons

us as, in¬
unexplored

energy

broaden before

deed,

do

of science.

frontiers
and

vast

before

the

all

Problems

complicated
in

of

lie

nature

fields.
The
realization of our hopes and aims
will
not
be
without
struggles,
without setbacks, without failures
and
on

us

many

disappointments.

our

are

we

Our achievements to

way.

have

date

But

substantial

been

encouraging.

look

We

and

forward

with confidence to what the years
ahead will bring.
address

*An

Mr. Olson before the
meeting of the Atomic Energy
Council, Oil, Chemical and Atomic Work¬
ers
International
Union,
Washington,
by

annual

D.

C., April 7,

1961.

brought

to

surprisingly mixed,

a

has

together a sort of
coalition cabinet, with the sensi¬
put

of

posts

Treasury

and

De¬

"placebo

going to Republicans.
For
Secretary
of
State,
he
picked

makes

Rusk, a
Rhodes scholar,
quiet, scholarly, greatly respected
by those who know him.
Then

bill has

Bowles—each

thought

have

to

of

whom

budgeting

top

others

him

call

to

"Mr.

the

modest

think

and

like

that need

to

lot

a

be

but

Names Comms.
■•'.•'..0-

I,

■-

The

■

•

■

•

;

*

Board

of

:. ■.' ■. ;;

r

.

Governors

the

of

been

National Stock Exchange has cre¬
ated six committees and
chairmen to
of the

them.

run

New Listings

Aaron

Committee is

Freundlich.

A.

appointed
In charge
C.

thus

Committee.
named

Hendrik

Committee

duct

Ahlers

was

head the Business Con¬

to

the

and

Rooms,

Property and Fixtures Committee.
National

The

received
from

its

Commission
stock

Exchange

franchise

Securities

the

tenth

Stock

as

the

last

&

year

Exchange

nation's

four-

It plans to

exchange.

initiate trading as soon as

its floor

In

fact, young President Ken¬

almost

precisely

cession

of

California

The

Association

Bankers

will hold its 70th

—

anniversary con¬

vention at the Fairmont and Mark

Hopkins
Speakers
be

at

Hotels
May
21-23.
the convention will

Hon.Walter

H.

Judd;

Carl

A.

On

House

turned

lias

On both occasions

a

earlier

idea

had

Bankers
over

a

Vice-President
the

Association

meeting

American

will

preside

of the California

members of the ABA.




spending will

yet no sign
that Mr. Kenned/ will achieve in
fiscal 1962

is

as

deficit

a

as

large

the

as

nearly $13 billion one Mr. Eisen¬
piled up in fiscal 1959.

hower

Actually,

thus

big

but moved

Here's

how

Demo¬

to

talked

boldly

Washington

a

that

of

him

team

—

The

been

the

New

passing

wit

dazzling
Harlem
Frontier,,

the

my

of

—

which confront
which

thus

our

far

nation and for
have

we

found

workable solution.

no

I

have
these

already mentioned one
problems—the failure of

at the peak of
the last recovery period, to pro¬
vide enough jobs to employ our
our

economy,

full

years

even

labor force.

the
pay¬

the

now

In
we
we

This situation became

flowed

so

of

the

dollar,

of

the

out

himself

acutely

of the balance of payments

problem. He gets high marks for
making it perfectly clear both
during the campaign and after
taking office that he means to
defend the integrity of the dollar
at its present exchange rate with
the

resources

Those

considerable.

Fund,

still

are

International

they

very

Including our gold
rights to draw credit

our

the

from

at his command.

resources

stock and

Monetary

to

amount

some

$22

billion.

has

ball

forward, behind, sidewise and un¬
derneath—a brilliant display—but

been

a

fascinating

paradox about the latest recession.
Every month for the past year
or
more
the total
of employed

has reached

persons

a

record high

for that month. Thus employment
in

January

was

the

highest

March, and will, I have no doubt,
be true for April, May and June,
so

en

Yet, in each of these months of
record high employment, unem¬
ployment also rose. The total by
February had
reached 5,700,000

largest

almost

20

years.

in number for
Moreover, many

these

of

unemployed had been
out of work for a long time and
had

exhausted

their

unemploy¬

ment benefits.

Now,

of

course,

of

this

has been due to
cyclical factors—the circumstance
we

have been in

a

recession.

an

the

that

started

of

had

state¬

the/ dollar

on

run

last Fall.

Losses

diminished,
and
last
began to regain a little

gold

month

strong

immediate effect in

stopping

we

gold.

we

have

Breathing Spell

a
a

of weapons in

Emphasis Placed

I

would

primary

solved

not

the

problem. We have merely gained
a
little time to try to find a way
out of this and related problems—

technological
change,
unemployment,
eco¬
growth,
high production

be

Fiscal

on

to

put

fiscal

and

ensure

that

on

policies

have

we

disposed

emphasis

monetary

to

sufficient

demand

to

keep our existing resoiffces em¬
ployed at relatively high rates.
the

Because

balance

of

payments
the use of

hampers

problem

monetary policy on which
formerly relied as our main

strument,

this

that

means

we

in¬

more

reliance

must
be
put on fiscal
policy in ensuring that the econ¬
omy operates at high and stable
levels
of
employment—a condi¬
tion that is essential to regaining
a more rapid rate of growth.
"Fiscal policy" is a term- that

is often

used

I

it

tions
the

the

taxing,
opera¬

the
of

government

the

Federal

takes money
Sees

Deflationary Gap

advanced

ments

puts

economy

out of it.

impressed

am

con¬

which

in

ways

establishment

into the national

money
or

of

borrowing

all

and

that

seldom defined.

and

mean

ducts—all

by

by

the

argu¬

number

a

of

economists to show that the fiscal

policy

have been following has

we

creaied

"deflationary gap" that

a

represents

constant drag

a

What

this

the

on

in
plain English is that our tax sys¬
tem is taking such a heavy bite
economy.

means

out of total demand that economic
recovery
be

its drive before a
employment can

loses

condition

of

full

achieved,

It

estimated

is

if the country should

that

achieve full

production

and employment,
system would generate a

tax

the
sur¬

plus of something like $12 billion
over
present levels of expendi¬
tures. But the tax system is so
oppressive that it keeps us from
achieving full production. It nips
off recovery short of the peak, as

happened in 1960, and slows down
the nation's rate of growth.
that

breathing spell—but
yet

as

kinds

several

arsenal.

our

In

Only
We have

be

theory,

there

two

are

ways

this "deflationary gap" could
One would be to cut

closed.

The

taxes.

other

would

be

in¬

to

spending.
Some spending increases obvi¬
ously are on the way.
And this

crease

including

fact

structural

President

nomic

for

costs,

and inflation.
is

It

this

for

President

Advisory

has

am

say

reason

that

established

Policy

on
on

the
the

Labor-

which

I

is,

of

course,

whether

the

Committee

21

too early to
members of

will

be

able

to

important or practical
contributions to the solution of

make

any

I

have

restrained

Kennedy from asking
reduction in taxes at this

am

inclined to

it is too late

for

agree

that

temporary
tax
cut
to
aid recovery;
but I
hope this will not mean indefinite
now

postponement

of

a

long-range

tax

legislation.

privileged to serve.

this

to

seems

time.

Committee

Management
It

some

unemployment
that

ments had

for

January in our history.
The
same
was
true of February, and
any

and

President's

The

Structural Unemployment
There

need

I

shown

has

it

rapid technological
change. To deal with it we shall

in

President Kennedy, it should be

said,

is, we
except

goal

of both slow over¬

consequence

gold

and

country

large amounts.

all
of

own

alarming last year that people be¬
gan
to talk about possible
de¬
valuation

job.

all growth and

spending

aware

of

some

or

one easy mo¬

a

By

took in.

.

phase

our

foreigners make to us.
the years 1958, 1959, and 1960,
paid out $11 billion more than

suspended,

the interlocking complex
major
economic
problems

paper

workers,

Administration's
thus far. He said it

Globetrotters.
has

of
of
liabilities
label

threat

the

performance

team

very

cautiously.

up

basketball

has

he

be

He is ob¬

the

that

dangerous

So

summed

to

and the
political

are

especially
crats.

far

conservative.

spending

has

Kennedy

Mr.

out

turned

,

For

this

for

the

on

The question of how much our
unemployment is due to structural
factors versus cyclical factors is
fundamental
to
the
problem of
policy formulation and in no sense
a merely academic question.
The
lag in job formation is, I believe,

ments

by

dangerous balance of

third

hold

we

world

—

inflation, would ag¬

the

the

good

deficits will rise, al¬

there

reminded

of

a

cur

to

become

clearly

that

are

and

though

tion

by April. Meantime, the

inflation

Beasley,

tax cut/whether

not it would have been

or

Motors

S.

April brought
inevitable im¬

well-nigh

the

a

California

a

was

aware

R.

to

identical. Like Eisen¬
hower, Kennedy said: "We'll wait
until April to see whether things
improve."
sponse

viously

for

ear

temporary
cut. On both occasions the re¬

much of

sultant.

deaf

a

recommendations for
tax

White

of

not

travel, for
investment,
for
military operations and for for¬
eign aid—have exceeded the pay¬

would

inflation,

payments position.
This brings me in

measures.

the

occasions

both

fear

gravate

have been

drastic

or

Bimson, President of the Ameri¬
can
Bankers
Association; Dr.
Kenneth
McFarland, General

Corporation; William H.
Neal, National Director of the
U.
S.
Savings Bond Division of
the Treasury Department; Ben C.
Corlett, American Bankers As¬
sociation; and J. Lewis Powell,
management and engineering con¬

old

way

There

1958.

dramatic

no

increase

FRANCISCO, Calif.

the

of

in

of
re-

can

for

inflationary

are now

renewal

a

even

President Eisenhower met the re¬

prospects

I

SAN

that

course

the

revive

to

and

nedy has met the recession of 1961

Either

question
goods

payments
that
we
make
abroad
for goods and services,

sizable tax reductions on

or

other.

tend

outdated

70th Convention

hand,
the

provement, and

California Bankers

bold,

action.

the

growth.

total

have

economy

also

American

Can

ments.

and

pressures

is readied and its list of corporate

issues has received final approval.

of

the

economic

broad

brings
us
again
to
tough nut of our balance of

indeed

to

not

others,

the

This

massive increases in
government spending on the one

rapid

character to support the

impression

best

overstimulated

Compares Recession Cures

Denisco is Chairman of the Clear¬

ing House Committee. Llewellyn
Watts, Jr., was appointed Chair¬
man of the Membership Commit¬
tee and the By-Laws and Rules

there

widespread
new

jCharles

thing is that
is very little of a

the

of

against the rebuilt, modern indus¬
try of Western Europe and Japan
with their relatively cheap labor?

anticipated, then, of course, it will
for

is

with

example,

mainn competitive

employment faster than is now
all

of

whether

vigorous, if it should carry
economy back
to reasonably

be

for

There

advisors.

the

problem

interlocked

is,

con¬

full

labor

unemployment is inex¬

question1

luck¬

effort

sys¬

Treatment

particular

market.

should

let

of

more

tricably

people

a

been

cut and there

pay

a

answer.

has

because

Just

costs.

to take

there

market's

his

than

recovery

labor

This

prove

remarkable

tangible

stock

easy

say,

automate

structural

and

more

better—or at least

a

this

If

not be very precise
important. Mr. Kennedy
a salutary effect on pub¬

far

the

ier—economist

lic sentiment.
The

most

deal

they

per¬

flexibility in our
leave incentive

they sound.

as

it may well be that the
President, proceeding by political
intuition, may turn out to have

may

it's

has had

than

good

equally

to

rea¬

momentarily since 1953.

jobs. Well you don't
have to a politician to figure that
these" "solutions" are not as simple

Now,

are

Problem

more jobs over¬
Certain management men

agree

ebullience would suggest.

going to get done."
That

modest

more

than

servative

of

done

is

growth

realize—a

I learned
recently,
"everyone feels much bet¬
feel

as

an

me

should

achieved

will be

for stimulating recovery

conservative

-

Washington

"They

Reasonable,

high

it needs.

to

of the

that should
on the labor

that

rate

a

have

Business,

Certainly thus far, and prospec¬
tively
for 1962, the President's

unscientific taxicab poll I took in

ter."

$2%

proportions will give the
the forward life they

program

also

is

productive

have

his

as

unemploy¬

seems

a

and

night.

economy

ergy

that

deficit of only

a

is

tem

—this will create

is

braintrusters are concerned
whether deficit spending of such

Re¬

It

Cer¬
tain labor leaders say: Just cut the
working week from 40 to 30 hours

Some of the President's brilliant

of this Administration.

Moving with the drive and en¬
of youth—in obvious contrast
to the measured, energy - saving
pace of his predecessor—Mr. Ken¬
nedy has made a strongly favor¬
able impression on most people.
In the course of a brief, highly

He

as

market, or tend to generate new
inflationary wage - price spirals.

in

Several easy answers have been

young

trifle baffled and caused

publican"

planned.

It

set

in

goal
not put undue strain

jobs

Interlocking

about

am

than 4%

more

some

An

Find"- Action Taken Conservative

Goldberg, whose
pronouncements and actions since
taking office have left some labora

had

has

reduction
not

sonable.

Pennsylvania

or

Even if there

to

the

regarded

mit

forced

country, Arthur

leaders

Virginia
their jobs.

President
a

labor force. This

switch

Coal miners

be

skills.

a

billion.

job. Is this'genius or expediency?
For Secretary of Labor he picked
the smartest labor lawyer in the

oil.

to

have

Accordingly,

over.

elsewhere,
the
miners may not be able or willing
to
move
away
and learn new

has budgeted for only
billion more than Mr.

Eisenhower

was

the

coveted

factories

and

a

of

before

sea

to

you

ment to

what happens

means

is

us

some

will

we

the

are

little sugar

a

It

unfilled

the coming fiscal year, Mr.

Kennedy
about
$3

cians—Adlai Stevenson and Ches¬

The

suggested for this problem.

For

Secretary by
Democratic
politi¬

eminent

West

—

nothing but

are

target

coal

lose

give

It also

homes

from

in it.

he has bracketed the

things

Nat'l Stock Exch.

when

being treated although in fact the

Dean

sure

ideas,

than hard and fast.

abandoned, and the new auto¬
mated plant is erected in North

a pill that
think he is

program"
patient

the

am

into

voyage

happens when the old
plant in New England is

textile

have

program

workers

us

preliminary and tentative, rather

what

Carolina.

recovery

plant is
labor-saving ma¬

hand

and

throw

textile

displaced by automation.

them,

of

President's

fense

ter

chinery,

a

with

out

means

Professor Paul
Samuelson of MIT, has called the
guished

which I

bring with

of

to

example, '

fitted

quite happy with Mr. Ken¬
nedy's moves to stimulate recov¬
ery.
One
of the
most
distin¬

the whole, admirable team.

on

two

other

has

Kennedy

will

us

freight

I should like the views I

Con¬

advisors

his

of

of

long

a

all

All

certain

unemploy¬

asked

address ourselves.

for

lengeable mandate.
Not

to

technological

complex web of problems to

which the President has

unemployment that results when,

been

Mr.

but

,

Presi¬

of

call

to

recognition that the
narrow
margin of his election
gave him no sweeping or unchal¬

Har¬

from

this

"structu¬

29

ment, except that it has a broader
meaning. It means not merely the

bas¬

a

the

conservatism

and

gress,

like

should

president

<

In

I

briefly at life on the New
under the leadership of

young

tive

higher temperature plasma,

first

but

call

Structural unemployment is just
name
for what we used

steered

fiscal

the

this subject

vard.

of the

finement

New Team

to return to

nobody has scored

has

economists

another

reflects,
no
doubt, his own normal inclination.
It reflects also his appreciation of

Frontier

He

next

dent

onset of war?

achieving
higher
temperatures
and in maintaining the stability
the

The

good part appears to be due

a

what

ral" factors.

' ,/• ■■ ■
cautious course

ket.

war
years
when chronic unem¬
ployment persisted right up to the

Washington

operating.
If

thus far

3

page

high

a

During 1960,

enough density.

Continued from

suf¬

a

at

to

On the New Frontier

them enough energy

fuse

(1981)

The Economic Outlook

and impart to
to make them

field,

magnetic

a

.

Long Run Tax Reform
To achieve

maximum

long-run growth and

utilization

of

our

eco-

any

Continued

on

page

30

;r

0

30

The Commercial and Financial

(1982)

Chronicle

.

.

.

Thursday, May 4, 1961

SECURITY SALESMAN'S

The Economic Outlook

do

of

hell

war

when

Of the New Frontier CORNER
.

A1_

on

,

,

_

throughout

29

Continued from page
nomic

„

essential to

going reform
coupled with

cat Pr0^ess sna progress that
the survival. of our free political
commenced at once, without waitnow depends.
j;-.
ing for the economy to go through
I have been discussing our maanother frustrating cycle of par- jor problems largely from a dotial recovery, aborted boom, and mestic view, but implicit in all
recession.
we say or do today is the struggle
this

that

lieve

rates.-And I betask
should
be

of tax

level

the

-

_

^

.

It

unwise

to

tionally
and

Let

the

saying

must

bigger
at
spend what we

safeguard its own destiny and
influence
nations and events

us

must.JBut let us not put jDurselves dependent

to
is

"You

are

what

who

those

to

answers

been

You

The capacity of any country to

thinks

who

anyone

or

a;

composer,

a

anci creates;; and. you have been
seeking a voice that can provide

the Free World.

bigger spending programs

Congress.

writer,-

a

a"; salesman,

scientist,

a

not

that it
and

me

thrusting

by

gap

banker,

does

to

unnecessary

to

try

industrialist;

an

close the defla-

both

be

,

jf ^QU are ^ employer of people,
.

,

Russia?

..

A

.

_

An Answer to the Witch Doctors and Attlla
yv
•
v

in which we are so deeply engaged between Communism and

clear

seems

would

nr,

to

wrong.

have

for

you

What

years:

you

create

belong to you but to us.
think

and

create,

and

produce belongs to the

you

state and; to society, and to all
the moochers and parasites whose

juvenile

until

Not

later

years

when

our

politicians once again took up the
cry of the Attilas and the Witch
Doctors did our progress stop,

thaU country's only claim jto Jhis^ production is Not until they began to say, "You

upon

taken

has there
Why are

employment.

Why is there so much
delinquency? Totalitar-

ians, collectivists, statists, pseudoliberals and Mystics tell us that
the men in Washington have the
answers. We should follow those
who
seek
power,
votes
and
popularity—who again follow the
mob and its thinking but do not
lead. Where is the leadership the
whole world seeks and will fol-

.

minds became free to think ond
to act without compulsion, that
the great outburst of material
prosperity broke..- forth in this
nation and then spread througnout the western world.
It was
only when man became free te
ask
"why," to create and to
KEEP THE FRUITS of his labor
that this great miracle happened.

past 30 years,
off the

the

were

we so weak and impotent in our
dealings with the Red Attilas of

,

.

in

given guns,

and

full

been

system is the most

our

important source of growth we
have. In this area lies the strength
of our tax system, of our system. It is on our sciensome reduction in uiic, mteiiectuai. ana tecnnoiogi-

believe it is
undertake a thoroughI

resources,

men

streets

BY JO™DOTTON

unemployment we still
so?
Only during the

solve

to

cannot

'

iow?

:

"The

Constitution and the inten¬

to the

of this

+he founders

tjons

0f

Ron

Take

the

na-

hand of
and
iniqui-

heavy

favoritism

bolitical

^Qus

return

simple

is

answer

taxation off the backs of the

scientists,
s m e

taken away

tax system has

severe

T^eCDrob^mSofntaxln^fSorrn
not

urgent

mp

not

in office

vears

haul'Now

oufht nSt
I

the Executive

that

is

it

major'reform

to

ex-

produce

to

a

bill (although I re-

that this job

gret

too

already

current session

Congress

the

pect

in

and
task

the

to be shirked.

the

in

over-

an

branches

realize

late

a

durins

with the Democrats

control of both

Legislative
"

was

nartv did

mv

such

attemnt

even

in-

an

It

that

Reoublican

a

aq

eiaht

is

one

disappointment to

matter of much
r-

it

But

one

new

a

rreasin<dv

is

not given

was

high priority at the start of the
new Administration). Possibly we
will have full recovery without

a

dent

and

give leadership to other

avoid

President

the

if

it

and

attention

rious
tional

this

to

major naI
believe

task.

economic

'

should'have

it

absolutely

an

'

priority in
Congress.

top

of

session

next

the

there are a number of
things that we can do to

measures,

other

growth

economic

promote
stability.

;

and

ilfe f°r us worthwhile.
wine

address

Spirits

&

be

think, to programs for increasing ihe mobility of the economy—•
that would lead available workers
the

to

and
or

jobs that are opening up,
of the job or industries

out

regions that
The

prime

are

in

such

anv

program

must, of course, be edu-

cation.

Better

education

in

our

elementary and high schools

our

colleges and universities, can
the knowledge and skills

spread
that

increase

tunities.
the

labor

employment

people

market

encouraged
where
™

f

oppor-

Through educatiori also

young

entering

each

to

year

seek

the
be

can

employment

wher^dfnnand"^^

J

of

looking for work

pro-

Existing

nn

of

on-the-jp.b

training

apprentice

industry,
give

in

sector.

declining
?ram,
grams

demand is increasing

1

r

mstead

training

workers

skills,

new

T?\

a

One
not

thing

allow

is

are

ourselves

to

t

Jj. Jj, JN 0t6S

we

get

more

f

"

we

it

rather

w?5ai
logical
duce

as

rnay

than

seem,

less

faster

we

must

into

para-

growth

must have.

The discovery of new ideas, and
.the
diffusion
of
those
ideas




Ran-

graduated

scale,

the

more

you

offers tax exemptions to labor
monopolies and socialistic combines that unfairly compete
against them. They are the ones
who believe that all the wealth
belongs to all the people because
there is land, water and air
everywhere, but they do not rec-

1

j_

made

May

on

3

by

the

the ones who do not understand
that there can be no freedom of
any kind without economic freedom—but a voice has been raised

Federal

Everett Smith, Fiscal Agent of the

^

onions who falsely proclaim it something grand and worthwhile,
vYas they alone who shortened noj. a jRe
happiness and
that shouts NO to all this im-'¥\e work week from sixty to stnving, but a morass of hopemorality.
thirty-eight hours and eliminated. iessness where every creator,
svYeat shop, or the politicians thinker and producer must work
Compulsion and Mysticism
who shove car-loads of forms and £or
benefit of others but
Miss Rand clearly defines the is- endless hours of drudgery down never for himself. This was the
sue today.
She points out that
throats of American industry w0ldd 0f slavery, and of filth
down through the ages, even since every day in the year — but it that existed for thousands of
the time of Aristotle, the world eame from the thinkers and the years before those men wrote
suffered in darkness. Except for do®i's or this nation.
our constitution and they said,
the period known as the Renaiscame from men who created "Create, and build, in freedom,
sance,
which was only a short the great corporations, the steel
never
under compulsion."
interlude of enlightenment, noth- mhts, the banking system, the
is wr0ng in our country
ing but death and slavery,, fol- scientists who look into the heart today is that we are once again

^crvipps" following the witch doctors of

dark ages with
t^sfVing^°^,and niJ
misery
and mysticism as wen as tnose wno woik
The

The Empire.

of securities dealers.
nctes are Priced at 100%.

§rouP

their

Part of the net proceeds from scourged the world for two thouthe offering will be used to retire sand years until a great birth of
$100,000,000 notes which mature FREEDOM opened the world to
on May 15, and the balance added
man wlth the writing of the Conto funds available to meet the re-, stitution of this nation. Ayn Rand
aumements of the members of the speaking:
The first society in
Home Loan Bank System, Mr. history
whose leaders were

'societv^ led"0^1^^00

Said"

Upon

issuance of the new notes

retirement

turine

Mav

nn

of
1 s

the

wishy-washy politicians men of
out in
way and glve us

our

Washington who will not evade
evil? deal with it> talk with it>
or heed it> and the whole world
wiR f0p0w us to freedom and
victory. Rid us of all your polygot> gutless> answer to Russia is
self-styled liberals
wj10se ordy
y°ur cars, your great transporta- ^ g-ve away more billions of our
tion systems, your short work m
to
reed
uttle men in
week, your improved food your stink holes all over the woridi
increased longevity, your televi- and stcp being held up at the
sions, and your radios, Surely not point 0f a gun—then you will see
from those politicians who tell a rebirth of freedom here and
y°u that pront is evil tnai pro- aR over ^he globe."
-a;
auction is a curse,-and that a few
ln Washington did it and
Don't Be Intimidated
will see that it continues to be
Ran(ps message is — for
none. The land has always been centUries there have been two
here, the minerals, the sea, the groups that have misled and
aiF 1S. the .sam(~ that exists in the pUnished the rest of mankind,
stinking jungles of India, the rpke Rrs^. gr0Up have used naked
barr<rn. wastes of Russia, the heart p0Wer to take the PRODUCER'S
kl^;Pca1and !
^
1J?a* just rewards from him. The sec¬
Why then, here alone AmaU the ond group have been the- Witch
world have men had a better life £joctors who have brain-washed
man ever before on eonh aoy- merps minds into believing that
where. Not because of the labor man>s piace in the universe is not

Federal Home Loan Banks and a lowed the decline of the Roman

and

^odurtivedDe1ODlVtwhether ethev
run a storG) a lathe> or a factory.
Rid us of your labor monopolies,
and let us create. Take your

.

offering of $238,000,000
Federal Home Loan Banks 3%
consolidated notes dated May 15,
1961 and due Feb. 15, 1962 was

notes

ma-

miktanHin®

in

jon May la, outstanding in-

,

y
rVJfioc
^ the PRODUCERS, was

,

fueaT?

and
,

+

the United States of America. The
Q

imniipit

d

1

in

nrinri-

if.

fnU2ld!^gea bfnker^reating
fi

,

better

anything

a

new

wav

EVERYONE

BENEFITS including the creator.
Stop him and you will have a
•
gl
desert and a return to

a uescii ana a leiuin 10

atth All
"fn IV/ToO'f
VvUUIlCll LU lVlt/t/t

future Attila's ambition.

,

men's protection AGAINST any

statism,

K you are looking for a moral
philosophy of your own, if you
stili believe .-that life can be

haPPY

andf noble

and there is

value to production and the contribution you are making to the
,,

mav

nav von

to read this

the dark ages of death and slav- worm, 11 may pay you to react mis

T^lriT'irlQ TtiAT" r^lnVl
IC/I ILld 111 V . V_ylUU

'

and

psuedo-liberalism

witn and the Attilas of government
^hethe^h^he w^°
us— we have
an~
^
nPrfnrmin^n ■swers' work for us» for those who
nf
ono-in^or
need, and they shall come first
brain opeiation or an engineer and yQU lagt „

moral coae
ils Prlncl
Protect his
rieht
to
work
Ples was not the Witch Doctor's CIA; r-rotect nis lignt to worK,
code of self-sacrifice. The politi- and create, and keep the fruits
cal principles embodied in its
"is work and you will have
Constitution was not Attila's
§reatest material and social
blank check or brute force, but fdva?c:fs °^, a * history. Protect

book,

A._

#

P"|py*CA

1

iiaqq

.

( ) rYyiPTY
?
1
TPiCAFl A/Tppcrp

philosopher, the composer, the ULLLcXOj X.Jlot/11 lVlC'IgC'

artist,

anyone

who creates in free-

KANSAS

CITY

Mo

Piersol

"The foundinS fathers were dom from those who would com- O'Brien & Adams, Inc. has been
meetine of the Florida Council of
Peifher passive, death worship- pel him to work under compulsion merged into Lucas, Eisen &
the National Association of InJ^Sa1CS'
seekjng and you will see a cultural ad- Waeckerle, Inc. and the firm name
MIAMI BEACH

Hotel

Fla.—The annual

Sevilfo

20 at the H°tel Sevllle;

need

oi this ac-.

economic

1

j

coss 075 nno

sclentl?lc a"d technoprogress in order to pro-

the

\t

Public

us

coped with. On the contrary,
doxical

ta

to

Iom>Tiayrh°anJpln^mf bLieHhn°"
me'refy a "probfom" 1o S

even

America,

li.

"IV T

and

needed.

certain,

of

debtedness of the banks will total

new professionals and
specialists, and for upgrading peopie who completed their academic

ago

Wholesalers

the

in

training top

years

hefnre

TT
.

graduate study programs both for

work

-

Beii

Home Loan Bank Board through

contracting.

weapon

M.-

given,

I

>s

bv

Inc-» Honolulu, Hawaii, April 19, 1961.

A

should

by

troubled peace the same dedica- ognize that men's minds and their
tion and resolve we achieved in actions created the tools, our great
war- For the truth is, of course, industries, and all the scientific
we are st]H at war—a war to as- and medical advances of the past
sure the survival of all that makes two glorious centuries. They are

ArG JMcirKGtGCl

Increasing Labor Mobility
Consideration

published

PasslnS ustion upon the most productive and
If the confident "yes" we give creative of its citizens, while it

J?

-

is

a? 0Uj °wr?' that
^ the ones wbo see n0 immorality in
Pla"ne,d' disciplined and directed a society that allows a= governw,th the p,reclse PurP°se of sur" ment to impose iniquitous taxa-

*Aa

Aside from fiscal and monetary

It

dom House; your book store will earn the more we will take and
In the affairs of na*ions as of have lt
we will give it to society, to those
men' there comes a time of suThose of us who have been who need, whether they are lazy,
^fending
in fog for Your profTt is evil, wouia you
^l^elTon to ul?mate decline years, andprinciplesnot ahad the ^ur Pr°in i^evR1 Woul°d you
\y,*£
have
a
are faclnS such a test answers to the twisted canabalis- Put a maris body above worldly
today and the outcome is ^ no tic morality of the "self-styled possessions? As if it were possible
means c?rtaV?'
Can ±'ree ™en liberals, take heed. These to separate a man s property
work nf together in a free system "liberals" are the ones who would
but they do not see
saccessfully meet the challenge command Doctors who have that this ls impossible.
of a 7fen\. fust as t?,uglc\'^e: studied years and years to give .And Ayn Rand asks: From
sourcetJl and Scientifically skilled their skill to the state—they are whence has come y°ur homes,

to that question is to be achieved
we shall have to improve our
action on the tax front.
Frankly, ways of working together? and\
1 doubt it. I am concerned that
still competing with each other,
without a tax cut and tax reform,
managing our affairs for the
we
may
see a
repetition of the national good without sacrificing
1959-60 performance of the econthe individual's rights. We shall
omy. And I believe that we can
need
bring to these years of
Congress will turn their most se-

TUAL."

coun(ries

n,

cl

^

tVw^ ^^/^aeckeYVe/ldim:
ViNkIrS
ml vanee tf>at win equal the material
th^

action.
They believed in a progress such an age would auto- ^ell Inc Offices
society based on reason and the matically provide."
which will act

of
*11

tj

With Shearson, Hammill

conceptual

(special to the financial Chronicle)

sciousness.

SAN

e.

LUIS OBISPO

Bolman

and

Calif

Earl

B.

Rnht

um

+u

u

level

man's

of

u

^

have joined the staff of Shearson,

no. p*ace ^or

Hammill & Co. They were formerly with Walston & Co., Inc.
-

guilt."
It

was

ru^e

^ear or

only then,

when

men's

compariy,

underwriters
and

cornorate bonds

municipal

stocks and mu-

corporate oonas, stocks ana mu

*

And why," asks Ayn Rand, tual funds, will be located at 1012
ds there talk today of this
tion's

|

and

Decadence
„

philosophy of reason, has

Fugate

^

con-

A society dominated

of

as
distributors of

waning

power?

Why,

nade-

spite the efforts of the politicians

Baltimore Avenue. The firm is a
member of the Midwest Stock
Exchange

BMSiaSSMKrtsatgftiiSMiMaiMailiiiiiS

.

■'

Volume

193"

Number

6052

r
I

The Commercial and Financial Chronicle

(1983)

31
~r/

Indications of Current

The following statistical tabulations

latest week

Business

Activity

week
Latest

AMERICAN

IRON
steel

Indicated

Equivalent
Steel

and castings

and

42

•

gallons

Crude

(net

Kerosene

Week

64.0

7

May

Ago

Orders

2,132,000

1,632,000

1,784,000

1,858,000

7,248,810

7,366,060

7,048,310

7,765,000

7,789,000

7,897,000

7,967,000

Apr. 21

—

26,963,000

27,994,000

28,458,000

2,614,000

2,462,000

2,637,000

11,487,000

11,831,000

Residual fuel

ASSOCIATION

oil

OF

(bbls.)

at

AMERICAN

Revenue

freight

6,639,000

5,581,000
223,176,000

226,668,000

26,447,000

26,494,000

25,359,000

86,634,000

90,803,000

78,408,000

-42,312,000

42,091,000

38,813,000

41,791,000

•

221,552,000

(number of cars)
received from connections

Apr. 22

.

(no.

of

cars)

533,435

522,386

500,333

479,129

472,809

4pr. 27

$555,000,000

$457,500,000

$405,100,000

259,500,000

241,700,000

234,400,000

295,500,000

215,800,000

170,600,000

219,800,000

212,000,000

178,400,000

137,600,000

161,100,000

83,500.000

37,400,000

33,000,000

OUTPUT

(U.

S.

BUREAU

OF

58,700,000

STORE

SALES

SYSTEM—1947-49
EDISON

ELECTRIC

INDEX—FEDERAL

6,625,000
334,000

AVERAGE=100

144

130

140

Apr. 29

METAL

PRICES

Electrolytic

(E.

Lead

York)

Zinc

J.

MOODY'S
U.

S.

St.

(New

BOND

York)

at

28.600c

33.225c

PRICES

27.825c

27.425c

11.000c

11.000c

11.000c

12.000c

10.800c

10.800c

10.800c

11.800c

DAILY

AVERAGES:

1

89.04

88.83

87.59

87.72

—May 2

;

91.77

91.91

92.79

.

M

88.40

"'90.06

.

90.06

87.94.

,

..

82.15

82.15

79.37

85.20

85.33

82.52

May 2

;

88.95

89.23

89.78

88.95

88.95

90.34

3.69

3.71

4.59

4.58

4.53

May 2
———„;—l May 2

4.29

4.28

4.22

4.41

4.41

4.32

Aaa
.

Aa
A

—

—

3.80

MOODY'S

Orders

~

INDEX

PAPERBOARD

4.78

4.77

4.76

of

PAINT

1949

4.49

4.47

4.43

4.49

4.39

I~May 2

369.5

366.2

366.7

OF

378.2

ADr

of

period-

REPORTER

22

ADr

22

——Apr

PRICE

Sales
sales

II

HIIIIH \pr.
III 4pr.
IIlApr.

initiated off the floor—

purchases

Short
Other

Total

1

304,866

I

sales

Total

315,490

313,642

291,076

92

93

91

86

419,627

435,615

426,654

413,884

28

113.02

113.02

112.03

on

the

~~

I-

sales

;

Dollar

of

4,445,560

2,369,270

498,380

943,110

421,380

2,504,460

3,431,400

1,830,720

7

4,309,480

3,002,840

4,374,510

2,252,100

775,770
71,900

short

\pr. 7

589,820

425,290

674,940

459,830

746,840

378,200

7

1,330,847

FOR
Total

870,880

Short

STOCK

SALES

ON

of

1,285,500

THE

STOCK

MEMBERS

N.

Y.

864,555

LABOR

'

(000's

1,757,111

1,118,595

1,375,359

897,215

7

Apr

6.620,977

4,331,620

6,506,830

7

1,348,410

645,310

1,234,530

3,935,955

5,262,179

2,915,035

6,790,711

4,581,265

6,496,709

3,527,515

3,619,535

7




centers

58,500,000

139,800,000

138,500,000

129,400,000

—

3,061,349

1,980,019

2,948,440

PURCHASES

-

-

122,600,000

:

112,500,000

119,000,000

$711,200,000

$656,600,000

INSTITUTE

—

March

of

$3,975,000

$3,937,000

605,000

526,000

567,000

826,000

895,000

$8,879,000

$5,327,000

$5,399,000

,.

Total

_————

$156,089,293

$101,903,733

$150,003,866

$85,698,984

7

3,077,144

2,076,186

3,068,913

1,495,955

7

8,160

4,147

12,474

3,068,984

2,072,039

3,056,439

1,485,873

7

$145,401,925

$101,461,999

$144,166,246

$76,255,342

935,400

653,060

924,720

935,400

653,060

924,720

907,540

578,110

809,800

613,770

S.

DEPT.

395,960

(in

All

22,433

♦40,346

38,019

$31,800,000

$31,800,000

$31,600,000

243

244

1,473.330

742,990

1,488,320

7

29,149.630

20,482,800

29,121,200

Feb.

28

(000's

30,623,560

21,225,790

30,609,520

14,953,240

farm

products

759,470

fresh

119.4

Apr. 25

119.5

119.5

88.9

88.8

90.1

108.7

109.4
95.7

95.7

St.

Louis

222

249

227

238

—1-

150

153
210

259

228

264

hay

209

260

grains

150
208

and

250

213

__

r

Oil-bearing crops

161

172

517

517

494

259

263

257

257

Potatoes

266

256

309

309

223

——

—

—

products

—-

——

animals

309

—-

——

169

153

226

224

243

$1,671,500

$1,646,700

$1,575,500

1,045,900

1,123,600

1,280,100

106 7

94.1

221
213

240

grain

Meat

Apr. 25

241

224

213

;

—

Commercial vegetables,

Livestock

128.1

°JulTS ?0t- reported since introduction
where
East

omitted)

BY

RECEIVED

Fruit

4,193,770

7

OF

—

•

tons)—.

CIRCULATION—TREASURY DEPT.

IN

Dairy

from

*23,172

39,160

Tobacco

1 —;

freight

75,190

20,885

tons)—

short

Crops

"

,

2,394,944

*97,255

Cotton

Apr. 7

U.

107,296

♦3,042,456

FARMERS — INDEX
NUMBER — U.
S.
DEPT.
OF AGRICUL¬
TURE— 1910-1914 = 100—As
of Mar. 15:

395,960

7

•131,310

2,729,016
87,193

short

(in

of

115,486

ounces)

(in short tons)

Zinc
MONEY

ounces)

fine

(in fine

Copper

As

MINES)—

OF

February:
States—

(in

Silver

PRICES

7

IIApr.
III Apr.
—

of

production of recoverable metals in the

10,082

7

(BUREAU

OUTPUT

METAL

1,686,362

7

9,900,000

$4,685,000

i

*

.

-

U28.0

•

127.9

119.8

128.6

;

i.*

Poultry

of Monthly Investment Plan.

exceeds

one-half

cent

a

pound.

$ Prime

Western Zinc

and. fish__-—'/

Wool

UNITED

160

•
*

—

STATES

BUREAU

(000's
at

81.200,000

•

Feed,

foods

i

61,900,000

—

United

93.9

c

—

3,589,000

Gold
7

108.7

v

57,300,000

11,900,000

omitted):

Month

Meats.

on

$282,500,000

62,900,000

10,200,000

Group

—

* ^6 delivered k!'
o! i h" basis

$304,200,000

—

_1

INSURANCE—Month

LIFE

Mine

88.1

cnIri
sold

LIFE

OF

56,500,000
—

Ordinary

612,430

5,442,301

TO

February:

_—

INSURANCE

OF

TRANSACTIONS

1

commodities——.

PAYMENTS

$683,200,000

128,100

■

All

7-—-

_.——

Apr. 7

(1947-49=100):
Commodity Group—
■

BENEFIT

of

:—-

——

—

payments
payments

769,115

(SHARES):

SERIES

—

endowments

Food

NEW

manufac¬

dividends

LIFE

100.5

100)—

Total

STOCK

1.

PRICES,

=

...

•?.',■

goods—

Policy

sales-

sales

Avg.

5,?30.000

100)—

avg. =

„.j.—1

goods

values

,

ROUND-LOT

(1947-49

—

benefits

219,520

lApr.

shares

sales

WHOLESALE

$292,200,000

of

workers).

——

(1947-49

Surrender

Apr. 7

Sales

Other

Total

6,848,000

indexes

INSURANCE

1,155,839

I Apr".

by dealers—Number

OF

9,630,000

6.669,000

112,390

Apr"
sales

Sales

ACCOUNT

16,478,000

8,808,000

6,687,000

1,006,205

—Apr

sales

round-lot

15,477,000

8,766,000

DEPT.

S.

—...

goods.—

manufacturing

292,370

Apr. 7

;

_

shares—Total

EXCHANGE AND

15,453,000

(production

industries—

Lead

value

ROUND-LOT

172.6

1.464.741

^pr

Round-lot sales by dealers—

TOTAL

156.6

7

Apr'

sales

purchases

157.7

Annuity

315,200

724,120

I Apr.

sales

other

Other

92.2

1

SERIES—Month

REVISED

Disability

63,000

Apr

Customers'

Short

92.0

April

on

manufacturing—..——.—

Matured

shares

Customers'

Round-lot

7,205,000

5,040,000

April

on

PAYROLLS—U.

AND

INSURANCE—Month

385,710

34,540

IIIHIIIIlApr!

of

12,435,000

6,369,000

5,055.000

Death

ODD-LOT ACCOUNT OF ODD-

Odd-lot purchases by dealers (customers'
sales)—
Number of orders—Customers' total sales
:

Number

11,409,000

6,329,000

place

goods

Durable

AND

value

Dollar

11,384,000

tons)

tons)

manufacturing——
Estimated number of employees in

SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES EXCHANGE
COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t
Number

445.0

(net

(net

__

sales

DEALERS

11,126,000

409.5

lignite

(DEPT. OF COMMERCE):

POLICYHOLDERS—INSTITUTE

3,006,590

921,740

3.387.740

454,150

A m.
-

STOCK TRANSACTIONS FOR
LOT

17,602,000

8,190,000

and

Industrial

Total purchases
Other

4,594,930

Apr. 7

sales

Total

17,451,000

410.0

MINES)—Month

All

LIFE

134,300

I Apr.

Sales

17,430,000

10,253,000

Nondurable

7

Apr. 7

Sales

Short

19,969,000

LABOR

All

7

Total round-lot transactions for
account of members—

:?

19,793,000

Payroll indexes

floor-

sales

Total

19,773,000

OF

anthracite

manufacturing

All

110.26

695,200

I Apr.
initiated

purchases

Short
Other

1,680,000

1—_

(BUREAU

Nondurable

291,909

322,181

22

296,339

7

IIApr.

i

sales

39,102,900

♦1,756,000

Durable

306,093

Apr. 7

Sales

Other transactions

28,285,000

1,463,000

—

tons)—

coal

turing

~~~

sales

Total

29,484,000

(

March:
All

INDEX—

Apr

Total

51

Employment

2o

Adi-

TRANSACTIONS
FOR
ACCOUNT
OF
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in
which registered—
Total
purchases
■
'
Apr. 7

Other transactions

8,197

(net

active

ROUND-LOT

Other

9,358

878

tons)

(net

_:L;

spindles

AVERAGE=100

Short

13,851

1,934

America

tons)

Amerfcfa"(net tons)

EMPLOYMENT

4.63

I'llIII

;

(tons) at end
DRUG

81,335

51,581

spindle hours (000's omitted) April 1
spindle hrs. for spindles in place Mar.

Active

4.75

4.49

~~~~~

activity

AND

104,595

72,545

12,836

—

Central

(net

in

4.98

9

(tons).

Unfilled orders

134,257

75,375

_T

and

spindles

ASSOCIATION:

(tons)

Percentage

89,089

MINES)—

March:

4.92

2

_

Production

15

OF

-

of

Asia

Active

5.24

Mav 9

received

4.55
5.01

I—Mav

Group
Group

COMMODITY

NATIONAL

4.62

5.01

_I_HMay

Utilities

Industrials

4.62
5.02

113

84

(BUREAU

Spinning

4.61

May 2

Group

92

253

106

38

Spinning

4.46

May 2

Baa

82
267

20

Bituminous

4.78

1

36

85

Pennsylvania

4.13

1

38

44

24

COTTON SPINNING

vlay 2

31

40

49

95

'.

public

OUTPUT

of

87.05

May 2

I

26

72

tOnS)

j

COAL

AVERAGES:

corporate

29

200

96

,

EXPORTS

To

85.46

May 2

_

;

334

35
212

46

"To'South

84.55

May 2

DAILY

.

87.32

85.07

57

34

Europe

82.03

357

991

60

North

May 2

59

46

To

88.13

19

1,010

68

To

87.18

80

315
'

40

89.37

87.18

21

February:
b(Ui S:texpbrEkr of Pennsylvania anthracite (net

fH

—May 2

82

282

50

Month

87.27

91.34

395

118

—

85.07
-5

364

286

.

Water—

99.375c
'

May 2

Government Bonds

Public

*,

systems

All other

May 2

YIELD

water

13.000c

Bonds—

Group
Public Utilities Group
Industrials Group

Railroad

buildings

13.500c

104.625c

17

100

47

service

12.000c

Railroad

Average

and

nonresidential

11.500c

107.500c

46

17
79

29

institutional

11.500c

108.000c

45

76

34

Sewer

COAL

47

157

236

Public

26.000c

43

53

395

—

12.000c

26.000c

47

61

11.500c

26.000c

77

1,115

,

12.000c

-May 2

BOND

;

26.000c

Apr. 26

corporate

MOODY'S

___,J

buildings—

and

and

229

82

buildings

Administrative

Sewer

145

239

22

Educational

32.600c

27.875c

—-——Apr. 26

.

S.

28.600c

151

322

—

Military facilities
Highways

28.600c

302

176

404

Apr. 26

,

at

Baa

OIL,

$33.50

230

327

17

Apr. 26

99.5% )

———_____

U.

$39.17

260

103

;

private—

Hospital

67

761

43

_•

—.

service enterprises
Conservation and development,

at

pig,

Aa

A

$37.83

Apr. 26
,

Aaa
...

$37.50

Apr. 26

————

Louis)

Government

Average

$66.41

Apr. 26

(primary

tin

$66.44

Apr. 26

at

Straits

$66.44

293

826

54

recreational

Nonresidential

QUOTATIONS):

at

at

(East

$66.44

•

90

46

institutional

and

construction

Other

at—

(St. Louis)

(delivered)

Aluminum

6.196c

1,235
*

234

buildings

—

refinery

(New

6.196c

271

r

154

garages

Industrial

Export refinery at
Lead

6.196c

,

74

and

and telegraph
public utilities

Residential

copper—

Domestic

fZinc

325

6.196c

Public

PRICES:

M.

&

350

13,656,000

&

lb.)

(per

320

Apr. 24

COMPOSITE

steel

369

Apr. 24

AGE

Finished

14,163,000

Apr. 24

IRON

DUN

INDUSTRIAL)

14,311,000

Apr. 27

AND

14,254,000

1,600 •'

926

171

warehouses

utilities

other

"V "

325

nonresidential

Other

308

'3,866

.

2,875 *

1,287

248

_

and

Telephone

146

'•'

807

construction

Public

RESERVE

-

1,022
-

,

2,577

1,420

„.

Miscellaneous
Farm

3,587

2,756

90

restaurants,

Hospital

275,000

5,406,432

3,871
;
*

Educational

INSTITUTE:

(COMMERCIAL

1

Religious

8,668,000

293,000

4,987,180

OF

alterations—-..!—-

buildings

Stores,

All

FAILURES

and

Social and

♦7,020,000

42,131

millions):

buildings (nonfarm)
dwelling units

Other

MINES):

333,000

18,429

358

DEPT.

(in

construction—.

Office

7,405,000

by

construction——

Industrial—

Apr. 22

S.

March

of

Commercial

Apr. 22
DEPARTMENT

transport

Nonhousekeeping
Nonresidential buildings

CONSTRUCTION—ENGINEERING

construction

1,957
5,950

15,801

—

tons)_

Additions

273,300,000

Apr. 27
COAL

S.

1,536
1,958

4,731,672

—

CONSTRUCTION—U.

$493,100,000

Apr. 27

U.

(in

new

NEWS-RECORD!
Total

1,796

undelivered

ASSOCIATION, INC.—

February:
general freight

New

538,640

4pr. 27

ENGINEERING

489,166

Ago

3,874

,

and

Residential

625,410

Apr. 22

1

cars

order

on

month)—

"Private

■

4pr. 27

CIVIL

Total

19,113,000

84,622,000

Year

Month

INSTITUTE—

delivered.

cars

TRUCKING

carriers

6,164,000

CAR

freight

cars

LABOR—Month

222,225,000

of that date:

Previous

of

BUILDING

RAILROADS:

freight loaded

Revenue

Apr. 21

„_

5,980,000

of

Intercity

12,678,000

new

of

Month

2,105,000

11,217,000

oil

fuel oil

either for the

are

are as

March:

for

AMERICAN

28,246,000

Apr. 21

fuel

of

freight

(end

7,244,760

Apr. 21

1—

output (bbls.);
Apr. 21
output (bbls.);
Apr. 21
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at—
Apr. 21
Kerosene, (bbls.) at
.i,
:
Apr. 21
Distillate fuel, oil (bbls.) at
:
:
Apr. 21
Residual

RAILWAY

Backlog
Apr. 21

(bbls.)

average

of quotations,

cases

Month

AMERICAN

74.8

of

(bbls.)_

output

7

in

or

Ago

56.0

61.0

date,

Latest

New

(bbls.

average

each)—___

stills—daily
output (bbls.)

Distillate

"

May

tons)

output—daily

to

runs

capacity)—

cent

that

Year

INSTITUTE:

condensate

'

Gasoline

Week

INSTITUTE:

(per

Month

Previous

on

production and other figures for the

cover

Dates shown in first column

Month

PETROLEUM

oil

Crude

STEEL

month ended

or

to—

ingots

AMERICAN

AND

operations

month available.

or

OF

EXPORTS
CENSUS

omitted):

—

AND IMPORTS
Month of
Feb.
.

1

'

32

The

(1984)

Commercial and Financial Chronicle

.

.

Thursday, May 4, 1961

.

★ INDICATES

Now

Securities

in

Rector

number of issues

large

★
Aerojet-General Corp.
(5/8-12)
r
v
\
/
April 11, 1961 filed $15,000,000 of sinking fund deben¬
tures, due 1981. Price—To be supplied by amendment.
Business—This subsidiary of General Tire & Rubber Co.,
is engaged in the research, development, and manufac¬
ture of rocket engines and propellants tor military and
space exploration
purposes.
Proceeds—For the repay¬
ment of debt. Office—1100 West Holly vale St., Azusa,
Calif. Underwriter—/Kidder, Peabody & Co., New York
City (managing). Offering—Expected in late May.

awaiting processing by the SEC it is becoming
increasingly difficult to predict offering dates
with

high degree of

a

the

in

and

index

accompanying

items reflect the expectations
but

•

not, in

are

of the underwriter

general, to be considered

Electronics

ACR

The dates shown
detailed

accuracy.

the

in

Building, Little Rock, Ark.
Underwriter—Ad¬
Underwriters, Inc., Little Rock, Ark.

vanced

the

of

NOTE—Because

as

firm

(5/25)

Corp.

Registration

27, 1961 refiled 125,000 Shares of common stock.
Price—$3 per share. Proceeds—For salaries of additional

(5/22-26)

Corp.

ponents and systems designed and manufactured under
government contracts by companies in the missile, space,

filed 40,000 shares of common stock and
40,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon and
one
share of preferred stock.
Price—$15 per

Office—Deer

unit.

Stone & Co., New York

30,

1961

electronic

Business—The company is engaged

in the design,
manufacture and sale of fluorescent lighting systems,
acoustical tile hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
Leonard & Sons, Inc., New York City (managing).
Missiles

Acme

Jan.

stock.

Airwork

construction

missile

April 14, 1961
unit

to

consist

cent) and

one

I., N. Y. Underwriter—Hayden,
City (managing).

(5/8-12)

of

to

warrant

shares.

common

purchase

Price

To

—

an

be

undisclosed
supplied by

Business—The overhaul and sale of aircraft

unit. Business—The sale and redemption of trading
stamps. Proceeds — For printing trading stamps, cata¬
logues; advertising and franchise development. Office—
26 Broadway, New York, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York, N. Y.

Jan.

19,

filed

1961

System,

75,000

tures due 1981.
of

class

automobiles

offered

be

of

trucks

and

for

merchandise.

of

over

one

October, 1960 to operate

fice

share.

will

reserve

for

the

use

company

an

Un¬
City

was

Price
organ¬

sales

and

fixtures;

for

at

$851,895

the

Bond Club Names

Field Day Chman.
this

C.

Food

outing

for

will take

low

the

the

Bond

Club

37th

which

place at the Sleepy Hol¬

Club,

Scarborough,

New York.

Robert M. Gardiner of

Reynolds

insurance;
of

Price

a

Office—The

Francis

I.

—

To

of

Bawl Street
stad

&

Beverage,
Andrew
F.
Clark, Dodge & Co. Inc.;

of

Journal, Arne Fugle-

Burns

Bros.

&

John

The

First

Howard

Boston

Carlson

of

Can¬

Corp.;

Carl

M.

Doremus

Co.

Inc.; Pub¬

pointed

to

tertainment
at

the

supervise
and

outing

sports,

other

are

the

en¬

activities

following

{^taierujUteodence*,-Charles




ap¬

&

Egbert

April 12, 1961 filed 140,000 outstanding shares of com¬
stock (par $1). Price—To be supplied by amend¬

mon

ment.

Business—The

operation of television, radio and
picture theatre facilities and phonograph records
and music publishing. Proceeds—For the selling stock¬
holder. Office—7 West 66th St., New York City. Under¬
writers—Merrill Lynch, Pierce, Fenner & Smith Inc.,
and Cyrus J. Lawrence & Sons, both of New York City
motion

(managing).
American

voting

Educational

Life

Insurance

(par $1) and 240,000 shares of class B non¬
stock to be sold in uints, each unit to

common

consist of 4 shares of class A stock and
B

stock.

life

Co.

Price—$25

insurance

and

share of class

one

unit. Business—The writing of

per

allied

lines

of

insurance.

Proceeds—

For

capital and surplus. Office — Third National Bank
Bldg., Nashville, Tenn.
Underwriter—Standard Ameri¬
can
Securities, Inc., Nashville, Tenn.

★ American Facsimile Corp.
April

28,

(letter

1961
stock

common

(par

of

one

notification) 40,000 shares of
Price — $3 per share.

cent).

manufacture

of

facsimile

communication

Proceeds—For

equipment; sales promotion
and advertising; research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell Associates, Inc., New York, N. Y.
American

April

21,

Finance

other

bank

—

2000

aries

Co.,

Inc.

filed

primarily engaged

are

nance

1961

in

business. One additional

savings

and

loan

association

the

automobile

subsidiary is
and

two

a

are

sale

fi¬

Maryland

automobile

insurance brokers. Proceeds—For the retirement of de¬

bentures, and capital funds. Office
1472 Broadway,
New York City. Underwriter—Myron A.
Lomasney &
Co., New York City. Offering—Expected in late June.
—

Secu¬

American Financial Corp.

ment.
and

Business—The

loan

associations,
business, and a small
stock.
—

The

plastic film raincoats and

re¬

(5/22-26)

March 24, 1961 filed 175,000 shares of common
stock, of
which 125,000 shares are to be offered for
public sale by
the company and 50,000
outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬

Ohio.

operation

of

three

automobile and

Ohio

Proceeds—The

repayment

of

for general corporate purposes. Office—3955

Ohio

Sterling,
Street,

Grace

New

&

of the New York Stock
on

May

Gade
to

9

and

YOUR PRIME SOURCE FOR

Co., 50 Broad
City, members

York

will

William

R.

oaNEW

Exchange,

admit

Herman

Hambrecht

partnership. Both are officers
Security
Associates,
Inc.
of

Winter

&

Co.;

BALDWINSVILLE,
Titcomb

is

engaging

Opens

N.

in

Y.—G.

Seskis

a

Wohlstetter,

50

Broad¬

securi¬

SOLD

-

QUOTED

York

New

Stock

Exchange,

yidnou, $0. SIEGrEL
'/•' f■ '/nr.

'

•

business. Mail address is Box

Mi 445^~--

&

New York City, members of

way,

as

S.

-

for Banks, Brokers, Institutions

To Admit Adler
the

G. S. Titcomb

BOUGHT

Seskis Wohlstetter

The

City Bank of New
York; Trap Shooting, George
Howard, Jr. of Harris, Upham &
Company.

ties

Park, Fla., which is being

Long, Jr.
of
Tennis, Richard

Estabrook

P.

of

May 4 have admitted

Adler,

Exchange

partnership.
merly

a

Mr.

Jack

member,

Adler

was

to

for¬

partner in Burnham and

Company.

•;

debt

and

Montgomery
Underwriter—Westheimer & Co.,
(managing).

Road, Norwood, Ohio.

Cincinnati,

savings

truck

leasing
building contracting business in

an

H.

Co.;
of

Circulation, Rollin C. Bush of

Loeb, Rhoades & Co.; and Howard
B. Dean of
Harris, Upham & Co.
Heading the 13 committees

of

common

Business

Gade, Hambrecht

William

&

First National

McDon¬

Broadcasting-Paramount Theatres Inc.

(5/23)

southern

To Admit

licity,

A.

of

(managing).

American

dissolved.

Blair

Co., Inc.; Francis A.

Brauns

Street,

Underwriter—Casper Rogers Co., New

Sterling, Grace

of

nell

of

sale

of

Robert

W.

a

Office—122 E. 42nd

shares of
supplied by amendment;

Denton,
Inc.; Trophy, Worthington Mayo-

C.

non

be

manufacture and

Co.; Golf,
Bryan of Reynolds & Co.;

&

Peck

duPont

& Co. has been named Field
Day
Chairman this year.
Assisting him
will be four General
Chairmen:
&

and

Office

purposes.

★ Almar Rainwear Corp.
April 28, 1961 filed 120,000

a

Smith

Country

corporate

general corporate purposes.

Co., Inc.; Enter¬
tainment,
Sydney G.
Duffy
of
Blyth & Co., Inc.; Special Fea¬
tures,
James
M.
King,
Jr.
of

Weld & Co., President of the club.

mark

steel

Allyn and

John F.

will

other

of

Street, New York, N. Y. Underwriter—Hancock
rities Corp., New York, N. Y.

of
White, Weld
&
Co.;
Arrangements, Richard E. Boesel,
Jr. of Hayden, Stone & Co.; Stock
Exchange, James D. Casey, Jr. of

year on Friday, June 2, ac¬
cording to an announcement by
Raymond
D.
Stitzer
of
White,

year

Beaver

Litzel

A.

The annual Field Day of the Bond
Club of New York will be held

as

establishment

organization and for working capital.

This

for

sale

17,

and for

with the related

for the acquisition of interests in life

furniture

and

and

Proceeds—To prepay

Business Services, Inc.
1961 (letter of notification) 100,000 shares of
capital stock (par 10 cents). Price—$3 per share. Busi¬
ness—The supplying of temporary office personnel. Pro¬
ceeds—To purchase assets of Rapid
Computing Co., Inc.

insurance home of¬

company

estimated

proceeds

manufacture

(managing).

Building, Pittsburgh, Pa.
Underwriters — First
Boston Corp., and Smith, Barney &
Co., Inc., New York
City (managing).

secondary purpose of owning investments in entities en¬
gaged in the insurance business.
Proceeds—The com¬
pany

Proceeds—For

82

Allison

Business—The

service and management

City

—

be offered for public sale in units
consisting of one $20Q
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬

April

Jan. 13,1961 filed 300,000 shares of common stock.
per

general funds. Office—
Chicago, 111.
Underwriter —

Oliver

Management Corp.

ized in

York

City.

Israel.

Office

Offer¬

lean

(managing). Offering—Imminent.

—$3.50

Road,

special alloys and metals.

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.

Investment

York

in

resources

purposes.

$500,000 of 6% convertible sub¬
ordinated debentures due 1971; 75,000 shares of common
stock, and 25,000 common stock purchase warrants to

Business—The

year.

Office—1616 Northern Boulevard, Manhasset, N. Y.
derwriter—Hill. Darlington & Grimm, New York

deben¬

Proceeds—For

Roosevelt

Brothers, New York City
ing—Expected in early June.

Proceeds—To repay loans; open new offices in Philadel¬

Advanced

W.

$15,000,000 of sinking fund

Business—The mail order and retail sale

Lehman

A

for public

periods

mineral

business

★ Allegheny Ludlum Steel Corp.
May 1, 1961 filed $15,000,000 of sinking fund debentures
due June 1, 1986. Price—To be supplied by amendment.

Inc.

shares

100,000

to

are

phosphate

equipment.

1960

19,

★ Aldens, Inc.
April 21, 1961 filed

stock, of
sale by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
ness—The company is engaged in the business of leasing
which

discount of 25% from the offering price. Price—$4 per
Business—The prospecting and exploration for

Business—The

5000

Leasing

two

shares, at

share.

Alaska. Underwriter—To be named.

(letter of notification). 42,500 units, each
of one share of common stock (par one
share of class A stock (par $1). Price—$7

Auto

shares in the next issue of

common

Creamery Products, Inc.
(letter of notification) 130,000 shares of
common
stock (par $1). Price—$2 per share. Proceeds
—To purchase equipment, and other necessary materials
for distribution of dairy products. Address—Anchorage,
Dec.

Corp.

per

A-Drive

a

ing stock

unattached

an

Alaska

Dollars

Discount

repay

—

Underwriter—None.

Action

Proceeds—To

engines, instruments and accessories. Proceeds—To repay
bank loans and for working capital. Office—/Millville,
N. J. Underwriter
Auchincloss, Parker & Redpath,
Washington, D. C., and New York City.

—

Y.

L.

Park,

Corp.

amendment.

launching platforms. Proceeds—To selling stockholders.
Office
43
North
Village Avenue, Rockville Centre,
N.

additional

each

Dec. 5, 1960 filed 960,000 shares of class A common vot¬

number

of

America-Israel Phosphate Co.
Dec. 23, 1960 filed 125,000 shares of common stock,
share of which carries two warrants to purchase

and

Corp.

installation

and

items for men, women and children.
Proceeds—
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter
—D. H. Blair & Co., New York City (managing).

17, 1961 filed $1,500,000 of 6% subordinated de¬
bentures, due May 1, 1976 and 10-year warrants to pur¬
chase 125,000 shares of common stock, to be offered for
public sale in units consisting of $1,000 of debentures

—

Business—The

industries.

March

filed 30,000 outstanding shares of class A
Price
To be supplied by amendment.

1961

6,

common

Construction

&

aircraft

and

loans, buy additional equipment and for working capital.

ISSUE

lated

New

public sale by the company and 60,000 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business — The testing of com¬

REVISED

For

for

City. Underwriter—Robert Edelstein Co., Inc., New York
City.
Accesso

(5/22-26)

24, 1961 filed 100,000 shares of common stock,
(par 10 cents), of which 40,000 shares are to be offered

personnel, liquidation of debt, research and the balance
working capital. Office—551 W. 22nd St., New York

•

Inc.

March

for

Jan.

Laboratories

Aerotest

PREVIOUS

ITEMS

•

general

Feb.

ADDITIONS

SINCE

39

Dlgby 4-2370

Broadway, New York 6, N. Y.
Teletype No. N.Y. 1-5237

American

•

Number

193

Volume

.

.

.

of

shares for each share held of record May

2.7 new

Price

rights to expire about May 26.

with

—

12

$3.50 per

loans and for con&t] no¬
tion. Office'—546 South 24th Ave., Omaha, Neb. Under¬
share. Proceeds—To repay bank

writer—Cruttenden, Podesta & Co., Chicago
American

Mortgage

components., Proceeds—To repay loans, ex¬
pand facilities and for working capital.
Office — 525
Jericho Turnpike, lVIineola, L. L, N. Y.
Underwriter—•
Arnold Malkan & Co., Inc., New York City. Offering—

Woodhill, Inc., New York, N. Y.

BarChris

Atlantic Fund for Investment in U.

Securities

Y. Under¬

(par

Proceeds—For general corporate purposes, in¬
$170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
cluding

Crest Development Co., Inc.
27, 1961 filed $1,500,000 of 7% subordinated de¬
bentures due April 1, 1971 and 75,000 shares of common
stock to be offered for public sale in units consisting of
Angeles

Feb.

shares. Price—$632.50

Business—The company was organized under
law in April, 1960, to acquire land for the
development of residential lots, a golf course and related
unit.

California

of a mortgage
for working capital.
Office—3436 North Verdugo Road, Glendale, Calif. Un¬
derwriters—Dempsey-Tegeler & Co., St. Louis, Mo., and
Lester, Ryons & Co., Los Angeles, Calif. Offering —
payment

note, for development expenses and

Imminent.

Apache Corp.

1961 filed 300 units in the Apache Gas and
1962.
Price—$15,000 per unit.
Business—
acquisition, holding, testing, developing and oper¬

March

31,

Oil Program
The

ating of gas and oil leaseholds.
Proceeds—For
corporate purposes. Office—523 Marquette Ave.,

Minne¬

—

gram.

Apache Realty Corp.

filed 1,000 units in the First Apache
Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
empnasis on the acquisition, development and operation
of shopping centers, office buildings and industrial prop¬
erties.
Proceeds
For investment.
Office — 523 Mar¬
March

31,

Realty

triayaen,

offers

the breaking

Program.

/.vAv

Automation

(Carl

National

National

Color Film Processing

Arizona

filed 2,100,500 shares of common stock
subscription by common stockholders
basis of one new share for each share held. Price

March
to
on

23,

1961

offered

be

Laboratories, Inc.

the

for

Business—The processing of black
color film. Proceeds—To repay loans and

—22 cents per

share.

and white and

for working

capital.

Office—2 North 30th Street,

Phoenix,

Underwriter—None.

Ariz.

Public

Arizona

Service

Co.

(5/23-6/13)

filed 488,986 shares of common stock
(par $2.50), to be offered for subscription by common
stockholders on the basis of one new share for each 15
shares held of record on May 23, with rights to expire
June 13. Price—To be supplied by amendment. Proceeds

April

21,

—For

1961

expansion. Office—501 South Third Ave.,

Ariz. Underwriters—First Boston Corp., and
Inc.

Phoenix,

Blyth & Co.,

(managing).

(5/15)
1961 this subsidiary of Middle South Utilities

Arkansas

March 23.
filed

Power &

Light Co.

$12,6c0,000 of first mortgage bonds, due 1991. Of¬
Little Rock, Ark. Un¬
by competitive bidding.

fice—Ninth and Louisiana Streets,
derwriter—To

determined

be

& Co. Inc.; Eastman
Dillon, Union Securities & Co., and Equitable Securities
Corp. (jointly); Blyth & Co. and Bean Witter & Co. (joint¬
ly); Lehman Brothers; Stone & Webster Securities Corp.
and White, Weld & Co. (jointly); Merrill Lynch, Pierce,
Fenner & Smith Inc.
Bids—To be received May 15 at
Probable

bidders:

11:30 a.m.

Siee'

Stuart

(DST).

★ A-mco

Halsey,

Corp.

To

prepay

bank

loan

and

for expansion. Office—703

Underwriter—Smith, Barney
Co., Inc., New York City (managing).

Curtis
&

a

St., Middletown, O.

Arrow

For

March

Electronics, Inc.

1961

30,

filed

debentures,

nated

Corp.

\"

•

25

30, 1961 filed 165,000 shares of common stock (par
Price—$5 per share. Business—The distribution of




.".a'"

.•

cents).

Co.

filed

Price

—

and

B.

M.

& Light Co
11:30

__Units

inc
Services

(International

$575,000

Corp.)

Common

Burgmaster Corp.

Debentures

Activities, Inc
Nicholls

F.

(G.

190,000 shares

Hammill & Co.)

(Shearson,

Consolidated

Inc.)

$1,000,000

Inc.)

Co.,

&

$175,000

Common

Consolidated Activities, Inc
Nicholls

F.

(G.

(Offering

Co.,

&

Co..

Insurance

Criterion

stockholders—no

to

Common

1
underwriting)

$3,090,000

Common

Dean Milk Co

shares of
Proceeds

Becker &

(A.G.

stock (par
Business—The issuer

150,093 shares

Co.)

Dodge Wire Corp..
M.

Common

$340,000

Inc.)

Co.

&

......Common

Industries, Inc

Triangle

Golden

Harris

$600 nno

Oo'm.)

Rpei'rjtips

<Plvmo"rh
(Robert

Co
Common
(Blyth & Co. Inc. and F. S. Moseley & Co., co-managersi

Howard

Johnson

shares

660,000

Units

Planning Corp

Income

Inc.) $200,000

& Wanderer,

(Espy

Common

Irvington Steel & Iron Works
(L.

L.

$300,000

& Co.. Inc.)

Fane

King Kullen Grocery Co., Inc
Class A
(Hemphill, Noyes & Co. and Estabrook & Co.) 180.000 shares
Matthews Corp
.Common
(Holton, Henderson & Co. and Sellgren, Miller & Co. I
$300,000

Securities, Inc

Metropolitain

(R.

Common

Co
&

Dowd

Inc.)

Co.,

$900,000

Common

Co

underwriting)
Maiden Lane Fund, Inc.______

(Offering

One

F.

Common
240,000 shares

Brothers)

Insurance

Electric

North

stockholders—no

to

(G.

Rocket Jet

Common

Inc

Associates,
(Lehman

—

$300,000

Inc..)

Brokers

(Metropolitan

Microwave

Nicholls

F.

&

Co.

22,415 shares

Common

$900,000

Inc.)

Common

Engineering Corp
Jay, Winstcn & Co., Inc. and
Greenwald & Co.) 110,000 shares

(Thomas

/

Continued

Bonds

.

$12,000,000

DST)

a.m.

Industries,

C.

Mohawk

lanes

Cruttenden,

by

$353,783

Co. I

&

(Monday)
(Bids

(5/8-12)

bowling

.

..Common

Co.________
stockholders'—underwritten

to

Maltz,

Stein, Hall & Co. Inc

share.

<*

' ;

Automation Development, lnc.___
Common
(First Philadelphia Corp. and United Planning Corp.) $150,000

(5/8)
per

Bonds
$6,500,000

DST)

a.m.

loan, new equipment, lease

installs

$4,155,000

Gas

May 15

(F.

115,000 shares of common

$6

$240,000

Equip. Trust Ctfs.

be received)

11

Arkansas Power

and
re¬
lated
equipment.
Proceeds — For
expansion,
new
equipment, the repayment Gf debts and for working

manufactures

Debentures

Co. I

&

Ryons

to

Podesta

[Manufacturing Corp.

(M.)
1961

Common
$100,000

Co.)

&

(Friday)

12

(Offering

components for

City. Offering—Imminent.

28,

Lee

Co.________

r ;

27, 1961 filed 105,000 shares ot common

B att

-Bonds

$30,000,000

CDST)

-•

American

stock. Price
—$4.50 per share. Business — The fabrication of pure
beryllium components and other materials. Proceeds—
For expansion and inventory, with the balance for work¬
ing capital. Office—253 W. Merrick Rd., Valley Stream,
L. I., N. Y. Underwriter—Eldes Securities Corp., New

Feb.

Common
$300,000

(Thursday)

11

May

of a
working capital.
Office — 25970 W. 3 mile
Road,
Southfield,
Mich.
Underwriter — International
equities Co., Miami, Fla.
EeryShum

Units
$1,600,000

Co.)

&

Co.)

&

a.m.

L.

(D. B.)

May

and

Feb.

10

(Bids

it Bel-Aire Products, Inc.
April 14, 1961 (letter of notification) 150,000
common stock.
Price—At par ($2 per share).

•

.

Sierra Pacific Power Co

products and working capital.

plant,

Lomasney

(Bids

$3,500,000 of convertible subordi¬
May 1, 1976. Price—To be sup¬

repayment of a

$2,400,000

(Wednesday)

due

—For

Class A

Inc.)

America, Inc.-

A.

(Lester,

by

new

Co.

&

New York Central RR

S.

U.

Eberstadt

-

&

Co.*

Mfg. & Galvanizing

250.000

shares

(Armstrong & Co., Inc.)

Common
Common

Corp
$300,000

>

March

$1).

of

(M.

Milliken

Office—35 Union
Square West, New York City. Underwriter—Drexel &
Co., New York City (managing).
• Beam
(James B.), Distilling Co.
(5/8-12)
March 24,-1961 filed 200,000 outstanding common shares.
Price—To be
supplied by amendment. Business—The
production of whiskeys, vodka, brandies and cordials.
Proceeds—For the selling stockholders.
Office—65 East
South Water Street, Chicago, 111.
Underwriter—Gold¬
man, Sachs & Co., New York City (managing).

of

$jo0,000

Electronics Corp

May 10

amendment. Business—The design, manufac¬
ture and sale of bowling alleys and bowling equipment.
Proceeds—For construction of a new plant, development
plied

Common
shares

200,000

Decitron Electronics Corp..

Ave., Brooklyn, N. Y. Underwriter—International
Services Corp., Paterson, N. J.
Construction

Common

\
Treat

(Bids

guidance and communication systems. Proceeds—
expansion and working capital. Office—1101 1109

BsrGhHs

$300,000

Peoples Gas Light & Coke Corp

Utica

©

Corp.)

Co.)

&

(Meade

(5/15)

electronic

$400,000

(Tuesday)

May 9
Marcon

in

York

May 2, 1961 filed $50,000,000 of debentures due June 1,
1986. Price—To be supplied by amendment. Proceeds—

Forgan

(Myron

public sale by the company and 150,000
outstanding shares by the present holder thereof.
The

of

..Common

Inc.)

Co.,

Corp

Debentures

Thrift Courts

to be offered for

line

Labouisse,

Corp.

(Amos

Development, Inc.

diverse

__Units
Weil,

$2,654,370

Tassette, Inc

1, 1961 filed 50,000 sharfes of 7% non-cumulative
preferred stock (par $7.50); and 200,000 shares of com¬
mon
stock (par one cent), of which 50,000 shares are

a

Co.)

&

(Cooley & Co.)

of complex accounting operations into

March

use

$3,500,000

Co.)

&

;

.-Debentures

How-xid,

Investors

E.

(Glore,

Stratton

(letter of notification) 60,000 shares of
(par $1). Price—$5 per share. Proceeds
advertising, new products and working capital. Of¬
fice—1007 East Second
Street, Wichita, Kan.
Under¬
writer—Donald J. Hinkley & Co., Inc., Denver, Colo.

distributes

Common
$300,0o0

Opelika Manufacturing Corp

(par

Plastics Corp.
(letter of notification) 103,191 shares of
ccmir.cn stock (par $1) of which 26,326 shares are to be
offered by the company and 76.865 shares by the under¬
writer.
Price—$1.25 per share. Proceeds—For working
capital. Office—1355 River Road, Eugene, Ore. Under¬
writer—Zilka, Smither & Co., Inc., Portland, Ore.
1961

$700,000

Corp.i

ana

Edelsiein

R.

(I.

$11.50 per unit. Business—The company, formerly Beakatron Manufacturing Corp., manufactures, assembles and

it Architectural

...Common

Marketers, Inc

(Robert

offering will be made in units, each unit to consist of
one
preferred share and four common shares.
Price—

April 20,

co.

Instrument

Corp.

Inc.

Common
shares

110,000

uo.)

Rhoades

Loeb,

&

Food

Northern

per

Industries,

&

Friedrichs

El¬

quette Ave., Minneapolis, Minn. Underwriter—Blunt
lis & Simmons, Chicago (managing).

M.

hui.er

1961

C.

Corp

Bagasse Products Corp.

D.

(S.

stock

M.

$224,200

Corp.)

Atherton & Co.)
Co._-____

Chemical

—For

B.

snares

..Common

Securities

securities

(Schirmer,

Automotive Vacuum Control Corp*

30,

loO.uuu

(jo.)

Corp

bione

(Giayton

Kawecki

(5/15-19)
27, 1961 (letter of notification) 40,000 shares oi
common stock (par 5 cents). Price—$3.75 per share. Pro¬
ceeds—For further development of the "Skyjector."
Of¬
fice—342 Madison Ave., New York City. Underwriter—
First Philadelphia Corp., New York, N. Y., and United
Planning Corp.; Newark, N. J.
March

.V;:'

.

Corp._^__

Jan.

common

Corp.; Rodetsky,
Wegard & Co.)

C.
'

Harvey-Wells Corp.________^_

Proceeds—To
purchase additional equipment.
Office — 71 West 23rd
Street, New York City. Underwriter—Jay W. Kaufmann
6 Co., New York City.
•

L.

suares

&

jtone

(Hayaen.

Glass

Emmer

simple tasks performable by its machines.

1961

—

up

and

Co.

Electronic Assistance

share. Business—The company
customized data processing service which involves
Price—$3

cents).

general

The company and its sub¬
sidiary, APA, Inc., will act as underwriters for the Pro¬

apolis, Minn. Underwriter

5

&

(Manufacturers

Audiagvaphic Inc.
filed 150,000 shares of common stock/ Price
—$4 per share. Business—The manufacture and sale of
fire and burglar warning systems. Proceeds—To estab¬
lish subsidiaries,
buy equipment to make component
parts of warning systems now manufactured by others,
reduce indebtedness, add to inventory, and for working
capital.
Office—Bellemore, L. I., N. Y.
Underwriter—
First Broad Street Corp., New York City (managing).
April 7, 1961 filed 110,000 shares of class A stock

Securities

Clayton

Co.;

Electro-Mechanical

Feb. 27, 1961

Procedures

Common

Common

Economy Book Co.______________________Common

Office—50 Broad Street,

City.

Automated

&

Walker

luO.OuO

Proceeds—For investment

registered.

$3,500,000

Sachs & Co.) 200,000 shares
__

Greenwald

Kleinzahler,

Underwriter—Capital Counsellors, 50
Broad Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc.
York

New

nancing.

the

(Maltz,

Co.)

&

Co

(M.)

Debentures

Corp

Distilling Co

{James B.)

Blatt

—

being

$15,000,000

Co.

&

Units

Construction
(Drexel

Beam

22,

shares

Debentures

___

Peabody

Corp.

S. Government

Inc

in U. S. Government securities.

units

100,000

(Auchincloss, Parker & Redpath) $1,500,000

1960, filed 2,000,000 shares of common stock.
Price
$25 per share. Business — A diversified invest¬
ment company, which will become an open-end company
with redeemable shares upon the sale and issuance of
the

Units

Co..I

Corp

(Kidder,

(Goldman,

July

&

(Monday)

May 8

Air work

$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬

For

$4,800,000

;

Bradford

equipment, the purchase of equipment, and working
capital.
Office — Arraonk, N. Y. Underwriter — M. H.

Amity Corp.

—

CDST)

noon

Inc

C.

(J.

Aerojet-General

writer—None.

Proceeds

stock

Homes,

Proceeds—For

it American Surety Co. of New York
April 27, 1961 (letter of notification) 6,540 shares of
capital stock (par $6.25). Price—$20 per share. Busi¬
ness—Insurance. Proceeds—For working capital and ex¬

facilities.

12

(Friday)

May 5
Leeds

systems for missiles, space vehicles and aircraft.
leasehold improvements, furniture and

control

them until market conditions are favorable for
disposition.
Office — 210 Center St., Little Rock, Ark.
Underwriter—Amico, Inc.

per

(Bias

(letter of notification) 200,000 shares of
(par 10 cents). Price—$1.50 per share.
manufacture of flight instruments and

17, 1961

Business—The

carry

$500 of debentures and 25 common

Chicago, Burlington & Quincy RR.__Equip.Tr.Ctfs.

Instrument Corp.

Astek
March

common

(5/22-26)
17, 1961 filed 88,739 shares of common stock

(Thursday)

FVlay 4

Expected in June.

Investment Corp.

pansion. Office—100 Broadway, New York, N.

33

NEW ISSUE CALENDAR

televisidn

(managing)

April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units (2,000) known as In¬
vestment Certificates, each representing $9U0 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and

Jan.

equipment including high fidelity, radio and

electronic

1961 filed 101,081 shares of common stock to
offered for subscription by stockholders on the basis

March 22,
be

(1985)

The Commercial and Financial Chronicle

(5/12-26)

Co.

Gas

6052

on

-page

34

Vector

Engineering,
(Omega

i

Inc...

Securities

_ —

Corp.)

Common

$300,000

Continued on page 34

The Commercial and Financial Chronicle

(1986)

34

.

.

Thursday, May 4, 1961

.

I

(P.

Gruber

J.

Brothers

Warner

___Units

Watch Co
Co.

&

4,000

Inc.)

Common

Brotneis/

VLehman

Arizona

Common

oume

P.

ViX.

Elion
i

Curley

DUWU

(Bias

Capital
Co.)

Planning

(Continental

$650,000

Weld

(White,

«hares

101,398

(Bids

11

(First

$300,000

Corp.)

Securities

Weber

ACR
V

.

Debentures

Tennessee Gas Transmission Co
(Stone

Halsey,

Transistor

Inc.)

Co.

&

Stuart

Applications,

(First

$600,000

unaerwri„mg)

(Smith,

(Bids

11

Peabody

Stone

ana

&

Webster

&

(Hayden,

Webber, Jackson & Curtis
Securities Corp.) 26,000 shares
Paine,

Co.;

Futterman

(Thursday)

May 18
Federal

$20,000,000

& Co.)

(Bids

11

Power

(Offering

stockholders—Bids

to

11

Products

Aecesso

Publishers

Units

Corp
(Ralph

Leonard

B.

&

American

Stone

Financial

&

175,000

do.)

Securities

Co

Fintube

(Paine,

Weober.

«F.
1

Jackson

Lberstadt

Curtis)

&

Hart

A

&

June

!

^

._

11:30

DST)

a.m.

June 5

Co.)

&

&

Webber,

Cn

and

Jackson

Lee

Kidder,
500,000

iPaine

Taddeo

Continued

from

A.

Lomasney

Blue

March

Haven

June

(par 10 cents). Price—$4

ceeds—To

70,000 shares of
share. Pro¬

increase

inventory, reduce indebtedness and
for working capital. Office—11933 Vose St., North Holly¬
wood, Calif. Underwriter—Pacific Coast Securities Co.,
San

Francisco.

holders

ment".

thereof.

Price—To

Business—The

be

supplied

is

company

group

a

by

of

amend¬

scientists

and

engineers engaged in research, consultation and
product development in the fields of architectural acous¬
tics,

applied

bic-medical
formation

physics, instrumentation, psychoacoustics,
technology, man-made machines and in¬

systems.

Proceeds

—

For

the

repayment

of

debt, and working capital. Office—50 Moulton Street,
Cambridge, Mass. Underwriter—Hemphill, Noyes & Co.,
New York City (managing).
Books,,eif of

April |17,
common

1961

America,

(letter

stock

(par

Business—The mail

of

10

Inc.

notification) 74,950 shares of
cents).
Price —$4 per share.

order

sale

of

religious books.

Pro¬

moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office—889
Broadway, New York, N. Y. Underwriter—D. H. Blair
& Co., New York, N. Y.

Feb.

28,

common

International, Inc.

1961
stock

(letter

(par
Business—Producers

of

notification)

five
of

cents).

radio

57th

60,000

Price—$5

and

Proceeds—For general corporate

television

purposes.

shares
per

of

share.

programs.

Office,—3 W.

St., New York City. Underwriter—Harry Odzer Co.
New York, N. Yi




Debentures

Bonds
$17,500,000

x

..Common
Co.

&

Inc. I $396,000

__Bonds

received)

be

to

•it*("September 28

$20,000,000

(Thursday)

!— 11 _.It)ebentifres

(Bids

$30,000,000

be

to

18

80,000

by

received)

Power

Brown
March

for

Fintube

27,

Office—176

Remsen

Street,

•/;

..

associated

and

(5/22-26)

(par $1), of which 100,000 shares are to be offered

and 22,000 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—The production of heattransfer equipment for use primarily in the petrochemi¬
cal, chemical and refining industries. / Proceeds — For
new equipment and working capital.
Office—300 Huron
by the company

Street, Elyria, Ohio. Underwriter—Paine, Webber, Jack¬
son
& Curtis, New York City.
Burgmaster Corp.

(Thursday)
Bonds

components, primarily variable resistors
switches. Proceeds—To repay debt and

working capital. Office—1142 West Beardsley Ave.,

Elkhart, Ind. Underwriter—Goldman, Sachs & Co., New
City (managing).
Cad-E-Mobile
March

class

20,

A

common

stock

(par

For

—

•

California

Liquid

Gas

Corp.

March 21, 1961 filed 125,000 shares of common stock

by amendment.

Business—

multiple spindle-turret drilling

ma¬

chines.

Proceeds—To repay loans, purchase additional
equipment and real estate, and for working capital. Of¬

fice—15001

South

Figueroa

Street, Gardena, Calif.

derwriter—Shearson, Hammill

&

Co.,

New

York

Un¬

City

(managing).
Business

Aug.

5,

common

Finance

1960
stock

(letter

Corp.
of

(par 20

notification)
cents).

195,000

Price —$1.50

shares
per

of

share.

Proceeds—For business expansion.
Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.
•

CT5

March

Corp.

(5/15-19)

16, 1961 filed 300,000 shares of common stock (no
par) of which 75,000 shares are to be offered for public
sale by the company and 225.000 outstanding shares
by
the present holders thereof. Price — To be
supplied b..

(par

$1), of which 50,000 are to be offered for public, sale
by the company and 75,000 outstanding shares by the
present holders thereof.
Price — To be supplied by
amendment.

Business

—

The

sale

distribution

and

of

liquified petroleum gas and accessory equipment. Pro¬
ceeds—To finance the acquisitions of Ransome Co. of

Liquiefuel, Inc., to retire debt and for work¬
Office—P. O. Box 5073, Sacramento, Calif.

Underwriter—Kidder, Peabody

supplied

of

per

Co., Washington, D. C.

$1).

be

Price—$2

salaries,

ing capital.

Price—To

60,000 shares of

five cents).

advertising, inventory,
and working capital.
Office—1830 N. E. 163rd Street,
North Miami Beach, Fla. Underwriter—Lloyd, Miller &
Proceeds

Nevada and

(5/15-19)

Corp. of America

(letter of notification)

1961

March 23, 1961 filed 190,000 shares of common stock (par
The manufacture

$5,000,000

received)

be

to

York

share.

\

1961 filed 122,000 shares of class A common

public sale

$15,000,000

amendment. Business—Manufactures electronic and elec¬

Corp., and Harriman Ripley & Co.,

Co.

Bond*

received)

be

Co
(Bids

$250,000,000

(6/8)

v

$8,000,000

vete.ved)

be

(Tuesday)
to

7

December

Gulf

.Bonds

(jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.; White, Weld & Co.; Blyth .& Co., Inc., and F. S.
Moseley & Co. (jointly). Bids—To be received on June
■

$15,500,000

Preferred

to

5

(Bids

......

N. Y.
Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &

1961.

reeeiveu)

Qe

Virginia Electric & Power Co

Equitable

shares

Brooklyn,

8,

Bonds

to

(Bids

December

Common

for

Co. Inc.; First Boston

$5,000,000

Co

(Bias

.

received)

be

to

.Preferred

$12,000,000

Co

& Telegraph Co

purposes.

$5,000,000

(Wednesday)

Power

other

corporate

Bond9
received)

be

Georgia Power Co

Debentures

DST)

Corp.)

Georgia

Common
shares

387,500

to

Mississippi Power Co.—

tro-mechanical

ceeds—For

Broadcast

noon

•/'

(Tuesday)

August 8

May 1, 1961 filed $20,000,000 of first mortgage bonds due
1986.
Proceeds—For the repayment of bank loans and

stock

^ Bolt Beranek & Newman, Inc.
April 27, 1961 filed 160,000 shares of common stock, of
which 90,140 shares are to be offered for public sale by
the company and 69,860 outstanding shares by the pres¬
ent

Co.

recewect)

(Friday)

Inc.

per

$20,000,000

$20,000,000

Corp.)

+ Brooklyn Union Gas Co.

stock

30

(Fialkov

(Tuesday)
(Bids

Third

30, 1961

common

6

$1,600,000

Industries, Inc.
(letter of notification)

Common

;

underwriting!

Electronics, Inc

October

American Telephone

Units

St., Trenton, N. J.
Under¬
writers—Maltz, Greenwald & Co., New York City (man¬
aging); Clayton Securities Corp., Boston, Mass.; Rodetsky, Kleinzahler, Walker & Co., Jersey City, N. J.; and
L. C. Wegard & Co., Levittown, N.J.
•

$50,000,000

shares

stockholders—underwritten

to

$806,000

33

page

Office—315

Co.)

&

-

^

DST)

Insurance

Securities

Common

Curtis)

A*

Bowling & Leasing Corp.___
(Myron

capital.

Tark«on

Vvebnpr.

(Offering

shares

Schaper Manufacturing Co., lnc

Taffet

(Bids

Securities

Southland Life

Peabody

Corp.)

June

be

to

(Bids

received)

be

to

(Bids

Curtis;

&

Hisginson

545,000

Pennsylvania Electric Co..

$800,000

Real Estate Investment Trust of America._Ben. Int.
(Paine,

DST)

a.m.

Electric

(Bias

Common

a.m.

'

(Tuesday)

Massachusetts

(Monday)

(Equitable

Common
Stonehill

(Federman,

27

$3,869,750

Fox-Stanley Photo Products, Inc

$30,000,000

Panacolor, Inc.

11

stockholders—no

to

(Thursday)
(Bids

Bonds

Co

(Bids

Weeks)

Columbia Gas System, Inc.__

shares

300,000

Edison

1

Capital

(William R. Staats & Co. and Shearson, Hammill & Co.

Ohio

11:30

;

Bonds

Mississippi Power Co.

$412,500

Co.)

June

,—Ben. Int.

Trust

Michigan Electric Co
(Bids

^..Common

Lytton Financial Corp

>

$25,000,000

.

Illinois Gas Co.——

lO.lerinf.',

(Wednesday)

31

Indiana &

$7,500,000''*-!

Harwyn Publishing Corp
iN

May

shares

122,000

DST)

a.m.

Northern States Power Co

.Debentures

Co.)

6c

11

shares

250,000

Weeks!

&

by

shares

(Thursday)

Inc.> $2,200,000

Co.....

iHornblower

Common

*

O' Nuts Corp._

Chock Full

Scientific

Welch

$226,217

Corp.)

Co.)

&

150,000

(Tuesday)

22

Northern

Common
&

...Common
Co.)

&

shares

Inc
Stone

iHornblower

shares

283,200

Roth & Co.,

and

Bonds

$30,000,000

stockholders—underwritten

to

(Bids

Common

Inc.

U. S. Realty Investment

Common

(Karen

Brown

Foods,

Common

Amity Corp.

Co.)

&

Inc

Co.,

&

(Hayden,

shares

100,000

Co.)

Corp

tWestneinier

Lad

Common

Inc

(Hayden,

Scot

$600,000

Inc.)

Sons,

&

Laboratories

Aerotest

Co.,

Treat

(Amos

DST)

a.m.

Sherman

D.

20

June

Common

Co

Research

v

Consolidated Edison Co. of New York, Inc.--Bonds

Turben

Common

(Schwabacher

(Monday)

June

125,000 shares

& Co.)

Scone

V;

$1,000,000

Co.)

&

11

(Bids

..Common

(Hayden,

shares

May 22

Merrill,

Bonds

$30,000,000

D6T)

a.m.

(Thursday)

shares

Precisionware, Inc

DST)

ajn.

and

275,000

11

Southern Electric Generating Co._

Common
Inc.

Co.

Inc.)

$2,000,000

Corp.

(Offering

shares

1,000,000

Uo
&

Co.

(Stroud

Common

Co

Co.)

&

Magnefax Corp.

$9,000,000

DST)

a.m.

Barney
&

Bonds

Interstate Power Co

Interstate

(E. F.)

(Smith,

<

15

Class A
Noel

Alstyne,

MacDonald

Sachs

(Goldman,

Debentures

Co., Inc._

Paper Board

June

$1,050,000

Approximately

received)

be

to

(Wednesday)

L.

Corp

(Van

14

Photronics

Common

& Co.)

Stone

—Bonds

(Tuesday)

(Bids

$300,000

Co.)

&

Class A
$1,462,500

Co.)

Michigan Wisconsin Pipe Line Co

Common

Corp
Rogers

(Bids

.

•

Empire Devices, Inc

Common

Upper Peninsula Power Co

-

&

Stout

Co.„

(Bids

..Common

(Casper

___Bonds

Virginia Electric & Power Co._

—

Bonds

$550,000

Co. )

reeeiveu) :$20,000,000

be

Lebaire,

King,

cv;

June 13

Bonds

$297,000

Co.)

to

Edison

June

&

&

(Monday)

$15,000,000

Inc

Lime

Eastern

$10,000,000

DST)

a.m.

f"

,

Consumers Automatic Vending, lnc
Common
(Diran, Norman & Co. and V. S. Wickett & Co. Inc. I $5a0,000

..Common
100,000 shares

Pennsylvania Electric Co._

$375,000

...Equip. Trust Ctfs.
$5,300,000

DST)

a.m.

(Jamieson

Co.)

&

Barney

11:30

(Bids

12

Missouri

(Monday)

29

Chroma-Glo,

Mfg. Corp,

(Kidder,

May

(Wednesday)

May 17
Morton

(Bids

Class A

Wolf Corporation

Co., .'Inc.)

DST)

noon

M., Simon

Properties, Inc.—-——-—

(Eisele

New Orleans Public service, inc

$300,000

Corp.)

:

June

-

Common

Edelstein

(Bids

Common

lnc

Securities

Weber

$40,000,000

Corp

(Robert

—Units

8' (Thursday) •

-

Louisville & Nashville RR

Weld & Co. and
$75,000,000

Corp.; White,

Webster Securities

&

Electronics

Bonds

$5,000,000

Brooklyn Union Gas Co

(Thursday)

May 25

Common

____

DST)

11 a.m.

...Debentures

Co.—
DST)

a.m.

snares

Enterprises, Inc...,._______
II,

June

Income

$25,000,000

DST)

a.m.

Yale, Inc

11:30

(Bids

Co.)

Common
$300,000

Bonds

New York State Electric & Gas Corp

Stocker &

$„0,o00,000

Cq.. Inc.)

Gas

Natural

Consolidated

&

Weld

(Bids

•

r

Recreation

(Wednesday)

May 24

Common

Inc.)

Co.,

&

DST;

a.m.

Ltd.)

(Wednesday)

Community Public Service Co

—Bonds

Inc.—-,s._
Securities

(General

'

•

Harcourt Brace 6l World, lnc
«'

Ijl.ju

Electronics,

Co. and The Nomura Securities Co.
2,000,000 shares

(White,

oO.uoO snares

Vvciu;

ae

.Common

— — _ —— ——

Burney &

June 7

Common

General Economics Corp.___
,

Ram

80,000 snares

Manuel & Loiigstrein)

fotoma

9u0,000 shares

Corp.

Common

lnc
Berliuu,

Michigan Consolidated Gas Co

5>jUU,0o0

J. lie.)

tu.,

<S£

Instruments, lnc

Warner, Jennings,

Co.,

(Carter,

Common

Inc

Plan System,

Common

Limui, Inc.)

Virginia Chemicals & Smelting Co,_i.__..Common

Common

Co

Service

stockholders—laiutivkiuicu oy first Boston
Brytxi & Co., Inc. >
<±68,986*" shares

to

I'tuiiei1

Pierce,

Corp.

tamith,

shares

140,000

Sens)

&

Lynch,

Inc. and Cyrus J.

cmun,

and

(Tuesday)

May 16

Public

(Offering

shares

80,000

Co.;

<ss

tenner 6z

Pierce,

.Lawrence

scares

auu.uuu

Wayne-George Corp

Car

Lynch,

Sony

-

-

(Merrill

Co

iHarden,

inc.

units

(Merrill

Broadcasting-Paramount Theatres,
—Common

American

Waltham

Public Service Electric & Gas Co

(Tuesday)

May 23

Continued from page 33

Co.,

&

New

York

City

(managing).

Capital For Technical Industries, Inc.
April

10, 1961 filed 500,000 shares of common stock.
Price—$10 per share. Business—A small business invest¬
ment

company. Proceeds—To repay a loan and to pro¬
vide long term capital to small business concerns. Office
—1281 Westwood Blvd., Los Angeles, Calif. Underwriter

—Dempsey-Tegeler & Co.; St. Louis, Mo. Offering—Ex¬
pected in late May.

Capital

April
1977

21,

Pre

1961

pes

ties

filed

Inc.

$600,000

of

9Vz%

debentures

due

12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
and

common

shares.

Price—$1,000

per

unit.

Bu-iness—The

plans to purchase and lease back three build¬
ing:, ic be erected by Tower's Marts, Inc., for use as
retail discount department stores. Proceeds—For acquisi-

company

Volume

193

lumber 6052

.

.

.

The Commercial and Financial Chronicle

tion of the above properties. Office—36 Pearl St., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.
Plan

Car

1961

(letter

stock

(par

10,

April

System,

common

Business

The

—

expansion.

Inc.

Certified

F.

Grocers

Proceeds —For

ment

—

Inc., and White, Weld & Co. (jointly). Bids—To be
ceived at the company's office on June 1.
Commerce

re¬

offered in units

capital.
Office —15126 South
Calif. Underwriter — First Broad
Street Corp., New York City (managing).
working

•

Automatic Vending, Inc. (5/29)
31, 1961 filed 100,000 shares of common siuck (par
10 cents).
Price—$5 per share. Business—The installa¬
tion, maintenance and servicing of automatic vending

as

follows:

Price

—

$1,000 of bonds and 48 shares

To

be supplied by amendment.
Proceeds — To
refinery. Underwriter—Lehman Brothers, New

construct

(5/22-26)

York.

Consumers

March

machines, including complete in-plant automatic cafe¬
terias, in the metropolitan New York area. Proceeds
—Fur equipment, the reduction of debt and other cor¬
porate purposes.
Office — 59-05 56th Street, Maspeth.
N. Y.
Underwriters—Diran, Norman & Co., and V. S.
Wickett & Co., Inc., both of New York City. 1
Continental

of slock and $100 of debentures and nine shares of stock.

Trust Co.

Offering—Indefinite.

15, 1961 (letter of notification) 297,000 shares of
preferred stock, and 297,000 shares of common stock to be
offered in units of one share of

of

Price—$1.01

common.

erating expenses.
Scottrdale. Ariz.

Office

per

preferred and one snare
unit. Proceeds-rFor. op¬

Scottsdale Savings Building,

—

Underwriter—Preferred Securities, Inc.,

Phoenix, Ariz.
•

Criterion

Insurance Co.

(5/15)

March

27, 1961 filed 515,000
$2), to be offered for

Community Public Service Co. (6/7)
April 26, 1961 filed $5,000,000 of first' mortgage bonds,
series F, due June 1, 1991. Proceeds—For th^ repayment

shares of common stock
subscription by conn^u
stockholders of Government Employees Life Insurance
Co., and Government Employees Corp., on the basis of

of loans and for construction.

April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961.
Price—To be supplied by amendment.
Business—The operation of a chain of restaurants in the
New York City area, and the packaging and retail sale
of coffee.
Proceeds—For expansion.
Office—425 Lex¬

one

Avenue, New York 17, N. Y. Underwriter—F.
Eberstadt & Co., New York City (managing).

Street,

•

Office—408 West Seventh

sey,

ington

Fort Worth, Texas. Underwriters—To be deter¬
by competitive bidding.
Probable bidders: Hal¬

mined

(par

share for each

new

Co.,

surance

—

shares

Kidder, Peabody & Co. and White, Weld & Go. (jointly).
Bids—To be received on June 7 at 11 a.m. (DST) on the
19th floor of 90 Broad Street, New York City, Informa¬

(5/29)
March 2, 1961
(letter of notification) 90,000 shares of
common stock
(par 50 cents). Price — $3.30 per share.
Business
The manufacture of pressure sensitive em¬
blems. Proceeds—For payment of obligations; purchase

pany was

tion Meeting—Scheduled for June 5 at 3 p.m.
the 23rd Floor of One Chase Manhattan Plaza,

of

equipment; and for working capital. Office—525 Lake
Underwriter—Jamieson & Co.
Minneapolis, Minn.
Ave., S., Duluth 2, Minn.

(DST) on
New York

City.

.

held

shares held

of record March

on the basis of one new share for each five
of record March 30, with rights to expire

June 5.

about

10

by stockholders of Government Employees In¬

30, and

Stuart & Co. Inc.; Stone & Webster Securities Corp.;
Paine, Webber, Jackson & Curtis; First Southwest Co.;

Inc.

Chroma-GSo,

Inc.; Morgan Stanley & Co., and First Boston Corp.
(jointly); w^hite, Weld & Co., and Paine, Webber, Jacx& Curtis (jointly). Bids—To be received on May 24
at 11:30 a.m. (DST) in Room 3000, 30 Rockefeller Plaza,
New York City. Information Meeting — Scheduled for
May 19 at 10:30 a.m. (DST) at the Bankers Club, 40th
Floor, 120 Broadway, New Ycrk City.

March

tteftning Corp.

Dec. 16, 1958 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,OGQ of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be

Gardena,

Corp.

Oil

N. Y. Underwriters—To be determined by com¬
Probable bidders: Halsey, Stuart & Co.

petitive bidding.

.

also manufactures special purpose products
sold for military use. Proceeds-—For the repayment of

Chock Full O' Nuts

Co., 99 Wall Street, New York,

Columbia Gas System, Inc. (6/1)
April 21, 1961 filed $30,000,000 of debentures due June
1986. Office—120 E. 41st St., New York City. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith

company

for

&

New York.

system?
missile and space programs of the U. S. Government. The

and

of

75,GOO shares

loans; acquisition of equipment, and working
Office—311 W. 43rd Street, New York, N. Y.

Underwriter—Mineo

electronic, electro-mechanical and mechanical
and devices for ground support facilities for

Broadway,

of

capital.

of

Engineering Corp.
Jan. 30, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The company is engaged in
the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬

loans

notification)

01

(par 10 cents).
Price —$4 per share.
Business—Color photo-engraving. Proceeds—For repay¬

Chaico

and

(letter

stock

common

York 20,

35

son

ColorpSate Engraving Co.

Illinois, Inc.
April 17, 1961 (letter of notification) 365 shares of com¬
mon stock.
Price—At par ($100 per share). Proceeds—
For general corporate purposes.
Office—4800 S. Central
Avenue Forest View, ill.
Underwriter—None.

tems

City.

April 25, 1961

79th Street, Miami, Fla.
Co., Inc., New York City.

&

York

York City.

W.

Bowd

Office—130 W. 42nd Street,
Underwriter—Jesup & Lamont, New

general corporate purposes.

(5/16)

automobiles.

Olfice—540 N.

Underwriter—R.

Proceeds—For

produced for the Department of Defense.
New

of notification) 100,000 shares of
10 cents).
Price —$3 per share.

leasing of

(1987)

per share. Business—The com¬
March 22, 1961 by the manage¬
Employees Group com¬
panies and plans to engage in all kinds of fire and
casualty insurance business. Proceeds—For general cor¬
porate purposes. Office—Government Employees Insur¬
ance Building, Washington, D. C.
Underwriter—None.

Price—$6

organized

the

of

ment

on

.

Government

three

,

•

Church

Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
2. Price—S5.50 per share. Business—A closed-end diver¬
sified "investment

Feb. 27,
ofierea

and

management type.
Proceeds—For investment.
Office—501 Bailey Avenue.
Fort Worth. Texas. Distributor—Associates-Management.
of

company

the

Inc., Fort Worth, Texas.

i'

< «.

Products -Corp.
1961 filed $15,000,000 of convertible subordi¬
debentures due June 1, 1982. Business—The com¬

City
nated

March

•

Corp. Ltd.

•

Clark

Underwriter—

Equipment Credit Corp.

•.

/

•

Office—1450 Ferry Avenue, Camden, N. J.

derwriters—Ross,
both of New

York

Lyon
City.

&

Co.,

Inc.,

it- CIVIC Finance GroUp, Inc.
April 28, 1961 filed 150,000 shares
stock.
—The
in

Price—To
company,

the

South

consumer

Carolina

capital.

and

,

*

10

A

common

in

North

Carolina,

Georgia.
Proceeds — For working
Office—1009 Wachovia Building, Charlotte. N. C.

Acceptance Corp.
A/ "
March 1, 1961 (letter of notification) $175,000 of 10-year

H

Office

—

36

Lowell

Underwriter—Shontell

chester, N. H. Note—This letter

was

Inc.
filed 200,000 shares of common stock (par
Price—$4 per share. Business—The design,

&

Street,

_For

amendment.
Proceed;

expansion.

Office—529 Fifth Avenue, New York

City. Underwriter—Eistman Dillon, Union Securities &
Co., New York City (managing).
Offering—-Expected
in late May.
:
'
■
•

Man-

Varick.

/

Business—The manufacture and sale of cigars.

registered series notes to be offered in varying de¬
nominations of $100 to $1,000.
Proceeds — For general
purposes.

amount.

each 8 shares held. Price—To be supplied by

7%

N.

principal

Consolidated Cigar Corp.

Coastal

Chester.

of the

April 10, 1961 filed 275,000 shares of common stock (par
$1), to be offered for subscription by holders of out¬
standing common stock at the rate of one new share for

ton, D. C.

corporate

cents).

June.

and

Underwriter—Auchincloss, Parker & Redpath, Washing¬
•

101%

—

of class

for

each 25 common shares held of record April
rights to expire May 9. Price—To be supplied
by amendment. Business—A holding company^ whose
subsidiaries publish .books and operate radio and TV

tures

with

24

stations. Proceeds—To repay loans, Qffice—640 Fifth
Ave., New York City.
Underwriter — Carl M. Loeb,
Rhoades & Co., New York City (managing).

ic Crown Aluminum Industries Corp.
May 1, 1961 filed $2,000,000 of convertible subordinated
debentures due 1976. Price—To be supplied by amend¬
Business

ment.

enameled

nue, Pittsburgh,
Allen & Co., and

Coastal

Publications Corp.

Man¬

withdrawn Mar. 15.

,

'

V

'

•

Consolidated

•

March 30, 1961 filed 110,000 shares of common stock (par
60 cents). Price—To be supplied by amendment.
Busi¬
ness—The
and

preparation of technical literature

maintenance

of




on

the

use

complicated electronic equipment

The manufacture

and

.

Natural

Gas

Co.

(5/24)

April 24, 1961 filed $40,000,000 of debentures due May
1, 1986. Business—A holding company for six operating
concerns engaged in the natural gas business. Proceeds
—For construction. Office—30 Rockefeller Plaza, New

distribution of

Underwriters —Adams

Pa.

&

Peck;

Andresen & Co., all of New York City.

Inc.

(5/23)

March 30, 1961 filed 50,000 shares of common stock

(par
Price—To be supplied by amendment.
Business—
The manufacture and packaging of household liquid de¬
tergents for distribution under private labels. Proceeds
—For general corporate purposes. Office—Jefferson and
Masters Sts., Camden, N. J. Underwriter—Carter, Berlind, Potoma & Weill, New York City (managing).
$1).

Customline Control Panels, Inc.
2L 1961
(letter of notification)
stock

120.000

shares

cf

Price —$2.50 per share.
Business—Manufacturers of control panels for central¬
ized control of chemical and industrial processes. Pro¬

common

ceeds—For

a

(par 10 cents).

training program for additional engineering

personnel; additional capital equipment; payment of a
bank loan; opening of a Los Angeles sales and engineer¬
ing office; research and development and working capi¬
Office—1379 E. Linden Avenue, Linden, N. J.
Un¬

tal.

derwriter—Blaha
Data

&

Processing,

Co.,

Inc., Long

Island City,

N. Y.

Inc.

(letter of notification) 75,000 shares of
stock. Price—$4 per share.
Business—
The research, design and development of advanced digi¬
tal computer programs. Proceeds—To purchase or lease
computer equipment. Office—1334 Main St., Waltham,
Mass. Underwriter — First Weber Securities Corp., 79

April
no

12,

par

Wall

1961

common

St., New York

City.

^ Datatrol Corp.
April 26, 1961 filed 60,000 shares of common stock.
Price— $4.25 per share. Business—The company acts is
a
consultant or advisor in matters pertaining to data

processing problems and equipment. Proceeds—To de¬
velop data processing systems and "for working capital.
Office—8113-A Fenton Street, Silver Spring, Md. Under¬
writer— First
Investment
Planning Co., Washington,
District of Columbia.

Davis

Industries

16, 1961 (letter of notification) 100,000 shares of
common
stock. Price—$3 per share. Office—111 North
March

La

Cienega

Blvd., Beverly

Hills, Calif. Underwriter-

Raymond Moore & Co., Los Angeles, Calif.

;

De-F'ectronics, Inc.

April

(letter of notification)

13, 1961

112,000 shares of

Price—$1 per share. Busi¬
ness
The manufacture of electronic components and
assemblies. Proceeds — For the purchase of inventory;
manufacturing facilities and working capital. Office—50
common

.

—

aluminum

siding and aluminum accessories.
Proceeds—For plant expansion, new equipment and the
development of-new products. Office—5820 Center Ave¬

•

'

development, manufacture and sale of standard and cus¬
tom
made
printed and lithographed business forms.
Proceeds
To repay loans, purchase additional equip¬
ment, and for working capital.
Office — 400 Jersey
Avenue, New Brunswick, N. J. Underwriter—Milton D.
Blauner & Co., Inc., and M. L. Lee & Co., Inc., both of
New York City. Offering—Expected in late May to early

supplied by amendment.' Business
through its 20 subsidiaries, is engaged
business

';

Consolidated Business Systems,

be

finance

shares

Marcn 30, 1961

Un¬
Inc.,

Globus,

ry-

14, 1961 filed $12,000,000 of convertible subordi¬
1981, being offered for subscription
by common stockholders on the basis of $100 of deben¬

nated debentures due

Curley Co.
46,780

(Stock) $3.50
per share. Business—The issuer is principally engaged
in the construction
and operation
of bowling alleys.
Proceeds—To retire a mortgage and outstanding deben¬
tures, for construction of a new bowling alley.
for general corporate purposes. Office—26 West Northfield Road, Livingston, N. J. Underwriter—G. F. Nicholls
& Co., Inc., 1 Maiden Lane, New York 38, N. Y.
>.

plant additions, repayment of debt, and working

capital.

'

benture)

Proceeds

use.

&

by the company and 50,000 shares of common stock (par
50c) to be offered by a selling stockholder. Price--(De-

engage in the development, manufacture, packaging and
sale of industrial chemicals and latex, resins and plastic

compounds for industrial and commercial

Alex. Brown

Publishing Co.

March

Feb,

• Clarksort Laboratories, Inc.
April 27, 1961 filed 200,000 shares mf common stock.
Price—$2 per share. • Business—The company plans, to

—For

projects.
Saratoga

Consolidated Activities, Inc. (5/15-19 )
Feb. 28, 1961 filed $1,000,000 of 6%% convertible sub¬
ordinated debentures, due April 30, 1976, to be offered

sales

•

West

•

ness—The

June.

—

Computer fcquipment Corp.
5v 1961
(letter of notification)

Calif.

financing in the U. S. and Canada of retail
of products manufactured by Clark Equip¬
ment Co., parent. Proceeds—For the repayment of debt.
Office—324 East Dewey Ave., Buchanan, Mich. Under¬
writers—Lehman Brothers and Blyth & Co., Inc., New
York City
(managing). Offering — Expected in early

estate

Office—14

—

April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—-To be supplied by amendment;'. Busi¬
time

income producing real
construction.

of
common stock
(no par) to be offered for subscription
by stockholders on the basis of one new share for each
10 shares held. Price—$2.10 per share. Proceeds—For
research and production, and general corporate purposes.
Office
11612 W. Olympic Blvd., Los Angeles, Calif.
Underwriter.—-Holton, Henderson & Co., Los Angeles,

Reiner, Linburn & Co., New York City (managing). Of¬
fering—Expected in late May.
•

per

April

—

Road, Weston, Ont, Canada.

the

on

shares held.

Components Specialties, Inc.
April 20, 1961 (letter of notification) 60,000 shares of
common
stock
(par 10 cents).
Price—$3.50 per share.
Busines:—The importation and sale of electronic subminiature components.
Proceeds — For repayment of
debt; advertising, inventory and working capital. Office
—3 Foxhurst Road, Baldwin, L. I., N. Y. Underwriter—
Fund Planning, Inc., New York, N. Y.

29,

Rivalda

1972

1,

common

•

1961 filed 200,000 shares of common stock.
Price—To be supplied by amendment. Business—The de¬
sign, manufacturing and distribution of stereophonic
high fidelity radio-phonograph consoles and accessories
Proceeds
For research and development, expansion,
increased inventories and repayment of debt.
Office—
118

Crowell-Collier

Inc.

each

Baltimore, Md. Underwriter
Sons, Baltimore, Md. (managing).

outstanding notes and for working capital. Underwriters
—Lehman Brothers and White, Weld & Co., New York
Sound

for

Street,

and its subsidiaries distribute general merchandise,
operate refrigerator car icing and vacuum cooling
plants, cold storage warehouses, dairies,, breweries and
coal land oil distribution facilities.
Proceeds—To.retire

and

Clairtone

shares

Proceeds—For

pany

City (managing).

due Jan.

share for each two

new

managepnept pf

V
•

Development,

$1,000 of debentures held of
May 1, with rights to expire May 22. Price—
share. Business—The development, ownership and

record

.

&

convertible debentures
one

and.3-105

$5

Research

1961 filed 620,445 shares of common stock being
lor suoscription by holders of its common siock

6%

ba«is of

.

April 27,

Community

stock (par 10 cents).

_

1

••

Continued

on page

3S

36

(1988)

Continued

from

The Commercial and Financial Chronicle

35

page

Third

St., Mount Vernon, N. Y. Underwriter—Theo¬
dore Arrin & Co., New York, N. Y.
Dean

Milk

Co.

(5/15-19)

March 31, 1961 filed 150,093 shares of common stock, of
which 100,000 shares are to be offered for public sale by
the company and 50,093 outstanding shares by the pres¬
ent

holders

thereof.

Price—To

be

supplied

Business—The wholesale distribution

ment.

by
of

amend¬

milk

and

milk products in the middle west. Proceeds—For the re¬

of debt and for

payment
River

Road|,

Becker &

Franklin

working

Park,

capital. Office—3600
Underwriter — A. G.

111.

Corp.

Business

electronic

The

—

equipment

design, manufacture and sale of

for

U.

the

For research and

—

S.

Government.

Pro¬

derwriter—M. L. Lee

&

Co.. New York

City.

and construction
ery

factory; purchase of new machin¬
and tooling; inventory and working capital. Office—

3163 Adams
•

of

a

Ave., San Diego, Calif. Underwriter—None.

Development Corp. of America

March
10

30, 1961 filed 200,000 shares of

cents).

ment

Price—$3

and

communities
rate

in

Office

purposes.

York

of

Florida.

Hollywood, Fla.
New

share.

per

construction

Business—The

single-family
5707

general

Hollywood

(managing).

Offering

—

corpo¬

Boulevard,

Underwriter—Amos Treat &

City

and

Co., Inc.,

Expected

in

June.

Giorgio

Fruit

Corp.

April 10.1961 filed 275,000 shares of

common stock (par
Price—-To be supplied by amendment. Business
—The production, harvesting and marketing of agricul¬
tural products, especially fruits.
Proceeds—For the re¬

$2.50).

payment

of

loan.

Office

Sansome

350

Street, San
Francisco, Calif. Underwriter—Dean Witter & Co., San
Franicsco.
Offering—Expected in late May.
•

Diotron,

March

29,

a

—

and working capital.
Office —- 44 Beaver
N. Y. Underwriter—A. D. Gilhart

&

Dec.

29,

1960

non

stock

sell ng

Inc.

ordinated

Industries, Inc.
filed $1,500,000 of 6%

income

debentures due

to

by acquisitions, to pay notes due, and for general
corporate purposes.
Office—68
W.
Columbia
Street,
Hempstead, N. Y. Underwriter—Casper Rogers & Co..
Inc., New York, N. Y. Note—This company formerly was
named Eastern Camera

Eastern

Corp. (5/29-6/2)
31, 1961 filed $700,000 of subordinated debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬
ness—The operation of a quarry in Kutztown, Pa., and
the
production
of
limestone
for
cement
companies.
Proceeds—For new
equipment and the repayment of
Pa.
Underwriters—Stroud &
Co., Inc., Philadelphia and Warren W. York & Co., Inc.,

Allentown,

struction of

(par 10 cents)

of

sulfuric

acid.

Proceeds—For

the

a

tional

ing

con¬

of

a

ing capital.

Dodge

(par

cent),

one

late

debtedness and
dustrial

Blvd.,

Securities

manufacture

of

promotion, and

Mutual

25.

Price

1961

$1

—

fund.

general

$5

—

new

July

—

—

of

caoital

—

736

filed

shares

100,000

Business

12,

Price

1961

To

—

be

manufacture
aroni

filed

100,000

of

de

Rensis

supplied by amendment.

and

sale

of

flour

used

Business

for

Dis¬

&

Co.

machinery for heat

loans.

sealing and labeling containers.
working capital and the repayment of

For

Office—New

&

man

—

Richmond, Wis. Underwriter—KalCo., Inc., St. Paul, Minn, (managing).

Duks

Power

Co.

1961 filed 368,000 shares of common stock be¬
ing offered for subscription by common stockholders on
of

one

share

new

for

each

30

shares

held

of

record

April 24, with rights to expire May 15. Price—
S45 per share. Proceeds
To repay short-term loans.
Offices—Charlotte 1, N. C.; Flemington, N.
J., and 30
Rockefeller Plaza, New York
City. Underwriter—None.
—

Dubow

April
class

10,
A

Chemical

1961

Corp.

(letter

common

stock

share.

of

one

cent).

80,000

shares,

Price—$2.25

of

per

of

No

one

Price—To

share

will

sale
be

of

be

related

slock

made

of

the

to

the over-the-counter

and

one-

less

than

price of

market

tho

imme¬

diately prior to the offering. Business—The firm makes
and

sells instruments and equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬

ing stockholders, who are two company officers who will
lend the net proceeds to the
company. Office—430 Buck¬

St.,

Bristol,

Mandel
©

&

Errctnea-

March

8,

Pa. Underwriter
Warner,
Longstreth., Philadelphia, Pa.
—

G'ass

1961

Corp.

filed

(5/8-12)

190,000

shares

stock, of which 160,000 shares
lic

sale

Jennings,

by the company

are

of

class

A

common

to be offered for pub¬

and

30,000 outstanding shares,
by the present holder thereof. Price—$4 per share. Busi¬
glass, metal, fiber and plastic contain¬
ers; and housewares and garden accessories. Proceeds—
ness—The sale of

the

repayment of debt and general corporate pur¬
Office—6250 N. W. 25th Ave., Miami, Fla. Under¬

writer—Clayton
aging).

Securities

Corp.,

Boston,

Mass.

(man¬

stock to

class

A

Empire Devices, Inc.
(5/29)
April 3, 1961 filed 105,000 outstanding shares of common
stock to be offered for
public sale by the present holders
thereof. Price—Between $10 and $12
per share. Business
—The

manufacture

ceeds—For the
N.

Y.

of

electronic

test

equipment.

Pro¬

selling stockholders.

Underwriter—Hayden,

Office—Amsterdam,
Stone & Co., New York

Mass.

75,000

be offered

shares

common,

$2

to

share;

Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
Equity Capital Co.
April 7, 1961 filed 100,000 shares of common stock (par
$1.25). Price—To be supplied by amendment. Bus'ness
The making of short-term construction and second
mortgage loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
—

tire

of

debt

and for working capital.
Office
430 First
North, Minneapolis, Minn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
Offering—Expected some time in June.
—

Avenue

of

the under¬

per

Empire Life Insurance Co. of America
March 14, 1961 (letter of notification)
30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—■
To go to selling stockholders. .Office-—2801 W.
Roosevelt

Far West Financial

March
which

30,
a

1961

Corp.

filed 950,000

maximum

of

shares of capital stock, of
770,000 shares will be offered for

public sale by the company, and

maximum of 180,000
by the present hold¬

a

ness—The

and

export

of electrical

equipment, and for

Electro-Mechanical Corp.

17,

1961

stock

(5/8-12)
(letter of notification) 54,000 shares of
one cent).
Price—$2.30 per share.

(par

company

outstanding shares will be

offered

Road,

general corporate purposes. Office—Town
New Rochelle, N. Y. Underwriter—Manu¬
Fifth Avenue, New York

29,

common

1961

stock

,

(letter of notification)
(par 10 cents).
Price

Business—Engaged
duction

of

in

medical

100,000 shares of
—

electronics

$3

per

and

share.

the

teaching devices. Proceeds — To
purchase equipment and raw materials, and for working
capital. Office—857 N. Eutaw St., Baltimore, Md. Un¬

Electronic

& Co., Inc., 295 Madison Ave., New

Assistance

Corp.

(5/8-12)

March 17, 1961 filed 110,000 shares of

common stock (par
cents) of which 60,000 shares are to be offered for
public sale by the company and
50,000 outstanding
shares by the present holder thereof. Price—To be

10

sup¬

plied by amendment. Business—The design, engineer¬
ing, manufacture and sale of radar altimeters, communi¬
devices

vestment in

a

and

test

equipment.

Proceeds—For

in¬

subsidiary and for expansion of pres¬
Office—20 Bridge Avenue, Red
Bank, N. J.
Underwriter—Hayden, Stone & Co., New York City
(managing).
'
'
ent facilities.

new

Faradyre Electronics
Jan.

30,

1961

filed

Corp.

$2,000,090

of

6%

convertible

sub¬

ordinated debentures. Price—109%
Business—The
vand

company

of principal amount.
is engaged in the manufacture

distribution

of high reliability materials and basic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬

electronic

Office—471

Cortlandt

Street,

Belleville,

N.

J.

capital.
Under¬

writer—S. D. Fuller Co.
Federal

pro¬

electronic

derwriter—R. Topik

company owns a majority of State Mutual
Savings & Loan Association capital stock and operates
insurance agency. Proceeds—To
repay loans, and to
make loans to
developers of real estate projects. Office
-—415 West Fifth
St., Los Angeles, Calif. Underwriter—
Eastman Dillon, Union Securities &
Co., New York City
(managing). Offering—Expected in late May.

ceeds—For the payment of debts and for
woorking

Electronic Aids, Inc.
March

thereof. Price—To be supplied by amendment. Busi¬

an

designs, develops and produces

17, N. Y.

cations

notification)

(par

Business—The development and manufacture of
chemical products. Froceeds—For
general corporate pur¬




Boston,

York, N. Y.

March 14,
basis

Inc.,

The

mac¬

noodles;
the production
of
animal
feeds,
toys and swimming pools, and the manufacture

Proceeds

de¬

and

(no par) and 20,000 shares of addi¬

facturers Securities Corp., 511

and

plastic

Prices—Of

pansion and

—

stock,

common

research

electronic test equipment and systems for the communi¬
cations and data processing fields.
Proceeds—For ex¬

stock.

spaghetti,

stock

common

Business—The

Midland

common

units

company's stock in

ers

Dock

shares

of

The

arc

common

common

Doughboy Industries, Inc.
April

—

working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C.
Underwriter—Carleton Securities
Corp., Washington, D. C.

stock.

Bldg., Minneapolis, Minn. Underwriter—Fund
tributors, Inc.

in

warrant.

units.

packaging

mutual

Bank

such

additional class A common, 2V2 cents
per share. Proceeds
To expand the company's inventory to go into the

Office—In¬

diversified

Office

10

sale
a

—

•

A

educa¬

work¬
developments.

market

Industries, Inc.
1960 (letter of notification)

writers.

March

investment.

and

of loans;

Avenue, Long Island City, N. Y.

share.

per

tional class A

Underwriter—Plymouth

Business

For

of

of

share.

welding and wire shielding. Proceeds
working capital and miscellaneous
Office—505 Washington St., Lynn, Mass. Un¬

19,

class A

City.

100,000,000 shares

share.

per

games

shares
per

Electro

Fund, Inc.

filed

Proceeds

Ga.

York

S3

equipment,

expenses.

York City
May to early

corporate purposes.

card

—

Inc.

1961

derwriter—P.

Proceeds—The repayment of in¬

Covington,

Corp.. New

Dollar

April

cloth.

screen

binding of

100,000

Price

Proceeds—For repayment

velopment of

Wire

aluminum

the

21,

—For

Corp.
(5/15-19)
Dec. 7, 1960, filed 100,000 shares of common stock. Price
—$6 per share.
Business—The manufacture of woven

of

capital;

Price

June.

©

1961

Electrarc,

Office—1260 Broad Street, Bloomfield, N. J.

in

(5/16)

outstanding

City (managing).

Mfg. Corp.
(letter of notification)

stock

items.

April

&

Offering—Expected

in the

■

Underwriter—P. W. Brooks & Co., Inc., New

(managing).

be offered

to

Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc..
New York, N. Y.
/."W/

coatings.
Proceeds — For con¬
plant, repayment of debt, and work¬

new

stock

common

are

principally

corrosion-resistant

struction

©

engaged

Office— 1305 44th

Research, Inc.
March 31, 1961 filed $2,900,000 of 6% convertible
sinking
fund
debentures, due 1978. Price—To be supplied by
amendment.
Business—The production of sulfuric acid,
liquid sulfur dioxide, aluminum sulfate, chromic acid
and

are

Business—The

new

Chemical

for

poses.

of

Inc.

60,000

shares .of capital
(par 50 cents), together with five-year warrants
purchase of 6,000, new capital shares, to be of¬

tenth

For

Co., New York City (managing).

common

for

Broad

Dixon

(co-managers).

of which 75,000 shares

Ed-U-Cards

plant and for working capital. Office
Street, Bloomfield, N. J. Underwriter—
P.
W. Brooks
&
Co., Inc., New York City
(manag¬
ing). Offering—Expected in late May to early June.

—1260

Pa.

Economy Book Co. (5/8)
March 15, 1961 filed 150,000 shares

&

—

manufacture

Office—Kutztown,

manufacturers.

the

ley

Lime

1960 filed

fered

March

cover books.
Proceeds—For new equip¬
ment, moving expenses and working capital. Office—511
Joyce Street, Orange, N. J. Underwriter—Hayden, Stone

subscription by holders of the company's common stock.
To be supplied by amendment.
Business — The

Price

Exchange, Inc.

children's hard

sub¬

offered

be

processes

curred

April 21,
convertible

1981

photographic supplies and
and prints black and white

and

phonographic film. Proceeds—To reduce indebtedness in¬

subsidiaries

Chemical

1961

film

also

pment;

equ

for

chain of retail stores and concessions

a

camera

development, with the balance for general
Office—838 Smith Street, Rochester,

DBnstrurinen-ts,

28,

stock

public sale by the company and 75,000 outstanding
shares, by the present holders thereof.
Price—To be
supplied by amendment. Business—The company and its

1961

31,

(par 10 cents).

cameras,

Corp.

75,000 shares of
Price-—$4 per share. Busi¬

for

of bank loans, new machinery,

N. Y.
Underwriter—Troster, Singer & Co., New York
City (managing). Offering-—Expected in late May.
Elion

notification)

of

systems

corporate purposes.

Oct.

Photo

<&

(letter

ness—Operating

Underwriter—Royer Securities Co., Philadelphia, Pa.
Dixon

Camera

optical

research and

Co., Inc., New York, N. Y.
Eastern

and

Proceeds—For repayment

purchase and sale of vending equipment

purposes

Long Branch,
New York City
Offering—Expected in late May.
—

for

(letter of notification) 100,000 shares of
common stock
(no par). Price—$3 per share. Proceeds—
For
raw,, materials,
production, testing and working
capital. Office — 3650 Richmond St., Philadelphia, Pa.

March

lenses

Street, New York 4,

Office

working capital.

Elgeet Optical Co., Inc.
28, 1961 filed 180,000 shares of common stock.
Price —$6.50 per share.
Business — The production of

—

Proceeds—For general corpo¬

for

and

March

75,000 shares of
$4 per share.

Price

rate

debt.
Di

cents).

10

appliances.

develop¬

residences

Proceeds—For

—

stock (par

common

(par

Business—The

con

Delta Design, Inc.
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share.
Business — Development of vacuum
system components. Proceeds —- For acquisition of land

stock

(par

Business—

Underwriter—W. C. Langley & Co.,

(managing).

Hamilton, Magnus & Co., New
(managing). Offering—Expected in May.

and electrical

development and for working

capital. Office—850 Shepherd Ave., Brooklyn, N. Y., Un¬

loans

N. J.

Underwriter—Godfrey,

common

Inc.

75,000 shares4 of capital stock

development, production and sale of analog com¬
and precision electronic laboratory equipment;
and also computer engineering services at three centers
in the United States and Europe.
Proceeds — To repay

Duplex Corp. Proceeds—For expansion and
working capital. Office—641 Bergen St., Brooklyn, N. Y.

(par

filed

puters

ternational

Dynamic Vending Corp.
26, 1961 (letter of notification)

1961

The

Duplex Vending Corp.
20, 1961 filed 160,000 shares of common stock
(par 10 cents). Price—$3 per share. Business—A dis¬
tributor of the coin-operated commercial
washers, and
dryers, heaters and other equipment produced by In¬

City

Thurspay^ May 4, 1961

.

Price—To be supplied by amendment.

$1).

March

April

one cent), of which 30,000 shares are
to be offered for
public sale by the company and 20,000 outstanding
shares by the present holders thereof.
Price — $2 per

March 30,

City and Fidelity Investors Service, East Meadow,
L. I., N. Y.

York

.

Electronic Associates,

—

York

(5/10)

March 16, 1961 filed 50,000 shares of common stock

ceeds

Y.

Co., Chicago (managing).

Decitron Electronics

share.

Office—222 Newbridge Ave., East Meadow, L. I.,
Underwriters
Planned Investing Corp., New

poses.

N.
E.

.

April

18,

Paper

1961

Beard

filed

Co., Inc. (5/18)
$20,000,000 of sinking fund

deben¬

tures, due May 1, 1981. Price—To be supplied by amend¬
ment.

Business—The

manufacture

of

folding boxboard,
paperboard, corrugated containers and machine made
glassware. Proceeds—For a new mill at
Versailles, Conn.,
and modernization of
existing facilities. Office—24 River
Road, Bogota, N. J. Underwriter—Goldman, Sachs & Co.,

New York City
Fiat

IV3e*al

March 29,

(managing).

Manufacturing Co.,

Inc.

1961

filed 220.462 outstanding shares of com¬
(par 10 cents), to be offered for public sale
by the present holder thereof. Price—To be supplied by
mon

stock

amendment. Business—The manufacture and distribution
of prefabricated metal shower
cabinets, glass shower .en¬
closures and pre-cast shower floors. Proceeds—For the

selling stockholder. Office
L.

I.,

N.

Y.

—

Michael

Court, Plainview,

Underwriter—Dempsey-Tegeler & Co., St.

Number

193

Volume

6052

.

.

.

The Commercial and Financial Chronicle

V

■

■

Louis and New York City. Offering:—Expected in early-

NeW

to-mid June.

New York

it' Fidelity Bankers Life-insurance Corp.
April 27, 1961 filed 547,128 shares of common
Price—To be supplied by amendment.
Business

G.

stock.
—

The

writing of ordinary, group and credit life insurance in
13 states and the District of Columbia.
Proceeds—For
additional capital/ Office—Broad at Willow Lawn, Ricn-

York

■

(1989)

\
'
' 1
Underwriter—Van Alstyne, Noel & Co.,
City (managing).

City.

B.

Components, Inc.
April 10, 1961 (letter of notification) 100,000 shares of
common stock (no par). Price—$3 per share. Proceeds—
For repayment of loans and working capital. Office—
14621
Arminta
St., Van Nuys, Calif.
Underwriter—
Warner, Jennings, Mandel & Longstreth, Philadelphia,

mond, Va.
Underwriters — Lee Higginson Corp., and
Shearscn, Hammill & Co., both of New York City (man¬

Pa.

aging)..

Jan.

Filtors,

Snc.

■

•

"£r

March

16, 1961 filed 271,000 shares of common stock,
of which 122,000 shares are to be offered for public sale
by the company and 149,000 outstanding shares, by the
present holders thereof. Price—$7 per share. Business—
Trie design, manufacture and sale of subminiature and
microminiature hermetically sealed relays.
Proceeds—
For
general corporate purposes. Office—30 Sagamore
Hill Drive, Port Washington, N. Y. Underwriter—Dempsey-Tegeler & Co., St. Louis (managing). Offering—
Expected in early-to-mid June.
•

Fireco

G-W

Ameritromcs,

Inc.

shares, to be offered for public sale in units, each con¬
sisting of

share of

one

stock and two warrants.

common

Each warrant will entitle the holder thereof to

purchase
March
August 1961 and at $3 per share from September 1962
to February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
share of

one

stock at $2 per share from

common

to

Proceeds

For

general

Office—
Kensington arid Sedgley Avenues, Philadelphia, Pa. Un¬

Ltd.

SaBes

•

25, 1961 filed 30,000 shares of common stock and
160,000 warrants to purchase a like number cf common

.

March 31,

—

corporate

purposes.

1961 filed 123,000 outstanding shares of com¬
derwriter—Eraser & Co., inc
Philadelphia, Pa. Offer¬
mon stock
(no par). Price—To be supplied by amend- /
ing—Expected in late May.
ment. Business—The service merchandising of non-food
Gem International, Inc.
consumer items in Canada, mainly in supermarkets. Pro¬
April 6, 1961 filed 150,000 outstanding shares of common
ceeds— For the selling stockholder.
Office —33 Racine
stock (par $1).
Price—To be supplied by amendment.
Rd., Rexdale (Toronto), Canada. Underwriter—McDon¬
Business—The operation of closed-door membership de¬
nell & Co., New York City (managing). Offering—Ex¬
partment stores in Denver, Kansas City, St. Louis, Min¬
pected in late May.
neapolis, Wichita, Washington, D. C., and Honolulu.
Farst Small Business Corp. of New Jersey
Proceeds—For the selling stockholders.
Office—10900
April 18, 1861 filed 300,o6o shaves of capital stock (par
Page Boulevard St. Louis, Mo. Underwriters—Bosworth,
$1), to be offered for public sale by the present holder
Sullivan & Co., Inc., Denver, Colo., and Scherck, Richter
thereof. Price
$12.50 per share. Business — A small
Co., St. Louis, Mo. (managing).
Offering — Expected
business investment company organized in July, 1960,
some time in June.
by the National State Bank of Newark, sole stockholder.
General Economics Corp.
(5/16)
Proceeds—For investment and working capital. Office—
,

Grosset &

Dunlap,

$1), of which 210,320 shares
sale

St., Newark, N. J. Underwriters—Shearson,
Hammill & Co., New York City and Heller & Meyer,
East Orange, N. J. Offering—Expected in early June.
Business

Small

of

Investment

Company

Tampa, Inc.

Oct. 6, 1960 filed 500,000 shares of common stock. Price
•—$12.50 per share. Proceeds — To provide investment

capital. Office—Tampa, Fla. Underwriter—None.
Flato

Realty Fund

i

1961 filed 2,000,000 shares of participation in
Fund. Price—$10 per share. Business—A new real

April 21,
the

estate

investment

trust.

Proceeds

For

—

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Distributor—Flato, Bean & Co., Corpus Christi,

Texas.
i

Texas.
Fox
March

,.

Head

,

Brewing Co.

1961 (letter of notification) 52,806 shares of
common stock (par $1.25).
Price—At-the-market at time
of sale.
Proceeds—For redemption of preferred stock,
and
working capital.
Office — 227 Maple Avenue,
16,

Waukesha,

Wis.

Underwriter

—

Milwaukee

Co.,

Mil¬

waukee, Wis.
Fox-Stanley Photo Products, Inc.

hard

of

Tenn.

stock

(par five cents).

Proceeds—To repay
for research

fice—6519

and

150,000 shares of
Price—$1.15 per share.

debt, purchase additional equipment,

development, and working capital.

Nicollet

Avenue, Minneapolis, Minn.

Books, Inc., and for working capital. Office—1107 Broad¬
way, New York City. Underwriter — Blyth & Co., Inc.,
New York City (managing). Offering—Expected in mid-

May.

;

<

Guaranty National Insurance Co.
Feb. 27, 1961 (letter of notification) 120,000 shares of
common
stock (par 50 cents).
Price—$2.50 per share.
Proceeds—For investment and the operation of the com¬
pany. Office—916 Broadway, Denver, Colo. Underwriter
—Copley & Co., Colorado Springs, Colo.
Hager Inc.
March 31, 1961 filed 200,000 shares of common stock

(no
par). Price—To be supplied by amendment. Business—
The financing and sale of household food freezers and
frozen foods to the

writer—Continental

Securities, Inc., Minneapolis, Minn.

Friden, Inc.
March 30, 1961 filed 360,000 shares of common stock of
which 150,000 shares are to be offered for public sale by
the company and 210,000 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
Business—The

ment.

manufacture

and

sale

of

various

adding machines, data
processing equipment, Ticketograph machines and elec¬
tronic heaters.
Proceeds
For plant expansion, new
products

such

as

calculators,
—

equipment, prepayment of loans, and inventory. Office
—2350 Washington Avenue, San Leandro, Calif. Under¬
writers—Dean Witter & Co., San Francisco and Merrill

Lynch, Pierce, Fenner & Smith Inc.,
Offering—Expected in late May.
•

Fulton

Feb.

New

York City.

Industries, Inc.

filed 233,955 shares of outstanding com¬
supplied by amendment. Busi¬
textiles, automotive parts, metal cast¬
ings, cotton ginning equipment and pre-engineered steel
buildings. Proceeds—To selling stockholders.
Office—•
Atlanta, Ga. Underwriters — Robinson-Humphrey Co.,
Inc., Atlanta, Ga., and Walston & Co., Inc., New York
City (managing). Offering—Imminent.

mon

21,

1961

stock. Price—To be

ness—Produces

•

Futterman

March

31,

(par $1).

Corp.

(5/29)

1961 filed 1,000,000 shares of class A stock
Price—To be supplied by amendment. Busi¬

The owning, managing, constructing, acquiring,
leasing and sale of real estate properties. Proceeds—For
ness—

the

purchase

of




properties.

-

Office—580

Fifth Avenue,

Proceeds—For

consumer.

the

repay¬

ment of debt and

working capital. Office—2926 Fairfield
Ave., Bridgeport, Conn. Underwriter—Marron, Sloss &
Co., Inc., New York City (managing). Offering — Ex¬
pected in mid-June.
®

Glallicratfters

April 25, 1961
stock.

Go.

filed 300,000 shares of outstanding capital

Price—To be supplied

The manufacture

and

military electronic
Underwriter
York

by amendment. Business—

of

short

equipment.

Office

stockholders.

sale

4401

—

radio sets and

wave

selling
111.
& Curtis, New

Proceeds

W.

5th

City (managing).

EKiaSosd

Xerox

To

—

Ave., Chicago,

Paine, Webber, Jackson

—-

/

Inc'.

March

17, 1961 filed $15,093,600 of convertible subordin¬
1981, being offered for subscription
by common stockholders on the basis of $100 of deben¬
tures for each 25 shares held of record April 20, with
manufacture

it General Resistance, Inc.
A'pril 24, 1961 (letter of notification) 100,000 shares of
stock

common

Business—The

sistors,

cents).
Price — $3 per share.
of precision wire sound re¬

10

(par

manufacture

restance

networks

and measuring instruments.
loans; working capital and

Proceeds—For repayment of

general corporate purposes. Office—430 Southern Boule¬
vard, Bronx, N. Y.
Underwriters—Flomenhaft, Seidler
& Co., Inc., New York,
Corp., Levittown, N. Y.
•

N.

Y.,

Pharmaceutical

Geriatric

and

I.

R.

Investors

E.

1961

28,

Commonwealth

M.

Boulevard, Bellerose, N. Y.

Kirsch

Under¬

Co., New York, N. Y. Offering—

Imminent.
•

Giannini

(letter

stock

common

(par

Corp.
of notification)

10

cents).

Price

—

$10

shares of
per-share.

Office—30 Broad Street, New York, N. Y. Un¬
derwriter—Kidder. Peabody & Co., Inc., New York, N. Y.
purposes.

Data

Systems,

tions, repayment of debt and working capital. Office—•
Ave., New York City. Underwriter—Schrijver
& Co., New York City.

441 Ninth

Girard

Industries Corp.

filed 100,000 shares of common stock (par
Price—$5 per share. Business—The manufac¬

March 22, 1961
50 cents).

ture, and sale oF certain types of furniture to retail
ers.

Proceeds—For

capital.

Edwards &
Grumet

deal¬

plant, equipment and working
Office—San Juan, Puerto Rico. Underwriter-

&

a

new

Hanly, Hempstead, N. Y. (managing). Brand,
Seigel, Inc.; Kesselmann & Co., Inc.; Casper

Rogers & Co., Inc., New York City. Offering—Expected
in late May.
<

(5/15-19)
March 29, 1961 filed 87,500 shares of common stock.
Price
$4 per share. Business — The manufacture and
sale
of doll carriages,
hobby horses and pony stock
horses.
Proceeds
For working capital.
Office — 100
South 30th and Jane Streets, Pittsburgh, Pa.
Under¬
writer—Robert M. Harris & Co., Inc., Philadelphia.
•

Golden

Triangle Industries, Inc.

—

—

ic Gordon & Breach, Science Publishers, Inc.
April 21, 1961 (letter of notification) 80,000 shares of
common
stock (par 10 cents).
Price—$1.75 per share.
Business—Publishers of scientific textbooks.
For

working

capital.

Proceeds—

Office —150 Fifth Avenue, New

York, N. Y. Underwriter—First Weber Securities Corp.,
New York, N. Y. Offering—Expected in late May.
Grayco Credit Corp.

(letter of notification) $150,000 of 10-year
7% sinking fund debentures and 75,000 shares of com¬
mon stock
(par $1) to be offered in units consisting of
50 shares of common and $100 of debentures. Price—$200
per unit. Proceeds — For working capital. Office —1012
Market St., Johnson City, Tenn. Underwriter—Branum
Investment Co.. Inc.. Nashville, Tenn.
-

Jan.

16, 1961

stock

of

&

Brace

World,

Inc.

(5/16)v

be supplied by amend¬
publication and sale of textbooks,
general books. Pro¬
ceeds—For the selling stockholders. Office—750 Third
Ave., New York City. Underwriter—White, Weld & Co.,
Inc., New York City (managing).
mon

ment.

$1)

(par

Price—To

Business—The

school materials, aptitude tests, and

(Paul), Inc.

April 26, 1961 filed 350,000 shares of common stock (par
cents). Price—To be supplied by amendment. Busi¬

25

design, engineering, construction and installa¬
launching bases and related facilities for
armed forces.
Proceeds—For working capital.
Of

ness—The

tion
the

of missile

fice—Stanton,

Underwriter—Michael

Calif.

G.

Ketz

&

Co., New York City (managing).
April

3,

common

1961

Telephone Co.

(letter of notification) 12,500 shares of
$20) to be offered for subscription by

stock (par

the basis of

stockholders

on

shares held.

share for each two

Price—$22.50 per share.

of
111.

repayment
Waterloo,
&

Inc.

April 14, 1961 filed 175,000 shares of common stock.
Price—$2 per share. Business—The affixing of price tags,

sale

1961 filed 101,398 outstanding shares of com¬

Harrisonville

30,000

Business—Research, development and manufacturing in
technological fields.
Proceeds — For general corporate

Gilbert

Harcourt
March 24,

Scientific

1961

27,

— At par. Business — The
products for xerographic and
photocopy reproduction, and for photographic use. Pro¬
ceeds—To redeem all outstanding 5V4% preferred stock,
repay bank loans and for working capital. Office — 2
Haloid St., Rochester, N, Y. Underwriter—First Boston
Corp., New York City (managing).

and

^Hardeman

Corp.

(letter of notification) 50,000 shares of
common stock (par 10 cents).
Price—$4 per share. Busi¬
ness—The distribution and sale of geriatric pharmaceuti¬
cals. Proceeds—For general corporate purposes. Office—
Feb.

Of¬

Under¬

by

rights to expire May 8. Price

premiums. Pro¬
Office—130 W.
42nd Street, New York City.
Underwriter—Continental
Planning Co., 130 W. 42nd Street, New York City.

packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬

it Frederick-Willys Co., Inc.
April 20, 1961 (letter of notification)

be supplied

paperback books for adults and
children. Proceeds—For the purchase of additional stock
in Bantam Books, Inc., Wonder
Books, Inc., and Treasure

finances the payment of life insurance
ceeds—For additional working capital.

Feb.

plied by amendment. Business—In May 1961 the com¬
pany plans to take over the businesses of The Fox Co.,
San Antonio, Tex., and the Stanley Photo Service, Inc.,
St. Louis, Mo., which are now engaged in the processing
of
photographic films and the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp., Nashville,

To

ated debentures, due

shares

sup¬

—

and

1961 filed 130,000 shares of common stock.
per share. Business—The company is active in
the over-the-counter market as both broker and prin¬

writer—T.

common

Price

Business—The publication and distribution

cover

8,
Price—$5

45

(6/5-9)

stock (par

common

to be offered for public

by the company and 225,766 outstanding shares by

the present holders thereof.

amendment.

March

29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding

March

by the present holders thereof. Price—To be

are

cipal, sells mutual fund securities and life insurance, and

Broad

First

Inc.

March 31, 1961 filed 436,086 shares of

—

810

37

"

•

one

new

Proceeds—For the
loans, and working capital.
Address —
Underwriter—McCourtney-Breckenridge

Co., St. Louis, Mo.
Corp.
(5/8-12)
(letter of notification)

Harvey-Wells

March

20,000 shares of
cent).
Price — $15 per share.
Proceeds—To repay a loan, purchase equipment, for im¬
provements and working capital.
Office — 43 Kendall
Street, Framingham, Mass.
Underwriter —Schirmer,
Atherton & Co., Boston, Mass.
28,

1961

stock

common

(par

one

ic Harvey's Stores, Inc.
1961 filed 150,000 outstanding shares of class
A stock to be offered for public sale by the present
holders thereof.
Price—$7.50 per share. Business—The
operation of a chain of women's wear and children's
apparel stores in Ohio, Indiana, Illinois and Michigan.
Proceeds
For
the selling stockholders.
Office — 500
Seventh Avenue, New York City.
Underwriter—Maltz,
Greenwald & Co., New York City (managing).
April 28,

—

.

Harwyn Publishing Corp. (5/22-26)
30, 1961 filed 110,000 shares of class A common
stock (par 10 cents). Price—$3.75 per share. Business—
March

The

publishing of illustrated encyclopedic works, princi¬

pally for children. Proceeds—For general corporate purposes.

Office—170 Varick Street, New York City.
Bayside, N. Y.

Un¬

derwriter—N. A. Hart & Co.,
•

Inc.
(letter of notification) 25,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness
Manufacturers of barbecue machines and allied
Hickory

March

9,

Industries,

1961

—

equipment. Proceeds — For general corporate purposes.
Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New York, N. Y.
Offering—Imminent.

Holiday

Sportswear,

Inc.

April 21, 1961 filed 86,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and saie of specialized bowling apparel for men,
women and children. Proceeds—For additional working
capital.

Office—311 West Eighth St., Kansas
'

Continued

City, Mo.

on

page

38

4
*

\

38

(1990)

Continued

The Commercial and Financial Chronicle

.

.

.

facturer

37

page

Underwriter—George K. Baum & Co., Kansas City, Mo.
(managing).
•

Howard Johnson Co.

(5/15-19)

March 13, 1961 filed 660,000 outstanding shares of com¬
stock (par $1). Price—To be supplied by amend¬

mon

ment. Business—The

its subsidiaries oper¬
ate and supply a large .restaurant chain. Proceeds—For
the selling stockholders. Office—89 Beale St., Wollaston,
Mass.

.

r

Underwriters—Blyth & Co., Inc., New York City
S. Moseley & Co., Boston, Mass. (Co-managers).-

F.

and

Howe

March

,

company and

Plastics & Chemical Companies,

1961

Park

Avenue, Bronx 57, N. Y.
Co., New York, N. Y.

aril

services for the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office—1750 South 8th Street, Salt Lake City,

f>

i

■

Utah.

I

—

Whitney

&

Co.,

Salt

City,

Lake

Utah.

;

!

Underwriter

I

If.

C

Interstate

Inc.

June

enfranchising of bottlers, the local and national pro¬
and
advertising of its beverages, and where
necessary to make loans to such bottlers, etc.
Office—704 Equitable Building,
Denver, Colo. Underwritersmotion

!)

Y

iv

Purvis & Co. and Amos C. Sudler &

Co., both of Denver,

Colo.
T A

I

April

loans

and

1961

(letter

of

notification)

60,000

shares

of

Invest

Dec.

cumulative
of class A

units

h:

f

(par 10 cents) to be offered in
share of preferred and two

one

Price

$40

—

unit. Proceeds—To

per

branch office, development of business and

new

working capital.

Office—3300

Pa.

W.

i«.

Income

Properties,

&

Boule¬

Wanderer,

Inc.

(6/12-16)

March 31, 1961 filed 150,000 shares of class A stock
50

cents).

known

»• ;i.

six

operates
,r It!

two

r-M

York

company

and

repay

Dorchester

plans
debt and

owns

to

and

construct

for

working.

Road, Brooklyn, N. Y.

HI

Michigan Electric Co. (5/31)
1961 filed $20,000,000 of sinking fund

April 20,

r"

tures

1l<
»(

due

,♦1
ri ,v
•( *'■
t <1

1986. Proceeds—For the prepayment

Harriman

4

May

31

at

■»i|;

Scheduled

jll

Electric
New

of

bank

15'

•

H)

Ripley & Co., Inc. Bids—To be received on
11:30 a.m. (DST). Information Meeting —
for May 26 at 3 p.m.
(DST) at American

Power Service

York

Corp., 2 Broadway

(11th floor)

City.

Industrial

Control

Products,

ton,

common

stock

(par
10 cents). Price—$3
per share. Business—The engineer¬
ing, designing and precision machining of electronic

Lit
| l>
V

components. Proceeds

>1

—

For research and

development,

inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton

i

tr

)»

Rd., Caldwell Township, N. J. Underwriter
Hindley & Co., New York City.

r»i
>u

—

Edward

Feb.

Ir'ii

—None.
•H

Intercontinental Motels, Ltd.
1961 (letter of notification)

150,000 shares of
common stock
(par 10 cents). Price—$2 per share. Pro¬
ceeds—For acquiring Fleetwood Motel
Corp. and work¬
ing capital. Office—Towne House Motor Lodge, P. O.

i't)

H

I'll
■ll

Of

Box

/'«j

ald &

il

1061, Martinsville, Va.

•

stock.

common

For
('ti

the

estate

'•I

Price—25

Office—203

N.

cents

per

share.

Proceeds—

Main

Street,

Orlando,

Fla.

Underwriter—None.

/'I

•M

International

tjii

Feb.

iiM.
-

•r

28,

1961
stock.

common
;*»>;i

u

Price

i




class A

Price—$650

per

Proceeds—For

general

Preferred

Life

in

the

New

corporate

York

of
—

notification)

$3

per

N.

purposes.

30, 1961 filed 400,000 shares of
Price—$2.40 per share. Business—The
ceeds—To

100.000 shares of
share. Business — Manu-

York

City

(managing).

stock

is

and

(par $1).

rental

of

Price—$5

60,000

share.

per

automobiles.

shares

of

Business

Proceeds—Acquisi¬

Y.

Underwriter—Albion

Securities

Co.,

Inc.,

New

Krystinel Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces fer-

stock.

common
company

life, accident and health insurance.

be added

New

York, N. Y.

Co. ^

Insurance

March

thorized to sell

Inc.,

cars for rental
purposes; acquisition of additional
salesroom;; advertising and
sales promotion and for
working capital. Office—241 Park Avenue, New York,

Office—630 Fifth Avenue, New York City. Underwriter
—Eisele & King, Libaire, Stout & Co., New York City.

Investors

Co.,

tion of

shares.

buying, selling and investing in real

particularly apartment houses
area.

27,

—Sale

rites,

au¬

which

are ceramic-like
materials with magnetic
and conducts a research and development
program for ferrite products. Proceeds—For the repay¬

Pro¬

properties,

to

capital and surplus. Office—310
Spring Street, Little Rock, Ark. Underwriter—Life Se¬
curities, Inc., P. O. Box 3662, Little Rock.

ment and

land

Irvington Steel & Iron Works

Feb.

13,

1961

ness

(letter

Fabricators

—

general

ment

(5/15)

&

of

notification) 150,000 shares of
(par 50 cents). Price—$2 per share. Busi-

stock

common

corporate

of

structural

purposes.

steel.

Office

—

Somerset

common

Brunswick, N. J. Underwriter—L. L. Fane & Co.,
Inc., Plainfield, N. J.
11,

National

1961

Life

Insurance

stock

Price—At par

30,000

shares

oi

($10

per

share). Proceedi

and

printing of cata¬
cap¬

ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales & Investment, Inc., 4501 North

filed

300,000 shares of class A common
per share.
Business — The company

—

Savings Stamp Co., Inc.
1960 (letter of notification)

logs, stamp booklets, advertising and for working

Co.

Price
$4
plans to engage in the life insurance business. Proceeds
—For capital funds, and
working capital. Office—245
West Michigan Avenue, Jackson, Mich.
Underwriter—
Apex Investment Co., Detroit.

27,

—For purchase of creative design

New

Jackson

loan, research and development, new equip¬
working capital. Office—P. O. Box 6, Fox Is¬

a

LP Gas

Sept.

Street,

of

Road, Port Chester, N. Y. Underwriters—Ross, Lyon
Co., Inc., and Schrijver & Co., both of New York City.

■■

Proceeds —For

Blvd.. Baton Rouge, La.
'

Jodmar

Industries, Inc.
24, 1961 (letter of notification) 75,000 shares of com¬
mon stock
(par 10 cents). Price—$4 per share. Business
—Design, lay-out, installation and maintenance of indus¬
Feb.

• Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest.
Business—The partnership
owns

a

contract to purchase the fee title to the Lafayette

Building

in

Detroit, Mich.
Proceeds—To purchase Jie
Office—18 E. 41st Street, New York
City. Underwriter—Tenney Securities Corp., 18 E. 41st
Street, New York City.
•
above

property.

.

trial

heating and air-conditioning systems. Proceeds—
inventory for current business; pur¬
chase of machinery, equipment and
inventory for pro¬
posed manufacturing business; sales promotion and re¬
For the purchase of

N.

Office—8801-11

Farragut

Road,

Brooklyn

Y.

Underwriter—Fontana Securities, Inc.,
Street, New York, N. Y.

36,

82 Beaver

ic Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of.
common
stock
(par one cent).
Price —$3 per share.
Business—The

manufacture

drift meters, sextants

of

machine

and related

items.

tool

products,

Proceeds—For

loan, working capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y.
Underwriter—Kerns, Bennett & Co., Inc., New
a

York, N. Y.
Julie

Research Laboratories,

Inc.
filed 100,000 outstanding shares of com¬
offered for public sale by the present
Price—$10 per share. Business—Basic re¬

March 29, 1961
stock

to

be

search and

Lannett

Co.,

Inc.
April 7, 1961 (letter of notification) 150,000 shares of
common stock. Price—$2
per share. Business—The man¬
ufacture

and

sale

of

pharmaceuticals.

Proceeds—For

a

building, research and development, and a sales
training program. Office—Frankford Ave., and Allen St.,

new

Philadelphia, Pa. Underwriter
Co., Inc., New York City.
•

—

Netherlands

Securities

Leeds

Homes, Inc. (5/5)
9, 1961 filed $1,000,000 of 6% subordinated sink¬
ing fund debentures, due 1976 and 300,000 shares of com¬

March

stock to be offered for public sale in units consist¬
of ,$10 principal amount of debentures and three
common shares.
Price—To be supplied by amendment.
mon

ing

Business—Company, formerly Aluminum Siding & Sup¬
ply Corp., is a holding company whose subsidiaries are
engaged in the sale, construction and financing of
homes. Proceeds—For construction,
working

shell

capital, and

investment
Ailor

in

mortgages on shell homes. Office—2501
Ave., Knoxville, Tenn. Underwriter—J. C. Brad¬

development leading to the design, manufac¬
ture and sale of precise electronic
components and in¬
struments. Proceeds—For the selling stockholder. Office

ford & Co., Nashville.

—603

2,500 shares of
stock. Price—At par ($100 per share). Proceeds
purchase real estate, construct an auction market
and for working capital. Office—500 A Main
Ave., Lem¬
mon, S. D. Underwriter—None.

—C.

West
E.

130th

Street, New York City. Underwriter
Unterberg, Towbin Co., New York City (man¬

Jungle Juice Corp.
28, 1960 (letter of notification)
common
stock (par 25 cents).
Price
Oct.

120,000
$2.50

—

shares
per

of

share.

Proceeds—For

working capital and expansion. Address
—Seattle, Wash. Underwriter—Fidelity Investors Serv¬
ice, East Meadow, N. Y:
if Kamp Construction Co.

Photocopy Corp.

(letter

iP-

10

&

(Charles), Inc.
1961 (letter of notification)

common

one

aging).

purchase of oil bearing properties and drilling

expenses.

,H

•

Underwriter—T. J. McDon¬

Co., Washington, D. C.

• International Oil Development, Inc.
April 17, 1961 (letter of notification) 266,000 shares of
class A common stock and
134,000 shares of class B

ni

and

Lyon

consisting of

public sale in units

Business—The

stockholder.

March 28,

•■tl

■/«

debenture

unit.

mon

'I!

for

expansion,

Kreisler

1976 (with class A warrants to purchase
20,000 class A shares) and 40,000 shares of class A stock

offered

/

the repayment of loans and for working capital. Office—
40 Marbledale
Road, Tuckahoe, N. Y. Underwriter—

debentures due

be

(managing).

of radio frequency connectors. Proceeds—For

Ross,

repayment of

if Industrial Realty Tracts, Inc.
April 24, 1961 (letter of notification) 119,500 shares of
common stock.
Price—At par ($1 per share). Proceeds
—For general corporate
purposes and working capital.
Office—1998 S. W. 1st Street,
Miami, Fla. Underwriter

i!»)

Price

Business

Mass.

serves.

Inc.

March 10, 1961 filed
16$,000 shares of

M

offering.

& Co., New York City

Kings Electronics Co., Inc.
Jan. 27, 1961 filed 295,187 shares of common stock, of
which 250,000 are to be offered for public sale by the
company and 45,187 shares, being outstanding stock, by
the present holders thereof. Price—$4 per share for the
new stock. The
outstanding shares will be offered at the
prevailing market price on the over-the-counter market
or on any securities
exchange upon which they may be
listed at any time after 60 days from the date of the
company's offering. Business—The company is engaged
principally in the design, development and manufacture

Underwriter—Invest, Inc., One State Street, Bos¬

stock.

deben¬

loans, and working capital. Offices—2101 Spy Run Ave.,
Fort Wayne, Ind., and 2
Broadway, New York City.
Underwriters—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Eastman
Dillon, Union Securities & Co.; First Boston Corp.;

H'

of the

sub¬

Price—

•

—

Mass.

April

Indiana &

h>:

i

Business—Formerly

Corp., the

houses

(par

City (managing).

HI

and Estabrook

A
non-diversified, open-end
investment
company,
whose stated objective is, capital appreciation.
Proceeds
—For investment.
Office
One State Street, Boston,

Underwriter—Eisele & King,, Lebaire, Stout & Co., New

1

J tl

?

apartment

Office—1801

share.

per

Proceeds—To

more.

capital.

5 J'
t

Price—$9.75

Price Investors

as

time

for

held.

—

•

Hamilton

Underwriter—Espy

Inc., Teaneck, N. J.

H

■f

of

common.!

vard, Allentown,

fin
7

a

notification) 5,000 shares of
stock (no par) and 10,000 shares

stock

the

shares

15

A/v/'
_, •./ .' -V. •
:y.
V:"2
King Kullen Grocery Co., Inc. (5/15-19)
28, 1961 filed 180,000 shares of class A stock, of
which 50,000 shares are to be offered for public sale
by the company and 130,000 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment. Business—The operation of a chain of selfservice food stores in the Long Island, N. Y., area.
Proceeds--For the construction and equipping of a new
warehouse and office.- Office
178-02 Liberty Ave.,
Jamaica, N. Y. Underwriters—Hemphill, Noyes & Co.,

Inc.

value at

asset

offered

be

to

are

the basis of $100 principal

each

•

—

City

(5/15-19)

of

preferred

consisting

open

for

(letter

common

shares of

purposes.

Planning Corp.

1960

29,

Fund,

on

for

March

(5/18)

1961 filed 150,000 shares of common stock.

debentures

debentures

aging),

the office of The Chase Manhattan Bank, One Chase
Plaza, New York 5, N. Y., 23rd floor. Information Meet¬
ing—Scheduled for May 8, at 3 p.m. (DST) at One Chase
Manhattan Plaza (28th floor) New York City.
•

of

Business—The research and pilot plant produc¬
tion of rare metals. Proceeds—To repay debt and for
working capital. Office—Boyertown, Pa. Underwriter—
Carl M. Loeb, Rhoades & Co., New York City (man¬

Main

1991.

$500

Office—Lansdown, Pa.
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.

r

Offices—1000

16, 1961 filed $9,000,000 of first mortgage bonds,
Proceeds—To repay bank loans and for con¬
struction.
Office—1000 Main St., Dubuque, Iowa.
Un¬
derwriters— To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co.; White, Weld & Co.; Salomon Bros. & Hutzler.
Bids—To be received on May 18 up to 11 a.m. (DST) at
due

For

..

construction.

Interstate Power Co.

to

Income

amount

Street,
Dubuque, Iowa, and 111 Broadway, New York City. Un¬
derwriter—To be determined Iby competitive bidding.
Probable bidders: Kidder, Peabody & Co.; Salomon Bros.
& Hutzler; Merrill Lynch, Pierce, Fenner & Smith Inc.;
White, Weld & Co. Bids—To be received on May 18 at
11 a.m. (DST).

stock. Price—$5 per share. Business—Manufac¬
tures electronic equipment and components. Proceeds—

general corporate

for

warrants. The

if Investors Funding Corp. of New York
1, 1961 filed $2,000,000 of registered subordinated

common

(5/8-12)

At par.

of

May

Electronics Corp.

7,

(5/18-6/2)

IVfay 18, with rights to expire June 2. Price—To
supplied by amendment. Proceeds—To repay bank

be

—Net

and

u

i

Co.

23, 1961 filed $3,500,000 of 47/s% convertible sub¬
ordinated debentures, due 1976, and 17,282 shares of
common stock (par 25 cents), issuable upon the exercise

record

rate

and in the preparation of the concentrate

Kawecki Chemical

Ave., Denver,

March

scription by stockholders

Feb. 20,

purposes

Co.

working capital. Office—7450 E. 23rd

March 16, 1961 filed 223,833 shares of common stock to
be offered for subscription by common stockholders on
the basis of one new share for each 16 shares held or

29, 1960 filed 600,000 shares of com. stock (par $1)
Price—$2.50 per share. Proceeds—To further the corpo¬

\t

Power

•

March

and

.

Colo. Underwriter—None.

and distributor of office photocopying equip¬
chemicals and paper. Proceeds—For expansion
and working capital.
Office — 564 W. Randolph St.,
Chicago, 111. Underwriter — J. J. Krieger & Co., New
York City.

Underwriter—J. I. Mag-

Hydroswift Corp.
Oct. 20, 1960 filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales products

I'

<

Inc.

(letter of notification) 40,000 shares of
common
stock '(par one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
For the repayment of debt; advertising and sales pro¬
motion; expansion and working capital.
Office—4077
29,

for

ment,

from,

Thursday, May 4, 1961

April

19,

common

1961

(letter of notification) 300,000 shares qf
(par 10 cents). Price—$10 per share. Pro¬
repay loans, purchase new equipment,, and

stock

ceeds—To

if Lemmon Livestock Yards, Inc.
17, 1961 (letter of notification)

April

common

—To

Lincoln
March
Price

30,

Fund,
1961

Net

Inc.

filed

asset

951,799

value plus

shares

of

common

stock.

7%

selling commission.
Business
A non-diversified,
open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
—

a

—

derived from the sale of put and call

options. Proceeds—

For investment. Office—300 Main St., New Britain. Conn.
Distributor—Horizon Management

Corp., New Britain.

II
193

Volume

Number

6052

.

.

The Commercial and Financial Chronicle

.

Lindy Hydrothermal Products, Inc.
filed 65,000 shares of common stock (par
cents).
Price—$4 per share. Business—The design,

March 30, 1961
10

distribution

manufacture,

sale

and

and

custom tanks
chemicals and other liquids.

products

for

of

heat

exchange

the

storage oi water,
Proceeds—For new equip¬

ment, plant relocation, product development and repay¬
ment of debt.
Office—2370 Hoffman Street, New York

Richman

City.Underwriter—Bond,

&

Co., New

York

Offering—Expected in late May.

City.

and

i

\

1

at

shares

273

of

common

stock;

Price—Of

notes:

of stock, at par ($100 per share). Proceeds—For

par;

purchase of land, construction and new bowling alley
equipment. Office—59 E. Van Buren St., Chicago, 111,
Underwriter—None.
®

Financial Corp.; (5/22-26),
\
1961 filed 300,000. shares of capital stock.
Price—To be supplied by amendment.
Business—The
30,;

,

Corp.,
for

acts

as

capital.

working

also

It

operates

Proceeds—To

Office

—

8150

9

City

Sunset

R.
&

Staats &
Co., New

managing).

(

Mac Donald Co.

F.)

(E.

loans and
Boulevard,

repay

Hollywood, Calif. Underwriters—William
Co., Los Angeles and Shearson, Hammill
York

insurance

an

through a subsidiary, Title Acceptance
trustee under trust deeds securing loans

and

by the associations.

made

If

associations.

loan

and

agency,

the stocks of several California savings

owns

company

Price—To be supplied by amendment.

The creation and administration of

Probable bidders: Halsey,

Co.

Inc.; First Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; Kidder, Peabody & Co.,
and Coffin & Burr, Inc.
Bids—To be received on June
27, 1961. ;■, ■.
■... '
'

Business—

incentive campaigns

•

Matthews

Feb.

Corp.

1961

28,

ceeds—To
for

retire

oi

bank

working

loans;

caiptal.

purcnase

new

Office—12923

equipment

Cerise

Street,
Hawthorne, Calif. Underwriters—Holton, Henderson &
Co., Los Angeles, Calif., and Sellgren, Miller & Co., San
Francisco, Calif.
w
.
t
*

^Metropolis Bowling Centers, Inc.f t " >
May 1, 1961 filed 198,000 shares of common

' '

f

<

stock,

of

which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the pres¬

Price—About $5 per share.

Business

—The

acquisition and operation of bowling centers, prin¬
cipally in New York City. Proceeds—To improve exist- '
ing properties and acquire other bowling centers. Office
Fulton

—647

Street,

Brooklyn,

N.

Y.

Underwriters—

Russell &

j-.*

Bowling Centers,

iVfacGregor

Inc.

1961 filed 120,000 shares of common stock, of
100,000 will be offered for public sale by the

3,

which

outstanding shares

by the present
holders thereof. Price—To be supplied by amendment.
Proceeds—To repay loans and for working capital. Of¬
fice—Houston, Tex. Underwriters—Rowles, Winston &
and

company

20,000

Co., and Fridley & Frederking, Houston.

share for each two common shares held.

new

—To

be

order

supplied
retail

and

—

it M & F Graphic Arts & Industrial Photographic
Supply Co.

•

Business—The mail
and recreational

sale of sporting goods

corporate

Street, Chicago, 111.

Underwriter—None.

10, 1961 filed 200,000 shares of no par common
stock. Price—$5 per share. Business—The company plans
distribute desk-top copy

machines and supplies. Pro¬

equipment, leasing office space, salaries,
advertising, and other corporate purposes. Office—1228
Commercial Trust Bldg., Philadelphia, Pa. Underwriter
—Stroud & Co., Inc., Philadelphia (managing).
new

MaSlory Randall Corp.
March

Miami

I

v

tubing.
Proceeds — For the selling stockholders.
Springcreek Township, Miami County, Ohio.

-Office

—

Underwriter—H.

cipally mugs, bowls and tumblers. Proceeds—For plant
new equipment, and other corporate purposes.

relocation,

Place, Brooklyn, N. Y.
Underwriter
Inc., New York City.
Offering—Ex¬

pected in late May.
9

Electronics

Marcort

Corp.

27, 1961 (letter of notification) 30,000 shares of com¬
stock (par $1).
Price — $10 per share. BusinessManufacture
of
electrical
and
electronic
equipment.

199

&

and

Devon

of equipment and tooling, re¬
working capital. Office—

purchase

development and

Terrace, Kearny, N. J.

Underwriter—Meade

Co., New York, N. Y.
Marine

Manufacturing Inc.

construction.

1960

metal parts for

missiles, rockets, radar and marine items.

Underwriter—Batten & Co.,

•Address—Hagerstown, Md.
Washington, D. C.
•

Marine

Feb.

Structures

of

(letter

1961

1,

stock

common

(par

Probable

one

Corp.

notification) 100,000 shares of
cent). Price—$3 per share. Pro¬

purchase raw materials, advertising and for
capital. Office—204 E. Washington St.. Ppt.a-

Metropolitan Trading Corp.,
St,, N. V/., Washington, D. C.

luma, Calif. Underwriter
1835
©

K

Marrud,

April 12,
which

—

Inc.

1961

100,000

filed

194,750 shares of common stock, of
are to
be offered for public sale

shares

and 94,750 outstanding shares by the
thereof. Price — To be supplied by
Business — The wholesale distribution of

by the

company

present

holders

amendment.

cosmetics, beauty aids, health

aids and related products.

Office—189 Dean St.. Norwood. Mass. Underwriter—Mc¬
Donnell

&

Co., New York City. Offering

early .June.
Massachusetts

;

''

—

Expected in

;

Electric

Co.

(6/27)

April 24, 1961 filed $17,500,000 of first mortgage bonds,
series F, due 1991.
Proceeds — For the repayment of
debt
and/for construction.
Office — 939 - Southbridge

Street,

Worcester,




be

determined

Halsey,

bidders:

Stuart

& Co.; Lehman Brothers.

ceived in Detroit

on

May 23 at 11:30

Wisconsin

Michigan

Co.

on,^Md. Underwriter—Balogh & Co., Inc., Washington,
• Mississippi River Transmission Corp.
April 26, 1961 filed $5,600,000 of sinking fund debentures
due 1981.
Price—-To be supplied by Amendment. Pro¬
ceeds—For the repayment of loans and for construction..
Office—9900 Clayton Road, St. Louis, Mo.
Underwrit¬
ers—Eastman

Dillon, Union Securities & Co., New York
City and Dempsey-Tegeler & Co., St. Louis.
/ '
^Missouri Edison Co. (6/12)
May 1, 1961 filed $2,000,000 of first

mortgage

bonds,,

The company is a subsidiary of Union Electric
Proceeds—For the repayment of loans and for ex¬

Co.

pansion.

Office—123 Vz

Underwriter

North Fourth

To

be

Street, Louisiana,

determined

by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly). Bids—To be received on June 12.
j
—

it; Model Vending, Inc.
April 27, 1961 filed 150,000 shares of common stock, Price
—To be supplied by amendment. Business—The
opera¬
tion of vending machines for the retail sale of
cigarettes,,
candy and a variety of other food and drink products..
The

also

company

chines

operates

Price

Co.,

coin-type

in Suite 4950, 30 Rockefeller

Inc.,

phonograph

ma¬

Proceeds—For

new

Office—4830 N. Front Street,
D. Blauner &

Underwriter—Milton
York City (managing).

New

30, 1961 filed 80,000 shares of

which 73,750 shares are to be offered
the company and 6,250
writer.
and

sale of

an

ceeds—For

of

ment

common

stock, oi

for public sale by

outstanding shares by the under¬
share. Business—The manufacture
improved towel dispensing cabinet. Pro¬

Price—$4

per

advertising, research and development,

debt,

pay¬

and

working capital.
Office — 20 Main
Street, Belleville, N. J. Underwriter—Vickers,1 Uhristy
& Co., Inc., New York
City.
• Mohawk Insurance
Co.
(5/15)
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬

fice—198
Dowd

Broadway, New York City. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.

&

Monticello

April

(6/14)

common

Plaza, New York

devices.

Moderncraft Towel Dispenser Co., Inc.

re¬

Halsey, Stuart & Co. Inc.; First Boston Corp.; Blytn &
Co., Inc. Bids—To be received on June 14 at 11 a.m.

amusement

general corporate purposes.

(DST).

21, 1961 filed $30,000,000 of first mortgage pipe
line bonds, due 1981. Proceeds—For construction. Office
—500 Griswold St., Detroit, Mich. Underwriters—To be
determined by competitive bidding. Probable bidders;

11,

Mfg. Co., Inc.
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬

stock

ness—The
ware.

Lumber &

1961
sale

of

lumber, building supplies and hard¬

Proceeds—To

loans

repay

and

for

working

cap¬

ital.

Address—Monticello, N. Y. Underwriter—J. Lau¬
rence & Co.,
Inc., New York, N. Y.
it Morris Shell Homes, Inc.
May 1, 1961 filed $3,000,000 of 8% subordinated de¬
bentures due July 1, 1986; 150,000 shares of common
stock; 150,000 first warrants and 150,000 second warrants,
to be offered

Electronics Corp.

Micro

and

Inc.;

Bids—To be

a.m.

Line Co.

Pipe

&

April

31, 1961 filed 100,000 shares of common stock.
$4 per share.
Business — The manufacture of

—

one

for public sale in units, each consisting of
$20 debenture, one common share, one first warrant

and

second

one

amendment.

warrant.

Business

Price
The

—

To

be

supplied

construction

sale

by

printed circuits for the electronics industry. Proceeds—
$124,000 for new plant, $76,000 for equipment, and $110,000 for working capital. Office—1191 Stout St., Denver,

Street, Knoxville,
Tenn.
Underwriter—Johnson, Lane, Space Corp., Savan¬
nah

Mass.

Microtron
March

1,

Co., Washington, D. C.

Underwriters—To

be

deter¬

Industries, Inc.

(letter of notification) 300,000 shares of
(par 10 cents).
Price — $1 per share.
For purchase of equipment; inventory of

1961

common

stock

Proceeds

—

working capital; and research and development.
Office
120 S. Fairfax, Denver, Colo. Underwriter —

parts;

—

Sudler

C.

&

mon

stock

Associates,

be

thereof.

holders

market

to

offered

Price—To

price of the

change at

for

stock

public sale by the present
be related to the current

on

the American Stock Ex¬

the time of the offering.

Business—The de¬

of specialized components used in
microwave
radio
energy.
Proceeds — For the selling
stockholders.
Office
South Street, Burlington, Mass.
production

—

Underwriters—Lehman

and

Inc.,

Clark,

Dodge

Brothers;

&

Co.,

Kuhn,

Inc.,

shell

homes.

Loeb

&

Co.,

all of New York

Office

—

—

505

and

of

Morgan

(managing).

Mortgage Guaranty Insurance Co.
Oct. 17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans, principally on single
family
non-farm
homes.
West

Proceeds—For capital and

surplus. Officfe—608
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This

Wisconsin

—Bache &

Co., Denver, Colo.

Inc. (5/15)
March 27, 1961 filed 240,000 outstanding shares of com¬

sign and

ceeds—To

working

Clifford Street, Detroit, Mich.
by competitive bid¬

Office—415

Underwriters—To

Microwave

(letter of notification) 100,000 shares of
common
stock
class A
(par 10 cents).
Price—$3 per
share. Proceeds—For expenses in the fabrication of sheet
Sept. 22,

(5/23)

April 14, 1961 filed $30,000,000 of first mortgage bonds,
due 1986. Proceeds—For the repayment of debt and for

Amos

Electronics

&

Co., New York City (manag¬

Michigan Consolidated Gas Co.

Feb.

search

&

(managing).

(5/9)

mon

Proceeds—For

working capital. Office—11308 Grandview Ave., Wheat-

Colo. Underwriter—R. Baruch &

Clifton

Crow,

Hentz

Offering—Expected in late May.

ing).

March

—Pistell,

governmental agencies for the building of missile and
radar sites and other specialized facilities.
Proceeds—For

March

(par $1), to be offered for public sale
by the holders thereof. Price—$9.50 per share. Business
—The production and sale of electric resistance welded

(DST)
City.

cents).

Inc.

filed 175,000 outstanding shares of class A

stock

common

ness—The

Office—84

Industries,

March 24, 1961

plastic insulated food and drink serving accessories, prin¬
| %

Price

Philadelphia, Pa.

Proceeds-—For working

capital and general
corporate purposes. Office—Atlanta, Ga. Underwriter—
Robinson-Humphrey Co., Inc., Atlanta, Ga. (managing).

30, 1961 filed 120,000 shares of common stock (par
Price—To be supplied by. amendment
Busi¬
design, manufacture and sale of a line of

10
s v

Sites, Inc.
30, 1961 filed 291,000 shares of common stock.
$5 per share. Business-—A prime contractor with

equipment, modernization of accounting procedures, and

White, Weld

Magnefax Corp.. (5/29)

ceeds—For

the

ding.

April
to

Missile

issuing company and 20,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied by

Price

Proceeds—For the repayment of debt and
purposes.
Office — 227 West Madison

.equipment.
other

amendment.

by

company
Scientific Corp.

tional

Mo.

Metropolitan Securities, Inc. (5/15-19)
Nov. 17, 1960 Uetier of notification;
iuu,uuu shares of
class A common stock (par $1).
Price—$3 per share.
Proceeds
For working capital.
Office — 919-18th St.,
N. W., Washington, D. C.
Underwriter — Metropolitan

steel

it Mages Sporting Goods Co.
May 1, 1961 filed 1,029,961 shares of common stock to be
offered for subscription by stockholders on the basis of
cne

Building, Minneapolis,
Co., Inc., Minneapolis,
was
formerly named Na¬
&

amendment.

Co., Inc., New York City and Merrill, Turben & Co.,

Inc., Cleveland, Ohio (managing).
>

Bank

Note—This

•

of

May

Minn.

39

series C.

designed to achieve the sales objectives of its customers.

&

National

Underwriter—Bratter

Saxe, Inc., (managing); Thomas, Lee & Quinn,
Inc., and V. S. Wickers, New York City. Offering—Ex¬
pected in mid-June.

Proceeds—For

selling stockholders. Office—120 So.
Ludlow St., Dayton, Ohio. Underwriters—Smith, Barney

First

—

Minn.

March

notification) 200,000 shares oi
(par $1).
Price—$1.50 per share. Pro¬

stock

common

(5/15-19)

(ieuer

May 1, 1961 filed 80,000 shares of class A common stock,
of which 60,000 shares are to be offered for the account

the

Office

..

Brokers, Inc., Washington, D. C.

(5/29)

April 11, 1961 filed 275,000 shares of common stock (par
$1).

competitive bidding.

&

ent holders thereof.

Lytion

March

Stuart

and

it Lcves Park Lanes, Inc.
April 17, 1961 (letter of notification) $208,000 of seven
years 5%
subordinated promissory notes due Sept. 1,
1968

mined by

(1991)

stock is not qualified for sale in New York State. Offer¬

ing—Expected in June.
•

4

...

Morton

Manufacturing Corp. (5/17)
March 28, 1961 filed 100,000 outstanding shares of com¬
mon stock (par
$1), to be offered for public sale by the
holders thereof.
Price—To be supplied by amendment.
Business—The

prietary

manufacture

items,

Proceeds

and

cosmetics,

sale

toiletries

of medicated

and

pro¬

fragrances.

the

For

selling stockholders. Office —2101
Street, Lynchburg, Va.
Underwriter — Smith,
Barney & Co., New York City (managing).
—

Hudson

City.
•

IVSillifcen

(D.

B.)

Co.

(5/10)

subordinated sink¬
ing fund debentures, due 1971, with stock purchase war¬
rants attached, together with 75,000
shares of capital
March

stock.
a

15,

1961 filed $240,000 of 6%

Prices—The

debentures will be sold at par, with

7V2% underwriter's commission; the stock will be sold

share. Proceeds—For debt reduction and work¬
ing capital. Office—133 North Fifth Ave., Arcadia, Calif.
Underwriter—Lester, Ryons & Co., Los Angeles, Calif.

it Municipal Investment Trust Fund; Series B
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price —To be supplied by amendment. Business — The
fund will invest in

tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,

New

York

City.

at $3 per

1

Minneapolis Scientific Corp.
24, 1961 filed 1,500,000 shares of common stock.
Price—$1.15 per share.
Business—The company is li¬
censed under the Small Business Investment Act of 1958
March

registered with the SEC as a non-diversified,
closed-end,
management investment company, which
will invest in the fields of electronics, physics and chem¬
and

istry.

is

Proceeds—For investment and operating expenses.

Offering—Expected in mid-June.

Investment Trust Fund,

it Municipal

First

Pa.

Series

April 28, 1961 filed $6,375,000 (6,250 uints) of interests.
be supplied by amendment.
Business—The

Price—To
fund

y/ill invest in tax-exempt bonds of the Common¬

wealth

of

Pennsylvania

Proceeds—For
Ill

and

investment.

its

Broadway, New York City.

mid-June.
:

...

"

political

sub-divisions.

Sponsor—Ira

'

Haupt & Co.,
Offering—Expected in
,

Continued

on

page

40

40

Continued

North

39

from page

April
Nash

(J. M.)

Co«j Inc. |
March 30, 1961 filed $1,000,000 of series A subordinated
debentures, due July 1, 1981 and $1,000,000 of series B
convertible subordinated debentures, due July 1, 1981.
Price—To be supplied by
amendment.
Business—The
manufacture of a variety of industrial products includ¬

II

I''

!'■
t

i'

!••'

1

v

11>

:f i:

■1
V'

;| }!■
•i t>

■!,
J'.:

of

line

a

time

leisure

N. Y.

sporting

and

Nat

Nast,

Inc.

distribution

and

of

bowling

apparel.

Proceeds

City, Mo. Underwriter—Hardy
(managing).

New York

Co.,

&

held

of

record

Price

15.

of debentures

April

with

28,

100%.

At

—

for each

18

v'

H

/

I

;

rights to

Business

expire

Domestic

—

on

and

|v
h

Street,

Northern

May

Instrument

Underwriter—Lehman

Fla.

Mali-anal

like

Products

Bagasse

number

unit.

waste

of

Business

board

Corp.

of

electronic

be

supplied by amendment.

Ohio

,

;i

I

•I

r-

New

Brothers,

due

and

Corp.

of

Ohio.

A
shares).
Price — $163.85
Manufactures composition board,
insulating
board
from
bagasse,
a

9

National

—

Underwriters—To

Probable

Food

the

at

be

bidders:

be

3,

Society of Security Analysts,
St., New York City.

offered

Fund, Inc.

filed

1961
to

2,000,000

investors

shares

through

shares for securities of

filed

1961

29,

shares

shares,

common

consisting of
rant.

offered

be

to
be

common

supplied

the repayment

it Old

May

■*')

f *»?
*r

-r"
■•n

stock

April
i'

*'■!

24,

common

nl!

4V

The
for

131
a
hi>
! mi?

Business

•

phonograph records.
of loans and for working

(no par).

and

J.

of

of

75,000

shares

l) J

h'>)«

from

Proceeds—For
purposes.

■'HJ

April 13,

«,)?

due

I'll?;

1961

1991.

ment of debt.

!<(>(}
■M

La.

•1»|

Lee

Public Service,
For

Franklin

Street,

construction

and

the

repay¬

—

Probable

bidders: Halsey, Stuart & Co. Inc.;
Corp.; Equitable Securities Corp., and
Eastman
Dillon, Union
Securities
&
Co.
(jointly);
Kidder, Peabody & Co. and Stone & Webster Securities
Corp. (jointly); White, Weld & Co.; Salomon Brothers

*n»!

kill
■'li|
ID

Higginson

& Hutzler.

svVil

I'.UK

r New York State Electric & Gas Corp.
(5/16)
March 24, 1961 filed
$25,000,000 of first mortgage bonds
due 1991. Proceeds—To repay bank loans and for con¬

[,"H

struction.

■''III

,

J^o»

■

|,('M *'

yHv

J hi i

|.>u
|;M't

Office—108 East Green Street, Ithaca, N. Y.
Underwriters—To be determined by competitive
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder*
Peabody & Co. and Salomon Bros. & Hutzler (jointly);
Blyth & Co., Inc.; Harriman Ripley & Co.; First Boston

Corp., and, Glore, Forgan & Co. (jointly).
received

on

May 16 at 11

r

/
Mi

-M*
c



I

Maiden

1961

7,

Lane

filed

Fund,
300,000

share.

per

Business

par.

—

The

Inc.

(5/15-19)

shares

of

Business—This

stock.

common

is

mutual

new

a

which

Treasury bonds. Proceeds—For investment. Office

S.

will

hold

only convertible

debentures

and

Lane, New York City. Underwriter—G. F.
City.

thereof.

Price—To

a.m.

(EST).

Bids—To be

be

supplied by amendment.

Business—The manufacture and sale of
tile products to the linen rental

variety of tex¬
industry and to hospitals

and

other

holders.

institutions.

Office—361

Underwriter

—

Proceeds—For

West Chestnut

Glore,

Forgan

the

selling stock¬

Street, Chicago, 111.

Co.,

&

a

New

York

City

(managing).

Panacolor, Inc.

Feb. 24, 1961 filed 200,000
20 cents). Price—$4 per

shares of

common

stock

(par

shaije. Business—The

.

Street,

Johnstown,

Pa.
Under¬
writers—To be determined by competitive bidding. The
company has never before issued debentures.
However,
the following underwriters bid on the last issue of bonds:
Blyth & Co., Inc., and Harriman Ripley & Co. (jointly);

First Boston Corp.; Equitable Securities
Corp.; Kidder,
Peabody & Co.; Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Co.
Jbias—To be received at 80 Pine Street, 37th floor,
on June 5 at noon
(DST). Information Meeting—To be

held at the above address

Peoples

on

June 2 at 10 a.m.

(DST).

Gas

Light & Coke Co. (5/9)
March 30, 1961 filed $30,000,000 of first and
refunding
mortgage bonds, series J, due 1986. Proceeds—To pay at
maturity $15,100,000 of first and refunding mortgage 3%
bonds, series G, due June 15, 1961 and for general
corporate

purposes.
Office—122 S. Michigan Avenue,
3, 111.
Underwriters — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Glore, Forgan &
Co.; First Boston Corp. Bids

Chicago

—To

be received on May 9 at 10 a.m.
(CDST)
1615, 122 So. Michigan Ave., Chicago, 111.

Perini

in

room

Corp.

March

30, 1961 filed 1,451,998 shares of common stock
(par $1), of which 1,350,000 are to be offered for public
sale by the company, and
101,998 outstanding shares by
present

holders

construction
U.

S.

and

thereof.

and

Price—To

be

supplied by
engaged in the
contracting business in the
recently entered the real estate

Business—The

company

is

general

Canada

and

development field. In addition it will control and operate
the National League Baseball Club of
Milwaukee, Inc.
Proceeds—To repay loans and for general corporate
pur¬
Office — 73 Mt. Wayte Ave., Framingham, Mass.

company
plans to engage in the business of developing and print¬
ing color film primarily for the motion picture and tele¬

vision industries. Proceeds—For the construction of two
machines to print color film by the Panacolor Process;
sales

promotion,

market development and officers'
mortgage and interest payments; and for
working capital. Office—6660 Santa Monica Blvd., Holly¬
wood, Calif. Underwriter
Federman, Stonehill & Co.,

salaries;

for

—

New York

City (managing).

Paxton

(Frank)

common

(par $2.50) to be offered for public sale by the
holders thereof. Price
To be supplied by
—

amendment.

Business

yards

selling

stockholders.

Kansas

City,

Kansas City

in

Mo.

the

—

The

middle
Office

operation
west.

—

6311

of

a

chain

Proceeds—For
St.

Underwriter—Stern

John

of
the

due

1991.

-*• Permian

Corp.
filed

1961

285,000

outstanding shares of com¬
public sale by the present
holders thereof.
Price—To be supplied by amendment.
Business—The marketing of crude oil.
Proceeds—For
general corporate purposes.
Office — 611 West Texas
stock

mon

be

to

offered

Avenue,
& Co.,

(5/17)
1961 filed $10,000,000 of first mortgage bonds,
Office—222 Levergood Street, Johnstown, Pa.

Underwriters—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.,

Inc.,and Harriman Ripley & Co. (jointly); First Boston
Corp.; Equitable Securities Corp.; Kidder, Peabody &

for

Street, Midland, Texas. Underwriters—Lehman Brothers
and Shearson, Hammill &
Co., both of New York City
(managing).

Photogrammetry, Inc.
March

20, 1961

(letter of notification) 23,000 shares of
(par $1). Price—$8 per share. Proceeds
construction, equipment and working capital. Of¬
fice—922 Burlington Avenue, Silver
Spring, Md. Under¬
stock

common

—For

writer—First Investment Planning Co., Washington, D. C.

(6/15)

Feb. 24, 1961 filed
10

150,000 shares of common stock (par
cents), to be offered for subscription by stockholders
the

on

held.
The
and

basis

of

Price—To

three

shares

new

for

each

four

shares

be

supplied by amendment. Business—
design, development and manufacture of optical
electro-optical systems and components used in

aerial

reconnaissance, photo-interpretation, photo-grammetry and optical scanning devices. Proceeds — For
working capital, research and development, and mew
equipment.
Office—134-08 36th Road, Flushing, N. Y.
Underwriter—L. D. Sherman & Co., New York City.
it Pickwick Recreation Center, Inc.
21, 1961 (letter of notification) 100,000 shares of
common stock
(no par); Price—$3 per share. Proceeds
—To pay for
construction, working capital and, general
April

corporate

Office—921-1001

purposes.

Burbank, Calif.
geles, Calif.

Underwriter—Fairman

it Pilgrim Helicopter Services, Inc.
April 25, 1961 (letter of notification)
common

—For

stock

(par $1).

tures

Price—$3

general corporate

Bldg., Washington,
Washington, D. C.

D.

due June

1,

per

Riverside

30,000
share.

Office
Underwriter

purposes.

C.

Drive,
Co., Los An¬

&

—

—

shares

of

Proceeds

Investment

Sade

&

Co.,

$10,000,000 of sinking fund deben¬

1986.

Business—The manufacture and
sale of prepared food
mixes, refrigerated dough products
and flour.
Proceeds—For the

repayment of debt, and
capital.
Office—600 Pillsbury Building, Min¬
neapolis, Minn.
Underwriters—Goldman, Sachs & Co.,
New York City and
Piper, Jaffray & Hopwood, Min¬
neapolis (managing). Offering—Expected in early June.

working

•
Potter
Instrument Co., Inc.
March 24, 1961 filed 210,000 shares of common
stock, of
which 190,000 shares are to be offered for
public sale by
the company and 20,000

manufacture

equipment.
to

finance

outstanding shares by the pres¬
Price—$10 per share. Business—The

and

sale

of

Co.,

New

electronic

Proceeds—For
accounts

York

the

receivable

—Plainview, L. I., N. Y.
in

City

data

repayment
and

of

loans

inventories.

Underwriter—Bear

(managing).

processing
and

Office

Stearns

&

Offering—Expected

early June.
'

"

Brothers

(managing).

Pennsylvania Electric Co.
March 28,

S. Moseley & Co., Boston; Mass., and
Paine, Webber, Jackson & Curtis, New York City.

ent holder thereof.

Lumber Co.

March 28, 1961 filed 83,389 outstanding shares of class A

present

Underwriters—F.

it Pillsbury Co.
April 27, 1961 filed

(5/22)

lumber

-HI)

Ut

One

for

mortgage bonds,

Office—317 Baronne Street, New Orleans,
To be determined by competitive

Underwriters

bidding.

—

At

Mt.

holders

working cap¬

Inc.

filed $15,000,000 of first

Proceeds

—

Opelika Manufacturing Corp. (5/8-12)
30, 1961 filed 200,000 outstanding shares of com¬
mon stock (par $5), to be offered for
public sale by the

record

the

New Orleans

>l»0

Price

March

Address—Newark,

parent company. Office—185
Boston, Mass. Underwriter—None.

r'11)

1971.

subordinated

Nicholls & Co., Inc., New York

Price—$4 per share. Business—
and inorganic scintillators

April 25 with rights to
expire on May 19. Price—$42 per share. Proceeds—To
retire $40,000,000 of first mortgage 4M>%
bonds, series
B, which mature May 1, 1961 and to repay advances

it?

due

—One Maiden

of

Levergood

Photronics Corp.

of convertible

U.

England Telephone & Telegraph Co.
March 30, 1961 this subsidiary of A. T. & T. filed 3,149,615 shares of capital stock being offered for
subscription
by stockholders on the basis of one new share for each
of

Dis¬

fund

organic

radiation.

held

Ohio.

•

notification)

general corporate

shares

Street, Columbus,
Columbus, Ohio.

Inc.
filed $700,000

1961

Price—$3

Underwriter—Hardy & Hardy, New York, N. Y.

seven

j M

High

Empire,

1,

April

New

iH-

tl

stock

of

obtain

improvements and working capital.
Office—
Prospect Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meeds, Wilmington, Del.
865

Inc.

(letter

manufacture
detection

ital

N.

Radiac,

1961

professional

property

capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue, Union City, N. J. Underwriter—A. T. Brod
& Co., New York City (managing). Offering—Expected
in late May.
Yt National

North

debentures

i

U

continuous

manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,

additional 20,000

amendment.

investment

Office—51

for

by

may

and

tributor—The Ohio Co.,

—The distribution and retail sale of
Proceeds—For

(expected to be $10 per
fund which provides a medium

new

management without incurring Federal capital gains tax
liability upon the exchange. Proceeds—For investment.

public sale in units
share and one-fifth of a war¬

common

one

Price—To

of

an

Ex¬

Price—Net asset value
Business—A

to

through which holders of blocks of securities

Corp.

100,000

stock

common

diversification

tion through vending machines. Proceeds — To repay
loans; purchase additional machinery; establish a food
laboratory, and for advertising, promotion, and working
capital. Office—Blue Anchor, N. J. Underwriter—Robert
Edelstein Co., Inc., New York City.

five-year warrants to purchase

of

tax-free exchange of

a

selected list of companies.

a

share).

(5/8-12)

17 at 3:30 p.m.

New York

Ohio-Franklin
Feb.

seafood meat and poultry for use by restaurants and in¬
and frozen ready-to-heat meals for distribu¬

and

repay¬

Akron,
determined by competitive
Halsey, Stuart & Co. Inc.;

(6/5)

1961 filed $12,000,000 of debentures, due 1986.

Office—222

April 28,

15 William

stitutions

Mercantile

the

Street,

the 37th

on

poses.

(DST)

(managing).

Marketers, Inc.

and

Main

North

Bids—To be received

Pine

amendment.

construction

47

Thursday, May 4, 1961

.

Pennsylvania Electric Co.
March 28,

the

(5/22)

Office

.

Street, New York City on May 17 at
11 a.m. (DST). Information Meeting-h-To be held at the
above address on May 12 at 10 a.m. (DST).

Information Meeting—Scheduled for May

class

Co., New Orleans

March

It

Office—Huron, S. D.

80

of

Glore, Forgan & Co.; Eastman Dillon, Union Securities
& Co., and White, Weld & yCo.
(jointly); First Boston
Corp.; Morgan Stanley & Co. Bids—To be received at 16
Wall St., New York City on May 22 at 11:30 a.m. (DST).

—

&

Co.

Proceeds—For

debt.

bidding.

(5/3-12)

new

a

National

h<Y

Price

filed $30,000,000 of first mortgage bonds,

1961

1991.

ment

York

of
sugar
refining.
Proceeds — To
plant at Vacherie, La. Office—821 Gravier
St., New Orleans, La. Underwriters—S. D. Fuller & Co.,
New York City, and Howard, Weil, Labouisse, Fredrichs

it)

hciir
-I'-'K

stock on

common

be named.

Edison

April 14,

Price
$4 per share. Business—The company is engaged in the
processing and packaging of quick-frozen,
prepared

|.

Proceeds—

share for each 12 shares held.

new

change

n.Ml)

devices.

Public Service Co.

Underwriter—To

Jan. 27, 1961 filed 100,000 shares of common stock.

ir.fr

(5/8-12)

one

product

build

I

Under¬

(letter of notification) 75,000 shares of
stock (par one cent). Price—$4 per share. Busi¬

subscription by holders of

—To

inter¬

(managing).

City

hard

H

Ohio.

1961

10,

the basis of

purposes.

Miami

a

I'

Galion,

offered for

indebtedness, with the balance for general corpor¬
Office — Miami International Airport,

~erm

per

■

Market

Floor

April 3, 1961 filed 54,571 shares of common stock to be

14, 1961 filed 16,200 units, each unit consisting
of
$100 of 15-year 7%
subordinated
debentures, 30
shares of class A common and
10 warrants
(to buy

I

repay

South

Northwestern

March

I

electromechanical

supply assemblies.
loans and for working capital. Of¬

general corporate purposes. Office—3 Carll Ave., S.,
Babylon, N. Y. Underwriter—I. R. E. Investors Corp.,
Levittown, N. Y.

transport of persons, property, and mail. Pro¬
ceeds—To make payments on planes and reduce short-

9

!U

systems,

control

national

ate

t)

remote

and electronic components, and power

For

r
)

equipment,

common

shares

common

Co., New York, N. Y.

(5/15)

be supplied by amendment.
Business—
subsidiary of L. M. Ericsson Telephone Co. of
Stockholm, Sweden,manufactures telecommunications

ness—Manufacturers

City

Airlines, Inc.
1960 filed $10,288,000 of convertible subordi¬
debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
$100

Co.

This

21,

of

Electric

Price—To

15.

•

nated
basis

Busi¬

share.

per

cube

March 30, 1961 filed 22,415 shares of common stock to be
offered for subscription by stockholders of record May

March

National

Sept.

Price—$2

ice

writer—None.

working capital, construction, and funds estimated at
$125,000 to stock such items as bowling clothes and ac¬
cessories, gym clothing, etc. Office—816 Central, Kansas

•

North

fice—553

For

—

of

Underwriter—Ezra Kureen

Proceeds—To

18, 1961 filed 150,000 shares of class A common
Price—$4 per share. Business—The manufacture

April

production

.

Co.; Kuhn, Loeb & Co.
of

manufacturing and
vending machines. Proceeds—For equipment; develop¬
ment of distributors, advertising and research and de¬
velopment. Office—110 Jericho Turnpike, Floral Park,

goods merchandise. Proceeds—To retire on or about Oct.
1, 1961 all outstanding 7Y2% convertible debentures; to
repay
bank loans, and for other corporate purposes.
Office—208 Wisconsin Avenue, Milwaukee, Wis. Under¬
writer—Robert W. Baird & Co., Milwaukee (managing).

stock.

I r

and

Vending Manufacturing Corp.
(letter of notification) 55,000 shares

1961

stock (par 10 cents).

ness—The

ing woodworking and packaging equipment, power saws,

engines

American

19,

common

auxiliary power plants, centrifugal pumps, inboard ma¬
rine

Commercial and Financial Chronicle

The

(1992)

-

Power

-

/

Designs Inc.

March 31, 1961 filed
500,000 shares of

common

stock

(par

10

cents).
Price—$2 per share. Business—The design,
manufacture and sale of power
supply equipment for the
conversion of commercial AC
power.
Proceeds—To re¬

loans, for expansion and working capital. Office—
1700 Shames Drive,
Westbury, N. Y.
Underwriter —
Pistell, Crow, Inc., New York City. Offering—Expected
in late May.

pay

i

I-

f

Volume

193

Number

6052

.

.

The Commercial and Financial Chronicle

.

(1993)

■S
Precisionware,

Inc.

(5/29)

•

\

Rocket Jet

March 30, 1961 filed 125,000 shares of common stock (par

SI), of which 50,000 shares are to be offered for public
sale by the company and 75,000 outstanding shares by
the present holders thereof.
Price—To be supplied by

mon

amendment.

chen
the

Business—A

cabinets

and

J
m

fc^pes

manufacturer

wood

of

kit¬

of

cabinets

which

sells to builders, contractors and distribu¬

company

new

equipment, plant expansion and
78 Livingston St., Brooklyn,
N. Y. Underwriter—Hayden, Stone & Co., New York City
(managing).
working capital. Office

Products

'■-4

March

27,

public

—

Research

Co.

/5/29-6/2)

filed

1961

283,200 shares of common stock
120,000 shares are to be offered for

(par $2), of which

$

contract

other

tors. Proceeds—For

I

sale by the company and 163,200 outstanding
by the present holders thereof. Price — To be

shares

supplied .by

amendment.

Business—The development,
synthetic rubber caulking com¬
pounds, protective coatings, encapsulation materials and
glass skylights. Proceeds—For the selling stockholders.
manufacture and sale of

1
i

I
I

Office—2919

Empire Ave., Burbank, Calif. Underwriter
Co., San Francisco, Calif, (managing).

—Schwabacher &
•

Publishers

Jan.

Company,

Inc.

(5/29-6/2)

27, 1961 filed 22O,00u shares of

Inc.,

Books,
in

1140 Broadway, New York

City; to invest

District of Columbia company, Books, Inc.; to
invest additional funds in a subsidiary; to finance instal¬
new

a

sales contracts receivable and for working
18th St., N. W., Washington, D. C.

ment

Office—1116

writers—Amos
Roth

Treat & Co., Inc., New
Co., Inc., Philadelphia, Pa.

&

Puerto

6,

1961

class

A

Under¬

City

and

common

notification)

of

stock

(par

shares

100,000
cents). Price

10

—

$3

of
per

Proceeds
For accounts payable, to purchase
equipment and for general corporate purposes. Office—
c/o F. J. Perez-Almiroty, 1764 Ponce de Leon Ave., San
Juan, Puerto Rico. Underwriter—Investment Securities

Co.

—

of

amendment.

Maryland, Inc., Baltimore, Md.

RMS

Electronics, Inc.
12, 1961 (letter of notification) 100,000 shares of
common stock (par 25 cents). Price—$3
per share. Busi¬
ness—The

manufacture

of

television

Proceeds—For general

Ram

Dec.

*

Electronics,

28,

Inc.

and

FM

radio

an¬

corporate purposes.

dress—2016 Bronxdale Ave., Bronx,
Martinelli & Co., New York, N. Y.
•

Ad¬

N. Y. Underwriter—

Office—1426

(letter of notification) 75,000 shares of
common stock (par 10 cents). Price—$4
per share. Busi¬
ness—Manufacturers of electronic and replacement parts
ceeds—For

general corporate purposes. Office—600 In¬
Ave., Paramus, N. J. Underwriter—General Se¬
curities Co., Inc., 101 West 57th St., New York City.

dustrial

Estate

Investment

Trust of

March 31, 1961 filed 500,000 shares of beneficial interest
in the Trust. Price—To be

the
r

assets

supplied by amendment. Busi¬
which was organized in 1955 to acquire

three

of

Massachusetts

business

trusts

now

holds real estate properties in 12 states and the District
of Columbia.
Proceeds
For investment.
Office
294
—

—

Washington

St., Boston, Mass. Underwriters — Paine,
Webber, Jackson & Curtis; Kidder, Peabody & Co., and
Lee Higginson Corp., all of New York City.
• Resco, Inc.
April 17, 1961 (letter of notification)) 60,000 shares of
class A common stock
(par one cent). Price—$5 per
share. Proceeds—To open a new licensed department in
1961.

Office—1211

Walnut

St., Kansas City, Mo. Under¬
writer—Midland Securities Co., Kansas City, Mo.
•

development

and

equipment used in
Proceeds—For the selling stockholders.
Flower

City.

The latter firm will handle the books in the East.

ic Rockower Brothers, Inc.
May 1, 1961 filed 140,000 outstanding shares of common
stock (par 30 cents) to be offered for public sale by the
present holders thereof.
Price — To be supplied by
amendment.

clothing.

Business—The retail sale of men's and boys'

Proceeds—For the selling stockholders.

West

—160

—Drexel

Lehigh Avenue, Philadelphia.
Co., Philadelphia.

&

Office

Underwriter

if Rowley Hills Ski Slopes^ Inc.
April 14, 1961 (letter of notification) 100,000 shares of
common
stock (par $1). Price—$3 per share. Proceeds
—For

for operating

expenses

Willow

a

ski

resort.

Office

—

7

St., Lynn, Mass. Underwriter—None.
Outdoor

Advertising Co., Inc.
10, 1961 (letter of notification) 80,000 shares of
class A stock (par 10 cents). Price—$3 per share. Busi¬
ness—Outdoor advertising.
Proceeds—For general cor¬
March

porate

Address

purposes.

—

R. D. No. 2, Albany, N. Y.

Underwriter—Lewis & Stoehr, New York, N. Y.
March

1961

21,

common

stock

ceeds—For

and

common

two

common

stock

the purchase of class A common

share for

18

months

and

purchase

warrants

for

(one exercisable at $5.50

the

other at $6 per share
Price—$5 per unit.
Business—The
company plans to operate a chain of bowling alleys in
the midwestern states, initially in Missouri and Kansas.

per

within

36

months).

Proceeds—For the building of bowling centers. Office—
6000 Independence Ave., Kansas City, Mo. Underwriter
■—I. M. Simon &
Red

Co., St. Louis, Mo.

(letter of notification) 75,000 shares of
(par 50 cents). Price—$4 per share. Pro¬

capital funds, expansion,

investment company.
Proceeds — For investment.
Olive
St., St. Louis, Mo. Underwriters—

ness

Office—611

Hornblower
&

&

Weeks, New York City and I. M. Simon
Co., St. Louis (co-managers).
Offering—Expected in

early June.
San

Francisco

&

Oakland

Helicopter Airlines,

Star Yeast & Products Co.

16, 1961 filed $1,000,000 of convertible subordin¬
1976. Price — To be supplied by
amendment. Business—The production of yeast and yeast
products for the pharmaceutical, food, and animal feed
indu.ctries.
Proceeds
For diversification and possible
acquisitions. Office—221 East Buffalo St., Milwaukee,
—

Underwriter—Loewij & Co., Inc., Milwaukee.

Renaire Foods, Inc.
March 30, 1961 filed $600,000
vertible series due

of debentures, 6%'%

con¬

1976, to be offered for public sale by

the company and 125,000 shares of common stock, (par $1)
of which 100,000 shares are to be offered for sale
by the
company

holders

and

outstanding shares by the present
Price—At 100% of principal amount,

25,000

thereof.

for

the debentures
and
$6
per
share
for the stock.
Business—The retail distribution of food freezers, frozen

foods,

groceries, vitamins, proprietary medicines and
sundries, principally in the Philadelphia and Baltimore
trading areas. Proceeds—For construction, the purchase
installment contracts resulting from the sales of food

and

freezers, and for working capital.

timore Pike, Springfield, Pa.
& Co.,
Inc., New York City.

May

or

early June.




holders

Office—770 Bal¬
Underwriter—P. W. Brooks
Offering—Expected in late

thereof.

offered in
A

and

units, each unit to consist of

one

share.

common

Price

Business—The

one

To

—

company

air

share of class

be

supplied by
plans to furnish
in the San Fran¬

transportation service
Proceeds—For spare parts, lease of air¬
craft, starting-up expenses, and working capital. Office
—155 Montgomery Street, San Francisco, Calif.
Under¬
cisco Bay area.

writers—Birr

& Co., Inc., and
Wilson, Johnson & Higgins, both of San Francisco.

of

no

par

common

Price—To be

supplied by amendment.

research, design, development, manufac¬
ture and sale of precision devices
consisting primarily of
electromechanical transducers, for a
variety of military,
industrial and scientific

uses.

ment,

and

plant

1644

Whittier,

Towbin
•

expansion
Calif.

Proceeds—For

working

Underwriter

new

capital.
C.

—

E.

equip¬

OfLce—

Unterberg,

Co., New York City.

Shasta

Minerals

&

Chemical

Co.

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For

general corporate

Bank

Office

purposes.

1406

—

Walker

Bldg., Salt Lake City, Utah. Underwriter—None.

if Shepard Airtronics, Inc.
April 26, 1961 (letter of notification)
stock

common

(par

one

cent).

75,000

shares

of

Price

— $4
per share.
altitude breathing
and ventilation equipment. Proceeds—For
repayment of
loans; new equipment, research and development, plant

Business—The

Bronx,

manufacture

of

high

purchase

of inventory, advertising and
Office — 787
Bruckner
Boulevard*
Underwriter—L. C. Wegard & Co., Levit-

capital.
Y.

N.

town. N. J.

Sherman

Price

Co.

29, 1961 filed 1,096 of limited partnership shares.
$5,000 per unit. Business — The company was

—

March

on

15, 1961 to acquire the Hotel Sherman
Proceeds—To purchase the above property.
Office-—10 E. 40th Street, New York City. Underwriter
in

Chicago.

—None.
•

Sica

April

Skiffs, Inc.
1961 filed 100,000 shares of
be
supplied by amendment.

19,

motor

boat.

and

sale

of

"sea

skiffs"

stock.

common

Price—To

Business—The
type of inboard

a

Proceeds—For

the repayment of debt, the
outlets, property improvement,
and working capital. Office—Toms
River, N. J. Under¬
writer—Warner, Jennings, Mandel & Longstreth, Phila¬
delphia (managing). Offering—Expected in mid-June.

development

April 5, 1961 85,000 shares of class A stock (par $10) and
85,000 shares of common stock (par 10 cents) to be

Island,

Business—The

manufacture

Inc.

Long

stock, of which 50,000 shares are to be offered for public
sale by the company and 45,000 shares
by the present

formed

Sierra

of

retail

Pacific

Power Co.

April 10, 1961 filed 132,570 shares of

$3.75)
held

common

being offered for subscription by

holders

on

of

the basis of

record

Price—To

be

one

new

stock

South

(par

stock¬

common

share for each

12 shares

May 2, with rights to expire May 22.
supplied by amendment.
Proceeds—For

the repayment of bank loans and for construction.

—220

Virginia Street, Reno, Nev.

Office

Underwriter—

None.

Schaper Manufacturing Co., Inc. (5/22-26)
29, 1961 filed 80,600 shares of common stock (par
$4), of which 15,000 shares are to be offered for public
sale by the company and 65,600 outstanding shares by
the present holder thereof. Price—$10 per share. Busi¬

South

ness—The

determined

design, assembly, manufacture and sale of a
variety of plastic toys and games. Proceeds—For work¬
ing capital. Office—650 Ottawa Ave., North, Minneapolis,
Minn.

Underwriter

New York

Paine, Webber, Jackson & Curtis,
City (managing).

Schneider
March

the

30,

filed

1961

March

on

real

—

(Waiter

10 cents).

(par
ized

J.)

Corp.

120,000 shares

Price—$5

per

of class A common

share.

Business—Organ¬

24, 1961, the company plans to engage in

estate

business

and

allied

activities.

Proceeds

general corporate purposes. Office—67 West 44th
Street, New York City. Underwriters—Brand, Grumet
& Seigel, Inc., and Kesselman & Co., Inc., both of New
York City. Offering—Expected in late May.
Scope,
March
Price

28,

Inc.

1961 filed 75,000 shares of
be supplied by amendment.

common

stock.

Business — The
research and development of projects for agencies of the
U.
S.
Government.
Proceeds—For
the repayment of
—

and marketing of new products, and
capital.
Office—121 Fairfax Drive, Falls
Underwriter—Hodgdon & Co., Inc., Wash¬

production

debt,
for

To

working

Church, Va.
ington, D. C.
Scot

Lad

28,

—

To

Foods,

Inc.

(5/29)

packaging of food products for supermarkets. Proceeds
net proceeds, estimated at $2,185,000, will be ap¬
plied to outstanding indebtedness, with the balance to
be added to working capital.
Office—Chicago, 111. Un¬

derwriter—Hayden, Stone & Co., New York City (man¬
aging).
if Seaboard Electronic Corp.
April 26, 1961 filed 100,000 outstanding shares of com¬
mon stock
to be offered for public sale by the present
^holders thereof.
of

valometers and

application.

—Amos Treat &
•

Seacrest

Feb.

Price—$5.50

per

share.

Business—The

signals, control boxes, interequipment for aircraft and mis¬

warning
related

Proceeds—For the selling stockholders.

Canal

Office—417

Street, New York City. Underwriter
Co., Inc., New York City (managing).

Industries

Corp.

stock

Power Co.

filed

(par

one

cent).

(5/11)

$6,500,000 of first mortgage bonds,

Proceeds

1991.

—

For

construction.

Price—$7.50 per share.

expansion an^ for general corporate purposes.

Office—

Office

220

—

Virginia Street, Reno, Nev. Underwriters—To be
by competitive bidding.
Probable bidders:

Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Dean Witter & Co.; Kidder, Peabody & .Co. and
White, Weld & Co. (jointly). Bids—To be received on
May

11,

at

11

(DST)

a.m.

at

49

Federal

Information

for

(DST)

Boston, Mass.
May 9 at 3 p.m.

Plaza

March

Pacific

One

Chase

(8th

Manhattan

Co.

(letter of notification) 200,000 shares of

15, 1961
stock

common

ceeds—For
and

at

Street

Meeting—Scheduled

(23rd Floor), New York City.

Silver

real

(par $1). Price—$1.50 per share.
Pro¬
development of property; repayment of loans

estate

investments.

Issaquah, Wash.
Inc., Issaquah, Wash.
way,

Office—1325

Sunset' High¬

Underwriter—: Rowley

Agency,

Siniulatics

Corp.
27, 1961 (letter of notification) 150,000 shares of
common stock
(par one cent). Price—$2 per share. Busi¬
ness—The investigation of probable human behavior by
March

use

of

computer

short-term bank
eral

corporate

technology.
Proceeds — To repay a
loan; and for working capital and gen¬

purposes.

Office—501

Madison

Avenue,

Underwriter—Russell & Saxe, New

if Solar Systems, Inc.
April 20, 1961 (letter of notification) 125,000 shares of
common stock
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To repay short term
notes, for additional in¬
ventory, advertising, and working capital. Office—11936
Valerio

Street, North Hollywood, Calif. Underwriters—
Darius, Inc., New York, N. Y;
and N. A. Hart & Co.,
Bayside, N. Y.
ic Sony Corp.
April 28, 1961

(par

50

yen).

(6/6)
filed 2,000,000 shares of common stock
The underwriters will deliver to pur¬

chasers, ADR's evidencing American Depositary Shares
(each representing 10 shares of Sony common). Price
—To

be

supplied by amendment.

Business—The

manu¬

facture and sale of transistorized radio and television

re¬

ceivers, magnetic tape recorders and other electronic
equipment. Proceeds — For expansion. Office — Tokyo,
Japan.
Underwriters—Smith, Barney & Co., and The
Nomura Securities

24, 1961 (letter of notification) 40,000 shares of com¬

Busi¬
ness—The sale of home-freezers and refrigerator-freezer
combinations, home delivery of food plans, and manu¬
facture and sale of swimming pools.
Proceeds—For the
purchase of Westchester Foods, Inc. stock; current liabil¬
ities; building improvements; advertising, promotion and

mon

1961

22, N. Y.
York, N. Y.

1961 filed 250,000 shares of common stock.
be supplied by amendment.
Business — The

manufacture

due

10,

New York

—The

sile

Sierra Pacific

April

floor),

—-For

Price

debentures, due

Wis.

if Servonic Instruments, Inc.
April 26, 1961. filed 95,000 shares

March

Capital, Inc.
April 11, 1961 filed 750,000 shares of common stock (par
$1). Price—$10 per share. Business—A new small busi¬

Square,

Street,

and working capi¬

Louis

Franklin

New York 6, N. Y.

Office—1114 N. Broad Street, Lansdale, Pa. Under¬
writer—Netherlands Securities Co., Inc., New York, N. Y.
St.

Avenue,

Underwriters—A. J. Gabriel Co., Inc., New
York,
N. Y. and Williamson Securities
Corp., 92 Liberty

working

tal.

March

March

ated

Franklin

N. Y.

improvement,

Safeguard Corp.

Recreation

Enterprises, Inc. (6/7)
March 16, 1961 filed 110,000 units of common stock and
warrants, each unit to consist of one share of class A

of

design,

survival

March

America

(5/22-26)

ness—The Trust

The

and

Street, Glendale, Calif. Un¬
derwriters—Thomas Jay, Winston & Co., Inc., Beverly
Hills, Calif., and Maltz, Greenwald & Co., New York

scheduled

1960

Real

—

escape

South

amendment.

(5/23)

for television receivers and other electrical circuits. Pro¬

/

of

military aircraft.

April

tennae.

Business

manufacture

354

•

Airlines, Inc.

(letter

share.

capital.

(managing).

Rican

Feb.

York

stock

Ruth

stock. Price

common

—$10 per share. Business—The company and its sub¬
sidiaries are engaged in the business of selling and fi¬
nancing books sales. Proceeds—To acquire the assets of

I

Engineering Corp. (5/15)
20, 1961 filed 110,OUu outstanding ^hares of com¬
(par 75 cents).
Price—To be supplied by

March

41

Co., Ltd., both of New York City.

Southern States Investment & Mortgage Corp.
Feb.
8, 1961 (letter of notification) 100,000 shares
common

—For

stock

(par $1). Price—$1.50

advances

Office—424

to

subsidiaries

of
share. Proceeds
working capital.

per

and

Mark

Bldg., Atlanta, Ga.
Underwriter—
First Fidelity Securities Corp., Atlanta. Ga.
Continued

\

on

page

42

42

(1994)

Continued

The Commercial and Financial Chronicle

Underwriter

from page 41

City

(6/5-9)

Southland Life Insurance Co.
March 28,

1961 filed 80,000 shares of common stock, to
outstanding common on the

be offered to holders of the

of

basis

be

—To

the

of

amendment. Proceeds—To pur¬
outstanding common stock of
Co.

Insurance

heretofore

not

by

owned

Underwriter—Equi¬
Corp., Nashville,1 Tenn. (managing).

Office—Dallas,

issuer.

Securities

table
•

55%

Life

.Carolina
the

by

supplied

the

chase

share for each five shares held. Price

new

one

Southwestern

Texas.

Capital Corp.

and a closed-end, non-diversified management
company.
Proceeds—For investment. Office

company

investment

Garnet

—1328

—None. Note—This

registration

Oil

Southwestern

-

San Diego,

Avenue,

was

Calif. Underwriter
withdrawn April 28.

Producers, Inc.

13,

tained

1961

per

Proceeds—To drill a test well on the
property. Office—2720 West Mockingbird Lane, Dallas,
'lexas.
Underwriter—Elmer K. Aagaard, Salt Lake City,
M.

N.

Artesia,

Utah.

,

.

•

.

::

:

?.

Feb.

240,000 shares of

capital. Office—2855 Highland Drive, Sait
Utah. Underwriter—E. H. Coltharp & Co.,
Salt Lake City, Utah.

—r or

working

Lake

•

City,

Hall & Co., Inc. (5/15-19)
1961 filed 250,000 outstanding shares of com¬
mon stock (par $1), to be offered for public sale by the
holders thereof.
Price—To be supplied by amendment.
Stein,

Marcn 30,

Business—The company manufactures a

wide variety of
chemical specialty products, including specialized
adhesives, synthetic resins, natural gum derivatives, food

stabilizers

Proceeds—For the selling

similar items.

and

Office—285

stockholders.

Madison

New

Avenue,

York

Underwriter—F. Eberstadt & Co., New York City
(managing).

City.

•

Stocker

&

Inc. (5/16)
(letter of notification) 100,000 shares of
no-par common stock.
Price—$3 per share. Business—
Manufacturers of precision dimensional measuring de¬
vices and developers of optical and audio-visual equip¬
ment.
Proceeds—New product development, expansion

March

of
40

Yale,

30, 1961

marketing program, and working capital.
Office —
Green St., Marblehead, Mass.
Underwriter — First

Weber Securities

the

in

3, 1961 filed $650,000 of 5% convertible subordi¬

winter and

a

recreational

summer

Stratton Mountain in southern Vermont.
construction.

Office—South

resort

on

Proceeds—For

Londonderry,

Vt.

Under¬

writer—Cooley & Co., Hartford, Conn.
•

electronic

communications

equipment,

components, for

field.

capital

•

Underwriters—Fiakkov

Tassette, Inc.

(5/8-12).

Feb.

15, 1961 filed 200,000 shares of class A stock. Price
—$12 per share. Business—The company was organized
under

1959 to finance

Delaware law in

"Tassette," a patented feminine hygiene aid.
Proceeds—For advertising and promotion, market devel¬
opment, medical research

formed

by John Nuveen & Co., Chicago, 111., to invest in
tax-exempt obligations of states, counties, municipalities
territories

Nuveen &

of

United

the

—The fund

will invest in

interest

states, counties, municipalities and territories
S.; and political subidivisions thereof which

ceeds

For

—

investment.

Street, Chicago, 111.

Office —135

Office—New

Boland

&

Co., New
Paul C. Kimball & Co. (Chicago).,.

notification)

87,664 shares of
share. Proceeds
—For a new building and equipment. Address—Clack¬
amas, Oreg. Underwriter—June S. Jones Co., Portland,
Oreg.
Sun

per

or

30, 1961 (letter of notification) $205,000 of lim¬
partnership interests to be offered in units of $5,000,

fractional units of not less than

$2,500. Proceeds—For
working capital. Address — Harlingen, Texas. Under¬
writer—First Realty Syndicators, HE. 44th Street, New
York, N. Y.
Super Food Services, Inc.
April 14, 1961 filed 60,000 shares of common stock (par
one
cent), of which 30,000 shares are to be offered for
public sale by the company and 30,000 outstanding shares
by the present holders thereof. Price—To be supplied by
amendment. Business—The company and its subsidiaries
distribute
food
products to about 643 independently

IGA

retail grocery stores in
Ohio, Florida, New
York, New Jersey and Michigan. Proceeds—For working
capital. Office—105 South LaSalle St., Chicago, 111. Un¬
derwriter
Shearson, Hammill & Co., New York City
(managing). Offering—Expected in late May.
owned

—

it Suval Industries Inc.
April 27, 1961 filed 125,000 shares of
which

by

100,000

the

shares

company

and

are

to

be

common

offered

for

stock, of

public

sale

25,000

present holders thereof.

outstanding shares by the
Price—$4 per share. Business—

The manufacture of supported
the automobile, furniture and

ceeds—For additional

working
N.

Y.

capital.

Brukenfeld
•

vinyl plastic sheeting for
cloth'ing industries. Pro¬
equipment, product expansion and

Office—Cantiagua

Underwriters —Milton
&

D.

Road,

Blauner

Westbury,
&

Co.,

and

Co., both of New York City.

two

nated

Bowling & Leasing Corp. (5/22-26)
31, 1961 filed $600,000 of 8% convertible subordi¬

debentures

due

1971, 125,000 shares of
stock and 50,000 class A warrants to
purchase
stock

$240

to be

offered for public

common

common

sale in units consisting of

of debentures, 50 common shares

and

20

warrants.

Price
$640 per unit. Business
The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N. Y.
—




—

May, 1961. Proceeds—For the purchase of the above
Office—1411 K St., N. W., Washington, D. C;
Underwriter—Hodgdon & Co., Inc., Washington, D. C. •
Trans World Airlines,

Inc.

■■■■■'['"■

March

30, 1961 filed $111,235,900 of 6J/2% subordinated
debentures, due 1978, with warrants, to be of¬
fered for subscription by stockholders on the basis of
$100 principal amount of debentures for each 6 common
income

supplied by amendment. Pro¬
and general corporate
purposes. Office — 380 Madison Ave., New York City;.
Underwriter—None. Hughes Tool Co., which owns vot¬
ing trust certificates representing 78.23% of the com¬
ceeds

For

—

of debt

repayment

pany's outstanding stock, has agreed to purchase enough
of the unsubscribed for debentures, if any,
to^ provide
the

with

company

$100,000,000.

least

at

Offering—Ex¬

pected in late May.
Transcontinental

March

stock

common

Investment Co.

120,000 shares of
Price—$2.50 per share. Pro¬

(letter of notification)

15, 1961

$1).

(par

ceeds—For advances to subsidiaries.

Office—278 S. Main

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
Lake City, Utah.
•

Transistor

March

29, 1961

no-par

tronic

shares for each three shares held. Price—$27.50

share.

casualty

phone

in

Applications, Inc. (5/16)
(letter of notification) 100,000 shares of
stock. Price—$3 peri share.
Business—

common

Manufacturers of transistorized test equipment and elec¬

new

per

Business—The

insurance,

company

principally

to

writes

automobile

employees of tele¬
preferred risks.

medical

For

Office—103 Broad Street, Boston,
Weber
Securities
Corp., 79

working capital.

Mass.

Underwriter—First

Wall
•

product development, expansion of sales effort,

new

and

equipment, and the development of ad¬
Proceeds—

semi-conductor circuits and systems.

vanced

Street/'NewoYork

Transition

City.

March

Inc.
April 25, 1961 filed 72,200 shares of common stock. Price
—$4.50 per share.
Business — The company plans to
engage
in research to develop correlation devices for
improving the performance of information retrieval
systems. Proceeds — For working capital, research and

computers.

companies

who

are

and

Dillon,

York

City

considered

Light Sts., Baltimore, Md, Under-/;

Union

Securities

&

Co.,

New

(managing).

Tempieton,

Damroth Corp.
30, 1961 filed $1,500,000 of 5%% convertible de¬
bentures, due 1969, with 120,000 shares of class A com¬
mon
stock
(non-voting) and 12,000 shares of class B

(voting)
Of

stock, into which the debentures are
$1,500,000 of debentures, $1,260,000

the

Systems,

leasehold

development,

engineering

improvements, the

drafting

and

Office

160

—

purchase

of

materials, and the rental of
Broadway, New York City.

Underwriter—Richard Bruce & Co., Inc., New

York City.

investment

it Trebor Oil Co. Ltd.
May 1, 1961 filed $150,000 of limited partnership inter¬
ests to be offered for public sale in 150 units. Price—
$1,000 per unit.
Proceeds—For the acquisit'on of oil

efforts

leases

presently outstanding.

Price—100% of the principal

Business

—

The

management

Co.,

and

distribution

companies, and also private

counselling. Proceeds—To increase the sales
subsidiaries, to establish a new finance com¬
and for general corporate purposes. Office—630
of

Third Avenue, New York City.

Philadelphia

is

Underwriter—Hecker &

underwriting

$445,000

of

the

de¬

bentures.
Gas

Transmission

Co.
(5/16)
$75,000,000 of debentures due May
Price—To be supplied by amendment. Proceeds

14,

1961

filed

—For the repayment of

debt, expansion and advances to

subsidiaries. Office—Tennessee

Building, Houston, Texas.
Securities Corp.; White,
Co., and Halsey, Stuart & Co. Inc., (managing).

Underwriters—Stone & Webster
Weld &

First

and

Terry Industries, Inc.
Feb. 28, 1961 filed 1,728,337 shares of common stock of
which 557,333 shares are to be offered for the account
of the issuing company and
1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the

company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders'" shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
balance of the proceeds will be used to pay pas1

The
due

legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New
York City.

the

National

development
Bank

of,

thereof.

Office—213
Under¬

Building, Abilene, Texas.

writer—None.

Triangle
March

Tennessee

April

Instrument

Co.

(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
ness
The manufacture of precision instruments and
components. Proceeds—For equipment, inventory, the
repayment of debt, and working capital. Office—Oak
Drive and Cedar Place, Syosset, L. I., N. Y. Underwriter
—Armstrong & Co., Inc., New York City.
30, 1961

—

Tungsten

Mountain

Mining Co.
(letter of notification) 400,000 shares of
common
stock (par 25 cents). Price — 62 H cents per
share. Proceeds—For mining expenses. Office—511 Secu¬
April

1961

7,

rities

Bldg., Seattle, Wash. Underwriter—H.
Co., Inc., Seattle, Wash.

P. Pratt &

it Union Tank Car Co.
April 28, 1961 filed $40,000,000

of sinking fund deben¬
Aug. 1, 1986.
Business—The furnishing of
railway tanks cars to shippers of petroleum products and

tures

due

other

liquids.

loan.

Office—228

Proceeds—For
N.

La

the

retirement

of

a

bank

Salle

Street, Chicago, 111. Un¬
derwriters—Smith, Barney & Co. Inc., and Blunt Ellis &
Simmons, Chicago (managing). Offering—Expected in
early June.

it U.

S.

April

27,
Price—$2

Fiberglass Products Co.
1961 filed 200,000 shares of common stock.
per share.
Business—The company plans to

manufacture fiberglass

shingles, beams, purlin and other

Co., Inc.
April 11, 1961 (letter of notification) 60,000 shares of
common stock
(par 10 cents). Price—$5 per share. Busi¬

materials.

For

ness—Manufacturers

Co., Dallas, Texas.

Therm-Air

perature
For

and

Mfg.

self-contained

control

purposes.

packaged

tem¬

equipment. Proceeds—
Address — Peekskill,

Underwriter—Harry Odzer Co., New York, N. Y.

Thor

April

of

humidity

general corporate

N. Y.
•

Taddeo

March

Pro¬
Salle

March 22, 1961 filed 43,117 shares of capital stock to be
offered for subscription by stockholders on the basis of

1, 1981.

Valley Associates

March
ited

La

Telephone Employees Insurance Co.

pany,

Sunnyside Telephone Co.
of

South

the
be¬

Sponsor—John Nuveen & Co., Chi¬

amount.

(letter

of

111.

cago,

of shares of four investment

Price—At par.

(par $1). Price—$1.50

John

are

be exempted from Federal income taxes.

to

City. Underwriters—John

1961

—

bearing obligations of

U.

lieved

Partnership

property.

Co., 135 South La Salle Street, Chicago, 111.

debentures, due 1975.

stock

Sponsor

Tax-Exempt Public Bond Trust Fund, Series 2
Feb. 23, 1961 filed $10,000,000 (10,000 units) ownership
certificates. Price—To be filed by amendment. Business

are

R.

States.

Limited

Plaza

1961 filed $522,500 of interests in the partner¬
ship to be offered for public sale in 209 units. Price—
$2,500 per unit/Business—The partnership was organ¬
ized under Maryland law in April 1961 to acquire, de¬
velop and operate the Toledo Plaza apartment project in
Prince
George County, Md., scheduled for occupancy

shares held. Price—To be

16,

1961 filed $5,000,000 of interests (5,000 units).
Trice—To be computed on the basis of the trustees eval¬
uation of the underlying public bonds, plus a
stated
percentage (to be supplied by amendment) and dividing
the sum
thereof by 5,000.
Business — The trust was

and

Tosedo

April 7,

expenses.

St., Stamford, Conn.. Underwriter—:
Amos Treat & Co., Inc., New York City (managing);
Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities
Corp., New York City.

York

13,

administrative

and

Office—170 Atlantic

nated

April

the exploitation

sale of

Sept. 28, 1960 nlea $1,000,000 of 7% convertible subordi¬

common

additional

improvements and working capital.
Brooklyn Queens Expressway, Wooctside,
& Co., Inc. (managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York City.
~
Y.

convertible.

Straus-Duparquet Inc.

York City and

primarily

use

Proceeds—For

—

homes, and the pre-construction of motel units. Proceeds
—To repay bank loans, provide funds for the issuer's
subsidiary, and add to working capital. Office — 1630
West Bristol St., Elkhart, Ind. Lnderwriter — Myron A.
Lomasney & Co., New York City (managing).:

Office—27-01

writer—Eastman

(5/8-12)

debentures, due Dec. 1, 1981. Price—At 100% of
principal amount. Business—The development and op¬
of

of

shares of common stock
purchase a like number of com¬
shares, to be offered in units of $400 of debentures,
50 common shares, and 25 warrants.
Price — $800 per
unit. Business
The manufacture and sale of mobile

common

Corp., 79 Wall Street, New York City.

Corp.

(6/30)

132,000 shares of common stock.
share.
Business — The manufacture of

per

fabrication

nated

eration

Inc.

filed

Office—Pedwood

Stratton

March

1961

subordinated debentures, 100,000

mon

equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and ine

Jan.

(par $1). Price—$1.25 per share. Proceeds

stock

Electronics,

$3

—

Thursday, May 4, 1961

.

and 50,000 warrants to

Tax-Exempt Public Bond Trust Fund

(letter of notification)

1961

14,

Co., New York

electronic

■■

Standard-American Leasing Corp.

common

Price

and

filed 250,000 shares of common stock.
share. Business—The company has ob¬
the right to drill for oil and gas on 720 acres near

April

Price—$2

it Taffet
April 28,

N.

April 4, 1961 filed 500,U00 shares of common stock. Price
—$3 per share. Business—A small business investment

Myron A. Lomasney &

—

(managing).

.

.

Power Tool

Co.

1961 filed $4,000,000 of subordinated convert¬
ible debentures due June 1, 1981. Price—To be supplied
by amendment. Business—The manufacture of portable
tools and other industrial products. Proceeds—To retire
19,

short-term bank loans. Office
175 North State St.,
Aurora, 111. Underwriter—Hornblower & Weeks, New
York City (managing).
Offering—Expected in mid-June.
—

•

Thrift

Feb.

28,

Courts

1961

of

America, Inc. (5/8-15)
filed $800,000 of 10-year 8% convertible

Proceeds

—

working

capital,

inventory

and

equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdoek, Rippey &
United

States

Freight Co.

:

March 15,

1961 filed $15,393,900 of convertible subordin¬
ated debentures, due April 1, 1981 to be offered for sub¬
scription by holders of its outstanding capital stock on
the basis of $100 principal amount of debentures for
each

shares held of record April 20 with rights to
May 8. Price — At par. Business — Furnishes
freight transportation services. Proceeds—For new equip¬
ment, expansion and working capital. Office—711 Third
Ave., New York City. Underwriter — Merrill Lynch,
seven

expire

Pierce, Fenner & Simth Inc.
U.

Jan.

S.

3,

(managing).

Mfg. & Galvanizing Corp.
1961 (letter of notification)

(5/15-19)
100,000

shares

oi

Volume

common

stock

193

Number

6052

.

.

The Commercial and Financial Chronicle

.

(par 10 cents).

Price—$3 per share. Pro¬
liabilities, sales promotion,
purcnase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah, Fla.
Underwriter—Arm¬
strong & Co., Inc., 15 William St., New York, N. Y.
ceeds— To

•

II
■HI

s«J

U.

S.

reduce

current

Realty Investment Trust

(5/29)

March 30, 1961 filed 386,975 shares of beneficial interest
in the Trust. Price—$10 per share. Business—The own¬

ership
For

of diversified

real estate properties. Proceeds—
Office—720 Euclid Ave., Cleveland, O.

investment.

i M

Underwriter

||

(managing).
United

Hornblower

—

&

Weeks, New York City

Variable

i
i

investment.

!

r
*

•

Office—20

Underwriter—Waddell

A
$
fl
1a

1

f
1

a
(

0

Mi
f -s

14
■!

-

$
(Hi

h

1

0

1
$

i
■

1
'i
<■

ifo

W.
&

Offering—Expected in

9th Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.

the

fall

1961.

of

Universal
Feb.

Manufacturing Co.
1961 (letter of notification)

23,

common

135,000 shares of
(par 10 cents) of which 35,000 shares are

stock

to be offered for the account of the
company

and 100,000
stockholders.

outstanding

shares, stock, by the selling
Price-^ $2 per share.
Proceeds — For working capital.
Office—516 W. 4th Street, Winona, Minn. Underwriter—
Naftalin & Co., Inc.,
Minneapolis, Minn.

Upper Peninsula Power Co. (5/17)
April 14, 1961 filed 26,000 shares of common stock (par
$9). Price—To be supplied by amendment. Proceeds—
To repay debt and for construction.

p

>f

Stone

/

Vagabond Motor Hotels, Inc.
Feb. 14, 1961 (letter of notification)

:

!

n

&

il

—To

Webster

common

"

(J

1

Securities

Corp.

/

/

oi

(no par).

Price—$3

per

share.

Proceeds

hotels, and for working
Office—3555 Fifth Avenue, Suite B, San Diego,
Underwriter—Norman C. Roberts Co., San Diego,

sing, Inc., a
to operate a

79

J

)

Dr

M

al

h

of

■

of

13
r-

■

M
■

■

.

share

new

supplied

i|

s
r-

•!

Maine grower and shipper of potatoes and
plant now being constructed for the proc¬

essing o'f potatoes.

one

:

id

The

Va'nl-

Proceeds—For the repayment of debt

• Varian Associates
V- t>.
May 1, 1961 filed 347,883 shares of capital stock to be of¬
fered for subscription by shareholders on the fcas-s of

ce

to

—

and working capital.
Office — Easton, Mainfe.'^Under¬
writer—Pistell, Crow, Inc., New York City (managing).

I

Hi

stock.

—

%

■:

1
1
H

by

for

each

amendment.

shares

10

held.

Price—To

Business—The

design,

be

manu¬

facture and sale of microwave

tubes, and electronic com¬
ponents and systems for military, commercial and indus¬
trial

Proceeds—For

use.

new

plant, equipment, the
repayment of bank loans and for working capital. Office
—611 Hansen
Way, Palo Alto, Calif. Underwriter—Dean
Witter & Co., San Francisco (managing).
•

Vector

March

3,

common

a

Engineering, Inc.

(5/15-19)
notification; o0,000 shares of
stock (par 10 cents). Price—$6
per share. Busi¬
I9bi

(letter

ness—Provides
ceeds— For

of

engineering and design services.

general

corporate

purposes.

Washington Street, Newark, N. J.
Securities Corp., New York. N. Y.

Office

Pro¬
—

15n

Underwriter—Omega

Versapak Film & Packaging Machinery Corp.
March 30, 1961 filed 150,000 shares of common stock and

women's

Conn.

Underwriter—Lehman

Business—The

foundation

Brothers, New

York

City

(managing).

Washington Natural Gas Co.
March 30, 1961 filed 118,384 shares of common stock and
warrants to
purchase 3,500 shares.
The company is
offering 114,884 shares for subcsription by common
stockholders

shares

on

held

the

basis of

one

new

share for

each

and for

construction.

Office—1507

Fourth

Ave., Seattle,
Co., San Francisco;
Elyth & Co., Inc., and Merrill Lynch, Pierce, Fenner &
Smith Inc., both of New York City.
Underwriters—Dean Witter &

March 31, 1961 filed 600,000 shares of beneficial interest
in the Trust. Price—$5 per share. Business—For invest¬
ment in income producing real estate in the metropoli¬

Washington, D. C.

area. Proceeds—For investment.
St., N. W., Washington, D. C.
Under¬
writers
Ferris & Co., Washington, D. C. (managing).
Offering—Expected in late June.

18th

one

warrant.

Price—

unit. Business—The design, development and
sale
of
versatile
automatic
equipment for packaging
items in special heat-shrinkable film. Proceeds—To re¬
pay loans, for additional equipment and
inventory; and
per

for

working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);

Hampstead Investing Corp., and Globus, Inc., all of New
York City.

Inc.

13, 1961 filed

which

155,000 shares of

135,000 shares

are

Business—The manufacture of industrial chemicals, re¬
frigerants and aerosol insecticides. Proceeds—For expan¬
sion.

Co.,

Office—Norfolk, Va. Underwriter—White, Weld &
New

York

City

(managing).

Inc.
(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Busi¬

common

1961

ness—The

chase

rental

of

automobiles.

Proceeds—For

pur¬

of

supplied

by

amendment.

.

Wayne-George

Corp.

(5/15-19)

March 22,

1961 filed 80,000 shares of common stock (no
par), of which 60,000 shares are to be offered for public
sale by the company and 20,000 outstanding shares by
the present holders thereof. Price—To be supplied by
amendment. Business
The design, development and
manufacture of digital transducers. Proceeds—For re¬
payment of debt, new equipment, research and develop¬
ment, and working capital. Office—588 Commonwealth
Ave., Boston, Mass. Underwriter—Hayden, Stone & Co..
New York City.
—

Webster

Publishing Co.,

Inc.

March 13, 1961 filed 131,960 shares of common stock, of
which 80,000 shares are to be offered for public sale by
the company and 51,960 outstanding shares by the pres¬
ent

thereof.

holders

Price—To

ment. Business—Publishes

all of New

York

City. Offering—Expected in late May.

Walter

Sign Corp.
March 30, 1961 (letter of notification)
100,000 shares of
common stock
(par one cent). Price—$3 per share. Busi¬
ness

The manufacture and installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬
—

tion, inventory and

reserves.

Office—4700 76th St., Elm-

hurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40
Exchange Place, New York 5. N. Y.
•
Waltham Watch Co. (5/15-19)
March 9, 1961 refiled 100,000 shares of common stock
(par $2.50) and $600,000 of 16-year convertible bonds
(convertible into common at $6 per share), to be sold

initially
and

to

stockholders

in

units

of

25

shares

of

stock

$150 of debentures. Price—For the stock: about $8




Work

Price—At

Wear

Corp.

31, 1961 filed 310,604 shares of common stock
(par $1), of which 141,925 shares are to be offered for
public sale by the company and 168,679 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business — The manufacture and
sale of work clothing, and industrial laundering and gar¬
rental. Proceeds—For the repayment of debt and
working capital. Office—1768 East 25th St., Cleveland, O.
Underwriter
Hornblower tic Weeks, New York City
(managing). Offering—Expected in late May.
ment

Wrather

Corp.

March 29, 1961

be

supplied

by

Muzak Corp., Wrather Hotels, Inc., Wrather Realty
Corp., Stephens Marine, Inc., and various television film
properties. Proceeds — For construction, repayment of
debt and working capital. Office — 270 North Canon

Drive., Beverly Hills, Calif. Underwriter—Lee Higginson
Corp., New York City (managing). Offering—Expected
early June.
;v
•
y
^
4<r

in
•

manufacture of precision parts or stampings principally
used in the semi-conductor industry. Proceeds—For the

of debt; inventory; research and develop¬
and working capital.
Office—204 North Fifth
Street,
Youngwood,
Pa.
Underwriters — BrunoLenchner, Inc., Pittsburgh and Amos Treat & Co., New
repayment

ment,

York

Scientific

March

Co.

filed

1961

20,

City. Offering—Expected in June.

amend¬

ATTENTION

textbooks for elementary and

Do

Corporation

know about it

Would
write

shares

of

common

Department

News
so

that

we

can

would

like

an

item

prepare

similar to those you'll find hereunder.

(5/29)

545,000

UNDERWRITERS!

have an issue you're planning to register?

you

Our
to

Ave., St. Louis, Mo. Underwriter—Newhard, Cook
Co., St. Louis (managing).
Welch

Youngwood Electronic Metals, Inc.

April 13, 1961 filed 75,000 shares of common stock. Price
—$4 per share. Business—The design, development and

Reco

you

us

telephone

at 25 Park

us

REctor

at

2-9570

or

Place, New York 7, N. Y.

stoc

$1), of which 176,000 are to be offered for public

(par
sale

by the company and 369,000 outstanding shares by
holders thereof. Price—To be supplied by

the

present

Business

amendment.

—

The

manufacture

and

sale

Prospective Offerings

of

scientific instruments, laboratory apparatus and supplies.
Proceeds
For working capital.
Office — 1515 North
—

&

Weeks,

New

Western

Underwriter—Hornblower
(managing).

York City

Factors,

Inc.

may

per

be used to

ities.

Office

—

liquidate current and long-term liabil¬
Continental Bank Bldg., Salt Lake

Growth

Western

each;

Corp.

17,

shares

1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10

company's

and
after

52,107 outstanding shares by selling
trading commences. Price—For the

$100

stock:

per

vestment

unit. For the

selling stock¬
development of

Business—The

At-the-Market.

property

in California for single-family homes, the in¬
in notes or contracts secured by single-family

other phases of the real estate business.
Proceeds—For
ordinary expenses, repayment of loans
and working capital. Office—636 North La Brea Ave.,
Los Angeles, Calif. Underwriter—Reese, Scheftel & Co.,
Inc., New York City. Offering—Expected in late May.
homes,

and

Western

March
est

30,

in the

Land

Trust

—

real

investment.

estate

investment

Office—1031

First

trust.

Western

Proceeds—For

Bldg., Oakland,

Calif. Underwriter—To be named.
Wilier

Color

U.

Productions,

Inc.

15, 1961, it was reported that this company plans

covering 100,000 shares of common
Price—$3 per share. Proceeds—To
finance production of TV films.
Office —130 W. 57th
Street, New York City. Underwriter—Marshall Co., 40
Exchange Place, New York City. Registration—Expected
a

"Reg.

in

A"

filing

(par 10 cents).

May.

Television

Jan. 29, 1961 (letter of

Acoustica

Associates,

Inc.

April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible product lines
and that equity financing may be needed to finance
current expansion program. Business — The company
manufactures ultrasonic
cleaning systems for missile
equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
a product for gauging the level of liquids. Office—First
National Bldg., Birmingham, Ala. Underwriter—Lehman

Brothers, New York City.
Gas

Alamo

Supply Co.

Jan.

24, 1961 it was reported that this company is nego¬
tiating for the sale of about $18,000,000 to $20,000,000
of bonds. Proceeds—For expansion of facilities. OfficeSan

Antonio, Tex. Underwriters

New

York

—

White, Weld & Co.,
& Co., Inc.,

City and Underwood, Neuhaus

Houston, Tex.

Fund

filed 200,000 shares of beneficial inter¬
Fund. Price
$10 per share.
Business — A
1961

closed-end

March

1201

Business—Factoring.
Underwriter—Elmer
Aagaard, Newhouse Bldg., Salt Lake City, Utah.

City, Utah.

March

T.

A.

stock

filed 700,000 shares of common stock. Price
share. Proceeds—To be used principally for
purchase of additional accounts receivable and also

the

holder:

Sons, Inc.,

stock.

—To discharge a contract

school students. Proceeds — To develop program
materials designed for use in teaching machines and
in other formats, and for working capital. Office—1154

Atlantic

&

notification)

150,000 shares of
par ($2 per share). Proceeds
payable, accounts payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los Angeles, Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif.
common

high

stockholders

Osborne

Wonderbowl, Inc.
6, 1961 (letter of

Feb.

of

be

salaries; the repayment of debt, and working
capital. Office—1020 E. 15th St., Hialeah, Fla.
Under¬
writer—Aetna Securities Corp., New York City (man¬
aging).;;
1 '

automobiles, advertising and sales promotion,
and working capital.
Office—1712 E. 9th Street, Brook¬
lyn 23, N. Y. Underwriters—Martinelli & Co., Inc.; First
Securities Co. and V. K.

the

tising;

K.

Waldorf Auto Leasing,

March 23,

law in January 1961 and
proposes
to
construction, investment and operation
of real estate properties. Proceeds—For investment and
working capital. Office — 10 East 40th St., New York
City. Underwriter—None.

in

valves, strainers and other
products for the refrigeration and air conditioning indus¬
try. Proceeds—For construction; new equipment; adver¬

—$1.50

outstanding shares for the selling
To be supplied by amendment.

—

Delaware

engage

Business—The manufacture of

and
stockholders.

Price

(5/16)

Corp.

15, 1961 filed 30,000 shares of class A
Lock. Price
—$10 per share. Business—The company was organized

filed 350,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—•
The company manufactures and sells Stephens power
and sail boats, and various marine and sporting goods
manufactured by others. It also plans to acquire the stock

Price—To

pres¬

June 29, 1960

85,000

Wolf
Feb.

stock, of
to be offered for public sale by

20,000 outstanding shares by the

stockholder.

which 50,000 shares will be offered for the account of the
company

products including envelopes, announce¬
advertising materials.
Proceeds—To repay
debt and for working capital. Office—185 Kent
Avenue,
Brooklyn, N. Y. Underwriter—Robert L. Ferman & Co.,
Inc., Miami, Fla. c
paper

and

common

Sedgwick Street, Chicago, 111.

Virginia Chemicals & Smelting Co. (6/6)
April 18, 1961 filed 135,000 shares of common stock, of

of

ments

—

Watsco,
April

•

and

Williamhouse, Inc.
27, 1961 filed 106,000 shares of common stock.
Price —$6 per share. Business —The manufacture and

March

March

Washington Real Estate Investment Trust

&

share of stock

per

10

May 1, with rights to expire May
Price—$29 per share. Business—The distribution of
natural gas at retail in the Puget Sound area of Wash¬
ington state. Proceeds—For the repayment of bank loans
Wash.

(par $1). Price—$3

share. Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Broadway, New York City. Offering—Indefinite.

of record

22.

150,000 five-year warrants, to be offered for public sale
one

stock

under
•

in units of

$3,125

of

garments,«
shirts, sleepwear and paperboard
packaging. Proceeds—To repay loans incurred for re¬
cent acquisitions. Office—325 Lafayette
St., Bridgeport,

ent

filed

1961

300,000 shares of common
Pr.ce
To be supplied by amendment.
Business
company plans to acquire the business of F. H.

n,

sale

and

man

sale

stock.

common

women's

the company and

1

24,

(5/15)

and

capital.

April

Co.

—

stock

Vahlsing, Inc.

u

manufacture

Office—919

shares

Calif.

—

Brothers

1961 filed 200,000 shares of
be supplied
by amendment.

29,

Price—To

tan

100,000

construct additional motor

Calif.

■

Warner

March

Office—616 Shelden

Avenue, Houghton, Mich. Underwriters—Kidder, Peabody & Co.; Paine, Webber, Jackson, & Curtis and

43

'V *

share; for the debentures: at par. Business — The
importing, assembling, manufacturing and selling of
watches and jewelry. Proceeds — For working capital.
Office—231 South Jefferson St., Chicago, 111.
Under¬
writer—P. J. Gruber & Co., Inc.,
(managing); Underhill
Securities Corp., and Peter Herbert
& Co., Inc., all
of New York City:
per

men's

Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For

1

(1995)

System,

Alberta

Gas Trunk

Line Co.,

Ltd.

Sept. 1, 1960 A. G. Bailey, President, announced that
new financing of approximated $65,000,000 mostlv in the
form

of

first

mortgage bonds, is expected in
1961.
W., Calgary. Alberta. Canada

Office—502-2nd St., S.

Inc.

notification) 80,890 shares of

corn-

Continued

on

page

44

44

The Commercial and

(1996)

Continued

Merrill Lynch, Pierce, Fen-

Co. Inc.; First Boston Corp.;
ner & Smith Inc.

from page 43

it All American Airways
1, 1961 it was reported that a "Reg. A" will be
shortly covering 75,000 shares of common stock.
Price—$4 per share.
Office—Danbury, Conn. Under¬
writer—Edward Lewis Co. Inc., New York City (manag¬

sell

of

one

ing).
•

(managing).

American

Export Lines,

Inc.

Carbonic

May 3, 1961 it was reported that this company plans to
sell $18,400,000 of government insured merchant marine
bonds due Sept. 1, 1985.
Business—Thq company oper¬
ates

Dec.

$300,000 of units, consisting of common stock, bonds and
will be made. Proceeds—For expansion of the

passenger

four

of the cost of

vessels

new

business. Office—97-02 Jamaica

Ave., Woodhaven, N. Y.
Underwriter—R. F. Dowd & Co., Inc.

Office—39

Broadway, New York City.
Underwriter—
Kuhn, Loeb & Co., New York City. Offering—Expected
late

May.

Jan.

Playlands

Corp.

stock.

The

This

will

intends

company

recreation park on

full

a

operate

to

196

be

an

of land

acres

and

amusement

Liberty, N. Y.

near

Proceeds—For

development of the land. Office—55 South
St., Liberty, N. Y. Underwriter— M. W. Janis &
Co., Inc., New York City.
American

Telephone & Telegraph Co.

Feb.

it

1961

1,

American

Power

(6/6)

Power

that

this

subsidiary

of

via

Feb.

mid-1961.

Office—39

Underwriter—Vercoe
Arizona
Feb.

8,

issue

to

it

about

preferred
The

Public

1961
or

&

000

possibly to occur in
Chestnut St., Columbus, Ohio
Co., Columbus, Ohio.

$38,000,000
to

expects

company

of

this

$230,000,000 will

bonds in May and some
in the
fourth
quarter.

spend

about

$320,000,000

South

Third

Ave.,

determined.

March

on

First

The

26,

Boston

1961 to 1965 of which some
from outside sources. Office—501

come

Phoenix, Ariz. Underwriters—To be

last

sale

of

bonds

ers

May 24. 1959)

on

and

was

made

The First Boston

Baltimore

Gas

was

also

common

(to stockhold¬

handled by Blyth

& Co

Corp.
Electric

Co.

21, 1961, F. E. Rugemer, Treasurer, stated that the
is considering the issuance of $15,000,000 to
$20,000,000 of non-convertible debentures or preferred
company

stock in the second quarter of 1961 and about
$20,000,000
of bonds in late 1961 or early 1962.
Office—Lexington
and

Liberty Streets, Baltimore 3, Md. Underwriters —
(Bonds) To be determined by competitive bidding. Prob¬

able

&

bidders:

Halsey, Stuart & Co. Inc.; White, Weld &
Boston Corp. (jointly); Harriman
Ripley
Co., Inc. and Alex. Brown & Sons (jointly). The last
First

and

sale

of

debentures

was

made

to

stockholders

on

May

8, 1959 through subscription rights and was underwritten
by First Boston Corp., and associates. The last sale of
preferred stock on Aug. 13, 1940 was handled by White,
Weld

&

'

rado

ern

Edison Co.
was

its

$3,000,000 outstanding preferred with $4,000,000 of a
lower dividend issue.
Office—36 Main Street, Brockton,
Mass.
Underwriters—To be determined by
competitive
bidding.
Probable bidders:
Kidder, JPeabody & Co.;
Loeb

Ca!dof,

&

Co.,, and

Stone

&

Webster

Securities

Inc.

March 15, 1961 it was
reported that a full filing will be
made soon covering an undisclosed number
of common
shares. Price
$5 per share. Business—Operates a chain
of discount stores in Northern Westchester
and Connec¬

ticut.

Office—Riverside, Conn. Underwriter—Ira Haupt

&

Co., New York City
porarily postponed.
California

Electric

(managing). Registration—Tem¬

Columbia

Power Co.

18, 1961 it was reported that this company's plans
offer $8,000,000 of bonds will be
governed more by
the conditions of the money market than

to

by the com¬
pany's early need for long-term financing. With its 1961
construction program tentatively scheduled
at $20,000 000, the company can wait at least until fall before it
2885

financing.

Foothill

Proceeds

—

For construction.

Office—

Boulevard, San Bernardino, Calif. Under¬
bidding. Prob¬
Co.; Halsey, Stuart &

writers—To be determined by
competitive
able bidders: Kidder, Peabody &




Gas

New York 17, N. Y. Underwriters—To be
determined by competitive bidding. Probable bidders on
Street,

debentures:
Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; Merrill Lynch, "Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
common stock on May 4,
1960 was handled by a group
headed by Merrill Lynch, Pierce, Fenner & Smith Inc.;

&

Pressprich

Southern

Ohio

&

Co.,

Electric

M.

Carl

and

March

Diversified Automated

Co.

reported that this company plans to
$30,000,000 of bonds in the second quarter of 1961.
be

was

W. Adams Street, Chicago, 111.

Underwriters

determined

by competitive bidding.
Probable
Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co..
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.
Consolidated

Edison

Co.

of

York,

Inc.

22, 1961 it was reported that this company plans
$50,000,000 of 30-year first mortgage bonds. Of¬
fice—4 Irving Place, New York City. Underwriters—To
be determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Morgan
sell

office

& Co.

on

June

Scheduled
4

Bids—To

for

20

11

at

June

be

13

received

a.m.

10

at

at

the

Information

a.m.,

on

company's
Meeting

—

the 13th floor of

Irving Place, New York City.
Consumers

out¬

Sales

Corp.

reported

was

sell

as

vending machine

many

called

DASCO, which

will

18 products of various sizes and prices,

as

and will also accept

Office
—223 8th Avenue, South, Nashville, Tenn. Underwriter
—Negotiations are in progress with several major un¬
exposed film for processing.

derwriters.
Dixie

April

Pipeline Co.
1961 it was reported that this firm, recently
eight major oil companies, plans to build a

17,

formed

by

petroleum gas pipeline from Texas
Mississippi, Alabama, Georgia and the
expected that the multi-million dollar
pipeline will be financed in part by the sale of bonds
1,100 mile liquified

and Louisiana

to

is

It

and that it will be in operation by late 1961. Office—Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.

Dynamic Center Engineering Co., Inc.
3, 1960 it was reported that the company plans

Oct.

full

filing

of

its

$1

promote the sale of

par

common

Underwriter—To
Edo

be

stock.

Office

—

a

Proceeds—To

products, purchase

new

ment, and for working capital.

new

equip¬

Norcross, Ga.

named.

Corp.

March 21,

1961 it

reported that this company plans

was

manufacturer

Business—

electronic

of

equipment, particularly
marine, airborne and underwater devices. Proceeds—For
expansion. Office—1404 111 Street, College Point, N. Y.
Underwriter—To be

named.

Empire Fund, Inc.
March 8', 1961 it was reported that the Federal Internal
Revenue Service had granted

approval of

SEC

the

a

It

this fund's application for

tax free exchange of shares for Corporate
is

shortly.

Exploit

Office—Pittsburgh, Pa.

Films,

Inc.

March 8, 1961 it was reported that this company plana
a full filing covering 100,000 common
shares. Price—$5
per

share. Proceeds—For the production of TV and

mo¬

tion picture

films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
New York City (managing). Registration—Expected on
or about April 1. Offering—Expected in
late May.
Fashion

Flair

Inc.

Stores,

1961 it was reported that this company plans
to refile on May 1 a "Reg. A" covering 86,350 shares of
common
stock. Price—$3 per share. Business—The dis¬
count sale to consumers of women's dresses and sports¬
Proceeds—For

general corporate purposes. Office
Street, New York City. Underwriters—
Ronwin Securities Corp., Staten Island, N. Y., and Secu¬
rity Options Corp., New York City.
West

36th

Fawcett

Publications,

20, 1961 it was reported that this family-owned
publishing business is contemplating its first public of¬
fering. Office—Greenwich, Conn. Underwriter—To be
named.

Continental

6, 1961 it

file, at
sale.

was

Real

Estate

Trust

reported that this company plans to

future date, an SEC registration statement
1,500,000 trust shares to be offered for public

some

covering

Business—General real estate.

eral corporate purposes.

Proceeds—For gen¬

Office—105 West Adams Street,

Chicago 3, III.
First

National

Bank

of

Toms

River

(N.

J.)

March 22, 1961 it was reported that stockholders voted
on this date to increase
the authorized stock to provide
for payment of a
new

Power Co.

Inc.

Jan.

Jan.

March

Stanley

shares

—

flashbulb

First

New

(6/20)
to

it

1960

16,

wear.

10, 1961 it

of

by Frazier N. James,
President, that a "substantial" issue of common stock,
constituting the firm's first public offering, is under
discussion.
Business
The company makes a film and
Nov.

—53

sell

number

1956, con¬
to holders
of record June 6, on the basis of one share for each
eight shares held. Proceeds—For construction.
Office
—600 Market Street, Wilmington, Del.
Underwriter—
To be determined
by competitive bidding.
Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers;
First Boston Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co
Jan.

the

on

fering of common to stockholders in June,
sisted of 232,520 shares offered at $35 a share

13, 1961 it was reported the company will sell
$10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N. Front
Edison

Based

April 27,

Co.

about

Commonwealth

Light Co.

expected that a registration statement
covering this "centennial-type" fund will be filed with

Inc.

was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or
$25,000,000 of common stock in the fall. Office—120 East

Columbus

held.

shares

Securities.

Shields & Co.; R. W.
Loeb, Rhoades & Co.

&

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬

The

April 24, 1961 it

41st

Power

the issuance and sale of $2,000,000 of bonds.

Co.

Gas

System,

483

—

shares of

66%% stock dividend and sale of 20,000
(par $5) to stockholders on the

common

share for each 20 shares held of record

Feb.

basis of

sell

Jan.

needs

Interstate

1960.

bidders:

reported that this subsidiary of East¬
Utilities Associates is
considering the refinancing of

Kuhn,
Corp.

Office—Fourtin & Main Sts.,

Springs, Colo.

—To

May 3, 1961 it

1962 to finance its $45,000,-

in

program.

Office

fields.

7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common stock.
The offering would be made to com¬
mon stockholders first on the basis of one share for each

Carolinas.

stated in the company's 1960 annual

was

construction

Office—72

Co., and associates.

Jc Brockton

(5/4)

the

&

Feb.

Co.

by Kidder,
(joint¬

17, 1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
Office—P. O. Box 1087, Colo¬

privately

1959 through Blyth & Co., Inc., and The
Corp. The last sale of preferred stock on

June 18, 1958 and the last sale of

on

was

16, 1961 it

Colorado

plans

company

construction in the period

on

bid

Oct.

that

stocks

common

was

Burlington & Quincy RR.

vately to employees in August,

Co.

reported

1959

Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co.
(jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬

"A" filing,

Service

was

April 21,

report that this utility plans to sell both first mortgage

Inc.

E.

on

bonds and common stock

reported by Paul O. Sebastian, Vice-

Regulation

a

Co., Inc.

Cincinnati Gas & Electric Co.

Co.,

President-Treasurer, that the company is considering a
rights offering to stockholders of additional commoD
stock

bonds

of

allied

Publishing and

—

Delaware

was

reported that this road plans to sell
$4,800,000 of equipment trust certificates. Offices—547
W. Jackson Blvd., Chicago, 111., and 39 Broadway, New
York City. Underwriters—To be determined by competi¬
tive bidding. Probable bidders: Salomon Bros. & Hutzler
and Halsey, Stuart & Co. Inc. Bids—To be received on
May 4 at 12 noon (CDST) in Chicago.

Broadway, New York City. Underwriters
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co. (jointlyL
Finance

Electric

reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in the latter part of 1961. Office — 415 Main St.,
Pineville, La. Underwriters—To be named. The last is¬

Chicago,

1962. Office—2

Approved

Louisiana

21, 1961 it

April 4, 1961 it

Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in

Nov. 11, 1960 it was

Office—9
Underwriter—To be named.

Inc.; White, Weld & Co.

Co.

reported

was

Electric

share.

ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Fenner & Smith Inc.
(jointly); Halsey, Stuart & Co.,

<j)ffice of the company on June 6.

Appalachian

public

per

Peabody & Co. and Rauscher, Pierce & Co., Inc.

March 15, 1961, the company announced plans to issue
$250,000,000 of debenture bonds. Proceeds—For refund¬
ing a like amount of 5%% debentures due Nov. 1, 1986,
on
or about July
10. Office—195 Broadway, New York
7, N. Y. Underwriters—To be determined by competitive
bidding. Probable bidders: Morgan Stanley & Co.; Halsey, Stuart & Co.; First Boston Corp. Bids—To be re¬
ceived at the

Feb.

sue

Main

offering,
Busi¬
Rockefeller Plaza,

publishing.
City.

Central

filing. Business—

reported that a full filing of this

stock, constituting its first
will be made. Price—Approximately $3
New York

21, 1960 it was reported that this company plans to
a
registration statement covering 300,000 shares

common

Corp.

was

company's

refile
of

1960 it

24,

ness—Book

American
Dec.

House

Caxton

under construction.

now

reported that a full filing of about

was

Thursday, May 4, 1961

.

Feb.

10

Equipment Corp.

1960 it

8,

warrants

and cargo vessels between New *ork
City and the Great Lakes to the Mediterranean and Red
Sea Ports, India and Burma.
Proceeds—-To cover 75%

in

publicly about 40,000 units, each unit to consist
7% debenture, 6 common shares and three war¬
Underwriter—S. D. Fuller & Co., New York City

rants.

'

.

Ave., New York City. Underwriter—Goldman,
Sachs & Co., New York City (managing).
^

March 22,
to

Business

.

Madison

Canandaigua Enterprises, Inc.
1961 it was reported that this company plans

May

filed

Financial Chronicle

July 17, with rights to expire Aug. 17. Price—About $22
per share. Proceeds—To increase capital. Office—Toms

Mich. Underwriter—(Bonds) To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; White, Weld & Co. and Shields & Co.
(jointly);

River, N. J. Underwriter—None.

15, 1961 it was reported that this company may
$20,000,000 of preferred and $30,000,000 of bonds
about mid-year. Office—212 West Michigan
Ave., Jack¬
son,

Harriman

Ripley & Co., and First Boston Corp. (joint¬
ly); Morgan Stanley & Co.
The last sale of preferred
stock, on July 21, 1955, was handled by Morgan Stanley
& Co.

ic Cowles

May
issue

3,

Magazine

1961

stock

it

was

&

Broadcasting,

reported

later this

year.

that

this

Inc.

corporation

The firm denied

the

will

report.

one

Florida

Oct.

24,

amount

new

Power &

of

Office—25

Light Co.

it

was

bonds

may

1960
S.

E.

2nd

reported
be offered

that an undetermined
in the Spring of 1961.

Underwriter—<
bid¬
and
Kidder, Peabody & Co. (jointly):'Halsey. Stuart & Go
Ave., Miami, Fla.

To be determined by competitive bidding. Probable
ders:
Merrill Lynch, Pierce, Fenner & Smith Inc.

Inc.;

White,

Co., Inc.

Weld

&

Co.;
'

First

Boston

Corp.;

Blyth
-/

193

Volume

Number

6052

.

.

The Commercial and Financial Chronicle

.

(1997)

^ Gabriel Co.
April 27, 1961, the
subsidiary,

new

ferred and
company

Rocket

announced plans to form

Power,

Inc.,

a

by

merging the
present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be
offered through subscription rights to Gabriel stockhold¬
and debenture holders with

ers

about 20%

of the offer¬

ing going to the public. Office — 1148 Euclid Avenue,
Cleveland, Ohio. Underwriters—To be named. The last
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and

Prescott, Shepard & Co., Inc., Cleveland.
Gas

April

Service

19,

1961,

stockholders

Co.

authorize

to

a

new

on

issue

April

of

18

150,000

shares

of preferred stock (par $100).
The company is
considering the sale of between $5,000,000 to $7,500,000
of preferred and may issue some bonds at the same time.

Office

700

m
;

ij

Scarritt

Bldg., Kansas City, Mo.
Under¬
The company has never issued
preferred stock, but the last sale of common on April
19, 1954 was handled by Kuhn, Loeb & Co., Eastman
Dillon, Union Securities & Co., Reynolds & Co., and
Allen & Co.
The last sale of bonds on July 6, 1958 was
made privately through Eastman
Dillon, Union Securities & Co., New York City and! Stern Brothers & Co.,
Kansas City, Mo.
—

writers—To

be

named.

General Public Utilities

March
nual

14, 1961 it
stock

common

the

Corp.

utility

to stockholders

in 1962 through subscrip¬

tion rights on the basis of one

on the 22,838,454 common shares outstanding
31, 1960, the offering will involve a minimum
of 1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.

Dec.

Telephone Co. of California
Feb.
1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
about

$20,000,000

Office—2020

of

Santa

bonds

Monica

the

in

Blvd.,

first

Santa

half

of

1961.

Monica,

Calif.

Underwriters—To be determined by competitive bidding.
Probable bidders:

Corp.

and

Halsey, Stuart & Co. Inc.; First Boston
Securities Corp. (jointly); White,

Equitable

Weld & Co. and Kidder, Peabody & Co. (jointly); Paine,
Webber, Jackson & Curtis, and Stone & Webster Se¬
curities

Corp.

General

of

bonds

in

November.

Office-—610

Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine,
both of New York City.
I

Webber, Jackson & Curtis,

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and

Company, Newark, N. J.f and New York City.
Georgia Power Co.

(10/18)

Dec. 29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬

mission

issue

to

$15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—

For

construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.

Underwriters

ding.

determined

To be

—

Previous

bidders

for

bonds

by competitive bid¬
included Harriman

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities Corp., Eastman Dillon,
Union Securities & Co. (jointly). Previous bidders for
preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastihan Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
to

be

received

Gluckin

Oct.

on

18.

Idaho

mon

19,

1961

shares.

it

Business—Manufactures

and

sells women's

foundation garments. Underwriter—To be named.

Office—75

North

vious bidders

Power Co.

$5,000,000

of com¬
in the third quarter of 1961.
Proceeds—To repay
loans and for construction. Underwriters—To be deter¬

bonds}

Halsey,

Lazard

Freres

Pace

Blvd.,

Stuart

&

Probable bidders

on

the

Co.

Inc.; Blyth & Co., Inc.;
Co., and First Boston Corp. (jointly);
Merrill Lynch, Pierce, Fenner & Smith
Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, ancLEastman
Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities
Corp. Prob¬
able bidders on the common: Blyth &
Co., Inc.; Lazard
Freres & Co.; Kidder, Peabody & Co.; Merrill
Lynch,
Pierce, Fenner & Smith, Inc.
&

Illinois Bell
March

Telephone Co.

subscribe

of

one

additional

to

share

new

common

for each

stock

the

on

eight shares held.

basis

Based

on

33,525,217 shares outstanding on Dec. 31, 1960 this
would
amount
to
about
4,190,652 additional shares
valued at approximately $84,000,000. Office — 212 West
Washington St., Chicago 6, 111. Underwriter—None.
Illinois

Jan.

Terminal RR.

it was reported that this company plans
the sale later this year of about $8,500,000 of first mort¬

gage

Mo.

1961

16,

Pensacola, Fla.
Under¬
competitive bidding. Pre¬

included Halsey,

Stuart & Co. Inc.; Mer¬

rill

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld
& Co. (jointly). Bids—Expected to be received on Dec.
7, 1961.

West

bonds. Office—710 North Twelfth Blvd., St. Louis,
Underwriter—Halsey, Stuart & Co. Inc., Chicago.

Metropolitan
Feb.

1,

1961

writers

To

be

&

Metropolitan Food Co.
April 12, 1961 it was reported that this company plans
to sell 100,000 common shares.
Price
$5 per share.
—

Business

capital.

—

Food

Office

Office

—

25

Monument

Gauge & Instrument Co.

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
International

Co.

Parts

Inc.

Corp.

Byllesby & Co., Chicago

(managing).

and
$5,000,000 of preferred stock (par $100).1
Proceeds—For construction and expansion. Office—2500
14th
St., Gulfport, Miss. Underwriter—To be deter¬

mined

by

bonds

were

competitive

bidding.
Previous bidders for
Eastman Dillon, Union Securities &
Co., and

Equitable Securities
Co.

Corp. (jointly); Halsey, Stuart &
Merrill Lynch, Pierce, Fenner & Smith Inc.

Inc.;

Previous

bidders

Stuart &

Co.

for preferred stock included
Halsey,
Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Bids—Ex¬

pected to be received
Missouri

that the company is con¬
sidering the offering of about $8,000,000 of subordinated
debentures

stockholders about mid-July.
manufactures and sells a com¬
plete line of silverware, holloware, flatware and cutlery.
Office—16 East 40th Street, New York City.
convertible

to

company

Interstate Department Stores, Inc.
April 24, 1961 it was reported that stockholders are to
vote May 24 on increasing the authorized common to
provide for a 3-for-l stock split of outstanding shares.

The

additional

holders

shares

would

be

distributed

June

23

to

record

of

May 29. It was also stated that the
is considering financing to provide additional
discount store operations. Office—| 111

company

funds to expand

Eighth Ave., New York City.
Power &

Kansas

Light Co.

March

15, 1961 it was reported that this company is
considering the issuance of $10,000,000 to $15,000,000 of
bonds in the third or fourth qarter of 1961. Proceeds—

Ave., Topeka, Kan.
Underwriter—First Boston Corp., New York City (man¬
aging).

Lighting Co.

25, 1961 it was reported by Fred C. Eggerstedt, Jr.,
Assistant Vice-President, that the utility contemplates
the issuance of $25,000,000
of 30-year first mortgage

bonds

able

probably in the second or third quarter of 1961.
Old Country Road, Mineola, N. Y.
Under¬
by competitive bidding. Prob¬
bidders: Halsey, Stuart & Co. Inc.; First Boston

Corp., and Blyth & Co., Inc. (jointly); W. C. Langley &
Co. and Smith, Barney & Co. (jointly).
Louisvclle

&

Nashville

RR

(5/25)

April 25, 1961 it was reported that this company plans
to sell about! $5,300,000 of equipment trust certificates.
Office—71

Sept. 28.

Co.

April 11, 1961 it
to

sell

was reported that this company plans
50,000 additional common shares to stock¬
September or October on a l-for-10 rights

about
in

Office—400 Broadway, Cape
Girardeau, Mo. Un¬
be named. The last five rights offerings

derwriter—To

were

underwritten by

Co., St. Louis.

.

Edward D. Jones
"■

Corp.
April 27, 1961 it was reported that this company, re¬
cently formed through a merger of Teleprinter Co., and
Grist Manufacturing
Co., plans to sell about 400,000
shares of

stock

to raise approximately $5,000,St., New Haven, Conn.. Under¬
writer—Charles W. Scranton & Co., New Haven. Regis¬
tration—Expected about May 15.
common

Office—446

Modern

Blake

Home Construction Co,

Broadway, New York City. Underwriters—To
competitive bidding. Probable bidders:

be determined by

Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler.
Bids—To be received on May 25 at noon (DST).

'

_

April 18, 1961 it was reported that this company is con¬
sidering a public offering of securities, but the details
have not yet been decided upon.
Office—Valdosta, Ga.

Ripley

& Co., New

York

City.

Monroe

Mortgage & Investment Corp.
Dec. 12,
1960, Cecil Carbonell, Chairman, announced
that this company is preparing a "Reg. A"
filing covering
150,000 shares of common stock.
Price
$2 per share.
—

Business—The

is

engaged in first mortgage
financing of residential and business properties in the
Florida Keys. Proceeds—To expand company's business.
company

Office—700

Duval Street, Key West, Fla.
Registration—Expected in May.

—None.

Underwriter

Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City

For construction. Office—800 Kansas

Island

on

Utilities

Underwriter—Harriman

it International Silver Co.
May 3, 1961 it was reported

Business—The

For working

Mississippi Power Co. (9/28)
Jan. 4, 1961 it was reported that this
subsidiary of The
Southern Co., plans to sell publicly
$5,000,000 of 30-year

000.

April 17, 1961 it was reported that a registration will be
filed shortly covering an undisclosed number of out¬
standing common shares. Business—Manufactures auto¬
mobile equipment and parts. Office—Chicago, 111. Un¬
derwriter—H. M.

—

Second

Mite

Oct. 5, 1960 it was reported that 100,000 shares of com¬
stock will be filed. Proceeds — Expansion of the

&

45-10

Ave., Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
& Co., Inc., New York
City (managing).

&

mon

Dowd

distribution. Proceeds

—

to stockholders

F.

this

determined by competitive
bidding.
Halsey, Stuart & Co. Inc.; White, Weld
Co.; Kidder, Peabody & Co. and Drexel & Co. (joint¬
ly); BJyth & Co., Inc.
—

of

Circle, Indianapolis, Ind.
Industrial

that

Corp., plans to sell

Probable bidders:

basis.

1963.

Co.

reported

was

subsidiary of
about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office
—2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬

on Aug.
25, 1960, the company plans the sale of about $14,000,000

in

Edison

it

General Public Utilities

holders

Indianapolis Power & Light Co.
According to a prospectus filed with the SEC
additional securities

Century Boulevard, Los Angeles 45,

Calif.

bonds

1961 it was reported that this subsidiary of
A. T. & T., plans to offer stockholders in June the
right
31,

to

Office—6101

Electric

writers—To be determined

(12/7)

determined by

—

Office—250

Jan. 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.
writer—To be

Office

Jan.

reported

was

Gulf Power Co.

loans.

mon

Long

& Co., Inc.

(Wm.)

that this subsidiary of
Essex-Universal Corp., plans to sell about 200,000 com¬
April

bank

Jan. 10, 1961 it was reported that this
company plans to
sell $10,000,000 of bonds and about

writer—R.

$15,000,000

of

Hutzler.

Telephone Co. of Florida

Feb. 8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone
& Electronics Corp., expects to offer
about

repayment

—

General

■si

and

Proceeds—For construc¬

Building, Houston, Texas. Underwriter
Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &

share for each 20 shares

held. Based
on

tion

securities, witli the precise timing de¬

the

stated in the company's 1960 an¬
expects to sell additional

was

that

report

market conditions.

on

mined by competitive bidding.

the company reported that

voted

debt

pending

45

(managing).

National

Airlines, Inc.
1961, G. T. Baker, President,

April .3,

stated that the
publicly 400,000 shares of Pan
American World Airways, Inc., subject to the approval
of the CAB and the SEC. The stock was originally ob¬
tained under a Sept. 9, 1958 agreement under which the
two carriers agreed to a share-for-share exchange of
400,000 shares and the lease of each others jet planes
during their respective busiest seasons. The CAB later
disapproved this plan and ordered the airlines to divest
themselves of the stock. Price
About $20 per share.
Proceeds—To repay a $4,500,000 demand loan, and other
company

plans to

sell

—

corporate purposes. Office—Miami International Airport,
Miami 59, Fla. Underwriter—Merrill Lynch, Pierce, Fen¬
ner

& Smith

Inc., New York City (managing).

it National Hospital Supply Co., Inc.
May 1, 1961 it was reported that a "Reg. A" will be filed
shortly covering 100,000 shares of common stock. Price
—$3 per share. Business—The distribution of medical
equipment. Office—38 Park Row, New York City. Un¬
derwriter
Edward Lewis Co. Inc., New York
City
(managing).
—

Hawaiian Telephone Co.
March
to

8, 1961

it

was

•

reported that this company plans

sell

ers

about $5,000,000 of common stock to stockhold¬
through subscription rights later this year. Office—

1130

Alakea

Underwriter

Street, Honolulu 13, Hawaii.

—None.

Houston Fearless Corp.
Feb. 27, 1961, Barry J. Shillito,
the

President,

stated that

plans to expand its Western Surgical and
Westlab divisions into a new national medical and hos¬
pital supply concern. He added that 80% of the new
firm's stock would be retained by Houston and the re¬

Masters

Office

—

11801

Houston

6, 1961 it was reported that this
contemplating its first public financing.
operation of a chain of discount houses.


J


9,

1961

schedule
some

corporation is
Business—The
Office—135-21

Avenue, Flushing 54, L. I., N. Y.

McCulloch

its

time in

tures Scott

Corp.
reported that this corporation will
initial public financing for late 1961 or

it

was

1962.

to

file

Business—The corporation manufac¬

outboard motors and

McCulloch chain

saws.

a

Conn. Underwriters—Lee Higginson Corp., New York
City and Piper, Jaffray & Hopwood, Minneapolis, Minn.
New

Inc.

Jan.

Jan.

public.

Olympic Blvd., Los Angeles 64, Calif.
I

Office—2060 Jericho Turnpike, New Hyde
N. Y.
Underwriter—Edwards & Hanly,
Hempstead, N. Y. Offering—Expected in July.

disclosed

Lighting & Power Co.
Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬

the

was reported that this company plans
registration statement shortly coyering an un¬
number of common shares. Office—Danbury,

April 18, 1961 it

38th

to

Semi-Conductor Co.

National

filing of about 500,000 common shares (par $1). Busi¬
ness—The company owns a chain of lumber yards on

W.

sold

^

Long Island.
Park, L. I.,

company

maining 20%

Industries

Macrose

May 2, 1961 it was reported that this company, formerly
named Macrose Lumber & Trim Co., Inc., plans a full

England Power Co.

Jan

24, 1961 it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
Mass. Underwriters — To be determined by competitive

bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
.

.

'

'

-

Continued

on

page

46

46

The Commercial and Financial Chronicle

(1998)

Continued

Rochester

from page 45

Electric

&

Gas

Corp.

Brothers. Offer¬

(jointly); First Boston Corp.; Lehman
ing—Expected in October.

Lexington Ave., New York 17, N. Y. Underwriters—
determined by competitive bidding.
Probable

466

be

bidders: Halsey, Stuart
& Hutzler. Bids—To be
•

March
to

Illinois

Northern

sell

& Co. Inc., and Salomon Brothers
received on or about May 10.

Gas

Co.

(6/22)

22, 1961 it was reported that this company plans
about $20,000,000 of common stock through a

rights offering to stockholders of record June 22. Office
Fox

—50

Aurora, 111. Underwriters — To be
offering in April, 1954, was un¬

Street,

The

named.

last rights

First Boston Corp., and Glore, Forgan &

derwritten by

March

Co. Inc.;

&

Bros. &

Hutzler, Eastman Dillon, Union Securities & Co.,
Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp
Science

1961, the company reported that it expects
to raise about $80,000,000 of new money in 1961. Present
plans are for issuance of about $30,000,000 of debentures
by mid-year and an additional $30,000,000 to $35,000,000
of debentures by year-end. It is also expected that some
$12,000,000 to $15,000,000 of common stock will be sold
stockholders through subscription rights in Septem¬
ber or October. Proceeds—For construction. Office—2223

to

Bodge St., Omaha 1, Neb. Underwriter
Northern States Power Co.

Blyth & Co.,

(8/8)

|

10, 1961 it was reported that this company plans to

Jan.
sell

—

(managing).

of bonds in the third quarter of 1961.
Salle Street, Chicago 4, 111.;
15 So.

$20,000,000

Offices—15

La

So.

Street, Minneapolis 2, Minn.; Ill Broadway, New
York 6, N. Y.
Underwriters — To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First Boston
Corp. and Blyth & Co.. Inc.
(jointly).
Fifth

Bids—Expected to be received on Aug. 8.
Public Service

Northwestern

that it would sell the full amount if
concurrently redeemed all outstanding $1,500,000 of

The company stated

57/8% bonds, otherwise only $2,500,000 of the new
would be issued.

bonds

Underwriter—To
be determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc., and Kidder, Peabody & Co.
Office—Huron, S. D.

vestment

28, 1961 it was reported that this company plans
additional

basis of

one

common

stock to stockholders

share for each 20 shares held.

Based

on

the

on

the

17,929,305 shares outstanding on Dec. 31, 1961 this would
to about 896,465 common shares.
Office—245

amount

Market

plan to form

to be known as
Telephone Co. The new con¬
cern will acquire the business and properties of the Pa¬
cific Telephone-Northwest division which operates in
Washington, Oregon, and Idaho. All of the stock of the
new company will be owned by Pacific Telephone
but
"as soon as practicable" it will be offered for sale to
Pacific Telephone stockholders at a price to be fixed by
a new company

the Pacific Northwest Bell

Board of Directors.
Office—140 New Montgomery
Street, San Francisco, Calif. Underwriter—The last of¬
fering of common stock to shareholders on Feb. 25, 1960
was
not
underwritten.
However, A. T. & T., which
owns over
90% of the outstanding shares, exercispd its
rights to subscribe to its pro rata share of the offering.

March

8,

Eastern

it

1961

Pipe Line Co.
reported

was

that

this

company

ex¬

Office—120

Broadway, New York City. UnderwritersLynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).
Merrill

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend
$140,000,000 on new
in the

1961

to

1965

period, of which about
$56,000,000 will have to be raised through the sale of
securities. However, the company now
sees no necessity
for the sale
its present

of equity
securities, but expects to convert
$35,000,000 of bank loans to long-term debt

when securities market conditions
—9th and Hamilton

are

favorable.

Streets, Allentown, Pa.

To

er®

be

privately.
1945

was

named.

Office

Underwrit-

The last four bond issues

The last public offering of bonds

were

on

4

by Smith, Barney & Co.; First
Dillon, Read & Co., Inc., and associates.

Public Service Co. of Colorado

I960, W. D. Virtue, treasurer, stated that com¬
pany plans the sale of about
$20,000,000 of common stock
to he offered stockholders
through subscription rights
m mid-1961. Proceeds—For
expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last
equity financing
bandied on a negotiated basis
by First Boston Corp.
Public Service Electric & Gas Co.
to

sell

about

was

900,000

to the

Generating Co.

(6/6)
reported that this company plans
shares of common stock, subject

approval of the New Jersey Public Service Com¬
mission. Proceeds
For construction. Office
80 Park
Place, Newark, N. J'.
Underwriter
Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (rnanagkg).
—

Natural

Southern

Gas Co.

Oct.

28, 1960 it was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating the
sale of $35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the
precise timing depending on
conditions.

market

Proceeds

—

To

retire

bank

loans.

Office—Watts

Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).

stockholders

approved

the

issuance

of

bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate pur¬
poses, including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will
bid

new

^

•lUllllnti.

City.

»i|...

.

..

.'i..,.

■■

v.-

Vinco Corp.

ufacture

it

Transmission

new

stated

was

expects

company

in the

to

sell

was raised on Jan.
17, 1961 through the sale of
$30,000,000 of first mortgage bonds and 150,000 shares
of 5.52% preferred stock, leaving a balance of
$40,000,-

amount

,

000 to be obtained later in t'ne year. Office—Texas East¬

Bldg., Houston,

ern

Tex.

The last sale of securities

by

Dillon, Read &
Kuhn, Loeb & Co.
Texas Gas
Jan. 11,

Co.

Underwriters—To

was

be

named.

Inc.,

First

Boston

Corp.,

and

Transmission Corp.

1961 it

ter of

1961.

Office—416 West Third Street,

Owensboro,

Ky. Underwriter—Dillon, Read & Co., New York City.

Enterprises,

Inc.
reported that this

to

(6/13)

17, 1961 the company announced plans to sell $30,000,000 of first mortgage bonds. Office—Richmond 9, Va.
Underwriter—To be determined by competitive bidding.
bidders:

Probable

Halsey, Stuart & Co. Inc.; Stone &
Corp.; Eastman Dillon, Union Secu¬
Co.; Salomon Bros. & Hutzler; Goldman, Sachs

Webster Securities
&

rities
&

Bids—Scheduled

Co.

for

June

13

at

11

a.m.

Meeting—Scheduled for June 8

at

(DST).
11

a.m.

(DST) at the Chase Manhattan Bank, One Chase Plaza,
New York City.
Electric & Power Co.

Virginia

(12/5)

23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
March

Office

Richmond 9, Va. Underwriters — To be deter¬
by competitive bidding. Probable bidders: Halsey,
Stuart 8c Co. Inc.; Stone & Webster Securities Corp.;
—

mined

Eastman

Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬
on Dec. 5, 1961.

&

ers

Walter

(Jim)

Corp.

April 17, 1961 it was reported that this company plans to
sell a minimum of $20,000,000 of debentures. Business—
The company
insurance

constructs shell homes, provides credit life
home mortgages and operates a chain of

on

small loan companies. Office-—1500 North Dale Mabry
Highway, Tampa, Fla. Underwriters—To be named.

Coast Telephone

that

the

company

construction

Co.

stated in the 1960 annual report
plans to spend $12,000,000 for new

was

in

1961, most of which is expected to be
sale of securities. Office—1714 California

raised by the

St., Everett, Wash. Underwriter—To be named. The last
sale of bonds and preferred stock in May and July 1960
done privately. The last sale of common on !$ept.
16, 1960 was underwritten by Blyth 8c Co., Inc., New
York City.

was

West

Power

Penn

Co.

J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
800
Cabin Hill Drive,
Hempfield Township,
Westmoreland County, Pa.
Underwriters—To be deter¬
Feb.

1961,

10,

—

mined by

competitive bidding. Probable bidders: Halsey,
Co.; Lehman Broth¬

Stuart & Co. Inc.; W. C. Langley &

Eastman Dillon, Union Securities & Co., and First
Corp. (jointly); Harriman Ripley & Co.; Kidder,

Boston

16, 1961 it was
company plans
85,000 shares of com'mon stock (par 10 cents).
$4 per share.
Business-—Operates a breeding
for thoroughbred horses. Proceeds—For
building a

Peabody & Co. and White, Weld & Co. (jointly).

sell

Price
farm

City.
Traid

Corp.

4, 1961 it

templating

reported that this company
new financing.
No confirmation

was

some

con¬
was

available. Business—The company specializes in airborne

photo instrumentation and manufactures aircraft motion

picture

cameras and accessory items. Office — Encino,
Calif. Underwriter—Previous financing was handled bv
D. A. Lomasney & Co., New York City.

Trunkline Gas Co.
March

8,

Feb. 28,

1961

it

was

reported

that this subsidiary of
Co., expects to sell about
preferred stock in September.

be

offered

Peabody & Co., both of New York City (managing).
Union
Jan.

19,

Electric

1961

it

Co.

reported that this company, plans
$20,000,000 to $30,000,000 of preferred in late 1961
Proceeds—For expansion of facilities. Office — 315 N.
12th Blvd., St. Louis, Mo. Underwriter — To be deter¬
mined by competitive bidding. The last sale of preferred
was

to sell

November

Corp.;

Dillon,

1949

Read

was

&

underwritten

Co.,

Weld & Co. and Shields &

Lehman

by

First

Boston

Brothers;

White,
Co. (jointly); and Blyth & Co.

United Aircraft Corp.
Feb.

15, 1961 it was reported that this company is con¬
sidering issuance of $50,0Q0,000 of bonds to replace a

of

Western

Union

Tele¬

of

stock.

In addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph woud purchase 250,000 shares
of class B stock for $100,000 and WUI would sell $4,500,000 of debentures or bonds.
Office — 60 Hudson
York

Street,

Broadway, New York City. Underwriters—
Lynch, Pierce, Fenner & Smith Inc., and Kidder,

stockholders

to

graph Co. in units of $100 of debentures and 10 shares

rities

Merrill

Telegraph Co.
reported that the FCC has approved

a

$50,000,000

or

was

company's plan to transfer its Atlantic cable system
newly organized company, Western Union Inter¬
national, Inc.
The plan provides for the issuance by
Western Union International of about $4,000,000 of sub¬
ordinated debentures and 400,000 shares of class A stock

to

Panhandle Eastern Pipe Line

of bonds

Union

1961 it

the

to

Sandkuhl Company, Inc., Newark, N. J., and New Y'ork

Jan.

Western

—

barn, purchasing land and acquiring additional horses.
Office—Biscayne Boulevard, Miami, Fla. Underwriter—

in

subassemblies for air¬

Virginia Electric & Power Co.

ers;

Thorough-Bred

and

Jan.

handled by a group headed

was reported that this company plans to
$10,000,000 to $15,000,000 of bonds in the third quar¬

sell

precision parts

April 11, 1961 it

Corp.

1960 annual report
about $85,000,000 of
securities in 1961. Approximately $45,000,000 of this
this

that

of

craft, missile and other industries.
The company also
produces guages and measuring instruments. Proceeds—•
For expansion and acquisition. Office — 9111 Schaefer
Highway, Detroit, Mich. Underwriter—S. D. Fuller &
Co., New York City.

West

Eastern

No

whether the product, named

prpcess development concern. Office—30 Algonquin Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before.
However, the
last sale of common stock on Feb. 5, 1959 was handled
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York

the bonds.

on

Texas

on

"Compound X," will be produced. Business—The com¬
is a major petroleum and chemical research and

Railway Co.

1960

21,

Co.

pany

ceived
Southern

Products

major field which the company would not identify.

Information

15.

—

—




(6/15)

1961 it was reported that this company, jointly
owned by Alabama Power Co., and Georgia Power Co.
both in turn controlled by The Southern Co., plans the
public sale of $25,000,000 first mortgage bonds due June
1, 1992.
Proceeds—For expansion.
Office—600 North
Eighteenth St., Birmingham 3, Ala. Underwriters—To
be determined by competitive bidding. Previous bidders
included Merrill Lynch, Pierce, Fenner & Smith Inc.,
and Blyth & Co., Inc., (jointly); Morgan Stanley & Co.,
White, Weld & Co., and Kidder, Peabody & Co. (joint¬
ly); Eastman Dillon, Union Securities & Co., Equitable
Securities Corp. and Drexel & Co. (jointly); First Boston
Corp.; and Halsey, Stuart & Co. Inc. Registration—Ex¬
pected about May 8. Bids—To be received at 11 a.m. on
4,

June

Oil

17, 1961 it was reported that this company may
require financing either through bank borrowings or the
sale of debentures in order to further expansion in a

Feb. 20, 1961 it was reported that this company plans to
sell $2,000,000 of convertible bonds. Business—The man¬

Office—120

Dec. 2

March 22, 1961 it

Electric

Universal
Jan.

Office—Philadel¬

-;v/:\

Southern
Jan.

sold

Oct.

underwritten

Boston Corp.;

House

March

pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.

construction

Discount

phia, Pa.

the

Panhandle

Under¬

9, 1961 it was reported that this retail chain is con¬

April 26, 1961

by Blyth & Co., Inc., New York City.

Pacific Telephone & Telegraph Co.
March 24, 1961 stockholders of this A. T. & T. subsidiary
a

in¬

(managing); Stroud

templating its first public financing.

Street, San Francisco 6, Calif. Underwriter—To
The last rights offering on June 17, 1958 was

approved

business

& Co., and Woodcock, Moyer, Fricke & French, Philadel¬
phia.
■
'/

be named.

underwritten

small

Office—Philadelphia, Pa.

company.

$33,000,000 of

Pacific Gas & Electric Co.
March

an

Business—A

shares.

common

writers—Blair & Co., New York City

Nov.

Offering—Expected in September.

to offer

of

ber

uonn.

decision has been made

full filing will be
undisclosed num¬

a

Thursday, May 4, 1961

.

Office—400 Main St., East Hart¬
Underwriter—To be nained. The company
has never issued bonds, but its last offering of preferred
stock on Sept. 17, 1956 was underwritten by Harriman
Ripley & Co., Inc., New York and associates.

ford,

pany

So.

April 3, 1961 the company applied to the FPC for permisison to issue up to $4,000,000 of first mortgage bonds.
it

Capital Corp.

April 18, 1961 it was reported that
made within a few weeks covering

Silo's

15,

Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn, Loeb & Co.; Salomon

and

Jan.

Natural Gas Co.

New York City

determined

be

and Shields & Co.

Co., both of New York City.
Northern

To

—

by competitive bidding. Probable bidders: Halsey, Stuart

April 4, 1961 it was reported that this road plans to sell
aoout $4,155,000 of equipment trust certificates. Office—
To

Underwriter

construction.

For

(5/10)

New York Central RR.

it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—

.

term loan.

seven-year

Jan. 24, 1961 the company stated

.

New York City.

Corp.

Underwriter—American

Secu¬

(managing).

Wisconsin

Power

& Light Co.
reported that this company plans
to sell about $6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
Jan.

19,

—The

Robert

by
W.

was

sale

last

handled

it

1961

of

Smith,

Baird

&

preferred
Barney

stock
&

in

Co.,

May, 1958
New York

Co., Inc., Milwaukee

was

and

(jointly).

Wisconsin Southern Gas Co.
Dec.

12, 1960 it

was reported in a company prospectus
undetermined amount of capital stock or bonds
will be sold in 1961-1962. Proceeds—For the repayment

that

of

an

short-term

tions.

Wis.

Office

bank
—

loans

Sheridan

Underwriter—The

(managing).

-

incurred for property addi¬
Springs Road, Lake Geneva,

Milwaukee Co., Milwaukee, Wis.

Volume

193

6052

Number

man¬

will

of

offered publicly on May
issue of 150,000 shares
General Precision Equipment
new

member

a

Both

Treasurer.

the

fering, the same group of under¬

is being

Exchange,

in

the

of

New

F.

B.

of

members

are

and

partners
Co. which

are

Fagenson

&

dissolved.

writers headed by The First Bos¬
made

secondary

unregistered

an

Now

Bear, Stearns & Co.

ton Corp. and

offering at the same price of 234,shares
of
the
corporation's
which

stock

common

has been

from The Martin Co.
The sale by The Martin Co. will
result in complete divestment by
that company of stocks of Gen¬
eral Precision Equipment Corp.

purchased

General

Precision

is

&

electro

and

missiles

office

under the
Denis Broudy.

L.
L.

A.

A.

way,

vehi¬

space

from

expandable

Manufacturing, engineering ac¬
tivities, offices, and show room
are
at
25
Bruckner
Boulevard,
Bronx, New York.

of

offices

Z., Isaacs

Z., Isaacs & Co. has been formed
with offices at 305 Broadway, New
York City, to engage in a securi¬
ties business.
Partners are Ben¬

will

Co.,

DIVIDEND

NOTICES

C.

was

bush

with

was

California

York

DIVIDEND

Jerome

A.

has

Tobin

become

Trinity

Place,

City,

York

New

Foundry Company

Burlington, N. J., April 27, 1961
The Board of Directors

this day declared
quarterly dividend of thirty cents (30*1).
share on the outstanding Common Stock
of this Company, payable June
15, 1961,
to stockholders of record on
June 1, 1961

a

per

members

of

the

Stock

American

Exchange. Mr. Tobin is
Exchange.

member

a

;

,,

The transfer

books will

United States Pipe

.

'

and

remain open

Foundry Company

JOHN W. BRENNAN. Secretary & Treasurer

DIVIDENDNOTICES

DOME

LIMITED

MINES

April

At

meeting

a

of

NO.

the

27,

1961

175

Directors

of

Board

of

Mines Limited, held this day, a quarterly
of
Seventeen
and
One-Half
Cents

SOUTH E RN

Dividend

of

30,

record

the

at

is

DIVIDEND

IIikImou
aiul

A.
The Board of Directors of the

New

York

Pacific

and

■

of

«

J. M.

Natural

the close

1961

of record

formerly with Walston & Co. and

■

Gas Company, pay-

■

June

of

14,

ness

at

May

lo

1961

McCARTIiY, Treasurer

business

of

close

on

jj

May

I

S. TARVER,

Secretary
Dated: April 29, 1961.

shareholders

■

:
W.

:
5

,Z

the close of busi¬

10,

1961.

J. S. Strauss & Co.
H.

W.

Balgooyen,
Vice

President

and

NOTICES

Secretary
Board

of

Directors

has

ending

ONE

of

Cities Service

July

declared

share

per

on

June

1,

able

Dividend Notice

CARBON

COMPANY

record

Consecutive
of

quarterly dividend

Common

of

Directors

Stock,

Cities Service Company

of sixty cents
June

payable

5,

(S.60)

1961,

per

to

declared

share

on

stockholders

A

its

the

Capital

Stock

stockholders of record

to

of business May

franklin k. foster, Secretary

1961

on

of

Company will be paid June 9,

record at the close of business May 8, 1961.

April 96

Fifty-Eighth
Quarterly Dividend

a

65

quarterly

reirular

of

10, 1961.

cents

per

payable

on

June

1,

1961,

1961,

was

declared by the Board

of Directors on April 26,

the

at the close

A.

COVER

National
b. c. Reynolds,

Distillers

§

quarterly dividends
Common Stock*:

YORK

20,

N.

have been declared as follows:

$4 Cumulative Preferred Stock: $1

per

§❖

share

Iv>

$4.50 Series A Convertible 2nd Preferred Stock: $1.12V2 per

$2.25 Series B Convertible 2nd Preferred Stock: $.561/4 per
These dividends

are

Corporation

||
||

$.30 per share

share

share

payable June, 15, 1961 to stockMay 19, 1961.

holders ot record at the close of business

gg

|f
£l;l

&•

Quarterly Dividend of Thirty
Cents (30$Q per share on all
the outstanding stock of Com¬
bustion Engineering,
Inc. has
been declared, payable July 28,
1961, to stockholders of record
at
the close of business July
14, 1961.

JAMES E. McCAULEY, Treasurer

The

Board

clared

30<(.

of

of

share

record

on

on

stockholders

to

May 11, 1961. The

books

not close.

will

PAUL

Vice-President and Treasurer

the outstand¬

on

Stock, payable

1961,

1,

transfer

de¬

quarterly dividend of

a

per

June

has

Directors

ing Common

May 3,1961

dividend

NOTICE

DIVIDEND

Dividend No. 231
A

Lambert J. Gross
o 1 st consecutive

*••••••••••••••••*

Chemical

||

Y.

JAMESON

C.

April 27, 1961.

Treasurer

NATIONAL UNION
Fire Insurance

^iiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniimiiHiini^
The Board

GOODALL
RUBBER
COMMON

^llllllllllllllllllllllillllllllllllllllllllllllllllllllilllllllllllllll

AND

PREFERRED

The Board of Directors has declared a

I

A

I

meeting held

on

1961, declared
dividend
share

on

a

April 26,

quarterly

a

of I2V2 cents per
the Common Stock

DIVIDENDS

quarterly dividend of

\2ViC 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 15,1961 to stockholders
of record at the close of business May 1,1961.
H. G. DUSCH

I MURPHYI
I

CORPORATION

|

of the Company, payable on

June 22,1961, to holders of
record at the close
ness on

of busi¬

The

Board

of

Directors

of

this

May 2, 1961, declared
cash dividend of Fifty-Five Cents

company on
a

(55ff)

a

share on the capital stock.
payable June 23,

The dividend is

1961, to shareholders of record on
June 1,1961.

L. R. Beasley

Vice President & Treasurer

&«ll4lllllllllilliliilllillllll(tllilliliH4IHIII<lll(IIIIIIHItflltlHUIIIHI«HliHfHlj


http://fraser.stlouisfed.org/
^
Federal Reserve Bank of St. Louis

158th DIVIDEND DECLARATION

June 1,1961.
Treasurer

April 25,1961

Company

of Pittsburgh, Pa.

of Directors of

Murphy Corporation at

COMPANY

Secretary

and

p|

NEW

1961.

1961

15, 1961.

RODNEY

THE FLINTKOTE COMPANY

to

stockholders of record May 15,

Pittsburgh, April 27, 1961

Vice-President—Finance

Products For Home and Industry

the

on

stock ($10 par value)

4

FlINTKOTI Diversified

dividend

share

common

Secretary

quarterly dividend of 60 cents per

share

of

COMMON STOCK, pay¬
1961 to shareholders of

Thomas Welfer

One-Hundred and
Board

May

DIVIDEND NOTICE

of $.45

DIVIDEND

a

PACIFIC

FINANCE CORPORATION

of

shareholders

20,
1961
to
July 6, 1961.

Also

COLUMBIAN

ONE-HALF

$1.50 per share
STOCK,
payable

record

'COMPANY

and

1961

30,

or

PREFERRED

on

••••••••

for

declared

June

(li/2%) PER CENT

*

to
the

at

31,1961.

1214

June 9,

was

:

Southern

Stock

on

stockholders of record

cents per share on the
Common Stock for payment

Coast

■

the

per

declared

Common
able

•

share

been

has

May 12, 1961.

011

regular quarterly divi-

dend of 50 cents

of

at

;
'

A

Hay Mining

Dividend

DIVIDEND

1
I

[

86

Smelting Co., Limited

of business

Company, at a meeting held
this day, declared a dividend

California Street, members of

NO.

shareholders of record

to

Brush, Slocumb & Co., Inc.,

the

■

,/

Treasurer.

seventy-five cents
($.75) (Canadian) per share has been
declared 011 the Capital Stock of this
Company, payable June 12, 1961,

COMPANY INC.

465

and.

Common Stock Dividend No. 89

FOREIGN

affiliated

now

MICHEL,

•

AMERICAN &

100 CHURCH STREET, NEW YORK 7. N.Y.

Bellizzi

W.

v

A

—

\

G A S

on

COMPANY

Notice

(Special to The Financial Chronicle)

Calif.

business

of

CLIFFORD

Birmingham, Alabama

Mr.

FRANCISCO,

close

N AT U R A L

1961.

Chairman

With Brush, Slocumb

East

share
(in
Canadian Funds)
was
payable on July 31,
1961, to share¬

per

declared

quarter

'

Andrews

NOTICES

United States Pipe and

a

partner in Ginsburg & Tobin, 86

April 28, 1961.

,v

A.

Inc., 70 Pine Street, New
I

City.

In¬

Ginsburg & Tobin Partner

holders

Executive

■

Co.

vestors.

POWER

DIVIDEND

a

C. Trent have been elected Vice-

&

formerly with Gordon
McCormick, Inc. Mr. Rothen¬

June

the
American Stock Exchange.

Third Street.

The

Donald R. MacNaughton and Peter

Stow

(I7V2C)

120 Broad¬

O'Brien
firm on the

partnership.

represent

with

909

Names Two V.-Ps.

Presidents of James

are

DIVIDEND

Mathey Admits

securities ''Stock JBxcHanges. Mr. Bellizzi

at

business.

'.

jamin Zlotnickand Zachary Isaacs.

New York City, members of
Stock
Exchange,

general

Opens

a

to

William R. Stow, Jr.
and Franklin G. Rothenbush. Mr.

B.

have admitted John P. O'Brien to

BEACH, Calif. -+ Jerry W.

business

a

Merrick

3814

management

Mathey &

SAN

conducting

mold

to

polystyrene.

Avenue

securities

a

American

the

(Special to The Financial Chronicle)

is

ma¬

chinery and developed a number
of sealing machines and die-cut¬
ting equipment. The company re¬
cently began the manufacture of

Partners

Atlantic

dividend

Joseph

Sims

researching blister packaging

in

engage

Dome

instruments.

LONG

at

Road,

processing and display systems for
air traffic control, ground instru¬
ment flight trainers and simula¬
tors, industrial controls, electric
motors,
generators
and
battery
chargers, motion picture theater
and camera equipment and scien¬

J. W. Sims

sold.

all

been

In 1956 the company commenced

Form B.

Niagara In¬

—

Corporation has opened

branch

Other products include data

tific

has

Rothenbush has been formed with

mechanical

-

and

Company.

vestors

craft, submarines and other naval
cles.

offices at 853

Niagara Investors Branch

components, sub-systems, systems
and equipment for military air¬
vessels,

changed to Mason, Bobb

SEAFORD, N. Y.

subsidiaries are
engaged principally in the devel¬
opment and production of elec¬
tronic

Plymouth Securities Corporation's
offering of 65,000 shares of Trono¬
matic Corp. stock at $4 per share

BEACH, Calif.—Stow and

1

holding

a

Stock Sold

47

James Andrews Co.

(Special to The Financial Chronicle)

of the

whose

company

Form Stow & Rothenbush
LONG

machines

Corporation, 1730 K Street, N. W.,

had

they

Mason, Bobb Co.

WASHINGTON, D. C.—The firm
name
of
Metropolitan
Trading

511

%

May

Exchange, will be
Bertram F. Fagenson, President,
and
Jerome Frankel, Secretary-

Corp. common stock at $70.50 per
share.
Concurrently with this of¬

1

of

Stock

York

R. L. Day
a

be

as

(1999)

Tronomatic

1, with of¬
fices at 120 Broadway, New York
City. Officers of the firm, which

aged jointly by The First Boston
Corp.
and
Tucker, Anthony &
3

formed

be

underwriters

of

Fagenson & Frankel

Fagenson & Frankel Co., Inc. will

Issues Offered
group

The Commercial and Financial Chronicle

.

Form

General Prec'n

A

.

.

Treasurer

i-mrtwww

m
Hi

'

The Commercial and Financial Chronicle

V

48

!

(2000)

■

WASHINGTON AND YOU

.

.

Thursday, May 4, 1961

.

COMING

CACKLES 8 CO.

i

STOCKS 8 BONDS

EVENTS

behind-the-scenes interpretations
capital

from the nation's

INVESTMENT FIELD

IN
i

i-

.:

1

..

M'li

will be based

tration. It

gressional

#]
H

J

VI

in

the paramount need

lift

to

t'l Y

confiscatory
effect. A

of the

some

in

currently

taxation

done

is being
because of the high taxa¬

tion.

'i K

The

the

<>'n

in

destroy

to

circles

some

is

Capital,

Capitol Hill

on

private groups, it is not
to hear criticism of
the United
States Chamber of
Commerce.
Some members of

and

"i f-

in

uncommon

talking privately
heard to say in
only people who

in

Congress

frequently

are

"The

effect:

against it are the Chambers
in my District,"

are

"The Chambers of Commerce

or

behind this but the average

are

street is not for it."

in the

man

derisiveness that
is s'ometimes made against the
Despite

the

United States Chamber of Com¬

4'

J;

the

As

from
in

meeting.

Chamber

oil

past,

\

to

re¬

sound

the

clusions,

,
•

con¬

new

some

the matter of Fed¬

on

1

The

•

!■

into

of

the

of

1 <»)
!t»i

and

stockholders

from

duct

>Y'

married

a

$100

they

»>/

r'lt

the

couple

first

means

de¬

can

Federal

when

payments.

mean

deduct

that

corporations,

savings

checks

This

institutions

20% of all divi¬

to

Although the Internal Reve¬
$3

Service estimates that

billion

a

and interest

untaxed

i!

dividends

unreported and
year, this figure

little "fat." Because

a

represents

the

in

are

each

might be
it

year

some

a

Treasury

substantial sum,

Department

is

ij

expected

it.'
'

■Ii

•

drive for

to

make

concerted

a

withholding dividends,

record

keeping by corporations.

Cuts

Jj,

would

''kc

a

The

much

more

New

tration
make

'■"•f
Y*

Frontier

Adminis¬

apparently
concerted

a

is

going

to

effort also to

,

tighten rules and regulation in¬
?

4*'

and

condition

blonde

that

has

affect

would

age,

fire

600

after

be

substantial

a

Not

While

President

seeking

a

is

Kennedy

uniform

more

^

tax

ing

directly

taxes for everybody
or indirectly—there

—

is

that is getting ready to

group

campaign nationally to
individual
income

a

the

repeal
tax.

leaders

the

of

of

group,

will not make

head¬
in their aim anytime in the

future,
Nevertheless,
their
serve

if
ever.
campaign

useful purpose.

a

There is

fiscatory

question that

no

taxation

con¬

the

opens

spending

to

deal.

great

and

more

to

this

If

of

members

lieve

that there

in

an

and

and

ySteep,

so

It

is

because

small

these

enterprises

that

the

there

that

steep

the

taxes

are

incentive

for

people has been curbed

killed.

More
at

is

This
ber

that

not

taxes.

more

to

news

United

or

people

more

paying

the

of

and

mem¬

any

States

States

United

Chamber

Commerce, like most Ameri¬

for

favors

adequate

taxation

defense

purposes

national

and

The

Federal
not

for

ment

basis.

eral,

operating

on

the

sensible

a

govern¬

and

sound

Nevertheless, if the Fed¬
state

ments

local

taxes,

Where

obtain

the

the

are

more

filed

Thomas
in

field

all available tax sources, and

the
one

estate

that

and

gift tax

should

be

various states. There
other

the

areas

are

is

area

left

to

the

had

continued

favor of

[This

column

is

in

vacate

intended

to

re¬

flect the "behind the scene" inter¬
pretation from the nation's Capital
and may or

may

the "Chronicle's"

not
own

upturn

an

various

products

to

first

manufacturers,

sales

off

were

erations. Estimated net income for

the

first

amounted
to
cents per
33,902,311 shares out¬
quarter

$15,404,059,
on

equal to 45

standing March 31.
with

$17,025,567,

share

the

on

shares,

for

This

50

or

per

number

same

the

compares

cents

first

going

of

quarter

coincide with

annual meeting at Jasper

Canada

Park Lodge,

Jasper, Alta.
(Denver, Colo.)
Stock
Exchange

Oct. 9-10, 1961

of

Association

volving
from

expense accounts. Profit

the

sale

of

J

depreciable

•V t

business

dL

taxed at the lesser capital
gains

property,

presently

tax, would be included


V


vide jobs for

(San Francisco,

Calif.)
American Bankers Association an¬

nual convention.
Oct.

(Palm Springs,

16-20, 1961

Calif.)

Palm Springs

The

Fla.)
Convention
Hotel

Beach

Dec.

4-5, 1961 (New York City)
Association
of Mutual

National

15th annual mid¬

Savings Banks

meeting.

year

May 6-9, 1962

(Seattle, Wash.)

there

is

a

con¬

taxes

on

wages

and

sal¬

Savings Banks 42nd annual con¬
ference at the Olympic Hotel.

(Atlantic City,

nual convention.

DOUGLASTON, N. Y. — Poldin
Planners, Inc. has been formed
offices

with

seventh

Drive

at

246-65

to

engage

securities

business.

Abraham

Fiftyin a

April

short

of

tax

today

is

confiscation.

A

or¬

of

Association

National

43rd

Savings Banks

corporation must

pay

52% of its

Mutual

annual con¬

S.

and

Officers

are

Pollack,
President
Treasurer; and Elinor Pollack,

ference

at

the Hotel

TRADING

T

Statler.

Dealers:

Attention Brokers and

American

MARKETS
Cement

Botany Industries
W. L. Maxson

Official Films

Carl Marks & Co Inc.
FOREIGN
20 EROAD

SECURITIES
STREET

TEL: HANOVER 2-0050

•

Our New

King

York telephone

number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5, N.

Y.

TELETYPE NY

f

lerner s 00.

1-971

Securities

10 Post Office Square,
Telephone
HUbbard

as

(Boston,

1963

1,

27-May

Mass.)

Investment

business

Mutual

of

Association

National

Confiscation
reason

Diplomat

the

and

Hotel.

growing labor

aries.

little

at Hollywood

American Bankers Association an¬

Form Poldin Planners

to

fringe benefits by workers over
the country is because of the

The

Association

Bankers

Investment
Annual

N. J.)

to

tinuous growth, and demand for

high

(Hollywood,

1, 1961

26-Dec.

Nov.

the

Riviera Hotel.

Waste

Virtual

Asso¬

Traders

Security

ciation Annual Convention at

needed to pro¬

the

Brown

the

at

Oct. 15-18, 1961

steady stream of in¬

vestment money

of Board of
Palace

Fall meeting

Governors

Hotel.

Sept. 23-26, 1962

Vice-President and Secretary.

views.]

Investment Dealers Association of

a

ago.

year

Sleepy

at

1961 (Canada)

June 22-25,

National

de¬

reduced

of

14.3% to
$345,653,781
compared with last
year's record
of $403,416,313.
Earnings, however, declined only
9.5% for the period, particularly
reflecting continued improvement
in earnings from international op¬

in

states.

the

that

Mr.

through April.

because
of

quarter

question

we

reported

meeting,

several

government

should

board

business which began in March

share

Government

the

Loeb, Rhoades &

govern¬

to continue

going

are

increase

and

be

suits

into

get

Washington

The
of

will

and

Department of Justice.

should
of

larger

anti-trust

more

the

Con¬

gress.

cans,

and

by

up

business enter¬

larger

and

secret

the

After

automobile

busi¬

broken

are

larger

no

gift taxes

of

ness

brokerage-investment

firm of Carl M.

Partly

many

must

ernment,
which,
as
it
was
pointed out. here recently, is the
biggest business in" the world
today.
is

risked

family en¬
necessity be
dissolved or. broken up after the
death of one of the principals.
are

terprises

become

It

York

New

liveries
estate

Because

will

Federal

far

a

industry.

prises

the

be

amount of funds

business

be¬

Congerss

the

left

outing

Country Club.

Firms,

who

Anderson,

Company.

a

done,

were

would

Gov¬

by

individ¬

increased

be

some

any

foreseeable

may

should

ual

greater

t

way

allowance

credit

Com¬

Rubber

&

Chairman E. J. Thomas an¬
nounced following a meeting of
Mr.

dividend

$50

Tire

Treasury in January, recently be¬
came
a
limited
partner in the

taxation.

present

the

of

Secretary

the board of directors.

of our wisest stu¬

some

The

rate, which in effect will mean

higher

to

dents of

S.

pany,

reduced and

Taxes

Lower

Goodyear

should

corporate tax
tax on
capital

The

U.

Treasury Robert B. Anderson has
been
elected
a
director
of The

should
be
continuously
eliminated, accord¬

gains
Higher,

There

taxes.

reduction.

casualty policies.

Former

stockholder, who risks his
capital. The shareholders and
investors should get a fair re¬

a

turn

Hollow

Named Director

ment, before it pays a dime to

companies which write
than 95%
of all mutual

and

annual

York

profits to the Federal Govern¬

mutual
more

(New York City)
Association
of
New

15, 1961

Investment

re¬

some

7

June

June

favorable chance of pass¬

a

Rapids

ceded

there!"

over

annual Field Day at the Ce¬

Country Club (pre¬
by a cocktail party
and dinner reception at the Roose¬
velt Hotel).
dar

situation,

management

position,

familiar

more

force?

1

''

become

to

Wide Swath

mean

I

|Y I'

economic

the

like

and

fire

stock

bill, which apparently

arises:

which

i'd,.

I'd

investing

financial

mutual and

large

The

sors.

shareholder.

a

with

in-|

ciprocal fire and casualty com¬
panies, according to the spon¬

so

interest

and

nue

J

I

of

favor

rebel

t

1 ■'!

f

against

many

dend

;

•'Hi

tion
"Before

casualty insurance companies in

income

|

would

i'

T

nation

8, 1961 (Cedar Rapids, Iowa)

June

existing discrimi¬

an

spending

dividends

would

:

There is

gate

in

banks

■r)

surance

and

\<4
I

;

fire and casualty
companies alike.

to

of

Iowa Investment Bankers Associa¬

are

at
this
tax
all

passage

Club

(New York City)
New York annual

2, 1961

Club.

Ways

House

types

of

Waldorf-As¬

the

at

outing at Sleepy Hollow Country

some

legislation

withholding tax would be
expanded to include dividends

,

for

June

Bond

of

Means

session

present

The

|h.

I'i

pressing

dance

toria Hotel.

and

Committee

Means

and

exclude

can

their

pay

tax.

I'1"'!

Under

income

taxable

that

!ii

credit.

exclu¬

in dividends, which

$50

in

«'

the

means

the

Glee

STANY

which

Ways

(New York, N. Y.)
Club
7th
annual

May 19, 1961

country,

our

Incidentally,

of

members

include

dividend

law

/

enacted

changes

the

sion

j

if

by

would affect every
in
the
country.

law,

repeal

:?>L

changes

Kennedy,

pocketbook

*

Some

,;i

House

Committee.

course,

proposed

■

brI

of

Representatives,
the

under

measures,

originate in the House

must

The

President

hi

ing at the Country Club of Mary¬

dinner
tax

Security

land.

taxation.

All

the

1961

19,

Baltimore

in¬

from

exemption

an

meeting of

Spring

—

(Baltimore, Md.)
Traders As¬
sociation 26th annual spring out¬

few things.
others in¬

a

numerous

eral taxes.

Affect Everyone

fL
i»)

enjoy
come

wage

add

and

in the

has made

it

■

,»!

»)■

ready

of

Firms

of

Board of Governors.

volved, such as the current tax

a

declarations

,

all

was

an¬

National

The

some

bf

I i n

began, of¬

state had assembled

every

affirm

PL

week

new

Washington for the 49th

nual

/

i'd'
»4.

4,!

the

over

Association

provision
allowing Americans
residing temporarily abroad, to

ficials of chambers of commerce

i

|f»i'

all

these organizations
represent "growthmanship,"
among other things.

Mb

.'41

associa¬

local

scattered

country,

|!j
Kj k
!>pl
IT' -I'

the

and

merce,

tions

just

are

are

(St. Louis, Mo.)
Stock
Exchange

May 8-9, 1961

May
These

Commerce

of

the

to

some

and

constitution

now.

Nation's

the

be
tax

institutions.

There

never

was

it

than

is

Here

£

truism that
involves the

tax

to

true

more

•H

Harm

age-old

power

power

■5 >T'j

of

deal

great

outing May 5 at the Belle Meade
Country Club.

members
also

Spring party—dinner May 4
Country Club,

the 1 Hillwood

at

insurance
building
and

involving

loan

is

touay

states

united

uie

amendments

some

laws

nual

the

have

would

patronage dividends of
taxed.
There
would

companies

burden.

the

Actually

<

j

t

will not

program

any

of

tion

■)

Security Dealers of Nashville An¬

well as on the

as

level

Federal

tax reduction, but
uniformity in
distribu¬

for

more

,l I

'

reform

The

call

states

many

Con¬

tax

marked

a

(Nashville, Tenn.)

May 4-5, 1961

which
have
privilege in

operatives

-

had

on re¬

and

studies
hearings.

tax

search,

„l »'

Co

by the Kennedy Adminis¬

year

■'t

higher rate.

placed before Congress next

be

taxed at a

and

income

dinary

WASHINGTON, D. C.—A broad
tax reform program is going to

»

t

2-1990

Boston 9, Mass.

...

■

/>

Teletype
»S 69